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SLL
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Stella Vista - Interim results for the period ending 28 February 2006
Stella Vista Technologies Limited
("Stella Vista" or "the company")
(Registration number 1998/000172/06)
Share Code: SLL & ISIN: ZAE000018198
INTERIM RESULTS FOR THE PERIOD ENDING 28 FEBRUARY 2006
SUMMARISED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
six months six onths twelve
ended ended months ended
28 Feb 06 28 Feb 05 31 Aug 05
R"000 R"000 R"000
Revenue 9,558 9,669 19,835
Operating profit (after charging) 482 288 479
- Depreciation 274 240 604
- Operating rentals 196 173 355
Net finance income 10 125 227
Net profit before taxation 492 413 706
Taxation 0 0 2,133
Net profit after taxation 492 413 2,839
Basic and headline profit per
share (cents)
Net profit attributable to 492 413 2,839
shareholders (R)
Profit on disposal of fixed 0 0 0
assets (R)
Headline profit(R) 492 413 2839
Weighted average number of shares 140,000,000 140,000,000 140,000,000
in issue
Earnings per share (cents) 0.35 0.30 2.03
Headline Earnings per share 0.35 0.30 2.03
(cents)
Net Asset Value per share (cents) 4.15 1.93 3.76
SUMMARISED GROUP BALANCE SHEET
ASSETS
Non-current assets
Property, plant and equipment 1,449 1,768 1,612
Deferred tax asset 2,976 1,080 2,976
4,425 2,848 4,588
Current assets
Inventories 7,682 3,084 3,318
Receivables 1,378 289 286
Cash and cash equivalents 410 1,816 3,287
9,470 5,189 6,891
Total assets 13,895 8,037 11,479
EQUITY AND LIABILITIES
Capital and reserves 5,805 2,705 5,269
Non-current liabilities
Interest-bearing borrowings 138 152 111
Current liabilities
Payables 7,685 4,762 5,713
Provisions and other payables 267 287 386
Current tax liabilities 0 131 0
7,952 5,180 6,099
Total equities and liabilities 13,895 8,037 11,479
SUMMARISED GROUP CASH FLOW
Cash flow from operating (1,782) 2,019 3,480
activities
Cash flow from investing (111) (422) (634)
activities
Cash flow from financing (984) (13) 209
activities
(Decrease)/increase in cash and (2,877) 1,584 3,055
cash equivalents
GROUP STATEMENT OF CHANGES IN
EQUITY
Capital and reserves at the 5,269 2,477 2,473
beginning of the period
Net profit for the period 492 413 2,839
Movement in foreign currency 44 (185) (43)
translation reserve
Capital and reserves at the end 5,805 2,705 5,269
of the period
The Company
Stella Vista Technologies Ltd is a world leader in the design of state-of-the-
art multimedia communications systems, providing displays, control equipment and
software for a multitude of applications. The complete line of multi-purpose
products includes scoreboards, video display screens and combined text and
graphic messaging displays with real-time data capabilities. Stella Vista
focuses on designing, producing, integrating and supporting innovative products
and services for clients" specific needs. This provides the total solution for
sport, business, entertainment and the transportation markets, ensuring complete
customer satisfaction, while providing the viewer with a truly remarkable
experience.
The Market and Prospects
Stella Vista has continued to be active in the sports market during this period
- both locally and internationally. Inroads were made ahead of the ICC Cricket
World Cup 2007 to be held in the West Indies.
Stella Vista has been particularly active in the international markets in the
period under review, namely India, West Indies and Europe.
Results
The sales for the period ending 28 February 2006 was on par with the previous
corresponding period. Operating profit for the six months reflected an increase
of 70% from R0.3m to R0.5m.
The cash was utilized to finance the inventory of completed displays. Confirmed
orders have been received for the sale of these completed displays. The
inventory on hand will be at an acceptable level once the sale has been
recorded.
Sales to the value of R7.6m to a related party, Powerview (Pty) Ltd, a company
owned by the directors, is included in revenue. These transactions were carried
out at arm"s length prices, based on market related terms and conditions.
Products and Services
As communicated in the previous results the new product line of sports stadium
perimeter advertising displays has been introduced. The perimeter advertising
displays have been at the various cricket and soccer events, both locally and
internationally.
Stella Vista continues to enhance its current range of video displays and the
improvements are finding multiple uses for our display solutions in sports,
commercial and information display markets.
Accounting Standards
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards. This is a first time adoption of
the International Financial Reporting Standards, and as a result, the 2005
figures have been restated for comparative purposes. The effects of the change
are as follows:
31 August 2005 31 August 2005
Previously Restated figures Difference
stated (R"000) (R"000) (R"000)
Fixed assets 1,433 1,612 179
Retained earnings (14,010) (13,861) 179
On behalf of the Board
R H Burke M Tabakovic
Chairman Chief Executive Officer
Directors: R H Burke*(Chairman), M Tabakovic (CEO), D Tabakovic,
A A Coulson*, C Livingstone* (*non-executive)
Sponsor
VUNANI CORPORATE FINANCE
Date: 13/06/2006 05:15:11 PM Produced by the JSE SENS Department
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