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SLL - Stella Vista Technologies Limited - Amended reviewed consolidated

Release Date: 02/03/2012 10:30
Code(s): SLL
Wrap Text

SLL - Stella Vista Technologies Limited - Amended reviewed consolidated results for the year ending 31 August 2011 and notice of Annual General Meeting Stella Vista Technologies Limited ("Stella Vista" or "the company") (Registration number 1996/000172/06) Share Code: SLL ISIN: ZAE000018198 AMENDED REVIEWED CONSOLIDATED RESULTS FOR THE YEAR ENDING 31 AUGUST 2011 AND NOTICE OF ANNUAL GENERAL MEETING Revenue - R27,414 million (down by 36%) Net loss for the year - R1,484 million (down by 60%) Shareholders are referred to the reviewed consolidated results announcement for the year ending 31 August 2011, which announcement was released on SENS on 30 November 2011, and are advised that certain line items have been reclassified or reallocated. The reclassifications and reallocations are indicated below: REVIEWED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Reviewed Amended Audited Twelve Twelve Twelve
months ended months ended months ended 31 Aug 11 31 Aug 11 31 Aug 10 R`000 R`000 R`000
Revenue 27,414 42,871 Gross Profit 16,866 20,743 Loss/(Profit) before interest and 1,183 1,178 depreciation Depreciation (3,803) (4,935) Loss before interest and taxation (2,620) (3,757) Investment income - 8 Finance cost 744 745 (351) Loss before taxation (1,876) (1,875) (4,100) Taxation 392 423 Loss after taxation (1,484) (1,483) (3,677) Other comprehensive income / (loss) Foreign currency translation (84) (85) (595) differences on foreign operations Total comprehensive loss for the year (1,568) (4,272) Loss attributable to: Equity holders of the parent company (1,320) (3,542) Non-controlling interests (164) (135) Loss for the year (1,484) (3,677) Total comprehensive loss attributable to: Equity holders of the parent company (1,393) (4,110) Non-controlling interests (175) (162) Total comprehensive loss for the year (1,568) (4,272) Earnings per shares (cents) Basic (see note 3) (0.91) (2.44) Diluted (see note 3) (0.91) (2.46) REVIEWED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS
Non-current assets 11,086 10,494 Property, plant and equipment 10,025 9,824 Deferred taxation assets 1,061 669
Current assets 12,874 19,296 Inventories 7,838 13,258 Trade and other receivables (note 4,140 4,548 4) Cash and cash equivalents 896 1,016 1,491 Total assets 23,960 24,080 29,790 EQUITY AND LIABILITIES Equity 9,226 10,794 Attributable to Stella Vista 9,096 10,489 Non-controlling interests 130 305
Non-current liabilities 439 360 1,453 Interest-bearing borrowings 113 34 115 Deferred revenue 326 1,338
Current liabilities 14,295 14,494 17,543 Trade and other liabilities 6,847 11,890 Deferred revenue 1,068 938 Taxation payable 459 459 Current portion of interest- 5,916 5995 4,205 bearing borrowings Bank overdraft 5 125 52
Total equity and liabilities 23,960 24,080 29,790 Net Asset Value per share (cents) 6.3 7.2
REVIEWED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Net loss before tax and (1,876) (4,100) separately disclosed items Non-cash items 911 591 4,759 Working capital changes (95) (96) (4,287) Cash generated from operations (1,060) (1,381) (3,627) Investment income - 8 Finance cost (744) (351) Taxation refunded/(paid) (392) - Dividend paid to Owners of Stella Vista Non-controlling interest Cash flow from operating (2,196) (2,125) (3,970) activities Purchase of property, plant and (61) (132) (582) equipment Cash flow from investing (61) (132) (582) activities Proceeds from interest bearing 1,709 4,319 borrowings Cash flow from financing 1,709 4,319 activities Net movement in cash and cash (548) (233) equivalents Foreign translation difference in - - cash and cash equivalents Cash and cash equivalents at 1,439 1,672 beginning of year Cash and cash equivalents at end 891 1,439 of year
REVIEWED CONDENSED STATEMENT OF CHANGES IN EQUITY Share capital Foreign currency Share based Accumulated and premium translation payment losses
reserve reserve Balance at 31 19,650 (1,060) 693 (4,217) August 2009 Total (595) (3,677) comprehensive loss for the year Restated 19,650 (1,655) 693 (7,894) balance at 31 August 2010 Share options 693 (693) - forfeited to share premium (see note 6) Total (84) (1,484) comprehensive loss for the year Reviewed 20,343 (1,739) - (9,378) balance at 31 August 2011 Attributable to Non-controlling Total equity equity holders of interests
the parent company Balance at 31 14,599 467 15,066 August 2009 Total (4,110) (162) (4,272) comprehensive loss for the year Restated 10,489 305 10,794 balance at 31 August 2010 Share options - - - forfeited to share premium (see note 6) Total (1,393) (175) (1,568) comprehensive loss for the year Reviewed 9,906 130 9,226 balance at 31 August 2011 NOTES TO THE REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of preparation The reviewed condensed consolidated results for the year ended 31 August 2011 ("year under review") have been prepared in accordance with AC 500 and IAS 34 - Interim Financial Reporting, the South African Companies Act 2008 (Act 71 of 2008) and the JSE Listings Requirements. 2. Accounting policies The accounting policies and methods of computation applied in the preparation of the results for the year under review are consistent with those applied in the preparation of the group`s annual financial statements for the year ended 31 August 2010. 3. Reconciliation of headline loss Loss after taxation attributable to: Ordinary equity holders of the (1,319) (3,542) parent entity for the year Loss on disposal of property, - (32) plant and equipment Headline loss (1,319) (3,573) Weighted average number of shares 145,000 145,000 in issue (000`s) Headline loss per share (cents) (0.91) (2.44) Diluted headline loss per share (0.91) (2.46) (cents) 4. Inventories Raw material components 2,753 3,696 Work in progress 428 192 Finished goods 4,656 9,370 7,837 13,258 The significant decrease in inventory is due to the transfer of two LED screens from South Africa to the United Kingdom whereby it is re- classified as property, plant and equipment as it is used to earn rental income. The further decrease is due to the impairment of the SV20 and T14 screens. 5. Trade and other payables Trade and other payables comprise the following: Trade payables 3,200 4,198 Deposits 1,810 5,024 Accrued expenses 1,077 545 Payroll related liability 375 781 Bonus accrual - 574 Audit fee accrual - 375 VAT accrual 256 39 Leave pay accrual 129 353 6 847 11,890
Deposits received upfront consist primarily of the deposits received from Zimbabwe for the sale of perimeter boards. The significant decrease in trade and other payables is largely due to a decrease in deposits received upfront. Furthermore no accrual was raised for bonuses for the 2011 year as the company is not in a position to pay bonuses. 6. Share based payment The share based payment reserve of R693,000 has been reversed as the options were not exercised and have expired. 7. Segment information Management has determined the operating segments based on the monthly reports reviewed by the board of directors that are used to make strategic decisions. South African operations, which earns revenue from the sale of the screens. United Kingdom operations, which earns rental income from renting of screens. South Amende United Amended Total Amended Africa d Kingdom United Total
South Kingdom Africa R `000s
2011 Total segment 21,881 8,220 30,100 revenue Inter-segment (2,687) - (2,687) revenue Revenue from 19,194 8,220 27,414 external customers Cost of sales 7,598 8,494 2,950 2,053 10,547 Depreciation and 528 (528) (4,332) (3,275) (3,803) amortisation Income tax 392 - 392 credit/(expense) Loss after tax 326 719 1,158 2,202 1,484 2,921 Inventory 7,838 - 7,838 Total assets 12,150 12,270 11,810 23,960 24,080 Total liabilities 13,636 13,757 1,098 14,734 2010 Total segment 37,232 9,316 46,548 revenue Inter-segment 2,201 2,200 1,477 3,678 revenue Revenue from 25,032 35,032 7,839 42,871 external customers Cost of sales 20,257 1,871 22,128 Depreciation and 1,479 3,456 4,935 amortisation Income tax 423 - 423 credit/(expense) Loss/(profit) after 1,100 2,577 3,677 tax Inventory 13,258 - 13,258 Total assets 20,071 9,719 29,790 Total liabilities 18,760 236 18,996 The significant changes in South Africa assets 2011: R12,150m (2010: R20,071m) is due to impairment of inventory and a sale of LED equipment which was transferred from inventory to property, plant and equipment in the United Kingdom, which is used for rental purposes in the United Kingdom segment. NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given of the Annual General Meeting of Stella Vista Technologies Limited will be held in the boardroom of the Company, number 62 Kyalami Business Park, at 10:00 on Friday, 30 March 2012. On behalf of the directors M Tabakovic Chief Executive Officer 2 March 2012 Registered office 62 Kyalami Boulevard, Kyalami Business Park, Kyalami Tel: (0ll) 466 2020 Website: www.stellavista.com E-mail: muris@stellavista.com Directors M Tabakovic (Chief Executive Officer) C Livingstone (Non-executive) D Tabakovic LJ Kerr Company secretary LJ Kerr Sponsor Arcay Moela Sponsors (Pty) Limited Auditors IAPA Johannesburg Chartered Accountants (SA) Date: 02/03/2012 10:30:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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