Sharenet Sites 
Sharenet Sites
Short Form Announcement - Audited Condensed Consolidated Results for the Year Ended 29 February 2020
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
ISIN code: ZAE000187407 Share code: VIS
(“the Company”)
SHORT FORM ANNOUNCEMENT
AUDITED CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2020
Salient Features
Extracted from the audited condensed consolidated financial statements:
29 February 28 February
2020 2019 Percentage Decline or
Audited Audited Change Improvement
Revenue 423 173 25 588 1 554% Improvement
Operating loss (31 905 494) (8 399 345) -280% Decline
Headline loss per share (11.53) (2.86) -303% Decline
Loss per share (9.74) (2.90) -236% Decline
Dividend - - - -
Net asset value per share (3.16) 6.62 -148% Decline
Short-Form Announcement
The short-form announcement is the responsibility of the directors and is only a summary of
information set out in the full announcement which is available on the Company’s website
(www.visualinternational.co.za). This announcement does not contain full or complete details
and any investment decisions by investors and/or shareholders should be based on consideration
of the published SENS announcement available on:
https://senspdf.jse.co.za/documents/2021/JSE/ISSE/VIS/VISAR20.pdf
The unqualified audit opinion, which includes communication on key audit matters, together with
the annual financial statements, can be accessed by the following link:
https://visualinternational.co.za/investorrelations/SENS
The audit opinion contained an emphasis of matter and a reportable irregularity as detailed
below:
“We draw attention to Note 32 in the Annual Financial Statements, which indicates that the Group
had accumulated losses of R80 583 921 (2019: R54 445 571) and the Company accumulated losses
of R84 782 803 (2019: R49 215 515). The current liabilities exceed the current assets by R13 125 040
(2019: R12 973 568) on a Group level. As stated in Note 32, these events or conditions, along with
other matters as set forth in Note 32, indicate that a material uncertainty exists that may cast
significant doubt on the Group and Company’s ability to continue as a going concern. Our
opinion is not modified in respect of this matter.”
“In accordance with our responsibilities in terms of section 4492) and 44(3) of the Auditing
Profession Act, we report that we have identified a reportable irregularity in terms of the Auditing
Profession Act. We have reported such matter to the Independent Regulatory Board for
Auditors. The matter pertaining to the Reportable Irregularity relates to the fact that the annual
financial statements of the Company have not been issued within six months of the financial
year end. This results in non-compliance with Section 30(1) of the Companies Act. The Company
also did not prepare and issue annual financials within four months of their financial year end
which resulted in noncompliance with paragraph 3.19 of the JSE’s Listings Requirements. The
Independent Regulatory Board for Auditors have notified the Companies and Intellectual
Property Commission.”
Going Concern
As detailed in the announcement, the results have been prepared on the basis of accounting
policies applicable to a going concern. This basis presumes that funds will be available to
finance future operations and that the realisation of assets and the settlement of liabilities,
contingent obligations and commitments will occur in the ordinary course of business.
The Group’s cash flow situation is improving due to the various agreements referred to below.
a) The successful conclusion of the Stellendale Junction Disposal Agreement and associated
Property Development Management Agreement, which transfer took place during October
2019 and has resulted in the company earning property development fees. The Company
will also be entitled to a 50% profit share on the sale of around 500 units over the next two to
three years, with a minimum of R35 000 per unit, as previously announced.
b) As announced on SENS on 18 June 2020, the Company has entered into a subscription
agreement with Verityhurst Proprietary Limited, in terms of which R3m of loan funding will be
advanced to the Company ahead of the lifting of the suspension of the Company and
R2.32m will follow thereafter. This will result in the issue of up to 133 000 000 new shares at 4
cents per Share. The loan funding was advanced to enable the Company to finalise its
audits, repay Mosegedi and to ensure that the Company again becomes compliant with
the JSE Listings Requirements and Companies Act.
The Company has not been negatively impacted by COVID-19 due to its limited operations at the
time and the residential market segment not yet being impacted. Furthermore, the recent
property valuations undertaken during August 2020 for the financial year ended 28 February 2019
indicated that no impairment of the property values was required. The property valuations
subsequently undertaken by property valuers used by the auditors did not take into account the
value of Stellendale Gardens based on the assumption that it was revalued to Business zoning at
year end. The provision for credit loss is a non-cash flow item. The Board is comfortable that the
rezoned value of the Stellendale Gardens property will be much higher than the current
agricultural valuation and that the RAL Trust loan, currently impaired, will be recovered in part or
in full. The Company’s position and prospects are better than the past 4 years.
Copies of the full announcement may be requested from the Company (Lee-Anne Schreuder at
leeanne@visualinternational.co.za) or inspected at the registered office of the Company and/or
the Designated Advisors at no charge during office hours.
Cape Town
25 March 2021
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 25-03-2021 04:35:00
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.
