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Trading Statement
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Formerly Presto Financing Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“the Company” or “Visual”)
ISIN Code: ZAE000187407 Share code: VIS
TRADING STATEMENT
In terms of paragraph 3.4(b)(i) of the Listings Requirements of the Johannesburg Stock
Exchange, listed companies are required to publish a trading statement as soon as they
become reasonably certain that the financial results for the next period to be reported on
will be more than 20% different from those of the previous corresponding period or from
a profit forecast previously provided to the market in relation to such period.
A review of the financial results for the year ended 28 February 2014 has indicated that
the company will show an improved earnings per share of between 10 cents and
11 cents per share compared to the prior year ended 28 February 2013 as detailed in
the prospectus of 5.52 cents per share. This is primarily as a result of higher capital
receipts or distribution from trusts prior to the acquisition of properties compared to the
prior year.
In addition, the earnings per share will also be higher than the profit forecast of
8.42 cents per share as published in the prospectus primarily due to a lower number of
weighted average shares in issue compared the assumed shares in issue per the
prospectus. Thus total comprehensive income is expected to exceed R13 million for the
year ended 28 February 2014. However, this is lower than the forecast of R21 million
due to the IFRS requirement to provide for deferred taxation on the difference between
the original cost of properties transferred into the Visual group compared to the fair value
acquisition price pursuant to the section 42 tax restructure. Deferred taxation has been
provided at Capital Gains Tax rates for properties acquired into Investment Properties
and at normal tax rates for properties acquired as inventory.
Shareholders are reminded that the capital receipts mentioned above are not included in
headline earnings as disclosed in the prospectus. Capital receipts/distributions of
R27 million have been added back for the year ended 28 February 2014 compared to
R5.28 million for the year ended 28 February 2013. These distributions will no longer be
received by the Visual group going forward as the properties are now owned by Visual
and Visual will recognise the profit in headline earnings going forward. Due to the
required adjustment for deferred taxation noted above, shareholders are advised that the
headline loss per share is expected to be between 10 cents and 11 cents per share
compared to a headline loss of 0.6 cents for the year ended 28 February 2013 and per
the profit forecast of a 5.72 cents loss per share.
The financial information, on which this trading statement is based, has not been
reviewed or reported on by the company’s auditors.
Johannesburg
30 May 2014
Designated Advisor
Arcay Moela Sponsors Proprietary Limited
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