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VISUAL INTERNATIONAL HOLDINGS LIMITED - Finalisation of Annual Report, restatement of segmental information and notice of AGM

Release Date: 01/09/2015 09:09
Code(s): VIS     PDF:  
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Finalisation of Annual Report, restatement of segmental information and notice of AGM

VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“the Company” or “Visual”)
ISIN Code: ZAE000187407       Share code: VIS


FINALISATION OF ANNUAL REPORT, RESTATEMENT OF SEGMENTAL INFORMATION AND NOTICE OF ANNUAL GENERAL MEETING


Finalisation of Annual Report and restatement of previously published segmental information
Shareholders are advised that the Company’s integrated annual report incorporating the
annual financial statements for the year ended 28 February 2015 has been finalised and is
available on the Company’s website, www.visualinternational.co.za. The annual report is
being printed and will be posted to shareholders shortly.

The audited annual financial statements contain no changes to the reviewed provisional
results released on SENS on 29 May 2015, other than a restatement of the segmental
information which restated segmental information is presented below:

                                        Property     Property       Property
Primary segment report – 2015           Services   Investment    Development         Total
SEGMENT RESULTS
Total revenue                          1,025,734    1,745,565              -     2,771,299
Inter segmental results                        -            -              -             -
Total external revenue                 1,025,734    1,745,565              -     2,771,299
Other income                              43,131       73,398              -       116,529
Income from equity accounted
investments                                    -      641,198              -       641,198
Fair value adjustments                         -      720,252              -       720,252
Finance income                                 -       62,705              -        62,705
Cost of sales                           (428,575)           -              -      (428,575)
Finance costs                                  -   (2,544,712)      (362,852)   (2,907,564)
Employee costs                          (921,503)  (1,266,427)    (1,773,352)   (3,961,282)
Depreciation                             (16,431)    (234,909)             -      (251,340)
Other operating expenses              (2,208,720)  (4,528,349)      (369,745)   (7,106,814)
Segment results before taxation       (2,506,364)  (5,331,279)    (2,505,949)  (10,343,592)
Interest income on shareholder
loans                                                                            2,910,345
Finance costs accrued on
shareholder loans                                                               (1,689,665)
Other income                                                                       209,051
Taxation                                                                         1,208,241
Interest income on cash and cash
equivalents                                                                          1,876
Finance costs on bank overdraft                                                    (45,059)
Net loss per statement of
comprehensive income                                                            (7,748,803)

                                       Property     Property       Property
Primary segment report – 2015          Services   Investment    Development         Total
SEGMENT ASSETS AND LIABILITIES
Investment in joint venture                  -     1,352,449              -     1,352,449
Other reportable segment assets         77,814    44,113,836     40,246,180    84,437,830
Total reportable segment assets         77,814    45,466,285     40,246,180    85,790,279
Loans to shareholders                                                          42,532,616
Other financial assets                                                            425,782
Current tax                                                                       256,331
Cash and cash equivalents                                                         877,920
Total assets per statement of
financial position                                                            129,882,928
Total reportable segment liabilities    26,664    26,627,893      6,561,806    33,216,363
Current tax                                                                     1,157,367
Deferred tax                                                                    8,517,304
Loans from shareholders                                                        12,737,335
Bank overdraft                                                                    985,830
Total liabilities per statement of
financial position                                                             56,614,199


                                        Property      Property     Property
Primary segment report – 2014           Services    Investment  Development         Total
SEGMENT RESULTS
Total revenue                          1,035,496     1,732,844            -     2,768,340
Inter segmental revenue                        -             -            -             -
Total external revenue                 1,035,496     1,732,844            -     2,768,340
Other income                           5,149,706    27,347,299            -    32,497,005
Income from equity accounted
investments                                    -      (545,859)           -      (545,859)
Fair value adjustments                         -       335,000            -       335,000
Finance income                                 -        66,914            -        66,914
Cost of sales                           (351,756)            -            -      (351,756)
Finance costs                                  -    (1,603,531            -    (1,603,531)
Employee costs                          (761,729)   (1,154,501   (1,362,112)   (3,278,342)
Depreciation                             (63,021)     (105,462)           -      (168,483)
Other operating expenses              (2,088,404)   (4,102,188)           -    (6,190,592)
Segment results before taxation        2,920,292    21,970,516   (1,362,112)   23,528,696
Segment results – previously reported   (166,422)   13,630,454            -    13,464,032
Decrease in interest income             (609,463)     (952,989)           -    (1,562,452)
Increase/(decrease) in other
income                                  (245,294)      245,294            -             -
Decrease in finance costs                      -     1,391,318            -     1,391,318
(Increase)/decrease in employee
costs                                    464,533      897,579    (1,362,112)            -
Decrease in taxation                   3,732,561    6,246,230             -     9,978,791
Decrease in provision for penalties       96,133      160,874             -       257,007
Segment results before taxation -
restated                               3,272,048   21,618,760    (1,362,112)   23,528,696

                                            Property      Property       Property
Primary segment report – 2014               Services    Investment    Development          Total
Interest received from shareholder                                                     1,562,337
Finance costs accrued to
shareholder                                                                           (1,391,319)
Provision for penalties and interest                                                    (257,007)
Taxation                                                                              (9,978,791)
Interest income on cash and cash
equivalents                                                                                  115
Net profit per statement of
comprehensive income                                                                  13,464,031
SEGMENT ASSETS AND LIABILITIES
Investment in joint venture                        -       711,251               -       711,251
Other reportable segment assets              670,985    43,484,564      40,246,180    84,401,729
Total reportable segment assets -
restated                                     670,985    44,195,815      40,246,180    85,112,980
Loans to shareholders                                                                 45,596,991
Cash and cash equivalents                                                                257,864
Total assets per statement of
financial position                                                                   130,967,835
Total reportable segment liabilities               -    23,031,380               -    23,031,380

Total reportable segment liabilities –
previously reported                        9,490,214    36,532,103               -    46,022,317
Increase/(decrease) in trade and
other payables                              (890,410)      890,410               -             -
Decrease in loans from                                 
shareholders                              (8,599,804)  (14,391,285)              -   (22,991,089)
Increase in operating lease liability
                                                   -           152               -           152
Total reportable segment liabilities
- restated                                         -    23,031,380               -    23,031,380
Current tax                                                                            4,029,335
Deferred tax                                                                          10,562,142
Provisions                                                                               977,731
Loans from shareholders                                                               22,991,088
Bank overdraft                                                                           459,143
Total liabilities per statement of
financial position                                                                    62,050,819

The auditor’s report contains an emphasis of matter an extract of which is set out below:

      “Emphasis of Matter
      Without qualifying our opinion, we draw attention to note 44 of the group annual
      financial statements, which indicates that the group incurred a net loss of R7,748,803
      for the year ended 28 February 2015, but that the group’s total assets exceeded its
      total liabilities by R73,268,729 as at 28 February 2015. Note 44 also indicates that this
      net loss, along with other matters, indicate the existence of material uncertainties
      which may cast significant doubt on the group’s ability to continue as a going
      concern.”

The signed audit opinion is available for inspection at the Company’s registered office.
Notice of Annual General Meeting

Notice is hereby given that the annual general meeting of ordinary shareholders will be held
at 10:00 on Tuesday, 6 October 2015, at Evertsdal Guest House, 1 Gillian Street, Evertsdal,
Durbanville, Cape Town to transact the business as stated in the notice of annual general
meeting forming part of the integrated annual report.

Record Dates
The record date for the posting of the integrated annual report is Friday, 21 August 2015. The
record date on which shareholders of the company must be registered as such in the
company’s securities register in order to attend and vote at the meeting is Friday, 2 October
2015. The last day to trade in order to be eligible to vote at the annual general meeting will
be Friday, 25 September 2015.

By order of the board
Johannesburg
1 September 2015

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

Date: 01/09/2015 09:09:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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