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Unaudited financial results for the year ended 30 June 2016
VestIN Holdings Limited
(Incorporated in Bermuda)
(Registration number: 47305)
‘A’ Ordinary Share Code: VIN
ISIN: BMG934031060
(“the Company”)
UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2016
The Company is incorporated in Bermuda and its main purpose is the holding of investments. The Company maintains
a primary listing on the Bermuda Stock Exchange (“BSX”) and a secondary listing on the Alternative Exchange
(“AltX”) of JSE Limited (“JSE”). The listing of the Company’s A ordinary shares on the AltX, in so far as it relates to
their trading, has been suspended since Monday, 9 November 2015.
Business Review
The Company disposed of all its shares in its subsidiaries with effect from 1 July 2015 and has had limited business
activity since the suspension of its AltX listing on 9 November 2015. As a result, the Company recorded a net profit
after tax for the year ended 30 June 2016 of ZAR 3,480,385,223.
Dividends
No dividend has been declared for the period under review.
Basis of Preparation
The unaudited consolidated results for the year ended 30 June 2016 have been prepared in accordance with
International Financial Reporting Standards including International Accounting Standard 34 – Interim Financial
Reporting, the Bermuda Companies Act, 1981 (the “Act”), the BSX Listing Regulations and the JSE Limited Listings
Requirements.
Accounting policies
The financial results set out below have neither been audited nor reviewed by the Company’s external auditors. The
accounting policies adopted are consistent with those applied to the audited Consolidated Financial Statements for the
year ended 30 June 2015.
VESTIN HOLDINGS LTD
UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016
As at As at
30 June 2016 30 June 15
R R
ASSETS
Cash and cash equivalents 6,776,362 -
Other receivables 247,375 -
Assets held for sale - 1,299,290,865
Total assets 7,023,737 1,299,290,865
EQUITY AND LIABILITIES
EQUITY
Shareholders’ equity (1,152,499) 1,294,923,640
Total equity (1,152,499) 1,294,923,640
LIABILITIES
Trade and other payables 8,176,236 -
Liabilities held for sale - 4,367,225
Total liabilities 8,176,236 4,367,225
Total equity and liabilities 7,023,737 1,299,290,865
VESTIN HOLDINGS LTD
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE
YEAR ENDED 30 JUNE 2016
Year ended Year ended
30 June 2016 30 June 2015
R R
Interest income - 358,538
Net portfolio income - 358,538
Other income 3,486,883,242 8,137,620
Operating costs (6,498,019) (10,903,603)
Funding costs - (11)
Other expenses 3,480,385,223 (2,765,994)
Operating profit before taxation 3,480,385,223 (2,407,456)
Income tax expense - -
Profit/(loss) for the year 3,480,385,223 (2,407,456)
Earnings per share (cents)
Basic and headline loss per share (cents) 5,567 (2)
Diluted 5,567 (2)
VESTIN HOLDINGS LTD
STATEMENTS OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2016
Retained
earnings/
Non-
Share Share (Accumulated controlling
capital premium loss) Reserves interests Total
R R R R R R
Balance at 01 July 2015 132,762 1,328,532,183 387,482,373 (523,688) 1,537,598 1,717,161,228
Disposal of shares (130,374) (1,328,532,183) - - - (1,328,662,557)
Disposal of subsidiaries (421,112,635) (1,537,598) (422,650,233)
Transfer from share premium - - - 37,000,000 - 37,000,000
Loss for the year - - (915,049) 412,645 - (502,404)
Other comprehensive income for the - - 3,481,300,271 - - 3,481,300,271
year
- - (3,484,798,804) - - (3,484,798,804)
Dividend payment
Balance at 30 June 2016 2,388 - (38,043,844) 36,888,957 - (1,152,499)
Balance at 01 July 2014 69,850 678,595,120 41,466,947 (747,630) - 719,384,287
Issue of shares 62,912 649,937,063 - - - 649,999,975
Loss for the year - - 367,967,689 - 512,482 368,480,171
Increase in non-controlling interest (987,252) - 1,000,049 12,797
Other comprehensive income for the
year - - - 223,942 25,067 249,009
Dividend - - (20,965,011) - - (20,965,011)
Balance at 30 June 2015 132,762 1,328,532,183 387,482,373 (523,688) 1,537,598 1,717,161,228
VESTIN HOLDINGS LTD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2016
30-Jun 30-Jun
2016 2015
R R
Profit/(loss) before taxation 3,480,385,223 (7,258,525)
Adjustments for:
Interest Income -
Depreciation and Amortisation - 358,538
Tax paid - (11)
Changes in working capital:
Trade and other payables 4,778,037 -
Trade and other receivables 4,675,212,022 -
Net cash generated from operating activities 8,160,375,282 (6,899,998)
Net cash utilised in investing activities (8,249,031,852) (534,855,747)
Net cash generated from financing activities - 629,034,964
Effect of exchange rate fluctuations on cash held - 8,137,620
Cash and cash equivalents at the beginning of the period 95,432,932 16,093
Net cash at the end of the period 6,776,362 95,432,932
By order of the Board
02 November 2016
The Company has its primary listing on the Bermuda Stock Exchange and its secondary listing on the Alternative
Exchange of the JSE Limited (suspended).
JSE Sponsor: RAND MERCHANT BANK (a division of First Rand Bank Limited)
BSX Sponsor: Global Custody and Clearing Limited
Date: 02/11/2016 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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