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Unaudited financial results for the quarter ended 31 December 2015
VestIN Holdings Limited
(Incorporated in Bermuda)
(Registration number: 47305)
‘A’ Ordinary Share Code: VIN
ISIN: BMG934031060
(“the Company”)
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31 DECEMBER 2015
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 loss
after tax for the quarter ended 31 December 2015 of ZAR 360,716.
Dividends
No dividend has been declared for the period under review.
Basis of Preparation
The unaudited consolidated results for the quarter ended 31 December 2015 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 31 DECEMBER 2015
Company as at Group as at
31 December 2015 31 December 2014
R
ASSETS
Cash and cash equivalents 7,309,391 597,313,552
Loans and advances to clients - 1,645,065,994
Property, plant and equipment - 163,092,810
Intangible assets - 17,827,548
Other receivables 171,950 -
Other financial assets - 70,233,134
Total assets 7,481,341 2,493,533,038
EQUITY AND LIABILITIES
EQUITY
Shareholders’ equity (598,167) 1,481,095,666
Total equity (598,167) 1,481,095,666
LIABILITIES
Loans at amortised costs - 804,872,758
Trade and other payables 8,079,508 190,974,546
Current income tax liabilities - 16,590,068
Total liabilities 8,079,508 1,012,437,372
Total equity and liabilities 7,481,341 2,493,533,038
VESTIN HOLDINGS LTD
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE QUARTER ENDED 31 DECEMBER 2015
Company for Group for the
Company for the the six months six months
quarter ended 31 ended 31 ended 31
December 2015 December 2015 December 2014
R R R
Net interest income - - 483,921,110
Loan fee income - - 371,449,360
Direct distribution expenses - - 131,602,038
Net portfolio income - - 723,768,432
Other income 364,823 3,486,883,239 12,534,477
Operating costs (725,539) (5,943,684) (156,952,444)
Net bad debt written off - - (304,949,007)
Bad debt provision - - (71,993,932)
Funding costs - - 67,361,993
Other income/(expenses) (360,716) 3,480,939,555 588,722,899
Operating (loss)/profit before taxation (360,716) 3,480,939,555 135,045,533
Income tax expense - 23,333,451
(Loss) / profit for the period (360,716) 3,480,939,555 111,712,082
Earnings per share (cents)
Basic and headline loss per share (cents) (0.58) 5,568 179
Diluted (0.58) 5,568 179
VESTIN HOLDINGS LTD
STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTER ENDED 31 DECEMBER 2015
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 subsidiaries - - (421,112,635) - -1,537,598 (422,650,233)
Issue costs - - - - - -
Profit for the period - - - 412,645 - 412,645
Other comprehensive income for the period - - 3,481,300,271 - - 3,481,300,271
Disposal of subsidiary company - - - - - -
Balance at 30 September 2015 132,762 1,328,532,183 3,447,670,009 (111,043) - 4,776,223,911
Balance at 01 October 2015 132,762 1,328,532,183 3,447,670,009 (111,043) - 4,776,223,911
Disposal of shares (130,374) (1,328,532,183) - - - (1,328,662,557)
Transfer from share premium - - - 37,000,000 37,000,000
Loss for the period - - (360,717) - - (360,717)
Other comprehensive income for the period - - - - - -
Dividend payment - - (3,484,798,804) - - (3,484,798,804)
Balance at 31 December 2015 2,388 - (37,489,512) 36,888,957 - (598,167)
VESTIN HOLDINGS LTD
STATEMENTS OF CASH FLOWS FOR THE QUARTER ENDED 31 DECEMBER 2015
31-Dec 30-Sep
2015 2015
R R
(Loss) / profit before taxation (360,716) 3,481,300,271
Adjustments for:
Depreciation and Amortisation - -
Tax paid - -
Changes in working capital:
Trade and other payables 6,142,668 (1,461,359)
Trade and other receivables 4,674,757,320 530,127
Net cash generated from operating activities 4,680,539,272 3,480,369,039
Net cash utilised in investing activities (4,776,461,362) (3,472,570,490)
Net cash generated from financing activities
Cash and cash equivalents at the beginning of the
period 103,231,481 95,432,836
Net cash at the end of the period 7,309,391 103,231,481
By order of the Board
2 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
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