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Unaudited financial results for the quarter ended 31 March 2016
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 MARCH 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 loss
after tax for the quarter ended 31 March 2016 of ZAR 355,850.
Dividends
No dividend has been declared for the period under review.
Basis of Preparation
The unaudited consolidated results for the quarter ended 31 March 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 31 MARCH 2016
Company as at Group as at
31 March 2016 31 March 2015
R R
ASSETS
Property, plant and equipment - 161,189,114
Intangible assets - 17,827,548
Cash and cash equivalents 7,072,686 832,190,198
Other receivables 131,704 -
Loans and advances to clients - 1,612,422,004
Other financial assets - 50,382,742
Total assets 7,204,390 2,674,011,606
EQUITY AND LIABILITIES
EQUITY
Shareholders’ equity (954,017) 1,633,349,399
Total equity (954,017) 1,633,349,399
LIABILITIES
Loans at amortised costs - 890,053,503
Trade and other payables 8,158,407 124,617,113
Current income tax liabilities - 25,991,591
Total liabilities 8,158,407 1,040,662,207
Total equity and liabilities 7,204,390 2,674,011,606
VESTIN HOLDINGS LTD
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE QUARTER ENDED 31 MARCH 2016
Company for the Company for the Group for the
quarter ended 31 nine months nine months
March ended 31 March ended 31
2016 2016 March 2015
R R R
Interest income - - 779,660,860
Loan fee income - - 568,681,422
Direct distribution expenses - - (266,116,788)
Net portfolio income
- - 1,082,225,494
Other income 3 3,486,883,242 14,500,817
Operating costs (355,853) (6,299,537) (150,987,197)
Net bad debt written off - - (461,526,586)
Bad debt provision - - (71,885,657)
Funding costs - - (92,429,612)
Other (expenses)/income (355,850) 3,480,583,705 (762,328,235)
Operating profit before taxation (355,850) 3,480,583,705 319,897,259
Income tax expense - (34,969,506)
(Loss) / profit for the period (355,850) 3,480,583,705 284,927,753
Earnings per share (cents)
Basic and headline loss per share (cents) 0.57 2,721 274
Diluted 0.57 2,721 274
VESTIN HOLDINGS LTD
STATEMENTS OF CHANGES IN EQUITY FOR QUARTER ENDED 31 MARCH 2016
Accumulated Non-
Share Share loss controlling
capital Premium Reserves interests
Total
R R R R R R
Balance at 01 132,762 1,328,532,183 3,447,670,009 (111,043) - 4,776,223,911
October 2015
Disposal of shares (130,374) (1,328,532,183) - - - (1,328,662,557)
Transfer from - - - 37,000,000 - 37,000,000
share premium
Loss for the - - (360,717) - - (360,717)
period
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)
Balance at 01 2,388 - (37,489,512) 36,888,957 - (598,167)
January 2016
Disposal of shares - - - - - -
Transfer from - - - - - -
share premium
Loss for the
period - - (355,850) - - (355,850)
Other
comprehensive
income for the - - - - - -
period
Dividend payment - - - - - -
Balance at 31
March 2016 2,388 - (37,845,362) 36,888,957 - (954,017)
VESTIN HOLDINGS LTD
STATEMENTS OF CASH FLOWS FOR THE QUARTER ENDED 31 MARCH 2016
Unaudited for the Unaudited for the 3
3 months ended as months ended as at
at 31 March 2016 31 December 2015
R R
Loss before taxation (355,850) (360,716)
Adjustments for:
Depreciation and Amortisation
Tax paid - -
Changes in working capital: - -
Loans and other receivables 40,246 4,674,757,320
Trade and other payables 78,899 6,142,668
Net cash (utilised in)/generated from operating
activities (236,705) 4,680,539,272
Net cash utilised in investing activities - (4,776,461,362)
Net cash generated from financing activities - -
Cash and cash equivalents at the beginning of the
period 7,309,391 103,231,481
Net cash at the end of the period 7,072,686 7,309,391
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
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