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WATERLOO INVESTMENT HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015
Hamilton, Bermuda – 08 January, 2016 – In a filing with the Bermuda Stock Exchange (“BSX”), Waterloo Investment Holdings Limited (the "Company" or “WIHL”; Ticker: WIHL.BH) has announced results for the six-months ended September 30, 2016. The filing stated:
Waterloo Investment Holdings Limited reported a net loss of $1.5m for the six-month period ended September 30, 2015 (2014 – operating loss $5.3m) and net loss per ordinary share for the period of $0.02 (2014 – net loss $0.05).
At September 30, 2015 total assets were $505.3m (March 31, 2015 - $508.7m) and net assets were $231.2m (March 31, 2015 - $232.7m).
On September 11, 2015 British Caribbean Bank Limited settled its long running dispute with the Government of Belize, which resulted in a non-recurring gain for the company of $13.6m; mitigating losses due to additional provisioning in both the financial services and investments divisions.
Background
WIHL is an investment holding company incorporated in the British Virgin Islands. WIHL owns the British Caribbean Bank Limited, a financial services business in the Turks and Caicos Islands and, through various subsidiaries, substantial other investment interests in the Turks and Caicos Islands, principally through secured loans. WIHL also holds an approximate 25 percent interest in a successful and market-leading edible oil processing and distribution operation in Latin America. The Company also has an investment in the form of secured loans to the largest port in Belize.
For further information contact:
Waterloo Investment Holdings Limited at 101 Governors Road, Leeward, Providenciales, Turks & Caicos Islands, B.W.I. or send an email via the Company’s web site http://www.wihl.com.
Waterloo Investment Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
|
|
6 months ended September 30, 2015 |
|
6 months ended September 30, 2014 |
|
|
|
|
|
|
|
|
Financial Services Interest income |
1.9 |
|
2.1 |
|
|
Interest expense |
(0.6) |
|
(0.8) |
|
|
|
|
|
|
|
|
Net interest income |
1.3 |
|
1.3 |
|
|
Provision for loan losses |
(3.5) |
|
(1.7) |
|
|
Net non-interest expense |
(1.1) |
|
(0.6) |
|
|
|
|
|
|
|
|
Operating loss - Financial Services |
(3.3) |
|
(1.0) |
|
|
Operating loss - Hospitality |
(0.6) |
|
(0.9) |
|
|
Operating loss - Investments |
(15.4) |
|
(2.0) |
|
|
|
|
|
|
|
|
Total operating loss |
(19.3) |
|
(3.9) |
|
|
Associates |
8.4 |
|
9.4 |
|
|
Corporate expenses |
(1.3) |
|
(1.9) |
|
|
Corporate interest |
(2.9) |
|
(8.9) |
|
|
Net loss before non-recurring item |
(15.1) |
|
(5.3) |
|
|
Non-recurring gain on settlement of legal action |
13.6 |
|
- |
|
|
Net loss |
(1.5) |
|
(5.3) |
|
|
|
|
|
|
|
|
Loss per ordinary share: basic and diluted
|
|
|
|
|
|
Net loss |
($0.02) |
|
($0.05) |
|
|
Number of shares - (basic and diluted) |
99.9m |
|
99.9m |
|
Waterloo Investment Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
US dollars in millions
|
|
September 30 2015 $m |
March 31 2015 $m |
|
|
|
|
|
Assets |
|
|
|
Financial Services |
|
|
|
Cash, cash equivalents and due from banks |
1.5 |
0.3 |
|
Interest-bearing deposits with correspondent banks |
65.1 |
11.6 |
|
Receivable from Government of Belize |
- |
34.1 |
|
Loans – net |
72.3 |
73.8 |
|
Property, plant and equipment – net |
0.3 |
0.3 |
|
Other assets |
0.1 |
0.2 |
|
Total Financial Services assets |
139.3 |
120.3 |
|
Investment assets |
|
|
|
Cash, cash equivalents and due from banks |
0.9 |
1.5 |
|
Loans – net |
139.0 |
164.4 |
|
Other assets |
13.8 |
15.1 |
|
Total Investment assets |
153.7 |
181.0 |
|
Hospitality Assets |
|
|
|
Cash, cash equivalents and due from banks |
1.1 |
3.3 |
|
Property, plant and equipment – net |
12.1 |
10.6 |
|
Other assets |
5.7 |
5.2 |
|
Total Hospitality assets |
18.9 |
19.1 |
|
Corporate Assets |
|
|
|
Cash, cash equivalents and due from banks |
3.1 |
- |
|
Property, plant and equipment – net |
2.7 |
2.5 |
|
Other assets |
0.3 |
- |
|
Associates |
187.3 |
185.8 |
|
Total Corporate assets |
193.4 |
188.3 |
|
Total assets |
505.3 |
508.7 |
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
Financial Services |
|
|
|
Deposits |
66.7 |
70.5 |
|
Interest payable |
0.2 |
0.3 |
|
Other liabilities |
0.3 |
0.3 |
|
Total Financial Services liabilities |
67.2 |
71.1 |
|
Hospitality liabilities |
|
|
|
Current liabilities |
3.4 |
4.2 |
|
Total Hospitality liabilities |
3.4 |
4.2 |
|
Corporate |
|
|
|
Current liabilities |
5.9 |
6.0 |
|
Long-term liabilities |
197.6 |
194.7 |
|
Total Corporate liabilities |
203.5 |
200.7 |
|
Total liabilities |
274.1 |
276.0 |
|
Shareholders' equity |
|
|
|
Share capital |
100.0 |
100.0 |
|
Treasury shares |
(0.1) |
(0.1) |
|
Accumulated currency loss |
(2.5) |
(2.5) |
|
Retained earnings |
133.8 |
135.3 |
|
Total shareholders’ equity |
231.2 |
232.7 |
|
Total liabilities and shareholders’ equity |
505.3 |
508.7 |
Bermuda Listing Sponsor:
Appleby Securities (Bermuda) Limited
Attn: Mr. Gordon Cox Tel: (441) 298-3582