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WATERLOO INVESTMENT HOLDINGS LIMITED - ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2017
Hamilton, Bermuda: July 31, 2017 –In a filing with the Bermuda Stock Exchange (“BSX”), Waterloo Investment Holdings Limited (the "Company" or “WIHL”; Ticker: WIHL.BH) announced the publication of the Company’s annual report for the year ended March 31st, 2017. The full filing stated:
Waterloo Investment Holdings Limited (Bermuda – WIHL) (the “Company” or “WIHL”) reported a net loss of $2.5m in the year ended March 31, 2017(2016–netloss$7.3m)andnetlossperordinarysharefortheyearof $0.01 (2016 – net loss$0.07).
WIHL used the issuance of shares in August 2016 to repay the outstanding Loan Notes, resulting in shareholders’ equity increasing to $418.2 million compared with $222.4 million at March 31, 2016 and total liabilities decreasing to $72.2 million compared with $262.0 million at March 31, 2016. At March 31, 2017 total assets are $490.9m (2016 –$484.4m).
A copy of the Company’s Annual Report will be sent to all shareholders. A copy of the Annual Report will also be made available for download from the Company’s website: http://www.wihl.com or can be obtained from the Company’s Listing Sponsor, Estera Securities (Bermuda) Limited of Canon’s Court, 22 Victoria Street, Hamilton, HM12,Bermuda
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, a hotel management division, namely the Turks and Caicos Collection, 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 an 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 inBelize.
For further informationcontact:
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 sitehttp://www.wihl.com.
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FinancialInformation Summarized Consolidated Balance Sheets (audited) US dollars inmillions |
|
|
|
At March31 |
2017 $m |
2016 $m |
|
Assets FinancialServices Cash, cash equivalents and due frombanks |
- |
0.6 |
|
Interest-bearing deposits with correspondentbanks |
36.9 |
43.3 |
|
Investments - fixedincome |
22.5 |
- |
|
Loans –net |
57.1 |
67.9 |
|
Property, plant and equipment –net |
0.3 |
0.2 |
|
Otherassets |
0.2 |
0.4 |
|
Total Financial Servicesassets |
117.0 |
112.4 |
|
Investment Cash, cash equivalents and due frombanks |
- |
0.1 |
|
Loans –net |
128.7 |
140.4 |
|
Otherassets |
19.6 |
18.5 |
|
Total Investmentassets |
148.3 |
159.0 |
|
Turks and CaicosCollection Cash, cash equivalents and due frombanks |
3.9 |
2.1 |
|
Property, plant and equipment –net |
18.2 |
12.2 |
|
Otherassets |
6.5 |
6.0 |
|
Total Turks and Caicos Collectionassets |
28.6 |
20.3 |
|
Corporate Cash, cash equivalents and due frombanks |
2.0 |
3.0 |
|
Other currentassets |
1.3 |
0.1 |
|
Property, plant and equipment –net |
2.5 |
2.6 |
|
Associates |
190.7 |
187.0 |
|
Total Corporateassets |
196.5 |
192.7 |
|
Totalassets |
490.4 |
484.4 |
|
Liabilities and shareholders’ equity FinancialServices Deposits |
60.0 |
53.9 |
|
Interestpayable |
- |
0.2 |
|
Currentliabilities |
0.2 |
0.3 |
|
Total Financial Servicesliabilities |
60.2 |
54.4 |
|
Investment Currentliabilities |
0.1 |
2.5 |
|
Turks and CaicosCollection Currentliabilities |
7.0 |
3.9 |
|
Corporate Currentliabilities |
0.6 |
0.3 |
|
Long-termliabilities |
4.3 |
200.9 |
|
Total Corporateliabilities |
4.9 |
201.2 |
|
Totalliabilities |
72.2 |
262.0 |
|
Shareholders’equity Sharecapital |
248.1 |
50.0 |
|
Additional paid-incapital |
50.0 |
50.0 |
|
Treasuryshares |
(0.4) |
(0.1) |
|
Accumulated other comprehensiveloss |
(5.0) |
(5.5) |
|
Retainedearnings |
125.5 |
128.0 |
|
Total shareholders’equity |
418.2 |
222.4 |
|
Total liabilities and shareholders’equity |
490.4 |
484.4 |
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Summarized Consolidated Statements of Cash Flows (audited) US dollars inmillions |
|
|
|
Year ended March31 |
2017 $m |
2016 $m |
|
Cash flows from operatingactivities Netloss |
(2.5) |
(7.3) |
|
Adjustments to reconcile net loss to net cash provided (utilized) by operating activities: Depreciation |
2.1 |
1.0 |
|
Provision for loanlosses |
6.4 |
26.1 |
|
Undistributed earnings of associates Changes in assets and liabilities: Decrease in interestpayable |
(3.2)
(0.2) |
(4.2)
(0.1) |
|
Increase in otherassets |
(1.4) |
(3.8) |
|
Increase in other currentassets |
(1.2) |
(0.1) |
|
Increase (decrease) in otherliabilities |
0.9 |
(3.5) |
|
Net cash provided by operatingactivities |
0.9 |
8.1 |
|
Cash flows from investingactivities Purchase of property, plant and equipment (net) |
(8.1) |
(2.6) |
|
Decrease (increase) in interest-bearing deposits with correspondent banks |
6.4 |
(31.7) |
|
Increase in investments - fixedincome |
(22.5) |
- |
|
Decrease in Government of Belizereceivable |
- |
34.1 |
|
Decrease in loans tocustomers |
16.1 |
3.2 |
|
Net cash (utilized) provided by investingactivities |
(8.1) |
3.0 |
|
Cash flows from financingactivities Increase (decrease) in sharecapital |
198.1 |
(50.0) |
|
Increase in additional paid-incapital |
- |
50.0 |
|
Increase in treasuryshares |
(0.3) |
- |
|
(Decrease) increase in long-termdebt |
(196.6) |
6.2 |
|
Increase (decrease) in deposits |
6.1 |
(16.6) |
|
Net cash provided (utilized) by financingactivities |
7.3 |
(10.4) |
|
Net change in cash, cash equivalents and due frombanks |
0.1 |
0.7 |
|
Cash, cash equivalents and due from banks at beginning ofyear |
5.8 |
5.1 |
|
Cash, cash equivalents and due from banks at end ofyear |
5.9 |
5.8 |
|
Cash - FinancialServices |
- |
0.6 |
|
Cash –Investment |
- |
0.1 |
|
Cash - Turks and CaicosCollection |
3.9 |
2.1 |
|
Cash –Corporate |
2.0 |
3.0 |
|
|
5.9 |
5.8 |