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WATERLOO INVESTMENT HOLDINGS LIMITED ANNOUNCES 2018 INTERIM RESULTS
Hamilton, Bermuda: 7 November 2018 – In a filing with the Bermuda Stock Exchange (“BSX”), Waterloo Investment Holdings Limited (the "Company" or “WIHL”; Ticker: WIHL.BH) announced 2018 interim results to 30 September 2018. The full release states:
WATERLOO INVESTMENT HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2018
Waterloo Investment Holdings Limited (Bermuda – WIHL) (the “Company” or “WIHL”) reported net profit of $6.6m for the six-month period ended September 30, 2018 (2017 – $2.2m).
At September 30, 2018 total assets are $534.9m (March 31, 2018 - $526.7m) and shareholder’s equity is $432.9m (March 31, 2018 - $426.3m).
The Company also announces that it has acquired 92,000 ordinary shares in the Company at US$0.30 per share. Following the transaction, the Company’s holding in treasury shares is 766,000 ordinary shares and the total number of the Company’s ordinary shares in issue, less the treasury shares held, is 494,738,000ordinary shares.
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 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, 2018 |
|
6 months ended September 30, 2017 |
|
|
|
|
|
|
|
|
Financial Services Interest income |
2.7 |
|
1.9 |
|
|
Interest expense |
(0.2) |
|
(0.1) |
|
|
|
|
|
|
|
|
Net interest income |
2.5 |
|
1.8 |
|
|
Provision for loan losses |
- |
|
(0.1) |
|
|
Non-interest income |
- |
|
0.1 |
|
|
Non-interest expenses |
(1.4) |
|
(1.2) |
|
|
|
|
|
|
|
|
Operating profit - Financial Services |
1.1 |
|
0.6 |
|
|
Operating loss – Turks and Caicos Collection |
(1.5) |
|
(0.1) |
|
|
Operating profit (loss) – Investments |
0.2 |
|
(3.9) |
|
|
|
|
|
|
|
|
Total operating loss |
(0.2) |
|
(3.4) |
|
|
Associates |
8.1 |
|
7.0 |
|
|
Corporate expenses |
(1.3) |
|
(1.4) |
|
|
Net profit |
6.6 |
|
2.2 |
|
|
|
|
|
|
|
|
Profit per ordinary share: basic and diluted
|
|
|
|
|
|
Net profit |
$0.01 |
|
$0.00 |
|
|
Number of shares - (basic and diluted) |
495.5m |
|
496.1m |
|
Waterloo Investment Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
US dollars in millions
|
|
September 30 2018 $m |
March 31 2018 $m |
|
|
|
|
|
Assets |
|
|
|
Financial Services |
|
|
|
Cash, cash equivalents and due from banks |
0.7 |
0.1 |
|
Interest-bearing deposits with correspondent banks |
7.3 |
11.7 |
|
Investments – fixed income |
74.0 |
81.2 |
|
Investments – equities |
- |
1.0 |
|
Loans – net |
61.6 |
57.4 |
|
Property, plant and equipment – net |
0.3 |
0.2 |
|
Other assets |
3.9 |
0.8 |
|
Total Financial Services assets |
147.8 |
152.4 |
|
Investments |
|
|
|
Cash, cash equivalents and due from banks |
0.1 |
0.1 |
|
Loans – net |
105.1 |
107.0 |
|
Other assets |
23.1 |
22.3 |
|
Total Investments assets |
128.3 |
129.4 |
|
Turks and Caicos Collection |
|
|
|
Cash, cash equivalents and due from banks |
0.2 |
1.4 |
|
Property, plant and equipment – net |
42.9 |
38.4 |
|
Other assets |
11.5 |
8.2 |
|
Total Turks and Caicos Collection assets |
54.6 |
48.0 |
|
Corporate |
|
|
|
Cash, cash equivalents and due from banks |
0.1 |
2.6 |
|
Other current assets |
2.8 |
1.1 |
|
Property, plant and equipment – net |
2.4 |
2.4 |
|
Associates |
198.9 |
190.8 |
|
Total Corporate assets |
204.2 |
196.9 |
|
Total assets |
534.9 |
526.7 |
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
Financial Services |
|
|
|
Deposits |
88.0 |
86.9 |
|
Interest payable |
0.2 |
0.1 |
|
Current liabilities |
1.5 |
0.8 |
|
Total Financial Services liabilities |
89.7 |
87.8 |
|
Investments |
|
|
|
Current liabilities |
0.4 |
0.1 |
|
Turks and Caicos Collection |
|
|
|
Current liabilities |
7.3 |
7.8 |
|
Corporate |
|
|
|
Current liabilities |
0.3 |
0.3 |
|
Long-term liabilities |
4.3 |
4.4 |
|
Total Corporate liabilities |
4.6 |
4.7 |
|
Total liabilities |
102.0 |
100.4 |
|
Shareholders' equity |
|
|
|
Share capital |
248.1 |
248.1 |
|
Additional paid-in capital |
50.0 |
50.0 |
|
Treasury shares |
(0.8) |
(0.8) |
|
Accumulated other comprehensive loss |
(5.0) |
(5.0) |
|
Retained earnings |
140.6 |
134.0 |
|
Total shareholders’ equity |
432.9 |
426.3 |
|
Total liabilities and shareholders’ equity |
534.9 |
526.7 |
Waterloo Investment Holdings Limited
Financial Information
Summarized Consolidated Statements of Cash Flows (unaudited)
US dollars in millions
|
6 months ended September 30 |
2018 $m |
2017 $m |
|
||
|
|
|
|
|
||
|
Cash flow from operating activities |
|
|
|
||
|
Net profit (loss) |
6.6 |
2.2 |
|
||
|
Adjustments to reconcile net profit to net cash provided (utilized) by operating activities: |
|
|
|
||
|
Depreciation |
1.6 |
0.9 |
|
||
|
Provision for loan losses |
- |
4.4 |
|
||
|
Undistributed earnings of associates |
(8.1) |
(1.5) |
|
||
|
Increase in interest payable |
0.1 |
- |
|
||
|
Changes in assets and liabilities – net |
(8.5) |
(6.9) |
|
||
|
Net cash utilized by operating activities |
(8.3) |
(0.9) |
|
||
|
|
|
|
|
||
|
Cash flows from investing activities |
|
|
|
||
|
Purchase of property plant and equipment (net) |
(6.2) |
(2.2) |
|
||
|
Decrease in interest-bearing deposits |
4.4 |
23.7 |
|
||
|
Decrease (increase) in investments – fixed income |
7.2 |
(32.8) |
|
||
|
Decrease in investments – equities |
1.0 |
- |
|
||
|
(Increase) decrease in loans to customers |
(2.3) |
4.4 |
|
||
|
Net cash provided (utilized) by investing activities |
4.1 |
(6.9) |
|
||
|
|
|
|
|
||
|
Cash flows from financing activities |
|
|
|
||
|
Increase in treasury shares |
- |
(0.4) |
|
||
|
Increase in long-term debt |
- |
0.1 |
|
||
|
Increase in deposits |
1.1 |
3.1 |
|
||
|
Net cash provided by financing activities |
1.1 |
2.8 |
|
||
|
|
|
|
|
||
|
Net change in cash, cash equivalents and due from banks |
(3.1) |
(5.0) |
|
||
|
|
|
|
|
||
|
Cash, cash equivalents and due from banks at beginning of year |
4.2 |
5.9 |
|
|
|
|
Cash, cash equivalents and due from banks at end of period |
1.1 |
0.9 |
|
||
|
|
|
|
|
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-ENDS-