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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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