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Hamilton, Bermuda: November 27, 2020-: In a filing with the Bermuda Stock Exchange (“BSX”), Waterloo Investment Holdings Limited (the "Company" or “WIHL”; Ticker: WIHL.BH) announced 2020 interim results to 30 September 2020. The full release states:

 

November 26, 2020 – Waterloo Investment Holdings Limited (Bermuda – WIHL) (the “Company” or “WIHL”) reportednet profit of $0.02m for the six-month period ended September 30, 2020 (2019 – $2.2m).

 

At September 30, 2020 total assets are $521.2m (March 31, 2020 - $526.1m) and shareholder’s equity is $437.6m (March 31, 2020 - $437.6m).

 

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, 2020		6 months ended September 30, 2019
Assets Financial Services Interest income	2.1			2.8
Interest expense	(0.1)			(0.2)
Net interest income	2.0			2.6
Provision for loan losses	-			-
Non-interest income	0.2			0.4
Non-interest expenses	(1.1)			(1.4)
Operating profit - Financial Services	1.1			1.6
Operating loss – Hospitality	(5.9)			(0.8)
Operating loss – Investments	(4.1)			(1.4)
Total operating loss	(8.9)			(0.6)
Associates income	10.0			4.0
Corporate expenses	(1.1)			(1.2)
Net profit	0.02			2.2
Profit per ordinary share: basic and diluted
Net profit	$0.000			$0.004
Number of shares - (basic and diluted)	494.2m			494.3m

 

 

Waterloo Investment Holdings Limited

Financial Information

Summarized Consolidated Balance Sheets (unaudited)

US dollars in millions

	September 30 2020 $m	March 31 2020 $m
Assets
Financial Services
Cash, cash equivalents and due from banks	8.5	7.0
Interest-bearing deposits with correspondent banks	5.9	8.2
Investments – fixed income	39.4	49.1
Investments – equities	0.5	-
Loans – net	54.4	60.2
Property, plant and equipment – net	2.3	2.3
Other assets	1.3	1.3
Total Financial Services assets	112.3	128.1
Investments
Cash, cash equivalents and due from banks	0.3	-
Loans – net	90.6	96.9
Other assets	44.9	31.2
Total Investments assets	135.8	128.1
Hospitality
Cash, cash equivalents and due from banks	1.0	1.3
Property, plant and equipment – net	49.1	50.7
Other assets	12.5	13.7
Total Hospitality assets	62.6	65.7
Corporate
Cash, cash equivalents and due from banks	1.7	4.5
Other current assets	0.3	1.1
Property, plant and equipment – net	-	0.1
Associates	208.5	198.5
Total Corporate assets	210.5	204.2
Total assets	521.2	526.1
Liabilities and shareholders’ equity
Financial Services
Deposits	71.4	74.7
Interest payable	-	0.1
Current liabilities	0.3	0.3
Total Financial Services liabilities	71.7	75.1
Investments
Current liabilities	0.3	1.0
Hospitality
Current liabilities	9.5	10.2
Corporate
Current liabilities	0.1	0.2
Long-term liabilities	2.0	2.0
Total Corporate liabilities	2.1	2.2
Total liabilities	83.6	88.5
Shareholders' equity
Share capital	248.1	248.1
Additional paid-in capital	50.0	50.0
Treasury shares	(1.0)	(1.0)
Accumulated other comprehensive loss	(6.4)	(6.4)
Retained earnings	146.9	146.9
Total shareholders’ equity	437.6	437.6
Total liabilities and shareholders’ equity	521.2	526.1

 

 

Waterloo Investment Holdings Limited

Financial Information

Summarized Consolidated Statements of Cash Flows (unaudited)

US dollars in millions

6 months ended September 30	2020 $m	2019 $m
Cash flow from operating activities
Net profit	0.02	2.2
Adjustments to reconcile net profit to net cash provided (utilized) by operating activities:
Depreciation	1.8	1.5
Provision for loan losses	3.8	1.3
Undistributed earnings of associates	(10.0)	(4.0)
Increase in interest payable	(0.1)	0.1
Changes in assets and liabilities – net	(13.2)	4.3
Net cash provided (utilized) by operating activities	(17.7)	5.4
Cash flows from investing activities
Purchase of property plant and equipment (net)	(0.1)	(3.3)
Decrease in interest-bearing deposits	2.3	3.1
(Increase) decrease in investments – fixed income	9.7	(10.2)
Decrease in investments – equities	(0.5)	-
Decrease (increase) in loans to customers	8.3	6.3
Net cash (utilized) provided by investing activities	19.7	(4.1)
Cash flows from financing activities
Increase in treasury shares	-	(0.1)
Increase in long-term debt	-	-
(Decrease) increase in deposits	(3.3)	(7.5)
Net cash (utilized) provided by financing activities	(3.3)	(7.6)
Net change in cash, cash equivalents and due from banks	(1.3)	(6.3)
Cash, cash equivalents and due from banks at beginning of year	12.8	11.1
Cash, cash equivalents and due from banks at end of period	11.5	4.8

 

                                                                                        -ENDS-

 

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For more information on the Bermuda Stock Exchange (BSX), contact Nancy Vieira at 1-441-292-7212 or nvieira@bsx.com. Information is also available at www.bsx.com and on Bloomberg at BSX . Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities. The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.