PR Newswire
WILLEMSTAD, Curacao, March 23, 2016
WILLEMSTAD, Curacao, March 23, 2016 /PRNewswire/ --
Retail Holdings N.V. (Symbol: RHDGF)
Retail Holdings N.V. ("ReHo" or the "Company"), announced today results for the year ended December 31, 2015. Financial highlights include:
The ReHo Board of Directors confirmed a special cash distribution of $5.00 a Share to be paid April 13, 2016 to shareholders of record April 5. The ReHo Board anticipates recommending for shareholder approval at the Annual General Meeting in September, an additional cash distribution of at least $1.00 a share. This will bring the total distribution to ReHo shareholders since inception of the dividend/distribution program in 2007 to at least $16.75 a Share.
Chairman's Comments
Commenting on the 2015 results, Stephen H. Goodman, ReHo's Chairman, President and CEO, noted, "I am very pleased that the Company made progress in 2015 in our strategic program to monetize and return to shareholders through cash distributions, the underlying value of the Company's assets. I am also pleased that the remaining continuing operations of the Company performed well during the year with double digit percentage growth both in revenue and operating profit. Unfortunately, the financial performance at SVP, which had shown weakness for some time, turned more negative in the latter half of 2014 continuing through 2015, causing ReHo to write down the value of the SVP Notes (in two steps during 2015) to zero. With the impairment loss behind us, the SVP Notes no longer constitute a shadow over the Company's balance sheet; any future cash received with respect to the SVP Notes, either interest or principal, will be recognized as income if, and when received.
"I am very optimistic about 2016, which is off to a very good start. I am anticipating a strong performance in Sri Lanka, particularly in the first half of the year, reflecting continuing economic growth, helped by lower oil prices, an improved agriculture picture, as well as the launch by Singer in Sri Lanka of a major new financial services initiative, the Singer Visa credit card. Results in Bangladesh should improve, reflecting a more stable political environment, and improved competitiveness as a consequence of the opening of the new refrigerator factory. India's performance should continue strong as the initiatives now underway impact results. With respect to Cambodia, the Company is currently reassessing its position in that market.
"ReHo's strategy remains unchanged. Consistent with this strategy, the Company will pursue additional attractive opportunities that may emerge to monetize its assets, such as the placement announced earlier today of 6.4% of the shares of Singer Sri Lanka PLC, and to return to shareholders the resulting cash through distributions and possible share repurchases.
"I encourage all shareholders to read the 2015 Summary Annual Report and the Audited Consolidated Financial Statements with Notes, which will be available at the Corporate/Investor section of the Retail Holdings website: www.retailholdings.com or can be obtained free of charge by email, telephone or regular mail request to the Company.
"I wish to extend my sincere thanks to my fellow employees for their considerable effort during 2015 and to thank all of the Company's shareholders for their continued support."
About Retail Holdings
Retail Holdings has three principal assets: 1) a 54.10% equity interest in Sewko/Singer Asia, a distributor of consumer durable products in Bangladesh, Cambodia, India and Sri Lanka, with consumer credit and other financial services; 2) cash and cash equivalents; and 3) seller notes, arising from the sale of the sewing business and Singer trademark in 2004. The Company has no operating activities other than those carried out through Sewko/Singer Asia.
Additional financial and other information about the Company may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's Shares are available on the "Pink Sheets" quotations service under the symbol "RHDGF".
For further information, please contact Amy Pappas at 1-914-241-3404.
RETAIL HOLDINGS N.V. AND SUBSIDIARIES | |||
| |||
CONSOLIDATED STATEMENT OF INCOME | |||
FOR THE YEAR ENDED 31 DECEMBER | |||
| |||
In thousands of U.S. Dollars | |||
| |||
| 2015 | | 2014 Restated |
Continuing operations | | | |
| | | |
Revenue | 419,303 | | 363,510 |
Cost of sales | (293,125) | | (249,948) |
Gross profit | 126,178 | | 113,562 |
| | | |
Other income | 1,895 | | 1,628 |
Selling and administrative expenses | (90,173) | | (82,955) |
Other expenses | (4,363) | | (3,814) |
Results from operating activities | 33,537 | | 28,421 |
| | | |
Impairment loss on SVP Notes | (23,840) | | - |
| | | |
Finance income | 808 | | 3,504 |
Finance costs | (13,492) | | (14,698) |
Net finance costs | (12,684) | | (11,194) |
Share of loss of equity-accounted investee, net of tax | (177) | | - |
(Loss) / profit before tax | (3,164) | | 17,227 |
| | | |
Tax expense | (9,452) | | (6,958) |
(Loss) / profit from continuing operations | (12,616) | | 10,269 |
| | | |
Discontinued operations | | | |
Profit from discontinued operations, net of tax | 24,579 | | 8,650 |
Profit for the year | 11,963 | | 18,919 |
| | | |
Attributable to: | | | |
Owners of the Company | (8,314) | | 6,375 |
Non-controlling interests | 20,277 | | 12,544 |
Profit for the year | 11,963 | | 18,919 |
| | | |
(Loss) / earnings per share (U.S. Dollars) | | | |
Basic (loss) / earnings per share | (1.57) | | 1.20 |
Diluted (loss) / earnings per share | (1.57) | | 1.20 |
| | | |
(Loss) / earnings per share – Continuing operations (U.S. Dollars) | | | |
Basic (loss) / earnings per share | (5.89) | | 0.63 |
Diluted (loss) / earnings per share | (5.89) Werbung Mehr Nachrichten zur Retail Holdings Aktie kostenlos abonnieren
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