BVI Company Financial News

Playtech Limited BVI, engaged in the design, development and licensing of software for online gaming industry, announced its audited financial results for the year ended 31 December 2008. The company reported total revenues of €111.5 million – up 70 per cent from €65.7 million in 2007. Casino revenues and poker revenues also increased this year, and made €79.4 million and €30.1 million respectively, compared to €47.4 million and €17.4 million in the previous year.

Adjusted net profit of Playtech made €78.6 million, which is a 79 per cent increase from €43.9 million in 2007, resulting in an adjusted net profit margin of 70 per cent (67 per cent in 2007). Net profit was €40.7million (€26.3 million in 2007) – 55 per cent increase resulting in a net profit margin of 37 per cent.

The company reported 74 per cent increase of earnings before interest tax and amortization expenses, which made €73.0 million in 2008 (€42.0 million in 2007). Cash and cash equivalents in the reported year were €31.6 million, while in 2007 they were €54.8 million. Basic earnings per share made 34.5 cents (20.4 cents in 2007). Cash generated from operating activities made €68.7 million, compared to €39.7 million in the previous year.

Among the operational highlights of the BVI corporation, reported for the year 2008, there are completion of the series of transactions announced in October 2008; signing 15 new license agreements with high quality operators; raising €141 million before expenses by placing of 21,620,946 new Ordinary Shares at a price of 520p per share; changing currency to Euros, - due to this fact the majority of company’s revenues and expenses are now settled in Euros.

Orca Exploration Group Inc., BVI-registered international public company focused on exploration and development of natural gas fields, announced its financial results for the three months period ended 31 March 2009. Among the reported financial and operating highlights of the BVI company there is the 16% fall of revenue - from US$5,284 mln in the first quarter of 2008 to US$4,443 mln in the same period this year. Despite this decrease, profit before tax increased by 19% and made US$0.32 mln - compared to US$0.27 mln in Q1 2008.

Funds from operations before working capital changes made US$1.5 mln in the first quarter of 2009 - compared to US$2.4 mln in Q1 2008. This decrease of funds flow may be explained by lower gas sales to the power sector and a decrease in the price of gas to industrial customers. The company expects the increase will follow during the year, due to higher industrial consumption of gas, and gas fired power generation increases. Orca has reported further cut of General and Administrative (”G&A”) costs, which in Q1 2009 already resulted in the reduction of  G&A expenses.

The company reported that during the first quarter of 2009 it added 4 new industrial customers, which brings the total number of industrial customers connected to 24, and a total of 31 customers contracted.

BVI company’s current amount of cash makes approximately US$9.7 mln, and working capital makes US$9.2 mln.

The Bermuda-based Digicel Group, which provides mobile phone services in 24 markets in the Caribbean region, and which has officially started operations in BVI in November 2008, reported $41 mln net profit for the year period ended 31 March 2009 - after a loss of $74 mln in the year 2008. The earnings of Digicel before tax made $680 mln - a 34 per cent rise from the last year. The group’s revenues rose by 11 per cent and made $1.73 billion, while the base of its subscribers has grown 9 per cent during the year, and made 7.1 mln.

According to Digicel representatives, the number of subscribers increased due to its opening in the British Virgin Islands, and to the successful launches in El Salvador, Trinidad Tobago and Suriname.

Digicel Group’s CEO Colm Delves said that its profit performance was achieved due to the strong sales growth and keeping an eye on its cost base. He also said that customer acquisition costs had declined from 16 per cent of its revenues to 11 per cent.

After the end of Digicel’s financial year, the group raised $350 mln through a bond issue, which provided funds to acquire a 38 per cent stake in its sister company Digicel Holdings (Central America) Limited (DHCAL), which owns mobile phone operations in Panama and Honduras launched in November-December 2008. Digicel invested more than $800 million in launching mobile services in Honduras and Panama.

Global-Tech Advanced Innovations, BVI-registered holding company operating through its subsidiaries and engaged in manufacturing and marketing of consumer electrical products, has announced its financial results for the fiscal quarter ended December 31, 2008 - meaning company’s third quarter of fiscal year 2009.

For this period, the BVI company reported net sales in the amount of $15.3 mln - compared to $26.2 mln for the same quarter in fiscal 2008. Net loss was $1.8 mln, or 0.57 per share, compared to net income of  $0.3 million, or $0.08 per share, for the prior corresponding fiscal period.

For the nine months ended December 31, 2008, the company reported net sales in the amount of $70.7 million - compared to $78.4 million in the corresponding nine-month period in fiscal year 2008. Net sales for the first nine months of fiscal 2009 included sales of approximately $27.5 million of CMOS (complementary metal oxide semiconductor) camera modules (CCMs) - compared to a net loss of $3.2 million, or $1.04 per share, for the first nine months of fiscal year 2008.

A non-recurring gain in the amount of $1.8 million, related to pending litigation, was included in net loss for the first nine months of fiscal 2009; net loss for the first nine months of financial year 2008 included a non-recurring loss of $2.8 million, which was also related to pending litigation.

The Canadian gold producer Petaquilla Minerals Ltd. informed about its intention to distribute to its shareholders one share of its BVI-registered wholly-owned subsidiary Petaquilla Infraestructura Ltd. for each four shares of PTQ, held on the record date for the distribution. The distribution of the shares of the BVI company will be effected by the plan of arrangement or some other tax-efficient mechanism. The completion of the transaction is expected in the third quarter of 2009.

Petaquilla Infraestructura Ltd. was incorporated in the British Virgin Islands for overseeing the construction, operation and management of infrastructure facilities needed for the development of the Petaquilla Mining District in Panama. The company is engaged in activities in the field of construction, power, and mining services.

BVI-based PQI has announced a private placement subscription of two million shares at CAD $1.00. After the closing of the private placement, PQI will have 52 million shares issued and outstanding and CAD $2 million in cash.

After closing the private placement and the completion of the arrangement, PTQ will retain between 12% and 23% of the issued shares of PQI; the PTQ shareholders will hold between 47% and 58% of the issued shares of the BVI company. PTQ also announced the sale of 28% of PQI.

China Gengsheng Minerals, Inc., a materials technology company making its business through its BVI-registered subsidiary Gengsheng International Corporation, announced its unaudited financial results for the first quarter ended March 31, 2009.

For the first quarter of the year, the company reported sales in the amount of $12.4 million, compared with $9.6 million in the same period of 2008. Gross profit was $3.8 million, compared with $3.6 million in the same period of 2008. Gross margin made 30.3%, compared with 37.0% in the first quarter of 2008, and 22.3% in the fourth quarter of 2008.

Selling expenses in the first quarter of 2009 were $1.5 million ($1.4 million in the same period of 2008), showing higher sales level. General and administrative expenses were $2.6 million ($2.1 million in the same period of 2008). The company reported net income of $954,000, or diluted earnings per share in the amount of $0.04, compared with $1.2 million, or diluted earnings per share of $0.05 in the first quarter of 2008.

By March 31, 2009, China Gengsheng Minerals had total cash and cash equivalents of $3.8 million, compared with $955,732 at the end of the year 2008. Total shareholders’ equity increased from $43.3 million at December 31, 2008 to $44.2 million at March 31, 2009. Also, by this date the amount of total shares outstanding on a fully diluted basis was 24.2 million.

Among other achievements, the company named a $5.5 million supply contract with PetroChina’s Changqing Oilfield, signed on May 15, 2009. Also, in May 2009 the wholly owned subsidiary of the company, Henan Gengsheng Refractories Co., Ltd., has been designated the National High & New Tech Enterprise (HNTE), meaning it will receive easier business terms from Chinese government. On April 29, the company announced it has signed a full-service contract with Zibo Zhang Steel Co., Ltd. in Shandong Province, and the value of this contract is estimated to be approximately $2.9 million per year.

Inver House Distillers, the UK-based whisky producer, owned since 2001 by Pacific Spirits (UK), which is part of the British Virgin Islands-based Great Oriole Group and controlled by Thai businessman, announced the double pre-tax profits for 2008 calendar year - £7.5m compared with £3.8m in 2007.

The BVI-controlled Inver House Distillers commented the financial results saying that they “show pre-tax profit increasing by 96% in what has been another excellent year for the business”. At the same time, company’s turnover dropped to £51.5m last year, compared with £57.8m last time - on which the company blamed its “reduction in bulk trading”.

Last year, the company announced a £15m investment plan worked out by its BVI-owned parent company with the purpose to centralise its global marketing operations in Scotland. By words of Graham Stevenson, managing director of Inver House, their task is to sustain this success in “what will be a less favourable market in 2009”.

Chaarat Gold Holdings Ltd, the BVI-registered holding, announced that it has placed 18,558,281 new Ordinary Shares at 12% per share, representing approximately 20.5% of the issued ordinary share capital immediately after the placing, to raise approximately £2.1million net of expenses for the company.

The shares are being placed with both existing and new investors, as well as company directors. After the completion of the placing, the BVI company will have cash resources of approximately  £2.3 million. The shares are issued credited as fully paid, and will rank on the same level as the existing ordinary shares.

The company will apply for the placing shares to be admitted to trading on the London Stock Exchange AIM market, and it is expected that admission will take place and that trading will commence in such shares on or about 11 May 2009.

Canaccord Adams has entered into a placing agreement with the BVI company, pursuant to which it agreed to use its reasonable endeavours to place the shares at the Placing Price.

Upon admission, the company will have 90,441,714 Ordinary shares of $0.01 each in issue. The shares are being placed with both existing and new investors, as well as company directors.

In the end of April 2009 Walcom Group Ltd., the British Virgin Islands-based company, manufacturing, distributing and selling animals chemical feed and additive products, announced the final results for the year ended December 31 2008. According to the results published, turnover and gross profit results in the year 2008 improved considerably compared to the year 2007. However, the gross profit margin has fallen to 56.5 per cent, from 64.8 per cent in 2007 - due to the effect of escalating raw material and production costs.

For the year ended December 31 2008, the company reported turnover in the amount of HK$26,027′000, gross profit HK$14,707,269. Other summarized results for the period included net finance income of HK$2,475, total assets of HK$24,490,407, share capital of HK$688,344. Total equity amount was 18,768,464.

Walcom Group reported that it has relocated its main Hong Kong office to Shanghai, in order to be closer to its operational base and key market, and this move is to cut administration costs and improve company’s efficiency, in view of the global financial crisis and economic climate connected to it. It was also informed about the Annual General Meeting of the company which will be held in Hong Kong, in the office of company’s solicitors, on 29 May 2009.

OpenTV, a leading software and technology corporation providing advanced digital television solutions, based in the British Virgin islands, announced its financial results for the first quarter ended March 31, 2009.

The company reported $29.4 million revenues for the quarter ended March 31, 2009, compared to $33.8 million for the first quarter of the previous year. Royalties and licenses revenues decreased 2.7% and made $21.6 million. Services and other revenues decreased 32.8% to $7.8 million.

The reported net income for the first quarter of 2009 was $1.2 million, or $0.01 per share, compared to $6.3 million, or $0.05 per share, for the first quarter of 2008. Cash flows from operations were $12.5 million in the first quarter of 2009, compared to cash used in operations of $0.6 million in the same period of the previous year.

OpenTV Corp. had a balance of $36.3 million in deferred revenue, as of March 31, 2009. Also, by this date the company had cash, cash equivalents and securities totaling $114.2 million, compared to $102.8 million in the same period of the previous year.

Company’s chief executive said that, despite difficult global economic environment, first quarter results show sustained profitability and operational improvements. Also, according to his words, company’s outlook for 2009 remains cautiously optimistic for the digital television industry as a whole, and the company will continue to further strengthen their competitive market position.