Category Archives: BVI company holdings

BVI company announced results of the annual meeting of shareholders

BVI-registered Luxoft Holding, Inc., the global provider of software development services and IT solutions, announced the results of its Annual Meeting of Shareholders held on September 8, 2017. On August 11, 2017, which is the record date for the Annual Meeting, 22,135,741 Class A ordinary shares and 11,436,022 Class B ordinary shares were outstanding. here were 16,809,378 Class A ordinary shares and 11,436,022 Class B ordinary shares present in person or represented by proxy at the Annual Meeting.

There were two items discussed by shareholders at the Annual Meeting: the reelection of the current directors to serve until the next annual meeting, or until the election of their successors, and ratification of the appointment of Ernst & Young LLC as BVI company’s independent registered public accounting firm for the fiscal year ending March 31, 2018. Both matters were approved by more than 95 per cent of the votes cast.

Atlas Mara closed US$40mln debt facility with OPIC

BVI-incorporated Atlas Mara Limited announced the closing of US$40 million debt facility provided by the Overseas Private Investment Corporation (“OPIC”) to its subsidiary, BancABC Botswana. This is part of the US$200mln multi-country facility approved by OPIC for Atlas Mara banks in Botswana, Mozambique and Zambia in August 2015.

For the BVI company, working with OPIC and other Development Finance Institutions is a priority to facilitate focusing on profit in financial services in sub-Saharan Africa. The debt facility will be used to provide access to finance for SMEs and to accelerate company’s digital finance initiatives. It also answers Atlas Mara’s objective to support financial inclusion and expand access to finance in underserved countries.

Chairman of the Board of Atlas Mara said in his comments: “The OPIC facility underscores our commitment to working with DFIs on financial development and access to finance for SMEs and individuals in Africa and reflects our multifaceted strategic engagement with DFIs” … “As a top tier bank in Botswana, we are excited to have the support and funding of OPIC to drive financial inclusion and support our growth ambitions.”

Luxoft Holding, Inc. announced results for period ended September 30, 2016

BVI-registered software company Luxoft Holding, Inc. reported financial results for the three and six months ended September 30, 2016. For three months period, US GAAP revenue was US$196.5mln; earnings before interest, tax, depreciation and amortization (EBITDA) adjusted for stock based compensation, acquisition related costs and change in fair value of contingent consideration was US$37.4mln. Operating income increased 15.1% sequentially, generating 9.6% margin on a US GAAP basis (9.2% in the previous quarter of 2016). Diluted earnings per share on a US GAAP basis was US$0.48, and US$0.62 on a non-GAAP basis (in the previous quarter of the year US$0.42 and US$0.62, respectively).

For the six months ended September 30, 2016, US GAAP revenue reported by Luxoft Holding was US$374.5mln, which is a year over year increase of 21.0% on the reporting currency basis. Adjusted EBITDA increased 4.5% as compared to the previous year to US. Operating income amounted to US$35.3mln. For the six months period, diluted EPS on a US GAAP basis was US$0.90, and on a non-GAAP basis it was US$1.44.

In the last three months the company added seven high potential accounts (HPAs) from telecom, automotive and healthcare sectors. For the six months ended September 30, 2016, telecom, automotive and transport, and financial services were the strongest performers, providing 61.4%, 54.6%, and 13.5% of revenue growth respectively, compared to the first six months of last year.

For the year ending March 31, 2017, the BVI holding company expects revenue to be at least US$781mln, which is at least 20% higher than the previous year. Diluted EPS is expected to be at least US$2.85.

Luxoft Holding, Inc reported financial results for three and nine months ended December 31, 2015

Luxoft Holding, Inc., a leading provider of software development services and innovative IT solutions, reported financial results for the three and nine months periods ended December 31, 2015. For the three months ended December 31, 2015, company’s revenue increased and made US$171.9 million, 18 per cent up as compared to US$145.8 million in the same period last year. Adjusted EBITDA was US$32.8 million with corresponding margins of 19.1 per cent, as compared to US$35.6 million and 24.4 per cent, respectively, in the same quarter last year.

For the nine months ended December 31, 2015, revenue of the BVI company increased by 25.7 per cent, from US$383.2 million in the same period a year ago to US$481.5 million this year.

According to company’s outlook for the year ending March 31, 2016, revenue is expected to reach at least US$645.5 million, which is 24 per cent increase year over year. Also, the financial year is epected to be finished with the effective tax rate between 14.3 per cent and 15 per cent.