Category Archives: Financial results of BVI Company Holdings

Polo Resources Ltd issued Annual Report 2019

Polo Resources Ltd, and international coal mining and exploration Group domiciled in the British Virgin Islands, published annual report for the year ended 30 June 2019. According to the consolidated 2019 results, the Group had a loss on ordinary activities which was largely due to provision of a full impairment of USD4.18 million against the recoverability of the outstanding loan from Plinian Guernsey, the impairment charge of USD2.45 million against Prism Diversified Ltd (formally Ironstone Resources Ltd) and the impairment reversal of USD2.4 million against the carrying value of GCM Resources Plc. The administrative expenditure of the Group was USD2.26 million compared to USD2.29 million in the previous financial year.

Basic loss per share for the year ended 30 June 2019 was USD1.34 cents, as compared to USD2.44 cents in financial year 2018.

As at 13 December 2019, the BVI Group had a net position of cash, receivables and short term investments of USD11.97 million, as compared to USD11.71 million as at 30 June 2019.

Arcos Dorados Holdings reported unaudited results for Q3 2019

BVI-registered Arcos Dorados Holdings, Inc., the largest McDonald’s franchisee in Latin America, has reported unaudited financial results for the third quarter of 2019.

For the three months period ended September 30, 2019 the company reported consolidated revenue growth of 3.8% in US$, and 14.1% in constant currency. Consolidated revenues totaled US$747.6 million. The quarter’s highlights, like most of the others, excluded Venezuela. The BVI holding also reported 10.8% comparable sales expansion in Brazil, and 12.7% year-over-year growth in systemwide comparable sales, above the company’s inflation rate.

General and Administrative expenses increased 2.6% in US dollars versus the year-ago quarter and were down 10 basis points as a percentage of revenue. Net income in US dollars decreased 39.6% from US$42.7 mln to US$25.8 mln, mainly due to last year’s one-time tax credit.

CEO of Arcos Dorados Marcelo Rabach commented: “In light of the largely weak economic conditions in many of our markets, our strong revenue and margin performance validate once again the investments we continue making under our three-pillar strategy to drive profitable growth and extend our leadership position in Brazil and other markets. A combination of guest, volume and check growth accelerated comparable sales again and at a rate still above blended inflation.”

BVI-registered retailer announced reviewed financial results for 1H 2019

Lenta Ltd, one of the largest retail chains in Russia, incorporated in the British Virgin Islands, announced its reviewed consolidated IFRS results for the half year ending 30 June 2019. In the reported period, total sales grew 3.1 per cent, including retail sales growth of 7.2 per cent and wholesale decline of 62.2 per cent. Gross margin of 22.5 per cent increased as a share of low-margin wholesales business declined in total sales, and retail margin remained almost flat. SG&A rose to 19.1 per cent of sales.

Net interest expenses were Rub 4.7bn, an increase of 1.8 per cent compared to 1H 2018; net loss was Rub 4.5bn with negative Net Profit margin of 2.2% compared to Net Profit of Rub 5.2bn in 1H 2018 with Net Profit margin of 2.7%. Net cash generated from operating activities before net interest and income taxes was Rub 6.1bn compared to Rub 5.1bn in 1H 2018 with an increase of 20.8%.

As of 30 June 2019, Lenta’s capital expenditures were Rub 5.6bn, a decrease of 46.7% compared to 1H 2018 (Rub 10.5bn), and net debt was Rub 99.3bn, compared to Rub 93.3bn at the end of 2018.

In the first half of 2019, a combined total of 78.73% of Lenta’s issued and outstanding voting shares were purchased by Severgroup LLC from TPG, EBRD and minority shareholders. The four vacated seats on the Board were filled in with the nominees of Severgroup.

Euro Tech Holdings announced Interim Results for period ended June 30, 2016

BVI-registered Euro Tech Holdings Company Limited (CLWT) announced its unaudited financial results for the six months period ended June 30, 2016. For this period BVI company’s revenues were approximately US$10.469,000, which is 26.5% higher if compared to approximately US$8,273,000 revenues for the same period ended June 30, 2015. This is primarily due to the increase in revenues from trading and engineering activities of US1,367,000 and US$829,000, respectively.

Gross profits of Euro Tech Holdings were approximately US$1,929,000 for the first half of 2016 (US$1,857,000 for 1H 2015). There was a decrease in selling and administrative expenses by approximately US$189,000, in the reported period these were US$2,814,000. Profit contribution from the affiliate companies in the first half of this year was approximately US$68,000, as compared to negative contribution of US$138,000 for the first half of 2015.

The net loss of the BVI company was approximately US$484,000 for 1H 2016 (US$662,000 for 1H 2015), due to increase in revenue, decrease in selling and administrative expenses, and profit contribution from the affiliates, despite the decrease in other income due to exchange loss.