RHDGF - Retail Holdings N.V. Announces Strong 2017 Results Additional 2018 Distribution
WILLEMSTAD, Curacao, March 29, 2018 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. (the "Company"), announced today strong results for the year ended December 31, 2017. Financial highlights include:
- Consolidated revenue from continuing operations was $196.9 million, an increase of 16.4% from prior year. Revenue at the Company's operations in Bangladesh grew 18.3% from prior year. Revenue in India increased 14.8%.
- Results from operating activities in 2017 were a profit of $8.6 million, a jump of 65.5% from prior year.
- Net proceeds of $104.4 million were realized in 2017 from the sale of most of the Company's equity stake in Singer Sri Lanka and from share sales in local equity markets in Bangladesh and India; this is in addition to the $68.9 million realized from equity sales in 2015 and 2016.
- The Company's after-tax profit, including profit from discontinued operations, was $55.0 million in 2017, compared to a net profit of $15.1 million prior year. The 2017 results include a disposal gain of $45.2 million from the sale of a majority equity stake in Singer Sri Lanka
- The 2017 profit attributable to Retail Holdings shareholders was $25.7 million, equivalent to $5.53 per Share, compared to $4.1 million attributable profit in 2016. During 2017 the Company paid distributions to shareholders of $3.00 per Share. A further $9.00 per Share distribution was paid in January 2018.
The Company's Board of Directors also confirmed a further 2018 distribution of $1.00 per Share, to be paid in the fall of 2018, with a likelihood of a larger distribution, depending on the level of asset sales. This would bring the distributions during 2018 to at least $10.00 per Share and would bring total distributions since inception of the Company's dividend/distribution program in 2007 to at least $28.75 per Share.
Chairman's Comments
Commenting on the 2017 results, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "I am pleased that the Company's continuing operations performed well in 2017, with double digit percentage growth in revenue and profit, both at the consolidated level and at each of the Company's two remaining operations. I am also extremely pleased by the very substantial progress made during 2017 in the Company's strategic program to monetize and return to shareholders the underlying value of the Company's assets.
"I am optimistic about the prospects for 2018, in terms both of operating performance - - the two remaining operations are off to a very good start - - and likely further progress in the strategic divestment program. The Company's goal to complete the sale of substantially all of its business assets and begin the liquidation process within the next two years.
"I encourage all shareholders to read the 2017 Summary Annual Report and the Audited Consolidated Financial Statement and Notes, which will be available in the next several days at the Corporate/Investor section of the Retail Holdings website: www.retailholdings.com, and can be obtained free of charge by email, telephone or regular mail request to the Company.
"I extend my sincere thanks to my fellow employees and directors for their considerable effort in making 2017 a success and thank all of the Company shareholders for their continued support."
About Retail Holdings
Retail Holdings N.V. is a holding company with one principal asset: a 54.1% equity interest in Sewko Holdings Limited, the parent company of Singer Asia Limited, a distributor of consumer durable products through subsidiaries in Bangladesh and India and with a residual equity stake in a similar business in Sri Lanka. Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Retail Holding's website: www.retailholdings.com. Price quotations for Retail Holdings shares are available on the "Pink Sheets" quotation 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
|
|
2017 |
|
2016 |
|
Continuing operations |
|
Revenue |
|
196,930 |
|
169,147 |
|
Cost of sales |
|
(143,988) |
|
(123,051) |
|
Gross profit |
|
52,942 |
|
46,096 |
|
Other income |
|
1,102 |
|
745 |
|
Selling and administrative expenses |
|
(39,779) |
|
(36,041) |
|
Other expenses |
|
(5,624) |
|
(5,578) |
|
Results from operating activities |
|
8,641 |
|
5,222 |
|
Finance income |
|
142 |
|
253 |
|
Finance costs |
|
(2,069) |
|
(1,329) |
|
Net finance costs |
|
(1,927) |
|
(1,076) |
|
Share of profit/ (loss) of equity-accounted investee, net of tax |
|
692 |
|
(345) |
|
Profit before tax |
|
7,406 |
|
3,801 |
|
Tax expense |
|
(4,638) |
|
(3,377) |
|
Profit from continuing operations |
|
2,768 |
|
424 |
|
Discontinued operations |
|
Profit from discontinued operations, net of tax |
|
52,183 |
|
14,653 |
|
Profit for the year |
|
54,951 |
|
15,077 |
|
Attributable to: |
|
Owners of the Company |
|
25,710 |
|
4,148 |
|
Non-controlling interests |
|
29,241 |
|
10,929 |
|
Profit for the year |
|
54,951 |
|
15,077 |
|
Earnings per share (U.S. Dollars) |
|
Basic earnings per share |
|
5.53 |
|
0.81 |
|
Diluted earnings per share |
|
5.53 |
|
0.81 |
|
Earnings per share — Continuing operations (U.S. Dollars) |
|
Basic earnings per share |
|
0.60 |
|
0.08 |
|
Diluted earnings per share |
|
0.60 |
|
0.08 |
|
*Restated to include the Sri Lanka operations as discontinued |
|
RETAIL HOLDINGS N.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION In thousands of U.S. Dollars
|
|
31 December 2017 |
|
31 December 2016 |
|
ASSETS |
|
Property, plant and equipment |
|
19,129 |
|
50,319 |
|
Intangible assets and goodwill |
|
5,560 |
|
7,563 |
|
Trade and other receivables |
|
608 |
|
44,256 |
|
Equity-accounted investee |
|
- |
|
3,622 |
|
Deferred tax assets |
|
387 |
|
1,853 |
|
Other non-current assets |
|
3,824 |
|
9,219 |
|
Total non-current assets |
|
29,508 |
|
116,832 |
|
Inventories |
|
45,166 |
|
98,077 |
|
Investments |
|
10,854 |
|
- |
|
- |
|
Trade and other receivables |
|
30,857 |
|
142,125 |
|
Other current assets |
|
6,101 |
|
12,261 |
|
Cash and cash equivalents |
|
57,325 |
|
17,527 |
|
Total current assets |
|
150,303 |
|
269,990 |
|
Total assets |
|
179,811 |
|
386,822 |
|
EQUITY |
|
Share capital |
|
53 |
|
53 |
|
Treasury shares |
|
(7) |
|
(7) |
|
Share premium |
|
- |
|
3,618 |
|
Reserves |
|
(4,100) |
|
(6,411) |
|
Retained earnings |
|
79,256 |
|
51,921 |
|
Total equity attributable to owners of the Company |
|
75,202 |
|
49,174 |
|
Non-controlling interest |
|
43,141 |
|
70,910 |
|
Total equity |
|
118,343 |
|
120,084 |
|
LIABILITIES |
|
Loans and borrowings |
|
38 |
|
58,936 |
|
Employee benefits |
|
81 |
|
5,754 |
|
Deferred income |
|
- |
|
709 |
|
Warranty provision |
|
430 |
|
308 |
|
Deferred tax liabilities |
|
72 |
|
968 |
|
Other non-current liabilities |
|
2,551 |
|
9,148 |
|
Total non-current liabilities |
|
3,172 |
|
75,823 |
|
Bank overdrafts |
|
16,173 |
|
16,549 |
|
Current tax liabilities |
|
537 |
|
2,106 |
|
Loans and borrowings |
|
3,614 |
|
97,959 |
|
Trade and other payables |
|
36,541 |
|
69,465 |
|
Deferred income |
|
259 |
|
3,130 |
|
Warranty provision |
|
1,172 |
|
1,706 |
|
Total current liabilities |
|
58,296 |
|
190,915 |
|
Total liabilities |
|
61,468 |
|
266,738 |
|
Total equity and liabilities |
|
179,811 |
|
386,822 |
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SOURCE Retail Holdings N.V.