VIL
24/02/2016 08:44
HALFYR
PRICE SENSITIVE
REL: 0844 HRS Veritas Investments Limited
HALFYR: VIL: Veritas Investments Limited's (NZX:VIL) half year prelimina
NZX Release
24th February 2016
Veritas announces unaudited half annual results for the period ended 31
December 2015
As indicated to the market on 27th January 2016 the net loss for the period
was $(4,815,958), which is after significant items net of tax of $(5,292,690)
and losses from discontinued operations of $(486,792).
The Underlying NPAT from continuing operations, excluding significant items
was $963,524. EBITDA for the six months ended 31 December 2015 was
$3,116,199.
The Board assessed the carrying values of assets and has recognised asset
impairments and other write-offs of $(5,292,690), net of tax, as a result of
a number of factors. These include $(2,750,000) for the carrying value of
Kiwi Pacific Foods due to uncertainty surrounding the arbitration outcome;
the loss on sale of the underperforming Hamilton bars of $(336,053); the
current review of unprofitable Mad Butcher stores owned by Veritas and other
restructuring costs of $(2,206,637).
For further information, contact: Tim Cook
021 764 401
[email protected]
About Veritas Investments Limited
Veritas Investments is an NZX Main Board-listed investment company focusing
in the Food and Beverage, Franchise and Hospitality sectors. The shell
company was formed in December 2011 and made its first acquisition of the Mad
Butcher franchisor business in May 2013 through a reverse acquisition
transaction. A further investment was made in December 2013 for 50% of Kiwi
Pacific Foods Limited. In September 2014 Veritas acquired the Nosh Food
Market business. In November 2014 Veritas acquired The Better Bar Company
group business.
www.veritasinvestments.co.nz
End CA:00278208 For:VIL Type:HALFYR Time:2016-02-24 08:44:17
