VISUAL INTERNATIONAL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2006/030975/06)
ISIN Code: ZAE000187407 Share code: VIS ("Visual" or "the Company" or "the Group")
SHORT-FORM ANNOUNCEMENT
AUDITED CONDENSED CONSOLIDATED RESULTS FOR YEAR ENDED 28 FEBRUARY 2022
Salient Features
Extracted from the audited condensed consolidated results for the year month ended
28 February 2022:
28 February | 28 February | |||
2022 | 2021 | Percentage | Decline or | |
Audited | Audited | Change | Improvement | |
Revenue | 23 173 | 23 173 | 0% | - |
Operating loss | (7 934 693) | (7 012 431) | 13.15% | Improvement |
Headline loss per share | (1.66) | (2.05) | 19.02% | Improvement |
Loss per share | (1.51) | (2.05) | 26.34% | Improvement |
Dividend per share | - | - | - | - |
Short-Form Announcement
The short-form announcement is the responsibility of the Board of Directors of Visual and is only an extract of the information contained in the audited condensed consolidated results for the year ended 28 February 2022.
The short-form announcement is the responsibility of the Directors and is only a summary of information set out in the full announcement which is available on the Company's website (www.visualinternational.co.za). This announcement does not contain full or complete details and any investment decisions by investors and/or shareholders should be based on consideration of the published SENS announcement available on:
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/VIS/VISAR22.pdf
The unqualified audit opinion, which includes communication on key audit matters, together with the annual financial statements, can be accessed by the following link:
https://visualinternational.co.za/investorrelations/SENS
The audit report contained a paragraph on material uncertainty related to going concern as detailed below:
"We draw attention to the fact that at 28 February 2022, the group had accumulated losses of R91 709 060 (2021: R86 072 506) and the company accumulated loss of R94 067 773 (2021: R88 859 508). The group total liabilities exceed the total assets by R14 566 660 (2021: R11 666 800) and the company liabilities exceed the total assets by R14 938 748
(2021: R12 600 483). These factors indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter."
Copies of the full announcement may be requested from the Company (leeanne@visualinternational.co.za) or inspected at the registered office and/or the Designated Advisors' office, at no charge, during office hours.
By order of the Board
Cape Town
30 June 2022
_________________________________________________________________________________________
Directors: CK Robertson; R Kadalie; RR Richards#; CT Vorster#; LT Matlholwa# ZM Mbokazi- Nkambule#
(# independent non-executive)
Registered Address: 23 Kleinplaas, Hohenort Street, Stellenberg, 7550 (P.O. Box 3163, Tyger Valley, 7536)
Transfer Secretaries: JSE Investor Services Proprietary Limited, 13th Floor, 19 Ameshoff Street, Braamfontein, 2017
Company Secretary: Light Consulting Proprietary Limited
Auditors: Moore Johannesburg ER Incorporated
Designated Advisor: AcaciaCap Advisors Proprietary Limited
Website:www.visualinternational.co.za
Designated Advisor
AcaciaCap Advisors Proprietary Limited
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Visual International Holdings Ltd. published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 14:22:07 UTC.