Preliminary Announcement – Year Ended 31 March 2019

SOUTHERN CHARTER FINANCIAL GROUP LIMITED
1


14 June 2019

NZX Market Announcement

Preliminary Full Year Announcement to the Market
Unaudited result for the year ended 31 March 2019

Reporting Period

Previous Reporting Period
Full Year to 31 March 2019
Full Year to 31 March 2018



$ Amount
(NZD ‘000s)
Percentage
Change
Previous
Reporting
Period ($000’s)
Revenue from ordinary activities
- - 126,752
(Loss) from ordinary activities after tax
attributable to security holders
(56,142) 86.5% (417,079)
Net (loss) attributable to security holders
(56,142) 86.5% (417,079)

Net Tangible Assets per Share 2019

Net Tangible Assets per Share 2018
$0.005 positive
$0.005 positive


Interim/Final Dividend Amount per security Imputed amount per security
Interim No dividend declared N/A
Record Date

Dividend Payment Date
N/A
N/A

Comments


Included with this report is the commentary from the Directors and
financial statements for the year ended 31 March 2019.
The financial statements are in the process of being audited.

SOUTHERN CHARTER FINANCIAL GROUP LIMITED
2



Southern Charter Financial Group Preliminary Full Year Result for the Year Ended 31 March
2019.

The Directors of Southern Charter Financial Group Limited (“the Company”) are pleased to report its
financial results for the year ended 31 March 2019.

Financial Results
The Company reported a net loss attributable to shareholders of $56,142 for the year. This compares
with a net loss attributable to shareholders of $417,079 for the previous year.

The financial results consisted mainly of expenditure relating to the maintenance of the listed
company and interest earned on short term cash deposits.

The Financial results in the second part of the year were affected by the transactions associated with
the change of the majority shareholder from Golden Tower NZ Limited to Chang Ku EE. These
transactions included other income of $100,000 received towards company costs associated with the
procedures required to obtain shareholder approvals for the change. The total costs incurred on the
transaction are included in the reported administrative costs for the year of $214,916.

Future Growth Strategy
The Company remains in a position with a strong balance sheet which includes significant cash
resources. The Company has considered a number of possible acquisitions and the Board intends on
securing a suitable acquisition prior to the next year end. The Company will seek shareholder
approval as required to complete any transaction.

On behalf of the Directors of Southern Charter Financial Group the Company extends its thanks to
the shareholders for their support of the Company.



Joseph van Wijk
Director

SOUTHERN CHARTER FINANCIAL GROUP LIMITED
3


Preliminary Statement of Comprehensive Income
For the year ended 31 March 2019
Unaudited
Audited
Year
Year
Mar-19
Mar-18
$
$
Continuing operations
Interest Income
58,774


20,874


Other income
100,000


15,000


Administrative expenses
(214,916)


(251,161)


Loss before income tax
(56,142)


(215,287)


Income tax expense
-


-


Loss for the year from continuing operations
(56,142)


(215,287)



Discontinued operations
Loss for the year from discontinued operations
-


(201,792)


Net loss for the year attributable to shareholders
(56,142)


(417,079)


Other comprehensive income
-


-


(56,142)


(417,079)


Total comprehensive loss for the year, net of tax, attributable to
shareholders

SOUTHERN CHARTER FINANCIAL GROUP LIMITED
4


Preliminary Statement of Financial Position
As at 31 March 2019
Unaudited
Audited
Year
Year
Mar-19
Mar-18
$
$
Assets
Current assets
Cash and cash equivalents
2,404,377


2,492,095


Trade and other receivables
29,277


46,431


Income tax receivable
17,804


-


Total assets
2,451,458


2,538,526


Equity and liabilities
Current liabilities
Trade and other payables
46,013


76,939


Total liabilities
46,013


76,939


Equity
Issued capital
5,672,856


5,672,856


Accumulated loss
(3,267,411)


(3,211,269)


Total equity
2,405,445


2,461,587


Total equity and liabilities
2,451,458


2,538,526

SOUTHERN CHARTER FINANCIAL GROUP LIMITED
5



Preliminary Statement of Changes in Equity
For the year ended 31 March 2019
Issued
capital
Accumulated
Loss
Total equity
$
$
$
As at 1 April 2018
5,672,856


(3,211,269)


2,461,587


Loss for the period
-


(56,142)


(56,142)


Other comprehensive income
-


-


-


Total comprehensive loss
-


(56,142)


(56,142)


At 31 March 2019
5,672,856


(3,267,411)


2,405,445


As at 1 April 2017
2,826,634


(3,593,732)


(767,098)


Loss for the period
-


(417,079)


(417,079)


Other comprehensive income
-


-


-


Total comprehensive loss
-


(417,079)


(417,079)


Issue of share capital
3,284,250


-


3,284,250


-


499,542


499,542


(300,000)


300,000


-


Transaction costs
(138,028)


-


(138,028)


At 31 March 2018
5,672,856


(3,211,269)


2,461,587


Unaudited
Capital contibution resulting from the distribution to
shareholders of subsidiary containing a net liability.
Reverse equity of the subsidiary, Lateral Profiles, as the
reporting entity on distribution of discontinued business

SOUTHERN CHARTER FINANCIAL GROUP LIMITED
6


Preliminary Statement of Cash Flows
For the year ended 31 March 2019
Unaudited
Audited
Year
Year
Mar-19
Mar-18
$
$
Operating activities
Receipts from customers
-


218,262


Other income
100,000


130,000


58,774


12,639


Payments to suppliers
(228,688)


(851,310)


Payments to employees
-


(118,425)


Interest paid
-


(30,507)


Income tax (paid)/received
(17,804)


169


Net cash flows from operating activities
(87,718)


(639,172)


Financing activities
Proceeds from issue of share capital
-


3,201,975


Distribution to shareholders
-


(190,141)


Net cash flows from financing activities
-


3,011,834


Net increase / (decrease) in cash and cash equivalents
(87,718)


2,372,662


Cash and cash equivalents at beginning of year
2,492,095


119,433


Cash and cash equivalents at end of year
2,404,377


2,492,095


Interest received