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Abridged audited consolidated results for the period from incorporation on 16 May 2012 to 31 August 2012
Osiris Properties International Limited
Incorporated in Bermuda with registration number 46566
BSX share code: OPI.BH
JSE share code: OPI
ISIN: BMG6786C1038
(“Osiris Properties”, “the Group” or “the Company”)
ABRIDGED AUDITED CONSOLIDATED RESULTS FOR THE PERIOD FROM INCORPORATION ON 16 MAY 2012
TO 31 AUGUST 2012
Osiris Properties was incorporated on 16 May 2012 in Bermuda with the primary objective of opportunistically
acquiring good quality undervalued property assets (predominantly in the UK and Europe), in order to offer investors a
high yielding, property investment. The Company’s primary listing is on the Bermuda Stock Exchange (“BSX”). It has a
secondary listing on the Alternative Exchange (“AltX”) of the JSE.
REPORTING CURRENCY
The Company’s results are reported in Pounds Sterling.
BUSINESS REVIEW
The Company successfully raised R938,184 (£72,168) by way of a private placement on 20 August 2012. Osiris
Properties has performed in line with expectations following its listing on the BSX and the AltX and the successful
acquisition of Banstead Property Holdings Limited, which owns a retail property, with effect from 1 June 2012.
Currently, this is the only property in the Group’s portfolio.
PROSPECTS
The Company remains committed to increasing its portfolio in the next financial year.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These results have been prepared in accordance with International Financial Reporting Standards, including IAS34 –
Interim Financial Reporting, the rules of the BSX and the Listings Requirements of the JSE Limited.
ACCOUNTING POLICIES
The financial statements, on which these abridged results are based, have been audited by the Group’s external
auditors, Deloitte &Touche BVI and their unqualified audit report is available on request from the company secretary
and will be released together with the annual report.The accounting policies adopted are consistent with those
published in the Pre-Listing Statement of Osiris Properties issued on 20 August 2012.
By order of the Board
Serge Richard Peter Todd
Chairman Chief Executive Officer
Bermuda
29 November 2012
PROPERTY INFORMATION
Market
Value as Annualised
at 31 gross Net
Lettable August rental initial
Properties Area 2012 income Occupancy Yield
Property address (No.) (sq ft) (£) (£) Sector (%) (%)
98-100 High Street,
Banstead, SM7 2NN,
England 1 4,307 1,125,000 77,550 Retail 100.0 6.5
Total 1 4,307 1,125,000 77,550 100.0 6.5
ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period from incorporation on 16 May 2012 to 31 August 2012
Period
Ended
31 August
2012
£
Revenue
Gross rental income 19,200
Expenses
Administrative expenses (3,318)
Investment management and professional fees (5,168)
Net fair value gain on investment property 110,000
Profitfrom operations 120,714
Interest expense (5,883)
Foreign currency loss (2,118)
Profitfor the period before tax 112,713
Taxation -
Profit for the periodattributable to shareholders 112,713
Other comprehensive income -
Total comprehensive income for the period attributable to shareholders 112,713
Actual number of shares in issue 664,180
Weighted number of shares in issue 510,921
Basic earnings per share (pence)* 22.06
Headline earnings per share (pence)* 0.53
Reconciliation of earnings and headline earnings:
Profit for the period attributable to shareholders 112,713
Net fair value gain on investment property (110,000)
Headline earnings attributable to shareholders 2,713
* The Company does not have any dilutionary instruments in issue.
ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 August 2012
As at
31 August
2012
£
Assets
Non-current assets
Investment property 1,125,000
Current assets 110,069
Total assets 1,235,069
Equity and liabilities
Capital and reserves
Share capital 66
Share premium 538,290
Retained earnings 112,713
Total equity attributable to shareholders 651,069
Non-current liabilities
Borrowings 487,375
Trade and other payables 96,625
Total liabilities 584,000
Total equity and liabilities 1,235,069
Net asset value per share (pence) 98.03
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period from incorporation on 16 May 2012 to31 August 2012
Share Share Retained Total
capital premium earnings equity
£ £ £ £
Balance at incorporation - - - -
Total comprehensive income for the period - - 112,713 112,713
Shares issued 66 538,290 - 538,356
Balance at 31 August 2012 66 538,290 112,713 651,069
ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period from incorporation on 16 May 2012 to 31 August 2012
Period
Ended
31 August
2012
£
Net cash generated from operating activities (2,383)
Net cash generated from investing activities 41,638
Net cash generated from financing activities 72,168
Effect of exchange rate fluctuations on cash held (2,118)
Net cash at the beginning of the period -
Net cash at the end of the period 109,305
Registered office
st
T.J Pearman Building, 1 Floor, 3 Burnaby Street, Hamilton, Bermuda, HM12
Directors: Serge Richard (Independent non-executive chairman), Peter Todd (Chief Executive Officer), Nicolaas Faure
(Finance director), Julie Lamberth-Dawson (Executive director), James Keyes (Independent non-executive director),
Sharon Ward (Independent non-executive director)
Auditors: Deloitte & Touche BVI
Transfer secretary: Computershare Investor Services (Pty) Limited
Ground Floor, 70 Marshall Street, Johannesburg, 2001, South Africa
Registrar and transfer agent: Apex Fund Services Limited
BSX sponsor: Global Custody and Clearing Limited
JSE sponsor: Java Capital
Company secretary: Apex Fund Services Limited
Date: 29/11/2012 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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