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Abridged unaudited consolidated results for the six months end 28 February 2013
OSIRIS PROPERTIES INTERNATIONAL LIMITED
(Incorporated in Bermuda with registration number 46566)
BSX share code: OPI.BH
JSE share code: OPI
ISIN: BMG6786C1038
(“Osiris” or “the company”)
ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 28
FEBRUARY 2013
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 of the JSE Limited (“AltX”).
REPORTING CURRENCY
The company’s results are reported in Pounds Sterling.
BUSINESS REVIEW
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 and as a
result corporate administrative expenses are diluting earnings. This should improve as the portfolio is
expanded.
CHANGES TO THE BOARD
On 26 April 2013, Sharon Ward resigned from the Board with immediate effect. David Brown and
Tiffany Purves were appointed to the Board with immediate effect.
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 abridged unaudited consolidated results for the six months ended 28 February 2013 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 results below have not been audited or reviewed by the Company’s external auditors. The
accounting policies adopted are consistent with those published in the Audited Annual Financial
Statements for the period from incorporation on 16 May 2012 to 31 August 2012.
By order of the Board
Serge Richard Peter Todd
Chairman Chief Executive Officer
Bermuda
30 April 2013
Property information
Market Annualised Sector Occupancy
Value as gross (%)
at 28 rental
Lettable February income Net
Area 2013 (£) initial
Properties (sq ft) (£) Yield
Property address (No.) (%)
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 six months ended 28 February 2013
Unaudited Audited
Six months Period
ended ended
28 February 31 August
2013 2012
£ £
Revenue
Gross rental income 36,427 19,200
Expenses
Administrative expenses (15,597) (3,318)
Investment management and professional fees (13,544) (5,168)
Property operating expenses (2,547) -
Net fair value gain on investment property - 110,000
Profit from operations 4,739 120,714
Interest income 224 -
Interest expense (15,270) (5,883)
Foreign currency loss (1,554) (2,118)
(Loss)/profit for the period before tax (11,861) 112,713
Taxation - -
(Loss)/profit for the period attributable to shareholders (11,861) 112,713
Other comprehensive income - -
Total comprehensive (loss)/income for the period
attributable to shareholders (11,861) 112,713
Actual number of shares in issue 664,180 664,180
Weighted number of shares in issue 664,180 510,921
Basic (loss)/earnings per share (pence)* (2.32) 22.06
Headline (loss)/earnings per share (pence)* (2.32) 0.53
Reconciliation of (loss)/earnings and headline
(loss)/earnings:
(Loss)/profit for the period attributable to shareholders (11,861) 112,713
Net fair value gain on investment property - (110,000)
Headline (loss)/earnings attributable to shareholders (11,861) 2,713
* The Company does not have any dilutionary instruments in issue.
ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 28 February 2013
Unaudited Audited
As at As at
28 February 2013 31 August 2012
£ £
Assets
Non-current assets
Investment property 1,125,000 1,125,000
Current assets 95,889 110,069
Total assets 1,220,889 1,235,069
Equity and liabilities
Capital and reserves
Share capital 66 66
Share premium 538,290 538,290
Retained earnings 100,852 112,713
Total equity attributable to shareholders 639,208 651,069
Non-current liabilities
Borrowings 487,375 487,375
Trade and other payables 94,306 96,625
Total liabilities 581,681 584,000
Total equity and liabilities 1,220,889 1,235,069
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 28 February 2013
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 – audited 66 538,290 112,713 651,069
Balance at 1 September 2012 66 538,290 112,713 651,069
Total comprehensive loss for the period - - (11,861) (11,861)
Balance at 28 February 2013 -
unaudited 66 538,290 100,852 639,208
ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 28 February 2013
Unaudited
Six months ended Audited
28 February Period ended
2013 31 August 2012
£ £
Net cash utilised in operating activities (13,455) (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 (1,554) (2,118)
Net cash at the beginning of the period 109,305 -
Net cash at the end of the period 94,296 109,305
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), David Brown (Independent non-executive director),
Tiffany Purves (Independent non-executive director).
Auditors: Deloitte & Touche BVI
Transfer secretary: Computershare Investor Services (Pty) Ltd
Ground Floor, 70 Marshall Street, Johannesburg, 2001, South Africa
Registrar and transfer agent: Apex Fund Services Ltd
BSX sponsor: Global Custody and Clearing Limited
JSE sponsor: Java Capital
Company secretary: Apex Fund Services Ltd
30 April 2013
JSE sponsor
Java Capital
BSX sponsor: Global Custody and Clearing Limited
Date: 30/04/2013 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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