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Abridged Unaudited Consolidated Results for the nine months ended 31 May 2013
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 UNAUDITED CONSOLIDATED RESULTS FOR THE NINE MONTHS ENDED 31 MAY 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.
Subsequent to the period end, as announced to the market on 29 July 2013, Osiris Properties has completed the purchase
of a 100% shareholding in Trito Petersfield Limited for an agreed purchase price of £755,000. Osiris Properties also
completed the sale of its 100% shareholding in Banstead Property Holdings Limited for an agreed disposal price of
£631,822.
The purchase and the sale are in line with the company’s stated investment policy, to invest opportunistically in
undervalued real estate assets. The company continues to actively seek potential properties with strong sustainable
income from high quality tenants and which have leases with a high likelihood of being renewed on expiry.
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 nine months ended 31 May 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
22 August 2013
Property information
Market
Lettable Value as Annualised Net
Area at 31 May gross rental initial
Properties (sq ft) 2013 income Occupanc Yield
Property address (No.) (£) (£) Sector y (%) (%)
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 nine months ended 31 May 2013
Audited
Unaudited Period ended
Nine months ended 31 August
31 May 2013 2012
£ £
Revenue
Gross rental income 55,631 19,200
Expenses
Administrative expenses (19,868) (3,318)
Investment management and professional fees (46,953) (5,168)
Property operating expenses (2,547) -
Net fair value gain on investment property - 110,000
(Loss)/profit from operations (13,737) 120,714
Interest income 371 -
Interest expense (23,031) (5,883)
Foreign currency loss (7,941) (2,118)
(Loss)/profit for the period before tax (44,338) 112,713
Taxation - -
(Loss)/profit for the period attributable to
shareholders (44,338) 112,713
Other comprehensive income - -
Total comprehensive (loss)/income for the period
attributable to shareholders (44,338) 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)* (6.68) 22.06
Headline (loss)/earnings per share (pence)* (6.68) 0.53
Reconciliation of (loss)/earnings and headline
(loss)/earnings:
(Loss)/profit for the period attributable to shareholders (44,338) 112,713
Net fair value gain on investment property - (110,000)
Headline (loss)/earnings attributable to shareholders (44,338) 2,713
* The Company does not have any dilutionary instruments in issue.
ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 May 2013
Unaudited Audited
As at As at
31 May 2013 31 August 2012
£ £
Assets
Non-current assets
Investment property 1,125,000 1,125,000
Current assets 80,369 110,069
Total assets 1,205,369 1,235,069
Equity and liabilities
Capital and reserves
Share capital 66 66
Share premium 538,290 538,290
Retained earnings 68,375 112,713
Total equity attributable to shareholders 606,731 651,069
Non-current liabilities
Borrowings 487,375 487,375
Trade and other payables 111,263 96,625
Total liabilities 598,638 584,000
Total equity and liabilities 1,205,369 1,235,069
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the nine months ended 31 May 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 - - (44,338) (44,338)
Balance at 31 May 2013 - unaudited 66 538,290 68,375 606,731
ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine months ended 31 May 2013
Unaudited Audited
Period ended Period ended
31 May 2013 31 August 2012
(£) (£)
Net cash utilised in operating activities (22,358) (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 (7,941) (2,118)
Net cash at the beginning of the period 109,305 -
Net cash at the end of the period 79,006 109,305
Registered office
T.J Pearman Building, 1st 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
Date: 22/08/2013 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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