Wrap Text
Abridged unaudited consolidated results for the year ended 31 August 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” or “the Group” or “the Company”)
ABRIDGED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 AUGUST 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 (“AltX”).
REPORTING CURRENCY
The Company’s results are reported in Pounds Sterling.
BUSINESS REVIEW
With effect from 1 June 2013, Osiris Properties sold 100% of its shares in Banstead Property Holdings and acquired
100% of the shares in Trito Petersfield Limited (“Trito Petersfield”). Trito Petersfield holds a property located at 15-17
The Square in Petersfield, Hampshire, UK. The Company remains committed to increasing its portfolio in the next
financial year. Currently, the Petersfield property is the Group’s only property in the UK. A segmental report has
therefore not been included to these abridged audited consolidated financial results.
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 used in the
preparation of the Company’s audited financial statements for the period from incorporation to 31 August 2012.
By order of the Board
Serge Richard Peter Todd
Chairman Chief Executive Officer
Bermuda
3 December 2013
Property information
Market
Value
as at 31 Annualised
Lettable August gross
Area 2013 rental Net initial
Properties (sq ft) (£) income Occupancy Yield
Property address (No.) (£) Sector (%) (%)
15-17 The Square,
Petersfield, GU32 3HP,
England 1 1,940 735,000 39,400 Residential 100.0 4.7
Total 1 1,940 735,000 39,400 100.0 4.7
ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 August 2013
Audited Audited
Year ended Period ended
31 August 31 August
2013 2012
£ £
Revenue
Gross rental income 66,440 19,200
Expenses
Administrative expenses (23,822) (3,318)
Investment management and professional fees (70,660) (5,168)
Property operating expenses (9,578) -
Net fair value gain on investment property - 110,000
(Loss)/Profit from operations (37,620) 120,714
Interest income 475 -
Interest expense (23,031) (5,883)
Foreign currency loss (6,569) (2,118)
(Loss)/Profit for the period before tax (66,745) 112,713
Taxation - -
(Loss)/Profit for the period attributable to shareholders (66,745) 112,713
Other comprehensive income - -
Total comprehensive (loss)/income for the period
attributable to shareholders (66,745) 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)* (10.05) 22.06
Headline (loss)/earnings per share (pence)* (10.05) 0.53
Reconciliation of (loss)/earnings and headline
(loss)/earnings:
(Loss)/Profit for the period attributable to shareholders (66,745) 112,713
Net fair value gain on investment property - (110,000)
Headline (loss)/earnings attributable to shareholders (66,745) 2,713
* The Company does not have any dilutionary instruments in issue.
ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 August 2013
Audited Audited
As at As at
31 August 2013 31 August 2012
£ £
Assets
Non-current assets
Investment property 735,000 1,125,000
Current assets 47,640 110,069
Total assets 782,640 1,235,069
Equity and liabilities
Capital and reserves
Share capital 66 66
Share premium 538,290 538,290
Retained earnings 45,968 112,713
Total equity attributable to shareholders 584,324 651,069
Non-current liabilities
Borrowings - 487,375
Current liabilities
Trade and other payables 198,316 96,625
Total liabilities 198,316 584,000
Total equity and liabilities 782,640 1,235,069
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 August 2013
Share Share Retained
Total
capital premium earnings
equity
£ £ £
Audited £
Balance at incorporation - - - -
Total profit 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
Balance as at 1 September 2012 66 538,290 112,713 651,069
Total loss for the year - - (66,745) (66,745)
Balance at 31 August 2013 66 538,290 45,968 584,324
ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 August 2013
Audited Audited
Year ended Period ended
31 August 31 August
2013 2012
£ £
Net cash generated from/(utilised in) operating activities 67,186 (2,383)
Net cash (utilised in)/generated from investing activities (126,498) 41,638
Net cash generated from financing activities - 72,168
Effect of exchange rate fluctuations on cash held (6,569) (2,118)
Net cash at the beginning of the period 109,305 -
Net cash at the end of the period 43,424 109,305
Registered office: 20 Reid Street, Williams House, Hamilton HM11, Bermuda
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: 03/12/2013 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.