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Abridged unaudited consolidated results for the six months ended 28 February 2014
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 UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2014
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 United Kingdom (“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 Trito Petersfield Limited, which owns a residential property in the UK, with effect from 1 June 2013. 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.
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 2014 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, Deloitte & Touche BVI. The
accounting policies adopted are consistent with those published in the audited annual financial statements for the year ended 31
August 2013.
By order of the Board
Serge Richard Peter Todd
Chairman Chief Executive Officer
Bermuda
11 March 2014
Property information
Properties Lettable Market Annualised Sector Occupancy Net initial
(No.) Area Value as gross rental (%) Yield
(sq ft) at 28 income (%)
February (£)
2014
(£)
Property address
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 six months ended 28 February 2014
Unaudited Unaudited Six
Six months months Audited
Ended Ended Year Ended
28 February 2014 28 February 2013 31 August 2013
£ £ £
Revenue
Gross rental income 19,050 36,427 66,440
Total revenue 19,050 66,440
Expenses
Administrative expenses (7,300) (15,597) (23,822)
Investment management and professional fees (21,287) (13,544) (70,660)
Property operating expenses (5,340) (2,547) (9,578)
Net operating income (14,877) 4,739 (37,620)
Net fair value gain on investment property - - -
Profit from operations (14,877) 4,739 (37,620)
Interest income 34 224 475
Interest expense - (15,270) (23,031)
Foreign currency gain / (loss) 193 (1,554) (6,569)
Loss for the period before tax (14,650) (11,861) (66,745)
Taxation - - -
Loss for the period attributable to shareholders (14,650) (11,861) (66,745)
Other comprehensive income - - -
Total comprehensive income for the period
attributable to shareholders (14,650) (11,861) (66,745)
Actual number of shares in issue ('000) 664,180 664,180 664,180
Weighted average number of shares in issue ('000) 664,180 664,180 664,180
Basic loss per share (pence)* (2.21) (2.32) (10.05)
Headline loss per share (pence)* (2.21) (2.32) (10.05)
Reconciliation of loss and headline loss:
Loss for the period attributable to shareholders (14,650) (11,861) (66,745)
Net fair value gain on investment property - - -
Headline loss attributable to shareholders (14,650) (11,861) (66,745)
* The Company does not have any dilutionary instruments in issue.
ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 28 February 2014
Unaudited Unaudited Audited
As at As at As at
28 February 2014 28 February 2013 31 August 2013
£ £ £
Assets
Non-current assets
Investment property 735,000 1,125,000 735,000
Current assets 32,933 95,889 47,640
Total assets 767,933 1,220,889 782,640
Equity and liabilities
Capital and reserves
Share capital 66 66 66
Share premium 538,290 538,290 538,290
Retained earnings 31,318 100,852 45,968
Total equity attributable to shareholders 569,674 639,208 584,324
Liabilities
Loans and borrowings - 487,375 -
Trade and other payables 198,259 94,306 198,316
Total liabilities 198,259 581,681 198,316
Total equity and liabilities 767,933 1,220,689 782,640
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 28 February 2014
Share Share Retained Total
capital premium earnings equity
£ £ £ £
Balance at 1 September 2012 66 538,290 112,713 651,069
Total comprehensive income for the period - - (66,745) (66,745)
Balance at 31 August 2013 – audited 66 538,290 45,968 584,324
Balance at 1 September 2013 66 538,290 45,968 584,324
Total comprehensive loss for the period - - (14,650) (14,650)
Balance at 28 February 2014 - unaudited 66 538,290 31,318 569,674
ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 28 February 2014
Unaudited Unaudited
Six months Six months Audited
Ended Ended Year Ended
28 February 2014 28 February 2013 31 August 2013
£ £ £
Net cash (utilised in) / generated from
operating activities (11,665) (13,455) 67,186
Net cash utilised in investing activities - - (126,498)
Net cash generated from financing activities - - -
Effect of exchange rate fluctuations on cash held 193 (1,554) (6,569)
Net cash at the beginning of the period 43,424 109,305 109,305
Net cash at the end of the period 31,952 94,296 43,424
Registered office
Williams House, 20 Reid Street, Hamilton, Bermuda, HM11
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: 11/03/2014 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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