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Provisional reviewed results for the 10 months ended 30 June 2014
DELTA INTERNATIONAL PROPERTY HOLDINGS LIMITED
(Formerly Osiris Properties International Limited)
(Incorporated in Bermuda with registration number 46566)
BSX share code: DLI.BH
JSE share code: DLI
ISIN: BMG2707T1018
(“Delta International” or “the Company”)
PROVISIONAL REVIEWED RESULTS FOR THE TEN MONTHS ENDED 30 JUNE 2014
Delta International, previously known as Osiris Properties International Limited, was incorporated on 16 May 2012 in
Bermuda. The primary objective of the Company is to invest in premium real estate assets underpinned by long-term
leases with high quality tenants delivering strong sustainable income. The Company has changed its focus from the
United Kingdom and Europe to Africa (excluding South Africa), offering investors’ direct access to high growth
opportunities in African real estate.
On 16 May 2014 the company changed its name from Osiris Properties International Limited to Delta International
Property Holdings Limited.
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 United States Dollars (US$). The functional and presentation currency of Delta
International was converted from Pounds Sterling (GBP) to US$ on 16 May 2014.
BUSINESS REVIEW
The Company had limited trading activity in the reporting period due to the sale of Trito Petersfield Limited (“Trito”)
and the Pan-African strategy only taking effect post the reporting date.
On 15 April 2014 the Company entered into an agreement with KSP Offshore Limited to dispose of its entire
shareholding in Trito together with any claims on loan account which the Company held in Trito. The sale was in line
with the change in strategy.
At reporting date the Company held no investment property. The assets on the Company’s balance sheet at 30 June
2014 consisted of cash on hand of US$ 649,328, prepayments of US$ 31,946 and a loan of US$ 275,734 advanced to
Delta International Mauritius Limited (Incorporated in Mauritius), (“Delta Mauritius”).
Subsequent to the reporting date the Company acquired 100% of the share capital in Delta Mauritius the platform
from which investments into African real estate will be made.
SUBSEQUENT EVENTS
The Company has embarked on a strategy of acquiring a portfolio of African real estate assets (excluding assets
situated in South Africa) in furtherance of executing its stated objective.
Post year-end, Delta International directly and indirectly entered into the following transactions:
- The Company acquired 100% of the issued share capital of Delta Mauritius. Delta Mauritius indirectly owns
100% of the issued share capital of Freedom Property Fund SARL (Incorporated in Morocco), through Delta
International Bahrain SPC (Incorporated in Bahrain), a wholly owned subsidiary of Delta Mauritius;
- On 25 July 2014, Freedom Property Fund SARL, acquired Anfa Place Shopping Centre from Anfa Plage SA;
- On 14 July 2014, Delta Mauritius acquired 100% of the issued share capital in SAL Investment Holdings
Limited (Incorporated in Mauritius) (“SAL”). SAL owns 97% of the ordinary share capital of S&C Imobiliaria
Limitada (Incorporated in Mozambique) (“S&C”), the owner of the Anadarko Building. On the same day,
Delta Mauritius acquired the remaining 3% issued share capital from the minority shareholders of S&C.
The acquisitions were financed through the issue of 43,254,376 new Delta International shares as well as new debt
facilities within the wholly owned subsidiaries.
The Company is finalising the indirect acquisition of two further properties in Mozambique, namely the Hollard and
Vodacom buildings. The properties are expected to transfer by 1 November 2014.
PROSPECTS
The Company is committed to increasing its portfolio and has identified a strong acquisition pipeline in Mozambique,
Morocco, Zambia, Nigeria and Ghana on which it intends to transact. The acquisitions will be funded through a
combination of new equity capital and debt facilities.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
The provisional reviewed results for the ten months ended 30 June 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 financial statements, on which these provisional results are based, have been reviewed by the Company’s
external auditors, Deloitte Limited (Bermuda). The accounting policies adopted are consistent with those published
in the prior financial period ended 31 August 2013.
These provisional reviewed results for the ten months ended 30 June 2014 financial statements were approved by
the board on 30 September 2014.
CHANGES TO BOARD OF DIRECTORS
Louis Schnetler was appointed as Chief Executive Officer with effect 1 August 2014, Greg Booyens has been
appointed as Chief financial officer of the Company on 28 May 2014, Peter Todd has been appointed as an
independent non-executive director to the board and Paul Simpson has resigned as an executive director of Delta
International with effect from 14 August 2014. The board of directors thanks Paul for his contribution to the
Company and looks forward to his continued involvement in an advisory capacity to the Company.
Further details concerning the Company and this press release can be accessed via the Company’s website
www.deltainternationalproperty.com.
By order of the Board
Sandile Nomvete Louis Schnetler
Chairman Chief Executive Officer
Bermuda
30 September 2014
PROVISIONAL REVIEWED STATEMENT OF CHANGES IN EQUITY
For the period from 1 September 2013 to 30 June 2014
Foreign
currency
Share Share Retained translation
capital premium earnings reserve Total equity
$ $ $ $ $
Balance as at 1 September 2012 107 864548 (7 765) (12 949) 843 941
Total comprehensive income for the period 74 582 74 582
Foreign currency translation reserve movement (17 920) (17 920)
Balance at 31 August 2013 107 864 548 66 817 (30 869) 900 603
Balance as at 1 September 2013 107 864 548 66 817 (30 869) 900 603
Total comprehensive loss for the period (47 346) (47 346)
Foreign currency translation reserve movement 83 734 83 734
Balance at 30 June 2014 107 864 548 19 471 52 865 936 991
PROVISIONAL REVIEWED STATEMENT OF FINANCIAL POSITION
As at 30 June 2014
Reviewed as at Audited as at
30 June 2014 31 August 2013
$ $
Assets
Non-current assets
Investment property - -
Other financial assets 275 734 -
Investment in subsidiaries - 1 170 138
Current assets
Trade and other receivables 31 946 327
Cash and cash equivalents 649 328 38 824
Total assets 957 008 1 209 289
Equity and liabilities
Capital and reserves
Share capital 107 107
Share premium 864 548 864 548
Retained earnings 19 471 66 817
Foreign currency translation reserve 52 865 (30 869)
Total equity attributable to shareholders 936 991 900 603
Non-current liabilities
Borrowings - -
Current liabilities
Trade and other payables 20 017 308 686
Total liabilities 20 017 308 686
Total equity and liabilities 957 008 1 209 289
Net asset value per share (cents) 141.07 135.60
PROVISIONAL REVIEWED STATEMENT OF COMPREHENSIVE INCOME
For the 10 months ended 30 June 2014
Reviewed Audited
10 months ended year ended
30 June 2014 31 August 2013
$ $
Revenue
Gross rental income - -
Investment revenue 63 156 -
Expenses
Administrative expenses (20 397) (34 182)
Investment management and professional fees (56 605) (61 133)
Property operating expenses - -
Net operating (loss) / income (13 846) (95 315)
Net fair value gain on investment property - -
Disposal of investment in subsidiary (33 401) 179 486
(Loss) / profit from operations (47 247) 84 171
Interest expense - -
Interest income 58 680
Foreign currency loss (157) (10 269)
(Loss) / profit for the period before tax (47 346) 74 582
Taxation - -
(Loss) / profit for the period attributable to shareholders (47 346) 74 582
Gain / (loss) on translation of presentation currency 83 734 (17 920)
Total comprehensive income for the period attributable to
shareholders 36 388 56 662
Actual number of shares in issue 664 180 664 180
Weighted number of shares in issue 664 180 664 180
Basic earnings per share (cents)* 5.48 8.53
Headline earnings per share (cents) (2.10) (15.79)
Reconciliation of basic and headline earnings:
Profit for the period attributable to shareholders 36 388 56 662
Foreign currency translation reserve movement (83 734) 17 920
Gains / (loss) on the loss of control of a subsidiary 33 401 (179 486)
Headline earnings attributable to shareholders (13 945) (104 904)
* The Company does not have any dilutive instruments in issue
PROVISIONAL REVIEWED STATEMENT OF CASH FLOWS
For the 10 months ended 30 June 2014
Reviewed Audited
10 months ended year ended
30 June 2014 31 August 2013
$ $
Net cash (utilised in) / generated from operating activities (334 234) 118 553
Net cash generated from / (utilised in) investing activities 650 635 (172 641)
Net cash generated from / (utilised in) financing activities 294 103 (17 920)
Effect of exchange rate fluctuations on cash held -
Net cash at the beginning of the period 38 824 110 832
Net cash at the end of the period 649 328 38 824
Registered office
Williams House, 3rd Floor, 20 Reid Street, Hamilton, Bermuda, HM11
Directors: Sandile Hopeson Nomvete (Chairman and non-executive director), Louis Schnetler (Chief Executive
Officer), Greg Booyens (Chief financial officer), Greg Pearson (Chief operating officer), James Keyes (Independent
non-executive director), David Brown (Independent non-executive director), Peter Todd (Independent non-executive
director) and Bronwyn Anne Corbett (Non-executive director).
Auditors: Deloitte Limited (Bermuda)
Transfer secretary: Computershare Investor Services Proprietary Limited, Ground Floor, 70 Marshall Street,
Johannesburg, 2001, South Africa
Registrar and transfer agent: Apex Fund Services Ltd
BSX sponsor: Global Custody and Clearing Ltd
JSE sponsor: Java Capital
Company secretary: Apex Fund Services Ltd
30 September 2014
Date: 30/09/2014 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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