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ASTORIA INVESTMENTS LIMITED - Abridged audited results for the period ended 31 December 2015

Release Date: 30/03/2016 09:00
Code(s): ARA     PDF:  
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Abridged audited results for the period ended 31 December 2015

ASTORIA INVESTMENTS LTD
(Incorporated in the Republic of Mauritius)
(Registration number 1297585 C1/GBL)
SEM share code: ATIL.N0000
JSE share code: ARA NSX share code: ARO
ISIN: MU0499N00007
(“Astoria” or “the Company”)


ABRIDGED AUDITED RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2015


Astoria Investments Ltd (previously known as Sofrica Holdings Ltd) (“the Company”) was established in
Mauritius on 20 April 2015 as a public company, limited by shares, holding a Category 1 Global Business
Licence. The Company has its primary listing on the Stock Exchange of Mauritius (“SEM”) and secondary
listings on both the Alternative Exchange (“AltX”) of the Johannesburg Stock Exchange (“JSE”) and the
Namibian Stock Exchange (“NSX”).

The principal objective of the Company is to achieve strong USD capital appreciation over the medium to long
term by investing in global, equity-dominated holdings of primarily direct, high-quality listed businesses that are
located primarily in developed markets.

REPORTING CURRENCY

The Company’s results are reported in United States dollars.

BUSINESS REVIEW

During the period ended 31 December 2015, the Company successfully raised an aggregate amount of ZAR1.8
billion through a South African private placement as further detailed below.

Astoria placed 125,817,402 of its shares with invited investors at the point of listing on the JSE at an issue price
of ZAR 14.23 per share. The issue price per share was the ZAR equivalent of USD 1.00 per share, being the spot
exchange rate at 12:00 SA time on Wednesday, 18 November 2015. A total of 126,809,944 Astoria shares
(comprising the shares issued in terms of the listing on the JSE and the existing shares in issue that were already
listed on the SEM) were listed on the AltX of the JSE and the SEM with effect from the commencement of trade
on the JSE on Wednesday, 25 November 2015.

The Company reported a loss of USD 1.67 million for the period ended 31 December 2015. While there was a
small net gain from financial assets, there was a net foreign exchange loss of USD 1.45 million arising
principally from adverse movements in foreign currency. In addition there were costs of USD 0.1 million
representing professional fees associated with the structuring and listing services provided to the Company in
respect of its listing on the SEM and AltX of the JSE.

Net Asset Value

The NAV per share at 31 December 2015 was USD 0.97.

Events after the reporting date

On 10 February 2016, the NSX approved the additional secondary listing of the Company on the main board of
the NSX.
CHANGES TO THE BOARD

Subsequent to the year end, Mr Mattheus Lourens Geldenhuys* resigned from the Board, effective
31 January 2016. Mr Peter McAllister Todd** was appointed to the Board, as non-executive director, effective
31 January 2016.

*UK resident
**Mauritian resident


BASIS OF PREPARATION

The abridged audited results have been extracted from the audited financial statements for the period ended
31 December 2015, which have been prepared in accordance with International Financial Reporting Standards,
the SEM Listing Rules and the Securities Act of Mauritius 2005 (“Mauritius Securities Act”). The abridged
audited results do not include all information and disclosures required in the audited financial statements,
including IFRS 13 fair value disclosures, and should be read in conjunction with the Company’s financial
statements for the period ended 31 December 2015.

The Company’s external auditors, KPMG, have issued an unqualified audit opinion on the Company’s financial
statements for the period ended 31 December 2015. The accounting policies used in the preparation of the
abridged audited results are consistent with those used in the audited financial statements for the period ended
31 December 2015.

By order of the Board

Osiris Corporate Solutions (Mauritius) Limited
Company secretary

30 March 2016



NOTES

A presentation of the Company’s results is available at www.astoria.mu

Copies of this report, together with the audit report, are available to the public at the registered office of the
Company, 3rd Floor, La Croisette, Grand Baie, Republic of Mauritius.

Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule
8(2)(m) of the Securities (Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public
upon request to the Company Secretary at the Registered Office of the Company at 3rd Floor, La Croisette,
Grand Baie, Republic of Mauritius.

This announcement is issued pursuant to SEM Listing Rule 12.14 and the Mauritius Securities Act. The Board
of Astoria Investments Ltd accepts full responsibility for the accuracy of the information in this announcement.

For further information please contact:

JSE sponsor
Java Capital                                        +27 11 722 3050

Company secretary
Osiris Corporate Solutions (Mauritius) Limited        +230 650 4030
 
Astoria Investments Ltd
 (Previously known as Sofrica Holdings Ltd)

 ABRIDGED AUDITED STATEMENT OF FINANCIAL POSITION AS AT
 31 DECEMBER 2015

                                                        As at 31 December
                                                                     2015
                                                                  USD’000
ASSETS
Non-current assets
Financial assets at fair value through profit or loss              34,730


Current assets
Advance on investment                                               5,000
Cash and cash equivalents                                          83,437
Trade and other receivables                                            24
Total current assets                                               88,461


Total assets                                                      123,191


EQUITY AND LIABILITIES
EQUITY
Stated capital                                                    124,504
Accumulated losses                                                 (1,671)
Total equity                                                      122,833

LIABILITIES
Current liabilities
Trade and other payables                                              358

Total current liabilities                                             358

Total equity and liabilities                                      123,191

Astoria Investments Ltd
(Previously known as Sofrica Holdings Ltd)

ABRIDGED AUDITED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE PERIOD FROM 20 APRIL 2015 (DATE OF
INCORPORATION) TO 31 DECEMBER 2015

                                                                       For the period
                                                                   from 20 April 2015
                                                                       to 31 December
                                                                                 2015
                                                                              USD’000

REVENUE
Dividend income                                                                    6
Interest income                                                                   16
Net gain from financial assets at fair value
through profit or loss                                                           121

Total revenue                                                                    143

EXPENSES
General and administrative expenses                                            (360)

OPERATING LOSS                                                                 (217)

Net foreign exchange loss                                                     (1,454)


LOSS FOR THE PERIOD BEFORE TAX                                                (1,671)

Taxation                                                                            -

LOSS FOR THE PERIOD AFTER TAX                                                 (1,671)

TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD                                                                    (1,671)

Loss per share from continuing operations
Basic and headline loss per share (cents)                                         (3)


Astoria has no dilutionary instruments in issue.
There are no reconciling items between basic and headline loss.

Astoria Investments Ltd
(Previously known as Sofrica Holdings Ltd)

ABRIDGED AUDITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD
FROM 20 APRIL 2015 (DATE OF INCORPORATION) TO 31 DECEMBER 2015


                                             Stated    Accumulated
                                             capital        losses     Total
                                            USD’000        USD’000   USD’000

Transactions with owners of the Company
Contributions and distributions
Issue of ordinary shares                    126,810              -   126,810
Share issue costs                            (2,306)             -    (2,306)
Total contributions                         124,504              -   124,504

Total comprehensive income for the period
Loss for the period                                -       (1,671)    (1,671)
Total comprehensive income                         -       (1,671)    (1,671)


Balance at 31 December 2015                 124,504        (1,671)   122,833

Astoria Investments Ltd
(Previously known as Sofrica Holdings Ltd)

ABRIDGED AUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM
20 APRIL 2015 (DATE OF INCORPORATION) TO 31 DECEMBER 2015



                                                                          For the period from
                                                                             20 April 2015 to
                                                                             31 December 2015
                                                                                      USD’000
Cash flows from operating activities
Loss before tax                                                                       (1,671)
Adjustments for:
Net gain from revaluation of financial assets at fair value through
profit or loss                                                                         (121)
Net foreign exchange loss                                                              1,454
                                                                                       (338)
Changes in working capital:
Increase in trade and other receivables                                                 (24)
Increase in trade and other payables                                                     358
Net cash used in operating activities                                                    (4)

Cash flows from investing activities
Acquisition of financial assets designated at fair value through profit
or loss                                                                             (34,609)
Advance made on investment                                                           (5,000)

Net cash used in investing activities                                               (39,609)

Cash flows from financing activities
Proceeds from issue of ordinary shares                                               126,810
Share issue costs                                                                    (2,306)
Net cash from financing activities                                                   124,504

Net increase in cash and cash equivalents                                             84,891
Cash and cash equivalents at beginning of period                                           -
Effect on exchange rate fluctuations on cash and cash equivalents                    (1,454)

Cash and cash equivalents at end of period                                            83,437

Astoria Investments Ltd
(Previously known as Sofrica Holdings Ltd)

ABRIDGED AUDITED RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2015

SEGMENTAL INFORMATION

The Company reports segment information in terms of geographical location. Geographical location
is split between United States, Europe, Asia, South Africa and Mauritius. The Company has
investments in high-quality global growth businesses.
                                  United                        South
                                  States   Europe    Asia       Africa    Mauritius        Total
                                   USD       USD     USD         USD          USD           USD
                                    000       000     000         000          000           000
Geographical location 2015

Dividend income                        3        2        1            -               -        6

Total revenue                          3        2        1            -               -        6

General and administrative
expenses                            (54)     (48)           -    (101)         (157)        (360)

Operating loss                      (51)     (46)        1       (101)         (157)        (354)
Net gain from financial assets
at fair value through profit or       84       37           -         -               -      121
loss

Net foreign exchange loss              -        -           -   (1,454)            -      (1,454)

Profit/(loss) for the period
before interest and tax               33      (9)        1      (1,555)        (157)      (1,687)
Interest income                        -        -        -            -           16           16

Profit/(loss) for the period
before tax                            33      (9)        1      (1,555)        (141)      (1,671)
Taxation                               -        -        -            -            -            -

Profit/(loss) for the period
after tax                             33      (9)        1      (1,555)        (141)      (1,671)

Segment assets                    29,906   16,011       76          13       77,185       123,191

Segment liabilities                   66      119           -       29          144          358

Date: 30/03/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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