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Abridged unaudited results for the quarter ended 31 March 2016
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 UNAUDITED RESULTS FOR THE QUARTER ENDED 31 MARCH 2016
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.
BUSINESS REVIEW
As at 31 March 2016, the net asset value per Astoria share was USD 0.96. This is a decline of 1% compared to
the net asset value per share as at 31 December 2015.
The board believes that this is a satisfactory outcome given the volatility experienced in global markets during
the first calendar quarter of 2016.
As stated in the announcement released on 8 March 2016, the investment manager has taken a cautious approach
in the investment of Astoria’s capital and held back on investing additional funds during the first quarter until
late February thereby limiting exposure to the market decline. A further 8% of Astoria’s funds were invested
post the market decline in February 2016, increasing the allocation of funds to listed global equities to 41%.
At 31 March 2016, Astoria’s funds were deployed as follows: Listed global equities 41%, niche funds 4%,
private equity 1% and US$ cash 54%.
Astoria’s top 10 equity positions as at 31 March 2016 were: Apple, Amazon, Admiral Group, Daimler,
Facebook, Walt Disney, Unilever, Johnson & Johnson, Pandora A/S and Nike. None of the equity positions
individually comprise more than 2.7% of the listed portfolio value.
As previously stated, a long-term mindset is being applied to the investment of Astoria’s capital and caution is
being exercised in the deployment of capital. Commitments to private equity opportunities are being considered.
The long-term guidelines of 60% global listed equity, 20% niche funds and 20% private equity remain.
However, given the current uncertain medium-term outlook for global equities, the investment manager,
together with the board, is currently considering a higher weighting in attractive global private equity co-
investment opportunities which offer a more appropriate risk return profile in the current environment.
The outlook for global equities in the second quarter of the year remains uncertain. There is increasing anxiety
about macro issues in particular the trajectory of US interest rates and the associated issues of US and global
economic growth. The Investment Manager will continue in its cautious approach.
Operational expenses amounted to USD117 000 for the quarter, within the guided range of USD500 000 per
annum.
NET ASSET VALUE (“NAV”)
The NAV per share at 31 March 2016 was USD 0.96 (at 31 December 2015: USD 0.97).
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These abridged unaudited results for the quarter ended 31 March 2016 have been prepared in accordance with
IAS34 – Interim Financial Reporting.
ACCOUNTING POLICIES
The results below have not been audited by the Company’s external auditors, KPMG (Mauritius). The
accounting policies adopted are consistent with those published in the audited financial statements for the period
ended 31 December 2015, except for new standards and interpretations effective as from 01 January 2016.
By order of the Board
Osiris Corporate Solutions (Mauritius) Limited
Company secretary
15 April 2016
NOTES
Copies of this 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 Listing Rules 12.20 and Section 88 of the Securities Act 2005. 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
ABRIDGED UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2016
Audited
As at As at
31 March 2016 31 December 2015
USD’000 USD’000
ASSETS
Non-current assets
Financial assets at fair value through profit or loss 55,626 34,730
Current assets
Advance on investment - 5,000
Cash and cash equivalents 66,572 83,437
Trade and other receivables 18 24
Total current assets 66,590 88,461
Total assets 122,216 123,191
EQUITY AND LIABILITIES
EQUITY
Stated capital 124,504 124,504
Accumulated losses (2,433) (1,671)
Total equity 122,071 122,833
LIABILITIES
Current liabilities
Trade and other payables 145 358
Total current liabilities 145 358
Total equity and liabilities 122,216 123,191
Astoria Investments Ltd
ABRIDGED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 MARCH 2016
Unaudited for Audited for
the three months to the period ended
31 March 2016 31 December 2015
USD’000 USD’000
REVENUE
Dividend income 121 6
Interest income 49 16
Net gain from financial assets at fair value
through profit or loss - 121
Total revenue 170 143
EXPENSES
Management Fees (302) (104)
General and administrative expenses (117) (256)
OPERATING LOSS (249) (217)
Net loss from financial assets at fair value
through profit or loss (515) -
Net foreign exchange gain/(loss) 2 (1,454)
LOSS FOR THE PERIOD BEFORE TAX (762) (1,671)
Taxation - -
LOSS FOR THE PERIOD AFTER TAX (762) (1,671)
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (762) (1,671)
Loss per share from continuing operations
Basic and headline loss per share (cents) (2) (3)
Astoria has no dilutive instruments in issue.
There are no reconciling items between basic and headline loss.
Astoria Investments Ltd
ABRIDGED UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER 31 MARCH 2016
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 (Audited) 124,504 (1,671) 122,833
Balance at 01 January 2016 124,504 (1,671) 122,833
Total comprehensive income for the period
Loss for the period - (762) (762)
Total comprehensive income - (762) (762)
Balance at 31 March 2016 124,504 (2,433) 122,071
Astoria Investments Ltd
ABRIDGED UNAUDITED STATEMENT OF CASH FLOWS FOR THE QUARTER ENDED 31 MARCH 2016
Audited
31 March 2016 31 December 2015
USD’000 USD’000
Cash flows from operating activities
Loss before tax (762) (1,671)
Adjustments for:
Net loss/(gain) from revaluation of financial assets at
fair value through profit or loss 515 (121)
Net foreign exchange (gain)/loss (2) 1,454
(249) (338)
Changes in working capital:
Decrease/(Increase) in trade and other receivables 6 (24)
(Decrease)/Increase in trade and other payables (213) 358
Net cash used in operating activities (456) (4)
Cash flows from investing activities
Acquisition of financial assets designated at fair
value through profit or loss (16,411) (34,609)
Advance made on investment - (5,000)
Net cash used in investing activities (16,411) (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 (decrease)/increase in cash and cash
equivalents (16,867) 84,891
Cash and cash equivalents at beginning of period 83,437 -
Effect on exchange rate fluctuations on cash and
cash equivalents 2 (1,454)
Cash and cash equivalents at end of period 66,572 83,437
Astoria Investments Ltd
ABRIDGED SEGMENTAL INFORMATION FOR THE QUARTER ENDED 31 MARCH 2016
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.
SEGMENTAL REPORTING
Unaudited for Audited for
the three months to the period ended
1 March 2016 31 December 2015
USD’000 USD’000
_________________________________________________________________________________
Profit/(Loss) before tax
Asia (8) 1
Europe (528) (9)
Mauritius (277) (141)
South Africa (23) (1,555)
United States 74 33
___________________________________
(762) (1,671)
===================================
Unaudited as at Audited as at
31 March 2016 31 December 2015
USD’000 USD’000
_________________________________________________________________________________
Total assets
Asia 68 76
Europe 19,685 16,011
Mauritius 51,634 77,185
South Africa 10 13
United States 50,819 29,906
___________________________________
122,216 123,191
===================================
Date: 15/04/2016 09:09:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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