Wrap Text
Abridged unaudited results for the quarter and six months ended 30 June 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 AND SIX MONTHS ENDED 30 JUNE 2016
Astoria 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 30 June 2016, the net asset value per Astoria share was USD 0.95 (31 March 2016: USD 0.96).
The board believes that this is a satisfactory outcome given the volatility experienced in global markets during the second
quarter of 2016 and the strength of the US dollar.
At 30 June 2016, Astoria’s funds were deployed as follows: listed global equities 41%, niche funds 4%, private equity
13% and US$ cash 42%.
Astoria’s top 10 equity positions as at 30 June 2016 were: Amazon, Apple, Johnson & Johnson, Spire Healthcare,
Unilever, Admiral Group, Facebook, Activision Blizzard, Pandora A/S and Walt Disney. None of the equity positions
individually comprise more than 3.1% of Astoria’s total assets.
As at the 30 June 2016, Astoria had committed USD 4.6 million to CS Capital Partners (only a portion of the total drawn
down). Our other commitments made during the past six months are to Apollo Natural Resources Partners II, L.P. (USD
5 million) and DSG Consumer Partners II (USD 750 000). Neither of the latter two have been drawn down as yet. We are
in the process of closing a commitment to STAR Strategic Assets Fund III, a EUR 4.5 million commitment.
Further to the announcement released on 23 May 2016 concerning the co-investment by Astoria in the Echo Prime
Properties B.V (“EPP”) transaction alongside Redefine Properties Limited and other co-investors, Astoria advises that
the transaction closed on 1 June 2016 and accordingly, Astoria now owns an effective interest of approximately 2.6% of
EPP’s issued share capital. The effective purchase consideration paid by Astoria was EUR13 million.
As previously communicated, the board of directors of Astoria (“the board”) has considered and has decided to increase
the allocation of capital to private equity to a level which is likely to exceed the originally intended 20% of net asset
value based on the opportunity set presented. The underlying belief of Astoria’s investment manager is that the outlook
for global equity markets remains uncertain in the short-to medium-term. The board believes that the objectives of
Astoria are more likely to be met via increasing capital allocation to carefully considered direct private equity
opportunities at this stage of the market cycle.
The investment manager, together with the board, have considered a number of unlisted investment opportunities over
the last few months and will continue to do so. The investment manager and the board have adopted a conservative
approach and seek to invest in only those opportunities that meet strict investment criteria.
BUSINESS REVIEW (CONTINUED)
The outlook for global equities in the third quarter of the year remains uncertain. There is increasing anxiety about macro
issues in particular, the UK Brexit decision, 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 USD 133 000 for the quarter, still in line with the annual budget of USD 500 000.
A more comprehensive investment manager’s report is available at www.astoria.mu.
NET ASSET VALUE (“NAV”)
The NAV per share at 30 June 2016 was USD 0.95 (at 31 March 2016: USD 0.96). The board is of the view that Astoria
itself is an excellent investment for the Company, if it can be purchased at a material discount to net asset value. At the
recent AGM, a resolution was passed for the repurchase of shares. We are in the process of engaging with the SEM to
determine the mechanics of making a repurchase possible if the share price presents an opportunity to enhance net asset
value per share.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These abridged unaudited results for the quarter and six months ended 30 June 2016 have been prepared in accordance
with the measurement recognition requirements of IFRS, IAS34 – Interim Financial Reporting the SEM Listing Rules
and the Securities Act of Mauritius 2005.
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
18 July 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 12.21 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
Unaudited Unaudited Audited
As at As at As at
30 June 2016 31 March 2016 31 December 2015
USD’000 USD’000 USD’000
ASSETS
Non-current assets
Financial assets at fair value through
profit or loss 69,712 55,626 34,730
Current assets
Advance on investment 296 - 5,000
Cash and cash equivalents 51,094 66,572 83,437
Trade and other receivables 13 18 24
Total current assets 51,403 66,590 88,461
Total assets 121,115 122,216 123,191
EQUITY AND LIABILITIES
EQUITY
Stated capital 124,504 124,504 124,504
Accumulated losses (3,508) (2,433) (1,671)
Total equity 120,996 122,071 122,833
LIABILITIES
Current liabilities
Trade and other payables 119 145 358
Total current liabilities 119 145 358
Total equity and liabilities 121,115 122,216 123,191
ASTORIA INVESTMENTS LTD
ABRIDGED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER AND SIX MONTHS ENDED 30 JUNE 2016
Unaudited for Unaudited for Audited for
the quarter the 6 months the period from
ended ended 20 April 2015 to
30 June 2016 30 June 2016 31 December 2015
USD’000 USD’000 USD’000
REVENUE
Dividend income 390 511 6
Interest income 84 133 16
Net gain from financial assets at fair
value through profit or loss
- - 121
Total revenue 474 644 143
EXPENSES
Management fees (311) (613) (104)
General and administrative expenses (133) (250) (256)
OPERATING PROFIT/(LOSS) 30 (219) (217)
Net loss from financial assets at fair value
through profit or loss (553) (1,068) (1,454)
Net foreign exchange loss (444) (442) -
Realised loss on disposal of investments (108) (108) -
LOSS FOR THE PERIOD BEFORE
TAX (1,075) (1,837) (1,671)
Taxation - - -
LOSS FOR THE PERIOD AFTER
TAX (1,075) (1,837) (1,671)
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD (1,075) (1,837) (1,671)
Loss per share from continuing
operations
Basic loss per share (cents) (1) (1) (3)
Headline loss per share (cents) (0.5) (1) (3)
ASTORIA INVESTMENTS LTD
RECONCILIATION OF PROFIT TO HEADLINE EARNINGS FOR THE SIX MONTHS ENDED 30 JUNE 2016
Unaudited Unaudited Audited for
For the For the the period from
quarter ended 6 months ended 20 April 2015 to
30 June 2016 30 June 2016 31 December 2015
USD’000 USD’000 USD’000
Basic loss from continuing
operations attributable to equity
holders of the Company (1,075) (1,837) (1,671)
Net gain from financial assets at fair
value through profit or loss - - -
Exchange loss arising on
retranslation of foreign currency 444 442 -
Headline loss from continuing
operations attributable to equity
holders of the Company (631) (1,395) (1,671)
Basic loss from discontinued
operations - - -
Fair value loss on investment
property - - -
Headline earnings from discontinued
operations - - -
Weighted average number of shares 126,809,944 126,809,944 55,605,092
Basic loss per share (cents) (1) (1) (3)
Headline loss per share (cents) (0.5) (1) (3)
Astoria has no dilutive instruments in issue.
ASTORIA INVESTMENTS LTD
ABRIDGED UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2016
Stated Accumulated
capital losses Total
USD’000 USD’000 USD’000
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 (Unaudited) 124,504 (2,433) 122,071
Balance at 01 April 2016 124,504 (2,433) 122,071
Total comprehensive income for the period
Loss for the period - (1,075) (1,075)
Total comprehensive income - (1,075) (1,075)
Balance at 30 June 2016 (Unaudited) 124,504 (3,508) 120,996
ASTORIA INVESTMENTS LTD
ABRIDGED UNAUDITED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2016
Unaudited for Unaudited for Audited for
the quarter the 6 months the period from
ended ended 20 April 2015 to
30 June 2016 30 June 2016 31 December 2015
USD’000 USD’000 USD’000
Cash flows from operating activities
Loss before tax (1,075) (1,837) (1,671)
Adjustments for:
Net loss/(gain) from revaluation of
financial assets at fair value through
profit or loss 553 1,068 (121)
Net foreign exchange loss/(gain) 444 442 1,454
Realised loss on disposal of financial
asset 108 108 -
30 (219) (338)
Changes in working capital:
Decrease/(Increase) in trade and other
receivables 5 11 (24)
(Decrease)/ Increase in trade and other
payables (26) (239) 358
Net cash used in operating activities 9 (447) (4)
Cash flows from investing activities
Acquisition of financial assets
designated at fair value through profit
or loss (16,877) (33,288) (34,609)
Disposal of financial assets 2,130 2,130 -
Advance made on investment (296) (296) (5,000)
Net cash used in investing activities (15,043) (31,454) (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 (15,034) (31,901) 84,891
Cash and cash equivalents at
beginning of period 66,572 83,437 -
Effect on exchange rate fluctuations
on cash and cash equivalents (444) (442) (1,454)
Cash and cash equivalents at end of
period 51,094 51,094 83,437
ASTORIA INVESTMENTS LTD
ABRIDGED UNAUDITED SEGMENTAL INFORMATION FOR THE SIX MONTHS ENDED 30 JUNE 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.
Unaudited for Unaudited for Audited for
the quarter ended the 6 months ended the period from
30 June 2016 30 June 2016 20 April 2015 to
31 December 2015
USD’000 USD’000 USD’000
Loss before tax
Asia (8) (16) 1
Europe (508) (1,036) (9)
Mauritius (280) (557) (141)
South Africa (20) (43) (1,555)
United States (259) (185) 33
_________________________________________
(1,075) (1,837) (1,671)
========================================
Unaudited as at Audited as at
30 June 2016 31 December 2015
USD’000 USD’000
Total assets
Asia 66 76
Europe 35,741 16,011
Mauritius 36,391 77,185
South Africa 7 13
United States 48,910 29,906
____________________________________
121,115 123,191
================================
Date: 18/07/2016 01:00:00 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.
Sharenet Sites 
