Wrap Text
Abridged unaudited consolidated results for the quarter and nine months ended 30 September 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” or “the Group”)
ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 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 September 2016, the net asset value (“NAV”) per Astoria share was USD 1.03 (30 June 2016: USD 0.95).
The board of directors of Astoria (“the board”) believes that this is a satisfactory outcome given the volatility experienced
in global markets during this third quarter of 2016.
At 30 September 2016, Astoria’s funds were deployed as follows: listed global equities 63%, niche funds 3%, private
equity 2% and USD cash 32%.
Astoria’s top 10 equity positions as at 30 September 2016 were: Echo Polska Properties (“EPP”), Blackstone Group,
Amazon, Apple, Facebook, Activision Blizzard, Fedex, Johnson & Johnson, Unilever and Admiral Group. With the
exception of the holding in EPP, none of the equity positions individually comprise more than 4.5% of Astoria’s total
assets.
EPP listed on the Luxembourg Stock Exchange Euro MTF market on 31 August 2016 followed by a successful capital
raising and listing on the JSE on 13 September 2016. The listings are joint primary listings. The capital was raised on the
JSE at the equivalent price of EUR 1.45 per share against the effective price of EUR 1.00 per share paid by Astoria. This
is an outstanding result for Astoria. The EPP investment is now categorized as listed equity rather than private equity. The
holding in EPP is clearly a very large weighting for Astoria but it does offer a dividend yield to Astoria of approximately
10% based on cost. This holding is under constant review by the board and the investment manager. The board is pleased
that the asset class diversification within the portfolio has demonstrated its value in difficult markets for listed equities.
Moreover, Astoria’s structural benefits have allowed it to take advantage of an opportunity which many of its shareholders
would not have been able to access on their own.
As at 30 September 2016, Astoria had committed to Apollo Natural Resources Partners II, L.P. (USD 5 million), DSG
Consumer Partners II (USD 750 000), CS Capital Partners (USD 4.6 million) and STAR Strategic Assets Fund III (EUR
4.5 million). The total drawn down in respect of these commitments as at 30 September 2016 was approximately USD 2.1
million. These investments are held in 100% owned companies with Category 1 Global Business Licences and hence we
now have consolidated accounts for this quarter.
As previously communicated, the board, on consideration, 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.
The outlook for global equities in the fourth quarter of the year remains uncertain. There is increasing anxiety about macro-
economic issues, in particular: the UK Brexit decision, the trajectory of US interest rates and the associated issues of US
and global economic growth as well as the uncertainty surrounding a particularly acrimonious US Presidential campaign.
The investment manager will continue in its cautious approach.
Operational expenses amounted to USD 122 000 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 September 2016 was USD 1.03 (30 June 2016: USD 0.95). The board is still of the view that
Astoria itself is an excellent investment for the Company if its shares can be purchased at a material discount to NAV. We
have engaged with the SEM to determine the mechanics of making a share repurchase. The board is assessing feedback
from shareholders and continues to consider the benefits of a share repurchase. The necessary announcements will be
made in this regard in due course.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These abridged unaudited consolidated results for the quarter and nine months ended 30 September 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
These financial statements were approved by the board on 17 October 2016. The results below have not been audited by
the Group’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 1 January 2016.
By order of the Board
Osiris Corporate Solutions (Mauritius) Limited
Company secretary
17 October 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 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
As at As at
30 September 2016 31 December 2015
USD’000 USD’000
ASSETS
Non-current assets
Financial assets at fair value through profit or loss 88,686 34,730
Current assets
Advance on investment - 5,000
Cash and cash equivalents 41,925 83,437
Trade and other receivables 90 24
Total current assets 42,015 88,461
Total assets 130,701 123,191
EQUITY AND LIABILITIES
EQUITY
Stated capital 124,504 124,504
Accumulated profits/(losses) 6,049 (1,671)
Total equity 130,553 122,833
LIABILITIES
Current liabilities
Trade and other payables 148 358
Total current liabilities 148 358
Total equity and liabilities 130,701 123,191
ABRIDGED UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2016
Audited for
Unaudited for Unaudited for the period from
the quarter ended the 9 months ended 20 April 2015 to
30 September 2016 30 September 2016 31 December 2015
USD’000 USD’000 USD’000
REVENUE
Dividend income 133 644 6
Interest income 57 190 16
Net gain from financial assets at
fair value through profit or loss
121
Total revenue 190 834 143
EXPENSES
Management fees (324) (937) (104)
General and administrative (122) (372) (256)
expenses
OPERATING PROFIT/(LOSS) (256) (475) (217)
Net profit/(loss) from financial
assets at fair value through profit or 10,268 9,200 (1,454)
loss
Net foreign exchange gain/(loss) 147 (295) -
Realised loss on disposal of (602) (710) -
investments
PROFIT/(LOSS) FOR THE 9,557 7,720 (1,671)
PERIOD BEFORE TAX
Taxation - - -
PROFIT/(LOSS) FOR THE
PERIOD AFTER TAX 9,557 7,720 (1,671)
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD 9,557 7,720 (1,671)
Profit/(Loss) per share from
continuing operations
Basic profit/(loss) per share (cents) 8 6 (3)
Headline profit/(loss) per share
(cents) 8 6 (3)
RECONCILIATION OF PROFIT TO HEADLINE EARNINGS
Unaudited Unaudited Audited for
For the For the the period from
quarter ended 9 months ended 20 April 2015 to
30 September 30 September 31 December
2016 2016 2015
USD’000 USD’000 USD’000
Basic profit/(loss) from continuing
operations attributable to equity holders
of the Company 9,557 7,720 (1,671)
Net gain from financial assets at fair
value through profit or loss - - -
Exchange loss arising on retranslation of
foreign currency 147 (296) -
Headline loss from continuing
operations attributable to equity
holders of the Group 9,704 7,424 (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 profit/(loss) per share (cents) 8 6 (3)
Headline profit/(loss) per share (cents) 8 6 (3)
Astoria has no dilutive instruments in issue.
ABRIDGED UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016
Stated Accumulated
capital profits and 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
Balance at 01 July 2016 124,504 (3,508) 120,996
Total comprehensive income for the period
Profit/(Loss) for the period - 9,557 9,557
Total comprehensive income - 9,557 9,557
Balance at 30 September 2016 (Unaudited) 124,504 6,049 130,553
ABRIDGED UNAUDITED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016
Unaudited for Audited for
the 9 months the period from
ended 20 April 2015 to
30 September 2016 31 December 2015
USD’000 USD’000
Cash flows from operating activities
Profit/ (Loss) before tax 7,720 (1,671)
Adjustments for:
Net loss/(gain) from revaluation of financial assets at
fair value through profit or loss (9,200) (121)
Net foreign exchange loss/(gain) 295 1,454
Realised loss on disposal of financial asset 710 -
(475) (338)
Changes in working capital:
Decrease/(Increase) in trade and other receivables (65) (24)
(Decrease)/ Increase in trade and other payables (210) 358
Net cash used in operating activities (750) (4)
Cash flows from investing activities
Acquisition of financial assets designated at fair value
through profit or loss (46,436) (34,609)
Disposal of financial assets 6,135 -
Advance made on investment - (5,000)
Net cash used in investing activities (40,301) (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 (41,051) 84,891
Cash and cash equivalents at beginning of period 83,437 -
Effect on exchange rate fluctuations on cash and cash
equivalents (461) (1,454)
Cash and cash equivalents at end of period 41,925 83,437
ABRIDGED UNAUDITED SEGMENTAL INFORMATION FOR THE NINE MONTHS ENDED 30 SEPTEMBER 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 9 months ended the period from
30 September 2016 30 September 2016 20 April 2015 to
31 December 2015
_________________________________________________________________________________
USD’000 USD’000 USD’000
Profit/ (Loss) before tax
Asia - (16) 1
Europe 6,980 5,944 (9)
Mauritius (271) (828) (141)
South Africa (10) (53) (1,555)
United States 2,858 2,673 33
_____________________________________________
9,557 7,720 (1,671)
==============================================
Unaudited as at Audited as at
30 September 2016 31 December 2015
USD’000 USD’000
_________________________________________________________________________________
Total Assets
Asia 223 76
British Virgin Islands 407 -
Europe 46,534 16,011
Mauritius 33,915 77,185
South Africa 2 13
United States 49,620 29,906
_______________________________
130,701 123,191
================================
Date: 17/10/2016 02:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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