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Summarised unaudited consolidated results for the quarter and six months ended 30 June 2017
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”)
SUMMARISED UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 JUNE 2017
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 Group 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 Group’s results are reported in United States dollars (“USD”).
BUSINESS REVIEW
As at 30 June 2017, the net asset value (“NAV”) per Astoria share was USD 1.12. This is an increase of 12% compared to
the NAV USD 1.00 per share as at 31 December 2016.
The board believes that this is a satisfactory outcome reflecting the positioning of the Company’s assets in
strongly performing equity markets, whilst noting both the high cash balance which produces a low but positive yield, and
the investments in unlisted private equity partnerships which are in the investment phase. To place this performance in
context, the listed equity portfolio (excluding the strategic stake in Echo Polska Properties N.V. (“EPP”)) delivered a return
of 16.9% against the MSCI World index of 11%.
As at 30 June 2017, the Group’s funds were deployed as follows: listed global equities 73.9% (including EPP), niche funds
and private equity 5.0%, fixed income and USD cash 21.1%. The USD is Astoria’s reporting currency, therefore it is a
sensible approach to retain cash balances in USD pending investment.
Astoria’s top 15 listed equity positions (excluding EPP) at year-end were: The Blackstone Group LP, Facebook Inc, Tempur
Sealy, Home Depot, Starbucks Corp, Apple Inc, Nike Inc, Credit Agricole, Fedex, Hastings Group PLC , Johnson &
Johnson , ICICI Bank, Blue Buffalo, Mastercard Inc and Google Inc. Apart from the investment in EPP, none of the equity
positions comprise more than 4% of the portfolio value. The EPP weighting as at 30 June 2017 was 12.3%.
Operational costs for the Group were USD 0.988 million for the six months ended 30 June 2017. This was made up of
management fees of USD 0.663 million with the balance being operating expenses of USD 0.325 million.
As at 30 June 2017, the Company has bought back a total of 720 195 shares in terms of its share buyback. The total cost of
these shares (including brokerage) was USD 0.625 million. These shares are currently being held in treasury and will be
cancelled in due course. These shares have not been taken into account in determining the per share figures in this report.
PROSPECTS
The biggest driver for the Group’s performance will be the direction of global developed equity markets. We believe we are
well positioned. We also anticipate further cash calls from the cash portion ring-fenced in terms of our commitment to four
global private equity firms.
NET ASSET VALUE (“NAV”)
The NAV per share at 30 June 2017 was USD 1.12.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These summarised unaudited consolidated results for the six months ended 30 June 2017 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 and the JSE Listings Requirements to the extent required. Prior to 5 May 2016, only
company accounts were being prepared. The Group was formed last year when the Company acquired Astoria LP Holdings
Ltd on 5 May 2016. Hence there are no comparatives for the Group.
ACCOUNTING POLICIES
These summarised unaudited consolidated results were approved by the board on 18 July 2017. The summarised results
below have not been reviewed or reported on by the Group’s external auditors, KPMG Mauritius. The accounting policies
adopted are consistent with those published in the audited financial statements for the year ended 31 December 2016, except
for new standards and interpretations effective as from 1 January 2017.
By order of the Board
Mauritius – 18 July 2017
Company secretary
Osiris Corporate Solutions (Mauritius) Limited
NOTES
Copies of this report are available to the public at the Registered Office of the Company, B45 Twenty Foot Road, 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 B45 Twenty Foot Road, 3rd Floor, La Croisette, Grand
Baie, Republic of Mauritius.
This announcement is issued pursuant to SEM Listing Rules 12.20 and 12.21 and section 88 of the Securities Act 2005 of
Mauritius. 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 +27 11 722 3050
Java Capital
Company Secretary +230 650 4030
Osiris
NSX Sponsor + 264 61 256 666
Namibia Equity Brokers
19 July 2017
ASTORIA INVESTMENTS LTD
SUMMARISED UNAUDITED GROUP STATEMENTS OF FINANCIAL POSITION
AS AT 30 JUNE 2017
The Group The Company
Audited Audited
As at As at As at As at
30 June 31 December 30 June 31 December
2017 2016 2017 2016
$000 $000 $000 $000
ASSETS
Non-current assets
Investment in subsidiary company* - - 1 *-
Financial assets at fair value through profit
114,916 93,909 111,891 91,628
or loss
Total non-current assets 114,916 93,909 111,892 91,628
Current assets
Advance on investment - - - 2,194
Cash and cash equivalents 27,137 32,946 26,771 32,868
Trade and other receivables 16 9 2,722 15
Total current assets 27,153 32,955 29,493 35,077
Total assets 142,069 126,864 141,385 126,705
EQUITY AND LIABILITIES
EQUITY
Stated capital 124,504 124,504 124,504 124,504
Treasury stock (625) - (625) -
Retained earnings 17,949 2,197 17,274 2,046
Total equity 141,828 126,701 141,153 126,550
LIABILITIES
Current liabilities
Trade and other payables 241 163 232 155
Total current liabilities 241 163 232 155
Total equity and liabilities 142,069 126,864 141,385 126,705
* Investment in subsidiary company was USD 1 (less than USD 1,000)
SUMMARISED UNAUDITED GROUP STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE QUARTER AND SIX MONTHS ENDED 30 JUNE 2017
The Group The Company
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
for the for the 6 for the for the 6 for the for the 6
quarter months quarter months quarter months
ended 30 ended 30 ended 30 ended 30 ended 30 ended 30
June 2017 June 2017 June 2017 June 2017 June 2016 June 2016
$000 $000 $000 $000 $000 $000
REVENUE
Dividend income 678 1,229 678 1,229 390 511
Net gain/(loss) from financial
assets at fair value through
profit or loss 4,816 11,472 4,332 10,993 (553) (1,068)
Total revenue 5,494 12,701 5,010 12,222 (163) (557)
EXPENSES
General and administrative
expenses (511) (988) (507) (981) (444) (863)
OPERATING
PROFIT/(LOSS) 4,983 11,713 4,503 11,241 (607) (1,420)
Net foreign exchange
gain/(loss) 157 137 154 129 (444) (442)
Net realised gain/(loss) on
disposal of investments 3,114 3,821 3,026 3,734 (108) (108)
Net interest income 68 121 72 126 84 133
PROFIT/(LOSS) FOR THE
PERIOD BEFORE TAX
8,322 15,792 7,755 15,230 (1,075) (1,837)
Taxation - - - - - -
PROFIT/(LOSS) FOR THE
PERIOD AFTER TAX 8,322 15,792 7,755 15,230 (1,075) (1,837)
TOTAL
COMPREHENSIVE
INCOME FOR THE (1,837)
PERIOD 8,322 15,792 7,755 15,230 (1,075)
Profit/(loss) per share from
continuing operations
Basic profit/(loss) per share
(cents) 7 12 6 12 (1) (1)
Headline earnings/(loss) per
share (cents) 7 12 6 12 (0.5) (1)
Astoria has no dilutive instruments in issue.
RECONCILIATION OF PROFIT TO HEADLINE EARNINGS FOR THE QUARTER AND SIX MONTHS
ENDED 30 JUNE 2017
The Group The Company
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
for the for the 6 for the for the 6 for the for the 6
quarter months quarter months quarter months
ended 30 ended 30 ended 30 ended 30 ended 30 ended 30
June 2017 June 2017 June 2017 June 2017 June 2016 June 2016
$000 $000 $000 $000 $000 $000
Basic profit/(loss) from
continuing operations
attributable to equity holders 8,322 15,792 7,755 15,230 (1,075) (1,837)
Exchange loss arising on
retranslation of foreign
currency - - - - 444 -
Headline earnings/(loss) from
continuing operations
attributable to equity holders 8,322 15,792 7,755 15,230 (631) (1,837)
Weighted average number of
shares (units) 126,636,106 126,636,106 126,636,106 126,636,106 126,809,944 126,809,944
Basic profit/(loss) per share
(cents) 7 12 6 12 (1) (1)
Headline earnings/(loss) per
share (cents) 7 12 6 12 (0.5) (1)
SUMMARISED UNAUDITED GROUP STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTER AND
SIX MONTHS ENDED 30 JUNE 2017
THE GROUP:
Stated Treasury Retained
capital stock earnings Total
$000 $000 $000 $000
-
At 01 April 2017 124,504 9,627 134,131
Transactions with owners of the Group
(625)
Repurchase of shares - - (625)
(625)
Total transactions with owners of the Group - - (625)
Total comprehensive income for the period
-
Profit for the quarter - 8,322 8,322
- - 8,322
Total comprehensive income 8,322
At 30 June 2017 (Unaudited) 124,504 (625) 17,949 141,828
-
At 01 January 2017 124,504 2,197 126,701
-
Adjustment made to opening balance - (40) (40)
Transactions with owners of the Group
(625)
Repurchase of shares - - (625)
Total transactions with owners of the Group - (625) - 126,036
Total comprehensive income for the period
-
Profit for the period - 15,792 15,792
- - 15,792
Total comprehensive income 15,792
At 30 June 2017 (Unaudited) 124,504 (625) 17,949 141,828
-
At 01 January 2016 124,504 (1,671) 122,833
Total comprehensive income for the year
Profit for the year - - 3,868 3,868
Total comprehensive income - - 3,868 3,868
At 31 December 2016 (Audited) 124,504 - 2,197 126,701
SUMMARISED UNAUDITED GROUP STATEMENTS OF CASH FLOWS FOR THE QUARTER AND SIX
MONTHS ENDED 30 JUNE 2017
The Group The Company
Unaudited Unaudited Unaudited Unaudited Unaudited
for the for the 6 for the for the 6 for the 6
quarter months quarter months months
ended 30 ended 30 ended 30 ended 30 ended 30
June 2017 June 2017 June 2017 June 2017 June 2016
$000 $000 $000 $000 $000
Cash flows from operating activities
Profit/(loss) before tax 8,322 15,792 7,755 15,230 (1,837)
Adjustments for:
Net (gain)/loss from revaluation of financial
assets at fair value through profit or loss (4,816) (11,472) (4,332) (10,993) 1,068
Realised (gain)/loss on disposal of financial
asset (3,114) (3,821) (3,026) (3,734) 108
Net foreign exchange (gain)/loss (154) (129) (154) (129) 442
238 370 243 374 (219)
Changes in working capital:
(Increase)/decrease in trade and other
receivables 2 (14) (7) (26) 11
Increase/(decrease) in trade and other payables 5 85 4 77 (239)
Net cash from/(used in) operating activities 245 441 240 425 (447)
Cash flows from investing activities
Acquisition of financial assets designated at fair
value through profit or loss (11,621) (25,805) (11,586) (25,249) (33,288)
Acquisition of shares in subsidiary
- - (1) (1) -
Proceeds on sale of financial assets 10,672 19,790 10,593 19,711 2,130
Distributions received
261 261 - - -
Advance on investment - - - (487) (296)
Net cash used in investing activities (688) (5,754) (994) (6,026) (31,454)
Cash flows from financing activities
Repurchase of shares (625) (625) (625) (625) -
Net cash from financing activities (625) (625) (625) (625) -
Net decrease in cash and cash equivalents (1,068) (5,938) (1,378) (6,226) (31,901)
Cash and cash equivalents at beginning of
period 28,051 32,946 27,996 32,868 83,437
Effect on exchange rate fluctuations on cash
and cash equivalents 154 129 154 129 (442)
Cash and cash equivalents at end of period 27,137 27,137 26,771 26,771 51,094
SUMMARISED UNAUDITED GROUP SEGMENTAL INFORMATION FOR THE QUARTER ENDED 30 JUNE 2017
The Group reports segmental information in terms of geographical location. Geographical location is split between United
States, Europe, United Kingdom, Asia, South Africa, Australia and Mauritius. The Group has investments in high-quality
global growth businesses.
The Group
Unaudited
for the Audited for
quarter the year ended
ended 30 31 December
June 2017 2016
$000 $000
Profit before tax
United States 2,170
7,494
United Kingdom 812 (1,570)
Mauritius 122 (391)
South Africa 4 248
Europe (67) 3,542
Australia (43) (14)
Asia - (116)
8,322 3,868
The Group
Unaudited Audited as at
as at 30 31 December
June 2017 2016
$000 $000
Total Assets
United States
75,074 60,305
Europe
31,793 26,907
Mauritius
20,714 28,915
United Kingdom
12,916 8,667
South Africa
1,572 1,852
Asia - 218
142,069 126,864
Date: 19/07/2017 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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