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ASTORIA INVESTMENTS LIMITED - Summarised unaudited consolidated results for the quarter and six months ended 30 June 2017

Release Date: 19/07/2017 09:00
Code(s): ARA     PDF:  
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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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