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Summarised unaudited consolidated results for the quarter and nine months ended 30 September 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 NINE MONTHS ENDED 30 SEPTEMBER 2017
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 predominantly in developed markets.
REPORTING CURRENCY
The Group’s results are reported in United States dollars (“USD”).
BUSINESS REVIEW
As at 30 September 2017, the net asset value (“NAV”) per Astoria share was USD 1.16. This is an increase
of 16% compared to the USD 1.00 per share NAV 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.
The listed equity portfolio (excluding the strategic stake in Echo Polska Properties N.V. (“EPP”)) delivered a
return of 20.6% during the nine months period.
As at 30 September 2017, the Group’s funds were deployed as follows: listed global equities 77.8% (including EPP),
niche funds and private equity 5.2%, fixed income and USD cash 17%. The USD is Astoria’s reporting currency and
therefore it is a sensible approach to retain cash balances in USD pending future investments.
Astoria’s top 15 listed equity positions (excluding EPP) at 30 September 2017 were: The Blackstone Group LP, Admiral
Group PLC, Hastings Group PLC, Facebook Inc, Home Depot, Apple Inc, Credit Agricole, YOOX Net a Porter, Blue
Buffalo, FedEx, Starbucks Corp, Mastercard Inc, Nike Inc and ICICI Bank. Apart from the investment in EPP, none of
the equity positions comprises more than 4% of the portfolio value. The EPP weighting as at 30 September 2017 was
7.7% (31 December 2016: 13%).
Operational costs for the Group were USD 1.588 million for the nine months ended 30 September 2017. This was made
up of management fees of USD 1.013 million, brokerage costs of USD 0.159 million, with the balance being operating
expenses of USD 0.416 million.
As at 30 September 2017, the Company has repurchased a total of 2,721,918 shares in terms of its share buyback. The
total cost of these shares (excluding brokerage) was USD 2.392 million. In terms of the Explanatory Statement dated
6 April 2017, the closing date of the share buyback is 3 November 2017. The Company is considering extending the share
buyback, subject to regulatory approval. Should the closing date of the share buyback be extended, a further
announcement will be made prior to the scheduled expiry on 3 November 2017.
PROSPECTS
The biggest driver for the Group’s performance will be the direction of global developed equity markets. We believe
that 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 September 2017 was USD 1.16 (30 September 2016: USD 1.03).
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These summarised unaudited consolidated results for the quarter ended 30 September 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. On 7 July 2017 the Group formed a UK subsidiary, Astoria Investments
(UK) Limited, the figures for which are included in the consolidated accounts.
ACCOUNTING POLICIES
These summarised unaudited consolidated results were approved by the board on 25 October 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 – 25 October 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
Java Capital +27 11 722 3050
Company secretary
Osiris Corporate Solutions (Mauritius) Limited +230 650 4030
25 October 2017
SUMMARISED GROUP STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2017
The Group The Company
Unaudited Unaudited Audited Unaudited Unaudited Audited
As at As at As at As at As at As at
30 30 31 30 30 31
September September December September September December
2017 2016 2016 2017 2016 2016
$000 $000 $000 $000 $000 $000
ASSETS
Non-current assets
Investment in subsidiary
companies* - - - 2 - *-
Financial assets at fair value
through profit or loss 121,588 88,686 93,909 115,389 86,574 91,628
Total non-current assets 121,588 88,686 93,909 115,391 86,574 91,628
Current assets
Advance on investment - - - - 2,157 2,194
Cash and cash equivalents 22,064 41,925 32,946 22,055 41,925 32,868
Trade and other receivables 7 90 9 6,104 3 15
Total current assets 22,071 42,015 32,955 28,159 44,085 35,077
Total assets 143,659 130,701 126,864 143,550 130,659 126,705
EQUITY AND LIABILITIES
EQUITY
Stated capital 124,504 124,504 124,504 124,504 124,504 124,504
Treasury stock (2,392) - - (2,392) - -
Retained earnings 21,307 6,049 2,197 21,200 6,019 2,046
Total equity 143,419 130,553 126,701 143,312 130,523 126,550
LIABILITIES
Current liabilities
Trade and other payables 240 148 163 238 136 155
Total current liabilities 240 148 163 238 136 155
Total equity and liabilities 143,659 130,701 126,864 143,550 130,659 126,705
* Investment in subsidiary companies was USD 1 (less than USD 1,000)
SUMMARISED GROUP STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2017
The Group The Company
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
for the for the 9 for the 9 for the for the 9 for the 9
quarter months months quarter months months
ended 30 ended 30 ended 30 ended 30 ended 30 ended 30
September September September September September September
2017 2017 2016 2017 2017 2016
$000 $000 $000 $000 $000 $000
REVENUE
Dividend income 692 1,921 644 692 1,921 569
Net (loss)/gain from financial assets at fair
value through profit or loss (340) 11,132 9,200 158 11,151 9,200
Total revenue 352 13,053 9,844 850 13,072 9,769
EXPENSES
General and administrative expenses (600) (1,588) (1,309) (538) (1,519) (1,292)
OPERATING (LOSS) / PROFIT (248) 11,465 8,535 312 11,553 8,477
Net foreign exchange (loss)/gain (45) 92 (295) (48) 81 (262)
Net realised gain/(loss) on disposal of
investments 3,565 7,386 (710) 3,565 7,299 (709)
Net interest income 86 207 190 97 223 191
3,358 19,150 7,720 3,926 19,156 7,697
PROFIT FOR THE PERIOD BEFORE
TAX 3,358 19,150 7,720 3,926 19,156 7,697
Taxation - - - - - -
PROFIT FOR THE PERIOD AFTER
TAX 3,358 19,150 7,720 3,926 19,156 7,697
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 3,358 19,150 7,720 3,926 19,156 7,697
Earnings per share from continuing
operations
Basic earnings per share (cents) 3 15 6 3 15 6
Headline earnings per share (cents) 3 15 6 3 15 6
Astoria has no dilutive instruments in issue.
RECONCILIATION OF PROFIT TO HEADLINE EARNINGS FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2017
The Group The Company
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
for the for the 9 for the 9 for the for the 9 for the 9
quarter months months quarter months months
ended 30 ended 30 ended 30 ended 30 ended 30 ended 30
September September September September September September
2017 2017 2016 2017 2017 2016
$000 $000 $000 $000 $000 $000
Basic profit from
continuing operations
attributable to equity
Holders 3,358 19,150 7,720 3,926 19,156 7,697
Exchange loss arising
on retranslation of
foreign currency - - - - - -
Headline earnings from
continuing operations
attributable to equity
holders 3,358 19,150 7,720 3,926 19,156 7,697
Weighted average
number of shares (units) 125,587,182 126,266,478 126,809,944 125,587,182 126,266,478 126,809,944
Basic earnings per share
(cents) 3 15 6 3 15 6
Headline earnings per
share (cents) 3 15 6 3 15 6
Astoria has no dilutive instruments in issue.
SUMMARISED GROUP STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2017
THE GROUP:
Stated Treasury Retained
capital stock earnings Total
$000 $000 $000 $000
At 01 July 2017 124,504 (625) 17,949 141,828
Transactions with owners of the Group
Repurchase of shares - (1,767) - (1,767)
Total transactions with owners of the Group - (1,767) - (1,767)
Total comprehensive income for the period
Profit for the quarter - - 3,358 3,358
Total comprehensive income - - 3,358 3,358
At 30 September 2017 (Unaudited) 124,504 (2,392) 21,307 143,419
At 01 January 2017 124,504 - 2,197 126,701
Adjustment made to opening balance - - (40) (40)
Transactions with owners of the Group
Repurchase of shares - (2,392) - (2,392)
Total transactions with owners of the Group - (2,392) - (2,392)
Total comprehensive income for the period
Profit for the period - - 19,150 19,150
Total comprehensive income - - 19,150 19,150
At 30 September 2017 (Unaudited) 124,504 (2,392) 21,307 143,419
SUMMARISED GROUP STATEMENTS OF CASH FLOWS FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2017
The Group The Company
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
for the for the 9 for the 9 for the for the 9 for the 9
quarter months months quarter months months
ended 30 ended 30 ended 30 ended 30 ended 30 ended 30
September September September September September September
2017 2017 2016 2017 2017 2016
$000 $000 $000 $000 $000 $000
Cash flows from operating
activities
Profit before tax 3,358 19,150 7,720 3,926 19,156 7,697
Adjustments for:
Net (gain)/loss from revaluation of
financial assets at fair value
through profit or loss 340 (11,132) (9,200) (158) (11,151) (9,200)
Realised (gain)/loss on disposal of
financial asset (3,565) (7,386) 710 (3,565) (7,299) 709
Net foreign exchange loss/(gain) 45 (92) 295 48 (81) 262
178 540 (475) 251 625 (532)
Changes in working capital:
(Increase)/decrease in trade and
other receivables 8 (6) (65) (4) (30) 21
Increase/(decrease) in trade and
other payables - 85 (210) 6 83 (222)
Net cash from/(used in)
operating activities 186 619 (750) 253 678 (733)
Cash flows from investing
activities
Acquisition of financial assets
designated at fair value through
profit or loss (17,346) (43,151) (46,436) (13,670) (38,919) (44,331)
Acquisition of shares in subsidiary - - - (1) (2) -
Proceeds on sale of financial assets 13,899 33,689 6,135 13,896 33,607 6,135
Distributions received - 261 - - -
Advance made on investment - - - (108) (595) (2,156)
Net cash (used in)/from investing
activities (3,447) (9,201) (40,301) 117 (5,909) (40,352)
Cash flows from financing
activities
Repurchase of shares (1,767) (2,392) - (1,767) (2,392) -
Loan granted to subsidiairy - - - (3,271) (3,271) -
Net cash used in financing
activities (1,767) (2,392) - (5,038) (5,663) -
Net decrease in cash and cash
equivalents (5,028) (10,974) (41,051) (4,668) (10,894) (41,085)
Cash and cash equivalents at
beginning of period 27,137 32,946 83,437 26,771 32,868 83,437
Effect on exchange rate
fluctuations on cash and cash
equivalents (45) 92 (461) (48) 81 (427)
Cash and cash equivalents at end
of period 22,064 22,064 41,925 22,055 22,055 41,925
ABRIDGED GROUP SEGMENTAL INFORMATION FOR THE QUARTER ENDED 30 SEPTEMBER 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 Unaudited for Unaudited for Audited for
the quarter the 9 months the 9 months the year
ended 30 ended 30 ended 30 ended 31
September September September December
2017 2017 2016 2016
$000 $000 $000 $000
Profit before tax
United States 3,014 17,896 2,673 2,146
United Kingdom 414 1,594 - (1,125)
Europe 172 214 5,944 3,541
Asia - - (16) (116)
South Africa 2 (29) (53) 250
Australia (46) (131) - (14)
Mauritius (198) (394) (828) (814)
3,358 19,150 7,720 3,868
The Group
Unaudited as Audited as
at 30 at 31
September December
2017 2016
$000 $000
Total Assets
United States 69,045 60,305
Europe 31,138 26,907
Mauritius 19,163 28,915
United Kingdom 19,492 8,667
South Africa 4,821 1,852
Asia - 218
143,659 126,864
Date: 25/10/2017 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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