Wrap Text
Summarised unaudited consolidated results for quarter ended 31 March 2018 and cautionary announcement
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 ENDED 31 MARCH
2018 AND CAUTIONARY ANNOUNCEMENT
Astoria is an investment company and has primary listings on the Stock Exchange of Mauritius ("SEM") and the
Alternative Exchange ("AltX") of the Johannesburg Stock Exchange ("JSE") and a secondary listing on the main
board of the Namibian Stock Exchange ("NSX"). Its principal objective 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 31 March 2018, the net asset value ("NAV") per Astoria share was USD 1.20 (31 March 17: USD 1.06).
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 cash balance which produces a low but positive yield,
and the investments in unlisted private equity partnerships which are in the investment phase.
As at 31 March 2018, the Group's funds were deployed as follows: listed global equities: 83.61%, niche funds
and private equity: 6.34% and USD cash: 10.05%. The USD is Astoria's reporting currency.
Astoria's top 10 direct listed equity positions as at 31 March 2018 were: Echo Polska Properties, European Wealth
Group, Facebook Inc, The Blackstone Group LP, Apple Inc, Admiral Group PLC, Starbucks Corp, Home Depot,
JP Morgan Chase & Co and Hastings Group Holdings PLC. None of the equity positions comprised more than
5.99% of the portfolio value.
Operational costs for the Group were USD 0.570 million for the quarter ended 31 March 2018. This was made up
of management fees of USD 0.350 million with the balance being operating expenses of USD 0.220 million.
PROSPECTS
The biggest driver for the Group's performance will be the direction of global developed equity markets. The
Board believes that the Group is well positioned to take advantage of this. The Group anticipates 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 31 March 2018 was USD 1.20 (31 December 2017: USD 1.21).
The Board views this as a good result in light of the volatility experienced in global markets during the period
under review.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These summarised unaudited consolidated results for the quarter ended 31 March 2018 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.
ACCOUNTING POLICIES
These summarised unaudited consolidated results for the quarter ended 31 March 2018 were approved by the
Board on 23 April 2018. The summarised results below have not been reviewed or reported 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 2017, except for new standards and interpretations
effective as from 1 January 2018.
SHARE BUYBACK
The remaining 1,133,300 repurchased shares in treasury have been delisted and withdrawn from the JSE and SEM
on the 28 March 2018 and cancelled on the 4 April 2018.
STRATEGIC REVIEW, RAC AND CAUTIONARY ANNOUNCEMENT
The Board is cognisant of the continued discount in the share price to NAV. As a result, the Board is undertaking
a strategic review with a view to taking further steps to mitigate the discount. In addition, the Board notes the
announcement by RECM and Calibre Limited ("RAC") published on 25 April 2018 advising its shareholders that
RAC has increased its shareholding in Astoria to 28.72% of shares in issue and is currently assessing its options
in relation to unlocking value from its investment in Astoria. In these circumstances, the Board advises Astoria
shareholders to exercise caution in their dealings in the Company's securities.
By order of the Board
Mauritius – 30 April 2018
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,
5th 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, 5th 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
NSX sponsor
Namibia Equity Brokers
Mauritian company administrator
Osiris Corporate Solutions
ASTORIA INVESTMENTS LTD
SUMMARISED GROUP STATEMENTS OF FINANCIAL POSITION
AS AT 31 MARCH 2018
Unaudited Audited Unaudited
31 March 31 December 31 March
2018 2017 2017
$000 $000 $000
ASSETS
Non-current assets
Financial assets at fair value through profit or
134,326 129,942 106,340
loss
Total non-current assets 134,326 129,942 106,340
Current assets
Cash and cash equivalents 13,147 19,505 28,048
Trade and other receivables 16 181 18
Total current assets 13,163 19,686 28,066
Total assets 147,489 149,628 134,406
EQUITY AND LIABILITIES
EQUITY
Stated capital 122,108 124,062 124,504
Treasury shares (1,014) (2,968) -
Foreign currency translation reserve 105 - -
Retained earnings 26,053 28,136 9,666
Total equity 147,252 149,230 134,170
LIABILITIES
Current liabilities
Trade and other payables 237 398 236
Total current liabilities 237 398 236
Total equity and liabilities 147,489 149,628 134,406
ASTORIA INVESTMENTS LTD
SUMMARISED GROUP STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 MARCH 2018
Unaudited Audited for Unaudited
for the the year for the
quarter ended 31 quarter
ended 31 December ended 31
March 2018 2017 March 2017
$000 $000 $000
REVENUE
Dividend income 483 2,811 551
Net (loss)/gain from financial assets at fair value through profit or loss (2,157) 25,452 7,363
Total revenue (1,674) 28,263 7,914
EXPENSES
General and administrative expenses (570) (2,268) (477)
OPERATING (LOSS)/ PROFIT (2,244) 25,995 7,437
Net foreign exchange gain/(loss) 275 61 (20)
Net interest income 64 303 52
(LOSS)/ PROFIT FOR THE PERIOD BEFORE TAX (1,905) 26,359 7,469
Taxation (178) (420) -
(LOSS)/PROFIT FOR THE PERIOD AFTER TAX
(2,083) 25,939 7,469
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE
PERIOD (2,083) 25,939 7,469
(Loss)/profit per share from continuing operations
Basic (loss)/earnings per share (cents) (1.66) 20.64 5.89
Headline (loss)/earnings per share (cents) (1.66) 20.64 5.89
Astoria has no dilutive instruments in issue.
ASTORIA INVESTMENTS LTD
RECONCILIATION OF (LOSS)/PROFIT TO HEADLINE (LOSS)/EARNINGS FOR THE QUARTER
ENDED 31 MARCH 2018
Unaudited for Audited for Unaudited for
the quarter ended the year ended the quarter ended
31 March 2018 31 December 2017 31 March 2017
$000 $000 $000
Basic (loss)/profit from continuing operations
attributable to equity holders (2,083) 25,939 7,469
Headline (loss)/earnings from continuing operations
attributable to equity holders (2,083) 25,939 7,469
Weighted average number of shares (units) 125,640,893 125,692,952 126,809,944
Basic (loss)/profit per share (cents) (1.66) 20.64 5.89
Headline (loss)/earnings per share (cents) (1.66) 20.64 5.89
ASTORIA INVESTMENTS LTD
SUMMARISED GROUP STATEMENTS OF CHANGES IN EQUITY FOR THE
QUARTER ENDED 31 MARCH 2018
Stated Translation Treasury Retained
capital reserve shares earnings Total
$000 $000 $000 $000 $000
Balance at 1 January 2018 124,062 28,136 149,230
- (2,968)
Transactions with owners of the Company
Cancellation of shares (1,954) - 1,954 - -
Total transactions with owners of the
Company (1,954) - 1,954 - -
Total comprehensive income for the period
Loss for the quarter
- 105 - (2,083) (1,978)
Total comprehensive income
- 105 - (2,083) (1,978)
Balance at 31 March 2018 (Unaudited) 122,108 105 (1,014) 26,053 147,252
Balance at 1 January 2017 124,504 - - 2,197 126,701
Transactions with owners of the Company
Treasury shares acquired - - (3,393) - (3,393)
Treasury shares acquisition costs - - (17) - (17)
Cancellation of shares (422) - 442 - -
Total transactions with owners of the Company (442) - (2,968) - (3,410)
Total comprehensive income for the year
Profit for the year - - - 25,939 25,939
Total comprehensive income - - - 25,939 25,939
Balance at 31 December 2017 (Audited) 124,062 - (2,968) 28,136 149,230
Balance at 1 January 2017 124,504 - - 2,197 126,701
Total comprehensive income for the period
Profit for the quarter - - - 7,469 7,469
Total comprehensive income 124,504 - - 9,666 134,170
Balance at 31 March 2017 (Unaudited) 124,504 - - 9,666 134,170
ASTORIA INVESTMENTS LTD
SUMMARISED GROUP STATEMENTS OF CASH FLOWS FOR THE
QUARTER ENDED 31 MARCH 2018
Unaudited for Audited for Unaudited for
the quarter the year ended the quarter
ended 31 March 31 December ended 31 March
2018 2017 2017
USD'000 USD'000 USD'000
Cash flows from operating activities
(Loss)/profit before tax (1,905) 26,359 7,469
Adjustments for:
Net loss/(gain) from revaluation of financial assets
at fair value through profit or loss 4,164 (19,769) (7,363)
Net gain on disposal of investments (1,928) (5,683) -
Interest income (64) (303) -
Net foreign exchange (gain)/loss (275) (61) 20
Foreign currency translation reserve (105) - -
(113) 543 126
Changes in working capital:
Decrease/(increase) in trade and other receivables 166 (172) (16)
(Decrease)/increase in trade and other payables (184) 73 81
Interest received 64 303 -
Withholding tax suffered on dividend income (178) (420) -
Net cash (used in)/generated from operating
activities (245) 489 191
Cash flows from investing activities
Acquisition of financial assets designated at fair
value through profit or loss (17,073) (56,501) (14,181)
Proceeds on sale of financial assets 10,685 45,920 9,117
Net cash used in investing activities (6,388) (10,581) (5,064)
Cash flows from financing activities
Repurchase of treasury shares - (3,393) -
Repurchase of treasury shares costs - (17) -
Net cash used in financing activities - (3,410) -
Net decrease in cash and cash equivalents (6,633) (13,502) (4,873)
Cash and cash equivalents at beginning of period
19,505 32,946 32,946
Effect on exchange rate fluctuations on cash and
cash equivalents 275 61 (25)
Cash and cash equivalents at end of period 13,147 19,505 28,048
ASTORIA INVESTMENTS LTD
SUMMARISED GROUP SEGMENTAL INFORMATION FOR THE
QUARTER ENDED 31 MARCH 2018
The Group reports segmental information in terms of geographical location. Geographical location is split
between United States, United Kingdom, Europe, South Africa, Mauritius, Far East and Australia. The Group
has investments in high-quality global growth businesses.
Unaudited for the Audited for the Unaudited for the
quarter ended 31 year ended 31 quarter ended 31
March 2018 December 2017 March 2017
$000 $000 $000
(Loss)/profit before tax
United States (4,409) 16,802 7,388
United Kingdom (245) 368
3,046
Europe 2,361 108
1,596
South Africa 112 (40) (35)
Australia (42) (3) (42)
Mauritius 140 (318)
4,540
Far East - (2) -
(2,083) 25,939 7,469
Unaudited as at 31 Audited as at 31 Unaudited as at 31
March 2018 December 2017 March 2017
$000 $000 $000
Total assets
United States 75,676 73,023
76,303
United Kingdom 38,772 8,876
24,765
Europe 21,766 27,235
25,584
South Africa 4,846 454
2,968
Mauritius 2,862 24,787
16,942
Far East 2,411 31
3,066
Australia 1,156 - -
147,489 149,628 134,406
Date: 30/04/2018 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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