Wrap Text
Summarised unaudited consolidated results for the quarter & nine months ended 30 September 2018, further cautionary
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 2018 AND
FURTHER CAUTIONARY ANNOUNCEMENT
Astoria is an investment company with the principal objective to achieve strong United States Dollar ("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. Astoria 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").
REPORTING CURRENCY
The Group's results are reported in USD.
BUSINESS REVIEW
As at 30 September 2018, the net asset value ("NAV") per Astoria share was USD 1.20 (NAV per share at 30 June 2018
was USD 1.14 and NAV per share at 30 September 2017: USD 1.16).
The investment performance has been solid since the Company's inception. The most recent quarter was positively
impacted by favourable currency fluctuations and the recovery in the value of European Wealth Group Limited (now
known as Kingswood Holdings Ltd). The performance of the equity component, since inception, is ahead of the MSCI
World Index, which is one of the objectives of the business. The cash holding generates a low return, but a portion is
ring-fenced for private equity commitments to four large global private equity funds. Accretion in the value of the
private equity component is anticipated to materialise over time, as opposed to the more volatile nature of the direct
equity component.
The markets continued to be volatile during the third quarter of 2018, a great deal of which appears to be linked to rising
interest rates in the US, disruptions to the prevailing trade regime and movements in valuations generally. Astoria
focuses on quality long-term investments and has maintained a relatively consistent level of equity exposure.
As at 30 September 2018, the Group's funds were deployed as follows: listed global equities: 73.7%, niche funds and
private equity: 7.9%, fixed income: 1.8% and USD cash: 16.6%.
Astoria's top 10 direct listed equity positions as at 30 September 2018 were: Apple Inc, Kingswood Holdings Ltd, The
Blackstone Group LP, Facebook Inc, EPP N.V, Admiral Group PLC, Mastercard Inc, Home Depot, Nike Inc and
JP Morgan Chase. None of the equity positions comprised more than 4.5% of the portfolio value.
Operational costs for the Group were USD 2.342 million for the nine months ended 30 September 2018
(30 September 2017: USD 1.588 million). This was made up of management fees of USD 1 million with the balance
being operating expenses of USD 1.342 million. As previously explained, these operating expenses include professional
fees of USD 0.714 million directly relating to the previously announced RECM and Calibre Limited ("RAC") offer,
strategic review and legal advice.
RAC OFFER, THE BOARD'S STRATEGIC REVIEW AND FURTHER CAUTIONARY ANNOUNCEMENT
As announced during the period, the Company instituted legal proceedings against RAC and its subsidiary, Livingstone
Investments Proprietary Limited. The announcements published on 22 August 2018 and 5 October 2018 set out the
claims in considerable detail.
The board of directors of Astoria ("Board") continues to engage with the major shareholders regarding their support
for a proposal to effect a capital repayment to all shareholders as a route to unlock value for shareholders in light of the
discount in the Astoria share price relative to NAV.
Shareholders will be kept updated in regard to the proposal and Astoria will publish regular updates of unaudited NAV
estimates. In the meantime, shareholders are advised to continue to exercise caution in their dealings in Astoria shares.
NAV per share quarterly reporting:
31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18
Audited Unaudited Unaudited Unaudited
Total NAV ('000) $149,628 $147,489 $141,279 $147,947
Shares in issue 124,088,026 122,954,726 122,954,726 122,954,726
NAV per share $1.21 $1.20 $1.14 $1.20
PROSPECTS
The biggest driver for the Group's performance will be the direction of global developed equity markets. The Group
also anticipates further cash calls from the cash portion ring-fenced in terms of its commitment to four global private
equity funds.
BASIS OF PREPARATION
These summarised unaudited consolidated results for the nine months ended 30 September 2018 have been prepared in
accordance with the requirements of IFRS, particularly IAS34 – Interim Financial Reporting, the SEM Listing Rules,
the Securities Act of Mauritius 2005 and the JSE Listings Requirements.
ACCOUNTING POLICIES
These summarised unaudited consolidated results for the nine months ended 30 September 2018 were approved by the
Board on 22 October 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.
By order of the Board
Mauritius – 22 October 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 and the JSE Listings Requirements. The Board accepts full responsibility for the accuracy of the
information in this announcement.
For further information, please contact:
JSE designated advisor
Java Capital
NSX sponsor
Namibia Equity Brokers
Mauritian company administrator
Osiris
23 October 2018
SUMMARISED GROUP STATEMENTS OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
Unaudited Audited Unaudited
30 September 31 December 30 September
2018 2017 2017
$000 $000 $000
ASSETS
Non-current assets
Financial assets at fair value through profit or
122,747 129,942 121,588
loss
Total non-current assets 122,747 129,942 121,588
Current assets
Cash and cash equivalents 25,193 19,505 22,064
Trade and other receivables 7 181 7
Total current assets 25,200 19,686 22,071
Total assets 147,947 149,628 143,659
EQUITY AND LIABILITIES
EQUITY
Stated capital 121,111 124,062 124,504
Treasury shares (17) (2,968) (2,392)
Foreign currency translation reserve 164 - -
Retained earnings 26,105 28,136 21,307
Total equity 147,363 149,230 143,419
LIABILITIES
Current liabilities
Trade and other payables 584 398 240
Total current liabilities 584 398 240
Total equity and liabilities 147,947 149,628 143,659
SUMMARISED GROUP STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2018
Unaudited Unaudited Unaudited Unaudited
for the for the 9 Audited for the for the 9
quarter months for the year quarter months
ended 30 ended 30 ended 31 ended 30 ended 30
September September December September September
2018 2018 2017 2017 2017
$000 $000 $000 $000 $000
REVENUE
Dividend income 365 2,202 2,811 692 1,921
Net gain/(loss) from financial assets at fair
value through profit or loss 7,642 (1,737) 25,452 (340) 11,132
Total revenue 8,007 465 28,263 352 13,053
EXPENSES
General and administrative expenses (508) (2,342) (2,268) (600) (1,588)
OPERATING PROFIT/(LOSS) 7,499 (1,877) 25,995 (248) 11,465
Net foreign exchange gain/(loss) 198 (257) 61 (45) 92
Net realised (loss)/gain on disposal of
investments (671) 31 - 3,565 7,386
Other income 12 133 - - -
Net interest income 51 184 303 86 207
PROFIT/(LOSS) FOR THE PERIOD
BEFORE TAX 7,089 (1,786) 26,359 3,358 19,150
Taxation (72) (245) (420) - -
PROFIT/(LOSS) FOR THE PERIOD
AFTER TAX 7,017 (2,031) 25,939 3,358 19,150
OTHER COMPREHENSIVE INCOME
(Loss)/gain arising on foreign currency
translation differences (150) 164 - - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 6,867 (1,867) 25,939 3,358 19,150
Profit/(loss) per share from continuing
operations
Basic earnings/(loss) per share (cents) 5.58 (1.52) 20.64 2.67 15.17
Headline earnings/(loss) per share (cents) 5.58 (1.52) 20.64 2.67 15.17
Astoria has no dilutive instruments in issue.
RECONCILIATION OF PROFIT/(LOSS) TO HEADLINE EARNINGS/(LOSS) FOR THE QUARTER
AND NINE MONTHS ENDED 30 SEPTEMBER 2018
Unaudited Unaudited Unaudited Unaudited
for the for the 9 Audited for for the for the 9
quarter months the year quarter months
ended 30 ended 30 ended 31 ended 30 ended 30
September September December September September
2018 2018 2017 2017 2017
$000 $000 $000 $000 $000
Basic profit/(loss) from continuing
operations attributable to equity
holders 6,867 (1,867) 25,939 3,358 19,150
Headline earnings/(loss) from
continuing operations attributable
to equity holders 6,867 (1,867) 25,939 3,358 19,150
Weighted average number of shares
(units) 122,954,726 122,954,726 125,692,952 125,587,182 126,266,478
Basic profit/(loss) per share (cents) 5.58 (1.52) 20.64 2.67 15.17
Headline earnings/(loss) per share
(cents) 5.58 (1.52) 20.64 2.67 15.17
SUMMARISED GROUP STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTER AND NINE
MONTHS ENDED 30 SEPTEMBER 2018
Stated Translation Treasury Retained
capital reserve shares earnings Total
$000 $000 $000 $000 $000
Balance at 1 July 2018 121,111 314 (17) 19,088 140,496
Total comprehensive income for the period
Profit for the quarter - (150) - 7,017 6,867
Total comprehensive income - (150) - 7,017 6,867
Balance at 30 September 2018 (Unaudited) 121,111 164 (17) 26,105 147,363
Balance at 1 January 2018 124,062 - (2,968) 28,136 149,230
Transactions with owners of the Group
Cancellation of shares (2,951) - 2,951 - -
Total transactions with owners of the Group (2,951) - 2,951 - -
Total comprehensive income for the period
Loss for the period - 164 - (2,031) (1,867)
Total comprehensive income - 164 - (2,031) (1,867)
Balance at 30 September 2018 (Unaudited) 121,111 164 (17) 26,105 147,363
Balance at 1 January 2017 124,504 - - 2,197 126,701
Adjustment 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
Balance 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 2018
Unaudited Unaudited Audited Unaudited Unaudited
for the for the 9 for the for the for the 9
quarter months year ended quarter months
ended 30 ended 30 31 ended 30 ended 30
September September December September September
2018 2018 2017 2017 2017
$000 $000 $000 $000 $000
Cash flows from operating activities
Profit/(loss) before tax 7,089 (1,786) 26,359 3,358 19,150
Adjustments for:
Net (gain)/loss from revaluation of financial assets at
fair value through profit or loss (7,642) 1,737 (19,769) 340 (11,132)
Net loss/(gain) on disposal of investments 671 (31) (5,683) (3,565) (7,386)
Dividend received (293) (293) - - -
Interest income (51) (184) (303) - -
Net foreign (gain)/exchange loss (198) 257 (61) 45 (92)
(424) (300) 543 178 540
Changes in working capital:
Decrease/(increase) in trade and other receivables 76 244 (172) 8 (6)
(Decrease)/increase in trade and other payables (268) 63 235 - 85
Interest received 51 184 303 - -
Witholding tax suffered on dividend income (72) (245) (420) - -
Net cash (used in)/generated from operating
activities (637) (54) 489 186 619
Cash flows from investing activities
Acquisition of financial assets designated at fair value
through profit or loss (5,178) (27,626) (56,501) (17,346) (43,151)
Proceeds on sale of financial assets 13,562 32,175 45,920 13,899 33,689
Dividend received 293 1,450 - - 261
Net cash generated from/(used in) investing
activities 8,677 5,999 (10,581) (3,447) (9,201)
Cash flows from financing activities
Repurchase of treasury shares - - (3,393) (1,767) (2,392)
Repurchase of treasury shares costs - - (17) - -
Net cash used in financing activities - - (3,410) (1,767) (2,392)
Net increase/(decrease) in cash and cash
equivalents 8,040 5,945 (13,502) (5,028) (10,974)
Cash and cash equivalents at beginning of period 16,955 19,505 32,946 27,137 32,946
Effect on exchange rate fluctuations on cash and cash
equivalents 198 (257) 61 (45) 92
Cash and cash equivalents at end of period 25,193 25,193 19,505 22,064 22,064
SUMMARISED GROUP SEGMENTAL INFORMATION FOR THE QUARTER AND NINE
MONTHS ENDED 30 SEPTEMBER 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 Unaudited for the 9 Audited for the year Unaudited for the
quarter ended 30 months ended 30 ended 31 December quarter ended 30
September 2018 September 2018 2017 September 2017
$000 $000 $000 $000
Profit/(loss) before tax
United States 5,778 537 16,802 3,014
United Kingdom 1,324 (1,986) 3,046 414
Europe 505 2,801 1,596 172
South Africa (23) (1,873) (40) 2
Mauritius (456) (1,357) 4,540 (198)
Far East - - (2) -
Australia (111) (153) (3) (46)
7,017 (2,031) 25,939 3,358
Unaudited as at 30 Audited as at 31 Unaudited as at 30
September 2018 December 2017 September 2017
$000 $000 $000
Total Assets
United States 77,509 76,303 69,045
United Kingdom 49,574 24,765 19,492
Europe 5,616 25,584 31,138
South Africa 7,795 2,968 4,821
Mauritius 6,367 16,942 19,163
Far East - 3,066 -
Australia 1,086 - -
147,947 149,628 143,659
Date: 23/10/2018 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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