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ASTORIA INVESTMENTS LIMITED - Summarised unaudited consolidated results for the quarter ended 31 March 2019 and net asset value update

Release Date: 24/04/2019 12:30
Code(s): ARA     PDF:  
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Summarised unaudited consolidated results for the quarter ended 31 March 2019 and net asset value update

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 2019 AND NET ASSET VALUE UPDATE


Astoria is an investment company which 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"). Since the general meeting of shareholders held on 20 March 2019, 
Astoria's principal objective is to return substantially all of its capital to shareholders through the realisation 
of substantially all of its assets.

REPORTING CURRENCY

The Group's results are reported in United States dollars ("USD").

BUSINESS REVIEW

As at 31 March 2019, the net asset value ("NAV") per Astoria share was USD 1.08 (31 March 2018: USD 1.20,
31 March 2017: USD 1.06).

As at 31 March 2019, the Group's funds were deployed as follows: listed global equities: 3.20%, private equity:
5.33% and cash: 91.47%.

Operational costs for the Group were USD 5.825 million for the quarter ended 31 March 2019. This consists of
management fees of USD 5.253 million of which USD 4.96 million is the termination fee to the investment manager 
as approved at the general meeting of shareholders held on 20 March 2019 with the balance being operating expenses 
of USD 0.572 million.

The Company published a finalisation announcement in respect of the capital payment on the SEM and JSE on 2 April 2019 
(the "finalisation announcement") which contained details of the Company's assets sold as at 31 March 2019 the proceeds 
realised from such sales and declared a capital payment to shareholders in the amount of USD0.88394 per Astoria share, 
which equates to ZAR12.82428 per Astoria share. The realisation of the Company's assets have been accounted for in the 
Company's results to 31 March 2019.

Since 2 April 2019, the Company has realised the following further assets:

Liquid Assets
                                                   Number of shares realised                  Total Consideration
                                                                                                      USD
EPP N.V.                                                   352 704                                   495 320
Comair                                                     177 034                                    59 719

Private Equity
DSG Consumer Partners II                                                                             500 605


PROSPECTS

The Group anticipates further cash calls from the cash portion ring-fenced in terms of its commitment to global
private equity firms.

The NAV of the Company will be reduced by the capital payment to shareholders which is due to be made on 29 April 2019. 
Accordingly, the NAV per share post the capital payment will be USD 0.19 (based on share prices as at 31 March 2019). 
This is made up of:

Assets
Investments

Apollo Natural Resources Partners II, L.P.                                     2,727,771
CS Capital Partners V, L.P.                                                    2,558,341
Star Strategic Assets III                                                      1,313,638
V Ocean Investments Ltd                                                            1,000
Kingswood Holdings                                                             3,806,453

Cash                                                                         122,095,379
Distribution                                                                (108,684,373)
Net Cash                                                                      13,411,006

Net Asset Value                                                               23,818,209

Number of Shares                                                             122,954,726

NAV per share                                                                      $0.19


Following the capital payment to shareholders, the Company's assets will continue to be managed in accordance with the new 
investment policy contained in the circular to shareholders published on 18 February 2019.

DIVIDEND

No dividend has been declared for the period under review. However, a distribution to shareholders of a capital payment was 
declared in the finalisation announcement. Full details of the capital payment and the salient dates of the capital payment 
are contained in the finalisation announcement.


BASIS OF PREPARATION

These summarised unaudited consolidated results for the quarter ended 31 March 2019 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 2019 were approved by the Board on 23 April 2019. 
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 2018, 
except for new standards and interpretations effective as from 1 January 2019.


By order of the Board
Mauritius – 24 April 2019

Company secretary
Osiris Corporate Solutions (Mauritius) Limited


NOTES

Copies of this report are available to the public, free of charge, 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 accepts full responsibility for the accuracy of the information in this announcement.


For further information, please contact:

JSE designated advisor
Java Capital


NSX sponsor
Namibian Equity Brokers


Mauritian company administrator
OSIRIS International Group


SUMMARISED UNAUDITED GROUP STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2019


                                         Unaudited       Audited   Unaudited
                                          31 March   31 December   31 March
                                              2019          2018       2018

                                             $000          $000        $000


ASSETS

Non-current assets
Financial assets at fair value through
                                            11,433        77,253     134,326
profit or loss
Total non-current assets                    11,433        77,253     134,326
 

Current assets
Cash and cash equivalents                  121,568        55,323      13,147
Trade and other receivables                     24            19          16
Total current assets                       121,592        55,342      13,163

Total assets                               133,025       132,595     147,489


EQUITY AND LIABILITIES
EQUITY
Stated capital                             121,111       121,111    122,108
Treasury shares                               (17)          (17)     (1,014)
Foreign currency translation reserve          222           329         105
Retained earnings                          11,189        10,823      26,053
Total equity                               132,505       132,246    147,252


LIABILITIES
Current liabilities
Trade and other payables                      520           349         237


Total current liabilities                     520           349         237
Total equity and liabilities               133,025       132,595    147,489



SUMMARISED UNAUDITED GROUP STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 MARCH 2019


                                                                              Unaudited    Audited for    Unaudited
                                                                                 for the      the year       for the
                                                                                quarter      ended 31        quarter
                                                                               ended 31     December       ended 31
                                                                             March 2019          2018    March 2018
                                                                                   $000          $000          $000
REVENUE
Dividend income                                                                     270         3,210           483
Net gain/(loss) from financial assets at fair value through profit or loss        5,745       (17,084)       (2,157)

Total revenue/(loss)                                                              6,015       (13,874)       (1,674)

EXPENSES
General and administrative expenses                                             (5,825)        (2,792)         (570)


OPERATING PROFIT/(LOSS)                                                            190        (16,666)        (2,244)

Net foreign exchange (loss)/gain                                                  (119)          (625)           275
Net interest income                                                                360            449             64



PROFIT/(LOSS) FOR THE PERIOD BEFORE TAXATION                                       431       (16,842)         (1,905)

Taxation                                                                           (65)         (471)           (178)

PROFIT/(LOSS) FOR THE PERIOD AFTER TAXATION                                        366       (17,313)         (2,083)


OTHER COMPREHENSIVE INCOME
(Loss)/gain arising on foreign currency translation difference                    (107)          329             105

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                                          259       (16,984)         (1,978)

Earnings/(loss) per share from continuing operations:
Basic earnings/(loss) per share (cents)                                           0.30        (14.08)          (1.66)


Headline earnings/(loss) per share (cents)                                        0.30        (14.08)          (1.66)


Astoria has no dilutive instruments in issue.



RECONCILIATION OF PROFIT/(LOSS) TO HEADLINE EARNINGS/(LOSS) FOR THE QUARTER ENDED 31 MARCH 2019



                                                     Unaudited for      Audited for
                                                                                            Unaudited for
                                                       the quarter   the year ended
                                                                                        the quarter ended
                                                          ended 31      31 December
                                                                                            31 March 2018
                                                        March 2019             2018
                                                              $000             $000                 $000
Basic profit/(loss) from continuing operations
attributable to equity holders                                 366          (17,313)              (2,083)
Headline earnings/(loss) from continuing operations
attributable to equity holders                                 366          (17,313)              (2,083)


Weighted average number of shares (units)              122,954,726      122,954,726          125,640,893


Basic profit/(loss) per share (cents)                         0.30           (14.08)               (1.66)


Headline earnings/(loss) per share (cents)                    0.30           (14.08)               (1.66)





SUMMARISED UNAUDITED GROUP STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTER ENDED 31 MARCH 2019

                                                 Stated   Translation   Treasury    Retained
                                                capital       reserve     shares    earnings     Total
                                                  $000          $000        $000        $000      $000


Balance at 1 January 2019                       121,111          329        (17)      10,823    132,246



Total comprehensive income for the period
Profit for the quarter                                -            -           -         366        366
Loss arising on foreign currency translation
difference                                            -         (107)          -           -      -(107)
Total comprehensive income                            -         (107)          -         366        259


Balance at 31 March 2019 (Unaudited)            121,111          222         (17)     11,189     132,505


Balance at 1 January 2018                       124,062            -      (2,968)     28,136     149,230

Transactions with owners of the Company

Cancellation of shares                          (2,951)            -       2,951           -          -

Total transactions with owners of the Company   (2,951)            -       2,951           -          -


Total comprehensive income for the year
Loss for the year                                     -            -           -     (17,313)   (17,313)

Gain arising on foreign currency translation
difference                                            -          329           -           -        329
Total comprehensive income                            -          329           -     (17,313)   (16,984)


Balance at 31 December 2018 (Audited)           121,111          329         (17)     10,823     132,246


Balance at 1 January 2018                       124,062            -      (2,968)     28,136     149,230

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)
                                                     -           105           -      (2,083)     (1,978)

Balance at 31 March 2018 (Unaudited)            122,108          105      (1,014)     26,053     147,252




SUMMARISED UNAUDITED GROUP STATEMENTS OF CASH FLOWS FOR THE QUARTER ENDED 31 MARCH 2019


                                                                            Audited for
                                                            Unaudited for      the year    Unaudited for
                                                              the quarter     ended 31        the quarter
                                                                   ended     December              ended
                                                           31 March 2019          2018    31 March 2018
                                                                    $000          $000              $000


Cash flows from operating activities
Profit/(loss) after taxation                                         366      (17,313)           (2,083)
Adjustments for:
Net loss from revaluation of financial assets at fair
value through profit or loss                                        5,658       21,354             4,164
Net gain on disposal of investments                              (11,403)       (4,270)          (1,928)
Interest income                                                     (360)        (449)              (64)
Net foreign exchange loss/(gain)                                     119           625             (275)
Dividend income                                                     (270)       (3,210)               -
Foreign currency translation reserve                                   -             -              (105)
Taxation                                                              65           471               178
                                                                  (5,825)       (2,792)            (113)
Changes in working capital:
(Increase)/decrease in trade and other receivables                    (5)          162               166
Increase/(decrease) in trade and other payables                      171           (49)            (184)
Interest received                                                    360           449                64
Withholding tax on dividend income                                   (65)         (471)             (178)
Net cash used in operating activities                             (5,364)       (2,701)             (245)


Cash flows from investing activities
Acquisition of financial assets designated at fair value
through profit or loss                                              (365)      (27,358)          (17,073)
Proceeds from sale of financial assets                            71,823        62,963            10,685
Dividend received                                                    270         3,210                 -
Net cash flows generated from/(used in) investing
activities                                                        71,728        38,815            (6,388)


Net increase/(decrease) in cash and cash equivalents              66,364        36,114            (6,633)

Cash and cash equivalents at beginning of period                  55,323        19,505            19,505
Effect on exchange rate fluctuations on cash and cash
equivalents                                                         (119)         (296)              275
Cash and cash equivalents at end of period                       121,568        55,323            13,147



SUMMARISED UNAUDITED GROUP SEGMENTAL INFORMATION FOR THE QUARTER ENDED 31 MARCH 2019


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             year ended             quarter ended
                                         31 March 2019       31 December 2018            31 March 2018
                                                   $000                   $000                      $000

Profit/(loss) before tax
United States                                   12,013                (2,556)                   (4,231)
United Kingdom                                  (3,861)               (4,646)                     (245)
Europe                                           1,901                   662                     2,361
South Africa                                    (4,637)               (7,204)                      112
Australia                                           98                  (103)                      (42)
Mauritius                                       (5,083)               (2,922)                      140
Far East                                             -                   (73)                        -
 
                                                   431               (16,842)                   (1,905)



                                          Unaudited as at        Audited as at           Unaudited as at
                                           31 March 2019      31 December 2018             31 March 2018
                                                    $000                  $000                      $000
Total assets

United States                                      2,728                52,079                    75,676
United Kingdom                                     7,678                29,261                    38,772
Europe                                               317                14,179                    21,766
South Africa                                       5,132                 2,691                     4,846
Mauritius                                        117,170                33,328                     2,862
Far East                                               -                     -                     2,411
Australia                                              -                 1,057                     1,156


                                                 133,025               132,595                   147,489

Date: 24/04/2019 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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