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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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