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Osiris Properties International Limited Releases Preliminary 2012 Results
Hamilton, Bermuda – 29 November, 2012 – In a filing with the Bermuda Stock Exchange (“BSX”), Osiris Properties International Limited (the “Company”; Ticker: OPI.BH) released preliminary financial results for the year ended 31 August, 2012.
ABRIDGED AUDITED CONSOLIDATED RESULTS FOR THE PERIOD FROM INCORPORATION ON 16 MAY 2012 TO 31 AUGUST 2012
Osiris Properties was incorporated on 16 May 2012 in Bermuda with the primary objective of opportunistically acquiring good quality undervalued property assets (predominantly in the UK and Europe), in order to offer investors a high yielding, property investment. The Company’s primary listing is on the Bermuda Stock Exchange (“BSX”). It has a secondary listing on the Alternative Exchange (“AltX”) of the JSE.
REPORTING CURRENCY
The Company’s results are reported in Pounds Sterling.
BUSINESS REVIEW
The Company successfully raised R938,184 (£72,168) by way of a private placement on 20 August 2012. Osiris Properties has performed in line with expectations following its listing on the BSX and the AltX and the successful acquisition of Banstead Property Holdings Limited, which owns a retail property, with effect from 1 June 2012. Currently, this is the only property in the Group’s portfolio.
PROSPECTS
The Company remains committed to increasing its portfolio in the next financial year.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These results have been prepared in accordance with International Financial Reporting Standards, including IAS34 – Interim Financial Reporting, the rules of the BSX and the Listings Requirements of the JSE Limited.
ACCOUNTING POLICIES
The financial statements, on which these abridged results are based, have been audited by the Group’s external auditors, Deloitte &Touche BVI and their unqualified audit report is available on request from the company secretary and will be released together with the annual report.The accounting policies adopted are consistent with those published in the Pre-Listing Statement of Osiris Properties issued on 20 August 2012.
Further details concerning the Company and this press release can be accessed via the Company’s web-site http://osirispropertiesint.com/index.html
Bermuda Listing Sponsor:
Apex Fund Services Ltd. Tel: (441) 292-1884
PROPERTY INFORMATION
|
Property address |
Properties (No.) |
Lettable Area (sq ft) |
Market Value as at 31 August 2012 (£) |
Annualised gross rental income (£) |
Sector |
Occupancy (%) |
Net initial Yield (%) |
|
98-100 High Street, Banstead, SM7 2NN, England |
1 |
4,307 |
1,125,000 |
77,550 |
Retail |
100.0 |
6.5 |
|
Total |
1 |
4,307 |
1,125,000 |
77,550 |
|
100.0 |
6.5 |
ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period from incorporation on 16 May 2012 to 31 August 2012
|
|
Period Ended 31 August 2012 £ |
|
Revenue |
|
|
Gross rental income |
19,200 |
|
Expenses |
|
|
Administrative expenses |
(3,318) |
|
Investment management and professional fees |
(5,168) |
|
Net fair value gain on investment property |
110,000 |
|
Profitfrom operations |
120,714 |
|
Interest expense |
(5,883) |
|
Foreign currency loss |
(2,118) |
|
Profitfor the period before tax |
112,713 |
|
Taxation |
- |
|
Profit for the periodattributable to shareholders |
112,713 |
|
Other comprehensive income |
- |
|
Total comprehensive income for the period attributable to shareholders |
112,713 |
|
|
|
|
Actual number of shares in issue |
664,180 |
|
Weighted number of shares in issue |
510,921 |
|
Basic earnings per share (pence)* |
22.06 |
|
Headline earnings per share (pence)* |
0.53 |
|
Reconciliation of earnings and headline earnings: |
|
|
Profit for the period attributable to shareholders |
112,713 |
|
Net fair value gain on investment property |
(110,000) |
|
Headline earnings attributable to shareholders |
2,713 |
* The Company does not have any dilutionary instruments in issue.
ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 August 2012
|
As at 31 August 2012 £ | |
|
Assets |
|
|
Non-current assets |
|
|
Investment property |
1,125,000 |
|
Current assets |
110,069 |
|
Total assets |
1,235,069 |
|
Equity and liabilities |
|
|
Capital and reserves |
|
|
Share capital |
66 |
|
Share premium |
538,290 |
|
Retained earnings |
112,713 |
|
Total equity attributable to shareholders |
651,069 |
|
Non-current liabilities |
|
|
Borrowings |
487,375 |
|
Trade and other payables |
96,625 |
|
Total liabilities |
584,000 |
|
Total equity and liabilities |
1,235,069 |
|
|
|
|
Net asset value per share (pence) |
98.03 |
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period from incorporation on 16 May 2012 to31 August 2012
|
|
Share capital £ |
Share premium £ |
Retained earnings £ |
Total equity £ |
|
Balance at incorporation |
- |
- |
- |
- |
|
Total comprehensive income for the period |
- |
- |
112,713 |
112,713 |
|
Shares issued |
66 |
538,290 |
- |
538,356 |
|
Balance at 31 August 2012 |
66 |
538,290 |
112,713 |
651,069 |
abridged Consolidated Statement of Cash Flows
For the period from incorporation on 16 May 2012 to 31 August 2012
|
|
Period Ended 31 August 2012 £ |
|
Net cash generated from operating activities |
(2,383) |
|
Net cash generated from investing activities |
41,638 |
|
Net cash generated from financing activities |
72,168 |
|
Effect of exchange rate fluctuations on cash held |
(2,118) |
|
Net cash at the beginning of the period |
- |
|
Net cash at the end of the period |
109,305 |