Aqua Sol: Six-month results 2007
10/8/2007 10:12
Ιt is hereby announced that during the meeting of the Board of Directors of the company AQUA SOL HOTELS PUBLIC COMPANY LTD which took place on Thursday 09/08/2007 at 15:00 p.m. at SUN HALL HOTEL Larnaca, the un¬audited financial statements of the company for the first six months of 2007 ending on 30/06/07 were examined and approved. Copy of the said statements is attached both in Greek and English.
The above mentioned statements are available to the public, at the office of the company, Nissi 26 Ayia Napa.
Finally it is hereby announced that the above mentioned results of the company shall be published in daily newspapers as it is provided in the Law and the Regulations.
Explanatory Statement on the Results of AQUA SOL HOTELS PUBLIC COMPANY LTD for the six month period ended 30 June 2007
The Board of Directors has convened on 9 August 2007 and approved the interim condensed consolidated financial statements of the Group for the six-month period ended at 30 June 2007.
FINANCIAL REVIEW
The interim condensed consolidated financial statements are presented in Cyprus Pounds and have been prepared according to the International Accounting Standard 34 “Interim Financial Reporting” and are in accordance with the Cyprus Stock Exchange Laws and Regulations. The figures in Euro are presented for information purposes only. The exchange rate used for all amounts is that of C£1=€ 1,7132.
The interim condensed consolidated income statement presents a net loss for the first half of 2007 amounting to C£3.208.688 (€5.497.124) as compared to a net loss of C£2.515.421 (€4.309.420) during the corresponding period of 2006, resulting to a fluctuation of C£693.267 (€1.187.704).
The Group’s turnover for the first half of 2007 has decreased to C£7.617.665 (€13.050.584) as compared to C£9.421.371 (€16.140.693) for the corresponding period of 2006. The decrease was mainly due to the reduction in the number of the tourist units operated by the Group during the first half of 2007 as compared to the corresponding period of 2006 and to the reduced demand for the tourist units of the Group in Paphos district.
The loss from operations for the first half of 2007 decreased to C£1.261.009 (€2.160.361) as compared to C£1.337.189 (€2.290.872) during the corresponding period of 2006. This reduction was mainly caused by the decrease in Group’s turnover, as explained above, as well as to the fluctuation of operating expenses and other income as explained below.
Total operating expenses for the first half of 2007 have decreased to C£11.016.336 (€18.873.185) as compared to C£11.442.440 (€19.603.188) during the corresponding period of 2006. This change is mainly the result of the decrease in total payroll costs and in the cost of electricity, fuel, water & sewerage.
The gain from disposal of property, plant and equipment of C£577.920 (€990.092) is a non¬recurring amount (2006: C£145.124 (€248.626)).
Other gains for the first half of 2007 have increased to C£1.359.667 (€2.329.381) as compared to C£473.697 (€811.538) during the corresponding period of 2006, mainly due to the profit from refund of rent prepaid as a result of the cancellation of a rent agreement which is a non¬recurring amount.
Finance costs for the first half of 2007 have increased to C£1.683.886 (€2.884.833) as compared to C£889.110 (€1.523.223) during the corresponding period of 2006, mainly due to increase in interest expense and to unfavorable foreign exchange fluctuations
PROSPECTS
The prospects of the Group for the year 2007 depend largely on the number and profile of tourist arrivals. Although it’s difficult to make estimates for the year 2007, the management is adopting policies to contain costs in the light of anticipated income. The Group will continue its strategy for the retention of its profitable tourist units, the termination of its loss making tourist units and the strengthening of the Group’s fixed assets base in order to maximise the shareholders’ long-term return.
OTHER INFORMATION
The interim condensed financial statements of the Group for the six-month period ended 30 June 2007 have not been audited by the external auditors of the Group.
The interim condensed financial statements of the Group will not be mailed to the shareholders. Extracts of these financial statements accompanied with the explanatory statement, will be published in all daily newspapers on Tuesday 14 August 2007.
The above mentioned statements are available to the public, at the office of the company, Nissi 26 Ayia Napa.
Finally it is hereby announced that the above mentioned results of the company shall be published in daily newspapers as it is provided in the Law and the Regulations.
Explanatory Statement on the Results of AQUA SOL HOTELS PUBLIC COMPANY LTD for the six month period ended 30 June 2007
The Board of Directors has convened on 9 August 2007 and approved the interim condensed consolidated financial statements of the Group for the six-month period ended at 30 June 2007.
FINANCIAL REVIEW
The interim condensed consolidated financial statements are presented in Cyprus Pounds and have been prepared according to the International Accounting Standard 34 “Interim Financial Reporting” and are in accordance with the Cyprus Stock Exchange Laws and Regulations. The figures in Euro are presented for information purposes only. The exchange rate used for all amounts is that of C£1=€ 1,7132.
The interim condensed consolidated income statement presents a net loss for the first half of 2007 amounting to C£3.208.688 (€5.497.124) as compared to a net loss of C£2.515.421 (€4.309.420) during the corresponding period of 2006, resulting to a fluctuation of C£693.267 (€1.187.704).
The Group’s turnover for the first half of 2007 has decreased to C£7.617.665 (€13.050.584) as compared to C£9.421.371 (€16.140.693) for the corresponding period of 2006. The decrease was mainly due to the reduction in the number of the tourist units operated by the Group during the first half of 2007 as compared to the corresponding period of 2006 and to the reduced demand for the tourist units of the Group in Paphos district.
The loss from operations for the first half of 2007 decreased to C£1.261.009 (€2.160.361) as compared to C£1.337.189 (€2.290.872) during the corresponding period of 2006. This reduction was mainly caused by the decrease in Group’s turnover, as explained above, as well as to the fluctuation of operating expenses and other income as explained below.
Total operating expenses for the first half of 2007 have decreased to C£11.016.336 (€18.873.185) as compared to C£11.442.440 (€19.603.188) during the corresponding period of 2006. This change is mainly the result of the decrease in total payroll costs and in the cost of electricity, fuel, water & sewerage.
The gain from disposal of property, plant and equipment of C£577.920 (€990.092) is a non¬recurring amount (2006: C£145.124 (€248.626)).
Other gains for the first half of 2007 have increased to C£1.359.667 (€2.329.381) as compared to C£473.697 (€811.538) during the corresponding period of 2006, mainly due to the profit from refund of rent prepaid as a result of the cancellation of a rent agreement which is a non¬recurring amount.
Finance costs for the first half of 2007 have increased to C£1.683.886 (€2.884.833) as compared to C£889.110 (€1.523.223) during the corresponding period of 2006, mainly due to increase in interest expense and to unfavorable foreign exchange fluctuations
PROSPECTS
The prospects of the Group for the year 2007 depend largely on the number and profile of tourist arrivals. Although it’s difficult to make estimates for the year 2007, the management is adopting policies to contain costs in the light of anticipated income. The Group will continue its strategy for the retention of its profitable tourist units, the termination of its loss making tourist units and the strengthening of the Group’s fixed assets base in order to maximise the shareholders’ long-term return.
OTHER INFORMATION
The interim condensed financial statements of the Group for the six-month period ended 30 June 2007 have not been audited by the external auditors of the Group.
The interim condensed financial statements of the Group will not be mailed to the shareholders. Extracts of these financial statements accompanied with the explanatory statement, will be published in all daily newspapers on Tuesday 14 August 2007.
