Aqua Sol: Indicative results 2004 – Board changes
25/2/2005 10:19
The Board of Directors of AQUA SOL HOTELS LTD announces that in its meeting on 24/02/2005 approved the indicative consolidated results of the Group for the year ended 31st December 2004. Copy of the relevant results as well as the analysis are attached, and shall be published on Monday 28/02/2005 in all daily newspapers.
During the above mentioned meeting the written resignation of the Director Mr. Peter Stephenson was filed, which was accepted and thereafter Mr. Peter Michael Dugre was appointed as new Director to replace the position of Mr. Stephenson. The relevant form as it is requested by the regulations is attached.
Financial Results
1. The consolidated results are presented in Cyprus Pounds. The results of overseas subsidiaries are translated into Cyprus Pounds using the average exchange rate for the year.
2. Group’s turnover decreased by £1.195.954 or 3,7% compared to the year ended 31st December 2003. The decrease was mainly caused by the reduction in selling prices of available rooms as well as the reduction of occupancy rates in the hotels of the Group.
3. The operating expenses have increased from £21.050.314 in the year 2003 to £22.524.698 in the year 2004 or 7%. The increase is due to the increase of payroll costs, energy costs, repairs, other operating expenses and an increase in the provision for bad debts.
4. Gross Operating Profit decreased from £10.848.450 to £8.178.112 recording a 24,6% decrease. In addition the percentage of Gross Operating Profit to Turnover decreased from 34,0% to 26,6% mainly because of the drop in selling prices and the increase of the operating expenses.
5. Depreciation charge and rent expenses remained at the same levels as in 2003.
6. Goodwill charge has been reversed from £289.799 debit to £468.138 credit. The credit amount resulted from the recognition of £2.330.200 negative goodwill that arisen from the acquisition of “ADRASTEIA HOTELS LTD”, in June 2004. In addition the Group has written-off an amount of £1.842.791 due to impairment of the goodwill relating to the Greek subsidiaries.
7. Finance income / (expenses) have been reversed from £372.144 debit to £468.138 credit mainly due to a decrease in the loan interest charges, exchange gain on foreign currency loans and finance income from debtors for assets under finance leases.
8. Taxation increased from £542.780 in 2003 to £634.334 in 2004 mainly due to the reduction of deferred tax assets relating to the Greek subsidiaries.
9. The indicative consolidated results have not been audited from the external auditors.
Other Information
1. The indicative consolidated results of the Group shall not be sent to the shareholders of the Company, but shall be published to all daily newspapers on Monday 28/02/2005.
2. Copies of the indicative consolidated results are available at the offices of the Company at Nissi Avenue 26, 5343 Ayia Napa, Telephone No. 23722964.
During the above mentioned meeting the written resignation of the Director Mr. Peter Stephenson was filed, which was accepted and thereafter Mr. Peter Michael Dugre was appointed as new Director to replace the position of Mr. Stephenson. The relevant form as it is requested by the regulations is attached.
Financial Results
1. The consolidated results are presented in Cyprus Pounds. The results of overseas subsidiaries are translated into Cyprus Pounds using the average exchange rate for the year.
2. Group’s turnover decreased by £1.195.954 or 3,7% compared to the year ended 31st December 2003. The decrease was mainly caused by the reduction in selling prices of available rooms as well as the reduction of occupancy rates in the hotels of the Group.
3. The operating expenses have increased from £21.050.314 in the year 2003 to £22.524.698 in the year 2004 or 7%. The increase is due to the increase of payroll costs, energy costs, repairs, other operating expenses and an increase in the provision for bad debts.
4. Gross Operating Profit decreased from £10.848.450 to £8.178.112 recording a 24,6% decrease. In addition the percentage of Gross Operating Profit to Turnover decreased from 34,0% to 26,6% mainly because of the drop in selling prices and the increase of the operating expenses.
5. Depreciation charge and rent expenses remained at the same levels as in 2003.
6. Goodwill charge has been reversed from £289.799 debit to £468.138 credit. The credit amount resulted from the recognition of £2.330.200 negative goodwill that arisen from the acquisition of “ADRASTEIA HOTELS LTD”, in June 2004. In addition the Group has written-off an amount of £1.842.791 due to impairment of the goodwill relating to the Greek subsidiaries.
7. Finance income / (expenses) have been reversed from £372.144 debit to £468.138 credit mainly due to a decrease in the loan interest charges, exchange gain on foreign currency loans and finance income from debtors for assets under finance leases.
8. Taxation increased from £542.780 in 2003 to £634.334 in 2004 mainly due to the reduction of deferred tax assets relating to the Greek subsidiaries.
9. The indicative consolidated results have not been audited from the external auditors.
Other Information
1. The indicative consolidated results of the Group shall not be sent to the shareholders of the Company, but shall be published to all daily newspapers on Monday 28/02/2005.
2. Copies of the indicative consolidated results are available at the offices of the Company at Nissi Avenue 26, 5343 Ayia Napa, Telephone No. 23722964.
