Aqua Sol: Six-month results 2004
27/8/2004 10:13
Ιt is hereby announced that during the meeting of the Board of Directors of the company AQUA SOL HOTELS LTD which took place on Thursday 26/8/2004 at 17:00 p.m. at SUN HALL HOTEL Larnaca, the un-audited financial statements of the company for the first six months of 2004 ending on 30/6/04 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 LTD for the six month period ending 30 June 2004
The Board of Directors has convened on 26 August 2004 and approved the interim consolidated financial statements of the Group for the six-month period ending at 30 June 2004.
The Board of Directors wishes to make the following comments regarding the interim consolidated financial statements:
FINANCIAL REVIEW
Income is decreased from £12.287.159 in 2003 to £11.724.846 in 2004. Turnover is lower because of reduced selling prices in 2004 compared to 2003, as well as due to the introduction of the 3% CTO tax on accommodation income, which is deducted from income.
The general and administration expenses are increased from £7.912.005 in 2003 to £8.940.834 in 2004. The increase in expenses is mainly due to the increase in the general provision for bad debts by £341.000 and in the increase of payroll and energy costs. In addition, amounts have been spent to upgrade hotel units, in order to conform with the new regulations of safety and hygiene.
The amortisation of goodwill has been reversed from £144.378 debit to £707.595 credit. The credit amount results 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 £1.576.330 due to impairment of the goodwill relating to the Greek subsidiaries.
PROSPECTS
The profitability of the Group for 2004 is expected to be lower than the previous year due to the continuing difficulties in the market conditions of the tourist industry.
OTHER INFORMATION
The interim financial statements of the company will not be posted to the shareholders. Parts of these statements accompanied with the explanatory statement, will be published in all daily newspapers on Tuesday 31 August 2004.
Copies of the interim financial statements can be obtained from the company’s office at 26 Nissi Avenue, 5343 Ayia Napa, Tel: 23722964.
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 LTD for the six month period ending 30 June 2004
The Board of Directors has convened on 26 August 2004 and approved the interim consolidated financial statements of the Group for the six-month period ending at 30 June 2004.
The Board of Directors wishes to make the following comments regarding the interim consolidated financial statements:
FINANCIAL REVIEW
Income is decreased from £12.287.159 in 2003 to £11.724.846 in 2004. Turnover is lower because of reduced selling prices in 2004 compared to 2003, as well as due to the introduction of the 3% CTO tax on accommodation income, which is deducted from income.
The general and administration expenses are increased from £7.912.005 in 2003 to £8.940.834 in 2004. The increase in expenses is mainly due to the increase in the general provision for bad debts by £341.000 and in the increase of payroll and energy costs. In addition, amounts have been spent to upgrade hotel units, in order to conform with the new regulations of safety and hygiene.
The amortisation of goodwill has been reversed from £144.378 debit to £707.595 credit. The credit amount results 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 £1.576.330 due to impairment of the goodwill relating to the Greek subsidiaries.
PROSPECTS
The profitability of the Group for 2004 is expected to be lower than the previous year due to the continuing difficulties in the market conditions of the tourist industry.
OTHER INFORMATION
The interim financial statements of the company will not be posted to the shareholders. Parts of these statements accompanied with the explanatory statement, will be published in all daily newspapers on Tuesday 31 August 2004.
Copies of the interim financial statements can be obtained from the company’s office at 26 Nissi Avenue, 5343 Ayia Napa, Tel: 23722964.
