Aqua Sol: Six-month results 2003
27/8/2003 11:37
The Board of Directors has convened and approved the interim financial statements of the Group for the six-month period ended 30 June 2003.
The Board of Directors wishes to make the following comments regarding the interim financial statements:
FINANCIAL REVIEW
The turnover appears to have decreased slightly from £12.309.077 to £12.287.159. Both, occupancy rates and selling prices were adversely affected by the decrease of the tourist arrivals in Cyprus. The effect on turnover from the drop of the tourist arrivals in Cyprus, appears to be insignificant. However, this is not the case as the new tourist village “AKTEON” in Paphos commenced operations in April of this year. Additionally the tourist village “ELENI” in Paphos operated for the whole period whereas last year started operations in April.
Even though turnover remained at last year’s levels general and administrative expenses increased from £7.186.103 to £7.912.005. The expenses of the disposed Blue Horizon Palm Beach & Bungalows are included without income, due to the seasonality of the hotel, up to the date of sale at 30 April 2003. Additionally the operating expenses of Akteon Tourist Village are included for the first time and those of Eleni Tourist Village are included for the whole period. There have also been increases in salaries, electricity and other operating expenses.
The depreciation charged for the period has increased by £134.689 or 18% and is mainly due to the depreciation charged on the new tourist village “AKTEON”, in Paphos.
The gain from the disposal of the share capital of TOUREX A.E.T.X.E. owner of Blue Horizon Palm Beach & Bungalows is £159.004 and not £330.000 as previously announced. The difference with regards to the initially announced amount is mainly attributed to taxation and restructuring costs.
The comparatives for the period 1 January 2002 to 30 June 2002 have been restated to conform with the provisions of IAS39 as to the treatment of prepaid rents which has been adopted for the financial statements for the year ended 31 December 2002.
With the adoption of IAS39 as stated above the net profit for the six months ended 30 June 2002 has been restated to C£1.754.747 as compared to C£1.602.541 previously reported.
PROSPECTS FOR 2003
The current year has been a difficult year, because of the reduction in tourist arrivals and selling prices of available beds.
Even though we believe that the results of the first six months are satisfactory when taking into account the negative trading conditions, it is prudent to inform again our shareholders that the company’s total profitability for 2003 is expected to be less than that of 2002.
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 Friday 29 August 2003.
Copies of the interim financial statements can be obtained from the company’s office at 26 Nissi Avenue, 5343 Ayia Napa, Tel: 23722964
The Board of Directors wishes to make the following comments regarding the interim financial statements:
FINANCIAL REVIEW
The turnover appears to have decreased slightly from £12.309.077 to £12.287.159. Both, occupancy rates and selling prices were adversely affected by the decrease of the tourist arrivals in Cyprus. The effect on turnover from the drop of the tourist arrivals in Cyprus, appears to be insignificant. However, this is not the case as the new tourist village “AKTEON” in Paphos commenced operations in April of this year. Additionally the tourist village “ELENI” in Paphos operated for the whole period whereas last year started operations in April.
Even though turnover remained at last year’s levels general and administrative expenses increased from £7.186.103 to £7.912.005. The expenses of the disposed Blue Horizon Palm Beach & Bungalows are included without income, due to the seasonality of the hotel, up to the date of sale at 30 April 2003. Additionally the operating expenses of Akteon Tourist Village are included for the first time and those of Eleni Tourist Village are included for the whole period. There have also been increases in salaries, electricity and other operating expenses.
The depreciation charged for the period has increased by £134.689 or 18% and is mainly due to the depreciation charged on the new tourist village “AKTEON”, in Paphos.
The gain from the disposal of the share capital of TOUREX A.E.T.X.E. owner of Blue Horizon Palm Beach & Bungalows is £159.004 and not £330.000 as previously announced. The difference with regards to the initially announced amount is mainly attributed to taxation and restructuring costs.
The comparatives for the period 1 January 2002 to 30 June 2002 have been restated to conform with the provisions of IAS39 as to the treatment of prepaid rents which has been adopted for the financial statements for the year ended 31 December 2002.
With the adoption of IAS39 as stated above the net profit for the six months ended 30 June 2002 has been restated to C£1.754.747 as compared to C£1.602.541 previously reported.
PROSPECTS FOR 2003
The current year has been a difficult year, because of the reduction in tourist arrivals and selling prices of available beds.
Even though we believe that the results of the first six months are satisfactory when taking into account the negative trading conditions, it is prudent to inform again our shareholders that the company’s total profitability for 2003 is expected to be less than that of 2002.
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 Friday 29 August 2003.
Copies of the interim financial statements can be obtained from the company’s office at 26 Nissi Avenue, 5343 Ayia Napa, Tel: 23722964
