Aqua Sol approved final FY 2002 results – AGM on 20/6
9/4/2003 9:36
The Board of Directors of the Company AQUA SOL HOTELS LTD announces that at its Meeting which took place at the SUN HOTEL Larnaca on 8/4/03 has considered and approved the final audited financial results of the Company for the financial year ended on 31/12/02.
The final audited financial results of the Company for 2002 present improvement from the indicative results which were announced on 26/2/2003. Τhe differences are due mainly to the fact that pre-paid rents by the Company are considered to include an element of financing. As a result of that the Company is considered to receive notional interest on the pre-paid amounts. The charge in the profit and loss account is split up between rent payable and notional interest receivable. Based on this accounting transaction the rental cost increased by CY£903,069 receivable and the
notional interest increased by CY£1,241,480.- The net profit is CY£338,411.-
In addition to the above, and due to the tourist recession as a result of the Iraqi crisis it was considered prudent by the Company to increase the general provisions for bad-debts by CY £200,000.
The exact amount of the profits before tax for the year ended 31/12/2001 is CY£6,757,305(instead of CY£6,618,804 of the indicative results) and after tax CY£6,149,434 (instead of CY £4,981,943 of the indicative results).
Copies of the Financial Statements are available at the Offices of the Company at 26, Nissi Avenue, Ayia Napa. The annual reports and the annual accounts shall be sent to the Cyprus Stock Exchange, to the Securities Commission and to the Shareholders of the Company, as it is provided in the relevant regulations by 30/4/2003.
Because of the financial consequences which the war in IRAQ causes the taking of the decision for the payment or not of dividends to the shareholders was postponed for a later time.
The Board of Directors has also decided to call the Annual General Meeting of the Company on 20/6/2003 at 17:00 p.m. in SUN HOTEL Larnaca.
The final audited financial results of the Company for 2002 present improvement from the indicative results which were announced on 26/2/2003. Τhe differences are due mainly to the fact that pre-paid rents by the Company are considered to include an element of financing. As a result of that the Company is considered to receive notional interest on the pre-paid amounts. The charge in the profit and loss account is split up between rent payable and notional interest receivable. Based on this accounting transaction the rental cost increased by CY£903,069 receivable and the
notional interest increased by CY£1,241,480.- The net profit is CY£338,411.-
In addition to the above, and due to the tourist recession as a result of the Iraqi crisis it was considered prudent by the Company to increase the general provisions for bad-debts by CY £200,000.
The exact amount of the profits before tax for the year ended 31/12/2001 is CY£6,757,305(instead of CY£6,618,804 of the indicative results) and after tax CY£6,149,434 (instead of CY £4,981,943 of the indicative results).
Copies of the Financial Statements are available at the Offices of the Company at 26, Nissi Avenue, Ayia Napa. The annual reports and the annual accounts shall be sent to the Cyprus Stock Exchange, to the Securities Commission and to the Shareholders of the Company, as it is provided in the relevant regulations by 30/4/2003.
Because of the financial consequences which the war in IRAQ causes the taking of the decision for the payment or not of dividends to the shareholders was postponed for a later time.
The Board of Directors has also decided to call the Annual General Meeting of the Company on 20/6/2003 at 17:00 p.m. in SUN HOTEL Larnaca.
