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Claridge Public LTD — Management Reports 2015
Nov 20, 2015
2455_ir_2015-11-20_cef0fd0b-8b90-42f3-b231-05c2acda1091.pdf
Management Reports
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Claridge Public Limited
Office of the Secretary P.O. Box 50012, 3600 Limassol, Cyprus Tel.:00357 25871600, Fax: 00357 25362001 e-mail: [email protected]
Interim Management Report
Claridge Public Limited presents the Interim Management Report of the Group for the period from 1 July 2015 to 19 November 2015, which has been prepared pursuant to the provisions of Article 11 of the Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law of 2007 $(N.190(1)/2007)$ .
Nature of Activities of the Group
The main activities of the Group have not changed compared with those of the year ended on 31 December 2014, which are the provision of hotel services as well as the selling of properties through its wholly subsidiary company Amathus Vacation Ownership Limited.
General review of the financial position of the Hotel
The turnover of the hotel Olympic Lagoon Resort Paphos for the period from 1 July 2015 to 30 September 2015 amounted to $\epsilon$ 5.167.857 compared to $\epsilon$ 2.874.691 of the corresponding period of last year, showing an increase of €2.293.166. The increase in turnover is to the increase in the occupancy of the hotel compared to the corresponding period of last year. The occupancy in the corresponding period of last year was adversely affected by the announcement for the closure of the hotel on the 24th of September for renovations and its nonpromotion by the tour operators.
The operating results for the reporting period are improved compared to the corresponding period of last year due to the increase I turnover.
General review of the financial position of the development and disposal of immovable property sector
As regards the wholly subsidiary company of the Group, Amathus Vacation Ownership Limited, no sales have been taken place during the reporting period.
Main risks and uncertainties
The main risks and uncertainties that the Group faces are the same as those described in the Annual Report for 2014.
Significant Facts and Transactions
On 3 September 2015 a court action was served upon the Company, which was filed by K.A. Olympic Lagoon Resort Limited, by which K.A. Olympic Lagoon Resort Limited is claiming against Claridge Public Limited an order for specific performance
Claridge Public Limited
Office of the Secretary P.O. Box 50012, 3600 Limassol, Cyprus Tel.:00357 25871600, Fax: 00357 25362001 e-mail: [email protected]
of the sale and purchase agreement dated 2 April 2015 by which the Company sold to K.A. Olympic Lagoon Resort Limited its hotel Amathus Beach Hotel Paphos. In addition, K.A. Olympic Lagoon Resort Limited claims against the Company general and/or exemplary and/or punitive damages for breaching of the sale and purchase agreement dated 2 April 2015.
During the reporting period there were no other significant events and transactions other than the ordinary activities which have an impact on the financial position of the Group.
Prospects
The Board of Directors of the Company taking into consideration all the above, the delay for the transfer of the hotel to K.A. Olympic Lagoon Resort Ltd, the examination and outcome of the petition to wind-up the Company, the outcome of the application of the Company for the issue of a validation order for the sale of the hotel, estimate that the expected financial results of the Group for the year 2015 shall continue to be loss making.
Limassol. 20 November 2015