LAMPSA HOTEL CO.
Full Year 2006 Financial Results
For the fiscal year 1/1/2006-31/12/2006 all financial figures of the group presented a considerable positive increase.
The mother company revenues (according to IFRS) amounted euros 34.642 thousands versus 31.001 thousands of previous year 2005, representing an increase of 11,7 %. The profit before taxes, interests and depreciation (EBIDTA) amounted euros 9.746 thousands versus euros 8.341 thousands of previous year 2005, representing an increase of 16,8 %. The profit before taxes amounted euros 5.743 thousands versus euros 4.938 thousands of previous year 2005 representing an increase of 16, 3 %.
The hotel''s Grand Bretagne occupancy for 2006 has been increased versus 2005. The average room rate was considerably increased and it is significantly higher than all other similar Athens hotels.
As has been previously announced, from 6/6/2006 the company occupies the 51% of the hotel Hyatt of Belgrade. At group level, taking into consideration that for the first time the results of the hotel Hyatt of Belgrade are consolidated and so the figures are not absolutely comparative, the financial results are:
The revenues amounted euros 45.320 thousands, EBIDTA amounted euros 15.988 thousands and the profit before taxes amounted euros 8.954 thousands. These figures compared to the results of the mother company for the year 2005 present an increase of 46,2% for the revenues,103,6% for the profit before taxes and 91,7% for EBIDTA.
The Board of Directors of the Company has decided to exercise its call option, through two subsidiaries, for the purchase of the shares (the price being the acquisition cost) of the company Belven Associates, which is the owner of a loan of $ 33.269.892, 57 granted to the company Beogradsko Mesovito Preduzecee A.D.. This loan is secured by a mortgage on the hotel. The terms of the loan are considerably favorable based on the present situation. The company''s announcement at 7 June 2006 that was published on press release is also related to above mentioned action.
The relevant transaction will be actualized at Monday 2 April 2007 and for the payment of the amount the company will be funded by a bank overdraft loan. The Board of Directors believes that the acquisition of these stocks will have a positive influence at the company''s financial results.
During the first quarter of current fiscal year, the turnover of both mother company (Hotel Grande Bretagne) and group (Hotel Hyatt Belgrade), is performing considerably positive and is on line with the Budgeted figures which were produced in December 2006.
Finally, the company is at the last stage of negotiations for the acquisition of the remaining 49% of share capital of the Hotel Hyatt Belgrade, which for the moment belongs to the public oil company of Serbia (NIS).
In sight of the above the Board of Directors decided to propose at the General Assembly of the shareholders for the year 2006 dividend euros 0,08 which is 60 % increased of the relevant for the year 2005.
The mother company revenues (according to IFRS) amounted euros 34.642 thousands versus 31.001 thousands of previous year 2005, representing an increase of 11,7 %. The profit before taxes, interests and depreciation (EBIDTA) amounted euros 9.746 thousands versus euros 8.341 thousands of previous year 2005, representing an increase of 16,8 %. The profit before taxes amounted euros 5.743 thousands versus euros 4.938 thousands of previous year 2005 representing an increase of 16, 3 %.
The hotel''s Grand Bretagne occupancy for 2006 has been increased versus 2005. The average room rate was considerably increased and it is significantly higher than all other similar Athens hotels.
As has been previously announced, from 6/6/2006 the company occupies the 51% of the hotel Hyatt of Belgrade. At group level, taking into consideration that for the first time the results of the hotel Hyatt of Belgrade are consolidated and so the figures are not absolutely comparative, the financial results are:
The revenues amounted euros 45.320 thousands, EBIDTA amounted euros 15.988 thousands and the profit before taxes amounted euros 8.954 thousands. These figures compared to the results of the mother company for the year 2005 present an increase of 46,2% for the revenues,103,6% for the profit before taxes and 91,7% for EBIDTA.
The Board of Directors of the Company has decided to exercise its call option, through two subsidiaries, for the purchase of the shares (the price being the acquisition cost) of the company Belven Associates, which is the owner of a loan of $ 33.269.892, 57 granted to the company Beogradsko Mesovito Preduzecee A.D.. This loan is secured by a mortgage on the hotel. The terms of the loan are considerably favorable based on the present situation. The company''s announcement at 7 June 2006 that was published on press release is also related to above mentioned action.
The relevant transaction will be actualized at Monday 2 April 2007 and for the payment of the amount the company will be funded by a bank overdraft loan. The Board of Directors believes that the acquisition of these stocks will have a positive influence at the company''s financial results.
During the first quarter of current fiscal year, the turnover of both mother company (Hotel Grande Bretagne) and group (Hotel Hyatt Belgrade), is performing considerably positive and is on line with the Budgeted figures which were produced in December 2006.
Finally, the company is at the last stage of negotiations for the acquisition of the remaining 49% of share capital of the Hotel Hyatt Belgrade, which for the moment belongs to the public oil company of Serbia (NIS).
In sight of the above the Board of Directors decided to propose at the General Assembly of the shareholders for the year 2006 dividend euros 0,08 which is 60 % increased of the relevant for the year 2005.