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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Snoozebox | LSE:ZZZ | London | Ordinary Share | GB00B7D66J40 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.3575 | 0.35 | 0.365 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMZZZ
RNS Number : 5071N
Snoozebox Holdings PLC
09 August 2017
9 August 2017
Snoozebox Holdings plc
Interim Report for the six months to 30 June 2017
Snoozebox Holdings plc (AIM: ZZZ), ("the Company" or "the Group") today announces its unaudited Interim Report for the six months ended 30 June 2017.
Interim Report Highlights
-- Revenue GBP0.9m as anticipated (H1 16: GBP2.2m) -- Contribution to central overheads GBP0.2m (H1 16: GBP1.0m) -- Adjusted EBITDA* loss GBP0.4m (H1 16: GBP0.8m loss) -- Loss before taxation GBP1.0m (H1 16: GBP2.1m loss) -- Loss per share 0.34p (H1 16: 0.73p loss) -- Cash at 30 June 2017 GBP1.3m (31 December 2016: GBP2.4m) -- Net debt at 30 June 2017 GBP6.7m (31 December 2016: net debt GBP5.5m)
*Adjusted EBITDA is EBITDA before exceptional items and share-based payment charges
In the Semi-Permanent market, we are making good progress towards securing opportunities for 2017 and 2018 deployment and our key focus is to now close out qualified sales opportunities. In June, we secured a small new opportunity in the Events market, which has since been successfully completed, and we are looking for opportunities to repeat this success.
The Board is currently continuing its discussions with its primary lender concerning amendments to the Group's capital structure and funding.
Chris Errington, Executive Chairman, commented:
"We have made progress with improvements to trading in the first half of 2017, achieving improved contributions from both Semi-Permanent and Event deployments and benefitting from a significantly reduced cost base and more stable operations. We are making good progress towards securing opportunities for 2017 and 2018 deployment."
Enquiries:
Hot Features
Premium
Panmure Gordon 020 7886 2500
Corporate Finance: Andrew Godber
Duncan Monteith
Corporate Broking: Charles Leigh-Pemberton
Snoozebox Holdings plc
Interim Report for the six months to 30 June 2017
Chairman's Review
Over the last few years, Snoozebox has established itself as a leading provider of rapidly deployed quality accommodation. In early 2016, the Board commenced a restructuring of the Group's operations intended to improve operating stability, financial performance and position.
We have made good progress in reducing the Group's cost burden and stabilising operations, as further set out in the operating and financial review. We have also made good progress in identifying deployment opportunities for our V1 accommodation as set out in the outlook section.
Operating and financial review
As expected, total revenues for the period reduced to GBP0.9m (H1 16: GBP2.2m) and contribution to central overheads reduced to GBP0.2m (H1 16: GBP1.0m) as the Falklands Semi-Permanent contract came to an end. Excluding the H1 16 Falklands contract:
-- Revenues increased in both Semi-Permanent and Events, despite the reduction in number of Events from four in H1 16 to two in H1 17;
-- Contribution to central overheads from Semi-Permanent was down 10% primarily because of additional catch-up maintenance costs of a non-capital nature that were overdue and necessary on stocks of V1 rooms - excluding these catch-up costs, contribution was up on H1 16; and
-- Contribution to central overheads from Events was increased 74% on H1 16 from better control of costs and higher revenues, from less Events.
Revenue Contribution
to central overheads
H1 17 H1 16 H1 17 H1 16
GBP'000 GBP'000 GBP'000 GBP'000
-------------------- --------- --------- ----- ----------- ----------- -----
Semi-Permanent 119 107 +11% 84 93 -10%
Events 752 703 +7% 92 53 +74%
Sub-total 871 810 +8% 176 146 +21%
Falklands contract - 1,360 N/A - 840 N/A
Total 871 2,170 -60% 176 986 -82%
-------------------- --------- --------- ----- ----------- ----------- -----
Administrative costs, including depreciation, reduced significantly to GBP0.9m in the period (H1 16: GBP2.6m) as a result of restructuring and cost reduction measures, also impacted by the absence in H1 17 of exceptional items compared to the prior period (as shown in note 3).
The depreciation charge reduced slightly, to GBP0.3m (H1 16 GBP0.5m), because of the overall reduction in tangible fixed asset depreciable value following the large impairment charge booked in 2016.
Net interest payable on finance lease assets in the period reduced to GBP0.3m as the impact of the November 2016 debt renegotiations (which involved a reduction of debt outstanding through utilisation of an escrow account) came into effect (H1 16: GBP0.5m).
Adjusted EBITDA was GBP0.4m loss, which is a significant improvement on the prior period (H1 16) GBP0.8m loss and was achieved on lower revenues.
Cash flows and net debt
The net cash outflow from operating activities for the period reduced significantly to GBP0.6m (H1 16: GBP1.9m) as a result of the lower loss for the period and stabilisation of working capital, following settlement of unusually high outstanding balances in H1 16.
Capital expenditure was increased in the period at GBP0.13m (H1 16: GBP0.05m) as we undertook works of a capital nature on the V1 room stock and re-commissioned essential lifting equipment.
Following the renegotiation of debt servicing in November 2016, repayments of finance lease debt in the period reduced significantly to a minimal cash outflow (H1 16: GBP0.4m), with net interest cash outflows remaining at GBP0.4m (H1 16: GBP0.4m).
The Group ended the period with GBP1.3m of cash (31 December 2016: GBP2.4m). Loans and borrowings were GBP7.9m at 30 June 2017 (GBP7.9m at 31 December 2016). Net debt at 30 June 2017 was GBP6.7m (31 December 2016: GBP5.5m net debt).
Funding and going concern
Funding
The Group initiated discussions with its primary lender in April 2016 seeking an amendment to its debt servicing obligations. In November 2016, the Group announced amendments to its debt servicing obligations. In June 2017, the Board agreed a debt capital and interest repayment holiday with its lender in respect of the four quarterly payments due in July 17 to April 18 inclusive.
The Group remains in constructive discussions with its primary lender, concerning repayment obligations and longer-term capital structure, and they remain supportive of the Directors' strategy and plans. The Board will provide further updates on these discussions in due course.
Going concern
After making enquiries and taking account the Group's cash resources, future trading prospects and ongoing supportive discussions with its primary lender, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the next 12 months and, for this reason, they continue to adopt the going concern basis in preparing the Interim Report. Note 1 to the Interim Report provides further information concerning the assumptions made by the directors in forming their view and should be read in conjunction with this statement.
Principal risks and uncertainties
The principal risks and uncertainties affecting the Group remain as set out in the Group's Annual Financial Report 2016.
Outlook
Coming into 2017, our plans were to engage in a limited number of Event deployments, which we have done, and to progress Semi-Permanent V1 room opportunities for first deployment in the last quarter of 2017, a plan that remains on track as discussed further below.
We have made progress with improvements to trading in the first half of 2017, achieving improved contributions from both Semi-Permanent and Event deployments and benefitting from a significantly reduced cost base and more stable operations. Alongside, and critical to, this we have also improved our short-term financial stability, through the support of our lender, by way of a debt capital and interest payments holiday (as discussed in Funding above). The Group remains in constructive discussions with its primary lender, concerning repayment obligations and longer-term capital structure, and they remain supportive of the Directors' strategy and plans.
From this platform of relative stability, we are now much better placed to execute the second phase of our strategy - that of securing longer-term deployment opportunities for our accommodation to earn target revenues and margins that will over time cover central overheads.
In June, we secured a small new opportunity in the Events market, which has since been successfully completed, and we are looking for opportunities to repeat this success. In the Semi-Permanent market, we are making good progress towards securing opportunities for 2017 and 2018 deployment and our key focus is to now close out qualified sales opportunities.
I look forward to reporting progress towards securing new deployments in 2017 and beyond.
Chris Errington
Executive Chairman
9 August 2017
Consolidated Statement of Comprehensive Income
For the six months to 30 June 2017
Note 6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------- ----- ------------ ------------ -----------
REVENUE 2 871 2,170 2,416
Cost of sales 2 (121) (210) (401)
GROSS PROFIT 2 750 1,960 2,015
Logistics, deployment and
equipment hire 2 (574) (974) (1,295)
CONTRIBUTION TO CENTRAL
OVERHEADS 2 176 986 720
Administrative expenses (910) (2,635) (8,064)
ADJUSTED EBITDA (448) (843) (2,024)
Exceptional items 3 - (350) (4,400)
Depreciation (286) (540) (1,004)
Equity-settled share-based
payment credit / (charge) - 84 84
-------------------------------- ----- ------------ ------------ -----------
LOSS FROM OPERATING ACTIVITIES (734) (1,649) (7,344)
Finance income - 4 10
Finance expenses (272) (481) (1,581)
LOSS BEFORE TAXATION (1,006) (2,126) (8,915)
Taxation - - -
LOSS AND TOTAL COMPREHENSIVE
INCOME FOR THE YEAR (1,006) (2,126) (8,915)
Loss per share - basic
and diluted (pence) 4 (0.34)p (0.73)p (3.03)p
-------------------------------- ----- ------------ ------------ -----------
Gross profit Profit after hotel operation costs have
been deducted from revenue
Contribution to central Profit / (loss) after logistics, deployment
overheads and equipment hire have been deducted
from gross profit
Adjusted EBITDA Earnings before interest, tax, depreciation
and amortisation and before exceptional
costs and equity-settled share-based
payment charges
Consolidated Statement of Financial Position
As at 30 June 2017
Note At 30 June At 30 June At 31 Dec
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- ----- ----------- ----------- ----------
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 5 3,325 8,048 3,477
TOTAL NON-CURRENT ASSETS 3,325 8,048 3,477
-------------------------------------- ----- ----------- ----------- ----------
CURRENT ASSETS
Trade and other receivables 398 1,560 326
Restricted cash and cash equivalents 8 - 1,282 -
Cash and cash equivalents 8 1,256 4,138 2,360
-------------------------------------- ----- ----------- ----------- ----------
TOTAL CURRENT ASSETS 1,654 6,980 2,686
-------------------------------------- ----- ----------- ----------- ----------
TOTAL ASSETS 4,979 15,028 6,163
-------------------------------------- ----- ----------- ----------- ----------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 594 2,177 787
Loans and borrowings 6 932 1,223 368
-------------------------------------- ----- ----------- ----------- ----------
TOTAL CURRENT LIABILITIES 1,526 3,400 1,155
-------------------------------------- ----- ----------- ----------- ----------
NON-CURRENT LIABILITIES
Provisions 80 - 80
Loans and borrowings 6 6,977 7,438 7,526
-------------------------------------- ----- ----------- ----------- ----------
TOTAL NON-CURRENT LIABILITIES 7,057 7,438 7,606
-------------------------------------- ----- ----------- ----------- ----------
TOTAL LIABILITIES 8,583 10,838 8,761
-------------------------------------- ----- ----------- ----------- ----------
TOTAL NET (LIABILITIES) / ASSETS (3,604) 4,190 (2,598)
-------------------------------------- ----- ----------- ----------- ----------
EQUITY
Share capital 7 2,952 2,952 2,952
Share premium 40,700 40,700 40,700
Other reserve 718 718 718
Retained earnings (47,974) (40,180) (46,968)
TOTAL (DEFICIT) / EQUITY (3,604) 4,190 (2,598)
-------------------------------------- ----- ----------- ----------- ----------
Consolidated Statement of Cash Flows
For the six months to 30 June 2017
Note As at As at At 31
30 June 30 June Dec 2016
2017 2016 Audited
Unaudited Unaudited GBP'000
GBP'000 GBP'000
-------------------------------------- ----- ----------- ----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation for the
period (1,006) (2,126) (8,915)
Depreciation 286 540 1,004
Fixed asset impairment charge - - 4,085
Equity-settled share-based
payment adjustment - (84) (84)
Net finance expenses 272 477 1,570
(Increase) /decrease in trade
and other receivables (72) (33) 1,210
(Decrease) / increase in trade
and other payables (73) (637) (2,032)
Increase in provisions - - 80
-------------------------------------- ----- ----------- ----------- ----------
NET CASH OUTFLOW FROM OPERATING
ACTIVITIES (593) (1,863) (3,082)
-------------------------------------- ----- ----------- ----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received - 4 10
Payments to acquire property,
plant and equipment (134) (50) (29)
Receipts from disposal of property,
plant and equipment - - 31
-------------------------------------- ----- ----------- ----------- ----------
NET CASH (USED IN) / GENERATED
FROM INVESTING ACTIVITIES (134) (46) 12
-------------------------------------- ----- ----------- ----------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of equity net of expenses 7 - 4,524 4,524
Interest paid (358) (441) (866)
Repayment of finance lease
creditors (19) (380) (1,854)
-------------------------------------- ----- ----------- ----------- ----------
NET CASH (USED IN) / GENERATED
FROM FINANCING ACTIVITIES (377) 3,703 1,804
-------------------------------------- ----- ----------- ----------- ----------
NET (DECREASE) / INCREASE IN
CASH AND CASH EQUIVALENTS (1,104) 1,794 (1,266)
Cash and cash equivalents at
beginning of period 2,360 3,626 3,626
CASH AND CASH EQUIVALENTS AT OF PERIOD 8 1,256 5,420 2,360
-------------------------------------- ----- ----------- ----------- ----------
Consolidated Statement of Changes in Equity
For the six months to 30 June 2017
Called Share Other Retained Total
up share premium reserve earnings equity
capital GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
------------------------------ ---------- --------- --------- ---------- ---------
AT 31 DECEMBER 2015
AUDITED 2,119 37,009 718 (37,970) 1,876
Loss and total comprehensive
income for the period - - - (2,126) (2,126)
Issue of equity 833 4,167 - - 5,000
Share issue expenses - (476) - - (476)
Equity-settled share-based
payment debit - - - (84) (84)
------------------------------ ---------- --------- --------- ---------- ---------
AT 30 JUNE 2016 UNAUDITED 2,952 40,700 718 (40,180) 4,190
Loss and total comprehensive
income for the period - - - (6,788) (6,788)
Equity-settled share-based - - - - -
payment debit
------------------------------ ---------- --------- --------- ---------- ---------
AT 31 DECEMBER 2016
AUDITED 2,952 40,700 718 (46,968) (2,598)
Loss and total comprehensive
income for the period - - - (1,006) (1,006)
Equity-settled share-based - - - - -
payment debit
------------------------------ ---------- --------- --------- ---------- ---------
AT 30 JUNE 2017 UNAUDITED 2,952 40,700 718 (47,974) (3,604)
------------------------------ ---------- --------- --------- ---------- ---------
Notes to the Interim Report
1. GENERAL INFORMATION
Snoozebox Holdings plc (the 'Company' or the 'Group') was incorporated in England and Wales on 30 March 2012 under the Companies Act 2006 (registration number 8013887) and its registered address is 60 Trafalgar Square, London WC2N 5DS. On 1 May 2012, the Company was admitted to the Alternative Investment Market of the London Stock Exchange (AIM) where its ordinary shares are traded. Copies of this Interim Report may be obtained from the registered address or on the Corporate (Investor Relations) section of the Company's website at www.snoozebox.com.
Statement of compliance and basis of preparation
The financial information presented in this Interim Report has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards issued by the International Accounting Standards Board, as adopted by the European Union. The principal accounting policies adopted in the preparation of the financial information in this Interim Report are unchanged from those used in the Company's financial statements for the year ended 31 December 2016 and are consistent with those that the Company expects to apply in its financial statements for the year ended 31 December 2017.
The financial information for the year ended 31 December 2016 presented in this Interim Report does not constitute the Company's statutory accounts for that period but has been derived from them. The Annual Financial Report for the year ended 31 December 2016 was audited and has been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Accounts for the year ended 31 December 2016 was not qualified but did draw attention by way of an emphasis of matter to a material uncertainty related to the Company's ability to continue as a going concern. The audit report for the year ended 31 December 2016 did not contain statements under s498(2) or (3) of the Companies Act 2006.
The financial information for the six-month periods ended 30 June 2017 and 2016 is unaudited and has not been reviewed by the Company's auditors.
The Interim financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (GBP'000) except where otherwise indicated.
Going concern
The Directors are required to report whether the business is a going concern, with supporting assumptions and qualifications as necessary.
The Group's business activities, recent trading performance, net debt position, cash flows are described in the Operating and Financial Review. The principal risks and uncertainties are discussed in the Annual Financial Report 2016. In light of these factors the Directors have performed a detailed review of the Group's ability to continue in operational existence for the foreseeable future, a period of not less than twelve months from the date of this report, to determine whether it is appropriate to continue to adopt the going concern basis in preparing these financial statements.
Forecasts, assumptions and sensitivities
The Directors have updated detailed cash flow forecasts for the period to 31 December 2021 prepared in connection with the Annual Financial Report 2016 based on their current expectations of trading prospects, likely contract wins and cost efficiencies arising from the new strategic focus.
Notes to the Interim Report
These forecasts take account of reasonably possible changes in trading performance and cash flows. The Directors believe that the critical assumptions inherent in these cash flow forecasts are:
-- New customers. The primary source of new sales is forecast to be the Semi-Permanent division and the Directors anticipate deploying the majority of existing V1 room assets on a Semi- Permanent basis in a gradual and phased manner commencing in the second half of 2017 and continuing through to 31 December 2021, earning revenues and margins sufficient to cover the cash outflows associated with central overheads and lower levels of capital expenditure;
-- Debt servicing and levels. The Directors continue to have constructive discussions with the primary lender concerning the level of debt and the repayment profile. In the short term and by concession with rights reserved, the primary lender has agreed not to enforce the quarterly capital and interest payment obligations for July 2017 through to and including April 2018 (totalling GBP1.7m). This concessionary change is in addition to, and modifies, the debt amendment of November 2016. In addition, both parties have commenced discussions concerning the longer-term capital structure of the Group, which if successfully concluded would result in a more sustainable long-term capital structure for the Group in its restructured form; and
-- Central overheads. The Directors have assumed that central overheads will be contained to approximately GBP0.1m per month, reducing slightly as existing and committed property operating leases expire.
The Directors have performed a sensitivity analysis on the forecast assumptions and determined the forecast is most sensitive to the assumptions concerning new customers and debt servicing / level, as follows:
-- Deployment of the existing V1 room assets is planned to commence in the 4th quarter of 2017, initially with 80 rooms deployed earning revenues from that point with rooms deployed increasing in a phased manner moving into 2021. The Directors estimate that, in the absence of other corrective action, the effect of a delay in the deployment dates, and resulting revenue flows, for V1 accommodation deployment in the forecast by 3 months would necessitate access to new funding in early 2018; and
-- The forecasts are fundamentally sensitive to: (1) the quarterly capital and interest payment holiday impacting July 2017 through to and including April 2018 remaining in place and not being withdrawn and (2) a successful conclusion of discussions with the primary lender concerning a suitable longer-term capital structure. A change to the existing capital structure and debt servicing obligations, once the four quarter repayment holiday ends, is required for the Group to continue as a going concern. In forming their overall going concern conclusion, the Directors have assumed that the quarterly payment holiday will apply for the stated four quarters as agreed and that in the longer-term the parties will agree an appropriate capital structure for the Group to resolve the existing and significant level of debt and reduce future obligations to a sustainable level. If the agreement for a full four quarter payment holiday is reversed at any point (other than against increased revenue from Semi-Permanent deployment of V1 rooms) then this event would cast significant doubt on the Group's ability to continue as a going concern.
Other matters considered
The Directors have, amongst other matters, also taken into account the following in forming their conclusions on the going concern assumption:
Notes to the Interim Report
-- Execution of new sales will be the key factor in the achievement of objectives. The current level of qualified Semi-Permanent sales opportunities is good;
-- The Group is in constructive discussions with its primary lender, who remains supportive of the Directors' strategy and plans. Throughout the six-month period to 30 June 2017 the Group paid all of its debt capital and interest payment obligations (as amended by the November 16 debt amendment), other than as amended by the payment holiday discussed above, as they fell due; and
-- Trading in the period to 30 June 2017 has been in line with the Board's expectations with overheads reduced to the GBP0.1m per month target and operations stabilised.
Conclusion
Whilst there is a material uncertainty which may cast significant doubt about the ability of the Group and Company to continue as a going concern, the Directors have concluded that there is a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future, a period of not less than twelve months from the date of this report, and that it is appropriate to continue to adopt the going concern basis in preparing these financial statements.
2. SEGMENT INFORMATION
For management purposes, the Group is organised into the following reportable segments: Events and Semi-Permanent. The Events segment includes all activities providing short-term hotel accommodation at popular events and festivals. The Semi-Permanent segment includes all activities in relation to the provision of long-term hotel solutions.
Six months to 30 June Six months to 30 June
2017 2016
Unaudited Unaudited
------------------------------------- -------------------------------------
Events Semi-Permanent Total Events Semi-Permanent Total
GBP'000 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000
----------------------- --------- --------------- --------- --------- --------------- ---------
REVENUE 752 119 871 703 1,467 2,170
Cost of sales (99) (22) (121) (102) (108) (210)
----------------------- --------- --------------- --------- --------- --------------- ---------
GROSS PROFIT 653 97 750 601 1,359 1,960
Logistics, deployment
and equipment
hire (561) (13) (574) (548) (426) (974)
----------------------- --------- --------------- --------- --------- --------------- ---------
CONTRIBUTION TO
CENTRAL OVERHEADS 92 84 176 53 933 986
----------------------- --------- --------------- --------- --------- --------------- ---------
Notes to the Interim Report
3. EXCEPTIONAL ITEMS
Six months Six months Twelve months
to 30 June to 30 June to 31 Dec
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------- ------------- ------------ --------------
Reorganisation costs - 350 350
Profit on disposal of tangible
fixed assets - - (35)
Tangible fixed asset impairment
charge - - 4,085
Exceptional charge - 350 4,400
--------------------------------- ------------- ------------ --------------
Reorganisation costs
As part of a continued strategy to reduce fixed costs, the Group reduced permanent head count and re-organised its operations, including taking restructuring advice and the settlement of brought forward contractual issues.
Tangible fixed asset impairment charge
For the year ended 31 December 2016, the Directors performed a detailed review of fixed assets. This review involved a detailed assessment by senior management of all the assets utilised in the business to determine whether they were still in use and were intended to be used in the future and their value in use to the business. As a result of this review an impairment charge was made.
4. LOSS PER SHARE
Six months to Six months to Twelve months
30 June 2017 30 June 2016 to 31 Dec 2016
Unaudited Unaudited Audited
---------------------- ----------------------- ----------------------- -----------------------
Loss Weighted Loss Weighted Loss Weighted
GBP'000 average GBP'000 average GBP'000 average
number number number
of shares of shares of shares
(1,006) 295,174,127 (2,126) 292,891,127 (8,915) 294,032,574
---------------------- --------- ------------ --------- ------------ --------- ------------
Loss per share
(basic and diluted)
- pence (0.34) (0.73) (3.03)
---------------------- ----------------------- ----------------------- -----------------------
All share options have been excluded when calculating the diluted EPS in each period and year as they were anti-dilutive.
Notes to the Interim Report
5. PROPERTY, PLANT AND EQUIPMENT
Hotel Rooms Hotel Furniture IT Equipment Motor Total
GBP'000 & Equipment GBP'000 Vehicles GBP'000
GBP'000 GBP'000
--------------------------- ------------ ---------------- ------------- ---------- ---------
Cost
AT 31 DECEMBER 2015
AUDITED 24,468 1,780 233 253 26,734
Additions 38 14 - - 52
Disposals - - - - -
--------------------------- ------------ ---------------- ------------- ---------- ---------
AT 30 JUNE 2016 UNAUDITED 24,506 1,794 233 253 26,786
Additions - - - - -
Reclassification (22) (1) - - (23)
Disposals - - - (92) (92)
--------------------------- ------------ ---------------- ------------- ---------- ---------
AT 31 DECEMBER 2016
AUDITED 24,484 1,793 233 161 26,671
Additions 34 39 2 59 134
Disposals - - - - -
--------------------------- ------------ ---------------- ------------- ---------- ---------
AT 30 JUNE 2017 UNAUDITED 24,518 1,832 235 220 26,805
--------------------------- ------------ ---------------- ------------- ---------- ---------
Accumulated depreciation
--------------------------- ------------ ---------------- ------------- ---------- ---------
AT 31 DECEMBER 2015
AUDITED 16,373 1,423 190 212 18,197
Charge for the period 421 68 12 39 540
--------------------------- ------------ ---------------- ------------- ---------- ---------
At 30 JUNE 2016 UNAUDITED 16,794 1,491 202 251 18,738
Charge for the period 422 36 5 1 464
Impairment charge 3,969 103 13 - 4,085
Disposals - - - (92) (92)
--------------------------- ------------ ---------------- ------------- ---------- ---------
AT 31 DECEMBER 2016
AUDITED 21,184 1,630 220 160 23,194
Charge for the period 248 34 2 2 286
--------------------------- ------------ ---------------- ------------- ---------- ---------
AT 30 JUNE 2017 UNAUDITED 21,432 1,664 222 162 23,480
--------------------------- ------------ ---------------- ------------- ---------- ---------
Net book value
--------------------------- ------------ ---------------- ------------- ---------- ---------
AT 30 JUNE 2017 UNAUDITED 3,086 168 13 58 3,325
--------------------------- ------------ ---------------- ------------- ---------- ---------
AT 31 DECEMBER 2016
AUDITED 3,300 163 13 1 3,477
--------------------------- ------------ ---------------- ------------- ---------- ---------
At 30 June 2017, the net book value of assets held under finance lease included in the above analysis is approximately GBP2m (30 June 2016: approximately GBP5m), all of which are within the Hotel Rooms category.
Notes to the Interim Report
6. LOANS AND BORROWINGS
The book value and fair value of loans and borrowings are as follows:
As at 30 As at 30 As at
June 2017 June 2016 31 Dec
Unaudited Unaudited 2016
GBP'000 GBP'000 Audited
GBP'000
---------------------------- ----------- ----------- ---------
NON-CURRENT
Finance lease liabilities 6,977 7,438 7,526
---------------------------- ----------- ----------- ---------
6,977 7,438 7,526
---------------------------- ----------- ----------- ---------
CURRENT
Finance lease liabilities 932 1,223 368
932 1,223 368
---------------------------- ----------- ----------- ---------
Total loans and borrowings 7,909 8,661 7,894
---------------------------- ----------- ----------- ---------
Borrowings as at 30 June 2017 are shown net of issue costs of GBP338,000 (30 June 2016: GBP408,000 and 31 December 2016: GBP373,000) which have been recorded as a reduction in the proceeds of the loan and are being amortised over the term of the facility. The amortisation charged to the Income Statement during the period was GBP35,000 (six months to 30 June 2016: GBP35,000 and twelve months to 31 December 2016: GBP70,000).
On 2 September 2014, the Group entered into a sale and leaseback arrangement whereby it sold its first-generation portable hotel rooms to a provider of asset finance (the primary lender) and leased them back for a primary term of 7.5 years, with a secondary term of a further 3 years available. The assets under lease include 578 rooms in the amount of GBP10,000,000, which was drawn down on 24 October 2014. The original lease obligations were amended in November 2016 and then again in June 2017, with the latter agreement providing a debt capital and interest repayment holiday (by concession) in respect of the four quarterly payments due in July 17 to April 18 inclusive as set out in note 1 (Going concern) to this report.
The lease finance is secured on the fixed assets included in the sale and leaseback arrangement. Snoozebox Limited is the Group's borrowing party.
7. SHARE CAPITAL Issued and fully paid Number GBP'000 ------------------------------------------- ------------ -------- AT 30 JUNE 2015 UNAUDITED AND 31 DECEMBER 2015 AUDITED 211,840,727 2,119 Issue of shares in period to 30 June 2016 83,333,400 833 ------------------------------------------- ------------ -------- AT 30 JUNE 2016 UNAUDITED AND 31 DECEMBER 2016 AUDITED 295,174,127 2,952 ------------------------------------------- ------------ --------
On 4 January 2016, the Company announced the successful completion of a placing and issue of 83,333,400 new Ordinary Shares at 6.0 pence each to raise net cash proceeds of GBP4.5m.
No dividends were declared or paid during the period.
Notes to the Interim Report
8. NOTES SUPPORTING THE CASH FLOW STATEMENT
Cash and cash equivalents for the purposes of the cash flow statement comprise:
Restated
As at As at As at
30 June 30 June 31 Dec
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- ----------- ----------- ---------
Restricted cash and cash equivalents - 1,282 -
Cash and cash equivalents 1,256 4,138 2,360
1,256 5,420 2,360
-------------------------------------- ----------- ----------- ---------
In November 2016, the Group agreed an amendment to its debt servicing obligations which included the utilisation of the restricted cash and cash equivalents balance of GBP1.282m in settlement of an element of the capital balance outstanding with the primary lender.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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