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Kurs & Likviditet
Beskrivning
| Land | Danmark |
|---|---|
| Lista | Spotlight DK |
| Sektor | Tjänster |
| Industri | IT-konsult & onlinetjänster |
Nustay A/S ("Nustay") hereby publishes financial report for the period of January - June 2019, showing a 40% increase in handled revenue in Q2 2019 compared to Q1 2019. The report is available as an attached document to this press release and on the Company's website (www.nustay.com). Below is a summary of the report.
Mathias Lundoe Nielsen, CEO of Nustay, comments:
"Nustay experienced major growth in sales during Q1 and Q2 but we also faced a series of unforeseen challenges as part of this new chapter. The challenges were both related to integrations with our major marketing partners and the quality of the data - prices and room availability - that we were receiving from a number of our hotel supply partners.
We experienced a `perfect storm' of challenges accumulating at the same time during the summer peak season but were in certain periods still able to grow the business and deliver good results on some of our key KPI's, including handled revenue and average commission per booking. The present revenue numbers are picking up again and with a good margin, but the challenging summer period have burned cash and we need to re-capitalize Nustay to secure the operation and support growth.
The root causes for the challenges we faced have been identified in cooperation with our hotel supply partners and an action plan has been created and is currently being executed to both solve the situation and prepare Nustay better for similar situations that may arise in the future as the company keeps growing.
We have very supportive customers and I have a strong faith in my team, our partners and Nustay's future. All indications point at that we today have a stronger system integration- and business model than before this hardship period."
Summary of the financial report
Q2 (2019-04-01 - 2019-06-30):- The handled revenue amounted to DKK 35.1m (2.6m). (Non-IFRS - measure)
- Nustay's handled revenue increased with 40% compared to Q1 2019, where the handled revenue amounted to DKK 25.1m.
- The net revenue amounted to DKK 2.0m (0.3m).
- Result after financial items amounted to DKK -9.3m (-2.6m).
- Net income amounted to DKK -7.2m (-2.0m).
- Net income per share* amounted to -0,40 (-3,71) DKK.
- Cash flow from operating activities amounted to DKK -5.9m (-3.0m) ***.
- The handled revenue amounted to DKK 60.2m (7.0m). (Non-IFRS - measure)
- The net revenue amounted to DKK 3.6m (0.5m).
- Result after financial items amounted to DKK -17.4m (-7.5m).
- Net income amounted to DKK -13.5m (-5.6m).
- Net income per share amounted to -0,94 (-10.93) DKK.
- Cash flow from operating activities amounted to DKK -12.9m (-3.2m) ***.
- Equity ratio** amounted to 53.8 % (67.3 %).
- Cash and cash equivalents amounted to DKK 2.5m (1.1m).
Numbers in parenthesis are the numbers from the same period in 2018.
* The group's net income per share: the net income for the period divided by 18 220 665 (528 987), the average number of shares for the period. The total number of shares in Nustay A/S was 18 220 665 shares per 2019-06-30.
** Equity ratio: Shareholder's equity divided by total capital.
*** Loans from shareholders and management have in the cash flow statement been re-classified from operating activities to financing activities. The numbers for comparable periods have been updated accordingly.
Significant events during the second quarter of 2019:On April 5, Nustay announced that the Company has entered into new agreements with three new Business-to-Business (B2B) hotel suppliers. The agreements will enable all hotels available through each hotel supplier to be available on Nustay's website for bookings. The hotel suppliers include specialists for the markets in the US, Latin America and the Middle East and thus these new agreements will further strengthen Nustay's position as a booking site for hotel rooms in key markets globally.
On April 9, the Company announced its numbers for handled revenue for the first quarter of 2019. Compared to the first quarter of 2018, Nustay has significantly increased its handled revenue by approx. 470% to DKK 25.1m.
On April 10, Nustay announced that the Company has entered into new partnerships with four additional new B2B hotel suppliers. The B2B hotel suppliers include specialists for the hotel markets in e.g. North America, the Caribbean, CIS, South East Asia and the Middle East.
On April 12, the Company's annual report for 2018 was published. The report is available on the Company's website (www.nustay.com).
On April 30, the Annual General Meeting in Nustay was held. A communique with the decisions taken at the AGM is available on the Company's website (www.nustay.com).
On May 15, Nustay announced that the Company has entered into a new agreement with Agoda to distribute the Company's hotel inventory through Agoda platforms and network. The integration with Agoda is expected to go live at the end of Q3 2019.
On May 27, Nustay announced that the Company has entered into an agreement with Ctrip.com International, Ltd regarding the inclusion of their strong portfolio with approx. 600,000 hotels worldwide (of which approx. 300,000 is directly contracted) into Nustay's hotel booking platform.
On May 28, Nustay announced that the Company has entered a B2B partnership agreement with Quantum Reservation regarding their full inventory of approx. 10,000 directly contracted hotels on Nustay's hotel booking platform.
On May 28, Nustay announced that the Company has entered into a strategic important distribution agreement with Despegar.com, Inc. regarding the inclusion of their full inventory of approx. 11,000 directly-contracted accommodations.
On June 3, Nustay announced that the Company has entered a partnership agreement with the Dubai based company Methabook, regarding the inclusion of their full inventory of approx. 189,000 hotels and other similar properties.
On June 11, Nustay disclosed that the Company is filing a complaint against Expedia and Booking.com. Nustay suggests that Expedia and Booking.com could be acting in breach of Articles 101 and 102 of the Treaty on the Functioning of the European Union (TFEU).
On June 18, Nustay announced that the Company has entered into a distribution agreement with Go Global Travel Ltd regarding the implementation of their strong inventory, including approx. 230,000 hotels in 208 countries around the world.
On June 24, Nustay announced that Piyush Jain is stepping down from his seat the Board of Nustay.
On July 2, Nustay announced that the Company has entered a partnership agreement with Innstant Travel regarding the inclusion of their full inventory of approx. 750,000 hotels and other accommodations.
On August 13, Nustay announced that the Board has decided to initiate the process of raising additional capital of a minimum of DKK 10m to rebuild the cash-buffer and finance further growth. The background for the decision is that, due to challenges with the Company's primary marketing integration, Nustay has suffered a decline in cash flow which has consumed the cash buffer. Given the measures initiated and the expected contemplated capital increase, the Board believes that the capital position will be sufficient, considering the commercial outlook, and provided that the recent integration problems at our suppliers end, which present are being solved, will continue to support the pick-up in the revenue as we have experienced in the past days, to have a positive cash-generation in 1st half of 2020 and be net profitable towards the end of 2020.
On August 16, Nustay published a notice to an Extraordinary General Meeting for its shareholders. The full notice is available on the Company's website.
For further information about Nustay, please contact:
Mathias Lundoe Nielsen, CEO & founder, Nustay A/S
Telephone: +45 22 91 94 99
E-mail: mln@nustay.com
Website: www.nustay.com
About Nustay:
Nustay is a Danish company within the hotel booking market that offers its customers a new booking concept. Nustay has a vision of becoming the best and most disruptively innovative hotel booking platform in the world with Nustays innovative and advanced hotel booking platform which has proven its ability to handle customers all over the globe. Nustay is an Online Travel Agency that delivers personalized hotel deals for each registered user depending on the preferences of the user and the type of stay. Nustay differs itself from its competitors by combining the best and most important aspects of existing online booking - a large hotel inventory, a great booking experience and competitive prices.