It has been 12 months since ASL opened first Amber in Nigeria.
Brand has been received positively by developers leading to the development of a select service hotel brand under the name Amber Express.
Amber Express becomes the value brand that ASL will drive into the continent as the group extends its footprint.
ASL will be launching its five star city brand, Mulberry, into Nigeria by mid 2010.
ASL’s relationship with Intercontinental Hotels Group (IHG) is growing with the imminent signing of Holiday Inn Gaborone consolidating our position as the largest operator of IHG brands in Africa.
Developments are underway to establish our long-stay brand, My Place, in West Africa
FINANCIAL REVIEW YEAR ENDED 30 SEPTEMBER 2009 Nike Lake Resort, Nigeria
Financial Highlights: Group Income Statement Revenue $35.2million COS ($12.1million) GP $23.1million EBITDA ($3.1million) Occupancy 31% ADR $90 RevPar $28 Depreciation amortisation and impairment $1.8million Net financing costs $380,000
The Lakes Hotel, Benoni, Johannesburg, South Africa The operations achieved 43% occupancy for the first quarter ended 31 December as leisure business starts to gain momentum with all the resorts achieving 100% occupancy over the just ended festive.
$0.94million in cash and $4.6million in undrawn facilities
Asset light balance sheet
Strong cash position compared to year ended 30 September with the just ended Rights Offer and improving operations. Cashflow 30 Sept 09 $ Cash used in operations (4,988,015) Cash used in investing (3,186,811) Financing Disposal of investments 483,774 Increase in borrowings - long term 741,543 - short term 5,617,051 Decrease in cash (1,332,458) Cash at beginning of period 2,270,040 Cash at end of period 937,582
US$3million short term loans retired by 31 Dec 2009.
Improving working capital in line with improving Zimbabwe operations.
Cost of borrowing down to 29% from 38%.
Cost of borrowing to be reduced further as long term loans negotiated.
$15million equity secured credit and $10million from private placement being pursued as we target cheaper finance subject to changing market conditions.
Dilution from additional equity will be mitigated because the funds will be used for expansion.
Additional capital raised to be applied to regional expansion
Balance sheet 30 Sept 09 Pro forma 31 Dec 09 US$ US$ Assets Long term assets 37,221,062 37,221,062 Current assets 9,467,009 16,484,009 Total assets 46,688,071 53,705,071 Equity and liabilities Shareholders equity 21,065,668 31,082,668 Non-current liabilities 6,416,924 6,416,924 Current liabilities 19,205,479 16,205,479 Total equity and liabilities 46,688,071 53,705,071