Interim Results
2008年8月22日 - 9:32PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number : 9099B
The Real Hotel Company PLC
22 August 2008
22 August 2008
The Real Hotel Company plc
(the "Company", "Group" or "RHC")
Interim Results for the six months ended 30th June 2008
The real hotel company plc announces its results for the six months ended 30th June 2008
Highlights
* The Purple Hotel brand successfully launched in the UK with 10 hotels now opened.
* Exited the loss making UK Master Franchise Agreement with Choice International.
* Agreed disposal of three London hotels is expected to generate a non trading profit of �10m, along with a reduction in debt of
�14.5m in the second half of the year.
Key Statistics
* Revenue on continuing operations was �37.1m, down 1.6%
* Operating loss on continuing operations of �1.5m, an increase of �1.4m, but includes �0.5m of non recurring costs.
Chairman's Comments
Chairman Peter Catesby commented "We've made continuing progress with the transformation agenda of the company, nevertheless trading in
the mid-market hotels is starting to suffer from the effects of a contracting domestic economy which is disappointing. Our development
programme for purple hotels has over 1000 rooms in planning, legals and construction at present. The credit crunch is a double edged sword
and has helped our pipeline to strengthen to more than 2500 rooms under offer"
For further information please contact
RHC plc: 020 8233 2001
Michael Prager, Chief Executive
Paul Mitchell, Chief Financial Officer
Adhoc PR 020 7483 0030
Deborah Parritt
Notes to Editors:
The real hotel company plc (RHC)
The real hotel company is more than just a name. It is a statement of the Company's core values. To deliver the rich traditions of hotel
keeping to a 21st century market in a low cost environment. In short to be real hoteliers.
The Company is an owner, operator and developer of branded hotels in the UK and Europe and operates 58 owned, leased or managed hotels
in the UK, France, Germany and Belgium. It also operates the New Connaught Rooms conference and banqueting suite situated in London's Covent
Garden.
The Company owns the Purple Hotels* limited service brand - 'a real hotel for the price of an inn' which differentiates itself by adding
a touch of style and cool to a sector that has, so far, defined itself only by price.
It also operates hotels under the franchise Choice brands of Quality, Comfort and Clarion as well as six Stop Inn hotels.
The RHC management team has considerable experience in the hotel sector. Michael Prager was Managing Director of Utell International and
held senior positions in Intercontinental and Radisson Hotel groups. Paul Mitchell was formerly Vice President of Financial Planning and
Control for Europe, Middle East and Africa at Intercontinental Hotel Group in addition to holding senior finance positions in Granada, Forte
and Allied Lyons.
Interim Report 2008
Management Reports
This half yearly report forms one of the interim management statements that the real hotel company plc is required to publish under the
EU Transparency Directive with effect from the financial year beginning 1 January 2008. The real hotel company will issue the next interim
management statement in the fourth quarter of 2008. The year end results will be announced in March 2009.
Overview
The Board remains focused on delivering the agreed strategy with our growth ambitions resting clearly on the premium limited service
sector. As a consequence we have been simplifying the business of the Group to concentrate in this area, where we can build strong asset
values from our trading activity for future realisation.
We successfully exited the loss making UK Master Franchise Agreement with Choice International at the end of January 2008 and at the
same time took the nine Sleep Inns out of the Choice Franchise, converting and rebranding them to Purple.
Changing a hotel brand is not a simple task. New distribution systems, websites, standard operating procedures and quality checks need
to be created for the brand to function, all of which were put in place seamlessly and with no disruption to the business.
The development function of the Company has been focused on presenting the new Purple proposition to potential developers and building
the pipeline. It is not our normal practise to announce deals in progress before they have come through the planning and legal stage and
that is a convention we would like to continue to respect. In addition to the developments underway in Sheffield (opening November 2008) and
Chester (opening Q3, 2009) the Company has another six hotels that have received Board approval, which are going through the planning and
legal process, the average size of which is 108 rooms.
The most significant transaction that the Group undertook in the first half of the year was the agreement to dispose of three London
hotels to Whitbread Plc for a total of �18.6m, which is not included in the half year results. shareholders will have received exhaustive
detail about this transaction in the Class 1 Circular on which they voted in July. This transaction will allow the Group to reduce its bank
indebtedness by �14.5m which is a core component of the transformation strategy of the business as we exit non core hotels where underlying
leasehold arrangements do not warrant further investment of shareholder funds.
Further to the operational changes above, the Board has determined that a move from the official list to AIM is in the best interests of
shareholders, given the size of the Group in relation to its peer group on the official list and the growing sophistication of AIM. Further
information will be sent to you in due course and shareholders will, of course, have an opportunity to vote on the matter.
The Board and management team will remain completely focused on doing whatever is necessary to return the Group to profitability and
build a healthy platform for future growth. We believe that despite the difficult trading conditions in which we currently operate we are
laying the necessary foundations for sustainable growth in the future.
Business Review
During the first half of the year we have successfully launched Purple Hotels and exited the loss making UK Master Franchise with Choice
International.
Market conditions in the UK have become progressively challenging over the past six months with businesses reining in expenditures in
anticipation of a downturn and consumers either booking very late or foregoing discretionary travel. With the benefit of hindsight this is
one of the more difficult times to launch a new brand but, that said, this is exactly what we did in February of this year.
Purple Hotels has been received extraordinarily well by consumers, intermediaries and developers with delivery from our centrally
managed channels performing equally well. Our contribution towards rooms revenue for Purple from our centrally delivered channels; call
centres, website and global distribution (airline) systems now stands at 27% (compared to 18% from Choice).
Brand Contribution to Room Revenues (%)
2007 2008
Choice Brands 17 18 +1
Purple 12* 27 +15
*measured as Sleep, a Choice Brand
Total revenues for Purple Hotels for the first half of the year stand at �6.5m and are 66% ahead of prior year with occupancy up 4.1%
to 59.4% and rates up 2.3% at �51.30. Total gross operating profit is 82% ahead of prior year.
GOP margin for Purple was 47%, compared to 25% and 26% for Quality and Comfort respectively.
Revenue in the mid market properties at �20.2m is 9% below last year with occupancy at 57% being 3 percentage points soft to prior year
and 1.7% soft on average rate at �41.70, which we are addressing by looking at new markets such as long stay institutional demand that we
previously hadn't considered for this sector.
Whilst we can and do compete at the leading edge of customer expectation with our Purple brand the overall mid market estate is being
held back by a number of hotels where the product is in need of rehabilitation but the investment justification simply doesn't exist due to
underlying rent and lease structures. We are not the only business, or business sector, to find ourselves in this position and our approach
is to continue to constructively engage landlords to either exit, convert or restructure these leases. We anticipate that further
announcements on non core disposals and conversions will be made by the year end.
Since the disposal of our Master Franchise Agreement to Choice we have handed back the control of the marketing initiatives for the
Choice brands. They are putting all of their promotional efforts into the Choice Privileges programme, a loyalty programme that will operate
in all hotels which we actively support. The roll out of this programme did not get underway until May so there is little to comment on at
this time.
Our 'Campaign for The Real Weekend' and 'Endless Weekend' summer product are both in full swing now and are contributing on
expectation.
The New Connaught Rooms performance is slightly off of the pace in the first half of the year being 2.4% soft to prior year on the
revenue line; however, this is not entirely unexpected given the degree of changes that the management team underwent at the end of last
year. The lead time for big functions at a venue such as this is so long that in effect the changes that management make today do not become
apparent until next year. Our forward bookings position for 2009 is over 50% ahead of where it was at the same time last year which is a
very good indicator of future expectations from this business.
Continental Europe operations continue to perform well with combined revenues totalling �6.2m, up 15%, with individual country revenues
growing; France up 14%, Belgium up 49% and Germany up 9%.
We are undergoing a root and branch review of expenses in all overhead departments as well as within the hotel operations themselves and
will be seeking to reduce corporate expenses by �0.5m on a annualised basis so that when market conditions improve we will be in good shape
to turn increased demand into retained profit.
As noted in the Annual Report our classes of risk are financial, operational and environmental. There has been no material change in our
environmental or financial risk profile. Operationally we, along with all other UK businesses are exposed to price increases in utilities.
In all other instances our risk profile has not changed materially from that advised in the 2007 report.
Our big priorities remain to grow revenue, dispose of non core hotels, grow the Purple brand and work with Choice to optimise their
contribution to our non Purple estate.
We have a strong pipeline of new rooms coming through for Purple with Sheffield due to open in November, Chester under construction and
a further 540 rooms in planning and legals. In addition to this we have over 2,500 rooms under offer in our pipeline.
It's fair to say that what we thought was a sprint in turning around the fortunes of the real hotel company has turned into something of
a marathon as the issues that require resolution and the market conditions in which we operate have conspired to be less, rather than more,
helpful to us. Nevertheless we are up for the long haul and encouraged by the value that was released from the transaction with Whitbread
Plc indicating the underlying value in our operating business and our Purple brand. We will continue to work to optimise the long term value
to in shareholders these difficult times.
Financial Review
Revenue
Revenue for the six months ended 30th June 2008 was �37.1m, a decline of 1.6% (�0.6m) over the same period last year. This excludes the
discontinued franchise business segment.
Operating Loss and Margin
The operating loss was �1.5m showing an increased loss of �1.4m on continuing activities over prior year. However, the Group incurred a
number of non recurring costs, which have been fully expensed in the period. These were:
* As part of establishing the Purple brand nine Sleep Inns were taken out of the Choice franchise which incurred termination costs
of �0.3m
* In order to ensure a less volatile transition of the Choice International franchise operation which drives revenue, additional
sales support costs were incurred within our own hotels of �0.2m
In line with other businesses we experienced rising cost pressures, this to a large degree was offset by the increased margin generated
by the Purple limited service hotels.
Net Financing Costs
The Group's finance expense for the six months to 30 June 2008 was �4.8m (H1 07: �3m). The increase was primarily due to higher levels
of debt resulting in additional interest of �0.8m and the full period impact of capitalising on the balance sheet �3.7m of a new property
lease in 2008 and the full year impact of �19.6m of property leases capitalised during 2007, both under the IFRS accounting treatment. The
combined impact has been to increase the interest charged on capitalised leases by �1.0m.
Loss after Tax
The Group made a loss after tax of �6.4m, an increase of �2.8m over 2007 (loss �3.6m).
Earnings per Share
Basic and diluted loss per share (LPS) of 7.3p shows a decline of 3.2p when compared with a loss per share of 4.1p in 2007.
Cashflow and Liquidity
Operating activities absorbed �2.7m prior to capital expenditure of �1.0. This compared to an operating outflow of �1.4m and capital
expenditure of �1.9m in 2007.
The Company is compliant with its banking covenants. The existing banking facility is due to be reviewed in December 2009. Action has
been taken to improve the liquidity of the Company in the second half of the year following the announced disposals.
Debt
At the end of June 2008 the combined level of bank loans and overdraft facility stood at �27.5m. This compared to �23.3m at 31 December
2007.
Risks
The Board continuously assesses and monitors the key risks of the business. Despite the current uncertainty in the global economy, the
key risks that could affect the Group's medium term performance and the factors which mitigate these risks, have not significantly changed
from those set out on pages 8 and 9 of the Group's Annual Report for 2007. The Business review includes consideration of uncertainties
affecting the Group in the remaining six months of the year.
There has been no material change in the risks that the Group is exposed to in the period since the Annual Report was published.
Post Balance Sheet Events
Disposal of Three London Hotels
On the 8th April 2008 the Company announced it had entered into an agreement to dispose of three London Hotels during 2008. shareholder
approval was given at an EGM on 15th July 2008.
The combined impact of this transaction will be to generate an estimated profit of �10m and to reduce the Group's indebtedness by �14.5m
and provide �3.5m for general working capital. The reduction in future interest charges is estimated at �1.2m per annum.
The transaction is split into two components. The first part was completed on 22 July, generating �11.0m of proceeds and �7.3m of
profit. The second is due to complete by the beginning of October 2008.
Assets and liabilities relating to the total transaction have been relocated in the balance sheet from non current assets to assets held
for sale.
Move to AIM
The Board remains committed to the move from the Official List to AIM and is progressing plans to undertake the move. Further
information will be sent to you in due course and shareholders will, of course, have an opportunity to vote on the matter.
Cautionary Statement Concerning Forward-looking Statements
This interim report and announcement contain certain forward-looking statements with respect to the financial condition, results,
operations and business of the real hotel company plc. These statements and forecasts involve risk and uncertainty because they relate to
events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or
developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this
announcement should be construed as a profit forecast. Past performance cannot be relied upon as a guide to future performance.
Condensed Consolidated Income Statement (Unaudited)
Six months ended Six months ended Year ended
30 June 2008 30 June 2007 31 December 2007
Notes �m �m �m
Revenue 5 37.1 37.7 79.1
Cost of sales (15.3) (16.0) (33.0)
Gross profit 21.8 21.7 46.1
Administrative expenses
- Property rentals (7.5) (7.7) (15.9)
- Other (15.8) (14.1) (30.8)
(23.3) (21.8) (46.7)
Operating loss 5 (1.5) (0.1) (0.6)
Financial expenses (4.8) (3.0) (7.8)
Loss before tax (6.3) (3.1) (8.4)
Income tax credit - - 1.4
Loss for the period from (6.3) (3.1) (7.0)
continuing operations
Loss for the period from 5 (0.1) (0.5) (1.3)
discontinued operations
Loss for the period (6.4) (3.6) (8.3)
Loss per share 6
Continuing operations (7.2)p (3.5)p (8.0)p
Continuing operations - (7.2)p (3.5)p (8.0)p
diluted
Discontinued operations (0.1)p (0.6)p (1.5)p
Discontinued operations - (0.1)p (0.6)p (1.5)p
diluted
Total operations (7.3)p (4.1)p (9.5)p
Total operations - diluted (7.3)p (4.1)p (9.5)p
The directors have recommended no interim dividend (2007 - nil)
Condensed Consolidated Balance Sheet at 30 June 2008 (Unaudited)
June 2008 June 2007 December 2007
Notes �m �m �m
Non current assets
Property, plant and equipment 7 97.2 115.1 115.7
Deferred tax assets 4.6 4.9 4.6
101.8 120.0 120.3
Current assets
Assets held for sale 7,8 21.2 - -
Inventories 1.8 1.8 1.8
Trade and other receivables 15.1 14.9 18.1
Cash and cash equivalents 1.0 0.8 0.9
39.1 17.5 20.8
Total assets 140.9 137.5 141.1
Current liabilities
Liabilities held for sale 9 (13.1) - -
Financial liabilities 10 (6.8) (6.6) (2.6)
Trade and other payables (19.4) (13.9) (20.4)
Obligations under finance (3.9) (5.1) (5.3)
leases
Current tax payable (0.7) (0.7) (0.7)
(43.9) (26.3) (29.0)
Total assets less current liabilities 97.0 111.2 112.1
Non current liabilities
Loans 10 (20.7) (17.2) (20.7)
Debenture (14.0) (14.0) (14.0)
Obligations under finance (35.3) (39.2) (43.4)
leases
Deferred tax liabilities (4.6) (6.3) (4.6)
(74.6) (76.7) (82.7)
Net assets 22.4 34.5 29.4
Equity
Issued share capital 8.8 8.8 8.8
Share premium 19.1 19.1 19.1
Retained earnings (5.5) 6.6 1.5
Equity attributable to the equity holders of the parent 22.4 34.5 29.4
company
Condensed Consolidated Cashflow Statement (Unaudited)
Six months ended Six months ended Year ended
30 June 2008 30 June 2007 31 December 2007
Notes �m �m �m �m �m �m
Cashflows from operating
activities
Loss for the period (6.4) (3.6) (8.3)
Adjustments for:
Interest charged 4.8 3.0 7.8
Decrease in deferred tax - - (1.4)
provision
Loss on disposal of fixed - - 0.5
assets
Foreign exchange differences (0.6) - (0.4)
Depreciation and amortisation 2.2 2.0 4.6
charges
Decrease/ (increase) in trade and other 3.0 0.1 (3.1)
receivables
(Decrease)/ increase in trade (3.3) (0.4) 2.0
payables
Cash (absorbed by)/ generated from operations (0.3) 1.1 1.7
Interest paid (2.4) (2.5) (2.9)
Net cash absorbed by operating activities (2.7) (1.4) (1.2)
Cash flows from investing
activities
Acquisition of property, plant and equipment (1.0) (1.9) (4.0)
Receipts from sale of non-current assets - - 2.3
Net cash used in investing (1.0) (1.9) (1.7)
activities
Cash flows from financing
activities
Increase in bank loans - 3.0 3.3
Repayment of bank loans - (1.6) (1.6)
Proceeds from new finance - 0.6 1.1
leases
Repayment of obligations under finance leases (0.4) (0.5) (0.8)
Net cash flows from financing (0.4) 1.5 2.0
activities
Net decrease in cash and cash (4.1) (1.8) (0.9)
equivalents
Cash and cash equivalents at beginning of period (1.7) (0.8) (0.8)
Cash and cash equivalents at end of period (5.8) (2.6) (1.7)
Cash and cash equivalents
comprise:
Cash and cash equivalents in current assets 1.0 0.8 0.9
Bank overdraft (6.8) (3.4) (2.6)
(5.8) (2.6) (1.7)
Consolidated Statement Of Changes In Equity (Unaudited)
Six months ended Six months ended Year ended
30 June 2008 30 June 2007 31 December 2007
�m �m �m
Balance at beginning of period 29.4 38.1 38.1
Changes in equity
Exchange differences on translating foreign (0.6) - (0.4)
operations
Net expense recognised directly in equity (0.6) - (0.4)
Loss for the period (6.4) (3.6) (8.3)
Total recognised income and expenses for the period (7.0) (3.6) (8.7)
Balance at end of period 22.4 34.5 29.4
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2008
1 REPORTING ENTITY
The real hotel company plc is a company incorporated and domiciled in the United Kingdom. The Condensed Consolidated Interim Financial
Statements of the Company as at and for the six months ended 30 June 2008, comprise the Company and its subsidiaries (together referred to
as the 'Group')
The Consolidated Financial Statements of the Group as at and for the year ended 31 December 2007, are available upon request from the
Company's registered office at 10th Floor, Premier House, 112 Station Road, Edgware, Middlesex, HA8 7BJ.
2 STATEMENT OF COMPLIANCE
These Condensed Consolidated Interim Financial Statements are prepared in accordance with IAS 34: Interim Financial Reporting as
endorsed and adopted for use in the European Union and the Disclosure and Transparency Rules (DTR) of the Financial Services Authority. They
do not include all of the information required for full annual financial statements, and should be read in conjunction with the Consolidated
Financial Statements of the Group as at and for the year ended 31 December 2007.
3 BASIS OF PREPARATION AND ACCOUNTING POLICIES
These Condensed Consolidated Interim Financial Statements are unaudited and have been prepared on the basis of accounting policies
consistent with those applied in the Consolidated Financial Statements for the year ended 31 December 2007.
The following interpretations, issued by the International Financial reporting Interpretations Committee (IFRIC), are effective for the
first time in the current financial year and have been adopted by the Group with no significant impact on its consolidated results or
financial position:
* IFRIC 11-IFRS 2: Group and treasury share transactions
The Board continuously assesses and monitors the key risks of the business. Despite the current uncertainty in the global economy, the
key risks that could affect the Group's medium term performance, and the factors which mitigate these risks, have not significantly changed
from those set out on pages 8 and 9 of the Group's Annual Report for 2007. The Business Review includes consideration of uncertainties
affecting the Group in the remaining six months of the year.
4 ESTIMATES
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from
these estimates.
In preparing these condensed Consolidated Interim Financial Statements, the nature of the significant judgements made by management in
applying the Group's accounting policies and the key sources of estimation were the same as those that were applied to the consolidated
Financial Statements as at and for the year ended 31 December 2007.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Continued
for the six months ended 30 June 2008
5 SEGMENTAL INFORMATION
Business analysis (Primary segment)
Following the disposal of the franchise operation, the Group is organised into two operating divisions comprised of:
* owned and leased hotels and banqueting; and
* managed hotels
The costs of the corporate head office and other costs which are not controlled by the operating divisions are not allocated to these
divisions.
Analysis by activity
Six months ended 30 June 2008
Owned & leased Managed hotels & Total continuing
hotels & banqueting other operations Discontinued operation1
Total
�m �m �m �m �m
Revenue 36.6 0.5 37.1 - 37.1
Segment result (0.8) 0.5 (0.3) (0.1) (0.4)
Unallocated administration (1.2)
costs
Operating loss (1.6)
Financial expenses (4.8)
Loss before taxation (6.4)
1 The discontinued operation relates to the UK franchise business
Six months ended 30 June 2007
Owned & leased Managed hotels & Total continuing Discontinued operation1 Total
hotels & banqueting other operations
�m �m �m �m �m
Revenue 37.1 0.6 37.7 1.0 38.7
Segment result 0.6 0.6 1.2 (0.5) 0.7
Unallocated administration
costs (1.3)
Operating loss (0.6)
Financial expenses (3.0)
Loss before taxation
(3.6)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Continued
for the six months ended 30 June 2008
5 SEGMENTAL INFORMATION Continued
Analysis by geographical location
Six months ended 30 June 2008
Total continuing
France & Belgium operations Discontinued operation1
U K Germany Total
�m �m �m �m �m �m
Revenue 30.8 3.2 3.1 37.1 - 37.1
Segment result (0.3) 0.1 (0.1) (0.3) (0.1) (0.4)
Unallocated administration (1.2)
costs
Operating loss (1.6)
1 The discontinued operation relates to the UK franchise business
Six months ended 30 June 2007
Total continuing
France & Belgium operations Discontinued operation1
U K Germany Total
�m �m �m �m �m �m
Revenue 31.6 2.8 3.3 37.7 1.0 38.7
Segment result 1.2 - - 1.2 (0.5) 0.7
Unallocated administration (1.3)
costs
Operating loss (0.6)
6 LOSS PER SHARE
The basic loss per share is based on the loss divided by 87,552,405 (December 2007 - 87,552,405, June 2007 - 87,552,405) ordinary shares
being the average number of shares in issue during the period.
Six months ended Six months ended
Year ended
30 June 2008 30 June 2007
31 December 2007
Con-tinuing Discon-tinued Total Con-tinuing Discon-tinued Total Con-tinuing
Discon-tinued Total
activities activities activities activities activities
activities
�m �m �m �m �m �m �m
�m �m
Loss after tax (6.3) (0.1) (6.4) (3.1) (0.5) (3.6) (7.0)
(1.3) (8.3)
p p p p p p p
p p
Loss per share (7.2) (0.1) (7.3) (3.5) (0.6) (4.1) (8.0)
(1.5) (9.5)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Continued
for the six months ended 30 June 2008
6 LOSS PER SHARE Continued
The diluted loss per share is based on the loss divided by 87,552,405 (December 2007 - 87,552,405, June 2007 - 87,552,405) ordinary
shares being the average number of shares in issue during the period. There are no potentially dilutive shares in issue.
Six months ended Six months ended
Year ended
30 June 2008 30 June 2007
31 December 2007
Con-tinuing Discon-tinued Total Con-tinuing Discon-tinued Total Con-tinuing
Discon-tinued Total
activities activities activities activities activities
activities
�m �m �m �m �m �m �m
�m �m
Loss after tax (6.3) (0.1) (6.4) (3.1) (0.5) (3.6) (7.0)
(1.3) (8.3)
p p p p p p p
p p
Loss per share (7.2) (0.1) (7.3) (3.5) (0.6) (4.1) (8.0)
(1.5) (9.5)
7 PROPERTY, PLANT & EQUIPMENT
June 2008
�m
Net book value at 1 January 2008 115.7
Addition of leasehold property 3.7
Addition of other property, plant and equipment 1.2
Depreciation provided for the period (2.2)
Property leases reclassified as held for sale (21.2)
Net book value at 30 June 2008 97.2
8 ASSETS HELD FOR SALE
June 2008 June 2007 December 2007
�m �m �m
Three London Hotels 21.2 - -
9 LIABILITIES HELD FOR SALE
June 2008 June 2007 December 2007
�m �m �m
Property leases capitalised under IFRS 13.1 - -
10 FINANCIAL LIABILITIES
June 2008 June 2007 December 2007
�m �m �m
Bank overdraft (secured) 6.8 3.4 2.6
Bank loans (secured) 20.7 20.4 20.7
27.5 23.8 23.3
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Continued
for the six months ended 30 June 2008
11 CAPITAL COMMITMENTS
At 30 June 2008, amounts contracted for but not provided in the financial statements for expenditure on property, plant and equipment
were �1.2m (2007: �0.8m).
12 RELATED PARTIES
The Group has a related party relationship with its associates and with its key management.
Transactions between the Company and its subsidiaries and between subsidiaries have been eliminated on consolidation and are not
discussed in this note.
Services to the value of �35,000 were received from Dawnay Day Insurance Services Limited, a subsidiary of Dawnay Day plc, which is a
significant shareholder.
13 CONTINGENT LIABILITIES: CLAIMS AND LITIGATION
From time to time, the Group is involved in various claims and lawsuits incidental to the ordinary course of its business, including
claims for damages, negligence and commercial disputes, disputes with former employees and litigation incidental to the conduct of
business.
The outcome of the litigation to which the real hotel company plc companies are party cannot be readily foreseen. Based on information
currently available, the Directors consider that the cost to the Group of an unfavourable outcome arising from such litigation is unlikely
to have a materially adverse effect on the financial position of the Group in the foreseeable future.
The Group holds a professional indemnity insurance policy that provides coverage for certain claims from customers. The Directors
consider this policy adequate for normal commercial purposes.
14 APPROVAL
The consolidated interim financial information was approved by the Board on 22 August 2008.
Statement of Directors' Responsibilities in Respect of the Interim Report
The Directors confirm that to the best of their knowledge:
* The condensed set of financial statements has been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by
the EU;
* The interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events
that have occurred during the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the principle risks and uncertainties for
the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have
taken place in the first six months of the current financial year and that have materially affected the
financial position or performance of the entity during that period; and any changes in the related
party transactions described in the 2007 Annual Report that could do so.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Continued
for the six months ended 30 June 2008
The Directors of the real hotel company plc are listed in The Real Hotel Company plc Annual Report for 2007.
On 21 July 2008 Alka Bali resigned from the company as an alternative non-executive Director to KC Wong.
By order of the board of the real hotel company plc.
Michael Prager Paul Mitchell
Chief Executive Officer Chief Financial Officer
22 August 2008 22 August 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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