TIDMCBX
Cubus Lux plc
("Cubus Lux" or the "Company")
Final Results for the Year Ended 31 March 2009
Cubus Lux plc, the operator and developer of premier tourism and leisure
facilities in Croatia, announces its results for the year ended 31 March 2009.
HIGHLIGHTS
- Trading at operating companies - Plava Vala d.o.o. (marina) and Cubus Lux
d.o.o. (casinos) - meet expectations
- Continued progress and new hotel development at Olive Island Marina.
- Land secured and the Board believes it is close to finalising construction
finance for flagship project as credit markets remain difficult.
- Major new tender won - 3.4 million square metres for a Golf/Wellness/Beach
resort at Valdanos, Montenegro
- In the final stages of Istrian Resort Tender
- Entered construction stage for commercial/residential development in Zadar.
Saleable space includes 1,216 sqm of commercial and 5,232 sqm of apartments
- Pre-tax loss of GBP2.1 million * (2008 - GBP4.9 million profit)
- Headline loss reported as a result of exchange rate impact - which may
reverse - of GBP1,895,000
- Adjusted net loss per share of 14.2p ** versus EPS of 47.8p at 31 March 2008
- GBP1.314 million additional equity raised
* Pre-tax loss before negative goodwill arising from Hotel Sutomiscica
acquisition and adjustment in Duboko Plavetnilo Hoteli d.o.o. deferred
consideration was GBP4,819,000 (2008: profit before negative goodwill GBP357,000)
** Loss per share before negative goodwill was 33p
Commenting on the results, executive chairman Dr. Gerhard Huber said:
"Against a background of turmoil in the financial, currency and commercial
markets, your company has continued to progress its portfolio of development
projects, albeit at a slower pace than originally expected.
The Board believes a final agreement on project finance for OIR is close to
completion. The land for the resort has been secured. The Company has made
significant progress in several other areas, including the winning of a major
tender in Montenegro. Trading at our operating companies, our casinos and
marinas, is meeting our expectations."
A copy of the accounts, which has today been posted to shareholders, is
available from the Company's website, www.cubuslux.com.
For further information please see www.cubuslux.com or contact:
Steve McCann
Cubus Lux plc
+44 (0) 7787 183184
Lindsay Mair / Jo Turner
Dowgate Capital Advisers Limited
+44 (0)20 7492 4777
Claire Louise Noyce/Stephen Austin, Broker
Hybridan LLP
+44 (0)20 3159 5085
Pam Spooner
City Road Communications
+44 (0) 207 248 8010 / +44 (0)7858 477 747
Chairman's Statement
I am pleased to submit results for the financial year ended 31 March 2009.
Against a background of turmoil in financial, currency and commercial markets,
your company has continued to progress its portfolio of development projects,
albeit at a slower pace than originally expected.
The past 12 months have been difficult for many companies, and particularly
difficult for businesses needing to raise finance to complete their projects.
Cubus Lux, therefore, is not alone in having to report considerable delays in
financing of its premier project, the Olive Island Resort ("OIR"). The original
source of construction loan finance for OIR was unable to proceed in early
2009, so that new sources of finance had to be found.
The Board has made strenuous efforts since the start of 2009, and has made
significant progress, despite the very difficult credit conditions which
persist. The Board believes a final agreement on project finance for OIR is
close to completion. The land for the resort has been secured, and stage
payments are on track and will continue through the project construction.
Construction is now expected to commence in our last quarter of 2009/10, which
is almost one year later than originally envisaged.
Away from that particular task, the Company has made significant progress in
several other areas, including the winning of a major tender in Montenegro,
which was announced after the year ended 31 March 2009. Cubus Lux succeeded
against strong opposition in winning the tender process to build a major resort
at Valdanos, Montenegro. This project will include a golf course, 5-star golf
hotel, a 5-star beach hotel, a 4-star hotel and wellness centre, as well as a
wide range of villas and apartments for sale and a full range of tourist and
leisure facilities.
In total, the Valdanos resort will cover 3.4 million sq metres, with some 3km
of coastline, and have 2,500 beds overall. Detailed negotiations for the
concession contract are well underway, and should be completed during November
2009. Similarly the project planning and development has now started.
In Croatia, your company has also advanced its proposed Hotel Sutomiscica
development adjacent to the Olive Island Marina, progressed a combined
commercial and residential development project to the start of construction in
Zadar and won through to the final stage of two other resort tenders near Pula,
Istria.
Underlying trading at our operations in Croatia has proved resilient, with our
Olive Island Marina fully booked and utilised during the year, and its
restaurant continuing to gain plaudits for its cuisine and service from leading
restaurant guides. The casinos - at Pula and Selce - have performed in line
with our expectations, with visitor numbers higher in the year to 31 March 2009
versus the previous full year.
Financial
For the year to 31 March 2009 total operating profit was GBP1,317,000 before
foreign exchange losses on the group's loans. An exceptional charge of GBP
1,895,000 has been made to recognise a currency loss on loan notes as a result
of the year-end exchange rate of GBP/Euro 1.07798. However, there is a
possibility this could reverse which would mean a profit being recognised on
the loan notes.
An external net interest charge of GBP458,000 and the loan note interest charge
of GBP1,062,000 give an overall loss for the year of GBP2,098,000.
Loss per share amounted to 14.2p (2008: 47.8p profit per share).
During the year the Company consolidated the shares of 1p by a factor of 10,
converting the 146,143,660 ordinary shares in issue at the time of GBP0.01 each
to 14,614,366 new ordinary shares of GBP0.10 each.
The Company further issued 50,000 shares at 57.5p and 3,211,756 shares at 40p
during the year.
Since the year end the company has issued 1,060,000 shares at 20p.
GERHARD HUBER
Chairman
Executive Director
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
2009 2008
GBP'000 GBP'000
REVENUE 1,535 3,078
Cost of sales (181) (202)
------------- -------------
GROSS PROFIT 1,354 2,876
Administrative expenses (2,758) (2,399)
Negative goodwill 2,721 4,693
Foreign exchange losses (1,895) -
------------- -------------
OPERATING (LOSS)/PROFIT (578) 5,170
Finance income 17 46
Finance expenditure (1,537) (336)
------------- -------------
(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION (2,098) 4,880
Tax on ordinary activities - (9)
------------- -------------
(LOSS)/PROFIT FOR THE YEAR (2,098) 4,871
====== ======
Attributable to:
Equity holders of the company (2,098) 4,871
Minority interest - -
------------- -------------
(2,098) 4,871
====== ======
(LOSS)/EARNINGS PER SHARE
Basic (14.2)p 47.8p
====== ======
Diluted (14.2)p 45.4p
====== ======
All activities arose from continuing activities.
CONSOLIDATED BALANCE SHEET
AT 31 MARCH 2009
2009 2008
ASSETS GBP'000 GBP'000
Non-current assets
Intangible assets 39,093 35,902
Goodwill 1,575 940
Property, plant and equipment 5,147 4,702
-------------- --------------
45,815 41,544
-------------- --------------
Current assets
Inventories 4,560 3,172
Trade and other receivables 710 2,384
Cash at bank 3,365 2,372
-------------- --------------
8,635 7,928
-------------- --------------
TOTAL ASSETS 54,450 49,472
======= ======
EQUITY
Capital and reserves attributable to
the Company's
equity shareholders
Called up share capital 1,790 1,463
Share premium account 17,005 16,028
Merger reserve 347 347
Profit and loss account 923 3,120
--------------- ---------------
TOTAL EQUITY 20,065 20,958
-------------- --------------
MINORITY INTEREST IN EQUITY 233 -
-------------- --------------
LIABILITIES
Non-current liabilities
Deferred tax liabilities 7,818 7,180
Loans 8,127 5,053
Amounts due under finance leases 14 38
--------------- -------------
15,959 12,271
-------------- --------------
Current liabilities
Trade and other payables 3,440 5,433
Loans 14,745 10,805
Amounts due under finance leases 8 5
--------------- -------------
18,193 16,243
-------------- --------------
TOTAL LIABILITIES 34,152 28,514
======= =======
TOTAL EQUITY AND LIABILITIES 54,450 49,472
======= =======
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
2009 2008
GBP'000 GBP'000
Cash flows from operating activities
(Loss)/profit before taxation (2,098) 4,880
Adjustments for:
Net finance expense 1,520 290
Loss on disposal of fixed assets - 26
Exchange rate differences 1,077 578
Share based payments 220 222
Depreciation 349 256
Negative goodwill written back to income (2,721) (3,739)
statement
Movement in trade and other receivables 90 373
Movement in inventories 1,696 (2,571)
Movement in trade and other payables (1,019) 957
-------------- ---------------
Cash outflow from operating activities (892) 1,272
Interest paid - net (459) (290)
Taxation paid - (9)
-------------- ---------------
Net cash (outflow)/inflow from operating (1,351) 973
activities
-------------- ---------------
Cash flow from investing activities
Purchase of property, plant and equipment (190) (982)
and intangibles
Proceeds from sale of property 34 66
Purchase of subsidiaries - Net - (795)
Cash acquired with subsidiary - 18
-------------- ---------------
Net cash outflow from investing activities (156) (1,693)
-------------- ---------------
Cash flows from financing activities
Issue of shares 1,304 2,341
Capital element of finance lease repaid (21) -
Net loans undertaken less repayments 706 499
-------------- ---------------
Cash inflow from financing activities 1,989 2,840
-------------- ---------------
Net cash inflow from all activities 482 2,120
Cash and cash equivalents at beginning of 2,372 1,375
period
Non-cash movement arising on foreign 511 (1,123)
currency translation
-------------- ---------------
Cash and cash equivalents at end of period 3,365 2,372
====== =======
Cash and cash equivalents comprise
Cash and cash equivalents 3,365 2,372
====== ======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2009
Share Share Merger Retained Translation
Capital Premium Reserve Earnings Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2007 881 7,239 347 (1,574) 9 6,902
Share based - - - 222 - 222
payments
Total recognised
income
and expenses - - - 4,871 (408) 4,463
Issue of shares
(net of
costs) 141 2,199 - - - 2,340
Acquisition of
subsidiaries (net 441 6,590 - - - 7,031
of costs)
----------- ------------ ----------- --------- ---------- ------------
At 31 March 2008 1,463 16,028 347 3,519 (399) 20,958
Share based - - - 220 - 220
payments
Total recognised
income
and expenses - - - (2,098) (319) (2,417)
Issue of shares
(net of costs) 327 977 - - - 1,304
------------ -------------- ----------- ------------ ---------- ---------------
At 31 March 2009 1,790 17,005 347 1,641 (718) 20,065
------------ -------------- ----------- ------------ ---------- ---------------
NOTES TO THE REPORT AND FINANCIAL STATEMENTS
ACCOUNTING POLICIES
Basis of Preparation
These financial statements have been prepared in accordance with those IFRS
standards and IFRIC interpretations issued and effective or issued and early
adopted as at the time of preparing these statements (September 2009). The
policies set out below have been consistently applied to all the years
presented.
These consolidated financial statements have been prepared under the historical
cost convention. No separate income statement is presented for the parent
company as provided by Section 250, Companies Act 1985.
Going concern
Since the year end, the company has improved the cash position through a
profitable summer season and a share placing in July. Furthermore 1,060,000
shares were issued at 20p since the year end. Despite this there are concerns
over meeting future liabilities.
The Directors are fully expecting to receive the Olive Island project loans
currently being negotiated which would include a payment directly into the
Parent company. The value of the loan would also allow all liabilities to be
paid.
Contingency plans are however prepared and include negotiations to bring in a
major investor on the Olive Island project level and a partner for the marina
company. Furthermore the loan note holders of the EUR13 million loan notes have
indicated that they will not seek repayment from the company in December 2009
unless the group has sufficient funds to do so and continue trading.
Subject to the successful completion of these events, and on this basis, the
directors consider that it is appropriate to prepare the financial statements
on the going concern basis.
Basis of Consolidation
On 20 May 2004, the company purchased 100% of the issued share capital of Cubus
Lux d.o.o., a company registered in the Commercial Court in Rijeka, Croatia, by
way of a share for share exchange. Merger accounting was adopted as the basis
of consolidation.
On 6 March 2006, the company purchased 100% of the issued share capital of
Plava Vala d.o.o., a company registered in Croatia, by way of a share for share
exchange. The results of the companies have been consolidated using the
purchase method.
On 22 February 2008, the company purchased 100% of the issued share capital of
Duboko Plavetnilo Ugljan Projektant d.o.o. and Duboko Plavetnilo Hoteli d.o.o.,
two companies registered in Croatia, by way of a share for share exchange and
the issue of Cubus Lux Plc loan notes. The results have been consolidated using
the purchase method.
On 17 March 2008, the company purchased 100% of the issued share capital of
Adriatic Development LLC and Worldwide Leisure Holding LLC, two companies
registered in the U.S. The results have been consolidated using the purchase
method.
On 30 May 2008, the company purchased 100% of the issued share capital of Deep
Blue Developments Liegenschaftserschliessungs GmbH, a company registered in
Austria. The results have been consolidated using the purchase method.
On 30 September 2008, the company purchased 100% of the issued share capital of
Tiha Uvala d.o.o., a company registered in Croatia. The results have been
consolidated using the purchase method.
On 1 March 2009, the company acquired 50% of the issued share capital of Cubus
Lux Projektiranje d.o.o., a company registered in Croatia. The company has the
power to exercise control over the entity's financial operating policies and as
such it has been treated as a subsidiary and consolidated using the purchase
method.
Group accounts consolidate the accounts of the company and its subsidiary
undertakings made up to 31 March 2009. All intercompany balances and
transactions have been eliminated in full. Subsidiary undertakings are
accounted for from the effective date of acquisition until the effective date
of disposal.
Segment reporting
The Group has the separately identifiable business segments of the Casino,
Marina, Property, Resorts and Central Overheads for which an analysis of the
activity and associated assets are shown within these financial statements.
Revenue recognition
Revenue comprises the fair value of the sale of goods and services, net of
value added tax, rebates and discounts.
The group recognises revenue when the amount of revenue can be reliably
measured, it is probable that future economic benefits with flow to the entity
and when specific criteria have been met for each of the group's activities.
Casino operations
Income is recognised when received once the daily reconciliations have been
performed.
Marina income
The rental of berths is accounted for on an accrual basis over the period of
the rental commitment. Ancillary income from the restaurant and service
facilities is recognised when received.
Property development income
The group uses the percentage of completion method in accounting for its
construction contracts. Use of the percentage of completion method requires the
group to estimate the construction performed to date as a proportion of the
total construction to be performed.
Property, plant and equipment
Property, plant and equipment are stated at cost less depreciation.
Depreciation is calculated to write down the cost of all tangible fixed assets
by equal monthly instalments over their estimated useful lives at the following
rates:-
Motor vehicles - 25% per annum
Furniture, fittings, casino equipment and marina assets - 10 - 25% per annum
Casino, marina and resort leasehold premises - over the life of the lease
Goodwill and business combinations
Business combinations on or after 1 January 2005 are accounted for under IFRS 3
using the purchase method. Any excess of the cost of business combinations over
the Group's interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities is recognised in the balance sheet as
goodwill and is not amortised.
After initial recognition, goodwill is not amortised but is stated at cost less
any accumulated impairment loss, with the carrying value being reviewed for
impairment, at least annually and whenever events or changes in circumstances
indicate that the carrying value may be impaired. For the purpose of impairment
testing, goodwill is allocated to the related cash generating units monitored
by management. Where the recoverable amount of the cash generating unit is less
than its carrying amount, including goodwill, an impairment loss is recognised
in the income statement.
Intangible assets include the licence of the Marina which has a carrying value
of GBP5,372,000. The Marina licence has an indefinite useful economic life as it
is expected to be automatically renewed after the initial 32 year concession
expires.
No amortisation is charged on intangible assets relating to the Olive Island
Resort, Hotel Sutomiscica and Olive Island Hotel. Amortisation will commence
once the projects have been completed and assets brought into use. The charge
will be in proportion to the sales of the properties in the resort and life of
management contract of the hotel. Assets that have an indefinite useful life
are not subject to amortisation. When amortisation commences it will be charged
to administrative expenses in the Income Statement.
Assets that are subject to amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds it recoverable amount. The recoverable amount
is the higher of an asset's fair value and value in use.
The Group assesses whether there are any indicators of impairment to the
intangible assets. Goodwill and intangible assets with indefinite lives are
tested for impairment annually. All other intangible assets are tested for
impairment when there are indicators that the carrying amounts may not be
recovered.
The Group's impairment test for goodwill and intangible assets with indefinite
useful lives is based on value in use calculations that use a discounted cash
flow model. The cash flows are derived from the financial forecasts for the
ensuing years and do not include restructuring activities that the Group is not
yet committed to or significant investments that will enhance the asset base of
the cash generating unit being tested. The recoverable amount is most sensitive
to the discount rate used for the discounted cash flow model as well as the
expected future cash-inflows and the growth rate used for extrapolation
purposes. The key assumptions used to determine the recoverable amount,
including a sensitivity analysis, are further explained further in the notes.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign
currencies are retranslated at the rate of exchange ruling at the balance sheet
date. All exchange differences are dealt with through the income statement.
Items included in the financial statements of the group's entities are measures
using the currency of the primary economic environment in which the entity
operates (the `functional currency'). The consolidated financial statements are
presented in sterling, which is the company's functional currency.
The exchange rates used at 31 March 2009 was GBP1 = Euro 1.07798, GBP1 = HRK 8.0744
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits
and risks of ownership remain with the lessor are charged to the income
statement as incurred.
Deferred taxation
Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying values in the financial statements. The deferred tax is not accounted
for if it arises from initial recognition of an asset or liability in a
transaction, other than a business combination, that at the time of the
transaction affects neither accounting nor taxable profit or loss. Deferred tax
is determined using tax rates (and laws) that have been enacted or
substantially enacted by the balance sheet date and are expected to apply when
the related deferred tax asset is realised or the deferred tax liability is
settled.
Deferred tax assets are recognised to the extent that it is probable that
future taxable profit will be available against which temporary differences can
be utilised.
Trade and other receivables
Trade and other receivables are recognised and carried at original invoice
value less an allowance for any uncollectible amounts. An estimate for doubtful
debts is made when collection of the full amount is no longer probable. Bad
debts are written off when identified.
Share based payments
IFRS 2 ("Share based payments") requires the Group to recognise an expense in
respect of the granting over shares to employees and directors. This expense,
which is calculated by reference to the fair value of the options granted, is
recognised on a straight line basis over the vesting year based on the Group's
estimate of options that will eventually vest. The Directors have used the
Black Scholes model to estimate the value of options granted in the current and
prior years.
Investments
Investments in subsidiary undertakings are stated at cost less provisions for
impairment.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposit held at call with
banks, other short-term highly liquid investments with original maturities of
three months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities on the balance sheet.
Inventories
Inventories represent land held for development and associated development
costs incurred to date. Inventories are held at lower of cost and net
realisable value.
Borrowing costs
Borrowing costs are recognised in the income statement in the year incurred.
FOREIGN EXCHANGE LOSSES 2009 2008
GBP'000 GBP'000
Exchange rate differences 1,895 -
====== ======
The company has issued EUR13 million of loan notes in respect of the acquisitions
of Duboko Plavetnilo-Ugljan Projektant d.o.o. and Duboko Plavetnilo Hoteli
d.o.o.. As a result of the exchange rate at 31 March 2009, GBP1 = EUR1.07798 (31
March 2008: GBP1 = EUR1.25945) the company suffered a translation loss of GBP
1,737,708 and the liability was increased from GBP10,321,884 to GBP12,059,592.
In addition, the deferred consideration of EUR1,080,706 payable for Tiha Uvala
d.o.o. stated to be GBP858,712 as at the acquisition date of 30 September 2008
(30 September: GBP1 = EUR1.25852) has been adjusted to GBP1,002,528 resulting in a
translation loss of GBP143,817.
Other loans when translated resulted in exchange losses of GBP13,737.
There is a possibility that these losses could reverse in the future.
FINANCE EXPENDITURE 2009 2008
GBP'000 GBP'000
Interest payable on overdrafts 475 284
Interest payable on loan notes 1,062 52
------------- -------------
1,537 336
======= ======
LOSS FOR THE FINANCIAL YEAR
The parent company has taken advantage of section 230 of the Companies Act 1985
and has not included its own profit and loss account in these financial
statements. The parent company loss after taxation was GBP3,703,817 (2008: loss GBP
35,813).
EARNINGS PER SHARE
The loss per share of 14.2p (2008: earnings 47.8p) has been calculated on the
weighted average number of shares in issue during the year namely 14,785,356
(year ended 31 March 2008: 10,181,002) and losses of GBP2,098,021 (year ended 31
March 2008: profit GBP4,871,401).
The calculation of diluted losses per share of 14.2p (year ended 31 March 2008:
earnings 45.4p) is based on the loss on ordinary activities after taxation and
the weighted average of 14,785,356 (2008: diluted average of 10,724,816)
shares. For a loss making group with outstanding share options, net loss per
share would only be increased by the exercise of out-of-the money options.
Since it is inappropriate to assume that option holders would act irrationally
no adjustment has been made to diluted EPS for out-of-the-money share options.
On 6 August 2008 the company's ordinary shares of GBP0.01 each were consolidated
by the factor 10:1 to ordinary shares of GBP0.10 each.
The previously reported comparative earnings per share of 31 March 2008 (basic
4.78p, diluted 4.54p) have been restated.
INVENTORIES - GROUP 2009 2008
GBP'000 GBP'000
Work in progress and goods held 4,560 3,172
for resale
======= =======
CASH AT BANK 2009 2008
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Cash at bank 3,365 29 2,372 64
===== ===== ====== =====
Included within the cash at bank and in hand at 31 March 2009 is GBP114,000
(2008: GBP224,000) which is held by the Croatian Ministry of Finance as a bond to
cover any large casinos wins. Cubus Lux d.o.o. is required to keep this bond in
place in order to maintain its gaming licence.
Cubus Lux d.o.o. is also required by law to maintain cash on site of EUR50,000
and HRK 150,000 at each casino, which is included within the above.
In addition, Plava Vala d.o.o. have GBP3,000 (2008: GBP3,000) on deposit with OTP
Leasing for security over a lease for a van and GBP8,000 (2008: GBP8,000) with
Erste Leasing securing for a boat and Duboko Plavetnilo Ugljan Projektant
d.o.o. have a deposit of GBP8,000 (2008: GBP8,000)with Erste Bank to secure a
vehicle lease.
NOTES FOR EDITORS
CUBUS LUX plc - AIM ticker: CBX; Frankfurt ticker: FWK
Originally a casino operator in Croatia, Cubus Lux has changed its strategic
focus to a more broad-based leisure and tourist operation since a new
management team joined the Company in 2005. It is now actively involved in the
development and operation of marinas, tourist resorts and hotels.
The Company aims to become the leading provider of leisure and tourism
facilities in Croatia and to participate fully in the inevitable development of
the north western Mediterranean region. Croatia has agreed prospective member
status with the EU.
Currently, Cubus Lux operates two all-year round casinos on the southern tip of
the Istrian peninsula, and a 200+berth marina at Sutomiscica, on the island of
Ugljan (more commonly referred to as Olive Island). Its hotel and resort
development on Olive Island will see the commencement of construction in Q4
2009/10. These projects involve a 500-bed 4-star hotel and the provision of 431
villas and apartments, with accompanying shops, restaurants and bars.
Cubus Lux is currently awaiting the outcome of its tenders to develop other
tourist facilities in this region of Croatia - involving two more marinas, golf
courses and hotels.
Corporate chronology:
2000: `Cubus Lux d.o.o.' granted licences to operate casinos in Croatia
(licences valid for an initial 10 years, with 8-year renewal option).
August 2004: Shares of Cubus Lux plc admitted to AIM
July 2005: Dr Gerhard Huber appointed executive chairman
February 2006: Acquisition of `Playa Vala d.o.o.' (Olive Island Marina) -
effective reverse takeover requiring re-admission of shares to AIM
May 2007: opening of marina on Olive Island, at Sutomiscica
February 2008: Acquisition of DPUP and DPH, the Olive Island Companies, (Olive
Island Resort and Olive Island Hotel, respectively) - effective reverse
takeover requiring readmission of shares to AIM
March 2008: Company's shares admitted to trading in Frankfurt
April 2009: Company announces tender win for 3.4sqm resort development at
Valdanos, Montenegro
END
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