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Nustay A/S: Publication of Year-End Report 2019

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Nustay A/S ("Nustay") hereby publishes its Year-End Report for the period January - December 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.

CEO Mathias Lundoe Nielsen comments:

“Over the last 12 months Nustay has delivered solid results across the board, especially in respect of our sales. Our teams have worked hard to achieve monthly, quarterly and annual targets throughout 2019, which has put Nustay in a good position for the forthcoming year. In 2020 we aim to continue pushing this positive trend by further increasing our sales and financially securing our ambitious development objectives. By continuing to work with a lower-risk model we will seek to reach our goal of being cash flow positive by Q3 2020 and EBITDA positive before the end of 2020. Overall, I am very glad to see that during 2019 Nustay has significantly grown and further matured and am encouraged by the huge potential the company continues to show. With further capital injection, Nustay will continue moving towards long-term stability and profitability.”

Q4 (2019-10-01 – 2019-12-31):

  • The handled revenue amounted to DKK 28.4 m (9.3 m). (Non-IFRS – measure)

This represents an increase of 205% from the same period 2018. Nustay’s handled revenue increased with 3 % compared to Q3 2019, where the handled revenue amounted to DKK 27.5 m.

  • The net revenue amounted to DKK 3.4 m (0.3 m).
  • The result after financial items amounted to DKK -11.3 m (-7.5 m).
  • Net income amounted to DKK -9.0 m (-5.7 m).
  • Net income per share* amounted to DKK -0.49 (-10.16).
  • Cash flow from operating activities amounted to DKK -2.2 m (-4.2 m).***

Twelve months (2019-01-01 – 2019-12-31):

  • The handled revenue amounted to DKK 116.1 m (19.8 m). (Non-IFRS – measure)

An increase of 486% from same period 2018.

  • The net revenue amounted to DKK 10.0 m (1.3 m).

An increase of 670% from same period 2018.

  • The result after financial items amounted to DKK -39.2 m (-18.4 m).
  • Net income amounted to DKK –30.7 m (-14.0 m).
  • Net income per share amounted to DKK -1.97 (-28.54).
  • Cash flow from operating activities amounted to DKK -23.7 m (-10.4 m).***
  • Equity ratio** amounted to 6.2 % (37.1 %).
  • Cash and cash equivalents amounted to DKK 1.5 m (1.7 m).

Reference is made to the press release made on January 31st 2020, announcing that the Board of Directors will propose to an Extraordinary General Meeting to receive authorizations to provide the board with flexibility to conduct a capital raise by issuance of shares, warrants or conversion of debt, or a combination hereof in order to repay the Company’s outstanding debt, rebuild the cash-buffer and finance further growth.

The Board of Directors received above authorizations at the EGM conducted on February 17th.

The total rights issue is expected to amount to approximately DKK 50 million before issue costs.

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 (560 378), the average number of shares for the period. The total number of shares in Nustay A/S was 18 220 665 shares per 2019-12-31.

** 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 Q4:

  • On October 10, Nustay announced that Søren Morbitzer Christoffersen had been appointed as the Company’s new CFO.
  • On October 11, Nustay confirmed plans to raise further capital to cover the Company’s short and long-term capital needs. Further to the DKK 10 million raised through debt financing communicated September 6, 2019, the Company decided to initiate a process to raise additional capital in Q4 2019. The capital would be used to repay outstanding debt, rebuild the Company’s cash-buffer and finance further growth.
  • On October 21, Nustay announced that the Company’s Chairperson, Lone Fønss Schrøder, had resigned from Nustay’s Board of Directors
  • On October 29, Nustay communicated that the Company’s board member and co-founder, Simon Skouboe, had accepted to take the role as interim Chairperson of the Board. It was decided that Simon Skouboe would act as Chairperson for Nustay until a permanent replacement for the position was found.
  • On November 11, Nustay issued a comprehensive market update on the Company’s progress against its key performance indicators (KPIs) since its IPO early 2019. The update sought to provide the market with a deeper understanding of the Company’s operations and most recent actions, and through this, highlight the potential for further growth.
  • On November 21st, Nustay announces that the Company has secured a bridge financing, in the form of a short-term loan, of DKK 5 million.
  • On December 2nd, Nustay announces changes to the Board of Directors and planned capitalization. An Extraordinary General Meeting is to be held to formally elect Christian Strøjer and Mathias Lundoe Nielsen to the Board of Directors. At this Extraordinary General Meeting, it is also proposed for shareholders to decide on authorizing the Board to conduct capitalizations in line with the capital need of approx. DKK 35 million.
  • On December 23rd, Nustay announced a new distribution agreement with Europlayas, a leading online hotel supplier specializing in the Mediterranean region that offers an inventory of over 120,000 hotels.
  • On December 23rd, Nustay announced an all-time high sales record with the highest number of bookings and handled revenue that Nustay has had in a single day since the platform was launched. A total of 751 hotel bookings was successfully completed on the platform during the 24-hour period, resulting in a total handled revenue of more than 681,000 DKK.

Significant events after the end of the period:

  • On January 31st, Nustay announces plans to conduct a rights issue of shares and warrants and hits a new all-time high sales record of DKK 1.1 million.
  • On January 31st, Nustay calls for an extraordinary general meeting on February 17th.
  • On February 17th, Nustay announces that the EGM authorized the board of directors to increase the share capital of the Company. The board of directors has proposed a number of resolutions to the shareholders at the extraordinary general meeting granting the board of directors authorisations to issue shares, warrants and to convert debt into shares.
  • On February 21st, Nustay announces that a partnership agreement has been signed with TripAdvisor Inc. The partnership means that Nustay will include the TripAdvisor company Viator, Inc.'s services in its offer. Viator, a brand operated by TripAdvisor, offers over 200,000 bookable tours and activities, which includes everything from cultural daytrips to helicopter tours.

For further information about Nustay, please contact:                      

Mathias Lundoe Nielsen, Founder & CEO, Nustay A/S

Telephone: +45 22 91 94 99

E-mail: mln@nustay.com

Website: www.nustay.com

This information is information that Nustay A/S is obliged to publish following the EU Market Abuse Regulation. The information was provided by the contact person above for publication on February 29th, 2020.

About Nustay:

Nustay is a Danish online hotel booking company established in 2014. The company has developed an innovative booking platform offering the lowest possible hotel prices while also enhancing customer’s booking experience. Nustay has set out an ambitious vision to become the global leader within the online hotel booking industry, and is confident its large hotel room inventory, novel pricing strategy, and transparent booking process, will achieve that goal.

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