We refer to the announcements dated 18 March 2016 and 3 August 2017 respectively in respect of the regularisation plan which was completed on 18 January 2018 (“Regularisation Plan”). Unless otherwise defined, the definitions set out in the earlier announcements in relation to the Regularisation Plan shall apply herein.
Pursuant to the terms of the profit guarantee in the Regularisation Plan and as set out in the Circular to Shareholders dated 3 August 2017, the Profit Guarantor (being Yap Fu Fah) had provided the following guarantee:
That the aggregate of the audited consolidated profit after tax (“PAT”) of Parlo Tours Sdn. Bhd.("Parlo Tours") for the FYEs 31 December 2016 and 31 December 2017 shall not be less than RM8,622,197 comprising of:
-in respect of the FYE 31 December 2016, RM3,819,652; and
-in respect of the FYE 31 December 2017, RM4,802,545,
(collectively referred to as “Profit Guarantee”).
Parlo Tours achieved an audited PAT of RM3,853,427 (restated) for the FYE 31 December 2016 thus has met the profit guarantee for FYE 31 December 2016 as follows:
|
RM
|
Guaranteed amount for the FYE 31 December 2016
|
3,819,652
|
Audited PAT for the FYE 31 December 2016
|
(3,853,427)
|
Excess to be carried forward for the FYE 31 December 2017
|
33,775
|
The Board of Directors of Parlo (“Board”) wishes to announce that for the FYE 31 December 2017, Parlo Tours achieved an audited PAT of RM3,507,490 thus there is a shortfall in the Profit Guarantee as follows:
|
RM
|
Guaranteed amount for the FYE 31 December 2017
|
4,802,545
|
Audited PAT for the FYE 31 December 2017
|
(3,507,490)
|
|
1,295,055
|
Excess carried forward for the FYE 31 December 2017
|
(33,775)
|
Shortfall of Profit Guarantee (“Shortfall”)
|
1,261,280
|
The Company wishes to inform that notwithstanding the Shortfall, Parlo Tours recorded an increase in gross profit (“GP”) of RM3.06 million in the FYE 31 December 2017 as compared to the FYE 31 December 2016 and Parlo Tours’ GP margin remained consistent at 11.8% for both financial years. As represented by Parlo Tours, the Shortfall was mainly due to increased expenses arising from staff cost, advertisement programmes and marketing as well as trade fair expenses incurred specifically as part of Parlo Tours’ efforts to promote new travel destinations in the People’s Republic of China and Europe. As such, the increases were in-line with the future growth and direction of the Group.
In accordance to the terms of the custodian / stakeholder agreement entered into between Parlo, the Profit Guarantor, Thirty Keystone and the Stakeholder (being Malaysian Trustee Berhad) (collectively referred to as “Parties”) on 15 November 2017 (“Stakeholder Agreement”), the Company will be furnishing a copy of the audited financial statements of Parlo Tours for the FYEs 31 December 2016 and 31 December 2017 to the Parties within 3 months after the said financial statements are audited (i.e., latest by 27 September 2018 as the financial statements for the FYE 31 December 2017 were signed on 28 June 2018). The Profit Guarantor is liable to the Company to settle the Shortfall within 14 business days from the date of notification or any other period as may be granted by the Company.
This announcement is dated 2 July 2018.