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Apollo Enterprise Solutions Limited Advises of Release of 2014 Financial Results
letter the release of audited consolidated results for the quarter ending December 31, 2014 and audited consolidated results for the fiscal Year 2014 as follows:
AES was incorporated on 26 September 2012 in Bermuda with the primary objective of offering investors a high growth technology investment opportunity. The Company’s primary listing is on the Bermuda Stock Exchange (AES:BH). It has a secondary listing on the Frankfurt Stock Exchange (OAL:GR) and also listed on the XETRA trading platform (OAL:GY).
Reporting Currency
The Company’s results are reported in US Dollars.
Business Review
AES has largely performed in line with budgeted expectations during the 4th Quarter of 2014. Revenue for the 4th Quarter 2014 was $761,702, compared to revenue in the 4th Quarter of 2013 of $374,580. The net loss for the 4th Quarter 2014 was ($239,542), an improvement of $646,272 compared to the ($885,814) loss from the 4th Quarter of 2013. The Company has no minority interests, and there were no other unusual items in the 4th Quarter. Basic Earnings Gain/(Loss) per share for the 4th Quarter 2014 were ($0.005). Fully diluted Earnings Gain/(Loss) per share for the 4th Quarter were ($0.003) which was an improvement over 4th Quarter of 2013.
For the 12 months ended 31 December 2014, revenue was $2,446,505, compared to the revenue for the 12 months ended 31 December 2013 of $1,178,347. Total operating expenses for the 12 months ended 31 December 2014 were $5,000,202 and a loss of ($2,554,497).
Total operating expenses for the 12 months ended 31 December 2013 were $5,441,805 and a loss of ($4,263,458).
During the 4th Quarter of 2014, AES entered into a Master Service Agreement with two major partners, one in the United States and one in Europe. The Company continues to work closely with its marketing partners regarding potential clients in the US, UK, Italy, Spain and Australia.
Dividends
The Company has declared no Common Share dividend for the period under review. The Company accrued Dividends on the small number of remaining Preferred Class A and Preferred Class A-2 shares through the period of 31 December 2014 as required by their terms in each class (all Preferred Dividends are 6%). This accrual equaled $186.00. No Preferred Dividends are payable until the Company has achieved three consecutive quarters of profitability and receives Board of Directors approval to pay such dividends.
Basis of Presentation
The unaudited consolidated results for the three months ended 31 December 2014 have been prepared in accordance with US Generally Accepted Accounting Principles (USGAAP). The audited full year 2014 results are also presented in accordance with US Generally Accepted Accounting Principles (USGAAP).
Accounting Policies
The annual results below have been audited by the Company’s external auditors. The accounting policies adopted are consistent with those published in the Audited Annual Financial Statements for the period ended 31 December 2013.
Changes to the Board
There were no changes to the Board during the 4th Quarter 2014.
APOLLO ENTERPRISE SOLUTIONS LIMITED
(Incorporated in Bermuda with registration number 46931)
BSX share code: AES:BH
FWB share code: OAL:GR or OAL:GF
XETRA share code: OAL:GY
ISIN: BMG0410V2071