year-end report 2018partnership means that nustay will include the tripadvisor company viator,...

Interim report 2020-01-01 – 2020-03-31

36090316 | .www.nustay.com | Nustay A/S

Nyhavn 43B | Copenhagen

1

In this interim report, the following definitions and references apply, unless stated otherwise: The “Company” or “Nustay”

refers Nustay A/S with CVR number (Danish corporate registration number) 36090316.

Q1 (2020-01-01 – 2020-03-31)

• Total sales (handled revenue) amounted to DKK 46.0m (25.1m) (Non IFRS – measure)

This represents an increase of 62% from Q4 2019, even though March was heavily impacted by the current

Covid19 crisis, and February to some degree also.

• Total commission (net revenue) amounted to DKK 3.9m (1.6m)

• Result after financial items amounted to DKK -13,5m (-8.1m)

• Net income amounted to DKK -10.4m (-6.3m)

• Net income per share* amounted to DKK -0.50 (-0.60).

• Cash flow from operating activities amounted to DKK -16.3m (-12.6m)***

• Equity ratio** amounted to 25% (64%).

• Cash and cash equivalents amounted to DKK 1.9m (11.3) million.

Numbers in parenthesis are the numbers from the same period in 2019.

For more detailed comments to Q1 financials please ref. to page 6

* The group’s net income per share: the net income for the period divided by 20 582 603 the average number of shares

for the period. The total number of shares in Nustay A/S was 48 588 440 shares per 2020-03-31.

** 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 the first quarter of 2020

• On January 31st, Nustay announced 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 called for an extraordinary general meeting on February 17th.

• On February 5th, Nustay announced that a new international website has been launched, including flights, car

rental and airport transfers.

• On February 17th, Nustay announced 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 announced 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.

• On March 4th, Nustay decided to carry out fully pre-subscribed and underwritten committed rights issue of

shares and warrants, gives market update and publishes prospectus.

• On March 9th, Nustay published a market update: an assessment of Nustay’s performance in the context of

the global Coronavirus outbreak.

• On March 10th, Nustay announced the beginning of the subscription period in Nustay’s rights issue.

• March 22nd, Nustay announced the last day of trading in pre-emptive subscription rights in the ongoing rights

issue.

• On March 23rd, Nustay published an update on Business- and Market related update in connection to COVID-

19.

2

• On March 24th, Nustay announced the last day for subscription in the rights issue of shares and warrants in

Nustay A/S.

• On March 25th, Nustay announced the first day for trading in units in connection to the rights issue.

• On March 27th, Nustay announced the outcome of the rights issue. The rights issue was subscribed to a total

of approximately DKK 27.3 million (incl. underwriting commitments), corresponding to a subscription rate of

approximately 100 percent.

Significant events after the end of the period

• On April 6th, Nustay announced that the rights issue has been registered at the Danish Business Authority.

• On April 8th, Nustay postponed the Annual General Meeting due to COVID-19 from April 30th to May 29th,

2020.

• On May 15th, Nustay postponed the Annual General Meeting due to COVID-19 from May 29th to August 28th,

2020.

3

Statement by Management on the interim report

The Board of Directors and the Executive Board have today considered and approved the interim report of Nustay A/S

for the financial period 1 January to 31 March 2020.

In our opinion, the interim report gives a true and fair view of the Group’s and the Parent’s financial position at 31 March

2020 as well as their results and consolidated cash flow for the financial period 1 January to 31 March 2020.

In our opinion, the management commentary contains a fair review of the development of the Group’s and Parent’s

business and financial matters, the results for the period and the Group’s and the Parent’s financial position.

Copenhagen, 27 May [SE1]2020

Board of Directors

Simon Skouboe Carl Erik Skovgaard

Chairman

Mathias Lundø Nielsen Christian Strøjer

4

A word from our CEO Mathias Lundoe Nielsen We have now concluded the first quarter of 2020. This past quarter have

been an eventful one, particularly colored by the ongoing pandemic

crisis (Covid19). The situation is, as has been described before, extreme

and we are constantly evaluating the situation to implement all possible

measures, which we believe in the long run will have a positive impact

on Nustay and its business. The pandemic of course has a tremendous

adverse impact on our industry and we, nor anybody else, can know

how long this situation will last, and even though specific new guidance

for 2020 is not possible to make at present circumstances, we are doing

everything in our power to be able to go strengthened out of the situation in the long term.

We have worked hard to get where we are today and looking back at the quarter an example of the

fruit of that labor was seen in January, when we hit a new all-time high sales record of DKK 1,1 million

during a 24-hour period, which significantly exceeded the previous sales record. Although we are in

a different situation right in this moment, it shows what incredible potential we have as a company.

Further, we launched our new international website in February, including flights, car rental and

airport transfers. We are immensely pleased by this launch as it means that we can better access

several new and large geographical markets for Nustay, such as Japan, Brazil, Mexico, Colombia,

and Hong Kong. Meaning that Nustay is now present in 26 markets with a local website. In

connection with the launch, which has been a work in progress over the last few months, we have

seen positive trends across all major KPIs like conversion rate improvements, bounce time reduction

and site speed improvements - important parameters that bring our business to the next level. All in

all, the new website grants us the ability to provide the best user experience possible for our

customers - which is of utmost importance to us and Nustay as a brand.

Another big event this period was the initiation of our 100 percent pre-subscribed and underwriting

committed rights issue. In order to ensure the trendline towards long-term stability and profitability,

the Board of Directors decided to conduct an initial fully pre-subscribed and underwriting committed

rights issue of shares and warrants of initially approximately DKK 27.3 million (before issue costs and

including conversion of bridge loans to Units). In addition, through the rights issue of Units, further

warrants were issued, which may add a total of approximately DKK 22.8 million to Nustay. The total

issue from both the rights issue and the warrants thus amount to approximately DKK 50.1 million

(before issue costs). We are very pleased in the confidence from our shareholders and will do

everything we can to use the capitalization as a steppingstone moving forward.

Lastly, we signed a very significant partnership agreement 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 day trips to helicopter tours. This is an important milestone for Nustay and

we are very pleased by the partnership.

Financially Q1 started out continuing the sales growth that really took off the last part of December

2019, also with good average commission. However, in February the current pandemic crisis started

to have an adverse impact on sales, and later also increased the number of refunds to customers.

Consequently, the latter part of Q1 was financially very poor, having basically no sales towards the

end of the quarter.

We will work purposefully to exploit the potential Nustay has and I would like to thank our

shareholders once again for the trust you show us.

Mathias Lundoe Nielsen

CEO and founder, Nustay

5

About Nustay

A brief background to Nustay

Nustay is a Danish online hotel booking company that has

developed an innovative booking platform which not only offers

the lowest possible hotel prices on more than 1.5m hotels, but

also greatly enhances travellers’ hotel booking experience.

Since our founding in 2014 we have pursued an ambitious

vision of becoming global leader within the online hotel booking

industry, and we are confident our large hotel room inventory,

novel pricing strategy, and innovative booking process, will

achieve this goal.

Business idea - Nustay is among the first to sell B2B prices to

B2C consumers

The core of the Nustay platform and the basis of the Company’s business idea is to sell hotel rooms at lower B2B prices,

to consumers (B2C). The way that other OTA’s work is by entering deals with every hotel that is to be included on the

platform. In this way, the OTA’s offer the so-called Gross Price to its customers. However, the OTA’s cannot add any

mark-up on the Gross Price. Instead, they receive a commission (normally around 15% on the price of the booking)

from the hotels for selling at these prices.

Nustay works in another way. Globally, there are approximately 90 B2B hotel suppliers of hotel rooms. These are

companies that specialize in buying large amounts of hotel rooms at heavily discounted prices for the purpose of selling

them on, primarily to large tour operators (for instance Thomas Cook and TUI) that bundle the hotel rooms together

with airline tickets to create holiday packages. Other customers to B2B hotel suppliers include large, often multi-national

companies (and specialized business travel agencies such as Egencia and Carlson Wagonlit Travel, catering for

multinational companies) that book large amounts of hotel rooms for their employees’ business trips. The prices that

B2B hotel suppliers offer hotel rooms are generally between 20-70% lower than the previously mentioned Gross Rates.

Nustay has entered agreements with B2B hotel suppliers

which – uniquely – allows Nustay to offer hotel rooms

priced for B2B to consumers. Nustay then adds its own

mark-up on the price, while keeping the final price for the

customer lower than at the websites of its competitors.

Nustay also buys rooms at the Gross Rate, which is used

for non-logged in users, or users searching for hotels in

countries where rate parity is allowed (i.e. agreements

between certain large OTA’s and hotels governing that

rates for a hotel room are not allowed to differ between

different booking sites). Nustay’s system is then able to intelligently switch between different sources of hotel inventory,

allowing the Company (according to the Board’s assessment based on an analysis carried out by the Company) to

always be either cheaper or as a minimum, equally priced as the large competitors, even on hotels with rate parity rules.

It should be noted that rate parity could be price-fixing of rooms, making it hard for smaller actors in the hotel booking

business. The practice is becoming illegal in more and more countries especially in the European Union11. If the visitors

use a login on Nustay, the Company is able to offer competitive prices, because of the intelligent system and different

supply sources. This makes the platform competitive even on markets where rate parity is allowed.

The other key business idea that differentiates Nustay from its competitors is the platforms’ user-friendliness, which has

been achieved by an aesthetically pleasing user interface, a reduction in steps to book, a transparent booking process,

and the inclusion of a wide range of filters – for instance, closeness to shopping facilities, hotels especially suitable for

families with children, etc. In addition, customers can also connect their social media accounts to Nustay which further

enables the system to facilitate logging in to the platform.

1 http://www.hotelnewsnow.com/Articles/151286/EU-courts-reshaping-rate-parity-landscape

http://www.hotelnewsnow.com/Articles/151286/EU-courts-reshaping-rate-parity-landscape

6

Company structure and shareholding

Nustay is the parent company in a group that also includes two fully owned and controlled subsidiaries:

• Verified Hotel Booking ApS (CVR: 39288664): Payment gateway redundancy.

• Tech Venture ApS (CVR: 39739887): No business activity.

• Nustay LLC (reg.no. 43350228)

Development in figures for Q1 2020

Revenue

Nustay’s total sales (handled revenue) during the first quarter of 2020 amounted to DKK 46.0m (25.1 m). Net of hotel

costs, cancellations and fees, net revenue reached DKK 3.8 m (1.6m). Nustay’s handled revenue increased by 62 %

compared to Q4 2019. This increase is based on the successful growth before the pandemic crisis having adverse

impact from middle of Q1. The impact also caused the average net revenue % (of the handled revenue) to decrease

from 12.1% in Q4 2019 to 8.3% in Q1 measured over the full quarters. For the first part of the quarter the revenue %

was in line with, or higher than the Q4 2019 number.

Other external expenses

Other external expenses during the first quarter of 2020 amounted to DKK 12.8m (7.2m). Ratio to net revenue is only

slightly higher than in Q4 2019 (3.34 vs. 3.26), and this despite the cost ratio has been adversely impacted by the

pandemic crisis, as not all costs are quickly scalable. On top of this several one-time (or yearly) costs have materialized

in Q1 (close to DKK 2m), so level also impacted by a timing issue - i.e. all in all the cost efficiency has improved from

Q4 2019 to Q1 2020.

Other external expenses mainly consist of marketing costs DKK 8.7 m (3.5m), obviously increased spend from Q4

2019, but also includes other significant cost items such as internal consultants in Kiev, server hosting, integration,

office rent, and other general expenses.

Result

The consolidated net result for the first quarter of 2020 amounted to DKK -10.4 m (-6.3m). This result is DKK 1.4m

lower than Q4 2019, which is driven by other external expenses as described above, higher depreciations due to

finalized developments, and higher financial expenses due to bridge funding up to the rights issue.

Shareholders’ equity

As of March 31, 2020, Nustay’s equity was DKK 15.5m (27.0m).

Cash and cash equivalents

As of March 31, 2020, Nustay’s cash and cash equivalents amounted to DKK 1.9m (11.3m)

Deferred tax

Based on the Company’s current long term planning, the company expects to be able to utilize the deferred tax assets

within the coming years. If the actual performance deviate from plans, there may be uncertainty associated with the

valuation. Before finalization of the half year report for 2020 the company will prepare an updated assessment of the

valuation.

Related Parties

No transactions with related parties have taken place in first quarter of 2020.

Shareholder structure

The table below lists the ownerships structure in Nustay A/S as of March 31, 2020

Name Number of shares Proportion of votes and capital (%)

SS Holding Kolding ApS1 11,334,976 23.3

Seier Capital Denmark A/S 10,981,984 22.6

State Street Bank and Trust 5,051,497 10.4

La Dolce Vita Holding ApS2 3,056,467 6.3

Strøjer Capital ApS 1,210,969 2.5

Other owners 16,952,547 34.9

Total 48,588,440 100.0%

7

1Owned by board member Simon Skouboe 2Owned by CEO and Founder Mathias Lundoe Nielsen

The share

Nustay A/S’s share was listed at Spotlight Stock Market on March 22, 2019. The trading name of the share is NUSTAY

and the ISIN-code is DK0061132305. As of March 31, 2020, the number of shares in Nustay amounted to 48,588,440.

The average amount of shares for the first quarter of 2020 amounted to 20,582,603. The company carried out a rights

issue of units during the first quarter 2020. The issue was registered at the Danish Business Authority in April 2020,

thereby increasing the number of shares to a total of 48,588,440 shares. There is one single class of shares in the

Company. All shares carry equal rights to a share of the Company’s assets and earnings.

COVID-19

During the current period, the global outbreak of the COVID-19 pandemic has had an extensive negative effect on the

whole travel industry, including Nustay. At present, it is not possible to determine what long-term effects the pandemic

will have.

Other operational risks and uncertainties

In addition to COVID-19, other risks and uncertainties that Nustay’s operations are exposed to are summarised in terms

of competition, technology development, patents, government requirements, capital requirements, currencies and

interest rates. No specific changes of elements regarding risk or uncertainty factors have occurred, however as

mentioned above the global pandemic situation have had a significant adverse impact on the entire industry, incl.

Nustay. For more detailed reporting of risks and uncertainties, refer to the previously published prospectus, published

in March 2020.

Auditors review

This interim report has not been formally reviewed by the Company’s auditor.

Accounting principles

The accounting policies applied to the interim report are consistent with those applied to the Annual Report for 2018,

approved at the Annual General Meeting on 30 April 2019.

Financial calendar

Aug 27, 2020: Half-year report

Nov 26, 2020: Q3 report

Feb 25, 2021: Year-end report, 2020

For more information, please contact

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

Telephone: +45 22 91 94 99

E-mail: [email protected]

Website: www.nustay.com

mailto:[email protected]

http://www.nustay.com/

8

Financial overview Parent income statement

Q1 2020 Q1 2019 2019

DKK’000 DKK’000 DKK’000

(3 months) (3 months) (12 months)

Revenue 3 758 1 617 10 030

Other external expenses (14 187) (7 231) (38 046)

Gross profit/(loss) (10 429) (5 614) (28 016)

Staff costs (1 514) (1 845) (7 212)

Depreciation and amortisation (892) (463) (2 007)

Operating profit/(loss) (EBIT) (12 835) (7 922) (37 235)

Financial income 0 0 1

Financial expenses (1 365) (146) (1 162)

Profit/(loss) before tax (14 200) (8 068) (38 396)

Tax on profit/(loss) for the year 3 124 1 770 8 447

Profit/(loss) for the period (11 076) (6 298) (29 949)

The weighted average number of shares per year

20 582 603 10 574 978 15 563 266

Earnings per share

Basic earnings per share (DKK ‘000) (0.001) (0.001) (0.002)

Diluted earnings per share (DKK ‘000) (0.001) (0.001) (0.002)


Other comprehensive income for the period

Comprehensive income for the period (11 076) (6 298) (29 949)

9

Parent Balance Sheet

Assets 31.03.2020 31.03.2019 31.12.2019

DKK’000

Development projects completed 17 206 9 671 8 440

Development projects in progress 2 614 2 757 9 517

Intangible assets 19 820 12 428 17 957

Other fixtures and fittings, tools and equipment 813 780 831

Leasehold improvements 1 316 164 1 315

Property, plant and equipment 2 129 944 2 146

Investments in group enterprises 130 100 129

Deposits 4 968 776 1 426

Deferred tax assets 14 682 5 984 11 557

Other non-current assets 19 780 6 860 13 112

Non-current assets 41 729 20 232 33 215

Trade receivables 0 6 255 6 503

Receivables from group enterprises 0 0 20

Other receivables 14 313 2 544 1 048

Prepayments 3 489 2 037 3 827

Receivables 17 802 10 836 11 398

Cash 1 396 11 272 444

Current assets 19 198 22 108 11 842

Assets 60 927 42 340 45 057

10

Parent Balance Sheet (continuation)

Equity and liabilities 31.03.2020 31.03.2019 31.12.2019

DKK’000

Share capital 729 729 729

Reserve for development costs 15 460 9 694 14 006

Retained earnings (588) 16 561 (11 163)

Equity 15 601 26 984 3 572

Payables to shareholders and management 0 109 0

Vacation allowance 300 0 188

Long-term liabilities 300 109 188

Other bank debt (1) 55 97

Trade payables 27 942 14 542 25 694

Payables to group enterprises 624 99 98

Payables to shareholders and management / Loans 4 369 0 1 250

Other payables 12 092 551 14 158

Current liabilities 45 026 15 247 41 297

Liabilities 45 326 15 356 41 485

Equity and liabilities 60 927 42 340 45 057

11

Statement of change in shareholders’ equity (Parent company)

Reserve for

Share development Retained

capital costs earnings Total

DKK’000 DKK’000 DKK’000 DKK’000

Equity at 1 January 2020 729 14 006 (11 163) 3 572

Loss for the period (11 076) (11 076)

Capital increase1 23 105 23 105

Transferred to reserves 1 454 (1 454) 0

Share option program 0 0

Equity at 31 March 2020 729 15 460 (588) 15 601

Equity at 1 January 2019 568 8 610 (624) 8 554

Loss for the period 0 0 (6 298) (6 298)

Capital increase1 161 0 24 212 24 373

Transferred to reserves 0 1 084 (1 084) 0

Share option program 0 0 355 355

Equity at 31 March 2019 729 9 694 16 561 26 984



Capital increase1 161 24 161 24 322



Equity at 31 December 2019 729 14 006 (11 163) 3 572

12

Statement of Parent cash flow

Q1 2020 Q1 2019 2019

DKK’000 DKK’000 DKK’000



Depreciation and amortisation 892 463 2 007

Other regulations 0 355 645

Working capital changes (3 671) (5 398) 10 708

(15 614) (12 502) (23 875)

Income taxes received (1) 0 1 104

Interest received 0 0 1

Interest paid (1 365) (146) (1 162)

Cash flows from operating activities (16 980) (12 648) (23 932)

Acquisition of intangibles (2 613) (1 800) (8 560)

Acquisition of property, plant and equipment (125) (197) (1 712)

Investments in group enterprises (1) 0 (29)

Payment of deposits (3 542) (115) (765)

Cash flows from investing activities (6 281) (2 112) (11 066)

Capital increases 23 105 24 372 24 322

Loans from shareholders and management 3 119 0 (4 332)

Other loans (1 913) 0 13 750

Cash flows from financing activities 24 311 24 372 33 740

Increase/(decrease) in cash and cash equivalents 1 050 9 612 (1 258)

Cash and cash equivalents at beginning of the period 347 1 605 1 605

Change in cash and cash equivalents 1 050 9 612 (1 258)

Cash and cash equivalents at the end of the period 1 397 11 217 347

13

Income Statement (Consolidated company group)

Q1 2020 Q1 2019 2019

DKK’000 DKK’000 DKK’000


Revenue 3 843 1 617 10 030

Other external expenses (12 833) (7 231) (38 578)

Gross profit/(loss) (8 990) (5 614) (28 548)

Staff costs (2 121) (1 845) (7 435)

Depreciation and amortisation (972) (463) (2 007)


Financial income 0 0 34

Financial expenses (1 422) (146) (1 209)

Profit/(loss) before tax (13 505) (8 068) (39 165)

Tax on profit/(loss) for the year 3 124 1 770 8 434


The weighted average number of shares per year

20 582 603 10 574 978 15 563 266

Earnings per share

Basic earnings per share (DKK ‘000) (0.001) (0.001) (0.002)

Diluted earnings per share (DKK ‘000) (0.001) (0.001) (0.002)


Other comprehensive income for the period

Comprehensive income for the period (10 381) (6 298) (30 731)

14

Consolidated company group balance Sheet

Assets 31.03.2020 31.03.2019 31.12.2019

DKK’000

Development projects completed 17 206 9 671 8 440

Development projects in progress 2 614 2 757 8 671

Intangible assets 19 820 12 428 17 111

Other fixtures and fittings, tools and equipment 931 780 859

Leasehold improvements 1 316 164 1 315

Property, plant and equipment 2 247 944 2 174

Deposits 5 108 776 1 426

Deferred tax assets 14 682 5 984 11 558

Other non-current assets 19 790 6 760 12 984

Non-current assets 41 857 20 132 32 269

Trade receivables 14 6 255 6 503

Other receivables 14 308 2 544 1 049

Prepayments 3 489 2 037 3 826

Receivables 17 811 10 836 11 378

Cash 1 946 11 273 1 490

Current assets 19 757 22 109 12 868

Assets 61 614 42 241 45 137

15

Consolidated company group Balance Sheet (continuation)

Equity and liabilities 31.03.2020 31.03.2019 31.12.2019

DKK’000

Share capital 729 729 729

Reserve for development costs 15 460 9 694 14 006

Retained earnings (675) 16 561 (11 946)

Equity 15 514 26 984 2 789

Payables to shareholders and management 0 109 0

Vacation allowance 300 0 188

Long-term liabilities 300 109 188

Other bank debt (1) 55 97

Trade payables 28 970 14 542 26 503

Payables to shareholders and management / Loans 4 369 0 1 250

Other payables 12 462 551 14 310

Current liabilities 45 800 15 148 42 160

Liabilities 46 100 15 257 42 348

Equity and liabilities 61 614 42 241 45 137

16

Statement of change in shareholders’ equity (Consolidated company group)

Reserve for

Share development Retained

capital costs earnings Total

DKK’000 DKK’000 DKK’000 DKK’000

Equity at 1 January 2020 729 14 006 (11 946) 2 789


Capital increase1 23 105 23 105



Equity at 31 March 2020 729 15 460 (675) 15 514






Equity at 31 March 2019 729 9 694 16 561 26 984






Equity at 31 December 2019 729 14 006 (11 946) 2 789

17

Statement of Consolidated company group cash flow

Q1 2020 Q1 2019 2019

DKK’000 DKK’000 DKK’000



Depreciation and amortisation 972 463 2 007

Other regulations 0 355 645

Working capital changes (3 789) (5 397) 11 690

(14 900) (12 501) (23 648)

Income taxes received 0 0 1 090

Interest received 0 0 34

Interest paid (1 422) (146) (1 209)

Cash flows from operating activities (16 322) (12 647) (23 733)

Acquisition of intangibles (3 499) (1 800) (7 714)

Acquisition of property, plant and equipment (254) (197) (1 739)

Payment of deposits (3 682) (115) (765)

Cash flows from investing activities (7 435) (2 112) (10 218)

Capital increases 23 105 24 372 24 321

Loans from shareholders and management 3 119 0 (4 332)

Other loans (1 913) 0 13 750

Cash flows from financing activities 24 311 24 372 33 739

Increase/(decrease) in cash and cash equivalents 554 9 613 (212)

Cash and cash equivalents at beginning of the period 1 393 1 605 1 605

Change in cash and cash equivalents 554 9 613 (212)

Cash and cash equivalents at the end of the period 1 947 11 218 1 393

18

Nustay A/S

Nyhavn 43 B, 1051 Copenhagen,

Denmark

www.nustay.com [email protected]

Phone: +45 89 87 05 38

http://www.nustay.com/

mailto:[email protected]

https://www.google.se/search?q=nustay&rlz=1C1GCEU_svSE824SE824&oq=nustay&aqs=chrome..69i57j69i60l3j0l2.2997j0j7&sourceid=chrome&ie=UTF-8

year-end report 2018partnership means that nustay will include the tripadvisor company viator,...

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