- ebookers expands India back office (Business Process Outsourcing facility) to service 3rd parties and further develops profitability potential -
ebookers plc, the pan-European leisure specialist online, today announces its financial results for Quarter 2 and the Half Year ended 30 June 2003.
Highlights for Quarter 2
- Gross sales rise by 67% to £118m (Q2 2002 - £71m). - Turnover (gross profit) rises 101% to £15.0m (Q2 2002 - £7.5m). Organic growth of 28%. - Margin1 improves to 12.7% (Q2 2002 10.5%). An excellent result. - Adjusted pre-tax loss2 significantly reduced in seasonally weakest quarter to £(0.9)m (Q2 2002 £(1.7)m) despite SARS and Iraq War. - Travelbag integration continues to make rapid progress. 35% of passengers now from Internet. - India BPO cost savings this quarter estimated at £1.4m. - India BPO capacity to increase from 600 to 2,000 staff in taking on third party clients. The BPO will trade under the name Tecnovate.
Nigel Addison Smith, CFO, ebookers plc comments:
"These strong results in what is now our seasonally weakest quarter, combined with the effects of the war and SARS, show the capability of the ebookers businesses. The integration of Travelbag continues ahead of expectations with the migration of activity to our Indian BPO well underway. These results highlight our bottom line focus of tight cost control combined with internet driven top line growth."
Dinesh Dhamija, CEO, ebookers plc comments:
"We are now in the process of increasing the size of Tecnovate, our BPO facility. This additional capacity will be used to service third party clients. We have already demonstrated our expertise in creating a successful BPO and will now turn it from a cost centre into a profit centre. When combined with the high internet growth of an online travel company we believe that this gives ebookers a unique position to build on the profit potential of the group."
1 Margin defined as turnover (gross profit) as a percentage of gross sales.
2 Before amortisation, all stock compensation related costs, and exceptional items. See note 3.
- Chairman's statement
ebookers has recorded an excellent second quarter. This was despite the impact of SARS and the Iraq war and most importantly the low winter season for our recent acquisition, Travelbag Holdings Limited "Travelbag", which is focused on long haul southern hemisphere destinations.
- Travelbag Integration
As a bricks and mortar travel company, with a long-haul focus, Travelbag has traditionally been unprofitable in Quarter 2, making the majority of its profits in the Autumn and Winter peak long haul booking period. We aim to use the internet to deliver profits whatever the season.
Travelbag's internet sales have increased from 16% of all passengers in January to 35% in July. This is an excellent result at this stage, however the process is still in its early stages. The faster we can convert Travelbag to online sales channels, the more profitable its sales will become. For the Travelbag brand, our aim is to deliver 70%+ internet passenger bookings within the next 12 months.
- BPO
We have successfully undergone the complex process of establishing an Indian BPO facility. The BPO facility is key to cost reduction, but it is also a critical driver behind our sales growth. Cost levels in India allow us to take on high-quality revenue-generating staff. This resource is key to delivering profitable e-mail sales, and proactive customer service encouraging product cross sell. In Quarter 2 2003 we estimate that the BPO facility delivered cost savings of £1.4m. (This is the estimated cost if Indian functions had been carried out in Europe instead). With Travelbag functions currently being transferred, BPO cost savings could rise to over £2m per quarter by the end of the year.
The BPO facility has been designed to act as a third party service provider, and we have already received several approaches from top-tier international organisations anxious to benefit from ebookers' BPO facility.
To service these clients, and additional workload from ebookers, the company has taken on an additional 62,000 sq ft in New Delhi, with capacity to recruit up to 1,400 more staff. This expansion is being supported by the recruitment of additional senior management, and the establishment of internationally recognised quality accreditation programmes.
- Technology
ebookers' technology development programme is focused on sales and margin growth as well as supporting group cost reduction targets through automation. Key to growth is the installation of optimal product mix technologies. On the UK website new technology has just been launched allowing the dynamic packaging of hotel and flight products, giving excellent value to our customers and the capacity for significant margin enhancements to our business. Enhanced car and hotel booking engines are at advanced stages of development. All of these initiatives will be supported by a new company-wide CRM programme aimed at improving conversion and customer retention rates and providing data to drive future marketing campaigns.
- Financial statement
During the period, ebookers has continued its track record of growth combined with cost control.
With the addition of Travelbag and its effect on our seasonal mix, Quarter 2 is now the group's weakest seasonal quarter. This quarter was also affected by SARS and the Iraq War. Nonetheless it has seen significant acquisition and organic (non-acquisition) growth with gross sales of £118.2m in Quarter 2 2003 compared to £71.0m in Quarter 2 2002, an increase of 67%. Turnover (gross profit) increased 101% year on year to £15.0m, with organic growth of 28%. For the first half of 2003, gross sales were £226.9m compared to £131.6m in the same period last year an increase of 72%. Turnover (gross profit) was £29.3m compared to £14.2m in the first half of 2002, an increase of 107%, and an organic increase of 35%.
Particularly encouraging during the first half of 2003 and Quarter 2 2003 was the effect of increased non-air sales and their impact on overall margins. Our overall margin (gross margin on gross sales), increased to 12.7% in Q2 (Q2 2002: 10.5%) and 12.9% in the first half year (first half 2002, 10.8%). Turnover (gross profit) from non-air products accounted for approximately 37% of turnover in Quarter 2 2003 compared to 24% in Quarter 2 2002.
Quarter 2 2003 adjusted (cash) operating costs(1) were £15.0m. The Quarter 2 2003 costs represent 12.7% of gross sales. Within this, the cost base of the Travelbag business represented 15.9% of gross sales, compared to 11.0% for ebookers. This indicates the significant potential to decrease Travelbag costs, particularly through continued transfer of functions to the India BPO and increased online sales and automation.
Adjusted loss before tax(1) was £0.9m in Quarter 2 2003. This was better than market expectations and compares to an adjusted loss before tax of £1.7m in Quarter 2 2002. For the first half of 2003 we achieved an adjusted loss of £0.8m compared to an adjusted loss of £4.0m for the first half of 2002. Within the first half of 2003, in the seasonally stronger Quarter 1 we achieved our first ever adjusted profit of £0.1m despite the Iraq war and its build-up, indicative of the significant profitability potential of our business. Excluding Travelbag, ebookers made an adjusted profit of £0.2m for Quarter 2 2003, with Travelbag making an adjusted loss of £1.1m due to this being its weakest quarter and the effect of SARS.
Loss after tax for Quarter 2 2003 was £7.4m compared to £3.5m in Quarter 2 2002. The increase was predominantly due to an increase of £1.1m in goodwill amortisation from £1.2m in Quarter 2 2002 to £2.3m in Quarter 2 2003 following the Travelbag acquisition, and £2.9m of exceptional items, mainly due to exceptional costs associated with the integration of Travelbag. For the first half of 2003 the loss after tax was £12.3m, compared to £7.0m in the first half of 2002. In the first half of 2003 the loss included £6.8m of exceptional items (again mainly associated with Travelbag). Goodwill amortisation charges in the first half of 2003 were £4.2m, compared to £2.4m in the first half of 2002.
Quarter 2 2003 saw a significant strengthening of our cash position from £49m at the end of Quarter 1 2003, to £56m at the end of Quarter 2 2003.
- Current trading
Our UK acquisition of Travelbag and Bridge the World has delivered an excellent performance in July powered by the successful start of their conversion to online sales. Our mainland European subsidiaries are also performing well.
However, we are currently seeing lower than expected demand for some long and mid haul destinations. We believe that this has been caused by the knock-on effect of SARS and the Iraq war on consumer demand in these markets.
We believe that the prospects remain good for autumn and winter bookings given the long and mid haul focus of the company.
- Outlook
We are extremely confident about the future due to our strength in destination content, geographical breadth, ability to serve customers both on and offline, and our low cost BPO in India.
(1) Please see note 3 for definition and schedule of proforma adjusted financial measures
Media photography of BPO will be available monday PM
Webcast and conference call
When: Monday 4 August at 16:00 BST /15:00 GMT / 17:00 CET / 11:00 ET (USA, NYC). Where: For registration of the live event please click on the link below:
http://meta.unit.net/ebookers/20030804/index.html
Should you wish to take part in the Conference Call, please dial one of the following numbers:
UK dial in +44 (0)845 245 3471 International dial in +44 (0) 1452 550 000
A replay of the conference will be available for 7 days on the following numbers:
UK +44 (0)845 245 5205 International +44 (0) 1452 55 00 00 Replay Access Number: 341092[#]
If you are unable to participate during the live audio webcast, the event will be archived on the same URL as listed above for 90 days from the date of the event.
(Minimum Requirements to listen to broadcast: The Windows Media Player software, downloadable free from http://www.microsoft.com/windows/windowsmedia/en/download/default.asp Or Real Player and at least a 28.8Kbps connection to the Internet.) - About ebookers plc
ebookers is a leading pan-European online travel agency with websites in 12 European countries - UK, France, Ireland, Germany, Austria, Spain, Holland, Switzerland, Sweden, Denmark, Norway, and Finland. It specialises in the mid- and long-haul modular leisure segments of the European travel industry. It also specialises in selling discount merchant fares, which are negotiated directly with leading travel suppliers in order to help them sell their excess capacity without damaging their pricing structure and brands. ebookers has a low-cost BPO facility in New Delhi, India with a staff of over 600, which carries out 13 separate functions from email sales to software development. The Company has a multi brand marketing strategy. Its brands include ebookers.com, Flightbookers, Travelbag, Travelbag Adventures Bridge the World, and MrJet. ebookers plc is listed on the London Stock Exchange and quoted on Nasdaq in the United States of America.
Forward Looking Statements
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. Potential risks and uncertainties include, without limitation, the company's ability to identify, acquire and integrated companies across Europe including Travelbag Holdings, its ability to significantly increase its online revenues and sales volumes, to maintain and develop relationships with travel suppliers and strategic partners and to attract and retain customers, potential adverse changes in its gross mark up or in commission rates, reduce its operating costs through outsourcing certain functions to India, unforeseen events affecting the travel industry, and the company's dependence on its ability to establish its brand. The foregoing list of important factors is not exhaustive. When relying on forward-looking statements, readers should carefully consider the foregoing factors and other uncertainties and events, as well as factors described in documents ebookers plc files from time to time with regulatory authorities in the United Kingdom and the United States, including annual reports on Form 20-F filed with the US Securities and Exchange Commission. Any forward-looking statements speak only as of the date on which they are made and except as required by the rules of the UK Listing Authority, the London Stock Exchange and applicable law, ebookers plc undertakes no obligation to update publicly or revise any forward-looking statements.
CONSOLIDATED Quarter Quarter Quarter Half year Half year QUARTERLY PROFIT AND ended ended ended ended ended LOSS ACCOUNT 30-Jun-03 30-Jun-02 31-Mar-03 30-Jun-03 30-Jun-02 (Prepared in £'000 £'000 £'000 £'000 £'000 accordance with UK GAAP) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
GROSS SALES Note 1 118,216 70,988 108,662 226,878 131,624 (Q2 2003 including acquisitions: £39,653,000) Turnover Note 1 15,025 7,478(1) 14,287 29,312 14,191(1) (gross profit) (Q2 2003 including acquisitions: £5,454,000) Distribution costs: (Q2 2003 including acquisitions: £4,019,000) Sales and marketing (8,420) (4,281) (7,616) (16,036) (7,743) Administrative expenses: (Q2 2003 including acquisitions: £6,660,000) Technology costs (1,077) (751) (1,380) (2,457) (1,468) General (5,475) (3,393) (4,867) (10,342) (7,233) administrative expenses Depreciation (916) (1,059) (682) (1,598) (2,116) Amortisation of 50 - 75 125 - profit on sale and leaseback transaction National (1,197) - 937 (260) - Insurance on stock options Stock (144) (634) (152) (296) (701) compensation cost Amortisation (2,253) (1,192) (1,906) (4,159) (2,384) of goodwill Exceptional Note 4 (2,918) - (3,840) (6,758) - items Total administrative expenses (13,930) (7,029) (11,815) (25,745) (13,902) Total operating expenses (22,350) (11,310) (19,431) (41,781) (21,645)
Operating (7,325) (3,832) (5,144) (12,469) (7,454) loss (Q2 2003 including acquisitions £5,225,000) Interest 206 276 449 655 429 receivable and similar income Interest (282) - (160) (442) (26) payable and similar charges Loss on (7,401) (3,556) (4,855) (12,256) (7,051) ordinary activities before taxation Note 1 Tax (10) 87 (10) (20) 79 charge)/credit on loss on ordinary activities
Loss on ordinary activities after taxation retained for the (7,411) (3,469) (4,865) (12,276) (6,972) financial period Weighted 63,449 48,724 57,918 60,699 47,784 average number of shares (in 000's) Basic and (11.68)p (7.12)p (8.40)p (20.22)p (14.59)p diluted loss per share
(1) The presentation of turnover has changed during 2002. See Note 1 for details.
CONSOLIDATED BALANCE As Restated (1) SHEETS 30-Jun-03 30-Jun-02 31-Mar-03 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) (Prepared in accordance with UK GAAP) FIXED ASSETS Intangible assets 55,720 13,236 58,602 Tangible assets 10,916 5,199 11,351 66,636 18,435 69,953 CURRENT ASSETS Debtors 15,177 8,808 15,342 Cash at bank and in hand 56,060 24,723 48,690
71,237 33,531 64,032 CREDITORS: amounts falling (73,259) (32,741) (63,543) due within one year NET CURRENT (2,022) 790 489 (LIABILITIES)/ASSETS TOTAL ASSETS LESS CURRENT 64,614 19,225 70,442 LIABILITIES CREDITORS: amounts falling (16,441) - (16,389) due after more than one year PROVISIONS FOR LIABILITIES (2,053) (635) (856) AND CHARGES NET ASSETS 46,120 18,590 53,197 CAPITAL AND RESERVES Called up share capital 8,903 6,982 8,876 Share premium account 113,188 73,402 112,933 Merger reserve 2,194 2,194 2,194 Shares to be issued 19,570 18,587 19,635 Profit and loss account (97,735) (82,575) (90,441) EQUITY SHAREHOLDERS' FUNDS 46,120 18,590 53,197 (1)Provisions for liabilities and charges have been reclassified from within creditors due within one year for results at 30 June 2002.
CONSOLIDATED Quarter Quarter Quarter Half year Half year CASH FLOW STATEMENT ended ended ended ended ended 30-Jun-03 30-Jun-02 31-Mar-03 30-Jun-03 30-Jun-02 (Prepared in £'000 £'000 £'000 £'000 £'000 accordance with UK GAAP) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Net cash 9,091 1,576 (10,276) (1,185) 4,995 inflow/(outflo w) from operating activities Returns on investment and servicing of finance Interest 206 276 449 655 429 received Interest paid (232) (19) (160) (392) (45) Net cash flow from returns on investment and servicing of (26) 257 289 263 384 finance Overseas tax (131) - (31) (162) - paid Capital expenditure and financial investment Payments to (1,687) (217) (784) (2,471) (1,135) acquire tangible fixed assets Net cash flow from capital expenditure and financial (1,687) (217) (784) (2,471) (1,135) investment Acquisitions Payment to - - (40,409) (40,409) - acquire subsidiary Net - - 34,706 34,706 - cash/(overdraf t) acquired with subsidiary - - (5,703) (5,703) - Net cash 7,247 1,616 (16,505) (9,258) 4,244 inflow/(outflo w) before financing Financing Issue of 336 50 29,005 31,089 50 ordinary shares net of expenses Capital (38) (200) (161) (199) (450) element of finance lease repayments New finance - - 123 123 - leases Loan received - - 14,360 14,360 - net of expenses Expenses of - - - (1,748) - issue of OSC Net cash flow 298 (150) 43,327 43,625 (400) from financing Increase in 7,545 1,466 26,822 34,367 3,844 cash in the period
NOTES TO THE ACCOUNTS
1. SEGMENTAL ANALYSIS
Gross Sales (1) Quarter Quarter Half Year Half Year ended ended ended ended 30-Jun-03 30-Jun-02 30-Jun-03 30-Jun-02 £'000 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) (unaudited) UK: Continuing operations 46,127 46,245 96,770 89,577 Acquisitions 39,653 - 70,302 - UK 85,780 46,245 167,072 89,577 Non UK 32,436 24,743 59,806 42,047
118,216 70,988 226,878 131,624
Turnover (gross profit) (2) Quarter Quarter Half Year Half Year ended ended ended ended 30-Jun-03 30-Jun-02 30-Jun-03 30-Jun-02 £'000 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) (unaudited) UK: Continuing operations 5,970 4,785 12,412 9,657 Acquisitions 5,454 - 10,205 - UK 11,424 4,785 22,617 9,657 Non UK 3,601 2,693 6,695 4,534
15,025 7,478 29,312 14,191
Loss Before Tax Net assets/(liabilities) Quarter Quarter Half Half year year ended ended ended ended As at As at
UK: Head (4,168) (3,645) (5,983) (6,991) 35,923 18,518 Office Other continui ng operatio 1,212 32 2,731 176 4,844 1,087 ns Acquisit (5,086) - (10,014) - 3,821 - ions
UK (8,042) (3,613) (13,266) (6,815) 44,588 19,605
Non UK 641 57 1,010 (236) 1,532 (1,015)
(7,401) (3,556) (12,256) (7,051) 46,120 18,590
(1) Gross sales is a memorandum disclosure and represents the total transaction value of all our services and hence includes the total amount paid by customers for the services provided by the Group, as opposed to the margin earned per the Group's turnover definition. The Group reports total transaction value since the Directors believe that it reflects more accurately the cash flows within the Group. It is also a widely used measure of company size within the travel sector.
(2) Turnover (gross profit) in the Group consists largely of the margins on sales of discounted airfares on scheduled flights as well as other travel products and services. The Group recognises revenue at the time the reservation is ticketed as the customer generally does not have the ability to cancel tickets or obtain refunds after ticketing, and all amounts payable have been received. In cases where customers have the ability to cancel and obtain refunds after ticketing, the Group is able to estimate its refund obligations and such obligations are accounted for.
Turnover (gross profit) includes other travel product margins from hotel reservations, car rental and travel insurance. Incentive income is also received from the Group's service provider business partners and is recognised as turnover (gross profit) on receipt, unless dependent upon monthly or quarterly targets being achieved, in which case it is recognised over the life of the contract. In addition, turnover (gross profit) also includes advertising revenue earned during the period.
2. RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
Loss on (7,401) (3,556) (4,855) (12,256) (7,051) ordinary activities before taxation Add back: Amortisatio 2,253 1,192 1,906 4,159 2,384 n of goodwill Stock 145 634 152 296 701 compensatio n charge National 1,197 - (937) 260 - Insurance on share options Exceptional 2,918 - 3,840 6,758 - items Adjusted (888) (1,730) 106 (783) (3,966) (loss)/prof it before tax Weighted 63,449 48,724 57,918 60,699 47,784 average number of shares (in 000's) Adjusted (loss)/prof it per share, based on adjusted (1.40)p (3.55)p 0.18p (1.29)p (8.30)p (loss)/prof it before tax
4. EXCEPTIONAL ITEMS
Q1 Q2 Total £'000 £'000 £'000 Stock compensation charges (including NI) and 3,608 - 3,608 retirement costs Acquisition and integration costs 232 1,712 1,944 Integration related fixed asset write downs - 1,206 1,206
Total exceptional items charged 3,840 2,918 6,758
5. OTHER MATTERS
Accounting principles These interim accounts have been prepared on the basis of accounting principles as set out in the annual financial statements at 31 December 2002.
Statutory information The financial information for the 3 month and 6 month periods ending 30 June 2003 and 2002 have neither been audited nor reviewed by the Group's auditors and do not constitute accounts within the meaning of section 240 of the Companies Act 1985.
The financial information for the year ended 31 December 2002 is abridged from the statutory accounts which have been reported on by the Group's auditors, Deloitte and Touche and which have been filed with the Registrar of Companies.
The report of the auditors thereon was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
Supplementary information, prepared in accordance with US GAAP
These financial statements set out below are presented in US dollar amounts, solely for the convenience of the reader at the rates as set out below. No representation is made that the amounts shown could have been, or could be converted into US dollars at that, or any other rate.
CONSOLIDATED Quarter Quarter Quarter Half year Half year STATEMENT OF OPERATIONS ended ended ended ended ended 30-Jun-03 30-Jun-02 31-Mar-03 30-Jun-03 30-Jun-02 (Prepared in $'000 $'000 $'000 $'000 $'000 accordance with US GAAP) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Revenue 24,070 11,034 22,620 47,094 20,744 Operating expenses: Marketing 13,632 6,254 11,995 25,838 11,180 and sales General and 8,783 4,958 7,003 15,906 10,445 administrativ e Stock 17,809 7,935 (13,425) 3,988 7,967 compensation Depreciation 1,483 1,547 1,074 2,575 3,055
Product 1,745 1,097 2,173 3,959 2,120 technology and development Exceptional 4,724 - 6,048 10,888 - items
Other income Interest 334 358 558 905 578 income Other - 45 150 150 41
334 403 708 1,055 619 Other expense Interest (345) - (252) (601) (38) expense Other (113) - - (111) -
(458) 0 (252) (712) (38) (Loss)/profit from continuing operations before (24,230) (10,354) 8,208 (15,717) (13,442) income taxes Income tax (16) 128 (16) (32) 115 provision Net (24,246) (10,226) 8,192 (15,749) (13,327) (loss)/profit
Basic and diluted weighted average number of shares '000 63,449 48,724 57,918 60,699 47,784 Net $(0.38) $(0.21) $0.14 $(0.26) $(0.28) (loss)/profit per share - basic and diluted Exchange 1.619 1.461 1.575 1.611 1.444 rates used $ per £
CONSOLIDATED BALANCE SHEETS 30-Jun-03 30-Jun-02 31-Mar-03 (Prepared in accordance with $'000 $'000 $'000 US GAAP) (unaudited) (unaudited) (unaudited) ASSETS Current assets: Cash and cash equivalents 92,499 37,826 76,686 Accounts receivable, net of 5,539 6,425 4,132 allowance for doubtful accounts Prepaid expenses 7,039 1,750 7,001 Other current assets 12,535 5,367 13,098
Total current assets 117,612 51,368 100,917 Property, plant and equipment, 17,059 7,657 17,043 net Other non-current assets 952 298 835 Goodwill, net [^] 102,754 20,280 99,074 TOTAL ASSETS 238,377 79,603 217,869 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Bank overdraft 657 1,195 902 Accounts payable 93,905 29,654 75,719 Accrued expenses and other 27,708 21,326 24,990 current liabilities Total current liabilities 122,270 52,175 101,611 Long term liabilities 27,601 - 25,813 Shareholders' equity: Ordinary shares of £0.14 par 14,688 10,682 13,980 value - issued and outstanding Additional paid-in capital 217,726 124,245 190,432 Accumulated deficit (143,122) (107,780) (113,283) Accumulated other (786) 281 (684) comprehensive loss Total shareholders' equity 88,506 27,428 90,445 TOTAL LIABILITIES AND 238,377 79,603 217,869 SHAREHOLDERS EQUITY Exchange rate for the period 1.650 1.530 1.575 end ($ per £)
The purchase price allocation following the acquisition of Travelbag has yet to be completed. Under US GAAP, this may result in the recognition of intangible assets that will need to be amortised.
Cash flows from operating activities: Net (24,246) (10,226) 8,192 (15,750) (13,327) (loss)/profit: Adjustments to reconcile net (loss)/profit to net cash used for operating activities: Depreciation 1,483 1,547 1,074 2,575 3,056 Changes in : Trade working 19,555 3,242 (12,999) 6,165 9,010 capital One off trading - - 1,761 1,801 - cash receipt Stock 17,809 7,935 (13,425) 3,988 7,967 compensation expense/(credit)
Net cash 14,601 2,498 (15,397) (1,221) 6,706 provided from operating activities Cash flows from investing activities Capital - (332) (63,644) (65,108) (1,652) expenditure and acquisitions Decrease in - - 5,487 5,613 - restricted cash Other capital (2,731) - (1,235) (3,981) - expenditure Net cash used (2,731) (332) (59,392) (63,476) (1,652) in investing activities Cash flows financing activities: (Decrease)/incre (283) 383 219 (58) 1,144 ase in bank loans and overdraft Proceeds from 544 77 45,684 47,276 76 issuance of common stock net of expenses
Loan received - - 22,617 23,137 - net of expenses Capital element (62) - (253) (321) 515 of finance lease Net cash 199 460 68,267 70,034 1,735 provided from financing activities Effect of 1,602 2,392 (190) 1,846 1,481 exchange rates on cash Net 13,671 5,018 (6,712) 7,183 8,270 increase/(decrea se) in cash receipts Cash at the 78,828 32,808 28,736 29,397 29,556 beginning of the period Cash at - - 54,662 55,919 - acquisition Cash at the end 92,499 37,826 76,686 92,499 37,826 of the period Exchange rate 1.619 1.461 1.575 1.611 1.444 used in calculations $ per £
Reconciliation between UK and US GAAP For the quarter ended 30 June 2003 (unaudited) £'000's Retained loss for the period 1 April 2003 to 30 June 2003 (7,411) Reported in the consolidated profit and loss account for the period under UK GAAP Amortisation of goodwill 2,253 Deferred revenue 75 Revenue (234) Stock compensation cost (10,855) National Insurance 1,197 Retained loss for the period 1 April 2003 to 30 June 2003 under (14,975) US GAAP $'000's Loss for the period 1 April 2003 to 30June 2003 under US GAAP (24,246) (1)Translated in US $ at the average exchange rate for the 1.619 period of $1.61900 per £1 For the half year to 30June 2003 (unaudited) £'000's Retained loss for the period 1 January 2003 to 30 June 2003 (12,276) Reported in the consolidated profit and loss account for the period under UK GAAP Amortisation of goodwill 4,159 Deferred revenue 150 Revenue (234) Amortisation of profit on sale and leaseback transaction (25) Stock compensation cost (2,179) National Insurance 631 Retained loss for the period 1 January 2003 to 30 June 2003 (9,774) under US GAAP (unaudited) $'000's Loss for the period 1 January 2003 to 30 June 2003 under US (15,749) GAAP (unaudited) (1)Translated in US $ at the average exchange rate for the 1.611 period of $1.61122 per £1 £'000's Shareholders' equity as reported in the consolidated balance 46,120 sheet under UK GAAP (unaudited) Goodwill 6,555 Net assets of Carbookers Limited 43 Deferred revenue (425) Revenue (234) Deferral of gain on asset disposal (185) National Insurance 1,765
Shareholders'equity as reported in the consolidated balance 53,639 sheet under US GAAP $'000's Shareholders' equity as reported in the consolidated balance 88,506 sheet under US GAAP Translated in US$ at exchange rate for the period end of $1.65000 per £1
For a description of the differences between UK GAAP and US GAAP, see the supplementary information section in the ebookers plc Annual report and accounts for the year ended 31 December 2002.
Nur weil Ebookers von einem einzigen Analysten auf strong buy gestuft wurde, steigert das den Wert des Unternehemens nicht ein bißchen. Habe die Aktie auch im Depot, und werde sie halten. Aber ein Totalverlust ist immer noch wahrscheinlich. Immer noch schreibt die Firma Verluste. Die Entwicklung ist zwar nicht schlecht, sagt aber gar ...
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