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Share Name | Share Symbol | Market | Type |
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Eagle Bay Resources Corp | CSE:EBR | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.31 | 0.31 | 0.40 | 0 | 01:00:00 |
ebookers delivers profitability and announces strong October trading 3 November 2003 - ebookers plc (Nasdaq - EBKR, LSE - EBR) the No.1 online pan-European retail leisure specialist, today announces its financial results for Quarter 3, ended 30 September 2003. Quarter 3 Highlights (UK GAAP) * Adjusted profit before tax of £1.3m(1)(Q3 2002 adjusted loss before tax £ 0.8m). * Gross sales rise 86% to £144.8m (Q3 2002 - £77.9m). * Turnover (gross profit) rises 98% to £18.2m (Q3 2002 - £9.2m). * Margin(2) improves to 12.6% (Q3 2002 11.8%) due to increasing non-air sales. * Loss after tax £3.0m (Q3 2002 £2.0m). * $10m investment in India BPO, Tecnovate. * New senior management in key business areas - technology, CRM, non-air sales. Dinesh Dhamija, CEO, ebookers plc comments: "We have enjoyed a strong period of trading in October. We have significantly strengthened both our management team and technology during the quarter and look forward to the future with confidence." Nigel Addison Smith, CFO, ebookers plc comments: "We welcome the achievement of underlying profitability1 for the quarter. We are benefiting from an improving margin, a reduction in our cost base, and rapidly increasing on-line sales in Travelbag." 1 Before amortisation, all stock compensation related costs, and exceptional items. See note 3. 2 Margin defined as turnover (gross profit) as a percentage of gross sales. Chairman's Statement ebookers delivered an adjusted profit before tax1 of £1.3m in Quarter 3, despite difficult trading circumstances in the beginning of the quarter, as reported in our trading statement of 2nd October. Travelbag acquisition The conversion of Travelbag to internet sales channels and to an internet growth culture continues to make rapid progress. By October, 44% of Travelbag's passenger bookings were internet-based compared to 16% when ebookers acquired the company in January. Travelbag is making a strong contribution to our trading performance. In October, Travelbag's passenger bookings were 58% up on the same period last year driven by strong online sales and good growth in bookings to Australia. India BPO This October we announced an investment of $10m in Tecnovate, our India BPO, by Kipotechniki BVBA, a Belgian-registered subsidiary of Mikal Ltd. This investment, for a 6.25% stake, would equate to a value for the whole of the BPO operation of $160m, even at this early stage. The investment will be accounted for in our Quarter 4 2003 financial results. Tecnovate is currently in negotiation with several major third parties potentially to become its first clients. Non-air sales and technology Our hotel, car and insurance margins can be between two and four times our margins on flights, while at the same time offering significant discounts to customers. In Quarter 3, 36% of turnover (gross profit) was derived from non-air products, as compared to 31% in the same quarter of 2002. Our overall margin has increased from 11.8% to 12.6% for the same period, moving towards our target of 15%. During the period, we have made significant management appointments and have launched new strategic initiatives aimed at driving forward this trend. ebookers has also invested significantly in technology in the quarter to enhance the user experience of its websites. Strengthening of management Over the last quarter we have strengthened senior management across key strategic areas. Chris Sherlock joins us to head up our non-air product sales, from BA Airmiles, where he was responsible for car rental and the Executive Club's partnership marketing. Simon Powell joins us with responsibility for travel insurance. Previously he was head of UK Business Development with Mondial Assistance (one of the world's largest travel insurance and assistance company and part of the Allianz group). Kevin Hall joins us with responsibility for car sales. Previously he was with Alamo National as Director of Global Sales. Yashish Dahiya has been appointed Head of CRM, joining us from Bain & Co having previously played a lead role in implementing a CRM system for a major international mobile telecommunications company. First stages of the E.piphany-powered CRM implementation are already complete. We have appointed Obi Nwosu as Head of E-Solutions. Obi joins ebookers from his previous position as General Manager for Dremedia, a division of Autonomy. Obi has also been in Head of Development roles for the Stationery Office (Formerly HMSO) and Deputy CTO and Chief Application Architect for QXL Ricardo. Philip Dale, formerly CIO of ebookers, has left the company to pursue other opportunities. Financial statement Gross sales were £144.8m in Quarter 3 2003 compared to £77.9m in Quarter 3 2002, an increase of 86%. Turnover (gross profit) increased 98% year on year to £18.2m. The Group saw strong sales in the quarter to Asia and Australia, including travellers to the Rugby World Cup. Parts of the business that performed particularly well included subsidiaries in the Nordic region, Germany, Switzerland and Ireland. Travelbag also delivered very encouraging sales growth, benefiting from its conversion to online sales channels. Another positive development during Quarter 3, 2003 was the effect of increased non-air sales and their impact on margins. Overall margin2 increased to 12.6% in Q3 2003 (Q3 2002: 11.8%). Turnover (gross profit) from non-air products accounted for approximately 36% of turnover in Quarter 3 2003 compared to 31% in Quarter 3 2002. Quarter 3 2003 adjusted operating expenses3 were £17.0m compared to £10.2m in Quarter 3 2002. This increase was due primarily to the effect of Travelbag on the enlarged business. Our cost base (adjusted operating costs as a percentage of gross sales) reduced from 13.0% in Quarter 3 2002 to 11.8% in Quarter 3 2003. Adjusted profit before tax1 was £1.3m in Quarter 3 2003. This compares to an adjusted loss before tax1 of £0.8m in Quarter 3 2002. Loss after tax for Quarter 3 2003 was £3.0m compared to £2.0m in Quarter 3 2002. In Quarter 3 2003 goodwill amortisation was £2.3m compared to £1.2m in Q3 2002, the increase due to the acquisition of Travelbag Holdings in February 2003. Stock compensation charges were £0.4m in Quarter 3 2003 while there were no charges in Quarter 3 2002. Exceptional items were £993,000 in Quarter 3 2003 while there were no exceptional items in Quarter 3 2002. The exceptional item in Quarter 3 2003 (including National Insurance of £113,000) relates to a one-off award to Tani Dhamija, Executive Director. This was in recognition of her valuable contribution to the restructuring of the UK operations after the acquisition of Flightbookers and also her valuable contribution to the company in the establishment of the Tecnovate India BPO operations. (This is illustrated by the $10m investment made in October 2003 in Tecnovate for 6.25% of its enlarged share capital, which would equate to a value for the whole operation of $160m.) In May 2002, the Remuneration Committee recommended the grant of share options to Tani Dhamija of 1.5% of the share capital of the company, on the same terms as those already granted to Dinesh Dhamija and Sanjiv Talwar, as far as possible. These were not granted at that time as the company decided to take external advice on this recommendation. Subsequently, on the basis of this advice, the Remuneration Committee has now concluded that the most appropriate way to satisfy this historical recommendation is no longer through the grant of options but through a one-off cash award. This cash award is significantly less than the value of the options originally recommended. The award will not be paid immediately but will be paid at a time which is appropriate having regard to the cash flows of the company and similar considerations. Quarter 3 2003 saw a significant strengthening of our cash position to £65m, up from £56m at the end of Quarter 2 2003. Current trading We have enjoyed a strong period of trading in October. Outlook With the integration of Travelbag now substantially completed, its continuing successful conversion to online sales, our long and mid haul positioning, strengthened management, and the roll-out of new CRM and non-air projects, ebookers believes that it is very well positioned for future growth and profitability. --ends-- 1 Before amortisation, all stock compensation related costs and exceptional items. 2 Margin defined as turnover (gross profit) as a percentage of gross sales. 3 Sales and marketing costs, technology costs, general administrative expenses, depreciation and amortisation of the profit on a sale and leaseback transaction. Please see note 3 for schedule of proforma adjusted financial measures For further information: ebookers plc Oliver Strong +44 (0) 20 7489 2239 oliver.strong@ebookers.com +44 (0) 7771 934 153 Cubitt Consulting (UK) Peter Ogden +44 (0) 20 7367 5130 peter.ogden@cubitt.com Webcast and conference call When: Monday 3 November 2003 at 16:00 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/20031103/index.html Should you wish to take part in the Conference Call, please dial one of the following numbers: UK dial in 0845 245 3471 International dial in +44 (0) 1452 542 300 A replay of the conference will be available for 7 days on the following numbers: UK 0845 245 5205 International +44 (0) 1452 55 00 00 Replay Access Number: 588281# 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 QUARTERLY PROFIT AND LOSS ACCOUNT Quarter Quarter Quarter ended ended ended 30-Sep-03 30-Sep-02 30-Jun-03 [Prepared in accordance with £'000 £'000 £'000 UK GAAP] (unaudited) (unaudited) (unaudited) GROSS SALES Note 1 144,825 77,949 118,216 (Q3 2003 including acquisitions: £61,901,000) Turnover (gross profit) Note 1 18,203 9,216 15,025 (Q3 2003 including acquisitions: £8,431,000) Distribution costs: (Q3 2003 including acquisitions: £4,071,000) Sales and marketing (8,814) (4,629) (8,420) Administrative expenses: (Q3 2003 including acquisitions: £3,856,000) Technology costs (1,231) (716) (1,077) General administrative (6,106) (3,717) (5,475) expenses Depreciation (869) (1,100) (916) Amortisation of profit on sale and leaseback - - 50 transaction National Insurance on stock (676) - (1,197) options Stock compensation (358) - (144) cost Amortisation of (2,257) (1,192) (2,253) goodwill Exceptional items Note 4 (993) - (2,918) Total administrative expenses (12,490) (6,725) (13,930) Total operating expenses (21,304) (11,354) (22,350) Operating loss (3,101) (2,138) (7,325) (Q3 2003 including acquisitions: profit of £ 504,000) Interest receivable and 340 261 206 similar income Interest payable and similar (268) (84) (282) charges Loss on ordinary activities Note 1 (3,029) (1,961) (7,401) before taxation Tax charge on loss on (14) (8) (10) ordinary activities Loss on ordinary activities after taxation retained for the financial period (3,043) (1,969) (7,411) Weighted average number of shares (in 000's) 64,293 49,874 63,449 Basic and diluted loss per (0.05)p (0.04)p (11.68)p share CONSOLIDATED BALANCE As Restated SHEETS * 30-Sep-03 30-Sep-02 30-Jun-03 31-Dec-02 £'000 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) (audited) [Prepared in accordance with UK GAAP] FIXED ASSETS Intangible assets 53,463 12,044 55,720 10,279 Tangible assets 11,486 4,178 10,916 3,816 64,949 16,222 66,636 14,095 CURRENT ASSETS Debtors 19,041 9,155 15,177 6,107 Cash at bank and in 65,007 26,193 56,060 21,729 hand 84,048 35,348 71,237 27,836 CREDITORS: amounts falling due within (86,714) (33,999) (73,259) (26,307) one year NET CURRENT (LIABILITIES)/ (2,666) 1,349 (2,022) 1,529 ASSETS TOTAL ASSETS LESS CURRENT 62,283 17,571 64,614 15,624 LIABILITIES CREDITORS: amounts falling due after (15,088) - (16,441) - more than one year PROVISIONS FOR LIABILITIES AND (2,659) (635) (2,053) (1,770) CHARGES NET ASSETS 44,536 16,936 46,120 13,854 CAPITAL AND RESERVES Called up share 9,028 6,982 8,903 7,009 capital Share premium account 114,151 73,402 113,188 73,778 Merger reserve 2,194 2,194 2,194 2,194 Shares to be issued 17,475 18,587 19,570 19,080 Profit and loss (98,312) (84,229) (97,735) (88,207) account EQUITY SHAREHOLDERS' 44,536 16,936 46,120 13,854 FUNDS * Provisions for liabilities and charges have been reclassified from within creditors due within one year for results at 30 September 2002. CONSOLIDATED CASH FLOW STATEMENT Quarter Quarter Quarter ended ended ended 30-Sep-03 30-Sep-02 30-Jun-03 [Prepared in accordance with UK GAAP] £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) Net cash inflow from Note 2 9,535 1,959 9,091 operating activities Returns on investment and servicing of finance Interest received 340 261 206 Interest paid (247) (84) (232) Net cash flow from returns on investment and servicing of finance 93 177 (26) Overseas tax paid (14) (8) (131) Capital expenditure and financial investment Payments to acquire tangible fixed (1,867) (79) (1,687) assets Proceeds from sale of tangible fixed 500 - - assets Net cash flow from capital expenditure and financial investment (1,367) (79) (1,687) Net cash inflow before financing 8,247 2,049 7,247 Financing Issue of ordinary shares net of 1,089 - 336 expenses Capital element of finance lease (26) (417) (38) repayments Net cash flow from 1,063 (417) 298 financing Increase in cash in the 9,310 1,632 7,545 period NOTES TO THE ACCOUNTS 1. SEGMENTAL ANALYSIS Gross Sales1 Turnover (gross profit) 2 Quarter Quarter Quarter Quarter ended ended ended ended 30-Sep-03 30-Sep-02 30-Sep-03 30-Sep-02 £'000 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) (unaudited) UK 108,897 50,599 13,917 5,698 Non UK 35,928 27,350 4,286 3,518 144,825 77,949 18,203 9,216 Profit/(Loss) before Net assets tax Quarter Quarter ended ended As at As at 30-Sep-03 30-Sep-02 30-Sep-03 30-Sep-02 £'000 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) (unaudited) UK: Head (5,765) (3,851) 34,023 12,527 Office Other 1,632 1,026 6,332 1,738 UK (4,133) (2,825) 40,355 14,265 Non UK 1,104 864 4,181 2,671 (3,029) (1,961) 44,536 16,936 (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) as earned, 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 FROM OPERATING ACTIVITIES Quarter Quarter Quarter ended ended ended 30-Sep-03 30-Sep-02 30-Jun-03 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) Operating loss (3,101) (2,138) (7,325) Amortisation of goodwill 2,257 1,192 2,253 Depreciation 869 1,100 916 Profit on sale of fixed (72) - - assets Stock compensation 358 - 144 charge National insurance relating to stock 606 - 1,197 options Amortisation of profit on sale and - - (50) leaseback transaction (Increase)/decrease in (3,865) (347) 164 debtors Increase in creditors 11,478 1,837 10,551 Exchange gains/(losses) 12 315 (85) Non cash exceptional 993 - 1,326 items Net cash inflow from operating activities 9,535 1,959 9,091 3. RECONCILIATION OF NON GAAP MEASURES Quarter Quarter Quarter ended ended ended 30-Sep-03 30-Sep-02 30-Jun-03 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) Loss on ordinary activities before (3,029) (1,961) (7,401) taxation Add back: Amortisation of 2,257 1,192 2,253 goodwill Stock compensation 358 - 144 charge National Insurance on share options 676 - 1,197 Exceptional items 993 - 2,918 Adjusted profit/(loss) before tax 1,255 (769) (889) Weighted average number of shares (in 64,293 49,874 63,449 000's) Adjusted profit/(loss) per share, based on adjusted profit/(loss) before tax 1.95p (1.54)p (1.40)p Total operating (21,304) (11,354) (22,350) expenses Add back: Amortisation of 2,257 1,192 2,253 goodwill Stock compensation 358 - 144 charge National Insurance on share options 676 - 1,197 Exceptional items 993 - 2,918 Adjusted operating expenses (17,020) (10,162) (15,838) 4. EXCEPTIONAL ITEMS During the period, £993,000 was accrued as a one off award for the Executive Director, Tani Dhamija. Please refer to financial statement. In the Q2 2003 there were £2,918,000 of exceptional items. These related to acquisition and integration costs of £1,712,000 and integration related fixed asset write-downs of £1,206,000. 5. OTHER MATTERS Accounting principles These accounts have been prepared on the basis of accounting principles as set out in the annual financial statements at 31 December 2002 In the opinion of management, the condensed consolidated financial statements include all adjustments (consisting only of normal recurring accruals) that management considers necessary for a fair presentation of its financial position, operating results and cash flows for the periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. Operating results and cash flows for these periods are not necessarily indicative of results for the entire year. These financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report for the year ended 31 December 2002. Statutory information The financial information for the 3 month periods ending 30 September 2003 and 2002 and the 3 months ended 30 June 2003 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. Fair value exercise As at 30 September 2003 the fair value exercise under FRS10 relating to the acquisition of Travelbag has yet to be completed. As such the goodwill value is provisional and may be subject to change. SUPPLEMENTARY INFORMATION, PREPARED IN ACCORDANCE WITH US GAAP The financial statements for 30 September 2003 set out below are presented in US dollar amounts, solely for the convenience of the reader at the rate 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. The year end results will be converted at the year end exchange rate and as such the full year may not equate to the sum of the four quarters results. CONSOLIDATED STATEMENT OF Quarter Quarter Quarter Quarter OPERATIONS ended ended ended ended 30-Sep-03 30-Sep-03 30-Sep-02 30-Jun-03 [Prepared in accordance with US $'000 £'000 £'000 £'000 GAAP] (unaudited) (unaudited) (unaudited) (unaudited) Revenue 30,679 18,459 9,291 14,867 Operating expenses: Marketing and sales 14,648 8,814 4,629 8,420 General and administrative 11,715 7,049 3,717 8,344 Product technology and 2,046 1,231 716 1,077 development Stock compensation 6,340 3,815 (2,283) 11,000 Depreciation 1,444 869 1,100 916 Total operating expenses 36,193 21,778 7,879 29,757 Operating (loss)/profit (5,514) (3,319) 1,412 (14,890) Interest income 565 340 261 206 Other expense Interest expense (351) (211) (29) (212) Other (95) (57) (55) (70) (446) (268) (84) (282) (Loss)/profit from continuing operations before income taxes (5,395) (3,247) 1,589 (14,966) Income tax provision (24) (14) (8) (10) Net (loss)/profit (5,419) (3,261) 1,581 (14,976) Basic weighted average number of shares '000 64,293 64,293 49,874 63,449 Diluted weighted average number of shares '000 64,293 64,293 53,252 63,449 Basic Net (loss)/profit per $(0.08) £(0.05) £0.03 £(0.24) share Diluted Net (loss)/profit per $(0.08) £(0.05) £0.03 £(0.24) share Exchange rates used $ per £ 1.662 CONSOLIDATED BALANCE SHEETS 30-Sep-03 30-Sep-03 30-Sep-02 30-Jun-03 31-Dec-02 [Prepared in accordance with $'000 £'000 £'000 £'000 £'000 US GAAP] (unaudited) (unaudited) (unaudited) (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents 108,042 65,007 26,193 56,060 21,729 Accounts receivable, net of 8,039 4,838 2,967 3,357 1,327 allowance for doubtful accounts Prepaid expenses 7,440 4,476 589 4,266 2,406 Other current assets 16,239 9,771 5,643 7,597 2,417 Total current assets 139,760 84,092 35,392 71,280 27,879 Property, plant and 18,093 10,886 4,145 10,339 3,498 equipment, net Other non-current assets 997 600 33 577 318 Goodwill, net^ 104,890 63,111 13,255 62,275 12,675 TOTAL ASSETS 263,740 158,689 52,825 144,471 44,370 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Bank overdraft 58 35 619 398 434 Accounts payable 105,999 63,778 22,587 56,912 17,167 Accrued expenses and other 40,346 24,275 12,078 16,793 10,076 current liabilities Total current liabilities 146,403 88,088 35,284 74,103 27,677 Long term liabilities 25,435 15,304 - 16,728 - Shareholders' equity: Ordinary shares of £0.14 par 15,004 9,028 6,982 8,902 7,009 value - issued and outstanding Additional paid-in capital 223,172 134,279 79,008 131,955 89,877 Accumulated deficit (145,863) (87,763) (68,512) (86,741) (79,861) Accumulated other (411) (247) 63 (476) (332) comprehensive loss Total shareholders' equity 91,902 55,297 17,541 53,640 16,693 TOTAL LIABILITIES AND 263,740 158,689 52,825 144,471 44,370 SHAREHOLDERS EQUITY Exchange rate for the period 1.662 end ($ per £) ^ As at 30 September 2003 the Purchase Price Allocation relating to the acquisition of Travelbag Holdings by ebookers plc has not yet been finalised. As such the fair value allocation is provisional. Under US GAAP, this may result in the recognition of intangible assets that will need to be amortised. CONSOLIDATED CASH FLOW STATEMENT Quarter Quarter Quarter Quarter [US GAAP Numbers] ended ended ended ended 30-Sep-03 30-Sep-03 30-Sep-02 30-Jun-03 $'000 £'000 £'000 £'000 (unaudited) (unaudited) (unaudited) (unaudited) Cash flows from operating activities: Net (loss)/profit: (5,419) (3,261) 1,581 (14,976) Adjustments to reconcile net (loss)/income to net cash used for operating activities: Depreciation 1,444 869 1,100 916 Stock compensation expense/ 6,340 3,815 (2,283) 11,000 (credit) Changes in : Trade working capital 13,596 8,180 1,743 12,079 Net cash provided from operating 15,961 9,603 2,141 9,019 activities Cash flows from investing activities Other capital expenditure (3,104) (1,867) (79) (1,687) Proceeds from sale of capital 831 500 - - items Net cash used in investing (2,273) (1,367) (79) (1,687) activities Cash flows financing activities: (Decrease)/increase in bank loans (604) (363) (164) (175) and overdraft Proceeds from issuance of common 1,810 1,089 - 336 stock net of expenses Capital element of finance lease (43) (26) (417) (38) Net cash provided from financing 1,163 700 (581) 123 activities Effect of exchange rates on cash 19 11 308 (84) Net increase/(decrease) in cash 14,870 8,947 1,789 7,371 receipts Cash at the beginning of the 93,172 56,060 24,404 48,689 period Cash at the end of the period 108,042 65,007 26,193 56,060 Exchange rate used in calculations 1.662 $ per £ Reconciliation between UK and US GAAP For the quarter ended 30 September 2003 £'000's (unaudited) Retained loss for the period 1 July 2003 to 30 September (3,043) 2003 Reported in the consolidated profit and loss account for the period under UK GAAP Amortisation of goodwill 2,257 Deferred revenue 256 Amortisation of profit on sale and leaseback 50 transaction Stock compensation cost (3,457) National Insurance 676 Retained loss for the period 1 July 2003 to 30 September 2003 (3,261) under US GAAP $'000's Loss for the period 1 July 2003 to 30 September 2003 (5,419) under US GAAP *Translated in US $ at the average exchange rate for the period 1.662 of $1.662 per £1 £'000's Shareholders' equity as reported in the consolidated balance sheet 44,536 under UK GAAP (unaudited) Goodwill 9,647 Net assets of Carbookers Limited 43 Deferred revenue (1,236) Deferral of profit on sale and (135) leaseback transaction National Insurance 2,442 Shareholders'equity as reported in the consolidated balance sheet 55,297 under US GAAP $'000's Shareholders' equity as reported in the consolidated balance sheet 91,902 under US GAAP Translated in US$ at exchange rate for the period end of $1.662 per £1 12 END
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