Final FA PDF - Asia Travel
Final FA PDF - Asia Travel
Final FA PDF - Asia Travel
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annual report 2001<br />
asiatravel<br />
www.<br />
.com<br />
G L O B A L R E A C H L O C A L T O U C H<br />
Global Explorations<br />
>> At Your Fingertips
Introduction<br />
Your window to<br />
scenic destinations...<br />
1<br />
History<br />
Bearing the mark<br />
of excellence...<br />
3<br />
Chairman’s Statement<br />
Facing the tide<br />
with a smile...<br />
4<br />
Board of Directors<br />
Redefining<br />
the term perfection...<br />
6<br />
Management Team<br />
Keeping things<br />
in perspective... 7<br />
contents<br />
Spanning the globe in the name of discovery...<br />
Operations Review<br />
Frolicking in<br />
complete serenity...<br />
8<br />
Five Year<br />
Financial Summary<br />
Scaling the<br />
contours of growth...<br />
13<br />
Significant Events<br />
Leaving no<br />
stones unturned...<br />
14<br />
Corporate<br />
Information<br />
The itinerary<br />
starts here... 15
Your window to scenic destinations...<br />
introduction<br />
Since its inception in September 1995, <strong>Asia</strong> <strong>Travel</strong> has steadily grown to become a leading online hotel and travel<br />
reservation services provider in the <strong>Asia</strong> Pacific Region. With the establishment of its offices in the US and Europe, the<br />
Group is working towards positioning itself as a global travel services provider.<br />
<strong>Asia</strong> <strong>Travel</strong> is recognised for its forte in the provision of long-haul hotel and travel reservation services for <strong>Asia</strong>-bound<br />
travellers. The company drives its regional and global online services through its internet portal, www.asiatravel.com,<br />
which is supported by an integrated network of 16 customer service and business development centres. These centres<br />
are strategically located in 12 countries: Australia, Hong Kong, Indonesia, Singapore, the Philippines, Thailand, the<br />
United Arab Emirates, Guam, Vietnam, China, Europe, and the USA. They facilitate the fostering of a good working<br />
relationship with hotels, as well as the answering of customers’ enquiries.<br />
The strategic and extensive coverage of <strong>Asia</strong> <strong>Travel</strong>’s network is an affirmation of its company mission statement: to<br />
provide a ‘global reach with a local touch’. It is this unique proposition that sets us apart from our competitors. From<br />
hotel reservations services at more than 5,000 hotels and resorts around the globe to tour packages, from our onestop<br />
service for ground transport to air ticketing, our website offers the astute and tech-savvy traveller with a good<br />
selection of attractively priced travel-related products and services. The website’s current daily average of 35,000 visits<br />
is a testament to its increasing popularity. These visits translate, in terms of hotel room reservations alone to an average<br />
monthly booking of 30,000 room nights. A significant factor attributable to the website’s success is our ability to<br />
exemplify the company’s ‘local touch’ approach. At each of our service and business development centres, our network<br />
of trained professionals provide prompt, reliable, and in-depth response to visitor reservations and enquiries.<br />
With such an extensive coverage of various travel destinations, <strong>Asia</strong> <strong>Travel</strong> is truly the definitive one-stop facility<br />
for your travel plans.<br />
1
Global Reach - leverages on the Internet to reach out to the regional and<br />
international passenger traffic to benefit our global hotel partners<br />
Global Reach Local Touch<br />
Local Touch - to serve and support customers in proximity to the various<br />
cities where our customer service and business development centres are<br />
located<br />
core values<br />
To be the premier service provider, we have adopted the following core<br />
values as part of our corporate culture:<br />
• Innovations enhance leadership position<br />
• Customers’ satisfaction is our accomplishment<br />
• Ownership promotes teamwork<br />
mission and vision<br />
• To be the prevalent and accredited<br />
‘click and mortar’ based hotel and<br />
travel reservation services provider<br />
locally, regionally, and globally<br />
• To stay visionary, empowered and<br />
relevant in the competitive service<br />
industry<br />
Vision - to embrace changes so as<br />
to reach out to more consumers<br />
Empowering - to offer more choices<br />
and destinations for our consumers<br />
Relevant - to create value for our<br />
consumers and shareholders<br />
2
history Bearing the mark of excellence...<br />
Guided by the corporate philosophy of "Global Reach Local Touch", Mr Boh Tuang Poh<br />
founded <strong>Asia</strong> <strong>Travel</strong> – an Internet-based hotel reservations service company – in<br />
September 1995. The company enforced its "Local Touch" corporate value through our<br />
fast expanding network of 16 customer service and business development centres<br />
located in Singapore, Thailand, Indonesia, the Philippines, Hong Kong, Australia, Vietnam,<br />
the United Arab Emirates, Guam, China, Europe and the USA. The use of the Internet<br />
successfully incorporated our "Global Reach" identity, as <strong>Asia</strong> <strong>Travel</strong> serves travellers<br />
from around the world.<br />
As part of our "one-stop" travel facility, we acquired SH Tours to handle ground operations.<br />
SH Tours operates a fleet of coaches and trolley buses, maintains tour desks at major<br />
hotels, and conducts sightseeing tours in Singapore. Currently, SH Tours services<br />
approximately 300,000 passengers annually on various Singapore Airlines and Tradewinds<br />
programs in Singapore.<br />
Back in 1995, amidst a fragmented travel industry and relatively unknown concept of<br />
online hotel booking, <strong>Asia</strong> <strong>Travel</strong> became a pioneer that embraced the Internet to not<br />
only sell hotel reservations online but ensured security over online payment as well.<br />
The company won over customer confidence by focusing on a post-payment system.<br />
We derived a commission from hotels when their customers make payment at the hotel<br />
counter. This triggered swift acceptance of <strong>Asia</strong> <strong>Travel</strong> as a functional and easy to use<br />
travel site.<br />
Today, <strong>Asia</strong> <strong>Travel</strong> is a formidable force with staff strength of 277 people and extensive<br />
choices of more than 5,000 hotels and resorts in 54 countries covering <strong>Asia</strong>, Australia<br />
and the Pacific region, Middle-East, Vietnam, China, Europe and the USA.<br />
3
chairman’s statement<br />
Facing the tide with a smile...<br />
"We’re unlike some successful companies in Singapore which try to replicate their success formula<br />
outside. You’ll find that there’s no replication on our part, our products and services have a global reach."<br />
Performance - Resilience<br />
Dear Shareholders,<br />
The first year of the new millennium was a troubling watershed for the global economy. The 11th September 2001 terrorists' attacks<br />
in the US further exacerbated the fragile physiology of the global economy, serving as a trigger point to send trading environments<br />
into a tailspin. The travel industry similarly was not spared.<br />
Successful IPO and Awards<br />
Despite the weak economic conditions, the Group performed credibly and was successfully listed on the Singapore Exchange's<br />
SESDAQ on 11th April 2001. The Group also received two prestigious awards in Singapore: these were the 2001 eAwards e<strong>Travel</strong><br />
winner, and first place in the Year 2001 Enterprise 50 Dotcom Award.<br />
The successful IPO and industry recognition reinforce the decision by the founding shareholders to incorporate and harness the<br />
potential of the Internet to develop <strong>Asia</strong> <strong>Travel</strong> into a leading online hotel reservations and travel-related services provider in the<br />
international travel and hospitality arena.<br />
Results<br />
<strong>Asia</strong> <strong>Travel</strong>'s overall performance was marginally affected by both the tragic 11th September 2001 events in the US and the arid<br />
global economic climate. This was in a large part due to the Group's strong and focused branding and customer loyalty.<br />
As such, <strong>Asia</strong> <strong>Travel</strong>'s business remains sound, profitable and resilient. The Group recorded a turnover of S$26.8 million for the<br />
year ended September 2001 as compared to S$19.4* million for the previous year. This represents an increase of 38 %.<br />
The improved performance was due largely to the increase in daily visitors to our website, and the increased turnover of subsidiaries<br />
in Dubai, Singapore, Malaysia, Hong Kong and Australia; as well as a wider geographical coverage in North <strong>Asia</strong>.<br />
The Group’s operating profit before income tax, minority interests but after depreciation and amortisation as well as foreign exchange<br />
gain/(loss) decreased by 38% from S$2.8 million to S$1.7 million due mainly to start-up costs incurred by the Group’s new B2C<br />
offices, marketing and promotional expenses for the launch of the Group’s B2B platforms as well as preliminary expenditure writtenoff<br />
due to the change in new Accounting Standard (SAS 34).<br />
Focused and Poised for Growth<br />
In October 2001, the Group adopted a proactive stance to counter possible obstacles as the global economy enters a new year<br />
characterized by uncertainty.<br />
*Based on full year pro-forma financial statements<br />
4
"<strong>Asia</strong>travel.com is a company with a difference; compared<br />
to other dotcom companies, we have been profitable every<br />
year since our inception."<br />
The measures implemented are:<br />
1. Containing operating cost and preserving cash<br />
Top management voluntarily took a 20 % cut in salary with effect from<br />
October 2001.<br />
Furthermore, a strategic decision was taken to significantly reduce and suspend<br />
investments on projects that are not within the parameters of <strong>Asia</strong> <strong>Travel</strong>’s B2C<br />
online hotel reservation core business.<br />
Dr. Patrick Ngiam Mia Je<br />
Non-Executive Chairman<br />
2. Expanding core business depth and breadth<br />
The Group also decided to temporarily channel resources from non-performing destinations that were affected by the terrorists'<br />
attacks on the US to key performing destinations.<br />
In terms of market coverage, <strong>Asia</strong> <strong>Travel</strong>'s top management felt it was an opportunity to expand and extend the B2C core business<br />
beyond <strong>Asia</strong> to Europe and the US.<br />
Looking Ahead<br />
<strong>Asia</strong> <strong>Travel</strong> is aggressively forging ahead to establish itself as premier service provider in the travel and hospitality industries.<br />
The Group intends to broaden the products and services spectrum through prudent and sagacious technology investments.<br />
Projects in the B2C core business pipeline include new access channels such as Interactive TV and Broadband Internet. The<br />
impetus is to secure and provide premium value for our customers.<br />
<strong>Asia</strong> <strong>Travel</strong> also intends to gear up its market reach to optimize traffic in terms of a higher frequency of transactions for growing<br />
markets such as China. For European markets such as Spain and the United Kingdom, plans are underway to facilitate intra and<br />
long-haul cross Atlantic travel, similar to that in the US.<br />
The Group is confident of overcoming the perceptibly stiff market challenges with sound business fundamentals, a strong cash<br />
position and a dynamic management team.<br />
Appreciation<br />
<strong>Asia</strong> <strong>Travel</strong>'s ability to respond to changing market conditions and remain relevant to customer demands, commitment and focus<br />
have made it possible to perform beyond expectations in an uncertain global market.<br />
<strong>Asia</strong> <strong>Travel</strong> acknowledges the support and contribution of its business partners, associates, customers and shareholders. On<br />
behalf of my fellow directors and management team, I would like to take this opportunity to thank everyone; particularly the Group's<br />
vibrant team for their loyalty, contribution, and dedication.<br />
The road ahead may be lined with challenges but <strong>Asia</strong> <strong>Travel</strong> moves forward in the spirit of partnership and enterprise.<br />
5
oard of directors<br />
Redefining the term perfection...<br />
From left to right:<br />
Dr. Patrick Ngiam Mia Je<br />
(Non-Executive Chairman)<br />
Ms. Joanna Yeo<br />
(Chief Financial Officer)<br />
Mr. Boh Tuang Poh<br />
(Chief Executive Officer)<br />
Mr. Lim Chuan Poh<br />
(Independent Director)<br />
Mr. Khoo Ho Tong<br />
(Independent Director)<br />
Mr. Ang Eu Khoon<br />
(Executive Director)<br />
1<br />
2<br />
3<br />
4<br />
5<br />
6<br />
6
Keeping things in perspective...<br />
management team<br />
From left to right:<br />
1<br />
2<br />
3<br />
4<br />
5<br />
6<br />
Mr. Tsui Lam Sum, Sam<br />
Vice-President of Operations,<br />
Hong Kong<br />
Ms. Yeo Wee Khim, Cecilia<br />
Vice-President of Operations,<br />
Australia and South East <strong>Asia</strong><br />
Mr. Liu Soon Leong<br />
Vice-President of Operations,<br />
China<br />
Ms. Yeo Wee Tiang, Magdalene<br />
Vice-President of Operations,<br />
Singapore and Malaysia<br />
Mr. Tan Hood Ann<br />
Vice-President of Strategic Planning<br />
Mr. Yeo Wee Hiong, Simon<br />
Vice-President of Operations,<br />
Europe, Middle-East, Philippines<br />
and USA<br />
Others<br />
7<br />
8<br />
9<br />
10<br />
11<br />
12<br />
Mr. Hartono Liman<br />
Vice-President,<br />
Hotel-Solution.com and<br />
Hotelexchange.com<br />
Ms. Teo Lee Hong, Cecilia<br />
Vice-President of Business Development<br />
Mr. Donald Clark Morrey<br />
Business Development Director,<br />
USA<br />
Mr. Russell C. Gonzales<br />
Business Development Director,<br />
USA<br />
Ms. Maria Theresa D. Gonzales<br />
Reservations Manager,<br />
USA<br />
Ms. Reycy Khan<br />
Director of Sales & Operations,<br />
UAE<br />
13<br />
14<br />
15<br />
16<br />
17<br />
18<br />
Mr. Richard Naseer Ahmed Khan<br />
General Manager,<br />
UAE<br />
Ms. Diana Deitch<br />
Director of Operations,<br />
Australia<br />
Mr. Nikki J Rocha<br />
General Manager,<br />
Philippines<br />
Mr. Bernardo G. Pilapil, JR.<br />
Business Development Director,<br />
UK<br />
Ms. Ma. Susana A Pilapil<br />
Business Development Director,<br />
UK<br />
Mr. Chirdsak Techavimol<br />
Executive Director,<br />
Thailand<br />
7
Current Business Activities<br />
<strong>Asia</strong> <strong>Travel</strong> is a company with a difference; compared to<br />
other dotcom companies, we have been profitable every<br />
year since our inception. We have followed a path in which<br />
profitability is an essential factor in our expansion.<br />
Our business model is based on the provision of long-haul<br />
reservations globally. But the nature of these long-haul<br />
reservations involves multiple layers of intermediaries.<br />
Through the Internet, we are able to break down the<br />
numerous layers of these intermediaries which are inherent<br />
in the traditional supply chain.<br />
As we can reach out to the consumers directly, the savings<br />
we derived from this process are passed down to consumers<br />
in the form of higher discounts or to our hotel partners in<br />
the form of higher yields.<br />
8
operations review<br />
Frolicking in complete serenity...<br />
<strong>Asia</strong> <strong>Travel</strong> is not just a platform provider, we are a service provider too. We perform the role of<br />
service intermediaries: as retail agents to hand-hold customers, which we can provide more<br />
effectively through our offices on the ground; as wholesalers who consolidate the reservations,<br />
we have a strong relationship with hotels to get the best deals for consumers, making it a winwin<br />
situation.<br />
Guests can call on worldwide telephone hotlines from 10 countries. With our staff strength of<br />
277 loyal and dedicated trained professionals, customers’ enquiries are answered promptly<br />
within 24 hours. Our customers service centres (on the ground) have helped <strong>Asia</strong> <strong>Travel</strong> to be<br />
recognised for its high level of customer satisfaction.<br />
Traditional Channel<br />
New Channel<br />
Consumer<br />
Consumer<br />
Retail Agent<br />
Out-Bound Wholesaler<br />
In-Bound Wholesaler<br />
GDS<br />
CRS<br />
• Choice of<br />
Payment Modes<br />
• Role of Customer<br />
and Fulfillment<br />
Agent Combined<br />
Hotel<br />
Hotel<br />
GDS - Global Distribution System<br />
CRS - Computer Reservation System<br />
9
Australia<br />
1<br />
Dubai (UAE)<br />
Guam<br />
2<br />
3<br />
12<br />
Hong Kong<br />
4<br />
Indonesia<br />
China<br />
Philippines<br />
5<br />
6<br />
7<br />
11<br />
2<br />
Singapore<br />
Thailand<br />
Vietnam<br />
USA<br />
8<br />
9<br />
10<br />
11<br />
Global Reach<br />
Local Touch<br />
Europe<br />
12<br />
Besides our core hotel reservation services, we also manage many destinations and transactions web sites,<br />
three of which are:<br />
1. Hotel Reservation for <strong>Travel</strong> Agents<br />
http://www.hotelexchange.com/ - our new B2B hotel reservation service geared specifically towards<br />
the needs of retail travel agents and corporate clients around the world.<br />
2. <strong>Travel</strong> Services for Intra-<strong>Asia</strong> <strong>Travel</strong>lers<br />
http://www.asiatours.com.sg/- our B2C platform is targeted at intra-asia travellers and services<br />
such as hotel reservations, air ticketing, sightseeing, transfer packages etc.<br />
3. Hotel Room Confirmation for <strong>Travel</strong>lers<br />
http://www.instantroom.com/ - our B2C instant hotel room confirmation site for travellers who want<br />
instant confirmation for their hotel room reservations.<br />
We also jointly operate a website with StarTV called Star<strong>Asia</strong>travel.com, where web-surfers can watch<br />
video clips on travel packages. Our role in this joint operation is to act as a fulfillment agent.<br />
We offer our customers two convenient payment systems: -<br />
• pre-payment, i.e., pay at time of booking (via online credit card payment). This represents 45% of our<br />
business and we earn a margin of about 25-75%.<br />
• post account, i.e., pay at exit from hotel counter. This represents 55% of our business and we derive a<br />
commission of between 10-20%<br />
Of the 5,000 hotels which the Group represents, 2,000 hotels are of direct contracting by our own offices.<br />
We provide instant confirmation to consumers. We are able to do so from the allotments of rooms given<br />
by our good-standing relationship with our hotel suppliers. About 400 hotels are on allotments to<br />
10
operations review<br />
6<br />
• The Group represents over 5,000 hotels<br />
in 54 countries covering 19 in <strong>Asia</strong>, 9 in<br />
Middle-East, 6 in Australia and the Pacific<br />
9<br />
4<br />
10<br />
7<br />
3<br />
region, 5 in the Americas, 11 in Europe<br />
and 4 in Africa.<br />
• Our network of 16 offices in 12 countries<br />
- primary responsibilities are to maintain<br />
5<br />
8<br />
a good working relationship with hotels<br />
and to answer customers’ enquiries with<br />
on the ground knowledge.<br />
1<br />
<strong>Asia</strong> <strong>Travel</strong>, which guarantee us a certain number of rooms (even during peak seasons). Another 200 hotels are on the free sale<br />
arrangement, which give us the right to accept hotel room reservations at any time unless the hotels inform us, in advance, that<br />
they are fully-booked.<br />
Turnover<br />
The number of daily average visits to our website has increased steadily from 7,000 in 1998 to 35,000 in 2001. The increased<br />
traffic growth were achieved without any significant promotional costs.<br />
Our average room nights per month have grown in tandem to our traffic, growing from 13,000 in 1998 to 30,000 in 2001. Through<br />
the use of the Internet channel and the one-stop travel service strategy, <strong>Asia</strong>travel.com's turnover has grown from S$7 million* in<br />
FY 1997 to S$19.4 million* in FY 2000 and to S$26.8 million in FY 2001.<br />
Liquidity & Cashflow<br />
Since we commenced our operations in 1995, we have depended primarily on cashflow from operations to meet our working<br />
capital requirements. Our revenue was more than enough to cover operating and investing activities, resulting in positive<br />
cashflow. Besides some hire purchase facilities to finance our SIA Trolley buses, we have no other borrowings.<br />
*Based on full year pro-forma financial statements<br />
11
operations review<br />
Our Future Plans<br />
With increased traffic and a wider choice of destinations, we are improving conversion rate and generating<br />
more room nights for hotel partners. Besides focusing on improvements to our current system, we are<br />
geared for new ventures to be installed in the pipeline.<br />
An important strategy of our future plans includes extending our global reach through new access channels<br />
such as Interactive TV, Broadband Internet, as well as to penetrate deeper into new supplier markets to<br />
secure better value for our customers. The following destinations are expected to feature more prominently<br />
in our future growth plan for FY 2002 and beyond;<br />
• North <strong>Asia</strong> - China and Hong Kong etc. We plan to expand further in these countries over the next<br />
few months.<br />
• Europe - United Kingdom and Spain etc. To facilitate intra and long-haul cross Atlantic travel, a base<br />
was established in UK this financial year.<br />
• USA - Another office also established this year with the intentions of tapping intra and long-haul travellers<br />
in the States.<br />
As we usher in the digital age, our bold aspirations and good foresight, coupled with our inquisitive nature<br />
and attitude for change, we are confident of taking <strong>Asia</strong> <strong>Travel</strong> to yet another whole new level of opportunities.<br />
12
five year<br />
financial summary<br />
Scaling the contours of growth...<br />
30,000<br />
25,000<br />
20,000<br />
15,000<br />
10,000<br />
5,000<br />
7,070<br />
7,789<br />
13,146<br />
19,365<br />
26,814<br />
1997 1998 1999 2000 2001<br />
TURNOVER (S$’000)<br />
3,000<br />
2,500<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
263<br />
419<br />
1,457<br />
2,803<br />
1,725<br />
1997 1998 1999 2000 2001<br />
PROFIT BEFORE TAX (S$’000)<br />
Note: The above includes our pro-forma results.<br />
13
significant events<br />
Leaving no stones unturned...<br />
2001<br />
After a splendour of wins, once again <strong>Asia</strong> <strong>Travel</strong> gets<br />
full honours as we receive recognition in the Enterprise<br />
50 Dotcom awards. We are ranked No.1 among so many<br />
brilliant companies and their innovations.<br />
2001<br />
Voted for our outstanding work and impressive contributions, <strong>Asia</strong> <strong>Travel</strong> bags<br />
the winner for the Year 2001 eAwards as the grand champion for the e<strong>Travel</strong> title.<br />
2001<br />
<strong>Asia</strong> <strong>Travel</strong> was successfully listed on the SGX-SESDAQ on 11th April 2001.<br />
2001<br />
The signing of an official agreement, on 8th March, with STARTV.com Holdings<br />
marks a significant chapter in our evolution. This allows STAR-<strong>Travel</strong>.com to<br />
distribute our travel products and services through different multi-media<br />
channels.<br />
2000<br />
In a short span of time, our business model and its overwhelming performance<br />
was rewarded when we bagged the 2nd spot in the coveted Enterprise 50<br />
Dotcom awards of Singapore. From then on, there was no looking back<br />
1997-2001<br />
Amidst much speculations, <strong>Asia</strong> <strong>Travel</strong> rose to the occasion in no time and<br />
ranked consistently amongst the top 100 most popular sites for online travel<br />
services. For the past 5 years, this honour has been bestowed upon us by<br />
hot100.com global rankings.<br />
1996<br />
The dawn of a new era in travel began with the emergence of a formidable<br />
entity that changed the concept of travelling altogether. This was the official<br />
start-up of <strong>Asia</strong> <strong>Travel</strong> and the rest was history.<br />
14
corporate<br />
information<br />
The itinerary starts here...<br />
Board Of Directors<br />
Dr. Patrick Ngiam Mia Je (Non-Executive Chairman)<br />
Mr. Boh Tuang Poh (Chief Executive Officer)<br />
Mr. Ang Eu Khoon (Executive Director)<br />
Ms. Joanna Yeo (Executive Director)<br />
Mr. Lim Chuan Poh (Independent Director)<br />
Mr. Khoo Ho Tong (Independent Director)<br />
Company Secretaries<br />
Ms. Joanna Yeo, CPA<br />
Ms. Yeo Poh Noi, Caroline, ACIS, LLB (Hons)<br />
Registered Office<br />
1 Kim Seng Promenade<br />
Great World City West Tower #13-07<br />
Singapore 237994<br />
Tel: (65) 732 6773<br />
Fax: (65) 732 1226<br />
Website: http://www.asiatravel.com<br />
Email: info@asiatravel.com<br />
Registered and Share Transfer Office<br />
Lim Associates (Pte) Ltd<br />
10 Collyer Quay #19-08<br />
Ocean Building<br />
Singapore 049315<br />
Principal Banker<br />
The Development Bank of Singapore Ltd<br />
Auditors<br />
Ernst & Young<br />
Certified Public Accountants<br />
10 Collyer Quay #21-01<br />
Ocean Building<br />
Singapore 049315<br />
Audit Partner<br />
Mr. Yen Heng Fook<br />
15
Directors’ Report<br />
17<br />
Statement by Directors<br />
24<br />
Report on<br />
Corporate Governance<br />
25<br />
Auditors’ Report<br />
Balance Sheets<br />
Profit and Loss Accounts<br />
29<br />
30<br />
Looking beyond facts and figures...<br />
financial<br />
contents<br />
Statements of<br />
Changes in Equity<br />
Consolidated<br />
Statement of Cash Flows<br />
Notes to the<br />
Financial Statements<br />
Statistics of Shareholdings<br />
31<br />
32<br />
34<br />
35<br />
Notice of Annual<br />
General Meeting<br />
59<br />
60
<strong>Asia</strong> <strong>Travel</strong> Global Network<br />
Singapore (Corporate Office)<br />
<strong>Asia</strong>travel.com Holdings Ltd<br />
1 Kim Seng Promenade<br />
#13-07 Great World City<br />
West Tower<br />
Singapore 237994<br />
Tel : (65) 732-6773<br />
Fax : (65) 732-1226<br />
Non-Executive Chairman :<br />
Dr. Patrick Ngiam Mia Je<br />
Chief Executive Officer :<br />
Mr. Boh Tuang Poh<br />
Executive Director :<br />
Mr. Ang Eu Khoon<br />
Chief Financial Officer :<br />
Ms. Joanna Yeo<br />
Singapore<br />
AT Reservation Network Pte Ltd<br />
22, Cavenagh Road/Orchard Road<br />
#02-05 Hotel Grand Central<br />
Singapore 229617<br />
Tel : (65) 235-2498, (65) 235-6426<br />
Fax : (65) 235-7620<br />
TA Licence No : 01148<br />
Vice-President:<br />
Ms. Yeo Wee Tiang, Magdalene<br />
Hotelexchange.com Pte Ltd<br />
1 Kim Seng Promenade<br />
#13-07 Great World City<br />
West Tower<br />
Singapore 237994<br />
Tel : (65) 732-6773<br />
Fax : (65) 732-1226<br />
Vice-President :<br />
Mr. Hartono Liman<br />
Global Service Aggregators (S) Pte Ltd<br />
1 Kim Seng Promenade<br />
#13-07 Great World City<br />
West Tower<br />
Singapore 237994<br />
Tel : (65) 732-6773<br />
Fax : (65) 732-1226<br />
Directors :<br />
Mr. Boh Tuang Poh /<br />
Ms. Joanna Yeo<br />
ATJapanese.com Pte Ltd<br />
1 Kim Seng Promenade<br />
#13-07 Great World City<br />
West Tower<br />
Singapore 237994<br />
Tel : (65) 732-6773<br />
Fax : (65) 732-1226<br />
Director :<br />
Mr. Hideyuki Odaka<br />
Singapore Tour Division<br />
SH Tours Pte Ltd<br />
100 Kim Seng Road<br />
#02-02/03 Kim Seng Plaza<br />
Singapore 239427<br />
Tel : (65) 734-9923<br />
Fax : (65) 738-7955<br />
TA Licence No : 00790<br />
Managing Director :<br />
Mr. Ang Eu Khoon<br />
Thailand<br />
AT Network Co. Ltd.<br />
Lumpini Tower, 1168/44 18th Floor<br />
Rama 4 Road, Tungmahamek<br />
Sathorn Bangkok 10120<br />
Tel : (66-02) 677-6240-5 (6 lines)<br />
Fax : (66-02) 677-6246-7 (2 lines)<br />
TA License No : 11/1921<br />
General Manager :<br />
Ms. Teo Lee Hong, Cecilia<br />
Executive Director :<br />
Mr. Chirdsak Techavimol<br />
A.T e-Commerce Co., Ltd.<br />
Lumpini Tower, 1168/44 18th Floor<br />
Rama 4 Road, Tungmahamek,<br />
Sathorn, Bangkok 10120<br />
Tel : (66-02) 679-7184-9 (6 lines)<br />
Fax : (66-02) 677-6246-7 (2 lines)<br />
General Manager :<br />
Ms. Teo Lee Hong, Cecilia<br />
Executive Director :<br />
Mr. Chirdsak Techavimol<br />
Hong Kong<br />
<strong>Asia</strong> <strong>Travel</strong> Network Ltd<br />
Room 1402 14/F Tern Commercial Building<br />
39-41 Granville Road, Tsimshatsui<br />
Hong Kong, Kowloon<br />
Tel : (852) 2736-0922<br />
Fax : (852) 2405-0922<br />
TA License No: 352156<br />
Vice-President/Director :<br />
Mr. Tsui Lam Sum, Sam<br />
AT-Chinese (HK) Limited<br />
Room 1402 14/F Tern Commercial Building<br />
39-41 Granville Road, Tsimshatsui<br />
Hong Kong, Kowloon<br />
Tel : (852) 2736-0922<br />
Fax : (852) 2405-0922<br />
Managing Director :<br />
Mr. Liu Soon Leong<br />
Executive Director :<br />
Mr. Tan Hood Ann<br />
China<br />
Representative Office - Shanghai<br />
Room 806, 8th Floor, 400 Hankou Road<br />
Hua Sheng Building<br />
Shanghai 200001<br />
People's Republic of China<br />
Tel : (86-21) 6360-1730<br />
Fax : (86-21) 6360-0967<br />
Representatives :<br />
Mr. Liu Soon Leong /<br />
Mr. Tan Hood Ann<br />
Philippines<br />
AT Phil., Inc<br />
Unit 1203-1204 12/F Prestige Tower,<br />
Emerald Ave.,Ortigas Centre, Pasig City,<br />
Metro Manila<br />
Tel : (632) 635-5099/635-7499/<br />
634-4004/747-6446<br />
Fax : (632) 635-6699/747-6447<br />
DOT Accreditation No : TO-047-2000<br />
VP-Area 2 : Mr. Yeo Wee Hiong, Simon<br />
General Manager :<br />
Mr. Nikki J Rocha<br />
AT Phil., Inc - Cebu Branch Office<br />
Lobby, Waterfront Airport Hotel, Mactan,<br />
1 Airport Road, Lapu-Lapu City<br />
Cebu 6015, Philippines<br />
Tel : (63-32) 341-2035<br />
Fax : (63-32) 341-2036<br />
Branch Manager :<br />
Mr. Jones Mandiadi<br />
Business Development Manager :<br />
Ms. Ma. Stella Mandiadi<br />
AT Phil., Inc - Boracay Branch Office<br />
C/o Paradise Bay Resort, Tulubhan,<br />
Boracay Manok- Manok 5608 Malak,<br />
Aklan, Philippines<br />
Telefax : (63-36) 260-3227<br />
VP-Area 2 : Mr. Yeo Wee Hiong, Simon<br />
Branch Manager :<br />
Mr. Jenson Tirazora<br />
AT E-Commerce Inc.<br />
Unit 309, 3/F Prestige Tower<br />
Emerald Ave , Ortigas Centre, Pasig City<br />
Metro Manila<br />
Tel : (632) 635-5099/635-7499<br />
/634-4004/747-6446<br />
Fax : (632) 635-6699/747-6447<br />
VP-Area 2 : Mr. Yeo Wee Hiong, Simon<br />
Islander Exclusive Express Tours,<br />
<strong>Travel</strong> & Transportation Inc.<br />
HG-7 Manila Midtown Hotel, Pedro Gil<br />
St. cor M. Adriatico St., Ermita, Manila,<br />
Philippines<br />
Telefax : (63-2) 528-5163<br />
VP- Area 2 : Mr. Yeo Wee Hiong, Simon<br />
General Manager :<br />
Mr. Manuel Suarez<br />
Australia<br />
<strong>Asia</strong> <strong>Travel</strong> Network Pty. Ltd.<br />
Suite 19, 87 McLarty Avenue<br />
Joondalup, W.A. 6027<br />
Australia<br />
Tel : (618) 9301-2756<br />
Fax : (618) 9301-2759<br />
TA License No : 9TA1155<br />
Director Operations :<br />
Ms. Diana Deitch<br />
Indonesia<br />
PT. <strong>Asia</strong> <strong>Travel</strong>indo Nusantara<br />
Jl Raya Perjuangan No.21<br />
Ruko Sastra Graha, Block P & Q<br />
Jakarta 11530<br />
Tel : (6221) 532-3672<br />
Fax : (6221) 532-3674<br />
TA License No : 181/BPW/08/1999<br />
Director :<br />
Mr. Hartono Liman<br />
PT <strong>Asia</strong> <strong>Travel</strong>indo Nusantara-Bali Branch<br />
Kompleks Pertokoan Tuban Plaza No: 49<br />
Jalan By Pass 1 Gusti Ngurah Rai<br />
Kuta 80361, Badung Bali<br />
Indonesia<br />
Tel : (62-361) 763701, 763702<br />
Fax : (62-361) 763703<br />
Sales Manager :<br />
Ms. Dewi Murni<br />
Dubai<br />
Middle East <strong>Asia</strong> Tours, LLC,<br />
United Arab Emirates<br />
Abdalla Bin Hadda Building,<br />
Mezannine Floor, Suite 105<br />
P.O Box 27956,<br />
Sharjah United Arab Emirates<br />
Tel : (971) 6 553- 857-073<br />
Fax : (971) 6 553-8572<br />
TA No. 504897<br />
General Manager :<br />
Mr. Richard Naseer Ahmed Khan<br />
Director of Sales and Operations :<br />
Ms. Reycy Khan<br />
USA<br />
<strong>Asia</strong>travel.com Inc<br />
309 Steelhead Lane, Apartment 204,<br />
Las Vegas, NV<br />
U.S.A. 89110<br />
Tel : (702) 438 1166, 438 1575<br />
Fax : (702) 438 9199<br />
Business Development Director :<br />
Mr. Donald Clark Morrey /<br />
Mr. Russell C. Gonzales<br />
Reservations Manager :<br />
Ms. Maria Theresa D. Gonzales<br />
Europe<br />
<strong>Asia</strong> <strong>Travel</strong> (Europe) Ltd<br />
New Cottage<br />
31-40 Cosway Mansions<br />
Shroton St. London NW1 6UE<br />
Tel : (+44) 020 7402 4665<br />
Fax : (+44) 0780 1072 882<br />
Business Development Director :<br />
Mr. Bernardo G. Pilapil, JR. /<br />
Ms. Ma. Susana A. Pilapil
<strong>Asia</strong>travel.com Holdings Ltd<br />
1 Kim Seng Promenade Great World City West Tower #13-07 Singapore 237994 Tel: (65) 732 6773 Fax: (65) 732 1226 http://www.asiatravel.com