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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

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