Travelex Holdings Limited Annual report & consolidated financial ...

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Travelex Holdings Limited
Notes to the financial statements continued
for the year ended 31 December 2001
Geographical analysis
Geographical analysis is based on the country in which a transaction takes place, which in the case of international
funds transfers is the location in which the transaction is initiated. In the case of travellers cheques analysis is based
on the domicile of the entity investing the travellers cheque float. The acquisition of the Thomas Cook Global and Financial
Services Group (G&FS) during the year did not require the expansion of the geographical segments.
No restatement of comparatives has been necessary.
Turnover Profit before tax Net assets
2001 2000 2001 2000 2001 2000
Geographical analysis £’000 £’000 £’000 £’000 £’000 £’000
United Kingdom 191,113 38,673 24,269 (1,540) (61,766) 12,558
Continental Europe 44,619 9,069 9,009 2,680 43,717 2,086
North America 103,867 17,864 20,308 5,580 (92,335) 6,745
Asia Pacific 58,276 5,495 9,768 259 (15,064) 570
Other regions (24) – 94 – 1,367 –
Central overheads and financing – – (23,383) (1,154) – –
Goodwill – – (18,460) (1,948) 401,830 –
Interest received in advance – – – – (239,109) –
Total 397,851 71,101 21,605 3,877 38,640 21,959
The Thomas Cook G&FS business was acquired during the year and therefore no comparatives are given for that business.
3 Net operating expenses
Continuing operations
Acquisitions Total
2001 2001 2001 2000
£’000 £’000 £’000 £’000
Net operating expenses:
Administrative expenses 60,973 94,739 155,712 26,210
Other operating income – (10,819) (10,819) –
60,973 83,920 144,893 26,210
Other operating income primarily relates to the provision of administrative services to Thomas Cook Holdings Limited.