Travelex Holdings Limited Annual report & consolidated financial ...

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36 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.
Notes to the financial statements continued for the year ended 31 December 2001 4 Interest and similar items 37 Travelex Holdings Limited 2001 2000 £’000 £’000 Interest payable: Interest payable on bank loans and overdrafts (4,402) (402) Interest payable on senior notes (7,875) (2,822) Amortisation of deferred consideration discount (1,654) – Amortisation of issue costs of senior notes (332) (138) Interest payable on other loans (445) – Interest payable on finance leases (255) (102) Total interest and similar charges payable (14,963) (3,464) Interest receivable: Interest on bank deposits and money market instruments 46,869 – Interest on operating bank accounts 988 209 Total interest receivable and similar income 47,857 209 Less: included in turnover (in accordance with accounting policies) (46,869) – Net interest payable and similar items (13,975) (3,255) Continuing operations (8,784) (3,255) Acquisitions (5,191) – Net interest payable and similar items (13,975) (3,255)
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Travelex Holdings Limited Annual report & consolidated financial ...

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