Travelex Holdings Limited Annual report & consolidated financial ...

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24 Travelex Holdings Limited Directors’ report for the year ended 31 December 2001 The directors present their report and the audited accounts of Travelex Holdings Limited and its subsidiaries (the Group) and Travelex Holdings Limited (the Company) for the year ended 31 December 2001. The Group accounts comprise the consolidated accounts of the Company including its subsidiary and associated undertakings as defined by the Companies Act 1985. The comparatives are for the Travelex plc group for the period 7 August 2000 to 31 December 2000. The Company was incorporated on 13 October 2000 under the name of IBIS (621) Limited. On 9 January 2001 it changed its name to Travelex Holdings Limited. On 25 January 2001, the Company acquired all of the issued shares of Travelex plc, the previous holding company, prior to which the Company had been a dormant entity. During the year the Company purchased the Global and Financial Services (G&FS) divisions of Thomas Cook Holdings Limited and subsequently undertook an integration and restructuring programme. Principal activities The Group’s principal activities are the provision of travel money services, funds transfer services, issuance of travellers cheques, dealing in foreign bank notes and provision of other travel and financial related services. The Group operates in the United Kingdom, Americas, Asia Pacific, Continental Europe and Africa. Review of business and future developments The Chairman’s statement contains a review of the Group’s trading results for the year and future developments. Results and dividend The Group made an operating profit of £35.0 million (2000: £7.1 million). The year’s profit before taxation was £21.6 million (2000: £3.9 million). Interim dividends of £33,200 were paid on the ‘A’ ordinary shares during the year (2000: nil). The directors do not recommend the payment of a final dividend (2000: nil). Introduction of the euro The Group has operations in a number of the countries that adopted the euro as a single currency on 1 January 1999 and introduced euro bank notes on l January 2002. The Group experienced a trouble-free transition on both occasions. No material expenditure was incurred as a consequence of the change. The directors believe that the introduction of the single currency into countries in which the Group operates has presented opportunities to gain a larger share of the market for travel money services.
Directors’ report continued for the year ended 31 December 2001 Directors and their interests The current directors of the Group and their interests in the share capital of the Group at the year end were: L M Dorfman Appointed 15 January 2001 566,950* C I Kahn ACA Appointed 15 January 2001 28,605 J G Conroy BA Hons Appointed 25 January 2001 – N H Page MA FCA Appointed 25 January 2001 4,042 P G Birch CBE Appointed 25 January 2001 6,737 K R Richbell BA Hons, MBA, FCIB Appointed 25 January 2001 – D C Painter BA Hons ACMA Appointed 25 April 2001 – J Hempsey BA CA Appointed 25 April 2001 – *Including family interests 25 Travelex Holdings Limited Ordinary Shares of £1 each The directors on formation, Dechert Nominees Limited, resigned on 15 January 2001. On 28 February 2001, O A Hajilou (appointed 25 January 2001) also resigned as a director. Employees The Group is committed to employee involvement as business objectives are best achieved if the Group’s staff understand and support the Group’s strategy. Staff members are kept informed of performance through briefing meetings, supplemented by a range of staff magazines and internal communications. Executives regularly visit business locations and discuss matters of current interest with staff. The Company’s financial performance is presented and explained to staff during the year. Equal opportunities The Group’s policy is not to discriminate against anyone, on any grounds. Training is provided and available to all levels of staff, and investment in employee development continues to be a priority. Within this policy, the Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the Group’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. Policy and practice on payment of creditors The Group’s policy is to fix terms of payment for all suppliers when agreeing the terms of such business transactions, to ensure the supplier is aware of those terms and to abide by the agreed terms of payment. At the year-end trade creditors, including amounts payable under contracts to supply foreign currency, represented three days of purchases. Charitable and political donations During the year, the Group made donations in the United Kingdom for charitable purposes amounting to £62,500 (2000: £10,373). Political donations were £6,300 (2000: nil).
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