Travelex Holdings Limited Annual report & consolidated financial ...

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Travelex Holdings Limited
Consolidated profit and loss account
for the year ended 31 December 2001
Continuing operations
Acquisitions Total Total
5 months
2001 2001 2001 2000
Note £’000 £’000 £’000 £’000
Turnover (including share of joint ventures) 169,802 228,124 397,926 71,101
Less: share of turnover of joint ventures (75) – (75) –
Turnover 2 169,727 228,124 397,851 71,101
Cost of sales (101,285) (116,690) (217,975) (37,759)
Gross profit 68,442 111,434 179,876 33,342
Net operating expenses 3 (60,973) (83,920) (144,893) (26,210)
Operating profit 7,469 27,514 34,983 7,132
Income from interests in associated undertakings – 697 697 –
Share of operating loss in joint ventures (100) – (100) –
Profit on ordinary activities before interest 7,369 28,211 35,580 7,132
Interest receivable and similar income 4 588 400 988 209
Interest payable and similar charges 4 (9,372) (5,591) (14,963) (3,464)
Profit/(loss) on ordinary activities before taxation 5 (1,415) 23,020 21,605 3,877
Tax on profit/(loss) on ordinary activities 7 (3,188) (318) (3,506) (2,362)
Profit/(loss) on ordinary activities after taxation (4,603) 22,702 18,099 1,515
Equity minority interests 21 (756) (160) (916) (280)
Profit/(loss) for the financial year (5,359) 22,542 17,183 1,235
Dividends 9 – (33) (33) –
Retained profit/(loss) for the financial year (5,359) 22,509 17,150 1,235
The profit on ordinary activities above is in respect of continuing operations.
There is no difference between the profit on ordinary activities before taxation and the retained profit for the year stated above
and their historical cost requirements.