RNS Number : 0261V
Western & Oriental plc
22 May 2008
Western & Oriental plc
Unaudited Interim Results for the six months ended 31 March 2008
22 May 2008
Western & Oriental plc, the specialist luxury travel group, today announces its interim results for the six months ended 31 March 2008.
Highlights:
* Revenue for the six months ended 31 March 2008 increased by 87% to £30.6 million (31 March 2007: £16.4 million). Organic growth
11% over same period last year
* Ski season revenue up significantly, 34% year on year
* At 31 March 2008 the value of forward sales was £26.0 million, up 130% from £11.3 million at 31 March 2007 and up 9.5% before
the impact of acquisitions
* Gross profit percentage improved from 15.5% to 15.9%
* Underlying operating loss £1.3 million (31 March 2007: £0.4 million)
* Underlying operating profit up 24%, including organic growth of 23%, to £0.5m (31 March 2007: £0.4m) before central costs of
£1.7 million (31 March 2007: £0.8 million)
* Seasonal losses from acquired businesses, especially Key2Holidays and Villa Select, have a material impact on the half year
result
* Significant progress made in integrating the acquired businesses with results set to improve the second half and 2009
* Cost savings identified which have a net impact £0.3 million in second half of year, £1.0 million annualised saving.
Identifiable costs incurred in the first half year were £0.5m
* Overall loss £1.7 million (31 March 2007: £0.7 million)
* Loss per share 0.76 pence (31 March 2007: 1.27 pence)
* Closing net cash £9.0 million (31 March 2007: £4.9 million).
The Group believes that underlying operating profit or loss provides additional guidance to the statutory measures on the underlying
performance of the business during the financial year. Underlying profit or loss is defined as operating profit before amortisation of
intangible assets, goodwill impairment, share based payments, profits and losses on fair value of derivatives and separately disclosed
items.
Commenting on the results, David Howell, Chairman, said:
"We have continued to make significant progress in the integration of the acquired businesses during this half year. We remain on track to
deliver a single operating system for the tour operating brands by the year end which will provide further efficiencies and cost savings.
Despite the difficulties experienced in the high street and the general economic downturn, revenue for the first half of the financial
year is in line with expectations with a considerably increased forward order book".
Enquiries:
Western & Oriental plc
David Howell 020 7821 4078
Collins Stewart
Adrian Hadden/Oliver Quarmby 020 7523 8350
Temple Bar
Tom Allison/Caroline Merrell 020 7002 1080
Six months ended 31 March 2008
Chairman's statement
I am pleased to report the continued progress the group has made in the last six months. We have completed our twelfth acquisition and
have made significant progress towards the successful integration of our businesses.
Results
Revenue for the period, based on the date of departure and including the impact of acquisitions, increased by 87% to £30.6 million (31
March 2007: £16.4 million). Like for like organic growth was approximately 11%, driven by improved cross selling across the various
businesses and effective marketing. Overall gross margins have increased from 15.5% to 15.9%. In our tour operations we have seen signs of
some pressure on pricing throughout the six month period.
Administration costs, excluding the non-cash items (intangible assets amortisation, goodwill impairment and the cost of share based
payment charge) increased, as anticipated from £3.0 million to £6.0 million. Central costs increased, as expected from £0.8 million to
£1.7 million reflecting the continued investment in our central infrastructure to support the business that we aim to be. Excluding
central costs, administration costs are reducing as a proportion of the overall business due to the cost savings discussed below.
The underlying operating profit of operations, before central costs, increased from £0.4 million to £0.5 million partly as a result of
the economies of scale that have started to flow through from the improved purchasing from airlines, ground handlers and hoteliers as a
result of our increased size. A majority of the cost savings referred to below are operational in their nature, which will have a
substantial positive impact on the underlying operating profit once these savings come through. In addition it is worth noting that our tour
operating division's result has become significantly more seasonal because of the acquisitions of both Key2Holidays and Villa Select. Both
of these businesses show substantial losses for the six months to 31 March 2008.
Order book
The forward order book at 31 March 2008 had increased to £26.0 million, up 130% from the same time last year. Like for like growth, for
those continuing businesses in the group at 1 October 2007 was over 9.5%. We have seen a particularly strong performance from our Conference
& Incentives (C&I) businesses, with an increasingly significant proportion of forward orders extending into the next financial year.
Integration
This period has seen significant focus on the integration of the Group's acquisitions. In the six month period we have completed the
move of all our London based operations, with the exception of Rainbow Tours, into a single office in central London. This has enabled us to
improve efficiencies in a number of central functions, in particular marketing, finance and the administration function that support the
tour operating businesses. To date these improvements have come from improved and standardised processes and from the advantages that flow
from having more businesses working together. We have made significant progress in identifying and developing the mid-office system as a
platform for all of our tour operations and the project remains on course to be completed before our financial year end. Whilst the task of
doing this is both time and cost consuming in the current financial year, we believe this will give us a great opportunity to further
improve efficiency with the resulting cost benefits coming through in 2008/2009.
The ongoing integration of the group has led us to identify a number of areas where we can further reduce the overall cost base of the
operations with an immediate net saving in the second half, after £0.2 million of costs to achieve, of the year of £0.3 million and an
annualised saving of approximately £1.0 million. In the period under review the identifiable savings accounted for approximately £0.5
million of costs.
Acquisitions
We announced the acquisition of Rainbow Tours in December 2007. This was our twelfth acquisition since the IPO in March 2006 and gives
us significantly more scale in Southern and Eastern Africa as well as making us the number one tour operator to Madagascar.
Despite only completing one acquisition in the six month period there has been a significant level of M&A activity. We had advanced
negotiations with a number of companies and two significant potential acquisitions came very close to completion during the period. However
neither deal completed.
The pipeline for future acquisitions remains good. We have started to move up the size tree with regard to the size of business
acquisitions and expect to make significant progress in the second half of the year.
Directors and senior management
Kerry Golds joined the board on 29 April 2008. Kerry originally joined the group as head of tour operations in January 2007 and has done
an excellent job integrating the tour operating businesses. She has created a standard operating platform that has better enabled the
introduction of the mid-office system that will help drive future efficiencies across the group. I believe Kerry's experience will add to
the overall talent of the board.
Raj Kumar, who joined the board in July 2007, at the time of the acquisition of Key2Holidays, left the board on 30 April 2008 to pursue
his other various business interests. Raj helped with the successful integration of Key2Holidays into the group's tour operating division.
I continue to believe that the talented senior team we have put together is more than capable of running a significantly larger business
than we are today.
International Financial Reporting Standards (IFRS)
This is our first set of results announced under IFRS. We have recently issued a separate announcement to show the impact of restating
our prior year results and balance sheets with supporting explanations and detail of our revised accounting policies. In summary the main
differences between IFRS and UK GAAP are the treatment of brochure costs, the revaluation through the income statement of the forward
foreign exchange contracts we use to hedge our major exposures to foreign exchange denominated supply contracts, the requirement to value
and amortise business combination intangible assets, in particular the forward order book, with a consequent effect on deferred taxation and
the fact that acquired goodwill is no longer amortised but is instead subject to a rigorous annual impairment test. The transition to IFRS
is an accounting change only and does not reflect a change in the operations or the underlying economic position of the group.
Outlook
The economic environment in which we currently trade is overshadowed by a rising oil price, a very strong Euro, rising food and utility
prices and a falling value in houses. This obviously creates a cautious outlook for the second half of the year.
To date, bookings and revenue have been within our expectations and continue to be so for the start of the second half of the financial
year. So far we have seen very limited evidence of customers reducing their holiday spend. Our C&I businesses have had an excellent first
half and have secured future orders which will have a significant effect on the 2009 results.
David Howell
Chairman
22 May 2008
About Western & Oriental plc
Western & Oriental is a specialist luxury travel group focused on leading the consolidation of the niche luxury travel & conference and
incentive sectors. The company was admitted to trading on AIM under the ticker symbol WEST in March 2006. The Group acts as a tour
operator, travel agent and conference and incentive organiser offering a premium service for tailor-made and specialist packaged holiday
programmes to destinations worldwide.
For more information on the group and its individual luxury travel brand websites, go to www.westernorientalplc.com.
Responsibility statement of the Board of Directors in respect of the condensed interim
financial statements
These condensed consolidated interim financial statements for the six-month period ended 31 March 2008 have been prepared by the
Directors.
We confirm that to the best of our knowledge that:
* the condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as
adopted by the EU and the requirements of the AIM rules; and
* the accounting policies applied by the Group in these condensed consolidated financial statements are in accordance with
International Financial Reporting Standards as adopted by the European Union ('Adopted IFRSs') and are the same as those accounting policies
which were set out in the announcement made on 21 May 2008 entitled "Transition to International Financial Reporting Standards".
The board of directors
David Howell
Ian Neale
Steven Hall
Kerry Golds
Alan Barber
Pamela Harper
22 May 2008
Independent review report to Western & Oriental plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly report for the six months
ended 31 March 2008 which comprises the consolidated income statement, consolidated balance sheet, consolidated statement of recognised
income and expense, consolidated cash flow statement and the related explanatory notes. We have read the other information contained in the
half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the
condensed set of financial statements.
This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we
might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for
the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the half-yearly financial report in accordance with the AIM Rules.
As disclosed in note 1, the next annual financial statements of the Group will be prepared in accordance with IFRSs as adopted by the
EU. The condensed set of financial statements included in this half yearly report has been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU and the requirements of IFRS 1 First-time Adoption of International Financial Reporting Standards
relevant to half-yearly reports.
The accounting policies that have been adopted in preparing the condensed set of financial statements are consistent with those that the
directors currently intend to use in the next annual financial statements. There is, however, a possibility that the directors may determine
that some changes to these policies are necessary when preparing the full annual financial statements for the first time in accordance with
IFRSs as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial
report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim
Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review
of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the
half-yearly financial report for the six months ended 31 March 2008 is not prepared, in all material respects, in accordance with IAS 34 as
adopted by the EU and the AIM Rules.
KPMG Audit Plc
Chartered Accountants
8 Salisbury Square
London
EC4Y 8BB
22 May 2008
Condensed Consolidated Income Statement
For the six months ended 31 March 2008
Unaudited
Notes 6 months ended 6 months ended Year ended
31 March 31 March 30 September
2008 2007 2007
£000's £000's £000's
Continuing operations
Revenue 2 30,555 16,362 35,777
Cost of sales (25,689) (13,825) (30,001)
Gross profit 4,866 2,537 5,776
Administrative expenses (7,363) (3,364) (8,663)
Operating loss (2,497) (827) (2,887)
Analysed as:
Underlying operating profit / 453 366 962
(loss) before central costs
Central costs (1,721) (750) (2,405)
Underlying operating loss 2 (1,268) (384) (1,443)
Separately disclosed items - - (211)
Profit / (loss) on fair value 127 (70) (14)
of derivatives
Amortisation of business (1,270) (279) (904)
combination intangibles
Impairment of goodwill - - (151)
Share based payments (86) (94) (164)
(2,497) (827) (2,887)
Financial income 258 92 357
Financial expenses (52) - (11)
Foreign exchange 198 - -
Net finance income 404 92 346
Loss before tax (2,093) (735) (2,541)
Income tax 4 381 84 271
Loss for the period 2 (1,712) (651) (2,270)
attributable to equity holders
Loss per share
From continuing operations
Basic and diluted (pence) 3 (0.76)p (1.27)p (2.31)p
Underlying profit or loss is defined as operating profit before amortisation of intangible assets, goodwill impairment, share based
payments, profits and losses on fair value of derivatives and separately disclosed items.
Condensed Consolidated Balance Sheet
As at 31 March 2008
Unaudited
Notes As at As at As at
31 March 31 March 30 September
2008 2007 2007
£000's £000's £000's
Assets
Non-current assets
Property, plant and equipment 918 563 820
Goodwill 18,294 5,470 15,687
Other intangible assets 656 48 1,457
19,868 6,081 17,964
Current assets
Inventories 86 105 94
Trade and other receivables 7,227 3,205 6,058
Derivative financial instruments 133 - 6
Cash and cash equivalents 9,049 4,938 13,413
16,495 8,248 19,571
Total assets 36,363 14,329 37,535
Equity and liabilities
Capital and reserves
Issued capital 5 1,140 258 1,100
Share premium 5 24,193 7,927 23,367
Other reserves 5 363 152 222
Retained earnings 5 (5,465) (2,142) (3,756)
Total equity attributable to 5
equity holders of the parent 20,231 6,195 20,933
Non-current liabilities
Obligations under finance leases 166 1 179
Deferred tax liabilities 167 24 412
Provisions 1 - -
Other liabilities 67 525 1,350
401 550 1,941
Current liabilities
Trade and other payables 15,451 7,467 14,311
Derivative financial instruments - 50 -
Obligations under finance leases 86 1 69
Current tax liabilities 194 66 112
Provisions - - 169
15,731 7,584 14,661
Total liabilities 16,132 8,134 16,602
Total equity and liabilities 36,363 14,329 37,535
Condensed Consolidated Cash Flow Statement
For the six months ended 31 March 2008
Unaudited
Notes Six months Six months Year
ended ended ended
31 March 31 March 30 September
2008 2007 2007
£000's £000's £000's
Loss for the period (1,712) (651) (2,270)
Adjustment for:
Finance costs recognised in (207) (92) (346)
profit and loss
(Gain) / loss on revaluation (127) 70 14
of fair value through profit
and loss financial assets
Gain on sale of property, - - (41)
plant and equipment
Goodwill impairment charge - - 151
Depreciation and amortisation 1,379 337 992
Net foreign exchange gain (166) - -
Equity-settled share-based 86 94 164
payment expenses
Operating loss before changes (747) (242) (1,336)
in working capital and
provisions
Decrease / (increase) in trade 196 (588) (1,095)
and other receivables
Decrease / (increase) in 8 (9) 4
inventories
(Decrease) / increase in trade (812) 882 594
and other payables
Cash flows from operations (1,355) 43 (1,833)
Interest paid (52) - (11)
Interest received 258 92 357
Income taxes paid - - (26)
Cash flows from operating (1,149) 135 (1,513)
activities
Investing activities
Acquisition of property, plant (208) (307) (244)
and equipment
Acquisition of subsidiaries, (3,234) 122 (3,597)
net of cash acquired
Proceeds from sale of - - 260
property, plant and equipment
(3,442) (185) (3,581)
Net cash used in investing
activities
Financing activities
Proceeds from the issue of - - 13,558
share capital
Other financing cash flows - - (39)
(net)
Net cash from financing - - 13,519
activities
Net (decrease) /increase in (4,591) (50) 8,425
cash and cash equivalents
Cash and cash equivalents at 13,413 4,988 4,988
start of period
Effect of foreign exchange on 227 - -
cash held
Cash and cash equivalents at 9,049 4,938 13,413
end of period
9,049 4,938 13,413
Bank balances and cash
Condensed Consolidated Statement of Recognised Income and Expense
For the six months ended 31 March 2008
Unaudited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2008 2007 2007
£000's £000's £000's
Foreign exchange translation 58 - -
Net income recognised directly in 58 - -
equity
Loss for the period (1,712) (651) (2,270)
Total recognised expense for (1,654) (651) (2,270)
the period attributable to
equity shareholders
Notes to the Interim Report
1. Basis of preparation
Western & Oriental plc ("the Company") is a company domiciled in the United Kingdom. The consolidated financial information of the
Company comprises the Company and its subsidiaries (together referred to as "the Group").
The results for the six months to 31 March 2008, which are unaudited, have been prepared on a basis consistent with the recognition and
measurement principles of EU-Adopted International Financial Reporting Standards (Adopted IFRS), which is consistent with the accounting
policies set out in the announcement made on 21 May 2008 entitled "Transition to International Financial Reporting Standards". The results
for the year ended 30 September 2007 and the six month period ended 31 March 2007 have been restated to show the results in accordance with
Adopted IFRS rather than in accordance with United Kingdom accounting standards which they were originally published under. Reconciliations
showing the movements from UK Generally Accepted Accounting Principles (UK GAAP) to Adopted IFRS are included in the transition document.
These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting
Standard (IFRS) IAS 34 Interim financial reporting. These are the Group's first IFRS condensed consolidated interim financial statements for
part of the period covered by the first IFRS annual financial statements and IFRS 1 First-time Adoption of International Financial Reporting
Standards has been applied. They do not include all of the information required for full annual financial statements.
This financial information has been prepared on the basis of Adopted IFRSs expected to be applicable for early adoption at the Group's
first Adopted IFRS annual reporting date, 30 September 2008. Based on these Adopted IFRSs, the board of directors have made assumptions
about the accounting policies expected to be adopted (accounting policies) when the first Adopted IFRS annual financial statements are
prepared for the year ending 30 September 2008.
The Adopted IFRSs that will be effective or available for voluntary early adoption in the annual financial statements for the period
ending 30 September 2008 are still subject to change and to the issue of additional interpretations and therefore cannot be determined with
certainty. Accordingly, the accounting policies for that annual period that are relevant to this financial information will be determined
only when the first Adopted IFRS financial statements are prepared at 30 September 2008.
The comparative figures for the financial year ended 30 September 2007 are not the Company's statutory accounts for that financial year.
Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was
(i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying
their report, and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
Use of non-GAAP profit and loss measures
The Group believes that underlying operating profit or loss provides additional guidance to the statutory measures on the performance of the
business during the financial period. Underlying profit or loss is defined as operating profit before amortisation of intangible assets,
goodwill impairment, share based payments, profits and losses on fair value of derivatives and separately disclosed items. Underlying
profit or loss is not defined under Adopted IFRS and therefore may not be directly comparable with other companies' adjusted profit
measures. It is not intended to be a substitute for or superior to Adopted IFRS measurements of profit.
The consolidated financial statements of the Group as at and for the year ended 30 September 2007 are available on request from the
Company's registered office at Welby House, 96 Wilton Road, London SW1V 1DW or at www.westernorientalplc.com.
2. Segment information
The following is an analysis of the revenue and results for the period, analysed by business segment, the Group's primary basis of
segmentation.
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2008 2007 2007
£000's £000's £000's
Revenue
Tour operations 21,673 11,562 25,132
Conference and incentives 8,882 4,800 10,645
30,555 16,362 35,777
Analysed as:
- continuing operations 28,867 16,362 35,777
- acquisitions 1,688 - -
30,555 16,362 35,777
Underlying operating (loss) /
profit
Tour operations (235) 87 258
Conference and incentives 688 279 704
Unallocated corporate expenses (1,721) (750) (2,405)
(1,268) (384) (1,443)
Share based payments, impairment of
goodwill, amortisation of
intangibles, separately disclosed
items, valuation of derivatives,
financing & taxation
Tour operations (379) (195) (568)
Conference and incentives (510) - (141)
Unallocated corporate expenses 445 (72) (118)
(444) (267) (827)
Profit
Tour operations (614) (108) (310)
Conference and incentives 174 279 563
Unallocated corporate expenses (1,272) (822) (2,523)
(1,712) (651) (2,270)
Analysed as:
- continuing operations (1,592) (651) (2,270)
- acquisitions (120) - -
(1,712) (651) (2,270)
3. Earnings per Share
6 months ended 6 months ended Year ended
31 March 31 March 30
2008 2007 September
2007
Loss for the financial period 1,712 651 2,270
(£000's)
Weighted average number of 225,001,965 51,276,283 98,183,037
shares
Basic and fully diluted (0.76)p (1.27)p (2.31)p
earnings per share
The group has no dilutive potential ordinary shares because it was loss making and the impact of any further share issue is
anti-dilutive.
4. Income tax credit
6 months ended 6 months ended Year ended
31 March 31 March 30
2008 2007 September
2007
Deferred tax credit 381 84 271
The deferred tax credit arises on the reversal of temporary differences between the carrying value of intangible assets in the financial
accounts and the amounts used for taxation purposes.
5. Reconciliation of movement in equity
Share based payment
reserve
£'000
Share capital Share premium Currency reserve Retained earnings
£'000 £'000 £'000 £'000
Total
£'000
Balance at 1 October 2007 1,100 23,367 222 - (3,756) 20,933
Total recognised expense for
the period - - - 58 (1,712) (1,654)
Shares issued 40 826 - - 866
Share based payment - - 83 - 3 86
Balance at 31 March 2008 1,140 24,193 305 58 (5,465) 20,231
Share based payment
reserve
£'000
Share capital Share premium Currency reserve Retained earnings
£'000 £'000 £'000 £'000
Total
£'000
Balance at 1 October 2006 251 7,716 58 - (1,485) 6,540
Total recognised expense for
the period - - - - (651) (651)
Shares issued 7 211 - - - 218
Share based payment - - 94 - (6) 88
Balance at 31 March 2007 258 7,927 152 - (2,142) (6,195)
6. Acquisitions
The group made one acquisition during the six months to 31 March 2008. Details of the acquisition are set out below. The fair values are
considered provisional and will be finalised in the next financial year.
Date Business segment
Rainbow Tours Limited 6 December 2007 Tour operations
The group acquired 100% of the share capital and associated voting rights of Rainbow Tours Limited.
Fair value
Book value adjustment Fair value
£'000 s £'000
Net assets acquired: £'000
Property, plant and equipment 16 (16) -
Other intangible assets - 468 468
Trade and other receivables 1,829 (929) 900
Cash 984 - 984
Trade and other payables (1,857) 432 (1,425)
Deferred taxation - (136) (136)
Net identifiable assets and 972 (181) 791
liabilities
Provisional goodwill 4,258
5,049
Consideration
Shares issued 864
Cash 3,685
Contingent consideration 500
5,049
It should be noted that certain fair values have necessarily been prepared on a provisional basis and subsequent experience may result
in revisions in the subsequent accounting period.
A fair value adjustment arises on the acquisition of Rainbow Tours Limited in order to bring the acquired Company's revenue recognition
policy from the date of booking to the date of travel in line with the Group's accounting policy.
7,858,554 ordinary shares in Western & Oriental plc were issued at a fair value of 11.0p representing the share price quoted on AIM on
the date of acquisition.
The goodwill recognised on the acquisition represents intangible assets that are not capable of being separately measured and are not
permitted to be separately identified under IFRS 3. This includes the specialist knowledge of the workforce acquired, the ability to cross
market the products of the enlarged group and synergies of integration.
Impact of acquisitions on the income statement
The contribution to Group revenue and loss after tax of the acquisition of Rainbow Tours Limited in the period was £1,688,000 and
£120,000 (loss) respectively, after charging £174,000 of amortisation of acquisition related intangible assets net of the related deferred
tax credit.
If the acquisition had taken place on the first day of the current accounting period, the Group's combined revenue and loss after tax
would have been £31,804,000 and £1,689,000 respectively for the six months ended 31 March 2008.
Adjustments to goodwill in respect of the acquisition of Key2Holidays are described in the related party transaction note.
7. Related party transactions
Mr Kumar served as a director throughout the period under review. Under the terms of the acquisition by the Company of Key2Holidays
Limited, a balancing payment of consideration was to be calculated as either due to Mr Kumar or from Mr Kumar to the Company depending on
the level of Net Current Assets in Key2Holidays Limited as at 30 June 2007. Mr Kumar also had a right to a potential earn-out payment of up
to £1,000,000 depending on the performance of Key2Holidays Limited for the year to 30 September 2008. On 30 April 2008, an agreement was
signed under which a net payment was made to the Company by Mr Kumar of £466,236 in settlement of both these potential amounts. As a
result, goodwill on the acquisition of Key2Holidays Ltd was reduced by £1,466,236.
Remuneration of key management personnel
The remuneration of the directors, who are the key management personnel of the Group, is set out below in aggregate for each of the
categories specified in IAS 24 Related Party Disclosures.
6 months ended 6 months ended Year ended
31 March 31 March 30
2008 2007 September
2007
£'000 £'000 £'000
Short-term employee benefits 366 299 621
Share-based payments 48 30 43
414 329 664
8. Interim Report
This interim report was approved by the board on 22 May 2008
A copy of the interim report will be posted to shareholders during June 2008. Additional copies will be available via the Company's
website, www.westernorientalplc.com or from the Company Secretary at the Company's registered office, Welby House, 96 Wilton Road, London
SW1V 1DW.
This information is provided by RNS
The company news service from the London Stock Exchange
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