Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

HELLOWORLD TRAVEL LIMITED AGM Information 2012

Nov 27, 2012

65057_rns_2012-11-27_0a4f8bb1-0fe6-4f7c-9bba-23b405edfbd5.pdf

AGM Information

Open in viewer

Opens in your device viewer

Jetset Travelworld Limited ABN: 60 091 214 998 Level 3, 77 Berry Street North Sydney NSW 2060 Licence 2TA5361

Telephone Facsimile 02 8229 4005 02 8920 0110

==> picture [172 x 34] intentionally omitted <==

28 November 2012

Jetset Travelworld Limited (ASX: JET) 2012 Annual General Meeting

Chairman’s Address/Trading Update

Welcome to the 2012 Annual General Meeting of Jetset Travelworld Limited. Following brief introductions, today’s meeting will proceed straight to the formal business of the meeting. In closing the meeting I will provide an update on the Company’s trading performance.

As advised to the market on 14 November 2012, the Notice of Annual General Meeting contained administrative errors in relation to the number and method of calculation of the Performance Rights to be issued to the Chief Operating Officer and CFO, Elizabeth Anne Gaines, for the years ended 30 June 2012 and 30 June 2013. In particular, Resolutions 4.1 and 4.2 and the explanatory notes incorrectly indicated that 333,333 Performance Rights would be issued to Ms Gaines for each of those years. The explanatory notes also referred to that number having been determined by reference to the dollar amount of $120,000.

The correct number of Performance Rights proposed to be issued to Ms Gaines is 201,499 for each of the years ending 30 June 2012 and 30 June 2013. This number has been determined by reference to the dollar amount of $72,540 divided by $0.36 (being the average of the daily closing prices of shares on the ASX over the 5 day trading day period immediately prior to 1 July 2012).

Amendments will therefore be considered to the proposed Resolutions 4.1 and 4.2 to reflect the correct position.

Trading Update

The preliminary trading results for the four months to October indicate that the company’s profit before tax (PBT) for the first half of this financial year is likely to be largely in line with the reported result for the first half of the prior financial year after excluding non-recurring items including costs associated with the strategic review ($2.4 million) and the retirement of the previous Chief Executive Officer, Mr Peter Lacaze ($0.8 million).

Market conditions have remained largely consistent with the trends experienced in the last financial year particularly the supply of affordable international and domestic airfares. Consistent with commentary from industry participants, the leisure market in Australia has experienced low growth levels due largely to the decline in average selling prices.

ME_95673183_1 (W2003x)

Jetset Travelworld Limited ABN: 60 091 214 998 Level 3, 77 Berry Street North Sydney NSW 2060 Licence 2TA5361

Telephone Facsimile 02 8229 4005 02 8920 0110

==> picture [172 x 34] intentionally omitted <==

The Group’s travel management business, QBT has experienced a reduction in total transaction value (TTV) for the four months to 31 October due to a decline in trading volumes transacted through the accounts held with the government agencies trading under the terms of the Whole of Australian Government travel management agreement. This reflects a reduction in travel expenditure by the government agencies.

The outcome of these factors is that, subject to trading conditions remaining in line with expectations, the Group’s TTV for the first half of this financial year is likely to be below the prior period by approximately 10%. This reduction has been largely offset by an improvement in the margin of revenue to TTV and an approximate 9% reduction in costs through realising the benefits of the restructuring announced in June 2012 and other cost control initiatives.

The Board is pleased with the progress that the recently appointed CEO Rob Gurney is making with the strategic review which is expected to be completed in the first quarter of 2013, the outcome of which will be communicated at that time. We are confident that the review will provide a long term direction for the company that will deliver benefits to all key stakeholders.

Closure

In closing, I would like to thank my fellow directors for their support throughout the year. In particularly I’d like to thank Peter Spathis who will be retiring from the Board at the close of this meeting. Peter has been a director of JTG since 2002 and I thank him for his contribution and commitment to the Company for the past 10 years.

I also convey my thanks to the Management Team for their efforts in producing a solid performance for the financial year ended 30 June 2012.

Finally I thank all our shareholders for their loyalty and support and look forward to the opportunities in the year ahead.

Tom Dery Chairman

ENDS Media enquiries to Rob Gurney, CEO, +61 (0)28229 4084 Investor enquiries to Elizabeth Gaines, CFO, +61 (0)28229 4121

About The Jetset Travelworld Group:

The Jetset Travelworld Group is one of the leading integrated travel companies in Australia and New Zealand. The Group operates a number of businesses in the retail, online, corporate, wholesale and inbound travel distribution market with operations in Australia, New Zealand, Asia, Fiji, the United States, South Africa and the United Kingdom.

ME_95673183_1 (W2003x)