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Editor's Pick: Markets: The week that was (16-20/11/09)

(ETC.L) Et-china.com International Holdings Ltd Buy/Sell

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Date/Time	Headline	Source
1
28-10-09	Et-china.com Intnl - Issue of Equity	RNS
RNS Number : 4728B Et-china.com International Holdings 28 October 2009 For Immediate Release 28 October 2009 ET-CHINA.COM INTERNATIONAL HOLDINGS LIMITED ("Et-china", "the Group" or "the Company") Issue of shares Et-china, a leading travel services group in the fast growing region of South China, has today made application for 1,561,306 new ordinary shares of no par value to be admitted to trading on AIM. These shares have been issued to the vendors of Yoee.com as the initial tranche of the consideration shares of up to 2.625 million Et-china shares following Et-china's acquisition of Yoee.com on 17 March 2009. As part of the acquisition of Yoee.com, up to a further 30 per cent. of the total potential share consideration is payable on Yoee.com meeting certain performance criteria for the financial year 2009. In addition, the Company has also made an application for a further 335,280 new ordinary shares of no par value to be admitted to trading on AIM in respect of Mr Matthew Ng's 2007 and 2008 bonus payments as set out in the Company's admission document dated 30 July 2007. Following this issue of shares, Mr Ng, Chief Executive Officer, now holds 3,601,922 ordinary shares of no par value which represents approximately 10.30% of the enlarged issued share capital of the Company. Application has been made for 1,896,586 new ordinary shares of no par value to be admitted to trading on AIM and dealings are expected to commence on Monday 2 November 2009. Following the admission of 1,896,586 new ordinary shares of no par value to trading, the enlarged share capital of the Company is 34,970,033 ordinary shares of no par value. In addition, as announced on 21 May 2009, the Company issued 547,501 'A' or new ordinary shares to five senior executives of GZL which will be converted into ordinary shares of no par value upon certain conditions being met, at which time the Company will make application for those shares to be admitted to trading on AIM. Contact details for enquiries: Et-china.com International Holdings Limited 0207 067 0700 Matthew Ng, Chief Executive Officer `Seymour Pierce, Nomad and Broker 0207 107 8000` Mark Percy Catherine Leftley `Weber Shandwick Financial 0207 067 0700` Terry Garrett `Stephanie Badjonat` `John Moriarty` This information is provided by RNS The company news service from the London Stock Exchange END LISFEAFWWSUSELS More
21-10-09	Et-china.com Intnl - Trading Update for Golden Week	RNS
RNS Number : 1409B Et-china.com International Holdings 21 October 2009 For Immediate Release 21 October 2009 ET-CHINA.COM INTERNATIONAL HOLDINGS LIMITED ("Et-china", "the Group" or "the Company") SALES SHINE AT GZL OVER GOLDEN WEEK HOLIDAY PERIOD Et-china, a leading travel services group in the fast growing region of South China, announces record trading at GZL, the Group's package tour provider, during the recent Golden Week holiday which ran from 1 to 8 October. Each year there are 2 Golden Week holiday's, the first around the Chinese New Year in January / February and the second around National Day on 1st October which this year included an extra day to mark the 60th anniversary of the People's Republic. Over the holiday period approximately 59,000 customers travelled with GZL, an increase of 22.7% over the corresponding period, generating total sales revenue of RMB78.3m (£7.0m) an increase of approximately 124%. STRONGEST GROWTH CAME FROM SALES OF SHORT-HAUL TOURS WHICH INCREASED 315% TO RMB 18.6M (&POUND;1.7M) A TOTAL OF 2,011 CUSTOMERS PURCHASED LONG-HAUL TOURS GENERATING REVENUES OF RMB15.9M (&POUND;1.4M) AN INCREASE OF 189% GROWTH IN DOMESTIC TOURS SAW REVENUES INCREASE 107% TO RMB40.5M (&POUND;3.6M), CUSTOMERS INCREASED BY APPROXIMATELY 81% TO 43,840 REVENUE FROM TOURS TO HONG KONG AND MACAU INCREASED 59% TO RMB3.2M (&POUND;0.3M), AS TRAVEL RESTRICTIONS WERE EASED Matthew Ng, President and Chief Executive Officer, commented: "We are delighted by these exceptional sales figures from GZL which have been driven by a significant increase in long and short-haul customers taking advantage of the extended Golden Week holiday. "The Board is greatly encouraged by these figures which continue to illustrate the attractiveness of the Chinese travel sector and we remain optimistic that the Group will see an improved performance in the second half and into 2010, when we expect volumes to increase surrounding the Shanghai World Expo and the Guangzhou Asian Games. "Chinese consumers are showing signs of confidence again which should manifest itself in a resumption of large numbers of people travelling. The Group is committed to growing the business and continuing to drive revenue growth and reducing losses". The Company will release a detailed trading update in due course. Contact details for enquiries Et-china.com International Holdings Limited 0207 067 0700 Matthew Ng, Chief Executive Officer `Seymour Pierce, Nomad and Broker 0207 107 8000` Mark Percy Catherine Leftley `Weber Shandwick Financial 0207 067 0700` `Terry Garrett` `Stephanie Badjonat` `John Moriarty` £ STG / RMB exchange rate 11.1591 as at 16 October 2009 This information is provided by RNS The company news service from the London Stock Exchange END MSCPUGGUUUPBURG More
28-08-09	Et-china.com Intnl - Half Yearly Report	RNS
RNS Number : 1464Y Et-china.com International Holdings 28 August 2009 For immediate release 28 August 2009 ET-CHINA.COM INTERNATIONAL HOLDINGS LIMITED ("Et-china", "the Group" or "the Company") Interim results for the six months ended 30 June 2009 Et-china, a leading travel services group in the fast growing region of South China, announces its unaudited interim results for the six months ended 30 June 2009. Highlights: `6 months to 30 June 2009 % 6 months to 30 June 2008` `RMB million £* RMB million` `Revenue 840.3 74.1 8.2 776.7` `Gross Profit 97.2 8.6 14.1 85.2` `Operating Profit/(Loss) (9.1) (0.8) 56 (20.7)` `Profit / (Loss) After tax and (4.9) (0.4) 78.6 (22.7)` MI FIGURES IN STERLING ARE FOR ILLUSTRATIVE PURPOSES ONLY, ALL TRANSLATED USING THE RMB EXCHANGE RATE OF 11.3 RMB = &POUND;1 * Net revenues up 8.2% to RMB 840 million (2008: RMB 776.7 million) * Gross profit up 14.1% to RMB 97.2 million (2008: 85.2 million) * Gross margin 11.6% (2008: 10.9%) * Loss after tax reduced by 79% to RMB 4.9 million (2008 Loss: RMB 22.7) Matthew Ng, President and Chief Executive Officer, commented: "The Board is optimistic that the Group will see an improved performance in the second half and has great confidence that the outlook for the Chinese travel sector remains highly attractive. Looking to 2010 we expect to benefit from increased volumes of travel surrounding the Shanghai World Expo, which runs from May to October and the Guangzhou Asian Games in November 2010. The relative stability of the domestic economy is helping to rebuild consumer confidence in China which will benefit the travel market significantly. The Group is committed to growing the business and driving improved revenue growth and profitability. We are also very pleased to welcome Maria Ng to the Board. Maria has a wealth of experience in the Asia Pacific travel industry through her time with Kouni and we look forward to cultivating closer links with Kuoni in the coming period." Contact details for enquiries Et-china.com International Holdings Limited 020 7067 0700 Matthew Ng, Chief Executive Officer `Seymour Pierce, Nomad and Broker 020 7107 8000` Mark Percy Catherine Leftley `Weber Shandwick Financial 020 7067 0700` Terry Garrett Stephanie Badjonat John Moriarty Chairman's Statement Results I am pleased to report that the Group has continued to make good progress in developing its business during the six months to 30 June 2009. We have consolidated our position as the travel services market leader in Southern China in terms of revenue and we have made great strides in increasing our national presence. Recent government figures from CNTA (China National Tourism Administration) confirm this with the Group's tour operator business, GZL, ranked as the 5th largest travel operator in the whole of China, 4th for outbound and 6th for domestic travel. The first half of 2009 began strongly with a substantial increase in trading over the 'Chinese New Year' 7 day holiday period. Both GZL, the Group's package tour provider and ETC, the FIT (Frequent Independent Traveler) business, saw steady progress in sales. The second quarter of the period saw a considerable reduction in the number of outbound trips sold, mainly due concerns over H1N1 (swine flu) and uncertainty over the pace of the recovery of the Chinese economy. The acquisition of Yoee.com during the period has transformed Et-china's FIT business into a national operator and propelled the Group into the top 3 online travel providers in China. Yoee.com has now become an integral part of Et-china and the combined business has increased FIT revenues while margins have improved due to the ongoing integration. Management aims to improve margins as it implements further reductions to the cost base in the second half. Most significantly the Group achieved continuing revenue growth of around 8% and substantially reduced its reporting loss during the period. This reflected continued profits from both GZL and the e-JV with China Southern Airlines, as well as a 31% reduction in the losses attributable to the Group's Frequent Independent Traveler business. Stated revenue for the six months to 30 June 2009 rose over 8% to RMB 840.3 million (£74.1 million) from RMB 776.7 million in the same period of 2008. Gross operating profit was RMB 97.2 million (£8.6 million) (2008: RMB 85.2 million), up by 14.1%. The Group reduced losses by 78.6%, recording a loss after tax and minority interest of RMB 4.8m (£0.4 million) (2008: Loss RMB 22.7 million). Within GZL, the strongest growth in revenue came from e-commerce activities which achieved a 25% rise in revenue to RMB 51.6 million (2008: RMB 41.5 million). Domestic travel sales increased by 10% to RMB 271.2 million (2008: RMB 246.9 million) and Outbound travel saw growth of just over 8% to RMB 447.5 million (2008: 414.3 million). These figures reflect the continuing appetite for travel amongst Chinese nationals as the economy stabilizes. A further example of this is the enormous increase in the volume of travelers to Taiwan where numbers of mainland tourists for the first half of 2009 are nearly triple that of the whole of 2008. Turning to our FIT division, Et-china saw a 31% reduction in revenues to RMB 15.1 million, which was mainly due to the discontinuation of group tours within ETC FIT. However, the division showed continued margin improvement to around 45% as management closely controlled costs over the period. The Group's e-ticketing joint-venture grew revenues to RMB 21.3 million (2008: RMB 14.9 million) an increase of 43% as the division saw a 55% rise in B2B customers. In June we announced that Kuoni Travel Holding Limited ('Kuoni'), one of the largest global leisure travel companies had acquired a 31.8% stake in the Group. Consequently we have appointed Yuk-Yin Maria Ng (Maria) as a Non-Executive Director. Maria is currently Managing Director of Kuoni Travel (China) Limited and brings with her a wealth of experience in the Asia Pacific travel industry which will help Et-china develop and grow. Management intends to cultivate closer links with Kuoni and has arranged for senior management to visit Kuoni's headquarters in Zurich to establish a collaborative marketing strategy for the region. Outlook We have seen an improved performance from our Domestic travel operations with revenues growing by 29% in July of 2009 and we look forward to 'Golden Week' (1 - 8 October) which is expected to continue to show an increase in the number of people travelling. We also expect to see a recovery in Outbound travel, following a perceived reduction in the threat from H1NI, in the fourth quarter and anticipate a resumption in growth from Et-china FIT as marketing spend is increased and the benefits of a significant system integration and upgrade bear fruit. The Board is optimistic that the Group will see an improved performance in the second half and has great confidence that the outlook for the Chinese travel sector remains highly attractive. Looking to 2010 we expect to benefit from increased volumes of travel surrounding the Shanghai World Expo, which runs from May to October and the Guangzhou Asian Games in November 2010. The relative stability of the domestic economy is helping to rebuild consumer confidence in China which will benefit the travel market significantly The Group is committed to growing the business and driving improved revenue growth and reducing losses. Matthew Ng Chairman 28 August 2009 Consolidated income statement for the half year ended 30 June 2009 `Six months ended 30 June Six months ended 30 June 2008` 2009 `RMB'000 RMB'000` `Revenue 840,253 776,703` `Direct operating costs (743,076) (691,509)` `Gross profit 97,177 85,194` `Other operating income (948) 2,681` `Selling, general and (105,374) (108,585)` administrative expenses Net change in fair value of redemption `option of convertible loan - -` notes `Result from operating (9,144) (20,710)` activities `Finance income 23,850 1,948` `Finance expense (3,771) (1,124)` `Net finance income/ (expense) 20,079 824` Share of profit of associates, `net of income tax expense - -` `Profit/(loss) before income 10,935 (19,886)` tax expense `Income tax expense (6,005) (369)` `Profit/(loss) for the year 4,929 (20,255)` `Minority interests 9,788 2,436` `Net loss for the year (4,859) (22,691)` `(Loss) per share (RMB) (0.14) (0.69)` Consolidated balance sheet As at 30 June 2009 `As at 30 June 2009 As at 30 June 2008` `RMB'000 RMB'000` Assets `Property, plant and equipment 50,513 58,768` `Intangible assets 46,966 46,472` `Investment properties 7,256 7,973` `Investment in associates 4,046 12,280` `Other investment 70,029 59,712` `Lease prepayments 27,433 28,207` `Total non-current assets 206,243 213,412` `Inventories 19,488 20,152` `Trade receivables 86,320 77,955` `Deposits, prepayments` `and other receivables 89,295 90,266` `Fair value of foreign` `exchange forward contracts - -` `Tax recoverable 187 1,711` `Amounts due from a director 294 840` `Pledged deposits 21,882 57,010` `Cash and cash equivalents 305,717 233,869` `Total current assets 523,183 481,803` `Total assets 729,426 695,215` Equity `Share capital - -` `Share premium 192,508 192,508` `Other reserves 139,533 104,945` `Accumulated losses (247,055) (201,398)` `Total equity attributable` `to equity holders of the 84,985 96,056` `Company` `Minority interests 74,831 75,421` `Total equity 159,816 171,477` Liabilities `Deferred income - -` `Deferred tax liabilities 27,755 26,980` `Total non-current liabilities 27,755 26,980` `Trade payables 110,682 102,256` `Accrued expenses and other 186,740 250,640` `payables` `Fair value of foreign` `exchange forward contracts - -` `Amounts due to directors - 2,776` `Loans and borrowings 244,433 141,086` `Total current liabilities 541,855 496,758` `Total liabilities 569,610 523,738` `Total equity and liabilities 729,426 695,215` Consolidated cash flow statement for the half year ended 30 June 2009 `Six months ended 30 Six months ended 30` `June 2009 June 2008` `RMB'000 RMB'000` Cash flows from operating activities `Net loss for the (4,859) (22,691)` `year` `Depreciation 3,518 4,753` `Amortisation of 101 (3,648)` `Intangible assets` `Increase / 75,072 (11,697)` `(decrease) in net` `working capital` `Net cash generated` `from/(used in)` `operating 73,832 (33,283)` `activities` Cash flows from investing activities `Acqusition of fixed 2,863 (754)` `assets and` `intangible assets` `Investment (27,781) 19,667` `Cash flows from (24,918) 18,913` `investing activities` Cash flows from financing activities `Short term loan 12,692 7,201` `Long-term loan 67,389 70,121` `Capital Contribution (8,631) (16,725)` `Total current 71,450 60,597` `liabilities` `Net Increase in cash 120,364 46,227` `Cash at start of period 185,353 187,642` `Cash at end of the period 305,717 233,869` This information is provided by RNS The company news service from the London Stock Exchange END IR BUGDIXUDGGCR More

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