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Press Release-Results Q4 - FY 12

Cox & Kings Limited - Earnings Update Q4 FY12

Mumbai, 15th March 2012: Cox & Kings Limited (“CNK”), the leading specialist tour operator having operations in 26 countries across continents, reported its financial results for the quarter and financial year ended March 31, 2012.


The y-o-y comparison of the consolidated financials is not the true reflection of the performance as Holidaybreak Ltd has been consolidated only in FY12 and not in FY11.

  • For the year ended Mar 31, 2012, the company achieved Income from Operations of Rs. 845 crores, EBITDA (excl. forex gain/loss) of Rs. 154 crores, PBT before exceptional items of Rs. 74 crores and PAT of Rs. 31 crores.
  • For the quarter ended Mar 31, 2012, the company achieved Income from Operations of Rs. 268 crores, EBITDA (excl. forex gain/loss) of Rs. 7 crores, PBT before exceptional items of Rs. (23) crores and PAT of Rs. (26) crores.
  • Earnings per share for the year ending Mar 31, 2012 is Rs. 1.95
Note: The business of Holidaybreak Ltd are located in Europe and are seasonal in nature and has traditionally reported negative EBITDA in the period from Oct - Mar. The results of any quarter would not be a proportionate reflection of its annual performance.

  • Income from Operations increased by 25% y-o-y in Q4FY12 to Rs. 81 crores and 26% y-o-y in FY12 to Rs. 296 crores
  • EBITDA (excl. forex gain/loss) increased by 11% y-o-y in Q4FY12 to Rs. 44 crores and 21% y-o-y in FY12 to Rs. 144 crores.

Commenting on the results for the year ended 31st March 2012, Peter Kerkar, Director, Cox & Kings Limited said, FY12 was a transformational year for Cox & Kings. We are happy with the progress of the integration process of Holidaybreak with Cox & Kings. Holidaybreak has seasonal businesses and generally the Oct – Mar period is off-peak season. Historically its peak earnings are in the Apr – Sep period and its results are in line with trading expectations.

Detailed Results

Income from Operations:

  • For year ending Mar 31, 2012, Income from Operations was Rs. 845 crores as against Rs. 497 crores for FY12, an increase of 70% on consolidated basis. The growth is a resultant of the following factors
  • India business recorded robust growth of 26% for FY12.
  • Rest of World (ex HBR) (“ROW”) witnessed growth of 8% during FY12.
    • The growth in ROW (ex HBR) was impacted due to 69% decline in Income from Operations in Japan (as an aftermath of the tsunami and earthquakes).
  • Consolidation of the revenues from Holidaybreak (“HBR”) post the acquisition. The acquisition was completed on September 27, 2011.
  • During the quarter, Income from Operations was Rs. 268 crores as against Rs. 159 crores for Q4 FY11, an increase of 69% on consolidated basis.
EBITDA (excl. forex gain / loss)

  • For the year ending Mar 31, 2012, EBITDA (excl. forex gain/loss) was Rs. 154 crores as against Rs. 230 crores for FY11, a decrease of 33% on consolidated basis. The key factors for this performance are:
  • HBR (incl. Acquisition SPV) has posted a negative EBITDA (excl. forex gain/loss) of Rs. 74 crores for FY12. The business of HBR is seasonal and has traditionally reported negative EBITDA in the period from Oct - Mar.
  • Indian operations achieved EBITDA (excl. forex gain/loss) of Rs. 144 crores in FY12, demonstrating a growth of 21% y-o-y.
  • The EBITDA (excl. forex gain/loss) for ROW (excl. HBR) was impacted due to the significant decline in revenues in Japan (as an aftermath of the tsunami and earthquakes) and relatively weaker trading in UK and US in the last quarter of FY12.
  • During the quarter, EBITDA (excl. forex gain/loss) was Rs. 7 crores as against Rs. 83 crores for Q4FY11, a decline of 91% on consolidated basis, primarily on account of consolidation of the accounts of Holidaybreak Ltd only for the seasonally weaker period.

Cox & Kings Limited (CKL) is the longest established travel company in the world since 1758. Headquartered in India, it is a premium brand that caters to the overall travel needs of the Indian and International traveller.

Cox & Kings has operations in 26 countries across continents through branch offices, subsidiaries, representative offices, franchised sales shops as well as through our global network of sales agents.

The company has 12 branch sales offices in India located in Mumbai, New Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Jaipur, Kochi, Pune, Nagpur and Goa. The company has 264 points of presence covering 70 cities across 20 states, comprising 12 branch sales offices, over 150 franchisee sales shops, and 102 agents.

Cox & Kings has subsidiaries in UK, Japan, Australia, New Zealand, United Arab Emirates, the United States, Germany, Ireland, the Netherlands, Singapore, Hong Kong and Greece; branch offices in Taiwan, Moscow, Maldives and Tahiti; & representative offices in Spain, Italy, Brazil and South Africa. In September 2011, it acquired Holidaybreak Ltd, UK-based education and activity travel group.

Cox & Kings is amongst the largest players with its range of specialist options. Innovative packaging, pricing and marketing have been the hallmarks of its success over the yea` Among its many products are Leisure Travel- Domestic (Bharat Deko), Inbound & International, Corporate Travel, MICE, Trade Fairs, Visa Processing and Foreign Exchange. The Outbound Tours is segregated into Duniya Dekho (escorted tours), FlexiHols (customised tours), Luxury Escapades (unique & luxurious travel) & NRI (catering to Indians across the world).

Over the years the company has won many awards. Recently, in November-December 2011, Cox & Kings Ltd. was Ranked ‘No. 2’ Specialist Tour Operator on Conde Nast Traveller’s Reader’s Choice Awards 2011; ‘Best Outbound Tour Operator of the Year’ awarded by TAAI Travel Awards 2011; “Specialist – Best All Inclusive Travel Operator” by the British Travel Awards 2011; Ranked “No. 6” on the Travel + Leisure World's Best Awards 2011 list of Top 25 Tour Operators and Safari Outfitters; received the CNBC Awaaz Travel Award 2011 in the category of India going Global; “Best Outbound Tour Operator” by Hospitality India & Explore the World Annual International Awards 2011 & ranked “274” amongst Business Today’s Top 500 Indian Companies for 2011. In October 2011, Cox and Kings Ltd was voted as the Most Entrepreneurial Travel Company by TTG Travel Awards and in August 2011, The Best Travel Company for Customer Satisfaction by Today’s Traveller.

CKL is one of the founding members of the World Travel and Tourism Council (WTTC), and are members of premier industry associations namely the Travel Agents Federation of India (TAFI), the Travel Agents Association of India (TAAI), Indian Association of Tour Operators (IATO), and the Pacific Asia Travel Association (PATA).

For further details on this release, please contact:
Cox & Kings Ltd

Mr. Thomas C Thottathil
AVP - Corporate Communications
Tel: 91-22-22637500

Adfactors PR, Mumbai
Neha Goenka / Shrinkhala Varma
Tel: 022- 2281 3565