Tour operator Thomas Cook Group Plc. (TCG.L,TCKGY.PK) reported that loss attributable to equity holders of the parent for the six months ended 31 March 2013 narrowed to 285.6 million pounds from the prior year's 594.3 million pounds, with loss per share narrowing to 31.9 pence from last year's 68.2 pence.
Loss before tax for the period narrowed to 390.9 million pounds from the previous year's 584.1 million pounds. Underlying loss before tax was 275.6 million pounds, compared to a loss of 313.9 million pounds last year.
Revenues for the period declined to 3.22 billion pounds from the prior year's 3.31 billion pounds.
Bookings for the Summer 2013 season are developing well with c.60% of planned capacity sold, 2% higher than at the same time last year. As a consequence of this, together with planned reductions in committed capacity of c.6%, the Group has 10% less "left to sell" compared to last year.
In view of encouraging trading for the Summer 2013 season, continued progress with our transformation, including the increased delivery of Cost Out initiatives announced today, and the improved financial performance in the six months ended 31 March 2013, the Board is confident of a satisfactory result for the full year.
In its key performance indicators, the company said it is aiming for Group sales to improve by at least 3.5% on average per year from fiscal 2013 to fiscal 2015, for underlying Group gross margin to improve by at least 1.5 percentage points from the level in fiscal 2012 by fiscal 2015, and for underlying UK EBIT margin to be greater than 5% by fiscal 2015.
In a separate press release, Thomas Cook announced a 1.6 billion pounds capital refinancing plan. The Capital Refinancing Plan comprises the following three inter-conditional financing elements.
Under the Capital Refinancing Plan, the company intends to raise about 425 million pounds gross proceeds from a fully underwritten placing and rights issue, comprising 87.59 million Placing Shares at 137 pence per share; and a 2 for 5 Rights Issue of 401.56 million new ordinary shares at 76 pence per share.
The company also plans to raise 525 million euros gross proceeds or about 441 million pounds from the issuance of new bonds maturing 2020, or if the New Bonds are not issued, utilisations under a fully underwritten bridge facility; and 691 million pounds of new facilities.
Thomas Cook also announced the appointment of Jefferies Hoare Govett as joint corporate broker alongside Credit Suisse with immediate effect.
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