Malmanu - thanks for the calrification - I pulled out the AR2008...

Malmanu - thanks for the calrification - I pulled out the AR2008 and looked deeper - here is what I came up with:

My understanding of "client monies" is that it is monies that they collect from customers who have bought their travel tickets outright - FLT hen hang on to these monies for 90 days or so (max possible) - after which they have to obviously pay the travel operator (read: airline etc etc) - some of these will be on longer terms than others - I guess based on commercial arrangements etc.

So, they effectively double dip - they get a) a 40% gross margin on revenue, (1.4bn revenue 1bn cost of sales) and b) an interest / investment payback on the "float" so to speak. (about 46m "other" revenue)

They can't withdraw it and run away - as it is committed to current liabilities - hence the "restriction" - looking more closely at the numbers:

Total cash/equivelants: 739m
Restricted client funds: 578m
Unrestricted cash: 161m

That then balances with current assets:
Available Sale Investments: 246
Receivables: 341
..and add in the...
Restricted client funds (from above): 578m
= about 1.1bn

And low and behold their trade and other payables is...
1.1bn!

..more to come..