Kuoni Reisen Holding AG
Kuoni Travel Holding Ltd.: Kuoni achieved higher operating earnings and improved cash flow in the first half of 2012
Kuoni Reisen Holding AG / Key word(s): Half Year Results 23.08.2012 06:45 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- During the first half of 2012, in a difficult economic climate, the Kuoni Group increased its turnover by nearly 27%, to CHF 2 641 million (previous year: CHF 2 084 million). Operating earnings before amortisation (EBITA) improved to CHF -9.8 million (previous year: CHF -19.2 million). Operating earnings (EBIT) came to CHF -29.4 million (previous year: CHF -32.5 million). The improved performance can be attributed to growth in turnover, especially by the Global Travel Services (GTS) Division in Asian markets and VFS Global (administrative consular visa services). The tour operating business in Outbound Nordic also contributed to the growth in turnover. In contrast, the effects of the European debt crisis depressed the tour operating business elsewhere in Europe. With the market environment remaining difficult, operating earnings before amortisation (EBITA) exceeding CHF 130 million and operating earnings (EBIT) above CHF 90 million are expected for the 2012 financial year. Highlights of the first half of 2012 - The Kuoni Group's turnover was CHF 2 641 million. This represents an increase of 26.7% compared with the same period last year. Organic growth was 3.7%. - Negative operating earnings before amortisation (EBITA) were halved to CHF -9.8 million (previous year: CHF -19.2 million). - Operating earnings (EBIT) improved to CHF -29.4 million (previous year: CHF -32.5 million). - The net result was CHF -49.8 million (previous year: CHF -43.5 million). - Cash flow from operating activities increased to CHF 161 million (previous year: CHF 139 million). Free cash flow rose to CHF 138 million (previous year: CHF 114 million). - The Global Travel Services (GTS) Division doubled its turnover to CHF 1 186 million (previous year: CHF 597 million). Operating earnings before amortisation (EBITA) rose significantly from CHF 8.4 million to CHF 24.2 million. This is due both to the acquisition of Gullivers Travel Associates (GTA) in May 2011 and to organic growth in turnover of 15.5%, especially in Asian markets. - VFS Global, specialising in external consular visa services, showed continuing growth and increased its turnover by 10.0% to CHF 99.1 million. With operating earnings (EBIT) of CHF 17.4 million, VFS Global continues to be an important profit driver for the Kuoni Group. During the first half of 2012, VFS Global further strengthened its global presence and, as of the end of June 2012, had 708 Visa Application Centres (VACs) in 83 different countries. - In a very challenging market environment, the Outbound Nordic markets increased their turnover by 1.9%. Organic growth was 5.2%. - Commenting on the half-yearly results, Peter Rothwell, CEO of the Kuoni Group, said: 'Kuoni's global strategy with its 'asset-light' approach, and our strong position in Asia, have been vindicated, especially in the light of the continuing European debt crisis. We have been able to achieve organic growth and improve our performance in the first half of 2012, even in this difficult economic environment. In particular, the growth of the Global Travel Services (GTS) Division, and VFS Global is very pleasing.' --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: FURTHER INFORMATION ANALYSTS AND INVESTORS LAURENCE BIENZ Head of Investor Relations Kuoni Travel Holding Ltd. Neue Hard 7 CH-8010 Zurich P +41 (0)44 277 45 29 laurence.bienz@kuoni.com 23.08.2012 News transmitted by EquityStory AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Kuoni Reisen Holding AG Neue Hard 7 8010 Zürich Switzerland Phone: +41 44 277 4529 Fax: +41 44 277 4031 E-mail: laurence.bienz@kuoni.com Internet: www.kuoni-group.com ISIN: CH0003504856 Swiss Security Number: 894861 Listed: Freiverkehr in Berlin, Stuttgart; Open Market in Frankfurt; SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden