Kuoni Reisen Holding AG
Kuoni Travel Holding Ltd.: Kuoni: transformational acquisition and organic growth in first half of 2011
Kuoni Reisen Holding AG / Key word(s): Half Year Results 18.08.2011 07:00 Release of an ad hoc announcement pursuant to Art. 72 KR --------------------------------------------------------------------------- In a difficult market environment the Kuoni Group increased its turnover for the first half of 2011 by almost 19 % to CHF 2 084 million. Operating earnings (EBIT) improved to CHF - 32.5 million (previous year: CHF - 37.8 million) despite the one-off costs associated with the acquisition of Gullivers Travel Associates (GTA). Underlying EBIT1 stood at CHF - 1.5 million (previous year2: CHF - 1.8 million). This increase is due to organic turnover growth of 6.2 %, especially in the Destinations Division, and to the development of VFS Global. The Scandinavian market also made a positive contribution to growth. VFS Global (administrative consular visa services) continued to post high rates of growth and has become a major source of earnings for Kuoni. Declines in the value of all the main currencies against the Swiss franc pulled Group's turnover down by 9.8 %. Political developments in North Africa also had a significant negative impact on demand in the European tour operating business. Turnover in the range of CHF 5 billion is expected for the 2011 financial year as a whole, and an EBIT margin similar to 2010. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: Highlights of the first half of 2011 Kuoni Group's turnover came to CHF 2 084 million. This represents an increase of 18.7 % on the previous year. Organic growth was 6.2 %. Operating earnings (EBIT) improved to CHF - 32.5 million despite acquisition costs for GTA of CHF 11.6 million (previous year: CHF - 37.8 million). Underlying EBIT stood at CHF - 1.5 million (previous year: CHF - 1.8 million). The Destinations Division saw strong organic growth, with turnover increasing by 15.0 %. The acquisition of Gullivers Travel Associates (GTA) was an important strategic move for Kuoni. GTA is one of the world's leading providers in the fast growing market for business-to-business online travel services. GTA performed well in the first two months since the takeover, generating turnover of CHF 358 million and operating earnings (EBIT) of CHF 11.0 million, excluding acquisition and integration costs. The Scandinavian markets generated 4.5 % organic turnover growth in a challenging environment. VFS Global, which specializes in consular visa services, saw turnover increase by 23.3 % to CHF 90 million. Operating earnings (EBIT) rose by 31.6 % to CHF 20.4 million. EBIT margin was 22.7 %. VFS Global is operating through more than 425 offices in 52 countries. Business volumes are relatively evenly spread across the whole calendar year, and not particularly dependent on holiday seasonality. In May 2011, Kuoni completed a CHF 257 million rights issue in connection with the financing of the GTA acquisition. Peter Rothwell, CEO of the Kuoni Group, made the following comments about the half-year results:'The purchase of GTA is an important transformational acquisition for Kuoni, which gives the company an excellent strategic position in a large and growing market. The Group's positive organic turnover growth of 6.2 % delivered an improved result. I'm very pleased in particular with the strong growth in the Destinations Division, in VFS Global, and in Scandinavia.' 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 18.08.2011 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 ---------------------------------------------------------------------------
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