Kuoni Reisen Holding AG
Kuoni Travel Holding Ltd.: Kuoni’s new global focus brings significantly higher earnings in 2011
Kuoni Reisen Holding AG / Key word(s): Final Results 20.03.2012 06:45 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Kuoni Group had a successful 2011 financial year. Turnover increased by a significant 28% to CHF 5111 million (2010: CHF 3 984 million), Earnings before interest and taxes (EBIT) went up 27% to CHF 74.2 million (2010: CHF 58.4 million). Underlying EBIT before the cost of acquiring and integrating GTA rose to CHF 168.9 million (2010: CHF 127.1 million). Net profit was also substantially up on the previous year, increasing from CHF 23.2 million to CHF 33.3 million. These positive results are attributable to the Kuoni Group's new global focus and stronger business activities in the growth markets of Asia. The continued growth of the Destinations Division and the acquisition of destination management services provider Gullivers Travel Associates (GTA) in May 2011 contributed greatly to this. Tour operating business in Asia and the sharp worldwide expansion of VFS Global's visa services business also helped boost results. Political upheaval in the Middle East, the European debt crisis and the natural and nuclear disasters in Japan prevented even stronger growth by the Kuoni Group. Meanwhile, the strength of the Swiss franc against all the major currencies had a negative impact on results. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: Highlights of the 2011 financial year Turnover increased 28% to CHF 5 111 million (2010: CHF 3 984 million). Organic turnover growth of + 1.2%, acquisitions contributed + 35%, and currency movements had a negative impact of 8.3%. Operating earnings (EBIT) improved 27% to CHF 74.2 million (2010: CHF 58.4 million) despite the one-off costs associated with the GTA acquisition and integration. All divisions made a positive contribution. Underlying EBIT excluding GTA acquisition and integration costs increased by 33% to CHF 168.9 million (2010: CHF 127.1 million). Net profit up to CHF 33.3 million (2010: CHF 23.2 million), a rise of 44%. Cash flow decreased to CHF 101 million (2010: CHF 117 million). Free cash flow stood at CHF 45.8 million (2010: CHF 75.6 million). As at 31 December 2011, the consolidated balance sheet showed equity capital of CHF 775 million (2010: CHF 562 million). The equity ratio was slightly up to 31.0% (2010: 30.9%). The Board of Directors is proposing to the Annual General Meeting of Shareholders on 17 April 2012 that it pay a dividend in the form of a withholding taxfree distribution from the capital reserve. The proposed distribution is CHF 0.60 per registered share A and CHF 3.00 per registered share B. This represents a rise of 20% on the previous year. With the acquisition of GTA in May 2011, Kuoni significantly strengthened its position as a global travel services provider, especially in two areas with great growth potential: Asia and destination management activities. In 2011 the Destinations Division (Kuoni Destination Management) continued to achieved positive organic growth, of 12.6%. Visa services provider VFS Global continued to expand strongly in 2011. Its turnover rose by 13%, and operating earnings (EBIT) by 15%. In 2011 it processed more than 11 million visa applications, and by the end of the year it had 526 Visa Application Centres (VACs) around the world. Kuoni's new group structure, centred on three divisions, was launched in October 2011. The organisation focuses on expanding activities in Asia, continuing development of the European tour operating business, the integration of GTA, and on existing and new growth areas. Peter Rothwell, CEO of Kuoni Group, said: 'Kuoni today is a larger and better positioned company than it was a year ago. The acquisition of GTA, which does a large proportion of its business in the growth markets of Asia, puts Kuoni in a better strategic position. We have also managed to improve our financial results, and have achieved organic growth. Kuoni continues to pursue its 'asset-light' strategy minimising ownership of aircraft or hotels.' 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 20.03.2012 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 ---------------------------------------------------------------------------
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