Kuoni Reisen Holding AG
Kuoni Travel Holding Ltd.: Kuoni results improve significantly in 2010
Kuoni Reisen Holding AG / Key word(s): Final Results 22.03.2011 07:00 Release of an ad hoc announcement pursuant to Art. 72 KR --------------------------------------------------------------------------- Kuoni Group posted clearly improved results in the 2010 financial year. Turnover rose 2.3 % to CHF 3 984 million. Earnings before interest and taxes (EBIT) increased to CHF 58.4 million (2009: CHF 15.1 million). After adjustments, underlying EBIT1 doubled to CHF 127 million (2009: CHF 60.5 million). Net profit was also substantially up on the previous year, increasing from CHF 1.6 million to CHF 23.2 million. These positive results are attributable to the reorganisation of the Kuoni Group, sustained cost savings and the general recovery of the world economy. All divisions contributed to the improved results. The most important sources of earnings were Scandinavia, Asia and Kuoni Destination Management. Facts And Figures for the Year 2010 Kuoni Group's turnover came to CHF 3 984 million, which is 2.3 % higher than the previous year's figure. This includes organic growth of + 3.6 %, acquisitions contributed + 1.3 %, and currency movements had a negative impact of 2.6 %. Earnings before interest and taxes (EBIT) came to CHF 58.4 million (2009: CHF 15.1 million). Underlying EBIT stood at CHF 127 million (2009: CHF 60.5 million). Net result was CHF 23.2 million (2009: CHF 1.6 million). Earnings per registered share B came to CHF 7.43 (2009: CHF 0.08). Cash flow from operating activities in 2010 came to CHF 117 million (2009: CHF 46.7 million). Free cash flow was at CHF 75.6 million (2009: CHF 4.7 million). Kuoni Economic Profit (KEP) improved during the year to CHF - 23.3 million (2009: CHF - 64.3 million). The return on invested capital (ROIC) was 5.4 % (2009: 0.1 %). For the Annual General Meeting of Shareholders on 20 April 2011, the Board of Directors will propose paying a withholding tax-free distribution from the newly created capital reserve. In line with its long-term distribution policy Kuoni will propose a distribution of CHF 0.50 per registered share A and CHF 2.50 per registered share B. As of 31 December 2010, the balance sheet showed equity at CHF 562 million (2009: CHF 592 million), and the equity ratio at 30.9 % (2009: 32.0 %). In 2010 six acquisitions for a total purchase price of CHF 19.1 million were completed. These would have produced total annual turnover of approximately CHF 140 million. During the year, CHF 40 million was spent on the investment and cost-reduction programme launched in 2009. One-off losses resulting from the flight disruptions caused by the volcanic ash cloud in the first half 2010 came to CHF 14.5 million. Outlook for 2011 'Political turmoil, particularly in the North African tourist destinations of Egypt and Tunisia, led to a temporary suspension of all holidays to these countries in February 2011. Cancellations were only partially offset by rebookings, so booking volumes are down. However, our flexible business model allows us to adjust our offerings to other holiday regions. The sharp depreciation of the euro against the Swiss franc is also hurting bookings figures,' said Peter Rothwell, CEO of the Kuoni Group. Group-wide booking levels for the tour operating business in Swiss franc terms were as of 13 March 2011 7 % below their prior-year equivalents, but in local currency terms on prior-year level. 'Due to the slight weakening of economic growth in the main markets, the uncertain geopolitical situation in Arabic countries and the potential consequences of the severe earthquake in Japan, it is difficult to estimate what will happen in 2011,' Peter Rothwell added. Kuoni Group Tour Operating Booking Levels for 2011 (As of 13 March 2011) Kuoni Group - 7%(CHF) 0% (LOCAL CURRENCY) Market Region North -8%(CHF) 0% (LOCAL CURRENCY) =>Scandinavia -4%(CHF) +3% (LOCAL CURRENCY) =>UK & Benelux -13%(CHF) -3% (LOCAL CURRENCY) Market Region South -5%(CHF) 0% (LOCAL CURRENCY) =>Switzerland -3%(CHF) -3%(LOCAL CURRENCY) =>Southern Europe -15%(CHF) -3% (LOCAL CURRENCY) =>Asia +20%(CHF) +31%(LOCAL CURRENCY) 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 22.03.2011 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 Schweiz 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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