InformatIon Nine-month business update November 2012

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1 Information Nine-month business update November 2012

2 Kuoni: higher turnover and improved operating earnings in the first nine months of 2012 Kuoni Group s turnover increased 17.5% to CHF 4476 million in the first nine months of 2012 (prior year: CHF 3810 million). Earnings before interest, taxes and amortisation (EBITA) 1 increased by 19.9% to CHF 86.6 million (prior year: CHF 72.2 million). Earnings before interest and taxes (EBIT) were CHF 29.9 million (prior year: CHF 45.8 million). This figure was reduced by impairments on intangible assets totalling CHF 27.2 million associated with the decision to withdraw from loss-making European tour operator activities. The improvement of EBITA was due mainly to higher demand in the businesses within the Global Travel Services (GTS) Division. Particularly its groups travel business posted a strong increase in earnings, reflecting the Kuoni Group s significant exposure to Asian growth markets. With the economic situation still difficult in Europe, the overall market environment is expected to remain challenging. Income statement key figures CHF MILLION Change in % Turnover Gross profit Gross profit margin (%) Earnings before interest, taxes and amortisation (EBITA) EBITA margin (%) Earnings before interest and taxes (EBIT) EBIT margin (%) Net result Free Cash Flow EBITA: Earnings before interest and taxes (EBIT) adjusted by the ordinary amortisation of intangible assets acquired through acquisitions and impairments on intangible assets. Information: Nine-month business update 2012

3 Kuoni GROUP > > Kuoni: Higher turnover and improved earnings in the first nine months of 2012 Highlights in the first nine months of 2012 Kuoni Group s turnover increased by 17.5% to CHF 4476 million (prior year: CHF 3810 million). Organic turnover growth was 3.0%. EBITA increased to CHF 86.6 million (prior year: CHF 72.2 million) by 19.9%. The tour operator business in Outbound Nordic achieved turnover growth of 11.3%. EBITA was 35.1% higher than in the last year. The Global Travel Services (GTS) Division posted further growth in turnover (+ 8.4%), and increased its EBITA by 1.7%. The increase was particularly due to strong demand for groups travel from Asia. EBIT was CHF 29.9 million (prior year: CHF 45.8 million) including impairments of CHF 27.2 million associated with the decision to withdraw from lossmaking European tour operator activities. The year-on-year operational improvement was 24.7%. VFS Global won with a local partner the contract to provide visa services for the Kingdom of Saudi Arabia. Operations will begin in stages, starting in December The contract is VFS Global s largest single win ever. Kuoni Group s most important sources of income were the tour operator business in Outbound Nordic, the GTS Division with its groups and FIT business, and VFS Global s visa business. The earnings situation in Outbound Kuoni Europe Unit deteriorated further. The decision was made to withdraw from several loss-making tour operator activities. Highlights third quarter 2012 (July September) Kuoni Group s turnover increased by 6.3% to CHF 1835 million (prior year: CHF 1726 million). Organic growth was 2.2%. Peter Rothwell, CEO of Kuoni Group, said: The result from our tour operator activities in Northern Europe in the key summer quarter, and the continuing growth in the GTS Division s activities, driven by our Asian exposure, have delivered a strong increase in operating earnings in the first nine months. We made an important decision to exit loss-making European tour operator activities, which has a one-off effect on results. While the European markets remain particularly challenging, our increasing exposure to Asian markets has driven impressive growth. The integration of GTA is on track. By focusing on strategically relevant areas of business, Kuoni is well positioned as a global broad-based travel services provider. EBITA increased 5.5% to CHF 96.4 million (prior year: CHF 91.4 million). EBIT was CHF 59.3 million (prior year: CHF 78.3 million). This decline was due to impairments of CHF 27.2 million prompted by the announced exit from loss-making European tour operator activities. Compared with the previous year, there was an operational increase of 10.5%. 2 3 Kuoni Nine-month business update # 2012

4 The financial results of the Kuoni Group First Nine Months of 2012 Third quarter 2012 Kuoni Group generated turnover of CHF 4476 million in the first nine months of this year (prior year: CHF million). This represents an increase of 17.5% on the prior-year period. Organic turnover growth was 3.0%, while acquisitions added 13.9%. Currency move- ments had an effect of + 0.6%. Gross profit increased 11.2% to CHF 826 million (prior year: CHF 743 million) due to the higher turnover. Turnover increased by 6.3% to CHF 1835 million (prior year: CHF 1726 million). There was 2.2% organic turnover growth. EBITA increased 5.5% to CHF 96.4 million (prior year: CHF 91.4 million). This increase can be attributed to the higher turnover. EBIT was CHF 59.3 million (prior year: CHF 78.3 million). The decrease is due to impairments. EBITA improved 19.9% to CHF 86.6 million (prior year: CHF 72.2 million). EBIT, which was hit by impairments of CHF 27.2 million resulting from the decision to withdraw from loss-making European tour operator activities, was CHF 29.9 million (prior year: CHF 45.8 million). Net profit was CHF 4.9 million (prior year: CHF 14.7 million). Operating cash flow decreased to CHF 128 million (prior year: CHF 162 million). Free cash flow decreased to CHF 91.6 million (prior year: CHF 122 million). As at 30 September 2012, the consolidated balance sheet showed equity of CHF 767 million ( : CHF 775 million). The equity ratio was 28.1% ( : 31.0%). Information: Nine-month business update 2012

5 Kuoni GROUP > > Exit from loss-making European tour operator activities exit from loss-making European tour operator activities On 21 September 2012, Kuoni Group announced that it would withdraw from various loss-making European tour operator activities that are no longer of strategic relevance to the group. This affects Kuoni activities in Italy, Spain, the Netherlands, Belgium and Russia, as well as the B2C online hotel platform Octopustravel. Impairments of CHF 27.2 million on intangible assets were therefore necessary during the third quarter of 2012 associated with the decision to withdraw from loss-making European tour operator activities. Following the announcement, various exit options have been examined to suit each market/activity. These range from complete or partial sale, management buy-out or even closure. At the same time, consultations with employee representatives, or preparations for such consultations, have been initiated where legally required.further action will vary depending on the country and local legal requirements. It is expected to complete the withdrawal in The date of the one-time charge of approximately CHF 80 million against the income statement depends on how well advanced withdrawal plans are on the balance sheet date. The majority of the one-time costs will fall in the 2012 financial year. The remaining portion will probably affect the income statement in the next financial year. The cash-relevant portion comes to around CHF 35 million and will lead to an outflow of cash primarily in the 2013 financial year. 4 5 Kuoni Nine-month business update # 2012

6 Q results by division Outbound Europe Division The division achieved a 6.8% increase in turnover to CHF 720 million (prior year: CHF 674 million). EBITA was CHF 39.2 million (prior year: CHF 35.7 million), representing an increase of 9.8%. Outbound Nordic posted a 11.3% increase in turnover in the summer quarter to CHF 344 million (prior year: CHF 309 million). EBITA increased by more than a third to CHF 30.0 million (previous year: CHF 22.2 million). This increase in earnings was driven by lower flight capacities in the market which led to improved margins. Outbound Kuoni Europe increased turnover from CHF 365 million in the previous year to CHF 376 mil lion, though EBITA decreased to CHF 9.2 million (previous year: CHF 13.5 million). Continuing economic difficulties and the competitive environment led to a deterioration in results compared with the prior year. However, summer business in the Swiss and UK markets developed positively, by contrast with the other markets. Global Travel ServiCES (GTS) Division The division generated turnover of CHF 790 million, up 8.4% on the previous year s CHF 729 million. EBITA was CHF 41.2 million (prior year: CHF 40.5 million). Activities in the Groups Unit increased turnover by 7.9% to CHF 313 million (prior year: CHF 290 million). EBITA increased significantly by 72.8% to CHF 17.8 million (prior year CHF 12.2 million). Groups travel from Asia, especially Japan, to Europe saw strong demand in the summer months. The FIT (Fully Independent Traveller) Unit achieved turnover of CHF 477 million, which is 5.3% up on the equivalent quarter last year (CHF 453 million), due to growth in demand from long-haul and intra-regional travel. However, EBITA decreased to CHF 25.1 million (prior year: CHF 31.1 million) owing to continuing margin pressure as well as the negative economic situation, particularly in Southern European markets. In addition, London, one of the top destinations, was negatively affected by the Summer Olympics. Emerging Markets & Specialists Division The division achieved a 5.3% increase in turnover to CHF 379 million (prior year: CHF 360 million). EBITA was CHF 21.9 million (prior year: CHF 26.7 million). The Specialists Unit reported turnover growth of 4.3% to CHF 267 million (prior year: CHF 256 million). EBITA was CHF 13.2 million (prior year: CHF 14.2 mil- lion). While the destination specialists were able to improve their earnings, the European tour operators suffered under the difficult economic conditions. Emerging Markets saw turnover of CHF 60 million (prior year: CHF 63 million). EBITA stood at CHF 0.2 million (prior year: CHF 1.3 million). Results were further weighed down by activities in Russia, while China/Hong Kong saw good growth. Owing to the market environment, India was unable to match the results of the previous year. VFS Global increased its turnover to CHF 53 million (prior year: CHF 44 million), while its EBITA was CHF 8.9 million (prior year: CHF 11.2 million). Asia/ Pacific and Americas reported lower results while Africa, Middle East and CIS saw higher earnings. VFS Global has continued to build on its market leadership in the past few months. Margins on new business are typically lower to start with because many public tenders have to be awarded to the lowest-price provider. In addition, initial operating costs are relatively high, and additional high-margin services take time to establish. Information: Nine-month business update 2012

7 results by divisions Kuoni GROUP Turnover by Division CHF MILLION Change in % Outbound Europe Outbound Nordic Outbound Kuoni Europe Global Travel Services Groups FIT (Fully Independent Traveller) Emerging Markets & Specialists Specialists Emerging Markets VFS Global Less turnover elimination between Divisions Total EBITA by Division CHF MILLION Outbound Europe Outbound Nordic Outbound Kuoni Europe Global Travel Services Groups FIT (Fully Independent Traveller) Acquisition and integration cost Emerging Markets & Specialists Specialists Emerging Markets VFS Global Corporate Total Kuoni Nine-month business update # 2012

8 > > Results by Divisions EBIT by Division CHF MILLION Outbound Europe Outbound Nordic Outbound Kuoni Europe Global Travel Services Groups FIT (Fully Independent Traveller) Acquisition and integration cost Emerging Markets & Specialists Specialists Emerging Markets VFS Global Corporate Total whereof impairments in the amount of CHF 27.2 million (Outbound Kuoni Europe CHF 15.6 million, Specialists CHF 7.6 million, Emerging Markets CHF 4.0 million) Information: Nine-month business update 2012

9 Current Trading and Outlook for 2012 Kuoni GROUP Following a strong operating increase in results in the third quarter of 2012, especially in our Northern European tour operator business and the continued growth in the GTS Division s activities driven by Asia, we are confident about the remainder of Current booking figures confirm a slight upward trend, despite the worsening economic environment in many European markets, commented Peter Rothwell, CEO of the Kuoni Group. As of 4 November 2012, the change in booking levels and sales in the individual business units for 2012 compared with the equivalent prior-year period 1 were as follows in Swiss franc (CHF) and local currency (LC) terms: CHF LC Tour operating business Outbound Nordic + 8% + 7% Outbound Kuoni Europe 2% 3% Specialists + 2% 1% Emerging Markets + 2% + 5% Operating earnings before amortisation (EBITA) of more than CHF 130 million and operating earnings (EBIT) of more than CHF 90 million are still expected for the 2012 financial year both figures before the charges associated with the withdrawal from lossmaking European tour operator activities. The date of these one-time charges of approximately CHF 80 million against the income statement depends on how well advanced withdrawal plans are on the balance sheet date. The majority of the one-time costs will fall in the 2012 financial year. The remaining portion will probably affect the income statement in the next financial year. The cash-relevant portion comes to around CHF 35 million and will lead to an outflow of cash primarily in the 2013 financial year. Non-cash relevant depreciation and value adjustments (around CHF 45 million) include impairments of CHF 27.2 million charged at the end of September These measures will in future eliminate annual operating losses (EBIT) of approximately CHF 17 million. Global Travel Services (GTS) 1 Groups + 8% + 9% FIT (Fully Independent Traveller) + 9% + 8% Visa services (VFS Global) No. of processed Visa applications + 30% 1 Prior-year bookings include the acquired GTA business with departure date since 1 January Zurich, 8 November Kuoni Nine-month business update # 2012

10 Income Statement CHF Million Change in % Turnover Direct costs Gross profit Personnel expense Marketing and advertising expense Other operating expense Depreciation EBITA Amortisation Impairment Earnings before interest and taxes (EBIT) Financial income Financial expense Result before taxes Income taxes Net result Of which: Attributable to non-controlling interests Attributable to shareholders of Kuoni Travel Holding Ltd Basic earnings per registered share B in CHF Diluted earnings per registered share B in CHF Basic earnings per registered share A in CHF Diluted earnings per registered share A in CHF Information: Nine-month business update 2012

11 Agenda 2013 Kuoni GROUP Agenda 2013 The Kuoni Group will be providing information on its further business performance on the following dates: Annual Results March 2013 Annual General Meeting takes place 17 April 2013, 10am local time in Zurich This document as well as additional information is available on for further Information for Media Representatives DISCLAIMER This communication contains statements that constitute forward-looking statements. In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations, business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Kuoni Travel Holding s and/or affiliates (referred to as Kuoni) ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of governmental regulators and other risk factors detailed in Kuoni s past and future filings and reports, including media releases, reports and other information posted on Kuoni s websites or in other form. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Kuoni disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise. Peter Brun Chief Communications Officer Kuoni Travel Holding Ltd. Neue Hard 7 CH 8010 Zürich P + 41 (0) M + 41 (0) For Analysts and Investors Laurence Bienz Head of Investor Relations Kuoni Reisen Holding Ltd. Neue Hard 7 CH 8010 Zürich P + 41 (0) Kuoni Nine-month business update # 2012

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