Kuoni to focus on its core business as a service provider to the global travel industry

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1 INFORMATION Zurich, 14 January 2015 Kuoni to focus on its core business as a service provider to the global travel industry Exit from tour operating activities Strategic initiatives to accelerate growth and profitability Turnover in 2014 of CHF 5.5 billion: at previous year s level Following a strategic review, Kuoni s Board of Directors and Group Executive Board have decided to focus the company s activities on its core business as a service provider to the global travel industry and to governments. In its new set-up, Kuoni Group will be structured into three divisions, Global Travel Distribution (GTD), Global Travel Services (GTS) and VFS Global. These core businesses benefit from leading global positions and exposure to high growth markets. They already represent around 60% of Kuoni s current consolidated turnover. Kuoni s position as a unique service provider with a strong focus on Asia offers attractive opportunities to further drive growth and profitability by leveraging the Group s scale, exploiting cross-selling opportunities and developing more new business. In particular, Kuoni will focus on markets with attractive, long-term growth potential such as Asia, the Middle East and Africa. The travel market environment is likely to remain fast-changing, requiring travel companies to choose distinct development priorities. Kuoni has therefore decided to focus its resources and to divest its tour operating activities. On a proforma basis, the new Kuoni Group employs approximately people and generated a turnover of CHF 3.4 billion in Post-divestment, as a unique and clearly focused company, Kuoni Group aspires to become a leading service provider to the global travel industry and to grow significantly faster than the travel market as a whole. Focus on services for the global travel industry Scale advantages, state-of-the-art technology, a global footprint and differentiated product offerings are becoming increasingly important in the global travel industry. The Board of Directors and the Group Executive Board have therefore decided to focus Kuoni s activities on the three core businesses in which it already has leading global market positions. All three divisions are well placed to benefit in particular from the rapidly increasing number of Asian travellers:

2 Global Travel Distribution (GTD, previously FIT) is an industry pioneer and a highly experienced, leading global B2B wholesaler and provider of hotel accommodation and land services. It sells approximately room nights per day online. Around 43% of its turnover is sourced from fast-growing Asia/Pacific, the Middle East and Africa markets. Global Travel Services (GTS; comprised of Group Travel Experts and Destination Management Specialists, [DMS]) sources and coordinates destination services - from accommodation, transportation, tours and activities, to venues and event management. GTS is the number one player in the growing group travel market and handles leisure tours per year. GTS generates 60% of its turnover from Asia/Pacific source markets. VFS Global, the industry pioneer and global leader in travel-related business process outsourcing solutions, works for 45 governments, operates Visa Application Centres in 117 countries and holds an estimated 50% market share of the global outsourced visa applications market. It generates almost 70% of its turnover from travellers from the Asia/Pacific region. Three strategic initiatives to accelerate growth and improve profitability Its reduced portfolio of activities will enable Kuoni re-branded as Kuoni Group - to focus on three key strategic initiatives to accelerate growth: 1. Kuoni Group will invest additional resources in Asia, the Middle East and Africa by leveraging its existing footprint and expanding its capabilities across all divisions. 2. Kuoni Group will focus on enhancing its customer service and increasing efficiency by developing new technology platforms and further digitalising its businesses. 3. The company aims to selectively expand its service offering and provide its existing services to a wider range of customer segments by utilising its cross-selling potential. GTD as a business-to-business provider of accommodation and destination services will invest in developing innovative front-end sales solutions, explore new online distribution channels and offer services for online and offline travel agencies, tour operators and other intermediaries in all large travel markets around the world, with a particular focus on China, South Korea, Taiwan, Thailand and Indonesia. GTS as the leading destination service provider for people traveling in groups intends to significantly expand its presence in selected Asian markets by opening new offices, selectively partnering with leading market participants, and by focusing on digital distribution. VFS Global, as the number one service provider in the global outsourced visa application market, intends to expand into adjacent services, leveraging its innovative digitalisation technologies and existing network of more than application centres in 117 countries. 2

3 Diverging performance of segments in 2014 While preliminary consolidated turnover of Kuoni in its current structure fell by -2.8% in the 2014 financial year to CHF million (-0.1% organic), the three divisions which will represent Kuoni s core business going forward showed a 1.1% increase in turnover to CHF million (2.8% organic). Group Travel has seen a temporary slowdown in demand in the key Japanese market, which caused a 7.4% fall in turnover to CHF 873 million (-6.5% organic). The FIT business (future GTD), which provides accommodation and destination services, showed a 7.3% turnover increase to CHF million (8.8% organic). Meanwhile, turnover at Outbound Nordic declined by -14.1% to CHF 844 million (-9.0% organic) and at Outbound Europe/Asia by -5.0% to CHF million (-1.4% organic). The turnover of the DMS segment fell by -12.6% mainly due to geopolitical events to CHF 365 million (-9.0% organic). The VFS Global segment grew by 11.3% to CHF 272 million (14.2% organic). For full year 2014, Kuoni expects EBIT to be around CHF 85 million, with a net result of around CHF 66 million including accrued charges from the divestiture project. The full year results will be announced as previously stated on 17 March New owners for Kuoni s tour operating activities Kuoni s tour operating activities offer outbound leisure travel from European and Asian source markets including a variety of tailor-made, individual and packaged holidays, predominantly to local end-consumers. Kuoni operates under a range of premium and specialist brands and is well known and trusted due to its long-standing experience and significant expertise in the travel sector. Kuoni ranks among the top five tour operators in Europe and has a well-established presence in Hong Kong and India. In spite of this position, Kuoni s outbound business faces increasing challenges from changing market conditions. In consideration of the fundamental changes in the industry and the unique position of Kuoni Group as a leading service provider to the global travel industry, the Board of Directors and Group Executive Board have decided to focus the company s resources on those core activities in which Kuoni already enjoys a leading market position with attractive prospects. Kuoni has therefore decided to exit the tour operating businesses. This exit from the tour operating business includes Kuoni Switzerland, UK, Benelux, Hong Kong/China and India as well as operations in Scandinavia/Finland. This affects approximately people in total and business that generated turnover of CHF 2.2 billion in Kuoni firmly believes that the outbound business can be better developed under new ownership, potentially leveraging scale or specific local strengths. Kuoni will seek assurance about the continuation of the existing business locations and the continued employment of staff. The exit from the tour operating business will not have any impact on customers or their current and future bookings. All units will continue to deliver their expert services to the accustomed standards of quality and reliability. Kuoni intends to find new owners in the course of

4 A unique and clearly focused company with market-beating growth aspirations Kuoni Group will become a focused and clearly positioned player in the global travel industry, and will have attractive growth prospects. It aspires to grow significantly faster than the global travel markets, which according to UNWTO will expand by 3.8% annually, and it will continue to generate strong cash flow. Kuoni Group will build on robust financial foundations, which will support the implementation of its growth strategy in the emerging travel markets of Asia, the Middle East and Africa. Proceeds from the sale of the tour operating businesses will mainly be invested to further develop the group s core business and strengthen its leading global market positions. On a pro-forma basis, the new Kuoni Group employed approximately people and generated revenues of CHF 3.4 billion in Mid-term targets for the new set-up will be issued together with the full year results announcement on 17 March Net Result 2015 is expected to be negatively impacted by divestiture charges of approximately CHF 25 million, while the proceeds from divestiture are expected to be generated more likely in Kuoni s Board of Directors intends to maintain the dividend pay-out ratio of 40-45% of the net result attributable to shareholders, excluding non-recurring items from the divestment process. Following the decision to refocus Kuoni s activities, responsibilities within the company s Group Executive Board have been adjusted with immediate effect as follows: Peter Meier (CEO), Thomas Peyer (CFO), Ivan Walter (Global Travel Distribution), Rolf Schafroth (Global Travel Services) and Zubin Karkaria (VFS Global). In addition, Rolf Schafroth will continue to lead Kuoni s outbound activities. Chairman Heinz Karrer said: Kuoni Group's new strategic direction will transform the company into a unique, clearly positioned player in the global travel industry. The new group focus will lead to a win-win situation for customers, employees, shareholders and partners alike. CEO Peter Meier said: We are committed to further developing our core business and to rapidly and sustainably growing our core business as a leading service provider for the global travel industry. We will offer our customers, partners and suppliers attractive and competitive services and solutions that allow them to provide their clients with a smooth travel experience. For further information visit Investor Presentation for Download 4

5 Invitation to a press conference for media and journalists Chairman Heinz Karrer, CEO Peter Meier and CFO Thomas Peyer will host a press conference (in German) to comment on the new strategic direction on 14 January 2015 at 09:30 a.m. CET at the SIX Convention Point, Selnaustrasse 30, Zurich. Invitation to a conference for analysts and investors Chairman Heinz Karrer, CEO Peter Meier and CFO Thomas Peyer will host an analyst conference (in English) to comment on the new strategic direction on 14 January 2015 at 12:00 noon CET at the SIX Convention Point, Selnaustrasse 30, Zurich. Audio webcast of press conference and analyst conference Media and analysts/investors who like to follow the conferences online please use the links below: Press conference (in German): Analyst conference (in English): Investor Presentation for Download FURTHER INFORMATION MEDIA PETER BRUN Chief Communications Officer Kuoni Travel Holding Ltd Neue Hard 7 CH-8010 Zurich P +41 (0) M +41 (0) ANALYSTS AND INVESTORS LAURENCE BIENZ Head of Investor Relations Kuoni Travel Holding Ltd Neue Hard 7 CH-8010 Zurich P +41 (0)

6 Appendix Preliminary Turnover for the 2014 Financial Year CHF million (unaudited) nominal organic 1) Group Travel FIT (Fully Independent Traveller) Outbound Nordic Outbound Europe/Asia Destination Management Specialists VFS Global Less turnover elimination between segments Total ) adjusted for currency fluctuations and acquisitions/divestments Pro forma preliminary turnover for the 2014 Financial Year 1) CHF million (unaudited) nominal organic 2) Global Travel Distribution (previously FIT) Global Travel Services 3) of which Group Travel Experts of which DM Specialists VFS Global Subtotal Core business 3) Outbound Nordic Outbound Europe/Asia Subtotal Outbound 3) Less turnover elimination between segments 4) Total ) The pro forma information provided in this press release serves as an illustration and contains simplified assumptions. Rounding effects may occur. The representation of this financial information is not based on current segment reporting. The asset, financial and income situation of Kuoni in future financial statements and reports may substantially differ from the information provided herein. 2) adjusted for currency fluctuations and acquisitions/divestments 3) aggregated without turnover elimination between segments 4) elimination according to the current segment reporting 6

7 Disclaimer This communication contains statements that constitute forward-looking statements including, but not limited to, those using the words believes, assumes, expects or formulations of a similar kind. In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Such forward-looking statements are made on the basis of assumptions and expectations that we believe to be reasonable at this time, but may prove to be erroneous. Because these forward-looking statements are subject to risks and uncertainties, actual future results, the financial condition, the development or performance of Kuoni Travel Holding and/or its affiliates (referred to as Kuoni ) 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's 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 press 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. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser. This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction. 7

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