KUONI GROUP MARKET REPORT 2014

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3 KEY FIGURES 2014 CHF million Turnover Global Travel Services Group Travel FIT (Fully Independent Traveller) Outbound & Specialists Outbound Nordic Outbound Europe/Asia Destination Management Specialists VFS Global Corporate 0 0 Earnings before interest and taxes (EBIT) Global Travel Services Group Travel FIT (Fully Independent Traveller) Acquisition and integration cost Outbound & Specialists Outbound Nordic Outbound Europe/Asia Destination Management Specialists VFS Global Corporate Net result Cash flow Free cash flow Investments in tangible and intangible assets Total assets Equity Equity ratio 32.2% 32.6% Kuoni Economic Profit (KEP) Return on invested capital (ROIC) 6.6% 13.0% Average number of employees (full-time equivalent) QUICK SEARCH All information on this page can also be found on kuoni.com, tables are available as Excel-downloads. KUONI GROUP MARKET REPORT 2014

4 KUONI GROUP SHARE PERFORMANCE OF KUONI GROUP SHARE (CHF) SPI Kuoni 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CHF Cash flow (net cash from operating activities) per registered share A per registered share B Net result per registered share A per registered share B Equity per registered share A per registered share B Distribution from capital contribution reserve per registered share A per registered share B Stock market prices per registered share B high low at year-end Annual trading volume in CHF million Stock market capitalisation as at 31 December in CHF million Proposal of the Board of Directors to the General Meeting of Shareholders on 20 April Subject to definitive approval by the General Meeting of Shareholders. Distribution to shareholders of a withholding tax-free appropriation from the capital contribution reserve. KUONI GROUP MARKET REPORT 2014

5 KUONI GROUP HIGHLIGHTS 2014 MILLION BOOKED ROOM NIGHTS IN GROUP TRAVEL APPLICATION CENTRES MILLION PROCESSED APPLICATIONS TURNOVER (CHF) MILLION EBIT (CHF) MILLION EBITA (CHF) MILLION FTE (FULL-TIME EMPLOYEES) 02

6 HIGHLIGHTS 2014 MILLION BOOKED ROOM NIGHTS VIA THE GTA DATABASES KUONI GROUP MARKET REPORT

7 QUICK QUICK SEARCH SEARCH This chapter This chapter can also can be also found be found on on kuoni.com kuoni.com and is and available is available for download for download as PDF. as PDF. The Swiss The Swiss pension pension fund fund changed changed from from a a service-oriented plan plan to a defined to a defined contributionbutions benefits benefits system system on 1 January on 1 January contri- This This change change was was a positive a positive effect effect in 2013 in 2013 of CHF of 41.3 CHF million, 41.3 million, reported reported in in accordance with with the applicable the applicable IFRS IFRS rules, rules, non-recurringring, non-cash non-cash exceptional exceptional effects effects for the for the non-recur- pension pension fund fund change change and a and a curtailment, on on the basis the basis of a of a considerable reduction reduction in in the number the number of Swiss of Swiss employees. employees. This also This also had a had positive a positive impact impact on 2013 on 2013 operating operating earnings earnings (EBIT). (EBIT). The change The change affected affected all all business business areas areas with with employees employees in Switzerlanzerland (Group (Group Travel Travel CHF 3.6 CHF million, 3.6 million, FIT FIT in Swit- CHF 1.5 CHF million, 1.5 million, Outbound Outbound Europe/Asia CHF 28.5 CHF million, 28.5 million, Corporate Corporate CHF 7.7 CHF million). 7.7 million). 46 KUONI KUONI GROUP GROUP REPORTS STABLE STABLE NET NET RESULT RESULT INTERNATIONAL TOURISM WITH WITH RECORD NUMBER The The International Monetary Monetary Fund Fund (IMF) (IMF) estimatemates the global the global economy economy to grow to grow by 3.3% by 3.3% esti- OF OF TOURISTS TRAVELLING in 2015 in 2015 (Source: (Source: IMF World IMF World Economic Economic Outlook Update, look Update, January January 2015). 2015). Compared Compared with with Out- the previous the previous year year this represents this represents a steady steady growth growth in global in global economic economic expansion expansion (3.3% (3.3% growth growth in 2013). in 2013). The main The main engines engines of of growth growth were were emerging emerging economies: economies: China China 7.4% 7.4% and India and India 5.8%. 5.8%. Developed Developed markets markets slightly slightly recovered recovered compared compared to prior to prior year: year: USA USA 2.4%, 2.4%, Switzerland Switzerland 1.3%, 1.3%, UK 2.6%, UK 2.6%, Eurozonrozone 0.8%. Eu- 0.8%. The World The World Tourism Tourism Organization (UNWTO) (UNWTO) reported reported the following the following growth growth rates rates in international arrivals arrivals per region per region in 2014 in 2014 (source: (source: UNWTO, UNWTO, World World Tourism Tourism Barometer, Barometer, January January 2015): 2015): FAST, COMPREHENSIVE INFORMATION KUONI GROUP ANNUAL REPORT 2014 The Kuoni Group Annual Report is available in English and German in print as well as an online via 2014.kuoni-report.com. 1 QUICK-SEARCH CODES Quick search codes link the printed report to the online version. Enter the codes in the search box at and you will be taken directly to the relevant content and further reading. 2 SIDE COLUMNS In the side columns you will find important figures, additional information about key terms in the main text, as well as extra facts and links. 3 REGISTRY AND GREY PAGES The registry takes you quickly and directly to the most important information in the Annual Report. At the beginning of each chapter in the Market Report the fundamental facts are shown in graphic form (grey pages). 1 BUSINESS BUSINESS KUONI KUONI GROUP GROUP REPORT REPORT For For Russia Russia the the negative negative impact impact was was related related to the to the geopolitical tensions tensions 141xx 141xx Kuoni Kuoni Group s Group s turnover for 2014 for 2014 financial year year came came to to CHF CHF million, million, which which is in is line line with with prior prior year s year s level level (organic (organic with with Ukraine. Ukraine. For For the the Commonwealth of of Independent States States (CIS) (CIS) the the negative negative impact impact reflects reflects the the weaknesses in Ukraine Ukraine and and spillovers from from the the Russian Russian slowdown due due to the to the geopolitical tensions. The The development of 0.1%). of 0.1%). Turnover showed showed a nominal a nominal year-on-year decline decline of 2.8% of 2.8% and and the the net net effect effect of of acquisitions/divestments accounted for 1.0% for 1.0% owing owing to the to the exit exit from from loss-making European tour tour operating activities in the in the previous previous year. year. Currency fluctuations had had a 1.7% a 1.7% effect effect on the on the presentation currency. The The organic organic top top line line economic environment was was negatively impacted in Russia in Russia and and CIS CIS with with slowdown in foreign in foreign investments and and domestic production. The The economic development in Kuoni in Kuoni Group s Group s source source markets markets varied varied in in The The economic situation situation for some for some of the of the most most important Global Travel Services Division > PENSION > PENSION FUND FUND EFFECTS EFFECTS (2013) (2013) development was was driven driven by another by another year year of strong of strong growth growth in FIT in FIT (Fully (Fully Independent Traveller) segment segment with with 8.8% 8.8% and and VFS VFS Global Global Business segment segment with with 13.9%. 13.9%. Earnings before before interest interest and and taxes taxes (EBIT), (EBIT), net net result result and and free free cash cash flow flow all all decreased compared to prior to prior year. year. Operating earnings before before amortisation (EBITA) (EBITA) was was reported reported at at CHF CHF million million (2013: (2013: CHF CHF million). Operating earnings earnings (EBIT) (EBIT) came came to CHF to CHF million million (2013: (2013: CHF CHF million). EBIT EBIT for for was was positively impacted by the by the pension pension fund fund effects effects > of > of CHF CHF million, million, as well as well as as negatively impacted with with CHF CHF milliolion from from the the exit exit from from loss-making European tour tour operating activities during during When When excluding these these extraordinary effects, effects, mil- EBIT EBIT for for would would have have been been reported reported as CHF as CHF million. million. The The net net result result came came to CHF to CHF million million (2013: (2013: CHF CHF million), which which includes includes accrued accrued charges charges of nearly of nearly CHF CHF 2 million 2 million for the for the divesture project project announced January January 14th 14th source source markets, markets, such such as UK, as UK, India India and Switzerland, improved. Japan, Japan, on the on other other hand, hand, saw saw a drop a drop in growth in growth compared to 2013 to 2013 (source: (source: IMF IMF World World Economic Outlook, Outlook, January January 2014). 2014). International tourism tourism > hit > a hit new a new record record by end by end of 2014 of 2014 with with over over billion billion international tourists tourists travelling worldwide in one in one single single year. year. This This despite despite that that different different parts parts of the of the world world continue continue to face to face geopoliticalitical tensions tensions and and health health challenges (mainly (mainly due due to the to the Ebola Ebola breakout), while while the the global global economic recovery recovery remained rather rather fragile fragile geopo- and and uneven. uneven. This This translates to a to healthy a healthy 5% 5% growth growth in international arrivals, arrivals, with with strongest growth growth recorded recorded in the in the Americas and and Asia/ Asia/ Pacific Pacific region region of 7% of and 7% and 5% 5% respectively (source: (source: UNWTO, World World Tourism Tourism Barometer, January January 2015). 2015). > > INTERNATIONAL TOURISM TOURISM Europe: Europe: + + 4% 4% Asia/Pacific: + + 5% 5% Americas: Americas: + + 7% 7% Africa: Africa: + + 2% 2% The Middle The Middle East: East: + + 4% 4% Worldwide: Worldwide: + + 5% 5% Corporate VFS Global Outbound & Specialists Responsibility Division Division 3 2 > > ECONOMIC ENVIRONMENT The The economic environment > faced > faced a a weaker-than-expected global global activity activity in the in the first first half half of 2014, of 2014, but but slightly slightly recovered in the in the second second half. half. The The United United States States experienced a a temporary weak weak first first quarter, quarter, to to pick pick up and up and report report stronger stronger growth growth in the in the remainder of the of the year. year. While While the the Eurozone saw saw a a slowdown in the in the first first half half of the of the year, year, mainly mainly on account on account of weak of weak investment and and exports, exports, growth growth increased in the in the second second half. half. Japan Japan showed showed a larger a larger than than expected decline decline in domestic demand demand following the the increase increase the in the consumption tax tax rate. rate. 46 KUONI KUONI GROUP GROUP MARKET MARKET REPORT REPORT Kuoni Group Financial Report 2014 Human Resources 4 LANGUAGE FUNCTION In the online version you can switch from the German to the English version and back at any point. 5 DOWNLOAD MANAGER All of the Annual Report s content is available to download in PDF format, and each table can be saved as an Excel document. All documents can be found in the Download Manager that is always visible on the left side of the screen. ADDITIONAL INFORMATION The online version provides additional information not necessarily relating to 2014 about the business units and business models. 8 MARK-UP PRINT Sections of text that appear in the printed report are shown on a coloured background. 4 9 English Deutsch Contact Kuoni.com ANNUAL REPORT MARK-UP WEB Additional information appears on a white background. Market Report Business CR Financial Report CG Appendix 6 ANIMATED TABLES The most important tables are interactive; information can be hidden or shown to suit the individual user. 5 DOWNLOAD MANAGER Kuoni Group Report Global Travel Services Division Outbound & Specialists Division Kuoni Group 8 VFS Global Division 7 ZOOM FUNCTION A click on the magnifying glass symbol enlarges the tables or charts

8 CONTENT MARKET REPORT Flap Key figures 2014 Flap Kuoni Group Share KUONI GROUP Letter to the Shareholders COMPANY 17 Business Areas 20 Review Kuoni s Group Structure 24 Board of Directors 29 Executive Board 40 Kuoni Group World Map BUSINESS 43 Kuoni Group Report 72 Global Travel Services Division 74 Group Travel 78 FIT 82 Outbound & Specialists Division 84 Outbound Nordic 88 Outbound Europe/Asia 94 Destination Management Specialists 98 VFS Global Division 105 Corporate Responsibility 115 Human Resources 123 FINANCIAL REPORT FURTHER INFORMATION 293 Agenda Colophon KUONI GROUP MARKET REPORT

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10 LETTER TO THE SHAREHOLDERS KUONI GROUP MARKET REPORT

11 KUONI GROUP

12 LETTER TO THE SHAREHOLDERS DEAR SHAREHOLDERS The start of 2015 brought a significant change in the course of Kuoni s history. The Board of Directors and Group Executive Board defined a new strategy following a far-reaching strategic review: Kuoni Group will now focus on the core businesses it has built up in recent years in the B2B (business-to-business) sector. Kuoni will become a clearly positioned service provider to the global travel industry and to governments, with attractive growth prospects especially in the up-and-coming travel markets of Asia, the Middle East and Africa. Because of this strategic focus, we have decided to sell the tour operating business to new owners that benefit from economies of scale or specific local strengths and so are in a better position to take this business forward. We will do all we can to ensure the continued operation of the travel agencies and continued employment of staff. The search for new owners should be completed over the course of The travel industry has changed considerably in recent years. International tourism is growing and online business is becoming ever more important. These days, many consumers around the world put together their own holiday packages online. This in turn constantly creates new requirements among online portals and other travel providers who need support with services like purchasing accommodation, logistics and efficient digital processing. The Kuoni Group has been one of the leading providers in this business for many years in fact, it has grown to be Kuoni Group s core competence and already accounts for around 60% of turnover. The greatest growth in these travel services is in Asia, where more and more people are joining the middle classes and typically have a desire to travel. Many destinations also require visas, but obtaining these can be complicated and time-consuming. More and more government agencies are therefore outsourcing the processing of visa applications to companies like Kuoni. KUONI GROUP MARKET REPORT

13 KUONI GROUP 2014 We have decided to concentrate on three core businesses where we already have a leading position in the global market and where we benefit from the sharp rise in travel from Asia. These three core areas are: Global Travel Distribution (GTD, formerly 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 source markets in Asia, the Middle East and Africa. Global Travel Services (GTS, comprised of Group Travel Experts and Destination Management Specialists [DMS]), offers 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 world s leading visa services provider, works for 45 governments, operates 1486 application centres in 120 countries and holds an estimated 50% market share of the global outsourced visa applications market. It generates almost 70% of its turnover with applicants from the Asia-Pacific region. In parallel with its focus on core businesses, Kuoni Group wants to accelerate growth with three strategic initiatives: 1. Investing additional resources in Asia, the Middle East and Africa, based on our existing market presence and the current offering across all divisions. 2. Expanding our customer service and increasing efficiency by developing new technology platforms and through further digitalisation of business processes. 10

14 LETTER TO THE SHAREHOLDERS 3. Selectively expanding our service offering and moving into new customer segments by optimising cross-selling potential. GTD, as a B2B provider of accommodation and destination services, will invest in developing innovative front-end 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 focusing on digital distribution. VFS Global, as the number one service provider in the global outsourced visa application services market, intends to expand into related services, leveraging its innovative digitalisation technologies and its existing global network in 120 countries. In the 2014 financial year, Kuoni Group generated turnover of CHF 5508 million (2013: CHF 5669 million). Organic growth came to 0.1%. Currency influences reduced turnover by 1.7%, while the net effect of acquisitions and divestments was 1.0%. The strongest organic growth was registered by the future core activities: FIT (new GTD) + 8.8% and VFS Global %. Operating earnings before amortisation (EBITA) came to CHF million (2013 adjusted 1 : CHF million). Operating earnings (EBIT) came to CHF 85.7 million (2013 adjusted 1 : CHF million). Net result was CHF 67.4 million (2013 adjusted 1 : CHF 36.7 million). In fiscal 2014 there was significant variation in the performance of the individual segments as defined in previous reporting. FIT (Fully Independent Traveller, new GTD) achieved strong growth. Turnover rose while EBIT was lower than in 2013 owing to the cost of upgrading e-commerce platforms and higher staff costs relating to the growth strategy. Around 13.6 million room 1 Excluding effect of changes to Swiss pension plan and curtailment of CHF 41.3 million in total. KUONI GROUP MARKET REPORT

15 KUONI GROUP 2014 nights were booked via GTA hotel databases. The largest source markets were the UK, Australia and the USA. The most popular destinations were the USA, Italy and France. Countries in Asia saw healthy growth both as source markets and destinations. The Group Travel unit (new part of GTS) reported lower turnover and a decline in EBIT. This was due primarily to lower demand in the Japanese market following the increase of the consumer tax and the devaluation of the yen. By contrast, demand from China and Taiwan rose. Group Travel confirmed its leading position in the important key Asian markets. The most popular destinations were Italy, France and Switzerland. A total of 3.1 million room nights were booked. There was a mixed performance from the Destination Management Specialists (new part of GTS), which are active in various regions of the world. Geopolitical events had a negative impact on results. In Kenya and Thailand in particular temporary travel warnings prompted by political conflicts led to falling demand. The United Arab Emirates and South Africa suffered from the lower number of tourists from Russia and the Ukraine. Meanwhile, demand for travel to India went up owing to the cheaper rupee. VFS Global, the world s leading visa services provider, reported strong growth in Turnover and EBIT were both up significantly million applications were processed, and almost 6 million biometric data sets were recorded. At the end of 2014, VFS Global was operating 1486 application centres in 120 countries. A total of 54 application centres in 26 countries were opened as part of the joint venture with the Kingdom of Saudi Arabia. The first Front Office Services (FOS) business processes also went operational in FOS offer governments and authorities in-country public citizen services. The first FOS processes were launched in Asia, Africa and Europe. 12

16 LETTER TO THE SHAREHOLDERS The tour operating business in Europe, India and Hong Kong/China, which is now up for sale, generated mixed results. The markets in Scandinavia and Finland (Outbound Nordic) were heavily affected by a challenging market environment in Geopolitical events in Egypt and Thailand, negative currency influences and very good spring and summer weather also contributed to lower demand. The negative effects were evident in both turnover and EBIT. By contrast, results in the Switzerland, UK, India and Hong Kong/China markets (Outbound Europe/Asia) were positive. Despite slightly lower organic growth, EBIT in this unit was better than in The Board of Directors intends to keep to its existing dividend policy and suggests a distribution amounting to 40 45% of 2014 profit attributable to shareholders. Accordingly, the Board of Directors is asking the Annual General Meeting (AGM) of 20 April 2015 to approve an unchanged distribution of CHF 1.50 per registered share A and CHF 7.50 per registered share B for the 2014 financial year. This corresponds to a distribution ratio of 43.7%. The dividend would take the form of a withholding tax-free distribution against reserves from capital contributions. In March 2014 the Board of Directors appointed Peter Meier as CEO of Kuoni Group. He had been leading the company as interim CEO since June In April 2014 the AGM elected Heinz Karrer, Member of the Board of Directors since 2007 and Vice Chairman since 2012, as the new Chairman of the Board. The Board of Directors and the Group Executive Board would like to thank all our employees for their great commitment and professionalism during They have used their experience and skill to provide customers and suppliers with a high quality, reliable service, and they will continue to do so in future. Dear Shareholders, the Board of Directors and Group Executive Board initiated a significant and decisive change at the beginning of the year, which now has t0 be implemented. Not for the first time in its 109-year history, Kuoni is adapting KUONI GROUP MARKET REPORT

17 KUONI GROUP 2014 in order to profit from far-reaching changes in its markets. Because of the digitalisation of travel, the changes are particularly profound this time around. They are changing the travel industry fundamentally and permanently. We are confident that Kuoni s new strategic direction is the right response to these changes. The Board of Directors and Group Executive Board would like to thank you, our shareholders, for the confidence you have always shown in us, and which we value particularly in this time of change. Heinz Karrer Chairman of the Board of Directors Peter Meier Chief Executive Officer (CEO) QUICK SEARCH This letter to the shareholders can also be found on kuoni.com and is available for download as PDF. 14

18 LETTER TO THE SHAREHOLDERS HEINZ KARRER Chairman of the Board of Directors PETER MEIER Chief Executive Officer (CEO) > CV Heinz Karrer P. 25 > CV Peter Meier P. 30 KUONI GROUP MARKET REPORT

19 COMPANY 16

20 BUSINESS AREAS KUONI GROUP MARKET REPORT

21 COMPANY KUONI GROUP IS A GLOBAL SERVICE PROVIDER TO THE TRAVEL INDUSTRY Kuoni s Board of Directors and Group Executive Board decided in January 2015 to focus the company s activities on its core business as a service provider to the global travel industry and to governments and to exit the tour operating business. 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 Group pursues an asset-light strategy. > > GLOBAL TRAVEL DISTRIBUTION (FORMERLY FIT) Accounted for 35% 1 of total turnover in > > GLOBAL TRAVEL SERVICES GTS (FORMERLY GROUP TRAVEL AND DESTINATION MANAGEMENT SPECIALISTS) Accounted for 22% 1 of total turnover in > > VFS GLOBAL Accounted for 5% 1 of total turnover in Aggregated without turnover elimination between segments Global Travel Distribution (GTD >, formerly 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. The activities of Destination Management Specialists are comprised of companies in five different regions that are specialised in local travel services thanks to their local roots. VFS Global >, the industry pioneer and world s leading visa services provider, works for 45 governments, operates 1486 Application Centres in 120 countries and holds an estimated 50% market share of the global outsourced visa applications market. It generates 70% of its turnover with applicants from the Asia/Pacific region. 18

22 BUSINESS AREAS Kuoni s Tour Operating (Outbound) > 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. > > TOUR OPERATING (OUTBOUND) January 2015 Kuoni Group announced the exit of the tour operating business. > > OUTBOUND Accounted for 39% 1 of total turnover in Following the decision to focus the company s activities on its core business as a service provider to the global travel industry and to governments the Board of Directors and the Group Executive Board decided in January to divest its tour operating activities. Kuoni Group intends to find new owners in the course of QUICK SEARCH This chapter can also be found on kuoni.com and is available for download as PDF. 1 Aggregated without turnover elimination between segments KUONI GROUP MARKET REPORT

23 COMPANY REVIEW JANUARY 2014 Kuoni Switzerland publishes its holiday report about smartphone, social media and news usage during holidays. 30 JANUARY 2014 The Board of Directors is proposing to the AGM that it elects Heinz Karrer, Member of the Board since 2007 and Vice Chairman since 2012, as the new Chairman of the company. 17 MARCH 2014 The Board of Directors appointed Peter Meier as the new Chief Executive Officer (CEO) of Kuoni Group. He has led the company as interim CEO since June Thomas Peyer, previously CFO of the Global Travel Services (GTS) Division, was appointed as new CFO. 1 APRIL 2014 VFS Global s first Front Office Services (FOS) business process went operational. FOS offer governments and authorities in-country citizen services. 25 APRIL 2014 The shareholders of Kuoni Travel Holding Ltd elected Heinz Karrer as the new Chairman of the Board of Directors of Kuoni Group at the Annual General Meeting of Shareholders in Zurich. 17 APRIL 2014 Kuoni Group is one of the first companies in Switzerland to apply the G4 guidelines of the Global Reporting Initiative (GRI-G4) to its reporting. Kuoni already drafted its report for the 2013 business year in line with GRI-G4 and is the first company in the tourism and leisure sector in Europe to do so. 20

24 REVIEW OKTOBER 2014 The Kuoni Group launches a new global intranet. The new "social" intranet aims to promote cross-border cooperation and ensure the transparent flow of information within the company. 29 OKTOBER 2014 GTA launches first ever mobile app for travel agents and their customers. 'emutrip' will help the travel agent to easily create itineraries and send them to the traveller s smartphone. The traveller can find all information they need about their booking on 'emutrip'. They can see their hotel on the map, get directions to the hotel or find details on the time and location of their sightseeing tour. 7 MAY 2014 Kuoni the official UEFA EURO 2016 Accommodation Agency has launched a dedicated website, to showcase the capabilities of its destination management team and put French accommodation and destination services in each of the ten match destinations front and center. 6 NOVEMBER 2014 For the first time ever, more than 10 million hotel room nights were booked in the first nine months, in the segment FIT (Fully Independent Traveller), an increase of 6.9% on the previous year. 12 NOVEMBER 2014 Kuoni Denmark has merged the product portfolio of Falk Lauritsen and Apollo for customers in Denmark. With the merger of the product portfolios of Falk Lauritsen with Apollo, customers can chose as of now from 140 new hotels and seven new destinations. 7 DECEMBER 2014 Kuoni Destination Management ( won the award for the World s Leading Destination Management Company for the fifth year in a row. KUONI GROUP MARKET REPORT

25 COMPANY KUONI S GROUP STRUCTURE 22

26 KUONI S GROUP STRUCTURE CHIEF EXECUTIVE OFFICER Peter Meier HUMAN RESOURCES FINANCE 1 IT Thomas Peyer STRATEGY & COMMUNICATION Exit of Tour Operating Activities GLOBAL TRAVEL DISTRIBUTION GLOBAL TRAVEL SERVICES VFS GLOBAL OUTBOUND Ivan Walter Rolf Schafroth Zubin Karkaria Rolf Schafroth 1 Incl. Risk Management Member of Executive Board As of 17 March 2015 KUONI GROUP MARKET REPORT

27 COMPANY BOARD OF DIRECTORS 24

28 BOARD OF DIRECTORS HEINZ KARRER Heinz Karrer, who is Swiss, has been President of Economiesuisse, the Swiss business association, since Before that he was CEO of Axpo Holding AG from After studying economics at St. Gallen University (HSG), he began his career in 1985 when he was appointed General Manager of the Association of Swiss Manufactur ers, Suppliers and Agents for Sports Goods. He went on to serve as Managing Director of Intersport Schweiz AG from 1987 to 1992 and as CEO of Intersport Holding AG from 1992 to He then moved to the Ringier publishing house where he remained until 1997, becoming CEO of Ringier Switzerland and a Member of Ringier Ltd s Group Executive Management. From 1998 to 2002 he was a Member of Swisscom s Group Executive Management and head of the group s Marketing & Sales Division. He has served on Kuoni s Board of Directors since In April 2014 Heinz Karrer has been elected at the Annual General Meeting to be Chairman. > > POSITIONS OUTSIDE KUONI GROUP IN LISTED COMPANIES: Member of the Bank Council of the Swiss National Bank. > > POSITIONS OUTSIDE KUONI GROUP IN NON-LISTED COMPANIES: President of economiesuisse, the Swiss business association; Member of the Board of Directors of Notenstein Privatbank AG; Member of the Foundation Board of the Hasler Stiftung. ADRIANUS (ADRIAAN) NÜHN The Dutchman Adriaan Nühn sits on the Boards of several international consumer goods com panies. Among his other roles, since 2009 he has been Chairman of the Board of Directors of Dutch food service and food retailer Sligro Food Group. His most recent operational role was as CEO of consumer goods company Sara Lee International from 2003 to Adriaan Nühn lives in Amsterdam/Netherlands. He holds a Bachelor of Business Administration from Hogere Economische School, Eindhoven/Netherlands, and an MBA from the University of Puget Sound, Tacoma, Washington/ USA. Adriaan Nühn was elected to the Kuoni Group Board in 2012 and since April 2014 is Vice-Chairman of the Board. > > POSITIONS OUTSIDE KUONI GROUP IN LISTED COMPANIES: Member of the Board of Directors of Sligro NV, Cloetta AB and AVI Ltd. > > POSITIONS OUTSIDE KUONI GROUP IN NON-LISTED COMPANIES: Member of the Board of Directors of Plukon NV, HG International and CBR. > > UNPAID POSITIONS OUTSIDE KUONI GROUP IN NON-PROFIT ORGANIZATIONS: Member of the Board of Directors of WWF Netherlands. KUONI GROUP MARKET REPORT

29 COMPANY JAE HYUN (JAY) LEE > > POSITIONS OUTSIDE KUONI GROUP IN LISTED COMPANIES: Member of the Board of Directors of SsangYong Paper Co., Ltd. Jay Lee, a South Korean citizen, has worked for ebay, the world s biggest online marketplace, since He is currently in charge of ebay s Asia/Pacific Region Portfolio as Managing Director and Corporate Senior Vice President. Previously, Jay Lee was the CEO of ebay s Korean Internet Auction Company from 2002 to From 2000 to 2002 he was COO and then CEO of NASDAQ-listed multimedia company Korea Thrunet. He began his career in 1992 with Boston Consulting Group, where he was elected a partner since Jay Lee lives in Singapore and Seoul, South Korea. He holds an MBA from Harvard University Graduate School, Boston, USA, and a Bachelor of Arts Degree in International Relations from Brown University, Providence, USA. Jay Lee was elected to the Board in JOHN LINDQUIST > > POSITIONS OUTSIDE KUONI GROUP IN NON-LISTED COMPANIES: Senior Advisor at The Boston Consulting Group (BCG); Member of the Board of Directors of VisitBritain. John Lindquist, a US and UK citizen, is resident in London. He gained a degree in economics from Princeton University and MBA from Harvard University and then joined The Boston Consulting Group (BCG) as a consultant. He was subsequently elected a Partner and later a Senior Partner and Managing Director, where he served on the global leadership team of the travel and tourism practice. He is currently a Senior Adviser with BCG, advising on stra tegy for clients in airlines, hotels and government tourism bodies on a global basis. He joined Kuoni s Board of Directors in He is a Board Director of VisitBritain, the UK government tourism promotion agency. 26

30 BOARD OF DIRECTORS DAVID SCHNELL Kuoni s Board of Directors has benefited from the great expertise and experience of Swiss business administration graduate David Schnell since Between 1985 and 1997 he worked at ELCO Looser Holding AG, initially as Chief Financial Officer (CFO) and Member of the Executive Board, and later as Chief Operating Officer (COO) and Member of the Board of Directors. In 1997 David Schnell moved to become CFO and Member of the Executive Board of telecommunications company Swisscom AG in Bern, where he stayed until Since 2002 David Schnell has been an independent business consultant and a Member of the Board of Directors of various companies. > > POSITIONS OUTSIDE KUONI GROUP IN LISTED COMPANIES: Vice Chairman of the Board of Directors of ELMA Electronic AG. > > POSITIONS OUTSIDE KUONI GROUP IN NON-LISTED COMPANIES: Member of the Board of Trustees of the Kuoni and Hugentobler Foundation; Chairman of the Board of Directors of IFBC AG; Member of the Board of Directors of AlpTransit Gotthard AG. ANNETTE SCHÖMMEL Annette Schömmel Swiss citizen is a successful entrepreneur. She studied Economics at Ruprecht Karls University in Heidelberg, Film at University of Southern California and received a Masters Degree in Marketing and Communication from University of the Arts, Berlin. She is a Stanford Business School Graduate. After working in various management positions in the creative industry, she founded arthesia an applied think-tank based in Zug, Los Angeles and Hong Kong in Annette Schömmel has built a track record advising the leadership of global companies and brands on strategy, transformation and change programmes as well as long-term positioning and re-positioning in various industries. She has built the arthesia cities business advising cities around the world on strategies. In 2013 arthesia sold the Cities & Regions practise to Publicis Groupe. She joined the Board of Kuoni Group in > > POSITIONS OUTSIDE KUONI GROUP IN NON-LISTED COMPANIES: Vice Chairman of the Board of Directors of Arthesia AG; Chairman of the Board of Directors of Babaluba AG; Member of the Board of Directors of VitaGenes Ltd and BrandMaker Development Ltd. KUONI GROUP MARKET REPORT

31 COMPANY RAYMOND WEBSTER Member of the Institution of Electrical Engineers (MIEE), London; business consultant to easybus, London; Member of the Advisory Board of the Stanford Sloan Master s Programme, California; Fellow of the Royal Aeronautical Society (FRAeSoc), London. Raymond D. Webster, who is a citizen of New Zealand and resident in the United Kingdom, joined Kuoni s Board of Directors in He worked for easyjet airline plc. from 1996 to 2005 from 2000 as Chief Executive Officer. Before that he was with Air New Zealand in various functions, the last one being General Manager, Strategic Planning. He studied engineering at Canterbury University in New Zealand and obtained an MSc in Air Transport Engineering from the Cranfield Institute of Technology in the UK, as well as a Master of Business Management from Stanford Business School in the USA. 28

32 EXECUTIVE BOARD KUONI GROUP MARKET REPORT

33 COMPANY After earning a university of applied sciences degree in business administration, Peter Meier worked for Sulzer from 1992 in Switzerland and abroad. His roles included Head of Finance and Controlling at the Sulzer Chemtech and Sulzer Metco divisions. At the start of 2007, having gained much experience as a financial expert, he was appointed Chief Financial Officer (CFO) of the Sulzer Group and joined the group s Executive Board. Peter Meier is a Swiss certified accounting and controlling expert and has an MBA from the State University of New York. He also successfully completed the Advanced Management Program at Wharton School of Pennsylvania (USA) and recently the Senior Executive Program at the London Business School (UK). Peter Meier became CFO and Member of the Group Executive Board of the Kuoni Group on 1 December As of 21 June 2013 he took over the role as Chief Executive Officer (CEO) on an ad interim basis in addition to his role as CFO. On 17 March 2014 Peter Meier was appointed CEO of Kuoni Group. Furthermore, Peter Meier was a Member of the Board of Directors of the SwissHoldings (Federation of Industrial and Service Groups in Switzerland) in CV 30

34 EXECUTIVE BOARD Peter Meier Chief Executive Officer Kuoni Group; Swiss, born KUONI GROUP MARKET REPORT

35 COMPANY Thomas Peyer Executive Vice President, CFO Kuoni Group; Swiss, born

36 EXECUTIVE BOARD After graduating in economics and business administration from the University of Applied Sciences, Zurich, Thomas Peyer worked as senior project manager for Winterthur Insurance Switzerland and Winterthur International in Zurich and London, where he was in charge to deliver several projects in the finance area. Thomas Peyer joined Kuoni in 1999 when he became Head Financial Accounting at Kuoni Incoming Services, Zurich, and later taking the function of Head of Financial Controlling. From 2003 he was named Head of Finance at Kuoni Incoming Europe, Zurich. In 2006 assumed responsibility as Head of Finance and IT of Kuoni Destination Management, a new unit embracing all of Kuoni Group s former incoming units. In 2011 he took over as CFO Global Travel Services (GTS) division, following the acquisition of Gullivers Travel Associates (GTA). On 17 March 2014 he was appointed CFO of Kuoni Group and Member of the Executive Board. Furthermore, Thomas Peyer was a Member of the School Governing Board Trüllikon in 2014 (until July 2014). CV KUONI GROUP MARKET REPORT

37 COMPANY Ivan Walter joined Kuoni Destination Management in 2001 as Head of FIT Europe (Fully Independent Traveller). In 2005 he was named Head of Kuoni Connect, Kuoni Group s FIT online accommodation wholesale business. He was responsible for transforming the European Unit into a global organisation. When Kuoni acquired GTA in 2011, Ivan Walter was instrumental during the post-merger integration and held the role of SVP Commercial Development and later, SVP Sourcing and Product Development. As of April 2013 Ivan Walter led GTA s operation. In November 2014 he has been appointed Head of Global Travel Services Division on an ad-interim basis. And as of January 14 Ivan Walter is CEO of Global Travel Distribution (GTD) Division and was appointed on the Executive Board. He holds an Executive Master of Business Administration from the University of Applied Sciences of Eastern Switzerland. CV 34

38 EXECUTIVE BOARD Ivan Walter Executive Vice President, CEO Global Travel Distribution Division; Swiss, born KUONI GROUP MARKET REPORT

39 COMPANY Rolf Schafroth Executive Vice President, CEO Global Travel Services Division; Swiss, born

40 EXECUTIVE BOARD After graduating from the university of applied sciences (St. Gallen) with a degree in business economics, Rolf Schafroth joined Coopers & Lybrand and went on to serve as a management consultant in Switzerland and the UK. Later in his consulting career he moved to Deloitte & Touche, Switzerland, for a year before joining Kuoni Travel Switzerland as Head of Financial Controlling. And after just one year, in 1997, he was appointed to Head of Finance & IT for Kuoni s Strategic Business Unit Incoming Services. In 2003 he assumed overall responsibility for Incoming Europe, the biggest in coming unit of the Kuoni Group, and in 2006 he was named CEO of Destination Management, a new entity comprising all the Kuoni Group s former incoming units. In 2007 he was appointed to the Group Executive Board as Head of the Strategic Business Division Destination Management. Following a restructuring of the Kuoni Group in 2009, Rolf Schafroth took over additional responsibility for the newly created division Procurement & Production for Kuoni Tour Operating, while remaining in charge of the Kuoni Destination Mana gement division. Following the acquisition of Gullivers Travel Associates (GTA) in May 2011 he was CEO Global Travel Services Division, which emerged from the integration of GTA and Kuoni Destination Management. In addition to GTS Division he leads the Outbound Units, which will be divested. Furthermore, Rolf Schafroth is a Member of the Tourism Council Graubünden. CV KUONI GROUP MARKET REPORT

41 COMPANY After graduating in commerce from Mumbai University and completing his Business Management studies from Mumbai, Zubin Karkaria joined Orbit Trade Fair Tours in He then moved to SOTC in 1991 and was with SOTC when it was acquired by Kuoni Group in He was appointed as the COO of the Kuoni India Tour Operating Division in 1999, and moved on to become the Deputy CEO and Head Business Development in He conceptualised and launched VFS Global in 2001, and was appointed as the CEO and Managing Director of Kuoni India and South Asia in 2005, responsible for all units of Kuoni India Tour Operating, Destination Management, Business Travel, and Kuoni Academy, while concurrently developing the VFS Global business into a global leader in its field (as CEO from 2010 onwards). In March 2013, in line with the development of VFS Global as an important Division of Kuoni Group, Zubin Karkaria was appointed on the Executive Board of Kuoni Group. Furthermore, Zubin Karkaria is an Alternate Member of the WTTC (World Travel & Tourism Council). CV 38

42 EXECUTIVE BOARD Zubin Karkaria Executive Vice President, CEO VFS Global; Indian, born KUONI GROUP MARKET REPORT

43 COMPANY KUONI GROUP WORLD MAP HQ KUONI GROUP ZURICH Kuoni Group is a global service provider to the travel industry. Today Kuoni Group has operations in more than 100 countries on five continents, and will employ around 8000 people (FTE) in its future organisation. Kuoni Group focuses on three core activities: * Global B2B wholesaler and online provider of hotel accommodation and land services. * Destination services from accommodation, transportation, tours and activities, to venues and event management. * Industry pioneer and world s leading visa services provider. Works for 45 governments and operates 1486 Application Centres in 120 countries. Kuoni was founded 1906 in Switzerland. Kuoni Group s head office is located in Zurich. 40

44 KUONI GROUP WORLD MAP OFFICE HEAD- QUARTER KUONI GROUP MARKET REPORT

45 BUSINESS 42

46 KUONI GROUP REPORT KUONI GROUP MARKET REPORT

47 BUSINESS INCREASED DEMAND ON RENTAL CAR TRIPS MILLION PROCESSED APPLICATIONS FACEB OOK FAN S ABOUT CUSTOMERS HAVE BEEN SERVED WITH DESTINATION SERVICES MOST POPULAR DESTINATIONS FOR GROUP TRAVELLERS: FRANCE SWITZERLAND ITALY MILLION BOOKED ROOMNIGHTS VIA THE GTA DATABASES TURNOVER (CHF) MILLION SOURCE MARKET Middle East / Africa DESTINATION MIX Middle East / Africa EBITA (CHF) MILLION Asia / Pacific Asia / Pacific EBIT (CHF) MILLION 44 Central and South America North America Europe Central and South America North America Europe

48 KUONI GROUP REPORT FULL-TIME EMPLOYEES TURNOVER OVER FIVE YEARS (MILLION CHF) EBIT AND GROUP RESULT OVER FIVE YEARS (MILLION CHF) KUONI GROUP MARKET REPORT 2014 EBIT GROUP RESULT 45

49 BUSINESS QUICK SEARCH KUONI GROUP REPORTS STABLE NET RESULT This chapter can also be found on kuoni.com and is available for download as PDF. > > PENSION FUND EFFECTS (2013) The Swiss pension fund changed from a service-oriented plan to a defined contributions benefits system on 1 January This change was a positive effect in 2013 of CHF 41.3 million, reported in accordance with the applicable IFRS rules, non-recurring, non-cash exceptional effects for the pension fund change and a curtailment, on the basis of a considerable reduction in the number of Swiss employees. This also had a positive impact on 2013 operating earnings (EBIT). The change affected all business areas with employees in Switzerland (Group Travel CHF 3.6 million, FIT CHF 1.5 million, Outbound Europe/Asia CHF 28.5 million, Corporate CHF 7.7 million). > > ECONOMIC ENVIRONMENT The International Monetary Fund (IMF) estimates the global economy to grow by 3.3% in 2015 (Source: IMF World Economic Outlook Update, January 2015). Compared with the previous year this represents a steady growth in global economic expansion (3.3% growth in 2013). The main engines of growth were emerging economies: China 7.4% and India 5.8%. Developed markets slightly recovered compared to prior year: USA 2.4%, Switzerland 1.3%, UK 2.6%, Eurozone 0.8%. Kuoni Group s turnover for 2014 financial year came to CHF million, which is in line with prior year s level (organic development of 0.1%). Turnover showed a nominal year-on-year decline of 2.8% and the net effect of acquisitions/divestments accounted for 1.0% owing to the exit from loss-making European tour operating activities in the previous year. Currency fluctuations had a 1.7% effect on the presentation currency. The organic top line development was driven by another year of strong growth in FIT (Fully Independent Traveller) segment with 8.8% and VFS Global Business segment with 13.9%. Earnings before interest and taxes (EBIT), net result and free cash flow all decreased compared to prior year. Operating earnings before amortisation (EBITA) was reported at CHF million (2013: CHF million). Operating earnings (EBIT) came to CHF 85.7 million (2013: CHF million). EBIT for 2013 was positively impacted by the pension fund effects > of CHF 41.3 million, as well as negatively impacted by CHF 3.1 million from the exit from loss-making European tour operating activities during When excluding these extraordinary effects, EBIT for 2013 would have been reported as CHF million. The net result came to CHF 67.4 million (2013: CHF 69.2 million), which includes already incurred cost of nearly CHF 2 million for the divesture project announced 14 January INTERNATIONAL TOURISM WITH RECORD NUMBER OF TOURISTS TRAVELLING The economic environment > faced a weaker-than-expected global activity in the first half of 2014, but recovered slightly in the second half. The US experienced temporary weak growth the first quarter, to pick up and report stronger growth in the remainder of the year. While the Eurozone saw a slowdown in the first half of the year, mainly on account of weak investment and exports, growth increased in the second half. Japan showed a larger than expected decline in domestic demand following the increase in the consumption tax rate. For Russia the negative impact was related to the geopolitical tensions 46

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