DGAP-Adhoc

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

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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.

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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.