Kuoni posts positive EBIT despite a continuing difficult business
environment
(Thomson Reuters ONE) - The Kuoni Group reports underlying earnings before interest and taxes(underlying EBIT 1) of CHF 21.9 million for the first nine months of2009. Turnover for the period amounted to CHF 2 977 million (down21.1 %). 2009 continues to be impacted by external influences. Theglobal financial and economic crisis and the substantial net negativeimpact of currency movements depressed results right through toSeptember. However, through intensified cost controls Kuoni achievedan improvement in its operating result. Third-quarter turnovertotalled CHF 1 218 million, while underlying EBIT for the periodamounted to CHF 62.6 million. The latest booking figures for 2009also show a slight upward trend. Kuoni views the stabilisation of itsbusiness performance as a positive achievement.Income statement+-------------------------------------------------------------------------------------------------+| |1.1.-30.9.2009|1.1.-30.9.2008| Change|1.1.-30.9.2009|1.1.-30.9.2008|Change|| | | restated2| in %| underlying1| restated2 and| in %||CHF Million | | | | | underlying1| ||----------------------+--------------+--------------+-------+--------------+--------------+------||Turnover | 2 977.3| 3 775.0| -21.1| 2 977.3| 3 775.0| -21.1||----------------------+--------------+--------------+-------+--------------+--------------+------||Gross profit | 601.2| 800.0| -24.9| 601.2| 800.0| -24.9||----------------------+--------------+--------------+-------+--------------+--------------+------||Gross profit margin | 20.2| 21.2| | 20.2| 21.2| ||(%) | | | | | | ||----------------------+--------------+--------------+-------+--------------+--------------+------||Earnings before | | | | | | ||interest and taxes | 3.7| 125.8| -97.1| 21.9| 121.0| -81.9||(EBIT) | | | | | | ||----------------------+--------------+--------------+-------+--------------+--------------+------||EBIT margin (%) | 0.1| 3.3| | 0.7| 3.2| ||----------------------+--------------+--------------+-------+--------------+--------------+------||Net result | -5.7| 125.7| | | | ||----------------------+--------------+--------------+-------+--------------+--------------+------||Operating cash flow | 32.1| 172.9| | | | |+-------------------------------------------------------------------------------------------------+1 underlying EBIT: EBIT adjusted by the cost of the investment andcost-reduction programme, cost of the transformation process as wellas depreciation no longer required following the sale of theEdelweiss Air aircraft in the previous year2 restated: Restatement by application of the amendment to IAS 38regarding the recognition of brochure costsFacts and figures for the first nine months * Group turnover totalled CHF 2 977 million, a 21.1 % decline on the same period last year. Organic turnover development amounted to -15.4 %, while currency movements had a net negative impact of 6.7 %. * Underlying earnings before interest and taxes (underlying EBIT1) amounted to CHF 21.9 million (compared to CHF 121.0 million for the prior-year period). EBIT including exceptional items totalled CHF 3.7 million. * The net result amounted to CHF -5.7 million (which compares to CHF 125.7 million for the prior-year period). * Cash flow from operating activities stood at CHF 32.1 million (compared to CHF 172.9 million for the same period last year). * The balance sheet showed equity of CHF 571 million on 30 September 2009 (compared to CHF 646 million on 30 September 2008). The equity ratio stood last year at 30.2 %, an increase to 32.5 % this year. * The Kuoni Group generated turnover of CHF 1 218 million for the third quarter of 2009 (compared to CHF 1 547 million for the prior-year period).Underlying EBIT for the period amounted to CHF 62.6 million (which compares to CHF 104 million for the same period last year).At the end of September 2009 Kuoni announced a fundamental corporaterestructuring which will transform the Kuoni Group from adecentralised into a function-based organisation. These changes arepart of the investment and cost reduction programme that was embarkedon at the beginning of the year. The programme entailed expenditureof CHF 18.2 million in the January-to-September period. The newcorporate organisation will focus on marketing and sales and on a newglobal Procurement & Production Unit. The new group structure willpermit further cost savings, and especially in the future, open upprocesses to facilitate international product and serviceopportunities. The reorganisation should be completed by mid-2010.For full documents please see attached links.For further information:_________________________________________Laurence BienzHead Investor RelationsKuoni Travel Holding Ltd.T +41 44 277 4529laurence.bienz(at)kuoni.comhttp://hugin.info/100268/R/1354328/328344.pdfhttp://hugin.info/100268/R/1354328/328347.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.11.2009 - 07:00 Uhr
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