INFORMATION
Zurich, 17 March 2015
Kuoni Group's 2014 net result on previous year’s level – Dividend unchanged –
Implementation of new strategic direction progressing as planned
Highlights of the 2014 financial year






Stable turnover of CHF 5 508 million compared to prior year in organic terms,
despite, a challenging business environment (2013: CHF 5 669 million)
Solid operating earnings:
EBITA CHF 122.2 million (20131: CHF 150.1 million).
EBIT CHF 85.7 million (20131: CHF 112.9 million)
Net result of CHF 67.4 million similar to prior year’s level (2013: CHF 69.2 million)
FIT (new: GTD) reported strong organic turnover growth of 8.8% and exceeded
13 million worldwide hotel room nights booked for the first time
Visa services provider VFS Global posted organic turnover growth of 13.9% and a
30.6% increase in EBIT
Unchanged dividend of CHF 7.50 per share proposed (distribution against reserves
from capital contributions)
Key figures
CHF million
Turnover
Gross profit
Gross profit margin (%)
Operating earnings before
amortisation (EBITA)
EBITA margin (%)
Operating earnings (EBIT)
EBIT margin (%)
Net result
Free cash flow
2014
5 508.5
1 025.1
18.6
2013
adjusted1
5 668.9
1 105.5
19.5
5 668.9
1 105.5
19.5
122.2
150.1
191.4
2.2
85.7
1.6
67.4
33.2
2.6
112.9
2.0
36.7
124.6
3.4
154.2
2.7
69.2
124.6
1 excluding the effect of Swiss pension plan changes and a curtailment of CHF 41.3 million in total
2013
Change in
%2
-2.8
-7.3
-18.6
-24.1
83.7
-73.4
2 2013 adjusted vs 2014
Peter Meier, CEO of Kuoni Group, made the following comments:
"The implementation of the new strategic direction announced in 2015 is going according
to plan. Kuoni Group is now concentrating on its core business as a service provider to the
global travel industry and governments, as well as on strategic initiatives designed to
accelerate growth and increase profitability. Kuoni Group has therefore decided to sell its
tour operating activities. Despite the challenging business environment, turnover in
financial year 2014 was stable compared to prior year in organic terms. Two of our core
activities – Global Travel Distribution (GTD), formerly FIT, and VFS Global – posted
positive organic growth, especially in Asian source markets. Net result was similar to
2013."
Current trading 2015
With the introduction of the new group structure (see communication of 14 January
2015), the trading update is now reported through three divisions: Global Travel
Distribution (GTD), Global Travel Services (GTS) and VFS Global.
As at 8 March 2015, percentage changes in booking levels and turnover for the year
to date compared with the equivalent prior-year period were as follows in Swiss franc
(CHF) and local currency (LC) terms:
CHF
LC
Global Travel Distribution (GTD),
+11%
+20%
(formerly FIT)
Global Travel Services (GTS),
(formerly Group Travel, Destination Management
Specialists)
-14%
VFS Global
Number of applications processed
-9%
+10%
Discontinued operations: Outbound Units
-14%
-9%
Medium-term outlook to 2017
Owing to Kuoni's international activities and foreign subsidiaries, the removal of the
minimum Swiss franc exchange rate against the euro on 15 January 2015 is likely to
have a significant negative impact on the Group's consolidated accounts, which are
presented in Swiss francs. For the years from 2015 to 2017, Kuoni Group aims to
achieve annual growth (CAGR) significantly higher than the 3.8% industry growth
rate forecast by the UN World Tourism Organisation (UNWTO). The basis for
measurement is the new structure with the core activities of Divisions GTD, GTS and
VFS Global in 2014, but exchange rates as at end-January 2015. The following
targets have been set for 2017:
Kuoni Group
(new structure)
Turnover CHF million
EBIT margin2
Free cash flow as %
of turnover
2014
reported
3 436
2.3%
2014
currency
adjusted
basis1
2 970
1.9%3
2017
≥5% p.a.
≥3.0%
n/a4
n/a4
≥2.5%
1 Exchange rates at end-January 2015
2 corresponds to EBITA margin: 3.2% (2014 reported), 2.8% (2014 currency adjusted basis), ≥3.6% 2017
3 adjusted by sale of no longer needed property “Geroldstrasse” with the amount of CHF 10.1 million
4 Free cash flow not available in new structure
Analysts' and media conferences on the annual results / online 2014 Annual Report
The following conferences will be held for analysts and journalists today.
Analysts 9.00 a.m. CET (in English), incl. audio webcast at kuoni.com
Media 11.00 a.m. CET (in German). Venue: Metropol, Grosser Saal,
Fraumünsterstrasse 12, Zurich
Peter Meier, CEO, and Thomas Peyer, CFO of Kuoni Group, will be presenting the 2014
annual results. All information and the investor presentations are available for download
today from 7 a.m. CET at kuoni.com. The complete 2014 Annual Report is available
online immediately in German and English at: 2014.kuoni-report.com
2
Kuoni Group figures
Reporting in accordance with old 2014 segment structure
Kuoni Group generated turnover of CHF 5 508 million in the 2014 financial year (2013:
CHF 5 669 million). Organic growth came to -0.1%. The segments FIT and VFS Global
recorded positive organic growth of 8.8% and 13.9% respectively. The net effect of
acquisitions/divestments came to -1.0% owing to the exit from loss-making European
tour operating activities in 2013. Currency influences on the presentation currency came
to -1.7%.
Gross profit came to CHF 1 025 million (2013: CHF 1 106 million). The gross profit
margin came to 18.6% (2013: 19.5%). The reduction in gross profit can be attributed
primarily to the performance of Outbound Nordic, Group Travel and Destination
Management Specialists. On the other hand VFS Global achieved a significant increase in
gross profit.
Operating earnings before amortisation (EBITA) came to CHF 122.2 million (2013
adjusted1: CHF 150.1 million). Operating earnings (EBIT) stood at CHF 85.7 million
(2013 adjusted1: CHF 112.9 million).
Net result came close to the previous year's at CHF 67.4 million (2013: CHF 69.2
million, 2013 adjusted1: CHF 36.7 million) and includes almost CHF 2 million of costs
already incurred for the announced sale of tour operating activities. The costs of
CHF 47.6 million in 2013 relating to the withdrawal from loss-making European tour
operating activities mainly affected the financial result in 2013.
Cash flow from operating activities came to CHF 64.0 million (2013: CHF 160.4
million). Free cash flow stood at CHF 33.2 million (2013: CHF 124.6 million). This
decline was due mainly to lower operating earnings (EBIT), as well as swings in Net
Working Capital.
Kuoni Group's equity at 31 December 2014 came to CHF 779 million (31.12.2013:
CHF 779 million). The equity ratio was practically unchanged at 32.2% (31.12.2013:
32.6%).
As at 31 December 2014, Kuoni Group had a total of 11 934 employees (FTE) (2013:
11 478 FTE). While headcount was reduced in most units, it rose in the two growth
areas FIT and VFS Global.
Distribution proposed to the General Meeting of Shareholders
The Board of Directors, based on its current dividend policy, proposes to shareholders to
distribute 40-45% of the net result attributable to shareholders. Accordingly, the Board
of Directors is asking the Annual General Meeting 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. 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.
The ex-dividend date is 22 April 2015. The value date for the distribution is 24 April
2015.
1 excluding the effect of Swiss pension plan changes and a curtailment of CHF 41.3 million in total
3
Kuoni Group figures
Income statement
CHF million
2014
Turnover
Direct costs
Gross profit
Personnel expense
Marketing and advertising expense
Other operating expense
Share in result from joint ventures
Depreciation
Operating earnings before amortisation (EBITA)
Amortisation
Operating earnings (EBIT)
2013
Change in
%
5 508.5
5 668.9
-2.8
-4 483.4
-4 563.4
1.8
1 025.1
1 105.5
-7.3
-557.4
-548.5
-1.6
-59.8
-64.4
7.1
-234.7
-250.1
6.2
-2.0
-2.7
25.9
-49.0
-48.4
-1.2
122.2
191.4
-36.2
-36.5
-37.2
1.9
85.7
154.2
-44.4
Financial income
12.0
6.2
93.5
Financial expense
-7.5
-58.2
87.1
Result before taxes
90.2
102.1
-11.7
-22.8
-32.9
30.7
67.4
69.2
-2.6
1.0
1.1
66.4
68.1
Basic earnings per registered share A in CHF
3.44
3.55
Diluted earnings per registered share A in CHF
3.44
3.55
Basic earnings per registered share B in CHF
17.20
17.77
Diluted earnings per registered share B in CHF
17.20
17.77
Income taxes
Net result
Of which:
Attributable to non-controlling interests
Attributable to shareholders of Kuoni Travel Holding Ltd
4
Breakdown of turnover
(as per new structure from 2015)
CHF million
2014
2013
Change
in %
Global Travel Distribution (GTD)
Global Travel Services (GTS)
VFS Global
1 933
1 238
271
1 802
1 360
244
7.3
-9.0
11.1
Outbound Units
2 187
2 396
-8.7
Turnover elimination1
Kuoni Group
-121
5 508
-133
5 669
-2.8
2014
2013
Change
in %
873
1 933
943
1 802
-7.4
7.3
844
1 343
1 343
982
1 414
1 355
59
417
244
-133
5 669
-14.1
-5.0
-0.9
Breakdown of turnover
(as per old 2014 structure)
CHF million
Global Travel Services
Group Travel
FIT (Fully Independent Traveller)
Outbound & Specialists
Outbound Nordic
Outbound Europe/Asia
remaining activities
sold/closed activities
Destination Management Specialists
VFS Global
Turnover elimination
Kuoni Group
365
271
-121
5 508
1 elimination according to the 2014 segment reporting
5
-12.5
11.1
-2.8
Breakdown of EBITA
(as per new structure from 2015)
CHF million
2014
Global Travel Distribution (GTD)
Global Travel Services (GTS)
Acquisition and integration cost
VFS Global
Outbound Units
Corporate
Kuoni Group
2013
63.2
4.8
2013
adjusted1
73.0
29.6
74.5
33.2
Change in
%2
-13.4
-83.8
0.0
52.5
-4.7
40.2
-4.7
40.2
30.6
12.9
43.4
71.9
-70.3
-11.2
122.2
-31.4
150.1
-23.7
191.4
64.3
-18.6
2014
2013
adjusted1
2013
Change in
%2
16.9
63.2
0.0
23.2
73.0
-4.7
26.8
74.5
-4.7
-27.2
-13.4
-7.6
20.5
20.5
37.8
5.6
8.6
-3.0
6.4
40.2
-31.4
150.1
37.8
34.1
37.1
-3.0
6.4
40.2
-23.7
191.4
Breakdown of EBITA
(as per old 2014 structure)
CHF million
Global Travel Services
Group Travel
FIT (Fully Independent Traveller)
Acquisition and integration cost
Outbound & Specialists
Outbound Nordic
Outbound Europe/Asia
remaining activities
sold/closed activities
Destination Management Specialists
VFS Global
Corporate
Kuoni Group
-12.1
52.5
-11.2
122.2
1 excluding the effect of Swiss pension plan changes and a curtailment of CHF 41.3 million in total
2 2013 adjusted vs 2014
6
266.1
138.4
30.6
64.3
-18.6
Breakdown of EBIT
(as per new structure from 2015)
CHF million
2014
2013
adjusted1
2013
Change in
%2
Global Travel Distribution (GTD)
42.0
51.5
53.0
-18.4
Global Travel Services (GTS)
-3.4
21.2
24.8
Acquisition and integration cost
VFS Global
Outbound Units
0.0
-4.7
-4.7
52.5
40.2
40.2
30.6
5.8
36.1
64.6
-83.9
Corporate
-11.2
-31.4
-23.7
64.3
Kuoni Group
85.7
112.9
154.2
-24.1
2014
2013
adjusted1
2013
Change in
%2
Group Travel
12.4
18.7
22.3
-33.7
FIT (Fully Independent Traveller)
42.0
51.5
53.0
-18.4
0.0
-4.7
-4.7
Outbound Nordic
-8.5
36.8
36.8
Outbound Europe/Asia
14.3
-0.7
27.8
remaining activities
14.3
2.4
30.9
0.0
-3.1
-3.1
Breakdown of EBIT
(as per old 2014 structure)
CHF million
Global Travel Services
Acquisition and integration cost
Outbound & Specialists
sold/closed activities
Destination Management Specialists
495.8
-15.8
2.5
2.5
VFS Global
52.5
40.2
40.2
30.6
Corporate
-11.2
-31.4
-23.7
64.3
Kuoni Group
85.7
112.9
154.2
-24.1
1 excluding the effect of Swiss pension plan changes and a curtailment of CHF 41.3 million in total
2 2013 adjusted vs 2014
7
Turnover Outbound Units
CHF million
Outbound Nordic
Switzerland
United Kingdom
Benelux Specialists
India
Hong Kong/China
2014
2013
844.1
982.2
679.1
409.8
37.1
138.5
78.8
722.9
402.1
39.3
125.0
65.9
2014
2013
125.9
188.2
150.5
77.9
7.9
24.9
12.4
156.7
74.4
8.3
22.1
10.4
Gross profit Outbound Units
CHF million
Outbound Nordic
Switzerland
United Kingdom
Benelux Specialists
India
Hong Kong/China
Operating earnings before amortisation (EBITA) Outbound Units
CHF million
2014
Outbound Nordic
Switzerland
United Kingdom
Benelux Specialists
India
Hong Kong/China
-7.6
2013
adjusted1
37.8
12.2
9.0
0.7
-2.0
2.9
8.3
8.0
1.6
-8.8
2.2
1 excluding the effect of Swiss pension plan changes and a curtailment of CHF 41.3 million in total
8
Operating segments
Reporting in accordance with old 2014 segment structure
Group Travel (new part of Global Travel Services, GTS)
Turnover came to CHF 873 million (2013: CHF 943 million). The organic decline of
-6.5% can be attributed primarily to lower demand in the Japanese market following
the increase of the consumer tax and the devaluation of the yen. Meanwhile, the
booking trend in Taiwan, South Korea, India and Hong Kong was positive. The
competitive environment temporarily became tougher owing to reduced demand in
key Asian markets. A lower gross profit margin had to be accepted as the price of
maintaining a leading position in the most important markets. Operating earnings
before amortisation (EBITA) came to CHF 16.9 million (20131: CHF 23.2 million).
Operating earnings (EBIT) stood at CHF 12.4 million (20131: CHF 18.7 million). The
number of room nights booked fell by 3.0% to 3.1 million.
FIT (Fully Independent traveller, new Global Travel Distribution, GTD)
The FIT business area increased turnover to CHF 1 933 million (2013: CHF 1 802
million). Organic turnover growth came to 8.8%. More than 13 million room nights in
hotels were booked in a single financial year for the first time. Source markets in
Asia/Pacific, the Middle East, Central Europe and Africa contributed most to the
increase. In Asia (excluding Japan) there was organic growth of 13%. Operating
earnings were affected by the cost of updating e-commerce platforms and by higher
staffing costs resulting from the growth strategy. Operating earnings before
amortisation (EBITA) came to CHF 63.2 million (20131: CHF 73.0 million). Operating
earnings (EBIT) stood at CHF 42.0 million (20131: CHF 51.5 million).
Outbound Nordic
Outbound Nordic was heavily affected by the challenging market environment.
Demand was reduced as a result of geopolitical events (political unrest in Egypt and
Thailand), negative currency influences and very good spring and summer weather in
Scandinavia. Excess flight capacity significantly lowered the level of achievable prices
and margins. Outbound Nordic reported turnover of CHF 844 million (2013: CHF 982
million). Earnings before amortisation (EBITA) fell to CHF -7.6 million (2013:
CHF 37.8 million). EBIT went down to CHF -8.5 million (2013: CHF 36.8 million).
1 excluding the effect of Swiss pension plan changes and a curtailment of CHF 41.3 million in total
9
Outbound Europe/Asia
Tour operating activities saw operating earnings (EBIT) go up again namely thanks to
business in the important summer quarter. In the Swiss market in particular, rainy
summer weather helped to boost demand and earnings. Despite travel warnings for
important destinations in Kenya and Thailand, the UK market generated higher
earnings. Activities in India and Hong Kong/China also achieved better results.
Turnover for 2014 stood at CHF 1 343 million (2013: CHF 1 414 million). Earnings
before amortisation (EBITA) improved significantly to CHF 20.5 million (2013 1:
CHF 5.6 million). Operating earnings (EBIT) stood at CHF 14.3 million (2013 1:
CHF -0.7 million).
Destination Management Specialists (new part of Global Travel Services, GTS)
There was a mixed performance from the Destination Management Specialists, which
are active in various regions. Geopolitical events had a very negative impact on
results. Specifically in Kenya and Thailand temporary travel warnings prompted by
political conflicts led to falling demand. The United Arab Emirates and South Africa
were affected by the lower number of tourists from Russia and the Ukraine, and
suffered as a result from increased pressure on prices. Meanwhile, demand for travel
to India went up owing to the cheaper rupee. Turnover at the Destination
Management Specialists unit fell to CHF 365 million (2013: CHF 417 million).
Earnings before amortisation (EBITA) came to CHF -12.1 million (2013: CHF 6.4
million). EBIT stood at CHF -15.8 million (2013: CHF 2.5 million).
VFS Global
The world’s leading visa services provider continued to perform very well, achieving
higher turnover and operating earnings. Turnover rose by 11.1% to CHF 271 million
(2013: CHF 244 million). The increase can be attributed to growth in regions with
higher visa fees, and to the introduction of the first front office services (FOS). FOS
offer governments and authorities in-country public citizen services. The first services
were launched in Asia, Africa and Europe. EBITA and EBIT increased to CHF 52.5
million (2013: CHF 40.2 million), a rise of 30.6%. In 2014, 18.2 million applications
were processed and almost 6 million biometric data sets were recorded. Activities in
the Ukraine and Russia in particular declined significantly, but this was offset by the
increase in applications from Asia. At the end of 2014, VFS Global was operating
1 486 application centres in 120 countries for 45 governments. A total of 54
application centres in 26 countries were opened as part of the joint venture to serve
the Kingdom of Saudi Arabia.
1 excluding the effect of Swiss pension plan changes and a curtailment of CHF 41.3 million in total
10
Property sale (information from 21 August 2014)
In consequence to a better use of office capacity and the aim to exploit synergies at
Kuoni's head office in Zurich, the business activities of the specialist Swiss tour
operators were moved from the "Geroldstrasse" building to the "Neue Hard" building.
Kuoni Group then sold the "Geroldstrasse" building, which it no longer needed, on
30.6.2014. This sale added CHF 10.1 million to operating earnings (EBIT).
This information on the 2014 financial year is also available in the original German.
The German version shall prevail.
Agenda 2015
Kuoni Group will report on its business performance as follows:
Capital Market Day
Half-year report
Nine-month business update
11 June 2015
21 August 2015
5 November 2015
The General Meeting of Shareholders will be held in Zurich on 20 April 2015.
Information about the General Meeting of Shareholders on 20 April 2015
Ray Webster, Member of the Board of Directors of Kuoni Travel Holding Ltd. since
2006, has decided not to stand for another term of office. He will leave the Board of
Directors at the Annual General Meeting of Shareholders on 20 April 2015.
The Board of Directors is proposing that the AGM elects Selina Neri to the Board.
Selina Neri is an Italian citizen who has worked in the ICT industry for more than 22
years, most recently as Chief Executive Officer of online luxury fashion retailer Dadu
Luxe based in Dubai. Selina Neri is, among other things, an expert in digital business
transformation and e-commerce. She has an MBA from Clemson Business School,
South Carolina, USA and a degree in economics from the University of Parma, Italy.
Selina Neri's detailed CV can be found at:
http://www.kuoni.com/corporate-governance/annual-general-meeting/20151
All the other Members of the Board of Directors are standing for a further term of
office.
11
The following agenda items are being put before the General Meeting of 20 April
2015 for voting:
1. Approval of the 2014 business review, financial statements and consolidated
financial statements; acknowledgement of the auditors‘ report.
2. Appropriation of the 2014 balance sheet result, distribution
2.1 Appropriation of the 2014 balance sheet result
2.2 Distribution against statutory reserves from capital contributions
3. Discharge of the members of the Board of Directors and the Group Executive
Board
4. Elections
4.1 Election of the Board of Directors
4.1.1 Re-election of Heinz Karrer
4.1.2 Re-election of Jae Hyun (Jay) Lee
4.1.3 Re-election of John Lindquist
4.1.4 Re-election of Adrianus (Adriaan) Nühn
4.1.5 Re-election of David J. Schnell
4.1.6 Re-election of Annette Schömmel
4.1.7 Election of Selina Neri
4.2 Re-election of Heinz Karrer as Chairman of the Board of Directors
4.3 Election of the Members to the Compensation Committee
4.3.1 Re-election of Jae Hyun (Jay) Lee
4.3.2 Re-election of Adrianus (Adriaan) Nühn
4.3.3 Re-election of Annette Schömmel
4.4 Re-election of REBER Rechtsanwälte, Zurich, as independent proxy
4.5 Re-election of KPMG AG, Zurich, as auditors
5. Amendment of the Articles of Incorporation
New article on Principles of Compensation, Performance-related Compensation as
well as Participation and Option Plans
6. Compensation
6.1 Consultative vote on the 2014 Compensation Report
6.2 Approval of a maximum total amount for the compensation of the Board of
Directors for the period until the next Annual General Meeting
6.3 Approval of a maximum total amount for the compensation of the Executive
Board for the financial year 2016
7. Any other business
The official, complete and legally relevant invitation to the 89th Annual General
Meeting of Kuoni Travel Holding Ltd for the business year 2014 including all agenda
items, proposals as well as the explanations by the Board of Directors will be sent
either by mail or electronically via the Sherpany online platform to all shareholders
who are registered in the Company's share register, and will be published on March
27, 2015 in the Swiss Official Gazette of Commerce.
The present announcement does not constitute an invitation to the annual general
meeting of shareholders 2015.
12
About Kuoni Group
Kuoni Group (Zurich Stock Exchange SIX: KUNN) is a leading service provider to the global travel
industry and governments with leading positions in its areas of activity and sustainable growth prospects,
with a strong focus on Asia. Kuoni Group generated turnover of CHF 5.5 billion in the 2014 financial year and
employed 11 934 people (FTE) at the end of 2014.
Kuoni Group focuses on three core activities:
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 38 000
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 50 000 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 1 486 application centres in 120 countries and holds an estimated 50% market share of the global
outsourced applications market. It generates almost 70% of its turnover from applicants from the Asia/Pacific
region.
FURTHER INFORMATION
MEDIA
ANALYSTS AND INVESTO RS
PETER BRUN
LAURENCE BIENZ
Chief Communications Officer
Head of Investor Relations
Kuoni Travel Holding Ltd
Kuoni Travel Holding Ltd
Neue Hard 7
Neue Hard 7
CH-8010 Zurich
CH-8010 Zurich
P
P +41 (0)44 277 45 29
+41 (0)44 277 48 28
M +41 (0)76 370 24 24
[email protected]
[email protected]
13
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 forwardlooking 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.
14