INFORMATION INTERIM RESULTS November 5, 2015
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1 INFORMATION INTERIM RESULTS 2015 November 5, 2015
2 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. MOREOVER, THE PRO FORMA INFORMATION PROVIDED IN THIS PRESENTATION SERVES AS AN ILLUSTRATION AND CONTAINS SIMPLIFIED ASSUMPTIONS. ROUNDING EFFECTS MAY OCCUR. THE REPRESENTATION OF THIS FINANCIAL INFORMATION IS BASED ON HYPOTHETICAL BUSINESS EVENTS AND FACTS AND DOES NOT REFLECT KUONI'S ACTUAL ASSET, FINANCIAL AND INCOME SITUATION. THE ASSET, FINANCIAL AND INCOME SITUATION OF KUONI IN FUTURE FINANCIAL STATEMENTS AND REPORTS MAY SUBSTANTIALLY DIFFER FROM THE INFORMATION PROVIDED HEREIN. THE REASON FOR THIS IS A STRING OF FACTORS, SUCH AS, FOR EXAMPLE, BUSINESS DEVELOPMENTS, CHANGES IN THE MARKET, AND IN THE LEGAL, REGULATORY AND/OR ECONOMIC FRAMEWORK, AS WELL AS AMENDED ACCOUNTING REGULATIONS. 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. 2
3 AGENDA 1 STRATEGY AND GOVERNANCE 2 Q FINANCIAL OVERVIEW 3 9 MONTHS 2015 FINANCIAL OVERVIEW 4 IMPACT FROM DISPOSAL 5 TRADING UPDATE / OUTLOOK CLOSING STATEMENTS ANNEX 3
4 STRATEGY AND GOVERNANCE HEINZ KARRER CHAIRMAN OF THE BOARD OF DIRECTORS
5 STRATEGIC AND CORPORATE GOVERNANCE REVIEW Kuoni Group has engaged in an active dialogue with key stakeholders Kuoni Group is committed to have and active dialogue with all shareholders STRATEGIC & CORPORATE GOVERNANCE REVIEW In the last few months Kuoni Group met most large shareholders The Board of Directors of the Kuoni Group reviewed specifically Strategy Shareholder rights Composition of the Board of Directors Compensation 5
6 CONCLUSIONS AND DECISIONS BY THE BOARD OF DIRECTORS 1) Acceleration of the strategy defined in January ) Restructure GTS Division 3) Significant cost reduction to suit the size of the new company 4) Partnership with the Chinese HNA Group KEY POINTS 5) Renewing and downsizing of the Board of Directors and reduced compensation 6) Removal of the restriction on voting rights to be asked at the AGM April ) Confirmation of the 2017 mid-term targets while maintaining existing dividend policy 8) New CFO to complete Group Executive Board in Q
7 ACCELERATING THE IMPLEMENTATION OF THE STRATEGIC DIRECTION ANNOUNCED IN JANUARY /2 The corporate strategy announced in January 2015 with the focus on three business divisions GTD, GTS and VFS has been reviewed and its implementation will be accelerated Kuoni Group is a B2B asset-light service provider powered by technology which acts as intermediary with a truly global footprint and experience in the travel industry and governments business The Board of Directors is convinced to achieve the mid-term targets announced in March 2015 GTD and VFS are posting above-average growth and reporting earnings as expected STRATEGY GTS is confronted with major challenges extensive restructuring consequent and accelerated realignment of its organisation and structures 7 The expansion of the divisions will be driven through increasing their footprints in AsiaPacific, Middle East and Africa, further extending digitization and growing their service offerings Kuoni Group monitors and reviews market opportunities in general to maximize shareholder value and enable profitable growth
8 ACCELERATING THE IMPLEMENTATION OF THE STRATEGIC DIRECTION ANNOUNCED IN JANUARY /2 Kuoni Group has entered into a partnership with HNA Group (Chinese origin) Goal: jointly develop the China outbound business and to partner in related strategic matters, particularly valuable for GTD and GTS HNA Group, founded in 1993, had in 2014 revenues in excess of USD 25 bn Globally active in a number of businesses incl. tourism and aviation, among others e.g. HNA Tourism and Caissa STRATEGY 8 With the divestiture of the Outbound business, Kuoni Group started the adjustments and significant cost reduction of support and corporate functions to reflect the smaller Kuoni Group
9 GTD TO EXPAND ITS ACTIVITIES IN KEY MARKETS OF ASIA AND MIDDLE EAST GTD IS A LEADING B2B DISTRIBUTOR PROVIDING EASY ACCESS TO ACCOMMODATION AND DESTINATION SERVICES GTD overview 9 GTD is a global B2B distributor that provides travel companies with easy access to accommodation and destination services for independent travellers Prime customer segments of GTD are consumer facing clients such as online and offline travel agents The intermediated accommodation market in which GTD operates, had an estimated size of USD 167bn in 2014 and has grown with 6% CAGR over the past 2 years Positioning GTD is a leading B2B distributor with strong position in emerging markets (~45% of turnover generated in Asia/Pacific, Middle East and Africa) Industry-leading technology supporting all stages of the travel agent s sales cycle Effortless experience due to convenient service options and solution-driven support teams 50,000 self-sourced hotels worldwide that meet client needs and competitive prices Priorities Develop strategic partnership with HNA Improve profitability through stabilization of gross profit margin and strict operating expense management Further increase focus on travel agents and make it simpler for them to sell more and drive business success Invest in technology and service offering, which are considered key differentiators for travel agents Alignment with suppliers' distribution strategy
10 GTS IS BEING RESTRUCTURED AND WILL BENEFIT FROM GROWTH OPPORTUNITIES IN CHINA GTS IS A B2B INBOUND SERVICE PROVIDER WITH STRONG FOOTHOLD IN ASIA AND EXPERIENCE IN DESTINATION MGMT GTS overview 10 GTS sources and coordinates destination services from accommodation, transportation, tours and activities to venues and event management GTS acts as outsourcing partner for the travel industry that sources/combines required components, ensures flawless execution of in-destination logistics and supports in emergencies Positioning GTS is a leading player in the growing group travel market from Asia to Europe Priorities Value proposition is to provide curated components, convenient service and expertise regarding products and logistics at a competitive price Strong position in Asia with 60% of turnover from Asia/Pacific source markets GTS handles approximately 50,000 leisure tours per year Customer segments are: Group Travel, MICE and Custom FIT Restructuring of GTS to adjust rapidly to changed market conditions through standardisation of management structures, reduction of complexity and outsourcing of administrative activities Resizing of Japanese operations while capturing growth opportunities in China Focus on attractive and more profitable customer segments Develop strategic partnership with HNA Return the division to profit and increase flexibility
11 ECONOMIES OF SCALE AND DEVELOP INNOVATIVE NEW GOVERNMENT OUTSOURCING SERVICES WITH HIGH GROWTH POTENTIAL VFS IS A STRONGLY GROWING MARKET LEADER IN OUTSOURCING AND TECHNOLOGY SERVICES FOR GOVERNMENTS WORLDWIDE VFS overview 11 VFS Global is a global market leader in Visa and Consular Services and has experience in Identity Management & Citizen Services The business offers nonjudgmental and administrative services to governments and diplomatic missions worldwide As outsourcing and technology services specialist, VFS Global processed more than 18m visa applications in 2014 Positioning Pioneer and global market leader in Visa outsourcing services Long-term relationships with all relevant client governments Priorities Largest source market coverage with physical presence in more than 120 countries Generates almost 70% of its turnover from applicants from the Asia/Pacific region Flexible solutions enabled by best-in-class service and stateof-the art technology Maintain global market leading position and profitability in Visa services through economies of scale Increase outsourcing activities for other governmental processes, i.e. in-country Citizen Services & Identity Management, which offer high growth potential Focus on innovation and develop technology-driven solutions to enhance value proposition for client governments
12 THE BOARD OF DIRECTORS TO BE RENEWED AND REDUCED IN SIZE WITH ITS NEW COMPOSITION, THE COMPETENCES OF THE BOD WILL FOCUS ON THE CHANGED PORTFOLIO PROPOSED SOLUTION 12 Reduction of the board members from 7 to 6 members Search for new board members with the necessary sector specific expertise to support the requirements of the changed portfolio New board members to be proposed to the AGM on 26 April 2016 Timely information on the appointment of new board members with respective sector specific expertise and the departure of existing members will be provided Completion by AGM on 26 April 2016 Reduction of the compensation foreseen
13 STRENGTHENING SHAREHOLDER RIGHTS AND ENHANCE DIALOGUE WITH SHAREHOLDERS TAKING ACCOUNT OF CHANGED MARKET DEVELOPMENT, EXPECTATIONS OF INVESTORS AND ASSURING THE GROUP S SUSTAINABLE DEVELOPMENT CURRENT SITUATION No application of the above for: Kuoni and Hugentobler Foundation PROPOSED CHANGES Voting rights restrictions at 3% of share capital Proposal to remove voting rights restrictions at the next AGM on 26 April 2016 Quorum requirements: at least 2/3 of the votes and ½ of the capital represented at a meeting as set out in art 16 cif.1 of the articles of association If approved Shareholders owning more than 3% of the Kuoni s registered share capital can be fully registered to exercise their voting rights Entry into effect immediately after the AGM on 26 April
14 CONFIRMATION OF MID-TERM TARGETS 2017 AS ANNOUNCED IN MARCH 2015 DESPITE RESTRUCTURING NEEDS OF THE GTS DIVISION Turnover growth per annum1) above the global travel market EBIT margin Free Cash Flow margin 5% p.a. 3% 2.5% 3.6% EBITA margin -14% EBIT in CHF million Turnover in CHF bln as reported 2014 FX adjusted 2017 Target 81-21% % 1.9% 2014 as reported 2014 FX adjusted 2017 target Capex expected in line with depreciations Tax rate estimated at ~25% NWC changes and non-cash items expected neutral 1) >5% turnover growth on CHF 3.0bn baseline in Aspiration is to grow significantly faster than the global travel markets, which according to UNWTO will expand by 3.8% p.a. 14
15 EXISTING DIVIDEND POLICY CONFIRMED CURRENT DIVIDEND POLICY WITH A DISTRIBUTION OF 40-45% OF NET RESULTS ATTRIBUTABLE TO SHAREHOLDERS DIVIDEND POLICY Intention of the Board of Directors: Proposal to the next AGM to distribute a dividend for the financial year % of net result, excluding: the one-time effects of the sales process of the tour operating activities the impairment of other intangible assets proceeds of the potential sale of the Neue Hard property in Zurich 15
16 NEW CFO APPOINTED TAKES OVER IN THE COURSE OF THE 1ST Q 2016 Prisca Havranek-Kosicek Austrian citizen Extensive experience in finance Since 2014 Group Treasurer of Royal DSM 16 As of 2012 CFO of the Pharmaceutical Products Business of DSM Pharma Chemicals in New Jersey (USA) As of 2011 VP Finance & Control role at DSM Pharma Chemicals Business Unit, based in Austria Among other positions 4 years as Head Investor Relations at Austrian Airlines Group Mrs Havranek-Kosicek has Ph.D in Business Administration and is fluent in German, English and Spanish
17
18 Q FINANCIAL OVERVIEW
19 HIGHLIGHTS OF Q TWO DIVISIONS POSTING ABOVE AVERAGE GROWTH SALE OF EUROPEAN TOUR OPERATING ACTIVITIES COMPLETED AND DECONSOLIDATED Organic growth of +8.0% continues to outperform the market Negative translation impact of -7.9% on turnover due to Swiss franc appreciation Improved GOP Margin to 17.1% (vs. 16.6%) EBITA at CHF 41.9m (vs. CHF 44.6m) GTD significantly improves EBITA by over 20% to CHF 30.0m and enhances GOP margin to 11.4% (vs. 10.9%) Restructuring of GTS initiated; CHF 19.4m related to restructuring charged in Q3 VFS Global achieves excellent organic growth well above 20% -7.0 GTD GTS VFS Group in % of turnover yoy Organic FX
20 ORGANIC TURNOVER GROWTH OF 8.0% IN Q3 APPRECIATION OF SWISS FRANC IMPACTED TOP LINE BY 7.9% TURNOVER (CHF million) Q315 Q314 Global Travel Distribution Global Travel Services VFS Global Less turnover elimination between segments Kuoni Group 20 Δ% Δ% nominal organic , ,
21 IN Q3: STRONG PROFITABILITY IMPROVEMENT IN GTD, GTS IN RESTRUCTURING PHASE EBITA Q315 Q314 Global Travel Distribution Global Travel Services 5.6 1) VFS Global Corporate Kuoni Group 1) Δ% (CHF million) Incl. CHF 3.0m charges due to realignment of IT structure as part of restructuring of GTS Division. 21 nominal -6.1
22 9M 2015 FINANCIAL OVERVIEW
23 HIGHLIGHTS OF 9M 2015 TWO DIVISIONS POSTING ABOVE AVERAGE GROWTH DECONSOLIDATION OF THE SOLD EUROPEAN TOUR OPERATING ACTIVITIES COMPLETED Organic turnover growth of +7.6% offset by negative translation impact of -7.7% on turnover due to Swiss franc appreciation GTD achieved 11.0m room nights +7.5% GTS strong currency headwind of -8.9% and organic growth of -1.3%; organic growth in Group Travel +4.6%; DMS -20.3% VFS Global processed 15.9 million visa applications EBITA at CHF 56.5m (vs CHF 88.4m included a positive contribution of CHF 10.1m from disposal of a property in Zurich in HY 2014) Net result from continuing operations at CHF 12.0m (vs CHF 56.6m) Free cash flow from continuing operations at CHF 38.0m (vs CHF 136.2m) -7.6 GTD GTS in % of turnover yoy Organic FX VFS Group
24 GLOBAL SOURCE MARKET; STRONG POSITION IN GROWTH MARKETS 17% (VS 14%) OF APAC SOURCED OUT OF CHINA WHEREAS 20% (VS 27%) OF APAC SOURCED OUT OF JAPAN in % of turnover 9M 2015 Source 9M 2015 Destination MEA MEA 8% 11% 32% APAC Europe 17% 45% 58% 17% 12% Americas 24 APAC Americas Europe
25 GROUP ORGANIC TURNOVER GROWTH OF 7.6% IN 9M APPRECIATION OF SWISS FRANC IMPACTED TOP LINE BY 7.7% TURNOVER 9M15 (CHF million) 9M14 Δ% Δ% restated*) nominal organic 1, , Global Travel Services VFS Global , , Global Travel Distribution Less turnover elimination between segments Kuoni Group *) Restatement of comparative period figures due to the decision to sell all outbound tour operating activities and the inbound business activities in India. 25
26 STABLE GOP HIGHER COSTS OF GROWTH STRATEGY IN GTD AND RESTRUCTURING OF GTS HAD AN EFFECT ON OPERATING PROFIT PROFIT & LOSS FROM CONTINUING OPERATIONS 9M14 Δ% 2, , % 17.8% EBITA EBITA-Margin % 88.43) 3.5% % EBIT EBIT-Margin % % % Net result from continuing operations Diluted earnings per registered share B Free cash flow (CHF million) 9M15 Turnover GOP Margin restated 1) 1) Restatement of comparative period figures due to the decision to sell all outbound tour operating activities and the inbound business activities in India. presented in HY 2015 incl the inbound business activities in India. 3) Incl. gain from the disposal of a property in Zurich in 1st half 2014 in the amount of CHF 10.1m 2) As 26 FY14 restated 2) 3, %
27 ONE-TIME EFFECT ON NET RESULT DUE TO THE SALE OF EUROPEAN TOUR OPERATING ACTIVITIES PROFIT & LOSS INCLUDING DISCONTINUED OPERATIONS 9M14 Δ% 2, , ,436.0 EBITA EBITA-Margin % % % EBIT EBIT-Margin % % % ) n/a n/a (CHF million) 9M15 Turnover Net result from continuing operations Net result from discontinued operations, net of income tax Net result restated 1) FY14 restated 2) Earnings per share in CHF From continuing and discontinued operations: Diluted earnings per registered share B 1) Restatement of comparative period figures due to the decision to sell all outbound tour operating activities and the inbound business activities in India. presented in HY 2015 incl the inbound business activities in India. 3) Incl CTA of CHF m 2) As
28 GLOBAL TRAVEL DISTRIBUTION (GTD): STRONG ORGANIC GROWTH OF 10.6% ACHIEVED IN 9M Room nights up by 7.5% from 10.3m >11 MILLION ROOM NIGHTS SOLD (CHF million) Q315 9M15 9M14 1) % Turnover , , GOP GOP-margin % % % ,533 1,373 EBITA FTE (end of period) Currency impact on turnover of -7.6% resulting in a nominal growth of 3.0% After key market penetration in H2/14 and H1/15 GOP-margin improved in Q3 to 11.4% (vs. 10.9%) due to enhanced commercial model Continuous investment in customer service and technology to fuel growth and improve productivity Significant double digit growth in Asia and key markets China, India, Singapore and Indonesia Accommodation at beach destinations and travel services at locations had a 15% share of turnover Room nights growth in beach destinations worldwide up by 21% Increased portfolio to offerings and recorded 15% growth in bookings 1) Restatement of comparative period figures due to the decision to sell all outbound tour operating activities and the inbound business activities in India. 28
29 GLOBAL TRAVEL SERVICES (GTS): RESTRUCTURING INITIATED CHF 19.4M CHARGED TO Q RESULTS % GOP - Group Travel - DMS % 14.2% 15.0% n/a n/a n/a n/a n/a 2,797 1,626 1,171 2,930 1,625 1,305 EBITA - Group Travel - DMS Impairment FTE (end of period) - Group Travel - DMS GROUP TRAVEL 9M141) Turnover - Group Travel - DMS GOP margin 1) 9M15 Organic turnover growth of +4.6% owed mainly to a strong demand from China and Taiwan 2.6m room nights (+4.3%) Strong currency headwind by -12.4% Demand in Japan for Group Travel to Europe remains depressed (-27%) CHF 3m charges due to realignment of IT structure as part of the restructuring (on EBITA level) CHF 16.4m impairment of other intangible assets DESTINATION MGMT SERVICES Q315 (CHF million) Demand from Russia having negative effects on DMS especially in Middle East and Africa Demand up in USA and APAC Cost savings and focus on DM services with higher margins resulted in improved margin Restatement of comparative period figures due to the decision to sell all outbound tour operating activities and the inbound business activities in India. 29
30 VFS GLOBAL: SIGNIFICANT ORGANIC TURNOVER GROWTH OF +26.2% ACHIEVED OPERATING 1,837 APPLICATION CENTRES FOR 48 GOVERNMENTS IN 122 COUNTRIES (CHF million) Q315 9M15 9M141) % Turnover GOP EBITA - whereof JV n/a EBITA margin 14.9% 18.6% 21.4% 3,662 3,075 FTE (end of period) 11.3% increase in # of visa applications processed to 15.9m Strong organic top line growth realized also through a time-limited mandate from the South African government (H through H1-2015) Growth also achieved out of the following source markets: South America, India, Middle East and Africa Difficult economic situation in Russia led to a decrease in number of applications 1) Biometrics rollout for 19 Schengen Client Governments across 30 cities and 42 physical VAC locations throughout Russia Saudi Government restricted # of visas for families prior Hajj resulting in lower profitability of JV in Q3 Restatement of comparative period figures due to the decision to sell all outbound tour operating activities and the inbound business activities in India. 30
31 DECLINE IN CASH FLOW DUE TO LOWER OPERATING EARNINGS (EBITA) AND CHANGES IN WORKING CAPITAL STRONG ORGANIC TURNOVER GROWTH IN Q3 LED TO HIGHER ACCOUNTS RECEIVABLE POSITION AT 9M 2015 (CHF million) Operating cash flow from continuing operations Free cash flow from continuing operations M M 2015
32 IMPROVED EQUITY RATIO AT 23.8% VS. HALF-YEAR AT 18.5% Equity ratio EQUITY RATIO DECLINE VS. DECEMBER 2014 DUE TO NET RESULT, DIVIDEND PAYMENT AND MATERIAL IMPACT AFTER DEPRECIATION OF (CHF million) 2,800 2,400 Liability Equity in % ,393 2,681 2, ,381 2,021 2, ,600 1,614 1,954 1, '941 1,539 1, Dec Jun Dec Jun Sep 2015
33 NET DEBT IMPROVED IN 9M FROM CHF 273.8M TO CHF 209.8M NAMELY THROUGH THE DISPOSAL OF THE TOUR OPERATING ACTIVITIES DECONSOLIDATION OF EUROPEAN TOUR OPERATING ACTIVITIES REDUCED LI QUID FUNDS BY CHF 206.9M AND ADVANCE PAYMENTS BY CUSTOMERS BY 314.5M (CHF million) continuing discontinued 33 Liquid funds Bond Other debt Net Liquid Funds Advance payments by customers Net debt n/a n/a
34 CREDIT INSTRUMENTS IN PLACE REVOLVING CREDIT FACILITY RENEWED SECURED FINANCING IN PLACE Revolving Credit Facility CHF 200m Utilised CHF 150m Expiry: Interest rate: LIBOR plus margin 0.85%-2.15% depending on leverage ratio Covenant: Max. degree of indebtedness must not exceed 3.0 times, measured as the leverage ratio between net debt and EBITDA Bond Nominal CHF 200m Expiry: Interest rate: 1.5% Real Estate Head Quarter Neue Hard 7, Zurich Mortgage: CHF 15m 34 Expiry: Interest rate: 2.7% Book value: CHF 23m Estimated market value: CHF 75m
35 IMPACT FROM DISPOSAL
36 LOSS FROM THE SALE OF EUROPEAN TOUR OPERATING ACTIVITIES PROFIT & LOSS (CHF million) Net assets disposed of Purchase price received Non-controlling interest Cumulative foreign exchange losses reclassified to p&l on loss of control Loss on disposal of European tour operating activities Impairment loss recognised as of June 30, Transaction costs Provisions for reps and warranties Other effects (e.g. offsetting internal charges) Loss from deconsolidation of European tour operating activities 36 9M
37 SIMULATION OF DECONSOLIDATION OF ASIAN TOUR OPERATING AND INDIAN INBOUND ACTIVITIES PROFIT & LOSS 9M15 (CHF million) Disposal of assets held for sale Disposal of liabilities held for sale 97.1 Net assets to be disposed of Estimated purchase price 79.0 Estimated provisions for reps and warranties and other expenses Gain on disposal of Asian outbound and Indian inbound activities Not yet finalized Cumulative foreign exchange losses to be reclassified to p&l on loss of control (end September CHF -49m) Loss from deconsolidation of Asian tour operating and Indian inbound activities (Estimation) 37
38 TOUROPERATING ACTIVITIES HAVE BEEN UNDER SEVERE PRESSURE FOR THE LAST COUPLE OF YEARS 1/2 EBIT DEVELOPMENT OUTBOUND ACTIVITIES (CHF million) ,7% 2,1% ,3% ,9% ,3% ,8% -1,1% EBIT margin % 38 Nordic 2011 Europe/Asia E Notes: 2012 incl costs to exit from loss-making touroperating units in Europe CHF 39m 2013 incl costs to exit from loss-making touroperating units in Europe CHF 3.1m 2014 incl positive impact from change in pension plan (non-recurring, non-cash) CHF 28.5m 2015 Kuoni estimate for full year EBIT 2015 on a like-for-like basis
39 DISCONTINUED ACTIVITIES HAVE BEEN UNDER SEVERE PRESSURE FOR THE LAST COUPLE OF YEARS 2/2 LOW PROFIT CONTRIBUTION AND WORSENING SITUATION Very low EBIT contribution of outbound activities over past 7 years: not covering share of corporate cost, i.e. loss making on an «all-in» basis, by far not covering risks to run the business (risk-return). Worsening strategic situation: Overall saturated markets in Europe Switzerland source market attacked by German tour operators Growth of OTA (online) players Structural shift in Nordic market, namely increase in air liquidity (Norwegian) and increasing vertical integration of key competitors (TUI/Thomas Cook) leading to improved product differentiation. TUI merger and their pan-european strategy impacting players such as Kuoni (lack of scale). Productivity increase difficult to achieve due to legacy IT systems. Limited synergies to continuing activities 39
40 TRADING UPDATE / OUTLOOK 2015
41 CURRENT TRADING BOOKING LEVELS COMPARED WITH EQUIVALENT PRIOR-YEAR PERIOD FOR DEPARTURE IN 2015 (AS AT 25 OCTOBER 2015) CHF LCY Global Travel Distribution (GTD) + 2% + 9% Global Travel Services (GTS) 1) 9% 0% VFS Global Number of application processed + 11% 1) Excluding Destination Management India unit sold in August
42 OUTLOOK 2015 OUTLOOK 2015 EBITA EBIT > 75 > Restructuring costs incl. non-recurring items > 52 > 11 CHF million Underlying Impairment of other intangible assets 1) Further a normal development of free cash flow, comparable exchange rates and no further cash relevant real estate disposal, the estimated NET DEBT position for year end 2015 is expected to be between CHF 200m and CHF 250m. 1) 42 Incl. CHF 3.0m charges due to realignment of IT structure as part of restructuring of GTS Division, charged in 3rd quarter 2015.
43 CLOSING STATEMENTS HEINZ KARRER CHAIRMAN OF THE BOD
44 CLOSING REMARKS 1) Acceleration of the corporate strategy defined in January ) Restructure GTS Division 3) Significant cost reduction to suit the size of the new company SUMMARY OF KEY POINTS 4) Partnership with the Chinese HNA Group 5) Renewing and downsizing of the Board of Directors and reduced compensation 6) Removal of the restriction on voting rights to be asked a the next AGM ) Confirmation of the 2017 mid-term targets while maintaining existing dividend policy 8) New CFO to complete Group Executive Board in Q
45 ANNEX
46 MAIN DESTINATION REMAINS EUROPE AND APAC KEY SOURCE MARKET GEOGRAPHICAL SPREAD OF TURNOVER 9M 2015(IN %) Group GTD CHF 2,560m CHF 1,494m Group Travel GTS GTS CHF 823m By source Market By destination MEA 11% 15% 32% Europe 45% 39% APAC 12% APAC 30% Americas MEA APAC 17% Americas 58% Europe 21% 21% Americas Europe MEA 6% APAC 11% 9% 16% Americas 5% 62% 21% 69% Europe APAC APAC China 21% of total and 26% of APAC Japan 27% of total and 34% of APAC Americas 8% 8% 17% 46 MEA MEA Americas 81% 16% Americas APAC MEA Europe 3% 15% Americas 3% Europe CHF 244m CHF 181m CHF 643m MEA VFS DM Specialists APAC ME 3%4 MEA Americas MEA 25% 26% APAC 16% 50% Europe 93% Europe 49% APAC 13% 21% Americas 50% Europe
47 NEW KUONI GROUP CONSISTS OF 3 DIVISIONS WHICH ARE ABLE TO PARTICIPATE IN GLOBAL GROWTH KEY FACTS (2014 FY *) Global Travel Distribution (GTD) A B2B distributor of accommodation and destination services Turnover: CHF 1,934m Global Travel Services (GTS) Long-standing and leading provider of group travel and destination management services Turnover: CHF 1,234m Pioneer and global leader as visa service provider Turnover: CHF 271m VFS Global *) 1,414 FTE (end of period) 3,365 FTE (end of period) 3,209 FTE (end of period) Restatement of comparative period figures due to the decision to sell all outbound tour operating activities. 47
48 KUONI GROUP OFFERS ITS SERVICES GLOBALLY IN THE B2B TRAVEL AND B2G MARKET CHARACTERISTICS OF THE NEW KUONI GROUP Relevant global travel-related service provider with leading positions in respective markets Agile and flexible with no sizeable fixed operating assets KUONI GROUP High cash-conversion Multiple businesses balancing risks across geographies and business models Truly global footprint Strong position in Asia Focus on B2B2C 48
49 KUONI GROUP IS WELL POSITIONED WITHIN THE COMPLEX TRAVEL ECOSYSTEM SUPPLIERS Highly fragmented Supplier.com e.g. British Airways, Hilton Large international OTAs e.g. Booking.com, Expedia Hotels Metasearch Smaller/regional OTAs Transfers e.g. Kuoni, Apollo, TUI, Thomas Cook Travel Retail Tours B2B distributor Flights hotelbeds.com Group travel Destination Management Changing behaviours Countless desires e.g. Kuoni, Flight Centre Switches/GDS e.g. Amadeus, Travelport Consolidators/ Brokers e.g. Albatravel Miki Visa Processing Services Kuoni Group : >1bn international arrivals e.g. Kayak, Trivago e.g. HRS, Opodo.de Tour Operators CUSTOMERS CSC Source: Euromonitor
50 KUONI GROUP ORGANISATIONAL STRUCTURE as of 5 November 2015 Chief Executive Officer Zubin Karkaria Human Resources Finance1) IT Thomas Peyer Strategy & Communication Global Travel Distribution Global Travel Services VFS Global Ivan Walter Rolf Schafroth Zubin Karkaria Member of Executive Board 1) Incl. Risk Management, Legal & Compliance, Investor Relations 50
51 FINANCIAL CALENDAR REPORTS ON BUSINESS PERFORMANCE ON THE FOLLOWING DATES: Annual Report March 2016 Annual General Meeting April 2016 CONTACT DETAILS 51 Corporate Communications Phone: communications@kuoni.com Investor Relations Phone: investor.relations@kuoni.com mailing list:
52 THANK YOU FOR YOUR ATTENTION
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