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Valora Holding AG

euro adhoc: Valora Holding AG
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Valora reports good third quarter performance, Group on track

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Company Information
31.10.2007
During the 3rd quarter of 2007, Valora, the Swiss trading group, 
generated an operating profit of CHF 21 million, according to initial
estimates. After a disappointing 2nd quarter, this encouraging result
shows that the Group's new strategy and the initiatives it has taken 
to optimise operating efficiency are both on track. Valora rejects 
the demands recently made by a new group of investors. The Board of 
Directors has emphasised that, in the event of any controversy on 
this matter, it will adhere strictly to the Group's current by-laws.
For the first time in its history, Valora is today publishing 
estimated quarterly financial results. The Group has two reasons for 
this step. First, the unsatisfactory performance turned in during the
2nd quarter of 2007 had led to uncertainty among financial analysts 
and shareholders as to the Group's ongoing performance. The good 
results achieved in the 3rd quarter demonstrate that the performance 
slump suffered in the second three months of this year was merely a 
dip on the road to recovery. Second, the Chairman of the Board is 
taking the publication of these estimated 3rd quarter results as an 
opportunity to counter recent public attacks made by a newly created 
group of investors. As he puts it, "Valora is not a football for 
speculators to kick around. The Group's strategy makes sense, and it 
is being implemented effectively."
Valora has undergone far-reaching changes in recent years. The 
unsuccessful policy of divestiture and acquisitions pursued in the 
late 1990's has made way for a strategy based on focus. Correcting 
these mistakes ultimately cost Valora more than CHF 600 million. By 
mid-2008, when the five production companies have been sold, 
implementation of this focussed strategy will have been completed. 
Valora will then be a pure-play trading company, an internationally 
active trading Group operating in three divisions: Retail, Media and 
Trade. "In the near term, management will concentrate on stabilising 
operational profitability, by actively pursuing cost efficiencies and
organic growth", in the words of Fritz Ammann, Valora's Board 
Chairman.
Cautious optimism At an operational level, Valora has staged an 
impressive recovery from the poor performance it displayed in the 
previous quarter. Initial 3rd quarter estimates show that the Group 
achieved good results in each of the months from July to September 
2007. Compared with figures for the same quarter last year, net 
revenues were raised by CHF 39 million to reach CHF 756 million, 
while estimated operating income topped CHF 21 million, compared with
CHF 18 million a year earlier. Based on these results, and taking the
2007 first-half figures into account, Valora anticipates that the 
2007 financial year as a whole should generate a Group operating 
profit of at least CHF 48 million, with comparable results being 
achieved in 2008 as well. The sale of the production companies is 
progressing well. The Board of Directors intends to return the net 
proceeds of this sale to the Group's shareholders.
Kiosks begin to reveal silver lining The problems confronting the 
kiosk business in Switzerland have been identified and contained. The
measures needed to remedy the situation are currently being 
implemented and are now receiving the attention they require. Earlier
inaccurate estimates of the progress already made by restructuring 
initiatives have been corrected.  The management team has assigned 
priority to modernising the IT systems, re-focussing category 
management and optimising our sales organisation and outlet network. 
The outlet network will increasingly be divided into geographical and
product- range-specific clusters and 2008 will also see the first 
franchising concepts being tested. "We will continually adapt our 
kiosk business to shifting trends in market and customer needs", as 
CEO Peter Wüst puts it.
By-laws are binding The Board of Directors will listen attentively to
the arguments advanced by the recently created investor group. It is 
unanimous in adhering to clear and consistent entrepreneurial values:
sustainable profitability rather than one-off results, quality before
quantity and long-term strategy before short-term tactics. What the 
Board will not do is entertain proposals based solely on short-term, 
speculative financial objectives. The Board decisively rejects the 
various calls for an extraordinary shareholders' meeting which have 
recently been expressed in the media. Valora's by-laws limit the 
number of voting shares which can be registered to one individual 
shareholder or to a group of shareholders acting in concert to 5% of 
all outstanding shares. An extraordinary shareholders' meeting can be
called only at the behest of at least 10% of the shareholders 
eligible to vote. In Fritz Ammann's words, "It is the duty of 
Valora's Board and management to adhere strictly to these provisions 
in the by-laws."
Information on October 31, 2007: Questions relating to this media
                                 communiqué will be answered during the media
                                 and financial analysts' meetings taking place
                                 on October 31, 2007.
Press breakfast briefing in Zurich Dr. Fritz Ammann, Chairman of the 
Board of Directors, Peter Wüst, CEO, and Markus Voegeli, CFO, will be
hosting a press breakfast briefing to which all media correspondents 
are cordially invited.
Date:             Wednesday, October 31, 2007
    Time:             10.00 a.m.
    Participants:     Media correspondents
    Venue:            Crowne Plaza
                      Badenerstrasse 420
                      8040 Zurich
                      Phone      +41 44 404 44 44
Financial analysts' conference call to be conducted in English Dr. 
Fritz Ammann, Chairman of the Board of Directors, Peter Wüst, CEO, 
and Markus Voegeli, CFO, will also be hosting a conference call for 
financial analysts that same afternoon.
Date                    Wednesday, October 31, 2007
    Time:                   16.00 CET
    Participants:           Financial analysts
    Dial-in numbers:        To participate in the conference, call one of the
                            following numbers
                            (please call 5 to 10 minutes before the hour):
                            +41 (0) 91 610 56 00  (continental Europe)
                            +1 (1) 866 291 4166   (United States)
                            +44 (0) 207 107 0611  (United Kingdom)
end of announcement                               euro adhoc 31.10.2007 07:00:00

Further inquiry note:

Information on October 31, 2007: Questions relating to this media
communiqué will be answered during the media
and financial analysts' meetings taking place
on October 31, 2007.

Valora Holding AG
Belpstrasse 37
CH-3007 Bern
Phone + 41 058 789 11 11
Fax + 41 058 789 11 12
info@valora.com
www.valora.com

Branche: Retail
ISIN: CH0002088976
WKN: 208897
Börsen: SWX Swiss Exchange / official market
BX Berne eXchange / official dealing

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