Valora Holding AG

EANS-Adhoc: Valora Holding AG
Valora acquires Germany´s largest kiosk network - marking major milestone in Valora 4 Growth strategy

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30.01.2012

Valora acquires Germany´s largest kiosk network -
marking major milestone in Valora 4 Growth strategy 

- Valora acquires Convenience Concept GmbH (CC), a company with some 1,300
retail outlets and projected external sales of around EUR 450 million 
(CHF 540 million)
- Transaction makes Valora the leading micro-retailer in Germany, Austria and
Switzerland, with some 2,900 POS, enabling the firm to build on its position in
Germany´s small-outlet retail sector 
- Long-term enhancement in profitability in line with previously announced
Valora 4 Growth objectives achievable 
- Strategic ties to Lekkerland to be strengthened

Valora acquires Convenience Concept GmbH (CC), a company with some 1,300 retail
outlets and projected external sales of around EUR 450 million (CHF 540 million)

Valora´s purchase of the Lekkerland subsidiary Convenience Concept (CC),
Germany´s largest integrated kiosk network, has enabled the Group to achieve a
significant milestone in the implementation of its Valora 4 Growth expansion
strategy. CC´s portfolio of some 1,300 excellently situated outlets, 170 of
which are travel retail units occupying sites at public transport hubs, are an
ideal match for Valora Retail Germany. In its current network, CC operates the
CIGO, Tabak-Börse, ServiceStore DB, U-Store and Kio formats, as well as a number
of unbranded units. These outlets, all of which are operated by independent
business partners or franchisees, generated external sales of some EUR 450
million (CHF 540 million) in 2011. This new transaction and the Group´s earlier
acquisition of the tabacon network have enabled Valora to purchase Germany´s
number one and number four kiosk chains within the space of 18 months. Valora
and Lekkerland have agreed not to disclose the purchase price for CC or the
terms of the strategic collaboration planned between the two firms. Valora´s
existing loan facilities will provide the scope required to finance the
purchase. The transaction requires approval by the Bundeskartellamt, Germany´s
independent competition authority. 
        
Transaction makes Valora the leading micro-retailer in Germany, Austria and
Switzerland, with some 2,900 POS, enabling the firm to build on its position in
Germany´s small-outlet retail sector

This expansion of its network to some 2,900 outlets makes Valora the leading
micro-retailer in the German-speaking markets. Taken in conjunction with its
network of just under 100 units in Luxembourg and Austria, and the 1,200 or so
outlets it operates in Switzerland, this transaction also means that Valora
Retail is now the second-largest micro-retailer in Europe. The CC purchase will
also strengthen Valora´s position as a small-outlet retailer in Germany. The
deal will create the largest kiosk network in Germany, comprising nearly 1,500
outlets (some 100 tabacon units, 90 k kiosk units and the 1,300 CC sites) and
commanding an estimated market share of around 10 percent. In the first year of
full consolidation of the CC units, Valora expects to generate overall external
sales in Germany of some CHF 900 million, including the turnover from its
current network of some 170 railway station bookstores, but excluding any
further acquisitions. This means that the scale of Valora Retail Germany will
approach that of Valora Retail Switzerland with its four formats (k kiosk, P&B,
avec. and Caffé Spettacolo) and annual sales of some CHF 1.2 billion. 

 
Long-term enhancement in profitability in line with previously announced 
Valora 4 Growth objectives achievable

Valora´s new network of nearly 1,500 units in Germany means that the Group has
now already largely exceeded its growth target of operating some 1,000 German
small-scale kiosk outlets by 2015. Current projections indicate that gradual
transformation of the new units to the proven Valora/tabacon franchise concept,
streamlining the network so as to achieve a clear focus on three core brand
formats (k kiosk, CIGO and ServiceStore DB), a marked expansion of the
convenience store product range (in the areas of food, beverages and
confectionery) and increased promotion activities will enable Valora to generate
a substantial increase in the units´ profitability by 2015. Further streamlining
of operations will also help Valora to achieve major cost savings and economies
of scale over the next few years, raising CC´s EBITDA from some EUR 12 million
in 2011 to more than EUR 20 million in 2015.

Strategic ties to Lekkerland to be strengthened

Hitherto, Lekkerland Deutschland GmbH & Co. KG had grouped its German retail
activities together under its CC subsidiary. As part of this transaction, Valora
and Lekkerland will extend and strengthen their strategic partnership.
Lekkerland will continue to supply the 1,300 existing CC outlets for a further
five years. Lekkerland´s contract to supply its range of food products to the
Valora-operated railway station bookstores has also been extended and Lekkerland
will supply this product range to Valora´s tabacon units as well. Valora will
also benefit from the category management know how of Germany´s largest
convenience wholesaler. Michael Hoffmann, CEO of Lekkerland AG & Co. KG,
expressed his satisfaction with the transaction with these words, "Lekkerland
will now concentrate on wholesale, category management, logistics and services.
By supplying and advising these units in the context of our enhanced strategic
collaboration with Valora, we will be working together to ensure the further
enhancement of the results generated by the CC outlets." The Valora Group´s CEO,
Thomas Vollmoeller, added, "Acquiring Convenience Concept is an excellent
opportunity, making it possible for us to achieve the growth and profitability
objectives we have set for our retail business by 2015".

*********************************
A short presentation to accompany this press release is available on
www.valora.com

http://www.valora.com/media/documents/english/presentations/2012/20120130_kkiosk_network_en.pdf 

Valora´s 2011 financial statements and future outlook will be presented at the
results conference to be held on March 28, 2012.
*********************************



 
Overview of Valora Retail´s new outlet network


Format         Switzerland      Germany    Luxembourg    Austria        POS

k kiosk              1,000           90            70                 1,160
tabacon                             100                                 100
CC (various formats)              1,300                               1,300
P&B                     20          170                       10        200
avec.                  100                                              100
Spettacolo              40                                               40

Total                1,160        1,660            70         10      2,900



+++++++++++++++++++++++++++++++++
Valora Telephone Conference - Analysts´ and Media Conference
Acquisition Convenience Concept 
Monday, January 30, 2012 | 14.00 CET (German) | 15:00 CET (English)

Thomas Vollmoeller, CEO of Valora Holding AG, and Lorenzo Trezzini, CFO, will
provide
information about the transaction during a telephone conference.

To participate in the conference: please call the following number (please call
10 to 15 minutes before the stated starting time):

+41 (0) 91 610 56 00 (Europe)
+44 (0) 203 059 58 62 (UK)
+1 (1) 866 291 41 66 (USA - toll-free)

The playback will be available one hour after the conference for 24 hours till
January 31st, 2012. To access the digital playback, please dial:

+41 (0) 91 612 43 30 (Europe)
+44 (0) 207 108 62 33 (UK)
+1 (1) 866 416 25 58 (USA)

When prompted, enter the code 19706 (German) or 15821 (English) followed by the
# sign

+++++++++++++++++++++++++++++++++

 

Valora 

• Valora is an independent consumer goods trading company operating on a
Europe-wide scale (www.valora.com).
• Valora operates in three business areas, all of which are focused on supplying
consumer markets with strong sales potential. There is a clear emphasis on
European markets where modern, mobile lifestyles have become widespread.
Retail division
A market leader in small and micro-outlet convenience retail, operating
standardised formats at heavily frequented locations.   
Services division
A market leader in the distribution of press products to Valora-operated outlets
and retail partners, with additional wholesaling activities in press products
and retail merchandise.  
Trade division
An exclusive distributor of food and non-food branded goods to the large-outlet
retail sector.
• In its Swiss, German Luxembourg and Austrian markets, Valora Retail operates
some 1,600 kiosks, convenience stores and gastronomy units (see overview table
above).
• In Switzerland, Valora Retail is the market leader in small and micro-outlet
convenience retail, operating standardised formats at heavily frequented
locations through four brands - k kiosk, avec. Press & Books and Caffè
Spettacolo. 
• Through its Press&Books outlets, Valora Retail Germany is the leading
bookseller at German railway stations and airports. In addition, the company
operates tobacco and press product outlets, mostly in shopping centres and
department stores.


• Lekkerland operates in nine European markets, where it supplies some 130,700
filling station shops, kiosks, convenience stores, fast food chains,
tobacconists, beverage stores, department stores, supermarkets, bakeries and
canteens with a full range of confectionery, beverages, snacks, convenience
products, ice-cream, frozen food, fresh produce, tobacco products, phone cards
and non-food articles. In 2010, the company, which employs more than 6,200
staff, generated sales of 
EUR 12.2 billion (www.lekkerland.com).

• Convenience Concept GmbH: with a panoply of services ranging from location
planning to store layout and from product range strategy to operational
implementation, Convenience Concept GmbH is Germany´s leading small-outlet
convenience retail format specialist, providing franchisee and operator concepts
for convenience stores and specialised press and tobacco retailing throughout
Germany. In conjunction with its partners, the company currently operates some
1,300 outlets in city centre locations, shopping centres, check-out areas and
public transport hubs nationwide.


Further inquiry note:
Media Relations:	Phone:	+41 58 789 12 01
Stefania Misteli       E-mail:	stefania.misteli@valora.com	

Investor Relations:	Phone:	+41 58 789 12 20
Mladen Tomic	       E-mail:	mladen.tomic@valora.com 


Lekkerland
Inga Koenen	        Phone:	+49 2234 1821 175
	               E-mail:	inga.koenen@lekkerland.com

end of announcement                               euro adhoc 
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issuer:      Valora Holding AG
             Hofackerstrasse 40
             CH-4132 Muttenz
phone:       +41 61 467 20 20
FAX:         +41 58 789 12 12
mail:     info@valora.com
WWW:      www.valora.com
sector:      Retail
ISIN:        CH0002088976
indexes:     
stockmarkets: Main Standard: SIX Swiss Exchange, stock market: BX Berne eXchange 
language:   English
 



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