Valora Holding AG

EANS-Adhoc: Valora Holding AG
Valora completes its acquisition of the Ditsch/Brezelkönig group of companies and expects to report operating profit of some CHF 65 million for 2012

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other/Valora completes its acquisition of the Ditsch/Brezelkönig group of
companies and expects to report operating profit of some CHF 65 million for 2012
19.12.2012


Valora completes its acquisition of the Ditsch/Brezelkönig group of companies
and expects to report operating profit of some CHF 65 million for 2012 

- Exchange listing of the 635,599 registered shares issued to Ernst Peter Ditsch
completes Valora's acquisition of the Ditsch/Brezelkönig group of companies 
- Transaction marks further milestone in Valora Retail's acquisition-led
expansion
- Valora Services sees decline in press sales unabated
- Valora Trade's margins on traditional product lines under pressure in
Scandinavia

Exchange listing of the 635,599 registered shares issued to Ernst Peter Ditsch
completes Valora's acquisition of the Ditsch/Brezelkönig group of companies

As part of the completion of its acquisition of the Ditsch/Brezelkönig group of
companies, which came into effect on October 31, 2012, Valora Holding AG created
additional share capital amounting to 635,599 new registered shares. The new
shares were transferred to Ernst Peter Ditsch in part payment of the agreed
provisional purchase price of CHF 367 million (based on an agreed valuation of
the company on the consolidation date and a valuation of the share-based
component in line with the shares' closing price on October 1, 2012). The
635,599 new Valora Holding AG registered shares, which were recorded in the
commercial register on November 6, 2012, will be listed on SIX Swiss Exchange
and BX Berne eXchange with effect from December 20, 2012. These listings will be
announced in a listing prospectus to be published on December 20, 2012, in
accordance with the requirements of the two exchanges concerned.

Transaction marks further milestone in Valora Retail's acquisition-led expansion
 
The listing of these new shares marks the completion of a further milestone in
the acquisition-led expansion of Valora's Retail division. Valora Retail's
purchase of the vertically integrated Ditsch/Brezelkönig group of companies,
which holds a strong position in the attractive market for immediate-consumption
food and beverages, ideally complements the division's current business
activities. This transaction can thus be expected to enable substantial
synergies to be exploited over time. Ditsch/Brezelkönig, which has now been
consolidated into the Valora Group's operations, has been performing well since
being acquired by Valora, matching the expectations placed on it. The expansion
Valora aims to achieve with the new business unit continues to appear realistic.

In 2012, Valora has thus significantly raised its market profile, most notably
in Germany, where the integration of Convenience Concept (which Valora acquired
in April 2012) has also been progressing according to plan, and has also created
promising scope for expansion and synergy-related benefits. The Valora Group,
which now operates a total of more than 3,000 sales outlets in Germany, Austria,
Switzerland and Luxembourg, has established an extremely strong position for
itself in European markets. Optimisation of its current outlet formats and
expansion of its food product lines also enabled Valora to accelerate its
organic sales growth rates.

Valora Services sees decline in press sales unabated

Press wholesale operations are continuing to experience an ongoing, marked
decline in volumes. The Group's disposal of its Valora Services Austria
subsidiary in October 2012 has helped to reduce its exposure to the press
market. With trading conditions remaining extremely challenging in Switzerland
and Luxembourg, all possible avenues leading to a long-term solution are being
explored. Meanwhile, the division's initiative to develop non-press logistics
services for third-party customers is generating encouraging results. While this
distribution service, operating under the "nilo" banner, still has the potential
to deliver further growth, it will not be able fully to compensate for the
decline in press wholesale volumes.

Disposal of wholesaling operation under consideration

Valora's retail goods wholesaling operation generated sales of some CHF 100
million in 2011. A number of potential alternative future arrangements for this
business, which is of only marginal strategic importance to Valora Services, are
under consideration. Solutions being evaluated include a possible sale. Talks
with potentially interested parties are already under way. 

Valora Trade's margins on traditional product lines under pressure in
Scandinavia

The 4th quarter 2012 performance of Valora Trade's traditional product
categories (confectionery, food and non-food products) has been significantly
below expectations, particularly in Scandinavia. The pronounced consolidation of
the retail markets in Sweden and Norway has been an especially noteworthy factor
here, with Valora's role as a service-provider linking manufacturers with
retailers presenting considerable challenges. Numerous measures have already
been implemented to counteract this adverse trend, and these are expected to
start yielding results during the first six months of 2013. Valora Trade's new
cosmetics category in Norway and Sweden, conversely, is achieving encouragingly
robust performance.

Outlook for 2012 results

Valora expects to be just on target to report an operating profit of some CHF 65
million for 2012, at the lower end of its guidance range of CHF 65-70 million.
This principally reflects the unexpectedly challenging conditions facing Valora
Trade in Scandinavia, acquisition-related project costs, a number of one-off
effects and a positive trend for November and December 2012.

Valora Holding AG will publish its definitive 2012 results on March 26, 2012,
when the firm will also report further on the course of its ongoing strategic
development.


Further inquiry note:
Investor Relations:         Tel:	+41 61 467 36 50
Mladen Tomic	         E-Mail:	mladen.tomic@valora.com 

Media Relations:	         Tel:	+41 61 467 36 31
Stefania Misteli	         E-Mail:	stefania.misteli@valora.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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