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Valora Holding AG

EANS-Adhoc: Valora Holding AG
Valora Group achieves qualitative and quantitative objectives set for 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
annual report
02.04.2009
Valora Group achieves qualitative and quantitative objectives set for
2008
- Net sales advanced 3.9% in Swiss francs and 5.7% in local 
currencies - EBIT before restructuring charges improves to CHF 63.2 
million - Sound balance sheet with no net debt and ample equity cover
- Implementation of the "Valora 4 Success" strategy programme on 
track - Shares offer an attractive yield. Board to recommend a 
dividend of CHF 9 to General Meeting (6% current yield based on share
price of CHF 150)
Valora Group
Net sales and EBIT before restructuring charges both up on the year 
Valora successfully set its course for the future during 2008. 
Despite the more challenging market conditions in the second half of 
2008, Valora met the objectives it had set itself for the year. The 
Group´s 2008 net sales in Swiss franc terms rose 3.9% to CHF 2 931.7 
million, while in local currencies the year-on-year gain was 5.7%. 
All three divisions contributed to the increase in turnover, led by 
the Retail and Media divisions, both of whose net sales in local 
currencies rose 5.8%. During the first half of 2008, both these 
divisions benefited from their distribution and sale of articles 
associated with the Euro 2008 soccer championships. Against a 
demanding economic backdrop, Valora´s Trade division raised its net 
sales in local currency terms by 3.3%, continuing to build on its 
position as a leading distributor of branded goods.
Details of the "Valora 4 Success" strategy programme were presented 
in the autumn of 2008. This programme aims to deliver a sustained 
improvement to the Group´s profitability from 2009 onwards. 
Restructuring charges arising from the programme were announced, 
amounting to a total of CHF 25.1 million, all of which have been 
charged to the Group´s 2008 EBIT. As a result, Valora´s operating 
profit for 2008 came in at CHF 38.1 million. Excluding the 
restructuring costs arising from relocating its logistics operations 
to Egerkingen, centralising the Group´s head office functions in 
Muttenz and from the reconfiguration of the outlet network, the 
Valora Group´s operating profit for 2008 was CHF 63.2 million, which 
equates to an EBIT margin of 2.2%.
Valora´s net income for 2008 totalled CHF 39.9 million. The burden of
restructuring costs on net income was CHF 25.1 million. Earnings per 
share from continuing operations were CHF 7.91 in 2008.
Valora successfully completed the sale of its discontinued Own Brands
operations during 2008. Liquidity derived from these transactions and
cash generated over and above operational requirements were 
essentially directed towards redemption of an outstanding syndicated 
loan facility and financing the Group´s share buyback programme.
A sound balance sheet with no net debt In 2008, the Valora Group 
generated a net cash flow from continuing operations of CHF 86.6 
million and had cash reserves totalling CHF 158.4 million at the end 
of the year. With no net debt (CHF - 6 million) at December 31, 2008 
and shareholders´ equity equal to 45.1 % of total assets, Valora has 
an extremely solid balance sheet at its disposal.
Improvement in Valora Value Added Valora´s operations generated 
Valora Value Added (VVA) of CHF 6.6 million before restructuring 
charges in 2008, an improvement of CHF 11.2 million on the 2007 VVA 
figure and a result which is principally attributable to the Group´s 
enhanced operating profits.
Divisions
Valora Retail The division achieved strong sales performance during 
2008, with net revenues advancing CHF 83.6 million to CHF 1 748.9 
million, partly thanks to sales of Euro 2008 related articles. The 
Kiosk Switzerland, wholesale, Kiosk Germany and filling station 
outlet business units all turned in good results, and gastronomy 
operations and the Luxembourg kiosks also contributed to the 
division´s net sales growth. Before restructuring charges from the 
strategy programme, which in Retail´s case principally related to 
reconfiguration of the outlet network, the division generated 
operating profits of CHF 22.9 million, up from CHF 20.3 million in 
2007.
Valora Media In a declining overall market for paid press products, 
Valora Media increased its net sales in local currency terms by 5.8% 
in 2008, and 4.1% in Swiss francs. The year also saw the division 
successfully building on its existing market position by entering 
into new contracts with major publishers. Sales growth also got a 
significant boost from the distribution of Euro 2008 items. Before 
restructuring charges of CHF 1.6 million, Valora Media achieved an 
operating profit of CHF 28.9 million in 2008.
Valora Trade In a very demanding market environment, characterised by
volatile raw material prices, ongoing, and substantial, currency 
fluctuations and above-average growth rates by the discount sector, 
Valora Trade held its own. The division, which generated 76% of its 
2008 sales outside Switzerland, succeeded in increasing its net sales
in local currencies by 3.3%. This good result was mainly due to 
successes achieved in Denmark, Finland, Norway and Switzerland. The 
division´s units in Denmark, Finland and Norway signed up new 
principals during the year and also increased their turnover with 
existing partners. Valora Trade Switzerland achieved sales growth in 
all its core brands and with all its major trading partners. Despite 
the increased costs borne in 2008, Valora Trade improved its 
operating profit before restructuring charges by CHF 0.8 million on 
the year to CHF 17.9 million.
Implementation of the "Valora 4 Success" strategy on track The 
"Valora 4 Success" strategy programme, initiated in the autumn of 
2008, is based on four core initiatives in the fields of competence, 
growth, efficiency and people. Common to all four initiatives is the 
objective of sustainably enhancing Valora´s profitability. The main 
focus is on increasing both sales and profits at Valora´s Retail 
division and on enhancing the efficiency of the Group´s logistics and
IT functions. The centralisation of head office functions at Muttenz 
and the transfer of a number of logistics services to Egerkingen have
already enabled significant progress to be made. Migration to new 
logistics software applications and the relocation of the remaining 
logistics functions to Egerkingen will be completed by the end of 
2009. The Retail division´s productive roll out of a new, 
state-of-the-art, integrated inventory management system in early 
2009 means that all key processes now run on an up-to-date platform.
Outlook
"We are confident that we will put the strategy programme into effect
according to plan and that we will achieve the objectives we have set
for it, even though the overall economic climate has become 
significantly more challenging in 2009", say Thomas Vollmoeller, 
Valora´s CEO. The strategy programme is expected to produce its first
positive effects in the second half of 2009. Valora maintains its 
objective of achieving a significant and sustained improvement in its
EBIT margin by 2012. Board Chairman Rolando Benedick is also 
satisfied with what has been achieved so far. As he puts it "We 
already achieved a number of important initial milestones last year. 
Given the situation from which we started, the results achieved are 
satisfactory and in line with our expectations."
Board recommendations to the General Meeting In addition to proposing
to this year´s Ordinary General Meeting that Valora´s share capital 
be reduced by cancelling the shares recently repurchased, the Board 
of Directors will also recommend that a dividend of CHF 9 per share 
also be distributed in respect of 2008. At a share price of CHF 150, 
this equates to a dividend yield of 6%. The Board will further 
propose that the company´s registered offices be transferred from 
Berne to Muttenz.
Valora Group key financial data
Income statement
in CHF million                      2008               2008            2007
                                  before              after
                           restructuring      restructuring
                                 charges            charges
Net sales                        2 931.7            2 931.7         2 821.7
Gross profit                       893.3              893.3           861.5
in % of net sales                  30.5%              30.5%           30.5%
Operating profit                    63.2               38.1          59.1**
in % of net sales                   2.2%               1.3%            2.1%
Net income from continuing          50.2               25.2            46**
operations
Net income from discontinued        14.7               14.7             9.5
operations
Group net income                    65.0               39.9          55.5**
Liquidity, cash flow and balance sheet
in CHF million                                         2008            2007
Cash and cash equivalents*                            158.4           153.4
Free cash flow*                                       176.7            70.6
Shareholders´ equity                                  493.9         599.3**
Equity cover                                          45.1%         45.2%**
Net liquidity*                                          6.0           -46.0
Net working capital*                                  129.7           119.2
Net working capital in % net sales*                    4.4%            4.2%
Earnings per share*                                    7.91         14.08**
*  from continuing operations
** restated following introduction of new IT systems
The complete 2008 Valora Annual Report may be downloaded from Valora´s website
www.valora.com.
Should you require further information, please contact:
Investor Relations:                     Tel:    +41 58 789 12 20
Mladen Tomic                            E-mail:  mladen.tomic@valora.com
Media Relations:                        Tel:    +41 58 789 12 01
Stefania Misteli                        E-mail:  stefania.misteli@valora.com
Corporate calendar
2009 General Meeting                    April 29, 2009 in Basle
2009 interim report &
Investors´ and Media Day                August 27, 2009 in Egerkingen
Valora Telephone Conference - Annual Results 2008
Thursday, April 2, 16:00 CET
Thomas Vollmoeller, CEO of Valora Holding AG, and Lorenzo Trezzini, 
CFO, will provide information about the Valora Annual Results 2008 
during a telephone conference. The Dial-In Conference Call will be 
held in English.
To participate in the conference: call the following number (please 
call 10 to 15 minutes before the hour):
+41 (0)91 610 56 00 (Europe)
+44 (0)207 107 06 11 (UK)
+1 (1) 866 291 41 66 (USA - Toll-Free)
The playback will be available one hour after the conference for 24 
hours till April 3rd, 2009, inclusively. Participants requesting the 
Digital Playback will be dialing:
+41 (0)91 612 43 30 (Europe)
+44 (0)207 108 62 33 (UK)
+1 (1) 866 416 25 58 (USA)
and will be asked to enter the Code 10402 followed by the # sign
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO 
THE UNITED STATES THIS DOCUMENT IS NOT BEING ISSUED IN THE UNITED 
STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR 
PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS 
DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR 
OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF VALORA 
HOLDING AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES 
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE 
UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN 
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED
STATES SECURITIES LAWS
This document contains forward-looking statements concerning Valora 
which may be subject to uncertainty and risk. Readers should 
therefore be aware that such statements may deviate from future 
actual outcomes and events. Forward-looking statements contained in 
this document are projections relating to possible future 
developments. All forward-looking statements contained in this 
document have been made on the basis of data available to Valora at 
the time of publication. Valora does not make any undertaking 
whatsoever to make any subsequent revisions or updates to any 
forward-looking statements contained in this document on the basis of
new information.
end of announcement                               euro adhoc

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

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