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Valora Holding AG

EANS-Adhoc: Valora Holding AG
Valora Group achieves encouraging results in 2009, outlook for 2010 positive.

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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  announcement.
annual report/Valora Group achieves encouraging results in 2009, 
outlook for 2010 positive.
31.03.2010
Valora Group achieves encouraging results in 2009, outlook for 2010 
positive.
- Sales grew 1.6% on an adjusted basis - Increased EBIT of CHF 68.1 
million raises EBIT margin to 2.4% - Net income up some 40% to CHF 
54.9 million - Net liquidity increased, balance sheet remains sound -
Important projects realised in "Valora 4 Success" strategy programme 
- Positive trend clearly visible at Valora Retail - Board´s 
recommendations to AGM:
o Abolition of 5% limit on total proportion of voting shares one
    shareholder can register
  o Increased dividend of CHF 10 per share
  o Consultative vote on remuneration report
Valora Group
Higher revenues and increased EBIT
Implementation of the "Valora 4 Success" strategy programme is 
producing tangible and successful results. Despite the weakness of 
the overall economy and a downturn in its press business, the Valora 
group achieved good results in 2009. After adjusting for one-off 
factors (currency fluctuations, acquisitions and the non-recurrence 
of collectible soccer picture card sales), Valora´s net revenues rose
1.6%, or CHF 45.5 million, in 2009. Net revenues on an unadjusted 
basis fell 1.2% to CHF 2 897 million. The Group´s operating profit or
EBIT for 2009, at CHF 68.1 million, was CHF 30.5 million higher than 
in 2008 (when restructuring charges totalling CHF 25.1 million were 
incurred), an improvement of 81.1%. The 2009 EBIT figure includes 
revenues from the sale of real estate, though these were roughly 
offset by one-off charges at Valora´s Luxembourg unit. Valora´s EBIT 
margin increased to 2.4% in 2009. A number of ambitious initial 
milestones in the "Valora 4 Success" strategy programme launched in 
2008 were achieved. Valora´s Retail and Trade divisions were the key 
drivers of this positive result, confirming that the strategic 
direction the Group has adopted is well-chosen. Valora Media, which 
has now been renamed Valora Services, was visibly affected by the 
economic downturn. Although this division did achieve a turnaround in
the second six months of 2009 after a weak first half, its full-year 
results are lower than those for 2008.
Net income up some 40%
Valora´s 2009 net income was CHF 54.9 million, a CHF 15.5 million 
improvement on the CHF 39.4 million achieved in 2008. Thanks to 
higher net income from continuing operations and a smaller number of 
shares in issue (following the share buy-back programme and share 
capital reduction in 2009), earnings per share rose 145% to CHF 
18.94.
Net liquidity increased, balance sheet sound
A CHF 19.6 million increase in cash generated by continuing 
operations enabled Valora again to complete the financial year with 
no net debt. Initiatives to optimise payables and receivables 
management meant that net working capital was substantially reduced. 
With shareholders´ equity accounting for 41.3% of total assets, the 
Valora Group continues to maintain a very sound balance sheet 
structure.
Divisions
Valora Retail
Net revenues were raised CHF 22.6 million, or 1.4%, to CHF 1 592 
million. The introduction of new product ranges and enhancement of 
the outlet network helped to foster this positive trend. Germany was 
the market in which Valora Retail achieved the strongest increase in 
sales, partly as a result of acquisitions and partly thanks to 
organic growth. Tobacco and food were the product categories showing 
the fastest revenue growth, with higher food sales largely accounted 
for by the extremely successful launch of Valora´s own-label ok.- 
range. Operating profit improved CHF 20.3 million, to reach CHF 28.3 
million. The division´s 2009 EBIT margin of 1.8% (after 0.5% in 2008)
demonstrates both the marked improvement achieved in profitability 
and the initial benefits derived from implementation of the strategy 
programme.
Valora Media/Services
Valora Media, now Valora Services, was clearly affected by the 
recession in all its national markets in the first half of 2009. In 
the final six months of the year, improving consumer sentiment and a 
number of targeted initiatives, particularly expansion of its range 
of services and reconfiguration of the product range, enabled the 
division to reverse the decline in its press sales. This did not 
fully compensate for the decline in sales suffered in the first six 
months of the year, however, and full-year net revenues came in at 
CHF 712.9 million, CHF 53.1 million lower than the year before. CHF 
31.4 million of this shortfall is due to the non-recurrence of EURO 
08 collectible picture card sales. The division´s operating profit 
declined CHF 14.3 million to CHF 16.2 million. The EBIT margin fell 
from 4.0% in 2008 to 2.3% in 2009.
Valora Trade
This division achieved exceptionally good performance in challenging 
economic conditions. Net revenues for 2009 came in at CHF 777.6 
million, a CHF 10.4 million, or 1.3%, decline on 2008. After 
adjusting for currency fluctuations and non-recurring EURO 08 
revenues, this division´s net revenues advanced 5.3%. Valora Trade´s 
operating profit rose CHF 4.3 million to CHF 22.3 million and its 
EBIT margin was raised 0.6 percentage points to 2.9%. The division´s 
positive performance is mainly attributable to its excellent product 
range and the high quality of its portfolio of principals, to which 
it was able to make a number of significant additions during 2009.
Realisation of major projects in the "Valora 4 Success" strategy 
programme
The initiatives now under way and the projects decided upon were 
pursued with vigour, thus helping to accelerate the Valora Group´s 
turnaround. A number of ambitious initial milestones have already 
been achieved. The successful relocation of Valora´s logistics 
operations from Muttenz to Egerkingen marks a decisive step towards 
improved efficiency and paves the way for future growth. The switch 
to decentralised picking, sorting and packing has substantially 
reduced press logistics throughput times. Further significant 
progress has also been made in modernising Valora´s IT 
infrastructure. Implementation of the closed loop inventory 
management system and the adoption of WAMAS logistics software mean 
that all essential processes at Valora now run on a modern IT 
platform.
Positive trend clearly visible at Valora Retail
The trend at Valora Retail is especially gratifying. Following the 
successful launch of its first own-label ok.- products, this line has
been considerably extended and now covers some 100 different 
articles. Development of the new "ready?" service is progressing 
according to plan. With testing now successfully completed at 55 
outlets, a broader roll out is planned for 2010. The avec. 
convenience store format was redesigned and the concept has been 
targeted towards growth. The new P&B format not only underscores 
Valora´s press expertise, but complements it with a selected range of
book titles. The P&B format, the only one of its kind in Switzerland,
also now offers a unique print on demand service for newspaper titles
from around the world, thus meeting new customer needs. The four P&B 
units currently operating in Switzerland will be complemented by 
further such outlets during 2010. Retail Germany turned in an 
excellent performance in 2009, expanding its share of the railway 
station bookstore market to an impressive 36%. Konrad Wittwer railway
station bookstores and Media Center Berlin, the division´s two recent
acquisitions in Germany, were successfully integrated into the 
existing network. In Luxembourg, all outlets operate under a common 
"k kiosk" banner.
Outlook
The major changes and streamlining carried out during 2009 proved to 
be well-chosen and significant in their effect. Valora expects to 
derive further positive results from its restructuring programme in 
2010. Overall, the Group´s performance so far in 2010 has been on 
track. As previously announced, the relocation of the logistics 
function should generate CHF 11 million of annual savings in 2010, 
with a further CHF 2 million by 2012. The expansion of the avec. 
network and the new P&B outlets scheduled to open should make for 
substantial improvements in sales and profits. Kiosk operations in 
Switzerland will be testing an agency business model which has 
already been successfully deployed in other countries. 2010 will also
get a major boost from the forthcoming soccer World Cup in South 
Africa and the sales of collectible picture cards which that will 
bring. Emphasis will also be placed on extending the range of 
services the division offers its customers. Valora Services´ press 
wholesaling business will be working with its publishing partners to 
achieve further efficiency enhancements and develop services aimed at
promoting press sales, both at Valora-operated outlets and those 
operated by third-party customers. Valora Trade will consolidate its 
significant market expertise in a supra-national structure, extending
its services to new principals and additional national markets. 
Thomas Vollmoeller, Valora´s CEO, sums the outlook up as follows, 
"The milestones we have achieved in the strategy programme provide us
with a sound basis for positive performance in 2010. Valora´s Board 
and management maintain their objective of achieving annual sales 
growth of between 3 and 5% - provided there is no further downturn in
the economic climate and no further currency weaknesses - and of 
raising Valora´s operating profit margin to between 3 and 4% by 
2012."
Board recommendations to the AGM
At this year´s Ordinary General Meeting of shareholders on April 22, 
the Board will recommend that the current restriction in the 
company´s articles of incorporation which prevents any individual 
shareholder being registered with more than 5% of the total voting 
shares in issue be abolished. The Board will also recommend that the 
dividend payable in respect of 2009 be raised from CHF 9 to CHF 10 
per share, an 11% increase. Furthermore, the Board will for the first
time submit the remuneration report to a separate consultative vote.
Valora Group key financial data
Income statement
in CHF million                          2009            2008**           2008**
                                                       before            after
                                                  restructuring    restructuring
                                                       costs             costs
Net revenues                          2 897.0           2 931.1          2 931.1
Gross profit                            867.6             892.7            892.7
in % of net revenues                     29.9%             30.5%           30.5%
Operating profit (EBIT)                  68.1              62.7            37.6
in % of net revenues                      2.4%              2.1%            1.3%
Net income from continuing operations    53.0               n.a.           24.7
Net income from discontinued operations   1.9              14.7            14.7
Group net income                         54.9               n.a.           39.4
Liquidity, cash flow and balance sheet
in CHF million                                             2009           2008**
Cash and cash equivalents*                                161.6           158.4
Free cash flow*                                            46.0           176.7
Shareholders´ equity                                      453.7           450.4
Equity cover                                               41.3%           42.5%
Net liquidity*                                             15.8             6.0
Net working capital*                                      109.3           129.7
Net working capital in % of net revenues*                   3.8%            4.4%
Earnings per share*                                        18.94            7.74
*from continuing operations
**restated
The complete 2009 Valora annual report can be downloaded from the www.valora.com
website.
end of announcement                               euro adhoc

Further inquiry note:

Should you require further information, please contact:

Investor Relations: Tel: +41 58 789 12 20
Mladen Tomic Mob: +41 79 571 10 56
E-Mail: mladen.tomic@valora.com

Media Relations: Tel: +41 58 789 12 01
Stefania Misteli Mob: +41 79 467 52 16
E-Mail: stefania.misteli@valora.com

Corporate calendar
2010 Ordinary General Meeting April 22, 2010 in Basle
2010 Half-year report August 26, 2010

Disclaimer
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HOLDING AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND
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PERSONS ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE
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This document contains forward-looking statements about Valora which may
incorporate an element of uncertainty and risk. The reader must therefore be
aware that such statements may diverge from actual future events. These
forward-looking statements are projections relating to future possible
developments. All the forward-looking statements contained in this document are
based on data available to Valora at the time this document was prepared. Valora
makes no commitment whatsoever to update forward-looking statements in this
document at a later date, or to adapt them to reflect new information, future
events or the like.

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

Plus de actualités: Valora Holding AG
Plus de actualités: Valora Holding AG