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EANS-Adhoc: Valora Holding AG
Valora Group reports improved profitability and further successes from its "Valora 4 Success" strategy

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
Valora Group reports improved profitability and further successes 
from its
26.08.2010
Valora Group reports improved profitability and further successes 
from its "Valora 4 Success" strategy
- Sales grow by 1.2%
- Group operating profit up 55% - EBIT margin rises from 1.6% to 2.5%
- Net income advances more than 40% to CHF 26.0 million
- "Valora 4 Success" strategy on track
  - Valora Retail´s trajectory to higher profitability confirmed
  - Valora Services rekindles its success
  - Valora Trade: growth potential with new principals
- Outlook: from turnaround to growth phase
Sales grow by 1.2%
Valora today reported consolidated net revenues of CHF 1 431.9 
million for the first six months of 2010, up CHF 17.3 million (+1.2%)
on the same period of 2009. After adjusting for the special factors 
arising from the sale and distribution of World Cup collectible 
football picture cards (CHF +38.3 million) and currency fluctuations 
(CHF -16.4 million), the Group´s net revenues declined by CHF 4.7 
million on first-half 2009 levels.
The Retail division generated first-half 2010 net revenues of CHF 
792.0 million, 1.8% up on the CHF 778.1 million achieved a year 
earlier. CHF 9.3 million of this increase was attributable to sales 
of World Cup picture cards, which was however almost entirely 
cancelled out by the effect of adverse exchange rate fluctuations 
amounting to CHF 9.1 million, so that the improvement in net revenues
remains 1.8% after adjusting for these two factors. With the 
exception of its gastronomy unit, all the division´s businesses 
contributed to this improved performance.
Valora Services´ net revenues for the first six months of 2010 were 
CHF 375.1 million, an 8.7% improvement on the CHF 345.1 million 
achieved in first-half 2009. Distribution and sales of World Cup 
picture cards contributed CHF 29.0 million to net revenues, while 
adverse exchange rate movements shaved CHF 4.8 million off this same 
figure. Adjusting for these factors, the division achieved net 
revenue growth of 1.7%. Most of this improvement came from tobacco 
wholesale activities in Switzerland and press wholesaling in Austria.
In the face of tough market conditions, Valora Trade generated net 
revenues of CHF 348.8 million, 8.5% lower than in the same period of 
2009. After adjusting for adverse currency effects (CHF -3.1 
million), this division´s first-half 2010 net revenues declined 7.7% 
on the level achieved a year earlier. Expiration of existing 
distribution agreements was a major factor impacting Valora Trade´s 
sales in the period, particularly in Germany, where the division´s 
turnover fell 45%.
Group operating profit up 55% - EBIT margin rises from 1.6% to 2.5%
The Valora Group completed the first six months of 2010 with a 55% 
improvement in its operating profit (EBIT), which reached CHF 35.7 
million compared to CHF 23.0 million a year ago. As a result, 
Valora´s EBIT margin for first-half 2010 was 2.5% (vs 1.6% in 
first-half 2009). Rigorous cost management, enhanced efficiency 
levels - particularly in logistics - and measures to streamline 
retail outlet shift rota planning all helped to cut operating costs 
by CHF 6.5 million. In first-half 2010, operating costs accounted for
28.1 % of net revenues. Overall, the distribution and sale of World 
Cup picture cards added CHF 6.3 million to operating profit. After 
stripping out this effect, and the CHF 0.8 million of adverse foreign
exchange movements, the Group´s adjusted operating profit rose 31.3% 
on first-half 2009 levels, while its adjusted EBIT margin improved by
0.5 percentage points to 2.1%.
Including the special factors of World Cup picture cards and currency
fluctuations, Valora Retail improved its operating profit by CHF 3.6 
million to CHF 13.7 million and raised its EBIT margin to 1.7% (vs 
1.3% in first-half 2009). Valora Services achieved a first-half 2010 
operating profit of CHF 20.4 million, an increase of CHF 13.3 million
on first-half 2009. The division´s EBIT margin rose to an impressive 
5.4%, of which 1.1% are attributable to the distribution and sale of 
World Cup picture cards. Valora Trade reported operating profit of 
CHF 5.1 million, down from CHF 7.4 million in the same period of 
2009. Although the division achieved considerable cost efficiency 
savings, these were not sufficient to compensate fully for the 
decline in net revenues. Valora Trade´s first-half 2010 EBIT margin 
was 1.5% (after 1.9% in first-half 2009).
Net income advances more than 40% to CHF 26.0 million
During the first six months of 2010, the Valora Group increased its 
net income by 43.8% to CHF 26.0 million. The proportion of total 
assets represented by shareholders´ equity rose by 1.1 percentage 
points to 42.4%. Despite the increased dividend the Group paid out in
respect of 2009, the Valora Group was virtually free of net debt at 
June 30, 2010.
"Valora 4 Success" strategy on track
The new corporate strategy initiated in 2008 continues to bear fruit 
and will be 80% complete by the end of 2010. The programme´s various 
initiatives have already generated positive results in the Group´s 
individual divisions and will exert an increasingly beneficial effect
in the years to come.
Valora Retail´s trajectory to higher profitability confirmed Valora 
Retail Switzerland´s results showed a pleasing improvement in the 
first six months of 2010. The division´s product ranges continue to 
be extended, particularly in services (money transfer, insurance, 
travel) and the expansion of the successful P&B format is progressing
according to plan. Although the network of convenience- and filling 
station stores developed less quickly than anticipated, the sales per
outlet nevertheless rose as expected. A new co-operation agreement 
signed with the filling-station operator Tamoil will mean that 
expansion of the convenience format network can be accelerated. New 
types of distribution arrangement (agency and franchising models) 
will also help the division to achieve its growth targets. As a 
result of its acquisition of tabacon Franchise GmbH & Co. KG, Valora 
Retail Germany will nearly double the size of its outlet network and 
advance to become the second-largest small-outlet retailer in the 
German market.
Valora Services rekindles its success Valora Services achieved a 
further reduction in its operating costs, as most noticeably 
demonstrated by the benefit it derived in first-half 2010 from the 
improved efficiency of its logistics operations in Switzerland and 
its lower external logistics costs in Austria. Ongoing enhancements 
to its services will enable the division to stabilise its revenues 
and maintain profitability at the levels to which it has now raised 
them.
Valora Trade: growth potential with new principals Valora Trade held 
up well in demanding market conditions. Although the sale of the 
division´s production companies (Own Brands) has resulted in some 
distribution contracts not being renewed and this has depressed 
turnover, Valora Trade is confident that its new principals will 
enable it to resume growth in the medium term and to continue raising
its efficiency levels.
Outlook: from turnaround to growth phase
The successes Valora has achieved in the first six months of this 
year with regard to cost efficiency and productivity not only 
highlight the importance of the Group´s strategy programme but also 
provide a sound platform for future growth.
Valora will vigorously pursue its current trajectory in the second 
half of 2010 and the Group is confident that the objectives it has 
set itself can be achieved, absent the effect of currency 
fluctuations.
In the late autumn of 2010, the Valora Group´s Board of Directors 
will present the medium and long-term strategy it has developed. 
Taking its cue from the successes already achieved by the "Valora 4 
Success" programme, the medium and long-term plan will emphasise the 
Group´s future potential for growth. As Thomas Vollmoeller, Valora´s 
CEO puts it, "We are satisfied with the results achieved in the first
half of this year. It is now time for us to shift our focus from 
turnaround to growth."
Valora Group key financial data
Income statement
in CHF million
                                  H1 2010       H1 2009
Net revenues                       1431.9       1'414.6
Adjusted net revenues*            1'409.9       1'414.6
Gross profit                        433.7         428.3
Gross profit margin                  30.3%         30.3%
Operating expenses                 -402.3        -408.8
Operating profit (EBIT)              35.7          23.0
EBIT margin                           2.5%          1.6%
Adjusted operating profit (EBIT)*    30.2          23.0
Adjusted EBIT margin*                 2.1%          1.6%
Consolidated net income              26.0          18.1
* adjusted for effects of currency fluctuations and World Cup 2010 picture cards
Liquidity, balance sheet
in CHF million
                                30.06.2010   31.12.2009
Cash and cash equivalents            142.3        161.6
Shareholders´ equity                 436.5        453.7
Equity cover                          42.4%        41.3%
Net debt / (net liquidity)             0.9        -15.8
Key financial metrics for Valora divisions
Key metrics            Retail               Services           Trade
in CHF million
H1 2010 H1 2009 Diff. H1 2010 H1 2009 Diff. H1 2010 H1 2009 Diff.
Net revenues   792.0   778.1 +1.8%   375.1  345.1 +8.7%    348.8   381.2 -8.5%
Adjusted net revenues*
               791.7   778.1 +1.8%   351.0  345.1 +1.7%    351.9   381.2 -7.7%
Operating profit(EBIT)
                13.7    10.1 +35.4%   20.4    7.1 +185.6%    5.1    7.4 -31.5%
Adjusted operating profit (EBIT)*
                12.0   10.1  +18.2%   16.5    7.1 +131.5%    5.2    7.4 -29.6%
EBIT margin      1.7%   1.3% +0.4pP    5.4%   2.1%  +3.3pP   1.5%   1.9% -0.4pP
Adjusted EBIT margin*
                 1.5%   1.3% +0.2pP    4.7%   2.1%  +2.6pP   1.5%   1.9% -0.4pP
* adjusted for effects of currency fluctuations and World Cup 2010 
picture cards
The following documentation is available for download on 
www.valora.com
Half-year report 2010 http://www.valora.com/media/documents/english/r
eports/2010/halbjahresbericht_2010_en.pdf
Media release
http://www.valora.com/en/newsroom/newsinformation/news_00339.php
Presentation on 2010 first-half results http://www.valora.com/media/d
ocuments/english/presentations/2010/praes_halbjahresabschluss_2010.pd
f
*****************************
Valora Telephone Conference - Half Year Results 2010
Thursday, August 26, 13.30 CET (German) | 14.30 CET (English)
Thomas Vollmoeller, CEO of Valora Holding AG, and Lorenzo Trezzini, 
CFO, will provide information about the Valora Half Year Results 2010
during a telephone conference. The Dial-In Conference Call will be 
held in German (13.30 CET) and in English (14.30 CET).
To participate in the conference please call the following number 5 
to 10 minutes before the respective time:
Europe                  +41 (0) 91 610 56 00
UK                      +44 (0) 207 107 06 11
USA - Toll-Free         +1  (1) 866 291 41 66
A playback of the conference will be available one hour after the 
conference call for 24 hours. Participants requesting the Digital 
Playback will be dialing:
Europe                 +41 (0) 91 612 43 30
UK                     +44 (0) 207 108 62 33
USA                    +1  (1) 866 416 25 58
and will be asked to enter the Conference number 16421 (German) or 
19108 (English) 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 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.
end of announcement                               euro adhoc

Further inquiry note:

Please address any further enquires you may have to:

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

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

Branche: Retail
ISIN: CH0002088976
WKN: 208897
Börsen: BX Berne eXchange / stock market
SIX Swiss Exchange / Main Standard

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