The shares of Kuoni Travel Holding Ltd have been delisted at SIX (Zurich Stock Exchange) as of 10 November 2016 after the Kuoni Group had been taken private by private equity company EQT.

Key Financial Data

If more detailed information is required than provided in the following tables, please view Kuoni’s latest Annual Report, which is available online. For interim figures, please view the half-year, or if appropriate, the nine-month report.

All reports are stored in the download center. 

Income statement

CHF million Notes 2015 % 2014 1 %
           
Continuing operations          
           
Turnover [3] 3,348.7 100.0 3,372.0 100.0
Direct costs   –2,739.0 –81.8 –2,759.8 –81.8
Gross profit [3] 609.7 18.2 612.2 18.2
  ­        
Personnel expenses [4] –324.3 –9.7 –323.8 –9.6
Marketing and advertising expenses   –9.2 –0.3 –8.1 –0.2
Other operating expenses [5] –149.4 –4.4 –150.9 –4.5
Other operating income [5] 53.2 1.6 10.1 0.3
Share in result from joint ventures [3/17] –1.9 –0.1 –2.0 –0.1
Depreciation [3/6] –28.9 –0.8 –31.8 –1.0
Restructuring expenses [3/20] –25.2 –0.8 0.0 0.0
Earnings before interest, taxes and amortisation (EBITA) [3] 124.0 3.7 105.7 3.1
Amortisation [3] –26.3 –0.8 –29.3 –0.8
Impairment of other intangible assets [15] –16.5 –0.5 0.0 0.0
Earnings before interest and taxes (EBIT) [3] 81.2 2.4 76.4 2.3
  ­        
Financial income [7] 6.7 0.2 6.7 0.2
Financial expenses [7] –9.0 –0.2 –6.0 –0.2
Result before taxes ­ 78.9 2.4 77.1 2.3
           
Income taxes [8] –21.0 –0.7 –18.9 –0.6
Net result from continuing operations ­ 57.9 1.7 58.2 1.7
           
Discontinued operations          
Net result from discontinued operations, net of income taxes 2 [2] –352.1 –10.5 9.2 0.3
Net result   –294.2 –8.8 67.4 2.0
Attributable to non-controlling interests ­ 0.9 0.0 1.0 0.0
Attributable to shareholders of Kuoni Travel Holding Ltd ­ –295.1 –8.8 66.4 2.0
           
Net result from continuing operations: ­ ­ ­ ­ ­
Attributable to non-controlling interests ­ 0.9 0.0 0.8 0.0
Attributable to shareholders of Kuoni Travel Holding Ltd ­ 57.0 1.7 57.4 1.7
           
Earnings per share (in CHF)     ­   ­
Basic/diluted earnings per registered share A [9] –15.10 ­ 3.44 ­
Basic/diluted earnings per registered share B [9] –75.51 ­ 17.20  
           
Earnings per share (in CHF) from continuing operations:     ­   ­
Basic/diluted earnings per registered share A   2.92 ­ 2.97 ­
Basic/diluted earnings per registered share B   14.59   14.86  

1 Restatement of comparative period figures due to the disposal of all outbound tour operating activities and the inbound business activities in India, see note 2.

2 For further details on discontinued operations, refer to note 2.

Key financial data

Information by reportable segments Global Travel Distribution (GTD) Global Travel Services (GTS) VFS Global Total reportable segments Corporate Total from continuing operations Discontinued operations 2
CHF million 2015 2014 1 2015 2014 1 2015 2014 1 2015 2014 1 2015 2014 1 2015 2014 1 2015 2014 1
                             
Turnover of segments 1,979.3 1,933.6 1,054.8 1,169.6 316.5 270.8 3,350.6 3,374.0     3,350.6 3,374.0 1,335.8 2,136.5
Turnover with other segments 0.0 –0.2 –1.9 –1.8 0.0 0.0 –1.9 –2.0     –1.9 –2.0 0.0 0.0
External turnover 1,979.3 1,933.4 1,052.9 1,167.8 316.5 270.8 3,348.7 3,372.0     3,348.7 3,372.0 1,335.8 2,136.5
                             
GOP 224.8 220.6 159.5 183.9 225.4 207.7 609.7 612.2     609.7 3 612.2 3 252.3 412.9
GOP – margin 11.4% 11.4% 15.1% 15.7% 71.2% 76.7% ­ ­     18.2% 18.2% 18.9% 19.3%
                             
Share in result from joint ventures ­ ­ ­ ­ –1.9 –2.0 –1.9 –2.0 ­ ­ –1.9 –2.0 ­ ­
Depreciation –7.4 –9.2 –2.4 –3.0 –11.8 –12.3 –21.6 –24.5 –7.3 –7.3 –28.9 –31.8 –2.0 –17.2
Restructuring expense 0.0 0.0 –18.0 0.0 0.0 0.0 –18.0 0.0 –7.2 0.0 –25.2 0.0 0.0 0.0
                             
Earnings before interest, tax and amortisation (EBITA) 66.7 63.2 –24.7 1.2 53.9 52.5 95.9 116.9 28.1 –11.2 4 124.0 4 105.7 4 –44.0 16.4
EBITA – margin 3.4% 3.3% –2.3% 0.1% 17.0% 19.4% ­ ­     3.7% 3.1% –3.3% 0.8%
                             
Amortisation –18.7 –21.2 –7.6 –8.1 0.0 0.0 –26.3 –29.3 0.0 0.0 –26.3 –29.3 –0.1 –7.1
Impairment of Goodwill and other intangible assets 0.0 0.0 –16.5 0.0 0.0 0.0 –16.5 0.0 0.0 0.0 –16.5 0.0 –106.4 0.0
                             
Earnings before interest and taxes (EBIT) 48.0 42.0 –48.8 –6.9 53.9 52.5 53.1 87.6 28.1 4 –11.2 4 81.2 4 76.4 4 –150.5 9.3
EBIT – margin 2.4% 2.2% –4.6% –0.6% 17.0% 19.4% ­ ­     2.4% 2.3% –11.3% 0.4%
                             
Share in result from associates ­ ­     ­ ­     0.0 0.2 0.0 0.2 –1.0 0.1
Other financial result ­ ­ ­ ­ ­ ­ ­ ­ –2.3 0.5 –2.3 0.5 –2.9 3.6
Result before taxes                     78.9 77.1 –154.4 13.0
                             
Assets 1,058.5 1,027.1 379.9 437.2 164.7 175.0 1,603.1 1,639.3 206.6 5 208.6 5 1,809.7 6 1,847.9 6 0.0 6 719.7 6
Liabilities 485.1 440.8 302.3 288.7 94.1 96.4 881.5 825.9 397.9 5 382.8 5 1,279.4 6 1,208.7 6 0.0 6 579.7 6
                             
Capital expenditure 15.9 13.3 3.2 9.4 18.0 20.7 37.1 43.4 1.1 6.7 38.2 50.1 7.1 15.8
Investments in joint ventures and associates ­ ­ ­ ­ 0.0 0.0 0.0 0.0 ­ ­ 0.0 0.0 0 0
Total assets of joint ventures and associates ­ ­ ­ ­ 0.0 0.0 0.0 0.0 35.9 24.6 35.9 24.6 0.0 0.9
                             
Number of staff (full-time equivalents): ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­
– annual average 1,489 1,381 2,820 2,973 3,561 3,009 7,870 7,363 98 92 7,968 7,455 4,174 4,273
– at year-end 1,535 1,414 2,708 2,893 3,776 3,209 8,019 7,516 98 93 8,117 7,609 0 4,325

1 Restatement of comparative period figures due to the disposal of all outbound tour operating activities and the inbound business activities in India, see note 2.

2 For further details on discontinued operations, refer to note 2.

3 The GOP includes operational exchange differences of CHF 2.5 million (2014: CHF 1.3 million).

4 Including gain from the disposals of a properties in Zurich in the amount of CHF 53.2 million in 2015 (2014: CHF 10.1 million).

5 The assets and liabilities shown under “Corporate” include the corporate items from the statement of financial position and the financial assets/liabilities which are not segment specific and tax assets/liabilities of the Kuoni Group.

6 Total assets (liabilities) from continuing and discontinued operations of CHF1,809.7 million (CHF 1,279.4 million) less IC eliminations of CHF 180.3 million (2014: CHF 148.4 million) equals assets (liabilities) of CHF 1,629.4 million (CHF 1,099.1 million) as per statement of financial positions.

Five-year summary of key data

CHF million 2015 2014 1 2013 2 2012 2 2011 2
Turnover ­ ­ ­ ­ ­
Global Travel Distribution 1,979.3 1,933.6 1,801.9 1,702.5 1,070.1
Global Travel Services 1,054.8 1,169.6 1,284.4 1,280.5 1,244.9
VFS Global 316.5 270.8 244.1 205.2 176.4
Less turnover elimination between segments –1.9 –2.0 –18.1 –1.0 –35.9
Total 3,348.7 3,372.0 3,312.3 3,187.2 2,455.5
           
EBITA ­ ­ ­ ­ ­
Global Travel Distribution 66.7 63.2 74.5 68.4 63.3
Global Travel Services –24.7 1.2 29.0 29.7 32.6
Acquisition and integration cost 0.0 0.0 –4.7 –5.3 –20.2
VFS Global 53.9 52.5 40.2 35.5 41.9
Corporate 28.1 –11.2 –23.7 –21.8 –52.6
Total 124.0 105.7 115.3 106.5 65.0
           
EBIT ­ ­ ­ ­ ­
Global Travel Distribution 48.0 42.0 53.0 47.3 43.5
Global Travel Services –48.8 –6.9 20.7 21.4 23.6
Acquisition and integration cost 0.0 0.0 –4.7 –5.3 –20.2
VFS Global 53.9 52.5 40.2 35.5 41.9
Corporate 28.1 –11.2 –23.7 –21.8 –52.6
Total 81.2 76.4 85.5 77.1 36.2

1 Restatement of comparative period figures due to the disposal of all outbound tour operating activities and the inbound business activities in India, see note 2.

2 Presentation according to the new management structure.

CHF million 2015 2014 2013 2012 2011
Net result –294.2 67.4 69.2 –14.4 33.3
Investments in tangible fixed assets and intangible assets 38.2 66.0 46.1 58.4 57.2
Depreciation 28.9 49.0 48.4 51.5 54.1
Amortisation 26.3 36.5 37.3 38.8 38.7
Cash flow from operating activities 112.9 64.0 160.4 106.4 110.5
Net debts 54.5 273.8 240.5 291.2 306.4
           
Non-current assets 857 1,381 1,422 1,475 1,576
Current assets 773 1,039 971 927 923
Equity 530 779 779 699 775
Equity ratio 32.5% 32.2% 32.6% 29.1% 31.0%
Non-current liabilities 291 300 301 164 415
Current liabilities 808 1,340 1,313 1,539 1,309
Total assets 1,629 2,419 2,393 2,402 2,499
           
Invested capital 1 655 958 950 984 1,233
Return on invested capital (ROIC) 2 10.0% 6.6% 13.0% 2.8% 3.3%
Weighted average cost of capital (WACC) 7.5% 7.5% 7.5% 8.5% 8.5%
Kuoni Economic Profit (KEP) 3 16.2 –8.5 52.1 –56.6 –47.4
           
Average number of personnel (FTE) 7,968 11,728 11,621 12,279 11,048
Global Travel Distribution 1,489 1,381 1,332 1,338 883
Global Travel Services 2,820 2,973 2,092 2,178 1,395
VFS Global 3,561 3,009 2,666 2,573 2,155
Corporate 98 92 131 115 149
Discontinued Operations n/a 4,273 5,400 6,075 6,466

The data presented are based on the respective consolidated financial statements. Any changes made to Kuoni Group accounting policies as a result of changes to International Financial Reporting Standards are not retroactively applied.

1 Invested capital is the average annual total of all net current assets, tangible fixed assets, goodwill, other intangible assets and other net assets (excluding interest-bearing assets and liabilities).

2 Return on Invested Capital (ROIC) is defined as net operating profit after tax (NOPAT) as a proportion of average invested capital. NOPAT is defined as earnings before interest and taxes (EBIT) less income dependent taxes.

3 Kuoni Economic Profit or KEP is defined as net operating profit after tax (NOPAT) less the cost of capital invested in operations. The cost of capital invested in operations is determined by multiplying the average invested capital by the weighted average cost of capital (WACC) of the Kuoni Group. The cost of capital invested for GTA was calculated in 2011 for the eight-month period following its acquisition on 1 May 2011.