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Group Report


The Kuoni Group achieved organic topline growth of 2.0% in the 2013 financial year. Earnings before interest and taxes (EBIT), net result and free cash flow all increased significantly. The market environment was fragmented in 2013: on the one hand strong growth continued, especially in Asia; on the other, the economic situation hit demand in many European source markets. Kuoni Group’s turnover for the year under review came to CHF 5 669 million, representing a nominal year-on-year decline of – 3.0%. This is due mainly to the withdrawal from loss-making European tour operating activities. The net effect of acquisitions/disposals contributed – 4.6% to the decline. The organic rise in turnover came to 2.0%, driven by continuous strong growth in the FIT (Fully Independent Traveller) and VFS Global Business seg­ments, as well as organic growth in the remaining Outbound Europe/Asia operations. Operating earnings before amortisation (EBITA) came to CHF 191.4 million (2012: CHF 117.7 million). Operating earnings (EBIT) came to CHF 154.2 million (2012: CHF 51.7 million). The net result came to CHF 69.2 million (2012: CHF – 14.4 million).


The economic environment → recovered slightly over the course of the second half of 2013, driven by increasing demand in developed markets and higher exports from emerging nations. However, except in China, domestic demand remained subdued. The fiscal situation im­proved slightly in developed markets. The Eurozone debt crisis eased and risk premiums on government debt decreased. The situation in emerging economies remained tense and some currencies weakened significantly against the US dollar and the euro.

The economies of Kuoni Group’s source markets performed modestly in 2013. In many of the major European markets, economic growth stagnated. Among the most important source markets, the economic situation improved in Japan, the UK and India, while Switzerland continued to perform robustly. Taken together, economic growth in the ten most important source markets decreased from 1.5% in 2012 to 1.4% during the year under review (basis of data: IMF World Economic Outlook, October 2013).

International tourism → performed well overall. The World Tourism Organization (UNWTO) reported healthy 5% growth in inter­na­-tional arrivals, so the growth trend continues. There was particularly good news from countries in Europe and the Asia/Pacific region, with growth of 6% each. The effects of the debt crisis in Europe and con­tinuing political turmoil in North Africa and the Middle East had less of an influence in 2013 than in the prior year. Social and political unrest in Turkey, Brazil and Thailand also had a negative effect on various business activities over the short and medium term.