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GROUP REPORT

GROUP TRAVEL

Turnover for the Group Travel → business segment was down – 2.2% at CHF 943 million in 2013 (2012: CHF 964 million). Having deliberately focused on higher gross profit margins, it was expected that higher earnings (EBIT) would come at the cost of lower growth in turnover. At the same time, the internal reorganisation that relocated MICE (meetings, incentives, conferences, events) in the USA and Middle East to the Destination Management Specialists business seg­ment led to an effect of CHF 34.6 million (– 3.6%). Organic turn­over growth came to 0.1%. The trading was particularly good in the Japan­ese and Chinese markets during the summer season, leading to an in­crease in operating earnings before amortisation (EBITA) of 23.5% to CHF 26.8 million (2012: CHF 21.7 million). Earnings before interest and taxes (EBIT) improved by 32.0% to CHF 22.3 million. Excluding the positive pension fund effects  EBIT came to CHF 18.7 million.

GROUP TRAVEL TURNOVER SHARE BY SOURCE MARKETS AND DESTINATIONS

Accounting for 83% of its turnover, the Asia/Pacific region was by far the most important source market for the Group Travel business segment. This share is six percentage points up on the previous year. Most group travellers came from Japan, China and Indonesia, while Europe, with 11%, was the second most important source market (2012: 14%). The highest numbers of overnight stays by group travellers were recorded for destinations in France, Italy, Germany, the UK and Switzerland. Europe, with 96%, is by far the most important holiday destination.

FIT (FULLY INDEPENDENT TRAVELLER)

Turnover at the FIT → business segment rose to CHF 1 802 million in 2013 (2012: CHF 1 703 million). This 5.8% increase included organic growth of 5.7% and a 0.1% currency influence. Earnings before amortisation (EBITA) came to CHF 74.5 million (2012: CHF 68.4 million). EBIT improved by 12.1% to CHF 53.0 million (2012: CHF 47.3 million). After adjusting for the positive pension fund effects EBIT came to CHF 51.5 million. The main growth drivers were source markets in Asia/Pacific, the Middle East, Africa and Northern and Central Europe.

FIT TURNOVER SHARE BY SOURCE MARKETS AND DESTINATIONS

Europe, with 41% of turnover, was the most important source market for the FIT business segment (2012: 40%). The fall in the value of the yen led to lower demand from Japanese customers for overnight stays in Europe and the USA. However, destinations within Asia profited from this. The breakdown of turnover by destination remained more or less unchanged. Europe, with 51%, is still the most important holiday destination (2012: 52%). The top travel destinations were the USA, France, the UK and Italy.

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