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Group Report


Turnover at the Outbound Nordic → business segment came to CHF 982 million (2012: CHF 993 million). The decline of – 1.1% is main­ly due to the travel freeze to Egypt as of the second half of 2013. It was possible to divert some demand to the Greek archipelago and the Canary Islands. In addition, flight overcapacities resulted in lower average prices. Organic top-line growth at the Outbound Nordic business segment came to – 1.9% while currency influences came to 0.8%. Operating earnings before amortisation (EBITA) were slightly lower at CHF 37.8 million (2012: CHF 40.6 million). This was due to the negative effects on the Sweden unit of the suspension of travel to Egypt, as well as overcapacities and lower average prices in Norway. By contrast, Denmark benefited from a focus on higher margins and a reduction in operating costs. The Playitas sports and family resort on Fuerteventura (Spain) benefited from the suspension of travel to Egypt and increased flight capacity from Europe. EBIT at Outbound Nordic was – 6.8% below the prior year level at CHF 36.8 million (2012: CHF 39.5 million).


The business segment’s two biggest source markets are Norway and Sweden, which together account for 75% of turnover. Finland grew by 40% year-on-year reflecting its excellent performance since launching in 2011. With more than 80% of total turnover, Europe remains the most important holiday destination for the Out­bound Nordic business segment. Top destinations include Spain, Greece and Turkey. The most important destinations outside Europe are Egypt and Thailand, though their share of total turnover has fallen sharply since 2012.


The central development for the Outbound Europe/Asia → business segment in 2013 was the completion of withdrawal from loss-making European tour operating activities. Kuoni’s exit from the tour operating business in Italy, France and Belgium, as well as from the online platform Octopustravel, was completed during the first half of the year. The CHF 3.1 million of operating losses sustained in 2013 were charged against operating earnings (EBIT). Financial expense was exacerbated by losses of CHF 44.5 million from the sale of subsidiary companies. The total effect on the net result amounted to CHF 47.6 million, which is lower than the original budgeted figure of CHF 56 million. Owing to this withdrawal from loss-making activities, turnover declined from CHF 1 738 million in the prior year to CHF 1 414 million in 2013. Organic turnover growth was – 1.7% and the disposal effect reduced turnover by – 15.6%. Currency in­fluence amounted to – 1.3%. The remaining units performed positively and achieved good organic growth of 4.4%. The Switzerland and China/Hong Kong units in particular posted higher turnover. Operating earnings before amortisation (EBITA) improved by 201.2% to CHF 34.1 million at end of 2013 (2012: – 33.7 million). Operating earnings (EBIT) improved significantly to CHF 27.8 million, compared with a loss of CHF – 69.1 million in 2012. This result came on the back of a positive performance in the Switzerland unit, the effects of the withdrawal from loss-making European tour operating activities, and the one-time positive effects of the change in plan of the Swiss pension fund from a service-oriented plan to a defined contri­butions benefits system and a curtailment on the basis of a considerable reduction in the number of Swiss employees affected by the plan. After adjusting for the positive one-time pension fund effects, EBIT came to CHF – 0.7 million, including CHF – 3.1 million from discontinued activities.


As in 2012, 80% of theturnover came from European source markets, and the other 20% from the source markets of the Asia/Pacific region. Switzerland, the UK, India and Hong Kong are the most important source markets. The Destination Europe gained an additional five per­centage points compared to 2012 to achieve a share of 37% of the turnover. Asia/Pacific was accounting for 34% of turnover. Despite the continuing difficult situation, the Middle East/Africa as a holiday destination maintained its share of turnover at 11% (2012: 11%). The most important destinations were the USA, the Maldives, India and Spain.