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Annual Report 1999

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Annual Report 1999 ANNUAL REPORT 1999 The annual report is also available in French and in German. Le rapport annuel est également disponible en français et en allemand. Der Geschäftsbericht ist auch in französischer und deutscher Sprache erhältlich. Kuoni Travel Holding Ltd. Neue Hard 7 CH-8010 Zurich Phone: (+41) 1-277 44 44 Fax: (+41) 1-271 52 82 Internet: www.kuoni.com IMPRESSUM: Edited and published by: Kuoni Travel Holding Ltd., Corporate Communications Design/realisation/typesetting: Kuoni Travel Ltd., Brochure Production Lithography: NC AG, Urdorf Printing: Benteli Hallwag Druck, Berne Photography: Blue Planet, Zurich Incolor AG, Zurich Prisma, Zurich The Image Bank, Zurich Kuoni Bildarchiv, Zurich Robert Hansen, Baden CONTENTS Page Kuoni at a glance 2 Organisation 4 Report of the Chairman and the President: 7 Well equipped for the future Group: 13 Excellent operating performance SBU Switzerland: Fit for the new millennium 21 SBU United Kingdom and North America: A defining year 28 SBU Europe: Successful restructuring 35 SBU Business Travel: A promising launch 42 SBU Incoming and Asia: Major improvements 47 Information Technology: Exploiting synergies 51 The Kuoni network in Europe, America, Asia and Switzerland 54 Our market: Top ten keep on growing 61 Our competencies: Leisure Travel, Business Travel, Incoming 65 Pioneer in the Indian Ocean 68 Our staff: Young and enterprising 70 Working in New York 72 Our responsibilities: Corporate Governance – Creating value for all 74 Ecology – Think global, act local 76 Health & Safety – Committed to customer safety 80 Society – At home in SOS Children’s Village 82 Executive and Corporate Bodies 86 Kuoni Encyclopaedia 96 Addresses 100 2 THE MOST IMPORTANT FIGURES 3 Kuoni at one glance Kuoni Travel Holding Ltd. Kuoni Group 1999 1998 (consolidated as at 31 December) 1999 1998 CHF CHF CHF m CHF m Investment in equity holdings 251,158,551 160,334,104 Turnover 3,509 2,896 By Strategic Business Unit: Net profit for the year 112,180,966 105,829,711 Switzerland 911 844 Information for investors UK and North America 918 599 Europe 1,067 903 Consolidated cash flow Business Travel 162 158 per registered share A 97.80 81.70 Incoming and Asia 451 392 per registered share B 489.00 408.50 By Activities: Group profit before exceptional items Leisure Travel 2,987 2,435 per registered share A 73.30 64.50 Business Travel 162 158 per registered share B 366.70 322.60 Incoming 360 303 Consolidated shareholders’ equity per registered share A 414.80 323.90 Earnings before interest, taxes and 152.8 118.4 per registered share B 2,074.20 1,619.50 amortisation of goodwill (EBITA) Dividend By Strategic Business Unit: per registered share A 22.001) 22.00 Switzerland 37.5 31.0 per registered share B 110.001) 110.00 UK and North America 92.2 72.6 Europe 17.1 16.8 Stock market prices Business Travel 15.5 9.6 registered share B high 6,790 8,890 Incoming and Asia 5.5 2.1 low 5,050 3,680 Group –15.0 –13.7 at year end 6,610 5,450 Group profit before exceptional items 117.3 103.2 Stock market capitalisation 31 Dec 2,115 m 1,744 m Group profit 90.5 103.2 Annual trading volume 1,330 m 1,331 m Cash flow 156.5 130.7 1) Proposal of the Board of Directors to Investment in tangible and intangible the General Meeting of Shareholders assets 168.9 111.9 Balance sheet total 1,770 1,363 Average number of personnel 6,528 6,008 4 ORGANISATION 5 Chairman of the Board of Directors Daniel Affolter Internal auditors President of the Executive Board and CEO Hans Lerch** Corporate Corporate Assistant Development Development to CEO SBU* SBU* SBU* SBU* SBU* Finance Information Switzerland United Kingdom Europe Business Incoming Kuoni Group Technology & North America Travel & Asia (IT) Thomas Stirnimann** Peter Diethelm** Marcel Herter** Reto Bacher** Ibrahim Atallah*** Max E. Katz** Konrad Iten*** Switzerland United Kingdom France Germany Switzerland Kuoni Reisen AG Kuoni Travel Ltd. Voyages Kuoni SA Euro Lloyd Reise- Kuoni Reisen AG Edelweiss Air AG House of Specialists Ltd.: büro GmbH & Co. Incoming Services KG (BTI Euro Lloyd) Manta Reisen AG Voyages Jules Verne Denmark Greece Privat Safaris Airwaves Alletiders Rejser A/S Austria Reisebüro AG Hellenic Tours S.A. Reisebüro Kuoni PRS AG Caribbean Italy Hellenic Island Ges.m.b.H. Services Ltd. Railtour Suisse SA Kuoni Caribbean Kuoni Gastaldi Tours (BTI Austria) Hotels Ltd. Reisebüro Popularis S.p.A. Kenya Rotunda Tours AG Switzerland North America Netherlands Private Safaris Kuoni Reisen AG (East Africa) Ltd. Intrav, Inc. Kuoni Travel Nederland (BTI Kuoni Clipper Cruise Line Inc. B.V. (Special Traffic) Switzerland) Asia Austria Hungary P&O Travel Ltd., Hong Kong N-U-R Neckermann Kuoni Utazási Reisen AG Iroda Kft. P&O Garden City (BTI Hungary) Travel Pte. Ltd., Reisebüro Kuoni Singapore Ges.m.b.H. P&O Regale Travel Restplatzbörse Co. Ltd., Thailand Ges.m.b.H. Cosmos Ges.m.b.H India Allround Travel Inter- national Ges.m.b.H. Kuoni Travel (India) Ltd. SITA World Travel Spain (India) Ltd. *) Strategic Business Unit Viajes Kuoni S.A. **) Member of the Executive Board Hungary ***) Member of the expanded Executive Board N-U-R Neckermann Utazás Kft. March 2000 REPORT OF THE CHAIRMAN AND THE PRESIDENT 7 Well equipped for the future For Kuoni, 1999 was both a very successful and turbulent year. Both turnover and operating profit rose to new record levels. With such success to its credit, the Kuoni Group need not fear a comparison with the biggest in the European tourism industry. On the contrary: Kuoni’s performance has elevated the Groupto the top of the European tourism league (see page 16). Following Kuoni’s failed attempt to merge with the UK tour operator, First Choice, the Executive Board was reorganised and expanded in July 1999. Under Hans Lerch, the new President of the Executive Board, Thomas Stirnimann took over the Strategic Business Unit (SBU) Switzerland. The Executive Board was expanded to in- clude Konrad Iten as Chief Information Officer and Ibrahim Atallah as Senior Vice-President of the SBU Incoming and Asia. Daniel Affolter (left) Chairman of the Board of Directors Hans Lerch (right) President of the Executive Board and Chief Executive Officer 8 REPORT OF THE CHAIRMAN AND THE PRESIDENT 9 An international management culture Growth as an end in itself? There is a lot more to being a global company than having We are convinced that there is no critical size for a multinatio- international operations. We are convinced that the ability to success- nal. However, we do believe that a critical size exists in specific fully manage a company on a global basis and to integrate new markets and countries. For example, some 200,000 charter passengers subsidiaries into a cohesive in Denmark represents a good annual figure, but a similar number whole is one of the really major would be far too small to survive in the German market. challenges of the future. “We are proud Our Board of Directors and Executive Board therefore follow Kuoni is well placed in this to have lived an a policy that seeks to strengthen the position of the various group respect. As long ago as the 1930s, companies via acquisitions so as to attain a critical mass in each mar- our company recognized that international ket and create a healthy basis for future organic growth. The addi- the Swiss market was too small culture for much tions to the Group in recent months should be seen in this context. and opened its first foreign • In March 2000, Kuoni successfully acquired Sita World outlets. Kuoni’s overseas sales of our history.” Travel in New Delhi, making activities in the Incoming segment our company India’s number one were expanded almost 40 years ago when we opened a branch in Tokyo. in all three main operating areas: Today Kuoni has offices in 27 countries. And this number Outbound, Business Travel and is more than just a statistic: It is also symbolic of the Kuoni culture. Incoming Services. The successful management of companies located outside one’s home • Following the announce- market requires an international management culture plus the re- ment in December 1999 that we cognition that a decentralized leadership philoso- were taking an equity holding of phy is important for long-term success. 45% in the tour operator Thanks to its history and the many years of Apollo, which operates in Sweden, Denmark and Norway, plus the experience of our new management acquisition of the activities of the up-market Danish tour operator team in foreign markets, Kuoni is well Dane Tours and the travel agencies of Kisbye Rejser, Kuoni has assu- equipped to take on future challenges. med the number 3 position in Scandinavia’s tourist industry. This And we are proud to have lived an interna- forms a good basis, from which further organic growth is possible. tional culture for much of our history. • In September 1999, we acquired luxury tour operator Intrav of St. Louis, Missouri/USA. This gives us an entry into the growing US market where we intend introducing the successful product range offered by Kuoni United Kingdom. Two further moves belong to this same strategic approach: in summer 1999, we agreed to take a 49% equity holding in the TUI subsidiary TUI Suisse in Switzerland; we also decided to expand 10 REPORT OF THE CHAIRMAN AND THE PRESIDENT 11 the fleet of Kuoni’s own Swiss charter airline Edelweiss Air with the A word of thanks addition of an Airbus A330 in November 2000.
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