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Annual Report 2000

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Annual Report 2000 ANNUAL REPORT 2000 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 deutscher und französischer 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 AG, Berne Photography: Blue Planet, Zurich DigitalVision, London Prisma, Zurich The Image Bank, Zurich Kuoni Bildarchiv, Zurich Katja Snozzi, Berne G Zurich G New York G Seoul G St. Louis G Tokyo G Atlanta Osaka G G Taipei Hong Kong GGG GGG Mumbai G Antigua G Barbados G Bangkok GGG Singapore G Nairobi Europe in detail G Stockholm Copenhagen GG London G GG Amsterdam Dorking G G Cologne Paris GG GGG Vienna GGG GGG Budapest Geneva G Zurich G Genoa Nice G G Rome GG G Barcelona Madrid Head offices and Incoming offices GG Athens March 2001 G Leisure Travel G Incoming G Business Travel G Hotels G Group Head Office CONTENTS 3 Kuoni at one glance Mission statement 5 Key figures 6 Group organisation 8 Executive and corporate bodies Board of Directors 11 Executive Board 12 Reporting Report of the Chairman and the President 17 Group 23 Reporting according to Strategic Business Units (SBU) SBU Switzerland 31 SBU United Kingdom & North America 39 SBU Europe 45 SBU Business Travel 53 SBU Incoming & Asia 57 Information Technology 61 Market environment The European travel market 65 E-commerce 68 Company Corporate Governance 71 Business activities 75 Staff 78 Environmental care 85 Social commitment 89 Addresses 92 Kuoni glossary 100 GROUP PHILOSOPHY 5 Mission statement We are committed to creating best value for people: our customers, employees, shareholders and business partners. We strive to be successful in our core business activities: Leisure Travel, Business Travel and Incoming. We motivate our staff by encouraging entrepreneurship and innovation at all levels. We think and act internationally. We strive to enhance shareholder value. We support environmentally friendly solutions. Kuoni stands for reliability, best value for money, quality and fairness in business. 6 KEY FIGURES 7 Kuoni at one glance Kuoni Travel Holding Ltd. Kuoni Group 2000 1999 (consolidated as at 31 December) 2000 1999 CHF CHF CHF m CHF m Investment in equity holdings 428,940,340 251,158,551 Turnover 4,113 3,515 By Strategic Business Unit: Net profit for the year 102,463,080 112,180,966 Switzerland 1,003 911 Information for investors United Kingdom & North America 1,091 918 Europe 1,161 1,067 Consolidated cash flow Business Travel 184 168 per registered share A 12.41 9.78 Incoming & Asia 674 451 per registered share B 62.03 48.90 By Activities: Ordinary group profit Leisure Travel 3,376 2,987 per registered share A 7.20 7.12 Business Travel 184 168 per registered share B 35.97 35.61 Incoming 553 360 Consolidated shareholders’ equity per registered share A 57.51 43.79 Earnings before interest, taxes and per registered share B 287.55 218.95 amortisation of goodwill (EBITA) 174.7 152.8 Dividend By Strategic Business Unit: per registered share A 2.401) 2.20 Switzerland 46.9 37.5 per registered share B 12.001) 11.00 United Kingdom & North America 106.7 92.2 Europe –3.3 17.1 Stock market prices Business Travel 19.2 15.5 registered share B high 970 6,7902) Incoming & Asia 22.4 5.5 low 645 5,0502) Group –17.2 –15.0 at year end 700 6,6102) Ordinary group profit 115.1 113.9 Stock market capitalisation 31 Dec 2,240 m 2,115 m Group profit 115.1 87.1 Annual trading volume 2,083 m 1,330 m Pre-goodwill earnings 155.5 144.0 1) Proposal of the Board of Directors to Cash flow 198.5 156.5 the General Meeting of Shareholders 2) Former capital structure Investment in tangible and intangible assets 87.2 168.9 Balance sheet total 2,251 1,806 Average number of personnel 7,669 6,528 8 GROUP ORGANISATION 9 Chairman of the Board of Directors Daniel Affolter Internal auditors President of the Executive Board and Chief Executive Officer Corporate Assistant Human Hans Lerch* Communications to CEO Resources Charter Specialists Specialists New Markets Business Travel Incoming Finance Information Activities United Kingdom Europe Kuoni Group Technology & North America (IT) Thomas Stirnimann* Peter Diethelm* a.i. Hans Lerch* Hans Lerch* Reto Bacher* Ibrahim Atallah** Max E. Katz* Konrad Iten** Switzerland United Kingdom France Asia Germany Europe Kuoni Reisen AG Sue Biggs** Voyages Kuoni SA P&O Travel Ltd., BTI Euro Lloyd Kuoni Reisen AG Edelweiss Air AG Hong Kong (Euro Lloyd Incoming Services Kuoni Travel Ltd. Italy Reisebüro GmbH Manta Reisen AG P&O Travel Pte. Ltd., Voyages Jules Verne Kuoni Gastaldi Singapore &Co.KG) Greece Privat Safaris Tours S.p.A. Hellenic Tours S.A. Reisebüro AG Switzerland Caribbean India Hellenic Island PRS AG Kuoni Caribbean Netherlands SOTC BTI Kuoni Switzer- Services Ltd. Railtour Suisse SA Hotels Ltd. Special Traffic SITA World Travel land (Kuoni Geschäftsreisen AG) Reisebüro Popularis (Kuoni Travel (Kuoni Travel India Kenya USA Nederland B.V.) Ltd.) Rotunda Tours AG Austria Private Safaris Intrav, Inc. (East Africa) Ltd. Spain BTI Austria Scandinavia Viajes Kuoni S.A. (Reisebüro Kuoni USA Ges.m.b.H.) Denmark T PRO Alletiders Rejser A/S Hungary Dane Tours BTI Hungary Kisbye Rejser (Kuoni Utazási Iroda Kft.) Sweden Apollo Resor AB Novair Austria N-U-R Neckermann Reisen AG Reisebüro Kuoni Ges.m.b.H. Restplatzbörse Ges.m.b.H Cosmos Ges.m.b.H Allround Travel Inter- national Ges.m.b.H. Hungary *) Member of the Executive Board **) Member of the Group Management N-U-R Neckermann Utazás Kft. March 2001 EXECUTIVE AND CORPORATE BODIES 11 Board of Directors Born 1954 1984 qualified as lawyer, University of Zurich 1988 Partner in the law practice «Bernhard, Affolter und Partner» in Uster 1990 Elected to the Board of Directors of Kuoni Reisen AG, Zurich 1995 Chairman of the Board of Directors of Kuoni Travel Holding Ltd., Zurich Daniel Affolter, Chairman 1997 Member of the Executive Committee of the World Travel and Tourism Council (WTTC) 1999 Member of the International Advisory Council for Tourism (IACT), Singapore Term expires 2003 Heinz Müller**, Vice-Chairman, Term expires 2002 former Executive Vice-President UBS Claudia Depuoz* Term expires 2002 Senior Vice-President UTO-Insurance Companies Hans Eisenring** Term expires 2002 dipl. Ing. ETH, former President of the SBB Executive Board Geoffrey H. Lipman* Term expires 2003 CEO Green Globe 21 Prof. Dr. Gilbert Probst** Term expires 2002 Professor for Economic Sciences University of Geneva Dr. iur. Roland Rasi* Term expires 2001 Lawyer and economic consultant Tommaso Zanzotto** Term expires 2003 Partner und President of Toscana Ville & Castelli *) Member of the Remuneration Committee **) Member of the Audit Committee 12 EXECUTIVE AND CORPORATE BODIES 13 Born 1941 Executive Board St. Gallen School of Transport Training at Swissair 1962 Entrance at Kuoni as Tour Manager 1966–74 Head of Tour Operating, Born 1950 Kuoni United Kingdom 1970 Entrance at Kuoni 1974–84 Chairman, Kuoni United Kingdom as Manager Incoming Peter Diethelm In present function since 1984 1972–85 Management functions Executive Vice-President in Tokyo, Hong Kong and Singapore, Specialists United Kingdom & ultimately as Regional Manager for the Far East North America 1986–89 Vice-President Incoming, Kuoni Reisen AG Hans Lerch 1989–95 Vice-President Tour Operating, President of the Kuoni Reisen AG Born 1955 Executive Board and 1995 Executive Vice-President SBU Incoming, HWV Zurich Chief Executive Officer Kuoni Travel Holding Ltd. 1978 Graduated as Business Economist 1996 Executive Vice-President SBU Switzerland 1978–81 Brand Manager Unilever and Incoming, Kuoni Travel Holding Ltd. 1981–87 Regional Controller for Jacobs In present function since 1999 Suchard in several countries 1987–91 Vice-President Finance and Member of Executive Board at Effems AG Max E. Katz 1991–95 Vice-President Finance and Member of Born 1951 Executive Vice-President Executive Board at Hürlimann Holding AG 1967 Entrance at Kuoni as apprentice Chief Financial Officer 1995 Entrance at Kuoni as Chief Financial Officer 1970–71 Stay at Kuoni United Kingdom In present function since 1995 1971–81 Manager and Operational Branch Head Business Travel 1981–86 Vice-Director General Management (abroad), Kuoni Reisen AG Born 1962 1986–96 Managing Director Kuoni Reisen GmbH, 1978 Entrance at Kuoni as apprentice Reto Bacher Germany Executive Vice-President 1981–87 Travel Advisor, Kuoni Reisen AG 1989 Qualified as Bachelor Business Travel 1987 Purchaser North America, of Business Administration (B.B.A.) Kuoni Reisen AG 1996–98 Vice-President Business Travel, 1989 Product Manager Travac AG Kuoni Reisen AG 1991 Head of Marketing/Sales, In present function since 1999 Kuoni Reisen AG Thomas Stirnimann Executive Vice-President 1994 Head of Overseas division, Charter Activities Kuoni Reisen AG 1995 Head of Tour Operating Department and member of Kuoni Reisen AG’s executive management In present function since 1999 14 EXECUTIVE AND CORPORATE BODIES 15 Group Management Born 1949 Born 1957 1974 Graduated as engineer agronomy at 1976 Completed commercial training at the University of Alexandria Schweizerische Kreditanstalt 1975–78 Sales Manager at Naggar Travel Agency 1977–79 Accountant/controller at Breves Treuhand in Cairo 1979 Qualified as accountant/controller
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