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Kuoni Reisen Holding AG Refocuses Tour Operator Portfolio and Exits Loss-Making Markets in Europe; Lowers FY 2012 Guidance

Friday, 21 Sep 2012 12:31am EDT 

Kuoni Reisen Holding AG (Kuoni) announced that its Board of Directors has decided that in the light of the evolution of the Company‚Äôs portfolio, various smaller loss-making tour operating businesses are no longer of strategic relevance to the Company. Kuoni no longer wants to run these activities and will explore exit options depending on circumstances for each of the various businesses, which may include complete or partial sale, management buy-out, or even termination of activities if no sustainable solutions can be found. Businesses affected are Kuoni's tour operating activities in Italy, Spain, the Netherlands, Belgium and Russia, as well as the B2C online hotel platform Octopustravel. Kuoni will commence consultations with employee representatives in accordance with local statutory requirements. It is not possible to accurately quantify the financial consequences of these changes. The reduction of the portfolio could entail direct cash-relevant costs amounting to CHF 35 million. In addition, non-cash-relevant costs and impairments will impact the result. The operating result (EBIT) respectively net result is expected to be reduced by approximately CHF 80 million, which is likely to happen in the fiscal year 2012. The earnings forecast for the fiscal year 2012, issued on August 23, 2012, has to be adjusted accordingly. The measures being taken should eliminate annual operating losses (EBIT) of approximately CHF 17 million in the future. 

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