euro adhoc: Valora Holding AG / other / Valora reports good third quarter performance, Group on track

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Company Information

31.10.2007

During the 3rd quarter of 2007, Valora, the Swiss trading group,
generated an operating profit of CHF 21 million, according to initial
estimates. After a disappointing 2nd quarter, this encouraging result
shows that the Group's new strategy and the initiatives it has taken
to optimise operating efficiency are both on track. Valora rejects
the demands recently made by a new group of investors. The Board of
Directors has emphasised that, in the event of any controversy on
this matter, it will adhere strictly to the Group's current by-laws.

For the first time in its history, Valora is today publishing
estimated quarterly financial results. The Group has two reasons for
this step. First, the unsatisfactory performance turned in during the
2nd quarter of 2007 had led to uncertainty among financial analysts
and shareholders as to the Group's ongoing performance. The good
results achieved in the 3rd quarter demonstrate that the performance
slump suffered in the second three months of this year was merely a
dip on the road to recovery. Second, the Chairman of the Board is
taking the publication of these estimated 3rd quarter results as an
opportunity to counter recent public attacks made by a newly created
group of investors. As he puts it, "Valora is not a football for
speculators to kick around. The Group's strategy makes sense, and it
is being implemented effectively."

Valora has undergone far-reaching changes in recent years. The
unsuccessful policy of divestiture and acquisitions pursued in the
late 1990's has made way for a strategy based on focus. Correcting
these mistakes ultimately cost Valora more than CHF 600 million. By
mid-2008, when the five production companies have been sold,
implementation of this focussed strategy will have been completed.
Valora will then be a pure-play trading company, an internationally
active trading Group operating in three divisions: Retail, Media and
Trade. "In the near term, management will concentrate on stabilising
operational profitability, by actively pursuing cost efficiencies and
organic growth", in the words of Fritz Ammann, Valora's Board
Chairman.

Cautious optimism At an operational level, Valora has staged an
impressive recovery from the poor performance it displayed in the
previous quarter. Initial 3rd quarter estimates show that the Group
achieved good results in each of the months from July to September
2007. Compared with figures for the same quarter last year, net
revenues were raised by CHF 39 million to reach CHF 756 million,
while estimated operating income topped CHF 21 million, compared with
CHF 18 million a year earlier. Based on these results, and taking the
2007 first-half figures into account, Valora anticipates that the
2007 financial year as a whole should generate a Group operating
profit of at least CHF 48 million, with comparable results being
achieved in 2008 as well. The sale of the production companies is
progressing well. The Board of Directors intends to return the net
proceeds of this sale to the Group's shareholders.

Kiosks begin to reveal silver lining The problems confronting the
kiosk business in Switzerland have been identified and contained. The
measures needed to remedy the situation are currently being
implemented and are now receiving the attention they require. Earlier
inaccurate estimates of the progress already made by restructuring
initiatives have been corrected. The management team has assigned
priority to modernising the IT systems, re-focussing category
management and optimising our sales organisation and outlet network.
The outlet network will increasingly be divided into geographical and
product- range-specific clusters and 2008 will also see the first
franchising concepts being tested. "We will continually adapt our
kiosk business to shifting trends in market and customer needs", as
CEO Peter Wüst puts it.

By-laws are binding The Board of Directors will listen attentively to
the arguments advanced by the recently created investor group. It is
unanimous in adhering to clear and consistent entrepreneurial values:
sustainable profitability rather than one-off results, quality before
quantity and long-term strategy before short-term tactics. What the
Board will not do is entertain proposals based solely on short-term,
speculative financial objectives. The Board decisively rejects the
various calls for an extraordinary shareholders' meeting which have
recently been expressed in the media. Valora's by-laws limit the
number of voting shares which can be registered to one individual
shareholder or to a group of shareholders acting in concert to 5% of
all outstanding shares. An extraordinary shareholders' meeting can be
called only at the behest of at least 10% of the shareholders
eligible to vote. In Fritz Ammann's words, "It is the duty of
Valora's Board and management to adhere strictly to these provisions
in the by-laws."

Information on October 31, 2007: Questions relating to this media
communiqué will be answered during the media
and financial analysts' meetings taking place
on October 31, 2007.

Press breakfast briefing in Zurich Dr. Fritz Ammann, Chairman of the
Board of Directors, Peter Wüst, CEO, and Markus Voegeli, CFO, will be
hosting a press breakfast briefing to which all media correspondents
are cordially invited.

Date: Wednesday, October 31, 2007
Time: 10.00 a.m.
Participants: Media correspondents
Venue: Crowne Plaza
Badenerstrasse 420
8040 Zurich
Phone +41 44 404 44 44

Financial analysts' conference call to be conducted in English Dr.
Fritz Ammann, Chairman of the Board of Directors, Peter Wüst, CEO,
and Markus Voegeli, CFO, will also be hosting a conference call for
financial analysts that same afternoon.

Date Wednesday, October 31, 2007
Time: 16.00 CET
Participants: Financial analysts
Dial-in numbers: To participate in the conference, call one of the
following numbers
(please call 5 to 10 minutes before the hour):
+41 (0) 91 610 56 00 (continental Europe)
+1 (1) 866 291 4166 (United States)
+44 (0) 207 107 0611 (United Kingdom)

end of announcement euro adhoc 31.10.2007 07:00:00
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ots Originaltext: Valora Holding AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Information on October 31, 2007: Questions relating to this media
communiqué will be answered during the media
and financial analysts' meetings taking place
on October 31, 2007.

Valora Holding AG
Belpstrasse 37
CH-3007 Bern
Phone + 41 058 789 11 11
Fax + 41 058 789 11 12
info@valora.com
www.valora.com

Branche: Retail
ISIN: CH0002088976
WKN: 208897
Börsen: SWX Swiss Exchange / official market
BX Berne eXchange / official dealing