euro adhoc: Valora Holding AG / other / Valora announces satisfactory results for first-half 2008 - key platforms for future performance in place

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First half 2008

28.08.2008

- Net sales increase and operating earnings double, with all areas
contributing to positive results

- New logistics site to enhance quality and efficiency

- Consolidation of corporate locations in progress - further
improvement initiatives being prepared

- 2008 objectives re-affirmed - Investors´ and Media Day announced
for September 24, 2008

Net turnover up, operating income doubled

The Valora Group achieved positive performance during the first six
months of 2008. Net sales were increased by 6.6%, or some CHF 90
million, on the levels achieved a year earlier, with roughly half, or
CHF 46 million, of the higher revenues generated from activities
related to the EURO 2008 soccer championships. Gross margins were
maintained at 2007 levels and operating income rose to CHF 28.6
million, of which some CHF 9 million (nearly CHF 4 million at the
Group´s Retail division and nearly CHF 5 million from Valora Media)
was attributable to the sale and distribution of EURO 2008 related
items. This represents a doubling of operating income compared to the
same period of 2007 and an increase in operating margins to 2.0%. The
cost/income ratio was lowered by one percentage point. Group net
earnings rose CHF 11.9 million to CHF 26.6 million and has been more
than doubled. Free cash flow for the period advanced to CHF 73
million, while consolidated net debt was cut to CHF 9 million.
Shareholders´ equity now represents more than 45% of total assets.

Positive performance in all areas

First-half 2008 saw all divisions increase their net sales on the
levels achieved a year earlier. The largest increase in revenues was
notched up by the Media division, whose turnover rose 12.3%, while
Retail gained 6.8% and Trade edged up 0.6%.

Retail division´s Swiss kiosk sales advance 5% Valora Retail´s sales
reached CHF 864 million, CHF 55 million ahead of their levels in the
same period of 2007. This growth was driven by the distribution of
EURO 2008 items (CHF 16 million) expanding activities in Germany and
re-designed avec. convenience stores. The greatest sales increase in
absolute terms was achieved by the Group´s kiosk operations in
Switzerland, whose turnover increased by over CHF 20 million, an
increase of some 5%.

Valora Media grows Austrian sales The Group´s Media division boosted
its sales by CHF 33.4 million, or 12.3%, compared to their levels a
year earlier. A major contribution to this advance (CHF 26 million)
came from sales of EURO 2008 articles, especially in Austria. Media
Austria also benefited from signing up two new publishers,
Egmont/Ehapa and Marquard Media. By expanding its subscription
business and through various other initiatives, Valora Media´s
management is tapping new sources of future growth.

Trade division holds its own in a challenging market and looks to the
2nd half of 2008 with confidence Despite pressure on prices and
margins, Valora Trade succeeded in raising its sales by 0.6% to reach
CHF 393.4 million and to improve its gross margins by half a
percentage point to 19.8%. Although higher prices made for noticeably
weaker sales in Austria, Germany and Sweden, the division´s revenues
performed well in Switzerland. To reverse these adverse market
effects, during first-half 2008 the Trade division succeeded in
acquiring new principals, introducing new products and intensifying
its building of new categories. These measures can be expected to
generate positive results in the second half of this year.

Corporate Information Services - major projects on track Corporate
Information Services´ main current tasks are the expansion of the
modern electronic retail platform and the completion of the
integrated inventory management system for Kiosk Switzerland. Valora
Media and Group Finance successfully completed their migration to the
new SAP platform this summer.

Financing operations generate pleasing results Despite adverse
foreign exchange trends, the Group´s net financial income for the
period closed with a small shortfall of CHF 2.6 million. Taxes
accounted for 21.7% of pre-tax income, in line with expectations.
Thanks to good operating performance and an overall inflow of funds
from the sale of the production companies, the Group´s net debt now
stands at a modest CHF 9 million. Shareholders´ equity accounts for
more than 45% of total assets.

First six months set stage for important future initiatives

New management With Thomas Vollmoeller and Kaspar Niklaus having
taken up their new posts, the key roles of Group CEO and Retail
division head have successfully been filled. With these proven retail
specialists now on board, Valora´s Group Executive Management team is
complete.

Sale of Own Brands First-half 2008 saw the successful completion of
the sale of Valora´s production units. Despite challenging market
conditions, this generated CHF 8 million in book profit after
transaction costs and before provisions for guarantees granted.

Dissolution of joint venture Valora´s intended discontinuation of its
convenience store joint venture with Migros opens up promising
perspectives in this rapidly expanding sector. Valora can now
strengthen and further expand the activities of its successful avec.
convenience store brand.

Share buy-back programme The share buy-back programme initiated on
July 1, 2008 is now well under way. As of August 14, 2008, some
113,000 shares had been re-purchased through the second trading line
on SWX, representing more than 20 percent of the full projected
amount. Valora´s firm financial footing means that financing for the
entire programme is assured.

New logistics site to usher in enhancements to quality and efficiency

With its six floors, the current logistics facility in Muttenz
prevents optimisation of Valora´s logistics operations. The volumes
of goods and press items now being handled have reached the maximum
capacity the infrastructure can support, thus impeding future growth.
The Board and Valora´s Executive Management have therefore decided to
transfer the Group´s logistics operations from Muttenz to an optimal
location in Egerkingen in Switzerland´s centrally located Mittelland
region, discontinuing the existing goods and press logistics systems
by the end of 2009. This should allow for a significant reduction in
current throughput times for press items and alternatives to the
current press sorting and packing system are currently also being
reviewed. "Our objective is to make a rapid and substantial
improvement to the overall logistics service we provide to our
publishers, suppliers and customers and at the same time to offer a
modern work environment to our employees" as CEO Thomas Vollmoeller
sums up this undertaking.

Further process enhancement initiatives being developed

The Group´s new management is conducting an in-depth analysis of
Valora´s businesses. This has enabled a number of additional core
initiatives to be identified which aim further to enhance the firm´s
performance. Focus areas are:

- Developing and strengthening key competencies (particularly at k
kiosk) - Harnessing the development potential of the convenience
store sector and growing the avec. brand - Enhancing the quality and
performance of internal processes in IT and elsewhere, thus raising
efficiency - Fostering a stronger corporate culture by focusing
activities on fewer sites - Promoting entrepreneurship by introducing
a share-based incentive scheme for management

Strategic objectives, core initiatives and plans for their
implementation are currently being developed. These will be presented
in the autumn of 2008.

2008 objectives re-affirmed - Investors´ and Media Day announced for
September 24, 2008

Valora re-affirms its planned objectives for full-year 2008 (sales
growth of 3 - 5% and EBIT gains of 10 - 15% p.a.) The additional core
initiatives which have now been identified will make a decisive
contribution to further improving the Group´s profitability in the
medium term.

Valora will present the detailed strategy it is currently developing
at an Investors´ and Media Day to be held on September 24, 2008.
"Valora will undergo a process of fundamental transformation over the
next few years. The trajectory along which this will proceed has now
been set" says Thomas Vollmoeller, describing the current state of
play.

Valora´s 2008 interim report and the accompanying presentation can be
found on www.valora.com

Valora Telephone Conference - 2008 Half Year Results Thursday, August
28, 16:00 CET

Thomas Vollmoeller, CEO of Valora Holding AG, and Markus Voegeli,
CFO, will provide information about the Valora Half Year Results 2008
during a telephone conference. The Dial-In Conference Call will be
held in English.

To participate in the conference: call the following number (please
call 5 to 10 minutes before the hour):

Switzerland toll free: 0 800 00 18 74
UK toll free: 80 823 89 077
All other: +41 (0) 44 580 73 80

A playback of the conference will be available one hour after the
conference call for 24 hours. Participants requesting the Digital
Playback will be dialing:

Phone Number: 0041 (0) 44 580 64 04

and will be asked to enter the Conference Reference 212461 followed
by the # sign

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

Further inquiry note:

Investor Relations: Tel: +41 58 789 12 20

Mladen Tomic E-mail: mladen.tomic@valora.com

or

Media Relations: Tel: +41 58 789 12 01

Stefania Misteli E-mail: stefania.misteli@valora.com

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