EANS-Adhoc: Valora Holding AG / Valora Group achieves qualitative and quantitative objectives set for 2008

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annual report

02.04.2009

Valora Group achieves qualitative and quantitative objectives set for
2008

- Net sales advanced 3.9% in Swiss francs and 5.7% in local
currencies - EBIT before restructuring charges improves to CHF 63.2
million - Sound balance sheet with no net debt and ample equity cover
- Implementation of the "Valora 4 Success" strategy programme on
track - Shares offer an attractive yield. Board to recommend a
dividend of CHF 9 to General Meeting (6% current yield based on share
price of CHF 150)

Valora Group

Net sales and EBIT before restructuring charges both up on the year
Valora successfully set its course for the future during 2008.
Despite the more challenging market conditions in the second half of
2008, Valora met the objectives it had set itself for the year. The
Group´s 2008 net sales in Swiss franc terms rose 3.9% to CHF 2 931.7
million, while in local currencies the year-on-year gain was 5.7%.
All three divisions contributed to the increase in turnover, led by
the Retail and Media divisions, both of whose net sales in local
currencies rose 5.8%. During the first half of 2008, both these
divisions benefited from their distribution and sale of articles
associated with the Euro 2008 soccer championships. Against a
demanding economic backdrop, Valora´s Trade division raised its net
sales in local currency terms by 3.3%, continuing to build on its
position as a leading distributor of branded goods.

Details of the "Valora 4 Success" strategy programme were presented
in the autumn of 2008. This programme aims to deliver a sustained
improvement to the Group´s profitability from 2009 onwards.
Restructuring charges arising from the programme were announced,
amounting to a total of CHF 25.1 million, all of which have been
charged to the Group´s 2008 EBIT. As a result, Valora´s operating
profit for 2008 came in at CHF 38.1 million. Excluding the
restructuring costs arising from relocating its logistics operations
to Egerkingen, centralising the Group´s head office functions in
Muttenz and from the reconfiguration of the outlet network, the
Valora Group´s operating profit for 2008 was CHF 63.2 million, which
equates to an EBIT margin of 2.2%.

Valora´s net income for 2008 totalled CHF 39.9 million. The burden of
restructuring costs on net income was CHF 25.1 million. Earnings per
share from continuing operations were CHF 7.91 in 2008.

Valora successfully completed the sale of its discontinued Own Brands
operations during 2008. Liquidity derived from these transactions and
cash generated over and above operational requirements were
essentially directed towards redemption of an outstanding syndicated
loan facility and financing the Group´s share buyback programme.

A sound balance sheet with no net debt In 2008, the Valora Group
generated a net cash flow from continuing operations of CHF 86.6
million and had cash reserves totalling CHF 158.4 million at the end
of the year. With no net debt (CHF - 6 million) at December 31, 2008
and shareholders´ equity equal to 45.1 % of total assets, Valora has
an extremely solid balance sheet at its disposal.

Improvement in Valora Value Added Valora´s operations generated
Valora Value Added (VVA) of CHF 6.6 million before restructuring
charges in 2008, an improvement of CHF 11.2 million on the 2007 VVA
figure and a result which is principally attributable to the Group´s
enhanced operating profits.

Divisions

Valora Retail The division achieved strong sales performance during
2008, with net revenues advancing CHF 83.6 million to CHF 1 748.9
million, partly thanks to sales of Euro 2008 related articles. The
Kiosk Switzerland, wholesale, Kiosk Germany and filling station
outlet business units all turned in good results, and gastronomy
operations and the Luxembourg kiosks also contributed to the
division´s net sales growth. Before restructuring charges from the
strategy programme, which in Retail´s case principally related to
reconfiguration of the outlet network, the division generated
operating profits of CHF 22.9 million, up from CHF 20.3 million in
2007.

Valora Media In a declining overall market for paid press products,
Valora Media increased its net sales in local currency terms by 5.8%
in 2008, and 4.1% in Swiss francs. The year also saw the division
successfully building on its existing market position by entering
into new contracts with major publishers. Sales growth also got a
significant boost from the distribution of Euro 2008 items. Before
restructuring charges of CHF 1.6 million, Valora Media achieved an
operating profit of CHF 28.9 million in 2008.

Valora Trade In a very demanding market environment, characterised by
volatile raw material prices, ongoing, and substantial, currency
fluctuations and above-average growth rates by the discount sector,
Valora Trade held its own. The division, which generated 76% of its
2008 sales outside Switzerland, succeeded in increasing its net sales
in local currencies by 3.3%. This good result was mainly due to
successes achieved in Denmark, Finland, Norway and Switzerland. The
division´s units in Denmark, Finland and Norway signed up new
principals during the year and also increased their turnover with
existing partners. Valora Trade Switzerland achieved sales growth in
all its core brands and with all its major trading partners. Despite
the increased costs borne in 2008, Valora Trade improved its
operating profit before restructuring charges by CHF 0.8 million on
the year to CHF 17.9 million.

Implementation of the "Valora 4 Success" strategy on track The
"Valora 4 Success" strategy programme, initiated in the autumn of
2008, is based on four core initiatives in the fields of competence,
growth, efficiency and people. Common to all four initiatives is the
objective of sustainably enhancing Valora´s profitability. The main
focus is on increasing both sales and profits at Valora´s Retail
division and on enhancing the efficiency of the Group´s logistics and
IT functions. The centralisation of head office functions at Muttenz
and the transfer of a number of logistics services to Egerkingen have
already enabled significant progress to be made. Migration to new
logistics software applications and the relocation of the remaining
logistics functions to Egerkingen will be completed by the end of
2009. The Retail division´s productive roll out of a new,
state-of-the-art, integrated inventory management system in early
2009 means that all key processes now run on an up-to-date platform.

Outlook

"We are confident that we will put the strategy programme into effect
according to plan and that we will achieve the objectives we have set
for it, even though the overall economic climate has become
significantly more challenging in 2009", say Thomas Vollmoeller,
Valora´s CEO. The strategy programme is expected to produce its first
positive effects in the second half of 2009. Valora maintains its
objective of achieving a significant and sustained improvement in its
EBIT margin by 2012. Board Chairman Rolando Benedick is also
satisfied with what has been achieved so far. As he puts it "We
already achieved a number of important initial milestones last year.
Given the situation from which we started, the results achieved are
satisfactory and in line with our expectations."

Board recommendations to the General Meeting In addition to proposing
to this year´s Ordinary General Meeting that Valora´s share capital
be reduced by cancelling the shares recently repurchased, the Board
of Directors will also recommend that a dividend of CHF 9 per share
also be distributed in respect of 2008. At a share price of CHF 150,
this equates to a dividend yield of 6%. The Board will further
propose that the company´s registered offices be transferred from
Berne to Muttenz.

Valora Group key financial data

Income statement

in CHF million 2008 2008 2007
before after
restructuring restructuring
charges charges
Net sales 2 931.7 2 931.7 2 821.7
Gross profit 893.3 893.3 861.5
in % of net sales 30.5% 30.5% 30.5%
Operating profit 63.2 38.1 59.1**
in % of net sales 2.2% 1.3% 2.1%
Net income from continuing 50.2 25.2 46**
operations
Net income from discontinued 14.7 14.7 9.5
operations
Group net income 65.0 39.9 55.5**

Liquidity, cash flow and balance sheet

in CHF million 2008 2007
Cash and cash equivalents* 158.4 153.4
Free cash flow* 176.7 70.6
Shareholders´ equity 493.9 599.3**
Equity cover 45.1% 45.2%**
Net liquidity* 6.0 -46.0
Net working capital* 129.7 119.2
Net working capital in % net sales* 4.4% 4.2%
Earnings per share* 7.91 14.08**

* from continuing operations
** restated following introduction of new IT systems

The complete 2008 Valora Annual Report may be downloaded from Valora´s website
www.valora.com.

Should you require further information, please contact:

Investor Relations: Tel: +41 58 789 12 20
Mladen Tomic E-mail: mladen.tomic@valora.com

Media Relations: Tel: +41 58 789 12 01
Stefania Misteli E-mail: stefania.misteli@valora.com

Corporate calendar
2009 General Meeting April 29, 2009 in Basle

2009 interim report &
Investors´ and Media Day August 27, 2009 in Egerkingen

Valora Telephone Conference - Annual Results 2008
Thursday, April 2, 16:00 CET

Thomas Vollmoeller, CEO of Valora Holding AG, and Lorenzo Trezzini,
CFO, will provide information about the Valora Annual 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 10 to 15 minutes before the hour):

+41 (0)91 610 56 00 (Europe)
+44 (0)207 107 06 11 (UK)
+1 (1) 866 291 41 66 (USA - Toll-Free)

The playback will be available one hour after the conference for 24
hours till April 3rd, 2009, inclusively. Participants requesting the
Digital Playback will be dialing:

+41 (0)91 612 43 30 (Europe)
+44 (0)207 108 62 33 (UK)
+1 (1) 866 416 25 58 (USA)

and will be asked to enter the Code 10402 followed by the # sign

Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES THIS DOCUMENT IS NOT BEING ISSUED IN THE UNITED
STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR
PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS
DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR
OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF VALORA
HOLDING AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE
UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED
STATES SECURITIES LAWS

This document contains forward-looking statements concerning Valora
which may be subject to uncertainty and risk. Readers should
therefore be aware that such statements may deviate from future
actual outcomes and events. Forward-looking statements contained in
this document are projections relating to possible future
developments. All forward-looking statements contained in this
document have been made on the basis of data available to Valora at
the time of publication. Valora does not make any undertaking
whatsoever to make any subsequent revisions or updates to any
forward-looking statements contained in this document on the basis of
new information.

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

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