EANS-Adhoc: gategroup Delivers Solid Results for First Half 2009

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6-month report/Earnings

13.08.2009

Resilient business model mitigates effects of weak airline
environment

ZURICH, Aug. 13 --

Highlights for first half 2009:

- Revenue of CHF 1,291.8 million, down 8.9% reported; down 2.0% in
constant currencies
- EBITDA of CHF 89.9 million, down 13.7% reported; down 6.1% in
constant currencies; adjusted* EBITDA of CHF 96.5 million, down
3.5% in constant currencies
- Operating profit of CHF 34.8 million, down 40.0% reported, down
31.2% in constant currencies; adjusted operating profit of
CHF 49.2 million, down 12.1% in constant currencies
- Profit for the period of CHF 33.2 million reported, up 89.3% in
constant currencies
- Adjusted cash flow from operating activities improved by CHF 32.6
million to CHF 18.5 million
- Shares listed on SIX Swiss Exchange on 12 May

(*) Adjusted means normalized by one-time charges of restructuring
costs and costs related to the listing process.

gategroup, the leading independent global provider of onboard
services to companies that serve the travelling passenger, reported a
first-half profit for the period of CHF 33.2 million against a
backdrop of a worldwide economic recession and the most challenging
conditions in recent memory for airlines, its core customer group.

The reported profit for the period was up by 89.3% on a constant
currencies basis, primarily due to net foreign exchange gains of CHF
26.3 million. Fully diluted earnings per share were 1.63 CHF for the
current period compared to 0.71 CHF in 2008.

"gategroup is maintaining respectable performance in one of the
worst-ever industry environments," said Chief Executive Guy Dubois.
"gategroup's business model is built to withstand the shocks of the
cyclical industry it serves, and these results demonstrate that
resilience, he said, adding, "We will continue to work closely with
our key accounts as partners to address this economic challenge."

The results came on total revenue of CHF 1,291.8 million for the half
year, a 2.0% drop in constant currencies.

Excluding a one-time charge of CHF 6.6 million, EBITDA was CHF 96.5
million, a 3.5% decline in constant currencies; EBITDA margin was
7.5%, a 0.1 percentage point decline in constant currencies; and
operating profit, excluding one-time charges of CHF 14.4 million, was
CHF 49.2 million, a 12.1% decline in constant currencies. On an
adjusted basis, cash flow from operating activities was CHF 18.5
million, an improvement of CHF 32.6 million.

"Despite the difficult economic environment for airlines, gategroup
remains confident in the industry. In line with the group's growth
strategy, we made substantial investments in Scandinavia and Japan,
which impacted cash flow in the first half in excess of CHF 40
million," said Chief Financial Officer Thomas Bucher. "The balance
sheet remains solid, and the company sees no current need for an
increase in capital," he said.

In May, gategroup undertook a significant next step in its evolution
by listing its shares on the SIX Swiss Exchange under the symbol
"GATE". The listing process ultimately led to a cash outflow of CHF
13.5 million during the first half. gategroup did not issue new
shares nor raise capital. "But going public sets the stage for the
company's future by raising visibility and flexibility in the
financial marketplace, increasing the pool of potential investors,
attracting and retaining key people, and raising awareness of
gategroup's 11 brands," Bucher said.

Looking ahead, Dubois said the airline industry's financial condition
remains fragile. "In our view the travel industry cycle has not yet
reached bottom, and a turnaround will not be simultaneous across the
world. We expect the US market to lead the way out, while Europe may
see two to four more quarters of prolonged weakness," he said. "In
addition to the continuously weak economic environment, the impact of
the H1N1 swine flu pandemic may also have a delaying effect on the
recovery," he added.

Dubois said uncertainty about the potential ongoing impact of the
pandemic prevents the company from giving full-year guidance.

"The historic trend for airline passenger volume growth has been
decidedly positive - an average annual rate of 4.7% since 1970.
History shows that, at the end of past recessions, passenger volume
was higher than at the entry point. We look forward to the inevitable
upturn," Dubois said.

Key figures
In CHF m except per share data

Period ended 30 June 30 June
2009 2008

Revenue 1,291.8 1,417.9
EBITDA 89.9 104.2
EBITDA margin 7.0% 7.4%
EBITDA adjusted* 96.5 107.8
EBITDA margin adjusted* 7.5% 7.6%
Operating profit 34.8 58.0
Operating profit margin 2.7% 4.1%
Operating profit adjusted* 49.2 62.8
Operating profit margin adjusted* 3.8% 4.4%
Finance income/ costs, net 4.3 -29.3
Profit before tax 39.9 29.2
Profit for the period 33.2 21.4
Basic earnings per share 1.66 0.72
Fully diluted earnings per share 1.63 0.71

(*) Adjusted means normalized by one-time charges of restructuring
costs and costs related to the listing process.

in CHF m 30 June 31 December
2009 2008
Current assets 709.8 598.7
Non-current assets 902.5 843.9
Total assets 1,612.3 1,442.6
Current liabilities 602.0 574.7
Non-current liabilities 928.0 809.3
Total liabilities 1,530.0 1,384.0
Equity attributable to owners of the
Company 54.5 30.6
Non-controlling interests 27.8 28.0
Total equity 82.3 58.6
Total liabilities and equity 1,612.3 1,442.6
203.0 155.2
Cash and cash equivalents
Short-term debt 82.9 85.9
Long-term debt 698.8 572.7

30 June 30 June
2009 2008
Period ended
In CHF m
Net cash flow (used in) operating
activities -4.4 -20.4
Net cash flow (used in) operating
activities adjusted* 18.5 -14.1
Net cash flow (used in) investing
activities -53.1 -50.4
Net cash flow from financing activities 115.6 34.5
Change in cash 58.1 -36.3

For more detailed information, please see gategroup's Interim Report
2009, which is available in the Investor Relations section of our web
site, www.gategroup.com. [http://www.gategroupmember.com/index.php?op
tion=com_content&view=article&id=236 &Itemid=192]

This publication may contain specific forward-looking statements,
e.g., statements including terms like "believe", "assume", "expect"
or similar expressions. Such forward-looking statements are subject
to known and unknown risks, uncertainties and other factors which may
result in a substantial divergence between the actual results,
financial situation, development or performance of the company and
those explicitly or implicitly presumed in these statements. Against
the background of these uncertainties readers should not rely on
forward-looking statements. The company assumes no responsibility to
update or revise any of these forward-looking statements or to adapt
them whether to reflect new information, future events, developments
or circumstances or otherwise.

INVITATION TO MEDIA gategroup CEO Guy Dubois and CFO Thomas Bucher
invite media representatives to participate in a telephone conference
call regarding Half Year Results 2009.

The call will be held at 9 a.m. CET on Thursday, 13 August 2009. To
participate, please call the dial-in number approximately 15 minutes
before the start time. Once dialed in, please follow the instructions
given over the phone

Direct dial-in numbers:
+41 (0)91 610 56 00 (CH & Other Countries)
+44 (0)207 107 06 11 (UK)
+1 866 291 4166 (USA - Toll-Free)
+49 (0)69 2 22 22 05 93 (Germany)

INVITATION TO ANALYSTS AND INVESTORS
gategroup CEO Guy Dubois and CFO Thomas Bucher invite analysts and
investors to a presentation of Half Year Results 2009.

The presentation can be accessed via webcast and dial-in
teleconference at 3 p.m. CET on Thursday, 13 August 2009.

To listen to the teleconference, please call the dial-in number
approximately 15 minutes before the start time. Once dialed in,
please follow the instructions given over the phone

Direct dial-in number:
+41 (0)91 610 56 00 (CH & Other Countries)
+44 (0)207 107 06 11 (UK)
+1 866 291 4166 (USA - Toll-Free)
+49 (0)69 2 22 22 05 93 (Germany)

To link to the live webcast of the presentation, please go to the
"Investor Pack" tab under the "Investor Relations" section of the
gategroup website, www.gategroup.com

SOURCE gategroup

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

Further inquiry note:

Media; John Bronson, Corporate Communications, +41-43-812-2048,

jbronson@gategourmet.com, Investor-Analysts; Dagmara Wawrzonowska, Investor

Relations, +41-43-812-5496, dwawrzonowska@gategourmet.com

Branche: Consumer Goods
ISIN: CH0100185955
WKN: 010018595
Börsen: SIX Swiss Exchange / Hauptsegment