EANS-Adhoc: Valora Holding AG / Valora's successful acquisitions strengthen the Group's market position and enhance its retail expertise - Board recommends raising dividend to CHF 12.50 per share (wit

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Financial Figures/Balance Sheet/annual report
26.03.2013

Valora's successful acquisitions strengthen the Group's market
position and enhance its retail expertise - Board recommends raising
dividend to CHF 12.50 per share

- Valora Group increases external sales by 13% in local-currency and
achieves operating profit in line with expectations - Valora Retail
significantly expands its operations in Germany, acquires new format
in attractive immediate-consumption market and is optimising its
outlet network - Valora Services initiates sustainable repositioning
of its business - Valora Trade focusing on high-margin niche markets
and increased cost efficiency - Board to recommend that 2013 General
Meeting raises dividend to CHF 12.50 per share and elects Ernst Peter
Ditsch as a new Board member

Valora Group increases external sales by 13% in local-currency and
achieves operating profit in line with expectations

In the face of challenging market conditions, Valora increased its
external sales by CHF 358 million, or +12.1%, in 2012, to reach CHF 3
320 million. In local-currency, external sales were 13% higher than
in 2011. This positive development is principally attributable to the
two acquisitions Valora carried out during 2012 - Convenience Concept
and Ditsch/Brezelkönig - which enabled the Group to complete its
Valora 4 Growth strategy ahead of schedule. Reported net revenues for
2012 were CHF 2 848 million, a +1.1% increase on 2011. Both the
Retail and Trade divisions expanded their sales during 2012. This
growth offset the effects of the continuing contraction of the entire
press market, as evidenced by the -9.9% year-on-year decline in press
sales in Switzerland. Convenience Concept, consolidated since April
1, 2012, and Ditsch/Brezelkönig, consolidated since October 1, 2012,
made their first contributions to Group results.

Valora achieved a +3.6% increase in its EBITDA, raising it to CHF
121.2 million. Reported Group operating profit, or EBIT, came in at
CHF 65.8 million, in line with earlier guidance. This includes the
book-value gain on the disposal of Valora Services Austria and the
book-value loss on the sale of the Muttenz facility. The Group's EBIT
margin, at 2.3%, was slightly lower than in 2011. Balance-sheet debt
at December 31, 2012 resulted in a leverage ratio (net debt/EBITDA)
of 2.4x. Net profit for 2012 was CHF 45.7 million, CHF 11.6 million
less than a year earlier. One of the reasons for this decline was the
increased interest expense resulting from the larger debt burden
assumed to finance the two major acquisitions Valora made in 2012.
Equity cover was increased during the second six months of 2012, with
shareholders' equity representing 35.9% of year-end total assets, and
remains within the Group's strategic target range.

Valora Retail significantly expands its operations in Germany and is
optimising its outlet network

Valora Retail increased its external sales by +21.5%, or CHF 379
million, during 2012, to reach CHF 2 139 million - thus surpassing
the CHF 2 billion mark for the first time. The division's 2012
operating profit (EBIT) was CHF 25.3 million, which includes a
one-off charge of CHF 14.2 million for the book-value loss on the
sale of the Muttenz facility. This equates to an EBIT margin of 1.5%.
After adjusting for the one-off effect of the Muttenz sale, Valora
Retail generated EBIT of CHF 39.5 million (CHF 41.8 million in 2011),
so that its EBIT margin declined from 2.6% in 2011 to 2.4% in 2012.
Thanks to the acquisition of Convenience Concept, whose more than 1
200 outlets make it the largest integrated kiosk network in
German-speaking Europe, Valora Retail Germany increased its net
revenues by +17.5%. Having established a market presence in Austria
during 2012, Valora Retail now operates a network of more than 3 000
POS in four national markets and holds a leading position in
small-outlet retail in Europe's German-speaking region. The Retail
division's key priority is optimising its outlet network in
Switzerland and Germany, with a particular focus on reconfiguring the
range of products on offer and enhancing shop layouts. In
Switzerland, Valora Retail made substantial progress in extending its
agency business model. More than 300 kiosks, some 30% of the Swiss
kiosk network, were operating as agent-managed outlets by year-end
2012, a proportion which Valora intends to increase further in the
years ahead in Switzerland.

Ditsch/Brezelkönig acquisition provides Valora Retail with a new
format in the attractive immediate-consumption market

In 4th quarter of 2012, the period in which its results were first
consolidated with those of the overall Group, Valora's newly acquired
Ditsch/Brezelkönig unit generated net revenues of CHF 50 million.
Operating profit for the same period was CHF 7 million, resulting in
an EBIT margin of 14.2%. With its 230 outlets in Germany and
Switzerland, Ditsch/Brezelkönig has a highly successful retail
network and a powerful, fully integrated business model ideally
suited to the attractive immediate-consumption market.

Valora Services initiates sustainable repositioning of its business

Valora Services generated reported net revenues of CHF 465 million in
2012, compared to CHF 600 million a year earlier. This lower figure
reflects the division's sale of its Valora Services Austria unit in
the second half of 2012, the general weakness of the press market and
the reduced scale of its tobacco and food wholesaling activities for
third-party customers in Switzerland. EBIT for 2012 was CHF 12
million, which equates to an operating-profit margin of 2.6%. Given
the continuing decline of the overall press market, specific
opportunities for the division to enter into a strategic partnership,
a joint venture or a co-operation agreement are now being evaluated
in detail.

Valora Trade focusing on high-margin niche markets and increased cost
efficiency

In an intensely competitive market environment, Valora's Trade
division succeeded in raising its net revenues by 6.4% in 2012, to
reach CHF 792.5 million. In local-currency, this amounted to an
increase of 6.9%, with all the division's country units expanding
their revenues from 2011 levels. Persistent parallel imports and
shopping tourism, coupled with the greater prominence retailers are
according their private-label brands, increased the downward pressure
on prices. The division's operating profit of CHF 8 million in 2012
equates to an EBIT margin of 1.0%. Valora Trade is shifting the focus
of its principal portfolio - particularly in the food, food-service
and confectionery categories - and will in future devote more
resources to smaller and medium-sized principals operating in
higher-margin niche markets. Cost-cutting measures are also being
implemented.

Board to recommend that 2013 General Meeting raise dividend to CHF
12.50 per share and elect Ernst Peter Ditsch as a new Board member

At the General Meeting of shareholders to be held on April 18, 2013,
the Board of Directors will recommend that the dividend be raised to
CHF 12.50 per share (CHF 11.50 in 2011). This will include a
withholding-tax exempt distribution from reserves from capital
contributions amounting to CHF 5.85 per share. The planned dividend
payment date is April 25, 2013. The Board will further recommend to
the General Meeting that new authorised share capital of 250 000
shares be approved for the period until April 18, 2015. In so doing,
the Board intends to replace the current authorised share capital of
204 401 shares (following the Ditsch/Brezelkönig acquisition) which
will expire on April 15, 2013. This renewed authorised share capital
will enable the Group to act on investment and acquisition
opportunities more rapidly or to optimise its capital structure. The
election to the Board of Ernst Peter Ditsch, now Valora's largest
shareholder, will also be recommended. After four decades of
professional activity, and having successfully developed his family
business, Ernst Peter Ditsch has sold the company to the Valora Group
and is now standing for election to the Board of Directors with the
intention of continuing to foster the company's further development
at a strategic level. All the other Board members are standing for
re-election. The 2013 General Meeting will again provide shareholders
with an opportunity to participate in a consultative vote on Valora's
remuneration report.

Outlook: Valora to concentrate on strengthening its core areas of
expertise and profitably expanding its businesses

The worldwide economic climate has been extremely difficult for some
years now, notably in Europe generally and in Switzerland as well.
Conditions can be expected to remain challenging. In those
circumstances, Valora will continue to focus on strengthening its
core areas of expertise, with the objective of significantly reducing
the Group's exposure to economic volatility. In 2012, the Convenience
Concept and Ditsch/Brezelkönig acquisitions enabled Valora to create
a sound platform for profitable expansion and for further
strengthening the Group's retail expertise. The priority now is to
integrate these newly acquired companies, so that they can achieve
their full potential within the Valora Group and their synergies with
existing Valora retail formats can be fully exploited. Valora
Services, having divested recently of two business units, will
reposition its activities. Given the continuing decline of the
overall press market, specific options for strategic partnerships
will be evaluated in detail. The encouraging growth Valora Services
has achieved by developing its range of logistics services is
extremely promising and offers further potential for expansion.
Valora Trade will in future put greater emphasis - alongside its
activities in the attractive cosmetics sector - on high-margin niche
markets. The division has also initiated a number of cost-cutting
measures in order to achieve a substantial increase in its
profitability.

Valora plans to issue a perpetual callable hybrid bond, whose
proceeds will be used to partially replace the financing for its
recent acquisitions currently being provided by drawing on its
syndicated loan facility. Assuming market conditions are favourable,
this transaction, which forms part of the Group's long-term financing
strategy, will be executed in the next few weeks. A banking syndicate
is already in place to underwrite the bonds.

In 2013, Valora expects to generate an operating profit (EBIT) of
some CHF 75 million, or between CHF 80 million and CHF 85 million
including positive one-off effects. Projected EBIT for 2015 is
approximately CHF 100 million. In the words of Roland Benedick,
Valora's Board Chairman and CEO, "We want to exploit and develop the
potential we now have. Our first priority is to consolidate our
profitability with a view to raising it further in the medium term".

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All related documents are available on www.valora.com / newsroom:

Press release / 2012 results presentation
www.valora.com/newsroom

2012 Annual Report
www.valora.com/annualreport

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Valora Telephone Conference - Analysts' and Media Conference 2013
Tuesday, March 26, 2013 | 15:00 CET

Michael Mueller, CFO, will provide information about the Group's 2012
results 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) 58 310 50 00 (Europe)
+44 (0) 203 059 58 62 (UK)
+1 (1) 866 291 41 66 (USA - toll-free)

The playback will be available one hour after the conference on the
following homepage:
http://www.valora.com/de/investor/documents/multimedia/index.php

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 about Valora which
may incorporate an element of uncertainty and risk. The reader should
therefore be aware that such statements may diverge from actual
future events. These forward-looking statements are projections
relating to future possible developments. All the forward-looking
statements contained in this document are based on data available to
Valora at the time this document was prepared. Valora makes no
commitment whatsoever to update forward-looking statements in this
document at a later date, or to adapt them to reflect new
information, future events or the like.

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Further inquiry note:
Investor Relations: Tel: +41 61 467 36 50
Mladen Tomic E-Mail: mladen.tomic@valora.com

Media Relations: Tel: +41 61 467 36 31
Stefania Misteli E-Mail: stefania.misteli@valora.com

end of announcement euro adhoc
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issuer: Valora Holding AG
Hofackerstrasse 40
CH-4132 Muttenz
phone: +41 61 467 20 20
FAX: +41 58 789 12 12
mail: info@valora.com
WWW: www.valora.com
sector: Retail
ISIN: CH0002088976
indexes:
stockmarkets: Main Standard: SIX Swiss Exchange, stock market: BX Berne eXchange
language: English