EANS-Adhoc: Valora Holding AG / Valora Group achieves encouraging results in 2009, outlook for 2010 positive.

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annual report/Valora Group achieves encouraging results in 2009,
outlook for 2010 positive.

31.03.2010

Valora Group achieves encouraging results in 2009, outlook for 2010
positive.

- Sales grew 1.6% on an adjusted basis - Increased EBIT of CHF 68.1
million raises EBIT margin to 2.4% - Net income up some 40% to CHF
54.9 million - Net liquidity increased, balance sheet remains sound -
Important projects realised in "Valora 4 Success" strategy programme
- Positive trend clearly visible at Valora Retail - Board´s
recommendations to AGM:

o Abolition of 5% limit on total proportion of voting shares one
shareholder can register
o Increased dividend of CHF 10 per share
o Consultative vote on remuneration report

Valora Group
Higher revenues and increased EBIT

Implementation of the "Valora 4 Success" strategy programme is
producing tangible and successful results. Despite the weakness of
the overall economy and a downturn in its press business, the Valora
group achieved good results in 2009. After adjusting for one-off
factors (currency fluctuations, acquisitions and the non-recurrence
of collectible soccer picture card sales), Valora´s net revenues rose
1.6%, or CHF 45.5 million, in 2009. Net revenues on an unadjusted
basis fell 1.2% to CHF 2 897 million. The Group´s operating profit or
EBIT for 2009, at CHF 68.1 million, was CHF 30.5 million higher than
in 2008 (when restructuring charges totalling CHF 25.1 million were
incurred), an improvement of 81.1%. The 2009 EBIT figure includes
revenues from the sale of real estate, though these were roughly
offset by one-off charges at Valora´s Luxembourg unit. Valora´s EBIT
margin increased to 2.4% in 2009. A number of ambitious initial
milestones in the "Valora 4 Success" strategy programme launched in
2008 were achieved. Valora´s Retail and Trade divisions were the key
drivers of this positive result, confirming that the strategic
direction the Group has adopted is well-chosen. Valora Media, which
has now been renamed Valora Services, was visibly affected by the
economic downturn. Although this division did achieve a turnaround in
the second six months of 2009 after a weak first half, its full-year
results are lower than those for 2008.

Net income up some 40%

Valora´s 2009 net income was CHF 54.9 million, a CHF 15.5 million
improvement on the CHF 39.4 million achieved in 2008. Thanks to
higher net income from continuing operations and a smaller number of
shares in issue (following the share buy-back programme and share
capital reduction in 2009), earnings per share rose 145% to CHF
18.94.

Net liquidity increased, balance sheet sound

A CHF 19.6 million increase in cash generated by continuing
operations enabled Valora again to complete the financial year with
no net debt. Initiatives to optimise payables and receivables
management meant that net working capital was substantially reduced.
With shareholders´ equity accounting for 41.3% of total assets, the
Valora Group continues to maintain a very sound balance sheet
structure.

Divisions
Valora Retail

Net revenues were raised CHF 22.6 million, or 1.4%, to CHF 1 592
million. The introduction of new product ranges and enhancement of
the outlet network helped to foster this positive trend. Germany was
the market in which Valora Retail achieved the strongest increase in
sales, partly as a result of acquisitions and partly thanks to
organic growth. Tobacco and food were the product categories showing
the fastest revenue growth, with higher food sales largely accounted
for by the extremely successful launch of Valora´s own-label ok.-
range. Operating profit improved CHF 20.3 million, to reach CHF 28.3
million. The division´s 2009 EBIT margin of 1.8% (after 0.5% in 2008)
demonstrates both the marked improvement achieved in profitability
and the initial benefits derived from implementation of the strategy
programme.

Valora Media/Services

Valora Media, now Valora Services, was clearly affected by the
recession in all its national markets in the first half of 2009. In
the final six months of the year, improving consumer sentiment and a
number of targeted initiatives, particularly expansion of its range
of services and reconfiguration of the product range, enabled the
division to reverse the decline in its press sales. This did not
fully compensate for the decline in sales suffered in the first six
months of the year, however, and full-year net revenues came in at
CHF 712.9 million, CHF 53.1 million lower than the year before. CHF
31.4 million of this shortfall is due to the non-recurrence of EURO
08 collectible picture card sales. The division´s operating profit
declined CHF 14.3 million to CHF 16.2 million. The EBIT margin fell
from 4.0% in 2008 to 2.3% in 2009.

Valora Trade

This division achieved exceptionally good performance in challenging
economic conditions. Net revenues for 2009 came in at CHF 777.6
million, a CHF 10.4 million, or 1.3%, decline on 2008. After
adjusting for currency fluctuations and non-recurring EURO 08
revenues, this division´s net revenues advanced 5.3%. Valora Trade´s
operating profit rose CHF 4.3 million to CHF 22.3 million and its
EBIT margin was raised 0.6 percentage points to 2.9%. The division´s
positive performance is mainly attributable to its excellent product
range and the high quality of its portfolio of principals, to which
it was able to make a number of significant additions during 2009.

Realisation of major projects in the "Valora 4 Success" strategy
programme

The initiatives now under way and the projects decided upon were
pursued with vigour, thus helping to accelerate the Valora Group´s
turnaround. A number of ambitious initial milestones have already
been achieved. The successful relocation of Valora´s logistics
operations from Muttenz to Egerkingen marks a decisive step towards
improved efficiency and paves the way for future growth. The switch
to decentralised picking, sorting and packing has substantially
reduced press logistics throughput times. Further significant
progress has also been made in modernising Valora´s IT
infrastructure. Implementation of the closed loop inventory
management system and the adoption of WAMAS logistics software mean
that all essential processes at Valora now run on a modern IT
platform.

Positive trend clearly visible at Valora Retail

The trend at Valora Retail is especially gratifying. Following the
successful launch of its first own-label ok.- products, this line has
been considerably extended and now covers some 100 different
articles. Development of the new "ready?" service is progressing
according to plan. With testing now successfully completed at 55
outlets, a broader roll out is planned for 2010. The avec.
convenience store format was redesigned and the concept has been
targeted towards growth. The new P&B format not only underscores
Valora´s press expertise, but complements it with a selected range of
book titles. The P&B format, the only one of its kind in Switzerland,
also now offers a unique print on demand service for newspaper titles
from around the world, thus meeting new customer needs. The four P&B
units currently operating in Switzerland will be complemented by
further such outlets during 2010. Retail Germany turned in an
excellent performance in 2009, expanding its share of the railway
station bookstore market to an impressive 36%. Konrad Wittwer railway
station bookstores and Media Center Berlin, the division´s two recent
acquisitions in Germany, were successfully integrated into the
existing network. In Luxembourg, all outlets operate under a common
"k kiosk" banner.

Outlook

The major changes and streamlining carried out during 2009 proved to
be well-chosen and significant in their effect. Valora expects to
derive further positive results from its restructuring programme in
2010. Overall, the Group´s performance so far in 2010 has been on
track. As previously announced, the relocation of the logistics
function should generate CHF 11 million of annual savings in 2010,
with a further CHF 2 million by 2012. The expansion of the avec.
network and the new P&B outlets scheduled to open should make for
substantial improvements in sales and profits. Kiosk operations in
Switzerland will be testing an agency business model which has
already been successfully deployed in other countries. 2010 will also
get a major boost from the forthcoming soccer World Cup in South
Africa and the sales of collectible picture cards which that will
bring. Emphasis will also be placed on extending the range of
services the division offers its customers. Valora Services´ press
wholesaling business will be working with its publishing partners to
achieve further efficiency enhancements and develop services aimed at
promoting press sales, both at Valora-operated outlets and those
operated by third-party customers. Valora Trade will consolidate its
significant market expertise in a supra-national structure, extending
its services to new principals and additional national markets.
Thomas Vollmoeller, Valora´s CEO, sums the outlook up as follows,
"The milestones we have achieved in the strategy programme provide us
with a sound basis for positive performance in 2010. Valora´s Board
and management maintain their objective of achieving annual sales
growth of between 3 and 5% - provided there is no further downturn in
the economic climate and no further currency weaknesses - and of
raising Valora´s operating profit margin to between 3 and 4% by
2012."

Board recommendations to the AGM

At this year´s Ordinary General Meeting of shareholders on April 22,
the Board will recommend that the current restriction in the
company´s articles of incorporation which prevents any individual
shareholder being registered with more than 5% of the total voting
shares in issue be abolished. The Board will also recommend that the
dividend payable in respect of 2009 be raised from CHF 9 to CHF 10
per share, an 11% increase. Furthermore, the Board will for the first
time submit the remuneration report to a separate consultative vote.

Valora Group key financial data

Income statement

in CHF million 2009 2008** 2008**
before after
restructuring restructuring
costs costs
Net revenues 2 897.0 2 931.1 2 931.1
Gross profit 867.6 892.7 892.7
in % of net revenues 29.9% 30.5% 30.5%
Operating profit (EBIT) 68.1 62.7 37.6
in % of net revenues 2.4% 2.1% 1.3%
Net income from continuing operations 53.0 n.a. 24.7
Net income from discontinued operations 1.9 14.7 14.7
Group net income 54.9 n.a. 39.4

Liquidity, cash flow and balance sheet

in CHF million 2009 2008**

Cash and cash equivalents* 161.6 158.4
Free cash flow* 46.0 176.7
Shareholders´ equity 453.7 450.4
Equity cover 41.3% 42.5%
Net liquidity* 15.8 6.0
Net working capital* 109.3 129.7
Net working capital in % of net revenues* 3.8% 4.4%
Earnings per share* 18.94 7.74

*from continuing operations
**restated

The complete 2009 Valora annual report can be downloaded from the www.valora.com
website.

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

Further inquiry note:

Should you require further information, please contact:

Investor Relations: Tel: +41 58 789 12 20

Mladen Tomic Mob: +41 79 571 10 56

E-Mail: mladen.tomic@valora.com

Media Relations: Tel: +41 58 789 12 01

Stefania Misteli Mob: +41 79 467 52 16

E-Mail: stefania.misteli@valora.com

Corporate calendar

2010 Ordinary General Meeting April 22, 2010 in Basle

2010 Half-year report August 26, 2010

Disclaimer

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HOLDING AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND
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PERSONS ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE
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This document contains forward-looking statements about Valora which may
incorporate an element of uncertainty and risk. The reader must 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.

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