EANS-Adhoc: Valora Holding AG / Valora 4 Growth programme to develop Valora into a leading pan-European trading company

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25.11.2010

Valora 4 Growth programme to develop Valora into a leading
pan-European trading company

• Valora 4 Success objectives largely achieved - EBIT increased some
40% since 2007 • Valora 4 Growth is next step towards sustainable
incremental value generation • Growth objective is to double
operating profits by 2015: - External sales to reach some CHF 4 800
million - EBIT to reach CHF 160 - 180 million • New strategy to be
financed without issuing additional equity

Valora 4 Success objectives largely achieved - EBIT increased some
40% since 2007

Since 2008, Valora´s operations have become significantly more
efficient and professional. The Group as a whole and its individual
divisions have raised their profiles and gained momentum. Ongoing
implementation of the Valora 4 Success strategy programme has now
essentially completed the Group´s turnaround. The four core
initiatives - Core Business, Growth, Efficiency and People - have
been successfully implemented in the face of very challenging market
conditions, and they have achieved notable results:

Core business Retail´s market presence is now projected by four
clearly-positioned sales formats. New and successful product range
modules, such as the ok.- range and additional service offerings,
have been introduced. Meanwhile, the Services division has initiated
a major strategy shift in order to counteract the effects of the
decline in the overall press market.

Growth By the end of 2010, the successful avec. concept will have
been rolled out to nearly 100 outlets, thus establishing avec. as
Switzerland´s third-largest convenience store brand. A number of
add-on acquisitions have been successfully carried out in Germany.
The P&B press and book shop concept has been introduced to the Swiss
market, where it is achieving promising growth.

Efficiency Logistics operations in Switzerland and Luxembourg have
been completely re-configured and uniform IT platforms have been set
up. Both these initiatives have enabled Valora to achieve significant
and sustainable cost savings. Staff numbers have been reduced over
the last two years.

People This initiative has made it possible for the Group to achieve
the change in leadership culture it had planned. Improved, modern
employment conditions have been introduced for sales staff. Greater
customer focus has been actively promoted and both the quality of
Valora´s market research and its understanding of its markets have
been improved.

The Valora Group has worked consistently and successfully on
implementing its Valora 4 Success strategy programme, thus
significantly raising its profitability. In the face of challenging
economic conditions, the EBIT will rise from CHF 59 million in 2007
to a guidance range of CHF 81 - 86 million in 2010 (with full-year
2010 EBIT expected to be at the lower end of this range). This
implies an improvement of some 40 percent.

Valora 4 Growth is next step towards sustainable incremental value
generation

Implementation of the Valora 4 Success programme has enabled the
Valora Group to achieve noteworthy performance. During 2011, the
Group will target the programme´s remaining objectives, with a view
to achieving all its goals by 2012, in line with the announcements
made when the programme was launched in the autumn of 2008. Projects
now under way in the Efficiency and People initiatives will be
completed. Functions which are not essential to the Group´s core
business will be outsourced and entrepreneurship will be encouraged.

In the markets in which Valora currently operates, the scope for
generating incremental value from purely organic growth is limited,
however. Additional, external growth offers new opportunities for
Valora to advance over time to become a leading pan-European trading
company, with net revenues in the CHF 4.5 billion to CHF 5.0 billion
range. Building on the achievements of its Valora 4 Success
programme, the Group will now extend the implementation of its
strategy to the next level with its Valora 4 Growth programme.

Planned growth based on four initiatives

Valora 4 Growth will build on organic and external growth. The
programme comprises the following four initiatives:

• G1 - organic margin growth generating 0.2 percentage points of
additional EBIT margin annually. Kiosk Switzerland will further
improve its profitability levels, while the Services division will
streamline its cost base.

• G2 - organic revenue growth of 2 percent per year, based on the
expansion of the Group´s current activities. Initiatives here include
extending the product ranges offered by the Retail and Services
divisions and expanding the current outlet network. The avec. and P&B
formats will be fine-tuned where necessary and expanded. Increased
professionalism will enable the Trade division to strengthen its
position with its current principals.

• G3 - external growth at Retail/Services with the objective of
becoming one of Europe´s leading micro-retailer. Expansion will
concentrate primarily on the highly fragmented German kiosk market.
By acquiring further smaller-sized chains and individual outlets,
Valora intends to expand its German network to some 1,000 outlets.
The recently acquired tabacon network with its successful and
professional franchise model will provide an ideal platform from
which to execute the acquisitions planned in this area. Valora also
believes that adding one or two new retail concepts in the rapidly
growing travel retail market - to complement its existing and
successful portfolio - will provide additional growth opportunities.
The focus here will be formats which can be integrated into the
existing outlet network, thus increasing potential synergies.

• G4 - external growth at Trade thus expanding the division to become
the largest pan-European distributor. Trade´s current product range
categories will be extended to include new, rapidly-growing,
high-margin products in its existing markets. Simultaneously, the
division´s European presence will be extended through the acquisition
of leading distributors in new markets. This summer´s acquisition of
Engelschion Marwell Hauge (EMH), the Norwegian distributor of
high-end cosmetic products, is an example of the division´s future
trajectory in this area. By establishing regional distribution
platforms, Valora Trade aims to strengthen both its attractiveness to
potential business partners and its market position.

Growth objective is to double operating profits by 2015

The Valora 4 Growth programme aims to raise the Group´s operating
profits substantially by 2015. By that year, Valora intends to
generate some CHF 1,800 million in additional external sales. This
equates to revenue growth of some 10 percent each year, of which 8
percent will initially be achieved through acquisition. Valora 4
Growth is projected to raise the Group´s EBIT by some CHF 85 million
by 2015, or 15 percent each year. The objective is thus for Valora to
generate EBIT of CHF 160 - 180 million by 2015, thus doubling its
current operating profits.

Figures in CHF million (all values are indicative)

Initiative External revenues approx. EBIT approx.
External revenues | EBIT 2010E 3 000 81 - 86
Organic margin growth n.a. +15
Organic revenue growth +300 +20
External/non-organic growth
Retail /Services +900 +30
External/non-organic growth
Trade +600 +20
Total +1 800 +85
External revenues | EBIT 2015E approx. 4 800 approx. 160 - 180

External revenues | EBIT 2012E approx. 3 700 approx. 110 - 130

Growth strategy to be financed without issuing additional equity

The Valora 4 Growth strategy, and in particular the planned acquisitions by the
Retail and Trade divisions, will require additional funds of the order of CHF
200 - 400 million. Valora will be able to finance this growth strategy without
issuing additional equity. Should the Group, during the implementation of its
Valora 4 Growth programme, have at its disposal additional funds which it does
not need to finance growth, these will be distributed to its shareholders. The
Group also intends to continue with its current shareholder-oriented dividend
policy.

The Valora 4 Growth strategy is the continuation of the solid work which has
been carried out over the last three years. Rolando Benedick, Chairman of
Valora´s Board of Directors, and Thomas Vollmoeller, the Group´s CEO, are
convinced of Valora´s future prospects. "The objectives Valora has achieved so
far inspire us with confidence. Today, the Group has greatly strengthened its
position and has excellent prospects for the future. The time has now come to
achieve profitable growth, thus creating added value for our shareholders and
all our other stakeholders."

The following documents are available on www.valora.com

Press release
http://www.valora.com/en/newsroom/newsinformation/news_00374.php

Investors´ & Media Day 2010 presentation http://www.valora.com/media/
documents/english/presentations/2010/pres_investors_day_2010_en.pdf

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Valora Telephone Conference - Investors´ & Media Day 2010
Thursday, November 25, 2010 | 15:00 CET

Thomas Vollmoeller, CEO of Valora Holding AG, and Lorenzo Trezzini,
CFO, will provide information about "Valora 4 Growth" 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) 203 059 58 62 (UK)
+1 (1) 866 291 41 66 (USA - Toll-Free)

The playback will be available one hour after the conference for 24
hours till November 26th, 2010, 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 16939 followed by the # sign

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STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR
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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
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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 must
therefore be aware that such statements may diverge from actual
future events. These forward-looking statements are projections
relating to possible future 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 modify forward-looking statements in this
document at a later date to reflect new information, future events or
the like.

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: Phone: +41 58 789 12 20

Mladen Tomic +41 79 571 10 56

E-mail: mladen.tomic@valora.com

Media Relations: Phone: +41 58 789 12 01

Stefania Misteli +41 79 467 52 16

E-mail: stefania.misteli@valora.com

Branche: Retail
ISIN: CH0002088976
WKN: 208897
Börsen: BX Berne eXchange / stock market
SIX Swiss Exchange / Main Standard