1. travel

KUONI GROUP TO FOCUS ON ITS CORE
BUSINESS AS A SERVICE PROVIDER TO
THE GLOBAL TRAVEL INDUSTRY
ZURICH, JANUARY 14, 2015
AGENDA
1
DEVELOPING KUONI GROUP FURTHER
2
STRATEGY FOCUSED ON GLOBAL AND GROWING
TRAVEL SERVICES AND EXIT FROM TOUR OPERATING
ACTIVITIES
3
3
TRADING UPDATE
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
DEVELOPING KUONI GROUP FURTHER
HEINZ KARRER
CHAIRMAN
DEVELOPING KUONI FURTHER
PORTFOLIO CHANGE OVER TIME
►
Turnover (CHF m)
5 5091)
►
VFS
3 894
FIT
Core
Divisions
►
DM Specialists
Outbound
Europe & Asia
Of which
Tour
Operating
2009
2014
75%
39%
Exit of
Tour
Operating
Activities
New strategy is the result of a comprehensive
strategic review considering past performance,
future market developments and assessment of
own capabilities
Focus on growing three divisions:
− Global Travel Distribution (previously FIT)
− Global Travel Services (previously Group
Travel and DM Specialists)
− VFS Global
Group Travel
Outbound Nordic
Board of Directors unanimously decided to focus
on its core business as a service provider to the
global travel industry and to governments
►
Intention to find new owners for all tour
operating activities: Kuoni Switzerland, UK,
Benelux, Hong Kong, India and
Scandinavia/Finland
1) Preliminary unaudited turnover for Kuoni
5
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
STRATEGY FOCUSED ON GLOBAL AND
GROWING TRAVEL SERVICES AND EXIT FROM
TOUR OPERATING ACTIVITIES
PETER MEIER
CHIEF EXECUTIVE OFFICER
NEW KUONI FOCUSED ON THREE DIVISIONS WITH
LEADING GLOBAL POSITIONS
Tour
Operating
VFS Global
Destination & Accommodation
Management
OLD STRUCTURE
7
NEW STRUCTURE
Fully Independent
Traveller (FIT)
Group Travel
Destination
Management
Specialists
VFS Global
Global Travel
Distribution
(GTD)
Global Travel
Services
(GTS)
VFS Global
►
►
►
Leading and highly experienced B2B provider
of accommodation and land components
Long-standing and leading provider of group
travel and destination management services
Pioneer and global leader in travel-related
business process outsourcing solutions for
governments and public institutions
Outbound
Nordic
Outbound
Outbound
Europe/Asia
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
►
Exit of tour operating activities
CONCENTRATE ON SERVICES WITH ATTRACTIVE
LONG-TERM GROWTH POTENTIAL
TURNOVER
(PRO-FORMA, PRELIMINARY 2014)
EXCLUDING OUTBOUND SEGMENT
►
VFS Global
8%
►
Global
Travel
Services
(GTS)
36%
56%
Global
Travel
Distribution
(GTD)
►
Three divisions concentrated on markets and
services with attractive long-term growth
potential and in which Kuoni has globally leading
positions
Unique set-up with strong focus on Asia will
enable Kuoni to expand positions further by
leveraging scale and exploring cross-selling
opportunities
Launch of strategic initiatives to accelerate
growth and improve profitability across business
segments
Total: CHF 3 443 m
FTEs: ~8 0001)
1) As of September 2014
8
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
SUBSTANTIALLY LARGER SHARE OF TURNOVER
GENERATED WITH ASIAN SOURCE MARKETS
SOURCE AND DESTINATION MARKET SHARES
(PRO-FORMA NEW KUONI GROUP 9M 2014)
Source
Destination
Americas
Americas
12%
14%
MEA
34%
10%
APAC
Europe
MEA
APAC
44%
10%
58%
18%
Europe
Total: CHF 2 605 m
Reported 9M 2014
Reported 9M 2014
(incl. Outbound)
(incl. Outbound)
Europe
58%
Europe
58%
APAC
30%
APAC
19%
MEA=Middle East & Africa, APAC= Asia Pacific
9
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
KUONI TO SEARCH NEW OWNERS FOR ITS
TOUR OPERATING ACTIVITIES
NO IMPACT ON CUSTOMERS AND THEIR CURRENT OR FUTURE BOOKINGS
TURNOVER SPLIT
(PRO-FORMA, PRELIMINARY 2014)
Hong Kong
Benelux
India
2%
6%
4%
UK
►
Scandinavia/
Finland
►
38%
19%
►
►
31%
Switzerland
►
Exit of tour operating activities including
Switzerland, UK, Benelux, Hong Kong, India and
Scandinavia/Finland
Business can be better developed under new
ownership, leveraging scale or specific market
strengths
Kuoni to seek assurance to allow for the
continuation of existing business locations and
the continuing employment of staff
Intention to find new owners in the course of
2015
Proceeds from sale to be invested in further
developing core businesses
Total: CHF 2 187 m
FTEs : ~3 8001)
1) As of September 2014
10
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
THREE STRATEGIC INITIATIVES TO ACCELERATE
GROWTH AND IMPROVE PROFITABILITY
EXPANDING FOOTPRINT IN
ASIA, MIDDLE EAST AND
AFRICA
►
Invest additional resources in
Asia, the Middle East and
Africa by leveraging existing
footprint and expanding
capabilities across all
segments
FURTHER
DIGITALISATION
►
►
Enhance customer service
and increase efficiency by
implementing new state-ofthe-art technology platforms
EXPAND
SERVICE OFFERING
►
►
Develop new service offering
for digital travellers
►
11
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
Build on existing customer
base and global footprint
Provide existing services to a
wider range of customer
segments by realising
cross-selling potential
Introduce new products and
services
EXPANDING FOOTPRINT IN DEVELOPING
COUNTRIES WITH PARTICULAR FOCUS ON ASIA
EXPANSION OF GEOGRAPHIC FOOTPRINT
South
Korea
China
Taiwan
STRATEGIC INITIATIVES
►
Expand sales presence in Asia
►
Address additional distribution channels in Asia
►
Thailand
Vietnam
Philippines
►
Malaysia
Indonesia
12
Increase sales activities with key accounts for
smaller groups
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
Specific China development programme
addressing capabilities across all divisions
FURTHER DIGITALISATION
STATE-OF-THE ART
TECHNOLOGY
APPLICATIONS
►
►
►
DIGITALLY
EMPOWERED
PROCESSES
►
►
►
DIGITAL TRAVELLER
►
CAPABILITIES
13
Deploy innovative customer facing systems and implement
Oracle e-commerce platform at Global Travel Distribution
Rollout new proprietary reservation systems at Global Travel
Services
Deploy advanced search capabilities allowing for complex
search requests
Digital visa processing for interaction with governments
Rollout tool for travel agencies with improved usability and
itinerary management, including third party content
Enhance mobile features of existing applications and
increase number of touch points on a traveller's journey
Exploit new sales opportunities by introducing mobile travel
assistant
►
Invest in digital capabilities and digital advisory board
►
Foster cultural focus on digital innovation
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
EXPAND SERVICE OFFERING
►
EXPAND SERVICE
OFFERING
►
►
FOSTER
CROSS-SELLING
OPPORTUNITIES
DEVELOP INTO NEW
GEOGRAPHIES AND
CHANNELS
14
►
►
►
Expand service and product offering to cater to specific needs
of Asian, Middle Eastern and African source markets
Increase number of beach destinations and third party
products
Expand into services adjacent to visa processing and new
disciplines such as front office services
Foster cross-selling opportunities such as destination
services or visa services across divisions
Grow share of Destination Management Services business for
non-Europe customer segments
Group travel online sales
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
TRADING UPDATE
THOMAS PEYER
CHIEF FINANCIAL OFFICER
2.8% ORGANIC GROWTH ACHIEVED BY CORE
BUSINESS
Pro-Forma Preliminary Turnover FY 2014
TURNOVER (FY14 UNAUDITED)
FY14
FY13
Δ%
nominal
Δ%
organic1)
Global Travel Distribution (previously FIT)
1 933
1 802
+7.3
+8.8
Global Travel Services2)
1 238
1 360
-9.0
-7.3
Group Travel Experts
873
943
-7.4
-6.5
Destination Management Specialists
365
417
-12.6
-9.0
272
244
+11.3
+14.2
Subtotal2)
3 443
3 406
+1.1
+2.8
Outbound2)
2 187
2 396
-8.7
-4.5
844
982
-14.1
-9.0
1 343
1 414
-5.0
-1.4
-121
-133
5 509
5 669
-2.8
-0.1
(CHF million)
VFS Global
Outbound Nordic
Outbound Europe/Asia
Less turnover between segments
Kuoni Group
1) Adjusted for currency fluctuations and acquisitions/divestments; 2) Aggregated without turnover elimination between segments
16
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
STABLE TURNOVER FOR THE GROUP WITH
ROBUST GROWTH IN THE CORE BUSINESS
EXPECTED RESULTS IN-LINE WITH GUIDANCE FOR 2014
►
►
►
►
17
Turnover 2014 on previous year level (organic -0.1%)

Robust growth in the core business driven by increasing travel volumes in Asia

Continued geopolitical turmoil in Egypt, Kenya, Thailand, Ukraine and Russia as well
as adverse currency movements led to lower overall top line growth. Currency impact
of -1.7% and impact from divestments of -1.0%
EBIT is expected to be around CHF 85 million
Net profit is expected to be around CHF 66 million including accrued charges from the
divestiture project
The full year results will be announced as previously stated on 17 March 2015
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
FINANCIAL EFFECTS
►
FY results 2014 to be published based on current segment structure
►
Kuoni Group to report three segments as of 2015 (GTD, GTS and VFS Global)
►
REPORTING
►
DIVIDEND
POLICY
►
►
MID-TERM
TARGETS
►
Outbound Nordic and Outbound Europe & Asia to be reported as discontinued operations/
assets held for sale as of 2015 (in accordance with IFRS 5)

Income statement items to be disclosed as discontinued operations

Assets and liabilities to be reclassified as assets held for sale

Depreciation and amortisation waived
Net result 2015 expected to be negatively impacted by divestiture charges of approximately
CHF 25 million, while the proceeds from the divestiture are expected to be generated more
likely in 2016
Intention to continue with the dividend pay-out ratio of 40-45% of the net result attributable
to shareholders excluding non-recurring items from the divestment process
New mid-term targets to be communicated on 17 March 2015 with announcement of FY
results 2014
Aspiration to grow significantly faster than the global travel market, which according to
UNWTO will expand by 3.8%1) annually and continued strong cash flow generation
1) UNWTO press release from December 18, 2014
18
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
CLOSING REMARKS
HEINZ KARRER
CHAIRMAN
QUESTIONS & ANSWERS
ADDITIONAL INFORMATION
21
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
LEADING TOUR OPERATOR RANKING AMONG
TOP FIVE IN EUROPE
OUTBOUND BUSINESS TO BE DISCLOSED AS DISCONTINUED OPERATIONS/ASSETS HELD FOR SALE
AS OF FISCAL YEAR 2015
NORDIC
BENELUX
CHF 844 m1)
Turnover 2014
7712)
FTEs 2014
CHF 37 m1)
Turnover 2014
612)
FTEs 2014
►
No 3 tour operator
►
3 specialist brands
►
Online distribution mainly
►
Online distribution only
►
8 retail outlets
►
INDIA
SWITZERLAND
Turnover 2014
CHF 679
FTEs 2014
1
m1)
0512)
►
►
Turnover 2014
CHF138
m1)
1 1372)
FTEs 2014
►
No 1 tour operator
►
17 own retail outlets, 88 franchised
►
81 retail outlets
►
Business travel expert
►
Strong specialist portfolio
►
►
UK
HONG KONG
CHF 410 m1)
Turnover 2014
6472)
FTEs 2014
CHF 79 m1)
Turnover 2014
1652)
FTEs 2014
►
31 retail outlets
►
4 retail outlets
►
Premium specialist brand
►
High-end niche market focus
►
Long-haul expert
►
Leading market position
in Switzerland
Top three position in
Nordics
Premium brands in key
markets
Strong specialist portfolio
Growing presence in India
and Hong Kong
Distribution through a
variety of proprietary and
3rd party channels
1) Preliminary unaudited turnover figures 2014; 2) As of 30 September 2014
22
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
KUONI GROUP ORGANISATIONAL STRUCTURE
AS OF 14 JANUARY 2015
Chief Executive
Officer
Peter Meier
Human Resources
Finance1)
IT
Thomas Peyer
Strategy &
Communication2)
Exit of Tour Operating
Activities
Global Travel
Distribution
Global Travel
Services
VFS Global
Outbound
Ivan Walter
Rolf Schafroth
Zubin Karkaria
Rolf Schafroth
Member of Executive Board
1) Including Risk, Legal & Compliance; 2) Including Investor Relations
23
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
GLOBAL TRAVEL DISTRIBUTION (GTD)
TURNOVER
BUSINESS OVERVIEW
CHF million
►
1 703
1 802
1 933
►
►
2012
24
2013
2014
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
Leading and highly experienced B2B wholesaler
and provider of accommodation and land
components to tour operators and offline and
online travel agencies globally
Strong position in intermediated
accommodation market globally with ~38 000
room nights sold online per day
~43% of turnover sourced from fast-growing
Asia/Pacific, the Middle East and Africa markets
GLOBAL TRAVEL SERVICES (GTS)
TURNOVER1)
BUSINESS OVERVIEW
CHF million
►
►
1 364
1 360
400
417
964
943
1 238
365
►
Long-standing and leading provider of group
travel and destination management services to
tour operators and travel agencies globally
Sources and coordinates destination services
including accommodation, transportation, tours
and activities, venues and event management
(MICE)2)
#1 player in the growing Asian group travel
market with 60% of turnover generated from
Asia/Pacific source markets
− ~50 000 leisure tours per year
873
− ~1.8 million travellers per year
− 25 sales offices
2012
2013
Group Travel Experts
25
2014
►
Destination management specialist with ~2040% market share in respective destinations
DM Specialists
1) Aggregated without turnover elimination between segments; 2) MICE=Meetings, Incentives, Conferences & Events
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
VFS GLOBAL
TURNOVER
BUSINESS OVERVIEW
CHF million
►
Pioneer in travel-related business process
outsourcing solutions for governments and
public institutions
− ~18 million visa applications processed in
2013
272
244
− ~50% global market share
205
− ~70% turnover generated from travellers
from Asia/Pacific
− ~1 400 visa application centres in 117
countries
►
►
2012
26
2013
2014
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
Differentiated market position with leading
technologies, infrastructure and capabilities
Long-term customer relationships and contracts
WELL POSITIONED WITHIN THE COMPLEX
TRAVEL DISTRIBUTION ECO-SYSTEM
TRAVEL ECO-SYSTEM
SUPPLIERS
Kuoni Group
CUSTOMERS
Supplier.com
 Highly
fragmented
Large international OTAs
Hotels
Metasearch
Smaller/regional OTAs
Transfers
Tour Operators
Travel
Retail
Switches/
GDS
Tours
GTD
(FIT Wholesaler)
Flights
Group
travel
Destination
Management
27
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
Consolidators/
Brokers
Visa Processing
Services
 2014: >1bn
international
arrivals
 Changing
behaviours
 Countless
desires
A LEADING GLOBAL B2B PROVIDER OF HOTEL
ACCOMMODATION AND LAND COMPONENTS
GLOBAL TRAVEL DISTRIBUTION (GTD)
BUSINESS MODEL
Supply side1)
Our position
Hotel
Accommodation
 45 000 self-contracted
hotels in 152 countries
 A leading B2B provider with
global range of products (hotel
accommodation, land
components)
 Distribution via XML feeds &
HTML websites
Client side
Tour
Operators
Traveller
Consolidators
Traveller
OTAs
Traveller
Travel
Retail
Traveller
 Retail & Wholesale Pricing
• Over 38 000 room nights per
day sold online in 2014
Land
Components
 Brands:
 Over 5 000 transfers and
14 000 sightseeing activities
in more than 1 000 cities
available
28
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
1) FY 2013
GROUP TRAVEL PROVIDER ORGANISING MORE
THAN 50 000 TOURS YEARLY
GLOBAL TRAVEL SERVICES (GTS) — GROUP TRAVEL
BUSINESS MODEL
Supply side1)
Our position
Client side
Hotels
 >3 000 hotels world-wide
 >3m hotel room nights
Transportation
 One of the leading destination
handlers for Group Travel from
Asia to Europe, organising about
50 000 leisure tours every year, in
15 languages
Group of
travellers
Travel
Retail
Group of
travellers
 ~1.8m travellers
 25 sales offices
 >110 000 coaches
booked per year
 Most visited countries: Italy, UK,
France, Switzerland, Germany
Sightseeing,
Venues, Events,
Catering, …
 Kuoni Group Travel from Asia to
Europe with around 35% share to
Europe
 >10 000 sightseeing items
 >200 000 meals
29
Tour
Operators
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
1) FY 2013
DESTINATION INSIDERS PROVIDING ACCESS TO
COMPLEX DESTINATIONS AND PRODUCTS
GLOBAL TRAVEL SERVICES (GTS) — DESTINATION MANAGEMENT
BUSINESS MODEL
Supply side
Our position
Land
components
 Hotels
 Cars
 Tours
 Transfers
30
India
South-East Asia
Eastern & Southern Africa
Middle East
Australia
USA
Tour
Operators
Traveller
Travel
Retail
Traveller
Online
Sales
Platform
Traveller
 Destination insider providing
know-how, content and operations
support
 Content sold through multitude of
channels
Destination
footprint






 Presence predominately in complex
destinations with low accessibility/
consolidation
Client side
 All DM Specialists with share
between ~20-40% among DM
Specialists in the respective
destinations

NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
LEADING OUTSOURCING PARTNER PROVIDING
VISA PROCESSING SERVICES TO GOVERNMENTS
VFS GLOBAL
BUSINESS MODEL
Contractual Partners
Our position
Client side
Governments
 Governments are increasingly
outsourcing their visa
application processes to 3rd
parties
 Very specific requirements,
driven by complex political, legal
and security environments
 Providing visa processing services
to governments worldwide
 Global footprint, serving 45
governments
 ~1 400 Visa Application Centers in
117 countries
 ~83m visa applications processed
2001-2013
 VFS Global is a leader with around
50% worldwide market share
Value added
services
 Core support services
(e.g. lounges, express services)
31
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
Application
Centre
Customer
PRELIMINARY TURNOVER FY 2014
BASED ON 2014 REPORTING STRUCTURE
TURNOVER (UNAUDITED)
FY14
FY13
Δ%
nominal
Δ%
organic1)
873
943
-7.4
-6.5
1 933
1 802
+7.3
+8.8
844
982
-14.1
-9.0
1 343
1 4142)
-5.0
-1.4
Destination Management Specialists
365
417
-12.6
-9.0
VFS Global
272
244
+11.3
+14.2
-121
-133
5 509
5 669
-2.8
-0.1
(CHF million)
Group Travel
FIT (Fully Independent Traveller)
Outbound Nordic
Outbound Europe/Asia
Less turnover between segments
Kuoni Group
1) Adjusted for currency fluctuations and acquisitions/divestments; 2) Includes turnover of CHF 59m from divested entities
32
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
FINANCIAL CALENDAR 2015
REPORTS ON BUSINESS PERFORMANCE ON THE FOLLOWING DATES:
Annual Results 2014
17 March 2015
General Meeting of Shareholders
20 April 2015 in Zurich
CONTACT DETAILS
33
Corporate Communications
Phone: + 41 44 277 4363 [email protected]
Investor Relations
Phone: + 41 44 277 4529 [email protected]
www.kuoni.com
mailing list: www.kuoni.com/group-news
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015
DISCLAIMER
THIS COMMUNICATION CONTAINS STATEMENTS THAT CONSTITUTE “FORWARD-LOOKING STATEMENTS” INCLUDING, BUT NOT LIMITED TO,
THOSE USING THE WORDS “BELIEVES”, “ASSUMES”, “EXPECTS” OR FORMULATIONS OF A SIMILAR KIND. IN THIS COMMUNICATION, SUCH
FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION, STATEMENTS RELATING TO OUR FINANCIAL CONDITION, RESULTS OF
OPERATIONS AND BUSINESS AND CERTAIN OF OUR STRATEGIC PLANS AND OBJECTIVES. SUCH FORWARD-LOOKING STATEMENTS ARE MADE
ON THE BASIS OF ASSUMPTIONS AND EXPECTATIONS THAT WE BELIEVE TO BE REASONABLE AT THIS TIME, BUT MAY PROVE TO BE
ERRONEOUS. BECAUSE THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES, ACTUAL FUTURE RESULTS,
THE FINANCIAL CONDITION, THE DEVELOPMENT OR PERFORMANCE OF KUONI TRAVEL HOLDING AND/OR ITS AFFILIATES (REFERRED TO AS
“KUONI”) MAY DIFFER MATERIALLY FROM THOSE EXPRESSED IN OR IMPLIED BY THE STATEMENTS. MANY OF THESE RISKS AND
UNCERTAINTIES RELATE TO FACTORS WHICH ARE BEYOND KUONI'S ABILITY TO CONTROL OR ESTIMATE PRECISELY, SUCH AS FUTURE
MARKET CONDITIONS, CURRENCY FLUCTUATIONS, THE BEHAVIOUR OF OTHER MARKET PARTICIPANTS, THE ACTIONS OF GOVERNMENTAL
REGULATORS AND OTHER RISK FACTORS DETAILED IN KUONI’S PAST AND FUTURE FILINGS AND REPORTS, INCLUDING PRESS RELEASES,
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FUTURE EVENTS OR OTHERWISE. IT SHOULD BE NOTED THAT PAST PERFORMANCE IS NOT A GUIDE TO FUTURE PERFORMANCE. PLEASE ALSO
NOTE THAT INTERIM RESULTS ARE NOT NECESSARILY INDICATIVE OF THE FULL-YEAR RESULTS. MOREOVER, THE PRO FORMA INFORMATION
PROVIDED IN THIS PRESENTATION SERVES AS AN ILLUSTRATION AND CONTAINS SIMPLIFIED ASSUMPTIONS. ROUNDING EFFECTS MAY OCCUR.
THE REPRESENTATION OF THIS FINANCIAL INFORMATION IS BASED ON HYPOTHETICAL BUSINESS EVENTS AND FACTS AND DOES NOT REFLECT
KUONI'S ACTUAL ASSET, FINANCIAL AND INCOME SITUATION. THE ASSET, FINANCIAL AND INCOME SITUATION OF KUONI IN FUTURE
FINANCIAL STATEMENTS AND REPORTS MAY SUBSTANTIALLY DIFFER FROM THE INFORMATION PROVIDED HEREIN. THE REASON FOR THIS IS A
STRING OF FACTORS, SUCH AS, FOR EXAMPLE, BUSINESS DEVELOPMENTS, CHANGES IN THE MARKET, AND IN THE LEGAL, REGULATORY
AND/OR ECONOMIC FRAMEWORK, AS WELL AS AMENDED ACCOUNTING REGULATIONS. PERSONS REQUIRING ADVICE SHOULD CONSULT AN
INDEPENDENT ADVISER. THIS COMMUNICATION DOES NOT CONSTITUTE AN OFFER OR AN INVITATION FOR THE SALE OR PURCHASE OF
SECURITIES IN ANY JURISDICTION.
34
NEW KUONI GROUP – ZURICH – 14 JANUARY 2015