EBITDAin CHF million

2014
109.3
2015
117.6

Free cash flowin CHF million

2014
34.0
2015
82.3

EPSin CHF (from continuing operations)

2014
3.13
2015
12.51

Net revenuesin CHF million

Gross profitin CHF million

Operating expense(net) / in CHF million

EBITin CHF million

Investmentsin CHF million

Employeesnumber of employees (FTE)

The results for 2011 – 2012 include those for the Services division, which has been sold, and the Trade division, now classified as held for sale.

REVIEW OF GROUP RESULTS

The Valora Group completed its 2015 financial year with an EBIT of CHF 55.1 million, in excess of its previously announced guidance. After adjusting for exchange-rate effects and the impairment charges recorded in 2014, the Group’s EBIT was CHF + 11.7 million, or + 27.0 %, higher than in the previous year, while its EBIT margin improved by + 0.3 percentage points, to + 2.7 %. The Group has thus made substantial progress towards achieving its medium-term objectives. After adjusting for one-off effects, the Group’s EBIT amounted to CHF 62.2 million. Net revenues rose by + 7.5 %, to CHF 2077.4 million. In local-currency terms, they advanced by + 12.1 %.

Retail Switzerland / Austria achieved an excellent set of operating results, despite a challenging macro-economic environment. The improvements carried out at Retail Germany / Luxembourg enabled the unit to resume growth in 2015. Ditsch/Brezelkönig substantially expanded its business-to-business (B2B) operations in 2015, while the outlet network held its own overall, with turnover recovering during the second half of the year. 2015 saw Brezelkönig initiate its international expansion strategy, with a total of five new outlets opened in Vienna and Paris by year end.

Naville has proven a profitable and successful acquisition, living up to the high expectations placed on it. Integration is progressing according to plan. The synergy benefits from this will become apparent in the first-half 2016 results and will be fully effective from 2017. The potential sale of Naville Distribution (press / goods wholesaler and logistic services provider) and of the Naville building in Geneva was initiated and Valora expects to complete these transactions during 2016.

With the sale of its Trade division on 31.12.2015, Valora has now largely completed its strategic initiative to focus on its core retail business. The Group is now clearly positioned as a retail enterprise with a range of attractive store formats, an outlet network covering 5 national markets and a well-structured value chain encompassing state-of-the-art lyebread baking plants and a range of private-label brands and services.

Results from discontinued operations, under which the sale of the Trade division is classified, amounted to CHF – 75.6 million. This led to a net result, at Group level, of CHF – 28.8 million in 2015, compared to CHF 6.3 million in 2014.

The Group’s cash-flow and key balance-sheet metrics also showed significant improvements. In 2015, Valora generated an aggregate free cash flow of CHF 82.3 million, CHF + 48.3 million up on the figure for 2014, principally by raising its EBITDA, by adopting a more selective investment approach and by reducing its net-working-capital commitment. Return on capital employed (ROCE) for 2015 came in at 6.1 %. After adjusting for the 2014 impairment charges at Retail Germany / Luxembourg, this represents a + 1.0 percentage-point improvement on the previous year’s performance. When the one-off factors affecting the 2015 result are taken into account, the Group’s 2015 ROCE amounted to 6.9 %. Net debt as a multiple of EBITDA declined to 2.1x at year-end 2015.

Financial Report complete (PDF, 814 KB)

Table Bar Chart Line Chart
    2015 2014 2013 2012 2011
Net revenues 1) CHF million 2 077.4 1 932.6 1 889.8 2 847.9 2 817.9
Change % 7.5% 2.3% -33.6% 1.1% -2.1%
             
EBITDA 1) CHF million 117.6 109.3 114.7 112.1 117.0
in % of net revenues % 5.7% 5.7% 6.1% 3.9% 4.2%
             
Operating profit (EBIT) 1) CHF million 55.1 30.5 59.1 56.7 70.5
in % of net revenues % 2.7% 1.6% 3.1% 2.0% 2.5%
             
Net profit 1) CHF million 46.8 15.4 29.2 38.5 57.0
Change % 203.7% -47.3% -24.0% -32.6% -7.5%
in % of net revenues % 2.3% 0.8% 1.5% 1.4% 2.0%
in % of equity % 9.2% 2.4% 4.0% 6.7% 12.3%
             
Net cash provided by (used in) 1)            
Operating activities CHF million 125.5 91.9 89.9 54.5 97.0
Ordinary investment activities CHF million -43.2 -57.9 -38.7 -12.3 -45.4
Free cash flow 1) CHF million 82.3 34.0 51.2 42.2 51.6
Company acquisitions (and long-term financial investments) CHF million -88.1 51.3 -3.1 -288.0 -40.1
Financing activities CHF million -60.2 -67.4 -52.4 282.5 -31.1
             
Earnings per share 1) CHF 12.51 3.13 7.69 13.09 20.24
Change % 299.7% -59.3% -41.3% -35.3% -9.4%
             
Free cash flow per share 1) CHF 24.52 10.05 15.1 14.5 18.64
Change % 144.0% -33.4% 4.1% -22.2% 25.8%
             
Cash and cash equivalents 1) CHF million 116.3 129.0 107.8 147.2 109.6
             
Equity CHF million 506.0 630.6 730.3 577.8 462.3
Equity ratio % 41.5% 44.0% 44.8% 35.9% 41.9%
             
Number of employees at December 31 1) FTE 4 349 4 435 4 613 5 962 5 801
Change % -1.9% -3.9% -22.6% 2.8% -10.1%
             
Net revenues per employee 1) CHF 0 478 436 410 478 486
Change % 9.6% 6.3% -14.2% -1.7% 9.0%
             
Number of outlets operated by Valora Number 1 838 1 647 1 690 1 606 1 364
thereof agencies Number 990 702 649 598 231
Net revenues per outlet 2) CHF 000 1 130 1 173 1 118 1 208 1 183
Number of franchise outlets 3) Number 471 459 404 999 166

All totals and percentages are based on unrounded figures from the consolidated financial statements

  1. From continuing operations, in 2011 and 2012 incl. the divisions Valora Services and Trade
  2. Valora Retail and Ditsch/Brezelkönig (as of 2013)
  3. In the 2013 annual report, the franchisee figures for Retail Germany also included partner outlets.