Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Valora Holding AG    VALN   CH0002088976

VALORA HOLDING AG

(VALN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Valora successfully concluded 2019 above guidance and is further expanding its foodvenience business

share with twitter share with LinkedIn share with facebook
02/19/2020 | 01:06am EDT

Valora successfully concluded 2019 above guidance and is further expanding its foodvenience business

  • EBIT of CHF 91.5 million in 2019, above guidance and with strong contribution from Retail DE/LU/AT and Food Service; EBIT margin at 4.5%
  • Group net profit grew by +35.0% to CHF 73.7 million supported by extraordinary tax effects and a value adjustment for discontinued operations in 2018
  • Earnings per share (EPS) increased by +45.3%, also benefitting from the hybrid bond replacement in 2018
  • Free cash flow rose by +55.1% to CHF 76.0 million despite increased investment activities
  • External sales of CHF 2,681 million and net revenues of CHF 2,030 million remained stable, with higher food share in the product mix
  • Major milestones achieved with the successful award of the SBB tender and the launch of Switzerland's first cashier-free convenience store, pretzel production expansion completed with full capacity as of the second quarter 2020

  • Confident for the 2020 financial year, mid- and long-term operational targets confirmed

  • Proposed dividend of CHF 12.50 gross for 2019

Unless mentioned differently, for reasons of comparability, 2018 figures are referred to on a pro-forma basis, adjusted for changed accounting standards (IFRS 16) and at constant currency.

The Valora Group performed strongly in 2019 and successfully concluded the first transition year after the award of the SBB tender in which the foodvenience provider secured 262 attractive locations until 2030. EBIT amounted to CHF 91.5 million versus CHF 96.3 million in 2018 but was above guidance expectations of around CHF 90 million. Adjusted for special costs at Retail CH of CHF -9.0 million related to the SBB project, EBIT growth would be +4.4% with a strong contribution coming from Retail DE/LU/AT with +32.5% and Food Service with +18.0% compared to 2018 which compensated for the challenging 2019 financial year experienced by Retail CH. The Group's EBIT margin came to 4.5% (2018: 4.7%).

Higher share of food sales drives gross profit margin

Overall, external sales of CHF 2,680.6 million (-0.0%) and net revenues of CHF 2,029.7 million (-0.8%) remained stable, while the foodvenience categories (Group sales excluding press, books and tobacco) grew by +2.2% and +2.9% respectively, mainly driven by higher food sales. These improvements in the product mix were the main contributor to the increase in gross profit of +1.3% to CHF 917.2 million and the gross profit margin of +1.0 percentage points to 45.2%.

Strong development in Retail DE/LU/AT, attractive same-store growth in Food Service and record B2B sales

At Retail CH, IFRS 16 effects and project costs related to the SBB tender impacted the unit's profitability. In addition, lower same-store sales, particularly in press and tobacco, and increased expenses related to new concepts burdened performance after an outstanding 2018 financial year. Retail DE/LU/AT on the other hand achieved strong development through sound same-store growth with lower press decline than in recent years, savings from the unit's cost initiatives and divisional synergies. Moreover, Retail DE made good progress in the conversion of its own stores to franchise outlets. Food Service had an entirely successful year with attractive same-store growth, especially at Food Service CH, and record B2B sales as most pretzel production lines were fully utilised.

Increase of net profit and free cash flow

Group net profit grew by +35.0% to CHF 73.7 million on a 2018 pro-forma adjusted basis allowing for IFRS 16 (+25.0% vs. 2018 revised figures), supported by extraordinary tax effects and a value adjustment for discontinued operations in 2018. This corresponds to an earnings per share (EPS) increase of +45.3% (+33.8% vs. 2018 revised figures) to CHF 18.70 also benefitting from the hybrid bond replacement in 2018. Free cash flow rose by +55.1% to CHF 76.0 million with improved net working capital more than compensating for increased investment activities. Return on capital employed (ROCE) amounted to 8.4% as a result of the EBIT development (2018: 8.9%).

Successful SBB tender, innovative store concepts, Food Service DE established and B2B production capacity expansion completed

In 2019, Valora achieved a major success with Retail CH being awarded all locations put out to tender by the SBB. This underscored Valora's position as the leading kiosk operator in Switzerland while at the same time significantly expanding the convenience share of its total business in the coming years. The Group also achieved a milestone in the execution of its digital strategy with the launch of the first cashier-free convenience store avec box and the avec X future store in April 2019 at Zurich main station. In addition, the integration of the Ditsch B2C sales format and BackWerk under the umbrella of the new Food Service DE business unit was completed including the first synergy effects from the combined platform. The pretzel production capacity expansion is successfully completed: two of three new production lines were put into operation in the USA and in Germany in the fourth quarter 2019 and the third line is expected to follow at the beginning of the second quarter 2020 in Germany.

Confident for the 2020 financial year, mid- and long-term operational targets confirmed

The focus on its foodvenience core business at high-frequency locations peaked with the successful SBB tender. Subsequently, Valora developed the strategy 2025 and presented it to the capital market in June 2019. Michael Mueller, CEO of Valora Group, says: "The implementation of the strategy 2025 marks a new, growth-oriented phase with food as the main driver. With our business model we are well positioned to benefit from increasing mobility, more out-of-home consumption and impulse purchases as well as from the rising impact of digitalisation on everyday life. The main lines of action for the current year are the refurbishment of the sales outlets at SBB locations with more convenience focus, the expansion of the B2B pretzel business thanks to the increased production capacity as well as generally higher food sales in all of our formats. We are confident of reaching our targets for 2020."

The 2020 financial year will be impacted by the investments in renewing the locations awarded in the SBB tender. As a consequence, Valora expects flat EBIT development at CHF 85 to 91 million. In the medium term, Valora expects the EBIT margin to grow to approximately 5% in 2022 when the conversion of the SBB locations is concluded. This is in line with the confirmed long-term operational targets until 2025 with an annual increase in the EBIT margin of +0.2 percentage points on average.

Dividend proposal to the General Meeting

At the Annual General Meeting to be held on 24 March 2020 the Board of Directors will propose to shareholders an unchanged dividend of CHF 12.50 gross per dividend-bearing share. Half of the distribution is made each from available earnings and from the reserve from capital contributions, whereby the latter is withholding tax exempt. If the motion is approved the dividend is expected to be paid on 30 March 2020.

Valora Group

2019

2018*

Change

2018 revised**

in CHF million

%

%

pro Memoria

External sales

2'680.6

132.1%

2'681.8

131.0%

-0.0%

2'731.0

Net revenues

2'029.7

100.0%

2'046.8

100.0%

-0.8%

2'074.9

Gross profit

917.2

45.2%

905.2

44.2%

+1.3%

918.2

- Operating costs, net

-825.7

-40.7%

-808.9

-39.5%

+2.1%

-828.3

Operating profit (EBIT)

91.5

4.5%

96.3

4.7%

-5.0%

89.8

Net profit from continuing operations

73.6

3.6%

59.7

2.9%

+23.2%

64.1

Group net profit

73.7

3.6%

54.6

2.7%

+35.0%

59.0

*

Pro-forma adjusted according to IFRS16 and, except from net profit from continuing operations and group net profit, at constant currency exchange rates.

**

See note 3 and 11 in the financial report.

The documents are available online at www.valora.com/newsroom.

If you have any questions, please do not hesitate to contact:

Investor Relations

Annette Martin

Fon +41 61 467 21 23

annette.martin@valora.com

Media Relations

Christina Wahlstrand

Fon +41 61 467 24 53

media@valora.com

About Valora

Each and every day, around 15,000 employees in the Valora network work to brighten up their customers' journey with a comprehensive foodvenience offering - nearby, quick, convenient and fresh. The more than 2,700 small-scale points of sale of Valora are located at highly frequented locations in Switzerland, Germany, Austria, Luxembourg and the Netherlands. The company includes, among others, k kiosk, Brezelkönig, BackWerk, Ditsch, Press & Books, avec, Caffè Spettacolo and the popular own brand ok.- as well as a continuously growing range of digital services. Valora is also one of the world's leading producers of pretzels and benefits from a well-integrated value chain in the area of baked goods. Valora generates annual external sales of CHF 2.7 billion. The Group's registered office is in Muttenz, Switzerland. The registered shares of Valora Holding AG (VALN) are traded on SIX Swiss Exchange AG.

More information is available at www.valora.com.

Media Breakfast

Valora Financial Results 2019

Date:

Wednesday, 19 February 2020

Time:

08:30 am (CET)

Location:

Papiersaal - Alte Sihlpapierfabrik, Kalanderplatz 6, 8045 Zurich, Switzerland

Programm:

08:15 am

Registration

08:30 - 09:45 am

Presentation of the Full-Year Results 2019

Full-Year Results 2019

Michael Mueller, CEO & CFO a.i.

Strategic Roadmap

Michael Mueller, CEO & CFO a.i.

Questions & Answers

Language:

German

Analysts' Conference (incl. Call and Audio-Webcast):

Valora Financial Results 2019

Date:

Wednesday, 19 February 2020

Time:

11:00 am (CET)

Location:

Folium - Alte Sihlpapierfabrik, Kalanderplatz 6, 8045 Zurich, Switzerland

Programm:

10:45 am

Registration

11:00 am

Presentation of the Full-Year Results 2019

Full-Year Results 2019

Michael Mueller, CEO & CFO a.i.

Strategic Roadmap

Michael Mueller, CEO & CFO a.i.

Questions & Answers

12:30 am

Lunch

Audio-webcast:

Open Webcast

Dial-in number for phone conference:

Switzerland / Europe

+41 (0) 58 310 50 00

United Kingdom:

+44 (0) 207 107 06 13

United States:

+1 (1) 631 570 56 13

Join the call via web:

HD Web PhoneTM (HD quality)

Language:

English

The recorded webcast will be available by 04:00 pm (CET) latest on www.valora.com.




Provider
Channel
Contact
Tensid EQS Ltd., Switzerland
www.tensid.ch


newsbox.ch
www.newsbox.ch


Provider/Channel related enquiries
marco@tensid.ch
+41 41 763 00 50
share with twitter share with LinkedIn share with facebook
Latest news on VALORA HOLDING AG
07/222020 FINANCIAL HALF-YEAR RESULTS OF : COVID-19 heavily impacts footfall, but po..
TE
06/11The Annual General Meeting of Valora Holding AG approves all proposals by the..
TE
04/30Beat Fellmann will be the new Valora Group CFO – successful renewal and..
TE
04/09VALORA : launches online store avec now
PU
03/26Corona crisis impacts revenue at Valora, the Board of Directors and managemen..
TE
03/26VALORA HOLDING AG : Ex-dividend day for final dividend
FA
03/26VALORA HOLDING AG : Ex-dividend day for
FA
03/19GLOBAL MARKETS LIVE: More and more companies make coronavirus announcements
03/19Valora postpones the Annual General Meeting of 24 March 2020
TE
02/19Valora successfully concluded 2019 above guidance and is further expanding it..
TE
More news
Financials
Sales 2020 1 735 M 1 895 M 1 895 M
Net income 2020 -6,58 M -7,19 M -7,19 M
Net Debt 2020 713 M 778 M 778 M
P/E ratio 2020 -83,2x
Yield 2020 -
Capitalization 591 M 641 M 645 M
EV / Sales 2020 0,75x
EV / Sales 2021 0,63x
Nbr of Employees 3 588
Free-Float 82,3%
Chart VALORA HOLDING AG
Duration : Period :
Valora Holding AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends VALORA HOLDING AG
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 5
Average target price 192,50 CHF
Last Close Price 149,80 CHF
Spread / Highest target 33,5%
Spread / Average Target 28,5%
Spread / Lowest Target 20,2%
EPS Revisions
Managers
NameTitle
Michael Müller Chief Executive Officer
Franz Julen Chairman
Beat Fellmann Chief Financial Officer
Michael Kliger Director
Insa Klasing Director
Sector and Competitors
1st jan.Capitalization (M$)
VALORA HOLDING AG-44.52%641
TRACTOR SUPPLY COMPANY57.77%16 505
NEXT PLC-21.00%9 221
OLLIE'S BARGAIN OUTLET HOLDINGS, INC.58.12%6 837
JARIR MARKETING COMPANY-8.70%4 837
JUMBO S.A.-11.75%2 616