Annual Review 2011 - The Nuance Group

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The Nuance Group President & Annual Review 2011 CEO’s report 12 Making history The opening of the first-ever arrivals shops in Switzerland, at Zurich and Geneva, on 1 June marked a historic moment and the culmination of more than a decade of efforts to extend the benefits of duty free shopping to both travellers and returning residents. We hope to develop this concept across our portfolio and further drive sales growth by providing travellers with retail opportunities at every step of their journey. We take a similar approach to the ways in which we support communities, where our corporate social responsibility activities are shaped to match local needs rather than following a top-down, one-size-fits-all approach. Looking ahead These are challenging days for many of the world’s economies. The problems in Europe, particularly in the Eurozone, have been well documented and those outside the zone are also experiencing negative issues – some, like Switzerland, because of the strength of its currency and others, such as the UK, because of its economic circumstances. Six months ago, many analysts forecast that Asia would also lose momentum, but in fact the continent’s major economies have held up better than expected. Overall, growth is slowing worldwide and although our global presence and diversification across a broad set of geographies minimises our exposure to any one particular market, many are likely to be softer in the short-term. However, ours is a long-term business and the fundamentals remain strong. As ever, our performance will be impacted by our ability to renew existing contracts, win new ones and continue to break new ground by creating innovative concepts that truly put the customer at the centre of the business. In Australia, our efforts to do so could be further impacted by legislation which is posing an ongoing risk to our performance. In 2011 we invested over CHF 30 million in growth initiatives and this level of investment is set to continue. Specifically, we will be introducing our boutique concept, together with four new specialty stores, at Lisbon, refurbishing our assets at Antalya Terminal 2, expanding our flagship Zurich duty free offer and completing the build-out of our new location in Las Vegas, among many other activities. At the time of going to print (April 2012), we are awaiting the outcome of three tender submissions for core licences at Hong Kong International Airport. The strength of our decade-long partnership and knowledge of the local market have combined to help us build an enviable retail operation at this key Asian hub. We are cautiously optimistic that our level of expertise will secure a positive outcome and enable us to introduce a number of new concepts and innovations in the year ahead. Our ability to attract and retain high quality people – helping talented individuals do their best work – is the key to our ambitions. No strategy will succeed without the support and passion of the people on the ground. At Nuance, we are fortunate to have teams right across the business who work tirelessly and with great expertise to turn our plans into reality. Privileged to lead and be part of such a team, I thank all of our people for their tremendous efforts over the past 12 months – and I look forward with confidence to seeing our efforts bear more fruit in 2012. Roberto Graziani President & CEO April 2012
The Nuance Group Annual Review 2011 Our strategy in action W e are working hard to continually improve our customers’ experience Never complacent, we constantly seek new and better ways to give customers more reasons to shop with us. The following pages highlight some of the many ways in which we achieved this during the last 12 months. 13 Financial statements Review of 2011 Overview
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Annual Review 2011 - The Nuance Group

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