PDF (3.6 MB) - Valora

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Financial RepoRt ValoRa 2009
noteS to tHe conSoliDateD
Financial StateMentS
Earnings per share from discontinued operations amounted to CHF 0.68 in 2009 (CHF 4.78 in 2008).
There were no dilutive effects in 2009 and 2008.
Cash flow from discontinued operations
in cHF 000
1.1.–31.12.2009 1.1.– 31.12.2008
net cash generated by operating activities 0 4 917
net cash used in investing activities 0 – 17 598
net cash from financing activities 0 1 046
currency translation adjustments on cash and cash equivalents 0 – 270
Total change in cash and cash equivalents 0 – 11 905
8 sEGMENT rEPorTING
The Valora Group is a trading company operating on a Europe-wide scale, with business activities
carried out in the following three reportable business segments:
Valora Retail: Valora Retail operates small retail outlets at heavily frequented locations in Switzerland,
Germany and Luxembourg. The division operates country-wide marketing and distribution
systems for press, tobacco and consumer products for daily use and the impulse buyer’s market.
Valora Retail’s market presence comprises the k kiosk, avec., P & B and Caffè Spettacolo formats.
Valora Media: Valora Media is a specialised wholesaler intermediating between book and press
publishers and the retail sector. The division supplies press products, books, food, non-food and
tobacco products to the Group’s own retail outlets and those of third parties in Switzerland, Austria
and Luxembourg.
Valora Trade: Valora Trade deploys a variety of customer-specific distribution and marketing solutions
to supply fast moving consumer goods to the organised retail sector in eight European markets.
Other: This division comprises the Group support functions provided by finance, HR, business
development, legal services and corporate communication. It also includes Group IT and the central
logistics functions for Valora Retail Switzerland and Valora Media Switzerland. The net revenues
shown for this division are those arising from the logistics services it provides. The assets for
this segment predominantly consist of loans to Group companies, cash and cash equivalents and
short-term receivables. Its liabilities essentially consist of the bond issue detailed in note 26 and
short-term liabilities.
Reportable segments are identified on the basis of the type of products each segment deals in and
the way in which these are distributed. At Valora, these segments comprise a variety of retail formats
and geographical regions. The net revenues generated by these segments relate to the sale of
goods. Their non-current assets comprise property, plant and equipment, investment property and
intangible assets (additions to which are shown without changes in consolidation scope).