Financial Report 2003 (english) PDF • 287.26 KB - Kuoni Group

5. Turnover
Kuoni Group
Kuoni Travel Holding Ltd. sold its division Business Travel – BTI Central Europe to Hogg Robinson plc. of the UK in
December 2003 and deconsolidated the division as of 31 December 2003. The division includes Kuoni Geschäftsreisen
AG in Switzerland (plus Liechtenstein), Euro Lloyd Reisebüro GmbH & Co. KG in Germany and its subsidiaries, Kuoni
Geschäftsreisen Ges.m.b.H. in Austria and Kuoni Utazási Iroda Kft. in Hungary. The effective selling price may be subject
to change under the terms of the contract and agreed warranties. The German leisure travel activity, which trades under
the name Euro Lloyd Urlaubsreisen, will remain with the Kuoni Group.
The results of the business travel division, which is qualified above as a discontinuing operation, are included in the
Group’s income statement for the entire year. However, its assets and liabilities no longer appear on the consolidated
balance sheet as at 31 December 2003 (note 3). The prior-year figures essentially correspond to the assets and liabilities
of Business Travel as reported in note 25.
The net cash from operating activities (cash flow) at BTI Central Europe amounted to CHF 2.6 million in 2003, while net
cash used in investing activities was CHF 0.6 million and in financing activities CHF 14.9 million.
Turnover is down CHF 444 million or –11.9% on the prior year. The negative exchange rate impact was –1.5% and
acquisitions accounted for +0.5%.
The Novair Airbus A330 decommissioned in 2001 was leased occasionally to third parties. The resulting turnover amounted
to CHF 9.6 million.
Breakdown of Turnover by Business Area
2003 % 2002 % Change
CHF million of total CHF million of total in %
Switzerland 870 26.4 1 005 26.9 –13.4
Scandinavia 501 15.2 554 14.8 –9.6
Europe 488 14.8 486 13.0 +0.4
United Kingdom & North America 756 23.0 893 23.9 –15.3
Incoming & Asia 551 16.7 647 17.3 –14.8
Business Travel 167 5.1 193 5.2 –13.5
Less revenues generated between segments –38 –1.2 –39 –1.1 +2.6
Total 3 295 100.0 3 739 100.0 –11.9
Breakdown of Turnover by Activity
2003 % 2002 % Change
CHF million of total CHF million of total in %
Leisure Travel 2 711 82.3 3 066 82.0 –11.6
Incoming 469 14.2 539 14.4 –13.0
Business Travel 167 5.1 193 5.2 –13.5
Less revenues generated between segments –52 –1.6 –59 –1.6 +11.9
Total 3 295 100.0 3 739 100.0 –11.9
KUONI Financial Report 2003
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