Notes 

Introduction

Legally, Kuoni shareholders are shareholders of Kuoni Travel Holding Ltd., Zurich. As announced in the annual report 2014, the Kuoni Group has introduced a double holding structure in the business year 2015. With the introduction of the double holding structure, Kuoni Travel Holding Ltd. transferred all shareholdings in its subsidiaries (including related provisions) to the newly incorporated Kuoni Travel Investments Ltd. Excluded from this transfer was its shareholding in Kuoni Travel (China) Ltd. As a result of the introduction of the double holding structure, Kuoni Travel Holding Ltd. directly controls Kuoni Travel Investments Ltd. and indirectly controls all other subsidiaries through Kuoni Travel Investments Ltd. From an economic standpoint, the shareholders of Kuoni Travel Holding Ltd. will continue to be invested in the entire Group. The relevant shareholdings are set forth in the following note 2 (Investment in subsidiaries).

1. Principles 

General aspects

These financial statements were prepared according to the provisions of the Swiss Law on Accounting and Financial Reporting, the “New Swiss Accounting Law” (32nd title of the Swiss Code of Obligations) for the first time. These provisions were effective as of 1 January 2013 and require companies to adapt them as of 1 January 2015. Therefore, the presentation of the Financial Statements differs compared to those published in 2014.  The prior-year presentation was adjusted to follow the new requirements. The positions affected by the change are marked with a footnote. Where not prescribed by law, the significant accounting and valuation principles applied are described below. 

Financial assets

Financial assets include interest-bearing long-term loans to Group companies. Loans granted in foreign currency are translated at the rate at the balance sheet date, whereby unrealised losses are recorded and unrealised profits are not recognised in the income statement.

Treasury shares

Treasury shares are recognised at acquisition cost and deducted from shareholdersʼ equity at the time of acquisition. In case of a resale, the gain is recognised through reserves from capital contribution and the loss is recognised through voluntary retained earnings. 

Share-based payments

Should treasury shares be used for share-based payment programmes for the Board of Directors, the acquisition cost is recognised as personnel expenses.

Long-term interest-bearing liabilities

Interest-bearing liabilities are recognised in the balance sheet at nominal value. Issue costs for bonds are recognised as prepaid expenses and amortised on a straight-line basis over the bondʼs maturity period.

Income from investment in subsidiaries

The income from investment in subsidiaries consists of dividends received as well as income from the sale of subsidiaries.

Foregoing a cash flow statement and additional disclosure in the notes

As Kuoni Travel Holding Ltd. prepared its consolidated financial statements in accordance with a recognised accounting standard (International Financial Reporting Standards as issued by IASB, IFRS), it has decided to forego presenting additional information on interest-bearing liabilities and audit fees in the notes as well as in the cash flow statement in accordance with the law.

2. Investment in subsidiaries

The investment in Kuoni Travel (China) Ltd. was sold in 2015 as part of the sale of Kuoniʼs Tour Operating Business. The investment was sold for HKD 250.0 million (CHF 32.1 million) which resulted in a gain of CHF 17.3 million.

The following table shows Kuoni Travel Holding Ltd.ʼs directly held subsidiary as of 31 December 2015:

Company Currency Paid-in share capital Investment in %
Switzerland      
Kuoni Travel Investments Ltd., Zurich CHF 100,000 100

The following are Kuoni Travel Holding Ltd.ʼs material indirectly held subsidiaries, associates and joint ventures as of 31 December 2015 as well as its directly held and material indirectly held subsidiaries, associates and joint ventures as of 31 December 2014. For 2014, material indirectly held subsidiaries, associates and joint ventures are marked with a “*”; all others were directly held subsidiaries, associates or joint ventures.

Europe

      2015 2014  
  Activity Currency Paid-in share capital Investment in % and voting rights in % Paid-in share capital Investment in % and voting rights in % Consolidation
Switzerland              
KIT Solution AG, Zurich CO CHF 1,000,000 100 1,000,000 100 C
Kuoni Global Travel Services AG, Zurich D CHF 100,000 100 100,000 100 C
               
Austria              
Kuoni Destination Management GmbH, Vienna D EUR 253,000 100 253,000 100 C
               
Denmark              
Kuoni Destination Management A/S, Copenhagen D DKK 600,000 100 600,000 100 C
               
France              
Gullivers Travel Associates SAS, Paris D EUR 37,000 100 37,000 100* C
               
Hungary              
Kuoni Destination Management Kft., Budapest D HUF 3,000,000 100 3,000,000 100 C
               
Italy              
Kuoni Destination Management S.p.A., Rome D EUR 1,548,000 100 1,548,000 100 C
GTA ( Italia) SRL, Rome D EUR 20,000 100 20,000 100* C
               
The Netherlands              
Kuoni Destination Management B.V., Amsterdam D EUR 55,815 100 55,815 100 C
               
Spain              
Kuoni Destination Management S.L., Madrid D EUR 150,000 100 150,000 100 C
Gullivers Travel Associates S.A., Madrid D EUR 420,708 100 420,708 100* C
               
United Kingdom              
Donvand Ltd., London D GBP 177,194 100 177,194 100* C
GTA (Retail) Limited, London D GBP 50,000 100 50,000 100* C
VF Services (UK) Ltd., London V GBP 25,001 100 25,001 100* C

Activity:

D = Destination & Accommodation Services

V = Visa Processing Services

CO = Corporate

Consolidation:

C = Consolidated

E = Valuation according to equity method

Overseas

      2015 2014  
  Activity Currency Paid-in share capital Investment in % and voting rights in % Paid-in share capital Investment in % and voting rights in % Consolidation
Australia              
Australian Tours Management Pty Ltd., Melbourne D AUD 500,000 100 500,000 100* C
GTA Australasia Pty Limited, Sydney D AUD 100,000 100 100,000 100* C
Travelcube Pacific Pty Limited, Sydney D AUD 50,000 100 50,000 100* C
               
China              
S.K.Y. Business Consultancy Co. Ltd., Shanghai D CNY 1,198,115 100 1,198,115 100* C
Kuoni Destination Management (Beijing) Ltd., Beijing D CNY 4,000,000 100 4,000,000 100* C
Gullivers Travel Associates (Hong Kong) Limited, Kowloon D HKD 3,064,000 100 3,064,000 100* C
Gullivers (Beijing) Commercial Consulting Services (China), Beijing D USD 250,000 100 250,000 100* C
Gullivers Travel Associates (China) Limited, Beijing D CNY 4,000,000 100 4,000,000 100* C
VFS Business Information Consulting Co. Ltd., Shanghai V CNY 1,127,862 100 1,127,862 100* C
               
India              
VFS Global Services Pvt. Ltd., Mumbai V INR 373,670,000 100 373,670,000 100* C
               
Japan              
Kuoni Travel (Japan) Ltd., Tokyo D JPY 50,000,000 100 50,000,000 100 C
Gullivers Travel Agency Co. Ltd (Japan), Tokyo D JPY 40,000,000 100 40,000,000 100* C
Octopus Travel.com Japan KK, Tokyo D JPY 10,000,000 100 10,000,000 100* C
               
Kenya              
Private Safaris (E.A.) Ltd., Nairobi D KES 62,500,000 100 62,500,000 100* C
               
Mauritius              
Kuoni Asian Investments (Mauritius) Ltd., Port Louis CO USD 1,000,000 100 1,000,000 100 C
               
Singapore              
Kuoni Travel (S) PTE Ltd., Singapore D SGD 100,000 100 100,000 100* C
Kuoni GTS (Singapore) Pte. Ltd., Singapore D SGD 100,000 100 100,000 100* C
               
South Africa              
Kuoni Private Safaris (Pty) Ltd., Cape Town D ZAR 500,000 100 500,000 100 C
VFS Visa Processing (South Africa) Pty Ltd., Pretoria V ZAR 300,000 100 300,000 100* C
               
South Korea              
Kuoni Travel (Korea) Ltd., Seoul D KRW 100,000,000 100 100,000,000 100 C
Kuoni GTS (Korea) Ltd., Seoul D KRW 350,000,000 100 350,000,000 100* C
               
Taiwan              
Kuoni GTS (Taiwan) Ltd., Taipei D TWD 6,000,000 100 6,000,000 100* C
               
Thailand              
Asian Trails Ltd., Bangkok D THB 24,000,000 49 24,000,000 49* C
Kuonissimo (Thailand) Ltd., Bangkok D THB 2,000,000 49 2,000,000 49 C
               
United Arab Emirates              
Desert Adventures Tourism LLC, Dubai D AED 300,000 100 300,000 100 C
Gulf Dunes LLC, Dubai D AED 300,000 100 300,000 100 C
GTA (Middle East) FZ LLC, Dubai D AED 50,000 100 50,000 100* C
VFS TasHeel International JLT, Dubai V USD 5,000,000 50 5,000,000 50* E
Vasco Worldwide JLT, Dubai V USD 5,000,000 50 5,000,000 50* E
Octopus Travel (Middle East) FZ LLC, Dubai D AED 50,000 100 50,000 100* C
               
USA              
AlliedTPro, Inc., New York D USD 170,000 100 170,000 100* C
Kuoni Travel (Atlanta) Inc., Atlanta D USD 50,000 100 50,000 100 C
Kuoni Holding Delaware, Inc., Wilmington CO USD 1 100 1 100 C
GTA Americas LLC, Delaware D USD 29,700,000 100 29,700,000 100* C
Octopus Travel.com (USA) Limited, Delaware D USD 1,000 100 1,000 100* C

Activity:

D = Destination & Accommodation Services

V = Visa Processing Services

CO = Corporate

Consolidation:

C = Consolidated

E = Valuation according to equity method

Discontinued operations (tour operating business and inbound business in India)

      2015 2014  
  Activity Currency Paid-in share capital Investment in % and voting rights in % Paid-in share capital Investment in % and voting rights in % Consolidation
Switzerland              
Kuoni Reisen AG, Zurich T/D CHF 0 0 7,000,000 100 DE
Railtour Suisse SA, Berne T CHF 0 0 1,600,000 93 DE
               
Belgium              
Kuoni Travel Belgium B.V. B.A., Gent T EUR 0 0 7,335,000 100 DE
               
Denmark              
Falk Lauritsen Rejser A/S, Herning T DKK 0 0 500,000 100* DE
               
The Netherlands              
Kuoni Specialists B.V., Amsterdam T EUR 0 0 20,418 100 DE
               
Spain              
Sotavento S.A., Fuerteventura T EUR 0 0 3,060,000 100* DE
               
Sweden              
Kuoni Nordic AB, Stockholm T SEK 0 0 23,000,000 100 DE
Nova Airlines AB, Stockholm T SEK 0 0 15,000,000 100* DE
               
United Kingdom              
Kuoni Travel Ltd., Dorking T/D GBP 0 0 1,500,000 100 DE
CV Travel Holdings Ltd., London T GBP 0 0 100,000 100* DE
Kirker Holdings Ltd., London T GBP 0 0 100,000 100* DE
Carrier Ltd., Cheshire T GBP 0 0 139,000 100* DE
               
China              
Kuoni Travel (China) Ltd., Hong Kong T HKD 0 0 4,800,000 100 DE
               
India              
Kuoni Travel (India) Pvt. Ltd., Mumbai T/D INR 0 0 80,230,500 100 DE
Kuoni Business Travel India Pvt. Ltd., Mumbai T INR 0 0 8,450,000 100* DE

Activity:

T = Tour Operating

D = Destination & Accommodation Services

Consolidation:

DE = Deconsolidated

3. Bond and revolving credit facility 

Kuoni Travel Holding Ltd. issued a CHF 200-million 1.5%-bond in October 2013. The bond has a duration of six years and matures on 28 October 2019.

Kuoni Travel Holding Ltd initiated early refinancing of the existing revolving credit facility of CHF 209 million. The new revolving credit facility of CHF 200 million replaced the existing agreement on 21 September 2015 and runs until June 2020. As at 31 December 2015, the facility was used to an amount of CHF 20 million.

The new credit facility includes a financial covenant relating to the degree of indebtedness. The maximum degree of indebtedness must not exceed 3.0 times, measured as the ratio between net debt and EBITDA of Kuoni Group. The interest to be paid is calculated on Libor plus a margin of between 0.75% and 1.75%.

4. Equity 

The below table shows the changes to the opening balance of equity as of 1 January 2013, applying the new Swiss Accounting Law. The grey-shadowed positions have been split to reflect the required structure of the New Swiss Accounting Law:

CHF Share capital Legal reserves Legal capital reserves Legal retained earnings Other reserves Voluntary Retained earnings Treasury Shares Total equity
      Reserves from capital contribution Other capital reserves     Retained earnings based on decision by annual meeting Net Result of the year    
Equity as at 31 December 2012 3,998,400 460,855,940       389,097,700   –40,939,450   813,012,590
Reclassification   –460,855,940 375,322,267 77,533,673 8,000,000 –389,097,700 389,097,700     0
Transfer       –18,902,300     18,902,300     0
Reclassification of Treasury Shares                 –18,902,300 –18,902,300
Equity as at 1 January 2013 adjusted 3,998,400 0 375,322,267 58,631,373 8,000,000 0 408,000,000 –40,939,450 –18,902,300 794,110,290
                     

Statement of changes in equity

CHF Share capital Legal capital reserves Legal retained earnings Voluntary retained earnings Treasury Shares Total equity
    Reserves from capital contribution Other capital reserves   Retained earnings based on decision by annual meeting Net Result of the year    
Equity as at 1 January 2013 3,998,400 375,322,267 58,631,373 8,000,000 408,000,000 –40,939,450 –18,902,300 794,110,290
                 
Net result           –86,386,615   –86,386,615
Appropriation of retained earnings          –40,939,450 40,939,450   0
Dividends   –11,520,336           –11,520,336
Use of treasury shares   3,826,004 –37,882       815,300 4,603,422
Equity as at 31 December 2013 3,998,400 367,627,935 58,593,491 8,000,000 367,060,550 –86,386,615 –18,087,000 700,806,761
                 
Net result           95,893,027   95,893,027
Appropriation of retained earnings         –86,386,615 86,386,615   0
Dividends   –29,006,520           –29,006,520
Use of treasury shares   9,044,647 –89,557       1,320,350 10,275,440
Equity as at 31 December 2014 3,998,400 347,666,062 58,503,934 8,000,000 280,673,935 95,893,027 –16,766,650 777,968,708
                 
Net result           –62,239,798   –62,239,798
Appropriation of retained earnings         95,893,027 –95,893,027   0
Dividends   –29,378,925           –29,378,925
Use of treasury shares   13,554,290 –134,219       2,515,750 15,935,821
Equity as at 31 December 2015 3,998,400 331,841,427 58,369,715 8,000,000 376,566,962 –62,239,798 –14,250,900 702,285,806

The share capital is composed as follows:

Nominal value Number of registered shares Book value
  31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014
CHF 0.20 share A 1,249,500 1,249,500 249,900 249,900
CHF 1.00 Share B 3,748,500 3,748,500 3,748,500 3,748,500
Total share capital     3,998,400 3,998,400

Conditional capital

Conditional capital issuable via the exercising of conversion rights and/or warrants linked to bonds or similar debt issued by Kuoni Travel Holding Ltd or any of its subsidiaries in the domestic or international capital markets amounts to a maximum of CHF 384 000. In the case of issues of bonds or similar debt instruments to which conversion and/or warrant rights are attached, the pre-emptive rights of the existing shareholders are excluded. The holders of the said conversion and/or warrant rights are entitled to subscribe for new registered shares B. The acquisition of registered shares through the exercise of conversion and/or warrant rights and any subsequent transfer thereof are subject to the transfer and voting restrictions contained in the Articles of Incorporation. The Board of Directors is authorised to restrict or revoke the pre-emptive rights of shareholders when such bonds or similar debt instruments to which conversion and/or warrant rights are attached are issued to finance the acquisition of other companies or parts of companies. If shareholdersʼ pre-emptive rights are revoked by a decision of the Board of Directors, the conversion and/or warrant rights concerned will be issued at the prevailing market price, and the new registered shares will be issued at market rates, with due regard to the current market price of the registered shares concerned and/or of comparable financial instruments with a market price. The exercise period is limited to ten years for conversion rights and to seven years from the date of the bond issue for warrant rights.

Conditional capital of a maximum of CHF 96 000 also exists for use in exercising subscription or option rights granted to employees of Kuoni Travel Holding Ltd or its subsidiaries under one or more employee stock option plans (in accordance with art. 28 of the Articles of Incorporation). In such cases, new registered shares B may also be issued to employees at rates below the current stock market price, and existing shareholders shall have no subscription rights. The terms and conditions for the issue of such shares shall be determined by the Board of Directors. The acquisition of registered shares under such employee stock option plans and any subsequent transfer thereof are subject to all the relevant statutory transfer and voting right restrictions.

Restricted transferability provisions

The Articles of Incorporation stipulate that no more than 3% of total voting rights may be entered in the share register in the name of any one shareholder.

Reserves from capital contributions

CHF 2015 2014
Capital contribution as at 1 January 347,666,062 367,627,935
Distribution –29,378,925 –29,006,520
Increase from treasury shares 13,554,290 9,044,647
Capital contribution as at 31 December 331,841,427 347,666,062

The overall amount held in reserves from capital contributions is CHF 331.8 million, which is made up of the various types of contributions and share premiums minus distributions since 1 January 1997. The Swiss Federal Tax Administration disputes reserves from capital contributions of CHF 21.1 million.

5. Treasury shares 

  Number of registered shares B Book value CHF 1’000
Held on 1 January 2014 155,270 18,087
     
Purchase 0 0
Use –26,323 –1,320
Held on 31 December 2014 128,947 16,767
     
Purchase 0 0
Use –50,315 –2,516
Held on 31 December 2015 78,632 14,251

The remaining treasury shares held are reserved for the share purchase plan of the Group Executive Board and senior management. The changes to treasury shares reflect the registered shares B issued to the Board of Directors, the Group Executive Board and management.

6. Income from investments in subsidiaries 

In the reporting year, income from subsidiaries amounted to CHF 17.3 million (2014: CHF 105.7 million). This amount represented the gain on sale of Kuoni Travel (China) Ltd. Due to the introduction of the double holding structure in the business year 2015, Kuoni Travel Investments Ltd. is Kuoni Travel Holding Ltd.ʼs only directly held subsidiary. All other shareholdings are directly or indirectly held by Kuoni Travel Investments Ltd. Dividends from Kuoni Travel Investments Ltd. may be distributed to Kuoni Travel Holding Ltd. for the first time in 2016.

7. Other financial income

Other financial income amounted to CHF 28.9 million (2014: CHF 28.4 million) and consisted mainly of interest income from loans to subsidiaries.

8. Extraordinary, non-recurring or prior period expense

In the reporting period, Kuoni Travel Holding Ltd. has recognised an exchange loss of CHF 80.5 million on its loans to and from subsidiaries. This exchange loss has been accumulated over the years, and has been derived mainly from a US-dollar-denominated loan to a subsidiary. In previous years this loss was covered by provisions. However, with the introduction of the double holding structure in the reporting year, these provisions were transferred to Kuoni Travel Investments Ltd., Kuoni Travel Holdingʼs directly held subsidiary. 

9. Full-time equivalents

Kuoni Travel Holding Ltd. does not have any employees.

10. Contingent liabilities 

CHF 31 Dec 2015 31 Dec 2014
Contingent liabilities 33,270,951 699,195,973

In 2015 contingent liabilities consisted of bank guarantees related to indirect subsidiaries of Kuoni Travel Holding Ltd. The decrease compared to prior year is due to the sale of the tour operating business and the inbound business in India. 

11. Principal shareholders 

We are aware of the following principal shareholders as of 31 December 2015:

Shareholder Number/category of shares Share in % Where of voting shares Voting rights in % Date of last disclosure 2
Kuoni and Hugentobler-Foundation, Stans 1,249,500/A 1 6.25 1,249,500 25.00 3.4.1995
Previous year 1,249,500/A 1 6.25 1,249,500 25.00 3.4.1995
           
Silchester International Investors LLP, London 702,719/B 1 14.06 119,952 3.00 31.12.2015
Previous year 687,702/B 1 13.76 119,952 3.00 31.12.2014
           
Veraison Capital AG, Zurich 167,138/B 1 3.34 119,952 3.00 31.12.2015
Previous year n.a. n.a. n.a. n.a. n.a.
           
Schroders plc, London 192,592/B 1 3.85 119,952 3.00 31.12.2015
Previous year 248,651/B 1 4.98 119,952 3.00 31.12.2014
           
UBS Fund Management (Switzerland) AG, Basel 166,427/B 1 3.33 119,952 3.00 31.12.2015
Previous year 156,556/B 1 3.13 119,952 3.00 15.11.2012
           
Classic Fund Management AG, Triesen 191,529/B 1 3.83 119,952 3.00 31.12.2015
Previous year n.a. n.a. n.a. n.a. n.a.
           
Go Investment Partners LLP, London 211,966/B 1 4.24 119,952 3.00 31.12.2015
Previous year n.a. n.a. n.a. n.a. n.a.

1 The nominal value of share A is CHF 0.20, of share B CHF 1.00.

2 2015: disclosure to Kuoni.

12. Related parties

The Kuoni and Hugentobler-Foundation received a withholding tax exempt distribution from capital contribution reserve in the amount of CHF 1.9 million (gross) on the basis of their shareholdings. 

13. Ownership of shares 

Group Executive Board

As at 31 December 2015, the members of the GEB held Kuoni shares and the conditional right to receive shares under deferred compensation and/or long-term incentive plans, as shown in the table below. The total number of shares held amounts to less than 0.5% of Kuoniʼs total shares outstanding. The total number of unvested shares held amounts to less than 1.0% of Kuoniʼs total shares outstanding (assuming GEB members receive their target amount of shares under the PSP and RSP).

No other equity instruments are held by GEB members other than those outlined in the table below.

                 
      Unvested as at 31 Dec 2015  
  Total number of shares held Voting rights Performance shares conditionally granted under the 2013 PSP Restricted shares conditionally granted under the 2013 RSP Performance shares conditionally granted under the 2014 PSP Restricted shares conditionally granted under the 2014 RSP Performance shares conditionally granted under the 2015 PSP 7 Restricted shares conditionally granted under the 2015 RSP 8
As at 31 Dec 2015                
Peter Meier 1 1,000 0.03% 1,790 422 1,437 685 1,628 1,165
Zubin Karkaria 2 2,655 0.07% 903 193 720 319 1,304 444
Stefan Leser 3 n.a. n.a. 1,286 0 974 435 0 0
Thomas Peyer 1,000 0.03% 176 67 787 350 995 669
Rolf Schafroth 3,308 0.08% 1,286 287 974 434 1,104 739
Ivan Walter 4 800 0.02% 311 69 551 257 1,224 816
Total 8,763 0.23% 5,752 1,038 5,443 2,480 6,255 3,833
                 
      Unvested as at 31 Dec 2014  
  Total number of shares held Voting rights Performance shares conditionally granted under the 2012 PSP Performance shares conditionally granted under the 2013 PSP Restricted shares conditionally granted under the 2013 RSP Performance shares conditionally granted under the 2014 PSP Restricted shares conditionally granted under the 2014 RSP  
As at 31 Dec 2014                
Peter Meier 2,202 0.04% 2,491 1,790 843 1,437 1,028  
Zubin Karkaria 2,284 0.05% 764 903 387 720 479  
Leif Vase Larsen 5 n.a. n.a. 1,346 0 0 0 0  
Stefan Leser 3 1,000 0.02% 2,271 1,286 287 974 652  
Thomas Peyer 6 361 0.01% 330 176 135 787 525  
Peter Rothwell 5 n.a. n.a. 3,443 1,898 0 0 0  
Rolf Schafroth 1,277 0.03% 2,271 1,286 574 974 652  
Total 7,124 0.15% 12,916 7,339 2,226 4,892 3,336  

1 Member of the GEB who left the Company during 2015.

2 Appointed to CEO Kuoni Group in November 2015.

3 Member of the GEB who left the Company during 2014.

4 New member of the GEB since January 2015.

5 Member of the GEB who left the Company during 2013.

6 New member of the GEB since 2014. The 2014 number shows the full-year allocation.

7 The total value of the conditionally granted shares under the PSP for the year 2015 amounted to CHF 2.1 million.

8 The total value of the conditionally granted shares under the RSP for the year 2015 amounted to CHF 1.3. million.

Board of Directors

As at 31 December 2015, the Chairman and other members of the BoD held 11 713 Kuoni shares. This amounts to less than 0.5% of Kuoniʼs total shares outstanding.

The table below shows the number of Kuoni shares held by each member of the BoD. No party related to a member of the Board held any Kuoni shares. No other share instruments are held by members of the BoD other than those outlined in the table below.

  Total number of shares Blocking periods for total number of shares held
  As at 31 Dec 2015 Voting rights As at 31 Dec 2014 Voting rights Unblocked Blocking period 2016 Blocking period 2017 Blocking period 2018 4
Heinz Karrer, Chairman 1 3,349 0.08% 2,543 0.05% 1,514 404 625 806
Jae Hyun (Jay) Lee 921 0.02% 679 0.01% 227 264 188 242
John Lindquist 1,280 0.03% 1,038 0.02% 586 264 188 242
Selina Neri 2 242 0.00% 0 0.00% 0 n.a. n.a. 242
Adrianus (Adriaan) Nühn 1,064 0.03% 741 0.01% 227 264 250 323
David Schnell 3,210 0.08% 2,807 0.06% 2,055 439 313 403
Annette Schömmel 1,647 0.04% 1,405 0.03% 953 264 188 242
Raymond D. Webster 3 n.a. n.a. 2,025 0.04% n.a. 264 188 n.a.
Total 11,713 0.28% 11,238 0.22% 5,562 2,163 1,940 2,500

1 Elected Chairman of the BoD at the Annual General Meeting in April 2014.

2 Elected member of the BoD at the Annual General Meeting in April 2015.

3 Was member of the BoD until the Annual General Meeting in April 2015.

4 The shares with blocking period 2018 were allocated in 2015. The total value of the allocated shares amounted to CHF 0.8 million.

14. Significant events after the balance sheet date

On 2 February 2016 private equity company EQT has announced an all cash public tender offer for all publicly held registered shares of Kuoni Travel Holding Ltd. (SIX:KUNN) for a price of CHF 370.00 per share. On 29 February 2016 EQTʼs subsidiary, Kiwi Holding IV S.à r.l., published the corresponding prospectus. Kuoni Travel Holding Ltd.ʼs Board of Directors unanimously supports the offer and considers the valuation as fair and adequate. Should the offer succeed, then, the creditors of the bond and the syndicated loan have the right to claim repayment of such financial debts classified as non-current.

The financial statements were approved by the Board of Directors and released for publication on 8 March 2016. No further events after 31 December 2015 occurred that would result in an adjustment to the carrying amounts of Kuoni Travel Holding Ltd.ʼs assets and liabilities.