Five-year summary of key data 

CHF million 2015 2014 1 2013 2 2012 2 2011 2
Turnover          
Global Travel Distribution 1,979.3 1,933.6 1,801.9 1,702.5 1,070.1
Global Travel Services 1,054.8 1,169.6 1,284.4 1,280.5 1,244.9
VFS Global 316.5 270.8 244.1 205.2 176.4
Less turnover elimination between segments –1.9 –2.0 n.a. n.a. n.a.
Total 3,348.7 3,372.0 n.a. n.a. n.a.
           
EBITA          
Global Travel Distribution 66.7 63.2 74.5 68.4 63.3
Global Travel Services –24.7 1.2 29.0 29.7 32.6
Acquisition and integration cost 0.0 0.0 –4.7 –5.3 –20.2
VFS Global 53.9 52.5 40.2 35.5 41.9
Corporate 28.1 –11.2 –23.7 –21.8 –52.6
Total 124.0 105.7 115.3 106.5 65.0
           
EBIT          
Global Travel Distribution 48.0 42.0 53.0 47.3 43.5
Global Travel Services –48.8 –6.9 20.7 21.4 23.6
Acquisition and integration cost 0.0 0.0 –4.7 –5.3 –20.2
VFS Global 53.9 52.5 40.2 35.5 41.9
Corporate 28.1 –11.2 –23.7 –21.8 –52.6
Total 81.2 76.4 85.5 77.1 36.2

1 Restatement of comparative period figures due to the disposal of all outbound tour operating activities and the inbound business activities in India, see note 2 of the financial report.

2 Presentation according to the new management structure due to the disposal of all outbound tour operating activities and the inbound business activities in India.

CHF million 2015 2014 2013 2012 2011
Net result –294.2 67.4 69.2 –14.4 33.3
Investments in tangible fixed assets and intangible assets 38.2 66.0 46.1 58.4 57.2
Depreciation 28.9 49.0 48.4 51.5 54.1
Amortisation 26.3 36.5 37.3 38.8 38.7
Cash flow from operating activities 112.9 64.0 160.4 106.4 110.5
Net debts 54.5 273.8 240.5 291.2 306.4
           
Current assets 773 1,038 971 927 923
Non-current assets 856 1,381 1,422 1,475 1,576
Current liabilities 808 1,340 1,313 1,539 1,309
Non-current liabilities 291 300 301 164 415
Equity 530 779 779 699 775
Equity ratio 32.5% 32.2% 32.6% 29.1% 31.0%
Total assets 1,629 2,419 2,393 2,402 2,499
           
Invested capital 1 655 958 950 984 1,233
Return on invested capital (ROIC) 2 10.0% 6.6% 13.0% 2.8% 3.3%
Weighted average cost of capital (WACC) 7.5% 7.5% 7.5% 8.5% 8.5%
Kuoni Economic Profit (KEP) 3 16.2 –8.5 52.1 –56.6 –47.4
           
Average number of personnel (FTE) 7,968 11,728 11,621 12,279 11,048
Global Travel Distribution 1,489 1,381 1,332 1,338 883
Global Travel Services 2,820 2,973 2,092 2,178 1,395
VFS Global 3,561 3,009 2,666 2,573 2,155
Corporate 98 92 131 115 149
Discontinued Operations n/a 4,273 5,400 6,075 6,466

The data presented are based on the respective consolidated financial statements. Any changes made to Kuoni Group accounting policies as a result of changes to International Financial Reporting Standards are not retroactively applied.

1 Invested capital is the average annual total of all net current assets, tangible fixed assets, goodwill, other intangible assets and other net assets (excluding interest-bearing assets and liabilities).

2 Return on Invested Capital (ROIC) is defined as net operating profit after tax (NOPAT) as a proportion of average invested capital. NOPAT is defined as earnings before interest and taxes (EBIT) less income dependent taxes.

3 Kuoni Economic Profit or KEP is defined as net operating profit after tax (NOPAT) less the cost of capital invested in operations. The cost of capital invested in operations is determined by multiplying the average invested capital by the weighted average cost of capital (WACC) of the Kuoni Group. The cost of capital invested for GTA was calculated in 2011 for the eight-month period following its acquisition on 1 May 2011.

CHF 2015 2014 2013 2012 2011
Cash flow (net cash from operating activities)          
Per registered share A 5.78 3.31 8.37 5.57 6.41
Per registered share B 28.89 16.57 41.83 27.86 32.05
           
Net result          
Per registered share A –15.10 3.44 3.55 –0.84 1.84
Per registered share B –75.51 17.20 17.77 –4.19 9.22
           
Equity          
Per registered share A 27.07 40.10 40.39 36.17 44.43
Per registered share B 135.37 200.48 201.96 180.84 222.14
           
Withholding tax-free distribution against reserves from capital contributions          
Per registered share A 5 0.00 4 1.50 1.50 0.60 0.60
Per registered share B 5 0.00 4 7.50 7.50 3.00 3.00
           
Total distribution 5 0 4 6 7 29,379,000 29,006,520 11,520,336 11,472,696
           
Pay-out ratio 0.0% 7 43.7% 42.3% n.a. 34.4%
           
Yield (at year-end rate) 0.00% 2.49% 1.86% 1.09% 1.33%
           
Registered share A (nominal value CHF 0.20)          
Number outstanding 1,249,500 1,249,500 1,249,500 1,249,500 1,249,500
Number entitled to dividend 1,249,500 1,249,500 1,249,500 1,249,500 1,249,500
Stock market prices not listed not listed not listed not listed not listed
           
Registered share B (nominal value CHF 1.00)          
Number outstanding 3,748,500 3,748,500 3,748,500 3,748,500 3,748,500
Number entitled to dividend 3,669,868 7 3,619,553 3,593,253 3,590,212 3,574,332
Stock market prices high 351 425 410 341 439
low 173 218 263 217 213
at year-end 280 301 403 274 225
Annual trading volume in CHF million 1,241 1,289 892 758 839
           
Stock market capitalisation as at 31 December in CHF million 1,118 1,205 1,610 1,096 900

4 Proposal of the Board of Directors to the General Meeting of Shareholders. Subject to definitive approval by the General Meeting of Shareholders.

5 Distribution to shareholders of a withholding tax-free appropriation from the capital contribution reserve.

6 The company will waive its entitlement to such payments from the capital contribution reserve for the treasury shares held on the distribution date which are reserved for use in its employee share plan.

7 As at 31 December 2015