merged in 2000 - Dept. of IE, CUHK Personal Web Server

Transcription

ANNUAL REPORT
1999
The annual report is also available
in French and in German.
Le rapport annuel est également
disponible en français et en allemand.
Der Geschäftsbericht ist auch in
französischer und deutscher Sprache
erhältlich.
Kuoni Travel Holding Ltd.
Neue Hard 7
CH-8010 Zurich
Phone: (+41) 1-277 44 44
Fax:
(+41) 1-271 52 82
Internet: www.kuoni.com
IMPRESSUM:
Edited and published by:
Kuoni Travel Holding Ltd.,
Corporate Communications
Design/realisation/typesetting:
Kuoni Travel Ltd.,
Brochure Production
Lithography:
NC AG, Urdorf
Printing:
Benteli Hallwag Druck, Berne
Photography:
Blue Planet, Zurich
Incolor AG, Zurich
Prisma, Zurich
The Image Bank, Zurich
Kuoni Bildarchiv, Zurich
Robert Hansen, Baden
CONTENTS
Page
Kuoni at a glance
Organisation
2
4
Report of the Chairman and the President:
Well equipped for the future
7
Group:
Excellent operating performance
13
SBU Switzerland: Fit for the new millennium
21
SBU United Kingdom and North America:
A defining year
28
SBU Europe: Successful restructuring
35
SBU Business Travel: A promising launch
42
SBU Incoming and Asia: Major improvements
47
Information Technology: Exploiting synergies
51
The Kuoni network in Europe, America, Asia and Switzerland
54
Our market: Top ten keep on growing
61
Our competencies:
Leisure Travel, Business Travel, Incoming
Pioneer in the Indian Ocean
65
68
Our staff:
Young and enterprising
Working in New York
70
72
Our responsibilities:
Corporate Governance – Creating value for all
Ecology – Think global, act local
Health & Safety – Committed to customer safety
Society – At home in SOS Children’s Village
74
76
80
82
Executive and Corporate Bodies
86
Kuoni Encyclopaedia
96
Addresses
100
2
T H E M O S T I M P O RTA N T F I G U R E S
3
Kuoni at one glance
Kuoni Group
1999
CHF
1998
CHF
Investment in equity holdings
251,158,551
160,334,104
Net profit for the year
112,180,966
105,829,711
Information for investors
(consolidated as at 31 December)
1999
CHF m
1998
CHF m
Turnover
3,509
2,896
911
844
By Strategic Business Unit:
Switzerland
918
599
1,067
903
Business Travel
162
158
Incoming and Asia
451
392
UK and North America
Europe
Consolidated cash flow
per registered share A
97.80
81.70
per registered share B
489.00
408.50
By Activities:
Group profit before exceptional items
73.30
64.50
366.70
322.60
2,987
2,435
Business Travel
162
158
Incoming
360
303
152.8
118.4
Switzerland
37.5
31.0
UK and North America
92.2
72.6
Europe
17.1
16.8
Business Travel
15.5
9.6
5.5
2.1
Group
–15.0
–13.7
Group profit before exceptional items
117.3
103.2
90.5
103.2
156.5
130.7
assets
168.9
111.9
Balance sheet total
1,770
1,363
Average number of personnel
6,528
6,008
Leisure Travel
Consolidated shareholders’ equity
414.80
323.90
2,074.20
1,619.50
22.001)
22.00
Dividend
amortisation of goodwill (EBITA)
By Strategic Business Unit:
110.00
1)
110.00
Stock market prices
registered share B high
6,790
8,890
low
5,050
3,680
at year end
6,610
5,450
Stock market capitalisation 31 Dec
2,115 m
1,744 m
Annual trading volume
1,330 m
1,331 m
1)
Earnings before interest, taxes and
Proposal of the Board of Directors to
the General Meeting of Shareholders
Incoming and Asia
Group profit
Cash flow
Investment in tangible and intangible
4
O R G A N I S AT I O N
5
Chairman of the
Board of Directors
Daniel Affolter
Internal
auditors
President of the
Executive Board and CEO
Hans Lerch**
Corporate
Development
Corporate
Development
Assistant
to CEO
SBU*
Switzerland
SBU*
United Kingdom
& North America
SBU*
Europe
Thomas Stirnimann**
Peter Diethelm**
Marcel Herter**
SBU*
Business
Travel
SBU*
Incoming
& Asia
Finance
Kuoni Group
Information
Technology
(IT)
Reto Bacher**
Ibrahim Atallah***
Max E. Katz**
Konrad Iten***
Switzerland
United Kingdom
France
Germany
Switzerland
Kuoni Reisen AG
Edelweiss Air AG
Manta Reisen AG
Privat Safaris
Reisebüro AG
PRS AG
Railtour Suisse SA
Reisebüro Popularis
Rotunda Tours AG
Kuoni Travel Ltd.
House of Specialists Ltd.:
Voyages Jules Verne
Airwaves
Voyages Kuoni SA
Euro Lloyd Reisebüro GmbH & Co.
KG (BTI Euro Lloyd)
Kuoni Reisen AG
Incoming Services
Denmark
Alletiders Rejser A/S
Greece
Austria
Reisebüro Kuoni
Ges.m.b.H.
(BTI Austria)
Caribbean
Italy
Kuoni Caribbean
Hotels Ltd.
Kuoni Gastaldi Tours
S.p.A.
North America
Netherlands
Intrav, Inc.
Clipper Cruise Line Inc.
Kuoni Travel Nederland
B.V. (Special Traffic)
Kuoni Reisen AG
(BTI Kuoni
Switzerland)
Austria
Hungary
N-U-R Neckermann
Reisen AG
Reisebüro Kuoni
Ges.m.b.H.
Restplatzbörse
Ges.m.b.H.
Cosmos Ges.m.b.H
Allround Travel International Ges.m.b.H.
Kuoni Utazási
Iroda Kft.
(BTI Hungary)
Switzerland
Hellenic Tours S.A.
Hellenic Island
Services Ltd.
Kenya
Private Safaris
(East Africa) Ltd.
Asia
Spain
*) Strategic Business Unit
**) Member of the Executive Board
***) Member of the expanded Executive Board
March 2000
Viajes Kuoni S.A.
Hungary
N-U-R Neckermann
Utazás Kft.
P&O Travel Ltd.,
Hong Kong
P&O Garden City
Travel Pte. Ltd.,
Singapore
P&O Regale Travel
Co. Ltd., Thailand
India
Kuoni Travel (India)
Ltd.
SITA World Travel
(India) Ltd.
REPORT OF THE CHAIRMAN AND THE PRESIDENT
7
Well equipped for
the future
For Kuoni, 1999 was both a very successful and turbulent
year. Both turnover and operating profit rose to new record levels.
With such success to its credit, the Kuoni Group need not fear a
comparison with the biggest in the European tourism industry. On the
contrary: Kuoni’s performance has elevated the Groupto the top of
the European tourism league (see page 16).
Following Kuoni’s failed attempt to merge with the UK tour
operator, First Choice, the Executive Board was reorganised and
expanded in July 1999. Under Hans Lerch, the new President of the
Executive Board, Thomas Stirnimann took over the Strategic Business
Unit (SBU) Switzerland. The Executive Board was expanded to include Konrad Iten as Chief Information Officer and Ibrahim Atallah
as Senior Vice-President of the SBU Incoming and Asia.
Daniel Affolter (left)
Chairman of the Board
of Directors
Hans Lerch (right)
President of the Executive Board and
Chief Executive Officer
8
An international management culture
9
Growth as an end in itself?
There is a lot more to being a global company than having
We are convinced that there is no critical size for a multinatio-
international operations. We are convinced that the ability to success-
nal. However, we do believe that a critical size exists in specific
fully manage a company on a global basis and to integrate new
markets and countries. For example, some 200,000 charter passengers
subsidiaries into a cohesive
in Denmark represents a good annual figure, but a similar number
whole is one of the really major
challenges of the future.
Kuoni is well placed in this
respect. As long ago as the 1930s,
our company recognized that
the Swiss market was too small
and opened its first foreign
outlets. Kuoni’s overseas sales
“We are proud
to have lived an
international
culture for much
of our history.”
would be far too small to survive in the German market.
Our Board of Directors and Executive Board therefore follow
a policy that seeks to strengthen the position of the various group
companies via acquisitions so as to attain a critical mass in each market and create a healthy basis for future organic growth. The additions to the Group in recent months should be seen in this context.
• In March 2000, Kuoni successfully acquired Sita World
Travel in New Delhi, making
activities in the Incoming segment
our company India’s number one
were expanded almost 40 years ago when we opened a branch in Tokyo.
in all three main operating areas:
Today Kuoni has offices in 27 countries. And this number
is more than just a statistic: It is also symbolic of the Kuoni culture.
The successful management of companies located outside one’s home
market requires an international management culture plus the recognition that a decentralized leadership philosophy is important for long-term success.
Thanks to its history and the many years of
experience of our new management
team in foreign markets, Kuoni is well
equipped to take on future challenges.
And we are proud to have lived an international culture for much of our history.
Outbound, Business Travel and
Incoming Services.
• Following the announcement in December 1999 that we
were taking an equity holding of
45% in the tour operator
Apollo, which operates in Sweden, Denmark and Norway, plus the
acquisition of the activities of the up-market Danish tour operator
Dane Tours and the travel agencies of Kisbye Rejser, Kuoni has assumed the number 3 position in Scandinavia’s tourist industry. This
forms a good basis, from which further organic growth is possible.
• In September 1999, we acquired luxury tour operator Intrav
of St. Louis, Missouri/USA. This gives us an entry into the growing
US market where we intend introducing the successful product range
offered by Kuoni United Kingdom.
Two further moves belong to this same strategic approach:
in summer 1999, we agreed to take a 49% equity holding in the
TUI subsidiary TUI Suisse in Switzerland; we also decided to expand
10
the fleet of Kuoni’s own Swiss charter airline Edelweiss Air with the
addition of an Airbus A330 in November 2000.
11
A word of thanks
Once again in 1999, our staff members made an enormous contribution to our
continuing success story. Let us take this
At the leading edge of e-commerce
With the purchase of a 12.5% stake in the UK’s “TV Travel
Shop”, Kuoni has demonstrated its conviction that interactive televi-
opportunity to say a big thankyou. Without
the full commitment of all our employees
sion will play an important role
throughout the organisation, we would not be
“Interactive
in the changes that are reshaping
the successful Group we are today.
television will play
that Kuoni is taking an active and
an important role
leading part in this development.
in the ongoing
same direction, Kuoni has signed
building on the success of the Kuoni Group. The new Executive Board
a declaration of intent to set
has many years of collective experience in the international tourism
up a joint e-commerce venture
business. They form an excellent team that is well equipped to ride the
with India’s biggest company,
ongoing wave of global consolidation in the industry and to success-
TATA Industries. The plan is to
fully rise to the challenge of the paradigm change that e-commerce is
develop, together with TATA
engendering in the tourism industry as well.
development
of the future sales
landscape.”
distribution. It underlines the fact
In a further move in the
Our shareholders also deserve a special word of thanks for
their faith in our company during the turbulent months of last spring.
Our Board of Directors and Executive Board are fully aware
of their responsibilities and will continue to devote their efforts to
Consultancy Services, a vertical
travel portal. Some time ago, Kuoni also set up its own project
team which has been granted a generous budget to develop new
e-commerce sales avenues.
Daniel Affolter
Hans Lerch
Chairman of the Board
of Directors
President of the
Executive Board and CEO
GROUP
13
Excellent operating
performance
The 1999 financial year was influenced
by two main factors: the merger project with
First Choice and the Kuoni Group’s outstanding operating performance. Group
turnover rose by 21.2%, from CHF 2.9 billion to CHF 3.5 billion. Operating profit
(EBITA) was up by an impressive 29%,
to a new record of CHF 152.8 million
(1998: CHF 118.4 million). The Group’s
Max E. Katz
Executive Vice-President
Chief Financial Officer
ordinary profit increased by 13.7% to
CHF 117.3 million (1998: CHF 103.2 million). After deduction of extraordinary costs for the merger project with First Choice, the figure is
at CHF 90.5 million (1998: 103.2 million; –12.3%). Ordinary profit
per registered share B was CHF 367 – a new record high. The Board
of Directors proposes to the General Meeting of Shareholders that the
dividend per registered share B remain unchanged, at CHF 110.
The figures for the 1999 financial year have been compiled
using the “European method” of sales calculation. This method
is used by the major European tour operators, and the Kuoni Group
first introduced it for its 1999 semi-annual report. Under the European method the Group turnover contains only commissions from the
sale of leisure and business travel services and tour operating turnover. The definitions of sales in the tour operating area have remained
unchanged, however.
14
GROUP
15
Percentage shares of turn-
Percentage Share of
Group Sales 1999
SBU Switzerland: CHF 911 million
SBU United Kingdom and
North America: CHF 918 million
SBU Europe: CHF 1,067 million
over by activities show that the
main emphasis of our operations
SBU Business Travel: CHF 162 million
SBU Incoming and Asia:
CHF 451 million
clearly lies in our core business
Changes in Group Turnover
1995–99
CHF b
4
of leisure travel. This sector grew
3
to 85.1% (+1% point) driven by
2
acquisition activity. Despite strong
Percentage Share of
Group EBITA 1999 per SBU
SBU Europe: CHF 17.1 million
SBU Business Travel: CHF 15.5 million
SBU Switzerland: CHF 37.5 million
SBU Incoming and Asia:
CHF 5.5 million
North America: CHF 92.2 million
organic growth, Incoming’s
share declined slightly by 0.1%
1
0
95
96
97
98
99
to 10.3%. Business travel now
makes up 4.6% (–0.9% point)
of the total turnover.
Changes in EBITA and Group Profit
1995–99
Operating profit (EBITA)
rose by 29.1% from CHF 118.4
An analysis of turnover by business unit gives the following results:
million to CHF 152.8 million –
• Europe remains the Strategic Business Unit (SBU) with the
again, an above-average increase.
CHF m
150
125
100
highest turnover: CHF 1,067 million (1998: CHF 903 million;
All units improved last year and
75
+18.2%). The SBU’s growth through acquisitions was +11.9%, while
thus contributed to this satisfying
50
internal sales growth was +7.1%.
result. At 16%, internal EBITA
25
growth was higher than the in-
0
• The SBU United Kingdom and North America saw strong
acquisition-driven growth (+37.2%), and also defied the market trend
crease in turnover, which means
by posting above-average 14.1% internal growth. The positive cur-
that margins have improved.
rency effect accounted for only 1.9% of the impressive total increase
While the currency effect was a
of 53.2% to CHF 918 million (1998: CHF 599 million).
negligible 0.9%, acquisitions
• The SBU Switzerland (1999: CHF 911 million; 1998:
CHF 844 million; +7.9%) increased internal sales by 5.4%, also surpassing market growth.
• The SBU Incoming and Asia benefited from the recovery in
and divestments led to a positive
net increase of 12.2%.
Although the market envi-
95
EBITA
97
98
99
98
99
Profit
Changes in Group Profit
1995–1999
per Registered Share B
CHF
400
ronment in Switzerland has
300
Asia, increasing its turnover again by 15.0% to CHF 451 million
been highly complex, the develop-
(1998: CHF 392 million). 11.7% growth was recorded internally.
ment of financial income was
200
extremely pleasing. Another re-
100
• After a slow start, the SBU Business Travel also ended the
96
year under review with the turnover up CHF 4 million to CHF 162
cord figure of CHF 47.4 million
million (1998: CHF 158 million; +2.5%). 0.2% of this was internal.
(1998: CHF 43.1 million; +10.0%)
0
95
96
97
16
GROUP
was achieved, making a substan-
17
Ordinary Group profit per registered share B reached a new
tial contribution to the Group’s
record of CHF 367, continuing the unbroken record of success since
results. With the purchase of the
1995. Because this figure falls to CHF 283 per registered share B
new US subsidiary Intrav (then
once the extraordinary costs for the merger project with First Choice
listed on the Nasdaq), the finan-
are applied, Kuoni’s flexible dividend policy (which involves dis-
cing required for acquisitions
tributing between 30 and 35% of Group profit to shareholders each
reached a new peak. The securities
time) would mean a reduction in the dividend. However, since the
holdings kept for this purpose
costs involved are one-off items which do not influence the Group’s
were sold at a profit by choosing
longer-term performance, the Board of Directors is proposing to
a time when market conditions
the General Meeting of Shareholders on 16 May 2000 that the divi-
were favourable. As a result, unrealised capital gains were slightly
reduced to CHF 40.6 million (1998: CHF 46.0 million; –11.7%).
The figure for earnings before taxes and amortisation of
dend per registered share B should remain at CHF 110.
Investment in fixed assets rose sharply in the year under review,
to CHF 168.9 million (1998: CHF 111.9 million; +50.9%). This
goodwill, used for international comparison purposes, came to
increase is primarily due to the acquisition of the three new Airbus
CHF 200.2 million (1998: 161.5 million; +24.0%) – the first time in
A320-200 which were delivered to our airline Edelweiss Air in the
Kuoni’s history that it has exceeded the CHF 200 million mark.
course of 1999. Further significant investments were made in the IT
Expressed as a percentage of the turnover, Kuoni tops the earnings
sector and we also purchased and renovated property. The invest-
list, ahead of its ten major European competitors, with a figure
ments were practically fully paid for from the current cash flow of
of 5.7%.
CHF 156.5 million (1998: CHF 130.7 million; +19.7%).
Ordinary consolidated profit too reached a new record figure
of CHF 117.3 million, up 13.7% on the previous year (1998:
CHF 103.2 million). After deduction of extraordinary costs of
CHF 26.8 million for the merger project with First Choice, Group
profit came in at CHF 90.5 million (1998: CHF 103.2 million;
–12.3%). It is also worth noting in this context that the Kuoni Group’s
dynamic acquisition strategy is causing a steady rise in the figure
for goodwill amortisation. Internal growth in Group profit was a gratifying 12.6%, with the positive currency effect contributing only
0.8%. As expected, the tax rate rose again in 1999, from 23.7% to
26.3%. This trend is likely to continue in the coming years, as
losses brought forward are being reduced on an ongoing basis and
companies in countries with higher rates of taxation are being
acquired.
18
GROUP
19
It is difficult to judge well in
A promising start to the year 2000
On 12 January 2000, the Kuoni Group launched the first bond
advance how demand is going to
issue in the company’s history. The CHF 205 million 2000–2005
develop in the travel sector.
convertible bond with a 1% coupon entitles investors to subscribe for
Nevertheless, the first
one Kuoni share at a price of CHF 8,905 during its term. This attrac-
indications in the
tive bond has provided us with the necessary funds for further acquisi-
current financial year
tion projects on favourable terms, and has made constructive use of
are encouraging. In
the company’s existing 23,000 treasury shares.
Our growth strategy too is being successfully continued. The
Switzerland, the early
appearance of the most important Swiss brochures and the intro-
purchase of an incoming agency in Holland on 7 January 2000
duction of a new price structure that offers incentives to book early
has secured Kuoni a leading position in the important Dutch incoming
have had very positive effects on sales. In the United Kingdom,
market. On 18 February 2000, the Group bought 45% of the dy-
bookings for 2000 have made an excellent start, against the market
namic Scandinavian travel firm Apollo Resor, which is based in Stock-
trend. Our companies in France and Italy too have ended the first
holm, and at the same time secured an option to purchase a further
months above budget.
30% as of July 2001. On 20 March 2000, Kuoni acquired the busi-
Once again it appears that with our broad spectrum of activi-
ness of the small but popular Danish tour operator Dane Tours
ties over a wide range of different regions, we can face the future
and the travel agencies of Kisbye Rejser. Dane Tours has a leading
with optimism.
position in the market for scheduled flight holiday arrangements –
a concept which Kuoni successfully offers worldwide.
On 13 March 2000 the Kuoni Group exercised its option to
take up a 49% stake in the Preussag subsidiary TUI Suisse. TUI Suisse
is the Number 3 in the Swiss market,
and has been cooperating with Kuoni
Switzerland in the area of charter flights
and hotels since June 1999. Finally,
on 24 March 2000 Kuoni signed the
contract for the full acquisition of
the successful Indian travel company
SITA World Travel (India) Ltd. The
merger of Sita and Kuoni India, the leading tour operator on
the subcontinent, will create by far the largest tour company in the
fast-growing Indian tourism market.
Max E. Katz
SBU SWITZERLAND
21
Fit for
the new millennium
The Strategic Business Unit (SBU) Switzerland reported very good results for 1999
despite the transfer of the Business Travel
department to a separate unit with effect
from 1 January 1999. Turnover rose by
7.9% to CHF 911 million (1998: CHF 844
million) despite the previous year’s high
comparison base. EBITA also forged ahead,
regardless of the difficult market conditions,
Thomas Stirnimann
SBU Switzerland
recording a 21% gain to hit a new record
of CHF 37.5 million (1998: CHF 31 million). This impressive result
is mainly due to Kuoni Reisen AG’s market leadership in the
beach holiday segment; a flexible approach to the composition of its
products has allowed it to react well to the changing needs of its
customers. The recovery of the holiday destination Egypt also had a
positive impact on sales. In retailing, the separation of Leisure and
Business Travel is now complete, allowing
efficiency improvements in each field.
The subsidiaries – especially Edelweiss Air and Railtour Suisse –
are also making gratifying progress.
22
SBU SWITZERLAND
Percentage Share of
non-consolidated Turnover 1999
SBU Switzerland
Kuoni Travel
Tour Operating: 43.5%
23
Reisebüro Popularis: 6.6 %
CHF 597 million correspond to the adjusted 1998 figure. The new
structure together with rigorous cost management helped boost
Edelweiss Air: 4.5 %
income. Sales of our own brand products hit a new peak, with Re-
Railtour Suisse: 4.5 %
PRS: 2.7 %
Manta Reisen: 2.0 %
Privat Safaris: 1.1%
Rotunda Tours: 0.7%
tailing making a major contribution to Tour Operating’s record
result. Following Martin Wittwer’s appointment to the post of CEO
at our strategic partner TUI Suisse, we appointed Daniel Reinhart
to head the department with effect from 1 July 1999.
Kuoni still leads the Swiss market with its Internet offering
Kuoni Travel
Retailing: 34.4%
(www.kuoni.ch). This allows the online booking of flights via
the Ticket Shop database which contains the flights of all operators
and last-minute flights. The Internet is still being used primarily
as an information source and the proportion of Internet sales to total
Kuoni Reisen AG
sales remains low. However, the upward trend is very steep, albeit
Tour Operating: Market leadership extended
at a low level.
Tour Operating was able to extend its leading position in the
Swiss market with non-consolidated gross sales of CHF 755 million
Edelweiss Air AG:
(1998: CHF 700 million; +7.9%). The fastest-growing holiday des-
Switzerland’s most modern fleet is flying high
tinations were Egypt, Thailand, Australia, Tunisia and Spain. Margins
In its fourth business year, the holiday airline has once again
improved further despite last year’s major advance. This represents
exceeded its targets, not just in terms of quantitative, but also quali-
a particularly solid achievement given that the battle for market share
tative performance. The readers of Germany’s travel magazine
was hard fought in 1999, a year of excess capacities.
“Globo” voted Edelweiss Air the number 2 leisure airline in Europe
Helvetic Tours, our budget brand, was the major contributor
at the beginning of 2000. Edelweiss Air not only left its Swiss rivals
to our successful capacity management. It presented itself to the
public with a particularly original and bold advertising campaign. The
company is gaining more and more popularity and recognition in
the beach holiday market.
Kuoni Reisen AG
Retailing: Own brand sales hit a record
The wisdom of the successful move to separate the retailing
activities of Leisure and Business Travel was confirmed in the repor-
SBU Switzerland
Changes in Turnover
SBU Switzerland
Changes in EBITA
CHF m
CHF m
1000
50
40
750
30
500
20
250
10
ting year. The resulting shift in sales once again render comparisons with previous years difficult. Non-consolidated gross sales of
0
0
95
96
97
98
99
95
96
97
98
99
24
SBU SWITZERLAND
Crossair and Balair behind, it also beat the European majors such as
Condor, Hapag Lloyd and LTU.
The year was also dominated by the replacement of the fleet of
25
Manta Reisen has only been part of the Business Unit Switzerland since November 1998, which means a comparison with the
previous year is not meaningful. Non-consolidated gross sales for 1999
three MD 83 with three brand new, environment-friendly, comfor-
amounted to CHF 34 million. Kuoni and Manta’s combined market
table and quiet Airbus A320. Edelweiss Air now owns Switzerland’s
share of the Maldives holiday market is over 60%.
youngest and most modern fleet of aircraft. Non-consolidated
gross sales more or less remained stable at CHF 79 million despite the
Privat Safaris Reisebüro AG:
fleet replacement (1998: CHF 82 million; –3.7%). Edelweiss Air
Land in sight
is a major Kuoni success story. The expansion of the fleet by an Air-
After several difficult years, the demand for Kenya holidays
has finally picked up once again and is well on the road to recovery.
Given its quality reputation as an East Africa specialist, Privat
Safaris has benefited from this resurgence of interest to record much
improved 1999 earnings. Prospects for next winter indicate a further
improvement, which will also provide a boost to Private Safaris
(East Africa) Ltd., the Incoming subsidiary domiciled in and operating
from Nairobi. Non-consolidated gross sales at the Swiss subsidiary
Privat Safaris Reisebüro AG amounted to CHF 20 million in the year
under review (1998: CHF 18 million; +11.1%).
Railtour Suisse SA:
On the fast track
bus A 330-200, which will allow Kuoni customers to fly long-haul
For the twelfth time in a row, Railtour Suisse SA, in which
benefiting from Edelweiss’s comfort and punctuality from November
the Kuoni Group now holds an 87% stake, reported record results.
2000, should give a fresh boost to the company.
The trend towards taking short trips has provided a further boost
to this Kuoni subsidiary, a rail specialist. Its 1999 non-consolidated
Manta Reisen AG:
New products bring success
Despite the coral reef problem (now more or less over) at one
of Manta Reisen’s most important destinations, the Maldives, the
specialist tour operator enjoyed a very successful year. Diving holidays
in particular, as well as the new products Honeymoon Holidays
and India, were able to offset the temporary decline in bookings to the
Maldives, contributing to the positive overall trend.
26
SBU SWITZERLAND
27
gross sales rose by 9.9% to CHF 78 million (1998: CHF 71 million).
PRS AG is now well equipped
Ongoing process improvement has also further improved margins in
to reinforce its position as the
spite of low sales per individual booking.
third pillar in Kuoni’s Retailing
operations.
Reisebüro Popularis:
Rotunda Tours AG:
Back on the growth path
After a phase of stabilising last year, the continued expansion of
A slight drop in demand
Helvetic Tours branch offices in 1999 has led to a fresh jump in
Rotunda Tours, a sub-
sales at Reisebüro Popularis. Sales at its tour operating division Coop
sidiary specialising in southern Africa, has been unable to escape the
extra Reisen, a direct sales specialist, fell slightly short of last year’s
overall slowdown in demand for holidays to southern Africa,
figure, the more risky beach holiday products (i.e. involving charter
despite its undisputed position as market leader. Non-consolidated
flights) having been eliminated from its range. Non-consolidated gross
gross sales slipped 7.1%, in line with the general market trend,
sales improved 3.6% from CHF 110 million to CHF 114 million.
from CHF 14 million (1998) to CHF 13 million (1999). Income held
up aided by a policy of consistent cost management and successful
negotiations to improve existing local agreements.
PRS AG:
Equipped for the future
The Rewi Reisen, L&M Reisen and Tevy Reisen travel agents,
which operate in the Zurich area, combined
forces in 1999 to form a dynamic group
under the name of PRS AG, which targets
the local market. A comprehensive programme of upgrading sales outlets to improve customer comfort in various
locations as well as the restructuring have left their mark on the
sales figures. Non-consolidated
gross sales reached CHF 47 million
(1998: CHF 54 million; –13%).
Thomas Stirnimann
Executive Vice-President SBU Switzerland
28
SBU UNITED KINGDOM AND NORTH AMERICA
29
Our tour operation core business had a brilliant start to the
A defining year
year as Egypt and Kenya, the two problem destinations of 1998,
showed a healthy recovery. Egypt was a real success story in 1999 and
1999 was a defining year for our Strategic
moved from No. 19 in our league table of destinations to No. 7
Business Unit (SBU). The acquisition
in one short year, whilst in Kenya we took pro-active action, gaining
market share and establishing an excellent base for further growth
of US tour operator Intrav in September
in 2000. The Far East continued its strong performance with Thai-
1999 represented a real milestone in the
land, Singapore and Bali showing growth in excess of 30%,
SBU’s history and resulted in its enlarge-
while the popularity of China (including Hong
ment to SBU United Kingdom (UK) and
Kong) declined.
Strategically, 1999 was a very important
North America. Thanks to acquisitions
and internal growth, turnover grew from
CHF 599 million to CHF 918 million
Peter Diethelm
SBU United Kingdom &
North America
(+53.2%). Combined with another excellent performance of our
core UK tour operation, the new SBU achieved an EBITA of
year for Kuoni UK. During the summer months,
Kuoni was constantly in the limelight of the UK
media as a result of merger plans with First Choice.
This high profile exposure did not have any negative impact despite the fact that the merger did not take
place. We have now focused strongly on our core competence as a spe-
CHF 92.2 million (+27%) to end the millennium with an outstan-
cialist for flexible holiday arrangements to far-away places, offering
ding result.
tailormade holidays at package tour prices. Despite the consolidation of
the results from direct sales tour operator Voyages Jules Verne (acquired
United Kingdom:
December 1998), a lower margin business, we still achieved an overall
Market share increased
EBITA margin of 10%. This is well over double the industry average due
As ever, the enormous range of Kuoni worldwide products enabled Kuoni UK to balance the changing popularity of various destinations, and not even the well publicised millennium flop would stop
our UK operation from achieving a record turnover of CHF 799
million (1998: CHF 588
million; +35.9%) and
SBU United Kingdom
and North America
Changes in Turnover
North America
Changes in EBITA
CHF m
CHF m
1000
100
a new best ever EBITA
800
80
result.
600
60
400
40
200
20
0
0
95
96
97
98
99
95
96
97
98
99
30
to our product differentiation and niche market
position in the UK leisure market.
There has been much talk about the so-
31
The current distribution of our products via travel agents
(63%) and direct to consumers via the Internet, telephone sales and
the call centre (37%) puts us in an excellent position to make use
called «directional selling» by the retail divisions
of new distribution opportunities which are opening up. Indeed, our
of the vertically integrated travel companies
shareholding of 12.5% in the TV Travelshop, acquired in January
like Airtours, Thomson and Thomas Cook. The
2000, confirms our strategy of continuously examining all distribu-
policy introduced in 1998 reduced the number
tion options available, whether traditional, new or interactive.
of tour operators sold in each retail shop. However, as Kuoni has a strong brand with a clear
product differentiation compared with the in-
Maintaining IBU business strategy
The Independent Business Units (IBUs) continue to focus on
house products of the above mentioned travel
further expansion in their respective niche markets of Sports,
companies, this business strategy actually in-
Incentives and Student Travel as well as Trade Fairs, travel to the Far
creased, rather than reduced our market share
East and direct sales (Voyages Jules Verne and The Travel Collection).
for long-haul holidays.
They develop and distribute the products according to the very
This report on the United Kingdom would not be complete
requirements of their niche business while at the same time benefitting
without mentioning our annual awards. 1999 was indeed a vintage
from the financial strength, back office facilities and general infra-
year. We won the coveted Golden Globe award – voted by travel
structure of the Kuoni UK Group.
agents – for «Britain’s Best Longhaul Tour Operator» for the 18th
consecutive year. The readers of the «Daily Telegraph» voted
North America:
Kuoni «Britain’s Best Tour Operator» and in addition, we received
A great potential for further development
numerous accolades for best operator to selected destinations
such as Malaysia, Sri Lanka, Thailand, the Maldives and Kenya.
The acquisition of Intrav in September 1999 represented
a real milestone in the history of the SBU. We analysed the American
market in depth and came to the conclusion that there was a great
Opening new distribution channels
In 1999, we also introduced Britain’s first interactive holiday
potential for further development. The acquisition of Intrav, a very
profitable specialist tour
web site, www.kuoni.co.uk, where holidays can be booked on the
operator (consolidated in
Internet without any manual intervention. The site has already won
the group figures for six
awards for its user friendliness and functionality and during the
months effective July 1999)
current year we shall develop features which are more advanced than
provides Kuoni with an
we thought possible only a year ago. Call centre efficiency further
opportunity to further de-
improved and with the introduction of our VIP helpline for regular
velop the top end of the
Kuoni clients, we have enhanced the level of service well beyond
small ship and private jet
what is currently available in the industry.
business, whilst at the same
32
33
time allowing us to roll out the successful Kuoni UK concept of tailor-
promotion to these key positions within the Kuoni Group. I myself
made holidays at package tour prices.
will continue to assume the responsibility as Executive
As in the UK, we expect our US operation to maintain EBITA
Chairman of Kuoni UK and North
margins well above industry norms and to concentrate on niche
America and remain a member
markets rather than high-volume mass market tour operating activi-
of the Executive Board of the
ties. During the current year we intend to establish a firm and
Kuoni Group.
cost-efficient platform for growth, to make investments into new
distribution channels (including the Internet) and to prepare the
At the time of writing,
the UK travel industry is
company for the launch of
receiving quite some bad press.
new products in 2001.
Very high discounts offered for summer 2000 sales, increased first
Our hotels in the
quarter losses and the slow growth of the total market had a very
Caribbean – Hawksbill in
negative impact on the share prices of the UK-quoted vertically inte-
Antigua and Discovery
grated companies. No doubt it is too early to draw any conclusions,
Bay in Barbados – are also
as much will depend on the balance of supply and demand for
consolidated in the SBU
the remainder of the year. As to the SBU United Kingdom and North
figures. They do not have a
America, there is no need for being concerned. Bookings are up on
material impact as much
the previous year, costs are under control and profit margins are over-
of the business comes from
all on target. We shall make additional investments in new techno-
the Kuoni group compa-
logy solutions but, force majeure notwithstanding, we expect to kick
nies and turnover is elimina-
off the new millennium with another good year.
ted on consolidation.
It now remains for me to thank all the business managers
and their teams for their great enthusiasm and continuous support
SBU Outlook:
which produced the best-ever results in the history of our SBU.
The future looks bright
In October 1999, we re-organised the top management of the
newly enlarged SBU: Sue Biggs, previously Deputy Managing Director UK and with Kuoni for 18 years, was promoted to Managing
Director of Kuoni’s UK tour operations. Ian Coghlan, who has been
Peter Diethelm
with Kuoni for 14 years, became CEO of the newly acquired
SBU United Kingdom & North America
Intrav. Our strong business philosophy of «quality before quantity
and profit before market share» will therefore live on and the
day-to-day management rests indeed in very capable hands – my
sincere congratulations to Sue and Ian for their well earned
SBU EUROPE
35
Successful restructuring
The Strategic Business Unit (SBU) was
restructured in the course of the year under
review. It has been renamed SBU Europe
(formerly: International), and the subsidiaries in Asia have been transferred to
SBU Incoming and Asia. Turnover of the
now smaller SBU Europe rose from
CHF 903 million to CHF 1,067 million
(+18.2%). EBITA increased by
Marcel Herter
SBU Europe
CHF 0.3 million to CHF 17.1 million
(1998: CHF 16.8 million; +1.8%).
With the exception of Austria and Denmark, the companies belonging to SBU Europe operate in the long-haul segment and were
more or less unaffected by the problems in Kosovo and Turkey
at the beginning of 1999. They recorded a gratifying
volume of bookings in the first three quarters
of the year. Earnings slowed in a sluggish fourth
quarter when the millennium changeover led
to a marked decline in travel activities
in all markets.
36
SBU EUROPE
37
Austria:
Above-average results
In spite of the rather weak market, which was characterised by
SBU Europa
Changes in Turnover
SBU Europe
Changes in EBITA
CHF m
CHF m
20
1000
a surge in domestic tourism, the ongoing concentration process
in the industry and a fierce battle for market share, our companies in
15
750
Austria once again posted results that were above-average.
10
500
5
Tour Operating: A marked improvement
N-U-R Neckermann Reisen AG and Kuoni Reisenveranstaltungs AG, in which Kuoni holds a 51% majority stake, posted sharp
improvements in both turnover and income. With turnover jumping
250
0
–5
0
95
96
97
98
99
95
96
97
98
99
by 13.1% to CHF 294 million (1998: CHF 260 million), N-U-R
Neckermann further boosted its market share. Results were helped by
N-U-R Neckermann also operates in some of the new markets
high flight occupancies and a targeted price and product policy.
bordering Austria. A 25% increase in Hungarians holidaying with
Greece was the number one holiday destination, with over 16% addi-
N-U-R Neckermann was an especially good result. The start of opera-
tional visitors, followed by Spain.
tions in Slovakia was more difficult, where targets have not been
met thus far. N-U-R Neckermann has also been operational in Slovenia since May 1999.
Kuoni Reisen Veranstaltungs AG made further progress in 1999
improving turnover by 12.8% to CHF 44 million (1998: CHF 39 million). The most popular destination, accounting for around 23% of
all passengers, was again the USA, followed closely by beach holidays
and city breaks in Europe.
Percentage Share
of Turnover 1999
SBU Europe
Asia specialist Allround Travel International (ATI) did not
match previous-year turnover of CHF 12 million, which slipped by
Italy: 22.2%
–25% to CHF 9 million. Nonetheless, earnings matched the previous
year’s thanks to improved margins.
Austria: 34.2 %
Retailing: A quantum leap
France: 21.0%
Reisebüro Kuoni Ges.m.b.H, our retailing organisation in
Austria, developed especially well in 1999, performing a veritable
Spain: 2.8 %
Netherlands: 5.5 %
Denmark: 14.3 %
quantum leap. In spite of a subdued market characterised by a continuing fall in airline commissions, retailing posted a sharp increase
SBU EUROPE
38
39
in its sales, income and own brand market share. Of the jump in turn-
sition by 25%, with a turnover of CHF 153 million in 1999. The
over of around 40% to CHF 14 million (1998: CHF 10 million),
brand name “Alletiders”, which was launched in autumn 1998 and
25% derives from acquisitions, with the other 5% due to organic
has a meaning akin to “super”, has already achieved significant
growth resulting from the consistent implementation of quality and
brand recognition in the market thanks to major investments in the
process standards.
year under review and enjoys a
Including Restplatzbörse and Reisebüro Cosmos Ges.m.b.H.,
which was acquired in the year under review, Kuoni now has its own
top-class reputation.
Annual results would have
distribution network of 35 tourism sales outlets, plus a further 28
been even better had Christmas
(Kuoni Travel Partner) operated by franchisees. The joint venture with
and New Year business in Den-
Wüstenroth in the area of alternative distribution has already excee-
mark not been even more sluggish
ded targets in its first year.
than it was in the rest of Europe.
Restplatzbörse Ges.m.b.H., specialised in the sale of last-minute
A number of charter seats had to
seat capacities, increased turnover by 21.4% (1999: CHF 3.4 million;
be sold at last-minute prices. With management and staff continuing to
1998: CHF 2.8 million), which was again far better than the overall
put in an excellent performance and with the company extremely well
market performance and underscored its market leadership in this area.
positioned within the competitive landscape, we are very confident for
the future.
Denmark:
Down the fast lane with “Super”
Alletiders Rejser A/S, acquired by Kuoni in October 1998,
exceeded the sales target set for the company at the time of the acqui-
France:
Sustained upward trend
Kuoni France again achieved an above-average performance in
1999. In the face of severe competitive pressures in the market, it
not only succeeded in increasing turnover by 9.3% to CHF 224 million (1998: CHF 205 million), but once again recorded faster growth
in profit than turnover. Tour Operations performed particularly
well, with our traditional holidays as well as our destination specialist
Scanditours enjoying increasing popularity. In addition, the streamlining of structures has boosted productivity still further.
The retailing network in the year under review was augmented by
a branch in Toulouse, but nonetheless underperformed last year’s result,
while alternative sales channels developed at an above-average rate.
Sales in supermarkets enjoyed the most rapid increase. Our customers
have also been able to book travel arrangements with our French subsidiary interactively and directly via the Internet since November 1999.
40
SBU EUROPE
41
Italy:
gains in productivity and accessibility. These measures are being
Consistent expansion of tour operations
supplemented by the targeted expansion of the direct sales channel
In 1999, our Italian joint venture Kuoni Gastaldi Tours S.p.A.
Net-Vacations. In spite of operating problems, the specialist
successfully pushed ahead with the refocusing of its business units
journal “Reiserevue” again voted Special Traffic the best long-haul
commenced in 1998. The company reduced the proportion of conso-
operator, the best specialist, the best USA operator in Holland,
lidator (flight only) business as planned but was able to offset this
as well as awarding the company the number 2 accolade for Carib-
entirely by increased sales of traditional holiday arrangements. The
bean and Far East tours.
turnover remained steady at last year’s level of CHF 237 million
(CHF 239 million; –0.8%) in spite of a sluggish December. Nonethe-
Spain:
less, results were better than budgeted.
A positive trend
Australia and the US are the company’s most important and
The introduction of restructu-
most popular scheduled flight destinations and now account for
ring measures at Kuoni Spain in
over 50% of sales. Kuoni Gastaldi has now established itself as the
1998 had a positive impact in
market leader in Australian holidays. The range of charter desti-
the year under review. The ero-
nations was expanded to include the Dominican Republic and Mexico
sion in both sales and income was
which are very popular in the Italian market.
halted, while market acceptance
and product competence were re-
Netherlands:
established. Despite still low turnover growth of just 3.4% to
In a phase of restructuring
CHF 30 million (1998: CHF 29 million), earnings clearly improved
Rapid growth in recent years signalled the need for a structural improvement
due to strict cost management and more systematic marketing.
The newly consolidated structures enabled charter flights to the Mal-
at our Dutch sub-
dives to be relaunched, enabling the Spanish subsidiary to recapture
sidiary Special
this interesting niche market. Once again, the USA was the lea-
Traffic and triggered
ding holiday destination, with a 32% market share and an entirely
a complete company
reorganisation in the year
new product range on offer. Asia and the Maldives followed,
with 21% and 18% respectively.
under review. As a result,
turnover improved by just
1.7% from CHF 58 million to CHF 59 million.
The new management has introduced changes including a new
IT system in the front and back offices. These should enable the
Marcel Herter
company to react more quickly and efficiently to future changes in the
Executive Vice-President SBU Europe
market. The complete redefinition of processes should lead to major
42
S B U B U S I N E S S T R AV E L
43
Austria:
A promising launch
Benefiting from the acquisition of Cosmos
Our Austrian business travel segment is developing well and is
The Strategic Business Unit (SBU) Business
benefiting from the 1999 acquisition of Reisebüro Cosmos Ges.m.b.H.
Travel, newly created on 1 January 1999,
Its Business Travel unit has been merged with BTI Austria. The
integration of the two Business Travel units has been smooth and the
enjoyed a successful launch. Prior to
positive impact of synergies is
this, each country’s business travel opera-
already being felt.
tions had been handled by the relevant
BTI Austria reported 1999
turnover growth of around
national subsidiary. Despite difficult mar-
36 % to CHF 7.1 million (1998:
ket conditions which have seen airlines
cutting their commissions worldwide, the
new SBU can look back on a good year.
CHF 5.2 million). Organic
Reto Bacher
growth excluding the acquisition
SBU Business Travel
was around 7%.
Turnover, which newly comprises only
commissions and service fees from business travel retailing as
Germany:
BTI Euro Lloyd confirmed as top 3 operator
a result of the change in turnover reporting (see page 13), exceeded
The integration of the former Kuoni Reisen GmbH and Euro
expectations with a rise of 2.5% from CHF 158 million to
Lloyd GmbH, acquired in February 1998, is now complete. The
CHF 162 million. EBITA improved by an
German subsidiary BTI Euro Lloyd GmbH & Co. KG, which was
outstanding
61.5% to
CHF 15.5 million
(1998: CHF 9.6 million). As part of
its strategic alliance with the global joint
venture Business Travel International, the SBU operates under
the name of BTI, focusing on Central European markets.
SBU Business Travel
Changes in Turnover
SBU Business Travel
Changes in EBITA
CHF m
CHF m
200
20
150
15
100
10
50
5
0
0
95
96
97
98
99
95
96
97
98
99
44
S B U B U S I N E S S T R AV E L
45
born out of the merger, has successfully confirmed its position as
Retailing in mid-1998. The result includes trade fair travel revenues
top 3 operator in the German business travel market following
which have been part of the Business Travel division since 1999
the reorganisation and streamlining of its organisational structure.
(CHF 2.5 million).
Nonetheless, some merger-related client defections, which did not take
In Switzerland, BTI has reacted to cutbacks in airline commis-
effect until 1999, could not be fully offset by new client acquisitions.
sions by introducing a service fee and modifying agreements with
Turnover slipped from CHF 96.0 million to CHF 87.3 million, a drop
clients. Corporate clients have generally accepted the introduction of
of –9.1%. However, the reorganisation gave EBITA a noticeable
fees for travel services which they now recognise as value-enhancing.
boost. The Leisure and Group
Consultancy services by Key Account Management, new products
Tours segments belonging to the
and IT system consultancy generate new income flows that contribute
parent company as well as the
to our earnings target.
subsidiaries reported satisfactory
growth.
With the airlines cutting
their commissions further, the
German business travel market
remains difficult. BTI Euro Lloyd
is responding to the challenges ahead with the consistent introduction
Reto Bacher
of service fees and a new strategic business focus.
Executive Vice-President SBU Business Travel
Hungary:
Steady growth
BTI Hungary (Kuoni Utazás Kft.) reported an increase in turnover from CHF 0.4 million last year to CHF 0.5 million in 1999.
The remarkable 25% jump is attributable to organic growth. BTI
Hungary improved performance and outpaced overall growth in
the Hungarian market.
Switzerland:
Market leadership further reinforced
1999 was a successful year for BTI Switzerland. Turnover
forged ahead by around 20%, jumping from CHF 56.0 million to
CHF 67.5 million. This was the result of both organic growth
and shifts deriving from the separating of Leisure and Business Travel
SBU INCOMING AND ASIA
47
Major improvements
Our subsidiaries in India and Hong Kong,
Kuoni Travel (India) Ltd. and P&O
Travel Ltd., have been migrated to form
part of the Strategic Business Unit
(SBU) Incoming and Asia in the wake
of the reorganisation of the former
SBU International (now SBU Europe).
The expanded SBU has fundamentally developed very positively, although
Ibrahim Atallah
Senior Vice-President
SBU Incoming and Asia
trends in the different national organisations were mixed. Total turnover jumped 15% to CHF 451 million (1998: CHF 392 million) while EBITA underlined the
positive trend with an impressive contribution of CHF 5.5 million,
equivalent to some 160% increase on the previous year (CHF 2.1
million). This is mainly due to the recovery of the Far Eastern markets following their recent economic troubles.
Incoming Services Europe:
The turnaround resumes
Our core business, Incoming Services Europe, is benefiting from
the fact that its source markets in the Far East such as Taiwan, Korea
and especially Thailand have now more or less returned to the level of
economic prosperity they were enjoying prior to the Asia crisis of
1997. Helped in addition by an excellent performance from management and staff in Japan, turnover grew 19.2% to CHF 329 million
(1998: CHF 276 million).
48
SBU INCOMING AND ASIA
Despite fierce competition in Japan, which remains our most
49
Kenya as a holiday destination. The positive trend is continuing;
important source market for holidays to Europe, growth in both
the company has been restored to health and we are optimistic for the
sales and margins was above-average. Our US source market was im-
future.
pacted negatively by the war in Kosovo in the first half of 1999, but
recovered in the second half to produce a satisfactory full-year result.
The turnaround in the division, which began in 1995 and
Asia:
Hong Kong market remains sluggish
suffered a temporary setback in 1997 due to the Asia crisis, has now
Hong Kong is still burdened by the economic woes wrought
resumed. We are very confident about business in 2000, with the
by the Asia crisis in 1997 and the return of the territory to Chinese
brighter economic outlook and much improved consumer confidence
rule. Consumer confidence remains muted, and our joint venture
having spread across the entire region including Japan.
P&O Travel failed to meet our expectations. Turnover decreased by
–11.3% from CHF 57.3 million to CHF 50.8 million. The competitive
Greece:
environment is very fierce with participants fighting for a share of
Successful second semester
a smaller market, and this is exerting extreme pressure on margins.
Both of our Incoming subsidiaries in Greece, Hellenic Tours
In contrast, P&O Singapore achieved a satisfactory result.
and Hellenic Island Services, surpassed our expectations in 1999.
The first six months were very difficult for Greece as a holiday desti-
India:
nation given the war in Kosovo, but losses were quickly offset
Trend confirmed
from July onwards. By year-end, turnover slightly exceeded
Once again in the year under review, Kuoni Travel (India) Ltd.
the previous-year level of CHF 26 million. A parallel
recorded an excellent result. Turnover jumped by an impressive
improvement in margins meant Greece achieved a new
29.5% to CHF 40.4 million (1998: CHF 31.2 million), thereby fulfil-
record result.
ling our high expectations. The company was able to build on its
position as market leader for guided tours overseas. The positive gene-
Kenya:
ral economic development in India also underscores our belief that
Moving ahead
we made an excellent investment when we acquired Kuoni Travel
Our East African subsidiary
India in 1996.
Private Safaris (East Africa) Ltd.,
also an incoming operator and part
of the Kuoni Group since May
1998 saw a doubling of turnover
from CHF 2.7 million to
Ibrahim Atallah
CHF 5.0 million in 1999.
Senior Vice-President SBU Incoming and Asia
This underscores the
renewed attractiveness of
I N F O R M AT I O N T E C H N O L O G Y
51
Exploiting synergies
Information technology (IT) is becoming
increasingly important as a supporting
instrument for achieving the Group’s business objectives. In line with this growing
significance, IT was made into a separate
Group unit in October 1999. This decision
is a recognition of the fact that IT activities across the Group are becoming more
and more challenging, complex and costly,
Konrad Iten
Chief Information Officer
and therefore need to be coordinated at
Group level.
Our motivation for grouping IT resources together at Group
level is to achieve the following aims:
• Improved co-ordination of the various IT projects within the Group
• Increased global use of synergy potential
• Optimisation of costs
• Concerted use of IT, optimally geared to company strategy, to
achieve Group aims and to secure Kuoni’s market position by taking
early advantage of forward-looking IT initiatives.
A large number of IT activities were undertaken in the year
under review. Of these, three
major Group-wide projects
stand out.
52
I N F O R M AT I O N T E C H N O L O G Y
Y2K: Successful millennium changeover
In order to ensure that the millennium changeover passed off
53
for future development. The members of this
team have been relieved of day-to-day
without a hitch, we launched our Y2K project way back in 1997.
responsibilities so that they can concen-
Our main aim was to spend as much as was necessary, but as little as
trate fully on the task in hand. At coun-
possible. In this we were successful, and Kuoni began the year 2000
try level meanwhile, our subsidiaries
without any problems of any kind. One valuable side-effect of
are leading the field in a number of
the project is that it has allowed us to compile a comprehensive and
different markets, pushing ahead
detailed IT inventory at Group level, which will continue to be ex-
with the development of their Inter-
tremely useful in the future.
net sites. At both levels, the aim also
is to set us apart from the competi-
ACE: Ultra-modern back-office system
The aim of the ACE project is to replace the mid-office appli-
tion in the global electronic marketplace, and to offer customer-oriented,
cation OPAL, which is used in our branch offices in Switzerland and
clearly positioned solutions with uniform
Austria to process customer orders “behind the scenes”. In fact,
business processes.
though, the project involves much more than simply replacing an out-
It is a tribute to the tireless commitment
dated distribution program: ACE, which we have been gradually
of the entire unit that we were able to success-
introducing since last year, provides our travel agencies with an ultra-
fully launch a large number of projects in the year under review.
modern communications infrastructure that allows multiple use,
I should like to express my gratitude to all involved. I am motivated
leading to a further substantial optimisation of procedures.
and confident that we will achieve the ambitious aims we have set
ourselves for the year 2000.
E-commerce: Fast-growing sales channel
E-commerce is a fast-growing sector of the future, and for the
travel industry it represents a special challenge. The Kuoni Group,
aware of the economic potential that is released by the combination of
information technology and telecommunications, is active on a
number of fronts. At Group level, a core team is developing scenarios
Konrad Iten
54
THE KUONI NETWORK IN EUROPE
55
● Stockholm
København
● Manchester
Amsterdam
London
●●
●●
●●
●●
Hamburg
Bremen
Berlin
●
● Essen
●
● Köln
Paris
● Frankfurt
●●
● Nürnberg
Metz ●
Strasbourg ● Freiburg
München Linz
Wien
●
Konstanz
●● ● ● ●●●
Mulhouse ●
●
Salzburg
●
●
●
●
●
Györ ●●●
Lyon
Innsbruck
Zürich
●
Budapest
Graz
●
Milano
Mestre
●
●
Grenoble
●
● Torino
●
●
Genova
Bologna
●●
Nice
●
Livorno
Lille
Bordeaux
●
●
San Sebasián
●● Madrid
●●
Pescara
Barcelona
●
●●
● Valencia
Roma
●
Napoli
Palermo
●
Catania
●
Bari
●
●●
Athínai
Iráklion
●
● Leisure Travel ● Business Travel
● Incoming
●
Ródos
56
THE KUONI NETWORK IN ASIA
THE KUONI NETWORK IN AMERICA
57
Tokyo
●
●
Seoul ●
Beijng ●
●●Osaka
Nagoya
Fukuoka
New Delhi
●
● Taipei
●●
Mumbai
Hong Kong
●
Bangkok
● St. Louis
Atlanta
Singapore
●●
●
● Leisure Travel ● Incoming
Antigua
●
Barbados
● Incoming
●●
● Hotels ● Leisure Travel
●
58
THE KUONI NETWORK IN SWITZERLAND
59
●
●
Weingarten
Ravensburg
Schaffhausen
●●
Lörrach
●
Konstanz
Rheinfelden
●
●
Kreuzlingen
Frauenfeld
Wangen
Friederichshafen
●
Winterthur ●
Rorschach
Wil
● ● ●●
St. Gallen
●
●
●
●●
● Regensdorf
Aarau
Baden
●
●
●
● Zürich Uster
Heerbrugg
Uzwil
●● Dietikon
●●● ●
●●Olten
Zollikon●
● Meilen
Horgen ●●
Langenthal
Buchs
Grenchen
Sursee
●
Zug
●
Bienne ● ●●
● Vaduz
●●
●
Solothurn
Pfäffikon
La Chaux-de-Fonds
●●
●●
●
Emmenbrücke ●
Luzern
●●
Lyss●
Neuchâtel
● Schwyz
Bern
●●
●●
Chur
●●
●
Payerne
Thun
●●
●
Fribourg
Yverdon-les bains
●
●
Interlaken
●
●●
Basel ●
Liestal
Bülach
Dielsdorf
Renens
Ecublens
● Lausanne
● ●
Nyon
●
●
●●● Genève
Sion
●
Bellinzona
●
●●Locarno
Ascona
Agno
● ●●Lugano
Chiasso
●
● Leisure Travel ● Business Travel
● Incoming
●
OUR MARKET
61
Top ten keep on growing
The drive for growth of Europe’s top ten travel
companies continues unabated. Following major increases in turnover in 1998, the European “giants”
continued to grow in the year under review – albeit
at a less rapid rate. For the time being the focus
is on consolidating new acquisitions.
Last year saw new records in Europe’s two biggest tourism
markets, Germany and the UK, with further increases in both sales
volumes and passenger numbers registered by the leading operators. Britain’s Thomson Travel and Airtours as well as Germany’s
TUI Group and C&N are fully vertically integrated travel groups: As well as being
tour operators, they own travel agencies,
hotels, airplanes, incoming agencies and,
in some cases, ships. Whereas British
operators are particularly keen to expand
their transport portfolios, their German
counterparts continue primarily to boost
their ownership of hotels. The strategies
are nonetheless identical: both aim to
strengthen control over and increase the number of revenue streams,
enabling the vertically integrated company to enhance earning
power and exert a greater influence on quality throughout the entire
value chain. However, a strategy of this nature does conceal an increased level of risk. If bookings to a certain holiday destination suddenly collapse – as happened last year in Turkey – empty hotels
can have a big negative impact on profits.
Two companies were in the spotlight in 1999 as the European
tourism sector continued to consolidate: the UK’s First Choice and
62
OUR MARKET
Germany’s DER, a subsidiary of Deutsche Bahn AG. The takeover
battle between the Kuoni Group and Airtours for First Choice dominated the first half of the year. After the merger between First
Choice and Kuoni failed in July due to opposition from First Choice
shareholders, although the management of both companies was in
favour, the hostile attempt by Airtours to take over First Choice was
rejected by the EU Competition Authorities in September. In the
bidding process for DER, Airtours also came second, with Rewe, the
German trading and tourism group, prevailing.
No other important German bulk tour operators is left for
sale, and TUI and C&N jointly command some 50% of the
German tour operations market. In the UK market, the cards have
been dealt as well. Britain’s big four tour operators, Thomson,
Airtours, First Choice and Thomas Cook (TUI Group), control over
63
1999 turnover in CHF of the top
ten European travel companies*
(CHF 16.5 billion). TUI, also known
Airtours
in Germany as the “red camp”, has
C&N
further enhanced its position with the
Thomson
Travel
takeover of L’Tur, a last-minute
Kuoni
operator, and last year grew faster
than the tourism market as a whole.
LTU
Airtours and C&N follow
Rewe
in second and third place in the Euro-
First Choice
pean top ten. 1999 turnover at
Nouvelles
Frontières
Airtours exceeded CHF 9.7 billion,
Club
Méditerranée
5
10
15
two-thirds of the tour operations market as well as three-quarters
of retailing through their own travel agents. In contrast, the French
market is much less consolidated. The overall foreign tourism
market is only one quarter the size of Germany’s, and different rules
apply. The French tend to make their own independent
travel arrangements, giving French bulk tour operators a lot less leverage. Club Méditerranée
and Nouvelles Frontières still lead the market.
Following a change of name, Europe’s
number one operator is now called TUI
Group (formerly HTU or Hapag
Touristik Union). The TUI Group
is owned by the German group
Preussag. Of the latter’s
DEM 32 billion turnover,
TUI contributes 44%, and
CHF 493 million to operating
over will also include Thomas Cook,
boosting the total to DEM 20 billion
TUI Group
in CHF billion. 0
For the first time in 2000, TUI turn-
with profits amounting to CHF 390
million1) for the past year. The UK
* Because the European travel groups do not
use the same accounting principles, sales figures are not always directly comparable.
tour operator was in takeover mood
in 1999. Given its market presence
in Scandinavia, Germany and the US and its numerous acquisitions
last year, Airtours records a big jump in profit.
The German C&N is 50% owned by Lufthansa and 50%
by Karstadt/Quelle. Last year, turnover of the so-called “yellow camp”
grew to CHF 7.5 billion. The main focus of C&N’s activities,
besides its Condor airline, is its tour operations which it markets
through the Neckermann, Terramar, Aldiana, Air Marin, Kreutzer,
Bucher and Fischer brands. C&N owns 1,300 travel agencies and
238 hotels and club facilities.
1999 was less successful at Thomson Travel. A new management team was installed following a drop in 1999 profits1) from
CHF 318 million to CHF 194 million. Its first task is to improve profitability in the company’s core home market, the UK, before embarking on any new foreign takeover bids. Thomson owns Britannia
profit . The TUI Group owns over
Airways, the Lunn Poly chain of travel agents, Fritidsresor – the
3,600 travel agencies across Europe.
number two operator in Scandinavia, and recently acquired Finnmat-
1)
64
OUR MARKET
kat of Finland. Thomson’s 1999 turnover exceeds CHF 6 billion.
Numbers 5 to 8 in the European league table have a turnover
OUR COMPETENCIES
65
Leisure Travel
of CHF 3 to 4 billion each: they are the Kuoni Group, LTU, Rewe
and First Choice. The Kuoni Group achieved a record turnover
of CHF 3.5 billion2). With acquisitions in Scandinavia (Apollo, Alletiders, Dane Tours, Kisbye Rejser), the USA (Intrav), Holland
(Inter Holland Travel), Austria (Cosmos) as well as the latest expansion in the merging market India (SITA World Travel), Kuoni has
Leisure travel, our core activity, is the strongest pillar
of our business operations, contributing 85% to
group turnover. It consists of Tour Operating, which
creates the holiday “product”, and Retailing which
sells that product professionally.
underscored its leading position among European travel companies
since the beginning of 1999. Germany’s LTU Group, in which
Producing, organising and
SAir Group has a 49.9% stake, staged a recovery after two years of
retailing holidays are our core com-
plunging profits. Meanwhile, Rewe Touristik has become another
petencies. Tour Operating selects
big player in the German market: the trading company, which already
the most attractive destinations, con-
owns the tour operators ITS and Atlas, boosted its tourism turnover
tracts with hotels and other service
through the acquisition of DER to over CHF 3 billion. First Choice,
providers such as transportation
with operations in the UK, Ireland and Canada, also reported a turn-
companies, buys charter quotas,
over exceeding CHF 3 billion in 1999.
identifies competent local agents and
The two French tour operators Nouvelles Frontières and Club
Méditerranée fill slots nine and ten in the European top ten.
1)
2)
Profit figures cannot be directly compared
due to the different tax regimes in individual
countries.
Group turnover has been calculated on the
following new basis: commissions from the sale
of leisure and business travel services and tour
operating turnover.
organises transfers and excursions with them. At major destinations,
we also establish our own local presence. In the mid-to-upper
price segment, we sell leisure holidays under the Kuoni brand in our
home market of Switzerland; but the Kuoni brand also has an
excellent name for quality in other countries like the United Kingdom
and France.
In Switzerland, the Group also operates under the budget brand
Helvetic Tours and offers a number of specialist brands in a variety
of niche markets. In addition, we own Edelweiss Air, our own Swiss
charter airline. The subsidiaries both in Europe and overseas use a
similarly differentiated system of tailor-made branding.
In Retailing, it is our business to sell our holiday products from
a professional platform. In Switzerland, for example, we have
our own network of 120 sales outlets. Most of our subsidiaries are
also working intensively on the development of alternative distribution channels such as the Internet, digital TV and direct sales via
call centres.
66
OUR COMPETENCIES
67
Business Travel
Incoming
The days are long gone when a business travel specialist was just there to offer traditional travel advice
and provide the travel documents. What’s needed
today is the ability to manage the business travel budget of our corporate customers. This means not just
keeping costs under control, but also reducing them.
Whether it’s a snowmobile safari in Lapland, a gourmet trip back to Caesar’s ancient Rome, or a helicopter flight over the Loire valley – the wide range of
services offered by Incoming is tailor-made.
Foreign travel agencies form the bulk of Incoming’s
customers.
“Travel and Entertainment” is frequently one of the biggest
Incoming offers foreign tour operators a professional orga-
cost factors in a company’s spending budget. And its importance is
nising capability for overland holiday arrangements for both
growing as the volume of travel increases on the back of accelerating
groups and individuals. While our subsidiaries in Greece and Kenya
globalisation in the world eco-
work mainly with European customers, the focus of our 476 staff
nomy and the greater need for
at Incoming Services Europe is on servicing the needs of customers in
global communication in multi-
the US, Japan, India and other Asian countries on their travels in
national organisations.
Europe. The eleven European “Destination Management Companies”
The role of a business travel
specialist is therefore no longer
just the efficient organisation of
clients’ business travel activities,
also work for travel agencies and their customers from South
America, the Middle East and Eastern Europe.
The classic tour is not the only product in demand. Customer
requirements also include special interest and incentive trips, semi-
but also primarily the attainment of a substantial reduction in
nars, congresses and educational tours. For example, a Japanese tour
their travel costs. This can be achieved at three levels: cost-effective
group might be interested in seeing how genuine Swiss cheese is
travel expenditure (optimising purchasing), structural costs (inhouse
made or how a real Austrian apple strudel is baked.
units or outsourcing to travel agents) and process costs (optimi-
It may be old hat, but romantic chalets, stunning glacier land-
sing internal processes in the organisation). Here, the new media such
scapes and a trip to the Jungfraujoch at the Top of Europe are still
as the Internet and system-based solutions like online booking systems
the highspots of a dream holiday to Europe for most foreign tourists.
are playing an increasingly significant role.
Under the BTI brandname, Kuoni’s business travel unit offers
tailored solutions to the two major client segments: small and
medium-sized enterprises (SMEs) and major national and multinational groups.
68
OUR COMPETENCIES
Pioneer in the Indian Ocean
69
Zanzibar, the lack of the necessary infrastructure is generally one of
the main hurdles to the development of the tourist industry. For
a travel destination to become a charter destination, there has to be
Private Safaris, a subsidiary of Kuoni Switzerland, has
entered the charter market for holidays to Zanzibar,
becoming one of the first European tour operators to
cover this corner of Africa. It needs a lot more to
launch a new destination successfully than negotiating
contracts for plane seats, hotel beds and local services: a large measure of understanding of the customs
and geography of the newly-featured location is a
prerequisite.
accommodation available that
“Respect for
local customs
meets a certain standard. There is
also a need for airports that can
handle larger planes, as well as ade-
must be
quate roads and transportation.
ensured.”
the charter airline Balair/CTA for
As well as getting an offer from
a Zurich–Mombasa–Zanzibar flight,
information had to be gathered on flying rights, runway lengths,
fuel availability and complementary tourist infrastructure. A suitable
agency also had to be signed up. Obtaining sufficient hotel capacity
Once the retreat of adventurous backpackers seeking the ultimate experience, Zanzibar has moved up-market to become an
exclusive destination for today’s luxury-seeking traveller. The inclusion of charter flights
proved less than easy. Moreover, other European tour operators had
begun to show a major interest in the new tourist destination.
Finally, the island government also wanted to meet the Swiss
tour operator. The Zanzibar president was keen to discuss the
to Zanzibar in the
impact of tourism on his mainly Moslem population. He
Private Safaris
especially sought to ensure that tourist behaviour would
programme was preceded
by intensive discussions.
Seemingly endless beaches, turquoise
lagoons and tropical abundance make it an
island ideally suited as a complement to the range
of safaris offered on the Tanzanian mainland. The key
argument for including Zanzibar in the range was the realisation
that customers were looking for a new destination with major appeal, in addition to Kenya. The East Africa specialist Private Safaris
wanted to offer something new with Zanzibar, the island with a
fairy-tale ring to its name.
In a short time a whole bundle of issues had been clarified.
Particularly in the less developed regions of the world, such as
respect local habits and customs. Private Safaris believes
it to be very important that the socio-cultural aspects
of a new holiday destination be handled with care
and respect, giving tourism the chance to develop
a positive image.
Our careful preparations have borne
fruit. In the meantime, planes from Italy, Germany and Kenya are landing in Zanzibar too.
70
O U R S TA F F
Young and enterprising
71
company is even higher, reaching 66%. In recent years, we have seen
a marked increase in the number of women entering middle management at Kuoni. Today, that figure has risen to around 50% of all our
The Kuoni Group is a global operator. Despite being
centrally organised, the company has a flexible
approach that seeks to take account of differences in
cultures and market requirements. The Group’s
personnel policy bears the stamp of the individual
business units and their particular location.
Across the Group as a whole and at all levels of the
organisation, an entrepreneurial spirit and innovation are especially encouraged.
management positions worldwide.
We are equally proud of the fact that, in our home market
of Switzerland, the average length of service of our employees is eight
years – a particularly fine achievement given the low average age
of our workforce. There are a number of reasons for this: our flexible
staffing policy; the good career and development opportunities
offered within the Group; targeted, ongoing training; and
last but not least, our
“young” working environment coupled with an open
management culture that
At the end of 1999, the Kuoni Group employed 6,552 staff
is based on management by
worldwide, representing an increase of 6.5% over the previous
objectives. The forward-
year. This has resulted from the continuing growth of our business
looking options we offer in
and our expansion into new markets.
terms of working hours, including jobsharing and freelance models,
A factor that characterises the tourism industry worldwide is
similarly demonstrate our flexible and open working attitudes.
the above-average number of staff in the 20-to-35-year-old age group.
11% of our staff are employed on a part-time basis. We can also offer
Kuoni is no exception here, with 4,048 or 62% of our workforce
staff members attractive opportunities to work abroad since we
belonging to this category. The proportion of female workers in the
have offices in 27 different countries. Postings may form part of an
internship or may be for longer periods.
Our staff need to satisfy the standards of very critical customers in a fast-moving industry. They have to be highly independent,
self-reliant and quality-conscious. Looking ahead, Kuoni’s success
will continue to be dependent on the qualities of its staff. These qualities of entrepreneurship, readiness to accept change and pleasure in
giving impeccable customer service will remain our mainstays.
72
O U R S TA F F
Working in New York
73
we discuss next year’s prices, negotiate room quotas and their expiry
dates, terms of payment and attractive extras – exclusively for Kuoni.
We analyse the state of current bookings and discuss possibilities
Simone Balmer is one of around 40 purchasers for
the Kuoni Group. She has been responsible for
the product range offered by Kuoni Switzerland in the
Eastern USA for the past four years. Her working
year can be split into four distinct periods. These start
with overall planning, followed by purchasing and
the drawing-up of contracts, and end with catalogue
production. Five weeks of her year are spent
abroad and include visits to trade fairs like Pow Wow
and ITB, where her negotiating skills come into
play. Simone Balmer takes up the story herself as she
describes what purchasing actually entails, using
the example of a trip to New York City.
for improvement. On a tour of the hotel, I finally verify that everything matches the details in our catalogue. In hotels which are new to
our programme I also ask to see the smallest room and the worstsituated room. ‘Health and
Safety’ checks are mandatory,
“Purchasing trips
meaning I monitor the emer-
give us the chance
gency exits, the safety provisions and the written instructions for guests. Complaints,
however, are rare in the USA
since this is a country with
to check out
our featured hotels
first hand.”
very strict standards. 40 minutes later I am at the next hotel – four more to come before midday.
After a two-hour working lunch comes an afternoon of discussions at
another four hotels. That evening a hotel owner has invited me to
“I arrive at Newark Airport where our limousine partner is already waiting to take me to Manhattan. I take advantage of the opportunity to check the model of car, driver, service and punctuality. Once in
dinner. Meetings like this are important as we get to know each other
better and form a more solid basis for future negotiations.
To cut a long story short, my schedule repeats itself over the
my hotel room it is out with my appointments diary for a review of
next four days in which I visit a total of 40 hotels. Six of them are new.
tomorrow’s schedule. As my first appointment is not until 9 a.m.,
One hotel manager invites me to a musical – which is ideal, as culture
I decide to set off on foot at 8.30 a.m. to check out for news en route.
does not get much of a look-in during the daytime. Every evening I get
On the way, I discover an interesting hotel in a prime location
and pick up a brochure. If possible, I will make an appointment
out my laptop and record the results of the day’s endeavours.
My week ends with a flying visit to the Pow Wow in Miami.
for Pow Wow, a fair at which around 2,600 US service providers and
After a series of social events with the service providers plus internal
international travel companies gather
group meetings, the fair itself takes place over a three-day period.
annually. On the dot of nine,
The fair’s organiser has fixed all the meetings. A gong sounds every 20
I meet the sales mana-
minutes telling you to move on to the next one. Wednesday evening
ger of the first
sees the official close which coincides with the end of my purchasing
hotel on my list.
trip. The next stage, the drawing-up of the contracts, represents a
Over breakfast,
fresh challenge.”
74
C O R P O R AT E G O V E R N A N C E
Creating value for all
75
As a travel group the Kuoni Group has high standards to meet
since its Corporate Governance must take account of the classic
stakeholders such as employees, customers and shareholders, as well
In recent years, the frequency, extent and suddenness
of change have all increased and the pace is set
to shift up another gear. Company managements are
forced to remain constantly vigilant. They must
evaluate new situations without delay and take instant action. The parameters for these decisions
are laid out in the principles of Corporate Governance.
as its service providers around the world and the people in its destination countries. This transforms our Corporate Governance into a
challenge spanning the entire globe.
At Kuoni, Corporate Governance is more than a question
of structures, the composition of Executive and Corporate Bodies and
the definition of tasks and responsibilities. We also understand it
as a philosophy that must be lived 24 hours a day. Thus, the Group
meets its responsibilities to its stakeholders while at the same time
conducting its day-to-day business activities.
Corporate Governance structures the division of powers be-
We believe that this can be best achieved when the company’s
tween the different entities governing the company and provides
own view of its mission is aligned with the interests of all its
guidelines on how to handle the interests of its various stakeholders.
stakeholders. A well-managed company understands the importance
The following are examples from the Kuoni organisation:
of attracting competent and professional people, providing them
• The Board of Directors is composed of independent persons.
with the skills to carry out their particular tasks and of keeping them
• The Group accounts are drawn up in accordance with International
motivated. Skilled and satisfied employees perform well and win
Accounting Standards to ensure a high level of transparency.
loyal customers for the company. And loyal customers are the engine
• The Group seeks to optimise its accounting processes continuously.
that drives strong earnings momentum. This benefits the share-
• A professional risk management is in place to deal with the risks to
holders who ultimately decide – directly or indirectly – on the compo-
which the company and its stakeholders are exposed.
• Kuoni attaches great value to competent and pro-active communication with both internal and external stakeholders.
sition of the Board of Directors and the management. The circle is
thus complete.
A company can only remain successful in the long-term if it
• Group strategy is subjected to regular review.
is able to create value for all its stakeholders. The active implementa-
• The Group’s planning and budgeting systems use annual budgets
tion of this Corporate Governance philosophy forms an integral
which require the approval of the Board of Directors.
• Controlling and treasury functions are continually optimised to
ensure high efficiency.
• The total emoluments of the Executive Board and Board of Directors are disclosed.
• Employees are offered continuous training and education.
• Care for the environment is part of the company’s mission statement.
part of the management
tasks performed by our
Board of Directors
and Executive Board.
ECOLOGY
77
Think global, act local
Kuoni is committed to a policy of respect for the
environment. We believe that the travel business
can only flourish in the long term if the environment
remains intact. The responsible use of natural
resources needs to be reflected in specific measures
both within the Kuoni organisation and its subsidiaries as well as at our service providers.
Tourism is only sustainable in the long term if we treat our
natural resources with due care and respect. We demonstrate
our commitment to this belief in our group mission statement:
“We support environmentally friendly ideas and solutions”.
Global tasks can only be solved by a global effort, and we
regard international cooperation in this field as particularly
significant. This is why Kuoni is a member of Green Globe 21. The
chairman of our Board of Directors, Daniel Affolter, also sits on
Green Globe 21’s Directors’ Board. Green Globe 21 was founded in
1994 by the World Travel & Tourism Council (WTTC). With its
head office in Cambridge, UK, it is an organisation promoting the
ideas of environmental management and awareness. Its agenda
is based on Agenda 21 of the 1992 Rio environmental summit and
promotes the idea of sustainable tourism worldwide. Currently,
there are 600 members of Green Globe 21 in 100 different countries.
The organisation is an international leader in
its field and works together with environmental experts and the tourism industry to
78
ECOLOGY
79
create global standards and introduce certification that will allow
Air – the airline of Kuoni Reisen AG –
travellers worldwide to consciously choose holidays that respect the
has given preference to environmentally
environment.
friendly technologies with its in-
In its Swiss home market, Kuoni Reisen AG is one of the signatories of the Swiss Association of Travel Agencies’ Crete Declaration
“Global problems
require
global solutions.”
vestment in a modern fleet of
aircraft that uses less fuel, emits
(see box). Together with the Asso-
fewer harmful substances and gene-
ciation as well as environmental
rates less noise. Three new Airbus A320-200 were purchased in 1998,
and tourism experts, Kuoni and
and another of the latest generation of aircraft, the new Airbus
other Swiss travel companies
330-200, will join the fleet in November 2000 for use on long-haul
aim at producing practical and
routes. Nearer to home, we are applying our policy of responsible
straightforward standards
natural resource usage to the ecologically sound renovation of our
that promote the objectives of
head office in Zurich. Environmentally friendly management of
the declaration. Service providers meeting these standards regarding
internal resources includes the introduction of energy-saving lighting,
refuse disposal, water or energy supplies will in future be certifi-
water regulators and insulating glass as well as the reduction of
cated for their efforts. The regional authorities in the targeted areas
the level of air conditioning; waste is separated, paper and office
will also be increasingly encouraged to adopt environmentally
machinery are recycled.
friendly methods. To lend more weight to the environmental management issue, Kuoni Switzerland has created a new post for ecology
and environment.
For some time now, we have been pursuing a policy of
environmentally conscious management
within the Group and its subsidiaries
worldwide. Edelweiss
Crete Declaration
“As a leading tour operator in the Swiss Association of Travel Agents, we are
committed to ecological and sustainable tourism.” We encourage our hotels to devote
attention to:
• water, energy and waste management
• ecological construction and purchasing policies
• integration of local activities and products
We support these efforts by:
• participating in the organisation of specialist environment seminars for hotel employees
and our own staff
• rewarding activities that conform to ecological standards
• participating in the collection and evaluation of data and in setting quality standards
for environmentally friendly tourism
80
H E A LT H A N D S A F E T Y
Committed to
customer safety
In 1998 the Kuoni Group created a group competence
centre for Health and Safety. The co-ordinators of
this centre have the task of continuously monitoring
the health and safety standards of our services
worldwide. They are also responsible for creating a
comprehensive database with information on the
current standard of our own range of products and
services as well as those of our business partners.
Kuoni has always demanded the very highest safety standards
for its customers as an elementary factor in our level of service. In
the interests of those who travel with Kuoni we attach great impor-
81
offer – from a 17-storey hotel to
an exclusive bungalow complex,
small guest house or the nofrills overnight facilities offered
on a safari adventure holiday.
Kuoni is also an active partner in negotiations with government representatives around the
world. The focus of these dis-
Action Plan for 2000
• Continued evaluation of risks
and priorities by country and
service provider
• Cooperation with government representatives worldwide with the aim of improving standards
• Development of a global
cussions is to bring the status of
health and safety system for
health and safety legislation
the entire tourism industry
in Europe to foreign government
• Drawing up of safety
attention. Countries whose
guidelines for our service
standards in this area fall below
providers
those in Europe are accorded
priority.
• Monitoring adherence to
the above
For example, discussions
tance to cooperation with service providers and governments and to
were held in 1999 with the Minister of Transport for the Maldives
the development of systems for the evaluation of risks and priorities.
over the safety of Dhoni boats – the traditional means of transport
The Kuoni Group has developed its
between the Maldive islands – with the result that improvements were
own system for the measurement
made. Additional discussions with the Minister for Tourism are
of health and safety standards
planned to consider further measures for improvement and to ensure
at the accommodation
that standards keep abreast of changes in requirements.
it offers. Its principal
Kuoni is a prime mover for positive change in this area. At
aim is to raise health
a recent meeting, the Cuban Minister of Health made an enthusiastic
and safety standards
report about the introduction into Cuba of a system for the regular
worldwide and to
control of kitchen and food hygiene. Health and safety inspections by
eliminate any deficien-
Kuoni and other tour operators in this area were a decisive factor in
cies by seeking to
this development. At the same time changes were made in the training
find solutions with our
system to comply with European standards.
service providers. The
system allows us to measure
and monitor all the accommodation we
SOCIETY
83
At home in the
SOS Children’s Village
For the last three years, both the Kuoni Group and
its national subsidiaries as well as the Kuoni and Hugentobler Foundation have been supporting the
work of the SOS Children’s Village, the world’s largest
private humanitarian organisation designed to help
children. Naturally we were keen to take a closer look
at the very first village where it all started 50 years ago.
February 2000 in Imst, Austria: Sporting a huge sunny smile,
two-year-old Janine greets us with a somersault. Before Janine was
even born, her natural mother was
beset with problems and it
was clear that she would be
unable to cope with a baby
too. Nowadays, Janine is
delighted to receive visitors. And of visitors
there is never a shortage! For Janine and
her brothers and sisters
– Philipp (5), René (7),
Silvia (12) and Ulrich
(14) – live in the Imst
Children’s Village in the
Austrian Tyrol where Hermann Gmeiner founded the
very first SOS Children’s
Home some 50 years ago.
84
SOCIETY
85
“Haus Frieden” or “Home of Peace” not only offered war orphans a
crane driver, all of whom warmly recall their SOS
roof over their heads but also gave them a mother and a whole new
Village childhood.
family of brothers and sisters. Soon more houses were added. Today’s
village comprises 15 buildings, housing 13 families at present.
Imst is just one of 400 SOS Children’s Villages situated in 131
The diversity of peoples, natural landscapes and cultures in the world is the foundation on which our business as a travel agency
countries across the globe. Wherever they are, whatever their differen-
is built. We would therefore like to give some-
ces in culture and religion, all SOS Village Children are brought up
thing back to our travel destinations in the form
according to the same four principles: Every child has a mother, a set
of our support for the SOS Children’s Village.
of brothers and sisters, a house and a village. Local women are spe-
The words of its founder Hermann Gmei-
cially “recruited” in each country and are carefully trained for their
ner are as valid today as when he uttered
role as SOS mother. Most of the villages have their own kindergarten
them: “The good that is done in the world
which other children from the region can also attend. In Europe,
only happens when people do a little bit
children from the SOS Children’s Villages all visit public schools. In
more than they really have to.”
this way, they are in contact with
people from outside the village and
can better cope with the “real” world
in later life. In countries with poor
educational systems, there are special
Our commitment to the SOS Children's Village
July 97
July 97
December 97
An information brochure is produced in eight
different languages
August 98
Normally speaking, it would
now be mealtime at the Imst Child-
The Kuoni Home in Los Mina in the Dominican
Republic is opened
January 98
Children from outside the SOS Villages may also attend these schools.
An SOS ambassador is appointed at each of our
group companies
SOS-Hermann-Gmeiner schools. At
present, 153 exist across the globe.
Contract signed
A joint SOS Children’s Village and Kuoni crib is
exhibited at the 50th Anniversary of Zurich Airport
December 98
Christmas tombola at Kuoni head office,
with proceeds going to the SOS Children’s Village
ren’s Village. But our visit has interrupted the schedule. Philipp and René
April 99
The Kuoni Home in Umtata, South Africa is opened
are both hungry and are making
July 99
Kuoni supports SOS Children’s Village 50th
it quite clear that it’s about time we
were leaving. A few strict words from their SOS Children’s Village
mother Christine Andergasser make little difference. The five children
Christine is bringing up at present are already her second generation.
Her first generation has already grown up and Christine remains
in close contact with them all. They include a lawyer, a nurse and a
Anniversary celebrations
October 99
Assistance in the making of an SOS film,
shown on all Swissair scheduled flights worldwide
December 99
Christmas tombola at Kuoni head office,
with proceeds going to the SOS Children’s Village
June 00
The Kuoni Home in Gopalpur, India is opened
E X E C U T I V E A N D C O R P O R AT E B O D I E S
87
Board of Directors of
Daniel Affolter, Chairman
Born 1954
Lawyer, Erlenbach
Studied law (lic.iur.) at Zurich University
1984 Qualified as lawyer
Since 1988, partner in the law practice
“Bernhard, Affolter und Partner” in Uster
1990 Elected to the Board of Directors of
Kuoni Reisen AG, Zurich
1995 Chairman of the Board of Directors of
Kuoni Travel Holding Ltd., Zurich
Since 1997 member of the Executive
Committee of the World Travel and Tourism
Council (WTTC)
1999 International Advisory Council for
Tourism (IACT), Singapore
Term expires 2000
Heinz Müller, Vice-President
Term expires 2002
Former Executive
Vice-President UBS, Zurich
Claudia Depuoz
Term expires 2002
Senior Vice-President, UTOInsurance Companies, Zurich
Hans Eisenring
Term expires 2002
dipl. Ing. ETH, Zollikofen
Prof. Gilbert Probst
Term expires 2002
Professor at the University
of Geneva, Hermance
Dr. iur. Roland Rasi
Lawyer and consultant, Basel
Term expires 2001
88
Executive Board of Kuoni
Travel Holding Ltd.
89
Peter Diethelm
Born 1941
St. Gallen School of Transport
Strategic Business Unit
United Kingdom and
North America
Hans Lerch
Born 1950
President of the Executive
Joined Kuoni in 1970 as Manager Incoming
Board and Chief Executive
Officer
1972–85 Management functions in Tokyo,
Hong Kong and Singapore, ultimately
as Regional Manager for the Far East
1986–89 Vice-President Incoming,
Kuoni Reisen AG
1989–95 Vice-President Tour Operating,
Kuoni Reisen AG
1995 Executive Vice-President
SBU Incoming, Kuoni Travel Holding Ltd.
1996 Executive Vice-President
SBU Switzerland and Incoming,
In present function since 1999
from left to right: Hans Lerch, Peter Diethelm, Max E. Katz, Konrad Iten,
Reto Bacher, Ibrahim Atallah, Marcel Herter, Thomas Stirnimann
Training at Swissair
Joined Kuoni in 1962 as Tour Manager
1966–74 Head of Tour Operating at
Kuoni United Kingdom
1974–84 Managing Director Kuoni
United Kingdom
Marcel Herter
Born 1951
Joined Kuoni in 1972 as Manager Incoming
Strategic Business Unit Europe
1973–74 Kuoni Travel Ltd., England
1974–78 Sales Manager, Kuoni Japan
1979–89 Various management functions in
Business Travel division
1986–95 Member of the Board of Directors
of Business Travel International (BTI)
1989 Head of Business Travel division,
Kuoni Reisen AG
1994 Vice-President Business Travel,
Kuoni Reisen AG
1996 Vice-President Retailing,
Kuoni Reisen AG
90
Reto Bacher
Born 1951
Joined Kuoni in 1967 as apprentice
1970–71 Kuoni Travel Ltd., England
Business Travel
1971–81 Operational Branch Head
1981–86 Vice-Director General Management (non-CH), Kuoni Reisen AG, Zurich
91
Expanded Executive Board
Ibrahim Atallah
Born in Egypt in 1949
1974 Graduated in agronomy at the
University of Alexandria
Incoming and Asia
1975–78 Sales Manager at
Naggar Travel Agency in Cairo
1986–96 Managing Director Kuoni Reisen
GmbH, Germany
1979 Joined Kuoni as Sales Representative
Incoming
1989 Qualified as B.B.A. Bachelor of
Business Administration
1990 General Manager Kuoni Hong Kong
1996–98 Vice-President Business Travel,
Kuoni Reisen AG
1997 Head of Asia/Pacific Kuoni Reisen AG,
with responsibility for all Asian markets
including Japan
Max E. Katz
Born 1955
Konrad Iten
Born 1957
HWV Zurich
1976 Completed commercial training at
Schweizerische Kreditanstalt
1978 Graduated as business economist
1978–81 Brand Manager Unilever
1981–87 Regional Controller for Jacobs
Suchard in several countries
1987–91 Vice-President Finance and
Member of Effems AG Executive Board
1991–95 Vice-President Finance and
Member of Hürlimann Holding AG
Executive Board
1977–79 Bookkeeper/Controller at Breves
Treuhand
1979 Qualified as bookkeeper/controller
1979–90 Various posts at Phibro Energy
AG, Zug, ultimately as Head of Information
Technology
1983 Qualified as analyst/programmer
1990–93 Managing Director of ITCO
Informatic AG, Baar
Thomas Stirnimann
Born 1962
1994 Joined Kuoni as Project Leader
Incoming
Joined Kuoni in 1978 as apprentice
Switzerland
1981–87 Travel Advisor, Kuoni Reisen AG
1987 Purchaser North America
1989 Product Manager Travac AG
1991 Head of Sales and Marketing,
Kuoni Reisen AG
1994 Head of Overseas division,
Kuoni Reisen AG
1995 Head of Tour Operating Department
and member of Kuoni Reisen AG’s
executive management
1995 CFO, CIO and member of Incoming’s
executive management
1997 Vice-President Information
Technology, Kuoni Reisen AG
92
93
(Status 15 March 2000)
SBU United Kingdom and North America Peter Diethelm
Group Staff Units
United Kingdom
Corporate Communications
Regula Weyermann
Corporate Development
Georg Falkner
Internal Audit
Bettina Beck
Assistant to CEO
Chris Linder
Finance
Max E. Katz
Controlling
René Häsler
Mergers & Acquisitions
Stephan Hitz
Treasury
Alex Tüscher
Kuoni Travel Ltd.
Tour Operations
Voyages Jules Verne
(Travel Promotions Ltd.)
Peter Diethelm
Sue Biggs
Philip Morrell
Caribbean
Kuoni Caribbean Hotels Ltd.
Peter Ramrattan
North America
Konrad Iten
Intrav, Inc.
Ian Coghlan
Chief Technology Officer
Werner Lange
Clipper Cruise Line Inc.
Ian Coghlan
Operation
François Kunz
Information Technology
Development
Clemens Gubler
Services
Nadine Matzinger
E-commerce
Reto Matzinger
Management of Strategic Business Units
SBU Switzerland
Thomas Stirnimann
Switzerland
Kuoni Reisen AG
Thomas Stirnimann
Edelweiss Air AG
Niklaus Grob
Manta Reisen AG
Amy Stierli
Privat Safaris Reisebüro AG
Urs Bellmont
PRS AG
Hans-Jörg Leuzinger
Gianni Moccetti
Railtour Suisse SA
René Keller
Werner Schindler
Rainer Schenkel
Rotunda Tours AG
Hanspeter Zeier
94
SBU Europe
Marcel Herter
Austria
95
SBU Business Travel
N-U-R Neckermann Reisen AG
Kuoni Veranstaltungs AG
Franz Erich Tobisch
Reisebüro Kuoni Ges.m.b.H.
Dr. Gunther Hölbl
Allround Travel International Ges.m.b.H.
Michael Manak
Germany
Restplatzbörse Ges.m.b.H.
Paul Kothbauer
BTI Euro Lloyd
BTI Österreich
Dr. Gunther Hölbl
BTI Hungary
András Rónai
Denmark
Poul Erik Madsen
France
Voyages Kuoni SA
Reto Bacher
Austria
Reto Bacher
Operations
and Participations
Walter Worbs
Finance
Wolfgang Weiss
Switzerland with Liechtenstein
Jean-Paul Veslot
BTI Kuoni Switzerland
Beat Bürer
Kuoni Utazási Iroda Kft.
András Rónai
Ibrahim Atallah
N-U-R Neckermann Utazás Kft.
Dr. Veronika Békefi
Kuoni Reisen AG (Incoming Section)
Ibrahim Atallah
Greece
George Georgopoulos
Hellenic Tours S.A.
Anastassios Diavatis
Hellenic Tours S.A., Heraklion
Yiannis Dokos
Hellenic Island Services Ltd., Rhodos
Georg Michalakis
Hungary
Italy
Kuoni Gastaldi Tours S.p.A.
Ermanno Fici
Netherlands
Special Traffic (Kuoni Travel Nederland B.V.)
Norbert Good
Kenya
Slovakia
Neckermann Slovakia
Private Safaris (East Africa) Ltd.
Alexander Spiro
Martin Horsky
Asia
Slovenia
Neckermann Slovenia
Tamara Suen
Spain
Viajes Kuoni S.A.
P&O Travel Ltd., Hong Kong
Richard Willis
P&O Garden City Travel Pte. Ltd., Singapore
Kek Yoong Chung
P&O Regale Travel Co. Ltd., Bangkok
Jumpol Chadavadh
P&O Travel Ltd., Beijing
Sharon Wu
Daniel Ponzo
India
Sweden
Allatiders Resor AB
Kuoni Travel (India) Ltd.
Henrik Turen
Ranjit Malkani
96
GOOD TO KNOW
Kuoni Encyclopaedia
Agent
Travel agency operated independently of
Kuoni that sells Kuoni tours. Designation also used for travel agencies which
represent Kuoni as handling agent at
the destination.
The subsidiary created by the merger
of the three Danish operators Larsen
Rejser, Simon’s Charterkompagni and
Herning Charter, acquired by the Kuoni
Group in autumn 1998. Alletiders Rejser
A/S is one of the leading companies in
the Danish market and organises leisure
travel to popular destinations in the
Mediterranean and overseas.
Alternative Distribution
The direct marketing of tours, e.g. via
the Internet, interactive TV or call
centres.
and is also a leading Internet tour operator. The Kuoni Group holds a 45%
stake in the company, with the option of
an increase.
Business Travel International (BTI)
Global alliance of business travel operators with an annual turnover of roughly
USD 20 billion. BTI consists of 75 national partners in 80 countries, employs
around 30,000 people worldwide in over
3,000 offices and is represented exclusively in each country by a leading
business travel specialist. Kuoni represents BTI in Switzerland, Germany,
Austria, Hungary and Liechtenstein.
Charter
Booking the full capacity of a transport
carrier (full charter) or a part thereof
(partial charter) at the charterer’s own
risk. Kuoni has its own charter airline in
Switzerland called Edelweiss Air (→).
Clipper Cruise Line
A subsidiary of Intrav (→) specialising in
luxury cruises.
Commercial
Travel jargon for business travel (→).
Allround Travel International GmbH
(ATI)
Austrian subsidiary specialising in trips
to Asia.
Cosmos GesmbH
Tradition-laden Viennese travel agency
which has been owned by the Kuoni
Group since April 1999.
Apollo Resor AB
Apollo Resor AB, with headquarters in
Stockholm, is a Swedish tour operator
focused on the mid-price segment. It also
has operations in Denmark and Norway.
It runs its own charter company Novair
EBITA
Earnings before Interest, Taxes and
Amortisation of goodwill. Term used in
accounting for profit before deduction
of financial expense, taxes and amortisation of goodwill.
97
Edelweiss Air
Kuoni’s Swiss charter airline. Subsidiary
of the Kuoni Group. The fleet now
consists of three brand-new Airbus
A320-200 and, in autumn 2000, will be
expanded by a new Airbus A330-200 to
cover long-haul routes.
Far East Travel Centre
IBU (→) of SBU UK specialising in ticket
sales for flights to the Far East.
Franchising
Comprehensive service package (e.g. use
of brand, marketing and product knowhow, IT solutions and training) provided
by the franchisor to the franchisee for a
fee.
Hellenic Island Services
Handling agent (→ Agent) on Crete and
Rhodes. A Kuoni Group and Hellenic
Tours joint venture.
Hellenic Tours S.A.
Kuoni subsidiary based in Athens and
active in the Incoming (→) sector.
Helvetic Tours
Kuoni Switzerland’s brand for budget
holidays.
IATA
International Air Transport Association.
International organisation of which all
major flight companies are members.
IBU
Independent Business Unit. Business
units of SBU United Kingdom active in
niche markets.
Implant
The travel office operated by a business
travel operator on the premises of a
large corporate customer.
Incentive Travel
IBU (→) specialising in organising travel
for corporate employees as a reward for
outstanding performance.
Incoming
Strategic Business Unit providing services at a holiday destination. Incoming
is made up of the head office in Zurich,
sales outlets overseas and local offices
in Europe, as well as the subsidiaries
Hellenic Tours (→), Hellenic Island
Services (→) and Private Safaris (East
Africa) (→).
Intrav
US subsidiary acquired by Kuoni in
1999. Specialises in cruises, luxury
safaris and exclusive holidays by private
jet.
Kuoni and Hugentobler Foundation
Principal shareholder of Kuoni Travel
Holding Ltd. in terms of voting rights
(25% of voting rights and 6.25% of
share capital).
Joint venture based in the Italian city
of Genoa and created in 1998 by the
merger of Gastaldi Tours and Kuoni
Viaggi. Kuoni Gastaldi Tours
S.p.A. is the number 1 company in
the Italian long-haul market.
98
GOOD TO KNOW
The Kuoni Group’s holding organisation.
Kuoni Travel India
Indian tour operator acquired by the
Kuoni Group in 1996 and operating
under the SOTC (→) brand. This move
made the Kuoni Group India’s biggest
provider of package holidays abroad.
Manta Reisen AG
Subsidiary (90%) of the Kuoni Group
specialising in holidays to the Maldives
and diving holidays.
Company domiciled in Vienna in which
the Kuoni Group holds a 51% stake.
The remaining shares are owned by
N-U-R Touristic GmbH, Frankfurt.
Neckermann Utazás Kft. Budapest
(Hungary) is a subsidiary of N-U-R
Neckermann Reisen AG, which also
operates in Slovenia and Slovakia.
Package holiday
A holiday combining various services
(flight, hotel accommodation, coach
transportation, local services etc.) and
sold at a total price designated in
advance.
P&O
Peninsular & Oriental Steam Navigation
Company (P&O Ltd.). Tradition-laden
British company and partner in a 50:50
joint venture with the Kuoni Group,
P&O Travel Ltd. Asia, which was finalised in 1997 and is headquartered in
Hong Kong.
Popularis
Official name: Reisebüro Popularis. The
Kuoni Group holds the majority shareholding (65%), while Coop Switzerland
holds 34% of shares. Popularis is active
in tour operating (→) under the brandname Coop extra and, with the Helvetic
Tours branches, in retailing (→) in
Switzerland.
99
Restplatzbörse
Subsidiary of the Kuoni Group which
has successfully established itself in the
Austrian market as a specialist in the
sale of last-minute seat capacities.
Special Traffic
Official name: Special Traffic (Kuoni
Travel Nederland B.V.). Subsidiary of
the Kuoni Group operating in the longhaul sector in the Netherlands.
Retailing
Travel consulting and the sale of holiday
travel arrangements (→ package tours),
business travel arrangements and individual services from diverse service
providers (→), such as flights, train and
boat rides, rental cars, etc.
Sport Abroad
IBU (→) of SBU United Kingdom specialising in tours to special sports events.
Rotunda Tours
Swiss tour operator acquired in 1995
and specialising in travel to southern
Africa.
Tour Operating
The core business of a tour operator. It
consists of selecting and purchasing
services/products and processing them
for use in package tours (→) and tailored
travel arrangements.
Privat Safaris
Official name: Privat Safaris Reisebüro
AG. East Africa specialist and subsidiary
of the Kuoni Group.
SBU
Strategic Business Unit – organisational
units on which the Kuoni group structure is based.
Private Safaris (East Africa)
Subsidiary, domiciled in and operating
from Nairobi, which services clients
from Europe and overseas.
Service provider
Entity which provides travel services,
e.g. airlines, hotels,
restaurants, etc. Tour
operators also refer to
them as suppliers.
Production
The purchase of products and services
combined by the tour operator (→) to
form travel arrangements.
Railtour Suisse
Official name: Railtour Suisse SA. Rail
travel operator of which the Kuoni
Group is the majority shareholder (87%).
SOS Children’s
Village
On 18 July 1997
Kuoni became an
active partner of
SOS Children’s Village, the largest private humanitarian organisation of its
kind in the world. The aim of the organisation is to provide a stable home
to children in need and to help them prepare for an independent future.
SOTC
Brandname under which Kuoni Travel
India operates.
The Travel Collection
IBU (→) of SBU United Kingdom specialising in direct sales.
Trade Fairs
IBU (→) of SBU United Kingdom specialising in tours to trade fairs.
TV Travel Shop
24-hours-a-day British TV channel
selling flight tickets, package tours and
supplementary products such as travel
insurance and car hire. Kuoni holds a
12.5% stake.
Voyages Jules Verne
British tour operator
Voyages Jules Verne is
a direct sales agent for
up-market tours and beach
holidays. Kuoni acquired Voyages Jules
Verne in 1998.
ADDRESSES
100
101
Asia
Neue Hard 7
CH-8010 Zurich
Hans Lerch
President of the
Executive Board, CEO
Phone (+41) 1-277 44 44
Fax
(+41) 1-271 52 82
Reto Bacher
SBU Business Travel
P&O Travel Limited Beijing
Room 1911, Capital Mansion
No. 6 Xin Yuan Nan Lu
Chaoyang District
Beijing 100004 P.R.C.
Phone (+86) 10 6466 4060
and
6466 2145
Fax
(+86) 10 6466 4069
Marcel Herter
SBU Europe
P&O Regale Travel Company
Limited
191/1-2 Sathorn 12
(SOI Suksa Viddhaya 2)
Bangrak
Bangkok 10500, Thailand
Max E. Katz
Thomas Stirnimann
SBU Switzerland
Konrad Iten
Ibrahim Atallah
Asia
P&O Travel Ltd.
Suite 1701, Tower 2
The Gateway
25 Canton Road
Tsim Sha Tsui
Kowloon, Hong Kong
Richard Willis
Managing Director
Phone (+65) 224 7730
Fax
(+65) 222 7915
Jumpol Chadavadh
Managing Director
Phone (+66) 2 635 2450-69
Fax
(+66) 2 236 0283
Austria
Reisebüro Kuoni Ges.m.b.H.
Kärtner Ring 17
AT-1010 Vienna
Dr. Gunther Hölbl
Managing Director
Phone (+43) 1-51533-0
Fax
(+43) 1-51533-542
Kuoni Reisen Veranstaltungs AG
Lassallestrasse 7a / Cityplex
AT-1020 Vienna
Franz Erich Tobisch
Managing Director
Phone (+43) 1-50 202-610
Fax
(+43) 1-50 202-690
Lassallestrasse 7a / Cityplex
AT-1020 Vienna
Phone (+852) 2956 6888
Fax
(+852) 2956 6789
P&O Garden City Travel Pte. Ltd.
No. 200 Cantonment Road
#04-05 Southpoint
Singapore 089763
Sharon Wu
Managing Director
K.Y. Chung
Managing Director
Franz Erich Tobisch
Managing Director
Phone (+43) 1-50 202-400
Fax
(+43) 1-50 202-390
Allround Travel
International Ges.m.b.H.
Reisnerstrasse 18
AT-1030 Vienna
Phone (+43) 1-712 24 666
Fax
(+43) 1-713 68 38
Michael Manak
Managing Director
102
ADDRESSES
103
Austria
Greece
Restplatzbörse Ges.m.b.H.
Mariahilferstrasse 77
AT-1060 Vienna
Hellenic Tours S.A.
23–25 Ermou Street
GR-10563 Athens
Paul Kothbauer
Managing Director
Phone (+43) 1-58085-0
Fax
(+43) 1-58085-999
Wüstenrot Reiseservice GmbH
Alpenstrasse 70
AT-5033 Salzburg
Phone (+30) 1-3359 700
and
3243 715
Fax
(+30) 1-3234 947
and
3227 494
Wolfgang Amesberger
Hungary
Phone (+43) 662-6386-72
Fax
(+43) 662-6386-740
Kuoni Utazási Iroda Kft.
Báthory utca 19
HU-1054 Budapest
Denmark
Kongevejen 155
DK-2830 Virum
George Georgopoulos
Managing Director
András Rónai
Managing Director
Phone (+36) 1-332 41 16
Fax
(+36) 1-353 43 50
Poul Erik Madsen
Managing Director
N-U-R Neckermann Utazás Kft.
Dayka Gabor utca 3
HU-1118 Budapest
Phone (+45) 45 83 23 00
Fax
(+45) 45 83 31 00
Dr. Veronika Békefi
Managing Director
Phone (+36) 1-319 69 91
Fax
(+36) 1-319 66 96
France
Voyages Kuoni SA
95, rue d’Amsterdam
FR-75008 Paris
Jean-Paul Veslot
Managing Director
India
Kuoni Travel (India) Ltd.
Vaswani Mansion
120 Dinshaw Vachha Road
Opp. K.C. College
Churchgate, Mumbay – 400 020
Phone (+33) 1-45 85 71 22
Fax
(+33) 1-42 80 41 85
Germany
BTI Euro Lloyd GmbH & Co. KG
Neumarkt 35–37
DE-50667 Cologne
Phone (+49) 221-20 280
Fax
(+49) 221-20 281 26
Reto Bacher
SBU Business Travel and
Chairman of the
Executive Board of
Euro Lloyd
Ranjit Malkani
Chairman and
Managing Director
Phone (+91) 22 2839813/14/17
Fax
(+91) 22 2855840
Italy
Mura di San Chiara 1
IT-16128 Genoa
Phone (+39) 010-599 91
Fax
(+39) 010-599 9613
Ermanno Fici
Managing Director
104
ADDRESSES
105
Kenya
Sweden
Private Safaris (East Africa) Ltd.
Caxton House
Kenyatta Avenue
P.O. Box 45205
Nairobi
Henrik Tuen
Phone (+46) 42-1444-00
Fax
(+46) 42-1444-09
Phone (+254) 2 33 71 15
Fax
(+254) 2 33 84 38
Switzerland
Netherlands
Special Traffic
(Kuoni Travel Nederland B.V.)
Entrada 212–214
P.O. Box 3370
Allatiders Resor AB
Nedre Långvinkels Gatan 3
SW-25220 Helsingborg
Alexander Spiro
Managing Director
Norbert Good
Managing Director
Kuoni Reisen AG
Neue Hard 7
CH-8010 Zurich
Phone (+41) 1-277 44 44
Fax
(+41) 1-271 52 82
Edelweiss Air AG
Operations Center
P.O.Box
CH-8058 Zurich-Airport
NL-1001 AD Amsterdam
Phone (+31) 20-398 92 92
Fax
(+31) 20-398 92 02
Thomas Stirnimann
SBU Switzerland
Niklaus Grob
Managing Director
Phone (+41) 1-816 50 60
Fax
(+41) 1-816 50 61
Slovakia
Neckermann Slovakia
Panska 23
SK-81101 Bratislava 1
Martin Horsky
Phone (+421) 7-544 30 981
Fax
(+421) 7-544 30 984
Tamara Suen
PRS AG
Seestrasse 127
CH-8700 Kusnacht
Spain
Phone (+34) 91-538 27 00
Fax
(+34) 91-538 27 27
Privat Safaris Reisebüro AG
Wiesenstrasse 10, P.O.Box
CH-8034 Zurich
Urs Bellmont
Managing Director
Phone (+41) 1-386 46 46
Fax
(++41) 1-386 46 47
Phone (+386) 62-300 49 00
Fax
(+386) 62-300 49 49
Viajes Kuoni, S.A.
Paseo Infanta Isabel, 17
ES-28014 Madrid
Amy Stierli
Managing Director
Phone (+41) 1-268 24 24
Fax
(+41) 1-268 24 74
Slovenia
Neckermann Potovanja
Traska C. 23
SLO-2000 Maribor
Manta Reisen AG
Treichlerstrasse 10
CH-8032 Zurich
Daniel Ponzo
Managing Director
Phone (++41) 1-914 25 25
Fax
(++41) 1-914 25 20
Hans-Jörg Leuzinger
Gianni Moccetti
Managing Directors
106
ADDRESSES
107
Switzerland
Hotels
Railtour Suisse SA
Chutzenstrasse 24
CH-3000 Berne 17
René Keller
Werner Schindler
Managing Directors
Rainer Schenkel
Managing Director
Discovery Bay Beach Hotel
Holetown
St. James, Barbados W.I.
Hanspeter Zeier
Managing Director
Phone (+41) 1-386 46 66
Fax
(+41) 1-386 46 88
Incoming Services
Kuoni Reisen AG
Incoming Services
Überlandstrasse 360
CH-8051 Zurich
Phone (+41) 1-325 21 11
Fax
(+41) 1-325 23 01
United Kingdom
Kuoni Travel Ltd.
Kuoni House
GB-Dorking, Surrey RH5 4AZ
Peter Diethelm
SBU United Kingdom
and North America
Phone (+44) 1306 74 08 88
Sita
LONBTSR
Fax
(+44) 1306 74 44 88
Sue Biggs
Managing Director
Tour Operating
Travel Promotions Ltd.
Voyages Jules Verne
21, Dorset Square
GB-London, NW1 6QG
Philip Morrell
Managing Director
Phone (+44) 171 616 10 00
Fax
(+44) 171 723 86 29
USA
Intrav, Inc.
7711 Bonhomme Avenue
St. Louis, MO 63105
Phone (+1) 314 727-0500
Fax
(+1) 314 727-2533
Peter Ramrattan
Area Manager
Phone (+1) 246-432 13 01
Fax
(+1) 246-432 25 53
Phone (+41) 31-329 43 70
Fax
(+41) 31-329 43 84
Rotunda Tours AG
Wiesenstrasse 10, P.O.Box
CH-8034 Zurich
Peter Ramrattan
Area Manager
Phone (+1) 268-462 03 01
Fax
(+1) 268-462 15 15
Phone (+41) 31-378 00 00
Fax
(+41) 31-378 02 22
Neuengasse 30
CH-3001 Berne
Hawksbill Beach Hotel
Five Islands, P.O. Box 108
St. John’s, Antigua W.I.
Ian Coghlan
Managing Director, CEO
Ibrahim Atallah

merged in 2000 - Dept. of IE, CUHK Personal Web Server

Transcription

Similar documents

priscilla presley

Programm - TCB

Investors Presentation Full-year Results 2007 PDF • 2.78 MB

Foto torte GHVC eng - Grand Hotel Villa Castagnola

The Alpha-Palmiers Hotel offer it`s rental meeting room by the hour

Investors Presentation

[Ano] [ESCREVER O TÍTULO DO DOCUMENTO]

Brand Report 2008 (english) PDF • 6.32 MB - Reporting

Full training course