Hotelplan Group adjusted its capacities to the changed market conditions in the year under review. Sales dipped by a further 8% in the year under review. But operating earnings improved strongly thanks to the measures initiated.

The Hotelplan Group's sales dropped by 8% to CHF 1.5 billion in 2010. Deliberate capacity reductions and currency effects contributed to this as well as the fact that international travel markets began to recover only in the second half of the year.

Thanks to the measures taken, earnings before finance income, income tax and pension plan effect (EBIT) rose. Losses, on the other hand, dropped by CHF 14.3 million to CHF -12.3 million (2009: CHF -26.6 million).

in CHF million20102009Change in %
Net revenue from goods and services sold1'489.31'618.0–8.0
Other operating income15.513.118.3
Total income1'504.71'631.1–7.7
Earnings before finance income, income tax and pension plan effect (EBIT)–12.3–26.6 
Segment assets153.1109.3 
Investments in long-term assets16.112.4 


Positive development at Hotelplan Switzerland
Hotelplan Switzerland assessed the market realistically and cut flight capacity early. This had a negative impact on sales, but, along with the cost-cutting programme launched in the previous year, led to a good result. bta first travel ag, the business travel provider acquired in the previous year, also contributed to this.
The huge organisational and structural interventions of the past two years have now been completed; the planned turnaround was confirmed in the year under review in that the improved Group results are due mainly to the success in the domestic market.

Profits also for Interhome and investments in
Interhome, a holiday home agency, again posted a positive result. The Vacando internet platform was fully integrated into Interhome over the year, improving the cost structure and using the market competencies of Vacando in a more targeted manner. The online provider expanded abroad in the year under review and launched very successfully in Austria. Operations were also expanded in western Switzerland and will go live in Stockholm in spring 2011.

Mixed picture abroad
Hotelplan strengthened its operations in England by acquiring the ski holiday specialist Enigma Travel in May 2010. The merged company, which includes the Inghams, Ski Total and Esprit brands, thereby became one of the biggest providers in the British ski business. The management of Enigma also assumed the overall leadership and made significant structural adjustments within months. But Hotelplan Italy and Ascent Travel, a Russian provider acquired three years ago, disappointed strongly.

Due to the occasionally deep cost cutting and restructuring measures caused by the economic crisis over the past two years, the management will again focus increasingly on moderate growth. Initial indications, in particular in the markets of Switzerland and the UK, are indeed positive. However, the travel business cannot work without efficient cost structures, and relevant continuing optimisation measures are part of day-to-day business.