Travel
In the year under review, the Hotelplan Group reported a very healthy result in Switzerland and a massive loss in Italy. With passenger volumes down by 9% on the previous year, sales fell by 13.5%.
Invoiced sales of the Hotelplan Group in 2012 were down by 9.7% at CHF 1.5 billion (2011: CHF 1.7 billion). Net sales fell by 13.5% to CHF 1.2 billion (2011: CHF 1.4 billion). Sales growth in 2012 was seriously impacted on the one hand by the massive fall in sales at Hotelplan Italia (CHF –51 million), and on the other hand the Ascent Travel investment in Russia was sold (CHF –54 million). Reduced prices in Switzerland resulted in a further decline in sales of CHF 79 million.
Earnings before interest and taxes (EBIT) were CHF –26 million (2011: CHF –15 million), and before depreciation and amortisation (EBITDA) CHF 1.1 million (2011: CHF 13.4 million). Of this total, Italy alone contributed an EBIT of CHF –25 million.
| in CHF million | 2012 | 2011 | Change in % |
| Net revenue from goods and services sold | 1'203.2 | 1'390.7 | –13.5 |
| Other operating income | 10.9 | 18.0 | –39.4 |
| Total income | 1'214.1 | 1'408.7 | –13.8 |
| Earnings before finance income, income tax and pension plan effect (EBIT) | –25.9 | –19.4 | –33.5 |
| Segment assets | 137.9 | 148.9 | |
| Investments in long-term assets | 10.3 | 10.1 | |
| Employees | 2'359 | 2'527 |
Hotelplan Suisse: good result confirmed
Hotelplan Suisse has reported a very solid result with its full-service strategy (tour operating, retail, business travel and online sales). Passenger volume fell by 5.9%, and invoiced sales were also down by 5.9% to CHF 845 million (2011: CHF 898 million). This was due primarily to price reductions.
Despite falling sales, the operating profit was much better than the previous year. In 2012 Hotelplan Suisse reported an EBITDA figure of CHF 17.3 million (2011: CHF 14.0 million) and an EBIT figure of CHF 9.9 million (2011: CHF 6.3 million). The good result was due to changes in the organisational structure that have been undertaken in recent years and also to consistent cost management. On this solid basis, Hotelplan also dealt with the bankruptcy of its main flight partner Hello Airlines, which has been replaced by the Czech company Travel Service Airlines.
A highlight for the company was the successful launch of the «Dynamic Touroperating» platform. The newly created, forward-looking e-business channel has recorded many more visitors and longer browsing times. «Dynamic Touroperating» is a growth area for Hotelplan Suisse, and in the medium term the company will be aiming to achieve online sales growth of 20%.
Interhome Group: improved operating performance
The holiday home agency Interhome has improved its operating performance compared to the previous year, thanks especially to the reduction of its cost base. In spite of the weak euro, the company reported solid sales of CHF 181 million (previous year: CHF 186 million). The EBITDA of CHF 2.6 million (previous year: CHF 5.0 million, due to significant operational currency gains) and the EBIT of CHF 1.1 million (previous year: CHF 3.5 million) confirm the robust business model.
As a result of the strategically important participation by the Hotelplan Group in Inter Chalet Ferienhaus-Gesellschaft mbH, all of whose shares will be taken over during the current year, Interhome will be able to double its range of holiday homes and apartments in 2013 to 100'000 properties and considerably strengthen the business unit.
Travelwindow Group: among the top three in Switzerland
A major element of the earnings of the Travelwindow Group was the failed expansion of online travel operations to Scandinavia, which had a negative impact. With moderately negative results from travel.ch and travel.at as well, invoiced sales in the year under review amounted to CHF 71 million (2011: 75 million), with EBITDA at CHF –1.6 million (2011: CHF 0.6 million) and EBIT at CHF –2.3 million (2011: CHF +0.5 million).
Following the discontinuation of the Scandinavian project, the business unit has undergone a strategic reorganisation. In both Switzerland, where the company is one of the top three in the online travel business, and also in Austria, the business is well positioned.
Mixed picture abroad
Following a general review of the company over the past few years, Hotelplan UK has managed to turn its operation around despite the difficult economic environment (weakness of the UK currency, caution among consumers). Sales in 2012 totalled GBP 182 million (2011: same). Booking levels for 2013 are very promising. EBITDA was GBP 1.3 million (2011: GBP 4.9 million, including profit from the sale of a property), with EBIT at GBP –0.8 million (2011: GBP 2.0 million).
Hotelplan Italia made a record loss in 2012. Because of the massive downturn of the market (estimated: –25%) sales fell to EUR 108 million (2011: EUR 147 million). EBITDA, inclusive of restructuring costs, amounted to EUR –16.7 million (2011: EUR –9.8 million inclusive of restructuring costs), and EBIT to EUR –20.6 million including amortisation of goodwill (2011: EUR –10.5 million). In a difficult environment, Hotelplan Italia will be substantially downsized over the course of 2013.
The holding in the Russian company Ascent Travel was sold to a Russian investor early in 2012.
Sustainable development: more certified hotels
In the year under review, Hotelplan Suisse intensified its sustainable development activities. The tour operator regularly checks its partners to ensure that they are adhering to the global standard Travelife criteria. In 2012 the company had 376 certified hotels in the Hotelplan offering (2011: 200). In addition, Hotelplan Suisse continued the successful partnership with the Myclimate Foundation (key word: CO2 offsetting tickets).
Goals and outlook
During 2013, the management of the Hotelplan Group is focusing especially on the restructuring of Hotelplan Italia. The group is aiming to maintain the positive result at Hotelplan Suisse in 2013, as well as a positive group result (EBITDA), including the Italian business. The optimisation of the e-business platform «Dynamic Touroperating» should stabilise sales growth. With full ownership of Inter Chalet and the return of Italy into the profit zone, the whole of the Hotelplan Group is aiming to be in the black from 2014.