Swiss pull out of ex Nordics charter tours / News / The Foreigner

Swiss pull out of ex Nordics charter tours. Kuoni’s restructuring also means the group has decided to sell Norway’s third-largest package holiday company, Apollo, after 14 years’ ownership. The Swiss firm’s Board of Directors and Group Executive Board announced the decision to exit the tour operating market at a press conference in Zurich, Wednesday. Among country markets the move concerns are Kuoni Switzerland, UK, Benelux, Hong Kong/China and India, as well as operations in Scandinavia/Finland.

travel, holidays, norway, scandinavia, nordics



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Swiss pull out of ex Nordics charter tours

Published on Wednesday, 14th January, 2015 at 14:30 under the news category, by Michael Sandelson   .
Last Updated on 14th January 2015 at 18:04.

Kuoni’s restructuring also means the group has decided to sell Norway’s third-largest package holiday company, Apollo, after 14 years’ ownership.

Hotel Iberostar Gran El Mirador Tenerife
Idyllic-looking southern Europe holidays may only be sold by two of Norway's major tour operators in the future.Hotel Iberostar Gran El Mirador Tenerife
Photo: Apollo/Creative Commons Licence


The Swiss firm’s Board of Directors and Group Executive Board announced the decision to exit the tour operating market at a press conference in Zurich, Wednesday.

Among country markets the move concerns are Kuoni Switzerland, UK, Benelux, Hong Kong/China and India, as well as operations in Scandinavia/Finland.

Last year’s turnover generated (at previous year’s level) was CHF 3.4bn (some NOK 25.64bn/EUR 2.83bn at current forex rates).

Preliminary consolidated turnover for the group fell by -2.8 per cent to just over CHF 5.5bn (about NOK 41.48bn/EUR 4.58bn), however.

Two of the Switzerland-based group’s three arms also returned a loss for 2014. Turnover for the Group Travel division, which “has seen a temporary slowdown in demand in the key Japanese market”, fell by 7.4 per cent to CHF 873m. Outbound Nordic’s turnover declined by -14.1 per cent to CHF 844m.

These equated to losses of NOK 6.59bn/ EUR 727m, and NOK 6.73bn/EUR 702.7m at today’s ROE, respectively.

Turnover for Kuoni’s Fully Inclusive Tours (FIT) division rose by 7.3 per cent in 2014 to CHF 1.93bn (about NOK 14.56bn/EUR 1.6bn).

Kuoni Nordic’s Scandinavia companies comprise Golf Plaisir and airline Novair, luxury tour Lime Travel in Sweden, and Falk Lauritsen in Denmark.

Wholly-owned charter tour firm Apollo in Norway, Sweden, Denmark (Apollorejser), and Finland (Apollomatkat) complete the list. Kuoni Nordic has owned these since January 2001.

Apollo has around 60 employees in Norway. The company’s turnover in 2013 was NOK 2.3bn (some CHF 305.3m/EUR 254.3m), carrying 350,000 charter passengers. 2014’s figures are expected to be released in the first quarter of this year.

Norway’s other two major charter tour firms are Ving, and Star Tour. Apollo did not wish to comment on the intended sale by Kuoni.

Kuoni says no new owners have yet been found for its tour operating activities, but comments in a statement that it “firmly believes that the outbound business can be better developed under new ownership.”

“The exit from the tour operating business will not have any impact on customers or their current and future bookings,” adds the company.

Some 3,800 employees, total, will be affected by the Switzerland-based firm’s restructuring decision.

“Kuoni will seek assurance about the continuation of the existing business locations and the continued employment of staff,” senior management concludes.



Published on Wednesday, 14th January, 2015 at 14:30 under the news category, by Michael Sandelson   .
Last updated on 14th January 2015 at 18:04.

This post has the following tags: travel, holidays, norway, scandinavia, nordics.





  
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