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Kuoni Travel Holding Ltd. (the Company) is domiciled in Zurich. The consolidated financial statements for the year ended 31 December 2012 cover the Company and all its subsidiaries (Kuoni Group) and associates and joint ventures. The Company is one of Europe’s leading tourism companies, active in the leisure travel, destination management field and visa services. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and comply with Swiss law.


The consolidated financial statements are presented in Swiss francs (CHF), rounded to the nearest thousand. The consolidated financial statements are prepared on the historical cost basis except for derivative financial instruments, financial assets and financial instruments available for sale, which are stated at their fair value. Non-current assets and disposal groups held for sale are stated at the lower of the carrying amount and fair value less costs to sell.

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Critical judgements made by management in the application of IFRS that have a significant effect on the financial statements and key sources of estimation uncertainties are discussed separately. The accounting policies have been applied consistently to all periods presented in these consolidated financial statements, with the exceptions described below. An additional subtotal was added to the presentation of the income statement, the operating result before amortisations and impairment (EBITA), as this figure better expresses the operating performance.

The way cash flows are shown has been amended in 2012. Now interest received is shown as part of the cash flow from investing activities, while interest paid is shown as part of the cash flow from financing activities, because this better reflects the nature of the cash flows. Hitherto, these elements were included in the cash flow from operating activities and published in the notes. The financial effects on the presented cash flows may be summarised as follows:

Following the acquisition of Gullivers Travel Associates (GTA) in May 2011 and the introduction of the new corporate structure in October 2011, the Kuoni Group is reporting on the basis of its new organisational structure for the financial year 2012. The segment reporting (incl. previous year’s figures) has been adapted to match the new organisational structure.

Outbound Nordic includes the Sweden, Norway, Denmark and Finland markets with its brand Apollo and Falk Lauritsen (only in Denmark), as well as the Scandinavian airline Novair and the “Playitas” sports and family holiday resort on Fuerteventura, Spain. Most of the products sold in Scandinavia and Finland are easy-to-book package holidays to short, medium and long-haul beach destinations.