Sale of Valora Services

Sale of Valora Services Conference Call, May 7, 2014

Agenda

Focus on core business «retail» | Scope of the transaction

Brief overview of PVG | Strategic partnership with Valora 2

Valora guidance 2014 and 2016 4

1

Summary of the key elements of the transaction 3

Q&A 5

May 7, 2014 Valora Holding AG – Media and investors' conference on Valora Services sale Slide 2

Strategy focusing on retail in heavily frequented locations Strategic decisions relating to Valora Services between 2011 and 2014


1

2011/2012

Decision to focus on core

retail business

Evaluation of strategic

options for Valora

Services

2

2012 till today

Development and

expansion of logistics

services for 3rd party

customers

3

August 2012

Sale of Valora Services

Austria to Trunk GmbH

4

January 2013 Sale of Valora‘s goods

wholesaling business to

Lekkerland

Signing on May 6, 2014

Sale of press wholesaling business in

Switzerland and Luxembourg and 3rd party

logistics business in Switzerland to business

partner PVG Presse-Vertriebs-Gesellschaft KG

with retroactive effect as of January 1, 2014

5* Closing

Q2 2014

* Closing is contingent on approval by Switzerland‘s Federal Competition Commission

Transaction highlights Compelling industrial logic, strategic buyer

with long-term perspective

Enterprise value of CHF 80 million

(EBIT multiple > 8x | significant book-value gain)

Existing supply agreements secure

Transaction completes divestment process from

distribution business, allowing Valora to focus

further on “retail”

http://presse.trunk.de/index.php

Scope of the transaction Valora Services has an attractive business portfolio | Goods logistics remains for now with Valora

May 7, 2014 Slide 4

Press 1 3rd party 2

Total employees: ~ 270 (across Switzerland)

Press distributor in German-speaking and Italian-

speaking Switzerland (~ 6 million inhabitants)

Substantial international press expertise and

cooperation with publishers

Supplying a network of > 14 000 sites

(press and 3rd party clients)

Intraday and overnight logistics

for press products and 3rd party

customers

Pick-up/drop-off services for

online retailing offer substantial

opportunities for growth

Total employees: ~ 70

Attractive market position

Network of ~ 70 Valora Retail

Luxemburg outlets provides

sound foundation for business

Attractive portfolio of some 300

3rd party customers

Press 3

Valora Holding AG – Media and investors' conference on Valora Services sale

http://www.adpic.ch/detail.php?static_link=1&picture_id=273686



PVG as perfect partner for Valora Services Brief overview of PVG – Presse-Vertriebs-Gesellschaft KG


PVG management and business model

Germany„s largest press wholesaler

Delivers solutions in the fields of

communication, logistics, data

technology, market research and

monitoring, marketing and services

Currently supplying > 6 000 press retail

outlets in its distribution area (4.6 million

inhabitants, 2.2 million households)

Managing Director and majority

shareholder: Thomas Kirschner

Locations

HQ in Frankfurt am Main

Distribution centres in in

Wiesbaden, Giessen, Bad

Kreuznach, Fulda and Trier

Established 1976 | Staff > 400

Objectives of transaction

Strategic extension of market

area covered by PVG

Significant acquisition fostering

growth in adjacent

geographical area

Strengthens cooperation and

industry links with international

publishing houses

Collaboration with Valora

Established long-term partnership (bundling

systems in Germany, Switzerland,

Luxembourg, returns in Germany, back office

services)

http://www.pvg.de/grosso/javasc

Valora Services and PVG: win-win-situation for all stakeholders Sale of Valora Services to PVG


PVG

Valora

Partnership ensures

ongoing, smooth delivery of

press products to Valora„s

1,000 plus outlets

Opportunities for employees

Distribution is PVG„s core

business

Expansion in Switzerland /

Luxembourg will complement

and extend PVG„s business

Employees

Combined know how in press

distribution at PVG and Valora

Services guarantees optimal

deliveries to existing customers

and comprehensive press-title

availability

Customers

Continuation and

development of the excellent

cooperation already established

between publishers and their

distribution partners

Publishers

PVG: Attractive potential for logistics services Outlook for business and its future development


Overview of PVG and Valora Services distribution networks

PVG 2013

> 6 000

# POS Valora

~ 1 000

Press & 3rd party

customers

~ 13 000

PVG 2014

~ 20 000

Valora Services

By acquiring Valora Services, PVG will more than triple its

distribution network

PVG will significantly enhance its existing market position

through this strategic geographic expansion

Know how and logistics expertise will be strengthened

Very good platform already in place for further expansion of

third-party logistics services

Existing PVG business contacts to pave way for additional

growth

Comments # outlets

Sale of Valora Services to PGV

Signing on May 6, 2014 with retroactive effect from January 1, 2014

Closing expected in 2nd quarter 2014

1

Partnership agreements between Valora and PVG

PVG will continue to employ all Valora Services staff

PVG will continue to supply Valora and third-party outlets with press products

The agreement governing PuDo (pick up, drop off) services at Valora outlets will remain in force and offers

further potential for the future

2

Summary of the key elements of transaction


Transaction has compelling industrial logic | buyer with strategic and long-term outlook

Significant book-value gain for Valora

Valora successfully withdrawing from non-core press distribution/logistics business

Valora Group guidance for 2014 and 2016 Update following sale of Valora Services

Projection for 2014 and 2016 in CHF million

Illustrative example

EBIT 2014E excluding Services

reported

2014E incl. discontinued operations

Comments

2016 guidance: EBIT of CHF > 90 million

Free cash flow for 2014 – 2016 to average at least

CHF ~ 50 million annually

Significant book-value gain to be generated by sale of Valora

Services (enterprise value CHF 80 million)

2014 guidance: EBIT of CHF 66 – 69 million (adjusted)

66 – 69


57 – 60

Book-value

gain on

Services

divestment

adjusted

reported

Contact details

Corporate calendar

Mladen Tomic Phone: +41 61 467 36 50

Head of Corporate Investor Relations E-mail: [email protected]

Stefania Misteli Phone: +41 61 467 36 31

Head of Corporate Communications E-mail: [email protected]

2014 General Meeting May 7, 2014

Publication of first-half 2014 results August 28, 2014

Please visit our website for more information regarding VALORA

www.valora.com

Contact details

Corporate calendar

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