2021 in a nutshell

million CHF (+ 116 %)
within the communicated guidance
2 230
external sales
million CHF (– 0 %)
Recovery from March to October with increasing leverage on profitability
free cash flow
million CHF (– 34 %)
plus a solid balance sheet and a high degree of financial stability and flexibility
2 724
sales outlets
~15 000
employees in the network
bakery products
million pieces

Shop around the clock

Foodvenience even when other shops are closed: In addition to the cashier-free avec box, conventional avec stores now also operate 24/7 – with staff during the day and autonomously at night. And with k kiosk, Valora is entering the vending machine business.

Refurbished sales outlets perform well

Refurbished sales outlets perform well

The sales performance of the already refurbished sales outlets within the context of the SBB tender is significantly stronger than the rest of the SBB portfolio, especially in the food category.

Welcome to Back-Factory
Back-Factory Stamp

Welcome to Back-Factory

The snack expert Back-Factory has been part of Valora since November 2021. This means Valora is now one of the top five German catering companies*, penetrating further into city centres and benefiting from synergies.

* previously top ten according to foodservice 4/2020 magazine

Full throttle to the service station

From January 2022, Valora will also operate Moveri service station shops with avec, doubling its network and net revenue in this business and strengthening its presence at service stations in German-speaking Switzerland.

rPET Heart

ok.– with rPET

Valora now offers mineral water, iced tea and fruit juices from its own brand ok.– in weight-optimised bottles with rPET. As a result, it saves around 200 tonnes of CO2 per year.

At the largest Dutch train stations

BackWerk has entered into a franchise partnership with HMSHost International. By the end of 2022, 12 HMSHost International locations at the largest Dutch train stations are to be converted into BackWerk stores.

2021 Financial year

Portrait Franz Julen
Franz Julen, Chairman of the Board of Directors
Portrait Michael Mueller
Michael Mueller, CEO Valora Group

Team spirit


The people in the Valora network braved the crisis once again in 2021 and performed outstandingly. Valora is proud of them – and asks six representative employees and partners to report on their day-to-day work.


The people in the Valora network braved the crisis once again in 2021 and performed outstandingly. Valora is proud of them – and asks six representative employees and partners to report on their day-to-day work.

More reports from everyday working life at:

Patricia Jansen, Assistant Manager, BackWerk, Hilversum

Patricia Jansen, Assistant Manager, BackWerk, Hilversum

“During the COVID-19 pandemic, talking to customers is more important than ever to me. An older customer who comes by every day and orders coffee and a croissant is particularly close to my heart. She’s from abroad. Her Dutch is not very good, but thanks to our short conversations it is getting better every day.”

Julian Hürlimann, Working Student, Valora Digital, Zurich

Julian Hürlimann, Working Student, Valora Digital, Zurich

”When I joined Valora Digital in October 2020, I was one of two working students. In the meantime, we are nine working students and interns. Valora Digital is a bit like a start-up within the Group. We drive each other forward. And together, we can make a big difference. Around the start of 2021, for example, we launched the 24/7 store at Hardplatz in Zurich together with the other departments. The avec site there functions partly with staff and partly autonomously via the avec 24/7 app. We’ve invested countless hours in this hybrid solution. It was an incredible feeling when I was allowed to enter the converted store.”

Nicole Portmann, Agency Manager at k kiosk and Press & Books, Zug

Nicole Portmann, Agency Manager at k kiosk and Press & Books, Zug

“At the end of May 2021, we opened a second k kiosk store at Zug railway station. At first, I was sceptical whether this would work in these rather difficult times. We had to postpone the opening three times, which made staff planning a challenge. But I was pleasantly surprised! The kiosk is doing very well and has become a popular meeting point. We now have a loyal customer base in all three of my shops at Zug railway station. Older customers in particular appreciate the fact that we are there for them seven days a week. It’s like a ritual – they drop by, buy a daily newspaper and stay for a quick chat.”

Burkhard Lange, Project Manager at Valora Retail Germany, Hamburg

Burkhard Lange, Project Manager at Valora Retail Germany, Hamburg

“Shortly after I joined Valora in October 2020, the lockdown started, and we were working from home. So, I got to know the company, the processes and the people online. But my colleagues have been very helpful, and I quickly assumed responsibility for strategic projects. Among other things, Deutsche Bahn opened its first 24/7 ServiceStore near Hamburg in June 2021 – based on the technology of our avec box, which had already been tested in Switzerland.”

Brian Samali, BackWerk Germany Franchisee

Brian Samali, BackWerk Germany Franchisee

“What particularly motivated me in 2021 was my drive to keep the shops running whenever possible. I want to be there for my customers and offer a bit of normality during the crisis. I will never forget 11 March 2021 – after three months of closure, I was allowed to reopen my shops. The lights were on, the staff were back, and the smell of fresh baked goods was in the air – amazing!”

Valentina Teganini, Managing Director of Caffè Spettacolo, Zurich

Valentina Teganini, Managing Director of Caffè Spettacolo, Zurich

“I love my work at Caffè Spettacolo at Zurich main railway station. For one thing, I practically grew up here, my father was a yardmaster. I also enjoy the hustle and bustle, all the people. Despite the challenges we faced last year, I always tried to convey an air of confidence and thereby motivate my team. My employees are important to me. I’m thrilled that they all joined forces and pulled together.”

Key financial data

External sales

in CHF million


in CHF million

Free cash flow

in CHF million


in CHF million

Valora employees

number in full-time equivalents


number excl. independent partners at Retail Germany


We brighten up our customers’ day. Wherever people are on the move.



Becoming an
attractive place to work for everyone

21 000


The newly launched Group-wide learning platform Valora Academy offers access to numerous types of training and compulsory courses. In 2021, a total of around 21 000 e-learning modules were completed.


Becoming a
climate-neutral company

169 000


Last year, Valora sold 169 000 reduced-price food portions through its partnership with Too Good To Go. This was around 19 000 more portions than in the previous year and led to savings of around 425 tonnes of CO2.


Becoming the go-to place
for sustainable foodvenience

3 119

Umbrellas to rent

Since 2021, sustainably produced umbrellas have been available for hire at the k kiosk, Press & Books and avec sales outlets in Switzerland for return anywhere in Switzerland. This service was used 3 119 times last year.

Valora Stories

The different types of expansion

Valora is continuing the expansion of its network and offering and strengthening its core business in the existing regions.

Digital loyalty programs: loyalty pays off

Valora is developing its own digital loyalty programs. This benefits not only the Valora formats, but also the customers and partners.

“We are testing various innovations with regard to reusable cups”

Coffee is still mostly consumed from disposable cups. How does Valora meet this challenge as part of its sustainability strategy?

avec: the flexible convenience concept for any location

Valora completely revised the avec concept in 2018. Since then, various other avec formats have been developed and launched.

The right drink for every taste

Valora is consistently expanding the share of food and fresh products in its retail sales outlets. Hot and cold drinks play a key role here.

Innovation in production of baked goods

The Ditsch pretzel bakery has developed innovative solutions and products in the B2B market, defying the COVID-19-driven decline in demand in the food service market.

Self-employed but not alone: Valora’s franchise and agency partners

Valora trains its franchisees and agency partners to become successful, self-employed businesspeople.

Danke! Merci! Thank you! Dankjewel!

People in the Valora network performed outstandingly again in 2021. Employees and partners report.