07.05.2013

Turnover in line with expectations and good cash generation

Turnover presented a 1.7% growth, reaching CHF 736.4 million in the first quarter of 2013. Dufry had good turnover growth in EMEA & Asia, US & Canada, Mexico and parts of the Caribbean operations. The British Caribbean and most of South America performed in line with previous quarters and continued to be below average. Dufry expects that organic turnover growth will accelerate in the second half of the year due to a normalisation in some locations and several projects that were concluded in the past quarters.

The acquisition of 51% of the travel retail business of Folli Follie Group, that Dufry successfully completed on April 22, 2013, will contribute to the growth from April onwards when the business will start to be fully consolidated. The business, which generated turnover of EUR 300.3 million and EBITDA of EUR 83.7 million in FY 2012, will be integrated into Dufry’s existing operations.

The increase of 2,600 square meters in Dufry´s retail space in the Guarulhos International Airport in São Paulo, Brazil is on track and is expected to be completed in the second semester. The additional retail space, which represents an increase of 60% of Dufry’s current space, will allow Dufry to alleviate current capacity constraints and to generate additional revenues.

Turnover by Region


In the first quarter of 2013, Dufry’s turnover grew by 1.7% to CHF 736.4 million from CHF 723.9 million in 2012. Organic growth contributed 1.8% and 0.7% when including extraordinary effects. Like-for-like growth was 0.8%, and new concessions, net of closings, contributed 1.0%. The translational currency effect was positive by 1.0%.

Turnover in Region EMEA & Asia grew by 6.9% in first quarter 2013 and reached CHF 182.5 million versus CHF 170.8 million in the previous year. In Europe, good performance was seen in France, Switzerland, Russia and Spain, and Italy was stable. In Middle East and Africa, Dufry had a very strong performance in most markets like Tunisia, Morocco, Sharjah. In Asia, operations in Cambodia and China performed also very well.

Turnover in Region America I stood at CHF 190.5 million in first quarter 2013, compared to CHF 197.0 million in the same period last year. Operations in Mexico showed an excellent performance as did other operations like Dominican Republic and Trinidad. The British Caribbean continued to be sluggish and the operations in Argentina and Uruguay continued to be affected by the bankruptcy of the Uruguayan airline Pluna in July 2012.

Turnover in Region America II decreased by 8.2% to CHF 158.6 million in the first quarter 2013. The economic slowdown, a softening of the Brazilian Real against the US Dollar, as well as capacity constraints in some of the airports continued to impact the performance in the region. As highlighted before, the agreement with airport operator in São Paulo, where Dufry will enlarge its retail space by 2,600 sqm, should contribute to growth again in the second half of 2013.

Turnover in Region United States & Canada increased by 7.4% to CHF 189.8 million in the first quarter 2013. Turnover was driven by a combination of like-for-like growth as well as the addition of new concessions and retail space.

Gross profit in the first quarter 2013 reached CHF 432.7 million, and gross margin improved by 50 basis points to 58.8% versus 58.3% in the same period in 2012. The new logistic platform, that was announced last year, has started to be developed and the goal is to maximize synergies and know-how of the Company through the consolidation and development of Dufry’s commercial model, while strengthening our relationship with suppliers. The gross margin was also supported due to improved terms with suppliers.

Selling expenses, as a percentage of turnover reached 24.1%, an increase of 230 basis points compared to the previous year. In absolute terms, they reached CHF 177.7 million in 2013 versus CHF 157.9 million one year earlier. The main reason for this increase was the contract renewal signed in Brazil at the end of last year as well as the growth of the business in EMEA & Asia and US & Canada.

Personnel expenses as a percentage of turnover improved to 15.7% in the first quarter of 2013 versus 15.8% in the same period last year. Personnel expenses in the first quarter 2013 were CHF 115.9 million, compared to CHF 114.4 million in the same period 2012.

General expenses was in line as a percentage of turnover to 7.3% from 7.2% in the first quarter of 2012. In Swiss Francs, general expenses increased to CHF 53.8 million in the first quarter of 2013, from CHF 51.8 million one year earlier.

EBITDA reached CHF 85.3 million in the first quarter 2013, from CHF 98.0 million in the same period last year. The EBITDA margin reached 11.6%.


Depreciation and Amortization was CHF 41.5 million in the first quarter 2013 from CHF 40.1 million in the same period last year. Depreciation was at CHF 15.6 million in the first quarter 2013, compared to CHF 13.7 million in the same period in 2012. Amortization was flat at CHF 25.9 million in the first quarter 2013 versus CHF 26.4 million one year earlier.

Other Operational result (net) was minus CHF 6.0 million in the first quarter 2013. Among this amount are expenses related to projects and start-ups.

EBIT reached CHF 37.8 million in the first quarter 2013 versus CHF 55.3 million in year before.

Net financial expenses stood at CHF 19.0 million in the first quarter 2013 compared to CHF 17.1 million one year earlier. Net interest expense remained stable at CHF 17.9 million in the first quarter 2013 compared to CHF 18.0 million in the previous year.

Income taxes reached CHF 3.4 million in the first quarter 2013, versus CHF 6.5 million in the same period 2012. The effective tax rate as a percentage of EBT was 18.1% in the period.

Net earnings stood at CHF 15.4 million versus CHF 31.7 million. Net earnings attributable to equity holders reached CHF 8.8 million.

Net cash flow from operating activities reached CHF 94.5 million in the first quarter 2013 versus CHF 58.2 million one year earlier. In the quarter, Capex stood at CHF 21 million and Free cash flow stood at CHF 73.5 million.

Net debt at the end of March 2013, was CHF 948.4 million compared to the CHF 951.3 million at the end of December 2012. Adjusting for the capital increase of CHF 286.0 million done in October 2012, whose proceeds were used in April 2013 to finance the 51% stake of Folli Follie’s travel retail operations, adjusted net debt at the end of March is CHF 1,234.4 million. The main covenant, Net Debt/adjusted EBITDA was 2.4 times as of March 31, 2013.

As mentioned before, the acquisition of 51% of the travel retail business of Folli Follie Group was successfully concluded on April 22, 2013. The payment for the 51% equity stake as well as certain transaction and shareholder structuring cost were made out of Dufry Group’s liquidity. The consideration for the 51% equity stake is EUR 200.5 million. As part of the completion, the target business also entered into a new credit facility of EUR 335 million agreed with a syndicate of local banks. The facility is a committed 5-year amortizing term loan and is structured as non-recourse debt secured only through pledging of 100% of shares of the target business.

06.05.2013

Dufry moves one step further in expanding its presence in Asia

As part of expanding its geographic presence in Asia, with a focus on emerging markets and tourist destinations, Dufry signed on May 3, 2013 an agreement with Angkasa Pura I to operate duty free and duty paid shops at the new international terminal at Ngurah Rai International Airport in Bali.

Angkasa Pura I is an Indonesian State Owned Enterprise that has the authority to manage 13 airports in Indonesia including Ngurah Rai International Airport. Based on the new contract, Dufry will operate 7 shops covering a total retail area of 2,200 sqm, offering a duty free assortment that includes perfumes and cosmetics, liquor, tobacco and confectionery & fine food. Dufry will open four shops airside totaling 1,700 sqm, where the main one will be a walk-through concept with around 1,100 sqm. In addition to that, there will be a whiskey boutique and satellite shops will be presented there. Dufry will further operate 500 square meters in the arrivals area, which are planned to be divided in three shops.

Ngurah Rai International Airport handled 16 million passengers in 2012, where international passengers accounted for more than 50% of this total and made the airport to be busiest airport in Indonesia in terms of international passengers. Passenger traffic increased 12% in Ngurah Rai International Airport in 2012. Among the top 5 nationalities who visit this airport are Australian, Chinese, Japanese, Malaysian and South Korean where main purpose of their trip is tourism.

Bali is considered the “Island of Paradise” and Ngurah Rai International Airport, “The Gateway to Paradise”, aims to be among the Top Ten Airports in Asia. Through this partnership, Dufry and Angkasa Pura I will deliver high quality brands, excellent customer services and the best shopping experience for Ngurah Rai International Airport passengers.

Julian Diaz, CEO of Dufry Group, commented: "We are very pleased with this new opportunity to operate at Ngurah Rai International Airport. Bali is a major tourist destination in South East Asia and as such fits perfectly with our growth strategy focused on tourist destinations and emerging markets. We are convinced that we can create a world class travel retail space together with our partners and with the airport and we are looking forward to make this project happen."

30.04.2013

Results of Ordinary General Meeting of Dufry AG on April 30, 2013

The Ordinary General Meeting of Dufry AG was held at the Hilton Hotel, Aeschengraben 31, 4051 Basel, Switzerland, on April 30, 2013 at 14.00 hrs. The meeting was validly convened and constituted and shareholders duly registered in the share register of the Company representing 15,025,863 shares and 50.64% of the total share capital of Dufry AG were present at the meeting. All proposals of the Board of Directors were approved by a large majority of the shares represented at the meeting.

As per the Shareholders' Resolution regarding the Board of Directors' proposal to approve the Annual Report, the Consolidated Financial Statements and the Annual Financial Statements for 2012, the Board of Directors' proposal has been accepted by 98.24% of the votes represented.

As per the Shareholders' Resolution regarding the Board of Directors' proposal to carry forward CHF 77,207,000 as retained earnings, the Board of Directors' proposal has been accepted by 75.66% of the votes represented.

As per the Shareholders' Resolution regarding the Board of Directors' proposal to grant discharge to the members of the Board of Directors and to the persons entrusted with management for their activities in the fiscal year 2012, the Board of Directors' proposal has been accepted by 97.19% of the votes represented.

As per the Shareholders' Resolution regarding the Board of Directors' proposal to reduce the maximum number of members of the Board of Directors pursuant to Article 13 para. 1 of the Articles of Incorporation from eleven to nine members, the Board of Directors' proposal has been accepted by 98.36% of the votes represented.

As per the Shareholders' Resolution regarding the Board of Directors' proposals to re-elect (i) Mr. Jorge Born, (ii) Mr. Luis Andrés Holzer Neumann, (iii) Mr. José Lucas Ferreira de Melo, (iv) Mr. Joaquin Moya-Angeler Cabrera, and to elect (v) Mr. Julian Diaz Gonzalez, all until the 2016 Annual General Meeting, the Board of Directors' proposals have been accepted by 99.01%, 95.09%, 99.17%, 99.16% and 95.43%, respectively, of the votes represented.

As per the Shareholders' Resolution regarding the Board of Directors' proposal to elect Ernst & Young Ltd as the Auditors for the fiscal year 2013, the Board of Directors' proposal has been accepted by 94.53% of the votes represented.

23.04.2013

Dufry successfully completes the acquisition of the majority stake in travel retail operations of Folli Follie Group

On April 22nd, Dufry completed the transaction to acquire 51% of the travel retail business of Folli Follie Group.

The Folli Follie travel retail business is the leading travel retailer in Greece with 111 shops, more than 18,000 square meters of retail space and an attractive concession portfolio with a long duration. In 2012, the business generated turnover of EUR 300.3 million and EBITDA of EUR 83.7 million resulting in a 27.9% EBITDA margin. Overall, the business generates more than 80% of its turnover with international customers, among which Germans and British were the most important visitors.

The payment for the 51% equity stake as well as certain transaction and shareholder structuring cost were made out of Dufry Group’s liquidity. The consideration for the 51% equity stake is EUR 200.5 million. As part of the completion, the target business also entered into a new credit facility of EUR 335 million agreed with a syndicate of local banks. The facility is a committed 5-year amortizing term loan and is structured as non-recourse debt secured only through pledging of 100% of shares of the target business.

Dufry will integrate the acquired business into its existing operations and fully consolidate it. Dufry expects to generate synergies around EUR 10 million within 18 months through increasing spend per passenger, gross margin improvements and reorganisation of back-office functions.

Julian Diaz, Dufry’s CEO, commented: “I am pleased to finally conclude this transaction. As mentioned before, it represents another very important step towards our strategy to consolidate the fragmented travel retail industry. We are confident that the experience of Folli Follie in the Greek market, combined with Dufry´s global presence will generate important shareholder value and also further strengthens our position as the leading global travel retailer.”

05.04.2013

Dufry further strengthens its leading position in Brazil by signing a 10 year contract to operate duty free shops at Viracopos International Airport

Dufry is proud to announce that it signed an important agreement with Aeroportos Brasil Viracopos concessionary to operate duty free shops at the Viracopos International Airport for 10 years. This contract was awarded to Dufry Region America II, which accounts for 23% of the group.

Dufry is very happy about the partnership with Aeroportos Brasil Viracopos concessionary, and the operations will be a key success factor for the sustainable and healthy development of the travel retail industry in Brazil. The combination of Viracopos management's longstanding experience and Dufry's travel retail expertise and customer knowledge will translate into an outstanding shopping experience for passengers at Viracopos.

In the terms of the contract, Dufry will operate two duty free shops in the existing terminal with a total area of 324 sqm, of which one is in the arrivals area (237 sqm) and the other on the departure (87 sqm) side. Both shops will have a general travel retail format. The agreement also foresees that Dufry will enlarge its retail space by almost 50% once the new terminal will be completed which is expected to happen in May 2014. The expanded retail space will allow Dufry to further enhance its comprehensive range of products, and offer its clients international best selling brands and a unique shopping experience.

Viracopos airport is located 100 km from the city of São Paulo and is the 2nd largest air cargo terminal in Brazil. In 2012, this airport welcomed 8.9 millions domestic and international passengers and the forecast for 2013 will be around 10 million, already attending flights to Portugal, Argentina, with several charter flights. This airport has been chosen to host passengers for the 2014 World Cup.

Julian Diaz, CEO of Dufry Group, commented: “The success that we have achieved in winning new contract prove once more that we are in the right track in terms of diversifying and increasing our share in Emerging Markets, which present in our view a tremendous potential for business development. Apart from that, the partnership with the airport operator will be the key for the business development in the future projects”.

15.03.2013

Dufry with strong performance in 2012

2012 was a year of important achievements and strong performance for Dufry as the Company continued to add new businesses to its portfolio. Turnover grew by 19.6% and reached CHF 3,153.6 million.
EBITDA margin increased by 0.9 percentage points, reaching a new record level of 15.0% at year end versus 14.1% one year earlier. In absolute terms, EBITDA for 2012 was CHF 474.0 million compared to CHF 370.9 million in 2011.
Dufry continued to play a major role in the consolidation of the travel retail industry. The acquisition of several travel retail operations in South America, as well as Martinique and Armenia in August 2011, were fully consolidated during 2012 and the integration was concluded in August 2012, well ahead of the initial timetable.
The Company acquired a 51% stake of a Russian travel retailer in January 2012, and in October 2012, Dufry signed an agreement to acquire 51% of the travel retail operations of Folli Follie Group, the leading travel retailer in Greece.
Last but not least, Dufry signed in November 2012 an agreement with Guarulhos International Airport in São Paulo, Brazil, for the extension of our concession until 2016 and the expansion of retail space in the airport of almost 50%.
In the fourth quarter 2012, Dufry also further strengthened its debt profile. The debt maturing in 2013 was successfully refinanced through a renewal of a committed CHF 650 million bank facility until 2017 and the Company also debuted in the debt capital markets with a successful 8 year senior notes offering of USD 500 million maturing in 2020. Dufry also strengthened its equity base with a capital increase of CHF 286 million to finance the transaction in Greece.
In 2012, Dufry’s turnover grew by 19.6% to CHF 3,153.6 million from CHF 2,637.7 million in 2011. Organic growth contributed 3.7% and 4.6% when excluding extraordinary effects. Like-for-like growth was 1.5% and 2.4% respectively, and new concessions, net of closings, contributed 2.2%. Acquisitions added 11.2% to the turnover growth, and finally the translational currency effect was positive by 4.7%.

Turnover of Region EMEA & Asia grew by 20.2% in 2012 and reached CHF 790.4 million versus CHF 657.8 million in the previous year. Dufry had a very strong performance in Asia and Africa where most markets reached double-digit growth for the year. Europe also continued to grow, albeit at a lower pace. France showed a good performance, also in Spain and Switzerland. Growth in the region was also supported by the consolidation of acquisitions in Armenia, Martinique and Russia. In China, the good performance was further enhanced by new concessions in Chengdu. During the year, Dufry also completed the last steps of the exit from Singapore.

Turnover in Region America I increased by 48.3% to CHF 778.3 million, compared to CHF 524.7 million in 2011. The operations in Mexico showed strong sales growth supported by passenger growth. Apart from the operations in the British Caribbean, which remained weak due to a change in the passenger profile and different itineraries of the cruise lines affecting the numbers of customers, the other parts of the Caribbean performed very well. Especially the business in the
Dominican Republic and Trinidad performed strongly. In South America, Dufry’s operations in Argentina and Uruguay were affected by the bankruptcy of the Uruguayan airline Pluna at the beginning of July.

Turnover in Region America II increased by 0.2% to CHF 730.6 million, compared to CHF 729.4 million in 2011. After many years of continued strong performance, operations in Brazil were impacted by the economic slowdown in the country, a softening of the Brazilian Real against the US Dollar, as well as capacity constraints in some of the Brazilian airports. The Company successfully implemented several measures to safeguard the profitability in the region.

Turnover in Region United States & Canada increased by 15.5% to CHF 809.3 million in 2012, compared to CHF 700.5 million one year earlier. Turnover continued to show solid growth driven by like-for-like growth as well as through adding new concessions and retail space. The expansion of Company´s presence in the region is not only based on the Hudson News
convenience store concept, but Dufry also successfully has expanded its portfolio of brand boutiques and specialized shops as well as duty free shops. Performance in the last quarter of 2012 in the region was impacted by hurricane Sandy but the negative effects were relatively short-lived.

EBIT increased to CHF 275.6 million in 2012 versus CHF 212.5 million in 2011.

Net earnings increased by CHF 23.3 million and stood at CHF 158.2 million. Net earnings attributable to equity holders grew by 9.4% to CHF 122.4 million and Cash EPS increased by 18.7% to CHF 7.48 in 2012 versus CHF 6.30 in 2011.

Cash flow from operating activities increased by 13.6% to CHF 382.5 million in 2012 from CHF 336.8 million one year earlier. Free cash flow also increased by CHF 22.9 million to CHF 271.8 million.

08.03.2013

Dufry Board to propose reduction of its size at the Annual General Meeting of April 30

Dufry AG announces that its Board will propose at the Annual General Meeting on April 30, 2013, to reduce its size from eleven to seven members.

Messrs. Mario Fontana, Maurizio Mauro and Steve Tadler, who have completed their term of office, are not available for re-election and Mr. Ernest George Bachrach will resign for personal reasons.

Messrs. Jorge Born, Andrés Holzer Neumann, José Lucas Ferreira de Melo and Joaquin Moya-Angeler Cabrera, whose term will be completed with the upcoming Annual General Meeting, will be proposed for re-election.

The Board will further propose that the maximum number of members of the Board of Directors pursuant to Article 13 para. 1 of the Articles of Incorporation be reduced to nine members.

Mr. Juan Carlos Torres Carretero, Chairman of the Board, said: "My departing colleagues have served Dufry with distinction. I offer them my sincere thanks for the contribution they have made to the company's development.

05.02.2013

Dufry Sports: the brand that is present at Brazil’s major sports events

Dufry Sports is the operator of FIFA Confederations Cup Brazil 2013 and FIFA World Cup Brazil 2014™, with points of sales at all stadiums of these two events, both this year and in 2014, according to an agreement signed with Globo Marcas, Master Licensee in the Brazilian territory.

Upon commenting on the signing of the agreement, Dufry do Brasil President, Humberto Mota, said:

“By signing this agreement, Dufry Sports consolidates its position in the retail market of sports goods, especially when it comes to major events.

In the 2007 Pan American games, we were chosen to market items licensed by the Olympic Committee. Dufry Sports also performed such a mission successfully at the Military World Games.

Now we will market the Official Products licensed by FIFA, both in the Confederations Cup, this year, and in the 2014 World Cup.

We are proud of actively participating in these Major Events, in line with Dufry Policy: “Think Globally, act Locally.”

The agreement further ensures the opening of official stores at domestic and international airports and official stores in the cities where the events will take place.

Dufry Sports operated the official store at the draw for the grouping of the FIFA Confederations Cup 2013, in São Paulo. In addition to t-shirts and souvenirs, the competition’s official ball was sold first hand, soon after its launch.

Established in 2007, Dufry Sports is in charge of selling official sports-related products with innovation and credibility. The brand’s first participation in tournaments was Rio 2007 Pan American Games, with 72 stores at all the event’s sports facilities, and a Megastore in Copacabana beach, selling more than 500 licensed products that were a sales and customer satisfaction success.

Since then, Dufry Sports has been present as the official store of other major sports events, such as Stock Car (Brazil’s largest category of car racing), Rio Military World Games 2011, Novo Basquete Brasil – NBB, and in a series of street running events, such as São Silvestre, São Paulo Marathon, Rio Half Marathon and Volta da Pampulha Running Event.

After five years of great success of Dufry Sports’ pop up stores in Brazil, the brand has hired a technology and innovation company to develop a concept of special stores for sports fans, which will be launched in early 2013 with the opening of two physical stores in Brazil’s two main domestic airports: Congonhas and Santos Dumont.

The Congonhas unit in Sao Paulo will offer products related to a broad universe of sports, whereas the brand’s branch at the Santos Dumont Airport in Rio de Janeiro will offer only theme products linked to car racing.

17.01.2013

Advent sells stake in Dufry

On 16 January, 2013, Advent International Corporation, 75 State Street, Boston, MA 02109, USA (“Advent”), has informed that have sold a total of 3,879,609 registered shares of Dufry AG.
The transaction was structured as a secondary placement on 16 January, 2013, and the shares offered by Advent were placed to a large number of existing and new institutional shareholders. After Advent’s sale of all their shares of Dufry AG, the Company’s free float has increased to 88%, corresponding to a free float value of CHF 3.1 billion.

05.11.2012

Dufry increases turnover by 25.8% and generates record EBITDA margin of 15.2% in the first nine months of 2012

Dufry increases turnover by 25.8% and generates record EBITDA margin of 15.2% in the first nine months of 2012

In the first nine months of 2012, Dufry’s turnover grew by 25.8% to CHF 2,363.9 million and gross margin increased by 80 basis points to 58.8% in the period. EBITDA increased by 40.5% to CHF 360.2 million and EBITDA margin improved by 160 basis points, reaching a record of 15.2%.

Strong turnover growth and further improvement of gross margin and EBITDA margin

Turnover reached CHF 2,363.9 million in the first nine months of 2012 versus CHF 1,879.0 million one year earlier a growth of 25.8%. Organic growth was 4.9%, to which like-for-like growth contributed 2.5% and new concessions and expansions added 2.4%. Acquisitions contributed 14.9% to turnover growth and changes in foreign exchange rates resulted in a positive translation effect of 6.0%.

Dufry increased its gross margin once more by 80 basis points to 58.8% in the first nine months of 2012. At the same time, EBITDA margin improved by 160 basis points to 15.2% – a new record for the Company. The EBITDA margin improvement was supported by Dufry´s cost control as well as synergies from the acquired businesses. In absolute terms, EBITDA for the nine month period of 2012 reached CHF 360.2 million, a growth of 40.5% compared to the same period in 2011.

Global trend remain intact, regional differences persist

In June 2012, Dufry announced an internal reorganization aiming to continue delivering sustainable long term growth and shareholder value creation. The re-shaping of the regional structures from six to four regions is designed to allocate increased responsibilities to the regions and to have greater flexibility to execute and implement the global strategy. At the same time, Dufry also centralized group functions where economies of scale can be achieved, such as procurement and logistics. The organizational changes were fully implemented as of 1st September, 2012.

24.09.2012

51%

Dufry announces that it is in advanced negotiations with Folli Follie Group (FFG) for the acquisition of a 51% participation of FFG's travel retail business. Dufry shall proceed to official announcements according to the law.

30.07.2012

First half of 2012 (1)

Turnover increased by 28.4% in the first half of 2012 and reached CHF 1,517.4 million versus CHF 1,181.3 million one year earlier. Organic growth was 7.5% with like-for-like growth contributing 4.9% and new concessions and expansions adding 2.6%. While foreign exchange swings resulted in a positive translation effect of 1.4%, acquisitions contributed 19.5% to turnover growth in the half year of 2012. Gross margin improved by 80 basis points to 58.8% in the first half of 2012 from 58.0% in the same period one year ago. Selling expenses stood at CHF 331.1 million in the first half of 2012 versus CHF 260.7 million one year before. As a percentage of turnover they decreased by 0.3 percentage points to 21.8% compared to 22.1% in the same period last year. Personnel expenses amounted to CHF 234.6 million compared to CHF 192.5 million in the first six months of 2011. As a percentage of turnover, personnel expenses stood at 15.5% versus 16.3% in the same period last year. General expenses amounted to CHF 105.9 million in the first half versus CHF 83.2 million in the same period of 2011. General expenses as a percentage of turnover remained flat at 7.0%. EBITDA for the first half of 2012 increased by 48.4% to CHF 220.1 million compared to CHF 148.3 million for the respective period in 2011. EBITDA margin improved by 1.9 percentage points to 14.5% compared to 12.6% for the relevant period in 2011.

30.07.2012

First half of 2012 (2)

Other operational result (net) was an expense of CHF 6.9 million for the first half of 2012 versus an expense of CHF 6.1 million in the same period last year. These costs are generally related to new projects, start-up costs, and restructuring costs. EBIT went up by 54.6% to CHF 131.0 million in the year to June 2012 versus CHF 84.7 million in the respective period of 2011. Net financial expenses came to CHF 36.0 million from CHF 15.6 million in the first half of 2011. In August 2011, Dufry structured an add-on facility of USD 1,000 million to finance the acquisitions mentioned earlier, resulting in increased financial expenses. Income taxes for the first half of 2012 amounted to CHF 17.1 million compared to CHF 12.0 million for the corresponding period of 2011. The effective tax rate, measured as percentage of EBT, stood at 18.0% compared to 17.3% the same period last year. Net earnings to equity holders increased by 34.9% to CHF 62.3 million in the first half of 2012 compared to CHF 46.2 million in the same period of last year. Core EPS[2] went to CHF 3.85 in the first six months of the year versus CHF 2.54 in the same period in 2011. Net cash flow from operating activities improved by CHF 45.9 million, or 39.0%, and reached CHF 163.6 million in the first six months of 2012 versus CHF 117.7 million one year earlier.

30.07.2012

First half of 2012 (3)

Capex for the period stood at CHF 52.6 million, compared to CHF 39.5 million registered in the first half of 2011. Net debt was CHF 1,346.7 million, compared to CHF 1,353.1 million on March 31, 2012. Excluding any FX translation effects, net debt (CER) decreased by CHF 57.4 million. The main covenant, Net Debt/adjusted EBITDA, stood at 3.10x, compared to the threshold of 3.75x agreed with the lending banks.