• Positive momentum continues into the third quarter with July net sales estimated at 90% of 2019 in constant FX
• Despite all current events, revenue recovery is stronger than anticipated, and combined with continuous cost control supports solid HY 2022 results while ongoing vigilant approach
• Equity Free Cash Flow of CHF 196.7 million performed above 2019 levels, partly supported by phasing including Capex, with Cash Flow before Financing improving to CHF 256.7 million
• Dufry introduces IAS17¹ EBITDA (Core EBITDA) as a key performance metric², reaching 7.8% margin in HY 2022
• Combination with Autogrill advancing as planned

Xavier Rossinyol, CEO of Dufry Group, commented: 

“We have seen positive momentum over the recent months, reflected in solid performance for June of 85.5% and for July of already around 90% of 2019 turnover levels in constant currency. Regions like North America, Central America and the Caribbean, as well as some of the Southern European and Mediterranean countries perform in line or above 2019.

At the same time, we continue to remain attentive given the current geopolitical and health situation, and we monitor closely consumer sentiment and the propensity for travel-related spending over the next months. We will count on the agility and talent of our teams to react accordingly and to further strengthen our global position in the long-term despite potential temporary or geographically limited volatility.

We have extensively engaged with our employees and stakeholders following the announcement on Dufry joining forces with Autogrill to redefine the boundaries of the industry and to enrich the passenger journey by providing unique integrated and digitalized offerings for travellers across Travel Retail and Food & Beverage. We are more than ever excited about the opportunities ahead of us, as we are progressing with the transaction as planned. We expect to close the first stage, the transfer of Edizione’s 50.3% stake in Autogrill to Dufry, by Q1 2023, subject to our shareholders’ approval at the upcoming EGM.”

Yves Gerster, CFO of Dufry Group, added: 

“With half-year 2022, we introduce an EBITDA concept and related performance indicators on top of our IFRS results. Those CORE figures consider all our concession fees and corresponding payments as a part of our operational activities. Therefore, they better reflect the actual performance of our business, the reality of our concession contracts and are best equipped to follow and evaluate our performance, while we are continuing with our IFRS reporting. We have published also historical figures in a consistent manner to allow clear comparisons.”

  FINANCIAL SUMMARY

In the first half-year 2022, Dufry has seen gradual improvements in nearly all its operations in line with the easing of travel protocols, with a pick up especially since the second quarter of the year. Turnover reached CHF 2,922.5 million, representing growth of 146.2%, of which 147.2% organic compared to the same period 2021, and reaching a level of 75.5% of 2019 turnover in constant currency (69.9% in reported currency). In HY 2022, the FX effect on Turnover was -1.0% versus HY 2021, and -5.9% versus HY 2019, mainly related to the effects of the stronger key currencies USD, EUR and GBP.

Turnover in Europe, Middle East and Africa was CHF 1,457.8 million HY 2022 from CHF 376.0 million one year ago. Organic growth versus 2021 was 303.4%, with turnover reaching a level of 78.1% of 2019 (in constant FX). Best performing were Mediterranean countries, including Turkey, Greece, and the Middle East. In addition, UK, France, Spain, Eastern Europe, and Africa made significant progress, benefiting especially from growing leisure demand.

Asia-Pacific’s turnover reached CHF 55.4 million in HY 2022 from CHF 52.1 million in HY 2021. Organic growth versus 2021 was 5.4%, with turnover reaching a level of 16.3% of 2019 (in constant FX). Whilst selected countries like Australia, Bali, Cambodia have started to re-open, other governments still adhered to a zero-Covid approach or restrictive measures during the first half of the year. This specifically relates to China, also affecting overall travel in the region. 

The America’s turnover stood at CHF 1,304.2 million in HY 2022 versus CHF 637.9 million in HY 2021. Organic growth versus 2021 was 97.2%, with turnover reaching a level of 81.9% of 2019 (in constant FX). The region has seen a rapid rebound since February. This refers especially to US domestic, intra-regional and increasingly transatlantic travel, as well as touristic travel to Mexico and Central America, including the Caribbean Islands and the Dominican Republic. South America also started to trend upwards, especially in Argentina, Colombia, and Ecuador, with the wider region having followed most recently.
 

For the HY 2022 Results Presentation, the HY 2022 Financial tables, details of the HY 2022 Presentation and Conference Call and other related information, please visit our dedicated page: www.dufry.com/en/HY2022