Today (9 August 2022, Tuesday) Dufry AG announced its interim consolidated financial statements for the period ended June 30, 2022. According to the CEO of Dufry, Xavier Rossinyol, there is a 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.
About Dufry AG
Dufry AG (the “Company”) is a publicly listed company with
headquarters in Basel, Switzerland. The Company is the world’s leading travel
retail company. It operates in more than 2,300 shops worldwide. The shares of
the Company are listed on the SIX
Dufry AG and Autogrill S.p.A. Combination
On July 11, 2022, Dufry AG and Autogrill S.p.A. announced
the combination of the two groups. The current majority shareholder of
Autogrill (Edizione) will transfer its 50.3% stake in exchange of Dufry AG
shares. The transfer is expected to close in first quarter 2023, subject to
regulatory and shareholder approvals.
Xavier Rossinyol , Dufry AG’s CEO commented that they have
extensively engaged with their 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. Xavier states that they are more than ever excited about
the opportunities ahead of them, as they are progressing with the transaction
as planned.
What does Dufry Group CFO say about H2 Results?
Yves Gerster, CFO of Dufry Group, added that with half-year
2022, they introduce an EBITDA concept and related performance indicators on
top of their IFRS results. Those core figures consider all their concession
fees and corresponding payments as a part of their operational activities.
Therefore, they better reflect the actual performance of their business, the
reality of their concession contracts and are best equipped to follow and
evaluate their performance, while they are continuing with their IFRS
reporting.
What about Seasonality?
Usually Dufry has its strongest months of net sales and
operating profit between July and September corresponding to the summer time in
the Northern hemisphere, whereas the first quarter is the weakest. These
seasonality effects are more prominent on the operating profit level than in
net sales.
And the Financials for 2022 H2
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.
Looking at IFRS results, Operating Profit reached CHF 152.4 million in HY 2022, an improvement from CHF -368.5 million in HY 2021.
Recent Developments
Dufry estimates July net sales performance at a level of 90%
of 2019, in constant currency. As per end of June, around 2,078 shops and as
per end of July, more than 2,091 shops globally were open, representing above
90% of sales capacity.
Dufry sees strong demand and positive trends on all key
indicators; however, they remain vigilant given limited visibility regarding
the geo-political environment, pandemic-related developments, the economic
situation, and consumer sentiment going forward.
More Information Needed?
If you want to have more information about Dufry’s 2022-H2
results, press release and financial tables, I highly recommend you visitDufry AG’s Investor website:
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