Slide 1: Dufry Presentation – 1H10 Results
Board of Directors Zurich, 24 March, 2009 Dufry Presentation – 1H10 Results August 2010 1
Slide 2: Legal Disclaimer
Board of Directors Zurich, 24 March, 2009 Legal Disclaimer Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in
Slide 3: Agenda
Board of Directors Zurich, 24 March, 2009 Agenda 1. Overview 1H10 Results 2. Dufry Strategy 3. Financials 4. Conclusion 3
Slide 4: 1. Overview 1H10 Results
Board of Directors Zurich, 24 March, 2009 1. Overview 1H10 Results 4
Slide 5: Main Events 1H10
Board of Directors Zurich, 24 March, 2009 Main Events 1H10 • Profitable growth – Confirmation of Dufry’s profitable growth strategy in 2010 • 15.8% turnover increase on constant FX rates • 20.3% EBITDA increase on constant FX rates – Solid organic growth achieved in H1 2010 of 10.2% – Significant in
Slide 6: Key Figures 1H10
Board of Directors Zurich, 24 March, 2009 Key Figures 1H10 Turnover and EBITDA Evolution 2,600 12.5% 2,379 2,400 9.5% • Turnover at constant FX rates 2,200 2,114 +15.8% to CHF 1,315 m 2,000 1,930 34.4% 1,800 1,600 11.7% • Gross margin improved (CHF million) 1,436 51.2% 21.4% to 57.0% from 55.6% 1,40
Slide 7: Passenger Growth
Board of Directors Zurich, 24 March, 2009 Passenger Growth International PAX Growth June YTD International PAX Forecast 20% 16.2% 2010 2011 2012 2013 14.6% EUROPE -0.1% 3.2% 3.0% 2.9% 15% 12.4% NORTH AMERICA 2.9% 3.0% 2.6% 2.5% 10.1% LATIN AMERICA 4.7% 2.2% 3.1% 3.1% 10% 6.7% ASIA/ PACIFIC 12.6% 6.8
Slide 8: Business Development
Board of Directors Zurich, 24 March, 2009 Business Development New Retail Space 2010 by Region New Retail Space – Openings 2010 of which 8,000 Region New sqm Total Shops 6,957 Hudson Int'l 7,000 6,163 Europe 923 160 8 6,000 Africa 1,816 - 12 5,000 sqm Eurasia 5,162 1,034 37 4,000 3,549 3,066 Central
Slide 9: 2. Dufry Strategy
Board of Directors Zurich, 24 March, 2009 2. Dufry Strategy 9
Slide 10: Proven Track Record of Delivering Growth
Board of Directors Proven Track Record of Zurich, 24 March, 2009 Delivering Growth Dufry Key Facts Evolution of Dufry 2003–2009 (2) 2003 2009 Growth CAGR % • 40 countries Countries 25 40 60% 8% • 143 airports Airports 47 145 209% 21% • 1,134 shops Shops 227 1'097 383% 30% • Around 340 concessions Re
Slide 11: Leading Global Travel Retailer
Board of Directors Zurich, 24 March, 2009 Leading Global Travel Retailer Mediterranean Corridor Asia Corridor Latin America Corridor 11
Slide 12: Dufry's Performance 1H10
Board of Directors Zurich, 24 March, 2009 Dufry’s Performance 1H10 Dufry per Region Dufry by Product Fashion, Electronics Leather and 3% Other Developed Europe Baggage 4% Perfumes and Markets 12% 8% cosmetics North America 22% Africa Tobacco 29% 7% goods 8% Eurasia 9% Watches, Jewelry and Accessorie
Slide 13: Global Growth Opportunities
Board of Directors Zurich, 24 March, 2009 Global Growth Opportunities Organic growth Passengers 20% 17% • Significant historic and 14% 15% projected growth in all TOP-LINE GROWTH: 26% p.a. (1) areas 10% 10% 10% 8% 5% Productivity 5% • Penetration 0% – Improved retail concept Spend per Dec '04 Dec '0
Slide 14: Travel Retail Market Trends
Board of Directors Zurich, 24 March, 2009 Travel Retail Market Trends Travel Retail Industry Retail Trends Dufry • Broadening of customer base 6% - Emerging Markets - Lower customer segments • Enhance shopping experience - Adapt trends in high street retailing to travel Other Top 9 retail Operators
Slide 15: Dufry 2010-15: Strategic Plan
Board of Directors Zurich, 24 March, 2009 Dufry 2010-2015 Dufry 2010-15: Strategic Plan AIRPORT AUTHORITIES 14.2857% & LANDLORDS 14.2857% EMPLOYEES SHAREHOLDERS ORGANIZATION HR 14.2857% & INVESTORS Mid-Term Plan 2010 - 2012 CUSTOMERS 14.2857% DUFRY +1 ONE DUFRY INFORMATION TECHNOLOGY 14.2857% SOCIET
Slide 16: Mid-Term Plan – Dufry Plus One
Board of Directors Zurich, 24 March, 2009 Mid-Term Plan – Dufry Plus One • Cross-functional initiative focused on ”customer satisfaction“, from gathering and analyzing customer needs, to providing right purchase proposition in our shops compared to their reference market • Selected Key Initiatives –
Slide 17: Mid-Term Plan – One Dufry
Board of Directors Zurich, 24 March, 2009 Mid-Term Plan – One Dufry • A plan to control and reduce risk, increasing compliance and internal control systems maximising result and returns, through increased control through cost and asset management • Selected Key Initiatives – Finance • Financial Risk
Slide 18: 3. Financials
Board of Directors Zurich, 24 March, 2009 3. Financials 18
Slide 19: Turnover/Net Sales Growth Analysis
Board of Directors Zurich, 24 March, 2009 Turnover/Net Sales Growth Analysis Turnover Growth Components FX Rate Development Q1 Q2 Q3 Q4 Organic Growth 10.2% CHF/USD 2010 1.058 1.109 New Concessions 5.6% CHF/USD 2009 1.150 1.113 1.063 1.021 Turnover Growth at constant FX 15.8% % Change 10/09 -8.0% -0
Slide 20: P&L Analysis
Board of Directors Zurich, 24 March, 2009 P&L Analysis Turnover Growth by Region Gross Profit Margin Growth at 60% Region Constant FX 57.0% 55.9% 55.6% Europe 3.4% 54.5% 54.3% 55% 53.3% as % of Turnover Africa 0.8% Eurasia 7.3% Central America & Caribeean 12.0% 50% South America 40.5% 46.4% North Am
Slide 21: Income Statement
Board of Directors Zurich, 24 March, 2009 Income Statement (CHF million) Dec '03 % Dec '07 % Dec '08 % Dec '09 % Jun '09 % Jun '10 % Turnover 685.7 100.0% 1,930.3 100.0% 2,113.5 100.0% 2,378.7 100.0% 1,135.1 100.0% 1,267.9 100.0% Gross profit 318.1 46.4% 1,028.0 53.3% 1,151.9 54.5% 1,329.4 55.9% 631
Slide 22: Net Earnings / Earnings Per Share
Board of Directors Zurich, 24 March, 2009 Net Earnings / Earnings Per Share Net Earnings CHF million 1H 10 1H 09 Growth NET EARNINGS 60.7 33.4 81.7% Proforma post merger Minority Interest (1) 8.8 23.0 Equity Holders of the Parent (1) 51.9 10.4 Reported Minority Interest 20.3 23.0 Equity Holders of t
Slide 23: Balance Sheet
Board of Directors Zurich, 24 March, 2009 Balance Sheet ASSETS (CHF million) 31/12/2007 31/12/2008 31/12/2009 30/06/2010 Property, Plant & Equipment 128.5 249.8 241.6 239.5 Intangible assets 1,052.0 1,410.9 1,350.5 1,363.9 Other non-current assets 38.0 175.8 175.6 192.4 Non-Current Assets 1,218.5 1,
Slide 24: Summary Balance Sheet June 2010
Board of Directors Zurich, 24 March, 2009 Summary Balance Sheet June 2010 In CHF million 1,934 1,934 PP&E (12%) 240 890 Equity (46%) -Concession rights 762 -Goodwill 412 Intangible assets (71%) 1,364 -Brands 160 -Other 30 717 Net Debt (37%) Net Other non current assets (2%) Non current liabilities (
Slide 25: Cash Flow Statement
Board of Directors Zurich, 24 March, 2009 Cash Flow Statement In millions of CHF H1 2010 H1 2009 Net debt - Dec 31 (609.8) (824.2) Cash flow before working changes 149.5 137.4 Change in net working capital 4.8 62.4 Income taxes paid (11.8) (14.8) Net cash flows from operating activities 142.5 185.2
Slide 26: Financing and Covenants
Board of Directors Zurich, 24 March, 2009 Financing and Covenants Net Debt Evolution Change in Net Debt 1,000 943 17 158 17 149 7 900 57 824 (CHF million) 808 (CHF million) 800 717 723 717 610 559 700 643 610 613 600 559 500 Covenants Ratio Actual Required Dec '09 Mar '10 Jun '10 Mar '10 Total drawn
Slide 27: Trading Volumes
Board of Directors Zurich, 24 March, 2009 Trading Volumes Dufry AG Share Price Daily Average Volume in CHF 9.0 100 8.0 90 7.0 80 (CHF millions) 6.0 70 (CHF) 5.0 60 4.0 50 40 3.0 30 2.0 20 1.0 10 0.0 Q1 Q2 Q3 Q4 Dufry SPI 2009 2010 Note: SPI rebased to Dufry in Jan-09 Note: Since April 2010 including
Slide 28: 4. Conclusion
Board of Directors Zurich, 24 March, 2009 4. Conclusion 28
Slide 29: Conclusion/Outlook
Board of Directors Zurich, 24 March, 2009 Conclusion/Outlook Key Targets for 2010 • Q2 10 performance has confirmed that growth trend is back as mentioned in Q4 09 and Q1 10 – Last passenger projections for 2010 confirm a positive outlook for the travel retail business • Reevaluating our strategy an
Slide 30: Thank You
Board of Directors Zurich, 24 March, 2009 Thank You 30