Slide 1: Half-Year 2023 Results
HALF-YEAR 2023 RESULTS 4th August, 2023
Slide 2: Agenda
Agenda 01 Strategy and Business Update 02 Financial Update 03 Conclusion 04 Appendix All 2022 proforma figures for the combined Group within this release are approximations, not audited, not reviewed. Proforma (or otherwise PF) includes Autogrill consolidated from February 2022 onwards. CORE financi
Slide 3: Strategy and Business Update
Strategy and Business Update 3
Slide 4: Autogrill Now Fully Combined: From a Store to a Story
®DUFRY Lv AUTOGRILL NOW FULLY COMBINED From a store to a story
Slide 5: Destination 2027 – Our North Star + Clear Priorities
DESTINATION 2027 – Our North Star + Clear Priorities A Financial Performance Drive DAILY SPP Sales PERFORMANCE Margin Improvements EFCF Generation B Integration: Synergies + ONE GROUP! New Markets + Reimagined Food and ONE TEAM! Hybrid Offering Travel Beverage EXECUTION! Retail Active Portfo
Slide 6: Delivering At All Levels
A. Drive Daily Performance Delivering At All Levels 5,715.2 MILLION CHF 491.8 MILLION CHF 165.1 MILLION CHF 2,805.4 MILLION CHF CORE TURNOVER CORE EBITDA EFCF NET DEBT HY 2023 HY 2023 HY 2023 As of June 2023 HY 2022 Proforma: CHF 4,514.5M HY 2022 Proforma: CHF 358.0M HY 2022 Proforma: CHF 200.4M* De
Slide 7: Business Performance HY 2023
A. Drive Daily Performance Business Performance HY 2023 CORE Turnover Evolution HY CORE TURNOVER In CHF million MILLION +31.5% 5,715.2 CHF 5,715 Second quarter benefitting from resilient travel demand and strong execution 4,515 +22.6% Combined Proforma Organic Growth of +47.0% 3,356 31.5% yoy 2,851
Slide 8: Regional Performance
A. Drive Daily Performance Regional Performance Europe, Middle East & Africa North America HY CORE TURNOVER HY CORE TURNOVER 2,744.9 1,865.1 MILLION MILLION CHF CHF 34.2% HY 23 Organic Growth 21.6% HY 23 Organic Growth (Combined Group) (Combined Group) Performance largely driven by leisure demand
Slide 9: Regional Performance
A. Drive Daily Performance Regional Performance Latin America Asia Pacific HY CORE TURNOVER HY CORE TURNOVER MILLION MILLION 776.5 CHF 284.8 CHF 39.4% HY 23 Organic Growth 168.3% HY 23 Organic Growth (Combined Group) (Combined Group) Strong contribution from LATAM region Significant improvement
Slide 10: Airport Traffic Outlook
A. Drive Daily Performance Airport Traffic Outlook ACI World Medium-term Global Passenger Traffic Projection* ACI World Long-term Global Passenger Traffic Projection** 140 20 19.3 135 129 124 132 18 119 126 114 119 126 16 109 105 109 119 100 14 97 112 98 110 11.6 91 103 12 104 84 92 98 9.6 92 10 9.2
Slide 11: Key Drivers of Financial and Operational Performance
A. Drive Daily Performance Key Drivers of Financial and Operational Performance Current and Supportive Impacts Potential Challenges Increased exposure to long-term air volume growth and ᵪ Potential fall in consumer spending power increasing passenger spend ᵪ Operational challenges for airlines & a
Slide 12: Integration Update
B. Integration: One Group! One Team! Integration Update Key Milestones: Key Integration Areas: Business combination with Autogrill MASTER COMMUNICATION / successfully closed PLANNING CULTURE One company, one team WAYS OF WORKING VALUE CREATION Listed at Swiss Stock Exchange / ORGANIZATION St
Slide 13: Dufry Leads Travel Experience in Spain
C. Enhance BD & New Industry Dynamics Dufry Leads Travel Experience in Spain Awarded all lots tendered for and increased shop surface by 30% Dufry wins all bids tendered for Awarded lots of Andalusia- Mediterranean, the Balearic Islands, the Canary Islands, Catalonia and Madrid Material increa
Slide 14: Customer & Digital Revolution – Becoming a Reality (1/4)
D. Customer and Digital Revolution Customer & Digital Revolution – Becoming a Reality (1/4) Focusing on consumer needs Retail Main Drivers to Purchase Sustainability Focus Customer Centricity 50% Gifting, self-treat Health & Well-Being, Delighted shoppers & sharing Local Products, spend 3x mor
Slide 15: Customer & Digital Revolution – Becoming a Reality (2/4)
D. Customer and Digital Revolution Customer & Digital Revolution – Becoming a Reality (2/4) Hybrid and new commercial concepts in 2023 Hudson Café Coffee Corner - Arlanda Packed coffee, tea and cookies connected to local Fika products with self-service Commercial partnership for retail and F&B produ
Slide 16: Customer & Digital Revolution – Becoming a Reality (3/4)
D. Customer and Digital Revolution Customer & Digital Revolution – Becoming a Reality (3/4) Smart Store Fragrance Finder Tools Cosmetic Virtual Try-On Path tracker example 40 Stores with QR Code and touchscreen, 9 AirParfum Arlanda, Boston, Belgrade, Athens, Bangalore, among others, with further In-
Slide 17: Customer & Digital Revolution – Becoming a Reality (4/4)
D. Customer and Digital Revolution Customer & Digital Revolution – Becoming a Reality (4/4) Fun & Gamification | Prada Avant Premiere London Heathrow T3 | F1 Ray ban X Ferrari Milan Malpensa T1 | F1 Ray ban X Ferrari | Tissot X Moto GP | Tissot X Moto GP Milan Malpensa T1 Madrid T4S Madrid T4S 17 NO
Slide 18: ESG at the Core
E. People, Communities and Environment ESG at the Core Making ESG Tangible on the Day-to-Day PROTECTING ENVIRONMENT PEOPLE PARTNERS & COMMUNITY GOVERANCE Partnership with OCEANA Country-specific Diversity New Community Supplier Code of Conduct to help protect the oceans & Inclusion (D&I) act
Slide 19: Financial Update
Financial Update 19
Slide 20: A Highly Diversified Portfolio – HY 2023 Segmentation
… with Highly a Highly Diversified Diversified Portfolio Portfolio – HY 2023 Segmentation Geographies* Channels** 2% 5% 2% 4% 14% 10% Airports EMEA Motorways North America 49% Cruise liners & seaports Latam Borders, Downtown & Hotel Shops APAC 32% Railway stations & others 82% Business Lines** Produ
Slide 21: CORE Profit & Loss HY 2023
CORE Profit & Loss HY 2023 HY 2022 in CHF million HY 2023 %* %* Proforma CORE Turnover. 5,715.2 100.0% 4,514.5 100.0% Cost of sales. -2,035.8 -35.6% -1,636.7 -36.3% P&L lines reflect business combination: Gross profit. 3,679.4 64.4% 2,877.9 63.7% New mix Travel Retail and F&B CORE Concession Expense
Slide 22: Cash Flow
Cash Flow HY 2022 in CHF million HY 2023 Proforma* CORE EBITDA 491.8 358.0 Other non cash items and changes in lease obligation 25.4 27.8 Cash flow reflects business combination: Changes in net working capital 26.1 60.6 New mix Travel Retail and F&B Capital expenditures -184.6 -125.4 % of Turnover -
Slide 23: Net Debt Evolution
Net Debt Evolution Net Debt, CHF million – Dufry Standalone 2019-2022 / Combined HY2023* Net Debt of CHF 2,805 million as of end June 2023 Net Debt at lowest level since 2015, 3,344 despite HY23 impacted by combination with Autogrill (net debt acquisition, MTO cash consideration)** 3,102 3,080
Slide 24: Financial Covenants
Financial Covenants Leverage Covenant (Net Debt / CORE EBITDA) Business combination with Autogrill accelerates deleveraging Leverage ratio of 2.6x Net Debt/CORE EBITDA as of 30 June 2023 Dufry with healthy headroom to covenant threshold, despite ending holidays in June 2023 with threshold of 5
Slide 25: Maturity Profile
Maturity Profile In CHF Million Accordion Increase Well structured debt profile Revolving Credit 401 June (undrawn) Facility (RCF) 176 Accordion Increase Revolving Credit Facility (RCF) increased April (undrawn) via accordion option by EUR 590 million Notional CHF 2,614m during April and June 20
Slide 26: Rating Upgrades
Rating Upgrades S&P Global Ratings Moody’s Upgrade of Dufry’s credit rating from B+ to BB- in March Upgrade of Dufry’s credit rating from B1 to Ba3 in April 2023 2023 Further upgrade of Dufry’s credit rating from BB- to BB in Outlook changed from stable to positive July 2023 with Outlook Sta
Slide 27: Mandatory Tender Offer Successfully Concluded
Mandatory Tender Offer Successfully Concluded Business combination Ownership in Autogrill Stable shareholders structure successfully completed in line post-MTO with planned time-frame Edizione, Delisting of Autogrill Advent, Strategic holders from Milan Stock Exchange as of July 100% since July 2023
Slide 28: Conclusion
Conclusion 28
Slide 29: Conclusion
Conclusion Uncompromised focus on executing our Destination 2027 strategy to transform Dufry and the Industry Customer Centricity, Digital Revolution, Combining Travel Retail and F&B – to make travellers happier Continued disciplined growth and regional expansion while keeping cost and CAPEX c
Slide 30: Appendix
Appendix 30
Slide 31: Profit or loss reconciliation IFRS / CORE
Profit or loss reconciliation IFRS / CORE Acquisition related Lease Fuel sales In CHF Million IFRS (unaudited) Adjustments Adjustments Adjustments CORE (unaudited) 6M 2023 (unaudited) (unaudited) (unaudited) 6M 2023 Net sales (IFRS) / net sales (CORE) 5,731.6 - - -108.4 5,623.2 Advertising income 92
Slide 32: Cash flow reconciliation IFRS / CORE
Cash flow reconciliation IFRS / CORE (unaudited) In CHF Million 6M 2023 Net cash flow from operating activities 1,091.5 CASH FLOW CONSIDERATION USED IN INVESTING-ACTIVITIES Purchase of property, plant and equipment -171.7 Purchase of intangible assets -17.8 Purchase of financial assets -48.3 Proceed
Slide 33: Combined Group Financials
Combined Group Financials CORE PROFIT & LOSS MEASURES KEY FIGURES CASHFLOW HY 2022 PF HY 2023 HY 2022 PF HY 2023 IN MILLIONS OF CHF IN MILLIONS OF CHF (6+5)* (6+5) (6+5) *,** (6+5) Net Sales 4,446.7 5,623.2 CORE EBITDA 358.0 491.8 Advertising Income 67.9 92.0 Turnover Other non cash items and change
Slide 34: Balance Sheet
Balance Sheet in CHF million 30 Jun 2023 31 Dec 2022 ∆ ASSETS Property, plant and equipment 1,104 314 790 Right of Use assets 3,628 2,568 1,060 Intangible assets 2,405 1,478 927 Goodwill 3,111 2,272 839 Inventories 1,198 928 270 Other accounts receivable 526 468 58 Deferred tax assets 185 145 40 Oth
Slide 35: CAPEX and Trade Working Capital Development
CAPEX and Trade Working Capital Development 300 3.8% 4.2% CHF million 245 4.1% 3.7% 250 3.2% 3.0% 2.8% 3.2% CAPEX increasing to CHF 185 million, 200 2.8% 185 2.7% reflecting F&B consolidation 2.3% 2.2% Capex 150 1.6% 1.6% 125 1.7% CAPEX execution geared towards HY2 106 110 100 88 1.2% related to
Slide 36: Liquidity Position
Liquidity Position HY 2023 Liquidity Position in CHF million 2,814.3 Liquidity includes 2,343.0 Cash and cash equivalents of CHF 1,006.9 million 1,807.4 Committed available lines of CHF 1,807.4 million “Accordion” feature for increased flexibility and to onboard 1,488.3 some of Autogrill’s len
Slide 37: FX HY 2023
FX HY 2023 Turnover by Currency HY 2023 FX Transactional Impact on Turnover (vs previous year) 2.4% 3.6% 2.6% Other, 1.4% 0.0% 21% -0.3% -0.8% -0.8% -1.4% -1.5% -1.5% -1.3% -1.9% -2.5% -2.8% -2.5% GBP, USD, -4.70% 9% 45% -6.3% -12.9% EUR, 26% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HY
Slide 38: Contact
Contact DR. KRISTIN KÖHLER LUCA ZUCCONI GLOBAL HEAD INVESTOR GLOBAL INVESTOR RELATIONS RELATIONS ANALYST + 41 79 563 18 09 + 31 40 235 31 53 kristin.koehler@dufry.com luca.zucconi@dufry.com AGUSTINA RINCÓN EMANUELE ISELLA GLOBAL SENIOR INVESTOR GLOBAL INVESTOR RELATIONS ANALYST RELATIONS MANAGER + 3
Slide 39: Selected Events
Selected Events 31 August Stifel, Transportation, Business Services & Leisure Conference. Virtual 8 September UBS, Best of Switzerland Conference 2023 (virtual) 11 September RBC, Fireside Chat, Virtual 13 September Barclays, Fireside Chat, Virtual 15 September ZKB, Consumer Spotlight Event, Zurich 1
Slide 40: Legal Disclaimer
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 this release are based on information avai