Slide 1: Full-Year Results 2022
FULL-YEAR RESULTS 2022 7th March 2023, Zurich
Slide 2: Agenda
AGENDA 01 Group Highlights 02 Business Performance 03 Destination 2027 04 Combination Dufry & Autogrill 05 ESG Update 06 Financial Performance 07 Conclusion 08 Appendix 2
Slide 3: Group Highlights
Group Highlights
Slide 4: Group Highlights
Group Highlights STRONG PERFORMANCE IN 2022 Revenues, CORE EBITDA and Equity Free Cash Flow Increased financial flexibility – Net Debt at lowest level since 2015 with available liquidity of CHF 2,343.0 million LONG TERM Confirmation of mid-term outlook 2023-2027 VALUE FOR NEW STRATEGY DESTINAT
Slide 5: Business Performance
Business Performance
Slide 6: Business Performance 2022 (1/4)
Business Performance 2022 (1/4) 6,878.4 MILLION CHF 606.2 MILLION CHF 305.2 MILLION CHF 2,343.0 MILLION CHF TURNOVER CORE EBITDA EQUITY FREE AVAILABLE FY 2022 FY 2022 CASH FLOW FY 2022 LIQUIDITY CHF 3,915.4 MILLION IN FY 2021 CHF 386.0 MILLION IN FY 2021 CHF -33.4 MILLION IN FY 2021 AS OF 31 DECEMBE
Slide 7: Business Performance 2022 (2/4): Key Figures 2022
Business Performance 2022 (2/4) Key Figures 2022 D FY22 Outlook FY21 22/21 Turnover 6,878 100% 6,600 – 6,700 100% 3,915 100% 2,963 EBITDA (CORE) 606 8.8% 560 – 580 8.4 - 8.8% 386 9.9% 220 Profit Equity Holders 106 1.5% (236) -6.0% 342 EFCF 305 250 – 270 -33 -0.8% 338 EFCF Conversion 50.4% ~ 45% -8.6
Slide 8: Business Performance 2022 (3/4): Organic Growth Evolution
Business Performance 2022 (3/4) Organic Growth Evolution FY TURNOVER 6,878.4 MILLION CHF ORGANIC GROWTH EVOLUTION vs. 2021 in CER Q4 TURNOVER 142.8% 145.6% 1,840.7 MILLION CHF Strong FY 2022 performance, especially in second half of the year despite more difficult macro- economic environment and air
Slide 9: Business Performance 2022 (4/4): Key Drivers
Business Performance 2022 (4/4) Key Drivers of Financial and Operational Performance 2022 and 2023 Supportive Impacts Current and Potential Challenges In general, continued strong underlying demand Visibility on geopolitical, economical environment and consumer sentiment remains limited Travel
Slide 10: Business Development: Retail Space Development & Shop Opening Status
Business Development Retail Space Development & Shop Opening Status TOTAL RETAIL SPACE EUROPE, MIDDLE-EAST & AFRICA ~472,000 m² GROSS RETAIL SPACE OPENED – FY 2022* THE AMERICAS 725 m² ASIA PACIFIC 16,536 3.5% of total retail space 1,445 87% 67 RETAIL SPACE REFURBISHED – FY 2022* m² 91% 32,772 6.9%
Slide 11: Destination 2027 – Clear Long-term Vision
Destination 2027 – Clear Long-term Vision
Slide 12: Our Group Strategy Destination 2027 (1/3)
Our Group Strategy DESTINATION 2027 (1/3) Accelerating the Customer Focus New strategy introduced in September 2022 with Traveler-centricity Expanding boundaries of travel retail with Food & Beverage (F&B) into Travel Experience Innovation, Entertainment and Industry Reimagined Food and leadin
Slide 13: Our Group Strategy Destination 2027 (2/3)
Our Group Strategy DESTINATION 2027 (2/3) Our Combined Organization New Organization to deliver on the new strategy Global Executive Committee as of March 2023* Strong regions with dedicated CEO’s, each with longstanding industry Chief Executive Officer Xavier Rossinyol experience in their respe
Slide 14: Our Group Strategy Destination 2027 (3/3)
Our Group Strategy DESTINATION 2027 (3/3) Advancing the Implementation Commercial, Digital and People & Transformation & Customer Update Culture Update Innovation Update Over 70 new global brands One global HR portal, internal Innovation Labs for Travel Retail and communication tool and learnig
Slide 15: Combination Dufry & Autogrill
Combination Dufry & Autogrill
Slide 16: Combination Dufry & Autogrill (1/4)
Combination DUFRY & AUTOGRILL (1/4) Making Travel Experience holistic by including Food & Beverage F&B is the key enabler to transition to Combined Group a holistic Travel Experience Value for stakeholders Physical and digital Cross-selling cross-selling promotions opportunities in overlap terminals
Slide 17: Combination Dufry & Autogrill (2/4)
Combination DUFRY & AUTOGRILL (2/4) Net Sales 2022 – Pro-forma Consolidated Dufry & Autogrill* – Improved Portfolio Risk Dufry Autogrill* Combined* Airports 3% 3% 7% 3% 2%4% 10% Cruise liners & seaports Channel 2% 26% Motorways 67% Borders, Downtown, Hotel 82% shops 91% Railway stations and other* G
Slide 18: Combination Dufry & Autogrill (3/4)
Combination DUFRY & AUTOGRILL (3/4) Transaction Timeline: Important Milestones Achieved 2022 Q1 ’23 Q2 ’23 Transaction Dufry EGM* Announcement (31-Aug-22) – July 22 APPROVALS RECEIVED Closing of Edizione REGULATORY FILINGS AND CLEARANCE stake (3rd of February Regulatory approvals 2023) in important
Slide 19: Combination Dufry & Autogrill (4/4)
Combination DUFRY & AUTOGRILL (4/4) Focus areas for the first 100 days have been clearly defined and key processes kicked off Focus areas for the first 100 days Main objectives Provide structured approach and guidance to 1. Overall integration management drive the integration across geographies and
Slide 20: Update on ESG
Update on ESG
Slide 21: Update on ESG
Update on ESG Make ESG tangible on the day-to-day Lead by example FOCUS ON PEOPLE, COMMUNITIES AND ENVIRONMENT Comprehensive review of remuneration framework with introduction of ESG in long-term targets People Diversity & Inclusion (D&I) survey with participation of 63% of Group’s employees
Slide 22: Financial Performance
Financial Performance
Slide 23: CORE Profit & Loss
CORE Profit & Loss Turnover and Gross Profit margin IN CHF MILLION FY 2022 % FY 2021 % significantly improved Turnover 6,878.4 100.0% 3,915.4 100.0% Driven by solid consumer demand, active Cost of sales -2,684.6 -39.0% -1,704.4 -43.5% and improved category management, new Gross profit 4,193.8 61.0
Slide 24: Regional Performance
Regional Performance Organic Growth vs 2021 in CER (Dufry standalone) EMEA THE AMERICAS APAC 300.2% 307.9% 282.3% 115.3% 75.1% 155.3% 62.7% 120.7% 52.4% 53.8% 114.6% 86.4% 82.2% 31.1% 64.8% 51.8% -8.9% 14.0% Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Feb- 23 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Feb- 23 Q1 22 Q2 22 Q3 2
Slide 25: Net Sales 2022 Segmentation – Dufry Standalone
Net Sales 2022 Segmentation – Dufry Standalone Geographies* Business Lines EMEA Duty Free 44% 54% APAC 43% Duty Paid 57% The Americas 2% Channels Product Categories Perfumes & Cosmetics 3% Airports 3% 29% 3% Food, Confectionery & Catering Wine & Spirits Cruise liners & seaports 7% 21% Tobacco goods
Slide 26: Cash Flow
Cash Flow FY FY Cash Flow 2022 2021 CORE EBITDA 606.2 386.0 Other non-cash items and changes in lease Cash Flow 2022 driven by strong EBITDA and 79.7 -238.9 obligations (MAG related) lower than expected Capex Changes in net working capital -4.6 75.7 Dufry executes Capex projects in line with Capit
Slide 27: Financial Covenants
Financial Covenants Leverage Covenant (Net Debt / CORE EBITDA) Covenant metrics adjusted to CORE numbers during refinancing of bank debt end of 2022: 5 5 Leverage: Net Debt / CORE EBITDA 4.5 4.8 Covenant holidays until June 2023 with first testing in September 2023 Increased thresholds for S
Slide 28: Maturity Profile
Maturity Profile In CHF Million 2,063 Well structured debt profile as a result of 1’488 Undrawn successful refinancing end of 2022 amount New EUR 2,085 million Revolving Credit Facility (RCF) replaced the formerly outstanding EUR 1,300 million RCF and USD 550 million Term Loan 500 Weighted ave
Slide 29: Net Debt Evolution
Net Debt Evolution Net Debt in CHF Million 3,344 Net Debt of CHF 2,810.7 million as of end December 2022 3,102 3,080 Net debt at lowest level since 2015 Strong liquidity position of CHF 2,343.0 million including cash on the balance sheet of CHF 854.7 million and additional 2,811 available comm
Slide 30: Outlook
Outlook COMMITTED TO «DESTINATION 2027» COMBINATION WITH AUTOGRILL Travel Experience Revolution Compelling rationale and integral part of “Destination 2027” Enhanced travel experience including F&B and digital engagement to serve passengers Geographical Diversification Generating Holistic servic
Slide 31: Conclusion
© DUFRY Conclusion Ay ———
Slide 32: Conclusion
Conclusion Dufry delivered 2022 targets on a rising tide of global travel Turnover of CHF 6,878.4 million, supported by strong internal performance of retail operations focused on customer centricity CORE EBITDA margin of 8.8%, driven by solid Turnover and Gross Profit performance as well as c
Slide 33: Making Travelers Happier
THE GLOBAL TRAVEL RETAILER MAKING TRAVELERS HAPPIER
Slide 34: Appendix
© DUFRY Appendix
Slide 35: Turnover Growth Components
Turnover Growth Components 2021 2022 vs previous year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 2021 FY 2022 Like for Like -68.3% 361.6% 142.0% 154.7% 141.9% 141.2% 62.6% 38.0% 39.0% 77.9% New concessions, net 1.6% 41.8% 32.7% 24.8% 0.9% 4.4% -4.1% -3.6% 14.2% -1.8% Organic growth -66.7% 403.3% 174.7% 179.5% 142.8
Slide 36: Income Statement 2022 – IFRS to CORE Bridge
Income Statement 2022 – IFRS to CORE Bridge Acquisition Related CORE In CHF Million IFRS Actual 2022 Adjustments Adjustments CORE Actual 2022 Net sales 6’721 0 6’721 Advertising income 157 0 157 Turnover 6’878 0 6’878 Cost of sales -2’685 0 -2’685 Gross profit 4’194 0 4’194 Concession expenses -1’08
Slide 37: Balance Sheet
Balance Sheet in CHF million 31 Dec 2022 31 Dec 2021 ∆ ASSETS Property, plant and equipment 314 329 (15) Right of Use assets 2’568 3’121 (553) Intangible assets 1’478 1’737 (259) Goodwill 2’272 2’360 (88) Inventories 928 692 236 Other accounts receivable 468 372 96 Deferred tax assets 145 180 (35) O
Slide 38: NWC & Capex
NWC & Capex Net Working Capital Development Capex Development Values in CHF million Values in CHF million Trade Net Working Capital (NWC) again back to normalized levels FY 2022 Capex of CHF 110.1 million / 1.6% of Turnover Within trade NWC, trade receivables decreased by -27%, Inventories B
Slide 39: Liquidity Position
Liquidity Position FY 2022 Liquidity Position in CHF million 2,221 2,393 101 50 Liquidity includes 1,327 1,488 Cash and cash equivalents of CHF 854.7 million Committed available lines of CHF 1,488.3 million Available uncommitted lines, re-confirmed by banks of CHF 50.0 million 794 855 Dec-21 D
Slide 40: FX 2022
FX 2022 Turnover by Currency 2022 FX Translational Impact on Turnover Other 1.4% 16% -0.3% -0.8% -0.8% -1.4% -1.5% -1.5% -1.8% USD -2.3% -2.0% -2.4% -1.9% -2.5% -2.8% 43% GBP 15% -5.2% -6.7% Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21* Q2 '21* Q3 '21* Q4 '21* Q1 '22**Q2 '22**Q3 '2
Slide 41: Retail Space Development
Retail Space Development FY 2022 16,536 m² of Gross Retail Space Opened in FY 2022* 8,033 m2 Signed Space as of Dec 2022* Europe, Middle East & Africa 4,936 Americas Europe, Middle 42% Americas 1,962 East & Africa 44% APAC 1,135 APAC Expected for 2023 (7,600 m2) Expected for 2024 (430 m2) 14% 32,772
Slide 42: Contact
Contact DR. KRISTIN KÖHLER AGUSTINA RINCÓN GLOBAL HEAD INVESTOR GLOBAL INVESTOR RELATIONS RELATIONS RELATIONS ANALYST + 41 61 266 44 22 + 31 40 235 31 53 + 41 79 563 18 09 kristin.koehler@dufry.com agustina.rincon@dufry.com 42
Slide 43: Selected Events
Selected Events 8 March UniCredit Milan Roadshow, Milan 13-14 March HSBC UK Roadshow, London 14 March Barclays 2023 Leisure & Transport conference , London 15 March Santander Madrid Roadshow, Madrid 16 March Morgan Stanley APAC Roadshow, Virtual 16 March Santander Canada Roadshow, Virtual 17 March Z
Slide 44: 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