Slide 1: Dufry Half-Year Results 2022
DUFRY HALF-YEAR RESULTS 2022
Slide 2: Agenda
AGENDA 01 Business Update 02 Financial Update 03 Update on Strategy & Autogrill Combination 04 Appendix 2
Slide 3: Business Update
Business Update
Slide 4: Financial Highlights HY 2022
Financial Highlights HY 2022 2,922.5 MILLION CHF 227.0 MILLION CHF 196.7 MILLION CHF TURNOVER CORE EBITDA / EQUITY FREE 7.8 % MARGIN CASH FLOW CHF 4,180.1 MILLION 2019 CHF 353.6 MILLION 2019 CHF 140.4 MILLION 2019 Organic growth of plus 147.2% Introduction of IAS17 EBITDA Performance supported by in
Slide 5: Business Highlights HY 2022
Business Highlights HY 2022 Strategy Review initiated & Dufry and Autogrill to join forces to definition of long-term strategy redefine the travel experience of our in final stage customers worldwide Travel Experience Revolution with Consumer Strategic fit with Dufry’s new long-term strategy Cen
Slide 6: Global Air Travel PAX Recovery Forecasts
Global Air Travel PAX Recovery Forecasts FORECASTS Recovery Data provider 2022 vs. 2019 2023 vs. 2019 2024 vs. 2019 Date of publication 2019 level ACI 2024 -23% -8% >5% 28/06/2022 IATA 2024 -17% - - 20/06/2022 ICAO not provided -24% to -21% - - 10/06/2022 Air4cast 2024 -27% -15% - 04/08/2022 Latest
Slide 7: HY22 Turnover: Organic Growth Evolution
Organic Growth Evolution Group ORGANIC GROWTH EVOLUTION in % OF 2019 LEVEL HY22 TURNOVER 90.9% 2,923 84.7% 85.5% 83.3% MILLION 79.3% 75.5% CHF 65.9% Positive trend in travel demand in general, and travel retail specifically, with all regions contributing positively since the second quarter Best perf
Slide 8: Retail Space Development & Shop Opening Status
Retail Space Development & Shop Opening Status TOTAL RETAIL SPACE EUROPE MIDDLE EAST & AFRICA m² THE AMERICAS 725 719 ~463,000 1,322 ASIA PACIFIC 90% 1,317 GROSS RETAIL SPACE OPENED – HY 2022* 89% 44 42 m² 93% 95% 76% 6,678 1.4% of total retail space 75% RETAIL SPACE REFURBISHED – HY 2022* m² Total
Slide 9: Net Sales Segmentation HY 2022 & HY 2019
Net Sales Segmentation HY 2022 & HY 2019 REGION FORMAT 51% 61% 48% 58% 45% 41% 42% 39% 9% 2% 2% 2% Europe. Middle East & Asia Pacific The Americas Distribution Centers Duty Free Duty Paid Africa 2022 2019 2022 2019 CHANNEL PRODUCT CATEGORY 91% 88% 31% 28% 22% 18% 18% 16% 13% 13% 12% 9% 6% 5% 5% 3% 2
Slide 10: Re-openings and Sales Trend (as reported)
Re-openings and Sales Trend (as reported) ALL REGIONS (SALES* IN % OF 2019) BEST PERFORMING GEOGRAPHIES (SALES* IN % OF 2019) Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21
Slide 11: Regional Performance (Organic Growth as Level of 2019)
Regional Performance (Organic Growth as Level of 2019) EMEA THE AMERICAS APAC 95.0% 88.6% 90.2% 90.3% 89.8% 98.1% 91.0% 89.6% 81.9% 24.9% 87.0% 23.6% 73.1% 79.1% 78.1% 19.3% 20.0% 65.6% 17.3% 16.3% 12.7% Q1 22 Apr 22 May 22 Jun 22 Q2 22 HY 22 Jul'22 * Q1 22 Apr 22 May 22 Jun 22 Q2 22 HY 22 Jul'22 *
Slide 12: Key Drivers Financial and Operational Performance
Key Drivers Financial and Operational Performance Supportive Impacts Current and Potential Challenges In general, strong underlying demand in Summer Airport disruptions and passenger caps Travel Retail and Travel F&B as inherent parts of Visibility on geopolitical, COVID19, economical travel
Slide 13: Financial Update
Financial Update
Slide 14: New Financial Reporting: CORE P&L
New Financial Reporting: CORE P&L The lease accounting standard IFRS16 (implemented 2019) added significant complexity to Dufry’s financial reporting EBITDA and EBIT were not a meaningful KPI for Dufry’s performance anymore Dynamic development of balance sheet and P&L depending on contract ren
Slide 15: CORE Profit & Loss HY 2022
CORE Profit & Loss HY 2022 IN CHF MILLION HY 2022 % HY 2021 % HY 2019 % Gross profit margin driven by change of mix, Turnover 2,922.5 100.0% 1,187.2 100.0% 4,180.1 100.0% Cost of sales -1,143.6 -39.1% -521.1 -43.9% -1,665.0 -39.8% progressive regional improvements and Gross profit 1,778.9 60.9% 66
Slide 16: Cash Flow
Cash Flow in CHF million June 2022 June 2021 June 2019 CORE EBITDA 227.0 -4.3 353.6 Working Capital changes highly dependent on Other non-cash items and changes 23.3 -43.4 55.5 shape of recovery, availability of products and in lease obligations (MAG related)* Changes in net working capital 88.6 -12
Slide 17: Equity Free Cash Flow Evolution
Equity Free Cash Flow Evolution HY, IN CHF MILLION 2017 2018 2019 2020 2021 2022 Solid HY 2022 cash flow performance was supported by some phasing effects, 222 including Capex, as well as inflows from 197 140 working capital 17 Normalized HY 2022 EFCF estimated at around CHF 30-50 million Normal
Slide 18: Leverage Indication & Maturity Profile
Leverage Indication & Maturity Profile NET DEBT / ADJUSTED OPERATING CASH FLOW DEBT MATURITY PROFILE* CHF million 1302 525 36 500 801 751 726 3 83 75 300 5.0 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 2026 2027 2028 22 22 22 22 22
Slide 19: Update on Strategy and Autogrill Combination
Update on Strategy and Autogrill Combination
Slide 20: New Strategy Preview: Key Pillars
New Strategy Preview: Key Pillars Detailed Strategy to be presented at Capital Markets Day, September 6, London I Travel Experience Revolution Holistic Travel Experience Landlords Reimagined Travel Retail Food and Beverage Traveler Digital Point of Sales End-to-End Engagement Shareholders ESG II III
Slide 21: Dufry & Autogrill Join Forces to Redefine Travel Experience Globally
Dufry & Autogrill Join Forces to Redefine Travel Experience Globally Reimagine the United, Strong Increased Diversification Large & Strengthened Boundaries of our Team & Positive & Unlocked Growth Group with an Operational Industry Market Impact Opportunities Improvement Culture CONSUMER AIRPORT REL
Slide 22: Transaction Timeline: EGM as Next Important Milestone
Transaction Timeline: EGM as Next Important Milestone 2022 Q1 ’23 Q2 ’23 Dufry EGM* (31-Aug-22) Closing of Edizione stake REGULATORY FILINGS AND CLEARANCE (expected around Q1 2023) Closing of MTO Launch of MTO MTO ACCEPTANCE PERIOD (expected around Q2 2023) * To seek shareholder approval of the reso
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Slide 24: Conclusion
Conclusion 1 Strong HY 2022 performance and financial results Dufry accelerated in HY 2022 with turnover growth of 147.2% versus previous year Turnover at 75.5% of 2019 levels, with positive momentum into July, estimated at 90% of 2019 Strong demand across regions despite traffic/health/geopol
Slide 25: Appendix
© DUFRY appentil
Slide 26: Environmental, Social, Governance Highlights FY 2021 & H2 22
Environmental, Social, Governance Highlights FY 2021 & H2 2022 Sustainable product identification First Diversity & Inclusion survey covering initiative launched across 171 shops in 70% of employees, with strategy and action 128 airports including an overall plan under development assortment of
Slide 27: Governance Considerations Related to Business Combination
Governance Considerations Related to Business Combination The Board of Directors, including the Lead Independent Director and all independent directors, unanimously approved the business combination, recognizing the strategic fit and value generation In addition to Dufry having conducted extensi
Slide 28: Turnover Growth Components
Turnover Growth Components Q1' 21 Q1' 21 Q2' 21 Q2' 21 Q3' 21 Q3' 21 Q4' 21 Q4' 21 FY' 21 FY' 21 Jan 22 Feb 22 Mar 22 Q1' 22 Q1' 22 Apr 22 May 22 Jun 22 Q2 22 Q2' 22 HY 22 HY' 22 Jul 22 vs 19 vs 20 vs 19 vs 20 vs 19 vs 20 vs 19 vs 20 vs 19 vs 20 vs 19* vs 19* vs 19* vs 19* vs 21* vs 19* vs 19* vs 19
Slide 29: Update on MAG Relief (IFRS)
Update on MAG Relief (IFRS) Jun YTD Remaining Future Dufry Case Accounting Treatment Total 2022 Year Year Case 1a: MAG relief granted for 2021 contract signed in 2022 COVID-19 approach with full MAG 9.6 9.6 MAG relief lower than relief reflected in P&L for period initially assumed due to Case 1b:
Slide 30: Balance Sheet
Balance Sheet in CHF million 30 Jun 2022 31 Dec 2021 ∆ ASSETS Property, plant and equipment 312.7 329.1 (16.4) Right of Use assets 2,890.2 3,120.8 (230.6) Intangible assets 1,607.8 1,737.8 (130.0) Goodwill 2,338.2 2,360.0 (21.8) Inventories 854.4 692.2 162.2 Other accounts receivable 405.3 371.8 33.
Slide 31: CAPEX Development
CAPEX Development CHF million 4.1% 251 245 3.8% CAPEX of CHF 46.7 million, below 3.1% 3.0% initially expected HY 2022 2.8% 2.8% 2.9% deployment 2.3% 127 125 106 88 1.6% Lower expenditures due to projects moved 60 47 34 Expectation of FY 2022 CAPEX of around 2.5- 3.0% HY '18 FY '18 HY '19 FY '1
Slide 32: Trade Net Working Capital
Trade Net Working Capital CHF million 780 9.3% 20.4% 24.4% Trade-related working capital with 5.1% 11.3% 13.9% 5.6% 5.1% 20.0% increase in trade payables while 680 580 581 522 moderate inventory build 528 485 -30.0% 480 445 449 442 405 Demand and topline performance in 380 -80.0% addition to sti
Slide 33: FX HY 2022
FX HY 2022 TURNOVER BY CURRENCY HY 2022 FX TRANSLATIONAL IMPACT ON TURNOVER Other 15% EUR 1.4% 25% -0.3% -0.8% GBP -1.4% -1.5% -1.5% -1.8% -2.5% -2.8% -2.3% -2.0% -2.4% 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 ** USD
Slide 34: Retail Space Development
Retail Space Development 6,678 M² OF GROSS RETAIL SPACE OPENED HY 2022* 9,900 M2 SIGNED SPACE AS OF HY 2022* Americas Europe, Middle East & Africa 5,459 33% Americas 2,963 Europe, Middle East & Africa Asia Pacific 1,486 67% Expected for 2022 (5,000 m²) Expected for 2023 (4,900m²) 13,300 M² OF RETAIL
Slide 35: Upcoming Events
Upcoming Events 31 August Dufry’s Extraordinary General Meeting 6-7 September Capital Markets Day, London 2 November Q3 Trading Update 3-7 November US Roadshow 15 November Exane Midcap Conference, Paris 16 November BofA Consumer & Retail Conference 2022, Paris 17 November Credit Swiss Conference, Zu
Slide 36: Contact
CONTACT DR. KRISTIN KÖHLER NATALYA DOBROHORSKA AGUSTINA RINCÓN GLOBAL HEAD INVESTOR GLOBAL INVESTOR RELATIONS GLOBAL INVESTOR RELATIONS RELATIONS MANAGER ANALYST + 41 61 266 44 22 + 41 61 266 46 21 + 31 40 235 31 53 + 41 79 563 18 09 kristin.koehler@Dufry.com natalya.dobrohorska@Dufry.com agustina.r
Slide 37: Legal Disclaimer HY 2022
Legal Disclaimer HY 2022 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 informa