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    DUFN   CH0023405456

DUFRY AG

(DUFN)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe Europe - 10/26 06:11:40 am
47.265 CHF   +3.65%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Dufry expects positive impact from a new Spanish law, linking concession fees to passenger numbers

09/24/2021 | 01:01am EDT

EQS Group-Ad-hoc: Dufry International AG / Key word(s): Miscellaneous Dufry expects positive impact from a new Spanish law, linking concession fees to passenger numbers 24-Sep-2021 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement.

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AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

Press Release (PDF)

The Spanish Congress has yesterday passed a law, which modifies the concession fees in all Spanish airports linking the concession fee levels to the actual passenger numbers. This modification will last until passenger numbers are back to 2019 levels and is expected to have a positive financial impact on Dufry.

The new law states that the Minimum Annual Guaranteed Rents (MAG) payable by the operators at Spanish airports pursuant to their concession contracts (i) are not owed for the period between March 15, 2020 and June 20, 2020; and (ii) will be proportionally reduced from June 21, 2020 onwards by comparing the lower volume of passengers at the Spanish airports to the 2019 passenger levels. This formula will stay in place until passenger numbers are back to the level of 2019.

Dufry operates duty-free and duty-paid stores at 26 Spanish airports. The new law is expected to materially reduce the MAG claimed by AENA. The passenger numbers at Spanish airports have dropped by around 72% in 2020 and around 68% August YTD in 2021 compared to 2019 in each case. The P&L impact in 2021 and going forward will depend on the recovery of the passenger numbers at the Spanish airports. The specific accounting treatment under IFRS 16 and its timing as well as the impact on the cash flow are currently being reviewed.

For further information please contact:

DR. KRISTIN KÖHLER        RENZO RADICE 
Global Head               Global Head 
Investor Relations        Corporate Communications & Public Affairs 
Phone: +41 79 563 18 09   Phone : +41 61 266 44 19 
kristin.koehler@dufry.com renzo.radice@dufry.com 

DUFRY GROUP - A LEADING GLOBAL TRAVEL RETAILER

Dufry AG (SIX: DUFN) is the leading global travel retailer operating over 2,300 duty-free and duty-paid shops in airports, cruise lines, seaports, railway stations and downtown tourist areas, in more than 430 locations in 64 countries across all six continents.

The Company, founded in 1865 and headquartered in Basel, Switzerland, is offering customers a first-class shopping experience, global brands, a unique market access and landlords a reliable, value-enhancing partnership. To learn more about Dufry, please visit www.dufry.com.

Social Responsibility Dufry cares for children and supports social projects from SOS Kinderdorf in Brazil, Cambodia, Mexico, Morocco and Ivory Coast. SOS Children's Villages is an independent, non-political and non-demonstrational organization established for orphaned and destitute children all over the world.

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End of ad hoc announcement

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Language:     English 
Company:      Dufry International AG 
              Brunngässlein 12 
              4010 Basel 
              Switzerland 
Phone:        +41612664444 
E-mail:       Headoffice@dufry.com 
Internet:     www.dufry.com 
ISIN:         CH0023405456 
Listed:       SIX Swiss Exchange 
EQS News ID:  1235752 
 
End of Announcement EQS Group News Service 
=------------ 

1235752 24-Sep-2021 CET/CEST

Image link: https%3a%2f%2fgw.eqs.com%2fpublic%2fmaily%2ffile%2f78c390e6-7dc4-4c7e-8fa2-3aea24e96423

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1235752&application_name=news

(END) Dow Jones Newswires

September 24, 2021 01:00 ET (05:00 GMT)

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Financials
Sales 2021 4 164 M 4 523 M 4 523 M
Net income 2021 -912 M -990 M -990 M
Net Debt 2021 8 171 M 8 877 M 8 877 M
P/E ratio 2021 -4,91x
Yield 2021 -
Capitalization 4 140 M 4 504 M 4 497 M
EV / Sales 2021 2,96x
EV / Sales 2022 1,78x
Nbr of Employees 17 795
Free-Float 82,5%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 45,60 CHF
Average target price 61,66 CHF
Spread / Average Target 35,2%
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Managers and Directors
Julián Díaz González Group Chief Executive Officer & Director
Yves Manuel Gerster Chief Financial Officer
Juan Carlos Torres Carretero Executive Chairman
Luis Andrés Holzer Neumann Independent Non-Executive Director
Heek Yung Min Lead Independent Non-Executive Director
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