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    DUFN   CH0023405456

DUFRY AG

(DUFN)
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Q3 2021 Trading Update Presentation

10/28/2021 | 01:11am EST

THIRD QUARTER TRADING UPDATE 2021

Agenda

01 Group Highlights

02 Trading Update

03 Financial Update

04 Outlook

05 Appendix

THIRD QUARTER TRADING UPDATE 2021

2

01

Group Highlights

Financial Highlights

Q3 2021

CHF 2,536.8

~CHF 1,870

CHF 253.7

million

million

million

TURNOVER IN

COST SAVINGS

POSITIVE EFCF

9M 2021

IN 2021*

DURING Q3 2021

CHF 3,086

CHF 2,347.8

million

million

NET DEBT AS OF

LIQUIDITY

END-SEPTEMBER

POSITION**

CHF 1,349.5

Overall MAG relief

Strong cash inflow

million turnover in

of CHF 1,059.6

in Q3 2021, with

Q3 2021 mostly

million achieved as

Dufry having

driven by travel in

of October 2021,

already achieved

the US, Central

and on track to

level similar to pre-

America and

significantly over-

Covid environment

further re-openings

achieve initially

with Q3 2019 of

across EMEA, with

targeted 2021

CHF 266.2 million

especially APAC

savings of CHF

still impacted

970 million

Net debt reduced by CHF 266 million during Q3 2021, reaching now similar levels as in September (CHF 3,067 million) and December 2019 (CHF 3,102 million) pre-crisis

Compares to CHF ~1.2 billion pre- Covid***, with sufficient liquidity to drive re-openings & growth while focusing on disciplined cash management & execution on cost savings

  • Savings vs 2019, including fixed and variable cost reductions in personnel expenses, other expenses, and MAG reliefs for full-year 2021 (as of October 2021 including Spanish law amendment; CHF 975.9 million of total confirmed reliefs benefitting 2021 P&L and remaining CHF 83.7 million over future years). Expected savings relate to turnover scenario of -55% compared to 2019.
  • As of September 30, 2021 including net proceeds from CHF 500 million 2026 convertible bond and from issuance of senior notes of CHF 1,095 million, used to refinance existing bank debt
  • As of end-December 2019

THIRD QUARTER TRADING UPDATE 2021

4

Business Highlights

Q3 2021

Close to 1,850 shops

Concession wins and

open globally by end-

extensions, including

September 2021

also F&B

Next milestone reached on collaboration in Hainan

Initial projects set up to drive growth during the recovery & beyond

As per end of September, close to 80% of shops were open, representing 84% of sales capacity compared to full-year 2019

By end October, expectation to operate more than 85% of potential global sales

During Q3 2021, contract wins and extensions have been achieved in Cambodia, Wales, Dominican Republic, and several locations in the US including the opening of the first-ever full- service restaurant in line with Dufry's growth strategy in F&B

Successful execution of phase II of Mova Mall collaboration with Alibaba Group and HDH with premium shopping now covering 33,000 m2 and more than 200 international top brands, including first-time entries to the Haikou and Hainan markets

Commercial and operational excellence, diversification and digitalization initiatives progressing with pilot projects already implemented across various locations, while continued focus on efficiencies and further strengthend ESG approach

THIRD QUARTER TRADING UPDATE 2021

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Dufry AG published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 05:10:00 UTC.


© Publicnow 2021
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