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Dufry EBITDA grows 9% in Q2
Jul '13
In the first half of 2013, Dufry’s turnover grew by 10% to CHF 1,667.4 million and EBITDA reached CHF 218.1 million. EBITDA margin was 13.1% and net cash flow from operations went to CHF 244.0 million, up by 49%.

Turnover growth accelerated in the second quarter with all regions posting a flat or positive turnover growth. Regions EMEA & Asia and US & Canada and parts of America I showed solid growth following the trends in the last quarters. Region America II and the operations in Uruguay and Argentina continued to improve in the second quarter. The operations in Greece, which Dufry started to consolidate since April, performed strongly.

EBITDA in the second quarter grew by 9% and EBITDA margin reached 14.3% for the quarter. For the first six months of 2013, EBITDA amounted to CHF 218.1 million versus CHF 220.0 million in the first half of 2012 and EBITDA margin reached 13.1%.

Turnover by Region

Turnover grew by 9.9% in the first half of 2013 and reached CHF 1,667.4 million from CHF 1,517.4 million one year earlier. Organic growth was 2.6% when excluding extraordinary effects, of which 1.9% came from like-for-like growth and 0.7% from new concessions (net). Acquisitions added 6.9% to the growth, while translational currency impact was positive by 0.9%.

Turnover in Region EMEA & Asia surged by 33.9% in the first half of 2013 and reached CHF 498.8 million from CHF 372.4 million in the previous year. Without acquisitions, turnover would have grown by 6.0%. Europe had a good overall performance with France, Spain and Switzerland being the highlights.

Africa continued with its growth, to which Morocco and Tunisia were the main contributors. Middle East and Asian operations also presented good results with China and Cambodia performing very well. The business acquired in Greece, which has been consolidated since April 2013, had a strong performance and contributed 27.9% to the region’s growth.

Turnover in Region America I reached CHF 376.5 million in the first half of 2013, versus CHF 383.1 million in the same period last year. While sales growth remains dynamic in Mexico and other locations in Central America as well as parts of the Caribbean, the English Caribbean continued to perform below average. In South America, Uruguay and Argentina continued to be impacted by the bankruptcy of Pluna in July last year. Despite this situation holding back the performance, Argentina posted positive sales growth in the second quarter.

Turnover in Region America II amounted to CHF 342.6 million in the first half of 2013, down by 4.1%. In the second quarter, Brazil saw an acceleration in the performance reaching flat turnover year-on-year from negative growth in the first quarter.

Turnover in Region United States & Canada grew by 8.6% to CHF 420.1 million in the first half of 2013 from CHF 386.7 million in the same period in 2012. Turnover growth continued to be strong inthe region through a combination of like-for-like growth and new concessions.


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