Dufry had a strong performance in the financial year 2013. Turnover grew by 13.3% to CHF 3,571.7 million, with organic growth accelerating to 4.8% in the fourth quarter 2013. EBITDA reached CHF 511.1 million, with an EBITDA margin of 14.3%. Net cash from operating activities grew by 13.8% and reached CHF 435 million in 2013.
2013 was an important year for the development of Dufry with a number of important projects being concluded in Brazil, Asia and in the United States, as well as the acquisition in Greece. The company delivered a strong performance: Turnover increased by 13.3% and reached CHF 3,571.7 million. EBITDA amounted to CHF 511.1 million and EBITDA margin was 14.3%, while net cash flows from operating activities rose by 13.8% and stood at CHF 435.1 million. Free cash flow also grew and reached CHF 294.8 million in 2013.
Organic expansion at a high pace
Dufry moved ahead with its organic expansion by signing important agreements with several airport operators in all regions. In Region America II, Dufry signed agreements to double the retail space in Brazil already in 2014 by adding 13,600 m². The most important project is in São Paulo, where will be built almost 7,000 m² in Terminal 3 at Guarulhos International Airport. The airport concentrates the majority of international flights in Brazil and Dufry has secured its position at the airport for the next 10 years.
In Region EMEA & Asia, Dufry signed contracts to operate shops in seven new locations adding 7,900 m² and increasing the footprint in one of its key regions. Including these contracts, Dufry will operate in 14 locations, in 10 countries. With a total of 140 shops and retail space of 14,000 m², in the Far East, Middle East and Central Asia, Dufry has established itself solidly in that region.
Last but not least, in Region United States & Canada, 53 new shops and 3,400 m² are planned to be opened in 2014 in several major airports. The expansion projects are of great relevance for the Company and will require substantial resources, as already seen in 2013.
For 2014, Dufry will focus on the execution of these projects that will be an important growth driver already this year to come and especially in 2015, once all retail space will be operational and fully ramped up.