Dufry’s reports results for the first quarter 2014. Dufry’s turnover grew by 9.0% in constant FX rates and reached CHF 775.0 million in the first quarter of 2014. EBITDA reached CHF 89.1 million and EBITDA margin was 11.5% in the quarter. Cash flow before working capital grew by 15.6% and reached CHF 93.6 million.
Dufry posted another solid set of results as turnover in constant FX rates continued to grow by 9.0% in the quarter as a combination of organic growth and the acquisitions of Hellenic Dufry Free. During the first quarter of 2014 EBITDA reached CHF 89.1 million and EBITDA margin stood at 11.5%.
The first quarter is the lowest quarter in terms of seasonality, and there was also a calendar effect from Easter, which in 2013 took place in the first quarter and this year moved to the second quarter. Organic growth was also impacted by currency volatility of selected nationalities, like Brazilians and Russians. The appreciation of the Swiss Franc versus the US Dollar resulted in a translational effect of minus 3.8% in the first quarter.
In the first quarter of 2014 Dufry’s turnover grew by 9.0% in constant FX rates, of which 6.8% was the contribution consolidation of the Hellenic Duty Free acquisition. Organic growth was 2.2%, to which like-for-like growth contributed 0.7% and new concessions, net, added 1.5% as the result of openings of 4.3% versus closings of 2.8%.
Reported turnover in Swiss Francs reached CHF 775.0 million from CHF 736.4 million in the first quarter of 2014, a growth of 5.2%, after a -3.8% translational impact, driven by the appreciation of the Swiss Franc in the period.
Turnover in Region EMEA & Asia grew by 31.4% in the first quarter of 2014 and reached CHF 239.8 million from CHF 182.5 million in the previous year. Besides the consolidation of the business acquired in Greece in April 2013, other operations in the region performed solidly as well.
In Europe, France and Spain had strong growth. Africa showed positive performance as Morocco and Ivory Coast had double digits sales growth and helped mitigate the lower results in Egypt.
In Eastern Europe, Serbia and Armenia performed well, while operations in Russia were impacted by the depreciation of the Russian Rouble and the political situation in the Ukraine. In Middle East and Asia, growth was strong as a combination of like-for-like in the existing operations especially in China and Cambodia as well the effect of the first openings in Asia.