Home / Knowledge / News / Apparel/Garments / Dufry Q2 turnover mounts 6.7% to CHF 1,707.9mn
Dufry Q2 turnover mounts 6.7% to CHF 1,707.9mn
31
Jul '14
In the first half of 2014, Dufry’s turnover reached CHF 1,707.9 million and grew by 6.7% in constant FX rates and 2.4% when translated into Swiss Franc. Organic growth accelerated in the second quarter to 5.0% from 2.2% in the first quarter. EBITDA reached CHF 221.4 million for the half year 2014 and EBITDA margin was 13.0% in the period and 14.2% in the second quarter. Cash flow before working capital grew by 9.0% and reached CHF 212.2 million. 
 
During July, Dufry successfully completed the equity increase, bond issuance and bank debt refinancing in relation to the Nuance acquisition, which was announced on 4 June, 
2014. 
 
Accelerating organic growth 
Organic growth accelerated in the second quarter to 5.0% from 2.2% in the first quarter, where the new concessions played an important role as well as improvements in all businesses in Latin America, most notably in the Caribbean, Uruguay and Brazil, with signs of improvement. US & Canada and EMEA & Asia followed the positive trends showed in the Q1. 
 
Key expansion projects completed 
Dufry continued with its expansion projects and opened in the first semester 16,200 sqm of gross retail space. Specifically, Dufry opened 27 new shops in Brazil, of which 17 are located in the new Terminal 3 in Sao Paulo Guarulhos Airport. The shops were opened as scheduled in May 2014, ahead of the World Cup. In Asia, Dufry opened shops in Indonesia, South Korea and Sri Lanka during the first half of 2014. These new projects showcase not only Dufry´s execution capabilities but will also be important for the development of the company in the future.  
 
Nuance financing put in place 
On June 4th, Dufry announced the acquisition of the Nuance Group, a global travel retailer with turnover of CHF 2.1 billion and presence in 19 countries. To finance the acquisition of CHF 1.55 billion, Dufry executed a number of financing transactions in June and July. On 5 June, Dufry issued mandatory convertible notes of a total amount of CHF 275 million. On 7 July, Dufry issued five million new shares and raised approximately CHF 810 million in a successful capital increase, and on 11 July, successfully placed a new EUR 500 million bond with a 4.5% coupon DUFRY AG - Brunngässlein 12 - 4010 Basel - Switzerland 2 and 8 year maturity. Last but not least, the planned refinancing of the bank debt has been completed on 22 July. 
 
All the planned financing instruments have been put in place and Dufry has implemented the long-term funding structure for the transaction.
 
Click here to view full results.
 

Dufry

Must ReadView All

Textiles | On 24th Aug 2016

USDA forecasts 2016 US cotton output at 15.9mn bales

US cotton output is forecast at around 15.9 million bales in 2016, as ...

Ambassador Alice G Wells at Ad Dulail Industrial Park. Courtesy: US Embassy in Jordan

Textiles | On 24th Aug 2016

US envoy discusses expanding textile exports from Jordan

Expansion of textile and garment exports to the United States under...

Textiles | On 24th Aug 2016

Pakistan’s textile exports fall 7.42% y-o-y in 2015-16

The value of textile and garment exports made by Pakistan decreased...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
August 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search