Dufry first nine months revenues surge 14%

Turnover continued to grow strongly by 14% to CHF 2,688.7 million with operational performance following the trends seen in the second quarter across most of the regions. The acquired business in Greece, which started to be consolidated from April, achieved a very strong result.

EBITDA in the third quarter grew by 20% and EBITDA margin reached 16.4% for the quarter. For the first nine months of 2013, EBITDA amounted to CHF 386.0 million versus CHF 359.9 million in the first nine months of 2012 and EBITDA margin reached 14.4%.

Turnover by Region

Turnover for the Group reached CHF 2,688.7 million from CHF 2,363.9 million in the first nine months of 2012. Growth in constant exchange rates stood at 14.0%. Organic growth was 2.4%, to which like-for-like growth contributed 1.8% and new concessions, net, 0.6%. Growth from acquisitions added 11.6% to the turnover growth and translational effect was -0.3%.

Turnover in Region EMEA & Asia grew by 50.9% in the first nine months of 2013 and reached CHF 894.9 million from CHF 592.9 million in the previous year. The business acquired in Greece in April 2013 performed strongly, with the number of international tourists visiting the country increasing by 10% in the year to September.

The other operations in Europe continued to perform well, with strongest growth in France, Switzerland, Serbia and Czech Republic. As for Middle East and Asia, Dufry’s operations in China and Cambodia continued to outperform. In Africa, operations in Egypt were impacted by the political situation, whereas the performance in Morocco continued to be strong.

Turnover in Region America I stood at CHF 569.6 million in the year to September, versus CHF 575.8 million in the same period in 2012. In the third quarter, there was a marked improvement in Uruguay on the back of the recovery from the bankruptcy of Pluna last year.

Furthermore, Mexico and Argentina continue to perform solidly. In the British Caribbean, the situation remains unchanged compared to the first half of the year with a soft performance. Turnover in Region America II stood at CHF 519.8 million in the first nine months of 2013 compared to CHF 548.3 million in the same period in 2012.

The high volatility of the Brazilian Real versus the US Dollar in the third quarter continued to hold back further improvement in this region. The first phase of the new arrivals space at São Paulo International Airport Terminal 2 opened last August, has been showing good results with double-digit growth recently and the full benefit starting to materialize from the 4th quarter onwards. The plans for the departure shops in Terminal 2 remain on track for opening by the beginning of 2014.

Turnover in Region United States & Canada came to CHF 659.0 million in the first nine months of 2013 from CHF 613.9 million in the same period in 2012, a growth of 7.3%. In constant exchange rates (CER) turnover growth was 8% compared to one year earlier. The business continues to perform solidly through a combination of passenger growth and increase in spend per passenger, new concessions and expansions. So far in 2013, 3,700 sqm were added as net new retail space in the region.

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Dufry