Dufry posts a very strong set of results in Tunisia

April 15, 2008 - Switzerland

Dufry’s turnover rose by 34% to CHF 1,930.3 million in 2007 from CHF 1,436.3 million in 2006. EBITDA (before other operational result) soared by 62% to CHF 259.3 million, compared to CHF 160.5 million in 2006. EBITDA margin improved by 2.2 percentage points to 13.4% in 2007 from 11.2% in 2006.

In 2007, Dufry performed strongly and grew its turnover by 34.4% to CHF 1,930.3 million from CHF 1,436.3 million in 2006. At constant foreign exchange rates, turnover growth would have been 1.5% higher.The increase in turnover was driven by strong organic growth of 16.7%, mainly as a result of operational improvements. New concessions contributed 5.0% and growth due to acquisitions stood at 14.1%.

Development by Region
Europe grew net sales by 10.3% to CHF 408.7 million in 2007 against CHF 370.5 million in 2006. Italy and Switzerland posted solid double-digit growth backed by recent shop refurbishments.

Dufry’s operations in Spain, which opened in 2006, also showed a strong growth based on to the full year effect as well as the ramp up of the operations along 2006 and 2007.

Africa’s net sales saw a remarkable increase of 25.4% and reached CHF 183.5 million in 2007 compared to CHF 146.4 million in the previous year.

Morocco performed exceptionally well based on strong organic growth and the openings of new stores. Tunisia also posted a very strong set of results.

Furthermore, Algeria contributed to the region’s growth due to the full year effect as did Egypt, where Dufry opened its first shops during 2007.

Eurasia boosted net sales by 21.0% to CHF 226.6 million in 2007 from CHF 187.2 million in 2006. Russia had a very strong growth due to the good performance in Moscow Domodedovo airport as well as Dufry’s new operations at Moscow Sheremetyevo airport.

The positive fundamentals also drove growth in Sharjah (United Arab Emirates) and Cambodia, where refurbishments and new shops further fuelled growth.

Belgrade, which was opened in 2006, and Hong Kong, where operations started in 2007, also contributed to the growth of Eurasia & Asia.

Net sales of North America & Caribbean soared by 43.0% to CHF 469.1 million in 2007 versus CHF 328.0 million in the previous year. Out of this, the acquisition in Puerto Rico contributed 29.9%. All major operations performed well and posted double-digit growth.

Dufry continued to open new shops in the Caribbean region, most notably in Dominican Republic, which further supported growth in the Region.

South America performed exceptionally well with net sales reaching CHF 597.5 million in 2007, an increase of 60.8% from CHF 371.6 million in 2006. Excluding the full year effects, growth soared by 36.4% on a USD basis.

The productivity improvements in the Brazilian and the cruise line operations undertaken based on the integration plan during 2006 and 2007, as well as the strong economy in Brazil, led to this outstanding performance.

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