Dufry Reports Strong 2010

Dufry has reported net income of CHF 145 million on revenues of CHF 2.7 billion for 2010, up from net income of CHF 97.3 million on revenues of CHF 2.4 billion for 2009.

According to Dufry, apart from the contribution of a double-digit organic growth, new concessions (net) added 4.7%, whereas the FX impact of translating into Swiss Franc was negative by 5.1%.

Turnover of Region Europe grew by 6.3% in local currency, driven by the operations at Milan Malpensa airport, which started to improve in the second half of 2010, and by the roll out of the Hudson News concept in various Italian railway stations. The closing down of the European airspace due to the volcano ash cloud in April 2010 and the snow storms in Europe in December 2010 had a very limited impact on operations.

Region Africa’s turnover in 2010 increased by 5.3% in local currencies. In absolute terms, turnover reached CHF 184.1 million in the period. In Egypt, the company’s operation in Sharm-el-Sheikh Airport was temporarily closed due to flooding between January and February 2010. On the other hand, Dufry opened a new operation in Alexandria’s new International Airport in December 2010, which will start contributing in 2011. Morocco and Tunisia had a very good performance throughout the year.

In Region Eurasia, turnover in local currencies increased by 2.7%.

According to Dufy, its operation in Moscow-Domodedovo performed very well on the back of double-digit traffic growth and the company said it was also pleased with Shanghai, where it opened in March 2010 and continue to ramp up.

In Region Central America & Caribbean, turnover increased by 6.4% measured in local currencies.. Turnover in the English speaking Caribbean gradually recovered from the lows in 2009. Additionally, other Caribbean businesses saw an even stronger continued upward trend throughout the year.

Business in Mexico experienced a setback in September due to the crisis of Mexicana, one of the two incumbent carriers in Mexico which stopped operating and has gone into “Concurso Mercantil” (the Mexican version of a Chapter 11 process), resulting in substantially lower passenger numbers. Some airlines have started to build up their flight schedule to this region, but the overall situation remained weak until year-end.

Turnover of Region South America increased by 39.5% on constant FX rates.Turnover growth was well ahead of the respective passenger growth and was driven by several initiatives that implemented during 2010 in Brazil, including allowing customers to pay in installments. Dufry said it also launched

innovative promotions and sales incentive programs, and added that all elements together generated a solid increase in the spend-per-passenger on top of the strong passenger growth.

Turnover of Region North America, which includes Hudson News in the USA and Canada, as well as duty free shops in US locations, increased by 11.6% based on constant FX rates.

The Hudson News business continued its positive organic growth trend as did other operations in the USA. This was further supported by an active development of the concession portfolio in the country with the opening of 66 Hudson News shops. Despite the economic environment in the US still being complex, Dufry achieved a double-digit growth through a combination of productivity improvements, external growth and passenger growth.

The international roll-out of the Hudson News concept has also progressed well, according to Dufry, with 74 new Hudson News stores in the past two years outside the USA and Canada. The performance of those shops has been very good in general, the company said, and it will continue to develop the business model as well as to expand its shop network in line with its strategy.


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