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03/08/2020

HY 2020 impacted by Covid-19, Dufry accelerates re-opening and drives business re-organization

Turnover reached CHF 1,586.9million impacted by the Covid-19 pandemic, equal to -60.6% year-on-year organic growth, with resilient gross profit margin at 58.0%, adjusted operating cash flow of CHF -103.5 million, and equity free cash flow of CHF -749.1 million Comprehensive action plan implemented including fix cost savings of CHF 469.7 million in first half 2020, targeted fix cost savings of around CHF 1 billion for full-year 2020, and strengthened financial structure with CHF 1,583.7 million pro-forma liquidity position as of June 30, 2020[1] Having aligned the organization to different full-year 2020 turnover scenarios, with an expected average monthly cash flow in second half 2020 of ~CHF +60 million in a -40% scenario, ~CHF +10 million in a -55% scenario, and ~CHF -60 million in a -70% scenario Current re-organization initiatives to reduce complexity and simplify decision-making, thus driving the company’s profitability and preparing growth acceleration Passenger flows gradually returning since mid-June, resulting in -82.3% organic growth in July 2020 compared to same month of previous year Limited visibility on mid-term recovery trajectory, with industry forecasts of returning to 2019 levels from 2022 onwards

22/07/2020

Invitation to Dufry’s Half-Year Results 2020 Conference and Management Call on August 03, 2020 in Zurich, CH

24/06/2020

Dufry to implement a global restructuring program

Dufry, in line with the initiatives to reduce expenses and to adapt the company to the new business environment, has decided to implement a restructuring program to mitigate the consequences of the Covid-19 pandemic. The program aims at reducing personnel expenses by 20% to 35% reflecting the different scenarios of potential sales declines between 40% to 70%, which the company had already presented in its Q1 Trading Update on May 12, 2020. The reduction in personnel expenses includes early retirements, hold-backs of seasonal staff employment, contributions from government support schemes as well as the reduction of positions across all organizational levels and geographies. Due to consultation procedures in several countries, it is currently not possible to provide details on the number and locations of the positions concerned. The company plans to implement these measures between June and October 2020.