Pure-player in the fast-growing travel retail channel

The strong fundamentals of the travel retail industry – fueled by a resilient long-term global passenger growth – are a cornerstone of Dufry’s investment case. This, combined with our track record of growth as well as an attractive risk profile based on our geographical diversification, makes Dufry a compelling investment opportunity. For a detailed view on Dufry’s investment case please click here.

Dividend of CHF 4.00 per
share proposed to AGM in 2020.

Capital allocation and dividend strategy

In 2018, Dufry revised its capital allocation and dividend strategy, aiming at paying out a dividend of at least the same amount as in the previous year and target 40 % of cash earnings. In this context, the dividend paid in 2019 for the 2018 business year was increased to CHF 4.00 per share, equal to a total of CHF 199.8 million returned to shareholders, which compares to CHF 3.75 per share paid in 2018. For the fiscal year 2019, the Board of Directors’ proposal to the General Meeting of Shareholders to be held on May 7, 2020, will be a dividend of CHF 4.00 per share. This reflects a dividend yield of 4.2 % compared to the closing price of our shares at December 31, 2019.

Member of the SMI MID (SMIM) Index

With a market capitalization of CHF 4.9 billion as per December 31, 2019, Dufry is part of the SMI MID (SMIM) Index on the SIX Swiss Exchange, which includes the 30 biggest publicly listed companies in Switzerland not already represented in the Swiss Market Index (SLI).

Dufry’s share price started the year at CHF 92.08, reached a high of CHF 109.80 mid-March, saw some softening in the second and third quarters with a low of CHF 76.10 mid-August and recovered to CHF 96.02 at the end of December, thus closing the year with an appreciation of 4 %. 

Dufry’s trading volume continued to be very healthy in 2019. Dufry’s average daily trading volume was approximately CHF 66.5 million. The SIX Swiss Exchange remains our most important trading platform, where the average daily volume of Dufry shares reached CHF 27.3 million in 2019. In this context it has to be mentioned that the SIX Swiss Exchange lost its EU stock market equivalence on 30 June 2019. As a consequence, since July, Dufry’s trading volumes were mainly concentrated at the SIX 61% and BATS Chi-X OTC 38 % platforms.

Our long-term shareholders, in particular Travel Retail Investments, Qatar Investment Authority, Richemont, GIC Asset Management, as well as Franklin Mutual Advisors LLC, Blackrock and JP Morgan Chase & Co represented around 41 % of our share capital and continue to support Dufry. 

Dufry’s free-float is well balanced, with shares being held by institutional investors in the most important investor countries such as the United Kingdom, the United States, Switzerland as well as across Continental Europe.

Solid investment for bondholders

Dufry has been a well-established investment opportunity in the bond market ever since the issuance of its first Senior Notes in 2012. On the one hand, the bond market represents an important source of financing for the company, while on the other hand, our low operating leverage, as well as the strong and resilient cash flow generation, are characteristics welcomed by the fixed income market.

Long-term financing
further optimized.

In November 2019, Dufry issued new Senior Notes for a total of EUR 750 million with a coupon of 2.0 %, due in 2027. The proceeds from the offering were used to early repay the EUR 700 million Senior Notes due in 2023. This refinancing is expected to reduce our financing expenses by EUR 16.5 million per year, starting in 2020. Dufry’s EUR 800 million 2.5 % Senior Notes due in 2024 remain in place.

Dufry also has bank credit facilities in place totaling close to CHF 1,250 million maturing in 2022, and around CHF 1,400 million maturing in 2024 (denominated in multiple currencies).

Dufry’s Senior Notes are currently rated by Standard & Poors (BB) and Moody’s (Ba2).

Committed to fair and comprehensive market communication

We are committed to open and transparent communications with the financial market to present our investment story and opportunities. We pursue a constant, open dialogue with investors, analysts and the media through direct phone and email exchanges, regular roadshows and one-to-one meetings.

Senior management presents and discusses financial performance on a regular basis and we provide the financial community and media with in-depth reports and information through press and analyst conferences, conference calls and webcasts. In this context, Dufry has announced in its third quarter results publication 2019, that as of the 2020 financial year, the company will be releasing quarterly trading statements for Q1 and Q3 instead of publishing full financial results. Dufry will continue to publish full financial results for the half-year and full year periods.

As part of our 2019 Investor Relations activities, senior management and the Investor Relations team invested 36 days to meeting investors directly through roadshows and conferences in Europe as well as in North and South America, during which we met around 500 investors in one-to-one or group meetings and many more in presentations. Apart from meetings, the Investor Relations team answered more than 370 calls and emails in 2019. This results in a total of close to 870 contacts with investors and analysts. 

IFRS 16 and its impact on Dufry’s financials

As of January 1, 2019, Dufry has adopted the new International Financial Reporting Standard IFRS 16, which has substantially affected the accounting of concession and rental agreements. 

Given Dufry’s retail nature and the fact that it does not own the real estate where it operates, IFRS 16 has resulted in significant changes to Dufry’s financial statements.

After preliminary discussions with the analyst / investor community at the company’s Capital Markets Day 2018, Dufry has held an IFRS 16 teaching event for the sell-side analyst community on 14 May 2019 (the same day as the Q1 results presentation) as well as providing detailed insights to the investor community on 15 May 2019, as part of the Dufry Day 2019 held in Zurich. Since then, the company has been updating the market on new developments and indications regarding the expected impacts on the financial statements, by publishing pro-forma/restated financials 2018 and
KPI’s by quarter available here.

Related Information

These sections might also be of interest to you:

Benefits for suppliers

Airport Authorities & Landlords

Associations and Authorities

More about Dufry

Learn more about the Dufry group in more depth:

Investor Relations

Our Share

Dufry Investment Case

Key Figures

Meet Dufry

Dufry will attend and be represented at the conferences and exhibitions related to the travel retail industry listed below. We are looking forward to meet you there.

  • 01-03
    Dec 2020

    Morgan Stanley Virtual Global Consumer & Retail Conference

  • 03-04
    Dec 2020

    Jefferies Virtual Retail & Brands Summit

  • 07-08
    Dec 2020

    UBS Virtual Roadshow - London

  • 10
    Dec 2020

    Berenberg - Swiss Seminar

Retail Brands Our Retail Brands

You may know of Dufry through one of our many other retail brands. If you would like to connect directly with one of these, please see the below links to our entire portfolio.

Contact Information