Dufry operates in an industry that has shown solid and resilient growth in the last few decades – and which is expected to continue to grow. According to Generation Research, a travel retail market research specialist, the travel retail industry had an estimated market value of USD 63.6 billion dollars in 2016 and it is expected to reach USD 85 billion in 2020.

Within this prospective business environment, Dufry follows a strategy of profitable growth – see also our strategy section – in order to secure a sustainable development for the company and all its stakeholders.

Operating in an industry with solid and resilient growth.

As a retailer, our ambition is to create the best possible shopping environments to capture the interest of passengers and to generate selling opportunities. Our role is performed in conjunction with airport authorities and brand suppliers, incorporating their opinions and feedback into the store planning and operation processes. This collaborative work results in improved passenger services as well as more visibility and opportunities for brands. Testament to this collaboration, and just as a remarkable example, is the London Heathrow Airport – where Dufry operates more than 60% of the retail offer by value and that has been recognized by Skytrax, winning the Best Airport Shopping in the world accolade for the last eight years.

That ambition has translated to Dufry having a long history of strong financial results, maintaining a solid balance sheet and financial position that has fueled the growth of our company and built solid foundations for its future.

Taking the shopping experience to the next level

Dufry´s leading position in the travel retail industry provides an opportunity and a responsibility to the company, and this is to remain best in class when it comes to customer service. As reflected in our corporate brand statement, WorldClass.WorldWide, at Dufry we strive to provide our customers with the best retail experience in any store we operate. For the economic aspects related to our customers, please refer to the Customer  Section.

In 2017, we have invested in renewing, refurbishing and upgrading our stores and to include additional services that improve the passengers´ shopping experience. Both the physical construction of the stores and the adoption of corporate best practices are part of a digitalization strategy that the company is rolling out and that is detailed in the Focus Story.

New services and shopping experiences provided to travelers around the world.

An important component of these store renovations is to create a strong sense of place in our stores, linking the shopping environment to the country´s cultural heritage, where they are located. The powerful combination of store designs with local touches, together with a curated selection of local products on offer that are acquired from local suppliers, results in unique shopping spaces that invite customers to a full cultural immersion in the destination.

Moreover, Dufry has a track record in delivering successful shopping concepts, specialized stores and marketing activations that are recognized by the industry year after year. Some of the latest awards gained by Dufry include the Frontier Award to the best Marketing Campaign of the Year by Retailer for the Rogue One: A Star Wars Story activation in Gatwick Airport; Best Marketing Activity in the TFWA awards for Dufry´s specialized sunglasses store in London Heathrow Terminal 5 or the award to the Icons of Whisky ‘Travel Retailer of the Year’ award for the second year running to our Edinburg and Glasgow whiskey-specialized stores, World of Whiskeys. A detailed list of the awards won is available under the Awards section.

Stakeholder Value Allocation by Dufry in 2017

The stakeholder value allocation of Dufry corresponds to corporate output less third-party inputs. The calculation is based on Dufry’s EBIT plus personnel costs. It does not comprise of values allocated to business stakeholders, such as suppliers and landlords.

The value allocated reached CHF 1,553.7 million in 2017 (CHF 1,327.1 million in 2016). Out of this amount, CHF 1,135.0 million was accrued to our employees in form of remuneration and social security payments. CHF 259.6 million was for interest payments to our bondholders and lending banks. Income taxes to public authorities and communities in which the group companies are located were CHF 91.0 million. The remaining amount was allocated to retained earnings and local partners.

Anti-corruption and anti-competitive behavior

Corruption is a worldwide phenomenon which is linked to many negative economic, social and environmental impacts. From a business perspective, corruption distorts market mechanisms and undermines governance institutions and the rule of law, which increases the cost of doing business.

The subject of corruption is of considerable importance to Dufry as the Company expands its operations to many countries with elevated corruption levels and participates in many public procurement processes to bid for airport, seaport and other concessions around the globe each year.

Dufry does not tolerate bribery or corruption in any form. We believe that in order to remain a solid business leader, all business must be conducted ethically and in full accordance with all applicable laws, rules, and regulations. Dufry requires all of its employees, managers and executives to behave at all times with honesty, ethics and within the confines of the law and in full compliance with Dufry’s Ethics, Sustainability and Integrity in Business Transactions Policy. Where laws, rules or customs exist that are different from the principles set out in the Policy, Dufry managers, executives and employees are required to follow whichever sets the higher standard in this regard.

Dufry also wants its officers, managers and employees to fully respect the safeguarding of integrity and fair dealing when performing their activities on behalf of Dufry and to promote the sustainability, diversity, decent work, human rights, anti-harassment and non-discrimination standards adopted by the Dufry Group.

Dufry’s management operates a no-tolerance approach to active and passive corruption and seeks to minimize the circumstances in which corruption could occur in its global business development activities and operations.

Dufry’s Ethics, Sustainability and Integrity in Business Transactions Policy outlines the types of conduct which are not permissible and imposes strict rules in relation to charitable contributions and sponsorships as well as gifts, hospitality and entertainment expenses and facilitation payments to minimize the risk of corruption. In addition, it requires careful due diligence to be conducted on external partners it is working with and includes a procedure that must be followed to vet all new joint venture partners, consultants and other service providers.

Dufry also conducts ongoing training to all managers and executive board members, as well as all employees who have otherwise been identified as being at a greater risk of exposure to corruption.

Dufry’s Legal and Governance Department, in consultation with management and HR, regularly evaluates the content of Dufry’s training on Governance and Corporate Policies and the employees who may require such training.

Dufry also undertakes to properly investigate all complaints and to prohibit retaliation against any employee for such reports made in good faith. To ensure the integrity of such investigations, Dufry has a centralized contact point through a dedicated Dufry email address through which any wrongdoing or corruption concerns can be reported directly to the CEO. The identity of any employee reporting such concerns or possible violations of Dufry’s Ethics, Sustainability and Integrity in Business Transactions Policy is kept strictly confidential, unless the disclosure of the identity is required by law.

The Legal and Governance Department conducts Governance and Corporate Policies training, which covers Dufry policy on active and passive corruption, charitable contributions and donations, facilitation payments, and gifts, hospitality and entertainment expenses on an ongoing basis. The training is conducted in full coordination with the CEOs of each Division (DCEO) and the HR Department who help identify the individuals, including new hires, who should attend the training.

678 managers have been trained in total since the training was started in 2012. These individuals have been selected based on the following criteria: 

  1. community heads at Headquarters (Finance, Treasury, Procurement, Business Development, Internal Audit, HR, IT, Commercial, Marketing, Customer Service);
  2. heads of all Divisions;
  3. local managers with exposure to business development, external partners and third-party contractors;
  4. managers with exposure to procurement negotiations;
  5. managers with exposure to government officials such as airport authorities, customs or other public authorities;
  6. managers with signatory power or appointed as directors or officers of a Dufry Group subsidiary;
  7. Investor Relations managers;
  8. all members of the Legal and Governance Department;
  9. all members of the Internal Audit Department; and
  10.  all HR managers worldwide.

Between April and December 2017, 458 managers at Headquarters and across all 5 Divisions have completed this training. This reflects nearly a 100% rate of training for governance board members and employees identified as requiring the training pursuant to the criteria set out above.

Dufry employees who don´t meet the criteria outlined above are not currently provided training on Dufry’s corporate and governance policies. However, all of Dufry’s corporate and governance policies, including its Policy on Ethics, Sustainability and Integrity in Business Transactions are available to all Dufry employees, managers and executive board members on the Group´s intranet – Dufry Gate – for their reference.

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