163,28,22 230,203,96 191,191,191 0,51,153 26,173, ,219, ,64, ,160,98

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2 Legal Disclaimer Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Dufry AG (the Company ) as of the date of this release, and we assume no duty to update any such forward-looking statements. Factors that could affect the Company s forward-looking statements include, among other things: global GDP trends, competition in the markets in which the Company operates, unfavorable changes in airline passenger traffic, unfavorable changes in taxation and restrictions on the duty-free sale in countries where the company operates. 2

3 Agenda 1. Review of Q Financials 3. Conclusion 3

4 1. Review of Q

5 (CHF Million) Key Figures Q Q Turnover Evolution 29.6% Turnover at constant FX rates 29.6% to CHF million Organic growth of 9.7% Like-for-like growth of 7.4% Contribution from new projects 2.3% Contribution from acquisitions: 19.9% growth 0 Gross margin improved to 58.3% from 57.6% Dufry plus One initiative delivering results as expected Acquired businesses had an important contribution for this performance EBITDA (1) at constant FX rates +50.2% EBITDA margin growth by 180bps to 13.5% Disciplined approach to costs Synergies from acquired businesses (1) Before other operational results 5

6 Q Highlights Strong performance in all regions Results ahead of passenger growth Productivity gains No need to activate the Action Plan Further diversified portfolio Emerging markets represent 60% of revenues Consolidated positions in strategic markets International PAX Growth in the Q1 2012* 12% 9% 6% World Average 11.0% 6.1% 8.9% 3% 8.5% 4.0% 7.6% 4.6% 0% Around 2,100 sqm of net new space opened Source: ACI (03/02/2012) * Until February Integration of the newly acquired companies on track First improvements in net working capital and gross margin Dufry Plus One and One Dufry in last stage of implementation with the Global Procurement Platform Net Retail Space added in the Q1 12 Africa 11% North America 30% Note: Pie chart on the total 2,100 sqm of net new space opened Eurasia 40% Central America & Carib. 19% 6

7 Update Q Like-for-like growth Evolution of 2012 Forecasts Evolution of the Int l PAX Forecasts 6.0% 5.0% 4.0% 3.0% 2.0% 5.8% 5.8% % 5.1% 5.1% 4.9% 4.9% 5.4% EUROPE 2.8% 2.8% 3.4% 4.6% 4.6% AFRICA 2.7% 2.7% 3.2% 4.2% 4.2% 4.3% 3.9% 4.5% 4.2% 4.2% 4.5% 4.6% ASIA/ PACIFIC 7.1% 7.1% 7.1% 4.1% 3.9% 3.9% 4.0% 3.8% MIDDLE EAST 9.4% 9.4% 9.7% 3.3% 3.3% 3.5% LATIN AMERICA 5.7% 5.7% 4.1% 2.9% NORTH AMERICA 2.8% 2.8% 3.2% WORLD 4.3% 4.3% 4.7% International '12 Domestic '12 Source: Air4casts (30/03/2012) Source: Air4casts (30/03/2012) Current passenger forecasts still robust Emerging markets show higher growth Economic environment still volatile Trading update 7

8 (sqm) Update Q New projects and acquisitions 6,000 Signed Additional Retail Space Project Pipeline: 36,000 sqm 5,000 4,000 3,000 1,226 Europe 9% Africa 7% Eurasia 40% 2,000 1, ,087 Europe Africa Eurasia Central America & Caribbean South America to be opened in 2012 to be opened in ,538 North America North America 25% South America 15% Central America & Caribbean 4% First shop in India opened on 11, April New 4,000 sqm of retail space in the JFK airport in the United States opened also in April Dufry selected as retailer in the renovated Dallas Love Field Airport Ongoing healthy pipeline of new projects 8

9 Update Q Acquired Business Integration progressing as expected and synergies on track USD 25 million within 24 months confirmed First results already in the first quarter Retail Operations Marketing Procurement Logistics Human Resources Training on site with the program Out-in-Front Assortment review Promotions strategy implemented Customer Service being implemented On-going negotiations with key suppliers New retail prices implemented Dufry s Supply chain model being implemented Possible reorganization of DC s in the region Corporate standards and Group processes implemented IT Costumer information already aggregated in the global data center in Switzerland Finance Dufry controls fully implemented 9

10 Focus on Emerging Markets and Tourist Destinations Mediterranean Corridor Asia Latin America & Caribbean Travel Retail Industry Players Dufry 8% Other Players 51% Other 9 Major Players 41% 10

11 Dufry s Segmentation Dufry by Product Category Q Dufry by Region Q Electronics 3% Tobacco goods 7% Literature and Publications 8% Other 4% Perfumes and cosmetics 26% North America 24% Developed Markets Europe 10% Africa 5% Eurasia 9% Wine and Spirits 17% Confectionary and Food 17% Luxury goods 18% Dufry by Channel Q South America 38% Emerging Markets Central America & Caribbean 14% Dufry by Sector Q Airports 89% Duty-free 68% Downtown, Hotels & Resorts 3% Cruise Liners & Seaports 4% Railway Stations & Other 4% Duty-paid 32% 11

12 2. Financials 12

13 Q Turnover Growth Components Q Growth Components Q Q % - Like-for-like growth 7.4% - Contribution from new projects 2.3% 19.9% -3.0% 30% 25% 20% - Organic growth 9.7% - Contribution from acquisitions 19.9% Total growth before FX effect 29.6% 7.4% 4.6% -2.3% 29.6% 26.6% 15% 10% 5% 0% - FX effect -3.0% Reported growth 26.6% Turnover Growth Components Turnover Growth by Region 30% 25% 20% 15% 22% 10% 29% 20% Region Turnover at Const. FX rates Turnover Reported Europe 7.5% 1.7% Africa 19.1% 13.3% Eurasia 51.1% 49.9% 10% 5% 5% 2% 7% 7% Central America & Caribbean 12.3% 10.1% South America 61.9% 58.4% North America 11.5% 9.2% 0% CAGR 2003-'11 Q Dufry Group 29.6% 26.6% Like-for-like Growth New activities (net) Acquisitions 13

14 Foreign Exchange Development CHF / USD Development (1) CHF / EUR Development (1) Current FX Current FX Q1 Q2 Q3 Q Q1 Q2 Q3 Q FX Rate Development in 2012 Q Sales by currency -8% -4% 0% 4% 8% -6.1% -3.4% -2.6% Q1 USD/CHF USD 78% -4.0% 3.2% 5.1% Q2 Q3 EUR/CHF Other 10% Q4 Weighted average EUR 12% Source: Bloomberg Note: (1) Q until April, 19 th 14

15 (CHF million) (as % of Turnover) (as % of Turnover) EBITDA (CHF million) Key Business Drivers EBITDA margin (as % of turnover) Turnover Gross Profit Margin 3,500 3,000 2,500 2,000 2,610 2,638 2,379 1,930 2,114 60% 55% p.p. 55.9% 54.5% 53.3% 51.8% 57.5% 58.2% 57.6% 58.3% 1,500 1, , % 45% 46.4% 48.0% 49.7% Q1 '11Q1 '12 40% Q1 '11 Q1 '12 EBITDA Margin Seasonality of the EBITDA 18% 16% 14% 12% 10% 8% 6% 4% 2% 7.1% 11.2% 10.5% 9.9% 13.4% 13.9% 12.7% 13.1% 14.1% 11.7% 13.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % 14% 12% 10% 8% 6% 4% 2% 0% EBITDA EBITDA margin 15

16 Income Statement (CHF million) Dec '03 % Dec '09 % Dec '10 % Dec '11 % Q1 '11 % Q1 '12 % Turnover % 2, % 2, % 2, % % % Gross profit % 1, % 1, % 1, % % % Concession fees % % % % % % Personnel expenses % % % % % % Other expenses % % % % % % EBITDA (1) % % % % % % Depreciation % % % % % % Amortisation % % % % % % EBIT (1) % % % % % % Other operational result Financial result EBT % % % % % % Income tax As % of EBT 19.0% 12.6% 17.3% 15.4% 17.0% Net Earnings % % % % % % Attributable to: Minority interest Equity holders of the parent % % % % % % Note: (1) EBITDA and EBIT before other operational result 16

17 Net Earnings / Earnings Per Share (CHF) Net Earnings Core Earnings Per Share Q1 '12 Q1 '11 Change CHF/USD % CHF/EUR % CHF Q1 '12 Q1 '11 Change Basic EPS % Acq. Related Amort. per share % 0.00 CORE EPS % Core EPS (Cash EPS) excludes amortization related to acquisitions Acquisitions are non-recurring transactions Give an indication on sustainable Cash EPS 17

18 Summary Balance Sheet 31 March 2012 (CHF million) 3,180 3,180 PP&E (9%) Equity (37%) Intangible assets (77%) 2,064 1,353 Net Debt (50%) Other non current assets (1%) Net Working Capital (8%) Other current assets (5%) Non current liabilities (2%) Deferred tax liabilities/assets, net (1%) Other current liabilities (10%) Assets Liabilities Intangible Assets 31/03/2012 Intangible Assets Related to Acquisitions Acquisitions made in Aug/11 44% Brasif Acquisition 16% Goodwill 35% Hudson Acquisition 10% Other 10% Puerto Rico Acquisition 6% Dufry Acquisition 14% Concession rights finite 54% Brands 8% Concession rights indefinite 3% 18

19 Capex (CHF million) Capex (as % of Turnover) NWC (CHF million) Cash Flow Statement NWC (as % of Turnover) In millions of CHF Q1 '12 Q1 '11 Net debt at the beginning of period (1,361.4) (637.9) Cash flow before w orking changes Change in net w orking capital (28.2) (20.8) Income taxes paid (14.0) (6.0) Net cash flow s from operating activities Capex (PPE and intangible assets) (27.4) (19.9) Net cash flow s from operating activities after Capex M&A and Financing (44.4) (1.6) Other (22.8) (23.1) Currency Translation Change in net debt Net debt at the end of period (1,353.1) (635.4) Acquisitions Effect (892.6) Net debt at the end of period (w ithout acquisitions effects) (460.5) Capex Evolution Core Net Working Capital Evolution % % 12.0% % 3.4% 3.2% 2.9% 3.7% 3.5% 3.5% 3.8% 4.0% 3.0% % 5.9% 6.2% 6.2% 7.2% 8.0% 4.0% % 1.0% % -4.0% Q1 '11 Q1 '12 0.0% Q1 '11 Q1 '12-8.0% Capex Capex as % of Turnover Core Net Working Capital NWC as % of Turnover 2 1 Inventories + Trade and credit card receivables - Trade payables based on PF LTM turnover including latest acquisitions 19

20 (Net Debt/Adjusted EBITDA) (CHF million) (Net Debt/Adjusted EBITDA) Financing and Covenants Debt by Currency - 31 March 2012 Net Debt Evolution 1,600 1,400 1,400 1,361 1,353 USD 78% 1,200 1, CHF 16% EUR 6% Net Debt Net Debt before Acquisitions Covenants Test (Net Debt / Adj. EBITDA) Covenants Evolution Acquisition Brazil Acquisition Hudson Latest Acquisitions * Covenants Actual * Since Q1 12 technical adjustment implemented to eliminate FX volatility from the calculation 0.00 Dec '05 Jun '06 Dec '06 Jun '07 Dec '07 Jun '08 Dec '08 Jun '09 Dec '09 Jun '10 Net Debt / Adj. EBITDA Dec '10 Jun '11 Sep '11 Dec '11 Mar '12* 20

21 Ranking (CHF, USD) (CHF millions) Equity Dufry Share Price Market Cap: CHF 3,400 million USD 3,700 million Daily Average Trading Volume in CHF jan/10 abr/10 jul/10 out/10 jan/11 abr/11 jul/11 out/11 jan/12 abr/ Q1 '12 Q2 '12 Note: Until 27/04/2012 Share Price (CHF) Share Price (USD) SPI (rebased to DUFN in Jan/10) Dufry s Position in the SIX Indices Note: (1) Since April 2010 including trading volumes of Dufry AG BDR. (2) 2012 until 27/04/2012 Shareholder Structure SMI SLI SMIM Free Float 73.1% Advent Funds 14.4% / / / / / /12* Period base for the calculation (ending in June) * Provisional calculation until March Hudson Media 4.3% Travel Retail Investments SCA 8.2% 21

22 3. Conclusion 22

23 Conclusion/Outlook Dufry started 2012 with strong growth and financial performance Positive contribution from organic growth and acquisitions Another improvement in Gross and EBTIDA margins Gross margin continues to grow EBITDA margin presented another record reaching 13.5% Dufry Plus One and One Dufry further improved the operational performance of our business International passengers remain solid: 4-5% increase for the medium and long term Expansion and Integration of the recently acquired businesses will be a priority for 2012 to generate synergies and to maximize cash generation Continue with our strategy of profitable growth in 2012 Like-for-like growth: increasing sales on our current shops thanks to passenger growth and productivity improvements New concessions Acquisitions: will continue to be a key element of growth in due time Dufry remains alert given the actual global economic and political environment Action plan is in place 23

24 Thank You! 24