GREECE. Dufry this morning confirmed that it is in “advanced negotiations” with Folli Follie Group (FFG) for the acquisition of a 51% stake in FFG’s travel retail business [led by Hellenic Duty Free Shops – Ed]
In a brief statement, Dufry added simply that it will “proceed to official announcements according to the law.”
The announcement was expected after news of the impending deal broke first in the Greek press earlier this month, prompting Folli Follie to issue a statement on its website that it was in talks with an undisclosed party.
The leak was then picked up by English language business websites Euro2Day and Bloomberg and has been the subject of extensive reports circulating in the investment community.
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HDFS financial performance H1 2012 vs 2011 |
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HDFS revenue split by channel H1 2011; Note: AIA is Athens International Airport |
In 2011, HDFS grew its travel retail revenues by +15.1% year-on-year to €291 million, a strong performance against the backdrop of the crisis-hit Greek economy. In H1 2012, HDFS travel retail sales climbed by +1% to €116 million, as passenger traffic at Greece’s airports fell by -7%.
In the same period, gross profit grew marginally (+0.8%), with the respective margin reaching 53.3% against 53.4% in the same period last year, the company said.
First-half EBITDA in 2012 reached €35.2 million from €33.4 million with the respective margin at 30.3% from 29.1% the same period last year.
Duty free sales increased from 54.0% of the business (H1 2011) to 62.3% in H1 2012), while spend per customer increased from €41.79 in H1 2011 to €45.30 in H1 2012.
We’ll analyse the deal in this week’s edition of The Moodie Report e-Zine.
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