INTERNATIONAL. Dufry’s turnover in the first three months of 2008 rose by +18.4% year-on-year before currency effects.
However the impact of currency fluctuations saw reported turnover grow by +7.9% (figures rounded in the table below) to CHF449.9 million (US$429.68 million). The translation into Swiss Francs resulted in a negative foreign exchange impact of -10.5%, Dufry said.
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A region-by-region breakdown of Dufry’s first-quarter results underlines the impact of currency (Source: Dufry Group) |
EBITDA (before other operational result) grew by +20.2% to CHF50.1 million (US$47.85 million). EBITDA margin improved by 1.1 percentage points to 11.1% from 10.0% in the corresponding period.
Of the +18.4% revenue rise, organic growth reached +14.5% and new concessions contributed +3.9%.
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“Organic growth of +14.5% reflects the efforts made by Dufry to drive the operational performance and also the sound fundamentals prevailing in our business“ |
Julián Diaz Chief Executive Officer Dufry Group |
Dufry said that all regions performed well and continued to grow organically with South America, Eurasia and Africa achieving double-digit growth rates.
Due to the strengthening of the Swiss Franc, especially in relation to the US Dollar, the figures of regions North America & Caribbean and South America were negatively affected when translated into Swiss Francs, resulting in a nominal decrease of -7% and a growth of +13% respectively.
Africa continued to experience “dynamic growth” (this time of +22%) and Eurasia followed a similar trend posting a year-on-year of +20%. Revenues in Europe increased by +9%.
Gross profit margin (as a percentage of turnover) continued to increase to 53.3% in the first three months of 2008, 1.5 percentage points higher than the 51.7% in the corresponding quarter of 2007.
Dufry said this was due to the continuous improvements made to strengthen the operational performance.
Dufry Group CEO Julian Diaz said: “Throughout Q1 2008 Dufry has performed very well, and delivered once more a strong performance despite the negative accounting FX impact.
“Organic growth of +14.5% reflects the efforts made by Dufry to drive the operational performance on one hand and the sound fundamentals prevailing in our business on the other hand.
“Based on the latest outlook by industry specialists, passenger growth trends seen in Q1 2008 are expected to continue for the rest of 2008.”
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