Alternative Performance Measures 

With the half-year results 2022, Dufry introduced a new reporting format for its alternative performance measures (APM). CORE figures represent the full business. Avolta believes that disclosing adjusted results of the Group’s performance enhances the financial markets’ understanding of the company because the adjusted results enable better comparison across years. These CORE figures exclude acquisition-related amortizations and expenses. In addition, the CORE figures exclude the accounting impact resulting from IFRS 16 lease accounting standard. This is achieved by reversing IFRS 16 related profit or loss line items (i.e. depreciation of right-of-use assets and lease interest) and adding the relevant concession fee owed based on the corresponding concession agreement. We consider all our concession fees and corresponding payments as CORE to our business, in contrast to IFRS 16, which treats fixed payments as a financing activity. In addition, we believe that the straight-line depreciation of right-of-use assets does not reflect the economic reality of our business and the operational performance of our Group. Avolta uses these adjusted results in addition to IFRS as important factors in internally assessing the Group’s performance. Please refer to Dufry's Full Year and Half-Year Reports for further details.