Avolta's Key Figures

Historical Proforma Financial Figures

On February 3^rd 2023, Avolta (then Dufry AG) successfully closed the business combination with Autogrill. To guide stakeholders through the comprehension of the new Group perimeter going forward, Avolta is providing a set of Historical Combined Financial Figures on a Proforma basis. These Figures are based on Avolta’s alternative performance measures (APM).

Alternative Performance Measures 

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 exceptional acquisition respective disposal related expenses and income, and also exclude impairments and amortization of acquisition-related intangible assets, which can differ significantly from year to year.

Avolta’s profit or loss statement in accordance with IFRS is materially impacted by IFRS 16 lease accounting. 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. For this same reason, 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.