16/03/2016
Transformational year for Dufry with strong performance
In 2015, Dufry achieved a solid operational and financial performance: Turnover increased by 46.3% and reached CHF 6,139.3 million, while EBITDA amounted to CHF 723.8 million, with an EBITDA margin of 11.8%. Dufry also continued to prove its cash generation capability with net cash flow from operating activities of CHF 491.6 million before acquisition-related cash outflows. The covenant Net debt / EBITDA remained at 3.92x, versus new agreed threshold of 4.50x.The primary focus in 2015 was the integration and delivery of synergies of Nuance, which was completed by year-end as originally planned. Combined with the acquisition of World Duty Free, consolidated from August 2015 onwards, the Nuance integration resulted in a transformational year for Dufry in many aspects. Dufry announced a new Group structure, introduced a new business operating model and refreshed its corporate identity together with its corporate values.From a strategic and operational perspective, the two transformational acquisitions reinforce Dufry's global leadership in airport retail with 24% market share and are expected to generate a total of CHF 175 million of synergies, of which a first tranche of CHF 34 million is already reflected in the 2015 FY results.
