David Holmes's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2020
Question
David Holmes from Bank of America asked for an estimate of the monthly cash burn for Q1 2021 and sought clarification on why the company does not expect a medium-term catch-up in CapEx, questioning if new efficiencies had been found.
Answer
CFO Yves Gerster explained that while they cannot provide monthly granularity, the average cash burn for H1 2021 is projected at CHF 50 million/month in the -40% sales scenario and CHF 60 million/month in the -55% scenario, with Q1 being higher than Q2 due to seasonality. He confirmed that CapEx levels are expected to remain below the historical 3-3.5% range, settling between 2.5% and 3% going forward due to identified optimizations.