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    Gian-Marco Werro

    Research Analyst at Zürcher Kantonalbank

    Gian-Marco Werro's questions to Dufry AG/ADR (DUFRY) leadership

    Gian-Marco Werro's questions to Dufry AG/ADR (DUFRY) leadership • Q2 2022

    Question

    Gian-Marco Werro from Zürcher Kantonalbank asked which metric will be key for covenants, the expected CapEx for new store concepts, and for an update on the previously announced CHF 400 million cost-cutting target.

    Answer

    CFO Yves Gerster stated that core EBITDA and adjusted operating cash flow should be very close in a normalized environment and the covenant metric will be finalized with banks during refinancing. CEO Xavier Rossinyol projected retail CapEx to remain around 3% of sales. He also decisively shifted focus away from specific cost-saving line items, emphasizing that the company's priority is now on achieving sustainable long-term profitability and cash flow generation.

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    Gian-Marco Werro's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2021

    Question

    Gian Marco Werro from Zürcher Kantonalbank asked about the expected P&L contribution from the Hainan JV in 2022, the status of the US food and beverage expansion, and the impact of wage inflation in Western markets.

    Answer

    CEO Julian Gonzalez explained that no P&L income should be expected from Hainan for the next two years due to legal restrictions, though the operation is performing well. He reiterated that US Food & Beverage is a key growth driver. He acknowledged significant wage inflation in the US (10-20%/hour) but noted the P&L impact is not yet remarkable due to offsetting cost savings.

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    Gian-Marco Werro's questions to Dufry AG/ADR (DUFRY) leadership • Q2 2021

    Question

    Gian-Marco Werro questioned the new normalized CapEx level post-recovery, the company's strategy for re-hiring staff quickly, and the status of negotiations over minimum annual guarantees (MAG) with AENA in Spain.

    Answer

    CEO Julián Díaz stated that normalized CapEx will be 3-3.5% of turnover. He described a 'welcome back' program for rehiring staff, noting no significant limitations so far. Regarding AENA, he confirmed a disagreement on the relief offer, with the matter now in court, but could not provide further details.

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    Gian-Marco Werro's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2020

    Question

    Gian Marco Werro from Zürcher Kantonalbank asked for clarification on the Hainan JV structure with Alibaba, whether U.S. F&B expansion plans were scaled back, and for a justification of the special executive bonus given significant headcount reductions.

    Answer

    CEO Julián Díaz clarified the Hainan JV involves all three partners (Alibaba, HDH, Dufry), with Dufry providing services since direct investment is not permitted. He affirmed that F&B diversification remains a key goal. Regarding the bonus, he explained it was a decision by the Remuneration Committee to reward the executive team for securing the company's survival through exceptional cost-cutting and financing efforts during an unprecedented crisis.

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