Iva Horcicova's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2020
Question
Iva Horcicova from Napier Park Global Capital asked if the Asia expansion strategy is primarily focused on the Alibaba partnership in China or if growth is also expected elsewhere in the region. She also requested more detail on the 2020 impairment and its future impact on amortization.
Answer
CEO Julián Díaz confirmed that Asia expansion is a top priority, starting with the online-offline model with Alibaba in China, which he sees as critical for engaging Chinese travelers across the entire region and boosting like-for-like sales. CFO Yves Gerster explained the impairments were mainly on right-of-use assets and concession rights. He described this as a timing shift that will result in a significantly lower P&L charge from amortization and thus higher profitability in future years.