Mestari Jaafar's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2021
Question
Mestari Jaafar from BNP Paribas Exane sought to understand the framework behind the 2022 turnover scenarios, questioning how the company arrived at a -35% to -40% range versus 2019 and what factors were included in the additional deterioration beyond consensus and known impacts.
Answer
CEO Julian Gonzalez clarified that the figures are not formal guidance but scenarios designed to show cash flow sensitivity. He explained the range was chosen cautiously to reflect the combined uncertainty from the Ukraine crisis and the ongoing pandemic recovery path, rather than being a boundary based on specific inputs like oil prices.