Paul Brennan's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2021
Question
Paul Brennan from GoldenTree Asset Management asked if there was potential upside to the 2022 cash flow scenarios from further MAG relief, given the significant increase in relief seen during 2021. He also questioned why concession costs as a percentage of revenue were guided to increase in 2022.
Answer
CEO Julian Gonzalez responded that while there is some potential for more relief, he would not model significant additions as a recovery is expected. He clarified that the 2022 scenarios only include relief already secured (CHF 380-400 million), which is less than the massive relief achieved for 2021, thus explaining the higher concession cost as a percentage of recovering sales.