Simone Lechipre's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2021
Question
Simone Lechipre from Stifel inquired about the impact of recent geopolitical events on Dufry's 2022 top-line scenario and asked for details on the moving parts of the P&L and cash flow, including gross profit margin, OpEx, and working capital.
Answer
CEO Julian Gonzalez explained that the geopolitical situation was factored into their 2022 scenarios with a slight adjustment but not an overly significant impact. He provided sensitivity figures for the scenarios, including personal expenses at 17-18% of sales, OpEx around 8-8.5%, and concession fees around 32% in a -35% sales scenario. He also noted that working capital recovery would continue alongside sales growth.