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    Volker Bosse

    Research Analyst at Baader Bank

    Volker Bosse's questions to Dufry AG/ADR (DUFRY) leadership

    Volker Bosse's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2021

    Question

    Volker Bosse of Baader Bank asked for a more detailed prediction for the Asia Pacific region in 2022, given that its revenue remains significantly down, and inquired how the situation is expected to evolve.

    Answer

    CEO Julian Gonzalez stated that a significant recovery is not expected in the Asian market in 2022, primarily due to ongoing travel restrictions and uncertainty around China's reopening. While he noted positive signs in Australia, Cambodia, and Macau, he believes a broader regional recovery is unlikely until at least the end of the year.

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    Volker Bosse's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2020

    Question

    Volker Bosse from Baader Bank asked for the number of outstanding shares, a potential range for net debt in 2021, and clarification on the covenant testing scheduled for September and December 2021.

    Answer

    CFO Yves Gerster stated the average number of outstanding shares is approximately 80 million. He declined to provide guidance on net debt beyond the scenarios presented. He clarified that the covenant tests in September and December are the normal procedure, but with a temporarily higher threshold of 5.0x net debt to adjusted operating cash flow (up from 4.5x). He also noted that covenant levels are being addressed as part of ongoing refinancing discussions.

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