Dufry : expects positive impact from a new Spanish law, linking concession fees to passenger numbers
September 24, 2021 at 06:12 am
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BASEL,
September 24, 2021
NEWS RELEASE
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
Dufry expects positive impact from a new Spanish law, linking concession fees to passenger numbers
The Spanish Congress has yesterday passed a law, which modifies the concession fees in all Spanish airports linking the concession fee levels to the actual passenger numbers. This modification will last until passenger numbers are back to 2019 levels and is expected to have a positive financial impact on Dufry.
The new law states that the Minimum Annual Guaranteed Rents (MAG) payable by the operators at Spanish airports pursuant to their concession contracts (i) are not owed for the period between March 15, 2020 and June 20, 2020; and (ii) will be proportionally reduced from June 21, 2020 onwards by comparing the lower volume of passengers at the Spanish airports to the 2019 passenger levels. This formula will stay in place until passenger numbers are back to the level of 2019.
Dufry operates duty-free and duty-paid stores at 26 Spanish airports. The new law is expected to materially reduce the MAG claimed by AENA. The passenger numbers at Spanish airports have dropped by around 72% in 2020 and around 68% August YTD in 2021 compared to 2019 in each case. The P&L impact in 2021 and going forward will depend on the recovery of the passenger numbers at the Spanish airports. The specific accounting treatment under IFRS 16 and its timing as well as the impact on the cash flow are currently being reviewed.
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For further information:
CONTACT
DR. KRISTIN KÖHLER
RENZO RADICE
Global Head
Global Head
Investor Relations
Corporate Communications & Public Affairs
Phone: +41 79 563 18 09
Phone : +41 61 266 44 19
kristin.koehler@dufry.com
renzo.radice@dufry.com
DUFRY GROUP - A LEADING GLOBAL TRAVEL RETAILER
Dufry AG (SIX: DUFN) is the leading global travel retailer operating over 2,300 duty-free and duty-paid shops in airports, cruise lines, seaports, railway stations and downtown tourist areas, in more than 430 locations in 64 countries across all six continents.
The Company, founded in 1865 and headquartered in Basel, Switzerland, is offering customers a first-class shopping experience, global brands, a unique market access and landlords a reliable, value-enhancing partnership. To learn more about Dufry, please visit www.dufry.com.
Social Responsibility
Dufry cares for children and supports social projects from SOS Kinderdorf in Brazil, Cambodia, Mexico, Morocco and Ivory Coast. SOS Children's Villages is an independent, non-political and non-demonstrational organization established for orphaned and destitute children all over the world.
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Dufry AG published this content on 24 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2021 05:11:02 UTC.
Avolta AG, formerly Dufry AG is a Switzerland-based company engaged in the travel retail sector. The Company operates shops located at airports, cruise liners, seaports, railway stations and hotels. The Companyâs shops are categorized under five retail concepts: General Travel Retail Shops, which offer the full range of categories, such as perfumes & cosmetics, food & confectionery, wines & spirits, clothing & accessories, tobacco goods, souvenirs & electronics; Dufry Shopping, which provide travel retail duty-free shops; Brand Boutiques, which offer various boutiques of exclusive brands; Convenience Stores provide a wide assortment such as soft drinks, packaged food, travel accessories, electronics, personal items, souvenirs, newspapers, magazines and books and Specialized Stores offer products from a variety of different brands, belonging to one specific product category such as watches & jewelry, sunglasses, spirits and destination products.