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Annual Report 2017

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Annual Report 2017 ANNUAL REPORT 2017 FOCUS STORY MEMORABLE CUSTOMER SHOPPING EXPERIENCE WITH THE NEW GENERATION STORE: read the focus story on the digital strategy on page 30 – 35. 3 DUFRY GROUP – A LEADING GLOBAL TRAVEL RETAILER DUFRY AG (SIX: DUFN; BM&FBOVESPA: DAGB33) IS A LEADING GLOBAL TRAVEL RETAILER OPERATING OVER 2,200 DUTY-FREE AND DUTY-PAID SHOPS IN AIRPORTS, CRUISE LINES, SEAPORTS, RAILWAY STATIONS AND DOWNTOWN TOURIST AREAS. DUFRY EMPLOYS OVER 29,000 (FTE) PEOPLE. THE COMPANY, HEADQUARTERED IN BASEL, SWITZERLAND, OPERATES IN 64 COUNTRIES ON ALL FIVE CONTINENTS. ANNUAL REPORT 2017 CONTENT MANAGEMENT REPORT Dufry at a Glance 6 – 7 1 Highlights 2017 8 – 9 Message from the Chairman of the Board of Directors 10 – 13 Statement of the Chief Executive Officer 14 – 18 Organizational Structure 19 Board of Directors 20 – 21 Group Executive Committee 22 – 23 Dufry Investment Case 24 – 25 Dufry Strategy 26 – 79 Dufry Divisions 46 – 65 SUSTAINABILITY REPORT Sustainability 80 – 92 2 Community Engagement 93 – 98 FINANCIAL REPORT Report of the Chief Financial Officer 102– 105 3 Financial Statements 107 – 212 Consolidated Financial Statements 108 – 201 Financial Statements Dufry AG 202 – 211 GOVERNANCE REPORT Corporate Governance 213 – 236 4 Remuneration Report 237 – 250 Information for Investors and Media 252 – 253 Address Details of Headquarters 253 5 1 Management Report DUFRY ANNUAL REPORT 2017 DUFRY AT A GLANCE TURNOVER GROSS PROFIT IN MILLIONS OF CHF IN MILLIONS OF CHF MARGIN 8,800 5,000 8,400 4,900 71 % 4,800 70 % 7,800 4,500 69 % 7,200 4,200 68 % 6,600 3,900 67 % 6,000 3,600 66 % 5,400 3,300 65 % 3,000 64 % 4,800 2,700 63 % 4,200 2,400 62 % 3,600 2,100 61 % 3,000 1,800 60 % 2,400 1,500 59 % 1,200 58 % 1,800 900 57 % 1,200 600 56 % 600 300 55 % 0 0 54 % 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 EBITDA¹ NET EARNINGS IN MILLIONS OF CHF IN MILLIONS OF CHF 1,060 220 1,020 200 960 900 180 840 160 780 140 720 660 120 600 100 540 480 80 420 60 360 40 300 240 20 180 0 120 - 20 60 0 - 40 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 ¹ EBITDA before other operational result 6 NET SALES BY PRODUCT CATEGORY 2017 5 % OTHER 32 % PERFUMES 2 % LITERATURE & PUBLICATIONS & COSMETICS 3 % ELECTRONICS 11 % TOBACCO GOODS 14 % LUXURY GOODS NET SALES BY DIVISION 2017 22 % SOUTHERN 21 % NORTH EUROPE AND AFRICA AMERICA 17 % FOOD, 16 % WINE CONFECTIONERY & SPIRITS & CATERING 21 % LATIN AMERICA 26 % UK, CENTRAL AND EASTERN EUROPE 10 % ASIA, MIDDLE EAST AND AUSTRALIA NET SALES BY CHANNEL 2017 NET SALES BY MARKET SECTOR 2017 3 % CRUISE LINERS & SEAPORTS 3 % RAILWAY STATIONS & OTHER 3 % BORDER, DOWNTOWN 38 % DUTY-PAID & HOTEL SHOPS 91 % AIRPORTS 62 % DUTY-FREE 7 1 Management Report DUFRY ANNUAL REPORT 2017 HIGHLIGHTS 2017 STRONG ORGANIC GROWTH Organic growth accelerated to 7.4 % in 2017, the highest in 5 years. SUCCESSFUL INITIAL PUBLIC OFFERING OF HUDSON LTD. Dufry has successfully executed the Initial Public Offering (IPO) of its North America division. The IPO will allow Hudson Ltd. to further adapt to the market specificities in the United States and Canada and also seek opportunities beyond traditional travel retail. SYNERGIES OF CSR REPORTING WORLD DUTY FREE FURTHER EXCEEDED DEVELOPED EXPECTATIONS The synergies of the World Duty Free integration Dufry prepared a report in accordance with have exceeded the expectations by 20 % and the Core Option of the Global Reporting the full amount of CHF 125 million has been fully Initiative (GRI) Standards. reflected in the 2017 financials. 8 ONGOING STRONG FREE CASH FLOW GENERATION Dufry has again proven the company’s strong free cash flow generation capability, which is one of the sustainable strengths of the company. IMPORTANT CONCESSIONS RENEWED AND NEW CONTRACTS ADDED In 2017 Dufry has not only renewed important concessions, but has also won several new contracts across geographic regions and reflecting different channels. BUSINESS FOUR NEW OPERATING GENERATION MODEL In 2017 the implementation of the new business STORES ALREADY operating model has been launched in 19 countries, of which 10 have already success- LAUNCHED fully gone through certification. The launch of the New Generation Stores in Madrid, Melbourne, Cancun and Zurich mark a new era of shop design. 9 10 1 Management Report DUFRY ANNUAL REPORT 2017 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS DEAR SHARE- HOLDERS The business year 2017 was characterized by consoli- the deleveraging achieved through our free cash flows dation and the delivery of very good results. Having in 2017 – our main covenant net debt / adjusted EBITDA finalized the integration of our most recent acquisi- to below 3.00x as compared to 3.69x at the end of De- tions, in 2017 we succeeded in fully reflecting the cember 2016. World Duty Free synergies in our financials, and re- turned to sustainable organic growth. These achieve- ments positively impacted our overall performance, Hudson IPO to which saw us reaching very good results and record levels of turnover and EBITDA as well as a consider- provide flexibility able increase in Cash EPS. for the North Additionally, in January 2018, we announced our new organizational structure, which aims to foster share- American business. holder value through growth acceleration and digital transformation. And on top of all, we executed the ini- Financially, we saw our turnover climbing to CHF 8,377.4 tial public offering (IPO) of our North American busi- million, an increase of 7.0 % versus 2016 and resulting in ness unit under the name Hudson Ltd. in February 2018. a new all-time high. EBITDA grew at a similar pace reaching CHF 1,007.1 million, equal to an increase of 7.7 % on the previous year. The ongoing strong free cash Record levels flow generation – of CHF 467.0 million – allowed us to further deleverage and to reduce net debt in 2017 by a of turnover total of CHF 63.5 million. and EBITDA. Last but not least, we successfully completed the re- structuring of our financing structure. While at the I want to first comment on the IPO of Hudson Ltd., end of 2016 we had early repaid USD 500 million Se- which we started to develop in 2017 and launched in nior Notes, in 2017 we early repaid another EUR 500 early 2018. This strategic initiative allows us to best million Senior Notes, issued a new EUR 800 million capture the opportunities of the North American Senior Notes in October and ultimately, in November, travel concessions market and complementary retail concluded the refinancing of our main bank credit environments. By positioning Hudson Ltd. as publicly facilities. In aggregate these changes will result in an listed company we can provide the entity with the nec- interest cost reduction of around CHF 50 million per essary flexibility to adapt to the unique North Ameri- annum going forward. can market requirements. Our market capitalization at December 31, 2017, From a Group perspective, we will continue to retain amounted to CHF 7.8 billion, compared to CHF 6.8 bil- the majority participation and to fully consolidate the lion one year earlier. Daily trading volumes on all plat- company. The proceeds of the IPO will allow us to ac- forms reached CHF 86.7 million, confirming the good celerate our deleveraging plans and take – including liquidity of our shares. SIX Swiss Exchange remains the 11 1 Management Report DUFRY ANNUAL REPORT 2017 437,000 m²Dufry operates over 437,000 m² of retail space. most important trading venue for Dufry shares, de- ing forward we intend to continue to further develop spite the fragmentation of the trading volumes onto our reporting following these guidelines. other stock exchanges. As is our tradition, we had a continuous dialogue with our shareholders and the financial community in close to 900 meetings, confer- Advancing on ence calls and emails. CSR Reporting. In 2017 we saw some change in our shareholder struc- ture. However, our long-term shareholders, such as As part of our community engagement we continued Travel Retail Investments, Qatar Investment Author- supporting disadvantaged children around the world ity, Richemont and Norges Bank, representing around and assisting communities in markets where we oper- 35 % of our share capital, continue to strongly support ate. It is now the 8th year that we supported the fund- Dufry through active participation. We look forward ing of the SOS Children’s village initiatives in Brazil, to assess opportunities with our shareholders to Russia and Mexico. Moreover, in 2017 we have endorsed jointly develop our businesses. community projects in many other parts of the World such as Haiti, Jamaica, Burma, United Kingdom, Unites Long-term States and Africa. This year, I would also like to highlight an internal sup- shareholders port initiative where employees of the Dufry Group around the World have made a collection to support continue to our colleagues affected by hurricanes and earth- quakes in the Caribbean Islands, Mexico and the United support Dufry. States. The company has contributed by matching the collected amounts. In the year under review, we have also been indicating our intention to start returning cash to shareholders as part of our capital allocation strategy. In this con- Fostering our text, the Board of Directors wants to reinstall regular dividend payments and will propose a dividend for the community business year 2017 to the Annual General Meeting of Shareholders, to be held in Basel on May 3, 2018. engagement. Within our engagement to further develop our CSR re- Last but not least, we have provided ongoing support porting and based on the materiality matrix presented for the United Nation’s Global Goal awareness-raising in 2016, we have added further KPI’s allowing us to campaign #YouNeedToKnow.
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