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February 12, 2016 4:01 AM ET

Specialty Retail

Company Overview of World Duty Free S.p.A.

Company Overview

World Duty Free S.p.A., together with its subsidiaries, primarily engages in the retail of airport tax and duty free products. It operates duty free and duty paid stores mainly located in airports. It sells fragrances and cosmetics, champagne, wines and spirits, tobacco products, food and delicatessen, confectioneries, travel essentials and accessories, fashion, clothing and shoes, and gifts and souvenirs. The company is also involved in the wholesale distribution and provision of logistics services for ship chandlers, embassies and diplomatic corps, ferry and cruise liner shops, on-board sales for airlines, airport and seaport shops, border shops, and military bases. It manages 550 stores i...

Via Greppi, 2

Novara, NO 28100

Italy

Founded in 2013

9,500 Employees

Key Executives for World Duty Free S.p.A.

Chief Executive Officer and Director
President of North America
Chief Operating Officer of International
Secretary
Finance and IR Director
Compensation as of Fiscal Year 2015.

World Duty Free S.p.A. Key Developments

World Duty Free Announces Executive Changes

Dufry successfully closes the acquisition of the 50.1% stake of World Duty Free. Along with the closing, four of the nine existing members of the World Duty Free's Board of Directors have resigned as per August 7, 2015 from their functions as company officers: Gianmario Tondato da Ruos (Chairman), Gilberto Benetton (Director), Gianni Mion (Director) and Alberto De Vecchi (Director). They have been replaced by four members of the Dufry Group Executive Committee: Julían Díaz González (CEO), José Antonio Gea (COO), Luis Marin (CCO) and Andreas Schneiter (CFO). The office as Chairman of the Board of World Duty Free has been assigned to Mr. Julían Díaz, to whom also certain managing powers have been granted.

World Duty Free S.P.A. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for the Year 2015

World Duty Free S.p.A. announced consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of EUR 753.6 million compared to EUR 608.5 million a year ago. EBITDA was EUR 75.7 million compared to EUR 71.0 million a year ago. EBIT was EUR 6.7 million compared to EUR 46.1 million a year ago. Pre-tax profit was EUR 2.5 million compared to EUR 36.3 million a year ago. Loss for the period attributable to owners of the parent was EUR 8.3 million compared to profit of EUR 24.0 million a year ago. Adjusted EBITDA was EUR 85.5 million compared to EUR 78.3 million a year ago. In the second quarter of 2015, the loss was EUR 6.0 million compared to a profit of EUR 25.6 million in the same period of 2014. This was mainly driven by the provisions for restructuring costs related to the corporate UK and Spain headquarters reorganization and integration plan, the linearization of concession fees and the provision for the onerous contract affecting Düsseldorf mentioned above. For the six months, the company reported revenue of EUR 1,294.9 million compared to EUR 1,046.9 million a year ago. EBITDA was EUR 109.5 million compared to EUR 106.3 million a year ago. LBIT was EUR 28.8 million compared to EBIT of EUR 58.7 million a year ago. Pre-tax loss was EUR 37.8 million compared to pre-tax profit of EUR 38.2 million a year ago. Loss for the period attributable to owners of the parent was EUR 56.7 million compared to profit of EUR 25.3 million a year ago. Adjusted EBITDA was EUR 128.2 million compared to EUR 121.0 million a year ago. Net cash flow from operations was EUR 164.1 million compared to EUR 118.6 million a year ago. Free operating cash flow was EUR 120.7 million compared to EUR 88.2 million a year ago. CAPEX was EUR 35.3 million compared to EUR 35.4 million a year ago. Strong net cash flow generation of EUR 86.5 million compared to EUR 75.7 million in the same period of 2014 allowed the company to continue improving net financial position. In the first half of 2015, the loss was EUR 52.8 million compared to a profit of EUR 28.0 million in the same period of 2014. This was mainly driven by the provisions for restructuring costs related to the UK and Spain corporate headquarters for EUR 10.8 million, the linearization of concession fees of EUR 39.9 million and the provision for the onerous contract affecting Düsseldorf of EUR 17.0 million as a result of the review of the projected results carried out in June 2015 in view of sales evolution being significantly lower than expectations as well as the operational and management performance not being in line with the projections. The guidance for 2015 is now revised following an update of the exchange rates. The Group expects 2015 total revenues to be in the range of EUR 2,800 million to EUR 2,850 million (previously EUR 2,705 million ­ EUR 2,745 million), with adjusted EBITDA between EUR 300 million - EUR 315 million (previously EUR 290 million - EUR 305 million), net debt higher than before at EUR 860 million to EUR 900 million as sterling debt, to a lesser extent dollar debt also gets marked up into euros.

World Duty Free S.p.A., H1 2015 Earnings Call, Jul 30, 2015

World Duty Free S.p.A., H1 2015 Earnings Call, Jul 30, 2015

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