The following is a summary of the Avolta AG (DUFRY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Avolta reported a strong organic growth with a turnover of CHF12.5 billion.

• EBITDA was robust at CHF1.129 billion or 9%.

• Core profit to equity holders more than doubled compared to the previous year, reaching CHF308 million.

• An equity-free cash flow of CHF323 million was achieved and net debt decreased by CHF140 million.

• Financial results showed CHF201 million and CHF159 million for income taxes.

• Despite pandemic impacts, CapEx increased to 3.5% of turnover from 2.8% in 2022.

• Net debt decreased to a record low since 2015, down from CHF4.8 billion at the end of 2022 to 2.6%.

Business Progress:

• Avolta integrated with Autogrill and is now present in more than 73 countries with over 5000 points of sale, placing it uniquely within its industry.

• They achieved cost synergies from the merger a year ahead of schedule, saving CHF85 million in restructuring costs.

• With a renewal rate of more than 95%, business progress included the successful renewal of high-profile contracts.

• The strategy aims for customer focus, geographic diversification, strategic growth, improved operations, cost discipline, and creating sustainable shareholder value.

• Anticipate increased profitability in Spain by the third year.

• The company plans to adapt to ever-changing consumer behavior by introducing hybrid concepts and making changes on a product level for increased productivity and cost efficiency.

More details: AVOLTA AG UNSP ADR EA REPR 0.10 ORD SHS CHF5.00 IR

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