DUFRY AG Listing of 4,218,750 Registered Shares

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International Securities Identification Number (ISIN) ....................................................................CH0023405456 Common Code ..............................................................023609983 9
SELECTED FI�A�CIAL I�FORMATIO� OF DUFRY (Before the Acquisition) The following table presents certain summarized consolidated financial information of Dufry (before the Acquisition) as of and for the years ended December 31, 2007, 2006 and 2005 and as of and for the six months ended June 30, 2008 and 2007. This information has been derived from und should be read in conjunction with the audited consolidated and statutory financial statements of Dufry as of and for each of the years ended December 31, 2007, 2006 and 2005 and the unaudited consolidated financial statements of Dufry as of and for the six months ended June 30, 2008 and 2007, all prepared in accordance with IFRS and included elsewhere in this Listing Prospectus, and with “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. For the six months ended June 30, (unaudited) 10 For the year ended December 31, 2008 2007 2007 2006 2005 (CHF in millions except EPS in CHF) I�COME STATEME�T DATA Turnover ................................................................................................ 934.8 896.9 1,930.3 1,436.3 949.8 Gross profit ................................................................ 507.8 470.3 1,028.0 744.4 472.2 EBITDA (before other operational results) (1) ................................ 121.6 105.9 259.3 160.5 100.1 EBIT ................................................................................................ 78.9 83.8 192.3 169.2 71.5 EBT ................................................................................................ 72.7 70.2 164.4 138.5 66.1 Minority interest ................................................................ 27.5 21.4 51.1 16.9 11.1 Net earnings ................................................................ 55.5 57.0 126.0 124.6 52.7 EPS (2) ................................................................................................ 1.99 2.53 5.35 7.66 3.98 CASH FLOW DATA Cash generated from operating activities before working capital changes ................................................................ 110.5 105.7 257.2 157.2 99.0 Net cash from / (used in) operating activities ................................ 33.3 48.4 207.0 123.8 56.9 Net cash from / (used in) investing activities................................ (80.9) 37.4 4.0 (539.8) (211.3) Net cash from / (used in) financing activities ................................ 73.4 117.1 174.3 479.3 168.2 (CHF in millions) BALA�CE SHEET DATA Current assets ................................................................ 641.5 557.9 557.9 494.4 327.0 Non-current assets ................................................................ 1,181.3 1,218.5 1,218.5 1,288.1 504.1 Total assets ................................................................ 1,822.7 1,776.4 1,776.4 1,782.5 831.1 Current liabilities ................................................................ 482.3 363.5 363.5 353.1 323.4 Non-current liabilities ................................................................ 632.9 675.1 675.1 774.3 61.7 Minority Interest ................................................................ 232.0 230.1 230.1 173.0 59.7 Total liabilities and equity ................................................................ 1,822.7 1,776.4 1,776.4 1,782.5 831.1 (1) EBITDA (before other operational results) refers to earnings before interest, taxes, depreciation and amortization and other operational results. EBITDA (before other operational results) is not a measure of operating performance calculated in accordance with IFRS and should not be considered as a substitute for operating profit, net income, cash flow from operations or other profit or loss or cash flow data determined in accordance with IFRS. EBITDA is included here as a supplemental item, because Management believes that this measure, when considered in connection with cash flows from operating, investing and financing activities, may provide useful information to potential investors since this measure shows the performance of the business excluding the effects of one-off items. (2) Basic earnings per share attributable to equity holders of the parent, without dilution effect by outstanding share options. Diluted earnings per share: CHF 1.98 (first half year 2008), CHF 2.53 (first half year 2007), CHF 3.98 (2005), CHF 7.61 (2006), CHF 5.27 (2007). The calculation of earnings per share for all periods presented has been adjusted to include the impact of the share split as of November 17, 2005.
Page 1 and 2: DUFRY AG (a stock corporation under
Page 3 and 4: TABLE OF CO�TE�TS PAGE PAGE UNI
Page 5 and 6: FI�A�CIAL A�D CERTAI� OTHER
Page 7 and 8: hence, leveraging its infrastructur
Page 9 and 10: Kitchen, stores featuring regional
Page 11: THE LISTI�G The New Shares ......
Page 15 and 16: RISK FACTORS Prior to making a deci
Page 17 and 18: Dufry’s shops are operated under
Page 19 and 20: Risks particularly related to the b
Page 21 and 22: Transaction Overview THE ACQUISITIO
Page 23 and 24: DIVIDE�DS A�D DIVIDE�D POLICY
Page 25 and 26: MA�AGEME�T DISCUSSIO� A�D A
Page 27 and 28: operate new retail shops in the Ita
Page 29 and 30: Significant Accounting Estimates an
Page 31 and 32: same period in 2007, or 5.1 percent
Page 33 and 34: operations added to the Group. As o
Page 35 and 36: Credit Facilities The Dufry Group
Page 37 and 38: HUDSO� All figures in this sectio
Page 39 and 40: The Hudson Group’s selling expens
Page 41 and 42: purchase by Advent) and US$ 32.3 mi
Page 43 and 44: Credit Facilities The Hudson Group
Page 45 and 46: The following chart shows the globa
Page 47 and 48: emerging markets. The key driver of
Page 49 and 50: The following chart shows the annua
Page 51 and 52: Cruise Line and Ferry Retailing Tra
Page 53 and 54: Dufry is focused on growth, both th
Page 55 and 56: Operations Dufry’s Retail Concept
Page 57 and 58: passengers. Accordingly, Dufry main
Page 59 and 60: The following chart shows the pro f
Page 61 and 62: No supplier in any product category
Page 63 and 64:
Legal Dufry’s Global Data Centre
Page 65 and 66:
The following tables show the regio
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Dufry’s shop at Milan-Malpensa Ai
Page 69 and 70:
In October 2005, Dufry secured four
Page 71 and 72:
Since 2007, through the Company’s
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Dufry intends to roll out Hudson’
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After the integration of Hudson, th
Page 77 and 78:
Insurance Dufry has obtained insura
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Xavier Bouton is chairman of the bo
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plan to be granted under the Compan
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Compensation of Directors and Manag
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Dufry’s existing authorised capit
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SHARE CAPITAL A�D SHARES This sum
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a) conditional capital (bedingtes K
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Borrowing powers Neither Swiss law
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Development of the share price The
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tax thereon. A capital gain resulti
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Information reporting and backup wi
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Main Board of the SIX Swiss Exchang
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(v) The New Shares have not been of
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(This page has been left blank inte
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Unaudited Consolidated Financial St
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Dufry AG: Audited Consolidated Fina
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consolidATed bAlAnce sheeT AsseTs i
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consolidATed sTATemenT of chAnGes i
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chAnGes in AccounTinG policy And di
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DuFry ANNuAl rEPOrt 2007 63 Brands
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DuFry ANNuAl rEPOrt 2007 65 other n
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DuFry ANNuAl rEPOrt 2007 67 investm
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DuFry ANNuAl rEPOrt 2007 69 penSion
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DuFry ANNuAl rEPOrt 2007 71 financi
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DuFry ANNuAl rEPOrt 2007 73 Related
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noTes 1 neT sAles Different breakdo
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6 oTher operATionAl expenses in tho
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11 cAsh And cAsh equivAlenTs in tho
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16 properTy, plAnT And equipmenT in
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in % Europe Africa Eurasia North Am
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DuFry ANNuAl rEPOrt 2007 85 Concess
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20 finAnciAl debT in thousands of C
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23 provisions in thousands of Chf B
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funded StatuS in thousands of Chf F
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25 finAnciAl insTrumenTs DuFry ANNu
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categoRieS of financial inStRumentS
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in thousands of Chf Net earnings -
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DuFry ANNuAl rEPOrt 2007 99 In addi
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DuFry ANNuAl rEPOrt 2007 101 transf
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32 number of reTAil shop concession
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DuFry ANNuAl rEPOrt 2007 105 the ac
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DuFry ANNuAl rEPOrt 2007 107 3. min
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in thousands of Chf Partial disposa
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as of dECEmBEr 31, 2007 north amEri
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Dufry AG: Audited Statutory Financi
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alance Sheet Assets 114 DuFry AnnuA
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116 DuFry AnnuAl rePOrt 2007 treaSu
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118 DuFry AnnuAl rePOrt 2007 F-70
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Consolidated balanCe sheet assets i
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Consolidated statement oF ChanGes i
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sUmmary oF siGniFiCant aCCoUntinG P
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iFrs 8 - segment reporting IFRS 8 r
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segment reporting A business segmen
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Property, plant and equipment These
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Group has transferred substantially
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In the case of defined benefit plan
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Amounts accumulated in equity are r
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notes 1 net sales Different breakdo
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6 other oPerational exPenses in tho
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11 Cash and Cash eqUiValents in tho
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16 intanGible assets in thousands o
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Cash flows beyond that five-year pe
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17 ChanGes in PartiCiPation oF mino
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20 bank debt in thousands of CHF US
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22 ProVisions in thousands of CHF L
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Funded status in thousands of CHF F
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24 ContinGent liabilities Contingen
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Compensations expensed to key manag
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north ameriCa & Caribbean 2006 328,
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29 nUmber oF retail shoP ConCession
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The acquisition costs for Dufry of
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Cash outflow on acquisition in thou
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32 eqUity outstanding share capital
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most imPortant aFFiliated ComPanies
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108 balance Sheet aSSetS in thousan
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110 To the General Meeting of Dufry
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Consolidated balanCe sheet assets i
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Consolidated statement oF ChanGes i
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sUmmary oF siGniFiCant aCCoUntinG P
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acquisition is less than the fair v
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The useful lives applied are as fol
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has transferred substantially all r
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Liquidity risk Prudent liquidity ri
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notes 1 net sales different breakdo
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4 General exPenses, net in thousand
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8 inCome From assoCiates This posit
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13 other aCCoUnts reCeiVable in tho
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16 intanGible assets in thousands o
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Cash flows beyond the five year per
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17 inVestments in thousands of CHF
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20 ProVisions in thousands of CHF L
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22 Post-emPloyment beneFits obliGat
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23 related Parties and related Part
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24 PrinCiPal ForeiGn exChanGe rates
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eUrasia & asia ameriCas & Caribbean
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27 nUmber oF retail shoP ConCession
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Purchase of the minority share of d
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most imPortant GroUP ComPanies as o
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Page 285 and 286:
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90 balance Sheet aSSetS in thousand
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92 loanS payable-ShareholDerS in th
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94 To the General Meeting of Dufry
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Dufry AG: Unaudited Consolidated Fi
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inTeriM consolidATed bAlAnce sheeT
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inTeriM consolidATed sTATeMenT of c
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4 dividends pAid And proposed DuFry
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in thousands of Chf 1.1. - 30.6.07
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12 provisions DuFry HAlF yEAr rEPOr
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17 finAnciAl insTruMenTs DuFry HAlF
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Dufry AG: Unaudited Consolidated Fi
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interim Consolidated BalanCe sHeet
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interim Consolidated statement oF C
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6 inCome tax The major components o
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13 related Parties and related Part
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nortH ameriCa & CariBBean 2007 232,
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Page 321 and 322:
Airport Management Services, LL.C.:
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F-220
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F-222
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F-224
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F-226
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F-228
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F-230
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F-232
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F-234
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F-236
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F-238
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F-240
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Hudson Group Holdings, Inc.: Unaudi
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CURRENT ASSETS HUDSON GROUP HOLDING
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HUDSON GROUP HOLDINGS, INC. UNAUDIT
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HUDSON GROUP HOLDINGS, INC. UNAUDIT
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Airport Management Services, LL.C.:
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CURRENT ASSETS AIRPORT MANAGEMENT S
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AIRPORT MANAGEMENT SERVICES UNAUDIT
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AIRPORT MANAGEMENT SERVICES UNAUDIT
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THE COMPANY Dufry AG Hardstrasse 95
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DUFRY AG Listing of 4,218,750 Registered Shares

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