DUFRY AG Listing of 4,218,750 Registered Shares

Recent Developments
For recent developments, please refer to the Section “The Acquisition of Hudson Group Holdings, Inc.”
(p. 18 et seq.).
Results of Operations
Comparison of six months ended June 30, 2008 and June 30, 2007
Turnover. Turnover comprises revenues from net sales and advertising. Dufry continued its growth trend
for another consecutive half year. In the first half of 2008, turnover measured on constant FX rates increased by
15.3 percent. Of this, organic growth accounted for 10.9 percent while new projects contributed 4.4 percent to
turnover growth. Including the negative foreign exchange accounting effects of 11.1 percent, mainly related to
the translation of the weakening US dollar against the Swiss Franc, turnover in comparison to the first half of
2007 grew by 4.2 percent to CHF 934.8 million from CHF 896.9 million.
Net sales constituted 97.5 percent of turnover in the six-month period ended June 30, 2008 and increased by
3.9 percent or, in absolute terms by CHF 34 million compared to the same period in 2007. Advertising income
increased by 20.1 percent or, in absolute terms by CHF 3.9 million for the six months ended June 30, 2008
compared to the same period in 2007.
Turnover of region Europe (incl. headquarters) remained flat at CHF 199.3 million compared to CHF 199.6
million. The main reason for this development was a substantial reduction of Alitalia’s flight schedule, which
impacted the Italian operations, most notably at the Milan airports. Switzerland, Spain and France saw a
turnover growth in line with expectations.
Region Africa continued its growth and delivered turnover of CHF 92.6 million, an increase of 20.4 percent
compared to CHF 77.0 million. Morocco continued its performance by posting double-digit growth and Egypt
achieved a good ramp-up of its turnover.
Region Eurasia increased its turnover by 19.5 percent to CHF 125.3 million from CHF 104.8 million
despite negative translation effects from the US Dollar in the Russian operations. All operations performed well
posting double-digit growth. Growth was further fuelled by the operations at Moscow-Sheremetyevo airport,
which was opened in July last year, as well as the new shops in Singapore’s Terminal 3.
Turnover of region North America & Caribbean decreased by 12.1 percent to CHF 207.5 million from
CHF 236.0 million in the same period last year due to the translation effects resulting from the devaluation of
the US dollar. On constant FX terms, turnover was stable. Within the region, the USA and several of the
Caribbean islands had a good performance with double-digit growth whereas the Mexican operations and Puerto
Rico posted lower turnover.
Region South America grew its turnover by 10.9 percent to CHF 310.2 million from CHF 279.6 million.
Measured in its functional currency US Dollar, turnover growth was 30 percent, backed by international
passenger growth of 7 percent, a favourable economic environment in Brazil with a strengthening of the
purchase power for US dollar based products, and productivity improvements related to several operational
measures implemented.
Gross Profit. Gross profit reached CHF 807.8 million for the first half of 2008, an increase of 8 percent
compared to CHF 470.3 million in the corresponding period of the previous year. The gross margin including
advertising income for the six months ended June 30, 2008 was approximately 54.3 percent, compared to
approximately 52.4 percent for the same period in 2007.
Selling Expenses. Selling expenses amounted to 21.0 percent of turnover for the six months ended June 30,
2008 compared to 20.4 for the same period in 2007. The increase in selling expenses in 2008 compared to 2007
of CHF 13.8 million from CHF 182.8 million to CHF 196.6 million was primarily due to the increase in
concession fees of 1.0 percentage point in certain of the Dufry Group’s operations due to increased sales at those
locations. This was partially compensated with a higher selling income.
Personnel. Personnel expenses, expressed as a percentage of turnover, increased slightly from 12.7 percent
for the six months ended June 30, 2007 to 12.8 percent for the same period in 2008. In absolute terms, personnel
expenses increased by approximately CHF 5.8 million for the six months ended June 30, 2008 compared to the
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