DUFRY AG Listing of 4,218,750 Registered Shares

Comparison of fiscal years ended December 31, 2007 and December 31, 2006
Turnover. Turnover comprises revenues from net sales and advertising. It reached CHF 1,930.3 million,
which represents an increase of 34.4 percent versus the previous year. Organic growth accelerated by 16.7
percent was driven partially by passenger growth and mainly by productivity improvements, especially in South
America. Growth from acquisitions, which contributed 14.1 percentage points, is attributable to the full year
effect of the Brazilian and Puerto Rican activities. While new concessions and expansions contributed 5.0
percentage points, the foreign exchange impact of conversion into CHF was negatively affected by 1.5 percent.
Net sales constituted 97.7 percent of turnover in 2007 and increased by CHF 481.6 million compared to 2006.
Advertising income increased by 37.9 percent or by CHF 12.3 million compared to 2006.
Region Europe increased net sales by 10.3 percent to CHF 408.7 million in 2007 against CHF 370.5 million
in 2006. Italy and Switzerland posted solid double-digit growth backed by passenger growth and recent shop
refurbishments. Dufry’s operations in Spain, which opened in 2006, also showed a strong growth based on the
full year effect as well as the ramp up of the operations along 2006 and 2007.
In region Africa, net sales saw an increase of 25.4 percent and reached CHF 183.5 million in 2007
compared to CHF 146.4 million in the previous year. Morocco performed well based on strong organic growth
and the openings of new stores. Tunisia also posted a strong set of results. Furthermore, Algeria contributed to
the region’s growth due the full year effect as did Egypt, where Dufry opened its first shops during 2007.
Region Eurasia increased net sales by 21.0 percent to CHF 226.6 million in 2007 from CHF 187.2 million
in 2006. Russia had a strong growth due to the ongoing positive passenger trends as well as new operations at
Sheremetyevo Airport (Moscow). The positive fundamentals also drove growth in Sharjah (United Arab
Emirates) and Cambodia, where refurbishments and new shops further fuelled growth. Belgrade, which opened
in 2006, and Hong Kong, where Dufry started operations in 2007, also contributed to growth in Eurasia. The
new operations also led to start-up costs, which are customary to such projects and which were expensed
through the income statement.
In region North America & Caribbean, net sales soared by 43.0 percent to CHF 469.1 million in 2007
versus CHF 328.0 million in the previous year. Out of this, the acquisition in Puerto Rico contributed 29.9
percent. All major operations performed well and posted double-digit growth. Dufry continued to open new
shops in the Caribbean region, most notably in Dominican Republic, which further supported growth in the
region.
Region South America performed well with net sales reaching CHF 597.5 million in 2007, an increase of
60.8 percent from CHF 371.6 million in 2006. Excluding the full year effects, net sales of airport operations
increased by 38.5 percent on a US dollar basis despite a moderate passenger growth of 3.6 percent. The
productivity improvements of Dufry’s Brazilian operations, which Dufy undertook during 2006 and 2007, as
well as the strong economy in Brazil led to this positive performance. Equally, the cruise line operations,
Flagship, grew by 22.6 percent partially due to the opening of shops on new vessels.
Gross Profit. In 2007, gross profit increased by 38.1 percent to CHF 1,028.0 million from CHF 744.4
million in 2006. Gross margin increased by 1.5 percentage points to 53.3 percent in 2007 from 51.8 percent in
2006. The improvement in gross margin reflects Dufry’s focus on a number of important factors ranging from
improvements of the IT platform, changes in the product mix towards more profitable product categories, such
as perfumes and cosmetics, to better negotiations and relations with its suppliers.
Selling Expenses. Selling expenses, net, reached CHF 393.0 million or 20.4 percent of turnover versus
CHF 286.0 million or 19.9 percent in 2006. The increase of the selling expenses as a percentage of turnover was
primarily due to increased concession fees pertaining from new operations. This was partially compensated with
a higher selling income. The increase in selling expenses in absolute terms in 2007 compared to 2006 of CHF
118.2 million was primarily due to higher concessions and rental fees due to increased sales at those locations
and increased credit card commissions. Credit card commissions increased 41.1 percent in 2007 compared to
2006, constituting 5.0 percent of selling expenses in 2006 and 5.1 percent of selling expenses in 2007. Selling
expenses are presented net of concession and retail rental income. This is income generated by the Dufry Group
when Dufry Group sublets retail space at its shops to other retail operations. In 2007 this amounted to
approximately CHF 8.7 million.
Personnel Expenses. In 2007, personnel expenses accounted for CHF 234.6 million compared to CHF 179.5
million in 2006 showing an increase of 30.7 percent. This increase is mainly due to acquisitions effects and new
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