DUFRY AG Listing of 4,218,750 Registered Shares

Brands and goodwill
The Group tests brands and goodwill annually for impairment. The underlying calculation requires the use
of estimates.
Income taxes
The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in
determining the provision for income taxes. There are many transactions and calculations for which the ultimate
tax assessment is uncertain. The Group recognizes liabilities for tax audit issues based on estimates of whether
additional taxes will be payable. Where the final tax outcome is different from the amounts that were initially
recorded, such differences will impact the income tax and deferred tax provisions in the period in which such
assessment is made.
Recent Developments
As part of the Acquisition of Hudson by Dufry, the outstanding credit facilities pertaining to the purchase of
a significant stake in Hudson by Advent have been repaid. As of the date of this Listing Prospectus, the debt that
will be on the books and records will be an intercompany loan to Hudson.
Results of Operations
Comparison of the twenty-six weeks ended June 29, 2008 and July 1, 2007
Turnover. Hudson continued its growth trend for another consecutive half year. In the first half of 2008,
turnover increased by US$ 14.2 million. Turnover in comparison to the first half of 2007 grew by 4.7 percent to
US$ 319.7 million. In the same period, sales increased by US$ 13.3 million. Of this, organic growth accounted
for 4.3 percent while new project contributed 0.1 percent to sales growth. Sales in comparison to the first half of
2007 grew by 4.4 percent to US$ 317.9 million. Using the same accounting policies as Dufry, Hudson’s
turnover would have reached US$ 337.5 million in the first half of 2008 and US$ 326.8 million in the
corresponding period 2007.
Gross Profit. Gross profit reached US$ 185.0 million for the first half of 2008, an increase of approximately
7 percent compared to US$ 172.6 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 57.9 percent, compared
to approximately 56.5 percent for the same period in 2007. Using the same accounting policies as Dufry,
Hudson’s gross margin for the six months ended June 29, 2008, would have been 54.8 percent while
52.8 percent for the same period of 2007.
Selling, General and Administrative Expenses. Selling, General and Administrative Expenses increased by
US$ 7.1 million compared to the first half of 2007, reaching US$ 83.8 million. To break this down, occupancy
expenses reached US$ 59.9 million and amounted to 18.6 percent of turnover for the six months ended June 30,
2008 compared to 18.4 for the same period in 2007. These expenses consist of concession and other periodic
fees paid to airport authorities and other travel facility landlords in connection with the Hudson Group’s retail
operations. General expenses for the six months ended June 30, 2008 represented 7.8 percent of turnover
compared to 6.7 percent for the same period in 2007. In absolute terms, general expenses increased by 4.1
million compared to the same period in 2007, or approximately 19.9 percent, and reached US$ 34.8 million.
Payroll and Payroll-related Expenses. Payroll and payroll-related expenses, expressed as a percentage of
turnover, increased from 19.2 percent for the six months ended June 30, 2007 to 21.3 percent for the same
period in 2008. In absolute terms, personnel expenses increased by approximately US$ 9.8 million for the six
months ended June 30, 2008 compared to the same period in 2007, or approximately 16 percent. Part of the
increase, approximately US$ 2.5 million is due to a change in timing of accruals for bonuses and other fringes.
In the past, these accruals were adjusted in the last month of the year.
EBITDA. EBITDA for the first half of 2008 decreased by 9.7 percent to US$ 32.5 million compared to US$
36.0 million for the respective period of 2007. The Hudson Group’s EBITDA margin is affected this year by a
change in accounting accruals (in particular by accruing more exactly on a quarterly basis) and one-time charges
that related to the purchase of a significant stake in Hudson by Advent. Adjusted EBITDA for the effects
described above would reach US$ 35.6 million as of June 29, 2008 (net of one-time charges related to the
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