A GLOBAL AMBITION ANNuAL REPORT 2006 - Dufry

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0 Dufry Annual Report 2006 — Chief Financial Officer Depreciation & amortization. Depreciation & amortization rose to CHF 50.0 million in 2006 from CHF 23.7 million in 2005. The increase is in part due to higher depreciation related to capital expenditure for new projects (CHF 26.2 million in 2006, compared to CHF 17.1 million in 2005), but predominantly attributable to the amortization of concession rights generated after the acquisitions of new businesses, particularly the Brazilian operations. EbIT. EBIT for 2006 increased to CHF 169.2 million compared to CHF 71.5 million for 2005. EBIT in 2006 includes CHF 58.7 million profit of “Other operating income / expenses” related to several transactions and events. The most important of which, was the sale of the shares of Dufry South America Ltd in the course of the IPO in Brazil and Luxembourg. Also included are the losses and subsequent insurance compensation related to Hurricane Wilma, costs related to one-off restructuring, especially in Europe, and initial costs related to new projects in North America and Caribbean, the region with the most changes in scope. Financial Result. The net financial expenses were CHF 30.7 million in 2006, compared to CHF 5.7 million in 2005. As a result of our acquisitions during 2006, which were largely financed through debt, the interest expenses rose to CHF 35.7 million, compared with CHF 7.9 million in 2005. Taxes. The tax rate of the Group is affected by the mix of the profitable operating companies, which have a wide range of taxation regimes from 0% to about 40%. In 2006, total taxes amounted to CHF 13.9 million, compared to CHF 13.4 million in 2005. Expressed as percentage of EBT, the tax rate decreased to 10.0% from 20.3%. The improvement was mainly due to the one-off effects, materially the net gain resulting from the sale of shares in Dufry South America (DSA) and restructuring costs. Without those effects, the tax rate would have remained at a similar level to 2005, supported by the tax optimization initiatives started in previous years. Net Earnings. Net earnings for the Group more than doubled to CHF 124.6 million in 2006 from CHF 52.7 million in 2005. The earnings attributable to the equity holders of the parent rose to CHF 107.7 million in 2006 from CHF 41.6 million in 2005. Minority interest was at CHF 16.9 million in 2006, compared to CHF 11.1 million in 2005. The increase in minority interest is mainly due to the integration of the Brazilian activities in 2006 at 20%, and it will change substantially in 2007, as minority interest will represent 49% in Dufry South America (DSA) going forward.
CoNSoLIDaTED INCoME STaTEMENTS In thousands of CHF Net sales Advertising income Turnover Cost of sales GRoSS PRoFIT Selling expenses, net Personnel expenses General expenses, net EbITDa Depreciation and amortization Other operational profit / (loss) EbIT Income from associates Financial expenses EbT Income taxes, net NET EaRNINGS Attributable to : Equity holders of the parent Minority interest Dufry Annual Report 2006 — Chief Financial Officer 006 auDITED 1,403,758 32,537 , 6, 691,925 , 0 285,989 179,469 118,413 60, 50,046 58,749 6 , 0 – 30,739 , 6 13,883 , 0 107,714 16,866 % 00.0 % . % 19.9 % 12.5 % 8.2 % . % 3.5 % . % .6 % . % 00 auDITED 932,892 16,938 , 0 477,615 , 171,691 123,214 77,165 00, 23,665 (5,005) , 398 5,748 66, 13,439 ,6 6 41,560 11,126 00.0 % Liquidity and Capital Resources. As of December 31, 2006, Dufry had a net debt of CHF 513.4 million compared to CHF 47.0 million by year end of 2005. During 2006, the Company successfully negotiated new credit facilities with improved conditions, extended duration and higher credit lines available. The increase in net debt is due to the acquisitions executed during fiscal year 2006, Brazil (CHF 505 million) and Puerto Rico (CHF 175 million), and was partially mitigated by the DSA IPO proceeds (CHF 228 million). The equity increased to CHF 655.1 million as of December 31, 2006 from CHF 446.0 million at December 31, 2005. Net Cash from operating activities. Net cash from operating activities increased to CHF 122.5 million from CHF 56.9 million in 2005. The increase is mainly due to the improved profitability of the Group and new operations. % . % 18.1 % 13.0 % 8.1 % 0. % 2.5 % . % .0 % . %
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A GLOBAL AMBITION ANNuAL REPORT 2006 - Dufry

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