Dufry up 12% to $724.7m in 2005

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Dufry has announced that it generated a sales turnover of Swf.949m ($724.7m) for the full year in 2005 and it has also been awarded two new projects in Algiers and Belgrade, while signing a new

agreement with Cave Shepherd.
In a statement this morning the company said: ‘Dufry generated a turnover of Swf.949m for the full year 2005 compared to Swf.851m ($649.9m) in 2004, an increase of 12%. The complete full-year results will be published on 28 April 2006.
‘Dufry has been awarded the concession to operate duty free shops at the Algiers ? Houari Boum?dienne Airport as the exclusive concessionaire by the Algerian Airports Authorities, EGSA (Etablissement de Gestion de Services A?roportuaires d'Alger). The 5-year concession is scheduled to start in April 2006 at the international airport of Algeria?s capital.
Dufry will run two duty free shops with a total surface of 640sq m and around 2m passengers are expected for 2006.
‘Dufry has signed a contract with the operator of the International Airport in Belgrade, Javno Preduzece Aerodrom 'Beograd' to run all duty free and duty paid shops, on land- and airside as well as existing and future food and beverage outlets at Belgrade?s International Airport in Serbia. The contract runs for ten years and comprises a total commercial area of 6,300sq m, which is going to be developed in several phases. In 2006, around 1.5 million passengers are expected for Belgrade airport.’
Dufry added that the new concessions will further strengthen Dufry?s presence in the Mediterranean, which is one of the strategic growth areas for the company.
In addition, the Basle-based retailer said it has also signed a contract with Cave Shepherd & Co. Ltd. (Cave Shepherd) to increase Dufry?s shareholdings in Duty Free Caribbean Group (DFC) from 50% to 60%. The transaction, which is subject to regulatory approval, involves the issue of new shares in the capital of DFC to Dufry, as well as the purchase of shares by Dufry from Cave Shepherd.
The proceeds from the capital increase of BD$26m ($13m) million) will be used by DFC primarily to acquire the remaining 50% of Young Caribbean Jewellery, which operates 15 jewellery shops in Antigua, St. Maarten, St. Lucia, Aruba and St. John.
The company says that the transaction reflects Dufry?s strategy to further develop the Caribbean market jointly with Cave Shepherd.

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