DUFRY - Avolta AG (DUFRY) Q4 2023 Earnings Call Transcript
2024-03-07 15:47:11 ET
Avolta AG (DUFRY)
Q4 2023 Earnings Conference Call
March 07, 2024, 8:30 AM ET
Company Participants
Xavier Rossinyol - Chief Executive Officer
Yves Gerster - Chief Financial Officer
Conference Call Participants
Manjari Dhar - RBC
Harry Gowers - JPMorgan
Joern Iffert - UBS
Jon Cox - Kepler
Karine Elias - Barclays
Jaafar Mestari - BNP Paribas Exane
Ali Naqvi - HSBC
Presentation
Operator
Ladies and gentlemen, welcome to the Avolta's Q4 Results 2023 Conference Call and Live Webcast. I am Alice, the Chorus Call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Mr. Xavier Rossinyol, CEO, of Avolta. Please go ahead, sir.
Xavier Rossinyol
Good morning. Good afternoon. Good evening, everybody. Welcome to this first full year results presentation of Avolta. The result of the business combination between Dufry the travel retail global leader and Autogrill, the global leader in F&B in the travel space. I'm here join with Yves Gerster, our CFO and together we are going to go through the full year results 2023.
Starting in page four, I'm going to give some highlights of 2023. The main one obviously is the merger is the combination between Dufry and Autogrill. Together, we are something unique and different. Starting with the size of our network in more than 73 countries with more than 5,000 points of sell, that sets us apart from any other player in the industry. Also give us access to more passenger data than anybody else, and that allows to build more relevant commercial offers to those passengers. The combination of passenger growth plus this capacity to grow faster than that is the first transformational effect of the merger.
The second message is we are delivering in that combination. On the cost synergies, we already said that they will be delivered a year ahead instead of 2025 in 2024, CHF85 million cost synergies, with savings one the restructuring cost from the initial expectations CHF25 million in '23, CHF25 million in '24. We are also delivering on creating a unified group across all the four regions that addresses the passengers as a whole, both on retail and F&B.
To reflect that we are much more than the sum of the parts, we changed the name and we are positioning that name vis-a-vis the landlord as an operator in the industry that can do things nobody else is able to do. So the combination allows us to be bigger and more diversified, benefiting both the growth, but also the resilience. Being exposed to so many markets make us more resilient to external shocks....
Avolta AG (DUFRY) Q4 2023 Earnings Call Transcript