Dufry: S & P lowers outlook rating to “stable” against “positive” – ​​Romandie.com

Dufry: S & amp; P lowers outlook rating to “stable” against “positive”

 Zurich (AWP) – Standard & amp analysts; Poor’s (S & amp; P) lowered Tuesday perspective Dufry rating to “stable” against “positive” before, but retained its rating to “BB”. The rating agency pointed to the decline in profitability and the increase in debt specialist duty-free shops.

The lowering of perspective comes after annual results deemed “slightly disappointing”. Dufry has indeed suffered in 2015 a net loss Group share of CHF 79.3 million, after a net profit of 51.6 million a year ago, due to acquisition-related costs.

gross operating profit (EBITDA) has surged against 25.6% to CHF 723.8 million, for a margin declined by 1.9 points to 11.8%. Revenues grew strongly by 46.3% to 6.14 billion.

The margins declined despite the synergies promised by the acquisition of Nuance Group, noted analysts. The delay in the integration of World Duty Free (WDF) weighs meanwhile on debt while the benefits of the transaction are slow to materialize her, stressed the S & amp specialists; P in a statement

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al / jh

(AWP / 3/29/2016 2:43 p.m.)

(AWP / 3/29/2016 2:43 p.m.) ->