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Annual Report
2023
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ESG
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Governance
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Annual Report 2023
Content
Management Report
5 – 96
16 – 20
Statement from the Chief Executive Officer
8 – 9 Avolta at a Glance
10 – 11 Highlights 2023
12 – 15
Message from the Chairman
of the Board of Directors
21 Organizational Structure
22 – 23 Avolta Investment Case
24 – 25 Board of Directors
26 – 27 Global Executive Committee
28 – 55
Avolta Vision & Strategy
(see also Brand Poster in front cover)
56 – 75
Avolta Regions & Locations
76 – 96 Customers, Concession Partners, Investors,
Suppliers
ESG Report
97 – 148
337 ff
97 – 148 ESG Report 2023
337 ff ESG Report 2023 Annex
337 ff GRI Content Index 2023
337 ff TCFD Report
Financial Report
149 – 278
150 – 154 Report from the Chief Financial Officer
155 – 255 Financial Statements
156 – 255 Consolidated Financial Statements
256 – 270 Financial Statements Avolta AG
271 – 277
Alternative Performance Measures
Governance Report
279 – 333
279 – 309 Corporate Governance
311 – 333 Remuneration Report
334
Information for Investors and Media
335 Address Details of Headquarters
Annual Report
2023
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ESG
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Report
Governance
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Page 7/336
Annual Report 2023
Content
Management Report
5 – 96
8 – 9 Avolta at a Glance
10 – 11 Highlights 2023
12 – 15
Message from the Chairman
of the Board of Directors
Statement from the Chief Executive Officer
16 – 20
21 Organizational Structure
22 – 23 Avolta Investment Case
24 – 25 Board of Directors
26 – 27 Global Executive Committee
28 – 55
Avolta Vision & Strategy
(see also Brand Poster in front cover)
Avolta Regions & Locations
56 – 75
76 – 96 Customers, Concession Partners, Investors,
ESG Report
97 – 148
337 ff
Suppliers
97 – 148 ESG Report 2023
337 ff ESG Report 2023 Annex
337 ff GRI Content Index 2023
337 ff TCFD Report
Financial Report
149 – 278
150 – 154 Report from the Chief Financial Officer
155 – 255 Financial Statements
156 – 255 Consolidated Financial Statements
256 – 270 Financial Statements Avolta AG
271 – 277
Alternative Performance Measures
Governance Report
279 – 333
279 – 309 Corporate Governance
311 – 333 Remuneration Report
Information for Investors and Media
334
335 Address Details of Headquarters
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Avolta
at a glance
CORE
Turnover
in millions of CHF
CORE
EBITDA
in millions of CHF
12,535
CORE Net Profit
Equity Holders
Equity Free
Cash Flow
in millions of CHF
in millions of CHF
8,849
6,878
1,130
885
236
308
Net Sales by Region
Net Sales by Product Category
8 %
Other
1 % Literature & Publications
2 % Electronics
6 % Luxury Goods
30 %
F&B
4 % Asia
Pacific
13 %
Latin
America
32 %
North
America
10 %
Wine &
Spirits
11 %
Tobacco
Goods
51 %
Europe,
Middle East
and Africa
EMEA
13 %
Food &
Confectionary
19 %
Perfumes &
Cosmetics
3,915
606
2,561
386
106
314
323
305
2 % Cruise Liners
4 % Railway Stations
and Seaports
and Other
2 % Borders, Downtown
and Hotel Shops
10 %
Motorways
31 %
Duty-Paid
37 %
Duty-Free
Net Sales by Channel
Net Sales by Market Sector
20
20 21
20
21
19 20 21
22 23
19
21
22 23
19
22 23
19
22
23
– 877
– 236
– 1,323
–33
– 1,027
82 %
Airports
32 %
F&B
Avolta
at a glance
CORE
Turnover
in millions of CHF
CORE
EBITDA
in millions of CHF
12,535
CORE Net Profit
Equity Free
Equity Holders
Cash Flow
in millions of CHF
in millions of CHF
8,849
6,878
1,130
885
236
308
3,915
606
2,561
386
106
19 20 21
22 23
19
21
22 23
19
22 23
19
22
23
20
– 877
20 21
20
21
– 236
– 1,323
–33
– 1,027
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Net Sales by Region
Net Sales by Product Category
4 % Asia
Pacific
13 %
Latin
America
32 %
North
America
8 %
Other
1 % Literature & Publications
2 % Electronics
6 % Luxury Goods
30 %
F&B
10 %
Wine &
Spirits
11 %
Tobacco
Goods
51 %
Europe,
Middle East
and Africa
EMEA
13 %
Food &
Confectionary
19 %
Perfumes &
Cosmetics
Net Sales by Channel
Net Sales by Market Sector
314
323
305
2 % Cruise Liners
and Seaports
4 % Railway Stations
and Other
2 % Borders, Downtown
and Hotel Shops
10 %
Motorways
31 %
Duty-Paid
37 %
Duty-Free
82 %
Airports
32 %
F&B
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Highlights
2023
Avolta – new company
name launched and
business combination
completed.
On November 3, 2023, Dufry’s shareholders approved
the name change to Avolta, with an overwhelming
majority of 99.77 % of the votes represented. The
business combination – now under the new common
name Avolta – has been successfully completed.
CHF 12,534.6 million
CORE Turnover, 21.6 %
CORE organic growth
and 9.0 % CORE
EBITDA margin.
Resilient travel demand with spend-per-passenger
above pre-pandemic levels, resulted in strong CORE
organic growth of 21.6 % YoY. Target CORE EBITDA
margin was reached ahead of time.
Full CHF 85 million
synergies expected
in 2024, one year
ahead of plan.
In 2023 CHF 30 million business combination syner-
gies were realized, setting the base to deliver the
full CHF 85 million in 2024, one year ahead of plan.
Integration costs were cut by half with respect to
the former estimated CHF 100 million and amount to
CHF 25 million in each of the business years 2023
and 2024.
Net debt position
further decreased to
lowest level since 2015.
Avolta’s net debt further decreased ahead of plan and
reached CHF 2,696.1 million as of December 31, 2023,
meeting covenant thresholds ahead of the required
timing.
Strong cash flow
generation confirmed.
Avolta confirmed its strong cash flow generation
capability with Equity Free Cash Flow (EFCF) reaching
above target CHF 323.0 million in FY 2023.
40 % Electricity
consumption replaced
with renewable energy.
In line with its target to eleminate emissions for Scopes
1 & 2 by 2025 for its retail business (Dufry scope base
2019), Avolta has increased the replacement of elec-
tric energy consumption with renewable energy
sources from 20 % in 2022 to 40 % in 2023.
Joint ESG Strategy
and Materiality Matrix
implemented.
Avolta’s TCFD report
extended to cover full
company scope.
As one of the key business combination steps in 2023,
In 2023, Avolta has further extended the scope of its
Avolta has developed and implemented a fully inte-
TFCD Report – first published in early 2023 – to now
grated ESG Strategy and defined the new double mate-
cover the full scope of the combined company.
riality matrix for the combined company.
Successful extension
of the Spanish conces-
sion contracts.
In 2023, Avolta successfully renewed the vast majority
of its Spanish airport operation concession contracts
for twelve years. The new contract encapsulates 21 air-
ports with 120 outlets covering around 60,000 m2 and
serving approximately 132 million travellers annually
(base 2019).
Highlights
2023
Avolta – new company
name launched and
business combination
CHF 12,534.6 million
CORE Turnover, 21.6 %
CORE organic growth
completed.
On November 3, 2023, Dufry’s shareholders approved
the name change to Avolta, with an overwhelming
majority of 99.77 % of the votes represented. The
business combination – now under the new common
name Avolta – has been successfully completed.
and 9.0 % CORE
EBITDA margin.
Resilient travel demand with spend-per-passenger
above pre-pandemic levels, resulted in strong CORE
organic growth of 21.6 % YoY. Target CORE EBITDA
margin was reached ahead of time.
Full CHF 85 million
synergies expected
in 2024, one year
ahead of plan.
In 2023 CHF 30 million business combination syner-
gies were realized, setting the base to deliver the
full CHF 85 million in 2024, one year ahead of plan.
Integration costs were cut by half with respect to
the former estimated CHF 100 million and amount to
CHF 25 million in each of the business years 2023
and 2024.
Net debt position
further decreased to
lowest level since 2015.
Avolta’s net debt further decreased ahead of plan and
reached CHF 2,696.1 million as of December 31, 2023,
meeting covenant thresholds ahead of the required
timing.
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Strong cash flow
generation confirmed.
Avolta confirmed its strong cash flow generation
capability with Equity Free Cash Flow (EFCF) reaching
above target CHF 323.0 million in FY 2023.
40 % Electricity
consumption replaced
with renewable energy.
In line with its target to eleminate emissions for Scopes
1 & 2 by 2025 for its retail business (Dufry scope base
2019), Avolta has increased the replacement of elec-
tric energy consumption with renewable energy
sources from 20 % in 2022 to 40 % in 2023.
Joint ESG Strategy
and Materiality Matrix
implemented.
Avolta’s TCFD report
extended to cover full
company scope.
As one of the key business combination steps in 2023,
Avolta has developed and implemented a fully inte-
grated ESG Strategy and defined the new double mate-
riality matrix for the combined company.
In 2023, Avolta has further extended the scope of its
TCFD Report – first published in early 2023 – to now
cover the full scope of the combined company.
Successful extension
of the Spanish conces-
sion contracts.
In 2023, Avolta successfully renewed the vast majority
of its Spanish airport operation concession contracts
for twelve years. The new contract encapsulates 21 air-
ports with 120 outlets covering around 60,000 m2 and
serving approximately 132 million travellers annually
(base 2019).
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Message from the
Chairman of the
Board of Directors
Dear Shareholders,
Throughout 2023 the travel retail and
F&B industry saw a strong momen-
tum in demand and an ongoing resil-
ient recovery. Airlines, airports, and
The emergence of
the new global travel
experience player is
now a reality.
improved CORE EBITDA margin of
9.0 % despite ongoing geopolitical
and macroeconomic challenges.
Equity Free Cash Flow (EFCF) reached
CHF 323.0 million (Dufry FY reported
other travel channel operators contin-
Third – the culminating and unifying
2022: CHF 305.2 million) thus exceed-
ued to build up capacities to manage
element in our transformation – we
ing our expectations at the beginning
the steadily increasing number of
renamed our company from Dufry to
of the year. The overall positive trend
travelers.
Avolta. The new name reflects our ex-
in results is evident in our CORE Net
panded scope and offers an enriched
Profit, which rose to CHF 456.8 million
This was a welcome evolution, con-
set of opportunities for all our stake-
(compared to CHF 244.1 million pro-
firming the historic resilience of the
holders, in particular, for you as our
forma in 2022).
travel retail and F&B industry. Despite
valued shareholders.
temporary disruptions, society’s will-
Upon antitrust authority approval of
ingness to travel remained unbroken,
From a performance standpoint, we
the Dufry-Autogrill business combina-
and we expect this momentum to
benefitted from a global increase in
tion and the transfer of Edizione’s
continue into 2024.
demand, bolstered by our customers’
50.3 % stake in Autogrill on February
unwavering propensity to travel and
3, 2023, the integration process for the
In addition to the favourable environ-
to spend. These positive trends are re-
combined company commenced, with
ment, three key developments shaped
flected in our operational results.
the immediate announcement of the
Avolta’s evolution: long-term growth,
new high-level organization. We made
sustainable profits and robust cash-
Our Consolidated CORE Turnover rose
substantial progress in the integration
flow in the 2023 business year.
significantly, reaching CHF 12,534.6
process, including early realization of
First, we sustained consistently high
million), with CORE Organic growth of
pleted the business combination with
operational performance, building on
21.6 % on the previous year proforma.
Autogrill, achieving 100 % ownership
the acceleration seen in 2022.
of Autogrill shares and subsequently
million (2022 proforma: CHF 10,804.8
synergies. On July 24, 2023, we com-
Our full-year 2023 CORE EBITDA,
delisting Autogrill from the Milan stock
Second, we completed critical mile-
relying on strong commercial perfor-
exchange.
stones in the business combination
mance, increased productivity, and
with Autogrill, a pivotal component of
early synergy effects, amounted to
The transition from Dufry AG to Avolta
our «Destination 2027» strategy.
CHF 1,129.6 million (2022 proforma:
AG, marked by the change in our
CHF 941.4 million), equal to a further
company name, represents the final
For a glossary of financial terms and
Alternative Performance Measures please
see page 271 of this Annual Report.
Avolta is a global travel
experience player
operating over 5,100 travel
retail shops and restaurants
across six continents.
Juan Carlos
Torres Carretero
Chairman of the
Board of Directors
Message from the
Chairman of the
Board of Directors
Annual Report
2023
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Report
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Report
Page 13/336
Dear Shareholders,
Throughout 2023 the travel retail and
F&B industry saw a strong momen-
tum in demand and an ongoing resil-
ient recovery. Airlines, airports, and
other travel channel operators contin-
ued to build up capacities to manage
the steadily increasing number of
travelers.
This was a welcome evolution, con-
firming the historic resilience of the
travel retail and F&B industry. Despite
temporary disruptions, society’s will-
ingness to travel remained unbroken,
and we expect this momentum to
continue into 2024.
In addition to the favourable environ-
ment, three key developments shaped
Avolta’s evolution: long-term growth,
sustainable profits and robust cash-
flow in the 2023 business year.
First, we sustained consistently high
operational performance, building on
the acceleration seen in 2022.
Second, we completed critical mile-
stones in the business combination
with Autogrill, a pivotal component of
our «Destination 2027» strategy.
For a glossary of financial terms and
Alternative Performance Measures please
see page 271 of this Annual Report.
The emergence of
the new global travel
experience player is
now a reality.
Third – the culminating and unifying
element in our transformation – we
renamed our company from Dufry to
Avolta. The new name reflects our ex-
panded scope and offers an enriched
set of opportunities for all our stake-
holders, in particular, for you as our
valued shareholders.
From a performance standpoint, we
benefitted from a global increase in
demand, bolstered by our customers’
unwavering propensity to travel and
to spend. These positive trends are re-
flected in our operational results.
Our Consolidated CORE Turnover rose
significantly, reaching CHF 12,534.6
million (2022 proforma: CHF 10,804.8
million), with CORE Organic growth of
21.6 % on the previous year proforma.
Our full-year 2023 CORE EBITDA,
relying on strong commercial perfor-
mance, increased productivity, and
early synergy effects, amounted to
CHF 1,129.6 million (2022 proforma:
CHF 941.4 million), equal to a further
improved CORE EBITDA margin of
9.0 % despite ongoing geopolitical
and macroeconomic challenges.
Equity Free Cash Flow (EFCF) reached
CHF 323.0 million (Dufry FY reported
2022: CHF 305.2 million) thus exceed-
ing our expectations at the beginning
of the year. The overall positive trend
in results is evident in our CORE Net
Profit, which rose to CHF 456.8 million
(compared to CHF 244.1 million pro-
forma in 2022).
Upon antitrust authority approval of
the Dufry-Autogrill business combina-
tion and the transfer of Edizione’s
50.3 % stake in Autogrill on February
3, 2023, the integration process for the
combined company commenced, with
the immediate announcement of the
new high-level organization. We made
substantial progress in the integration
process, including early realization of
synergies. On July 24, 2023, we com-
pleted the business combination with
Autogrill, achieving 100 % ownership
of Autogrill shares and subsequently
delisting Autogrill from the Milan stock
exchange.
The transition from Dufry AG to Avolta
AG, marked by the change in our
company name, represents the final
Avolta is a global travel
experience player
operating over 5,100 travel
retail shops and restaurants
across six continents.
Juan Carlos
Torres Carretero
Chairman of the
Board of Directors
Annual Report
2023
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Report
ESG
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Report
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Report
Page 14/336
step in our transformative business
combination. With a majority of
99.77 %, shareholders overwhelmingly
endorsed the name change to Avolta
at the Extraordinary General Meeting
of Shareholders on November 3, 2023.
This new name serves as a visual sym-
bol, communicating the expanded
scope of our combined entity. With
its robust commercial foundation,
diversified portfolio, and unwavering
commitment to customer-centricity,
Avolta opens new avenues of growth
and further elevates our commitment
to sustainability.
Avolta represents a new home for
our 76,962 team members worldwide,
fostering a sense of belonging and
unity throughout the entire team.
In conjunction with the name change
to Avolta, the ticker symbol for our
shares on the SIX Swiss Exchange was
updated to «AVOL» on November 9,
2023. As of December 31, 2023,
Avolta’s market capitalization stood
at CHF 5,048.5 million.
Our shares commenced the 2023
business year at CHF 38.51, reaching
a peak at the end of July at CHF 44.91
and then trended lower in a volatile
stock market environment that was
influenced by geopolitical and macro-
economic effects. The year concluded
with our shares closing at CHF 33.08.
The average daily trading volume
across all platforms was CHF 60.2
million, affirming the liquidity of our
shares. The SIX Swiss Exchange re-
mained a significant trading platform,
where the average daily volume of
Avolta shares reached CHF 19.2 mil-
lion in 2023. Avolta’s trading volumes
are mainly concentrated on the SIX
31.8 % and BATS Chi-X OTC 51.5 %
platforms. As is our tradition, we
maintained an ongoing dialogue with
our shareholders and the financial
community, engaging in over 1,190
interactions through roadshow or con-
ference meetings, calls and emails.
Continued support
from shareholders,
bondholders and
lending banks.
Reflecting the positive company per-
formance, 2023 saw Avolta achieve
several improvements in credit rat-
ings. S & P Global Ratings upgraded
Avolta’s credit ratings to BB, Outlook
Stable in July, building upon an earlier
upgrade in March. Moody’s Investor
Service also revised Avolta’s credit
rating to Ba3 with Outlook Positive in
April, further affirming our financial
health and promising outlook.
At the General Meeting of Sharehold-
ers in May 2023, shareholders had
the opportunity to vote on several
amendments to our Articles of Incor-
poration – driven by the new Swiss
Corporate Law enacted on January 1,
2023. All proposed agenda items
were approved.
At this AGM, we welcomed Mr. Sami
Kahale as a new non-executive mem-
ber of the Board of Directors. After his
election, Sami Kahale joined as a
member of the Audit Committee, the
ESG Committee, and the Strategy &
Integration Committee. On behalf of
the entire Board of Directors, I extend
our gratitude to our shareholders for
their ongoing commitment and sup-
port.
Following the successful transfer of
Edizione’s stake in Autogrill in Feb-
ruary 2023, the Board of Directors
created additional board committees,
aligning with the new scope of the
company.
In this context, the former combined
Nomination and ESG Committee was
divided into two committees: the
Nomination Committee and the ESG
Committee. Additionally, the Board
established the new Strategy & Inte-
gration Committee. The existing Audit
and Remuneration Committees con-
tinue.
In preparation for the 2024 General
Meeting of Shareholders, the Board
of Directors resolved to propose pay-
ment of a dividend for the business
year 2023. This marks a significant
step as we resume dividend payments
following pandemic-related suspen-
sion. The Board of Directors will pro-
pose the payment of an initial divi-
dend of CHF 0.70 per Avolta share.
Dividend payment for
business year 2023
proposed.
Aligned with our Destination 2027
strategy, our new capital allocation
policy is designed to achieve profit-
able growth, sustainable cash flow
generation and value creation for our
shareholders. To strike a balanced ap-
proach encompassing deleveraging,
growth, and returns to our sharehold-
ers, we have earmarked two thirds of
our Equity Free Cash Flow (EFCF) for
purposes such as deleveraging, rele-
vant business development and small
bolt-on M & A activities, while one
third of the company’s EFCF shall be
allocated to dividends.
Dufry sources 40 %
of its electricity con-
sumption from renew-
able energy.
In 2023, we initiated a full integration
of the ESG engagement from the two
legacy entities into a combined Avolta
ESG Strategy, while expanding our
ESG initiatives and progressing with
existing programs.
We have included ESG targets in the
long-term incentive plan for manage-
ment compensation, a practice we
had started in 2022.
Our newly formulated ESG strategy
is based on a combined materiality
matrix, which considers the expanded
company scope and diverse stake-
With respect to ongoing engage-
they have come together, forming
holder communities.
ments, it is now the 14th year of our
new teams, embracing new ways of
contribution to SOS Children’s Vil-
working and laying the foundation for
This materiality matrix was developed
lages initiatives in Brazil, Mexico, and
the realization of our vision to revolu-
through direct interactions with our
Kenya. In a year where children and
tionize the travel experience.
stakeholders, complemented by
families needed extra support, our
thorough desk research, and adheres
customers joined our efforts by pur-
My gratitude extends to our conces-
to the principle of double materiality.
chasing our Captain Dufry plush bear,
sion partners and brand suppliers for
The revised focus areas are: Create
dren’s Villages. In 2023, our commit-
butions in strengthening our partner-
the profits being donated to SOS Chil-
their close collaboration and contri-
Sustainable Travel Experiences,
ment extended to community projects
ships.
Respect Our Planet, Empower Our
in different parts of the world includ-
People and Engage Local Communi-
ing Switzerland, Greece, the United
I look forward with confidence and
ties. While laying the foundation for
Kingdom, the United States, Canada,
optimism to future journeys together,
our future ESG engagement, we have
Italy, Türkiye, Syria, Morocco.
thanks to the long-standing rela-
tionships and the ongoing trust of
our business partners, shareholders,
bondholders, and lending banks.
expanded our existing initiatives – for
example by augmenting the share
of renewable energy in our electricity
consumption (base year 2019) from
We can't do it alone.
20 % to 40 %. I encourage you to ex-
Our team members and manage-
Sincerely,
plore pages 97 – 148 for a detailed
ment teams played an integral role,
overview of our ESG Report and prog-
generously contributing to the posi-
ress in 2023.
tive developments and achievements
described above. We surpassed our
targets for the year thanks to their un-
wavering dedication, continued com-
mitment, and collaborative teamwork.
Ongoing strong
engagement for our
communities.
I extend my heartfelt gratitude and
Juan Carlos Torres Carretero
offer a sincere thank you to every
Our global community engagement
single one of our team members for
initiatives have continued to provide
their support and continued motiva-
support to communities in the mar-
tion.
kets where we operate. In 2023, we
assisted team members and the com-
I would like to express my apprecia-
munities in Türkiye and Morocco fol-
tion to our Avolta teams around the
lowing the devastating earthquakes
world for their exceptional dedication
and provided support to the local
in providing our customers with out-
population in the areas most affected.
standing service. At the same time,
I look forward with
confidence and optimism to
future journeys together.
step in our transformative business
combination. With a majority of
99.77 %, shareholders overwhelmingly
endorsed the name change to Avolta
at the Extraordinary General Meeting
of Shareholders on November 3, 2023.
Continued support
from shareholders,
bondholders and
lending banks.
In preparation for the 2024 General
Meeting of Shareholders, the Board
of Directors resolved to propose pay-
ment of a dividend for the business
year 2023. This marks a significant
step as we resume dividend payments
This new name serves as a visual sym-
formance, 2023 saw Avolta achieve
sion. The Board of Directors will pro-
bol, communicating the expanded
several improvements in credit rat-
pose the payment of an initial divi-
scope of our combined entity. With
ings. S & P Global Ratings upgraded
dend of CHF 0.70 per Avolta share.
Reflecting the positive company per-
following pandemic-related suspen-
its robust commercial foundation,
Avolta’s credit ratings to BB, Outlook
diversified portfolio, and unwavering
Stable in July, building upon an earlier
commitment to customer-centricity,
upgrade in March. Moody’s Investor
Avolta opens new avenues of growth
Service also revised Avolta’s credit
and further elevates our commitment
rating to Ba3 with Outlook Positive in
to sustainability.
April, further affirming our financial
health and promising outlook.
Dividend payment for
business year 2023
proposed.
Avolta represents a new home for
Aligned with our Destination 2027
our 76,962 team members worldwide,
At the General Meeting of Sharehold-
strategy, our new capital allocation
fostering a sense of belonging and
ers in May 2023, shareholders had
policy is designed to achieve profit-
unity throughout the entire team.
the opportunity to vote on several
able growth, sustainable cash flow
amendments to our Articles of Incor-
generation and value creation for our
In conjunction with the name change
poration – driven by the new Swiss
shareholders. To strike a balanced ap-
to Avolta, the ticker symbol for our
Corporate Law enacted on January 1,
proach encompassing deleveraging,
shares on the SIX Swiss Exchange was
2023. All proposed agenda items
growth, and returns to our sharehold-
updated to «AVOL» on November 9,
were approved.
2023. As of December 31, 2023,
ers, we have earmarked two thirds of
our Equity Free Cash Flow (EFCF) for
Avolta’s market capitalization stood
At this AGM, we welcomed Mr. Sami
purposes such as deleveraging, rele-
at CHF 5,048.5 million.
Kahale as a new non-executive mem-
vant business development and small
Our shares commenced the 2023
election, Sami Kahale joined as a
third of the company’s EFCF shall be
business year at CHF 38.51, reaching
member of the Audit Committee, the
allocated to dividends.
ber of the Board of Directors. After his
bolt-on M & A activities, while one
a peak at the end of July at CHF 44.91
ESG Committee, and the Strategy &
and then trended lower in a volatile
Integration Committee. On behalf of
stock market environment that was
the entire Board of Directors, I extend
influenced by geopolitical and macro-
our gratitude to our shareholders for
economic effects. The year concluded
their ongoing commitment and sup-
with our shares closing at CHF 33.08.
port.
Dufry sources 40 %
of its electricity con-
sumption from renew-
able energy.
The average daily trading volume
Following the successful transfer of
across all platforms was CHF 60.2
Edizione’s stake in Autogrill in Feb-
In 2023, we initiated a full integration
million, affirming the liquidity of our
ruary 2023, the Board of Directors
of the ESG engagement from the two
shares. The SIX Swiss Exchange re-
created additional board committees,
legacy entities into a combined Avolta
mained a significant trading platform,
aligning with the new scope of the
ESG Strategy, while expanding our
where the average daily volume of
company.
Avolta shares reached CHF 19.2 mil-
ESG initiatives and progressing with
existing programs.
lion in 2023. Avolta’s trading volumes
In this context, the former combined
are mainly concentrated on the SIX
Nomination and ESG Committee was
We have included ESG targets in the
31.8 % and BATS Chi-X OTC 51.5 %
divided into two committees: the
long-term incentive plan for manage-
platforms. As is our tradition, we
Nomination Committee and the ESG
ment compensation, a practice we
maintained an ongoing dialogue with
Committee. Additionally, the Board
had started in 2022.
our shareholders and the financial
established the new Strategy & Inte-
community, engaging in over 1,190
gration Committee. The existing Audit
Our newly formulated ESG strategy
interactions through roadshow or con-
and Remuneration Committees con-
is based on a combined materiality
ference meetings, calls and emails.
tinue.
matrix, which considers the expanded
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 15/336
they have come together, forming
new teams, embracing new ways of
working and laying the foundation for
the realization of our vision to revolu-
tionize the travel experience.
My gratitude extends to our conces-
sion partners and brand suppliers for
their close collaboration and contri-
butions in strengthening our partner-
ships.
I look forward with confidence and
optimism to future journeys together,
thanks to the long-standing rela-
tionships and the ongoing trust of
our business partners, shareholders,
bondholders, and lending banks.
Sincerely,
Juan Carlos Torres Carretero
company scope and diverse stake-
holder communities.
This materiality matrix was developed
through direct interactions with our
stakeholders, complemented by
thorough desk research, and adheres
to the principle of double materiality.
The revised focus areas are: Create
Sustainable Travel Experiences,
Respect Our Planet, Empower Our
People and Engage Local Communi-
ties. While laying the foundation for
our future ESG engagement, we have
expanded our existing initiatives – for
example by augmenting the share
of renewable energy in our electricity
consumption (base year 2019) from
20 % to 40 %. I encourage you to ex-
plore pages 97 – 148 for a detailed
overview of our ESG Report and prog-
ress in 2023.
Ongoing strong
engagement for our
communities.
Our global community engagement
initiatives have continued to provide
support to communities in the mar-
kets where we operate. In 2023, we
assisted team members and the com-
munities in Türkiye and Morocco fol-
lowing the devastating earthquakes
and provided support to the local
population in the areas most affected.
With respect to ongoing engage-
ments, it is now the 14th year of our
contribution to SOS Children’s Vil-
lages initiatives in Brazil, Mexico, and
Kenya. In a year where children and
families needed extra support, our
customers joined our efforts by pur-
chasing our Captain Dufry plush bear,
the profits being donated to SOS Chil-
dren’s Villages. In 2023, our commit-
ment extended to community projects
in different parts of the world includ-
ing Switzerland, Greece, the United
Kingdom, the United States, Canada,
Italy, Türkiye, Syria, Morocco.
We can't do it alone.
Our team members and manage-
ment teams played an integral role,
generously contributing to the posi-
tive developments and achievements
described above. We surpassed our
targets for the year thanks to their un-
wavering dedication, continued com-
mitment, and collaborative teamwork.
I extend my heartfelt gratitude and
offer a sincere thank you to every
single one of our team members for
their support and continued motiva-
tion.
I would like to express my apprecia-
tion to our Avolta teams around the
world for their exceptional dedication
in providing our customers with out-
standing service. At the same time,
I look forward with
confidence and optimism to
future journeys together.
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Report
Page 16/336
CEO´s
Statement
Xavier
Rossinyol
Chief Executive
Officer
Dear all,
I am delighted to be reporting to you
for the first time under our new com-
pany name, Avolta, and I am proud
to share the remarkable achievements
that our united team has accom-
plished together. 2023 was an extraor-
dinary year. Together we successfully
2023 was an extraor-
dinary year, in which
we successfully deliv-
ered the business
combination of Dufry
and Autogrill.
tomers with holistic and engaging ex-
periences. The power of the newly
combined entity multiplies the poten-
tial for innovation and yields benefits
for travelers, concession partners and
brand suppliers alike, granting access
to hybrid offerings and expanded ser-
vice opportunities.
executed the Dufry-Autogrill busi-
Key focus on delivery
We are already leading the transfor-
ness combination, realizing the early
Following the successful completion
mation of travel experiences around
delivery of substantial synergies, and
of the Dufry-Autogrill business combi-
the world. Notably, at Stockholm’s
made strong improvements to our
nation, the official name change of
Arlanda Airport (Sweden), our new
financial KPIs.
our company in November 2023 cued
Store of the Future, combines the
the emergence of Avolta as a fully uni-
value-rich store-in-store retail con-
Our transformation to Avolta is a mile-
fied company. Aligned with our trav-
cepts with a hybrid twist. Similarly, at
stone in our Destination 2027 strategy,
eler-centric Destination 2027 strategy,
Milan’s Malpensa Airport where we
and marks the emergence of a new
where we seek to make travelers hap-
unveiled our Hudson Café with Baci,
and united company, now a tangible
pier by creating a holistic travel expe-
mixing travel retail with a sophisticated
reality standing as a distinctive coun-
rience revolution, we are now operat-
menu, both of these examples opened
terpart for our business partners and
ing as One Team and One Company,
during the second half of 2023.
a new home for all our team members
harnessing our collective expertise
around the world. We describe Avolta
across travel retail and F&B, and pav-
as being more than the sum of its
ing the way to deliver innovative value
parts and we see this illustrated in our
propositions.
daily interactions with customers,
suppliers, concession partners and,
Introducing smart-stores and incor-
particularly, when we participate in
porating advanced digital technology
concession tenders. We are unique in
with live-data-collection will enhance
our set up, we are more diversified
our intelligence thus further optimiz-
and resilient, and our point of differ-
ing efficiency and profitability of com-
entiation is appealing to the market.
mercial areas, whilst also contributing
Delivering on our way
to Destination 2027 –
Full customer centric-
ity, digital engagement
and travel experience
revolution.
to expand online engagement with ex-
Reporting on such a momentous year,
A full overview of our new name,
isting and potential customers. Newly
it is only fitting that I extend my grati-
Avolta, including our identity and our
designed retail and F&B concepts with
tude to the Avolta Board of Directors
values, which foster our One Com-
a strong sense of place, flexible and
and Management Team for their un-
pany spirit, can be found in the dedi-
changing assortments, including on-
wavering support throughout the
cated poster at the beginning of this
site entertainment, activations and
successful completion of the business
annual report.
digital gamification will provide cus-
combination and the establishment of
For a glossary of financial terms and
Alternative Performance Measures please
see page 271 of this Annual Report.
Avolta is now operating
as One Team, One Company,
harnessing its collective expertise
across travel retail and F&B.
CEO´s
Statement
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 17/336
Dear all,
I am delighted to be reporting to you
for the first time under our new com-
pany name, Avolta, and I am proud
to share the remarkable achievements
that our united team has accom-
plished together. 2023 was an extraor-
dinary year. Together we successfully
executed the Dufry-Autogrill busi-
ness combination, realizing the early
delivery of substantial synergies, and
made strong improvements to our
financial KPIs.
Our transformation to Avolta is a mile-
stone in our Destination 2027 strategy,
and marks the emergence of a new
and united company, now a tangible
reality standing as a distinctive coun-
terpart for our business partners and
a new home for all our team members
around the world. We describe Avolta
as being more than the sum of its
parts and we see this illustrated in our
daily interactions with customers,
suppliers, concession partners and,
particularly, when we participate in
concession tenders. We are unique in
our set up, we are more diversified
and resilient, and our point of differ-
entiation is appealing to the market.
A full overview of our new name,
Avolta, including our identity and our
values, which foster our One Com-
pany spirit, can be found in the dedi-
cated poster at the beginning of this
annual report.
For a glossary of financial terms and
Alternative Performance Measures please
see page 271 of this Annual Report.
2023 was an extraor-
dinary year, in which
we successfully deliv-
ered the business
combination of Dufry
and Autogrill.
Key focus on delivery
Following the successful completion
of the Dufry-Autogrill business combi-
nation, the official name change of
our company in November 2023 cued
the emergence of Avolta as a fully uni-
fied company. Aligned with our trav-
eler-centric Destination 2027 strategy,
where we seek to make travelers hap-
pier by creating a holistic travel expe-
rience revolution, we are now operat-
ing as One Team and One Company,
harnessing our collective expertise
across travel retail and F&B, and pav-
ing the way to deliver innovative value
propositions.
Introducing smart-stores and incor-
porating advanced digital technology
with live-data-collection will enhance
our intelligence thus further optimiz-
ing efficiency and profitability of com-
mercial areas, whilst also contributing
to expand online engagement with ex-
isting and potential customers. Newly
designed retail and F&B concepts with
a strong sense of place, flexible and
changing assortments, including on-
site entertainment, activations and
digital gamification will provide cus-
tomers with holistic and engaging ex-
periences. The power of the newly
combined entity multiplies the poten-
tial for innovation and yields benefits
for travelers, concession partners and
brand suppliers alike, granting access
to hybrid offerings and expanded ser-
vice opportunities.
We are already leading the transfor-
mation of travel experiences around
the world. Notably, at Stockholm’s
Arlanda Airport (Sweden), our new
Store of the Future, combines the
value-rich store-in-store retail con-
cepts with a hybrid twist. Similarly, at
Milan’s Malpensa Airport where we
unveiled our Hudson Café with Baci,
mixing travel retail with a sophisticated
menu, both of these examples opened
during the second half of 2023.
Delivering on our way
to Destination 2027 –
Full customer centric-
ity, digital engagement
and travel experience
revolution.
Reporting on such a momentous year,
it is only fitting that I extend my grati-
tude to the Avolta Board of Directors
and Management Team for their un-
wavering support throughout the
successful completion of the business
combination and the establishment of
Avolta is now operating
as One Team, One Company,
harnessing its collective expertise
across travel retail and F&B.
Xavier
Rossinyol
Chief Executive
Officer
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 18/336
our new unified entity. Sharing a com-
mon vision on our journey to imple-
menting Avolta’s Destination 2027
strategy is of paramount significance,
and your dedication and collaboration
are invaluable assets in achieving our
goals.
Avolta – Growing
more diversified and
resilient than ever.
Operationally, the 2023 business
year was characterized by consistent
growth in demand across all regions,
whether they were further along in
their recovery or just beginning to re-
open and experience the acceleration
of regional and international travel.
Both leisure and business travelers
confirmed their commitment to travel
and to spend, demonstrating remark-
able resilience in the face of ongoing
disruptions and uncertainties stem-
ming from geopolitical and macroeco-
nomic factors. Throughout this period,
the Avolta team remained dedicated
to executing with excellence and pru-
dent cost management.
Further improvements
to all major KPIs
Driven by these favorable trends
and boosted by positive momentum
across all its regions, Avolta’s 2023
Consolidated Turnover reached
CHF 12,789.5 million (2022 proforma:
CHF 10,804.8 million), while CORE
Turnover (excluding fuel net sales)
amounted to CHF 12,534.6 million.
This translates into a CORE Organic
Growth of 21.6 % for the combined
company against FY 2022 (proforma).
New concessions (net) contributed
positively with 1.4 % on a proforma
basis, while translational currency
effects on Turnover were – 5.6 %, pri-
marily due to fluctuations in USD, EUR
and GBP. CORE EBITDA also saw sig-
nificant growth, reaching CHF 1,129.6
million (2022 proforma: CHF 941.4
million) resulting in a margin of 9.0 %.
This impressive outcome was driven
by our commercial performance, in-
creased productivity and the timely
implementation of synergies. In 2023,
we achieved CHF 30 million of our to-
tal synergies target of CHF 85 million,
with the remainder set to be realized
in 2024, a full year earlier than we ex-
pected at the time of announcing the
Dufry-Autogrill combination.
Our Equity Free Cash Flow (EFCF) was
also well above projections and stood
at CHF 323.0 million, as compared to
CHF 305.2 million (Dufry reported FY
2022). This remarkable acceleration
highlights the company’s strong cash
flow generation capability and effec-
tive cost control.
Relevant KPIs deliver
further improvement.
We continued to reduce our Net Debt,
which stood at CHF 2,696.1 million,
down from CHF 2,810.7 million in 2022,
meeting covenants ahead of schedule
and providing comfortable headroom.
As of December 31, 2023, Avolta’s
available liquidity amounted to
CHF 2,637.9 million compared to
CHF 2,343.0 million at the end of 2022
(Dufry standalone balance sheet). In
the first half of 2023, Avolta used the
RCF’s «Accordion» feature to en-
hance flexibility and onboard some of
Autogrill’s lending banks alongside
Dufry’s existing providers. In this way,
Avolta increased the facility by an
overall CHF 648.9 million (EUR 665
million) by the end of December 2023.
The same terms and conditions as the
initial RCF amount applied. Our focus
on deleveraging continues, as we tar-
get a leverage of 1.5-2.0x net debt /
CORE EBITDA. In the event of relevant
business developments or small bolt-
on M & A projects, we allow a maxi-
mum of 2.5x, with the intention of
promptly returning to target as we
progress towards our strategic goals.
Further enhancing our geographical
diversification, Avolta achieved partic-
ular success this year in strengthening
our footprint around the world with
important contract extensions and
new wins. Extensions played a key role
here, with the significant renewal of
the vast majority of Avolta’s Spanish
airport operation contracts for twelve
years – a highlight. Including 21 air-
ports with 120 outlets covering around
60,000 m2 of retail space, this contract
represents the service of approxi-
mately 132 million travelers annually
(base 2019). The awarded commercial
space, both retail and F&B, represent a
30 % increase compared to the previ-
ous setup as well as a considerable ex-
pansion of sales categories. Also worth
mentioning include the renewed
seven-year concession contract at
Belgrade to operate a total of eight
duty-free shops; the seven-year exten-
sion in Kuala Lumpur International
Airport (Malaysia) for F&B, and the
fifteen-year extension at Harry Reid
International Airport (Las Vegas, USA).
Delivering on the part-
nership with our con-
cession partners –
Success in contract
extensions and foot-
print expansion.
When we look at the new contracts
won, of particular interest is our stra-
tegic joint venture with Hubei Airport
Group to oversee the operations of
Wuhan Tianhe Airport’s Terminal 2 as
master concessionaire for retail, F&B,
convenience and hybrid concepts,
managing a total of 77 outlets. Our
scale in the APAC region, particularly
in the People’s Republic of China, also
saw Avolta entering into a new five-
year contract at Chongqing Jiangbei
International Airport for four duty-
paid stores. In North America, we
were awarded a long-term duty-free
contract for Boston Logan Interna-
tional Airport, alongside an extension
for our duty-paid business. We also
and Governance) activities. In 2023,
purchasing volume. For a detailed and
won long-term contracts for both
we took significant strides forward
comprehensive overview of our ESG
retail and F&B areas at Oakland Inter-
through the formulation of an up-
strategy, engagement, and the prog-
national Airport, and signed a new
dated, integrated ESG strategy for the
ress we have achieved in 2023 please
fifteen-year duty-paid contract at
combined entity. We have redefined
refer to our ESG Report on pages
Fresno Yosemite International Airport
the scope of our materiality matrix
97 – 148.
(all located in the USA). In Latin Amer-
and adapted our four focus areas –
ica, Avolta signed a ten-year contract
Create Sustainable Travel Experi-
Encouraging outlook continues
at Vitória Airport (Brazil) as well as a
ences, Respect Our Planet, Empower
The 2023 business year closed with a
twenty-year contract to operate a
Our People and Engage Local Com-
buoyant travel momentum and resil-
duty-free store at the international
munities – to encompass our ex-
ient customer demand. While we ac-
bridge «General San Martin», the pri-
tended stakeholder community.
knowledge the persistent geopolitical
mary crossing point between Argen-
and macro-economic challenges, we
tina and Uruguay. In the EMEA region,
While defining the groundwork for
remain optimistic on the overall out-
we achieved success by winning new
our ongoing ESG journey, we re-
look for our business. Key indicators
retail and F&B concessions at several
mained committed to building on ex-
underpinning these assumptions in-
airports including Helsinki Airport
isting initiatives and broadening our
clude the robust willingness of travel-
(Finland), and Hamad International
activities to include the newly inte-
ers to explore and make purchases
Airport in Doha (Qatar) in joint venture
grated F&B business. In this context,
through our channels, with spending
with Qatar Airways. Representing a
we made significant advancements,
levels consistently exceeding pre-
selection of our developed partner-
including the revision of the Avolta
pandemic levels. As a company,
ships, these examples underscore our
Code of Conduct and the expansion
Avolta plays a significant role in con-
commitment to growth and excel-
of the Diversity, Equity and Inclusion
tributing to this positive outlook. Our
lence across our regions, and position
(DE & I) training programs for our team
resolute and well-defined traveler-
Avolta as a global leader in the airport
members. To ensure comprehensive
centric strategy is finely tuned to the
concessions industry.
coverage of our ESG efforts, we have
current and evolving needs of the
Planet, People and
Communities – ESG
Strategy fully inte-
grated.
extended the scope of our TCFD Re-
travelers, with our solid financial posi-
port (Task Force on Climate-related
tion further reinforcing our ability to
Financial Disclosures) to cover the en-
navigate challenges and capitalize on
tirety of Avolta. We have also formu-
opportunities.
lated a joint Community Engagement
Strategy, designed to enhance our
TEAM MEMBERS: THANK YOU FOR
support for the local communities in
DRIVING OUR SUCCESS
which we operate. Finally, we updated
The shared and united spirit among
A cornerstone in our long-term strat-
our Avolta Supplier Code of Conduct
our team members is a joy to observe,
egy, we remain committed to enhanc-
to the new company reality and
and I am deeply grateful to be a part
ing our sustainability engagement as
launched a recertification process
of this. The sense of unity has been
part of our ESG (Environmental, Social
that now covers 49 % of our global
clearly demonstrated across our in-
Avolta is well equipped to
redefine Travel Experience
globally through its
customer centric strategy and
solid financial position.
our new unified entity. Sharing a com-
This impressive outcome was driven
Further enhancing our geographical
mon vision on our journey to imple-
by our commercial performance, in-
diversification, Avolta achieved partic-
menting Avolta’s Destination 2027
creased productivity and the timely
ular success this year in strengthening
strategy is of paramount significance,
implementation of synergies. In 2023,
our footprint around the world with
and your dedication and collaboration
we achieved CHF 30 million of our to-
important contract extensions and
are invaluable assets in achieving our
tal synergies target of CHF 85 million,
new wins. Extensions played a key role
goals.
Avolta – Growing
more diversified and
resilient than ever.
with the remainder set to be realized
here, with the significant renewal of
in 2024, a full year earlier than we ex-
the vast majority of Avolta’s Spanish
pected at the time of announcing the
airport operation contracts for twelve
Dufry-Autogrill combination.
years – a highlight. Including 21 air-
Our Equity Free Cash Flow (EFCF) was
60,000 m2 of retail space, this contract
also well above projections and stood
represents the service of approxi-
at CHF 323.0 million, as compared to
mately 132 million travelers annually
ports with 120 outlets covering around
Operationally, the 2023 business
CHF 305.2 million (Dufry reported FY
(base 2019). The awarded commercial
year was characterized by consistent
2022). This remarkable acceleration
space, both retail and F&B, represent a
growth in demand across all regions,
highlights the company’s strong cash
30 % increase compared to the previ-
whether they were further along in
flow generation capability and effec-
ous setup as well as a considerable ex-
their recovery or just beginning to re-
tive cost control.
open and experience the acceleration
of regional and international travel.
Both leisure and business travelers
confirmed their commitment to travel
and to spend, demonstrating remark-
able resilience in the face of ongoing
Relevant KPIs deliver
further improvement.
pansion of sales categories. Also worth
mentioning include the renewed
seven-year concession contract at
Belgrade to operate a total of eight
duty-free shops; the seven-year exten-
sion in Kuala Lumpur International
Airport (Malaysia) for F&B, and the
disruptions and uncertainties stem-
We continued to reduce our Net Debt,
fifteen-year extension at Harry Reid
ming from geopolitical and macroeco-
which stood at CHF 2,696.1 million,
International Airport (Las Vegas, USA).
nomic factors. Throughout this period,
down from CHF 2,810.7 million in 2022,
the Avolta team remained dedicated
meeting covenants ahead of schedule
to executing with excellence and pru-
and providing comfortable headroom.
dent cost management.
Further improvements
to all major KPIs
As of December 31, 2023, Avolta’s
available liquidity amounted to
CHF 2,637.9 million compared to
CHF 2,343.0 million at the end of 2022
Driven by these favorable trends
(Dufry standalone balance sheet). In
and boosted by positive momentum
the first half of 2023, Avolta used the
across all its regions, Avolta’s 2023
RCF’s «Accordion» feature to en-
Consolidated Turnover reached
hance flexibility and onboard some of
Delivering on the part-
nership with our con-
cession partners –
Success in contract
extensions and foot-
print expansion.
CHF 12,789.5 million (2022 proforma:
Autogrill’s lending banks alongside
When we look at the new contracts
CHF 10,804.8 million), while CORE
Dufry’s existing providers. In this way,
won, of particular interest is our stra-
Turnover (excluding fuel net sales)
Avolta increased the facility by an
tegic joint venture with Hubei Airport
amounted to CHF 12,534.6 million.
overall CHF 648.9 million (EUR 665
Group to oversee the operations of
This translates into a CORE Organic
million) by the end of December 2023.
Wuhan Tianhe Airport’s Terminal 2 as
Growth of 21.6 % for the combined
The same terms and conditions as the
master concessionaire for retail, F&B,
company against FY 2022 (proforma).
initial RCF amount applied. Our focus
convenience and hybrid concepts,
New concessions (net) contributed
on deleveraging continues, as we tar-
managing a total of 77 outlets. Our
positively with 1.4 % on a proforma
get a leverage of 1.5-2.0x net debt /
scale in the APAC region, particularly
basis, while translational currency
CORE EBITDA. In the event of relevant
in the People’s Republic of China, also
effects on Turnover were – 5.6 %, pri-
business developments or small bolt-
saw Avolta entering into a new five-
marily due to fluctuations in USD, EUR
on M & A projects, we allow a maxi-
year contract at Chongqing Jiangbei
and GBP. CORE EBITDA also saw sig-
mum of 2.5x, with the intention of
International Airport for four duty-
nificant growth, reaching CHF 1,129.6
promptly returning to target as we
paid stores. In North America, we
million (2022 proforma: CHF 941.4
progress towards our strategic goals.
were awarded a long-term duty-free
million) resulting in a margin of 9.0 %.
contract for Boston Logan Interna-
tional Airport, alongside an extension
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 19/336
for our duty-paid business. We also
won long-term contracts for both
retail and F&B areas at Oakland Inter-
national Airport, and signed a new
fifteen-year duty-paid contract at
Fresno Yosemite International Airport
(all located in the USA). In Latin Amer-
ica, Avolta signed a ten-year contract
at Vitória Airport (Brazil) as well as a
twenty-year contract to operate a
duty-free store at the international
bridge «General San Martin», the pri-
mary crossing point between Argen-
tina and Uruguay. In the EMEA region,
we achieved success by winning new
retail and F&B concessions at several
airports including Helsinki Airport
(Finland), and Hamad International
Airport in Doha (Qatar) in joint venture
with Qatar Airways. Representing a
selection of our developed partner-
ships, these examples underscore our
commitment to growth and excel-
lence across our regions, and position
Avolta as a global leader in the airport
concessions industry.
Planet, People and
Communities – ESG
Strategy fully inte-
grated.
A cornerstone in our long-term strat-
egy, we remain committed to enhanc-
ing our sustainability engagement as
part of our ESG (Environmental, Social
and Governance) activities. In 2023,
we took significant strides forward
through the formulation of an up-
dated, integrated ESG strategy for the
combined entity. We have redefined
the scope of our materiality matrix
and adapted our four focus areas –
Create Sustainable Travel Experi-
ences, Respect Our Planet, Empower
Our People and Engage Local Com-
munities – to encompass our ex-
tended stakeholder community.
While defining the groundwork for
our ongoing ESG journey, we re-
mained committed to building on ex-
isting initiatives and broadening our
activities to include the newly inte-
grated F&B business. In this context,
we made significant advancements,
including the revision of the Avolta
Code of Conduct and the expansion
of the Diversity, Equity and Inclusion
(DE & I) training programs for our team
members. To ensure comprehensive
coverage of our ESG efforts, we have
extended the scope of our TCFD Re-
port (Task Force on Climate-related
Financial Disclosures) to cover the en-
tirety of Avolta. We have also formu-
lated a joint Community Engagement
Strategy, designed to enhance our
support for the local communities in
which we operate. Finally, we updated
our Avolta Supplier Code of Conduct
to the new company reality and
launched a recertification process
that now covers 49 % of our global
purchasing volume. For a detailed and
comprehensive overview of our ESG
strategy, engagement, and the prog-
ress we have achieved in 2023 please
refer to our ESG Report on pages
97 – 148.
Encouraging outlook continues
The 2023 business year closed with a
buoyant travel momentum and resil-
ient customer demand. While we ac-
knowledge the persistent geopolitical
and macro-economic challenges, we
remain optimistic on the overall out-
look for our business. Key indicators
underpinning these assumptions in-
clude the robust willingness of travel-
ers to explore and make purchases
through our channels, with spending
levels consistently exceeding pre-
pandemic levels. As a company,
Avolta plays a significant role in con-
tributing to this positive outlook. Our
resolute and well-defined traveler-
centric strategy is finely tuned to the
current and evolving needs of the
travelers, with our solid financial posi-
tion further reinforcing our ability to
navigate challenges and capitalize on
opportunities.
TEAM MEMBERS: THANK YOU FOR
DRIVING OUR SUCCESS
The shared and united spirit among
our team members is a joy to observe,
and I am deeply grateful to be a part
of this. The sense of unity has been
clearly demonstrated across our in-
Avolta is well equipped to
redefine Travel Experience
globally through its
customer centric strategy and
solid financial position.
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ternal celebrations as we marked our
transition to Avolta. To our dedicated
colleagues: thank you all for your
commitment and for the tireless ef-
forts you have contributed to our
company. Your perseverance, espe-
cially during this demanding period of
simultaneous sales growth and busi-
ness integration, more than earns the
sincere respect and gratitude from
the Global Executive Committee and
myself. Your extraordinary motivation
reflects a remarkable level of dedica-
tion that inspires us all.
To our external business partners:
thank you for each contributing in
your unique ways to support Avolta.
Our collaboration with concession
partners, brand suppliers and the fi-
nancial community remains a stead-
fast and essential component of our
continued success. On behalf of the
Global Executive Committee and
myself, we look forward to continuing
this shared journey of partnership
with you all.
On a more personal note, I extend
my gratitude to our Chairman, Juan
Carlos Torres, and the esteemed
members of the Board of Directors for
their trust and support in shaping
Avolta’s evolution.
Thanks to all key shareholders,
particularly to Alessandro Benetton
with Edizione and our long-term
strategic investors
Finally, and with meaning, I thank our
shareholders and bondholders for
their enduring support, trust and con-
tributions in propelling Avolta’s mis-
sion to revolutionize the travel experi-
ence. Your partnership is invaluable
as we continue to innovate and inspire
this ever-evolving landscape.
Our first year together as One Com-
pany has been a success, now on-
wards to Destination 2027.
Journey on,
Xavier Rossinyol
Group General Counsel
President & CEO North America
Our Organizational Structure –
Global Executive Committee
As of December 31, 2023
Chief Executive Officer
Xavier
Rossinyol
Chief Financial Officer
President & CEO Asia-Pacific
Freda
Cheung
Steve
Johnson
President & CEO Europe,
Middle East & Africa
Luis
Marin
Enrique
Urioste
Yves
Gerster
Pascal C.
Duclos
Chief Public Affairs & ESG Officer
Camillo
Rossotto
Vijay
Talwar
Chief People & Culture Officer
Katrin
Volery
Chief Commercial & Digital Officer
President & CEO Latin America
ternal celebrations as we marked our
Thanks to all key shareholders,
transition to Avolta. To our dedicated
particularly to Alessandro Benetton
colleagues: thank you all for your
with Edizione and our long-term
commitment and for the tireless ef-
strategic investors
forts you have contributed to our
Finally, and with meaning, I thank our
company. Your perseverance, espe-
shareholders and bondholders for
cially during this demanding period of
their enduring support, trust and con-
simultaneous sales growth and busi-
tributions in propelling Avolta’s mis-
ness integration, more than earns the
sion to revolutionize the travel experi-
sincere respect and gratitude from
ence. Your partnership is invaluable
the Global Executive Committee and
as we continue to innovate and inspire
myself. Your extraordinary motivation
this ever-evolving landscape.
reflects a remarkable level of dedica-
tion that inspires us all.
Our first year together as One Com-
pany has been a success, now on-
To our external business partners:
wards to Destination 2027.
thank you for each contributing in
your unique ways to support Avolta.
Journey on,
myself, we look forward to continuing
Xavier Rossinyol
Our collaboration with concession
partners, brand suppliers and the fi-
nancial community remains a stead-
fast and essential component of our
continued success. On behalf of the
Global Executive Committee and
this shared journey of partnership
with you all.
On a more personal note, I extend
my gratitude to our Chairman, Juan
Carlos Torres, and the esteemed
members of the Board of Directors for
their trust and support in shaping
Avolta’s evolution.
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Our Organizational Structure –
Global Executive Committee
As of December 31, 2023
Chief Executive Officer
Xavier
Rossinyol
Chief Financial Officer
Yves
Gerster
Group General Counsel
Pascal C.
Duclos
Chief Public Affairs & ESG Officer
Camillo
Rossotto
President & CEO Asia-Pacific
Freda
Cheung
President & CEO North America
Steve
Johnson
President & CEO Europe,
Middle East & Africa
Luis
Marin
Chief Commercial & Digital Officer
Vijay
Talwar
President & CEO Latin America
Enrique
Urioste
Chief People & Culture Officer
Katrin
Volery
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Avolta’s
Investment
Case
Global market
leader in airport
travel retail and F&B.
Approximately 20 % market share in airport retail with
11 % market share of the broader travel retail market
as well as the leader in travel F&B.
Long-term growing
industry offering new
5 – 7 % CAGR
mid-term turnover
opportunities.
growth.
Mid-term global PAX CAGR of 3.5 % – 4 %, with
Mid-term turnover growth driven by underlying pas-
growth opportunities especially in Asia and in F&B.
senger growth and increases in spend per passenger
thanks to the Travel Experience Revolution and
organic business development, as well as potential
M & A opportunities.
2.3 billion
potential customers
globally.
Avolta – Unique
access to Travel
Retail and F&B.
Access to 2.3 billion travelers across a truly global net-
work. We constantly re-define the value proposition to
customers, in close collaboration with concession
partners and brands, based on a unique global data-
base of traveler insights providing first-hand intelli-
gence to drive growth.
Clearly defined Destination 2027 strategy predicated
on longer-term growth in USD 86 billion travel retail
market and resilience of USD 28 billion global travel
F&B concession market.
Over 7 Years
average remaining
concession life.
Sustainable profits
and highly variable
cost structure.
Remaining average concession life of over 7 years,
Operational improvement culture, highly variable cost
across a highly diversified portfolio with top 10 con-
structure and continuous efficiencies drive mid-term
cessions accounting for less than 18 % of sales.
profitability improvements.
Vast array of retail
concepts and F&B for-
mats for concession
partners.
Avolta has strong relationships with its concession
partners and airport authorities and is a reliable part-
ner delivering outstanding results through a vast
offering of unique shop and F&B concepts.
Travel Experience
Revolution benefitting
customer conversion.
Unique value proposition for travelers with new
strategy focusing on enhanced store concepts,
data-driven customer insights and digitalization, thus
benefitting customer conversion and spending with
increase of 1.5 % – 2 % annually.
Strong risk-
adjusted cash flow
generation.
Long-term track-record of low capital intensity,
strong cash generation and fast deleveraging.
Resilient business
driven by high level
of diversification.
Proven resilience of travel retail and F&B further sup-
ported by Avolta´s diversification across geographies,
channels, formats and concepts, and its strong stake-
holder relations.
Avolta’s
Investment
Case
Global market
leader in airport
travel retail and F&B.
Approximately 20 % market share in airport retail with
11 % market share of the broader travel retail market
as well as the leader in travel F&B.
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Long-term growing
industry offering new
opportunities.
5 – 7 % CAGR
mid-term turnover
growth.
Mid-term global PAX CAGR of 3.5 % – 4 %, with
growth opportunities especially in Asia and in F&B.
Mid-term turnover growth driven by underlying pas-
senger growth and increases in spend per passenger
thanks to the Travel Experience Revolution and
organic business development, as well as potential
M & A opportunities.
2.3 billion
potential customers
globally.
Avolta – Unique
access to Travel
Retail and F&B.
Access to 2.3 billion travelers across a truly global net-
Clearly defined Destination 2027 strategy predicated
work. We constantly re-define the value proposition to
on longer-term growth in USD 86 billion travel retail
customers, in close collaboration with concession
market and resilience of USD 28 billion global travel
partners and brands, based on a unique global data-
F&B concession market.
base of traveler insights providing first-hand intelli-
gence to drive growth.
Over 7 Years
average remaining
concession life.
Sustainable profits
and highly variable
cost structure.
Remaining average concession life of over 7 years,
across a highly diversified portfolio with top 10 con-
cessions accounting for less than 18 % of sales.
Operational improvement culture, highly variable cost
structure and continuous efficiencies drive mid-term
profitability improvements.
Vast array of retail
concepts and F&B for-
mats for concession
Travel Experience
Revolution benefitting
customer conversion.
partners.
Avolta has strong relationships with its concession
partners and airport authorities and is a reliable part-
ner delivering outstanding results through a vast
offering of unique shop and F&B concepts.
Unique value proposition for travelers with new
strategy focusing on enhanced store concepts,
data-driven customer insights and digitalization, thus
benefitting customer conversion and spending with
increase of 1.5 % – 2 % annually.
Strong risk-
adjusted cash flow
generation.
Long-term track-record of low capital intensity,
strong cash generation and fast deleveraging.
Resilient business
driven by high level
of diversification.
Proven resilience of travel retail and F&B further sup-
ported by Avolta´s diversification across geographies,
channels, formats and concepts, and its strong stake-
holder relations.
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Board
of Directors
Members
As of December 31, 2023
Juan Carlos
Torres
Carretero
Xavier
Xavier
Bouton
Bouton
Mary J.
Steele
Guilfoile
Luis Maroto
Camino
Alessandro
Benetton
Heekyung
Jo Min
Sami
Kahale
Ranjan
Sen
Joaquín
Moya-Angeler
Cabrera
Enrico
Laghi
Eugenia M.
Ulasewicz
Lynda
Tyler-Cagni
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Juan Carlos
Torres
Carretero
Xavier
Xavier
Bouton
Bouton
Mary J.
Steele
Guilfoile
Luis Maroto
Camino
Board
of Directors
Members
As of December 31, 2023
Alessandro
Benetton
Heekyung
Jo Min
Sami
Kahale
Ranjan
Sen
Joaquín
Moya-Angeler
Cabrera
Enrico
Laghi
Eugenia M.
Ulasewicz
Lynda
Tyler-Cagni
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Global Executive
Committee
Members
As of December 31, 2023
Steve
Johnson
Pascal C.
Duclos
Yves
Gerster
Camillo
Rossotto
Freda
Cheung
Xavier
Rossinyol
Enrique
Urioste
Vijay
Talwar
Luis
Marin
Katrin
Volery
1 Management Report
Avolta Annual Report 2023
Global Executive
Committee
Members
As of December 31, 2023
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Steve
Johnson
Pascal C.
Duclos
Yves
Gerster
Camillo
Rossotto
Freda
Cheung
Xavier
Rossinyol
Enrique
Urioste
Vijay
Talwar
Luis
Marin
Katrin
Volery
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Report
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Report
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Report
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1 Management Report
Avolta Annual Report 2023
Vision & Strategy
Destination 2027
Avolta’s vision, mission and strategy was crafted based on
a deep research, analysis and understanding of the evolu-
tion of the current market trends, customer insights and
our stakeholders’ needs. The vision of «Destination 2027»
is to make travelers happier through a holistic travel expe-
rience including retail and F&B propositions. Diversified
and resilient as One Team, we are in a position to generate
sustainable long-term value for all our stakeholders, in-
cluding team members, travel concession partners, brand
suppliers, and, finally, our shareholders.
Destination 2027 builds on four key pillars, each of them
powered by our people: Travel Experience Revolution,
Geographical Diversification, Operational Improvement
Culture and ESG.
Travel Experience Revolution
Avolta creates unrivalled and holistic travel experiences by
continuously adapting and evolving its value proposition
with a full customer-centric approach based on data in-
sights. The environments where we define, plan and oper-
ate travel retail and F&B concepts provide options for
stand-alone retail and F&B solutions, as well as combined
offerings – including flexible, local, entertaining and hybrid
formats – to customize to the traveler’s needs in every sin-
gle location. State of the art digital engagement initiatives
further enhance the overall customer experience along
their whole journey.
Traveler profiles and expectations are constantly moni-
tored across our global footprint to identify new behaviors
and requirements. Demographics and data analysis play a
fundamental role in our business as changes in customer
customer insights and help to create a sense of place. We
profiles and preferences can occur rapidly. For this rea-
share those with brands, allowing them to further innovate
son, Avolta sets a high priority on consumer intelligence,
their products and experiences. In parallel, concession
extrapolated from internal operational information, regu-
partners contribute by optimizing space allocation and
lar customer field surveys, monitoring of social media
passenger flows, supporting the setup of flexible and hy-
channels and external research. This constant process of
brid concepts. Avolta seeks a permanent and close collab-
listening closely to customers allows us to continuously
oration with concession partners and suppliers through
fine-tune our offerings, not only matching, but exceeding
the ongoing monitoring of airport, location and outlet per-
expectations of our clients.
formance, flexibly adapting retail and F&B concepts in or-
der to maximize passenger satisfaction, sales, and spend-
per-passenger.
Traveler insights and intelligence
play a key role in identifying new
customer profiles and expecta-
tions.
Close cooperation with
brand suppliers and concession
partners.
Maximizing the travel experience can only be achieved
The key element in making customers happier and provid-
through the strong and close collaboration of travel retail
ing a flawless holistic travel experience is the unique com-
and F&B operators with concession partners and brand
bination of travel retail and F&B under one roof, generating
suppliers. Each one of these partners has a key role to play
benefits for customers and concession operators alike.
– operators can create attractive experiential environ-
Advantages materialize through the creation of sense-of-
ments, tailoring offerings and services based on refined
place shop and restaurant designs reflecting local cultures
Destination 2027
Global Presence
al Diversific
n
a ti o
1. Tra v e l E
3. Operatio
x p e r ience Revolu
ti
o
n
hic
p
a
r
g
o
e
G
.
2
Reimagined
Travel Retail
Food &
Beverage
Traveler
Digital
Point
of Sale
E
n
d-to-End En g a g e m e nt
n
a
l I
m
p
r
o
v
e
m
e
n
t
C
u
l
t
u
r
e
4. ESG
Avolta presence
A full list of locations is available
on pages 72 – 75.
29
Vision & Strategy
Destination 2027
Avolta’s vision, mission and strategy was crafted based on
Travel Experience Revolution
a deep research, analysis and understanding of the evolu-
Avolta creates unrivalled and holistic travel experiences by
tion of the current market trends, customer insights and
continuously adapting and evolving its value proposition
our stakeholders’ needs. The vision of «Destination 2027»
with a full customer-centric approach based on data in-
is to make travelers happier through a holistic travel expe-
sights. The environments where we define, plan and oper-
rience including retail and F&B propositions. Diversified
ate travel retail and F&B concepts provide options for
and resilient as One Team, we are in a position to generate
stand-alone retail and F&B solutions, as well as combined
sustainable long-term value for all our stakeholders, in-
offerings – including flexible, local, entertaining and hybrid
cluding team members, travel concession partners, brand
formats – to customize to the traveler’s needs in every sin-
suppliers, and, finally, our shareholders.
gle location. State of the art digital engagement initiatives
further enhance the overall customer experience along
Destination 2027 builds on four key pillars, each of them
their whole journey.
powered by our people: Travel Experience Revolution,
Geographical Diversification, Operational Improvement
Traveler profiles and expectations are constantly moni-
Culture and ESG.
tored across our global footprint to identify new behaviors
and requirements. Demographics and data analysis play a
1 Management Report
Avolta Annual Report 2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 29/336
fundamental role in our business as changes in customer
profiles and preferences can occur rapidly. For this rea-
son, Avolta sets a high priority on consumer intelligence,
extrapolated from internal operational information, regu-
lar customer field surveys, monitoring of social media
channels and external research. This constant process of
listening closely to customers allows us to continuously
fine-tune our offerings, not only matching, but exceeding
expectations of our clients.
Traveler insights and intelligence
play a key role in identifying new
customer profiles and expecta-
tions.
customer insights and help to create a sense of place. We
share those with brands, allowing them to further innovate
their products and experiences. In parallel, concession
partners contribute by optimizing space allocation and
passenger flows, supporting the setup of flexible and hy-
brid concepts. Avolta seeks a permanent and close collab-
oration with concession partners and suppliers through
the ongoing monitoring of airport, location and outlet per-
formance, flexibly adapting retail and F&B concepts in or-
der to maximize passenger satisfaction, sales, and spend-
per-passenger.
Close cooperation with
brand suppliers and concession
partners.
Maximizing the travel experience can only be achieved
through the strong and close collaboration of travel retail
and F&B operators with concession partners and brand
suppliers. Each one of these partners has a key role to play
– operators can create attractive experiential environ-
ments, tailoring offerings and services based on refined
The key element in making customers happier and provid-
ing a flawless holistic travel experience is the unique com-
bination of travel retail and F&B under one roof, generating
benefits for customers and concession operators alike.
Advantages materialize through the creation of sense-of-
place shop and restaurant designs reflecting local cultures
Destination 2027
Global Presence
al Diversific
n
a ti o
1. Tra v e l E
3. Operatio
x p e r ience Revolu
n
a
l I
m
ti
o
n
Reimagined
Travel Retail
Food &
Beverage
hic
p
a
r
g
o
e
G
.
2
p
r
o
v
e
m
e
n
t
C
u
l
t
u
r
e
Traveler
Digital
Point
of Sale
E
n
d-to-End En g a g e m e nt
4. ESG
Avolta presence
A full list of locations is available
on pages 72 – 75.
29
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Report
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Report
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Report
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Report
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Making customers happier
and providing a flawless holistic
travel experience through the
unique combination of travel retail
and F&B.
and traditions as well as through hybrid and mixed store
formats, which immediately expand and mutually enhance
the value proposition and the relevance for customers.
This generates additional cross selling and promotion
opportunities offered to customers digitally or through
vouchers, encouraging travelers to visit and browse several
outlets. The same applies to the relevance and the reach of
loyalty programs, which result in a higher attractiveness for
customers and an increased number of touch-points and
engagement opportunities for the operators.
Our people deliver customized
services at top levels.
Our front-line team members play a key role in delivering a
transformational shopping and dining experience to our
customers. We will continue to further customize engage-
ment with shop and restaurant concepts and service levels
adapted to specific needs by geography and passenger
profile in order to create memorable experiences and the
best possible added-value. These advanced engagement
initiatives will be supported by comprehensive training,
dedicated incentive schemes and technology support.
Self-learning smart stores and
data-driven offering.
ment management, while driving performance by initiat-
ing concept innovation.
Enhanced digital engagement
pre-, post- and in-store.
Avolta’s digital strategy is all about closely engaging with
existing and potential customers throughout their travel
journey and is focused on achieving three main goals:
– Further engage with frequent travelers and establish
deeper connections. Increase their loyalty by leveraging
CRM initiatives, offer and service personalization as well
as new mobile apps and partnerships
– Excel in sales influenced by new digital touchpoints cre-
ated with partners across the whole travel journey, by ex-
panding the reach of Reserve & Collect, and evolving the
omni-channel engagement and sales approach
– Transform the shopping and dining experience in-store.
Intensify the use of technology for enhanced engage-
ment and experience. Develop new services for targeted
customer audiences, e.g. the Avolta Employee App.
All these initiatives are driven by social media and CRM
communication to keep travelers informed about surpris-
ing initiatives, activations and in-store experiences. Part-
nering with suppliers to feature brand-specific content
throughout the complete journey is key.
Highly focused use of technology allows Avolta to learn
from customer behavior within the shops on an anony-
mized basis. This provides valuable insights on where to
enhance and adapt assortments or allocate additional
team members to increase customer service. Data in-
sights optimize both store or F&B concepts and assort-
Geographical Diversification
Diversification is a recurrent theme in Avolta’s overall strat-
egy, as diversification enhances resilience and supports
growth. Geographic and channel diversification reduces
exposure to single contracts or local and regional external
impacts as shown by the share in sales: the largest con-
cession accounts for less than 4 % of our business, while
Until 2019, Asia-Pacific was the fastest growing travel re-
the ten biggest represent less than 18 % of 2023 sales.
tail market and is expected to resume this leading position
in the coming years. Equally, Chinese travelers contributed
With respect to the geographic diversification the focus is
to close to 40 % of Asia-Pacific’s passenger volume – and
on further developing North America’s footprint, develop-
this is expected to grow further over the medium-term.
ing a dedicated strategy for the top Asia-Pacific countries
and the Chinese travelers in particular, as well as to foster
and grow the company’s position in the rest of the world.
In all geographies the aim is to optimize the combination
of duty-free, duty-paid and F&B offers by either growing
organically through new contract wins or joint-ventures,
Focus on key Asia-Pacific
markets and Chinese travelers.
as well as by benefitting from bolt-on M&A opportunities
Based on this insight, the key success factor in Asia-Pa-
where strategically feasible.
cific is to strongly engage with Chinese passengers do-
mestically as well as when they travel internationally to
With respect to North America, Avolta has a presence in
neighboring countries such as Vietnam and Indonesia,
approximately 100 airports – with a significant overlap of
amongst others, given that 80 % of Chinese international
retail and F&B – and sees potential incremental organic
travel is within the Asia-Pacific region. A strong local pres-
growth opportunities in what is typically a very resilient
ence and a dedicated strategy focused on this geographic
market. For our existing concession partners, our new hy-
area is therefore key to harnessing the high spending
brid concepts, including F&B and travel retail, enhances
power of the Chinese customer.
our offer, consequently boosting customer experience
while allowing airports to optimize retail space, passenger
Avolta already has a solid footprint in the Asia-Pacific re-
flows and ultimately spend-per-passenger and revenue
gion with operations in 11 countries and featuring a wide
generation.
Extend North American
footprint further.
variety of retail formats and F&B concepts, and is well po-
sitioned for further expansion in existing and new loca-
tions. Channels cover duty-paid, duty-free and F&B. Simi-
lar to other geographies, the opportunity of offering
airport operators hybrid and combined retail and F&B
concepts through one single partner creates additional
potential to grow organically in this important region. As
Moreover, the unique sets of expertise in both the travel
an example, in 2023 Avolta entered into a joint-venture
retail and F&B sectors increase Avolta’s attractiveness
with Hubei Airport Group, to act as master concessionaire
when participating in tenders in new locations where we
at Wuhan Tianhe Airport’s newly built Terminal 2 in central
are not yet present. The comprehensive know-how on
China.
passenger shopping and dining behaviors and insights
covering both domestic and international profiles across
Another important asset in Asia-Pacific and China is the
North America – as well as rest of the world – is an impor-
partnership with Alibaba, established in 2020. This also in-
tant competitive advantage put at the service of each air-
cludes an equity participation by Alibaba in Avolta. On the
port operator. In cases where the airport wants only one
one hand, it secures a strong onsite presence in Hainan,
partner to manage all its commercial spaces, Avolta can
through the joint presence of Alibaba and Avolta in a joint-
provide extensive master concessionaire services.
venture in the Global Duty Free Plaza of the Mova Hall
Avolta operates in 73 countries
in over 1,000 airports, motorways
and other locations worldwide.
Making customers happier
and providing a flawless holistic
travel experience through the
unique combination of travel retail
and F&B.
and traditions as well as through hybrid and mixed store
ment management, while driving performance by initiat-
formats, which immediately expand and mutually enhance
ing concept innovation.
the value proposition and the relevance for customers.
This generates additional cross selling and promotion
opportunities offered to customers digitally or through
vouchers, encouraging travelers to visit and browse several
outlets. The same applies to the relevance and the reach of
loyalty programs, which result in a higher attractiveness for
Enhanced digital engagement
pre-, post- and in-store.
customers and an increased number of touch-points and
Avolta’s digital strategy is all about closely engaging with
engagement opportunities for the operators.
existing and potential customers throughout their travel
Our people deliver customized
services at top levels.
journey and is focused on achieving three main goals:
– Further engage with frequent travelers and establish
deeper connections. Increase their loyalty by leveraging
CRM initiatives, offer and service personalization as well
as new mobile apps and partnerships
Our front-line team members play a key role in delivering a
– Excel in sales influenced by new digital touchpoints cre-
transformational shopping and dining experience to our
ated with partners across the whole travel journey, by ex-
customers. We will continue to further customize engage-
panding the reach of Reserve & Collect, and evolving the
ment with shop and restaurant concepts and service levels
omni-channel engagement and sales approach
adapted to specific needs by geography and passenger
– Transform the shopping and dining experience in-store.
profile in order to create memorable experiences and the
Intensify the use of technology for enhanced engage-
best possible added-value. These advanced engagement
ment and experience. Develop new services for targeted
initiatives will be supported by comprehensive training,
customer audiences, e.g. the Avolta Employee App.
dedicated incentive schemes and technology support.
Self-learning smart stores and
data-driven offering.
All these initiatives are driven by social media and CRM
communication to keep travelers informed about surpris-
ing initiatives, activations and in-store experiences. Part-
nering with suppliers to feature brand-specific content
throughout the complete journey is key.
Highly focused use of technology allows Avolta to learn
Geographical Diversification
from customer behavior within the shops on an anony-
Diversification is a recurrent theme in Avolta’s overall strat-
mized basis. This provides valuable insights on where to
egy, as diversification enhances resilience and supports
enhance and adapt assortments or allocate additional
growth. Geographic and channel diversification reduces
team members to increase customer service. Data in-
exposure to single contracts or local and regional external
sights optimize both store or F&B concepts and assort-
impacts as shown by the share in sales: the largest con-
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cession accounts for less than 4 % of our business, while
the ten biggest represent less than 18 % of 2023 sales.
With respect to the geographic diversification the focus is
on further developing North America’s footprint, develop-
ing a dedicated strategy for the top Asia-Pacific countries
and the Chinese travelers in particular, as well as to foster
and grow the company’s position in the rest of the world.
In all geographies the aim is to optimize the combination
of duty-free, duty-paid and F&B offers by either growing
organically through new contract wins or joint-ventures,
as well as by benefitting from bolt-on M&A opportunities
where strategically feasible.
With respect to North America, Avolta has a presence in
approximately 100 airports – with a significant overlap of
retail and F&B – and sees potential incremental organic
growth opportunities in what is typically a very resilient
market. For our existing concession partners, our new hy-
brid concepts, including F&B and travel retail, enhances
our offer, consequently boosting customer experience
while allowing airports to optimize retail space, passenger
flows and ultimately spend-per-passenger and revenue
generation.
Extend North American
footprint further.
Moreover, the unique sets of expertise in both the travel
retail and F&B sectors increase Avolta’s attractiveness
when participating in tenders in new locations where we
are not yet present. The comprehensive know-how on
passenger shopping and dining behaviors and insights
covering both domestic and international profiles across
North America – as well as rest of the world – is an impor-
tant competitive advantage put at the service of each air-
port operator. In cases where the airport wants only one
partner to manage all its commercial spaces, Avolta can
provide extensive master concessionaire services.
Until 2019, Asia-Pacific was the fastest growing travel re-
tail market and is expected to resume this leading position
in the coming years. Equally, Chinese travelers contributed
to close to 40 % of Asia-Pacific’s passenger volume – and
this is expected to grow further over the medium-term.
Focus on key Asia-Pacific
markets and Chinese travelers.
Based on this insight, the key success factor in Asia-Pa-
cific is to strongly engage with Chinese passengers do-
mestically as well as when they travel internationally to
neighboring countries such as Vietnam and Indonesia,
amongst others, given that 80 % of Chinese international
travel is within the Asia-Pacific region. A strong local pres-
ence and a dedicated strategy focused on this geographic
area is therefore key to harnessing the high spending
power of the Chinese customer.
Avolta already has a solid footprint in the Asia-Pacific re-
gion with operations in 11 countries and featuring a wide
variety of retail formats and F&B concepts, and is well po-
sitioned for further expansion in existing and new loca-
tions. Channels cover duty-paid, duty-free and F&B. Simi-
lar to other geographies, the opportunity of offering
airport operators hybrid and combined retail and F&B
concepts through one single partner creates additional
potential to grow organically in this important region. As
an example, in 2023 Avolta entered into a joint-venture
with Hubei Airport Group, to act as master concessionaire
at Wuhan Tianhe Airport’s newly built Terminal 2 in central
China.
Another important asset in Asia-Pacific and China is the
partnership with Alibaba, established in 2020. This also in-
cludes an equity participation by Alibaba in Avolta. On the
one hand, it secures a strong onsite presence in Hainan,
through the joint presence of Alibaba and Avolta in a joint-
venture in the Global Duty Free Plaza of the Mova Hall
Avolta operates in 73 countries
in over 1,000 airports, motorways
and other locations worldwide.
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Report
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Report
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Avolta supports communities
by sourcing local products,
providing job opportunities
and engaging in community
projects.
Shopping Center in Haikou, with a retail area of close to
39,000 m2 and featuring several hundred international
brands. On the other hand, it extends Alibaba’s ecosystem
into travel retail, allowing to engage more closely with Chi-
nese travelers worldwide through different online-chan-
nels and services thus fostering Avolta’s omni-channel ap-
proach. These include customer services covering the
whole travel journey i.e. from pre-ordering and buying be-
fore the trip, buying and collecting during the trip to repur-
chasing after the trip. By leveraging Alibaba’s presence
and access to all relevant online-platforms in the region,
the joint-venture secures a strong digital customer en-
gagement and wide-spread presence in the market.
Avolta is currently present in 73 countries covering six
continents. Avolta has some of its largest footprints and
strongest positions in North America, Europe, the Middle
East and Central & South America. Some of these geo-
graphies feature a dense network of operations in single
countries as in North America, Europe or regionally as in
Central & South America. Expected growth in passenger
numbers over the next five years coupled with expanded
offerings creates attractive scale prospects.
Grow our already robust position
in the Rest of the World.
In many of these markets Avolta’s combined expertise of
travel retail and F&B is seen as an additional asset by con-
cession operators wanting to offer their passengers an
enhanced customer experience, while at the same time
simplifying space management and improving perfor-
mance of their overall retail area. Leveraging existing part-
nerships in these markets and providing attractive alterna-
tives in new locations, including airports, train stations and
motorways, will permit Avolta to strengthen its footprint in
some of the world’s most important tourist destinations.
In all these markets, further growth can be driven organi-
cally, through joint-ventures or by bolt-on M&A transac-
tions alike.
Operational Improvement Culture
The most important element in successfully implement-
ing our Destination 2027 strategy will be on how we – as
One Team and One Company – approach its implementa-
tion and execution. In all we do, we will establish an ongo-
ing culture of operational improvement to jointly drive
growth, profitability and cash flow generation. For us, this
means identifying operational savings by actively manag-
ing our business and customer portfolio.
Zero-base-budgeting
methodology.
Key trends and methodologies to actively drive costs as
well as reset and improve efficiency require focusing on
what is critical and needed to run the business. Identifying
new technologies to implement new ways of working, le-
veraging the power of digital data, as well as increasing
flexibility and agility are key to this. We understand the
concept of zero-based-budgeting in the wider sense, as-
sessing every single activity, how it contributes to the busi-
ness, and how it can be improved.
Active portfolio management
driving profitability.
the traveler at its core and unifying the travel retail and
F&B businesses under one strong entity. While the new
brand will provide an inclusive new home for all team
members and lead all internal and external communica-
We will regularly screen and assess our concession port-
tion, the former consumer-facing brands, including Dufry,
folio with respect to its profitability to react in a timely
Autogrill, Hudson and World Duty Free, to name a few, will
manner with respect to renegotiating or exiting contracts
continue to operate as previously.
which do not fulfil our concession specific objectives and
expectations. Over time this will allow us to consistently
Detailed information on Avolta’s new brand name and
improve portfolio quality and performance.
architecture is available in the dedicated poster at the
beginning of the Annual Report 2023.
In this context, we will also engage in an ongoing evalua-
tion, analysis and discussion with some of the most critical
Destination 2027 Strengthens Avolta’s
airports to jointly identify and develop possible growth
Investment Case
and efficiency levers. The key prerequisite being a perma-
Building on the four key pillars of our Destination 2027
nent and cyclical performance review and re-evaluation of
strategy, solid financial planning teamed with a strong
the portfolio, starting with the pre-contractual due-dili-
cash flow generation capability and risk management are
gence and extended throughout the duration of each
key features of Avolta’s clear and focused strategy, which
concession.
ESG – inherent part of all we do
is powered by our people. Together they secure value cre-
ation for investors and shareholders. The company has al-
ways fostered a disciplined financial approach to all its
Avolta’s ESG engagement is based on four key pillars: Cre-
projects, whether organic or acquisitions. We carefully an-
ate Sustainable Travel Experiences, Respect Our Planet,
alyze every project or significant investment with detailed
Empower Our People, Engage Local Communities. For
projections and with a focus on minimum return require-
each focus area Avolta develops targeted initiatives to
ments. This culture of giving importance to returns and
make its ESG engagement tangible and to focus on topics
cost control has allowed us to grow our business profit-
where the company can make a real impact.
ably and capture opportunities in many different markets
and in our recent history contributed to safeguard the re-
Implementation and development of the comprehensive
silience of the company.
ESG strategy is managed through strong governance,
making sure it is at the center of the company’s activities
As part of our financial risk management, we minimize
and securing sustainable growth for our stakeholders.
business risks by implementing a highly variable cost
structure. These defensive characteristics help protect the
Through its presence in 73 countries and across over
business in the case of downturns, which under normal
1,000 locations Avolta is an important employer – in 2023
conditions tend to be local and temporary, and thus pro-
we employed 68,459 people (FTE) – thus providing job op-
vide a solid and resilient profile. For further information on
portunities for communities around the world. Addition-
our equity story as the world’s leading global travel expe-
ally, Avolta has traditionally supported local communities
rience player, please refer to the section Investors on page
by sourcing local products & services and engaging in
86 of the Annual Report 2023.
dedicated community projects, implemented at compa-
nyp level, by our local teams and / or in collaboration with
our concession partners. This allows us to provide specific
and tangible support where it is most needed.
Detailed information on Avolta’s ESG strategy and imple-
mentation progress is available in the ESG Report 2023 on
pages 97 – 148.
Avolta – New unified brand reflecting
the company’s long-term vision
At the Extraordinary General Meeting held on November 3,
2023, Dufry shareholders approved by an overwhelming
majority of 99.77 % the change of the company name to
Avolta. This new branding encapsulates our long-term vi-
sion of creating the travel experience revolution by putting
Avolta supports communities
by sourcing local products,
providing job opportunities
and engaging in community
projects.
Shopping Center in Haikou, with a retail area of close to
motorways, will permit Avolta to strengthen its footprint in
39,000 m2 and featuring several hundred international
some of the world’s most important tourist destinations.
brands. On the other hand, it extends Alibaba’s ecosystem
into travel retail, allowing to engage more closely with Chi-
In all these markets, further growth can be driven organi-
nese travelers worldwide through different online-chan-
cally, through joint-ventures or by bolt-on M&A transac-
nels and services thus fostering Avolta’s omni-channel ap-
tions alike.
proach. These include customer services covering the
whole travel journey i.e. from pre-ordering and buying be-
Operational Improvement Culture
fore the trip, buying and collecting during the trip to repur-
The most important element in successfully implement-
chasing after the trip. By leveraging Alibaba’s presence
ing our Destination 2027 strategy will be on how we – as
and access to all relevant online-platforms in the region,
One Team and One Company – approach its implementa-
the joint-venture secures a strong digital customer en-
tion and execution. In all we do, we will establish an ongo-
gagement and wide-spread presence in the market.
ing culture of operational improvement to jointly drive
growth, profitability and cash flow generation. For us, this
Avolta is currently present in 73 countries covering six
means identifying operational savings by actively manag-
continents. Avolta has some of its largest footprints and
ing our business and customer portfolio.
strongest positions in North America, Europe, the Middle
East and Central & South America. Some of these geo-
graphies feature a dense network of operations in single
countries as in North America, Europe or regionally as in
Central & South America. Expected growth in passenger
numbers over the next five years coupled with expanded
offerings creates attractive scale prospects.
Grow our already robust position
in the Rest of the World.
cession operators wanting to offer their passengers an
enhanced customer experience, while at the same time
simplifying space management and improving perfor-
mance of their overall retail area. Leveraging existing part-
nerships in these markets and providing attractive alterna-
tives in new locations, including airports, train stations and
Zero-base-budgeting
methodology.
Key trends and methodologies to actively drive costs as
well as reset and improve efficiency require focusing on
what is critical and needed to run the business. Identifying
new technologies to implement new ways of working, le-
veraging the power of digital data, as well as increasing
flexibility and agility are key to this. We understand the
concept of zero-based-budgeting in the wider sense, as-
In many of these markets Avolta’s combined expertise of
sessing every single activity, how it contributes to the busi-
travel retail and F&B is seen as an additional asset by con-
ness, and how it can be improved.
Annual Report
2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 33/336
the traveler at its core and unifying the travel retail and
F&B businesses under one strong entity. While the new
brand will provide an inclusive new home for all team
members and lead all internal and external communica-
tion, the former consumer-facing brands, including Dufry,
Autogrill, Hudson and World Duty Free, to name a few, will
continue to operate as previously.
Detailed information on Avolta’s new brand name and
architecture is available in the dedicated poster at the
beginning of the Annual Report 2023.
Destination 2027 Strengthens Avolta’s
Investment Case
Building on the four key pillars of our Destination 2027
strategy, solid financial planning teamed with a strong
cash flow generation capability and risk management are
key features of Avolta’s clear and focused strategy, which
is powered by our people. Together they secure value cre-
ation for investors and shareholders. The company has al-
ways fostered a disciplined financial approach to all its
projects, whether organic or acquisitions. We carefully an-
alyze every project or significant investment with detailed
projections and with a focus on minimum return require-
ments. This culture of giving importance to returns and
cost control has allowed us to grow our business profit-
ably and capture opportunities in many different markets
and in our recent history contributed to safeguard the re-
silience of the company.
As part of our financial risk management, we minimize
business risks by implementing a highly variable cost
structure. These defensive characteristics help protect the
business in the case of downturns, which under normal
conditions tend to be local and temporary, and thus pro-
vide a solid and resilient profile. For further information on
our equity story as the world’s leading global travel expe-
rience player, please refer to the section Investors on page
86 of the Annual Report 2023.
Active portfolio management
driving profitability.
We will regularly screen and assess our concession port-
folio with respect to its profitability to react in a timely
manner with respect to renegotiating or exiting contracts
which do not fulfil our concession specific objectives and
expectations. Over time this will allow us to consistently
improve portfolio quality and performance.
In this context, we will also engage in an ongoing evalua-
tion, analysis and discussion with some of the most critical
airports to jointly identify and develop possible growth
and efficiency levers. The key prerequisite being a perma-
nent and cyclical performance review and re-evaluation of
the portfolio, starting with the pre-contractual due-dili-
gence and extended throughout the duration of each
concession.
ESG – inherent part of all we do
Avolta’s ESG engagement is based on four key pillars: Cre-
ate Sustainable Travel Experiences, Respect Our Planet,
Empower Our People, Engage Local Communities. For
each focus area Avolta develops targeted initiatives to
make its ESG engagement tangible and to focus on topics
where the company can make a real impact.
Implementation and development of the comprehensive
ESG strategy is managed through strong governance,
making sure it is at the center of the company’s activities
and securing sustainable growth for our stakeholders.
Through its presence in 73 countries and across over
1,000 locations Avolta is an important employer – in 2023
we employed 68,459 people (FTE) – thus providing job op-
portunities for communities around the world. Addition-
ally, Avolta has traditionally supported local communities
by sourcing local products & services and engaging in
dedicated community projects, implemented at compa-
nyp level, by our local teams and / or in collaboration with
our concession partners. This allows us to provide specific
and tangible support where it is most needed.
Detailed information on Avolta’s ESG strategy and imple-
mentation progress is available in the ESG Report 2023 on
pages 97 – 148.
Avolta – New unified brand reflecting
the company’s long-term vision
At the Extraordinary General Meeting held on November 3,
2023, Dufry shareholders approved by an overwhelming
majority of 99.77 % the change of the company name to
Avolta. This new branding encapsulates our long-term vi-
sion of creating the travel experience revolution by putting
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2023
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Report
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Report
Financial
Report
Governance
Report
Page 34/336
Avolta’s quest to create unri-
valled and holistic travel expe-
riences builds on putting cus-
tomer-centricity at the core
of all its initiatives and on con-
tinuously evolving its value
proposition and offerings.
To increase customer attrac-
tion, we continually analyze
customer insights and data
gained from different sources
to identify new customer
trends and behaviours. Intelli-
gence gained is then trans-
lated into a variety of shop and
restaurant characteristics –
flexible, local, entertaining,
smart, hybrid – which allow us
to fulfil the new customer ex-
pectations, while at the same
time continuing to learn and
to adapt our concepts.
Evidently, this evolution is
only possible through a tight
collaboration with our conces-
sion partners and brand
suppliers, who provide the
respective area allocation,
passenger flows and product
innovation.
t
n
a
r
u
a
t
s
e
R
d
n
a
p
o
h
S
c
i
r
t
n
e
C
-
r
e
m
o
t
s
u
C
s
t
p
e
c
n
o
C
Flexible
Flexible store and restaurant formats allow Avolta to react quickly to new trends
and / or to create seasonal hot-spots and pop-up offerings, thus constantly driving
spend-per-passenger and optimizing profitability of commercial spaces.
Local
Providing shops and F&B environments with a strong sense of place drives the attrac-
tiveness of the commercial areas and creates more relevance and authenticity for
each individual location resulting in higher spending. Customers are attracted by
cultural themes and traditions, leading them to browse the shops or to enjoy a local
dining specialty, all contributing to delivering a unique travel experience.
Entertaining
Getting the customer's attention and attracting them into the
stores or to sit down in a restaurant is one of the main challenges in travel retail and
F&B. Entertaining elements appealing to the customer’s curiosity or attention helps
them rest, relax and enjoy the commercial spaces and piques their interest to try
new experiences.
Smart
Hybrid
Collecting data and studying the customer’s shopping behaviour is key to evolving assort-
ments and services. Learning directly from the customers on how they browse the shops,
where they stop and what attracts them provides constant valuable insight for each
specific commercial area and is the base to best allocating the right assortments or re-
sources. The shop becomes a self-learning entity, constantly improving its performance.
Mixed and hybrid store formats expand and mutually enhance the value proposition
and the relevance for customers. The more holistic experience combining shopping,
F&B, treatments and entertainment allows Avolta to drive cross-selling and promotion
opportunities and to connect physical presence with digital engagement before, during
and after travelling.
Avolta’s quest to create unri-
valled and holistic travel expe-
riences builds on putting cus-
tomer-centricity at the core
of all its initiatives and on con-
tinuously evolving its value
proposition and offerings.
To increase customer attrac-
tion, we continually analyze
customer insights and data
gained from different sources
to identify new customer
trends and behaviours. Intelli-
gence gained is then trans-
lated into a variety of shop and
restaurant characteristics –
flexible, local, entertaining,
smart, hybrid – which allow us
to fulfil the new customer ex-
pectations, while at the same
time continuing to learn and
to adapt our concepts.
Evidently, this evolution is
only possible through a tight
collaboration with our conces-
sion partners and brand
suppliers, who provide the
respective area allocation,
passenger flows and product
innovation.
t
n
a
r
u
a
t
s
e
R
d
n
a
p
o
h
S
c
i
r
t
n
e
C
-
r
e
m
o
t
s
u
C
s
t
p
e
c
n
o
C
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Flexible
Flexible store and restaurant formats allow Avolta to react quickly to new trends
and / or to create seasonal hot-spots and pop-up offerings, thus constantly driving
spend-per-passenger and optimizing profitability of commercial spaces.
Local
Providing shops and F&B environments with a strong sense of place drives the attrac-
tiveness of the commercial areas and creates more relevance and authenticity for
each individual location resulting in higher spending. Customers are attracted by
cultural themes and traditions, leading them to browse the shops or to enjoy a local
dining specialty, all contributing to delivering a unique travel experience.
Entertaining
Getting the customer's attention and attracting them into the
stores or to sit down in a restaurant is one of the main challenges in travel retail and
F&B. Entertaining elements appealing to the customer’s curiosity or attention helps
them rest, relax and enjoy the commercial spaces and piques their interest to try
new experiences.
Smart
Collecting data and studying the customer’s shopping behaviour is key to evolving assort-
ments and services. Learning directly from the customers on how they browse the shops,
where they stop and what attracts them provides constant valuable insight for each
specific commercial area and is the base to best allocating the right assortments or re-
sources. The shop becomes a self-learning entity, constantly improving its performance.
Hybrid
Mixed and hybrid store formats expand and mutually enhance the value proposition
and the relevance for customers. The more holistic experience combining shopping,
F&B, treatments and entertainment allows Avolta to drive cross-selling and promotion
opportunities and to connect physical presence with digital engagement before, during
and after travelling.
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Report
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R
L
B
l
e
v
a
r
T
s
p
o
h
S
l
i
a
t
e
R
l
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r
e
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l
e
v
a
r
T
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p
o
h
S
R
L
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i
a
t
e
R
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r
e
n
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G
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General Travel
Retail Shops
The general travel retail
shop is the most commonly
used retail concept at
Avolta, covering the full
range of categories, such
as perfumes & cosmetics,
food & confectionary,
wines & spirits, watches &
jewelry, fashion & leather,
tobacco goods, souvenirs
& electronics and others.
General travel retail shops
carry a large product as-
sortment and are typically
located in central areas
with high passenger flow,
mostly in airports, but can
also be in seaports and
other locations. In airports,
both departure and arrival
areas can be fitted with this
shop concept. The shops
are also characterized by
a high level of digitalization
allowing a close in-store
customer communication
and engagement with the
different nationalities visit-
ing the stores during the
course of the day.
In the duty-free segment,
these shops can be identi-
fied by carrying the name
of several retail brands in
our portfolio, including
Dufry, Nuance, World Duty
Free, and Hellenic Duty
Free among others, or a
name combination linking
to the specific location,
such as Zurich Duty-Free
or Stockholm Duty-Free.
In the duty-paid segment,
the general travel retail
shops are known as Dufry-
Shopping and provide a
similar assortment range
and brand variety to do-
mestic passengers offering
them a similar shopping ex-
perience to the one offered
to international travelers.
As of December 31, 2023,
Avolta operated 786 gen-
eral travel retail shops.
Perfumes
Cosmetics
Food
Confectionary
Wines
Spirits
Watches
Jewelry
R
L
B
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General Travel
Retail Shops
The general travel retail
In the duty-free segment,
shop is the most commonly
these shops can be identi-
used retail concept at
fied by carrying the name
Avolta, covering the full
of several retail brands in
range of categories, such
our portfolio, including
as perfumes & cosmetics,
Dufry, Nuance, World Duty
food & confectionary,
Free, and Hellenic Duty
wines & spirits, watches &
Free among others, or a
jewelry, fashion & leather,
name combination linking
tobacco goods, souvenirs
to the specific location,
& electronics and others.
such as Zurich Duty-Free
or Stockholm Duty-Free.
General travel retail shops
carry a large product as-
In the duty-paid segment,
sortment and are typically
the general travel retail
located in central areas
shops are known as Dufry-
with high passenger flow,
Shopping and provide a
mostly in airports, but can
similar assortment range
also be in seaports and
and brand variety to do-
other locations. In airports,
mestic passengers offering
both departure and arrival
them a similar shopping ex-
areas can be fitted with this
perience to the one offered
shop concept. The shops
to international travelers.
are also characterized by
As of December 31, 2023,
a high level of digitalization
Avolta operated 786 gen-
allowing a close in-store
eral travel retail shops.
customer communication
and engagement with the
different nationalities visit-
ing the stores during the
course of the day.
Perfumes
Cosmetics
Food
Confectionary
Wines
Spirits
Watches
Jewelry
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Convenience
Stores
Our convenience stores
offer a wide product assort-
ment that passengers may
need when traveling. The
range includes soft drinks,
confectionary, packaged
food, travel accessories,
electronics, personal items,
souvenirs, newspapers,
magazines and books.
Within this concept, we use
different brands according
to each locations's passen-
ger profile. North America
is home to most of our con-
venience stores, with more
than 752 shops. In addition,
we operate Hudson stores
in 15 countries outside
North America.
“Hudson” is our most im-
portant brand in the conve-
nience segment, it is highly
valued and has strong cus-
tomer recognition. As “The
Traveler’s Best Friend”,
Hudson's goal is to provide
passengers with anything
they need during their jour-
ney. Hudson is a successful,
very flexible concept oper-
ated at airports within inter-
national and domestic ar-
eas, as well as in other
channels such as railway
stations and other transit
locations. Hudson shops
are carefully designed and
facilitate orientation
through whimsical, color-
coded signage to attract
customers’ attention to
four distinct selling areas:
Media, Marketplace, Essen-
tials and Destination. The
innovative Hudson Nonstop
shop leverages Amazon’s
just-walk-out and Amazon
One technologies, allowing
travelers to enter the store
with their credit card or
through palm recognition,
pick up their travel items,
and eliminating the need to
wait in checkout lines or
stopping to pay in-store.
In line with our goal to cre-
ate hybrid shop concepts
Hudson has most recently
been successfully com-
bined with F&B concepts
offering travelers a com-
plete new experience.
Recent examples are the
Hudson Café with Baci
at Milan Malpensa Airport
in Italy and the Hudson
Decanted at Dallas Fort
Worth International Airport
(USA) combining Hudson’s
Nonstop concept with a
wine bar.
Soft drinks
Confectionary
Packaged food
Travel accessories
Electronics
Personal items
Books & Souvenirs
Newspapers & Magazines
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Convenience
Stores
Our convenience stores
locations. Hudson shops
offer a wide product assort-
are carefully designed and
ment that passengers may
facilitate orientation
need when traveling. The
through whimsical, color-
range includes soft drinks,
coded signage to attract
confectionary, packaged
customers’ attention to
food, travel accessories,
four distinct selling areas:
electronics, personal items,
Media, Marketplace, Essen-
souvenirs, newspapers,
tials and Destination. The
magazines and books.
innovative Hudson Nonstop
Within this concept, we use
shop leverages Amazon’s
different brands according
just-walk-out and Amazon
to each locations's passen-
One technologies, allowing
ger profile. North America
travelers to enter the store
is home to most of our con-
with their credit card or
venience stores, with more
through palm recognition,
than 752 shops. In addition,
pick up their travel items,
we operate Hudson stores
and eliminating the need to
in 15 countries outside
North America.
wait in checkout lines or
stopping to pay in-store.
“Hudson” is our most im-
In line with our goal to cre-
portant brand in the conve-
ate hybrid shop concepts
nience segment, it is highly
Hudson has most recently
valued and has strong cus-
been successfully com-
tomer recognition. As “The
bined with F&B concepts
Traveler’s Best Friend”,
offering travelers a com-
Hudson's goal is to provide
plete new experience.
passengers with anything
Recent examples are the
they need during their jour-
Hudson Café with Baci
ney. Hudson is a successful,
at Milan Malpensa Airport
very flexible concept oper-
in Italy and the Hudson
ated at airports within inter-
Decanted at Dallas Fort
national and domestic ar-
Worth International Airport
eas, as well as in other
(USA) combining Hudson’s
channels such as railway
Nonstop concept with a
stations and other transit
wine bar.
Soft drinks
Confectionary
Packaged food
Travel accessories
Electronics
Personal items
Books & Souvenirs
Newspapers & Magazines
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Brand
Boutiques
Avolta is a partner of
choice for global and local
brands to showcase their
products in dedicated retail
spaces and to mirror their
high-street image. To best
meet each location’s trav-
eler profile, we design
these shops as standalone
boutiques or integrate
them as a shop-in-shop in
our general travel retail
stores. Brand boutiques
exist in both duty-free and
duty-paid areas and en-
hance the traveler’s experi-
ence, allowing the creation
of an exciting shopping
mall environment.
As of December 31, 2023,
Avolta operated 248 brand
boutiques, such as:
Armani, Burberry, Bally,
Bvlgari, Cartier, Chloe,
Coach, Ermenegildo
Zegna, Hermès, Hugo
Boss, Jo Malone London,
Lacoste, LaPrairie, Lindt,
MAC, MCM, Michael Kors,
Montblanc, Omega, Polo
Ralph Lauren, Salvatore
Ferragamo, Swarovski,
Swatch, Tod’s, Tumi,
Versace, Victoria’s Secret
and others. See also a
selection of brands on
pages 94 – 95.
H
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We design these shops
as standalone boutiques
or integrate them as
a shop-in-shop in our
general travel retail
stores.
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Brand
Boutiques
Avolta is a partner of
As of December 31, 2023,
choice for global and local
Avolta operated 248 brand
brands to showcase their
boutiques, such as:
products in dedicated retail
Armani, Burberry, Bally,
spaces and to mirror their
Bvlgari, Cartier, Chloe,
high-street image. To best
Coach, Ermenegildo
meet each location’s trav-
Zegna, Hermès, Hugo
eler profile, we design
Boss, Jo Malone London,
these shops as standalone
Lacoste, LaPrairie, Lindt,
boutiques or integrate
MAC, MCM, Michael Kors,
them as a shop-in-shop in
Montblanc, Omega, Polo
our general travel retail
Ralph Lauren, Salvatore
stores. Brand boutiques
Ferragamo, Swarovski,
exist in both duty-free and
Swatch, Tod’s, Tumi,
duty-paid areas and en-
Versace, Victoria’s Secret
hance the traveler’s experi-
and others. See also a
ence, allowing the creation
selection of brands on
of an exciting shopping
pages 94 – 95.
mall environment.
We design these shops
as standalone boutiques
or integrate them as
a shop-in-shop in our
general travel retail
stores.
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Specialized
Shops
Specialized shops and
theme stores are shop
concepts that offer prod-
ucts from a variety of dif-
ferent brands, belonging
to one specific product
category or which convey
a sense of place. We often
use this concept for prod-
ucts such as watches &
jewelry, sunglasses, elec-
tronics, spirits, food and
destination products, in
locations where we see
potential for a shop to carry
a broad product range
relating to one specific
theme. These shops can
be located in airports, sea-
ports and on-board cruise
liners, as well as in hotels
or downtown locations.
Examples of the shop
concept names include
“Colombian Emeralds
International”, a dedicated
watches & jewelry format
used in the Caribbean
market; “Gifts & Toys” with
its wide selection of toys,
and gifting items; “Tech on
the Go”, focusing on the
needs of the tech-oriented
traveler offering electron-
ics and accessories.
Further examples are “Sun
Catcher” for sunglasses;
“World of Whiskies” and for
a selection of finest single
malt or blend whiskies;
“Master of Time” for luxury
watches and jewelry;
“Temptation” and “Time-
box” for fashion watches
and accessories; “Travel
Star” for luggage and
travel essential products
and “Atelier”, a women’s
leather accessories store
as well as the “mind.body.
soul.” shop-in-shop con-
cept featuring a selection
of health and well-being
products.
The most recent special-
ized shop concept
launched in 2023 is “Haute
Parfumerie” featuring high-
level and innovative per-
fumes. As of December 31,
2023, Avolta operated 449
shops under the Special-
ized Shops /Theme Stores
concept.
Watches & Jewelry
Sunglasses
Electronics
Spirits
Food
Destination products
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Specialized
Shops
Specialized shops and
theme stores are shop
Further examples are “Sun
Catcher” for sunglasses;
concepts that offer prod-
“World of Whiskies” and for
ucts from a variety of dif-
a selection of finest single
ferent brands, belonging
malt or blend whiskies;
to one specific product
“Master of Time” for luxury
category or which convey
watches and jewelry;
a sense of place. We often
“Temptation” and “Time-
use this concept for prod-
box” for fashion watches
ucts such as watches &
and accessories; “Travel
jewelry, sunglasses, elec-
Star” for luggage and
tronics, spirits, food and
travel essential products
destination products, in
and “Atelier”, a women’s
locations where we see
leather accessories store
potential for a shop to carry
as well as the “mind.body.
a broad product range
soul.” shop-in-shop con-
relating to one specific
cept featuring a selection
theme. These shops can
of health and well-being
be located in airports, sea-
products.
ports and on-board cruise
liners, as well as in hotels
The most recent special-
or downtown locations.
ized shop concept
Examples of the shop
launched in 2023 is “Haute
Parfumerie” featuring high-
concept names include
level and innovative per-
“Colombian Emeralds
fumes. As of December 31,
International”, a dedicated
2023, Avolta operated 449
watches & jewelry format
shops under the Special-
used in the Caribbean
ized Shops /Theme Stores
market; “Gifts & Toys” with
concept.
its wide selection of toys,
and gifting items; “Tech on
the Go”, focusing on the
needs of the tech-oriented
traveler offering electron-
ics and accessories.
Watches & Jewelry
Sunglasses
Electronics
Spirits
Food
Destination products
S
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Café
Concepts
Cafés are an ubiquitous
presence in travel loca-
tions, embodying comfort
and convenience. They are
a place for travelers to relax
in a cozy atmosphere or
swiftly grab a quality coffee.
Our Café Concepts inte-
grate a casual service style
with a range of beverages
and light bites. Leveraging
our Italian heritage, we
offer a variety of options
from coffee and tea to soft
drinks and cold beverages,
maintaining relevance in
the local market. Their role
in enhancing the traveler's
experience is both funda-
mental and multifaceted,
catering to the need for re-
laxation and the demands
of a busy itinerary.
Our expert team of con-
cept developers, special-
ized in geographic areas
and categories, ensures
that these cafes adapt to
local flavors and themes,
enhancing the sense of
place. The evolving brand
portfolio, managed by our
F&B centers of excellence,
meets travelers' diverse
tastes and contributes
to immersive customer
experiences. Our Café
Concepts create a unique
sense of place, enhancing
the overall travel experi-
ence.
This year we have opened
a variety of Café Concepts
around the world; in
North America we brought
in popular local concepts,
“Southern Grounds” and
“Beatrix Market” to Jack-
sonville International Air-
port and Charlotte Douglas
International Airport re-
spectively. In Italy we
opened our own “Motta
Milano 1928” in Rome
Fiumicino Airport, as well
as our “Wascoffee Lab” in
Palermo Borsellino Airport.
We took our Italian “Puro
Gusto” brand to Chongq-
ing Airport in China, while
in Finland we opened an
“Espresso House” in Hel-
sinki Airport.
A cornerstone in our
offering, rich in Italian
heritage, essential
in the traveler’s journey.
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Café
Concepts
Cafés are an ubiquitous
F&B centers of excellence,
presence in travel loca-
meets travelers' diverse
tions, embodying comfort
tastes and contributes
and convenience. They are
to immersive customer
a place for travelers to relax
experiences. Our Café
in a cozy atmosphere or
Concepts create a unique
swiftly grab a quality coffee.
sense of place, enhancing
the overall travel experi-
Our Café Concepts inte-
ence.
grate a casual service style
with a range of beverages
This year we have opened
and light bites. Leveraging
a variety of Café Concepts
our Italian heritage, we
around the world; in
offer a variety of options
North America we brought
from coffee and tea to soft
in popular local concepts,
drinks and cold beverages,
“Southern Grounds” and
maintaining relevance in
“Beatrix Market” to Jack-
the local market. Their role
sonville International Air-
in enhancing the traveler's
port and Charlotte Douglas
experience is both funda-
International Airport re-
mental and multifaceted,
spectively. In Italy we
catering to the need for re-
opened our own “Motta
laxation and the demands
Milano 1928” in Rome
of a busy itinerary.
Fiumicino Airport, as well
as our “Wascoffee Lab” in
Our expert team of con-
Palermo Borsellino Airport.
cept developers, special-
We took our Italian “Puro
ized in geographic areas
Gusto” brand to Chongq-
and categories, ensures
ing Airport in China, while
that these cafes adapt to
in Finland we opened an
local flavors and themes,
“Espresso House” in Hel-
enhancing the sense of
sinki Airport.
place. The evolving brand
portfolio, managed by our
A cornerstone in our
offering, rich in Italian
heritage, essential
in the traveler’s journey.
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2023 saw some exciting
Restaurant Concept open-
ings across cuisines and
service formats globally; in
India we opened our “Car-
luccio’s” in Kempegowda
International Airport, while
in the UAE we opened the
well-known “Jones the Gro-
cer” concept. We brought
popular Brazilian-Japanese
fusion concept, “Temak-
inho”, and our own “Sophia
Loren” to Rome Fiumicino
Airport, Italy. Our “Amore
Do Eat Better” concept was
opened in both Düsseldorf
Airport, Germany, and
Athens International Air-
port, Greece. In North
America we opened our
“Manuka Market” at Daniel
K. Inouye International Air-
port, and took local brand
“The Pharmacy Burger
Parlor” to Nashville Interna-
tional Airport.
Restaurant
Concepts
Our Restaurant Concepts
transform travel hubs into
culinary destinations. From
fast-casual to full-service,
through to quick service
and counter service or self-
service, these restaurants
cater to all schedules and
preferences, featuring col-
laborations with renowned
chefs and successful
global brands.
Our diverse brand portfolio
includes both franchised
and proprietary brands, de-
veloped in-house to cater
to the varied needs of our
global network. This differ-
entiation allows us to lever-
age brand success and,
when relevant, develop
bespoke, one-off formats,
enhancing customer expe-
rience and maximizing
appreciation and sales.
These restaurants not only
embody local and interna-
tional flavors but also inte-
grate the latest innovations
in food development, ser-
vice technology, and de-
sign. They can align with
specific themes or passen-
ger preferences, enriching
the ambiance of the loca-
tion and offering travelers a
taste of the destination’s
essence.
Diverse, innovative,
catering to every imagin-
able culinary desire.
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Restaurant
Concepts
Our Restaurant Concepts
2023 saw some exciting
transform travel hubs into
Restaurant Concept open-
culinary destinations. From
ings across cuisines and
fast-casual to full-service,
service formats globally; in
through to quick service
India we opened our “Car-
and counter service or self-
luccio’s” in Kempegowda
service, these restaurants
International Airport, while
cater to all schedules and
in the UAE we opened the
preferences, featuring col-
well-known “Jones the Gro-
laborations with renowned
cer” concept. We brought
chefs and successful
popular Brazilian-Japanese
global brands.
fusion concept, “Temak-
inho”, and our own “Sophia
Our diverse brand portfolio
Loren” to Rome Fiumicino
includes both franchised
Airport, Italy. Our “Amore
and proprietary brands, de-
Do Eat Better” concept was
veloped in-house to cater
opened in both Düsseldorf
to the varied needs of our
Airport, Germany, and
global network. This differ-
Athens International Air-
entiation allows us to lever-
port, Greece. In North
age brand success and,
America we opened our
when relevant, develop
“Manuka Market” at Daniel
bespoke, one-off formats,
K. Inouye International Air-
enhancing customer expe-
port, and took local brand
rience and maximizing
appreciation and sales.
“The Pharmacy Burger
Parlor” to Nashville Interna-
tional Airport.
These restaurants not only
embody local and interna-
tional flavors but also inte-
grate the latest innovations
in food development, ser-
vice technology, and de-
sign. They can align with
specific themes or passen-
ger preferences, enriching
the ambiance of the loca-
tion and offering travelers a
taste of the destination’s
essence.
Diverse, innovative,
catering to every imagin-
able culinary desire.
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The trends in Bar Concepts
were clearly visible in our
2023 openings, with a taste
for indulgence seeing the
successful opening of our
visually stunning “Bubbles
Wine and Seafood Bar” in
Schiphol International Air-
port in the Netherlands, as
well as the “Berlucchi Fran-
ciacorta Sparkling Bar”
in Italy’s Rome Fiumicino
Airport and recently in our
opening of “Bottega Pro-
secco Bar and Craft Beer”
in Abu Dhabi International
Airport’s newest terminal
in the UAE. In Indonesia, we
brought to life a large Bar-
Restaurant in I Gusti Ngu-
rah Rai Airport with “Wolf-
gang Puck Kitchen + Bar”.
While in North America we
teamed up with a local craft
beer brand to open our
“Hudson Brewing” bar at
Toronto Pearson Interna-
tional Airport, and our own
“The Wise Omega Bodega”
is off to a solid start at
Memphis International Air-
port.
Bar
Concepts
Serving as social hubs at
airports, train stations, and
other transport locations,
Bars offer travelers a space
to unwind and connect,
adding a lively dimension to
their transit experience.
Our Bar Concepts create
vibrant social spaces in
transit locations, offering a
spectrum of beverages and
light fare. From casual pubs
to upscale venues, they
are responsive to cultural
nuances and trends, en-
hancing the sense of place
and meeting diverse trav-
eler preferences. These
bars are not just for refresh-
ment but are destinations
in their own right.
Bar Concepts typically fea-
ture a variety of beverages,
from cocktails to craft
beers, coupled with small
bites or appetizers. These
concepts can easily incor-
porate local beverage tradi-
tions or theme-specific
elements, creating an im-
mersive experience that
resonates with the loca-
tion’s character. This flexi-
bility not only meets the
diverse preferences of trav-
elers but also enhances
the sense of place within
the transit environment.
Versatile social hubs for
celebrating, unwinding,
and connecting.
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Bar
Concepts
Serving as social hubs at
The trends in Bar Concepts
airports, train stations, and
were clearly visible in our
other transport locations,
2023 openings, with a taste
Bars offer travelers a space
for indulgence seeing the
to unwind and connect,
successful opening of our
adding a lively dimension to
visually stunning “Bubbles
their transit experience.
Wine and Seafood Bar” in
Schiphol International Air-
Our Bar Concepts create
port in the Netherlands, as
vibrant social spaces in
well as the “Berlucchi Fran-
transit locations, offering a
ciacorta Sparkling Bar”
spectrum of beverages and
in Italy’s Rome Fiumicino
light fare. From casual pubs
Airport and recently in our
to upscale venues, they
opening of “Bottega Pro-
are responsive to cultural
secco Bar and Craft Beer”
nuances and trends, en-
in Abu Dhabi International
hancing the sense of place
Airport’s newest terminal
and meeting diverse trav-
in the UAE. In Indonesia, we
eler preferences. These
brought to life a large Bar-
bars are not just for refresh-
Restaurant in I Gusti Ngu-
ment but are destinations
rah Rai Airport with “Wolf-
in their own right.
gang Puck Kitchen + Bar”.
While in North America we
Bar Concepts typically fea-
teamed up with a local craft
ture a variety of beverages,
beer brand to open our
from cocktails to craft
“Hudson Brewing” bar at
beers, coupled with small
Toronto Pearson Interna-
bites or appetizers. These
tional Airport, and our own
concepts can easily incor-
“The Wise Omega Bodega”
porate local beverage tradi-
is off to a solid start at
tions or theme-specific
Memphis International Air-
elements, creating an im-
port.
mersive experience that
resonates with the loca-
tion’s character. This flexi-
bility not only meets the
diverse preferences of trav-
elers but also enhances
the sense of place within
the transit environment.
Versatile social hubs for
celebrating, unwinding,
and connecting.
M
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a
r
t
n
e
C
n
i
l
r
e
B
o
G
&
b
a
r
G
s
t
p
e
c
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G
&
b
a
r
G
s
t
p
e
c
n
o
C
l
a
r
t
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n
i
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2023 saw the notable
openings of Grab & Go
concept “Viva” at Italy’s
Rome Fiumicino Airport,
while in the UAE we opened
a Grab & Go iteration of our
“Urban Food Market” con-
cept at Abu Dhabi Interna-
tional Airport’s newest
terminal.
Grab & Go
Concepts
Our Grab & Go concepts
prioritize speed and conve-
nience without compro-
mising on quality, ensuring
travelers have access to
quick, quality food options
without interrupting their
journey.
Offering pre-packaged
meals, snacks, and bever-
ages, they cater to a variety
of dietary preferences and
provide a glimpse into local
culinary delights. Strategi-
cally placed, these outlets
ensure travelers have easy
access to essential F&B
options, providing a variety
of options to suit different
tastes and dietary needs.
Grab & Go concepts can
be tailored to showcase
local specialties or themed
assortments, adding a
unique flair to the standard
quick-service model. This
approach not only meets
the practical needs of trav-
elers but also gives them
a quick taste of the local
culture or the thematic
essence of the location.
Quick, quality,
convenient – ideal for the
traveler on the move.
l
a
r
t
n
e
C
n
i
l
r
e
B
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Grab & Go
Concepts
Our Grab & Go concepts
2023 saw the notable
prioritize speed and conve-
openings of Grab & Go
nience without compro-
concept “Viva” at Italy’s
mising on quality, ensuring
Rome Fiumicino Airport,
travelers have access to
while in the UAE we opened
quick, quality food options
a Grab & Go iteration of our
without interrupting their
“Urban Food Market” con-
journey.
cept at Abu Dhabi Interna-
tional Airport’s newest
Offering pre-packaged
terminal.
meals, snacks, and bever-
ages, they cater to a variety
of dietary preferences and
provide a glimpse into local
culinary delights. Strategi-
cally placed, these outlets
ensure travelers have easy
access to essential F&B
options, providing a variety
of options to suit different
tastes and dietary needs.
Grab & Go concepts can
be tailored to showcase
local specialties or themed
assortments, adding a
unique flair to the standard
quick-service model. This
approach not only meets
the practical needs of trav-
elers but also gives them
a quick taste of the local
culture or the thematic
essence of the location.
l
a
r
t
n
e
n
i
l
r
e
B
C
Quick, quality,
convenient – ideal for the
traveler on the move.
d
i
r
b
y
H
s
t
p
e
c
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C
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i
r
b
y
H
s
t
p
e
c
n
o
C
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Hudson, integrating with
Italian favorite chocolate,
Baci, to create a memora-
ble hybrid experience in
Milan’s Malpensa airport,
alongside important tender
wins in 2023, including our
Spanish tender, showcas-
ing our ability to blend retail
appeal with F&B allure in
a single, cohesive setting.
Hybrid
Concepts
Now, under Avolta, we have
the unique opportunity to
pioneer the integration of
retail and F&B as we define
a new category: Hybrid
Concepts.
Beyond just co-locating
products, they offer an
enhanced, integrated cus-
tomer experience and a
value-add for our conces-
sionaires and travelers alike.
As demand grows, we’re
proud of our successful
Hybrid Concept launches,
like the “Hudson Café
Milano” which sees our very
own convenience store,
A seamless fusion of
retail and food & beverage,
defining a new category
in travel.
P
X
M
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Hybrid
Concepts
Now, under Avolta, we have
Hudson, integrating with
the unique opportunity to
Italian favorite chocolate,
pioneer the integration of
Baci, to create a memora-
retail and F&B as we define
ble hybrid experience in
a new category: Hybrid
Milan’s Malpensa airport,
Concepts.
alongside important tender
wins in 2023, including our
Beyond just co-locating
Spanish tender, showcas-
products, they offer an
ing our ability to blend retail
enhanced, integrated cus-
appeal with F&B allure in
tomer experience and a
a single, cohesive setting.
value-add for our conces-
sionaires and travelers alike.
As demand grows, we’re
proud of our successful
Hybrid Concept launches,
like the “Hudson Café
Milano” which sees our very
own convenience store,
A seamless fusion of
retail and food & beverage,
defining a new category
in travel.
P
X
M
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Report
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Report
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Report
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Report
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Red
By Dufry
The company's customer
retention program
Red By Dufry is imple-
mented in 51 countries
across 316 locations.
A complete overview
and the respective
information is available
here:
www.redbydufry.com
My
Autogrill
My Autogrill is the loyalty
program of Autogrill that
includes a rewards catalog,
discounts, and services
dedicated to members.
My Autogrill also has an
app and is valid at Autogrill
Italy and Nuova Sidap
stores.
myautogrill.it
Mini
Apps
Along with the Mini-Apps
currently in use at the
Global Duty Free Plaza in
Hainan for the Chinese
customers, Avolta will de-
velop similar applications
going forward to support
customers in other geog-
raphies, offering them
easy to use digital and on-
line shopping experiences
and customer engage-
ment features.
Reserve
& Collect
Reserve & Collect
is available globally in
233 locations across
45 countries and can
be accessed through
the dedicated
website: www.shop-
dutyfree.com
e
n
i
l
n
O
s
e
c
i
v
r
e
S
&
s
l
e
n
n
a
h
C
Forum
by Dufry
Forum by Dufry can be
visited at
https://forum.shopdu-
tyfree.com/en and con-
nects brand partners and
customers in an aspira-
tional environment and
gives access to all Avolta
online services.
Red
By Dufry
The company's customer
retention program
Red By Dufry is imple-
mented in 51 countries
across 316 locations.
A complete overview
and the respective
information is available
here:
www.redbydufry.com
My
Autogrill
My Autogrill is the loyalty
program of Autogrill that
includes a rewards catalog,
discounts, and services
dedicated to members.
My Autogrill also has an
app and is valid at Autogrill
Italy and Nuova Sidap
stores.
myautogrill.it
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Report
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Report
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Report
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Report
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Reserve
& Collect
Reserve & Collect
is available globally in
233 locations across
45 countries and can
be accessed through
the dedicated
website: www.shop-
dutyfree.com
e
n
i
l
n
O
i
s
e
c
v
r
e
S
l
&
s
e
n
n
a
h
C
Mini
Apps
Along with the Mini-Apps
currently in use at the
Global Duty Free Plaza in
Hainan for the Chinese
customers, Avolta will de-
velop similar applications
going forward to support
customers in other geog-
raphies, offering them
easy to use digital and on-
line shopping experiences
and customer engage-
ment features.
Forum
by Dufry
Forum by Dufry can be
visited at
https://forum.shopdu-
tyfree.com/en and con-
nects brand partners and
customers in an aspira-
tional environment and
gives access to all Avolta
online services.
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Report
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Report
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Report
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Report
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Online Channels
& Services
Red
by Dufry
The Group’s customer
retention program
Red By Dufry is imple-
mented in 51 countries
across 260 locations.
A complete overview
and the respective
information is available
here:
www.redbydufry.com
Avolta has been connect-
ing its physical stores with
digital applications and
customer services for many
years and continues to
develop new digital touch-
points to engage with cus-
tomers along the whole
travel journey.
Starting from when a trip is
planned, customers can
reserve their most wanted
products through Reserve
& Collect and just collect
their goods and pay at de-
parture or arrival. Our highly
digitalized stores, welcome
travelers in different lan-
guages during the day,
which are aligned with the
flight schedules to suit the
respective nationalities,
and clearly highlight the
latest travel retail exclusives
or novelties.
Avolta customers benefit
globally from attractive
and unique airport-specific
services through our Red
By Dufry customer loyalty
program. When approach-
ing airports or other loca-
tions where Avolta oper-
ates shops, Red By Dufry
identifies the customer
and sends them the latest
updates on the locally
available promotions – an
easy and convenient way to
earn and redeem benefits
globally in the Avolta shops
or through our partners.
Mini
Apps
Along with the Mini-Apps
currently in use at the
Global Duty Free Plaza in
Hainan for the Chinese
customers, Dufry will de-
velop similar applications
going forward to support
customers in other geog-
raphies, offering them
easy to use digital and on-
line shopping experiences
and customer engage-
ment features.
Reserve
& Collect
Reserve & Collect
is available globally in
223 locations across
45 countries and can
be accessed through
the dedicated
website: www.shop-
dutyfree.com
Forum by Dufry is the com-
pany’s own social media
channel, where our brand
partners can feature their
novelties, special editions
and stories related to their
products, thus having
direct access to their cus-
tomers.
My
Autogrill
Increased digital customer
experience services and
mini-Apps are in use in sev-
eral operations in South
East Asia and in selected
operations in Hainan, where
Avolta participates in the
Global Duty Free Plaza
Stores. They support local
shopping behaviors and
are integrated in popular
Apps such as Alipay and
My Autogrill is the loyalty
WeChat. Functionality and
program of Autogrill that
services offered are in line
includes a rewards catalog,
with local duty-free sales
discounts, and services
regulations; e.g. the possi-
dedicated to members.
bility of home-delivery, thus
My Autogrill also has an
offering a comprehensive
app and is valid at Autogrill
shopping, payment and
Italy and Nuova Sidap
service experience for on-
stores.
line and offline use.
myautogrill.it
Forum
by Dufry
Forum by Dufry can be
visited at
https://forum.shopdu-
tyfree.com/en and con-
nects brand partners and
customers in an aspira-
tional environment and
gives access to all Avolta
online services.
Red
Online Channels
& Services
by Dufry
Avolta has been connect-
digital applications and
ing its physical stores with
pany’s own social media
Forum by Dufry is the com-
channel, where our brand
customer services for many
partners can feature their
years and continues to
novelties, special editions
develop new digital touch-
and stories related to their
points to engage with cus-
products, thus having
tomers along the whole
direct access to their cus-
travel journey.
tomers.
Starting from when a trip is
Increased digital customer
planned, customers can
experience services and
reserve their most wanted
mini-Apps are in use in sev-
www.redbydufry.com
products through Reserve
eral operations in South
& Collect and just collect
East Asia and in selected
The Group’s customer
retention program
Red By Dufry is imple-
mented in 51 countries
across 260 locations.
A complete overview
and the respective
information is available
here:
My
their goods and pay at de-
operations in Hainan, where
parture or arrival. Our highly
Avolta participates in the
digitalized stores, welcome
travelers in different lan-
guages during the day,
Global Duty Free Plaza
Autogrill
Stores. They support local
shopping behaviors and
which are aligned with the
are integrated in popular
flight schedules to suit the
Apps such as Alipay and
respective nationalities,
and clearly highlight the
latest travel retail exclusives
or novelties.
Avolta customers benefit
globally from attractive
and unique airport-specific
My Autogrill is the loyalty
WeChat. Functionality and
program of Autogrill that
services offered are in line
includes a rewards catalog,
with local duty-free sales
discounts, and services
regulations; e.g. the possi-
dedicated to members.
bility of home-delivery, thus
My Autogrill also has an
offering a comprehensive
app and is valid at Autogrill
shopping, payment and
Italy and Nuova Sidap
service experience for on-
services through our Red
stores.
line and offline use.
By Dufry customer loyalty
myautogrill.it
program. When approach-
ing airports or other loca-
tions where Avolta oper-
ates shops, Red By Dufry
identifies the customer
and sends them the latest
updates on the locally
available promotions – an
easy and convenient way to
earn and redeem benefits
globally in the Avolta shops
or through our partners.
Mini
Apps
Along with the Mini-Apps
currently in use at the
Global Duty Free Plaza in
Hainan for the Chinese
customers, Dufry will de-
velop similar applications
going forward to support
customers in other geog-
raphies, offering them
easy to use digital and on-
line shopping experiences
and customer engage-
ment features.
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2023
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Report
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Report
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Report
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Report
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Reserve
& Collect
Reserve & Collect
is available globally in
223 locations across
45 countries and can
be accessed through
the dedicated
website: www.shop-
dutyfree.com
Forum
by Dufry
Forum by Dufry can be
visited at
https://forum.shopdu-
tyfree.com/en and con-
nects brand partners and
customers in an aspira-
tional environment and
gives access to all Avolta
online services.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
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t
s
a
E
e
d
d
M
i
l
a
c
i
r
f
A
d
n
a
,
e
p
o
r
u
E
Strong business performance crowned by important
lion travelers annually (2019). The company also won new
Spain concession renewal
travel retail and F&B concessions at several other airports
including Helsinki Airport (Finland) and Hamad Interna-
Europe, Middle East & Africa (EMEA), Avolta’s largest re-
tional Airport (Doha; F&B joint venture with Qatar Airways).
gion covering 35 countries, enjoyed continued healthy
performance, thanks, in particular, to buoyant leisure de-
A number of openings or significant upgrades and digital
mand in the major holiday destinations in Southern
innovations in several relevant locations were made across
Europe, the Middle East and Africa, across both travel re-
the region. These included, in particular, the openings of
tail and F&B. In addition, the UK, the Nordics and Central
the unique phygital Haute Perfumery concept in Zurich
Europe benefitted from increased international inbound
(Switzerland) and the Debonair Food Hall in Palermo’s
travel – including the long-awaited returning travelers
Falcone Borsellino International Airport (Italy).
from Asia-Pacific.
In 2023, EMEA CORE turnover reached CHF 6,265.4 mil-
Next Generation store in the Stockholm Arlanda Airport
lion versus proforma CHF 5,387.8 million in 2022 with pro-
(Sweden), combining Swedish hospitality and a sense of
Significant refurbishments included the opening of the
forma organic growth up 20.0 % YoY.
place with digital innovation, as well as those undertaken
at the Glasgow and Manchester Airports (UK). Amongst
EMEA won a number of new contracts and extended im-
one of the first new hybrid concepts, the Hudson Café
portant concessions. The highlight of the year was the re-
with Baci, was opened at Milan Malpensa Airport (Italy).
newal of the vast majority of Avolta’s Spanish airport oper-
ations concession contracts for twelve years. The new
In 2023, a total 1,514 m2 of retail space was opened, in
contract encapsulates 21 airports with 120 outlets cover-
countries such as Spain and Türkiye, and 17,949 m2 refur-
ing around 60,000 m2 and serving approximately 132 mil-
bished.
Portion of turnover
2023
Global
Distribution
Centers
Latin
America
Turnover
(in millions of CHF)
6,265
51 % Europe,
Middle East
and Africa
6,265
5,388
Key reported
data 2023
Number
of outlets
2,329
Retail sales area
in m²
212,323
Employees
in FTE
26,107
6,000
5,000
4,000
3,000
2,000
1,000
0
1,724
1,145
* Proforma.
** CORE Turnover.
North
America
Asia Pacific
20 21
22* 23**
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Strong business performance crowned by important
Spain concession renewal
Europe, Middle East & Africa (EMEA), Avolta’s largest re-
gion covering 35 countries, enjoyed continued healthy
performance, thanks, in particular, to buoyant leisure de-
mand in the major holiday destinations in Southern
Europe, the Middle East and Africa, across both travel re-
tail and F&B. In addition, the UK, the Nordics and Central
Europe benefitted from increased international inbound
travel – including the long-awaited returning travelers
from Asia-Pacific.
In 2023, EMEA CORE turnover reached CHF 6,265.4 mil-
lion versus proforma CHF 5,387.8 million in 2022 with pro-
forma organic growth up 20.0 % YoY.
EMEA won a number of new contracts and extended im-
portant concessions. The highlight of the year was the re-
newal of the vast majority of Avolta’s Spanish airport oper-
ations concession contracts for twelve years. The new
contract encapsulates 21 airports with 120 outlets cover-
ing around 60,000 m2 and serving approximately 132 mil-
lion travelers annually (2019). The company also won new
travel retail and F&B concessions at several other airports
including Helsinki Airport (Finland) and Hamad Interna-
tional Airport (Doha; F&B joint venture with Qatar Airways).
A number of openings or significant upgrades and digital
innovations in several relevant locations were made across
the region. These included, in particular, the openings of
the unique phygital Haute Perfumery concept in Zurich
(Switzerland) and the Debonair Food Hall in Palermo’s
Falcone Borsellino International Airport (Italy).
Significant refurbishments included the opening of the
Next Generation store in the Stockholm Arlanda Airport
(Sweden), combining Swedish hospitality and a sense of
place with digital innovation, as well as those undertaken
at the Glasgow and Manchester Airports (UK). Amongst
one of the first new hybrid concepts, the Hudson Café
with Baci, was opened at Milan Malpensa Airport (Italy).
In 2023, a total 1,514 m2 of retail space was opened, in
countries such as Spain and Türkiye, and 17,949 m2 refur-
bished.
Portion of turnover
2023
Global
Distribution
Centers
Latin
America
51 % Europe,
Middle East
and Africa
North
America
Turnover
(in millions of CHF)
6,265
6,265
5,388
6,000
5,000
4,000
3,000
2,000
1,000
0
1,724
1,145
Key reported
data 2023
Number
of outlets
2,329
Retail sales area
in m²
212,323
Employees
in FTE
26,107
Asia Pacific
20 21
22* 23**
* Proforma.
** CORE Turnover.
t
s
a
E
,
e
p
o
r
u
E
e
l
d
d
i
M
a
c
i
r
f
A
d
n
a
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Report
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Europe, Middle East
and Africa
AUH
FCO
ZRH
Rome – Fiumicino Airport
Zurich – Zurich Air port
With a quality offering that includes a fresh oyster bar, Sophia Loren
The Gallery is a place to linger and dream while embarking on a journey
restaurant offers travelers the flavors of authentic Italian cuisine.
into the world of Asian cuisine.
AMS
EDI
Abu Dhabi – Abu Dhabi Airport
Shawa Lebanese Grill offers fresh authentic Lebanese street food
in vibrant and rustic surroundings.
Amsterdam – Schiphol Airport
Edinburgh – Edinburgh Airport
Bubbles Seafood & Wine Bar is a modern, sophisticated bar, offering
With more than 300 different whiskies to choose from, the refurbished
quality seafood, wine and other beverages to travelers.
World of Whiskies space at Edinburgh Airport is a must visit.
STN
MXP
ARN
HEL
London – London Stansted Airport
Avolta inaugurated the mind.body.soul. concept at London Stansted
in a shop-in-shop format.
Milan – Milan Malpensa Airport
Avolta hosts the world’s first permanent Prada Beauty airport counter,
located in Terminal 1 of Malpensa Airport.
Stockholm – Arlanda Airport
Helsinki – Helsinki Air port
With more than 2,500 m2 of walk-through space, Stockholm Duty-Free
Located in the heart of the airport’s gate area, Avolta’s new Helsinki store
doubles the size of Avolta’s previous store at Arlanda.
is highly visible to passengers.
Europe, Middle East
and Africa
AUH
FCO
ZRH
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Report
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Report
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Rome – Fiumicino Airport
With a quality offering that includes a fresh oyster bar, Sophia Loren
restaurant offers travelers the flavors of authentic Italian cuisine.
Zurich – Zurich Air port
The Gallery is a place to linger and dream while embarking on a journey
into the world of Asian cuisine.
AMS
EDI
Abu Dhabi – Abu Dhabi Airport
Shawa Lebanese Grill offers fresh authentic Lebanese street food
in vibrant and rustic surroundings.
Amsterdam – Schiphol Airport
Bubbles Seafood & Wine Bar is a modern, sophisticated bar, offering
quality seafood, wine and other beverages to travelers.
Edinburgh – Edinburgh Airport
With more than 300 different whiskies to choose from, the refurbished
World of Whiskies space at Edinburgh Airport is a must visit.
STN
MXP
ARN
HEL
London – London Stansted Airport
Milan – Milan Malpensa Airport
Avolta inaugurated the mind.body.soul. concept at London Stansted
Avolta hosts the world’s first permanent Prada Beauty airport counter,
in a shop-in-shop format.
located in Terminal 1 of Malpensa Airport.
Stockholm – Arlanda Airport
With more than 2,500 m2 of walk-through space, Stockholm Duty-Free
doubles the size of Avolta’s previous store at Arlanda.
Helsinki – Helsinki Air port
Located in the heart of the airport’s gate area, Avolta’s new Helsinki store
is highly visible to passengers.
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c
i
f
i
c
a
P
i
a
s
A
Significant acceleration against 2022
port’s Terminal 2 as master concessionaire for travel retail,
F&B, convenience and entertainment, serving 27 million
Avolta’s footprint in the Asia-Pacific (APAC) region has in-
passengers annually (base 2019). Equally, we extended our
creased considerably on the back of the business combi-
footprint in the People’s Republic of China thanks to a new
nation, executed in 2023. The company now has a pres-
five-year contract for four duty-paid stores at Chongqing
ence in 11 countries. The performance in APAC improved
Jiangbei International Airport.
significantly from the 2022 low base, driven by domestic
and intra-regional traffic and thanks to a gradual recovery
Elsewhere, newly opened or extended concessions within
in inbound and outbound international travel. In total, re-
the region included the seven-year extension of our F&B
gional proforma organic growth totalled 84.4 % YoY.
contract in Kuala Lumpur International Airport (Malaysia)
In 2023, turnover reached CHF 557.8 million versus pro-
tions at Bali’s Gusti Ngurah Rai International Airport (Indo-
forma CHF 314.9 million in 2022. While Chinese outbound
nesia). Avolta also opened new retail stores and F&B out-
traffic was hampered by capacity constraints, other na-
lets at Bangalore International Airport (India), where the
tionalities’ propensity to travel domestically, intra-region,
company has a fifteen-year joint venture to operate duty-
and internationally, became increasingly evident.
free shops.
and the opening of additional travel retail and F&B opera-
During 2023, Avolta secured some attractive new contracts
In the year under review, Avolta opened a total of 3,835m2
and successfully extended important existing concessions
and refurbished 3,636m2 of retail space across the APAC
within the region. Of note is the joint venture agreement
region.
with Hubei Airport Group to operate the Wuhan Tianhe Air-
Portion of turnover
2023
Turnover
(in millions of CHF)
Key reported
data 2023
Global
Distribution
Centers
Latin
America
Europe,
Middle East
and Africa
Number
of shops
334
Retail sales area
in m²
21,826
Employees
in FTE
5,804
558
315
558
600
500
400
300
200
100
0
160
99
* Proforma.
** CORE Turnover.
North
America
4 % Asia Pacific
20 21
22* 23**
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Significant acceleration against 2022
Avolta’s footprint in the Asia-Pacific (APAC) region has in-
creased considerably on the back of the business combi-
nation, executed in 2023. The company now has a pres-
ence in 11 countries. The performance in APAC improved
significantly from the 2022 low base, driven by domestic
and intra-regional traffic and thanks to a gradual recovery
in inbound and outbound international travel. In total, re-
gional proforma organic growth totalled 84.4 % YoY.
In 2023, turnover reached CHF 557.8 million versus pro-
forma CHF 314.9 million in 2022. While Chinese outbound
traffic was hampered by capacity constraints, other na-
tionalities’ propensity to travel domestically, intra-region,
and internationally, became increasingly evident.
During 2023, Avolta secured some attractive new contracts
and successfully extended important existing concessions
within the region. Of note is the joint venture agreement
with Hubei Airport Group to operate the Wuhan Tianhe Air-
port’s Terminal 2 as master concessionaire for travel retail,
F&B, convenience and entertainment, serving 27 million
passengers annually (base 2019). Equally, we extended our
footprint in the People’s Republic of China thanks to a new
five-year contract for four duty-paid stores at Chongqing
Jiangbei International Airport.
Elsewhere, newly opened or extended concessions within
the region included the seven-year extension of our F&B
contract in Kuala Lumpur International Airport (Malaysia)
and the opening of additional travel retail and F&B opera-
tions at Bali’s Gusti Ngurah Rai International Airport (Indo-
nesia). Avolta also opened new retail stores and F&B out-
lets at Bangalore International Airport (India), where the
company has a fifteen-year joint venture to operate duty-
free shops.
In the year under review, Avolta opened a total of 3,835m2
and refurbished 3,636m2 of retail space across the APAC
region.
Portion of turnover
2023
Turnover
(in millions of CHF)
Key reported
data 2023
Global
Distribution
Centers
Latin
America
Europe,
Middle East
and Africa
North
America
558
558
315
160
99
600
500
400
300
200
100
0
Number
of shops
334
Retail sales area
in m²
21,826
Employees
in FTE
5,804
4 % Asia Pacific
20 21
22* 23**
* Proforma.
** CORE Turnover.
c
i
f
i
c
a
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Asia
Pacific
BLR
DPS
Bangalore – Kempegowda Int. Airport
Duty-Free store in the departures area of the newly opened Terminal 2,
boasting over 3,600 m2 of retail space across departures and arrivals.
Bali – I Gusti Ngurah Rai Int. Airport
A polished casual, full service restaurant and bar, Wolfgang Puck
Kitchen + Bar offers distinctly unique F&B with attentive service.
KUL
SHA
CKG
CKG
Malaysia – Kuala Lumpur Airport
Catering to health-conscious travelers, FRESH serves healthy food and
drinks, preparing them on the spot or for immediate takeaway.
Shanghai – Shanghai Hongqiao Int. Airport
This 54 m2 dedicated boutique is La Mer’s first standalone store in
China’s Duty-Paid travel retail channel.
Chongqing – Chongqing Jiangbei Int. Airport
Chongqing – Chongqing Jiangbei Int. Airport
Avolta inaugurated five standalone luxury beauty boutiques at
Crystal Jade is a Singapore-based culinary brand with multiple Michelin
Chongqing Jiangbei.
Bib Gourmand awards regarded for its authentic Shanghainese cuisine.
Asia
Pacific
BLR
DPS
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Bangalore – Kempegowda Int. Airport
Duty-Free store in the departures area of the newly opened Terminal 2,
boasting over 3,600 m2 of retail space across departures and arrivals.
Bali – I Gusti Ngurah Rai Int. Airport
A polished casual, full service restaurant and bar, Wolfgang Puck
Kitchen + Bar offers distinctly unique F&B with attentive service.
KUL
SHA
CKG
CKG
Malaysia – Kuala Lumpur Airport
Shanghai – Shanghai Hongqiao Int. Airport
Catering to health-conscious travelers, FRESH serves healthy food and
This 54 m2 dedicated boutique is La Mer’s first standalone store in
drinks, preparing them on the spot or for immediate takeaway.
China’s Duty-Paid travel retail channel.
Chongqing – Chongqing Jiangbei Int. Airport
Avolta inaugurated five standalone luxury beauty boutiques at
Chongqing Jiangbei.
Chongqing – Chongqing Jiangbei Int. Airport
Crystal Jade is a Singapore-based culinary brand with multiple Michelin
Bib Gourmand awards regarded for its authentic Shanghainese cuisine.
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c
i
r
e
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A
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t
r
o
N
Robust growth underpinned by strong traffic trends
our F&B, specialty retail and travel convenience portfolio
and solid demand
through a combination of digital innovation, brand part-
nerships and reimagined stores. Furthermore, having
Avolta’s new North America region was defined in the con-
been awarded a twelve-year duty-free contract in Boston
text of the business combination. The magnitude of the
Logan International Airport’s International Terminal E
business generated across the US and Canada, through
modernized in early 2023, we have opened several duty-
113 locations, underlines the importance of these opera-
free stores. New specialty retail stores were also opened
tions for Avolta – a market that also features a motorway
at John F. Kennedy International Airport in New York, while
business potential.
the company was awarded a new fifteen-year travel con-
venience contract for Fresno Yosemite International Air-
While in the US, both F&B and travel retail experienced ro-
port (California). Avolta also opened new dining venues in
bust growth, underpinned by strong traffic trends and
Jacksonville International Airport, Fort Lauderdale-Holly-
solid demand from both domestic and international trav-
wood International Airport, Birmingham-Shuttlesworth In-
elers, Canada benefitted from the progressive return of
ternational Airport, Charlotte Douglas International Air-
Asian travelers during this period. In 2023, turnover
port, Hartsfield-Jackson Atlanta International Airport, Salt
reached CHF 3,971.4 million versus proforma CHF 3,683.0
Lake City International Airport, San José Mineta Interna-
million in 2022; representing proforma organic growth of
tional Airport, Orlando International Airport and Chicago
14.3 % YoY.
O’Hare International Airport (all USA).
Avolta signed a contract extension at the Harry Reid Inter-
Overall, Avolta opened a total of 5,498m2 of travel retail
national Airport in Las Vegas (USA) through to 2038. We
space and refurbished 6,775 m2 in its North America re-
have already opened a number of stores and transformed
gion.
Portion of turnover
2023
Global
Distribution
Centers
Latin
America
32 % North
America
Europe,
Middle East
and Africa
3,971
3,683
Key reported
data 2023
Number
of shops
2,092
Retail sales area
in m²
114,881
Employees
in FTE
29,851
Turnover
(in millions of CHF)
3,971
4,000
3,000
2,000
0
1,044
1,000
644
* Proforma.
** CORE Turnover.
Asia Pacific
20 21
22* 23**
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Robust growth underpinned by strong traffic trends
and solid demand
Avolta’s new North America region was defined in the con-
text of the business combination. The magnitude of the
business generated across the US and Canada, through
113 locations, underlines the importance of these opera-
tions for Avolta – a market that also features a motorway
business potential.
While in the US, both F&B and travel retail experienced ro-
bust growth, underpinned by strong traffic trends and
solid demand from both domestic and international trav-
elers, Canada benefitted from the progressive return of
Asian travelers during this period. In 2023, turnover
reached CHF 3,971.4 million versus proforma CHF 3,683.0
million in 2022; representing proforma organic growth of
14.3 % YoY.
our F&B, specialty retail and travel convenience portfolio
through a combination of digital innovation, brand part-
nerships and reimagined stores. Furthermore, having
been awarded a twelve-year duty-free contract in Boston
Logan International Airport’s International Terminal E
modernized in early 2023, we have opened several duty-
free stores. New specialty retail stores were also opened
at John F. Kennedy International Airport in New York, while
the company was awarded a new fifteen-year travel con-
venience contract for Fresno Yosemite International Air-
port (California). Avolta also opened new dining venues in
Jacksonville International Airport, Fort Lauderdale-Holly-
wood International Airport, Birmingham-Shuttlesworth In-
ternational Airport, Charlotte Douglas International Air-
port, Hartsfield-Jackson Atlanta International Airport, Salt
Lake City International Airport, San José Mineta Interna-
tional Airport, Orlando International Airport and Chicago
O’Hare International Airport (all USA).
Avolta signed a contract extension at the Harry Reid Inter-
national Airport in Las Vegas (USA) through to 2038. We
have already opened a number of stores and transformed
Overall, Avolta opened a total of 5,498m2 of travel retail
space and refurbished 6,775 m2 in its North America re-
gion.
Portion of turnover
2023
Global
Distribution
Centers
Latin
America
Europe,
Middle East
and Africa
32 % North
America
Asia Pacific
Key reported
data 2023
Number
of shops
2,092
Retail sales area
in m²
114,881
Employees
in FTE
29,851
Turnover
(in millions of CHF)
3,971
3,971
3,683
4,000
3,000
2,000
1,044
1,000
644
0
20 21
22* 23**
* Proforma.
** CORE Turnover.
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c
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North
America
BOS
EWR
BHM
Newark – Newark Liberty Int. Airport
Birmingham – Birmingham-Shuttlesworth Int. Airport
Boardwalk General Store is one of Avolta’s newest convenience stores
Tacos Locos is a celebration of the bold flavors of Mexican cuisine
in Newark.
in the heart of BHM, offering chef-driven dishes and craft cocktails.
BNA
BNA
Boston – Boston Logan Int. Airport
The Connoisseur Collection is inspired by Boston’s rich heritage of
whisky clubs and the vibrant history of the Rowes Wharf trading port.
Nashville – Nashville Int. Airport
Nashville – Nashville Int. Airport
The Pharmacy Burger Parlor at BNA is an airport outpost of a popular
Parnassus Books is the airport outpost of Nashville´s must visit
local restaurant, offering travelers a delicious taste of Nashville.
independent bookstore.
MDW
LAS
CLT
YUL
Chicago – Chicago Midway Int. Airport
The Atrium, a one-stop-shop for top global and local brands, diverse gift
options and luxury items.
Las Vegas – Harry Reid Int. Airport
The Hudson Nonstop store, powered by Amazon’s Just Walk Out
technology, is part of Avolta´s innovative retail transformation.
Charlotte – Charlotte Douglas Int. Airport
Montréal – Montréal-Pierre Elliot Trudeau Int. Airport
Born in Chicago, Beatrix Market offers travelers an all-day bakery and
A tribute to Montréal’s Griffintown neighborhood, Brasseur de Montréal
coffee counter, along with quick, grab-and-go bites and snacks.
restaurant features local craft beers, poutine and chef-inspired dishes.
North
America
BOS
EWR
BHM
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Newark – Newark Liberty Int. Airport
Boardwalk General Store is one of Avolta’s newest convenience stores
in Newark.
Birmingham – Birmingham-Shuttlesworth Int. Airport
Tacos Locos is a celebration of the bold flavors of Mexican cuisine
in the heart of BHM, offering chef-driven dishes and craft cocktails.
BNA
BNA
Boston – Boston Logan Int. Airport
The Connoisseur Collection is inspired by Boston’s rich heritage of
whisky clubs and the vibrant history of the Rowes Wharf trading port.
Nashville – Nashville Int. Airport
The Pharmacy Burger Parlor at BNA is an airport outpost of a popular
local restaurant, offering travelers a delicious taste of Nashville.
Nashville – Nashville Int. Airport
Parnassus Books is the airport outpost of Nashville´s must visit
independent bookstore.
MDW
LAS
CLT
YUL
Chicago – Chicago Midway Int. Airport
Las Vegas – Harry Reid Int. Airport
The Atrium, a one-stop-shop for top global and local brands, diverse gift
The Hudson Nonstop store, powered by Amazon’s Just Walk Out
options and luxury items.
technology, is part of Avolta´s innovative retail transformation.
Charlotte – Charlotte Douglas Int. Airport
Born in Chicago, Beatrix Market offers travelers an all-day bakery and
coffee counter, along with quick, grab-and-go bites and snacks.
Montréal – Montréal-Pierre Elliot Trudeau Int. Airport
A tribute to Montréal’s Griffintown neighborhood, Brasseur de Montréal
restaurant features local craft beers, poutine and chef-inspired dishes.
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c
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e
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t
a
L
Considerable recovery across the whole region
signed a twenty-year contract to operate a duty-free store
at the international bridge «General San Martin», the main
The Latin America region (LATAM) experienced an impor-
crossing point between Argentina and Uruguay.
tant performance acceleration over the course of the year.
Main drivers of this included increased demand in Argen-
Finally, Avolta proudly announced the opening of a stun-
tina, positively impacted by local currency developments,
ning new luxury Swarovski boutique onboard the Norwe-
as well as in Mexico and the Caribbean, thanks to strong
gian Cruise Line (NCL) “Norwegian Escape” cruise ship.
momentum in leisure travelers. Brazil continued to im-
The 56 m² bespoke boutique is the first at sea and will of-
prove as international traffic returned while demand also
fer the full product range including jewelry, watches and
rose across the cruise line channel, one of the traditional
writing instruments.
businesses in the Caribbean.
In 2023, turnover reached CHF 1,653.7 million versus pro-
tail space and refurbished 6,884 m2 in the LATAM region.
In all, over 2023, Avolta opened a total 896 m2 of new re-
forma CHF 1,310.5 million in 2022; with proforma organic
growth up by a remarkable 32.5 % versus 2022.
During 2023, successful concession wins or extensions in-
cluded a ten-year contract for a newly opened duty-paid
store at Vitória Airport (Brazil). Avolta also inaugurated a
1,586 m² main duty-free store at Sangster International
Airport (SIA) in Montego Bay (Jamaica). Moreover, Avolta
Portion of turnover
2023
Turnover
(in millions of CHF)
Key reported
data 2023
Global
Distribution
Centers
13 % Latin
America
Europe,
Middle East
and Africa
1,654
Number
of shops
400
1,654
1,311
Retail sales area
in m²
128,436
699
497
Employees
in FTE
5,991
2,000
1,500
1,000
500
0
North
America
Asia Pacific
20 21
22* 23**
* Proforma.
** CORE Turnover.
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signed a twenty-year contract to operate a duty-free store
at the international bridge «General San Martin», the main
crossing point between Argentina and Uruguay.
Finally, Avolta proudly announced the opening of a stun-
ning new luxury Swarovski boutique onboard the Norwe-
gian Cruise Line (NCL) “Norwegian Escape” cruise ship.
The 56 m² bespoke boutique is the first at sea and will of-
fer the full product range including jewelry, watches and
writing instruments.
In all, over 2023, Avolta opened a total 896 m2 of new re-
tail space and refurbished 6,884 m2 in the LATAM region.
Considerable recovery across the whole region
The Latin America region (LATAM) experienced an impor-
tant performance acceleration over the course of the year.
Main drivers of this included increased demand in Argen-
tina, positively impacted by local currency developments,
as well as in Mexico and the Caribbean, thanks to strong
momentum in leisure travelers. Brazil continued to im-
prove as international traffic returned while demand also
rose across the cruise line channel, one of the traditional
businesses in the Caribbean.
In 2023, turnover reached CHF 1,653.7 million versus pro-
forma CHF 1,310.5 million in 2022; with proforma organic
growth up by a remarkable 32.5 % versus 2022.
During 2023, successful concession wins or extensions in-
cluded a ten-year contract for a newly opened duty-paid
store at Vitória Airport (Brazil). Avolta also inaugurated a
1,586 m² main duty-free store at Sangster International
Airport (SIA) in Montego Bay (Jamaica). Moreover, Avolta
Portion of turnover
2023
Turnover
(in millions of CHF)
Key reported
data 2023
Global
Distribution
Centers
13 % Latin
America
Europe,
Middle East
and Africa
North
America
1,654
Number
of shops
400
2,000
1,500
1,000
500
0
1,654
1,311
Retail sales area
in m²
128,436
699
497
Employees
in FTE
5,991
Asia Pacific
20 21
22* 23**
* Proforma.
** CORE Turnover.
a
c
i
r
e
m
A
n
i
t
a
L
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Latin
America
MEX
REC
Mexico City – Benito Juárez Int. Airport
A striking tequila tasting area welcomes customers and invites them to
sample the many exceptional tequila brands available.
Recife – Recife Int. Airport
Recife’s 268 m2 Dufry Shopping store is located airside and features a
Hudson convenience shop-in-shop concept.
MEX
SDQ
CNF
SIA
Mexico City – Benito Juárez Int. Airport
The souvenir store in Terminal 2 embodies a robust sense of place,
deeply intertwined with Mexican tradition and folklore.
Dominican Republic – Las Américas Int. Airport
Las Americas Collection store is a multi-brand concept offering
an array of products including watches, jewelry, sunglasses, fashion
and accessories.
Belo Horizonte – Confins Int. Airport
Montego Bay – Sangster Int. Airport
The Dufry Shopping mega store in Belo Horizonte is one of Avolta’s
Strong sense of place with “Rum Vibes” showcasing local spirits,
largest stores of this duty-paid concept.
including many Jamaican rums.
Latin
America
MEX
REC
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Mexico City – Benito Juárez Int. Airport
A striking tequila tasting area welcomes customers and invites them to
sample the many exceptional tequila brands available.
Recife – Recife Int. Airport
Recife’s 268 m2 Dufry Shopping store is located airside and features a
Hudson convenience shop-in-shop concept.
MEX
SDQ
CNF
SIA
Mexico City – Benito Juárez Int. Airport
Dominican Republic – Las Américas Int. Airport
The souvenir store in Terminal 2 embodies a robust sense of place,
Las Americas Collection store is a multi-brand concept offering
deeply intertwined with Mexican tradition and folklore.
an array of products including watches, jewelry, sunglasses, fashion
Belo Horizonte – Confins Int. Airport
The Dufry Shopping mega store in Belo Horizonte is one of Avolta’s
largest stores of this duty-paid concept.
Montego Bay – Sangster Int. Airport
Strong sense of place with “Rum Vibes” showcasing local spirits,
including many Jamaican rums.
and accessories.
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Over 1,000 locations
worldwide
Europe, Middle East
and Africa
Armenia
● ● ● Gyumri
● ● ● Yerevan
Austria
● ● ● Arnwiesen
● ● ● Feistritz
● ● ● Göttlesbrunn
● ● ● Hinterbrühl
● ● ● Innsbruck
● ● ● Lanschütz
● ● ● Lindach
● ● ● Linz
● ● ● Matrei
● ● ● Pandorf
● ● ● Salzburg
● ● ● Weer
● ● ● Wien
● ● ● Wien Westbahnhof
● ● ● Ybbs
Belgium
● ● ● Aishe-en-Refail
● ● ● Antwerp
● ● ● Bruges
● ● ● Brussels
● ● ● Brussels Central
● ● ● Brussels Noord
● ● ● Froyennes
● ● ● Ghent
● ● ● Hasselt
● ● ● Mannekensvere
● ● ● Namur
● ● ● Ranst
● ● ● Ruisbroek
● ● ● Sprimont
● ● ● Thieu
● ● ● Verlaine
● ● ● Wanlin
● ● ● Zaventem
Bulgaria
● ● ● Burgas
● ● ● Sofia●
● ● ● Varna
Cape Verde
● ● ● Boa Vista
● ● ● Praia
● ● ● Sal
Côte d’Ivoire
● ● ● Abidjan
Denmark
● ● ● Copenhagen
Egypt
● ● ● Cairo
Finland
● ● ● Helsinki
France
● ● ● Ambrussum
● ● ● Beaune
● ● ● Beziers Montblanc Nord
● ● ● Blois-Villerbon
● ● ● Brou
● ● ● Chartres - Gasvilel - Bois Paris
● ● ● Calais
● ● ● Cambarette Centre
● ● ● Cambarette Sud
● ● ● Canaver
● ● ● Carrousel du Louvre
● ● ● Centre France
● ● ● Chien Blanc - Lochères
● ● ● Corbières
● ● ● Corbières Nord
● ● ● Dijon - Brognon
● ● ● Disney Hotels
● ● ● Dracé Plus
● ● ● Eurotunnel France
● ● ● Fort-de-France
● ● ● Granier Chambéry
● ● ● Jardin des Arbres
● ● ● Jura
● ● ● L'Isle-d'Abeau
● ● ● L'Isle-d'Abeau Sud
● ● ● Lafayette
● ● ● Matoury
● ● ● Metz - St. Privat
● ● ● Miramas
● ● ● Montélimar Est
● ● ● Montélimar Ouest
● ● ● Morainvilliers
● ● ● Morainvilliers Nord
● ● ● Morières
● ● ● Nemours - Darvault
● ● ● Nice
● ● ● Perrogney - Noidant
● ● ● Plaines de Beauce
● ● ● Pointe-à-Pitre
● ● ● Porte de la Drôme
● ● ● Ressons Est
● ● ● Sommesous
● ● ● Taponas-Boitray
● ● ● The Village
● ● ● Toulouse
● ● ● Troyes
● ● ● Villeroy
● ● ● Volcans d'Auvergne
● ● ● Wancourt Est
Germany
● ● ● Berlin
● ● ● Bochum
● ● ● Bonn
● ● ● Bremen
● ● ● Darmstadt
● ● ● Dessau
● ● ● Dresden
● ● ● Duisburg
● ● ● Düsseldorf
● ● ● Eisenach
● ● ● Erfurt
● ● ● Essen
● ● ● Frankfurt
● ● ● Fribourg
● ● ● Göttingen
● ● ● Halle
● ● ● Hamburg
● ● ● Hannover
● ● ● Heidelberg
● ● ● Jungfernstieg
● ● ● Karlsruhe
● ● ● Kiel
● ● ● Köln
● ● ● Leipzig
● ● ● Magdeburg
● ● ● Mainz
● ● ● Mannheim
● ● ● München
● ● ● Münster
● ● ● Neumünster
● ● ● Nurenburg
● ● ● Ohlsdorf
● ● ● Postdam
● ● ● Rosenheim
● ● ● Rostock
● ● ● Saarbrücken
● ● ● Siegburg
● ● ● Sternschanze
● ● ● Stuttgart
● ● ● Wiesbaden
● ● ● Wurzburg
Ghana
● ● ● Accra
Greece
● ● ● Akrata
● ● ● Alexandroupolis
● ● ● Athens
● ● ● Athens Leptokaria
● ● ● Chania
● ● ● Corfu
● ● ● Doirani
● ● ● Evzonoi
● ● ● Heraklion
● ● ● Igoumenista
● ● ● Ioannina
● ● ● Kakavia
● ● ● Kalamata
● ● ● Karpathos
● ● ● Kastanies
● ●● Kastellorizo
● ● ● Katakolo
● ● ● Kavala
● ● ● Kefalonia
● ● ● Kipoi
● ● ● Kos
● ● ● Krystallopigi
● ● ● Limnos
● ● ● Mertziani
● ● ● Mykonos
● ● ● Mytilene
● ● ● Nea Anchialos
● ● ● Niki
● ● ● Ormenio
● ● ● Patras
● ● ● Piraeus
● ● ● Preveza
● ● ● Promachonas
● ● ● Rhodes
● ● ● Sagiada
● ● ● Samos
● ● ● Santorini
● ● ● Skiathos
● ● ● Spathovouni
● ● ● Symi
● ● ● Thessaloniki
● ● ● Zakynthos
Ireland
● ● ● Ballymahon
Italy
● ● ● Aci Sant'Antonio Ovest
● ● ● Acquasparta
● ● ● Acquedoldi Sud
● ● ● Adda Sud
● ● ● Adige Brennero Est
● ● ● Adige Brennero Ovest
● ● ● Adige Est
● ● ● Adige Ovest Oil
● ● ● Affi
● ● ● Alento Est Oil
● ● ● Alfaterna Est
● ● ● Alfaterna Ovest
● ● ● Arda
● ● ● Arno Est
● ● ● Arrone Ovest Oil
● ● ● Assago Carrefour
● ● ● Assago Forum
● ● ● Assago Ovest
● ● ● Asti Est
● ● ● Aurelia Sud
● ● ● Autoparco Brescia Est
● ● ● Badia al Pino Est
● ● ● Badia al Pino Ovest
● ● ● Bagali Est
● ● ● Bari
● ● ● Baronissi Est
● ● ● Baronissi Ovest
● ● ● Bazzera Nord Oil
● ● ● Bazzera Sud
● ● ● Bentivoglio Ovest
● ● ● Bergamo
● ● ● Bettole di Novi Est
● ● ● Bettole di Novi Ovest
● ● ● Bevano Est
● ● ● Bevano Ovest
● ● ● Bologna
● ● ● Bolzano
● ● ● Bordighera Nord Oil
● ● ● Bordighera Sud
● ● ● Bormida Est Oil
● ● ● Braccagni
● ● ● Brembo
● ● ● Brembo Oil
● ● ● Brembo Sud Oil
● ● ● Brianza Nord
● ● ● Brianza Sud
● ● ● Brindisi
● ● ● Brughiera Est Oil
● ● ● Brughiera Ovest
● ● ● Brugnato Est
● ● ● Brugnato Ovest Oil
● ● ● Calaggio Nord Oil
● ● ● Calatabiano Ovest Oil
● ● ● Calstorta Nord
● ● ● Campagna Nord
● ● ● Campagna Ovest
● ● ● Campiglia Marittima
● ● ● Campiglia Marittima Ovest
● ● ● Campiolo Ovest
● ● ● Campora Est
● ● ● Cantagallo
● ● ● Cantagallo Est Oil
● ● ● Capalbio
● ● ● Cologno Monzese Est
● ● ● Mercato Saraceno
● ● ● Mercato Saraceno Est
● ● ● Rio Ghidone Ovest
● ● ● Caracoli Nord
● ● ● Carate Brianza Ovest
● ● ● Carcare Est
● ● ● Cascina
● ● ● Cascina Bar
● ● ● Casilina Est
● ● ● Casilina Esterna
● ● ● Casilina Ovest
● ● ● Castagnolo Ovest
● ● ● Castel Guelfo
● ● ● Castelbentivoglio Est
● ● ● Irpinia Sud
● ● ● Isola Rizza
● ● ● La Macchia Est
● ● ● La Macchia Est Oil
● ● ● La Macchia Ovest
● ● ● Laimburg Est
● ● ● Laimburg Ovest
● ● ● Lambro Sud
● ● ● Lambro Sud Oil
● ● ● Lario Est
● ● ● Lario Ovest
● ● ● Castelbentivoglio Ovest
● ● ● Latina Pontina
● ● ● Castelfranco
● ● ● Castellaro Nord Oil
● ● ● Lazise
● ● ● Ledra Est Oil
● ● ● Castelnuovo del Garda
● ● ● Limena
● ● ● Cecina Ovest
● ● ● Ceriale Nord
● ● ● Ceriale Sud
● ● ● Chianti
● ● ● Cigliano Nord Oil
● ● ● Cinisello Nord
● ● ● Civita Nord
● ● ● Civita Sud
● ● ● Civitanova Nord Oil
● ● ● Civitanova Sud
● ● ● Colle Tasso Sud
● ● ● Collesalvetti Sud
● ● ● Conero Est
● ● ● Conero Ovest
● ● ● Conioli Sud Oil
● ● ● Coppetella Est
● ● ● Cremona Nord
● ● ● Cremona Sud
● ● ● Crocetta Sud
● ● ● Dorno
● ● ● Dorno Oil
● ● ● Drove Est
● ● ● Drove Ovest
● ● ● Duino Sud
● ● ● Esino Ovest
● ● ● Esino Ovest Oil
● ● ● Fella Est Oil
● ● ● Feronia Est Oil
● ● ● Fine Est
● ● ● Flaminia Est
● ● ● Flaminia Ovest
● ● ● Florence
● ● ● Foglia Ovest
● ● ● Follonica
● ● ● Francavilla Fontana
● ● ● Frascati Est
● ● ● Frascineto Est
● ● ● Frascineto Ovest
● ● ● Gallarate
● ● ● Gargallo Ovest
● ● ● Genoa
● ● ● Ghedi Est
● ● ● Ghedi Est Oil
● ● ● Ghedi Ovest
● ● ● Giovi Est
● ● ● Giovi Ovest
● ● ● Giovinazzo Nord
● ● ● Giovinazzo Sud
● ● ● Golfo Aranci
● ● ● Gran Bosco Est Oil
● ● ● Grosseto Banditella
● ● ● Limenella Sud Oil
● ● ● Livorno
● ● ● Lucignano Ovest Oil
● ● ● Magra Est
● ● ● Magra Ovest
● ● ● Mantova
● ● ● Mascherone Est Oil
● ● ● Medesano Est
● ● ● Medesano Est Oil
● ● ● Medesano Ovest
● ● ● Melara Est
● ● ● Melfi
● ● ● Metauro Est
● ● ● Milan
● ● ● Milan Cadorna
● ● ● Milan Centrale
● ● ● Milan Famagosta
● ● ● Milan Garibaldi
● ● ● Milan Linate
● ● ● Milan Malpensa
● ● ● Milan Pertini Oil
● ● ● Modugno
● ● ● Molteno
● ● ● Monferrato Est Oil
● ● ● Monte Baldo Ovest
● ● ● Montealto Nord
● ● ● Montealto Sud
● ● ● Montefeltro Ovest
● ● ● Montepulciano Est
● ● ● Montepulciano Ovest
● ● ● Montequiesa Nord
● ● ● Montriggioni Est
● ● ● Montevarchi
● ● ● Montevelino Nord
● ● ● Naples
● ● ● Nettuno
● ● ● Nichelino Nord
● ● ● Nichelino Sud
● ● ● Nogaredo Est Oil
● ● ● Nogaredo Ovest
● ● ● Novate Milanese Nord
● ● ● Novate Nord
● ● ● Noventa di Piave
● ● ● Nure Nord
● ● ● Nure Sud
● ● ● Ofanto Nord
● ● ● Olbia Monti
● ● ● Olivarella Sud
● Orio al Serio
● ● ● Pieve S. Stefano Est
● ● ● Serravalle
● ● ● Pieve S. Stefano Ovest
● ● ● Serravalle Pistoiese
● ● ● Serravalle Pistoiese Nord
● ● ● Settimo Torinese Sud
● ● ● Paganella Ovest Oil
● ● ● Palermo
● ● ● Parma Colorno
● ● ● Paretola Sud
● ● ● Pero Nord
● ● ● Piani d'Ivrea Nord
● ● ● Piani d'Ivrea Sud
● ● ● Piceno Est
● ● ● Piombino Oil
● ● ● Pisa
● ● ● Pisa Uberti
● ● ● Po Brennero Est Oil
● ● ● Po Est
● ● ● Po Ovest
● ● ● Pomezia
● ● ● Pontedera Sud
● ● ● Pontevalleceppi
● ● ● Porto di Piombino
● ● ● Porto Torres
● ● ● Postumia Nord
● ● ● Postumia Sud
● ● ● Potenza
● ● ● Povegliano Ovest
● ● ● Prenestina Est
● ● ● Prenestina Ovest
● ● ● Rinovo Nord Oil
● ● ● Rio Vivo Est
● ● ● Ripa Sud
● ● ● Riviera Sud
● ● ● Rivoli Nord
● ● ● Rogliano Est
● ● ● Rogliano Ovest
● ● ● Rome
● ● ● Rosarno Ovest
● ● ● Rozzano Nord
● ● ● Rubicone Est
● ● ● Rubicone Ovest
● ● ● S. Liberato
● ● ● S. Teresa di Riva Est Oil
● ● ● S. Vincenzo
● ● ● Sacchitello Nord
● ● ● Sacchitello Sud
● ● ● Sala Consilina Est
● ● ● Sala Consilina Ovest
● ● ● Salerno Est
● ● ● Salerno S. Leonardo
● ● ● San Benedetto Ovest
● ● ● San Casciano Est Oil
● ● ● San Casciano Ovest Oil
● ● ● San Cristoforo Nord
● ● ● San Demetrio Ovest Oil
● ● ● San Giuliano Est
● ● ● San Giuliano Ovest
● ● ● San Lorenzo Ovest
● ● ● San Pelagio Ovest
● ● ● San Rocco
● ● ● San Zenone Ovest
● ● ● Santerno Est
● ● ● Scaligera
● ● ● Scaligera Sud
● ● ● Scarmagno Est
● ● ● Scarmagno Ovest Oil
● ● ● Sebino
● ● ● Sebino Sud
● ● ● Secchia Est
● ● ● Secchia Ovest
● ● ● Secchia Ovest Oil
● ● ● Selargius
● ● ● Seriate
● ● ● Serramendola Est
● ● ● Siena
● ● ● Sile Ovest Oil
● ● ● Sillaro Ovest
● ● ● Somaglia Est
● ● ● Somaglia Ovest
● ● ● Spello
● ● ● Spoleto Oil
● ● ● Stradella Nord
● ● ● Stradella Sud
● ● ● Stura Est
● ● ● Stura Ovest
● ● ● Teano Est
● ● ● Terni Nord
● ● ● Terni Sud
● ● ● Tesina Sud
● ● ● Tesina Sud Oil
● ● ● Tevere Ovest
● ● ● Tiburtina Sud Oil
● ● ● Tindari Sud
● ● ● Tirreno Est
● ● ● Todi
● ● ● Tolentino
● ● ● Termini Imerese Sud
● ● ● Tor Bell Monaca
● ● ● Torre Annunziata Ovest
● ● ● Torre Cerrano Est
● ● ● Tortona Nord
● ● ● Tortona Sud
● ● ● Tortoreto Ovest
● ● ● Tramatza Est
● ● ● Tramatza Ovest
● ● ● Trebbia Nord
● ● ● Tremestieri Ovest
● ● ● Turchino Est
● ● ● Turin
● ● ● Val di Sona Est
● ● ● Valle Aterno Ovest Oil
● ● ● Valleggia
● ● ● Valtrompia Nord
● ● ● Valtrompia Sud
● ● ● Verbano Est
● ● ● Verbano Ovest
● ● ● Vercelli
● ● ● Venezia Mestra
● ● ● Venezia S.Lucia
● ● ● Verghereto
● ● ● Verona
● ● ● Verona Tagenziale
● ● ● Versilia Ovest
● ● ● Vicolungo
● ● ● Villa Morosini Ovest
● ● ● Villabona Nord Rotatoria
● ● ● Villabona Sud
● ● ● Villanova Sud
● ● ● Saint Vincent Ovest Oil
● ● ● Trieste
● ● ● Padova Australia Oil
● ● ● Scillato Sud
Over 1,000 locations
worldwide
Europe, Middle East
and Africa
Armenia
● ● ● Gyumri
● ● ● Yerevan
Austria
● ● ● Arnwiesen
● ● ● Feistritz
● ● ● Göttlesbrunn
● ● ● Hinterbrühl
● ● ● Innsbruck
● ● ● Lanschütz
● ● ● Lindach
● ● ● Linz
● ● ● Matrei
● ● ● Pandorf
● ● ● Salzburg
● ● ● Weer
● ● ● Wien
● ● ● Wien Westbahnhof
● ● ● Ybbs
Belgium
● ● ● Aishe-en-Refail
● ● ● Antwerp
● ● ● Bruges
● ● ● Brussels
● ● ● Brussels Central
● ● ● Brussels Noord
● ● ● Froyennes
● ● ● Ghent
● ● ● Hasselt
● ● ● Mannekensvere
● ● ● Namur
● ● ● Ranst
● ● ● Ruisbroek
● ● ● Sprimont
● ● ● Thieu
● ● ● Verlaine
● ● ● Wanlin
● ● ● Zaventem
Bulgaria
● ● ● Burgas
● ● ● Sofia●
● ● ● Varna
Cape Verde
● ● ● Boa Vista
● ● ● Praia
● ● ● Sal
Côte d’Ivoire
● ● ● Abidjan
Denmark
● ● ● Copenhagen
Egypt
● ● ● Cairo
Finland
● ● ● Helsinki
France
● ● ● Ambrussum
● ● ● Beaune
● ● ● Chartres - Gasvilel - Bois Paris
● ● ● Calais
● ● ● Cambarette Centre
● ● ● Cambarette Sud
● ● ● Canaver
● ● ● Carrousel du Louvre
● ● ● Centre France
● ● ● Chien Blanc - Lochères
● ● ● Corbières
● ● ● Corbières Nord
● ● ● Dijon - Brognon
● ● ● Disney Hotels
● ● ● Dracé Plus
● ● ● Eurotunnel France
● ● ● Fort-de-France
● ● ● Granier Chambéry
● ● ● Jardin des Arbres
● ● ● Jura
● ● ● L'Isle-d'Abeau
● ● ● L'Isle-d'Abeau Sud
● ● ● Lafayette
● ● ● Matoury
● ● ● Metz - St. Privat
● ● ● Miramas
● ● ● Montélimar Est
● ● ● Montélimar Ouest
● ● ● Morainvilliers
● ● ● Morainvilliers Nord
● ● ● Morières
● ● ● Nemours - Darvault
● ● ● Nice
● ● ● Perrogney - Noidant
● ● ● Plaines de Beauce
● ● ● Pointe-à-Pitre
● ● ● Porte de la Drôme
● ● ● Ressons Est
● ● ● Sommesous
● ● ● Taponas-Boitray
● ● ● The Village
● ● ● Toulouse
● ● ● Troyes
● ● ● Villeroy
● ● ● Volcans d'Auvergne
● ● ● Wancourt Est
Germany
● ● ● Berlin
● ● ● Bochum
● ● ● Bonn
● ● ● Bremen
● ● ● Darmstadt
● ● ● Dessau
● ● ● Dresden
● ● ● Duisburg
● ● ● Düsseldorf
● ● ● Eisenach
● ● ● Erfurt
● ● ● Essen
● ● ● Frankfurt
● ● ● Fribourg
● ● ● Göttingen
● ● ● Halle
● ● ● Hamburg
● ● ● Hannover
● ● ● Heidelberg
● ● ● Alexandroupolis
● ● ● Athens
● ● ● Athens Leptokaria
● ● ● Kiel
● ● ● Köln
● ● ● Leipzig
● ● ● Magdeburg
● ● ● Mainz
● ● ● Mannheim
● ● ● München
● ● ● Münster
● ● ● Neumünster
● ● ● Nurenburg
● ● ● Ohlsdorf
● ● ● Postdam
● ● ● Rosenheim
● ● ● Rostock
● ● ● Saarbrücken
● ● ● Siegburg
● ● ● Sternschanze
● ● ● Stuttgart
● ● ● Wiesbaden
● ● ● Wurzburg
Ghana
● ● ● Accra
Greece
● ● ● Akrata
● ● ● Chania
● ● ● Corfu
● ● ● Doirani
● ● ● Evzonoi
● ● ● Heraklion
● ● ● Igoumenista
● ● ● Ioannina
● ● ● Kakavia
● ● ● Kalamata
● ● ● Karpathos
● ● ● Kastanies
● ●● Kastellorizo
● ● ● Katakolo
● ● ● Kavala
● ● ● Kefalonia
● ● ● Kipoi
● ● ● Kos
● ● ● Krystallopigi
● ● ● Limnos
● ● ● Mertziani
● ● ● Mykonos
● ● ● Mytilene
● ● ● Nea Anchialos
● ● ● Niki
● ● ● Ormenio
● ● ● Patras
● ● ● Piraeus
● ● ● Preveza
● ● ● Rhodes
● ● ● Sagiada
● ● ● Samos
● ● ● Santorini
● ● ● Skiathos
● ● ● Promachonas
● ● ● Spathovouni
● ● ● Symi
● ● ● Thessaloniki
● ● ● Zakynthos
● ● ● Beziers Montblanc Nord
● ● ● Blois-Villerbon
● ● ● Brou
● ● ● Jungfernstieg
● ● ● Karlsruhe
● ● ● Ballymahon
Ireland
Italy
● ● ● Aci Sant'Antonio Ovest
● ● ● Acquasparta
● ● ● Acquedoldi Sud
● ● ● Adda Sud
● ● ● Adige Brennero Est
● ● ● Adige Brennero Ovest
● ● ● Adige Est
● ● ● Adige Ovest Oil
● ● ● Affi
● ● ● Alento Est Oil
● ● ● Alfaterna Est
● ● ● Alfaterna Ovest
● ● ● Arda
● ● ● Arno Est
● ● ● Arrone Ovest Oil
● ● ● Assago Carrefour
● ● ● Assago Forum
● ● ● Assago Ovest
● ● ● Asti Est
● ● ● Aurelia Sud
● ● ● Autoparco Brescia Est
● ● ● Badia al Pino Est
● ● ● Badia al Pino Ovest
● ● ● Bagali Est
● ● ● Bari
● ● ● Baronissi Est
● ● ● Baronissi Ovest
● ● ● Bazzera Nord Oil
● ● ● Bazzera Sud
● ● ● Bentivoglio Ovest
● ● ● Bergamo
● ● ● Bettole di Novi Est
● ● ● Bettole di Novi Ovest
● ● ● Bevano Est
● ● ● Bevano Ovest
● ● ● Bologna
● ● ● Bolzano
● ● ● Bordighera Nord Oil
● ● ● Bordighera Sud
● ● ● Bormida Est Oil
● ● ● Braccagni
● ● ● Brembo
● ● ● Brembo Oil
● ● ● Brembo Sud Oil
● ● ● Brianza Nord
● ● ● Brianza Sud
● ● ● Brindisi
● ● ● Brughiera Est Oil
● ● ● Brughiera Ovest
● ● ● Brugnato Est
● ● ● Brugnato Ovest Oil
● ● ● Calaggio Nord Oil
● ● ● Calatabiano Ovest Oil
● ● ● Calstorta Nord
● ● ● Campagna Nord
● ● ● Campagna Ovest
● ● ● Campiglia Marittima
● ● ● Campiglia Marittima Ovest
● ● ● Campiolo Ovest
● ● ● Campora Est
● ● ● Cantagallo
● ● ● Cantagallo Est Oil
● ● ● Capalbio
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● ● ● Caracoli Nord
● ● ● Carate Brianza Ovest
● ● ● Carcare Est
● ● ● Cascina
● ● ● Cascina Bar
● ● ● Casilina Est
● ● ● Casilina Esterna
● ● ● Casilina Ovest
● ● ● Castagnolo Ovest
● ● ● Castel Guelfo
● ● ● Castelbentivoglio Est
● ● ● Castelbentivoglio Ovest
● ● ● Castelfranco
● ● ● Castellaro Nord Oil
● ● ● Castelnuovo del Garda
● ● ● Cecina Ovest
● ● ● Ceriale Nord
● ● ● Ceriale Sud
● ● ● Chianti
● ● ● Cigliano Nord Oil
● ● ● Cinisello Nord
● ● ● Civita Nord
● ● ● Civita Sud
● ● ● Civitanova Nord Oil
● ● ● Civitanova Sud
● ● ● Colle Tasso Sud
● ● ● Collesalvetti Sud
● ● ● Cologno Monzese Est
● ● ● Conero Est
● ● ● Conero Ovest
● ● ● Conioli Sud Oil
● ● ● Coppetella Est
● ● ● Cremona Nord
● ● ● Cremona Sud
● ● ● Crocetta Sud
● ● ● Dorno
● ● ● Dorno Oil
● ● ● Drove Est
● ● ● Drove Ovest
● ● ● Duino Sud
● ● ● Esino Ovest
● ● ● Esino Ovest Oil
● ● ● Fella Est Oil
● ● ● Feronia Est Oil
● ● ● Fine Est
● ● ● Flaminia Est
● ● ● Flaminia Ovest
● ● ● Florence
● ● ● Foglia Ovest
● ● ● Follonica
● ● ● Francavilla Fontana
● ● ● Frascati Est
● ● ● Frascineto Est
● ● ● Frascineto Ovest
● ● ● Gallarate
● ● ● Gargallo Ovest
● ● ● Genoa
● ● ● Ghedi Est
● ● ● Ghedi Est Oil
● ● ● Ghedi Ovest
● ● ● Giovi Est
● ● ● Giovi Ovest
● ● ● Giovinazzo Nord
● ● ● Giovinazzo Sud
● ● ● Golfo Aranci
● ● ● Gran Bosco Est Oil
● ● ● Grosseto Banditella
● ● ● Irpinia Sud
● ● ● Isola Rizza
● ● ● La Macchia Est
● ● ● La Macchia Est Oil
● ● ● La Macchia Ovest
● ● ● Laimburg Est
● ● ● Laimburg Ovest
● ● ● Lambro Sud
● ● ● Lambro Sud Oil
● ● ● Lario Est
● ● ● Lario Ovest
● ● ● Latina Pontina
● ● ● Lazise
● ● ● Ledra Est Oil
● ● ● Limena
● ● ● Limenella Sud Oil
● ● ● Livorno
● ● ● Lucignano Ovest Oil
● ● ● Magra Est
● ● ● Magra Ovest
● ● ● Mantova
● ● ● Mascherone Est Oil
● ● ● Medesano Est
● ● ● Medesano Est Oil
● ● ● Medesano Ovest
● ● ● Melara Est
● ● ● Melfi
● ● ● Mercato Saraceno
● ● ● Mercato Saraceno Est
● ● ● Metauro Est
● ● ● Milan
● ● ● Milan Cadorna
● ● ● Milan Centrale
● ● ● Milan Famagosta
● ● ● Milan Garibaldi
● ● ● Milan Linate
● ● ● Milan Malpensa
● ● ● Milan Pertini Oil
● ● ● Modugno
● ● ● Molteno
● ● ● Monferrato Est Oil
● ● ● Monte Baldo Ovest
● ● ● Montealto Nord
● ● ● Montealto Sud
● ● ● Montefeltro Ovest
● ● ● Montepulciano Est
● ● ● Montepulciano Ovest
● ● ● Montequiesa Nord
● ● ● Montriggioni Est
● ● ● Montevarchi
● ● ● Montevelino Nord
● ● ● Naples
● ● ● Nettuno
● ● ● Nichelino Nord
● ● ● Nichelino Sud
● ● ● Nogaredo Est Oil
● ● ● Nogaredo Ovest
● ● ● Novate Milanese Nord
● ● ● Novate Nord
● ● ● Noventa di Piave
● ● ● Nure Nord
● ● ● Nure Sud
● ● ● Ofanto Nord
● ● ● Olbia Monti
● ● ● Olivarella Sud
● Orio al Serio
● ● ● Padova Australia Oil
● ● ● Paganella Ovest Oil
● ● ● Palermo
● ● ● Parma Colorno
● ● ● Paretola Sud
● ● ● Pero Nord
● ● ● Piani d'Ivrea Nord
● ● ● Piani d'Ivrea Sud
● ● ● Piceno Est
● ● ● Pieve S. Stefano Est
● ● ● Pieve S. Stefano Ovest
● ● ● Piombino Oil
● ● ● Pisa
● ● ● Pisa Uberti
● ● ● Po Brennero Est Oil
● ● ● Po Est
● ● ● Po Ovest
● ● ● Pomezia
● ● ● Pontedera Sud
● ● ● Pontevalleceppi
● ● ● Porto di Piombino
● ● ● Porto Torres
● ● ● Postumia Nord
● ● ● Postumia Sud
● ● ● Potenza
● ● ● Povegliano Ovest
● ● ● Prenestina Est
● ● ● Prenestina Ovest
● ● ● Rinovo Nord Oil
● ● ● Rio Ghidone Ovest
● ● ● Rio Vivo Est
● ● ● Ripa Sud
● ● ● Riviera Sud
● ● ● Rivoli Nord
● ● ● Rogliano Est
● ● ● Rogliano Ovest
● ● ● Rome
● ● ● Rosarno Ovest
● ● ● Rozzano Nord
● ● ● Rubicone Est
● ● ● Rubicone Ovest
● ● ● S. Liberato
● ● ● S. Teresa di Riva Est Oil
● ● ● S. Vincenzo
● ● ● Sacchitello Nord
● ● ● Sacchitello Sud
● ● ● Saint Vincent Ovest Oil
● ● ● Sala Consilina Est
● ● ● Sala Consilina Ovest
● ● ● Salerno Est
● ● ● Salerno S. Leonardo
● ● ● San Benedetto Ovest
● ● ● San Casciano Est Oil
● ● ● San Casciano Ovest Oil
● ● ● San Cristoforo Nord
● ● ● San Demetrio Ovest Oil
● ● ● San Giuliano Est
● ● ● San Giuliano Ovest
● ● ● San Lorenzo Ovest
● ● ● San Pelagio Ovest
● ● ● San Rocco
● ● ● San Zenone Ovest
● ● ● Santerno Est
● ● ● Scaligera
● ● ● Scaligera Sud
● ● ● Scarmagno Est
● ● ● Scarmagno Ovest Oil
● ● ● Scillato Sud
● ● ● Sebino
● ● ● Sebino Sud
● ● ● Secchia Est
● ● ● Secchia Ovest
● ● ● Secchia Ovest Oil
● ● ● Selargius
● ● ● Seriate
● ● ● Serramendola Est
● ● ● Serravalle
● ● ● Serravalle Pistoiese
● ● ● Serravalle Pistoiese Nord
● ● ● Settimo Torinese Sud
● ● ● Siena
● ● ● Sile Ovest Oil
● ● ● Sillaro Ovest
● ● ● Somaglia Est
● ● ● Somaglia Ovest
● ● ● Spello
● ● ● Spoleto Oil
● ● ● Stradella Nord
● ● ● Stradella Sud
● ● ● Stura Est
● ● ● Stura Ovest
● ● ● Teano Est
● ● ● Termini Imerese Sud
● ● ● Terni Nord
● ● ● Terni Sud
● ● ● Tesina Sud
● ● ● Tesina Sud Oil
● ● ● Tevere Ovest
● ● ● Tiburtina Sud Oil
● ● ● Tindari Sud
● ● ● Tirreno Est
● ● ● Todi
● ● ● Tolentino
● ● ● Tor Bell Monaca
● ● ● Torre Annunziata Ovest
● ● ● Torre Cerrano Est
● ● ● Tortona Nord
● ● ● Tortona Sud
● ● ● Tortoreto Ovest
● ● ● Tramatza Est
● ● ● Tramatza Ovest
● ● ● Trebbia Nord
● ● ● Tremestieri Ovest
● ● ● Trieste
● ● ● Turchino Est
● ● ● Turin
● ● ● Val di Sona Est
● ● ● Valle Aterno Ovest Oil
● ● ● Valleggia
● ● ● Valtrompia Nord
● ● ● Valtrompia Sud
● ● ● Verbano Est
● ● ● Verbano Ovest
● ● ● Vercelli
● ● ● Venezia Mestra
● ● ● Venezia S.Lucia
● ● ● Verghereto
● ● ● Verona
● ● ● Verona Tagenziale
● ● ● Versilia Ovest
● ● ● Vicolungo
● ● ● Villa Morosini Ovest
● ● ● Villabona Nord Rotatoria
● ● ● Villabona Sud
● ● ● Villanova Sud
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● ● ● Villarboit Nord
● ● ● Villoresi Est
● ● ● Villoresi Est Oil
● ● ● Villoresi Ovest
● ● ● Viverone Nord
● ● ● Viverone Sud
● ● ● Vomano Est
● ● ● Zevio
Jordan
● ● ● Amman Marka
● ● ● Amman Queen Alia
● ● ● Aqaba
Kazakhstan
● ● ● Astana
Kenya
● ● ● Nairobi
Kuwait
● ● ● Kuwait City
Malta
● ● ● Luqa
Morocco
● ● ● Agadir
● ● ● Casablanca
● ● ● Fes
● ● ● Marrakech
● ● ● Nador
● ● ● Oujda
● ● ● Rabat
● ● ● Tanger
The Netherlands
● ● ● Alkmaar
● ● ● Amersfoort
● ● ● Amsterdam
● ● ● Amsterdam Amstel
● ● ● Amsterdam Bijlmer Arena
● ● ● Amsterdam Centraal
● ● ● Arnhem
● ● ● Backwerk
● ● ● Broodzaak
● ● ● Den Bosch
● ● ● Den Haag
● ● ● Eindhoven
● ● ● Enschede
● ● ● Groningen
● ● ● Haarlem
● ● ● Hoorn
● ● ● Lelystad
● ● ● Roermond
● ● ● Rotterdam
● ● ● Stadskamer
● ● ● Sugar City
● ● ● Utrecht
Nigeria
● ● ● Abuja
● ● ● Lagos
Norway
● ● ● Oslo
● ● ● Stavanger
Qatar
● ● ● Hamad
Russia
● ● ● Moscow Domodedovo
● ● ● Moscow Mineralnye Vody
● ● ● Moscow Sheremetyevo
● ● ● Moscow Vnukovo
● ● ● Rostov
● ● ● St. Petersburg Pulkovo
Ukraine
● ● ● Odessa
United Arab Emirates
Serbia
● ● ● Belgrade
● ● ● Kraljevo
● ● ● Nis
Slovenia
● ● ● Lukovica
● ● ● Mokrice
● ● ● Sempas
Spain
● ● ● Alicante
● ● ● Almeria
● ● ● Barcelona
● ● ● Fuerteventura
● ● ● Girona
● ● ● Gran Canaria
● ● ● Granada
● ● ● Ibiza
● ● ● Jerez
● ● ● La Palma (SPC)
● ● ● Lanzarote
● ● ● Madrid
● ● ● Malaga
● ● ● Menorca
● ● ● Murcia Corvera
● ● ● Palma de Mallorca (PMI)
● ● ● Reus
● ● ● Sevilla
● ● ● Tenerife Norte
● ● ● Tenerife Sur
● ● ● Valencia
Sweden
● ● ● Gothenburg
● ● ● Kalmar
● ● ● Karlstad
● ● ● Luleå
● ● ● Malmö
● ● ● Östersund
● ● ● Stockholm Arlanda
● ● ● Sundsvall
● ● ● Umeå
● ● ● Visby
Switzerland
● ● ● Basel
● ● ● Basel-Mulhouse
● ● ● Bavois
● ● ● Cornavin
● ● ● Forrenberg
● ● ● Fribourg
● ● ● Genève
● ● ● Gruyère
● ● ● Lavaux
● ● ● Lully
● ● ● Münsingen
● ● ● Olten
● ● ● Pieterlen
● ● ● Pratteln
● ● ● St. Margarethen
● ● ● Zurich
Türkiye
● ● ● Antalya
● ● ● Istanbul
● ● ● Kayseri
● ● ● Kutahya
● ● ● Abu Dhabi
● ● ● Dubai
● ● ● Sharjah
United Kingdom
● ● ● Aberdeen
● ● ● Ashford
● ● ● Bedfordshire
● ● ● Belfast
● ● ● Birmingham
● ● ● Bournemouth
● ● ● Bristol
● ● ● Cardiff
● ● ● Cheshire Oaks
● ● ● Cumbria
● ● ● East Midlands
● ● ● Edinburgh
● ● ● Exeter
● ● ● Eurotunnel
● ● ● Euston
● ● ● Glasgow
● ● ● Humberside
● ● ● Inverness
● ● ● Jersey
● ● ● Leeds
● ● ● Liverpool
● ● ● London King's Cross
● ● ● London Gatwick
● ● ● London Heathrow
● ● ● London Luton
● ● ● London Stansted
● ● ● London St. Pancras
● ● ● Manchester
● ● ● Newcastle
● ● ● Norwich
● ● ● Nottinghamshire
● ● ● Prestwick
● ● ● Southampton
● ● ● Southend
● ● ● Suffolk
● ● ● Teesside
● ● ● Wiltshire
● ● ● Windsor
Cruise and Ferry ships
● ● ● Ariadne
● ● ● Asterion
● ● ● Blue Star I, II
● ● ● Blue Star Delos
● ● ● Blue Star Diagoras
● ● ● Blue Star Naxos
● ● ● Blue Star Paros
● ● ● El. Venezielos
● ● ● Elyros
● ● ● Hellenic Spirit
● ● ● Highspeed 4
● Kissamos
● Kriti Ship (Kriti I, II)
● Lefka Ori
● ● ● Nisos Chios
● ● ● Nisos Mykonos
● ● ● Nisos Rhodes
● ● ● Nisos Samos
● ● ● Patmos
● ● ● P&O European Causeway
● ● ● P&O European Highlander
● ● ● P&O Norbank
● ● ● P&O Pride of Hull
● ● ● P&O Pride of Rotterdam
● ● ● P&O Spirit of Britain
● ● ● P&O Spirit of France
● ● ● P&O The Pioneer
● ● ● Prevelis
● ● ● Superfast I
● ● ● Superfast II
● Superfast III
● ● ● Superfast XI
Asia Pacific
Australia
● ● ● Cairns
● ● ● Canberra
● ● ● Gold Coast
● ● ● Perth
Cambodia
● ● ● Phnom Penh
● ● ● Sihanoukville
China
● ● ● Beijing
● ● ● Chongqing
● ● ● Hong Kong
● ● ● Macau
● ● ● Shanghai Hongqiao
● ● ● Shanghai Pudong
● ● ● Xiamen
India
● ● ● Bangalore
● ● ● Delhi
● ● ● Hyderabad
● ● ● Prestige Shopping Mall
● ● ● Secunderabad
● ● ● Sujana Mall
Indonesia
● ● ● Bali
● ● ● Jakarta
Malaysia
● ● ● Kuala Lumpur
● ● ● Langkawi
Maldives
● ● ● Maldives
New Zealand
● ● ● Christchurch
Singapore
● ● ● Changi
Sri Lanka
● ● ● Colombo
Vietnam
● ● ● Cam Rahn
● ● ● Da Nang
● ● ● Hanoi
● ● ● Ho Chi Minh City
● ● ● Phu Quoc
● ● ● Fort Lauderdale Hollywood
● ● ● Seattle Tacoma
● ● ● Baltimore/Washington
North America
USA
● ● ● Albany
● ● ● Albuquerque
● ● ● Anchorage
● ● ● Atlanta
● ● ● Atlantic City
● ● ● Austin
● ● ● Birmingham
● ● ● Boston
● ● ● Burbank
● ● ● Burlington
● ● ● Charleston
● ● ● Charlotte
● ● ● Chicago O’Hare
● ● ● Cincinnati
● Clearwater
● ● ● Cleveland
● ● ● Colorado Springs
● ● ● Columbus
● ● ● Dallas Fort Worth
● ● ● Dallas Love Field
● ● ● Dayton
● ● ● Denver
● ● ● Des Moines
● ● ● Detroit
● ● ● El Paso
● ● ● Fairbanks
● ● ● Fort Myers
● ● ● Fresno
● ● ● Grand Rapids
● ● ● Greensboro
● ● ● Greenville
● ● ● Harrisburg
● ● ● Honolulu
● ● ● Houston George Bush
● ● ● Houston Hobby
● ● ● Houston Space Center
● ● ● Indianapolis
● ● ● Islip MacArthur
● ● ● Jackson
● ● ● Jacksonville
● ● ● Jersey Gardens Mall
● ● ● Knoxville
● ● ● Las Vegas McCarran
● ● ● Manchester Boston
● ● ● Lihue
● ● ● Little Rock
● ● ● Los Angeles
● ● ● Louisville
● ● ● Lubbock
● ● ● Maui
● ● ● Memphis
● ● ● Miami
● ● ● Milwaukee
● ● ● Minneapolis
● Mobile
● ● ● Myrtle Beach
● ● ● Nashville
● ● ● New Orleans
● ● ● New York
● ● ● New York Empire State
● ● ● New York Grand Central
● ● ● New York JFK
● ● ● New York LaGuardia
● ● ● New York Penn Station
● ● ● New York Port Authority
● ● ● New York Union Station
● ● ● Newark
● ● ● Newburg
● ● ● Norfolk
● ● ● Oakland
● ● ● Omaha
● ● ● Ontario
● ● ● Orange County
● ● ● Orlando
● ● ● Orlando Sanford
● ● ● Philadelphia
● ● ● Phoenix Sky Harbor Airport
● ● ● Pittsburgh
● ● ● Portland
● ● ● Portland International
Bahamas
● ● ● Freeport
● ● ● Nassau
Barbados
● ● ● Bridgetown
Bonaire
● ● ● Kralendijk
Brazil
● ● ● Belém
● ● ● Belo Horizonte
● ● ● Brasília
● ● ● Campinas
● ● ● Curitiba
● ● ● Florianopolis
● ● ● Fortaleza
● ● ● Goiânia
● ● ● Natal
● ● ● Porto Alegre
● ● ● Recife
● ● ● Rio de Janeiro
● ● ● Raleigh
● ● ● Richmond
● ● ● Roanoke
● ● ● Rochester
● ● ● Sacramento
● ● ● Salt Lake City
● ● ● San Antonio
● ● ● San Diego
● ● ● San Francisco
● ● ● San Jose
● ● ● Santa Ana
● ● ● Sarasota
● ● ● Savannah
● ● ● Spokane
● ● ● St Louis
● ● ● Tampa
● ● ● Tucson
● ● ● Tulsa
● ● ● West Palm Beach
● ● ● Washington DC
● ● ● Washington Dulles
● ● ● Washington Ronald
Reagan Airport
Canada
● ● ● Calgary
● ● ● Edmonton
● ● ● Halifax
● ● ● Montréal
● ● ● Toronto Billy Bishop
● ● ● Toronto Pearson
● ● ● Vancouver
Latin America
Antigua & Barbuda
● ● ● Antigua
Argentina
● ● ● Bariloche
● ● ● Buenos Aires Ezeiza
● ● ● Buenos Aires Jorge
Newbery
● ● ● Cordoba
● ● ● Mendoza
● ● ● Rosario
Aruba
● ● ● Oranjestad
● ● ● Rio de Janeiro Galeão
● ● ● Rio de Jainero
Santos Dumont
● ● ● Salvador
● ● ● São Paulo Congonhas
● ● ● São Paulo Guarulhos
● ● ● Uruguaiana
● ● ● Vitoria
Chile
● ● ● Santiago de Chile
Dominican Republic
Colombia
● ● ● Bogota
● ● ● La Romana
● ● ● Puerto Plata
● ● ● Samana
● ● ● Santiago
● ● ● Santo Domingo (SDQ)
● ● ● Santo Domingo Punta Cana
Ecuador
● ● ● Santiago de Guayaquil
Grenada
● ● ● St. Georges's
Honduras
● ● ● Roatan
Jamaica
● ● ● Falmouth
● ● ● Montego Bay
Mexico
● ● ● Acapulco
● ● ● Cancun
● ● ● Cozumel
● ● ● Guadalajara
● ● ● Leon
● ● ● Mazatlan
● ● ● Mexico City
● ● ● Mexico State
● ● ● Monterrey
● ● ● Puerto Vallarta
● ● ● San José del Cabo
● ● ● Zihuatanejo
Puerto Rico
● ● ● Ponce
● ● ● San Juan
St Kitts & Nevis
● ● ● Basseterre
St Lucia
● ● ● Castries
St Maarten
● ● ● Philipsburg
Trinidad & Tobago
● ● ● Port of Spain
Turks & Caicos Islands
● ● ● Cockburn Town
● ● ● Providenciales
Uruguay
● ● ● Montevideo
● ● ● Punta del Este
Cruise and Ferry ships
● ● ● Carnival Panorama
● ● ● Carnival Valor
● ● ● NCL Bliss
● ● ● NCL Breakaway
● ● ● NCL Dawn
● ● ● NCL Escape
● ● ● NCL Epic
● ● ● NCL Gem
● ● ● NCL Getaway
● ● ● NCL Jade
● ● ● NCL Jewel
● ● ● NCL Joy
● ● ● NCL Pearl
● ● ● NCL Sky
● ● ● NCL Spirit
● ● ● NCL Sun
Channels
Airports
Border, Downtown &
Hotel Shops
Railway Stations & Other
Cruise Liners & Ferries
Seaports
Motorways
● ● ● Moscow Vnukovo
● ● ● Rostov
● ● ● St. Petersburg Pulkovo
Ukraine
● ● ● Odessa
● ● ● Abu Dhabi
● ● ● Dubai
● ● ● Sharjah
United Arab Emirates
United Kingdom
● ● ● P&O European Highlander
● ● ● P&O Norbank
● ● ● P&O Pride of Hull
● ● ● P&O Pride of Rotterdam
● ● ● P&O Spirit of Britain
● ● ● P&O Spirit of France
● ● ● P&O The Pioneer
● ● ● Villarboit Nord
● ● ● Villoresi Est
● ● ● Villoresi Est Oil
● ● ● Villoresi Ovest
● ● ● Viverone Nord
● ● ● Viverone Sud
● ● ● Vomano Est
● ● ● Zevio
Jordan
● ● ● Amman Marka
● ● ● Amman Queen Alia
● ● ● Aqaba
Kazakhstan
● ● ● Astana
Kenya
● ● ● Nairobi
Kuwait
● ● ● Kuwait City
Malta
● ● ● Luqa
Morocco
● ● ● Agadir
● ● ● Casablanca
● ● ● Fes
● ● ● Marrakech
● ● ● Nador
● ● ● Oujda
● ● ● Rabat
● ● ● Tanger
● ● ● Arnhem
● ● ● Backwerk
● ● ● Broodzaak
● ● ● Den Bosch
● ● ● Den Haag
● ● ● Eindhoven
● ● ● Enschede
● ● ● Groningen
● ● ● Haarlem
● ● ● Hoorn
● ● ● Lelystad
● ● ● Roermond
● ● ● Rotterdam
● ● ● Stadskamer
● ● ● Sugar City
● ● ● Utrecht
Nigeria
● ● ● Abuja
● ● ● Lagos
Norway
● ● ● Oslo
● ● ● Stavanger
Qatar
● ● ● Hamad
Russia
The Netherlands
● ● ● Alkmaar
● ● ● Amersfoort
● ● ● Amsterdam
● ● ● Amsterdam Amstel
● ● ● Amsterdam Bijlmer Arena
● ● ● Amsterdam Centraal
● ● ● Moscow Domodedovo
● ● ● Moscow Mineralnye Vody
● ● ● Moscow Sheremetyevo
● ● ● Murcia Corvera
● ● ● Palma de Mallorca (PMI)
Serbia
● ● ● Belgrade
● ● ● Kraljevo
● ● ● Nis
Slovenia
● ● ● Lukovica
● ● ● Mokrice
● ● ● Sempas
Spain
● ● ● Alicante
● ● ● Almeria
● ● ● Barcelona
● ● ● Fuerteventura
● ● ● Girona
● ● ● Gran Canaria
● ● ● Granada
● ● ● Ibiza
● ● ● Jerez
● ● ● La Palma (SPC)
● ● ● Lanzarote
● ● ● Madrid
● ● ● Malaga
● ● ● Menorca
● ● ● Reus
● ● ● Sevilla
● ● ● Tenerife Norte
● ● ● Tenerife Sur
● ● ● Valencia
Sweden
● ● ● Gothenburg
● ● ● Kalmar
● ● ● Karlstad
● ● ● Luleå
● ● ● Malmö
● ● ● Östersund
● ● ● Stockholm Arlanda
● ● ● Sundsvall
● ● ● Umeå
● ● ● Visby
Switzerland
● ● ● Basel
● ● ● Basel-Mulhouse
● ● ● Bavois
● ● ● Cornavin
● ● ● Forrenberg
● ● ● Fribourg
● ● ● Genève
● ● ● Gruyère
● ● ● Lavaux
● ● ● Lully
● ● ● Münsingen
● ● ● Olten
● ● ● Pieterlen
● ● ● Pratteln
● ● ● Zurich
Türkiye
● ● ● Antalya
● ● ● Istanbul
● ● ● Kayseri
● ● ● Kutahya
● ● ● St. Margarethen
● ● ● Prevelis
● ● ● Superfast I
● ● ● Superfast II
● Superfast III
● ● ● Superfast XI
Asia Pacific
Australia
● ● ● Cairns
● ● ● Canberra
● ● ● Gold Coast
● ● ● Perth
Cambodia
● ● ● Phnom Penh
● ● ● Sihanoukville
China
● ● ● Beijing
● ● ● Chongqing
● ● ● Hong Kong
● ● ● Macau
● ● ● Shanghai Hongqiao
● ● ● Shanghai Pudong
● ● ● Xiamen
India
● ● ● Bangalore
● ● ● Delhi
● ● ● Hyderabad
● ● ● Prestige Shopping Mall
● ● ● Secunderabad
● ● ● Sujana Mall
Indonesia
● ● ● Bali
● ● ● Jakarta
Malaysia
● ● ● Kuala Lumpur
● ● ● Langkawi
Maldives
● ● ● Maldives
New Zealand
● ● ● Christchurch
Singapore
● ● ● Changi
Sri Lanka
● ● ● Colombo
Vietnam
● ● ● Cam Rahn
● ● ● Da Nang
● ● ● Hanoi
● ● ● Ho Chi Minh City
● ● ● Phu Quoc
● ● ● Aberdeen
● ● ● Ashford
● ● ● Bedfordshire
● ● ● Belfast
● ● ● Birmingham
● ● ● Bournemouth
● ● ● Bristol
● ● ● Cardiff
● ● ● Cheshire Oaks
● ● ● Cumbria
● ● ● East Midlands
● ● ● Edinburgh
● ● ● Exeter
● ● ● Eurotunnel
● ● ● Euston
● ● ● Glasgow
● ● ● Humberside
● ● ● Inverness
● ● ● Jersey
● ● ● Leeds
● ● ● Liverpool
● ● ● London King's Cross
● ● ● London Gatwick
● ● ● London Heathrow
● ● ● London Luton
● ● ● London Stansted
● ● ● London St. Pancras
● ● ● Manchester
● ● ● Newcastle
● ● ● Norwich
● ● ● Nottinghamshire
● ● ● Prestwick
● ● ● Southampton
● ● ● Southend
● ● ● Suffolk
● ● ● Teesside
● ● ● Wiltshire
● ● ● Windsor
Cruise and Ferry ships
● ● ● Ariadne
● ● ● Asterion
● ● ● Blue Star I, II
● ● ● Blue Star Delos
● ● ● Blue Star Diagoras
● ● ● Blue Star Naxos
● ● ● Blue Star Paros
● ● ● El. Venezielos
● ● ● Elyros
● ● ● Hellenic Spirit
● ● ● Highspeed 4
● Kissamos
● Kriti Ship (Kriti I, II)
● Lefka Ori
● ● ● Nisos Chios
● ● ● Nisos Mykonos
● ● ● Nisos Rhodes
● ● ● Nisos Samos
● ● ● Patmos
● ● ● P&O European Causeway
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North America
USA
● ● ● Albany
● ● ● Albuquerque
● ● ● Anchorage
● ● ● Atlanta
● ● ● Atlantic City
● ● ● Austin
● ● ● Baltimore/Washington
● ● ● Birmingham
● ● ● Boston
● ● ● Burbank
● ● ● Burlington
● ● ● Charleston
● ● ● Charlotte
● ● ● Chicago O’Hare
● ● ● Cincinnati
● Clearwater
● ● ● Cleveland
● ● ● Colorado Springs
● ● ● Columbus
● ● ● Dallas Fort Worth
● ● ● Dallas Love Field
● ● ● Dayton
● ● ● Denver
● ● ● Des Moines
● ● ● Detroit
● ● ● El Paso
● ● ● Fairbanks
● ● ● Fort Lauderdale Hollywood
● ● ● Fort Myers
● ● ● Fresno
● ● ● Grand Rapids
● ● ● Greensboro
● ● ● Greenville
● ● ● Harrisburg
● ● ● Honolulu
● ● ● Houston George Bush
● ● ● Houston Hobby
● ● ● Houston Space Center
● ● ● Indianapolis
● ● ● Islip MacArthur
● ● ● Jackson
● ● ● Jacksonville
● ● ● Jersey Gardens Mall
● ● ● Knoxville
● ● ● Las Vegas McCarran
● ● ● Lihue
● ● ● Little Rock
● ● ● Los Angeles
● ● ● Louisville
● ● ● Lubbock
● ● ● Manchester Boston
● ● ● Maui
● ● ● Memphis
● ● ● Miami
● ● ● Milwaukee
● ● ● Minneapolis
● Mobile
● ● ● Myrtle Beach
● ● ● Nashville
● ● ● New Orleans
● ● ● New York
● ● ● New York Empire State
● ● ● New York Grand Central
● ● ● New York JFK
● ● ● New York LaGuardia
● ● ● New York Penn Station
● ● ● New York Port Authority
● ● ● New York Union Station
● ● ● Newark
● ● ● Newburg
● ● ● Norfolk
● ● ● Oakland
● ● ● Omaha
● ● ● Ontario
● ● ● Orange County
● ● ● Orlando
● ● ● Orlando Sanford
● ● ● Philadelphia
● ● ● Phoenix Sky Harbor Airport
● ● ● Pittsburgh
● ● ● Portland
● ● ● Portland International
● ● ● Raleigh
● ● ● Richmond
● ● ● Roanoke
● ● ● Rochester
● ● ● Sacramento
● ● ● Salt Lake City
● ● ● San Antonio
● ● ● San Diego
● ● ● San Francisco
● ● ● San Jose
● ● ● Santa Ana
● ● ● Sarasota
● ● ● Savannah
● ● ● Seattle Tacoma
● ● ● Spokane
● ● ● St Louis
● ● ● Tampa
● ● ● Tucson
● ● ● Tulsa
● ● ● West Palm Beach
● ● ● Washington DC
● ● ● Washington Dulles
● ● ● Washington Ronald
Reagan Airport
Canada
● ● ● Calgary
● ● ● Edmonton
● ● ● Halifax
● ● ● Montréal
● ● ● Toronto Billy Bishop
● ● ● Toronto Pearson
● ● ● Vancouver
Latin America
Antigua & Barbuda
● ● ● Antigua
Argentina
● ● ● Bariloche
● ● ● Buenos Aires Ezeiza
● ● ● Buenos Aires Jorge
Newbery
● ● ● Cordoba
● ● ● Mendoza
● ● ● Rosario
Aruba
● ● ● Oranjestad
Bahamas
● ● ● Freeport
● ● ● Nassau
Barbados
● ● ● Bridgetown
Bonaire
● ● ● Kralendijk
Brazil
● ● ● Belém
● ● ● Belo Horizonte
● ● ● Brasília
● ● ● Campinas
● ● ● Curitiba
● ● ● Florianopolis
● ● ● Fortaleza
● ● ● Goiânia
● ● ● Natal
● ● ● Porto Alegre
● ● ● Recife
● ● ● Rio de Janeiro
● ● ● Rio de Janeiro Galeão
● ● ● Rio de Jainero
Santos Dumont
● ● ● Salvador
● ● ● São Paulo Congonhas
● ● ● São Paulo Guarulhos
● ● ● Uruguaiana
● ● ● Vitoria
Chile
● ● ● Santiago de Chile
Colombia
● ● ● Bogota
Dominican Republic
● ● ● La Romana
● ● ● Puerto Plata
● ● ● Samana
● ● ● Santiago
● ● ● Santo Domingo (SDQ)
● ● ● Santo Domingo Punta Cana
Ecuador
● ● ● Santiago de Guayaquil
Grenada
● ● ● St. Georges's
Honduras
● ● ● Roatan
Jamaica
● ● ● Falmouth
● ● ● Montego Bay
Mexico
● ● ● Acapulco
● ● ● Cancun
● ● ● Cozumel
● ● ● Guadalajara
● ● ● Leon
● ● ● Mazatlan
● ● ● Mexico City
● ● ● Mexico State
● ● ● Monterrey
● ● ● Puerto Vallarta
● ● ● San José del Cabo
● ● ● Zihuatanejo
Puerto Rico
● ● ● Ponce
● ● ● San Juan
St Kitts & Nevis
● ● ● Basseterre
St Lucia
● ● ● Castries
St Maarten
● ● ● Philipsburg
Trinidad & Tobago
● ● ● Port of Spain
Turks & Caicos Islands
● ● ● Cockburn Town
● ● ● Providenciales
Uruguay
● ● ● Montevideo
● ● ● Punta del Este
Cruise and Ferry ships
● ● ● Carnival Panorama
● ● ● Carnival Valor
● ● ● NCL Bliss
● ● ● NCL Breakaway
● ● ● NCL Dawn
● ● ● NCL Escape
● ● ● NCL Epic
● ● ● NCL Gem
● ● ● NCL Getaway
● ● ● NCL Jade
● ● ● NCL Jewel
● ● ● NCL Joy
● ● ● NCL Pearl
● ● ● NCL Sky
● ● ● NCL Spirit
● ● ● NCL Sun
Channels
Airports
Border, Downtown &
Hotel Shops
Railway Stations & Other
Cruise Liners & Ferries
Seaports
Motorways
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Avolta combines inno-
vative travel retail and
F&B offers into new
hybrid commercial
concepts.
e
c
n
e
i
r
e
p
x
e
l
e
v
a
r
t
s
s
e
l
m
a
e
s
a
g
n
i
y
o
j
n
E
–
s
r
e
m
o
t
s
u
C
8 %
Other
1 % Literature & Publications
2 % Electronics
6 % Luxury Goods
30 %
F&B
More than
50,000
items are available in
our portfolio for our customers
to choose from
10 %
Wine &
Spirits
11 %
Tobacco
Goods
13 %
Food &
Confectionary
19 %
Perfumes &
Cosmetics
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Avolta combines inno-
vative travel retail and
F&B offers into new
hybrid commercial
concepts.
e
c
n
e
i
r
e
p
x
e
l
e
v
a
r
t
l
s
s
e
m
a
e
s
a
g
n
y
o
n
E
j
i
–
s
r
e
m
o
t
s
u
C
8 %
Other
1 % Literature & Publications
2 % Electronics
6 % Luxury Goods
30 %
F&B
More than
50,000
items are available in
our portfolio for our customers
to choose from
10 %
Wine &
Spirits
11 %
Tobacco
Goods
13 %
Food &
Confectionary
19 %
Perfumes &
Cosmetics
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In 2023, Avolta further intensified its commitment to care-
fully listen to customers, achieving full alignment with our
customer-centric strategy. Close customer and traveler
engagement through our regular in-shop and online sur-
veys continued to provide valuable insights on evolving
customer expectations. While the global trends for sus-
tainable, healthy and eco-friendly products and food were
confirmed along with premium and innovative offers, we
also identified some additional changes in shopping and
dining behaviors. These are currently being analyzed for
future implementation.
Travel experience revolution
coming to life.
Several recent new openings and refurbishments confirm
Avolta’s ability to revolutionize the traveler’s experience
through the introduction of innovative hybrid and highly
experiential shopping and dining concepts. Showcases in-
clude the innovative “Haute Perfumery” concept, opened
at Zurich Airport (Switzerland), the opening of the new
“Debonair Food Hall” in Palermo’s Falcone Borsellino Inter-
national Airport (Italy), the significant refurbishments and
Next Generation store at Stockholm Arlanda Airport (Swe-
den) as well as the new hybrid concepts, “Hudson Cafè”
with Baci, opened at Milan Malpensa Airport (Italy).
Expanding healthy, wellbeing and sustainable offers
In 2023, Avolta continued fine-tuning its offers and service
portfolio to increase the curated selection of healthy, well-
being and sustainable products and menus. In this context
we introduced 12 new retail brands to our portfolio across
several categories. From an F&B perspective 46 new
brands including vegetarian and vegan options have been
presented to travelers on a global scale. Finally, we have
again extended our premium offering in wine & spirits with
low and zero alcohol options. For a detailed overview
please refer to page 117 of the ESG Report 2023.
The innovative mind.body.soul. shop-in-shop concept of-
fers a range of nutritious, energy-focused foods for health-
conscious customers, alongside sustainable products for
a better environment, and relaxation-focused products
that help promote a sense of well-being. First launched in
Amman (Jordan), the highly flexible concept can be cus-
tomized to the specific wants and needs of different loca-
tions and customer profiles. The concept has already been
expanded into new locations and is currently deployed in
São Paulo (Brazil), Zurich (Switzerland), Helsinki (Finland),
Toulouse (France), London-Stansted (UK), and most
recently, Stockholm (Sweden) and Mexico City (Mexico).
Further openings are planned in 2024 in Bali (Indonesia),
Toronto and Vancouver (Canada) as well as in Siem Reap
and Phnom Penh (Cambodia).
46 new F&B and 12 new
retail brands introduced in
our portfolio.
In close collaboration with our brand partners, we have
further expanded our sustainable product identification
initiative for the retail assortments to new locations and
adding additional products from new brands. The selec-
tion features products that are sustainable under different
aspects such as being Sustainable, Plastic Free, Recycla-
ble or Refillable, Vegan, Palm Oil-Free or Supporting Com-
munities.
To help customers shop considerately, these products get
marked with dedicated tags and are easily identifiable in
our shops and on our online platforms. Currently, the sus-
tainable product selection includes over 1,964 products
from 23 global suppliers covering the main categories –
Close customer and
traveller engagement
through regular online
and in-shop surveys.
food, liquor, perfumes & cosmetics – and is available in 167
their journey, and collect them conveniently once they are
shops across 126 airports, worldwide. A detailed descrip-
at the airport. Avolta’s «Reserve & Collect» service is al-
tion of this ESG initiative is available in the ESG Report on
ready available in 223 locations in 45 countries around the
page 115.
world and new locations are being added – the full list is
available on our website: www.shopdutyfree.com.
Helping customers to shop
and eat considerately.
Global loyalty program.
Similarly, Avolta helps consumers make conscious, re-
Avolta’s loyalty program is a mobile application (App),
sponsible nutrition choices, for example by opting for cer-
which besides awarding points, offers exclusive advan-
tified-sustainable food, focusing on products prepared
tages, discounts and airport benefits at Avolta retail shops.
with a limited amount of ingredients or natural-origin
Members receive promotion notifications tailored to their
ones, and items free from artificial colors or preservatives.
preferences when approaching the airport. This allows
In North America, for example, the selection of takeaway
Avolta to attract them to the shops and increase traveler
food includes items that respect animal welfare and are
conversion. Red By Dufry is live in 316 locations in 51 coun-
fair trade certified, supplied by B-Corp companies, or la-
tries and is being continually expanded to further opera-
belled as gluten free or BPA free.
tions worldwide. For a full list of the locations offering Red
By Dufry visit: www.redbydufry.com.
In Italy, Avolta also offers the «My Autogrill» loyalty pro-
gram, working as an App and featuring a reward catalogue,
For a more detailed description of these ESG initiatives
please refer to the ESG Report on page 115.
Customer engagement along the whole journey
Every single day, Avolta welcomes customers represent-
ing more than 150 nationalities and we increasingly en-
gage with them along their whole journey. Addressing
travelers in the right language and presenting them with
tasty meals, product novelties and attractive promotions
is key to turn them into customers and driving sales. Digi-
tal services and tools are key elements to engage with
customers along their whole journey from the moment
they leave home until they reach their destination.
Pre-order online,
pick-up at the airport.
Currently the
sustainable
product selection
includes
1,964 products from 23 global suppliers
covering the main categories and is
available in 167 shops across 126 airports,
worldwide.
Our New Generation Stores and the other more than 50
highly digitalized shops are cornerstones of this end-to-
end shopping experience, changing their appearance de-
Red by Dufry
Red By Dufry is live and available
pending on which nationalities are present at the airport
in 316 locations across 51 countries.
at any given time of the day, based on flight schedules,
and presenting the brands that best fit the respective cus-
tomer profile. Similarly, digital online menus, touchscreen
kiosks, QR codes, apps, and digital payment systems sim-
Reserve & Collect
The service is already available in 223 locations
plify customer’s ordering process in our restaurants and
in 45 countries around the world.
F&B outlets.
Convenience is always a key sales proposition, and thus
also a priority for Avolta. We believe that engaging with our
My Autogrill is the loyalty programm of Autogrill
customers before they enter our shops and well before
valid at Autogrill and Nuova Sidap stores in Italy.
My Autogrill
they reach the airport, provides them with a great oppor-
www.myautogrill.it.
tunity to pre-order products online before they even start
In 2023, Avolta further intensified its commitment to care-
low and zero alcohol options. For a detailed overview
fully listen to customers, achieving full alignment with our
please refer to page 117 of the ESG Report 2023.
customer-centric strategy. Close customer and traveler
engagement through our regular in-shop and online sur-
The innovative mind.body.soul. shop-in-shop concept of-
veys continued to provide valuable insights on evolving
fers a range of nutritious, energy-focused foods for health-
customer expectations. While the global trends for sus-
conscious customers, alongside sustainable products for
tainable, healthy and eco-friendly products and food were
a better environment, and relaxation-focused products
confirmed along with premium and innovative offers, we
that help promote a sense of well-being. First launched in
also identified some additional changes in shopping and
Amman (Jordan), the highly flexible concept can be cus-
dining behaviors. These are currently being analyzed for
tomized to the specific wants and needs of different loca-
future implementation.
Travel experience revolution
coming to life.
tions and customer profiles. The concept has already been
expanded into new locations and is currently deployed in
São Paulo (Brazil), Zurich (Switzerland), Helsinki (Finland),
Toulouse (France), London-Stansted (UK), and most
recently, Stockholm (Sweden) and Mexico City (Mexico).
Further openings are planned in 2024 in Bali (Indonesia),
Toronto and Vancouver (Canada) as well as in Siem Reap
Several recent new openings and refurbishments confirm
and Phnom Penh (Cambodia).
Avolta’s ability to revolutionize the traveler’s experience
through the introduction of innovative hybrid and highly
experiential shopping and dining concepts. Showcases in-
clude the innovative “Haute Perfumery” concept, opened
at Zurich Airport (Switzerland), the opening of the new
“Debonair Food Hall” in Palermo’s Falcone Borsellino Inter-
national Airport (Italy), the significant refurbishments and
46 new F&B and 12 new
retail brands introduced in
our portfolio.
Next Generation store at Stockholm Arlanda Airport (Swe-
In close collaboration with our brand partners, we have
den) as well as the new hybrid concepts, “Hudson Cafè”
further expanded our sustainable product identification
with Baci, opened at Milan Malpensa Airport (Italy).
initiative for the retail assortments to new locations and
Expanding healthy, wellbeing and sustainable offers
tion features products that are sustainable under different
In 2023, Avolta continued fine-tuning its offers and service
aspects such as being Sustainable, Plastic Free, Recycla-
portfolio to increase the curated selection of healthy, well-
ble or Refillable, Vegan, Palm Oil-Free or Supporting Com-
adding additional products from new brands. The selec-
being and sustainable products and menus. In this context
munities.
we introduced 12 new retail brands to our portfolio across
several categories. From an F&B perspective 46 new
To help customers shop considerately, these products get
brands including vegetarian and vegan options have been
marked with dedicated tags and are easily identifiable in
presented to travelers on a global scale. Finally, we have
our shops and on our online platforms. Currently, the sus-
again extended our premium offering in wine & spirits with
tainable product selection includes over 1,964 products
from 23 global suppliers covering the main categories –
Close customer and
traveller engagement
through regular online
and in-shop surveys.
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food, liquor, perfumes & cosmetics – and is available in 167
shops across 126 airports, worldwide. A detailed descrip-
tion of this ESG initiative is available in the ESG Report on
page 115.
their journey, and collect them conveniently once they are
at the airport. Avolta’s «Reserve & Collect» service is al-
ready available in 223 locations in 45 countries around the
world and new locations are being added – the full list is
available on our website: www.shopdutyfree.com.
Helping customers to shop
and eat considerately.
Global loyalty program.
Similarly, Avolta helps consumers make conscious, re-
sponsible nutrition choices, for example by opting for cer-
tified-sustainable food, focusing on products prepared
with a limited amount of ingredients or natural-origin
ones, and items free from artificial colors or preservatives.
In North America, for example, the selection of takeaway
food includes items that respect animal welfare and are
fair trade certified, supplied by B-Corp companies, or la-
belled as gluten free or BPA free.
For a more detailed description of these ESG initiatives
please refer to the ESG Report on page 115.
Customer engagement along the whole journey
Every single day, Avolta welcomes customers represent-
ing more than 150 nationalities and we increasingly en-
gage with them along their whole journey. Addressing
travelers in the right language and presenting them with
tasty meals, product novelties and attractive promotions
is key to turn them into customers and driving sales. Digi-
tal services and tools are key elements to engage with
customers along their whole journey from the moment
they leave home until they reach their destination.
Pre-order online,
pick-up at the airport.
Our New Generation Stores and the other more than 50
highly digitalized shops are cornerstones of this end-to-
end shopping experience, changing their appearance de-
pending on which nationalities are present at the airport
at any given time of the day, based on flight schedules,
and presenting the brands that best fit the respective cus-
tomer profile. Similarly, digital online menus, touchscreen
kiosks, QR codes, apps, and digital payment systems sim-
plify customer’s ordering process in our restaurants and
F&B outlets.
Convenience is always a key sales proposition, and thus
also a priority for Avolta. We believe that engaging with our
customers before they enter our shops and well before
they reach the airport, provides them with a great oppor-
tunity to pre-order products online before they even start
Avolta’s loyalty program is a mobile application (App),
which besides awarding points, offers exclusive advan-
tages, discounts and airport benefits at Avolta retail shops.
Members receive promotion notifications tailored to their
preferences when approaching the airport. This allows
Avolta to attract them to the shops and increase traveler
conversion. Red By Dufry is live in 316 locations in 51 coun-
tries and is being continually expanded to further opera-
tions worldwide. For a full list of the locations offering Red
By Dufry visit: www.redbydufry.com.
In Italy, Avolta also offers the «My Autogrill» loyalty pro-
gram, working as an App and featuring a reward catalogue,
Currently the
sustainable
product selection
includes
1,964 products from 23 global suppliers
covering the main categories and is
available in 167 shops across 126 airports,
worldwide.
Red by Dufry
Red By Dufry is live and available
in 316 locations across 51 countries.
Reserve & Collect
The service is already available in 223 locations
in 45 countries around the world.
My Autogrill
My Autogrill is the loyalty programm of Autogrill
valid at Autogrill and Nuova Sidap stores in Italy.
www.myautogrill.it.
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Report
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New combined Avolta
Supplier Code of Conduct
recertified with retail
and F&B suppliers.
discounts and dedicated customer services. My Autogrill
is valid in all Autogrill and Nova Sidap Stores in Italy: www.
myautogrill.it.
Forum is Avolta’s social media platform that provides sto-
ries from bloggers and influencers, as well as background
information from brands, in an exclusive and inspirational
environment. Moreover, Forum connects all our other dig-
ital initiatives such as Red By Dufry and Reserve & Collect.
Forum is designed to position Avolta’s travel retail shops
as the place to find the latest trends and novelties for the
main product categories – https://forum.shopdutyfree.
com/en.
Connecting brands and
customers.
While we foster experiences with an array of initiatives,
such as activations, tastings, beauty treatments, novelties
and delicious meals, we strongly focus on a comprehen-
sive service portfolio for our customers. Our well-trained
and highly motivated sales representatives and food &
beverage servers help travelers navigate through a large
variety of prestigious brands and advise them on attrac-
tive menu selections while providing them with valuable
advice and information. For us, a satisfied customer is a
customer who can trust us beyond the mere process of
shopping or eating, but also just as equally when it comes
to product, food and outlet safety as well as comprehen-
sive after-sales services.
Seamless customer service.
Avolta is the only global operator in the industry to offer a
true global return guarantee for products purchased in
the company’s travel retail stores. Whether you purchase
something in Zurich, Rio de Janeiro, Amman, Casablanca,
Hong Kong, Toronto, Mexico City, Bali or in any other of
our locations in the world: if there is a problem with any
product that you purchased at an Avolta network store,
we will replace, refund or exchange your product within
60 days of purchase.
True global return guarantee for
travel retail purchases.
In 2023, Avolta’s customer service representatives, who
can be reached in several languages by phone, email or
online chat, attended 250,047 customers (see further de-
tails also on page 120). Our customer service team pro-
vides worldwide support through our dedicated and sim-
ple to use online platform: Customer Service | Avolta.
Customer satisfaction, responsible marketing &
product safety
Customer satisfaction, responsible marketing and prod-
uct safety is our first priority. We ensure that all products
as well as food offerings reflect the respective health and
safety regulations. Avolta complies with legal require-
ments at every location in which we operate and takes a
proactive approach, working with governments and regu-
lators to clarify any concerns.
Moreover, through active membership or close collabora-
tion with industry and trade associations Avolta has
helped to shape robust Codes of Conduct (e.g. UK Code
of Conduct on disruptive passengers, UK Code of Con-
duct on VAT, ETRC Code of Conduct on Sale of Alcohol,
DFWC Code of Conduct on Sale of Alcohol as well as the
Serve Safe Alcohol program in North America, in collabo-
ration with the National Restaurant Association) and con-
tinues to emphasize its «We ID» campaign, to raise con-
sumers’ awareness about safe drinking by asking all
customers to present identification when they purchase
alcohol in our US stores.
Avolta has also defined its own Supplier Code of Conduct
tem, a data protection policy and internal procedures and
and in 2023 has shared it for recertification with an in-
policies, which follow relevant laws and regulations. Dedi-
creased number of suppliers across the globe including
cated trainings are also carried out on a regular basis for
suppliers of retail products as well as F&B). More details
team members dealing with personal information.
are available in the ESG Report on page 116.
When it comes to marketing and advertising initiatives,
secure the alignment of our operations in accordance to
Avolta applies the same responsible stance that it shows
the EU General Data Protection Regulation (GDPR) and the
in all its other activities. We commit to comply with mar-
new Swiss Data Protection Law. This involves maintaining
keting and advertising regulations in customer-oriented
expanded documentation and information requirements,
communication in the countries where we operate.
privacy risk assessments and ensuring the right of individ-
Avolta continuously reviews and adjusts its processes to
Fostering responsible
marketing and retailing.
uals (customers, team members, partners and suppliers)
to request access to, or to correct, delete, or object to pro-
cessing of their own personal data, and to request data
portability. Avolta keeps monitoring new developments in
data protection regulations and adapts accordingly where
required.
We expect the same behavior from our suppliers when us-
ing the space that we make available in our stores, F&B
Moreover, Avolta also undertakes internal Data Protection
outlets and online channels for advertising and promo-
Audits and intrusion tests, on top of continuously discuss-
tions. This also applies to product labelling, where we ask
ing and improving the protection of customers’ personal
our suppliers to comply with the regulations of all the
data through quarterly dedicated meetings. For any cus-
Avolta locations where their products are sold. Given that
tomer, team member or third party who wishes to report
we operate in an environment where we serve many na-
a grievance or who has questions regarding Avolta’s data
tionalities speaking different languages every day, we are
privacy, there is a specific compliance address to contact
proactively engaging with our industry trade associations
the company, with respective inquiries being coordinated
and suppliers to find off-the-label solutions.
by the Compliance and the Global Internal Audit & Investi-
gations Department Avolta Helpline.
Customer privacy & data protection
In line with the expansion of its online activities and the in-
creased use of digital applications involving customer
data, the management and protection of customer pri-
vacy in the processes involving the handling of client infor-
mation is an area of growing importance for Avolta. As a
Industry recognition for retail
expertise.
requirement of customs authorities as well as for contrac-
Avolta’s expertise recognized by the industry
tual reasons – particularly when operating in airports or
In 2023, Avolta’s customer focus, retail and F&B excel-
similar custom regime environments – the customer’s
lence was once again recognized by different industry
personal data is collected, processed and retained in ac-
partners. A complete list of our awards is available here:
cordance with the privacy statement listed on the Avolta
Avolta Awards.
website: Privacy & Cookie Statement | Avolta (avoltaworld.
com).
Growing importance of customer
privacy and data protection.
The company’s Reserve & Collect and Red By Dufry ser-
vices require additional personal customer information to
provide them with newsletters as well as marketing & ad-
vertising materials. To protect customer data and ensure
it is handled correctly, Avolta applies the highest security
standards securing compliance with different legal frame-
works. The company operates a number of systems and
security processes, including a robust cyber security sys-
New combined Avolta
Supplier Code of Conduct
recertified with retail
and F&B suppliers.
discounts and dedicated customer services. My Autogrill
Hong Kong, Toronto, Mexico City, Bali or in any other of
is valid in all Autogrill and Nova Sidap Stores in Italy: www.
our locations in the world: if there is a problem with any
myautogrill.it.
product that you purchased at an Avolta network store,
we will replace, refund or exchange your product within
Forum is Avolta’s social media platform that provides sto-
60 days of purchase.
main product categories – https://forum.shopdutyfree.
In 2023, Avolta’s customer service representatives, who
ries from bloggers and influencers, as well as background
information from brands, in an exclusive and inspirational
environment. Moreover, Forum connects all our other dig-
ital initiatives such as Red By Dufry and Reserve & Collect.
Forum is designed to position Avolta’s travel retail shops
as the place to find the latest trends and novelties for the
com/en.
Connecting brands and
customers.
True global return guarantee for
travel retail purchases.
can be reached in several languages by phone, email or
online chat, attended 250,047 customers (see further de-
tails also on page 120). Our customer service team pro-
vides worldwide support through our dedicated and sim-
ple to use online platform: Customer Service | Avolta.
Customer satisfaction, responsible marketing &
While we foster experiences with an array of initiatives,
product safety
such as activations, tastings, beauty treatments, novelties
Customer satisfaction, responsible marketing and prod-
and delicious meals, we strongly focus on a comprehen-
uct safety is our first priority. We ensure that all products
sive service portfolio for our customers. Our well-trained
as well as food offerings reflect the respective health and
and highly motivated sales representatives and food &
safety regulations. Avolta complies with legal require-
beverage servers help travelers navigate through a large
ments at every location in which we operate and takes a
variety of prestigious brands and advise them on attrac-
proactive approach, working with governments and regu-
tive menu selections while providing them with valuable
lators to clarify any concerns.
advice and information. For us, a satisfied customer is a
customer who can trust us beyond the mere process of
Moreover, through active membership or close collabora-
shopping or eating, but also just as equally when it comes
tion with industry and trade associations Avolta has
to product, food and outlet safety as well as comprehen-
helped to shape robust Codes of Conduct (e.g. UK Code
sive after-sales services.
of Conduct on disruptive passengers, UK Code of Con-
duct on VAT, ETRC Code of Conduct on Sale of Alcohol,
DFWC Code of Conduct on Sale of Alcohol as well as the
Serve Safe Alcohol program in North America, in collabo-
ration with the National Restaurant Association) and con-
tinues to emphasize its «We ID» campaign, to raise con-
Seamless customer service.
Avolta is the only global operator in the industry to offer a
sumers’ awareness about safe drinking by asking all
true global return guarantee for products purchased in
customers to present identification when they purchase
the company’s travel retail stores. Whether you purchase
alcohol in our US stores.
something in Zurich, Rio de Janeiro, Amman, Casablanca,
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 81/336
tem, a data protection policy and internal procedures and
policies, which follow relevant laws and regulations. Dedi-
cated trainings are also carried out on a regular basis for
team members dealing with personal information.
Avolta continuously reviews and adjusts its processes to
secure the alignment of our operations in accordance to
the EU General Data Protection Regulation (GDPR) and the
new Swiss Data Protection Law. This involves maintaining
expanded documentation and information requirements,
privacy risk assessments and ensuring the right of individ-
uals (customers, team members, partners and suppliers)
to request access to, or to correct, delete, or object to pro-
cessing of their own personal data, and to request data
portability. Avolta keeps monitoring new developments in
data protection regulations and adapts accordingly where
required.
Moreover, Avolta also undertakes internal Data Protection
Audits and intrusion tests, on top of continuously discuss-
ing and improving the protection of customers’ personal
data through quarterly dedicated meetings. For any cus-
tomer, team member or third party who wishes to report
a grievance or who has questions regarding Avolta’s data
privacy, there is a specific compliance address to contact
the company, with respective inquiries being coordinated
by the Compliance and the Global Internal Audit & Investi-
gations Department Avolta Helpline.
Industry recognition for retail
expertise.
Avolta’s expertise recognized by the industry
In 2023, Avolta’s customer focus, retail and F&B excel-
lence was once again recognized by different industry
partners. A complete list of our awards is available here:
Avolta Awards.
Avolta has also defined its own Supplier Code of Conduct
and in 2023 has shared it for recertification with an in-
creased number of suppliers across the globe including
suppliers of retail products as well as F&B). More details
are available in the ESG Report on page 116.
When it comes to marketing and advertising initiatives,
Avolta applies the same responsible stance that it shows
in all its other activities. We commit to comply with mar-
keting and advertising regulations in customer-oriented
communication in the countries where we operate.
Fostering responsible
marketing and retailing.
We expect the same behavior from our suppliers when us-
ing the space that we make available in our stores, F&B
outlets and online channels for advertising and promo-
tions. This also applies to product labelling, where we ask
our suppliers to comply with the regulations of all the
Avolta locations where their products are sold. Given that
we operate in an environment where we serve many na-
tionalities speaking different languages every day, we are
proactively engaging with our industry trade associations
and suppliers to find off-the-label solutions.
Customer privacy & data protection
In line with the expansion of its online activities and the in-
creased use of digital applications involving customer
data, the management and protection of customer pri-
vacy in the processes involving the handling of client infor-
mation is an area of growing importance for Avolta. As a
requirement of customs authorities as well as for contrac-
tual reasons – particularly when operating in airports or
similar custom regime environments – the customer’s
personal data is collected, processed and retained in ac-
cordance with the privacy statement listed on the Avolta
website: Privacy & Cookie Statement | Avolta (avoltaworld.
com).
Growing importance of customer
privacy and data protection.
The company’s Reserve & Collect and Red By Dufry ser-
vices require additional personal customer information to
provide them with newsletters as well as marketing & ad-
vertising materials. To protect customer data and ensure
it is handled correctly, Avolta applies the highest security
standards securing compliance with different legal frame-
works. The company operates a number of systems and
security processes, including a robust cyber security sys-
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 82/336
Avolta provides con-
cession partners with
an unrivalled selection
of shopping, dining and
hybrid concepts, allow-
ing them to best lever-
age their commercial
areas to create more
and more of a sense of
place.
e
s
i
t
r
e
p
x
e
l
i
a
t
e
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n
–
d
n
s
r
e
n
t
r
a
P
o
i
s
s
e
c
n
o
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B
&
F
e
u
q
i
n
u
e
g
a
r
e
v
e
L
5,100
Avolta’s travel retail
and F&B expertise
comes from operating
over 5,100 outlets in
73 countries across all
continents.
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2023
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Report
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Report
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Report
Governance
Report
Page 83/336
Avolta provides con-
cession partners with
an unrivalled selection
of shopping, dining and
hybrid concepts, allow-
ing them to best lever-
age their commercial
areas to create more
and more of a sense of
place.
e
s
i
t
r
e
p
x
e
l
i
a
t
e
R
–
s
r
e
n
t
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a
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o
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B
&
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e
u
q
n
u
e
g
a
r
e
v
e
L
i
5,100
Avolta’s travel retail
and F&B expertise
comes from operating
over 5,100 outlets in
73 countries across all
continents.
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2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 84/336
Avolta has substantially expanded its expertise to operate
all types of commercial spaces including both travel retail
and F&B formats – and now even further to include oper-
ating as master concessionaire partner. Best-in-class con-
cepts are developed based on detailed understanding of
customer expectations as well as shopping and eating be-
haviors, creating value and maximizing revenue genera-
tion. The portfolio includes both dedicated and highly spe-
cialized concepts as well as hybrid formats allowing to
completely revolutionize customer experience. The trust
our concession partners place in Avolta allows our com-
pany to become the leading travel experience player, cur-
rently operating over 5,100 outlets in 73 countries located
in airports, motorways, seaports, railway stations, down-
town areas, border crossings, cruise liners & ferries, hotels
and other locations with captive audiences.
Benefitting from the widest industry experience
Traditionally featuring a comprehensive portfolio of at-
tractive concepts tailored to the individual needs of duty-
free, duty-paid and F&B environments, serving domestic
and international passengers, Avolta constantly renews
and updates its formats to meet expectations of existing,
and newly emerging customer profiles.
Intelligence on changing profiles and other customer in-
sights is regularly collected through dedicated surveys, in-
store technologies and by analyzing online engagement
of our customers and social media channels. This forms
the basis of successful marketing initiatives tailored to the
requirements of every single airport or any other type of
location. Our worldwide presence and the extensive intel-
ligence of customer profiles are core competitive advan-
tages and key drivers to increase sales and profitability,
combined with our ongoing evolution of shop design and
customer services.
Additionally, all these physical travel retail and F&B con-
cepts are supported by a comprehensive array of online
services and platforms, which considerably increase the
number of touch-points along the traveler’s journey. Com-
plemented with the extensive expertise in all operational
and regulatory aspects as well as the sustainability man-
agement systems provided by Avolta, concession part-
ners receive a complete package to best operate their
spaces in a profitable and sustainable way.
Smart stores, highly digitalized and with
a great sense of place
In line with its strategy, Avolta continues to drive its shop
and restaurant digitalization. This creates the ability to of-
fer customers new services, increasing the level of direct
interaction independently from nationalities and lan-
guages, while at the same time continuing to implement
location-specific formats with highly attractive sense-of-
place designs. Most recent examples include the newly
refurbished duty-free shop at Arlanda Airport in Stock-
holm (Sweden) as well as “Haute Perfumery”, opened at
Zurich Airport (Switzerland), featuring phygital experi-
ences helping the customer to identify the right fragrance.
Highly digitalized shops and F&B outlets – which include
pre-order applications, loyalty program integration, phy-
gital experiences as well as contactless shopping and
palm recognition technologies – continue to evolve and
are typically implemented during refurbishments or when
building new outlets. For a more detailed description of
our digital strategy, please also refer to pages 54 and 55.
Avolta’s concepts provide for a high degree of customiza-
tion, including sense-of-place designs, which remains an
important aspect for our concession partners. Avolta
knows how to perfectly match local requirements and
specific customer profiles with efficient commercial for-
mats, to best serve travelers’ needs and to generate value
for concession partners and Avolta alike.
Real Partnership for mutual value creation
Over the many years we have been in the business, we
have advocated the importance of close collaboration be-
tween concession partners and operators of retail and
F&B formats as a base for optimizing customer satisfac-
Highly digitalized shop
and F&B concepts continue
to evolve with hybrid offers
and sense of place design.
tion and sales. By joining forces with our concession part-
First-class concession portfolio further expanded
ners, we can, for example, in airports, create attractive
with 84 new outlets
commercial spaces that maximize spend from the travel-
In 2023, Avolta further increased its portfolio by opening
er’s arrival at the airport until boarding – and if legislation
and expanding 84 new retail shops and adding over 35,244
allows – also for arrivals duty-free.
Important contract wins and extensions
m² of retail space across all regions. At December 31, 2023,
retail commercial space totaled 477,464 m², representing
a solid footprint for our travel retail operations – and all the
In 2023, Avolta successfully secured new concessions and
more impressive if counting also the commercial F&B areas.
contract extensions, thereby fostering the company’s re-
silience with the necessary «operating licenses» to serve
Within our total concession portfolio, 25 % have a remain-
meals as well as selling products and services. In this con-
ing life-time of ten years or more, 26 % have between six
text the remaining lifetime of its portfolio increased to cur-
and nine years, another 28 % have three to five years and
rently over seven years from around six years in 2022.
the final 21 % of our contracts have a remaining duration of
Highlights – amongst others – of the 2023 contract wins
over six years, is testimony to the strong resilience of the
include the joint venture with Hubei Airport Group to run,
Avolta business. On average, Avolta renews existing con-
as master concessionaire, the Wuhan Tianhe Airport’s
tracts, representing between 10 % and 15 % of our sales,
Terminal 2 retail and F&B operations. Wuhan’s Terminal 2
each year, over and above new contract additions.
one to two years. That 51 % of contracts have a life-time of
serves 27 million passengers (base 2019) through 77 out-
lets. The APAC business region also saw an expansion of
The company’s concession portfolio is highly diversified
its operations in the People’s Republic of China by enter-
and well balanced across emerging and mature markets
ing into a new five-year contract at Chongqing Jiangbei
in all six continents. The largest concession accounts for
International Airport for four stores.
less than 4 % of sales, while the 10 biggest concessions
represent less than 18 %, thus reducing cluster risk and ex-
In North America, Avolta was awarded a new long-term
posure to impacts in any single market or operation.
duty-free contract, along with an extension for its duty-
paid business, for Boston Logan International Airport, was
Financial discipline to focus on investment returns
awarded long-term contracts for both retail and F&B areas
Avolta has tight financial discipline when evaluating new
at Oakland International Airport and signed a new fifteen-
projects and opportunities. This has repeatedly proven its
year duty-paid contract at Fresno Yosemite International
value during challenging business environments as it al-
Airport (California).
lows Avolta to optimize costs and flexible investments.
Projects are analyzed individually on a commercial and fi-
In Latin America, Avolta signed a ten-year contract at
nancial basis. The many aspects of a project being as-
Vitória Airport (Brazil) as well as a twenty-year contract to
sessed include development potential and analyzing initial
operate a duty-free store at the international bridge «Gen-
investment requirements, as well as the expected devel-
eral San Martin«, the main crossing point between Argen-
opment of traveler numbers and profile perspectives.
tina and Uruguay. In EMEA, Avolta won new retail and F&B
Through a strict evaluation of these criteria and our disci-
concessions at several airports including Helsinki Airport
plined approach on returns, we ensure that our conces-
(Finland) and Hamad International Airport (Doha; F&B joint
sion portfolio remains of the highest quality and that each
venture with Qatar Airways).
concession offers attractive returns for the company. This
methodology is applied to all project types, irrespective of
Extensions played a key role in 2023 with, above all, the re-
whether we participate in a tender process, engage in di-
newal of the vast majority of Avolta’s Spanish airport oper-
rect negotiations with concession owners or perform ac-
ation contracts for twelve years. This covers 21 airports,
quisitions.
120 retail outlets covering around 60,000 m2 and serves
approximately 132 million travelers annually (base 2019).
As part of «Destination 2027», we have put active portfo-
The total commercial space awarded represents a 30 %
lio management at the core of our long-term strategy fol-
increase on the previous setup as well as a considerable
lowing the principle of full profitability evaluation for each
sales category expansion in both retail and F&B. Worth
concession contract and, at the appropriate times, rene-
mentioning are also the renewal of a seven-year conces-
gotiation or exit from any concession that does not match
sion contract at Belgrade airport to operate a total of eight
our concession specific objectives. We continuously up-
duty-free shops, a seven-year extension in Kuala Lumpur
date and review our portfolio, including post-opening per-
International Airport (Malaysia) for F&B and a fifteen-year
formances.
extension at Harry Reid International Airport (Las Vegas,
USA).
Avolta has substantially expanded its expertise to operate
plemented with the extensive expertise in all operational
all types of commercial spaces including both travel retail
and regulatory aspects as well as the sustainability man-
and F&B formats – and now even further to include oper-
agement systems provided by Avolta, concession part-
ating as master concessionaire partner. Best-in-class con-
ners receive a complete package to best operate their
cepts are developed based on detailed understanding of
spaces in a profitable and sustainable way.
customer expectations as well as shopping and eating be-
haviors, creating value and maximizing revenue genera-
Smart stores, highly digitalized and with
tion. The portfolio includes both dedicated and highly spe-
a great sense of place
cialized concepts as well as hybrid formats allowing to
In line with its strategy, Avolta continues to drive its shop
completely revolutionize customer experience. The trust
and restaurant digitalization. This creates the ability to of-
our concession partners place in Avolta allows our com-
fer customers new services, increasing the level of direct
pany to become the leading travel experience player, cur-
interaction independently from nationalities and lan-
rently operating over 5,100 outlets in 73 countries located
guages, while at the same time continuing to implement
in airports, motorways, seaports, railway stations, down-
location-specific formats with highly attractive sense-of-
town areas, border crossings, cruise liners & ferries, hotels
place designs. Most recent examples include the newly
and other locations with captive audiences.
refurbished duty-free shop at Arlanda Airport in Stock-
holm (Sweden) as well as “Haute Perfumery”, opened at
Benefitting from the widest industry experience
Zurich Airport (Switzerland), featuring phygital experi-
Traditionally featuring a comprehensive portfolio of at-
ences helping the customer to identify the right fragrance.
tractive concepts tailored to the individual needs of duty-
free, duty-paid and F&B environments, serving domestic
Highly digitalized shops and F&B outlets – which include
and international passengers, Avolta constantly renews
pre-order applications, loyalty program integration, phy-
and updates its formats to meet expectations of existing,
gital experiences as well as contactless shopping and
and newly emerging customer profiles.
palm recognition technologies – continue to evolve and
are typically implemented during refurbishments or when
Intelligence on changing profiles and other customer in-
building new outlets. For a more detailed description of
sights is regularly collected through dedicated surveys, in-
our digital strategy, please also refer to pages 54 and 55.
store technologies and by analyzing online engagement
of our customers and social media channels. This forms
Avolta’s concepts provide for a high degree of customiza-
the basis of successful marketing initiatives tailored to the
tion, including sense-of-place designs, which remains an
requirements of every single airport or any other type of
important aspect for our concession partners. Avolta
location. Our worldwide presence and the extensive intel-
knows how to perfectly match local requirements and
ligence of customer profiles are core competitive advan-
specific customer profiles with efficient commercial for-
tages and key drivers to increase sales and profitability,
mats, to best serve travelers’ needs and to generate value
combined with our ongoing evolution of shop design and
for concession partners and Avolta alike.
customer services.
Additionally, all these physical travel retail and F&B con-
Over the many years we have been in the business, we
cepts are supported by a comprehensive array of online
have advocated the importance of close collaboration be-
services and platforms, which considerably increase the
tween concession partners and operators of retail and
number of touch-points along the traveler’s journey. Com-
F&B formats as a base for optimizing customer satisfac-
Real Partnership for mutual value creation
Highly digitalized shop
and F&B concepts continue
to evolve with hybrid offers
and sense of place design.
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tion and sales. By joining forces with our concession part-
ners, we can, for example, in airports, create attractive
commercial spaces that maximize spend from the travel-
er’s arrival at the airport until boarding – and if legislation
allows – also for arrivals duty-free.
Important contract wins and extensions
In 2023, Avolta successfully secured new concessions and
contract extensions, thereby fostering the company’s re-
silience with the necessary «operating licenses» to serve
meals as well as selling products and services. In this con-
text the remaining lifetime of its portfolio increased to cur-
rently over seven years from around six years in 2022.
Highlights – amongst others – of the 2023 contract wins
include the joint venture with Hubei Airport Group to run,
as master concessionaire, the Wuhan Tianhe Airport’s
Terminal 2 retail and F&B operations. Wuhan’s Terminal 2
serves 27 million passengers (base 2019) through 77 out-
lets. The APAC business region also saw an expansion of
its operations in the People’s Republic of China by enter-
ing into a new five-year contract at Chongqing Jiangbei
International Airport for four stores.
In North America, Avolta was awarded a new long-term
duty-free contract, along with an extension for its duty-
paid business, for Boston Logan International Airport, was
awarded long-term contracts for both retail and F&B areas
at Oakland International Airport and signed a new fifteen-
year duty-paid contract at Fresno Yosemite International
Airport (California).
In Latin America, Avolta signed a ten-year contract at
Vitória Airport (Brazil) as well as a twenty-year contract to
operate a duty-free store at the international bridge «Gen-
eral San Martin«, the main crossing point between Argen-
tina and Uruguay. In EMEA, Avolta won new retail and F&B
concessions at several airports including Helsinki Airport
(Finland) and Hamad International Airport (Doha; F&B joint
venture with Qatar Airways).
Extensions played a key role in 2023 with, above all, the re-
newal of the vast majority of Avolta’s Spanish airport oper-
ation contracts for twelve years. This covers 21 airports,
120 retail outlets covering around 60,000 m2 and serves
approximately 132 million travelers annually (base 2019).
The total commercial space awarded represents a 30 %
increase on the previous setup as well as a considerable
sales category expansion in both retail and F&B. Worth
mentioning are also the renewal of a seven-year conces-
sion contract at Belgrade airport to operate a total of eight
duty-free shops, a seven-year extension in Kuala Lumpur
International Airport (Malaysia) for F&B and a fifteen-year
extension at Harry Reid International Airport (Las Vegas,
USA).
First-class concession portfolio further expanded
with 84 new outlets
In 2023, Avolta further increased its portfolio by opening
and expanding 84 new retail shops and adding over 35,244
m² of retail space across all regions. At December 31, 2023,
retail commercial space totaled 477,464 m², representing
a solid footprint for our travel retail operations – and all the
more impressive if counting also the commercial F&B areas.
Within our total concession portfolio, 25 % have a remain-
ing life-time of ten years or more, 26 % have between six
and nine years, another 28 % have three to five years and
the final 21 % of our contracts have a remaining duration of
one to two years. That 51 % of contracts have a life-time of
over six years, is testimony to the strong resilience of the
Avolta business. On average, Avolta renews existing con-
tracts, representing between 10 % and 15 % of our sales,
each year, over and above new contract additions.
The company’s concession portfolio is highly diversified
and well balanced across emerging and mature markets
in all six continents. The largest concession accounts for
less than 4 % of sales, while the 10 biggest concessions
represent less than 18 %, thus reducing cluster risk and ex-
posure to impacts in any single market or operation.
Financial discipline to focus on investment returns
Avolta has tight financial discipline when evaluating new
projects and opportunities. This has repeatedly proven its
value during challenging business environments as it al-
lows Avolta to optimize costs and flexible investments.
Projects are analyzed individually on a commercial and fi-
nancial basis. The many aspects of a project being as-
sessed include development potential and analyzing initial
investment requirements, as well as the expected devel-
opment of traveler numbers and profile perspectives.
Through a strict evaluation of these criteria and our disci-
plined approach on returns, we ensure that our conces-
sion portfolio remains of the highest quality and that each
concession offers attractive returns for the company. This
methodology is applied to all project types, irrespective of
whether we participate in a tender process, engage in di-
rect negotiations with concession owners or perform ac-
quisitions.
As part of «Destination 2027», we have put active portfo-
lio management at the core of our long-term strategy fol-
lowing the principle of full profitability evaluation for each
concession contract and, at the appropriate times, rene-
gotiation or exit from any concession that does not match
our concession specific objectives. We continuously up-
date and review our portfolio, including post-opening per-
formances.
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Avolta strives to create
sustainable value for its
shareholders. In 2023,
we successfully com-
pleted the integration
with Autogrill. With our
new corporate name
Avolta, our reinforced
One Company, One
Team is highly focused
on our Destination 2027
strategy, revolutionizing
the Travel Experience for
our customers globally.
–
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Shareholder
Structure
Daily Average
Volume
22.17 %
Edizione
76.2
66.5
64.0
60.2
46.0
8.72 %
Advent
International
Corp.
4.94 %
Richemont
4.87 %
Alibaba
Group
Holding Ltd
50.88 %
Other
Shareholders
3.93 %
Black Rock,
Inc.
4.49 %
Qatar
Holding
LLC
19
20
21
22 23
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2023
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Report
ESG
Report
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Report
Governance
Report
Page 87/336
Avolta strives to create
sustainable value for its
shareholders. In 2023,
we successfully com-
pleted the integration
with Autogrill. With our
new corporate name
Avolta, our reinforced
One Company, One
Team is highly focused
on our Destination 2027
strategy, revolutionizing
the Travel Experience for
our customers globally.
–
s
r
o
t
s
e
v
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I
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Shareholder
Structure
Daily Average
Volume
22.17 %
Edizione
76.2
66.5
64.0
60.2
46.0
8.72 %
Advent
International
Corp.
4.94 %
Richemont
4.87 %
Alibaba
Group
Holding Ltd
19
20
21
22 23
50.88 %
Other
Shareholders
3.93 %
Black Rock,
Inc.
4.49 %
Qatar
Holding
LLC
140
120
100
80
60
40
20
0
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Page 88/336
With a footprint that includes 73 countries, Avolta operates
over 5,100 outlets and addresses 2.3 billion passengers
across over 1,000 airports, motorways, cruise liners & fer-
ries, seaports, railway stations and other locations. Our
unique value proposition for travelers has been further en-
hanced by a new focus on innovative store concepts, hybrid
offerings, data-driven customer insights and digitalization,
thus benefitting customer conversion and spending. This
continues to contribute positively to our strong industry
fundamentals of travel retail and F&B – with secular long-
term global passenger growth fueled by an increasingly af-
fluent and expanding population across many countries.
Unique combination of
Travel Retail and F&B.
From an organic growth standpoint, our strategic expan-
sion continues with a keen focus on the highly attractive
and resilient North American market. At the same time, we
are enhancing our dedicated strategy for the Asia-Pacific
region where we are bolstering our team to capture the
growth driven by the continued recovery of the Chinese
travelers and the rising trend of domestic, intra-regional
and international travel among other Asian nationalities. In
Europe, the Middle East, Africa and Latin America, Avolta
continues to fine-tune its business development approach
with clearly defined priorities and goals. Our Destination
2027 strategy targets mid-term annual organic turnover
growth that outpaces passenger growth in the locations
operated by Avolta. Over and above this, the fragmented
nature of the industry presents opportunities for selective
bolt-on M&A with Avolta aligning seamlessly to its new cap-
ital allocation policy as defined in 2023 (see dedicated
paragraph below).
Resilient business
Despite the transient challenges faced by our industry and
Avolta, we maintain a strong belief that travel retail and F&B
is a resilient industry. This is underpinned by the steady in-
crease in global passengers – as corroborated by external
aviation industry sources – and the continued recovery mo-
mentum observed through to the end of 2023, as well as
the willingness of people to travel and prioritize travel-re-
lated spending. Travel retail remains a central component
of the overall travel experience, and customers continue to
be drawn towards attractive product assortments, hybrid
offerings and unique travel experiences. Future F&B growth
is poised to be supported by favorable industry dynamics
including limited in-flight offerings, a growing trend of trav-
elers opting for pre-boarding «grab and go» services, in-
creasing interest in regional cuisine and demand for new
experiences and concepts.
Sustainable profits
and strong cash flow generation
Avolta is committed to delivering turnover growth, im-
proved CORE EBITDA margins and sustainable cash flow
generation and evolve our ESG performance, in line with
our mid-term outlook provided to the market. Our focus on
enhanced profitability is rooted in a zero-based budgeting
approach ensuring resources are allocated to activities that
make the most impact for the customer, while leveraging
technology to streamline work and operations. In line with
this budgeting discipline, Avolta actively and systematically
manages its concessions portfolio, prioritizing profitability
and cash flow contributions. We expect ongoing medium-
term improvements in CORE EBITDA gross margins. Having
generated CHF 30 million in synergies in 2023, ahead of ex-
pectations, we project an additional CHF 55 million in syn-
ergies in 2024, achieving the full run-rate of CHF 85 million
one year earlier than we expected at the time of announc-
ing the Dufry/Autogrill combination. 2023 had, and 2024
will see integration-related costs of CHF 25 million annually.
Our continuously improving profitability is driving a resil-
ient, sustainable Equity Free Cash Flow (EFCF) conversion
from CORE EBITDA.
Avolta systematically manages
its concession portfolio
prioritizing profitability and
cash flow contribution.
Avolta share price and trading volume
Share price
in CHF
Trading volume
millions of CHF
800
700
600
500
400
300
200
100
0
1/22
2/22
3/22 4/22
5/22
6/22
7/22
8/22 9/22 10/22 11/22 12/22
1/23
2/23
3/23 4/23
5/23 6/23
7/23
8/23 9/23 10/23 11/23 12/23
Avolta
SPI
Volume (all exchanges)
Source: Bloomberg
Note: SPI Index has been rebased to Avolta share price
Market Capitalization and Free Float
Billions of CHF
4.9
4.5
2.8
2.2
41
2.9
3.5
2.4
5.0
3.0
2019
2020
2021
2022
2023
Free Float
Average Market Capitalization
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Avolta share price and trading volume
Share price
in CHF
Trading volume
millions of CHF
140
120
100
80
60
40
20
0
800
700
600
500
400
300
200
100
0
1/22
2/22
3/22 4/22
5/22
6/22
7/22
8/22 9/22 10/22 11/22 12/22
1/23
2/23
3/23 4/23
5/23 6/23
7/23
8/23 9/23 10/23 11/23 12/23
Avolta
SPI
Volume (all exchanges)
Source: Bloomberg
Note: SPI Index has been rebased to Avolta share price
Market Capitalization and Free Float
Billions of CHF
4.9
4.5
2.8
2.2
4.1
2.9
3.5
2.4
5.0
3.0
2019
2020
2021
2022
2023
Free Float
Average Market Capitalization
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Sustainable growth strategy
focused on organic growth
boosted by selected M&A.
Over a longer-term perspective, our travel retail business
has consistently pursued a strategy focused on growth and
cash flow generation. We have a demonstrated track re-
cord of organic growth aligned with regional passenger
trends and passenger mix with overall growth boosted by
selective M&A. A key highlight in 2023 was the successful
completion of the combination with Autogrill, significantly
reinforcing Avolta’s leading position across the global travel
retail and F&B industry.
Capital allocation
In 2023, aligned with its expected strong EFCF projections,
Avolta updated its capital allocation policy. Over the me-
dium-term, Avolta’s aim is to align continued balance sheet
deleverage with shareholder returns, all the while maintain-
ing some flexibility for organic growth and smaller bolt-on
acquisitions. Our medium-term Destination 2027 strategy
is based on a target leverage of 1.5 – 2.0x net debt / CORE
EBITDA with near-term flexibility of up to 2.5x for relevant
business development or bolt-on M&A opportunities. We
plan to allocate two-thirds of company EFCF to funding de-
leverage and external growth, while returning one-third to
shareholders under our newly formulated progressive div-
idend policy. For 2023, this equates to a proposed dividend
of CHF 0.70 per share, subject to shareholder approval at
the AGM on 15 May 2024. Beyond capital allocation, Avolta
remains committed to advancing its ESG commitments
and engagement for all stakeholders.
Member of the SMI MID (SMIM) Index
With a market capitalization of CHF 5,084.5 million as per
December 31, 2023, Avolta is part of the SMI MID (SMIM)
Index on the SIX Swiss Exchange. This index includes the
30 largest publicly listed companies in Switzerland not al-
ready represented in the Swiss Market Index (SMI). Avol-
ta’s trading volume in 2023 remained healthy, with an av-
erage daily trading volume of approximately CHF 60.2
million. The SIX Swiss Exchange remains an important
trading platform, where the average daily volume of Avolta
shares reached CHF 19.2 million in 2023. Avolta’s trading
volumes are mainly concentrated at the SIX 31.8 % and
BATS Chi-X OTC 51.5 % platforms.
Following the successful closing of the Autogrill transac-
tion in February 2023, Edizione became Avolta’s largest
shareholder (22.17 % as per December 31, 2023) joining the
company’s other longstanding shareholders who contin-
ued to provide unwavering support. Further most impor-
tant participations (>3 %) as of December 31, 2023, in-
cluded Advent International Corp., Qatar Holding LLC
Alibaba Group Holding Ltd, Richemont and BlackRock
Inc., together representing 49.1 % of our share capital.
Strong investment track record for bondholders
Avolta has been a well-established investment opportu-
nity in the bond market since our first Senior Notes issu-
ance in 2012. On the one hand, the bond market repre-
sents an important source of financing for the company,
while on the other hand, our low operating leverage as well
as the strong and resilient cash flow generation capabili-
ties are characteristics welcomed by the fixed income
market.
Long-term financing
strengthened.
In December 2022 Avolta had successfully refinanced its
main bank credit facilities. A new EUR 2,085 million Re-
volving Credit Facility (RCF) replaced the EUR 1,300 million
RCF and the USD 550 million Term Loan with maturity in
December 2027 compared to the previous maturity date
in November 2024.
In April 2023, the EUR 2,085 million RCF has been in-
creased by EUR 180 million, in June 2023 by EUR 410 mil-
lion and in September 2023 by EUR 75 million to a new to-
tal amount of EUR 2,750 million.
Currently, Avolta holds a (BB) rating with Stable Outlook by
Standard & Poors and a (Ba3) rating with Positive Outlook
by Moody’s. Both rating agencies have upgraded the
credit ratings in the reporting period 2023.
Fair and comprehensive market communication
Avolta is committed to open and transparent communica-
tions with the financial market as we present our equity
story and investment opportunities. This includes a con-
stant, open dialogue with investors, analysts and the me-
dia through direct phone and email exchanges, regular
roadshows and conference attendance, one-to-one meet-
ings and dedicated investor days, either in person or virtu-
ally.
Senior management actively engage in presenting and
discussing our financial performance on a regular basis,
and we provide the financial community and media with
detailed reports and information through press and ana-
lyst conferences, conference calls and webcasts. In this
context, Avolta consistently releases quarterly trading up-
date statements for Q1 and Q3, along with publishing full
financial results for the half-year and full-year periods.
As part of our 2023 Investor Relations activities, and con-
sidering the Autogrill related MTO, senior management
and the Investor Relations team participated in 9 road-
shows and 12 conferences in Europe, North America and
Asia to meet investors directly or virtually. During this time,
we met well over 564 investors in one-to-one or group
meetings and many more in presentations. Additionally,
the Investor Relations team answered 626 calls and emails
in 2023, resulting in a total of 1,190 contacts with investors
and analysts. For contact details of Investor Relations,
please see page 335 of this Annual Report.
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Currently, Avolta holds a (BB) rating with Stable Outlook by
Standard & Poors and a (Ba3) rating with Positive Outlook
by Moody’s. Both rating agencies have upgraded the
credit ratings in the reporting period 2023.
Fair and comprehensive market communication
Avolta is committed to open and transparent communica-
tions with the financial market as we present our equity
story and investment opportunities. This includes a con-
stant, open dialogue with investors, analysts and the me-
dia through direct phone and email exchanges, regular
roadshows and conference attendance, one-to-one meet-
ings and dedicated investor days, either in person or virtu-
ally.
Senior management actively engage in presenting and
discussing our financial performance on a regular basis,
and we provide the financial community and media with
detailed reports and information through press and ana-
lyst conferences, conference calls and webcasts. In this
context, Avolta consistently releases quarterly trading up-
date statements for Q1 and Q3, along with publishing full
financial results for the half-year and full-year periods.
As part of our 2023 Investor Relations activities, and con-
sidering the Autogrill related MTO, senior management
and the Investor Relations team participated in 9 road-
shows and 12 conferences in Europe, North America and
Asia to meet investors directly or virtually. During this time,
we met well over 564 investors in one-to-one or group
meetings and many more in presentations. Additionally,
the Investor Relations team answered 626 calls and emails
in 2023, resulting in a total of 1,190 contacts with investors
and analysts. For contact details of Investor Relations,
please see page 335 of this Annual Report.
Sustainable growth strategy
focused on organic growth
boosted by selected M&A.
Over a longer-term perspective, our travel retail business
volumes are mainly concentrated at the SIX 31.8 % and
has consistently pursued a strategy focused on growth and
BATS Chi-X OTC 51.5 % platforms.
cash flow generation. We have a demonstrated track re-
cord of organic growth aligned with regional passenger
Following the successful closing of the Autogrill transac-
trends and passenger mix with overall growth boosted by
tion in February 2023, Edizione became Avolta’s largest
selective M&A. A key highlight in 2023 was the successful
shareholder (22.17 % as per December 31, 2023) joining the
completion of the combination with Autogrill, significantly
company’s other longstanding shareholders who contin-
reinforcing Avolta’s leading position across the global travel
ued to provide unwavering support. Further most impor-
retail and F&B industry.
Capital allocation
tant participations (>3 %) as of December 31, 2023, in-
cluded Advent International Corp., Qatar Holding LLC
Alibaba Group Holding Ltd, Richemont and BlackRock
In 2023, aligned with its expected strong EFCF projections,
Inc., together representing 49.1 % of our share capital.
Avolta updated its capital allocation policy. Over the me-
dium-term, Avolta’s aim is to align continued balance sheet
Strong investment track record for bondholders
deleverage with shareholder returns, all the while maintain-
Avolta has been a well-established investment opportu-
ing some flexibility for organic growth and smaller bolt-on
nity in the bond market since our first Senior Notes issu-
acquisitions. Our medium-term Destination 2027 strategy
ance in 2012. On the one hand, the bond market repre-
is based on a target leverage of 1.5 – 2.0x net debt / CORE
sents an important source of financing for the company,
EBITDA with near-term flexibility of up to 2.5x for relevant
while on the other hand, our low operating leverage as well
business development or bolt-on M&A opportunities. We
as the strong and resilient cash flow generation capabili-
plan to allocate two-thirds of company EFCF to funding de-
ties are characteristics welcomed by the fixed income
leverage and external growth, while returning one-third to
market.
shareholders under our newly formulated progressive div-
idend policy. For 2023, this equates to a proposed dividend
of CHF 0.70 per share, subject to shareholder approval at
the AGM on 15 May 2024. Beyond capital allocation, Avolta
remains committed to advancing its ESG commitments
and engagement for all stakeholders.
Long-term financing
strengthened.
Member of the SMI MID (SMIM) Index
In December 2022 Avolta had successfully refinanced its
main bank credit facilities. A new EUR 2,085 million Re-
With a market capitalization of CHF 5,084.5 million as per
volving Credit Facility (RCF) replaced the EUR 1,300 million
December 31, 2023, Avolta is part of the SMI MID (SMIM)
RCF and the USD 550 million Term Loan with maturity in
Index on the SIX Swiss Exchange. This index includes the
December 2027 compared to the previous maturity date
30 largest publicly listed companies in Switzerland not al-
in November 2024.
ready represented in the Swiss Market Index (SMI). Avol-
ta’s trading volume in 2023 remained healthy, with an av-
In April 2023, the EUR 2,085 million RCF has been in-
erage daily trading volume of approximately CHF 60.2
creased by EUR 180 million, in June 2023 by EUR 410 mil-
million. The SIX Swiss Exchange remains an important
lion and in September 2023 by EUR 75 million to a new to-
trading platform, where the average daily volume of Avolta
tal amount of EUR 2,750 million.
shares reached CHF 19.2 million in 2023. Avolta’s trading
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Avolta’s global footprint
of over 5,100 travel
retail and F&B outlets
offers suppliers a
unique sales and brand
exposure opportunity
to a worldwide cus-
tomer base.
e
r
u
s
o
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x
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r
e
m
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s
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c
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i
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B
1,000
Avolta works with
more than 1,000 of
the most renowned
global and local
brands to make
travelers happier.
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Avolta’s global footprint
of over 5,100 travel
retail and F&B outlets
offers suppliers a
unique sales and brand
exposure opportunity
to a worldwide cus-
tomer base.
–
s
r
e
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l
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i
f
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B
1,000
Avolta works with
more than 1,000 of
the most renowned
global and local
brands to make
travelers happier.
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Brand Universe
Brand Universe
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Brand Universe
Brand Universe
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Avolta’s network of over 5,100 shops and outlets across 73
countries caters to both domestic and international travelers
with dedicated duty-paid and duty-free retail formats as well
as a variety of F&B concepts offering a wide array of local
and global culinary preferences and cultural eating habits.
With this geographically diverse footprint and as the only
truly global travel experience player, Avolta offers its brand
partners and suppliers a potential of 2.3 billion personal cus-
tomer contacts through which they can drive sales and in-
crease brand value.
Resilience of travel retail and F&B channel confirmed
Suppliers benefit from the customers’ confirmed propensity
to travel. Ongoing growth in passenger numbers and higher
spending versus pre-pandemic levels in the majority of loca-
tions emphasize the attractiveness of this channel and its
unique access to a captive and affluent customer commu-
nity and an attractive access to several customer engage-
ment touchpoints. In 2023, sales have continued to increase
at high growth rates and the split by categories within the
business lines has further normalized towards historical level.
Key roles for experiences, healthy and well-being
products
Market research, through online surveys amongst our cus-
tomers and on social media, conducted on a regular basis in
2023 confirmed the ongoing importance of experiences as
well as premium offers and sustainable well-being products
supporting a healthier lifestyle. Novelties, travel exclusives
and unique promotions continue to form very attractive
propositions – both in travel retail and F&B.
Close collaboration
with global and local suppliers.
To this purpose, Avolta collaborates closely with its global
brand partners and food and beverage vendors. The com-
pany also partners with a wide array of local suppliers to
source fresh food items as well as traditional local retail prod-
ucts transmitting the essential sense of place.
Avolta supports the collaboration with suppliers through
strategic initiatives, marketing campaigns, global promotions
or product launch opportunities. Equally important is the on-
going evolution of the commercial areas with new, attractive
and hybrid design concepts for both shopping and dining
formats. Special focus is given to an increased flexibility in
shop layouts and assortment renewals, along with an em-
phasis on sustainability aspects when it comes to new shop
developments or refurbishments.
Attractive access to customer engagement
touchpoints
Avolta operates a variety of on-site and online customer en-
gagement touchpoints, which brand partners can leverage
to present their product offering to travelers globally or at
defined locations.
Suppliers leverage
markting channels.
To secure a cohesive and seamless customer communica-
tion that delivers an impactful experience, brand partners
are offered a complete advertising package, called «Emo-
tion+», which includes all proprietary customer engagement
channels of Avolta. Emotion+ includes on-site activities such
as double placements, brand ambassadors, digital signage
presence as well as the pre-order and loyalty program chan-
nels and social media. In 2023, 217 of these packages have
been sold to suppliers, now reaching a total of 355 since in-
ception, with over 125 brands participating and generating a
customer exposure of 840 million travelers.
Suppliers benefit from
2.3 billion potential customer
contacts to drive sales and
brand awareness.
Avolta’s network of over 5,100 shops and outlets across 73
pany also partners with a wide array of local suppliers to
countries caters to both domestic and international travelers
source fresh food items as well as traditional local retail prod-
with dedicated duty-paid and duty-free retail formats as well
ucts transmitting the essential sense of place.
as a variety of F&B concepts offering a wide array of local
and global culinary preferences and cultural eating habits.
Avolta supports the collaboration with suppliers through
With this geographically diverse footprint and as the only
or product launch opportunities. Equally important is the on-
truly global travel experience player, Avolta offers its brand
going evolution of the commercial areas with new, attractive
partners and suppliers a potential of 2.3 billion personal cus-
and hybrid design concepts for both shopping and dining
tomer contacts through which they can drive sales and in-
formats. Special focus is given to an increased flexibility in
strategic initiatives, marketing campaigns, global promotions
crease brand value.
shop layouts and assortment renewals, along with an em-
phasis on sustainability aspects when it comes to new shop
Resilience of travel retail and F&B channel confirmed
developments or refurbishments.
Suppliers benefit from the customers’ confirmed propensity
to travel. Ongoing growth in passenger numbers and higher
Attractive access to customer engagement
spending versus pre-pandemic levels in the majority of loca-
touchpoints
tions emphasize the attractiveness of this channel and its
Avolta operates a variety of on-site and online customer en-
unique access to a captive and affluent customer commu-
gagement touchpoints, which brand partners can leverage
nity and an attractive access to several customer engage-
to present their product offering to travelers globally or at
ment touchpoints. In 2023, sales have continued to increase
defined locations.
at high growth rates and the split by categories within the
business lines has further normalized towards historical level.
Key roles for experiences, healthy and well-being
products
Market research, through online surveys amongst our cus-
Suppliers leverage
markting channels.
tomers and on social media, conducted on a regular basis in
To secure a cohesive and seamless customer communica-
2023 confirmed the ongoing importance of experiences as
tion that delivers an impactful experience, brand partners
well as premium offers and sustainable well-being products
are offered a complete advertising package, called «Emo-
supporting a healthier lifestyle. Novelties, travel exclusives
tion+», which includes all proprietary customer engagement
and unique promotions continue to form very attractive
channels of Avolta. Emotion+ includes on-site activities such
propositions – both in travel retail and F&B.
as double placements, brand ambassadors, digital signage
presence as well as the pre-order and loyalty program chan-
nels and social media. In 2023, 217 of these packages have
been sold to suppliers, now reaching a total of 355 since in-
ception, with over 125 brands participating and generating a
customer exposure of 840 million travelers.
Close collaboration
with global and local suppliers.
To this purpose, Avolta collaborates closely with its global
brand partners and food and beverage vendors. The com-
Suppliers benefit from
2.3 billion potential customer
contacts to drive sales and
brand awareness.
,
t
n
e
m
n
o
r
i
v
n
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c
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c
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S
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Report
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Report
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Report
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ESG – a key
pillar of Avolta’s
strategy
Avolta’s ESG Strategy is an inherent part of the company strategy
«Destination 2027» and contributes to the delivery of its financial
and non-financial goals. In 2023, we have further evolved the ESG
strategy to enhance its relevance and include the full new company
scope resulting from the completed business combination between
Dufry and Autogrill and their former individual ESG strategies.
We have evolved our materiality assessment developing a Double
Materiality Matrix, which covers the material topics of an enlarged
stakeholder eco-system and business processes, thus creating the
base for our ESG Strategy House and its four new ESG focus areas:
Create Sustainable Travel Experiences, Respect Our Planet, Empower
Our People, Engage Local Communities.
Overview of Avolta’s
Sustainability Journey
– Avolta receives SBTi
validation for its
Scope 1, 2 & 3 emis-
sion reduction
targets (base 2019)
– 20 % electric energy
covered by renew-
able energy
– First TCFD Report
2022, published in
– Second DE & I survey
executed, covering
all Avolta operations
worldwide
– Updated Code
of Ethics
– Disclosure of
Avolta Code
of Conduct
– Disclosure of Avolta´s
ESG Strategy
– First materiality
assessment
– Joined the UN Global
the first quarter 2023
Compact
– Definition and disclo-
– Equal Salary Certifi-
– Avolta starts report-
sure of materiality
cation launched in
ing on GHG emis-
matrix
Switzerland
sions
2016 2018 2020 2022
2017
2019 2021 2023
– Avolta publishes first
– Avolta launches
– Avolta (base 2019)
– ESG governance
GRI report
second recertifica-
commits to establish
enhanced with dedi-
SBTi emission reduc-
cated Board ESG
– Avolta Supplier Code
of Conduct pub-
tion of Supplier
Code of Conduct
tion targets
lished and first certi-
– ESG governance
– Listed in the SXI
fication process
enhanced with Lead
Sustainability 25
launched
Independent Direc-
tor supervising ESG
strategy implemen-
tation
index of the SIX
Swiss Exchange
– HR Policy published
– Disclosure of Sus-
tainable Manage-
ment Guidelines
– First dedicated
DE & I survey, reach-
ing over 70 % of
head-count
Committee and
appointment of
Chief Public Affairs &
ESG Officer
– Double Materiality
Matrix and evolved
ESG Strategy House
implemented fully
reflecting new com-
pany scope
– TCFD Report exten-
ded covering full
company scope
– Electricity sourcing
from renewable ener-
gies increased to 40 %
– Avolta Supplier Code
of Conduct recer-
tification including
F&B suppliers
launched globally
ESG – a key
pillar of Avolta’s
strategy
Avolta’s ESG Strategy is an inherent part of the company strategy
«Destination 2027» and contributes to the delivery of its financial
and non-financial goals. In 2023, we have further evolved the ESG
strategy to enhance its relevance and include the full new company
scope resulting from the completed business combination between
Dufry and Autogrill and their former individual ESG strategies.
We have evolved our materiality assessment developing a Double
Materiality Matrix, which covers the material topics of an enlarged
stakeholder eco-system and business processes, thus creating the
base for our ESG Strategy House and its four new ESG focus areas:
Create Sustainable Travel Experiences, Respect Our Planet, Empower
Our People, Engage Local Communities.
Annual Report
2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 99/336
Overview of Avolta’s
Sustainability Journey
– Updated Code
of Ethics
– Disclosure of
Avolta Code
of Conduct
– Disclosure of Avolta´s
ESG Strategy
– Joined the UN Global
Compact
– First materiality
assessment
– Definition and disclo-
sure of materiality
matrix
– Equal Salary Certifi-
cation launched in
Switzerland
– Avolta starts report-
ing on GHG emis-
sions
– Avolta receives SBTi
validation for its
Scope 1, 2 & 3 emis-
sion reduction
targets (base 2019)
– 20 % electric energy
covered by renew-
able energy
– First TCFD Report
2022, published in
the first quarter 2023
– Second DE & I survey
executed, covering
all Avolta operations
worldwide
2016 2018 2020 2022
2017
2019 2021 2023
– Avolta publishes first
– Avolta launches
– Avolta (base 2019)
– ESG governance
GRI report
– Avolta Supplier Code
of Conduct pub-
lished and first certi-
fication process
launched
second recertifica-
tion of Supplier
Code of Conduct
– ESG governance
enhanced with Lead
Independent Direc-
tor supervising ESG
strategy implemen-
tation
commits to establish
SBTi emission reduc-
tion targets
– Listed in the SXI
Sustainability 25
index of the SIX
Swiss Exchange
– HR Policy published
– Disclosure of Sus-
tainable Manage-
ment Guidelines
– First dedicated
DE & I survey, reach-
ing over 70 % of
head-count
enhanced with dedi-
cated Board ESG
Committee and
appointment of
Chief Public Affairs &
ESG Officer
– Double Materiality
Matrix and evolved
ESG Strategy House
implemented fully
reflecting new com-
pany scope
– TCFD Report exten-
ded covering full
company scope
– Electricity sourcing
from renewable ener-
gies increased to 40 %
– Avolta Supplier Code
of Conduct recer-
tification including
F&B suppliers
launched globally
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 100/336
ESG as core pillar
of our Destination
2027 company
strategy
Avolta embraces a holistic approach to Environmental,
Social and Governance values and is deeply committed
to sustainability on a global and local level. The compa-
ny’s ESG strategy is an integral part of its Destination
2027 strategy.
About Avolta’s
ESG Report
The Avolta ESG Report includes also the GRI Content Index
and the ESG Report Annex as well as the TCFD Report and
complements the information of the Annual Report (includ-
ing the Corporate Governance Report (page 279) and the
al Diversific
n
a ti o
1. Tra v e l E
3. Operatio
x p e r ience Revolu
ti
o
n
hic
p
a
r
g
o
e
G
.
2
Reimagined
Travel Retail
Food &
Beverage
Traveler
Digital
Point
of Sale
E
n
d-to-End En g a g e m e nt
4. ESG
n
a
l I
m
p
r
o
v
e
m
e
n
t
C
u
l
t
u
r
e
Avolta is a global travel experience player active in the travel
Remuneration Report (page 311). All these reports and doc-
retail and F&B industry and grew to its current scope
uments mentioned are also available online as individual
through the business combination of the legacy groups
files on our corporate website: www.avoltaworld.com.
Dufry and Autogrill completed in 2023. Avolta operates
over 5,100 duty-free and duty-paid shops and restaurants
Avolta published its first TCFD Report in early 2023 based
in over 1,000 locations such as airports, cruise liners & fer-
on the business year 2022 and has now expanded the
ries, seaports, motorways, railway stations and downtown
TCFD Report 2023 to fully cover the scope of the com-
tourist areas. In 2023, we employed 68,459 team members
bined entity. The TCFD Report takes into account the 2021
(FTEs) across 73 countries. Avolta is part of the Swiss Mar-
«Recommendations of the Task Force on Climate-related
ket Index MID (SMIM), has a balanced mix of large and small
Financial Disclosures» and the «Guidance on Metrics, Tar-
globally diversified shareholders and a free float of 71.2 %.
gets and Transition Plans». This is another step forward in
A full description of Avolta’s business model and strategy is
transparency and disclosure in a clear, comparable and
available on page 28 of the Annual Report 2023. The report
consistent manner, by showing detailed information about
is further complemented by several strategy documents,
the risks and opportunities in our business that are trig-
policies and guidelines mentioned also in the ESG Report,
gered by climate change.
such as the ESG Strategy, the Human Resources Policy and
the Environmental Management Guidelines.
Swiss Transparency Requirements on
Non-Financial Matters
The report has been prepared in accordance with the GRI
The Avolta ESG Report 2023 (which includes the ESG Re-
Universal Standards 2021 and covers our environmental,
port 2023 Annex on page 337 ff. of the Annual Report) and
social and governance (ESG) activities, performance and
the TCFD Report on page 337 ff. (together, the 2023 Non-
approach for the year 2023 focusing on the material mat-
Financial Reporting) have been prepared in accordance
ters determined to be of greatest relevance for Avolta and
with the requirements regarding transparency on non-fi-
its stakeholders.
nancial matters pursuant to article 964a et seqq. of the
Swiss Code of Obligations (SCO). The 2023 Non-Financial
For an easier comparison, we continue to include in the
Reporting was approved by the Board of Directors and will
ESG Report the UN Sustainability Development Goals
be submitted for shareholder approval as a separate
(SDGs) and information on the respective GRI indicators
agenda item at Avolta’s Annual General Meeting 2024 in
and SDG goals, which Avolta covers in the corresponding
accordance with the requirements of Art. 964c SCO. The
sections of this report, thus enabling the reader to obtain a
TCFD Report can be found on page 337 ff. of the Annual
better and more transparent understanding of our strategy
Report.
and ESG successes.
Scope
Avolta has been – through its legacy companies Dufry and
For the general profile and most of the GRI indicators, the
Autogrill – a signatory member of the UN Global Compact
information reported is global and relevant to the whole
and prepared Progress Reports ever since 2020 and 2022
company. For staff-related indicators information follows a
respectively. Leveraging on this heritage, in February 2024
similar structure as the segmentation used in Avolta’s fi-
Avolta confirmed the support to the UN Global Compact
nancial report. More information about each region may
becoming a new signatory member.
be found on pages 56 – 71 of the Annual Report 2023.
Should you have any comments about the content of the
The Avolta ESG Report is divided into two main sections:
report or want to know more about Avolta’s ESG engage-
– The ESG Report 2023 – included in the annual report –
ment, please email us to: sustainability@avolta.net.
gives the reader a wider view of Avolta, its relationship
with its main stakeholders as well as its ESG strategy and
how this is embedded in the business strategy.
– The ESG Report 2023 Annex contains information pre-
sented in several tables with quantitative and qualitative
indicators as per the GRI Universal Standard indications
and is annexed to the Annual Report 2023. Both docu-
ments present data as of December 31, 2023.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 101/336
ESG as core pillar
of our Destination
2027 company
strategy
hic
p
a
r
g
o
e
G
.
2
al Diversific
n
a ti o
1. Tra v e l E
3. Operatio
x p e r ience Revolu
n
a
l I
m
ti
o
n
p
r
o
v
e
m
e
n
t
C
u
l
t
u
r
e
Reimagined
Travel Retail
Food &
Beverage
Traveler
Digital
Point
of Sale
E
n
d-to-End En g a g e m e nt
4. ESG
Avolta embraces a holistic approach to Environmental,
Social and Governance values and is deeply committed
to sustainability on a global and local level. The compa-
ny’s ESG strategy is an integral part of its Destination
2027 strategy.
About Avolta’s
ESG Report
Avolta is a global travel experience player active in the travel
retail and F&B industry and grew to its current scope
through the business combination of the legacy groups
Dufry and Autogrill completed in 2023. Avolta operates
over 5,100 duty-free and duty-paid shops and restaurants
in over 1,000 locations such as airports, cruise liners & fer-
ries, seaports, motorways, railway stations and downtown
tourist areas. In 2023, we employed 68,459 team members
(FTEs) across 73 countries. Avolta is part of the Swiss Mar-
ket Index MID (SMIM), has a balanced mix of large and small
globally diversified shareholders and a free float of 71.2 %.
A full description of Avolta’s business model and strategy is
available on page 28 of the Annual Report 2023. The report
is further complemented by several strategy documents,
policies and guidelines mentioned also in the ESG Report,
such as the ESG Strategy, the Human Resources Policy and
the Environmental Management Guidelines.
The report has been prepared in accordance with the GRI
Universal Standards 2021 and covers our environmental,
social and governance (ESG) activities, performance and
approach for the year 2023 focusing on the material mat-
ters determined to be of greatest relevance for Avolta and
its stakeholders.
For an easier comparison, we continue to include in the
ESG Report the UN Sustainability Development Goals
(SDGs) and information on the respective GRI indicators
and SDG goals, which Avolta covers in the corresponding
sections of this report, thus enabling the reader to obtain a
better and more transparent understanding of our strategy
and ESG successes.
Avolta has been – through its legacy companies Dufry and
Autogrill – a signatory member of the UN Global Compact
and prepared Progress Reports ever since 2020 and 2022
respectively. Leveraging on this heritage, in February 2024
Avolta confirmed the support to the UN Global Compact
becoming a new signatory member.
The Avolta ESG Report is divided into two main sections:
– The ESG Report 2023 – included in the annual report –
gives the reader a wider view of Avolta, its relationship
with its main stakeholders as well as its ESG strategy and
how this is embedded in the business strategy.
– The ESG Report 2023 Annex contains information pre-
sented in several tables with quantitative and qualitative
indicators as per the GRI Universal Standard indications
and is annexed to the Annual Report 2023. Both docu-
ments present data as of December 31, 2023.
The Avolta ESG Report includes also the GRI Content Index
and the ESG Report Annex as well as the TCFD Report and
complements the information of the Annual Report (includ-
ing the Corporate Governance Report (page 279) and the
Remuneration Report (page 311). All these reports and doc-
uments mentioned are also available online as individual
files on our corporate website: www.avoltaworld.com.
Avolta published its first TCFD Report in early 2023 based
on the business year 2022 and has now expanded the
TCFD Report 2023 to fully cover the scope of the com-
bined entity. The TCFD Report takes into account the 2021
«Recommendations of the Task Force on Climate-related
Financial Disclosures» and the «Guidance on Metrics, Tar-
gets and Transition Plans». This is another step forward in
transparency and disclosure in a clear, comparable and
consistent manner, by showing detailed information about
the risks and opportunities in our business that are trig-
gered by climate change.
Swiss Transparency Requirements on
Non-Financial Matters
The Avolta ESG Report 2023 (which includes the ESG Re-
port 2023 Annex on page 337 ff. of the Annual Report) and
the TCFD Report on page 337 ff. (together, the 2023 Non-
Financial Reporting) have been prepared in accordance
with the requirements regarding transparency on non-fi-
nancial matters pursuant to article 964a et seqq. of the
Swiss Code of Obligations (SCO). The 2023 Non-Financial
Reporting was approved by the Board of Directors and will
be submitted for shareholder approval as a separate
agenda item at Avolta’s Annual General Meeting 2024 in
accordance with the requirements of Art. 964c SCO. The
TCFD Report can be found on page 337 ff. of the Annual
Report.
Scope
For the general profile and most of the GRI indicators, the
information reported is global and relevant to the whole
company. For staff-related indicators information follows a
similar structure as the segmentation used in Avolta’s fi-
nancial report. More information about each region may
be found on pages 56 – 71 of the Annual Report 2023.
Should you have any comments about the content of the
report or want to know more about Avolta’s ESG engage-
ment, please email us to: sustainability@avolta.net.
Annual Report
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Report
ESG
Report
Financial
Report
Governance
Report
Page 102/336
Data comparability & measurability of initiative
effectiveness
Due to the transformative business combination between
Dufry and Autogrill and the integration of the two compa-
nies in 2023, comparability of the ESG-related data is lim-
ited, as 2023 is considered a transition year and will be-
come a new «base year» for further improvements. This
also influences the descriptions and comparability of the
effectiveness of the ESG initiatives implemented. The
company will include the related information in more
depth going forward, starting with the business year 2024.
Nevertheless, where possible, the company discloses im-
provements and related data showing the initiatives’ effec-
tiveness already for the business year 2023. Such im-
provements are listed in full on pages 106 – 107 of this
report and include amongst others:
– Improved extension (on a like for like basis) of the Avolta
Supplier Code of Conduct recertification process and ad-
ditional extension of the recertification process to the F&B
business; see details on page 117 of the ESG Report
– Improvement of coverage of electricity consumption
through renewable energy; see details on page 125 – 126
of the ESG Report
– First disclosure of total amount of donations including
split by type; see details on page 143 of the ESG Report
– Increased reach of dedicated internal training of staff for
responsible retailing
– Extended portfolio of sustainable products in F&B; see
details on pages 117 – 119 of the ESG Report.
ESG Governance & Compliance
Avolta´s ESG Strategy is supervised by the Board of Direc-
tors’ dedicated ESG Committee chaired by the Lead Inde-
pendent Director. The ESG Committee is informed on the
progress of Avolta’s ESG engagement on a quarterly basis.
The operational evolution and implementation of the ESG
strategy is managed by the dedicated ESG department,
headed by the Chief Public Affairs & ESG Officer, who is a
member of the Global Executive Committee and reports to
the CEO. A detailed description of our ESG Strategy is avail-
able on the Avolta website: Our Impact | Avolta
New Avolta Double Materiality Matrix
Avolta’s Materiality Matrix underwent a complete review in
the context of the business combination of Dufry and Au-
togrill in 2023 and is now structured following the Double
Materiality approach.
This approach combines two perspectives:
– Impact Materiality (“inside-out”): considering the impacts
(actual and potential, positive and negative) that Avolta
generates on economy, environment and people;
– Financial Materiality (“outside-in”): identifying risks and
opportunities that might positively or negatively influence
the company’s development, performance and position-
ing.
The materiality assessment started with a context analysis
to identify the relevant material matters for Avolta in light of
its business activities and the expectations of the compa-
ny’s main stakeholders (investors, concession partners,
customers, peers, brand partners and employees), thus de-
fining the boundaries of the company’s scope of ESG ac-
countability and range of initiatives. In particular, both inter-
nal and external documentation was analyzed, such as
peers’ and partners’ publicly available reporting, publica-
tions from industry associations and sector trends, ESG rat-
ing requirements as well as both public and internal surveys
conducted on customers and employees. 22 material mat-
ters emerged from the analysis which were then assessed
in one-to-one interviews with the global ESG team, the
members of the Global Executive Committee and of the
Board of Directors. The stakeholders were asked to assess
the significance of each potential material matter consider-
ing both the related impacts generated (Impact Materiality)
and risks and opportunities that might influence the com-
pany’s performance (Financial Materiality). In the evalua-
tion, a medium term time horizon of five years was adopted.
Following a prioritization approach and the application of a
materiality threshold, a final list of 13 material matters re-
sulted for Avolta’s new Double Materiality Matrix, which was
validated by the Board of Directors, following the ESG Com-
mittee’s recommendation.
The impacts of the material matters identified are disclosed
in the ESG Report Annex on pages 3 – 5.
Materiality Assessment
Avolta´s materiality assessment helps the company to align
its business with the expectations of its stakeholders and of
society in general. The materiality assessment process
aims to identify and prioritize the issues of the greatest ma-
terial importance; and it is also the basis for defining our
GRI reporting content and the boundaries of the topics.
The process follows the principles of stakeholder inclusive-
ness, environmental and social context, materiality and
completeness according to the GRI requirements.
Our vision of sustainability however is not a static one, and
Avolta conducts periodic and comprehensive materiality
assessments to identify our most relevant reporting topics
from an ESG perspective.
New Avolta
Double Materiality
Matrix
13 ESG topics emerged as material*
for the development of the company’s ESG strategy
and commitments.
In the context of the business combination
of Dufry and Autogrill, Avolta has reviewed the material
matters and stakeholder communities to develop
the new Double Materiality Matrix.
h
g
i
H
t
u
o
-
e
d
i
s
n
I
w
o
L
Top
materiality
Health &
well-being
Supporting
communities
Waste &
packaging
Water &
biodiversity
Diversity, Equity &
Inclusion
Supply chain
management
Climate change,
energy & emissions
Sustainable sourcing &
traceability
High
materiality
Human rights
Talent recruitment,
engagement & retention
Employee training &
development
Product quality &
safety
Medium
materiality
Healthy and sustainable choice
* To finalize the list of
material matters for
Avolta a mathemati-
cal treshold of 2.5
(on a scale from 1 to
5) was applied. Only
matters above aver-
age score were se-
lected.
Low
Travel
experiences
Outside-in
High
People
Communities
Planet
Avolta’s new Double Materiality Matrix consists now of
A detailed description of the material topics and related
13 key material matters, grouped into four focus areas.
impacts, risks and opportunities is available in the ESG
Four of them – “Diversity, equity & inclusion", "Climate
Report Annex 2023. In addition, the aspects related to
change, energy & emissions", "Sustainable sourcing &
governance and regulatory compliance were consid-
traceability" and
"Supply chain management" –
ered as prerequisites for the business and thus are not
emerged as the most material, reflecting the main sus-
represented in the matrix, although being addressed in
tainability challenges of the industry in which the com-
the report.
pany operates and has the opportunity to stand out.
Data comparability & measurability of initiative
the company’s development, performance and position-
effectiveness
ing.
Due to the transformative business combination between
Dufry and Autogrill and the integration of the two compa-
The materiality assessment started with a context analysis
nies in 2023, comparability of the ESG-related data is lim-
to identify the relevant material matters for Avolta in light of
ited, as 2023 is considered a transition year and will be-
its business activities and the expectations of the compa-
come a new «base year» for further improvements. This
ny’s main stakeholders (investors, concession partners,
also influences the descriptions and comparability of the
customers, peers, brand partners and employees), thus de-
effectiveness of the ESG initiatives implemented. The
fining the boundaries of the company’s scope of ESG ac-
company will include the related information in more
countability and range of initiatives. In particular, both inter-
depth going forward, starting with the business year 2024.
nal and external documentation was analyzed, such as
peers’ and partners’ publicly available reporting, publica-
Nevertheless, where possible, the company discloses im-
tions from industry associations and sector trends, ESG rat-
provements and related data showing the initiatives’ effec-
ing requirements as well as both public and internal surveys
tiveness already for the business year 2023. Such im-
conducted on customers and employees. 22 material mat-
provements are listed in full on pages 106 – 107 of this
ters emerged from the analysis which were then assessed
report and include amongst others:
in one-to-one interviews with the global ESG team, the
– Improved extension (on a like for like basis) of the Avolta
members of the Global Executive Committee and of the
Supplier Code of Conduct recertification process and ad-
Board of Directors. The stakeholders were asked to assess
ditional extension of the recertification process to the F&B
the significance of each potential material matter consider-
business; see details on page 117 of the ESG Report
ing both the related impacts generated (Impact Materiality)
– Improvement of coverage of electricity consumption
and risks and opportunities that might influence the com-
through renewable energy; see details on page 125 – 126
pany’s performance (Financial Materiality). In the evalua-
of the ESG Report
tion, a medium term time horizon of five years was adopted.
– First disclosure of total amount of donations including
Following a prioritization approach and the application of a
split by type; see details on page 143 of the ESG Report
materiality threshold, a final list of 13 material matters re-
– Increased reach of dedicated internal training of staff for
sulted for Avolta’s new Double Materiality Matrix, which was
responsible retailing
validated by the Board of Directors, following the ESG Com-
– Extended portfolio of sustainable products in F&B; see
mittee’s recommendation.
details on pages 117 – 119 of the ESG Report.
The impacts of the material matters identified are disclosed
ESG Governance & Compliance
in the ESG Report Annex on pages 3 – 5.
Avolta´s ESG Strategy is supervised by the Board of Direc-
tors’ dedicated ESG Committee chaired by the Lead Inde-
Materiality Assessment
pendent Director. The ESG Committee is informed on the
Avolta´s materiality assessment helps the company to align
progress of Avolta’s ESG engagement on a quarterly basis.
its business with the expectations of its stakeholders and of
The operational evolution and implementation of the ESG
society in general. The materiality assessment process
strategy is managed by the dedicated ESG department,
aims to identify and prioritize the issues of the greatest ma-
headed by the Chief Public Affairs & ESG Officer, who is a
terial importance; and it is also the basis for defining our
member of the Global Executive Committee and reports to
GRI reporting content and the boundaries of the topics.
the CEO. A detailed description of our ESG Strategy is avail-
The process follows the principles of stakeholder inclusive-
able on the Avolta website: Our Impact | Avolta
ness, environmental and social context, materiality and
completeness according to the GRI requirements.
New Avolta Double Materiality Matrix
Avolta’s Materiality Matrix underwent a complete review in
Our vision of sustainability however is not a static one, and
the context of the business combination of Dufry and Au-
Avolta conducts periodic and comprehensive materiality
togrill in 2023 and is now structured following the Double
assessments to identify our most relevant reporting topics
Materiality approach.
from an ESG perspective.
This approach combines two perspectives:
– Impact Materiality (“inside-out”): considering the impacts
(actual and potential, positive and negative) that Avolta
generates on economy, environment and people;
– Financial Materiality (“outside-in”): identifying risks and
opportunities that might positively or negatively influence
Annual Report
2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 103/336
New Avolta
Double Materiality
Matrix
13 ESG topics emerged as material*
for the development of the company’s ESG strategy
and commitments.
In the context of the business combination
of Dufry and Autogrill, Avolta has reviewed the material
matters and stakeholder communities to develop
the new Double Materiality Matrix.
h
g
H
i
t
u
o
-
e
d
s
n
i
I
w
o
L
Top
materiality
Diversity, Equity &
Inclusion
Supply chain
management
Climate change,
energy & emissions
Sustainable sourcing &
traceability
High
materiality
Human rights
Talent recruitment,
engagement & retention
Employee training &
development
Product quality &
safety
Medium
materiality
Health &
well-being
Supporting
communities
Waste &
packaging
Water &
biodiversity
Healthy and sustainable choice
Low
Travel
experiences
Outside-in
High
People
Communities
Planet
* To finalize the list of
material matters for
Avolta a mathemati-
cal treshold of 2.5
(on a scale from 1 to
5) was applied. Only
matters above aver-
age score were se-
lected.
Avolta’s new Double Materiality Matrix consists now of
13 key material matters, grouped into four focus areas.
Four of them – “Diversity, equity & inclusion", "Climate
change, energy & emissions", "Sustainable sourcing &
traceability" and
"Supply chain management" –
emerged as the most material, reflecting the main sus-
tainability challenges of the industry in which the com-
pany operates and has the opportunity to stand out.
A detailed description of the material topics and related
impacts, risks and opportunities is available in the ESG
Report Annex 2023. In addition, the aspects related to
governance and regulatory compliance were consid-
ered as prerequisites for the business and thus are not
represented in the matrix, although being addressed in
the report.
Annual Report
2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 104/336
Avolta’ s
ESG Vision
Rooted
in Avolta’s
DNA
Embedded
in our way
of doing
business
Focused
on clear
commitments
and tangible
initiatives
Shaped to
be a lever of
innovation and
competitive
differentiation
Avolta ESG
Strategy House
The 13 ESG material topics have been clustered into
four focus areas highlighting Avolta’s main ambitions.
Avolta’s ESG Strategy House is based on the newly developed Double Materiality Matrix,
reflects the key focus areas and links with the related UN Sustainable Development Goals.
Create Sustainable
Travel Experiences
– Sustainable sourcing &
traceability
– Supply chain management
– Product quality & safety
– Healthy & sustainable choices
Respect
Our Planet
– Climate change, energy & emissions
– Waste & packaging
– Water & biodiversity
S t a keholder
G overnance
Ensuring
sustainable ways
of traveling.
With our partners.
For our
customers.
Reducing
our footprint,
increasing
our conscious-
ness
ESG
Factory
Making
our people part
Empower
of the journey
Our
by fostering a
People
diverse, inclusive
and equitable
workplace.
Creating
durable bonds
Empower
with our commu-
nities by supporting
Our
social and eco-
People
nomic develop-
ment.
– Diversity, Equity & Inclusion
– Employee training &
development
– Talent recruitment,
engagement & retention
– Health & well-being
– Human rights
Empower
Our People
– Supporting Communities
Engage Local
Communities
Avolta’ s
ESG Vision
Rooted
in Avolta’s
DNA
Embedded
in our way
of doing
business
Focused
on clear
Shaped to
be a lever of
commitments
innovation and
and tangible
initiatives
competitive
differentiation
Annual Report
2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 105/336
Avolta ESG
Strategy House
The 13 ESG material topics have been clustered into
four focus areas highlighting Avolta’s main ambitions.
Avolta’s ESG Strategy House is based on the newly developed Double Materiality Matrix,
reflects the key focus areas and links with the related UN Sustainable Development Goals.
Create Sustainable
Travel Experiences
– Sustainable sourcing &
traceability
– Supply chain management
– Product quality & safety
– Healthy & sustainable choices
Respect
Our Planet
– Climate change, energy & emissions
– Waste & packaging
– Water & biodiversity
S t a keholder
G overnance
Ensuring
sustainable ways
of traveling.
With our partners.
For our
customers.
Reducing
our footprint,
increasing
our conscious-
ness
ESG
Factory
Making
Empower
our people part
of the journey
Our
by fostering a
People
diverse, inclusive
and equitable
workplace.
Creating
Empower
durable bonds
with our commu-
Our
nities by supporting
People
social and eco-
nomic develop-
ment.
– Diversity, Equity & Inclusion
– Employee training &
development
– Talent recruitment,
engagement & retention
– Health & well-being
– Human rights
Empower
Our People
– Supporting Communities
Engage Local
Communities
Annual Report
2023
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Report
ESG
Report
Financial
Report
Governance
Report
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Improvements
achieved in 2023
Create Sustainable
Travel Experiences
Respect
Our Planet
Empower
Our People
Engage Local
Communities
Extention of sustainable product
sourcing in F&B
Partnership with Oceana to support
marine habitats through sale of reusable
bags in 23 countries
Launch of future shop concept
and hybrid formats in Arlanda Stockholm
and Milano Malpensa airports
Sourcing of electricity from
renewable sources further increased and now
covering 40% of consumption (base 2019)
Introduction of «internal first» recruitment
Supported local communities in Türkiye,
initiative «Grow With Us» during the
Morocco and Hawai’i (US) following
integration process of Dufry and Autogrill
devastating earthquakes and wildfires
into Avolta
respectively.
Extension of internal online communication
Implementation of global
channel Beekeeper
Avolta Community Engagement Strategy
Sustainable Product Identification
Initiative further expanded
Expansion of TCFD Report assessing climate-
related risks and opportunities covering the
whole company scope
Creation & expansion of dedicated training
Continued to support and engage with
platforms for both back-office and frontline
local communities globally through initiatives
employees
at single country level and often in
collaboration with concession partners
Increased reach of online employee shop
Emporium to additional countries
mind.body.soul.
Shop-in-shop concept implemented
internationally in 11 countries
Increased reach of dedicated
training of staff for responsible retailing
New Avolta Supplier Code of Conduct
developed and recertified with suppliers
globally
Two Centers of Excellence
for food innovation opened
in Milan and Amsterdam
106
107
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Report
ESG
Report
Financial
Report
Governance
Report
Page 107/336
Create Sustainable
Travel Experiences
Respect
Our Planet
Empower
Our People
Engage Local
Communities
Extention of sustainable product
sourcing in F&B
Partnership with Oceana to support
marine habitats through sale of reusable
bags in 23 countries
Launch of future shop concept
Sourcing of electricity from
and hybrid formats in Arlanda Stockholm
renewable sources further increased and now
and Milano Malpensa airports
covering 40% of consumption (base 2019)
Introduction of «internal first» recruitment
initiative «Grow With Us» during the
integration process of Dufry and Autogrill
into Avolta
Supported local communities in Türkiye,
Morocco and Hawai’i (US) following
devastating earthquakes and wildfires
respectively.
Extension of internal online communication
channel Beekeeper
Implementation of global
Avolta Community Engagement Strategy
Sustainable Product Identification
Initiative further expanded
Expansion of TCFD Report assessing climate-
related risks and opportunities covering the
whole company scope
Creation & expansion of dedicated training
platforms for both back-office and frontline
employees
Continued to support and engage with
local communities globally through initiatives
at single country level and often in
collaboration with concession partners
Increased reach of online employee shop
Emporium to additional countries
Improvements
achieved in 2023
mind.body.soul.
Shop-in-shop concept implemented
internationally in 11 countries
Increased reach of dedicated
training of staff for responsible retailing
New Avolta Supplier Code of Conduct
developed and recertified with suppliers
globally
Two Centers of Excellence
for food innovation opened
in Milan and Amsterdam
106
107
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Report
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Report
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Report
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Report
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ESG Commitments
going forward
Avolta’s success goes beyond commercial and financial
performance and we understand that our business activi-
ties have an impact on the communities where we operate
and on the environment. In line with our commitment to
the Ten Principles of the UN Global Compact we regularly
align our overall ESG strategy with new requirements and
develop relevant initiatives geared to achieving a more
sustainable business, including:
Create Sustainable
Travel Experiences
Respect
Our Planet
Empower
Our People
Engage Local
Communities
Sustainable Sourcing & Traceability:
Expand the adoption of responsible sourcing
practices and increase the procurement
of sustainable, certified and local products
Climate Change, Energy & Emissions:
Measure Scope 1, 2 and 3 GHG emissions
and reduce our footprint in our operations and
along the value chain
Diversity, Equity & Inclusion:
Create an inclusive culture, by promoting
diversity and equity at all levels of the
Supporting Communities:
Create connections with the communities
we serve and contribute to the growth of local
organization
economies
Supply Chain Management:
Foster a responsible and ethical management
of the supply chain, partnering with suppliers
that are attentive to social and environmental
impacts
Waste & Packaging:
Measure & reduce the generation of waste
and promote circular practices
Product Quality & Safety:
Provide high quality & safety standards for
the products and ingredients used in all of the
company’s channels
Water & Biodiversity:
Reduce water withdrawal in our operations
and promote the restoration of habitats along
the value chain
Healthy & Sustainable Choices:
Promote better travel experiences by offering
a wide range of healthy and sustainable
products, good for both consumers’ and
planet’s health
Talent Recruitment, Engagement & Retention:
Attract and retain highly talented people
by building a positive and engaging working
environment
Training & Development:
Provide high quality training, learning &
development opportunities to strengthen our
people’s competences and professional
growth
Health & Wellbeing:
Provide high health and safety standards
and promote world-class well-being offerings
and education to foster well-being and work-
life balance
Human Rights:
Protect human rights across the company
and along its supply chain
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Report
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Report
Financial
Report
Governance
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ESG Commitments
going forward
Avolta’s success goes beyond commercial and financial
the Ten Principles of the UN Global Compact we regularly
performance and we understand that our business activi-
align our overall ESG strategy with new requirements and
ties have an impact on the communities where we operate
develop relevant initiatives geared to achieving a more
and on the environment. In line with our commitment to
sustainable business, including:
Create Sustainable
Travel Experiences
Respect
Our Planet
Empower
Our People
Engage Local
Communities
Sustainable Sourcing & Traceability:
Climate Change, Energy & Emissions:
Expand the adoption of responsible sourcing
Measure Scope 1, 2 and 3 GHG emissions
practices and increase the procurement
of sustainable, certified and local products
and reduce our footprint in our operations and
along the value chain
Diversity, Equity & Inclusion:
Create an inclusive culture, by promoting
diversity and equity at all levels of the
organization
Supporting Communities:
Create connections with the communities
we serve and contribute to the growth of local
economies
Supply Chain Management:
Waste & Packaging:
Foster a responsible and ethical management
Measure & reduce the generation of waste
and promote circular practices
of the supply chain, partnering with suppliers
that are attentive to social and environmental
impacts
Product Quality & Safety:
Water & Biodiversity:
Provide high quality & safety standards for
Reduce water withdrawal in our operations
the products and ingredients used in all of the
and promote the restoration of habitats along
company’s channels
the value chain
Healthy & Sustainable Choices:
Promote better travel experiences by offering
a wide range of healthy and sustainable
products, good for both consumers’ and
planet’s health
Talent Recruitment, Engagement & Retention:
Attract and retain highly talented people
by building a positive and engaging working
environment
Training & Development:
Provide high quality training, learning &
development opportunities to strengthen our
people’s competences and professional
growth
Health & Wellbeing:
Provide high health and safety standards
and promote world-class well-being offerings
and education to foster well-being and work-
life balance
Human Rights:
Protect human rights across the company
and along its supply chain
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Report
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Avolta’s ESG engagement practices
Avolta recognizes that the long-term sustainability of its
business relies on the capacity to build, establish and main-
tain trusted relationships with all our stakeholders. Integrity
is a key element in our business behavior across all levels of
the organization and has served Avolta over the years to
foster a sense of trust with our stakeholders.
Stakeholder interaction and dialogue
Engaging with our stakeholders on a regular basis to under-
stand their expectations, needs and concerns is part of our
ongoing commitment to sustainability. We interact with our
stakeholders in a number of different ways, both formally
and informally. For 2023, the group of relevant stakehold-
ers included in our materiality assessment has been up-
dated to reflect the new scope of the new entity resulting
from the business combination of Dufry and Autogrill, and
includes airports and other concession partners, custom-
ers, employees, investors (incl. shareholders, bondholders
and lending banks), public authorities, brand suppliers, me-
dia and communities.
Whilst closely interacting with all stakeholders of our eco-
system is important, the close collaboration with our key
business partners – brand suppliers and concession part-
ners, which permit Avolta to provide a superior travel expe-
rience and service to customers – is crucial. Known in the
industry as the Trinity (concession partners, retailers & F&B
operators and brand suppliers), the tight lines and cooper-
ation between these three groups allow for an improved di-
alogue and mutual understanding to the ultimate benefit of
our common customers. This interaction has remained crit-
ical and valuable during 2023 as air traffic in particular con-
tinued to accelerate and the performance of our stores and
restaurants further increased.
Beyond the Trinity described above, our team members
and investors are the other two key stakeholders contribut-
ing to our company’s success.
Avolta however, holds relationships with a larger group of
stakeholders, which include:
– Travel Retail Associations and Industry Bodies – Avolta
is an active member of each of the relevant regional and
national industry associations in the geographies in which
it operates (see pages 56 – 71). We are proud to have se-
nior team members on the Boards of some of the most
respected industry bodies – ETRC (European Travel Retail
Confederation), MEADFA (Middle East & Africa Duty-Free
Association), IAADFS (International Association of Airport
Duty-Free Stores), ASUTIL (South American Association
of Free Stores), UKTRF (UK Travel Retail Forum) and the
DFWC (Duty Free World Council), NRA (National Restau-
rant Association) in the USA, AIGRIM (Travel Retail & Lei-
sure Association) in Italy. This gives Avolta a voice in in-
dustry debates, ensuring that it plays a proactive role in
shaping the industry’s future.
– Government & Public Institutions – The relationship with
this group of stakeholders is of major importance, as they
are the generators and guardians of laws and regulations
that circumscribe Avolta’s operating environment. New
laws and regulations can have a significant impact on the
business and Avolta needs to be aware of any changes
and be prepared to influence draft regulations and react
to comply as needed.
– Service Providers – Understanding the relationship of
Avolta with key service providers – mainly with IT and lo-
gistics suppliers – is fundamental for Avolta to have a
more holistic view of its ESG impact and to assess and
eventually address improvement areas.
– Media – Are an important group for Avolta as it permits
the company to communicate with its main stakeholders.
Avolta strives to build strong, and close collaborative rela-
tionships with media and our communications teams
maintain direct, long-term relations with media represen-
tatives and influencers, providing them with information
on a wide range of global, regional and local topics.
– ESG Community – Comprises ESG rating agencies, ESG
powerhouses (such as United Nations Global Compact,
GRI or SBTi), and the ESG community of the travel retail
and F&B industry as well as the airport community and
be followed. The policy also describes Avolta’s approach
associations. The relationship with this group of stake-
to respect human rights throughout its operations and
holders permits our company to have a better under-
business relationships, recognizing the existence of spe-
standing of the main topics of concern on a global basis
cific particularities in each of the countries in which Avolta
and identify areas of improvement within our ESG report-
operates and respecting the regulations applicable in
ing and communication.
each jurisdiction.
– Communities and Charities – As part of its social com-
– Avolta´s Environmental Management Guidelines – outline
mitment, Avolta supports many activities in the commu-
how Avolta is approaching and implementing its environ-
nities in which it operates. Avolta has a particular focus on
mental initiatives building on its ESG strategy. The guide-
fighting poverty and food insecurities, education, youth
lines define how Avolta’s initiatives are implemented
development and charities for children, as well as general
across the company to conduct business in an environ-
health and water related initiatives and encourages its
mentally conscious manner, aiming at minimizing the
employees to work as active members at a local level. For
overall environmental impact of its business activities.
detailed information, please see Chapter Engage Local
– Policy for Insider Information and Securities Trading – the
Communities on pages 142 – 148.
Avolta’s Policy Framework
internal policy defines requirements and behaviors for
employees having access to inside information and regu-
lates when and how Avolta shares can be traded. This in-
Avolta has a set of internal policies and procedures which
cludes “blackout periods” announced by the legal & com-
describe the ethical, social and environmental principles to
pliance departments as applicable during the course of
be applied by our team members at all times and which
the year.
complement the Avolta Code of Conduct. These policies
– Reporting on Wrongdoing Procedure – provides several
and procedures address specific topics in the areas of en-
internal and external whistleblowing channels to anony-
vironmental, social, employee and human rights-related
mously report wrongdoings in compliance with the re-
matters as well as anti-bribery (among others), and provide
quirements of applicable law and to prevent any form of
guidance on the expected standards and behaviors in their
discrimination. The Whistleblowing are supervised and
day-to-day work. Furthermore, they are available to all our
managed by the Compliance Department as described in
team members through the internal communication tools
the Empower our People Chapter on pages 134 – 135 of
of the company as well as the corporate website, hence en-
this ESG Report.
suring universal access to them. This set of information in-
cludes:
Compliance education
– Avolta Code of Conduct – requires all of our team mem-
Beyond ensuring universal access to policies and proce-
bers, officers and directors to act ethically and in compli-
dures, Avolta also conducts compliance training for team
ance with all applicable laws at all times including interna-
members, officers and directors, as applicable, on an on-
tionally accepted human rights standards. The Code
going basis. These training sessions reflect necessary
further outlines the types of conduct that are not permis-
changes introduced in our Code of Conduct and internal
sible and imposes strict rules in relation to charitable con-
compliance updates as well as new laws, regulations and
tributions and sponsorships, as well as gifts, hospitality
best practices as applicable. Avolta’s Compliance Depart-
and entertainment expenses, to minimize the risk of cor-
ment regularly evaluates and adapts the content of Avol-
ruption. In addition, the rules require careful due diligence
ta’s training on Compliance and Corporate Policies to keep
to be conducted on any external partner Avolta is work-
training up-to-date and reflect industry standards and ap-
ing with, including a procedure that must be followed by
plicable laws. A detailed overview of the compliance train-
all new joint-venture partners, consultants for business
ings is described in the chapter Empower Our People on
development projects, counterparts to M&A transactions
page 138.
and other similar counterparts.
– Avolta Supplier Code of Conduct – is aligned with the
Socio-economic compliance
principles of the Avolta Code of Conduct, extends the re-
Having operations in 73 countries means complying with a
quirements and expected behaviors to the company’s
broad range of national laws and regulations, as well as
suppliers and is re-certified on a regular basis with the
maintaining an active dialogue to foster ongoing stake-
suppliers. A detailed description of the Avolta Supplier
holder and social engagement. For this reason, from a
Code of Conduct and the 2023 implementation progress
global perspective, Avolta’s position towards compliance
is available on pages 116 – 117 of this ESG Report.
necessarily needs to have a holistic and broad approach, by
– Human Resources Policy – further complements the
also taking into account international norms and best prac-
Avolta Code of Conduct by detailing behaviors and re-
tices, including the 10 Principles of the UN Global Compact.
quirements with respect to legality, diversity, non-dis-
In this regard, Avolta has several initiatives and control
crimination and equal opportunities as axis of conduct to
mechanisms in place that permit the company to monitor
Avolta’s ESG engagement practices
Avolta recognizes that the long-term sustainability of its
business relies on the capacity to build, establish and main-
tain trusted relationships with all our stakeholders. Integrity
is a key element in our business behavior across all levels of
the organization and has served Avolta over the years to
foster a sense of trust with our stakeholders.
Stakeholder interaction and dialogue
Engaging with our stakeholders on a regular basis to under-
stand their expectations, needs and concerns is part of our
ongoing commitment to sustainability. We interact with our
stakeholders in a number of different ways, both formally
and informally. For 2023, the group of relevant stakehold-
ers included in our materiality assessment has been up-
dated to reflect the new scope of the new entity resulting
from the business combination of Dufry and Autogrill, and
includes airports and other concession partners, custom-
ers, employees, investors (incl. shareholders, bondholders
and lending banks), public authorities, brand suppliers, me-
dia and communities.
Whilst closely interacting with all stakeholders of our eco-
system is important, the close collaboration with our key
business partners – brand suppliers and concession part-
ners, which permit Avolta to provide a superior travel expe-
rience and service to customers – is crucial. Known in the
industry as the Trinity (concession partners, retailers & F&B
operators and brand suppliers), the tight lines and cooper-
ation between these three groups allow for an improved di-
alogue and mutual understanding to the ultimate benefit of
dustry debates, ensuring that it plays a proactive role in
our common customers. This interaction has remained crit-
shaping the industry’s future.
ical and valuable during 2023 as air traffic in particular con-
– Government & Public Institutions – The relationship with
tinued to accelerate and the performance of our stores and
this group of stakeholders is of major importance, as they
restaurants further increased.
are the generators and guardians of laws and regulations
that circumscribe Avolta’s operating environment. New
Beyond the Trinity described above, our team members
laws and regulations can have a significant impact on the
and investors are the other two key stakeholders contribut-
business and Avolta needs to be aware of any changes
ing to our company’s success.
and be prepared to influence draft regulations and react
to comply as needed.
Avolta however, holds relationships with a larger group of
– Service Providers – Understanding the relationship of
stakeholders, which include:
Avolta with key service providers – mainly with IT and lo-
– Travel Retail Associations and Industry Bodies – Avolta
gistics suppliers – is fundamental for Avolta to have a
is an active member of each of the relevant regional and
more holistic view of its ESG impact and to assess and
national industry associations in the geographies in which
eventually address improvement areas.
it operates (see pages 56 – 71). We are proud to have se-
– Media – Are an important group for Avolta as it permits
nior team members on the Boards of some of the most
the company to communicate with its main stakeholders.
respected industry bodies – ETRC (European Travel Retail
Avolta strives to build strong, and close collaborative rela-
Confederation), MEADFA (Middle East & Africa Duty-Free
tionships with media and our communications teams
Association), IAADFS (International Association of Airport
maintain direct, long-term relations with media represen-
Duty-Free Stores), ASUTIL (South American Association
tatives and influencers, providing them with information
of Free Stores), UKTRF (UK Travel Retail Forum) and the
on a wide range of global, regional and local topics.
DFWC (Duty Free World Council), NRA (National Restau-
– ESG Community – Comprises ESG rating agencies, ESG
rant Association) in the USA, AIGRIM (Travel Retail & Lei-
powerhouses (such as United Nations Global Compact,
sure Association) in Italy. This gives Avolta a voice in in-
GRI or SBTi), and the ESG community of the travel retail
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and F&B industry as well as the airport community and
associations. The relationship with this group of stake-
holders permits our company to have a better under-
standing of the main topics of concern on a global basis
and identify areas of improvement within our ESG report-
ing and communication.
– Communities and Charities – As part of its social com-
mitment, Avolta supports many activities in the commu-
nities in which it operates. Avolta has a particular focus on
fighting poverty and food insecurities, education, youth
development and charities for children, as well as general
health and water related initiatives and encourages its
employees to work as active members at a local level. For
detailed information, please see Chapter Engage Local
Communities on pages 142 – 148.
Avolta’s Policy Framework
Avolta has a set of internal policies and procedures which
describe the ethical, social and environmental principles to
be applied by our team members at all times and which
complement the Avolta Code of Conduct. These policies
and procedures address specific topics in the areas of en-
vironmental, social, employee and human rights-related
matters as well as anti-bribery (among others), and provide
guidance on the expected standards and behaviors in their
day-to-day work. Furthermore, they are available to all our
team members through the internal communication tools
of the company as well as the corporate website, hence en-
suring universal access to them. This set of information in-
cludes:
– Avolta Code of Conduct – requires all of our team mem-
bers, officers and directors to act ethically and in compli-
ance with all applicable laws at all times including interna-
tionally accepted human rights standards. The Code
further outlines the types of conduct that are not permis-
sible and imposes strict rules in relation to charitable con-
tributions and sponsorships, as well as gifts, hospitality
and entertainment expenses, to minimize the risk of cor-
ruption. In addition, the rules require careful due diligence
to be conducted on any external partner Avolta is work-
ing with, including a procedure that must be followed by
all new joint-venture partners, consultants for business
development projects, counterparts to M&A transactions
and other similar counterparts.
– Avolta Supplier Code of Conduct – is aligned with the
principles of the Avolta Code of Conduct, extends the re-
quirements and expected behaviors to the company’s
suppliers and is re-certified on a regular basis with the
suppliers. A detailed description of the Avolta Supplier
Code of Conduct and the 2023 implementation progress
is available on pages 116 – 117 of this ESG Report.
– Human Resources Policy – further complements the
Avolta Code of Conduct by detailing behaviors and re-
quirements with respect to legality, diversity, non-dis-
crimination and equal opportunities as axis of conduct to
be followed. The policy also describes Avolta’s approach
to respect human rights throughout its operations and
business relationships, recognizing the existence of spe-
cific particularities in each of the countries in which Avolta
operates and respecting the regulations applicable in
each jurisdiction.
– Avolta´s Environmental Management Guidelines – outline
how Avolta is approaching and implementing its environ-
mental initiatives building on its ESG strategy. The guide-
lines define how Avolta’s initiatives are implemented
across the company to conduct business in an environ-
mentally conscious manner, aiming at minimizing the
overall environmental impact of its business activities.
– Policy for Insider Information and Securities Trading – the
internal policy defines requirements and behaviors for
employees having access to inside information and regu-
lates when and how Avolta shares can be traded. This in-
cludes “blackout periods” announced by the legal & com-
pliance departments as applicable during the course of
the year.
– Reporting on Wrongdoing Procedure – provides several
internal and external whistleblowing channels to anony-
mously report wrongdoings in compliance with the re-
quirements of applicable law and to prevent any form of
discrimination. The Whistleblowing are supervised and
managed by the Compliance Department as described in
the Empower our People Chapter on pages 134 – 135 of
this ESG Report.
Compliance education
Beyond ensuring universal access to policies and proce-
dures, Avolta also conducts compliance training for team
members, officers and directors, as applicable, on an on-
going basis. These training sessions reflect necessary
changes introduced in our Code of Conduct and internal
compliance updates as well as new laws, regulations and
best practices as applicable. Avolta’s Compliance Depart-
ment regularly evaluates and adapts the content of Avol-
ta’s training on Compliance and Corporate Policies to keep
training up-to-date and reflect industry standards and ap-
plicable laws. A detailed overview of the compliance train-
ings is described in the chapter Empower Our People on
page 138.
Socio-economic compliance
Having operations in 73 countries means complying with a
broad range of national laws and regulations, as well as
maintaining an active dialogue to foster ongoing stake-
holder and social engagement. For this reason, from a
global perspective, Avolta’s position towards compliance
necessarily needs to have a holistic and broad approach, by
also taking into account international norms and best prac-
tices, including the 10 Principles of the UN Global Compact.
In this regard, Avolta has several initiatives and control
mechanisms in place that permit the company to monitor
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and ensure compliance with national and international laws
and to follow respective ethical standards.
Risk management, due diligence and control
The risks inherent in Avolta´s business are divided into two
groups: financial risks (see Financial Report on pages
237 – 248) – related to interest rates, exchange rates, credit
risks and liquidity risks – and non-financial risks. A compre-
hensive description of the company’s non-financial risk and
opportunity mapping is included in the ESG Report 2023
Annex on pages 337 ff. as well as in the TFCD Report, both
available on the company website: Our Impact | Avolta.
Avolta adopts a risk management model based on three lev-
els. This model is applicable to all subsidiaries of the com-
pany. The company is supported by an Enterprise Risk Man-
agement software called GRC (Governance, Risk and
Compliance), which allows a comprehensive identification
and management of potential risks that may affect the busi-
ness.
First level – The commitment of Avolta and all its subsid-
iaries to integrity and transparency begins with its own
staff. Avolta requires all its team members, officers and di-
rectors to act at all times in accordance with the provisions
of the Avolta Code of Conduct. The latter describes the
types of behavior not allowed, and imposes strict compli-
ance rules regarding the operation of the business includ-
ing for example zero tolerance for bribery.
In addition, the policies and procedures of Avolta require
each team member, officer and director to perform due
diligence and carefully assess new external partners with
whom Avolta plans to work, including a procedure to be
followed to examine all new business partners, consul-
tants for business development projects, partners for
transactions and M&A, as well as similar counterparts.
Where appropriate, these due diligence processes take
into account relevant ESG matters, including, in particular,
bribery risk.
Second level – There are various governance functions
across the organization including the Compliance, Legal,
Finance, ESG and Human Resources departments in
charge of monitoring the company’s principal risks and
establishing the most appropriate controls to mitigate
them, as well as ensuring compliance with the policies and
procedures of the company. The scope of the Compliance
and Corporate Governance function is based on the fol-
lowing pillars:
– Regular review and – where necessary – update as well as
ensuring compliance with the set of global company pol-
icies
– Establishment of the overall framework of approvals in-
cluding a policy of “four eyes” for validations
– Training, both for the members of the staff identified
with greater exposure to risk, and for the rest of the em-
ployees
– Global corporate risk management and control
– Due diligence in compliance, supply chain and transac-
tional matters, including on financial and non-financial
risks (e.g. environmental, social, employment, human
rights and bribery/corruption)
– Internal communication and reporting channels to en-
sure the integrity of the compliance program
– Investigation of reports of possible wrongdoings and im-
plementation of corrective actions
Third level – The Group’s Internal Audit provides indepen-
dent and objective monitoring and consulting services de-
signed to add value and improve Avolta’s operations. This
function covers all subsidiaries and applies a systematic
and disciplined approach to evaluate and improve the ef-
fectiveness of governance processes, as well as risk man-
agement and control, including assessing risk manage-
ment procedures and the potential committing of fraud.
The main risks identified during internal audit procedures
are reported to senior management and to the Audit
Committee of the Board of Directors, and its status is up-
dated periodically until resolution or acceptance are given
by the governing bodies.
Avolta’s Corporate Governance
Avolta believes that good corporate governance is impor-
tant to the development of the company, to ensure the sus-
tainable provision of long-term benefits for shareholders,
employees and society. Avolta´s governance system serves
as a control mechanism in relation to a number of elements,
including bribery and corruption, tax, executive remunera-
tion, shareholders’ voting possibilities and internal control.
Most of these topics are covered in the Corporate Gover-
nance Section of this Annual Report on pages 279 – 309.
Especially relevant for the sustainability of our industry is
the corruption and bribery phenomena, which can be the
cause of negative economic, social and environmental im-
pacts. From a business perspective, corruption distorts the
functioning of the market and undermines governance in-
stitutions and in general, the rule of law.
For Avolta, the subject of corruption is of considerable im-
portance, as the company expands its operations to many
countries with elevated corruption levels and participates in
many public procurement processes to bid for airport, sea-
port, motorways, and other concessions around the globe
each year. Avolta prohibits and has zero tolerance for brib-
ery and corruption at all times and in any form. We believe
that in order to remain a solid business leader, all business
must be conducted ethically and in full compliance with all
applicable laws, rules, and regulations. Avolta requires all of
its team members, officers and directors to behave at all
times with honesty, ethically and within the confines of ap-
plicable laws as well as in full compliance with Avolta’s Code
of Conduct. Where laws, rules or customs exist that are dif-
ferent from the principles set out in the Code of Conduct,
Avolta team members, officers and directors are required
to follow whichever sets the higher standard in this regard.
Avolta also expects its team members, officers and direc-
tors to fully adhere to the principles of integrity and fair
dealing when carrying out activities on behalf of Avolta. This
includes promoting standards adopted by the company
and as set out in the Code of Conduct with respect to sus-
tainability, diversity, decent work and human rights, as well
as zero tolerance towards harassment and discrimination.
bility Board (FSB) to develop consistent climate-related fi-
Avolta’s ESG Commitments & Reporting
nancial risk disclosures for use by companies, banks and
investors in providing information to stakeholders. In the
Avolta engages in numerous external initiatives and strate-
first quarter of 2023, Avolta disclosed its first report fol-
gic collaborations with organisations and partners to sup-
lowing the guidelines of TCFD, which covered the report-
port and inform about our work on the most material sus-
ing year 2022 and explored the range of the impacts that
tainability issues. It has been grouped the most important
climate change would have for our business, including
and general ones under four different categories, and men-
both risks and opportunities. Taking into consideration
tionned the more specific ones within the four focus areas.
the business combination of Dufry and Autogrill in 2023,
Commitments
Avolta now publishes a combined TCFD Report covering
the full scope of the new entity. The TCFD Report 2023 is
– UNGC – Avolta has been a participant of the UN Global
available at the end of this Annual Report as well as on the
Compact (UNGC) since March 2020 and since then, we
Group website: Our Impact | Avolta.
have measured and disclosed our progress on the ten
– Swiss Requirements regarding Non-Financial Disclo-
principles established by the UNGC. Additionally, Avolta
sure – Avolta publishes annual Non-Financial Reporting
is a participant of the UNGC Swiss Network and regularly
in accordance with the requirements regarding transpar-
participates in conferences and meetings where best
ency on non-financial matters of article 964a et seqq. of
practices are shared.
the SCO.
– SBTi – During 2022 and early 2023, Dufry sought and
gained validation from the SBTi for the emissions reduc-
Assessments and Ratings
tion targets set for the company (retail business), as de-
Avolta is regularly assessed and rated by ESG-specialized
scribed in detail in the Respect Our Planet section of this
rating agencies, including Sustainalytics, MSCI ESG Rat-
report on pages 125 – 126.
Reporting
ings, ISS ESG, Moody’s ESG Solutions (Vigeo Eiris) or In-
rate. Avolta´s ESG department engages with ESG analysts
to assist them in their assessment of our company and to
– GRI – The Global Reporting Initiative (GRI) helps organiza-
support their research work. Avolta recognises the value
tions to be transparent and take responsibility for their
of external feedback from these independent agencies as
impacts, supporting companies to systematically report
their work helps us to further develop our lines of action
on the elements that are material for their businesses in a
towards strengthening our long-term commitment to be
structured and comprehensive way. This reporting per-
a successful, sustainable business.
mits better comparability, greater transparency and
alignment with international standards, such as the OECD
Industry Initiatives
guidelines for multinational organisations – ISO 26000;
Avolta participates in several industry initiatives geared to-
the United Nations Guiding Principles on Business and
wards consumer and environmental protection. Amongst
Human Rights; the UNGC’s Ten Principles and the United
others, Avolta has contributed to the development of sev-
Nations’ Sustainable Development Goals. Avolta has pre-
eral Codes of Conduct for the travel retail industry (such
pared its ESG Report following the guidelines of GRI since
as the UK Code of Conduct on Disruptive Passengers and
the reporting year 2018 and in this edition has adopted
the ETRC and DFWC Codes of Conduct on Sale of Alco-
the GRI Universal Standards.
hol), and is a member of the ACI Climate Change Task
– TCFD – The Task Force on Climate-Related Financial Dis-
Force and the ACI Europe Environmental Strategy Com-
closures (TCFD) was created in 2015 by the Financial Sta-
mittee (ENSTRAT).
and ensure compliance with national and international laws
– Training, both for the members of the staff identified
and to follow respective ethical standards.
with greater exposure to risk, and for the rest of the em-
ployees
Risk management, due diligence and control
– Global corporate risk management and control
The risks inherent in Avolta´s business are divided into two
– Due diligence in compliance, supply chain and transac-
groups: financial risks (see Financial Report on pages
tional matters, including on financial and non-financial
237 – 248) – related to interest rates, exchange rates, credit
risks (e.g. environmental, social, employment, human
risks and liquidity risks – and non-financial risks. A compre-
rights and bribery/corruption)
hensive description of the company’s non-financial risk and
– Internal communication and reporting channels to en-
opportunity mapping is included in the ESG Report 2023
sure the integrity of the compliance program
Annex on pages 337 ff. as well as in the TFCD Report, both
– Investigation of reports of possible wrongdoings and im-
available on the company website: Our Impact | Avolta.
plementation of corrective actions
Avolta adopts a risk management model based on three lev-
Third level – The Group’s Internal Audit provides indepen-
els. This model is applicable to all subsidiaries of the com-
dent and objective monitoring and consulting services de-
pany. The company is supported by an Enterprise Risk Man-
signed to add value and improve Avolta’s operations. This
agement software called GRC (Governance, Risk and
function covers all subsidiaries and applies a systematic
Compliance), which allows a comprehensive identification
and disciplined approach to evaluate and improve the ef-
and management of potential risks that may affect the busi-
fectiveness of governance processes, as well as risk man-
ness.
agement and control, including assessing risk manage-
ment procedures and the potential committing of fraud.
First level – The commitment of Avolta and all its subsid-
The main risks identified during internal audit procedures
iaries to integrity and transparency begins with its own
are reported to senior management and to the Audit
staff. Avolta requires all its team members, officers and di-
Committee of the Board of Directors, and its status is up-
rectors to act at all times in accordance with the provisions
dated periodically until resolution or acceptance are given
of the Avolta Code of Conduct. The latter describes the
by the governing bodies.
types of behavior not allowed, and imposes strict compli-
ance rules regarding the operation of the business includ-
Avolta’s Corporate Governance
ing for example zero tolerance for bribery.
Avolta believes that good corporate governance is impor-
tant to the development of the company, to ensure the sus-
In addition, the policies and procedures of Avolta require
tainable provision of long-term benefits for shareholders,
each team member, officer and director to perform due
employees and society. Avolta´s governance system serves
diligence and carefully assess new external partners with
as a control mechanism in relation to a number of elements,
whom Avolta plans to work, including a procedure to be
including bribery and corruption, tax, executive remunera-
followed to examine all new business partners, consul-
tion, shareholders’ voting possibilities and internal control.
tants for business development projects, partners for
Most of these topics are covered in the Corporate Gover-
transactions and M&A, as well as similar counterparts.
nance Section of this Annual Report on pages 279 – 309.
Where appropriate, these due diligence processes take
into account relevant ESG matters, including, in particular,
Especially relevant for the sustainability of our industry is
bribery risk.
the corruption and bribery phenomena, which can be the
cause of negative economic, social and environmental im-
Second level – There are various governance functions
pacts. From a business perspective, corruption distorts the
across the organization including the Compliance, Legal,
functioning of the market and undermines governance in-
Finance, ESG and Human Resources departments in
stitutions and in general, the rule of law.
charge of monitoring the company’s principal risks and
establishing the most appropriate controls to mitigate
For Avolta, the subject of corruption is of considerable im-
them, as well as ensuring compliance with the policies and
portance, as the company expands its operations to many
procedures of the company. The scope of the Compliance
countries with elevated corruption levels and participates in
and Corporate Governance function is based on the fol-
many public procurement processes to bid for airport, sea-
– Regular review and – where necessary – update as well as
each year. Avolta prohibits and has zero tolerance for brib-
ensuring compliance with the set of global company pol-
ery and corruption at all times and in any form. We believe
port, motorways, and other concessions around the globe
lowing pillars:
icies
that in order to remain a solid business leader, all business
– Establishment of the overall framework of approvals in-
must be conducted ethically and in full compliance with all
cluding a policy of “four eyes” for validations
applicable laws, rules, and regulations. Avolta requires all of
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 113/336
its team members, officers and directors to behave at all
times with honesty, ethically and within the confines of ap-
plicable laws as well as in full compliance with Avolta’s Code
of Conduct. Where laws, rules or customs exist that are dif-
ferent from the principles set out in the Code of Conduct,
Avolta team members, officers and directors are required
to follow whichever sets the higher standard in this regard.
Avolta also expects its team members, officers and direc-
tors to fully adhere to the principles of integrity and fair
dealing when carrying out activities on behalf of Avolta. This
includes promoting standards adopted by the company
and as set out in the Code of Conduct with respect to sus-
tainability, diversity, decent work and human rights, as well
as zero tolerance towards harassment and discrimination.
Avolta’s ESG Commitments & Reporting
Avolta engages in numerous external initiatives and strate-
gic collaborations with organisations and partners to sup-
port and inform about our work on the most material sus-
tainability issues. It has been grouped the most important
and general ones under four different categories, and men-
tionned the more specific ones within the four focus areas.
Commitments
– UNGC – Avolta has been a participant of the UN Global
Compact (UNGC) since March 2020 and since then, we
have measured and disclosed our progress on the ten
principles established by the UNGC. Additionally, Avolta
is a participant of the UNGC Swiss Network and regularly
participates in conferences and meetings where best
practices are shared.
– SBTi – During 2022 and early 2023, Dufry sought and
gained validation from the SBTi for the emissions reduc-
tion targets set for the company (retail business), as de-
scribed in detail in the Respect Our Planet section of this
report on pages 125 – 126.
Reporting
– GRI – The Global Reporting Initiative (GRI) helps organiza-
tions to be transparent and take responsibility for their
impacts, supporting companies to systematically report
on the elements that are material for their businesses in a
structured and comprehensive way. This reporting per-
mits better comparability, greater transparency and
alignment with international standards, such as the OECD
guidelines for multinational organisations – ISO 26000;
the United Nations Guiding Principles on Business and
Human Rights; the UNGC’s Ten Principles and the United
Nations’ Sustainable Development Goals. Avolta has pre-
pared its ESG Report following the guidelines of GRI since
the reporting year 2018 and in this edition has adopted
the GRI Universal Standards.
– TCFD – The Task Force on Climate-Related Financial Dis-
closures (TCFD) was created in 2015 by the Financial Sta-
bility Board (FSB) to develop consistent climate-related fi-
nancial risk disclosures for use by companies, banks and
investors in providing information to stakeholders. In the
first quarter of 2023, Avolta disclosed its first report fol-
lowing the guidelines of TCFD, which covered the report-
ing year 2022 and explored the range of the impacts that
climate change would have for our business, including
both risks and opportunities. Taking into consideration
the business combination of Dufry and Autogrill in 2023,
Avolta now publishes a combined TCFD Report covering
the full scope of the new entity. The TCFD Report 2023 is
available at the end of this Annual Report as well as on the
Group website: Our Impact | Avolta.
– Swiss Requirements regarding Non-Financial Disclo-
sure – Avolta publishes annual Non-Financial Reporting
in accordance with the requirements regarding transpar-
ency on non-financial matters of article 964a et seqq. of
the SCO.
Assessments and Ratings
Avolta is regularly assessed and rated by ESG-specialized
rating agencies, including Sustainalytics, MSCI ESG Rat-
ings, ISS ESG, Moody’s ESG Solutions (Vigeo Eiris) or In-
rate. Avolta´s ESG department engages with ESG analysts
to assist them in their assessment of our company and to
support their research work. Avolta recognises the value
of external feedback from these independent agencies as
their work helps us to further develop our lines of action
towards strengthening our long-term commitment to be
a successful, sustainable business.
Industry Initiatives
Avolta participates in several industry initiatives geared to-
wards consumer and environmental protection. Amongst
others, Avolta has contributed to the development of sev-
eral Codes of Conduct for the travel retail industry (such
as the UK Code of Conduct on Disruptive Passengers and
the ETRC and DFWC Codes of Conduct on Sale of Alco-
hol), and is a member of the ACI Climate Change Task
Force and the ACI Europe Environmental Strategy Com-
mittee (ENSTRAT).
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 114/336
Create
Sustainable
Travel
Experiences
“Ensuring sustainable ways
of travelling. With our partners.
For our customers.”
GRI indicators:
203-2, 308-1, 414-1, 416-1, 416-2, 417-1, 418-1
SDGs:
3.8
12.8
16.3, 16.10
Making Travelers Happy. This is the ambition outlined in
Destination 2027, Avolta’s new strategy aiming at revolu-
tionising the travel experience (see dedicated chapter on
pages 28 – 55 of this Annual Report). Putting the customer
at the core of every decision we make is what has taken
Avolta to its leading position in the travel retail and F&B
sectors.
Within the focus area Create Sustainable Travel Experi-
ences Avolta has defined four areas of action:
– Sustainable Sourcing & Traceability
Expand the adoption of responsible sourcing practices
and increase the procurement of sustainable, certified
and local products
– Supply Chain Management
Foster a responsible and ethical management of the
supply chain, partnering with suppliers that are atten-
tive to social and environmental impacts
– Product Quality & Safety
Provide high quality & safety standards for the products
and ingredients used in all of the Group's channels
– Healthy & Sustainable Choices
Promote better travel experiences by offering a wide
range of healthy and sustainable products, good for
both consumers’ and planet’s health
Avolta aims to exceed customer expectations by combin-
ing the sourcing of unique product choices, the develop-
ment of attractive shopping environments and offering an
ever-wider array of healthy, safe and high-quality products
from controlled and sustainable supply chains. In recogni-
tion of these efforts, Avolta received two important
awards during 2023: the title of Best Retailer from the
Middle East & Africa Duty Free Association (MEADFA) and
the winning of six prestigious prizes at the FAB Awards
(Airport Food & Beverage Conference & Awards).
To ensure high quality for our customers, we give particu-
lar attention to a wide variety of topics, such as product
and supply chain stewardship when selecting our offers,
customer’s privacy and data protection, as well as respon-
sible marketing initiatives and communication practices.
Moreover, since customers are becoming more conscious
regarding the consumption of F&B products, Avolta devel-
ops its own F&B concept portfolio in a more responsible
way, by opting for certified food ingredients, free from ar-
tificial colours or preservatives, and preparing meals with
a limited amount of ingredients or natural-origin ones.
For a holistic and unique travel experience, one of the core
objectives of the Destination 2027 strategy, we focus on
three main elements: store design, product and service
both in-store and online. As such, when developing and
refurbishing its stores and restaurants, Avolta pays partic-
ular attention on creating a strong sense of place through
the linkage of the shopping and dining environment with
the individual country’s cultural heritage where the stores
are located. The powerful combination of state-of-the-art
outlet designs with local motifs and references, alongside
a carefully curated selection of products sourced from lo-
cal suppliers, results in unique shopping and eating
spaces that enable customers to experience a full cultural
immersion in the destination with a true “sense of place”.
In total, Avolta sources close to 30 % of its retail products
locally and slightly over 70 % globally.
Sustainable sourcing & traceability
“Expand the adoption of
responsible sourcing practices
and increase the procurement
of sustainable, certified and
local products.”
Transparent information and labelling
Besides offering an innovative travel experience that is
tuned with evolving consumer preferences in all the 73
countries in which the company operates, Avolta provides
its customers all information necessary for a full under-
standing of the ingredients its F&B products contain, en-
suring maximum transparency and compliance with label-
ling laws. In every country in which it operates, the
company complies with laws requiring the communication
of food ingredients, especially with respect to allergens.
For the retail assortment, all product labelling and cus-
tomer information on product specification is managed by
the respective brand partners (see dedicated chapter be-
low).
Sustainable sourcing
Customer’s preferences are increasingly shifting towards
products that have a reduced impact on the environment,
guarantee good working conditions to its employees, and
ensure appropriate animal welfare. Worldwide, Avolta has
designed an innovative and diversified offer that fits a
broader perspective of promoting not only healthier but
also more responsible consumption models, geared to-
ward reducing environmental impacts and protecting na-
ture.
In its retail shops, Avolta offers customers the opportunity
to choose environmentally and socially friendly retail prod-
ucts through its Sustainable Product Identification Initia-
tive: a labelling framework that highlights positive environ-
mental and social characteristics of products, thus
contributing on increasing customer’s awareness on the
various sustainability criteria associated to each product.
In 2023, this initiative was extended to additional locations
and products, which now includes 1,964 retail products
from 23 global suppliers across all Avolta´s core product
categories and is implemented in 167 retail shops across
126 locations globally.
RECYCLABLESUPPORTING LOCALCOMMUNITIESPALM OIL FREESUSTAINABLEPLASTIC FREEVEGAN
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 115/336
Create
Sustainable
Travel
Experiences
“Ensuring sustainable ways
of travelling. With our partners.
For our customers.”
GRI indicators:
203-2, 308-1, 414-1, 416-1, 416-2, 417-1, 418-1
SDGs:
3.8
12.8
16.3, 16.10
Making Travelers Happy. This is the ambition outlined in
from controlled and sustainable supply chains. In recogni-
Destination 2027, Avolta’s new strategy aiming at revolu-
tion of these efforts, Avolta received two important
tionising the travel experience (see dedicated chapter on
awards during 2023: the title of Best Retailer from the
pages 28 – 55 of this Annual Report). Putting the customer
Middle East & Africa Duty Free Association (MEADFA) and
at the core of every decision we make is what has taken
the winning of six prestigious prizes at the FAB Awards
Avolta to its leading position in the travel retail and F&B
(Airport Food & Beverage Conference & Awards).
sectors.
To ensure high quality for our customers, we give particu-
Within the focus area Create Sustainable Travel Experi-
lar attention to a wide variety of topics, such as product
ences Avolta has defined four areas of action:
– Sustainable Sourcing & Traceability
and supply chain stewardship when selecting our offers,
customer’s privacy and data protection, as well as respon-
Expand the adoption of responsible sourcing practices
sible marketing initiatives and communication practices.
and increase the procurement of sustainable, certified
Moreover, since customers are becoming more conscious
and local products
– Supply Chain Management
regarding the consumption of F&B products, Avolta devel-
ops its own F&B concept portfolio in a more responsible
Foster a responsible and ethical management of the
way, by opting for certified food ingredients, free from ar-
supply chain, partnering with suppliers that are atten-
tificial colours or preservatives, and preparing meals with
tive to social and environmental impacts
a limited amount of ingredients or natural-origin ones.
– Product Quality & Safety
Provide high quality & safety standards for the products
For a holistic and unique travel experience, one of the core
and ingredients used in all of the Group's channels
objectives of the Destination 2027 strategy, we focus on
– Healthy & Sustainable Choices
three main elements: store design, product and service
Promote better travel experiences by offering a wide
both in-store and online. As such, when developing and
range of healthy and sustainable products, good for
refurbishing its stores and restaurants, Avolta pays partic-
both consumers’ and planet’s health
ular attention on creating a strong sense of place through
the linkage of the shopping and dining environment with
Avolta aims to exceed customer expectations by combin-
the individual country’s cultural heritage where the stores
ing the sourcing of unique product choices, the develop-
are located. The powerful combination of state-of-the-art
ment of attractive shopping environments and offering an
outlet designs with local motifs and references, alongside
ever-wider array of healthy, safe and high-quality products
a carefully curated selection of products sourced from lo-
cal suppliers, results in unique shopping and eating
spaces that enable customers to experience a full cultural
immersion in the destination with a true “sense of place”.
In total, Avolta sources close to 30 % of its retail products
locally and slightly over 70 % globally.
Sustainable sourcing & traceability
“Expand the adoption of
responsible sourcing practices
and increase the procurement
of sustainable, certified and
local products.”
Transparent information and labelling
Besides offering an innovative travel experience that is
tuned with evolving consumer preferences in all the 73
countries in which the company operates, Avolta provides
its customers all information necessary for a full under-
standing of the ingredients its F&B products contain, en-
suring maximum transparency and compliance with label-
ling laws. In every country in which it operates, the
company complies with laws requiring the communication
of food ingredients, especially with respect to allergens.
For the retail assortment, all product labelling and cus-
tomer information on product specification is managed by
the respective brand partners (see dedicated chapter be-
low).
Sustainable sourcing
Customer’s preferences are increasingly shifting towards
products that have a reduced impact on the environment,
guarantee good working conditions to its employees, and
ensure appropriate animal welfare. Worldwide, Avolta has
designed an innovative and diversified offer that fits a
broader perspective of promoting not only healthier but
also more responsible consumption models, geared to-
ward reducing environmental impacts and protecting na-
ture.
In its retail shops, Avolta offers customers the opportunity
to choose environmentally and socially friendly retail prod-
ucts through its Sustainable Product Identification Initia-
tive: a labelling framework that highlights positive environ-
mental and social characteristics of products, thus
contributing on increasing customer’s awareness on the
various sustainability criteria associated to each product.
In 2023, this initiative was extended to additional locations
and products, which now includes 1,964 retail products
from 23 global suppliers across all Avolta´s core product
categories and is implemented in 167 retail shops across
126 locations globally.
RECYCLABLESUPPORTING LOCALCOMMUNITIESPALM OIL FREESUSTAINABLEPLASTIC FREEVEGAN
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 116/336
In our F&B operations we committed to building a more
sustainable supply chain of the ingredients and raw mate-
rials, hence many of our suppliers participate in national
and international initiatives like the Better Life Label for im-
proved animal welfare, Fair Trade, and the RSPO (Round-
table on Sustainable Palm Oil), especially
in EMEA
countries.
Avolta is also aware that ensuring animal welfare, in accor-
dance with regulations, standards, and international best
practices is an important component of a responsible
supply chain. In our main F&B countries1 – representing
over 90 % of our F&B turnover – 84 % of eggs purchased
are cage-free, reaching 100 % in Belgium, Germany, Italy,
The Netherlands, and Switzerland.
1 Belgium, Canada, France, Germany, Italy, Switzerland, The Netherlands, USA
Foodbuy
In North America, Avolta works with Foodbuy
for the F&B business. Part of the Compass
Group since 2007, Foodbuy is the leading pro-
curement company for food & beverage ser-
vices and has made several commitments to
ensure high standards of food safety and sus-
tainability. All our North American F&B suppli-
ers in the Foodbuy network undergo regular
audits on central issues such as human & labour
rights, business integrity, diversity & inclusion
and environmental sustainability. Any potential
risks related to specific sourcing geographies
or product related topics are considered by
these audits. All requests for proposals for new
concessions or renewals include category-
specific questions on the supplier’s social re-
sponsibility, in order to assess their handling of
social and environmental aspects. In 2023 the
Group bought F&B products from 370 Food-
buy-approved suppliers with one or more cer-
tifications, NAE, including USDA Organic and
Bio-Based (US Department of Agriculture),
BPI Biodegradable (Biodegradable Products
Institute), Cedar Grove Compostable, GAP
Steps, Cage-free, HFAC, Reduced Antibiotics,
Monterey Bay Yellow/Green, MSC, Salmon
Safe, Rainforest Alliance, Bird-friendly, Eco-
logo, Green Seal, FSC, and SFI.
Supply chain management
detailed insights on how we assume our responsibility con-
Healthy and sustainable choice
“Foster a responsible and
ethical management of the supply
chain, partnering with suppliers
attentive to social and environ-
mental impacts.”
For the travel retail business, Avolta neither produces any
retail items nor sells any white-label products, except for a
pilot private-label assortment, including for example, des-
tination products first introduced in late 2022. All the prod-
ucts available on our retail stores are produced by third
party companies, which Avolta expects to comply with the
law, stipulated contract conditions and international best
practices with respect to human rights, the environment,
health & safety and labour standards. To guarantee that our
retail and F&B suppliers meet our strict environmental and
social requirements, Avolta has developed a combined
version of the previous Dufry and Autogrill Supplier Code
of Conduct, which stipulates the main social and environ-
mental requirements to be fulfilled to become an Avolta
supplier.
Supplier Code of Conduct
Avolta’s Supplier Code of Conduct is designed
to ensure that its retail and F&B providers
conduct their operations in an ethical and legal
manner, applying accepted business stan-
dards, as described by the UN Global Com-
pact, regarding:
– Ethics and integrity
– Labor and employment practices and
working conditions
– Anti-money laundering and anti-terrorism
– Environmental compliance and sustainability
– Product quality and safety
To ensure the implementation of a responsible supply
chain management with respect to social and environmen-
tal matters, Avolta expects its suppliers to maintain finan-
cial, operational and business records in accordance with
applicable legal requirements and generally accepted ac-
counting practices, and to establish a procedure that gives
to its employees the possibility to report possible concerns
for unethical actions.
Reflecting the ESG Governance as explained in the Corpo-
rate Governance chapter on page 296, both the Supplier
Code of Conduct and the Avolta Code of Conduct provide
cerning social, ethical and environmental standards, and
how we put into practice the principles of sustainable de-
velopment in our day-to-day work, thus ultimately also ex-
ecuting on this respective due diligence task. Both Codes
were assessed and aligned as part of the business combi-
nation of Dufry and Autogrill to ensure their relevance both
for our retail and our F&B businesses, reflecting develop-
ments in law, regulation and professional ethics. Both
Codes are available in the sustainability section of our web-
site: www.avoltaworld.com.
t
c
u
d
n
o
C
f
o
r
e
i
l
p
p
u
S
e
d
o
C
3
2
0
2
“Promote better travel experi-
ences by offering a wide range of
healthy and sustainable products,
good for both consumers’ and
planet’s health.”
Since our customers’ expectations have been constantly
evolving, becoming even more sophisticated and oriented
towards higher sustainable standards, Avolta constantly
monitors its customers' satisfaction and analyzes their
changing needs with its Customer Experience Tracking &
Survey. Through a set of structured processes, we analyze
the attitudes and behaviors of global travelers and identify
new market trends, along with new concepts, healthy &
sustainable products, and innovative services to offer to
our customers.
As described in its Destination 2027 strategy, Avolta col-
laborates with brand and concession partners to launch a
travel experience revolution by customizing the offerings
for travelers, including new categories and exclusive prod-
ucts that address the new sustainable customer behavior
trends. In our F&B business we strive to meet as many di-
To secure the suppliers’ agreement with and / or acknowl-
etary needs and preferences as possible by developing in-
edgement of the Supplier Code of Conduct, a three-year
novative and diversified concepts, menus and recipes in
follow-up reassessment cycle is observed.
collaboration with many industry experts, nutritionists and
science communicators, making sure we fulfil the World
In 2023, following the release of the Avolta Supplier Code
Health Organization’s recommendations.
of Conduct, we started a new recertification cycle process
reaching out to suppliers who had previously signed the
Over time, several collaborations with sector specialists
Dufry Code, and expanded the reach of the Code by add-
resulted in a series of healthy and sustainable food alter-
ing new suppliers from across all main retail product cat-
natives. These include the partnership with nutritionist-
egories and F&B. In total 441 suppliers, accounting for
physician Mauro Mario Mariani and chef Luca Montersino
49 % of total company COGS 2023, signed or acknowl-
for the development of the 'Piatto Unico Bilanciato' in Italy,
edged the Avolta Supplier Code of Conduct. With regards
a balanced single meal that guarantees the correct
to the retail sector, where the supplier certification has
combination of different nutrients, and the innovative
been underway for a few years, in 2023, we increased the
WOW Burger: the 100 % vegan sandwich created in our
number of suppliers certified to 157 (2022: 152), represent-
«Factory- Food Designers» in Milan in collaboration with
ing 57 % of 2023 retail COGS (2022: 52 %).
vegan chef Simone Salvini and Nestlé Garden Gourmet, is
available in Italy and in our proprietary restaurants in some
On top of monitoring suppliers to ensure compliance with
EMEA countries like France and Switzerland.
the principles established in Avolta´s Supplier Code of
Conduct, the company will continue to reach out to addi-
To ensure a constant development of innovative products,
tional suppliers, including new ones, going forward.
leveraging Avolta's high expertise in the F&B sector, two
Centers of Excellence have been opened in the EMEA re-
gion: the Factory-Food Designers in Milan and the Food
Services in Amsterdam. These centers are designed to
stimulate creativity and develop new ideas, F&B concepts
and receipes – supported by specialists from different
backgrounds (chefs, pastry chefs, nutritionists, small and
local producers, food bloggers, and designers) and also
In our F&B operations we committed to building a more
Supply chain management
sustainable supply chain of the ingredients and raw mate-
rials, hence many of our suppliers participate in national
and international initiatives like the Better Life Label for im-
proved animal welfare, Fair Trade, and the RSPO (Round-
table on Sustainable Palm Oil), especially
in EMEA
countries.
Avolta is also aware that ensuring animal welfare, in accor-
dance with regulations, standards, and international best
“Foster a responsible and
ethical management of the supply
chain, partnering with suppliers
attentive to social and environ-
mental impacts.”
practices is an important component of a responsible
For the travel retail business, Avolta neither produces any
supply chain. In our main F&B countries1 – representing
retail items nor sells any white-label products, except for a
over 90 % of our F&B turnover – 84 % of eggs purchased
pilot private-label assortment, including for example, des-
are cage-free, reaching 100 % in Belgium, Germany, Italy,
tination products first introduced in late 2022. All the prod-
The Netherlands, and Switzerland.
1 Belgium, Canada, France, Germany, Italy, Switzerland, The Netherlands, USA
ucts available on our retail stores are produced by third
party companies, which Avolta expects to comply with the
law, stipulated contract conditions and international best
practices with respect to human rights, the environment,
health & safety and labour standards. To guarantee that our
retail and F&B suppliers meet our strict environmental and
Foodbuy
In North America, Avolta works with Foodbuy
social requirements, Avolta has developed a combined
for the F&B business. Part of the Compass
version of the previous Dufry and Autogrill Supplier Code
Group since 2007, Foodbuy is the leading pro-
of Conduct, which stipulates the main social and environ-
curement company for food & beverage ser-
mental requirements to be fulfilled to become an Avolta
vices and has made several commitments to
supplier.
ensure high standards of food safety and sus-
tainability. All our North American F&B suppli-
ers in the Foodbuy network undergo regular
audits on central issues such as human & labour
rights, business integrity, diversity & inclusion
and environmental sustainability. Any potential
risks related to specific sourcing geographies
or product related topics are considered by
these audits. All requests for proposals for new
concessions or renewals include category-
specific questions on the supplier’s social re-
sponsibility, in order to assess their handling of
social and environmental aspects. In 2023 the
Group bought F&B products from 370 Food-
buy-approved suppliers with one or more cer-
tifications, NAE, including USDA Organic and
Bio-Based (US Department of Agriculture),
BPI Biodegradable (Biodegradable Products
Institute), Cedar Grove Compostable, GAP
Monterey Bay Yellow/Green, MSC, Salmon
Safe, Rainforest Alliance, Bird-friendly, Eco-
logo, Green Seal, FSC, and SFI.
Supplier Code of Conduct
Avolta’s Supplier Code of Conduct is designed
to ensure that its retail and F&B providers
conduct their operations in an ethical and legal
manner, applying accepted business stan-
dards, as described by the UN Global Com-
pact, regarding:
– Ethics and integrity
– Labor and employment practices and
working conditions
– Anti-money laundering and anti-terrorism
– Environmental compliance and sustainability
– Product quality and safety
tal matters, Avolta expects its suppliers to maintain finan-
cial, operational and business records in accordance with
applicable legal requirements and generally accepted ac-
counting practices, and to establish a procedure that gives
to its employees the possibility to report possible concerns
for unethical actions.
Reflecting the ESG Governance as explained in the Corpo-
rate Governance chapter on page 296, both the Supplier
Code of Conduct and the Avolta Code of Conduct provide
Steps, Cage-free, HFAC, Reduced Antibiotics,
chain management with respect to social and environmen-
To ensure the implementation of a responsible supply
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 117/336
detailed insights on how we assume our responsibility con-
cerning social, ethical and environmental standards, and
how we put into practice the principles of sustainable de-
velopment in our day-to-day work, thus ultimately also ex-
ecuting on this respective due diligence task. Both Codes
were assessed and aligned as part of the business combi-
nation of Dufry and Autogrill to ensure their relevance both
for our retail and our F&B businesses, reflecting develop-
ments in law, regulation and professional ethics. Both
Codes are available in the sustainability section of our web-
site: www.avoltaworld.com.
t
c
u
d
n
o
C
f
o
r
e
i
l
p
p
u
S
e
d
o
C
3
2
0
2
To secure the suppliers’ agreement with and / or acknowl-
edgement of the Supplier Code of Conduct, a three-year
follow-up reassessment cycle is observed.
In 2023, following the release of the Avolta Supplier Code
of Conduct, we started a new recertification cycle process
reaching out to suppliers who had previously signed the
Dufry Code, and expanded the reach of the Code by add-
ing new suppliers from across all main retail product cat-
egories and F&B. In total 441 suppliers, accounting for
49 % of total company COGS 2023, signed or acknowl-
edged the Avolta Supplier Code of Conduct. With regards
to the retail sector, where the supplier certification has
been underway for a few years, in 2023, we increased the
number of suppliers certified to 157 (2022: 152), represent-
ing 57 % of 2023 retail COGS (2022: 52 %).
On top of monitoring suppliers to ensure compliance with
the principles established in Avolta´s Supplier Code of
Conduct, the company will continue to reach out to addi-
tional suppliers, including new ones, going forward.
Healthy and sustainable choice
“Promote better travel experi-
ences by offering a wide range of
healthy and sustainable products,
good for both consumers’ and
planet’s health.”
Since our customers’ expectations have been constantly
evolving, becoming even more sophisticated and oriented
towards higher sustainable standards, Avolta constantly
monitors its customers' satisfaction and analyzes their
changing needs with its Customer Experience Tracking &
Survey. Through a set of structured processes, we analyze
the attitudes and behaviors of global travelers and identify
new market trends, along with new concepts, healthy &
sustainable products, and innovative services to offer to
our customers.
As described in its Destination 2027 strategy, Avolta col-
laborates with brand and concession partners to launch a
travel experience revolution by customizing the offerings
for travelers, including new categories and exclusive prod-
ucts that address the new sustainable customer behavior
trends. In our F&B business we strive to meet as many di-
etary needs and preferences as possible by developing in-
novative and diversified concepts, menus and recipes in
collaboration with many industry experts, nutritionists and
science communicators, making sure we fulfil the World
Health Organization’s recommendations.
Over time, several collaborations with sector specialists
resulted in a series of healthy and sustainable food alter-
natives. These include the partnership with nutritionist-
physician Mauro Mario Mariani and chef Luca Montersino
for the development of the 'Piatto Unico Bilanciato' in Italy,
a balanced single meal that guarantees the correct
combination of different nutrients, and the innovative
WOW Burger: the 100 % vegan sandwich created in our
«Factory- Food Designers» in Milan in collaboration with
vegan chef Simone Salvini and Nestlé Garden Gourmet, is
available in Italy and in our proprietary restaurants in some
EMEA countries like France and Switzerland.
To ensure a constant development of innovative products,
leveraging Avolta's high expertise in the F&B sector, two
Centers of Excellence have been opened in the EMEA re-
gion: the Factory-Food Designers in Milan and the Food
Services in Amsterdam. These centers are designed to
stimulate creativity and develop new ideas, F&B concepts
and receipes – supported by specialists from different
backgrounds (chefs, pastry chefs, nutritionists, small and
local producers, food bloggers, and designers) and also
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 118/336
include the Green Lab – a dedicated R&D studio where
health and sustainability converge, creating innovative
recipes in line with new trends. The Food Services Center
of Excellence in Amsterdam, is focused on the develop-
ment of international concepts and the management of
company F&B brand portfolio – composed by internal, ex-
ternal and franchise brands – and related products.
themes: Stay Healthy, Relax, Feel Better and Travel Com-
fort. The majority of the selection includes locally sourced
and innovative brands but also already established global
brands. This concept is currently implemented in 11 coun-
tries and 13 locations globally.
HUDSON CAFÉ MILANO
tasty and trendy F&B products, serving not only healthy
Product quality & safety
but also environmentally friendly menu items such as
organic coffee and teas, poke bowls and fresh smoothies.
To ensure fully transparent customer communication, the
product labels contain both the complete ingredients list
as well as the health benefits they bring.
“Provide high quality & safety
standards for the products
and ingredients used in all of
the company's channels.”
WASCOFFE LAB
Healthy and sustainable concepts
Avolta’s commitment to provide our customers globally a
well-diversified healthy and sustainable offer results in a
wide global portfolio of retail and F&B concepts that offer
compelling alternatives for both our customers’ health
and the safeguarding of our planet. Among recent open-
ings, the following concepts were particularly distinctive
for their seamless blending of wellbeing and environmen-
tal offerings as key elements contributing to our Destina-
tion 2027 travel revolution.
MIND.BODY.SOUL.
The Hudson Café Milano, opened in Milano Malpensa air-
port is Avolta’s first hybrid concept combining cafeteria and
bookstore. Through this new concept we want to offer our
consumers an integrated travel experience that allows
them to both shop and enjoy a relaxing break. In the Hud-
son Café, Avolta not only sells a wide range of books and
newspapers, but also offers a wide assortment of food and
beverage products including coffee, pastries and bakery
from both Italian and international cuisine, satisfying the
different preferences of our consumers. To offer quick and
healthy alternatives, the Hudson Café features a selection
of healthy grab & go products such as fruit, poke bowls and
yogurt, as well as vegan and vegetarian options.
FRESH
ISO 9001:2015 on Quality Management Systems
Italy (F&B: all stores managed by Autogrill Italia S.p.A. and Nuova Sidap)
Food quality, health and safety certifications
Applies to:
To meet the increasing consumer interest in purchasing
healthier and more wellbeing related products, Avolta de-
veloped the retail concept mind.body.soul. The “shop-in
shop” concept offers a range of nutritious and energy fo-
cused food for health-conscious customers, alongside
sustainable and relaxing products that promote a true
sense of wellbeing. Products from a broad spectrum of
categories and brands are displayed under four different
Pursuing sensory and emotional pleasure and preserving
physical well-being are two key principles of our proprie-
tary concept FRESH, at Bali I Ngurah Rai International Air-
port, Kuala Lumpur International Airport and Gold Coast
International Airport. FRESH offers a wide range of natural,
FSSAI (Food Safety and Standards Authority of India)
India (F&B: all stores in Bangalore, Hyderabad, and Delhi airports)
NVWA (Netherlands Food and Consumer Product Safety Authority)
Netherlands (F&B: all stores)
NSF Certificate of Food Hygiene and Safety
Switzerland, Norway (F&B: selected stores)
UK (F&B: all stores)
Malaysia (F&B: selected stores)
Selling products that meet high standards of quality and
safety is extremely important for our company. Our pro-
curement teams focus on sourcing products from a reli-
able supply base. The majority of the products that we sell
are heavily regulated (e.g. alcohol & tobacco but also
beauty and food) and Avolta is committed to compliance
with the applicable regulations and rules in all the coun-
tries where it operates.
Across all our restaurants, high-quality ingredients that
are used for our recipes and meals are prepared under
strict hygiene and sanitary conditions, in compliance with
local and international regulations. These offers are peri-
odically audited and taught to workers through frequent
The WASCOFFEE LAB – available in three locations in Italy
training and awareness programs. The quality and safety
– is Avolta's first concept made entirely from WAS-
of F&B products served are reinforced by an expansive,
COFFEE®, the 100 % natural and recyclable material cre-
tightly structured management system that begins with
ated from recovered coffee grounds and used for the de-
the supplier selection. Before doing business with Avolta,
sign and furnishings of the shops. Its minimalist and cosy
all F&B suppliers go through a pre-approval process to
ambience, inspired by the specialty coffee trend, and the
test their level of compliance with the company’s food
gastronomic offerings satisfy the new consumption mod-
quality and safety standards. The process includes micro-
els. The menu meets the needs of different traveler pro-
biological content and chemical / physical analyses along
files and offers healthy and plant-based alternatives.
the entire supply chain, which are evaluated from a risk as-
ISO 22000 on Food Safety Management
Italy (F&B: all stores managed by Autogrill Italia S.p.A.)
Austria (F&B: all stores)
Australia, Malaysia (F&B: selected stores)
Austria, Malaysia (F&B: all stores)
Greece (F&B: Hellas LTD)
India (F&B: Hyderabad Airport)
ISO 9001:2015 (provision of technical project management services)
Italy (Milan HQ)
ISO 45001
Italy (Milan HQ and F&B airport locations)
Halal certification from MUI (Majelis Ulama Indonesia)
Switzerland (F&B: Seven spices in Geneva & Zürich airports and
Diverse Food Safety program
all stores at Bern railway station)
India (F&B: all stores in Bangalore, Hyderabad, and Delhi airports)
Indonesia (F&B: selected stores in Jakarta and Bali airports)
Netherlands (F&B: all stores)
Switzerland, Norway (F&B: selected stores)
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Report
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tasty and trendy F&B products, serving not only healthy
but also environmentally friendly menu items such as
organic coffee and teas, poke bowls and fresh smoothies.
To ensure fully transparent customer communication, the
product labels contain both the complete ingredients list
as well as the health benefits they bring.
Product quality & safety
“Provide high quality & safety
standards for the products
and ingredients used in all of
the company's channels.”
WASCOFFEE LAB
The WASCOFFEE LAB – available in three locations in Italy
– is Avolta's first concept made entirely from WAS-
COFFEE®, the 100 % natural and recyclable material cre-
ated from recovered coffee grounds and used for the de-
sign and furnishings of the shops. Its minimalist and cosy
ambience, inspired by the specialty coffee trend, and the
gastronomic offerings satisfy the new consumption mod-
els. The menu meets the needs of different traveler pro-
files and offers healthy and plant-based alternatives.
Selling products that meet high standards of quality and
safety is extremely important for our company. Our pro-
curement teams focus on sourcing products from a reli-
able supply base. The majority of the products that we sell
are heavily regulated (e.g. alcohol & tobacco but also
beauty and food) and Avolta is committed to compliance
with the applicable regulations and rules in all the coun-
tries where it operates.
Across all our restaurants, high-quality ingredients that
are used for our recipes and meals are prepared under
strict hygiene and sanitary conditions, in compliance with
local and international regulations. These offers are peri-
odically audited and taught to workers through frequent
training and awareness programs. The quality and safety
of F&B products served are reinforced by an expansive,
tightly structured management system that begins with
the supplier selection. Before doing business with Avolta,
all F&B suppliers go through a pre-approval process to
test their level of compliance with the company’s food
quality and safety standards. The process includes micro-
biological content and chemical / physical analyses along
the entire supply chain, which are evaluated from a risk as-
Food quality, health and safety certifications
Applies to:
ISO 9001:2015 on Quality Management Systems
ISO 22000 on Food Safety Management
Italy (F&B: all stores managed by Autogrill Italia S.p.A. and Nuova Sidap)
Austria (F&B: all stores)
Australia, Malaysia (F&B: selected stores)
Italy (F&B: all stores managed by Autogrill Italia S.p.A.)
Austria, Malaysia (F&B: all stores)
Greece (F&B: Hellas LTD)
India (F&B: Hyderabad Airport)
ISO 9001:2015 (provision of technical project management services)
Italy (Milan HQ)
ISO 45001
Italy (Milan HQ and F&B airport locations)
Halal certification from MUI (Majelis Ulama Indonesia)
Diverse Food Safety program
Switzerland (F&B: Seven spices in Geneva & Zürich airports and
all stores at Bern railway station)
India (F&B: all stores in Bangalore, Hyderabad, and Delhi airports)
Indonesia (F&B: selected stores in Jakarta and Bali airports)
Netherlands (F&B: all stores)
Switzerland, Norway (F&B: selected stores)
FSSAI (Food Safety and Standards Authority of India)
India (F&B: all stores in Bangalore, Hyderabad, and Delhi airports)
NVWA (Netherlands Food and Consumer Product Safety Authority)
NSF Certificate of Food Hygiene and Safety
Netherlands (F&B: all stores)
Switzerland, Norway (F&B: selected stores)
UK (F&B: all stores)
Malaysia (F&B: selected stores)
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ESG
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Report
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sessment perspective. Once they become Avolta suppli-
ers, they are periodically screened by way of question-
naires, direct or indirect information gathering, location
checks as well as food safety and quality audits. Also, as a
brand licensee, the company itself is subject to audits by
its brand and concession partners.
In addition to these F&B assessment procedures, there is a
self-screening program falling within the management
system used in the various countries, i.e. a set of centrally
coordinated procedures carried out on-site to ensure
compliance with all hygiene and sanitary standards. Al-
ways striving for improvement, the company has adopted
various safeguards and concrete actions to maintain the
highest levels of food quality and safety. These address
food safety standards and HACCP processes involving nu-
merous food safety courses in the various business units,
both classroom-taught and online. Frequent audits are
carried out to check compliance with quality and safety
standards at the F&B outlets in the different regions. In
2023, 93 % of Avolta’s F&B stores in 26 countries received
Quality & Safety audits. In some countries, internal monitor-
ing is paralleled by audits conducted by third parties and
qualified personnel.
Responsible marketing
Avolta is well aware of its marketing responsibilities and ob-
serves all laws with respect to promoting products and ser-
vices and in particular with respect to alcohol and tobacco.
Its responsibility also includes marketing practices adopted
and communication activities launched both in-store and
through our pre- and post-sale points of contact with cus-
tomers, including product warranties and refund policies.
Cooperation with Duty Free World
Council and US National Restaurant
Association
Avolta has contributed to the development
of the Duty Free World Council´s (DFWC) Self-
Regulatory Code of Conduct for the Sale of
Alcohol Products in Duty Free & Travel Retail.
The Code – called «Responsible Retailer of
Alcohol Products» – complements other codes
and guidelines followed by individual alcohol
manufacturing companies or other bodies, is
widely accepted by most travel retailers world-
wide and was signed and implemented by
Avolta in 2017. The Code defines clear guide-
lines for commercial communications, sales
of alcoholic products in the travel retail and
duty-free environments and for tasting at the
point of sale. The Code of Conduct is publicly
available from the DFWC website:
www.dfworldcouncil.com. Since 2021 we ob-
tained the DFWC Responsible Retailer accredi-
tation, after members of our staff involved in
the sale of alcohol products – both at store and
office levels – were trained on the abovemen-
tioned code through a DFWC developed train-
ing module. This important training is incorpo-
rated into Avolta´s training catalogue and the
company continues to train all the team mem-
bers who are involved in the sale of alcoholic
products. By the end of 2023, over 3,400 of our
team members had obtained that certification.
In addition, over 2,400 team members working
in F&B concepts serving alcoholic beverages
were trained to responsible serving practices.
This brings to over 5,800 the number of people
in the company trained to sell and serve re-
sponsibly alcoholic beverages. In North Ameri-
can we developed the Serve Safe Alcohol
program in collaboration with the National Res-
taurant Association: an initiative to train all
frontline employees on how to properly serve
alcoholic beverages. Finally, we launched the
«We ID» campaign to raise consumers’ aware-
ness about safe drinking which is still ongoing.
The campaign requires all customers to pres-
ent identification when they purchase alcohol.
Customer Service – it does not end at the shopping till
In 2023, our global customer service team of the retail
business answered 250,047 queries (compared to 154,242
in 2022). Out of all these customer contacts, 39,814 were
customer complaints, 146,012 were information requests,
60,281 were requests for services, 3,885 were compli-
ments and 55 were suggestions. The remaining queries
are related to contacts received that do not refer to Avolta
or that the customer does not respond to. The main causes
of complaints were as follows: – Billing Overcharges –
Damaged product complaints – R & C complaints – Red By
Dufry missing points – Wrong products delivered. Case
resolution time was, on average, less than six days.
Customer privacy and data protection
Avolta is committed to safeguarding the privacy of its cus-
tomers and their personal information. The company has
implemented the necessary management and cyber se-
curity systems to treat any customer’s personal informa-
tion as confidential. This also includes securely storing
personal information – such as for example name, sur-
name, email address or loyalty card number – to prevent
unauthorized access to it, along with ensuring that such
personal information is only collected, used and otherwise
processed for legitimate business purposes in accor-
dance with applicable laws, the Privacy Notice and Avolta´s
Code of Conduct (both accessible in the company´s web-
system and a number of internal policies and procedures
site www.avoltaworld.com).
Online transactions
complying with applicable laws and regulations. This is all
included in the company’s Global Information Security
Policy, which is aligned with the international security
Avolta doesn’t handle online transactions that include
frameworks ISO 27000 and the National Institute of Stan-
payment for duty-free goods – exceptions are made for
dards and Technology (NIST). Avolta performs regular
some locations and for the food & beverage sector, where
tests of its systems and takes several measures to improve
respective customs regulations allow. Our Reserve & Col-
cyber security, prevent malware infections and avoid data
lect service only allows customers to reserve retail prod-
breaches. Amongst others, Avolta: – Encrypts customer,
ucts and collect them at their preferred airport location at
payment and any sensitive data and limits access to it; –
the time the customer flies. Normally, however, it is not un-
Keeps software up-to-date by installing updates and se-
til customers collect the products and show their board-
curity patches; – Secures point of sale (POS) devices and
ing passes as required, that the payment is processed.
applications; – Performs regular vulnerability testing to
This is due to customs regulations that only permit Avolta
identify weaknesses; – Monitors all activity in Avolta’s sys-
to sell duty-free products at the airport location itself. In
tems and data for any anomalous activity and indications
some countries where we operate in the food & beverage
of threats; – Uses (and promotes amongst its employees)
sector, it is possible to use systems and apps such as
secure passwords and two-factor authentication; – Runs
Click & Good and Your Order Please to order and pay in
antivirus software continuously, periodically scanning sys-
advance, in compliance with Avolta's high cyber security
tems for malicious files; – Has introduced advanced Mal-
standards.
ware protection; – Has PCI certifications in place in most
of the countries where it operates; – Has established a
global security monitoring and protection system over-
Data protection structure and audits
Avolta has a Global Data Protection Coordinator (Global
seeing Avolta’s cloud services.
DPC) who reports to the Chief Compliance Officer. The
data protection organization relies on a decentralized
Security Awareness Program
structure, with local data protection coordinators (Local
As part of the Security Awareness Program, Avolta con-
DPCs) in the relevant countries. The Local DPCs bear the
ducts regular internal communications campaigns and
responsibility for data protection matters within their
both mandatory and optional training for all team mem-
scope of operations. Our employees, as well as third-par-
bers regardless of function and location. The content of
ties who provide services on Avolta’s behalf, are required
this communication and training program includes rele-
by policy and process, as well as by contract, if applicable,
vant and individual steps towards achieving a secure IT en-
to treat customer information with care and confidential-
vironment, including: – PCI DSS Awareness – Secure Re-
ity. Our processes are designed to preclude unnecessary
mote Working – Phishing & Ransomware – Password
access to confidential information and Avolta has admin-
Safety – Privacy and Data Protection – Social Engineering
istrative, technical and physical safeguards that reflect this
– Global Information Security Policies – Global Policy of
obligation. Avolta regularly reviews and enhances related
Acceptable Use of Technology – Data Leak Prevention.
procedures and policies. The Group also undertakes inter-
nal Data Protection Audits and intrusion tests on a regular
basis, while periodic meetings are held to discuss and im-
prove the protection of customers’ personal data. Anyone
wishing to report a grievance or ask a question regarding
Avolta’s data privacy policy, or to access, delete, correct or
transfer their personal information, can address such data
subject requests to: privacy@avolta.net.
Cyber security
Avolta is continuously monitoring, reviewing and upgrad-
ing its processes to protect its business from potential cy-
ber security threats that ultimately could end with theft of
data. At a global level, Avolta has a Global IT Security Team
that is responsible for keeping IT threats away from Avol-
ta’s business, understanding emerging threats and invest-
ing in the necessary technology to mitigate potential new
risks. In this regard, Avolta has a number of systems and
security processes in place, including a robust IT security
sessment perspective. Once they become Avolta suppli-
www.dfworldcouncil.com. Since 2021 we ob-
ers, they are periodically screened by way of question-
tained the DFWC Responsible Retailer accredi-
naires, direct or indirect information gathering, location
tation, after members of our staff involved in
checks as well as food safety and quality audits. Also, as a
the sale of alcohol products – both at store and
brand licensee, the company itself is subject to audits by
office levels – were trained on the abovemen-
its brand and concession partners.
tioned code through a DFWC developed train-
ing module. This important training is incorpo-
In addition to these F&B assessment procedures, there is a
rated into Avolta´s training catalogue and the
self-screening program falling within the management
company continues to train all the team mem-
system used in the various countries, i.e. a set of centrally
bers who are involved in the sale of alcoholic
coordinated procedures carried out on-site to ensure
products. By the end of 2023, over 3,400 of our
compliance with all hygiene and sanitary standards. Al-
team members had obtained that certification.
ways striving for improvement, the company has adopted
In addition, over 2,400 team members working
various safeguards and concrete actions to maintain the
in F&B concepts serving alcoholic beverages
highest levels of food quality and safety. These address
were trained to responsible serving practices.
food safety standards and HACCP processes involving nu-
This brings to over 5,800 the number of people
merous food safety courses in the various business units,
in the company trained to sell and serve re-
both classroom-taught and online. Frequent audits are
sponsibly alcoholic beverages. In North Ameri-
carried out to check compliance with quality and safety
can we developed the Serve Safe Alcohol
standards at the F&B outlets in the different regions. In
program in collaboration with the National Res-
2023, 93 % of Avolta’s F&B stores in 26 countries received
taurant Association: an initiative to train all
Quality & Safety audits. In some countries, internal monitor-
frontline employees on how to properly serve
ing is paralleled by audits conducted by third parties and
alcoholic beverages. Finally, we launched the
qualified personnel.
Responsible marketing
«We ID» campaign to raise consumers’ aware-
ness about safe drinking which is still ongoing.
The campaign requires all customers to pres-
Avolta is well aware of its marketing responsibilities and ob-
ent identification when they purchase alcohol.
serves all laws with respect to promoting products and ser-
vices and in particular with respect to alcohol and tobacco.
Its responsibility also includes marketing practices adopted
Customer Service – it does not end at the shopping till
and communication activities launched both in-store and
In 2023, our global customer service team of the retail
through our pre- and post-sale points of contact with cus-
business answered 250,047 queries (compared to 154,242
tomers, including product warranties and refund policies.
in 2022). Out of all these customer contacts, 39,814 were
Cooperation with Duty Free World
Council and US National Restaurant
Association
customer complaints, 146,012 were information requests,
60,281 were requests for services, 3,885 were compli-
ments and 55 were suggestions. The remaining queries
are related to contacts received that do not refer to Avolta
or that the customer does not respond to. The main causes
of complaints were as follows: – Billing Overcharges –
Avolta has contributed to the development
Damaged product complaints – R & C complaints – Red By
of the Duty Free World Council´s (DFWC) Self-
Dufry missing points – Wrong products delivered. Case
Regulatory Code of Conduct for the Sale of
resolution time was, on average, less than six days.
Alcohol Products in Duty Free & Travel Retail.
The Code – called «Responsible Retailer of
Customer privacy and data protection
Alcohol Products» – complements other codes
Avolta is committed to safeguarding the privacy of its cus-
and guidelines followed by individual alcohol
tomers and their personal information. The company has
manufacturing companies or other bodies, is
implemented the necessary management and cyber se-
widely accepted by most travel retailers world-
curity systems to treat any customer’s personal informa-
wide and was signed and implemented by
Avolta in 2017. The Code defines clear guide-
lines for commercial communications, sales
of alcoholic products in the travel retail and
tion as confidential. This also includes securely storing
personal information – such as for example name, sur-
name, email address or loyalty card number – to prevent
unauthorized access to it, along with ensuring that such
duty-free environments and for tasting at the
personal information is only collected, used and otherwise
point of sale. The Code of Conduct is publicly
processed for legitimate business purposes in accor-
available from the DFWC website:
dance with applicable laws, the Privacy Notice and Avolta´s
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 121/336
system and a number of internal policies and procedures
complying with applicable laws and regulations. This is all
included in the company’s Global Information Security
Policy, which is aligned with the international security
frameworks ISO 27000 and the National Institute of Stan-
dards and Technology (NIST). Avolta performs regular
tests of its systems and takes several measures to improve
cyber security, prevent malware infections and avoid data
breaches. Amongst others, Avolta: – Encrypts customer,
payment and any sensitive data and limits access to it; –
Keeps software up-to-date by installing updates and se-
curity patches; – Secures point of sale (POS) devices and
applications; – Performs regular vulnerability testing to
identify weaknesses; – Monitors all activity in Avolta’s sys-
tems and data for any anomalous activity and indications
of threats; – Uses (and promotes amongst its employees)
secure passwords and two-factor authentication; – Runs
antivirus software continuously, periodically scanning sys-
tems for malicious files; – Has introduced advanced Mal-
ware protection; – Has PCI certifications in place in most
of the countries where it operates; – Has established a
global security monitoring and protection system over-
seeing Avolta’s cloud services.
Security Awareness Program
As part of the Security Awareness Program, Avolta con-
ducts regular internal communications campaigns and
both mandatory and optional training for all team mem-
bers regardless of function and location. The content of
this communication and training program includes rele-
vant and individual steps towards achieving a secure IT en-
vironment, including: – PCI DSS Awareness – Secure Re-
mote Working – Phishing & Ransomware – Password
Safety – Privacy and Data Protection – Social Engineering
– Global Information Security Policies – Global Policy of
Acceptable Use of Technology – Data Leak Prevention.
Code of Conduct (both accessible in the company´s web-
site www.avoltaworld.com).
Online transactions
Avolta doesn’t handle online transactions that include
payment for duty-free goods – exceptions are made for
some locations and for the food & beverage sector, where
respective customs regulations allow. Our Reserve & Col-
lect service only allows customers to reserve retail prod-
ucts and collect them at their preferred airport location at
the time the customer flies. Normally, however, it is not un-
til customers collect the products and show their board-
ing passes as required, that the payment is processed.
This is due to customs regulations that only permit Avolta
to sell duty-free products at the airport location itself. In
some countries where we operate in the food & beverage
sector, it is possible to use systems and apps such as
Click & Good and Your Order Please to order and pay in
advance, in compliance with Avolta's high cyber security
standards.
Data protection structure and audits
Avolta has a Global Data Protection Coordinator (Global
DPC) who reports to the Chief Compliance Officer. The
data protection organization relies on a decentralized
structure, with local data protection coordinators (Local
DPCs) in the relevant countries. The Local DPCs bear the
responsibility for data protection matters within their
scope of operations. Our employees, as well as third-par-
ties who provide services on Avolta’s behalf, are required
by policy and process, as well as by contract, if applicable,
to treat customer information with care and confidential-
ity. Our processes are designed to preclude unnecessary
access to confidential information and Avolta has admin-
istrative, technical and physical safeguards that reflect this
obligation. Avolta regularly reviews and enhances related
procedures and policies. The Group also undertakes inter-
nal Data Protection Audits and intrusion tests on a regular
basis, while periodic meetings are held to discuss and im-
prove the protection of customers’ personal data. Anyone
wishing to report a grievance or ask a question regarding
Avolta’s data privacy policy, or to access, delete, correct or
transfer their personal information, can address such data
subject requests to: privacy@avolta.net.
Cyber security
Avolta is continuously monitoring, reviewing and upgrad-
ing its processes to protect its business from potential cy-
ber security threats that ultimately could end with theft of
data. At a global level, Avolta has a Global IT Security Team
that is responsible for keeping IT threats away from Avol-
ta’s business, understanding emerging threats and invest-
ing in the necessary technology to mitigate potential new
risks. In this regard, Avolta has a number of systems and
security processes in place, including a robust IT security
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2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 122/336
Respect
Our Planet
“Reducing our footprint,
increasing our consciousness.”
GRI indicators:
302-1, 302-3, 303-1, 303-3, 305-1, 305-2, 305-3, 305-4, 305-5, 306-1,
306-2, 306-3, 306-4, 306-5
SDGs:
6.4, 6.6
7.2, 7.3
8.4
11.6
12.2, 12.4, 12.5
13.1
14.3
15.1, 15.2
Avolta is committed to conducting business in an environ-
mentally conscious manner to respect the planet.
Climate Task Force as well as the ACI Europe Environmen-
tal Strategy Committee (ENVSTRAT).
Avolta regularly assesses the environmental reach of its
commercial activity and works towards minimizing its im-
pact. Considering the wider impact scope resulting from
the business combination of Dufry and Autogrill com-
pleted in 2023, the combined entity started to reassess its
environmental impact to cover the complete scope where
possible, or prepared the ground for a full coverage in the
business year 2024 – this in particular with respect to the
restatement of certain environmental and climate-related
targets.
Within the focus area «Respect the Planet» Avolta has de-
fined three areas of action:
– Climate change, Energy & Emissions
Measure Scope 1, 2 and 3 GHG emissions and reduce
our footprint in our operations and along the value chain.
– Waste & Packaging
Measure and reduce the generation of waste and promote
circular economy practices.
– Water & Biodiversity
Reduce water withdrawal in our operations and promote
the restoration of habitats along the value chain.
Avolta recognizes the importance of international initiatives
to promote action to preserve the planet. Accordingly,
Avolta, a participant of the UN Global Compact, adopts the
commitment of taking a precautionary approach to its op-
erations, supports the UN Nations to drive awareness of the
Sustainability Development Goals (SDGs), and participates
in a number of industry initiatives, such as the ACI Europe
Due to the special nature of the travel retail and F&B indus-
try in which Avolta operates, we traditionally cooperate
closely with third parties, in particular with concession part-
ners, brand suppliers and logistics providers, towards re-
ducing the environmental impact of the business and con-
tributing to implement circular economies where possible.
This collaboration always focuses on becoming a more sus-
tainable business by promoting effective use of resources
– especially energy and water – across the operations and
supply chain. We further aim at minimizing the generation
of unnecessary waste, adopting new technologies that
contribute to the reduction on environmental impacts in-
creasing our efforts on recycling practices, and supporting
our customers in their objective of choosing and consum-
ing more sustainable products or healthy nutrition.
With the exception of our motorway operations, Avolta typ-
ically operates shops and restaurants in highly regulated,
third-party owned premises such as airports, train stations,
cruise ships & ferries, seaports and downtown locations.
This means that for most of our stores and restaurants, a
large proportion of its utility consumption – such as elec-
tricity – Avolta cannot directly influence sourcing of these
resources as predetermined by the concession partners
and the given building construction. Moreover, Avolta – for
its retail business – does not develop own products, does
not operate any own manufacturing sites, and sells third-
party products directly sourced from its brand partners.
Similarly, for the F&B business, Avolta does not have dedi-
cated production sites outside the locations operated. In
general the products and menus offered are cooked di-
– Management of risks and impacts by establishing objec-
rectly in kitchens located in the back of the store. However,
tives, programs and plans that promote the continuous
the company leverages third party suppliers who develop
improvement.
F&B recipes following Avolta’s proprietary brands' culinary
– Environmental training of the company’s professionals in
guidelines or franchised brands’ guidelines.
collaboration with the HR training department.
Consequently, the company concentrates its energy-sav-
In this regard, we regularly engage in constructive dia-
ing and emission reduction efforts mainly in the areas of
logue with stakeholders in the areas in which we can ac-
product sourcing, in-store equipment, supply chain & lo-
tively influence the environmental footprint, to assess the
gistics, its own office premises and in the design of new
impact and eventually implement measures to minimize or
stores or in the refurbishment efforts of existing locations.
even offset the impact. As a complement to the compa-
With respect to shop and restaurant design, the focus is
ny’s Environmental Management System, Avolta has a set
on the related construction materials, fitting equipment,
of Environmental Management Guidelines that define the
lighting and energy star certified kitchen appliances
environmental principles to follow when it comes to cli-
meeting several sustainability criteria and following inter-
mate change and efficiency, resource consumption and
nationally recognized standards such as LEED or internal
shop development. These guidelines are available in the
guidelines such as the Green Store Guideline imple-
sustainability section of Avolta´s corporate website: www.
mented for the whole F&B part of the business.
avoltaworld.com.
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Avolta´s environmental management system
Avolta has established an environmental management sys-
tem that permits the company to assess and understand
its impact on the environment with a systematic and con-
sistent approach, subsequently enabling the company to
define the main lines of our goals and actions. In some ar-
eas, where we have direct and stronger possibilities to in-
fluence our footprint, we have already actioned specific ini-
tiatives to reduce our footprint, such as the replacement of
plastic bags (see page 128) and replacing our F&B guest
packaging with more sustainable alternatives for the envi-
ronment, in line with national and international law regula-
tions (see page 129). In other circumstances, where our
business model provides less potential of directly influenc-
ing our footprint, Avolta significantly increases its stake-
Avolta has formally adopted the precautionary approach
principle to its operations. The company follows a consis-
tent process to assess its operations from an environmen-
tal perspective, to identify current or future environmen-
tal impacts of its activities and to promote initiatives that
respect the environmental balance and comply with exist-
holder dialogue – mainly with airports and supply chain –
Climate change, energy and emissions
to explore opportunities to reduce the impact further.
“Measure Scope 1, 2 and 3 GHG
emissions and reduce our foot-
print in our operations and along
the value chain.”
ing environmental laws and regulations.
Reducing resource consumption
To better assess and understand its environmental im-
Avolta´s environmental management system, supervised
pact, Avolta has identified five different business areas
and implemented by the ESG Department, permits placing
that permit to assess, track and, in a second stage, to im-
the environment at the center of decision-making through:
plement the necessary measures and goals to minimize
– Assessment of environmental risks of its activities, facil-
resource consumption, emissions and impact of its activ-
ities, products and services on a regular basis, improv-
ity. These include the third-party production of the goods
ing and updating the mechanisms designed to prevent,
sold in our stores and restaurants (supply chain), goods
mitigate or eradicate them.
transportations, warehouses, shops and office environ-
– Ongoing identification, assessment and mitigation of the
ments.
environmental impacts of the company's activities, facil-
ities, products and services.
Respect
Our Planet
“Reducing our footprint,
increasing our consciousness.”
302-1, 302-3, 303-1, 303-3, 305-1, 305-2, 305-3, 305-4, 305-5, 306-1,
GRI indicators:
306-2, 306-3, 306-4, 306-5
SDGs:
6.4, 6.6
7.2, 7.3
8.4
11.6
13.1
14.3
15.1, 15.2
12.2, 12.4, 12.5
Avolta is committed to conducting business in an environ-
Climate Task Force as well as the ACI Europe Environmen-
mentally conscious manner to respect the planet.
tal Strategy Committee (ENVSTRAT).
Avolta regularly assesses the environmental reach of its
Due to the special nature of the travel retail and F&B indus-
commercial activity and works towards minimizing its im-
try in which Avolta operates, we traditionally cooperate
pact. Considering the wider impact scope resulting from
closely with third parties, in particular with concession part-
the business combination of Dufry and Autogrill com-
ners, brand suppliers and logistics providers, towards re-
pleted in 2023, the combined entity started to reassess its
ducing the environmental impact of the business and con-
environmental impact to cover the complete scope where
tributing to implement circular economies where possible.
possible, or prepared the ground for a full coverage in the
This collaboration always focuses on becoming a more sus-
business year 2024 – this in particular with respect to the
tainable business by promoting effective use of resources
restatement of certain environmental and climate-related
– especially energy and water – across the operations and
targets.
supply chain. We further aim at minimizing the generation
of unnecessary waste, adopting new technologies that
Within the focus area «Respect the Planet» Avolta has de-
contribute to the reduction on environmental impacts in-
fined three areas of action:
– Climate change, Energy & Emissions
creasing our efforts on recycling practices, and supporting
our customers in their objective of choosing and consum-
Measure Scope 1, 2 and 3 GHG emissions and reduce
ing more sustainable products or healthy nutrition.
our footprint in our operations and along the value chain.
– Waste & Packaging
With the exception of our motorway operations, Avolta typ-
Measure and reduce the generation of waste and promote
ically operates shops and restaurants in highly regulated,
circular economy practices.
– Water & Biodiversity
third-party owned premises such as airports, train stations,
cruise ships & ferries, seaports and downtown locations.
Reduce water withdrawal in our operations and promote
This means that for most of our stores and restaurants, a
the restoration of habitats along the value chain.
large proportion of its utility consumption – such as elec-
tricity – Avolta cannot directly influence sourcing of these
Avolta recognizes the importance of international initiatives
resources as predetermined by the concession partners
to promote action to preserve the planet. Accordingly,
and the given building construction. Moreover, Avolta – for
Avolta, a participant of the UN Global Compact, adopts the
its retail business – does not develop own products, does
commitment of taking a precautionary approach to its op-
not operate any own manufacturing sites, and sells third-
erations, supports the UN Nations to drive awareness of the
party products directly sourced from its brand partners.
Sustainability Development Goals (SDGs), and participates
Similarly, for the F&B business, Avolta does not have dedi-
in a number of industry initiatives, such as the ACI Europe
cated production sites outside the locations operated. In
Annual Report
2023
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ESG
Report
Financial
Report
Governance
Report
Page 123/336
general the products and menus offered are cooked di-
rectly in kitchens located in the back of the store. However,
the company leverages third party suppliers who develop
F&B recipes following Avolta’s proprietary brands' culinary
guidelines or franchised brands’ guidelines.
– Management of risks and impacts by establishing objec-
tives, programs and plans that promote the continuous
improvement.
– Environmental training of the company’s professionals in
collaboration with the HR training department.
Consequently, the company concentrates its energy-sav-
ing and emission reduction efforts mainly in the areas of
product sourcing, in-store equipment, supply chain & lo-
gistics, its own office premises and in the design of new
stores or in the refurbishment efforts of existing locations.
With respect to shop and restaurant design, the focus is
on the related construction materials, fitting equipment,
lighting and energy star certified kitchen appliances
meeting several sustainability criteria and following inter-
nationally recognized standards such as LEED or internal
guidelines such as the Green Store Guideline imple-
mented for the whole F&B part of the business.
In this regard, we regularly engage in constructive dia-
logue with stakeholders in the areas in which we can ac-
tively influence the environmental footprint, to assess the
impact and eventually implement measures to minimize or
even offset the impact. As a complement to the compa-
ny’s Environmental Management System, Avolta has a set
of Environmental Management Guidelines that define the
environmental principles to follow when it comes to cli-
mate change and efficiency, resource consumption and
shop development. These guidelines are available in the
sustainability section of Avolta´s corporate website: www.
avoltaworld.com.
Avolta´s environmental management system
Avolta has established an environmental management sys-
tem that permits the company to assess and understand
its impact on the environment with a systematic and con-
sistent approach, subsequently enabling the company to
define the main lines of our goals and actions. In some ar-
eas, where we have direct and stronger possibilities to in-
fluence our footprint, we have already actioned specific ini-
tiatives to reduce our footprint, such as the replacement of
plastic bags (see page 128) and replacing our F&B guest
packaging with more sustainable alternatives for the envi-
ronment, in line with national and international law regula-
tions (see page 129). In other circumstances, where our
business model provides less potential of directly influenc-
ing our footprint, Avolta significantly increases its stake-
holder dialogue – mainly with airports and supply chain –
to explore opportunities to reduce the impact further.
Avolta has formally adopted the precautionary approach
principle to its operations. The company follows a consis-
tent process to assess its operations from an environmen-
tal perspective, to identify current or future environmen-
tal impacts of its activities and to promote initiatives that
respect the environmental balance and comply with exist-
ing environmental laws and regulations.
Avolta´s environmental management system, supervised
and implemented by the ESG Department, permits placing
the environment at the center of decision-making through:
– Assessment of environmental risks of its activities, facil-
ities, products and services on a regular basis, improv-
ing and updating the mechanisms designed to prevent,
mitigate or eradicate them.
– Ongoing identification, assessment and mitigation of the
environmental impacts of the company's activities, facil-
ities, products and services.
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Climate change, energy and emissions
“Measure Scope 1, 2 and 3 GHG
emissions and reduce our foot-
print in our operations and along
the value chain.”
Reducing resource consumption
To better assess and understand its environmental im-
pact, Avolta has identified five different business areas
that permit to assess, track and, in a second stage, to im-
plement the necessary measures and goals to minimize
resource consumption, emissions and impact of its activ-
ity. These include the third-party production of the goods
sold in our stores and restaurants (supply chain), goods
transportations, warehouses, shops and office environ-
ments.
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2023
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With respect to the types of resources used and the infor-
mation collected, electricity and fuel consumption are the
most material aspects of our footprint. With respect to wa-
ter consumption, there are two relevant aspects. In the
context of the typical travel retail operations water con-
sumption is marginal and restricted to normal use by our
employees and cleaning services within our premises.
Within the F&B business, water consumption is more rele-
vant although it does not emerge among the most rele-
vant material matters, since the intensity of water with-
drawal of our restaurants and bars is very low compared
to other industries. Nevertheless, being aware of the po-
tential impact inefficient water usage has on the environ-
ment and climate change, Avolta has decided to include
water in its updated and combined materiality matrix.
Stores & restaurants
Most of the electric energy consumption of Avolta´s activ-
ity occurs in the store and restaurant environment. Light-
ing, refrigeration, cooking and air-conditioning of over
5,100 stores and restaurants are the largest contributors
to our energy consumption and, consequently, to our CO2
footprint. The direct influencing capability of Avolta on
these is however limited, due to the nature of our business.
Avolta stores and restaurants are mostly located in third-
party owned premises and in highly regulated environ-
ments, where Avolta has in general less impact when se-
lecting energy and electricity sources.
The concern for reducing the CO2 footprint from energy
consumption has been raised in a large number of air-
ports where Avolta operates and concession partners
have initiated plans to move to green energy sourcing. Al-
though this movement works towards the reduction of our
Scope 2 emissions, in 2021, Avolta had defined – as further
described in page 126 – its own CO2 reduction plan to in-
vest in climate protection initiatives to counter-balance
non-avoidable Scope 1 and Scope 2 emissions by 2025 re-
gardless of the efforts already initiated by some of our air-
port partners. This plan (see also dedicated section on
page 126) was, and in 2023 continued to be based, on the
retail operations of the company based on 2019 data and
remains in place until 2024 – when the reduction plan will
be formally restated to cover the complete scope of the
new combined entity and including both the travel retail
and the F&B business.
Distribution centers and warehouses
The second-largest contributor to Avolta´s environmental
footprint is the transportation of goods. For its retail and
F&B operations Avolta operates three main distribution
centers in Uruguay, Switzerland and Hong Kong, which
then operate additional warehouses in Hong Kong, Runny-
mede (UK), Barcelona (Spain), Miami (USA) and Covo (Italy),
to provide timely shipping of goods to our operations.
These main logistics centers receive major shipments from
the suppliers and further distribute products to our respec-
tive operations. Whenever possible, retail-related freight is
preferably carried by sea and we aim to consistently select
the most efficient means of transport in terms of CO2 emis-
sions. Furthermore, the vast majority of our long-haul logis-
tics partners are either ISO 14001 accredited and/or have
strong environmental management procedures in place.
Additionally, we have over 25 local warehouses, which re-
distribute goods received from the central warehouses to
the operations. These are located where Avolta holds sev-
eral significant operations within the same country in terms
of volumes transported. In general, distribution to individ-
ual stores is done by road. The same applies to the F&B
business due to its more local character. These road trans-
ports are mostly outsourced to national and international
specialized partners, some of which have implemented
their own environmental strategies. Such strategies include
optimizing routes to use as little fuel as possible, the peri-
odic upgrading of fleets with low-emission vehicles and the
use of additives (such as AdBlue) to reduce pollutants emit-
ted by diesel-fueled trucks and vans. In Italy, Avolta’s logis-
tics partner is taking various steps to mitigate the emissions
produced by distributing our products, namely by replac-
ing the most obsolete vehicles with natural gas or Euro 6
models and prioritizing deliveries of higher loads. In the
Netherlands, contracts with major distributors were revised
in 2022 and led to the purchasing of the first electric trucks,
which currently secure logistics between the local ware-
house and Schiphol airport. Only a minimal part of the
company’s transportation – mostly in the UK – is done with
an Avolta-managed transportation fleet. Through the high
efficiency in our logistics chain, we ensure that the environ-
mental impact of transporting goods is kept to a minimum.
The vast majority of shipments of goods from the suppli-
er’s site to Avolta’s Distribution Centers is excluded from
the assessment, as these emissions lie within the ESG re-
sponsibility of the suppliers. As part of its own emission re-
duction targets, Avolta actively engages with suppliers to
discuss and encourage footprint reduction opportunities.
Office environment
Beyond stores, restaurants and warehouses, Avolta has of-
fice premises in a number of operations across the world.
Main ones include the company´s Headquarter offices in
Basel (CH), Bedfont Lakes in Feltham (UK), Madrid (ESP), Mi-
lan (IT), Amsterdam (NL), East Rutherford (US), Bethesda
(US), Miami (US) and Rio de Janeiro (BR). Within these prem-
ises, energy consumption is mostly related to lighting and
heating. A number of individual measures, such as auto-
matic switch off for lighting and heating systems, presence
of detector activators and staff awareness campaigns, were
implemented in Avolta’s offices to reduce utility consump-
tion. Additionally, we advise our employees to question the
2 Includes consumption of Avolta-managed goods transportation in Egypt,
Jordan, Morocco, United Arab Emirates and the United Kingdom as well as
necessity of any travel and consider using alternatives to
diesel and gas for heating purposes.
travel, such as virtual meeting systems (videoconferences,
teleconferences, live computer meetings, etc.) and we pro-
mote more environmental alternatives for our employees’
daily commuting, such as public transport offers.
Combined global electricity measurement
achieved in 2023
In 2023, Avolta has made first priority to extend its elec-
tricity consumption measurement system – previously
covering the retail operations – to include also the F&B lo-
cations, thus reflecting the high importance of electricity
consumption of the company’s CO2 footprint. Based on
the utility invoices issued by concession partners for the
3 Scope 2 emissions for year 2023 are reported under the “market-based”
approach. They include the contribution of Renewable Energy Certivicates
(RECs). Average emission factors used: IEA 2023, trade-adjusted for OECD
countries. Applying the “location-based” approach, the emissions amount
to 137,558 tCO2eq.
4 Scope 3 emissions only include data from logistics partners accounting for
87 % of total volume of good transported globally in 2023 (2022: 83 %; 2021:
64 %; 2020 & 2019: 55 %). Not included here are the product purchasing
related Scope 3 emissions or other Scope 3 emission categories.
5 Carbon intensity calculated over the total net sales of Avolta in tCO2eq. per
million CHF. The carbon intensity calculated over the total square meters of
commercial surface operated in the retail sector amounts to 0.727 tCO2eq / m2
(Total area 2023: 477,464 m2). For 2022 and previous years the carbon inten-
sity data are not comparable with the new reality of Avolta, since they were
calculated over the total square meters of commercial surface operated
within the retail sector (ex. Dufry).
year 2023, we have identified emissions and resource
Our CO2 Footprint
consumption for operations covering over 90 % of total re-
Avolta follows the Greenhouse Gas Protocol (GHGP) stan-
tail sales. By reaching such a high figure, we have been
dards to report CO2 emissions. This protocol is the most
able to extrapolate the information and estimate total
widely used international accounting framework for gov-
emissions for all commercial spaces. The setup of this ex-
ernments and businesses to understand, quantify and
tended data gathering process will provide the base to re-
manage greenhouse gas emissions and classifies emis-
state the emission reduction plan for scopes 1 and 2 of the
sions into three scopes:
combined group in 2024.
– Scope 1:
Energy Consumption
in MWh
2023
2022
2021
2020
2019
Electricity 1
465,175 103,669
85,756
92,148 120,857
Fuels 2
Total
41,847
6,188
4,027
3,091
6,900
507,022 109,857
89,783
95,239
127,757
Greenhouse Gas Emissions
in tons of Co2-EQ.
2023
2022
2021
2020
2019
9,506
1,524
935
717
1,736
Direct greenhouse gas emissions from sources owned
by the company. For Avolta, Scope 1 emissions are
limited to those from the fuel used by Avolta-managed
transportation fleets and fossil fuels and gas used
mainly for heating and cooking purposes
– Scope 2:
– Scope 3:
Indirect greenhouse gas emissions from electricity use.
In the case of Avolta, these include electricity consump-
tion in stores, restaurants, offices and warehouses
These are the emissions released by third parties when
they provide their services to Avolta. For Avolta, Scope
3 emissions come mainly from purchased goods
(Scope 3 category 1). Other relevant emissions are
related to capital goods (category 2), upstream trans-
126,021
18,900
19,813
21,290
27,923
portation & logistics (category 4), employee travels
18,057
7,509
3,728
1,451
10,766
(category 7), and use of sold products (category 11).
153,584
27,934
24,477
23,475
40,425
Scope 1 2
Scope 2 1,3
Scope 3 4
Total
Carbon Intensity
Carbon Intensity5
Tons of CO2-eq, / MCHF net sales
1 Energy consumption is based on reported data from single locations. For
missing data concerning US F&B scope, an extrapolation has been con-
ducted to estimate consumption for 2023. Thereof, 48,000 MWh were pur-
chased with Renewable Energy Certificates (RECs). 2023 data are not compa-
rable with previous years, since they reflect the new scope of the company
(retail + F&B activities). Data from 2022 to previous years reflect only the retail
business sector (ex. Dufry). Data of the years 2022, 2021 and 2020 are not
comparable with 2019 due to temporary shop closures during Covid 19.
Compared to other companies, Avolta has a singular
emission structure and – unlike other businesses where
Scope 1, 2 and 3 emissions are in a similar order of magni-
tude – its carbon footprint is vastly dominated by the car-
bon emissions caused by the production of its purchased
goods and meals sold to our customers (in the base year
2019 e.g. about 90 % of total emissions).
2023
10.8
Delivering on our SBTi reduction targets
In 2021, Avolta defined science-based emission reduction
targets for its retail business, thus recognizing the crucial
role the business community can play in minimizing the cli-
mate change risk. Science-based targets are greenhouse
gas emissions reduction targets that are in line with the
With respect to the types of resources used and the infor-
These main logistics centers receive major shipments from
mation collected, electricity and fuel consumption are the
the suppliers and further distribute products to our respec-
most material aspects of our footprint. With respect to wa-
tive operations. Whenever possible, retail-related freight is
ter consumption, there are two relevant aspects. In the
preferably carried by sea and we aim to consistently select
context of the typical travel retail operations water con-
the most efficient means of transport in terms of CO2 emis-
sumption is marginal and restricted to normal use by our
sions. Furthermore, the vast majority of our long-haul logis-
employees and cleaning services within our premises.
tics partners are either ISO 14001 accredited and/or have
Within the F&B business, water consumption is more rele-
strong environmental management procedures in place.
vant although it does not emerge among the most rele-
vant material matters, since the intensity of water with-
Additionally, we have over 25 local warehouses, which re-
drawal of our restaurants and bars is very low compared
distribute goods received from the central warehouses to
to other industries. Nevertheless, being aware of the po-
the operations. These are located where Avolta holds sev-
tential impact inefficient water usage has on the environ-
eral significant operations within the same country in terms
ment and climate change, Avolta has decided to include
of volumes transported. In general, distribution to individ-
water in its updated and combined materiality matrix.
ual stores is done by road. The same applies to the F&B
Stores & restaurants
business due to its more local character. These road trans-
ports are mostly outsourced to national and international
Most of the electric energy consumption of Avolta´s activ-
specialized partners, some of which have implemented
ity occurs in the store and restaurant environment. Light-
their own environmental strategies. Such strategies include
ing, refrigeration, cooking and air-conditioning of over
optimizing routes to use as little fuel as possible, the peri-
5,100 stores and restaurants are the largest contributors
odic upgrading of fleets with low-emission vehicles and the
to our energy consumption and, consequently, to our CO2
use of additives (such as AdBlue) to reduce pollutants emit-
footprint. The direct influencing capability of Avolta on
ted by diesel-fueled trucks and vans. In Italy, Avolta’s logis-
these is however limited, due to the nature of our business.
tics partner is taking various steps to mitigate the emissions
Avolta stores and restaurants are mostly located in third-
produced by distributing our products, namely by replac-
party owned premises and in highly regulated environ-
ing the most obsolete vehicles with natural gas or Euro 6
ments, where Avolta has in general less impact when se-
models and prioritizing deliveries of higher loads. In the
lecting energy and electricity sources.
Netherlands, contracts with major distributors were revised
in 2022 and led to the purchasing of the first electric trucks,
The concern for reducing the CO2 footprint from energy
which currently secure logistics between the local ware-
consumption has been raised in a large number of air-
house and Schiphol airport. Only a minimal part of the
ports where Avolta operates and concession partners
company’s transportation – mostly in the UK – is done with
have initiated plans to move to green energy sourcing. Al-
an Avolta-managed transportation fleet. Through the high
though this movement works towards the reduction of our
efficiency in our logistics chain, we ensure that the environ-
Scope 2 emissions, in 2021, Avolta had defined – as further
mental impact of transporting goods is kept to a minimum.
described in page 126 – its own CO2 reduction plan to in-
vest in climate protection initiatives to counter-balance
The vast majority of shipments of goods from the suppli-
non-avoidable Scope 1 and Scope 2 emissions by 2025 re-
er’s site to Avolta’s Distribution Centers is excluded from
gardless of the efforts already initiated by some of our air-
the assessment, as these emissions lie within the ESG re-
port partners. This plan (see also dedicated section on
sponsibility of the suppliers. As part of its own emission re-
page 126) was, and in 2023 continued to be based, on the
duction targets, Avolta actively engages with suppliers to
retail operations of the company based on 2019 data and
discuss and encourage footprint reduction opportunities.
remains in place until 2024 – when the reduction plan will
be formally restated to cover the complete scope of the
Office environment
new combined entity and including both the travel retail
Beyond stores, restaurants and warehouses, Avolta has of-
and the F&B business.
Distribution centers and warehouses
fice premises in a number of operations across the world.
Main ones include the company´s Headquarter offices in
Basel (CH), Bedfont Lakes in Feltham (UK), Madrid (ESP), Mi-
The second-largest contributor to Avolta´s environmental
lan (IT), Amsterdam (NL), East Rutherford (US), Bethesda
footprint is the transportation of goods. For its retail and
(US), Miami (US) and Rio de Janeiro (BR). Within these prem-
F&B operations Avolta operates three main distribution
ises, energy consumption is mostly related to lighting and
centers in Uruguay, Switzerland and Hong Kong, which
heating. A number of individual measures, such as auto-
then operate additional warehouses in Hong Kong, Runny-
matic switch off for lighting and heating systems, presence
mede (UK), Barcelona (Spain), Miami (USA) and Covo (Italy),
of detector activators and staff awareness campaigns, were
to provide timely shipping of goods to our operations.
implemented in Avolta’s offices to reduce utility consump-
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 125/336
tion. Additionally, we advise our employees to question the
necessity of any travel and consider using alternatives to
travel, such as virtual meeting systems (videoconferences,
teleconferences, live computer meetings, etc.) and we pro-
mote more environmental alternatives for our employees’
daily commuting, such as public transport offers.
Combined global electricity measurement
achieved in 2023
In 2023, Avolta has made first priority to extend its elec-
tricity consumption measurement system – previously
covering the retail operations – to include also the F&B lo-
cations, thus reflecting the high importance of electricity
consumption of the company’s CO2 footprint. Based on
the utility invoices issued by concession partners for the
year 2023, we have identified emissions and resource
consumption for operations covering over 90 % of total re-
tail sales. By reaching such a high figure, we have been
able to extrapolate the information and estimate total
emissions for all commercial spaces. The setup of this ex-
tended data gathering process will provide the base to re-
state the emission reduction plan for scopes 1 and 2 of the
combined group in 2024.
Energy Consumption
in MWh
2023
2022
2021
2020
2019
Electricity 1
465,175 103,669
85,756
92,148 120,857
Fuels 2
Total
41,847
6,188
4,027
3,091
6,900
507,022 109,857
89,783
95,239
127,757
Greenhouse Gas Emissions
in tons of Co2-EQ.
2023
2022
2021
2020
2019
Scope 1 2
Scope 2 1,3
Scope 3 4
Total
9,506
1,524
935
717
1,736
126,021
18,900
19,813
21,290
27,923
18,057
7,509
3,728
1,451
10,766
153,584
27,934
24,477
23,475
40,425
2 Includes consumption of Avolta-managed goods transportation in Egypt,
Jordan, Morocco, United Arab Emirates and the United Kingdom as well as
diesel and gas for heating purposes.
3 Scope 2 emissions for year 2023 are reported under the “market-based”
approach. They include the contribution of Renewable Energy Certivicates
(RECs). Average emission factors used: IEA 2023, trade-adjusted for OECD
countries. Applying the “location-based” approach, the emissions amount
to 137,558 tCO2eq.
4 Scope 3 emissions only include data from logistics partners accounting for
87 % of total volume of good transported globally in 2023 (2022: 83 %; 2021:
64 %; 2020 & 2019: 55 %). Not included here are the product purchasing
related Scope 3 emissions or other Scope 3 emission categories.
5 Carbon intensity calculated over the total net sales of Avolta in tCO2eq. per
million CHF. The carbon intensity calculated over the total square meters of
commercial surface operated in the retail sector amounts to 0.727 tCO2eq / m2
(Total area 2023: 477,464 m2). For 2022 and previous years the carbon inten-
sity data are not comparable with the new reality of Avolta, since they were
calculated over the total square meters of commercial surface operated
within the retail sector (ex. Dufry).
Our CO2 Footprint
Avolta follows the Greenhouse Gas Protocol (GHGP) stan-
dards to report CO2 emissions. This protocol is the most
widely used international accounting framework for gov-
ernments and businesses to understand, quantify and
manage greenhouse gas emissions and classifies emis-
sions into three scopes:
– Scope 1:
Direct greenhouse gas emissions from sources owned
by the company. For Avolta, Scope 1 emissions are
limited to those from the fuel used by Avolta-managed
transportation fleets and fossil fuels and gas used
mainly for heating and cooking purposes
– Scope 2:
Indirect greenhouse gas emissions from electricity use.
In the case of Avolta, these include electricity consump-
tion in stores, restaurants, offices and warehouses
– Scope 3:
These are the emissions released by third parties when
they provide their services to Avolta. For Avolta, Scope
3 emissions come mainly from purchased goods
(Scope 3 category 1). Other relevant emissions are
related to capital goods (category 2), upstream trans-
portation & logistics (category 4), employee travels
(category 7), and use of sold products (category 11).
Carbon Intensity
Carbon Intensity5
Tons of CO2-eq, / MCHF net sales
Compared to other companies, Avolta has a singular
emission structure and – unlike other businesses where
Scope 1, 2 and 3 emissions are in a similar order of magni-
tude – its carbon footprint is vastly dominated by the car-
bon emissions caused by the production of its purchased
goods and meals sold to our customers (in the base year
2019 e.g. about 90 % of total emissions).
2023
10.8
1 Energy consumption is based on reported data from single locations. For
missing data concerning US F&B scope, an extrapolation has been con-
ducted to estimate consumption for 2023. Thereof, 48,000 MWh were pur-
chased with Renewable Energy Certificates (RECs). 2023 data are not compa-
rable with previous years, since they reflect the new scope of the company
(retail + F&B activities). Data from 2022 to previous years reflect only the retail
business sector (ex. Dufry). Data of the years 2022, 2021 and 2020 are not
comparable with 2019 due to temporary shop closures during Covid 19.
Delivering on our SBTi reduction targets
In 2021, Avolta defined science-based emission reduction
targets for its retail business, thus recognizing the crucial
role the business community can play in minimizing the cli-
mate change risk. Science-based targets are greenhouse
gas emissions reduction targets that are in line with the
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level of decarbonization required to meet the goals of the
Paris Agreement – to limit global warming to 1.5°C. After
committing to the Science Based Targets initiative in
spring 2022, Avolta submitted emission reduction targets
for its retail operations following the SBTi guidance (SBTi
Target Validation Protocol). SBTi validated Avolta’s emis-
sion reduction targets for the retail business (former Dufry)
in early 2023.
Based on a comprehensive analysis of its business model
and emissions profile commissioned to a third-party con-
sultant, Avolta has established an emission reduction strat-
egy for Scope 1 & 2 emissions for its retail business which
follows SBTi’s 1.5°C pathway. It will eliminate emissions
from its own operations through energy efficiency mea-
sures and commits to increase annual sourcing of renew-
able electricity from 0 % in 2019 to 100 % by 2025. In addi-
tion, Avolta wants to invest into climate protection to
counter-balance non-avoidable emissions of its own retail
operations (Scope 1 & 2 emissions) by 2025 with carbon off-
setting initiatives to be defined in the near future. For
Scope 3 emissions, Avolta follows SBTi´s well below 2°C
pathway with two separate objectives to be achieved
through both supplier engagement programs, and the col-
laboration with its logistic partners. The targets mentioned
above relate to the retail business and the company's – for-
mer Dufry – retail business scope 2022, and the related
2019 base, and are planned to be revised and restated in
2024 to cover the full combined entity.
Emission reduction targets as
validated by SBTi
– Avolta* commits to reduce absolute Scope
1 & 2 GHG emissions by 94.2 % by 2030 (from
the 2019 base year).
– Avolta* commits to increase annual sourcing
of renewable electricity from 0 % in 2019 to
100 % by 2025 and to continue annually sourc-
ing 100 % renewable electricity through 2030.
– Avolta* commits that 74 % of its suppliers by
emissions covering purchased goods and ser-
vices will have science-based targets by 2027.
– Avolta* commits to reduce absolute Scope 3
GHG emissions of upstream transportation
emissions by 28 % by 2030.
*All targets listed above are based on the com-
pany's – former Dufry – retail business scope
2022, and the related 2019 base data.
Our progress in 2023
Scope 1 & 2 objective – During 2023, Avolta has further in-
creased its electricity sourcing of renewable energy from
20 % in 2022 to 40 % by purchasing Renewable Energy
Certificates (RECs) (using 2019 as a baseline).
As an example, these RECs cover the equivalent of our to-
tal electricity consumption of our operations in the UK,
Brazil, Switzerland, India and China, and permit Avolta to
compensate over 11,500 tons of CO2-eq. Avolta will con-
tinue with its RECs purchasing program during 2024 to
cover, at least, an additional 20 % of its electricity con-
sumption.
Scope 3 objective – In 2023, Avolta has consolidated its
enlarged supplier landscape and mapped the related lo-
gistics suppliers’ landscape as a base to design its future
emissions reduction plan for our goods transportation. By
building on the former engagement with its logistic part-
ner community reductions will be achieved by rationaliz-
ing shipments of goods and by selecting means of trans-
portation with a lower carbon footprint. On the latter, we
will give preference to lower impact transportation sys-
tems (like rail) when possible; will prioritize the use of sus-
tainable fuels for our air routes; and will focus the delivery
of goods using Liquefied Natural Gas (LNG) carriers for the
long-haul shipments. For short-haul distances mainly cov-
ered by road focus will be set on including use of electric
vehicles and renewing transportation fleets to the newest
technological standards with lowest emission levels. This
plan, originally planned to be established during 2023, will
now be finalized in 2024 to consider the new and enlarged
company scope created by the business combination and
allowing Avolta to achieve its targets also from a combined
entity perspective.
Back in 2022 the company had conducted a preliminary
assessment of its main retail suppliers to revise their emis-
sion reduction strategies towards reducing emissions and
committing to SBTi. While the findings were preliminary,
Avolta was and still is confident to achieve the targets val-
idated in early 2023 (covering only the retail business) on
time.
Sustainable design & refurbishment for
restaurants & shops
Avolta takes a sustainability approach when designing,
constructing and refurbishing restaurants and stores. In
the design phase and the selection of materials, we choose
the most environmentally friendly options and use locally
sourced furniture and materials whenever possible, to re-
duce environmental impact. Additionally, as described in
the Waste chapter below, materials created from waste re-
cycling are reintegrated in the construction operating pro-
cess thus supporting a more circular economy.
The shop design department is centrally organized at a
LED) on ceiling and furniture displays, and on using A- or
global level. It develops guidelines and defines several in-
A+ rated electronic devices (e.g. air conditioning, refriger-
dustry standards enabling us to create attractive commer-
ators) in our retail stores, resulting in a significant drop in
cial environments, while at the same time reducing energy
the overall energy consumption. Additionally, Avolta fo-
consumption by using renewable or recycled materials. To
cuses on permanently optimizing energy efficiency of the
this end, specific policies are in place to manage the use of
kitchen appliances also supported by innovative cocking
materials: timber policy, cement and virgin aggregates pol-
methods to use less energy.
icy, hazardous chemicals policy, guidelines and energy tar-
gets for brand partners for the supply of branded display
The sustainability approach to store construction however
devices. These guidelines have to be followed by local con-
goes beyond the environmental dimension. When select-
struction teams and their respective sourcing of materials.
ing local construction partners, we ensure that they also
Following LEED principles
comply with social and environmental regulations, hence,
ensuring that the efforts initiated in our design studio also
During the shop development and refurbishment phase,
result in truly sustainable environments and spaces for our
Avolta follows the principles established by leading green-
customers.
building certification programs, such as the Leadership in
Energy and Environmental Design (LEED) recommenda-
tions. In this regard, Avolta:
Waste & packaging
– Sustainably designs and plans new restaurant and store
developments and refurbishments considering all as-
pects, from visioning to renovation preparation, including:
– Comprehensive metering of existing energy consump-
tion
– Introduction of solutions to improve traffic flow, intro-
“Measure and reduce the
generation of waste and promote
circular practices.”
duction of smarter construction materials (easier to
Avoiding any waste in the first place or recycling it is an ef-
clean, anti-bacterial, etc.)
fective way to save valuable resources. Avolta’s waste pro-
– Reduces use of natural resources by re-using materials
file is mainly influenced by two specific areas. With re-
and equipment by giving modular and recyclable design
spect to the travel retail business it includes mainly
to furniture and other mobile elements of the stores and
transportation packaging used for goods transportation
restaurants
from the warehouses to the shops. For the F&B business
– Undertakes a collaborative sustainable approach for the
Avolta generates solid and liquid waste: the scraps pro-
design process by engaging with all stakeholders in-
duced during the food preparation process (back-end),
volved in the process (designers, contractors, conces-
and the leftovers, packaging, and single-use tableware left
sion partners, material suppliers, etc.)
behind after the service phase (front-end).
– Prevents construction pollutions by protecting the site
during the construction
In our warehouses, packaging materials, which mainly
– Encourages recycling for all users – employees, custom-
consist of cardboard, paper, plastic film and wood, as well
ers and other stakeholders
as electronic and plastic consumables such as neon lamps
– Reduces energy consumption of stores and restaurants
and PET, are sorted into different containers and sent for
and increases equipment’s lifespan
recycling. The recycling process is outsourced to special-
– Conducts selective sourcing of materials (natural mate-
ized service providers. With regard to cartons and pallets
rials from sustainably managed sources and /or recycla-
used to transport and protect products, Avolta reuses the
ble materials)
same units as much as possible, thus consistently reduc-
– Selects resource-efficient equipment and fixtures (en-
ing consumption of new resources.
ergy efficient, water efficient, etc.)
– Prioritizes local sourcing of materials.
In the shops, waste produced by our operations is mostly
packing material handled through the concession part-
Avolta´s biggest impact on the environment, when it
ners’ waste disposal system and recycled accordingly
comes to shop and restaurant development, is in relation
where possible. In many of our locations, we are taking
to its energy consumption including shop and restaurant
measures to reduce single-use plastic film, such as re-
spaces as well as the kitchen equipment. Being a public
placing roll containers used to move products from ware-
space, airports have to provide well-lit facilities and natu-
houses to the stores. The new models, which include clo-
rally, this is a substantial part of their energy consumption.
sures on four sides and at the top, drastically reduce
The main focus therefore is on substituting traditional
consumption of the plastic film needed for the covering
lighting for more energy-efficient lighting systems (e.g.
and the plastic shrink wrapping used with the old system.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 127/336
level of decarbonization required to meet the goals of the
Our progress in 2023
Paris Agreement – to limit global warming to 1.5°C. After
Scope 1 & 2 objective – During 2023, Avolta has further in-
committing to the Science Based Targets initiative in
creased its electricity sourcing of renewable energy from
spring 2022, Avolta submitted emission reduction targets
20 % in 2022 to 40 % by purchasing Renewable Energy
for its retail operations following the SBTi guidance (SBTi
Certificates (RECs) (using 2019 as a baseline).
Target Validation Protocol). SBTi validated Avolta’s emis-
sion reduction targets for the retail business (former Dufry)
As an example, these RECs cover the equivalent of our to-
in early 2023.
tal electricity consumption of our operations in the UK,
Brazil, Switzerland, India and China, and permit Avolta to
Based on a comprehensive analysis of its business model
compensate over 11,500 tons of CO2-eq. Avolta will con-
and emissions profile commissioned to a third-party con-
tinue with its RECs purchasing program during 2024 to
sultant, Avolta has established an emission reduction strat-
cover, at least, an additional 20 % of its electricity con-
egy for Scope 1 & 2 emissions for its retail business which
sumption.
follows SBTi’s 1.5°C pathway. It will eliminate emissions
from its own operations through energy efficiency mea-
Scope 3 objective – In 2023, Avolta has consolidated its
sures and commits to increase annual sourcing of renew-
enlarged supplier landscape and mapped the related lo-
able electricity from 0 % in 2019 to 100 % by 2025. In addi-
gistics suppliers’ landscape as a base to design its future
tion, Avolta wants to invest into climate protection to
emissions reduction plan for our goods transportation. By
counter-balance non-avoidable emissions of its own retail
building on the former engagement with its logistic part-
operations (Scope 1 & 2 emissions) by 2025 with carbon off-
ner community reductions will be achieved by rationaliz-
setting initiatives to be defined in the near future. For
ing shipments of goods and by selecting means of trans-
Scope 3 emissions, Avolta follows SBTi´s well below 2°C
portation with a lower carbon footprint. On the latter, we
through both supplier engagement programs, and the col-
tems (like rail) when possible; will prioritize the use of sus-
laboration with its logistic partners. The targets mentioned
tainable fuels for our air routes; and will focus the delivery
above relate to the retail business and the company's – for-
of goods using Liquefied Natural Gas (LNG) carriers for the
mer Dufry – retail business scope 2022, and the related
long-haul shipments. For short-haul distances mainly cov-
2019 base, and are planned to be revised and restated in
ered by road focus will be set on including use of electric
2024 to cover the full combined entity.
Emission reduction targets as
validated by SBTi
vehicles and renewing transportation fleets to the newest
technological standards with lowest emission levels. This
plan, originally planned to be established during 2023, will
now be finalized in 2024 to consider the new and enlarged
company scope created by the business combination and
– Avolta* commits to reduce absolute Scope
allowing Avolta to achieve its targets also from a combined
1 & 2 GHG emissions by 94.2 % by 2030 (from
entity perspective.
the 2019 base year).
– Avolta* commits to increase annual sourcing
Back in 2022 the company had conducted a preliminary
of renewable electricity from 0 % in 2019 to
assessment of its main retail suppliers to revise their emis-
– Avolta* commits that 74 % of its suppliers by
Avolta was and still is confident to achieve the targets val-
emissions covering purchased goods and ser-
idated in early 2023 (covering only the retail business) on
vices will have science-based targets by 2027.
time.
– Avolta* commits to reduce absolute Scope 3
GHG emissions of upstream transportation
Sustainable design & refurbishment for
emissions by 28 % by 2030.
restaurants & shops
*All targets listed above are based on the com-
constructing and refurbishing restaurants and stores. In
pany's – former Dufry – retail business scope
the design phase and the selection of materials, we choose
Avolta takes a sustainability approach when designing,
2022, and the related 2019 base data.
the most environmentally friendly options and use locally
sourced furniture and materials whenever possible, to re-
duce environmental impact. Additionally, as described in
the Waste chapter below, materials created from waste re-
cycling are reintegrated in the construction operating pro-
cess thus supporting a more circular economy.
The shop design department is centrally organized at a
global level. It develops guidelines and defines several in-
dustry standards enabling us to create attractive commer-
cial environments, while at the same time reducing energy
consumption by using renewable or recycled materials. To
this end, specific policies are in place to manage the use of
materials: timber policy, cement and virgin aggregates pol-
icy, hazardous chemicals policy, guidelines and energy tar-
gets for brand partners for the supply of branded display
devices. These guidelines have to be followed by local con-
struction teams and their respective sourcing of materials.
Following LEED principles
During the shop development and refurbishment phase,
Avolta follows the principles established by leading green-
building certification programs, such as the Leadership in
Energy and Environmental Design (LEED) recommenda-
tions. In this regard, Avolta:
– Sustainably designs and plans new restaurant and store
developments and refurbishments considering all as-
pects, from visioning to renovation preparation, including:
– Comprehensive metering of existing energy consump-
pathway with two separate objectives to be achieved
will give preference to lower impact transportation sys-
tion
– Introduction of solutions to improve traffic flow, intro-
duction of smarter construction materials (easier to
clean, anti-bacterial, etc.)
– Reduces use of natural resources by re-using materials
and equipment by giving modular and recyclable design
to furniture and other mobile elements of the stores and
restaurants
– Undertakes a collaborative sustainable approach for the
design process by engaging with all stakeholders in-
volved in the process (designers, contractors, conces-
sion partners, material suppliers, etc.)
– Prevents construction pollutions by protecting the site
during the construction
– Encourages recycling for all users – employees, custom-
ers and other stakeholders
100 % by 2025 and to continue annually sourc-
sion reduction strategies towards reducing emissions and
– Reduces energy consumption of stores and restaurants
ing 100 % renewable electricity through 2030.
committing to SBTi. While the findings were preliminary,
and increases equipment’s lifespan
– Conducts selective sourcing of materials (natural mate-
rials from sustainably managed sources and /or recycla-
ble materials)
– Selects resource-efficient equipment and fixtures (en-
ergy efficient, water efficient, etc.)
– Prioritizes local sourcing of materials.
Avolta´s biggest impact on the environment, when it
comes to shop and restaurant development, is in relation
to its energy consumption including shop and restaurant
spaces as well as the kitchen equipment. Being a public
space, airports have to provide well-lit facilities and natu-
rally, this is a substantial part of their energy consumption.
The main focus therefore is on substituting traditional
lighting for more energy-efficient lighting systems (e.g.
LED) on ceiling and furniture displays, and on using A- or
A+ rated electronic devices (e.g. air conditioning, refriger-
ators) in our retail stores, resulting in a significant drop in
the overall energy consumption. Additionally, Avolta fo-
cuses on permanently optimizing energy efficiency of the
kitchen appliances also supported by innovative cocking
methods to use less energy.
The sustainability approach to store construction however
goes beyond the environmental dimension. When select-
ing local construction partners, we ensure that they also
comply with social and environmental regulations, hence,
ensuring that the efforts initiated in our design studio also
result in truly sustainable environments and spaces for our
customers.
Waste & packaging
“Measure and reduce the
generation of waste and promote
circular practices.”
Avoiding any waste in the first place or recycling it is an ef-
fective way to save valuable resources. Avolta’s waste pro-
file is mainly influenced by two specific areas. With re-
spect to the travel retail business it includes mainly
transportation packaging used for goods transportation
from the warehouses to the shops. For the F&B business
Avolta generates solid and liquid waste: the scraps pro-
duced during the food preparation process (back-end),
and the leftovers, packaging, and single-use tableware left
behind after the service phase (front-end).
In our warehouses, packaging materials, which mainly
consist of cardboard, paper, plastic film and wood, as well
as electronic and plastic consumables such as neon lamps
and PET, are sorted into different containers and sent for
recycling. The recycling process is outsourced to special-
ized service providers. With regard to cartons and pallets
used to transport and protect products, Avolta reuses the
same units as much as possible, thus consistently reduc-
ing consumption of new resources.
In the shops, waste produced by our operations is mostly
packing material handled through the concession part-
ners’ waste disposal system and recycled accordingly
where possible. In many of our locations, we are taking
measures to reduce single-use plastic film, such as re-
placing roll containers used to move products from ware-
houses to the stores. The new models, which include clo-
sures on four sides and at the top, drastically reduce
consumption of the plastic film needed for the covering
and the plastic shrink wrapping used with the old system.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 128/336
Environmental certifications
Applies to:
LEED® Platinum
LEED® Gold
LEED® Silver
ISO 50001: 2018
ISO 14001: 2015
EMAS
RT 2012 (Low Consumption Building)
Switzerland (Retail: "The Circle" in Zurich Airport)
India (Retail: Kempegowda International Airport Bengaluru Departures)
India (Retail: Kempegowda International Airport Bengaluru Arrivals)
Italy (F&B: Villoresi Est)
USA (Bethesda HQ)
Italy (F&B: Alemagna store in Linate Airport)
Italy (F&B: Villoresi Est and Villoresi Ovest 1958)
Austria (F&B: all stores)
Italy (Milan HQ and Nuova Sidap HQ)
Italy (F&B: Villoresi Est, Villoresi Ovest 1958, Brianza Sud, Scaligera,
Chianti, Montealto Nord, Montealto Sud and for locations at Caselle
Airport in Turin, Fiumicino, Linate, Bergamo, and Bologna airports)
Austria (F&B: all stores)
Greece (F&B: Hellas LTD)
Italy (Milan HQ)
Italy (F&B: Villoresi Est, Villoresi Ovest 1958, and Brianza Sud)
France (F&B: Ambrussum, Manoirs du Perche, Plaines de Beauce,
Chartres Gasville, Chartres Bois Paris, Lochères, Miramas, Villeroy,
JdArbres, Wancourt, Porte de la Drôme N&S, Granier, Montélimar Est
and Ouest, Dijon, Beaune Tailly, and Corbières Nord)
RE 2020 (Bulding activities and construction efficiency)
France (F&B: Sommesous)
California Green Building Code –
Level I and California Energy Standard – Title 24
USA (Locations at airports in California)
Energy Star
USA (F&B equipment)
ISO 14064 (Greenhouse gases)
Italy (Milan HQ and Sebino F&B store)
Regarding our restaurants, Avolta is intensifying its efforts
adopting several approaches like monitoring of waste pro-
duced to design tailored strategies, developing either ef-
ficient solutions to dispose waste properly or to overall re-
duce waste, or by collaborating with specialized partners
to co-develop projects that promote recycling and reuse,
hence the circular economy.
In our offices, the reduction of paper consumption is one of
our ongoing challenges. Avolta has put in place local initia-
tives to reduce paper and other office material consump-
tion, including tips to reduce paper usage, such as printing
double sided, avoiding printing of the legal text at the bot-
tom of emails, and encouraging people only to print when
necessary. The adoption of IT solutions, such as the elec-
tronic invoice management system, is also helping to re-
duce the amount of paper used in the day-to-day work of
our staff and contributing to the protection of resources.
Progress on reducing single-use
plastic bags and packaging
The majority of single-use packaging used by Avolta are
related to F&B containers (cups, bowls, etc.), straws and
cutlery, as well as to shopping bags used in the travel retail
stores. While Avolta is highly committed to move to more
sustainable solutions, the transition is quite a challenge, as
it requires balancing a reduced environmental footprint
with some fundamental external drivers specific to the
F&B as well as the aviation industry. Topping the list of reg-
ulations are food security requirements as well the man-
datory use of STEBs (Secure Tamper Evident Bags). These
are necessary for certain airport purchases such as liquor
or tobacco, as per the requirements of the International
Civil Aviation Organization (ICAO) and regulations of cer-
tain airports.
Starting in 2020, Avolta gradually began replacing existing
plastic carrier bags – which already contained more than
70 % of recycled plastic – in all its duty-free operations
globally, with more environmentally friendly ones made of
biodegradable and recyclable materials. Once the substi-
tution of the single-use plastic bags is fully completed, the
company estimates that it will be able to reduce plastic us-
age by approximately 7.3 tons per annum within it’s travel
retail business. In 2023 the number of countries with retail
shops using only bags with alternative materials to plastic
has increased to 38 (2022: 26). The plastic bag phase-out
process is coupled with point-of-sale communication
campaigns to raise awareness and encourage customers
to reduce plastic consumption. The company is also
adopting a global price scheme for carrier bags in its retail
operations, as an additional way of raising awareness and
Waste generated, by type of waste (t)
reducing bag consumption overall.
In our restaurants we are transitioning towards the use of
more sustainable single-use guest packaging. During
– Paper and paper/cardboard packaging
2023, in the seven major countries1 that represent around
– Plastic
90 % of our F&B business, we purchased 68 % sustainable
packaging made primarily from materials such as paper,
wood and bioplastic. Moreover, whenever possible, we are
increasingly reducing the use of unnecessary packaging
and encouraging, through dedicated sustainability com-
munication campaigns, the non-use of unnecessary pack-
aging. Examples of this commitment are the «Skip the
Straw» campaign in North America to discourage the use
of single-use plastic straws and the initiative launched in
UK stores, which required the addition of a surcharge for
beverages served in single-use paper cups to nudge con-
sumers towards reusable alternatives. The funds raised
from the surcharge were donated to Hubbub, a founda-
tion supporting the fight against climate change.
1
Belgium, Canada, France, Italy, Switzerland, The Netherlands and USA
Hazardous waste*
Non-Hazardous waste
– Food scraps
– Glass
– Cooking oil
– Pneumatics/tires
– General waste
– Other
Total
2023
14.4
21,393.2
2,213.8
104.9
1,627
263
245.8
0.1
16,696.9
241.7
21,407.6
* Including: electronic devices, toner, batteries, storage devices, contaminated
containers, fluorescent tubes, and old refrigerators. The data considers only
the following EMEA F&B operations: Austria, Belgium, Denmark, France,
Greece, Italy, Netherlands, Slovenia, Sweden and Türkiye.
mented several initiatives. First, back-end processes (rec-
ipe design, product preparation, etc.) were made more ef-
ficient to reduce ingredient waste to a minimum. Second,
besides raising customer awareness on food waste, the
company explores newer and better ways of cutting down
on unsold items, for example by matching production vol-
umes to expected traffic or selling products at a discount
Biolo partnership for the use of
compostable straws
In the past, paper straws had already been
at the end of the day. In recent years, Avolta has been
tested in North America in an effort to reduce
working in some restaurants in several European countries
the quantity of single-use virgin plastic prod-
such as Italy, Switzerland, Belgium, France, Germany and
ucts, but they did not live up to expectations.
Austria with «Too Good To Go», whose mission is to deal
Since 2022, the company partnered with Biolo,
with food waste.
a company seeking alternative solutions to
plastic, which allowed North American restau-
Furthermore, to reduce food waste and at the same time
rants to introduce sustainable straws that are
offer support to local communities, Avolta makes several
just as practical as traditional ones. The new
food donations in collaboration with different associations
straws are made of a plant-based alternative to
in the countries where it operates, thus guaranteeing food
plastic, and are biodegradable and composta-
to people in greatest need. Among the principal and con-
ble. They are now stocked at several airport
solidated partnerships are those with the Food Donation
locations in the USA (California, Washington,
Connection in North America as well as the ones with
Texas, North Carolina, Florida and Nevada).
Banco Alimentare and Pane Quotidiano in Italy (see page
147).
Food waste
Fostering Circular economy
Besides avoiding food waste, Avolta is also intensifying its
For Avolta, food waste is a material topic mainly manifest-
activities to foster circular economy in its F&B business.
ing in its F&B business but does not represent a relevant as-
Particular attention is for example put on the recycling of
pect for the travel retail part of the operations, because the
solid organic waste, which in Italy is separated in-store and
majority of the assortment sold in the retail’s food & confec-
delivered to composting plants. Similarly, in some Euro-
tionary category have a rather long shelf life and are not
pean countries, frying oil is separated, collected and used
exposed to short expiry dates.
for the production of biodiesel and green energy.
Consequently, Avolta introduces new technologies to re-
duce food waste to a minimum and optimize the handling
of raw materials. To this purpose, the company has imple-
Environmental certifications
Applies to:
LEED® Platinum
LEED® Gold
LEED® Silver
ISO 50001: 2018
ISO 14001: 2015
EMAS
RT 2012 (Low Consumption Building)
Switzerland (Retail: "The Circle" in Zurich Airport)
India (Retail: Kempegowda International Airport Bengaluru Departures)
India (Retail: Kempegowda International Airport Bengaluru Arrivals)
Italy (F&B: Villoresi Est)
USA (Bethesda HQ)
Italy (F&B: Alemagna store in Linate Airport)
Italy (F&B: Villoresi Est and Villoresi Ovest 1958)
Austria (F&B: all stores)
Italy (Milan HQ and Nuova Sidap HQ)
Italy (F&B: Villoresi Est, Villoresi Ovest 1958, Brianza Sud, Scaligera,
Chianti, Montealto Nord, Montealto Sud and for locations at Caselle
Airport in Turin, Fiumicino, Linate, Bergamo, and Bologna airports)
Austria (F&B: all stores)
Greece (F&B: Hellas LTD)
Italy (Milan HQ)
Italy (F&B: Villoresi Est, Villoresi Ovest 1958, and Brianza Sud)
France (F&B: Ambrussum, Manoirs du Perche, Plaines de Beauce,
Chartres Gasville, Chartres Bois Paris, Lochères, Miramas, Villeroy,
JdArbres, Wancourt, Porte de la Drôme N&S, Granier, Montélimar Est
and Ouest, Dijon, Beaune Tailly, and Corbières Nord)
RE 2020 (Bulding activities and construction efficiency)
France (F&B: Sommesous)
California Green Building Code –
Level I and California Energy Standard – Title 24
USA (Locations at airports in California)
Energy Star
USA (F&B equipment)
ISO 14064 (Greenhouse gases)
Italy (Milan HQ and Sebino F&B store)
Regarding our restaurants, Avolta is intensifying its efforts
it requires balancing a reduced environmental footprint
adopting several approaches like monitoring of waste pro-
with some fundamental external drivers specific to the
duced to design tailored strategies, developing either ef-
F&B as well as the aviation industry. Topping the list of reg-
ficient solutions to dispose waste properly or to overall re-
ulations are food security requirements as well the man-
duce waste, or by collaborating with specialized partners
datory use of STEBs (Secure Tamper Evident Bags). These
to co-develop projects that promote recycling and reuse,
are necessary for certain airport purchases such as liquor
hence the circular economy.
or tobacco, as per the requirements of the International
Civil Aviation Organization (ICAO) and regulations of cer-
In our offices, the reduction of paper consumption is one of
tain airports.
our ongoing challenges. Avolta has put in place local initia-
tives to reduce paper and other office material consump-
Starting in 2020, Avolta gradually began replacing existing
tion, including tips to reduce paper usage, such as printing
plastic carrier bags – which already contained more than
double sided, avoiding printing of the legal text at the bot-
70 % of recycled plastic – in all its duty-free operations
tom of emails, and encouraging people only to print when
globally, with more environmentally friendly ones made of
necessary. The adoption of IT solutions, such as the elec-
biodegradable and recyclable materials. Once the substi-
tronic invoice management system, is also helping to re-
tution of the single-use plastic bags is fully completed, the
duce the amount of paper used in the day-to-day work of
company estimates that it will be able to reduce plastic us-
our staff and contributing to the protection of resources.
age by approximately 7.3 tons per annum within it’s travel
Progress on reducing single-use
plastic bags and packaging
retail business. In 2023 the number of countries with retail
shops using only bags with alternative materials to plastic
has increased to 38 (2022: 26). The plastic bag phase-out
The majority of single-use packaging used by Avolta are
process is coupled with point-of-sale communication
related to F&B containers (cups, bowls, etc.), straws and
campaigns to raise awareness and encourage customers
cutlery, as well as to shopping bags used in the travel retail
to reduce plastic consumption. The company is also
stores. While Avolta is highly committed to move to more
adopting a global price scheme for carrier bags in its retail
sustainable solutions, the transition is quite a challenge, as
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2023
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Report
ESG
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Report
Governance
Report
Page 129/336
operations, as an additional way of raising awareness and
reducing bag consumption overall.
In our restaurants we are transitioning towards the use of
more sustainable single-use guest packaging. During
2023, in the seven major countries1 that represent around
90 % of our F&B business, we purchased 68 % sustainable
packaging made primarily from materials such as paper,
wood and bioplastic. Moreover, whenever possible, we are
increasingly reducing the use of unnecessary packaging
and encouraging, through dedicated sustainability com-
munication campaigns, the non-use of unnecessary pack-
aging. Examples of this commitment are the «Skip the
Straw» campaign in North America to discourage the use
of single-use plastic straws and the initiative launched in
UK stores, which required the addition of a surcharge for
beverages served in single-use paper cups to nudge con-
sumers towards reusable alternatives. The funds raised
from the surcharge were donated to Hubbub, a founda-
tion supporting the fight against climate change.
1
Belgium, Canada, France, Italy, Switzerland, The Netherlands and USA
Biolo partnership for the use of
compostable straws
In the past, paper straws had already been
tested in North America in an effort to reduce
the quantity of single-use virgin plastic prod-
ucts, but they did not live up to expectations.
Since 2022, the company partnered with Biolo,
a company seeking alternative solutions to
plastic, which allowed North American restau-
rants to introduce sustainable straws that are
just as practical as traditional ones. The new
straws are made of a plant-based alternative to
plastic, and are biodegradable and composta-
ble. They are now stocked at several airport
locations in the USA (California, Washington,
Texas, North Carolina, Florida and Nevada).
Food waste
For Avolta, food waste is a material topic mainly manifest-
ing in its F&B business but does not represent a relevant as-
pect for the travel retail part of the operations, because the
majority of the assortment sold in the retail’s food & confec-
tionary category have a rather long shelf life and are not
exposed to short expiry dates.
Consequently, Avolta introduces new technologies to re-
duce food waste to a minimum and optimize the handling
of raw materials. To this purpose, the company has imple-
Waste generated, by type of waste (t)
Hazardous waste*
Non-Hazardous waste
– Paper and paper/cardboard packaging
– Plastic
– Food scraps
– Glass
– Cooking oil
– Pneumatics/tires
– General waste
– Other
Total
2023
14.4
21,393.2
2,213.8
104.9
1,627
263
245.8
0.1
16,696.9
241.7
21,407.6
* Including: electronic devices, toner, batteries, storage devices, contaminated
containers, fluorescent tubes, and old refrigerators. The data considers only
the following EMEA F&B operations: Austria, Belgium, Denmark, France,
Greece, Italy, Netherlands, Slovenia, Sweden and Türkiye.
mented several initiatives. First, back-end processes (rec-
ipe design, product preparation, etc.) were made more ef-
ficient to reduce ingredient waste to a minimum. Second,
besides raising customer awareness on food waste, the
company explores newer and better ways of cutting down
on unsold items, for example by matching production vol-
umes to expected traffic or selling products at a discount
at the end of the day. In recent years, Avolta has been
working in some restaurants in several European countries
such as Italy, Switzerland, Belgium, France, Germany and
Austria with «Too Good To Go», whose mission is to deal
with food waste.
Furthermore, to reduce food waste and at the same time
offer support to local communities, Avolta makes several
food donations in collaboration with different associations
in the countries where it operates, thus guaranteeing food
to people in greatest need. Among the principal and con-
solidated partnerships are those with the Food Donation
Connection in North America as well as the ones with
Banco Alimentare and Pane Quotidiano in Italy (see page
147).
Fostering Circular economy
Besides avoiding food waste, Avolta is also intensifying its
activities to foster circular economy in its F&B business.
Particular attention is for example put on the recycling of
solid organic waste, which in Italy is separated in-store and
delivered to composting plants. Similarly, in some Euro-
pean countries, frying oil is separated, collected and used
for the production of biodiesel and green energy.
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2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 130/336
The «WAS» Project
The most impressive project to recycle waste
is the «WAS»-Project, which is concrete proof
of the commitment to recycling and the circu-
lar economy. The most significant discards pro-
duced by the company’s operations are reused
to create innovative materials for store furnish-
ings and design. In recent years, research and
innovation in this area have focused on the
implementation and optimization of three ma-
terials developed in a circular economy per-
spective – WASCOFFEE®, WASORANGE®, and
WASBOTTLE®. The three materials undergo
ongoing improvements and in 2023 were again
used for the design and furnishing of new
stores opened during the year, specifically in
Italy, Europe, and North America.
WASCOFFEE® is made from coffee grounds. It
is a 100 % natural, recyclable material suited
for furnishings and eco-design such as tables,
counters, and wall panels. WASCOFFEE® has
been used to design the interiors of the com-
pany’s proprietary brands since 2017 and has
since become an iconic design element of
Puro Gusto cafés, located in Italy, the rest of
Europe, Türkiye, and North America, and of
the WASCOFFEE® Lab concept in Italy.
WASORANGE®, produced from recycled
orange rinds, after oranges are squeezed for
fresh juice, is used to make items such as
sugar containers, table lamps, and other ac-
cessories for Avolta stores. It was developed
through Avolta’s partnership with Krill Design,
a company specialized in reusing food scraps
through circular economy initiatives.
WASBOTTLE® is made from recycled plastic
containers, namely the high-density polyethyl-
ene (HDPE) detergent and cleaning product
bottles commonly used at Avolta’s locations.
WASBOTTLE® takes the form of 100 % recycla-
ble, multi-colored panels used to make coffee
tables and clad the walls and other surfaces of
stores. Thanks to its qualities of innovation and
circularity, in 2021 WASBOTTLE® was nomi-
nated to the ADI Design Index 2021, a section
of the best Italian design. In 2022, it was im-
proved with new finishes and colors and used
for some store openings in Italy, including the
new Alemagna location at Milan Linate airport,
and in the United States for the country’s first
Puro Gusto café in Washington, D.C.
Water & biodiversity
“Reduce water withdrawal in
our operations and promote the
restoration of habitats along
the value chain.”
In 2023, according to information from Airport Carbon
Accreditation, 101 airports reached the optimization level;
95 airports achieved carbon neutrality level; and 74 the
superior accreditations "Transformation", "Transition" and
"Level 5". Considering these groups, Avolta operates
stores in 87 of these 220 airports, including Dallas Fort
Worth, Athens, Helsinki, Amsterdam-Schiphol, Stockholm
Arlanda, Vancouver, Zurich, Basel, London Heathrow, Lon-
Avolta's own operations do not entail significant direct im-
don Gatwick, Abidjan and Queen Alia Airport in Amman,
pacts with regards to water withdrawal (which is only used
Jordan.
for sanitary and kitchen purposes) and discharge (consid-
ering it does not operate manufacturing activities, the
ACI Europe Climate Task Force and
Group does not generate water discharges), as well as in
Sustainability Committee (ENVSTRAT)
terms of biodiversity loss or deterioration. However, con-
In 2019, Avolta joined the ACI Europe Climate Task Force
sidering its sectors of activity, Avolta is aware of the poten-
as the representative of the travel retail industry. The mis-
tial impacts that may arise along its value chain, mainly re-
sion of the Climate Change Task Force is to follow up on
lated to the sourcing of raw materials and products
the implementation of ACI Europe’s Climate Resolution
offered. For this reason, Avolta is committed to improve its
from June 2019, which includes the preparation of guid-
related management and monitoring on these topics, aim-
ance material for members, to support them in achieving
ing at collecting and providing quantitative performance
the Net Zero 2050 commitment. Net Zero aims to reduce
indicators in future reporting years also in light of the fu-
emissions under the airport´s control down to zero. This is
ture regulatory developments.
Engaging in partnerships at operations level
achieved by reducing energy and fuel consumption
through the design of new energy-efficient infrastructure,
amongst other recommendations. Retailers play an im-
Avolta engages with its stakeholders to promote environ-
portant role in the airport ecosystem and Avolta, as the
mental protection practices wherever this is possible. We
largest global travel experience player, contributes to the
actively participate in sustainability committees with our
work of the task force with its vision, experience and rec-
airport partners, with the aim of identifying areas where
ommendations in the regular meetings held. While the Cli-
we can collectively reduce the environmental footprint of
mate Task Force is currently being reorganized after the
our operations. In an increasing number of our operations,
industry recovery, Avolta has now also become a member
Avolta has a designated sustainability manager in charge
of ACI Europe’s new Environmental Strategy Committee
of liaising with concession partners and other airport
(ENVSTRAT).
stakeholders to drive sustainable practices. Either through
innovative technologies, adaptation of passenger flows or
Member of ACI ANARA ESG workgroup
rethinking the recycling processes in place, we are con-
Since 2022, Avolta is also a member of the ACI ANARA
tributing to the common goal of making airports a more
(Airport Non-Aeronautical Revenue & Activities) ESG work-
sustainable space.
group, working amongst other focus points to define ESG
recommendations and best practices for the airport com-
Airport Carbon Accreditation
munity.
The Airport Carbon Accreditation is an Airport Council In-
ternational (ACI) Europe certification program that inde-
pendently assesses and recognizes the efforts of airports
to manage and reduce their carbon emissions. It defines
seven different levels of certification: ‘Mapping’, ‘Reduc-
tion’, ‘Optimization’, ‘Neutrality’, ‘Transformation’ and ‘Tran-
sition’ and the recently introduced “Level 5”.
In order to achieve the Optimization accreditation (level 3
of 7) and above, airports need to actively engage with air-
port stakeholders, as they need to develop a more exten-
sive carbon footprint to include specific Scope 3 emis-
sions and the formulation of a Stakeholder Engagement
Plan to promote wider airport-based emission reductions.
In many cases, these plans also involve Avolta as the oper-
ator of airport stores.
The «WAS» Project
The most impressive project to recycle waste
is the «WAS»-Project, which is concrete proof
of the commitment to recycling and the circu-
lar economy. The most significant discards pro-
duced by the company’s operations are reused
to create innovative materials for store furnish-
ings and design. In recent years, research and
innovation in this area have focused on the
implementation and optimization of three ma-
terials developed in a circular economy per-
spective – WASCOFFEE®, WASORANGE®, and
WASBOTTLE®. The three materials undergo
ongoing improvements and in 2023 were again
used for the design and furnishing of new
stores opened during the year, specifically in
Italy, Europe, and North America.
WASCOFFEE® is made from coffee grounds. It
is a 100 % natural, recyclable material suited
for furnishings and eco-design such as tables,
counters, and wall panels. WASCOFFEE® has
been used to design the interiors of the com-
pany’s proprietary brands since 2017 and has
since become an iconic design element of
Puro Gusto cafés, located in Italy, the rest of
Europe, Türkiye, and North America, and of
the WASCOFFEE® Lab concept in Italy.
WASORANGE®, produced from recycled
orange rinds, after oranges are squeezed for
fresh juice, is used to make items such as
sugar containers, table lamps, and other ac-
cessories for Avolta stores. It was developed
through Avolta’s partnership with Krill Design,
a company specialized in reusing food scraps
through circular economy initiatives.
WASBOTTLE® is made from recycled plastic
containers, namely the high-density polyethyl-
ene (HDPE) detergent and cleaning product
bottles commonly used at Avolta’s locations.
WASBOTTLE® takes the form of 100 % recycla-
ble, multi-colored panels used to make coffee
tables and clad the walls and other surfaces of
stores. Thanks to its qualities of innovation and
circularity, in 2021 WASBOTTLE® was nomi-
nated to the ADI Design Index 2021, a section
of the best Italian design. In 2022, it was im-
proved with new finishes and colors and used
for some store openings in Italy, including the
new Alemagna location at Milan Linate airport,
and in the United States for the country’s first
Puro Gusto café in Washington, D.C.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 131/336
In 2023, according to information from Airport Carbon
Accreditation, 101 airports reached the optimization level;
95 airports achieved carbon neutrality level; and 74 the
superior accreditations "Transformation", "Transition" and
"Level 5". Considering these groups, Avolta operates
stores in 87 of these 220 airports, including Dallas Fort
Worth, Athens, Helsinki, Amsterdam-Schiphol, Stockholm
Arlanda, Vancouver, Zurich, Basel, London Heathrow, Lon-
don Gatwick, Abidjan and Queen Alia Airport in Amman,
Jordan.
ACI Europe Climate Task Force and
Sustainability Committee (ENVSTRAT)
In 2019, Avolta joined the ACI Europe Climate Task Force
as the representative of the travel retail industry. The mis-
sion of the Climate Change Task Force is to follow up on
the implementation of ACI Europe’s Climate Resolution
from June 2019, which includes the preparation of guid-
ance material for members, to support them in achieving
the Net Zero 2050 commitment. Net Zero aims to reduce
emissions under the airport´s control down to zero. This is
achieved by reducing energy and fuel consumption
through the design of new energy-efficient infrastructure,
amongst other recommendations. Retailers play an im-
portant role in the airport ecosystem and Avolta, as the
largest global travel experience player, contributes to the
work of the task force with its vision, experience and rec-
ommendations in the regular meetings held. While the Cli-
mate Task Force is currently being reorganized after the
industry recovery, Avolta has now also become a member
of ACI Europe’s new Environmental Strategy Committee
(ENVSTRAT).
Member of ACI ANARA ESG workgroup
Since 2022, Avolta is also a member of the ACI ANARA
(Airport Non-Aeronautical Revenue & Activities) ESG work-
group, working amongst other focus points to define ESG
recommendations and best practices for the airport com-
munity.
Water & biodiversity
“Reduce water withdrawal in
our operations and promote the
restoration of habitats along
the value chain.”
Avolta's own operations do not entail significant direct im-
pacts with regards to water withdrawal (which is only used
for sanitary and kitchen purposes) and discharge (consid-
ering it does not operate manufacturing activities, the
Group does not generate water discharges), as well as in
terms of biodiversity loss or deterioration. However, con-
sidering its sectors of activity, Avolta is aware of the poten-
tial impacts that may arise along its value chain, mainly re-
lated to the sourcing of raw materials and products
offered. For this reason, Avolta is committed to improve its
related management and monitoring on these topics, aim-
ing at collecting and providing quantitative performance
indicators in future reporting years also in light of the fu-
ture regulatory developments.
Engaging in partnerships at operations level
Avolta engages with its stakeholders to promote environ-
mental protection practices wherever this is possible. We
actively participate in sustainability committees with our
airport partners, with the aim of identifying areas where
we can collectively reduce the environmental footprint of
our operations. In an increasing number of our operations,
Avolta has a designated sustainability manager in charge
of liaising with concession partners and other airport
stakeholders to drive sustainable practices. Either through
innovative technologies, adaptation of passenger flows or
rethinking the recycling processes in place, we are con-
tributing to the common goal of making airports a more
sustainable space.
Airport Carbon Accreditation
The Airport Carbon Accreditation is an Airport Council In-
ternational (ACI) Europe certification program that inde-
pendently assesses and recognizes the efforts of airports
to manage and reduce their carbon emissions. It defines
seven different levels of certification: ‘Mapping’, ‘Reduc-
tion’, ‘Optimization’, ‘Neutrality’, ‘Transformation’ and ‘Tran-
sition’ and the recently introduced “Level 5”.
In order to achieve the Optimization accreditation (level 3
of 7) and above, airports need to actively engage with air-
port stakeholders, as they need to develop a more exten-
sive carbon footprint to include specific Scope 3 emis-
sions and the formulation of a Stakeholder Engagement
Plan to promote wider airport-based emission reductions.
In many cases, these plans also involve Avolta as the oper-
ator of airport stores.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 132/336
Empower
Our People
“Making our people part
of the journey by fostering
a diverse, inclusive and
equitable workplace.“
GRI indicators:
2-7, 2-8, 2-21, 2-30, 401-1, 402-1, 403-1, 403-2, 403-3, 403-4, 403-5,
403-6, 403-7, 403-8, 403-9, 404-1, 405-1, 406-1, 407-1, 410-1
SDGs:
1.2
4.3, 4.4, 4.5
5.1, 5.5
8.2, 8.5, 8.6, 8.8,
10.3
16.1, 16.5, 16.7
Every Avolta employee is an ambassador of the company.
Whether in stores, restaurants, offices or warehouses,
each of our team members contribute to drive the com-
pany towards success and evolve our brand. Our people’s
passion, engagement and motivation are driving forces to
make our Destination 2027 strategy come to life and fully
embed it in our daily behaviors.
Within the focus area «Empower Our People » Avolta
has defined five areas of action:
– Diversity, Equity & Inclusion
Create an inclusive culture, by promoting diversity and
equity at all levels of the organization
– Talent Recruitment, Engagement & Retention
Attract and retain highly talented people by building a
positive and engaging work environment
– Employee Training & Development
Provide high quality training, learning & development
opportunities to strengthen our people's competence-
and professional growth
– Health & Well-being
Provide high health and safety standards and promote
world-class well-being offerings and education to fos-
ter well-being and work-life balance
– Human Rights
Protect human rights across the company and along its
supply chain
Empowering our people is a key priority for Avolta, which
translates into tangible initiatives to build a great and
unique place to work, ensuring the best in terms of fair
and equal working conditions, health and safe working en-
vironments, competitive salaries, development and reten-
tion strategies, avant-garde training programs and any-
thing that contributes to generate high engagement levels
amongst our people.
Building on our core brand principles – Brave, Collabora-
tive, Passionate and Inclusive – Avolta has developed a
number of policies and procedures to ensure a consistent
employee experience across the 73 countries in which it
operates, all of which represent a strong foundation for
the future.
In 2023, a new company People & Culture organization
structure was implemented, with Global and Regional
Centers of Excellences, to foster the creation of one team,
with a shared vision and one global company culture pro-
moting diversity, inclusion and recognition at all level of
the organization.
A fundamental element in connection with this objective
is Avolta´s HR Policy, which is publicly available on the
company website. This policy highlights the core princi-
ples and guidelines, which, in terms of human resources
management, are applicable to the whole company. The
policy, which has been shared and trained with employ-
ees, covers diverse topics, including:
– Recruiting and Hiring
– Equity, Diversity and Respect for Human Rights
– Working Conditions and Labor Relations
– Health and Safety
– Remuneration and Working Time
– Career Development and Advancement
– Succession Planning
Overview employee structure 2023
EMEA
North America
LATAM
APAC
Total
FTEs
Headcounts
26,212
32,379
29,851
31,737
6,451
6,562
5,804
6,136
68,459
76,962
HQ
140
148
Number of Employees
In addition to its own employees, Avolta actively contributes
Avolta had 76,962 people (HC) working for the company
to local communities by offering working opportunities to
at December 31, 2023, 60 % of them women. Of the total,
third party employees, thereby generating additional sala-
94 % worked in the stores, restaurants and in the ware-
ries and tax payments across the countries where the com-
houses, while 6 % in the company offices (see ESG Report
pany is present. In this context, our over 5,100 stores and
Annex 2023 on page 15/18).
Employees by Gender*
Female
Male
60 %
40 %
* 0.1 % of our employees did not disclose their gender according to the
tracking systems available as of today.
Employees by Regions
North
America
41 %
Latin
America
9 %
<1 %
Headquarters
Europe, Middle
East & Africa
42 %
8 %
Asia
Pacific
restaurants are not just sales locations for us and our brand
partners to sell their products, but also work opportunities
for over 3,832 people based in our stores representing
these brands and other service providers.
Diversity, Equity & Inclusion
“Create an inclusive culture,
by promoting diversity and equity
at all levels of the organization.”
Avolta operates in multinational and multicultural environ-
ments. Being present in 73 countries, Avolta engages with
customers, suppliers and colleagues from a variety of cul-
tures and nationalities on a daily basis. Diversity is an es-
sential asset to – and integral part of – our company and
Avolta promotes an inclusive workplace culture that un-
derstands and celebrates diversity in all its forms, be it in
gender, age, race, culture, beliefs or creed.
Our teams comprise of colleagues from more than 150 na-
tionalities across all functions and levels of the organiza-
tion. We continue to believe that this broad cultural diver-
sity represents a unique competitive advantage. We also
view it as a key element in the successful development of
our company and in the implementation of our long-term
growth strategy.
The staff in Avolta’s outlets in each country is predomi-
nantly local. Our presence around the world makes us an
important employer in many locations, with many of our
operations in emerging markets. This, in addition to bring-
ing expertise and experience on how to operate an inter-
national business, contributes to local development and
economic strength.
Empower
Our People
“Making our people part
of the journey by fostering
a diverse, inclusive and
equitable workplace.“
2-7, 2-8, 2-21, 2-30, 401-1, 402-1, 403-1, 403-2, 403-3, 403-4, 403-5,
403-6, 403-7, 403-8, 403-9, 404-1, 405-1, 406-1, 407-1, 410-1
GRI indicators:
SDGs:
1.2
4.3, 4.4, 4.5
5.1, 5.5
8.2, 8.5, 8.6, 8.8,
10.3
16.1, 16.5, 16.7
Every Avolta employee is an ambassador of the company.
tion strategies, avant-garde training programs and any-
Whether in stores, restaurants, offices or warehouses,
thing that contributes to generate high engagement levels
each of our team members contribute to drive the com-
amongst our people.
pany towards success and evolve our brand. Our people’s
passion, engagement and motivation are driving forces to
Building on our core brand principles – Brave, Collabora-
make our Destination 2027 strategy come to life and fully
tive, Passionate and Inclusive – Avolta has developed a
embed it in our daily behaviors.
number of policies and procedures to ensure a consistent
employee experience across the 73 countries in which it
Within the focus area «Empower Our People » Avolta
operates, all of which represent a strong foundation for
has defined five areas of action:
– Diversity, Equity & Inclusion
the future.
Create an inclusive culture, by promoting diversity and
In 2023, a new company People & Culture organization
equity at all levels of the organization
structure was implemented, with Global and Regional
– Talent Recruitment, Engagement & Retention
Centers of Excellences, to foster the creation of one team,
Attract and retain highly talented people by building a
with a shared vision and one global company culture pro-
positive and engaging work environment
moting diversity, inclusion and recognition at all level of
– Employee Training & Development
the organization.
Provide high quality training, learning & development
opportunities to strengthen our people's competence-
A fundamental element in connection with this objective
and professional growth
– Health & Well-being
is Avolta´s HR Policy, which is publicly available on the
company website. This policy highlights the core princi-
Provide high health and safety standards and promote
ples and guidelines, which, in terms of human resources
world-class well-being offerings and education to fos-
management, are applicable to the whole company. The
ter well-being and work-life balance
policy, which has been shared and trained with employ-
– Human Rights
supply chain
Protect human rights across the company and along its
– Recruiting and Hiring
ees, covers diverse topics, including:
– Equity, Diversity and Respect for Human Rights
– Working Conditions and Labor Relations
Empowering our people is a key priority for Avolta, which
– Health and Safety
translates into tangible initiatives to build a great and
– Remuneration and Working Time
unique place to work, ensuring the best in terms of fair
– Career Development and Advancement
and equal working conditions, health and safe working en-
– Succession Planning
vironments, competitive salaries, development and reten-
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Overview employee structure 2023
FTEs
Headcounts
HQ
140
148
EMEA
North America
LATAM
APAC
Total
26,212
32,379
29,851
31,737
6,451
6,562
5,804
6,136
68,459
76,962
Number of Employees
Avolta had 76,962 people (HC) working for the company
at December 31, 2023, 60 % of them women. Of the total,
94 % worked in the stores, restaurants and in the ware-
houses, while 6 % in the company offices (see ESG Report
Annex 2023 on page 15/18).
Employees by Gender*
Female
Male
60 %
40 %
* 0.1 % of our employees did not disclose their gender according to the
tracking systems available as of today.
Employees by Regions
North
America
41 %
Latin
America
9 %
<1 %
Headquarters
Europe, Middle
East & Africa
42 %
8 %
Asia
Pacific
In addition to its own employees, Avolta actively contributes
to local communities by offering working opportunities to
third party employees, thereby generating additional sala-
ries and tax payments across the countries where the com-
pany is present. In this context, our over 5,100 stores and
restaurants are not just sales locations for us and our brand
partners to sell their products, but also work opportunities
for over 3,832 people based in our stores representing
these brands and other service providers.
Diversity, Equity & Inclusion
“Create an inclusive culture,
by promoting diversity and equity
at all levels of the organization.”
Avolta operates in multinational and multicultural environ-
ments. Being present in 73 countries, Avolta engages with
customers, suppliers and colleagues from a variety of cul-
tures and nationalities on a daily basis. Diversity is an es-
sential asset to – and integral part of – our company and
Avolta promotes an inclusive workplace culture that un-
derstands and celebrates diversity in all its forms, be it in
gender, age, race, culture, beliefs or creed.
Our teams comprise of colleagues from more than 150 na-
tionalities across all functions and levels of the organiza-
tion. We continue to believe that this broad cultural diver-
sity represents a unique competitive advantage. We also
view it as a key element in the successful development of
our company and in the implementation of our long-term
growth strategy.
The staff in Avolta’s outlets in each country is predomi-
nantly local. Our presence around the world makes us an
important employer in many locations, with many of our
operations in emerging markets. This, in addition to bring-
ing expertise and experience on how to operate an inter-
national business, contributes to local development and
economic strength.
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knowledge and illustrates the importance for Avolta to
create a diverse and inclusive culture. It also promotes in-
clusive behaviors, highlighting examples of things that one
might do unconsciously (unconscious bias), which could
make colleagues feel uncomfortable and / or excluded.
In addition to the Global Diversity & Inclusion training,
Avolta dedicates a special focus to unconscious bias, the
«mental shortcuts» the human brain takes, which can po-
tentially lead to unconscious discrimination. In all regions
dedicated unconscious bias trainings were implemented
either to support managers in making unbiased, better-in-
formed decisions, or to increase employee’s awareness on
how unconscious bias can affect thinking and judgment
and, consequently, the communication with customers
and colleagues. In the majority of the countries, the un-
conscious bias training is indeed included in the leader-
ships’ basic training paths – including store managers and
area managers – as well as in the training catalogues for
all employees.
DE & I vision statement
– Avolta is committed to building an inclusive
and culturally sensitive workplace for every-
one, in which all our people recognize that
their unique characteristics, skills and experi-
ences are respected and valued.
– Avolta employs great people from a wide
variety of backgrounds and with a broad
range of skills and experiences to best serve
our customers and build a better and stron-
ger company for all of our stakeholders.
– Avolta recruits, rewards and promotes peo-
ple based on capability and performance –
regardless of gender, national origin, ethnic-
ity, lifestyle, age, beliefs or physical ability.
DE & I Committee
To accelerate the ability of the company to generate posi-
tive impact and increase the awareness on DE & I topics, a
Diversity, Equity and Inclusion Committee has been set at a
global level, formed by senior leaders from different func-
tions, professional backgrounds, and geographies (Peo-
ple & Culture, ESG, Communications, etc.) The mission of
the Committee is to shape Avolta's DE & I journey by steer-
ing the strategy, facilitate cross-regional and cross-func-
tional collaboration on DE&I initiatives in order to empower
the actions at both global and local levels. The Committee
meets quarterly to track the progress on the roadmap, as-
sess new opportunities & initiatives, and steer outcomes.
Another area of focus is the prevention of harassment. In
several countries – including Italy and the USA – dedi-
cated and mandatory training courses to prevent any form
of harassment at the workplace were run and extended to
all the team members.
Whistleblowing channels to fight any form
of discrimination
As defined in Avolta’s Code of Conduct and the HR policy,
both available on the corporate website, Avolta is commit-
ted to provide a safe environment to all employees, imple-
menting measures, which promote diversity, dignity and
respect and forbid any form of discrimination, harassment
or bullying.
In order to adopt a zero-tolerance approach to such be-
haviors and favor timely reporting in case of occurrence,
Avolta provides whistleblowing channels to its employees,
ensuring the full confidentiality of information and the pri-
vacy of individuals, to report any conduct inconsistent
Diversity & Inclusion Awareness Training
Awareness is a key factor to foster a company culture that
embraces diversity and puts inclusive practices at the
heart of the company ethos. In 2023, to further enforce
the internal consciousness on diversity and the active pro-
motion of inclusivity at the workplace, a global Diver-
sity & Inclusion training, sponsored by the CEO and the
members of the Global Executive Committee, has been
launched and made accessible to all employees. The train-
ing – divided into six modules – provides fundamental
with the above-mentioned policies. Avolta properly inves-
a regular basis to make sure there is no discrimination re-
tigates all complaints and prohibits retaliation or discrimi-
lated to any kind of diversity.
nation against any employees, who report a concern
made in good faith.
Avolta offers competitive salaries and incentives as a way
of attracting and retaining talent. Our standard compen-
Since 2018, two company-wide reporting channels com-
sation includes a fixed and a variable performance-based
plement the email reporting channel compliance@avolta.
compensation that rewards the individual efforts of staff
net: (1) a worldwide, toll-free hotline in nine languages
members. Variable pay is linked to individual and company
(English, Spanish, Portuguese, French, Italian, Mandarin,
objectives. We regularly review and discuss professional
Russian, Greek and German) also accessible via local dial-
development with employees and link their performance
in numbers for all countries in which Avolta operates; and
to incentives.
(2) the online reporting website www.dufry-compliance.
com. These reporting channels, run by an independent
Our team members also enjoy additional benefits that
third party, ensure the integrity of such investigations by
vary from one location to another, depending on laws, and
acting as a centralized contact point, through which any
may include benefits such as healthcare, life, accident and
wrongdoing is reported directly to the Compliance De-
disability insurance, vouchers for cultural and sport activ-
partment, reporting to Avolta’s General Counsel and
ities as well as dedicated welfare & discounts platforms. In
member of the Global Executive Committee, for further
this regard, during 2023 Avolta continued with the rollout
investigation. Additionally, for the F&B business there cur-
of Emporium – a web-based shop with thousands of prod-
rently is still available a dedicated whistleblowing tool to
ucts from core retail categories at highly discounted
which team members can fully anonymously and confi-
prices. This benefit is exclusive to Avolta’s people, and in-
dentially reach out. Complaints received during the year
cludes also a Friends & Family program. By the end of
were treated promptly and with the utmost attention.
2023, Emporium was available in 13 countries, represent-
Guaranteeing the whistleblowers’ full anonymity, discus-
ing Avolta’s main locations by headcounts – Brazil, Can-
sions were held with the interested parties in order to
ada, Greece, Hong Kong, Italy, Macau, Malaysia, Mexico,
quickly communicate and adopt the appropriate correc-
Spain, Switzerland, United Arab Emirates, United Kingdom
tive measures if needed.
and USA. The company will continue with the rollout of
Emporium throughout 2024.
Equal employment
Avolta adheres to local legislation and regulations in all the
countries in which it operates. Anti-discrimination, diver-
sity and ensuring equal opportunities are, and have always
been, important social commitments for Avolta across all
locations, especially (but not exclusively) in developing
countries. Many locations in which the company operates
still pose challenges to the guaranteeing of equality. We
monitor these countries closely to ensure we provide
equal opportunities to all our staff. As explained in the pre-
vious paragraph, the company has in place whistleblower
mechanisms to denounce discrimination cases if they
happen. Furthermore, in every country served, Avolta
complies with parental leave legislation, and in some cases
actively supports the return to work after the maternity
Equal salary certification in Switzerland
leave with dedicated programs ensuring positive work-life
Avolta became equal salary certified in Switzerland at the
balance for parents with caring responsibilities.
beginning of 2019 and was re-certified again in 2021 for an-
Compensation & Benefits
other three years. This certification underscores the com-
mitment to a fair and unbiased reward structure, which en-
Avolta provides all employees with fair and competitive
ables employees to develop and thrive in their careers. The
wages based on each individual’s background and expe-
certification process took place in three stages through
rience, their particular job within our organization, the ap-
statistical evaluation, on-site audits and interviews with in-
propriate market benchmark in the respective countries
dividuals and panel groups. All phases of the certification
and locations, as well as their performance. Entry-level
and re-certification processes were performed at the Basel
wages are established in accordance with the local laws
Headquarters and the Zurich Airport operations and gave
and collective employment contracts in place in the vari-
proof on how management systems, HR policies and pro-
ous countries. The remuneration structure is assessed on
cesses integrate the dimensions of equal remuneration.
DE & I vision statement
knowledge and illustrates the importance for Avolta to
– Avolta is committed to building an inclusive
create a diverse and inclusive culture. It also promotes in-
and culturally sensitive workplace for every-
clusive behaviors, highlighting examples of things that one
one, in which all our people recognize that
might do unconsciously (unconscious bias), which could
their unique characteristics, skills and experi-
make colleagues feel uncomfortable and / or excluded.
ences are respected and valued.
– Avolta employs great people from a wide
In addition to the Global Diversity & Inclusion training,
variety of backgrounds and with a broad
Avolta dedicates a special focus to unconscious bias, the
range of skills and experiences to best serve
«mental shortcuts» the human brain takes, which can po-
our customers and build a better and stron-
tentially lead to unconscious discrimination. In all regions
ger company for all of our stakeholders.
dedicated unconscious bias trainings were implemented
– Avolta recruits, rewards and promotes peo-
either to support managers in making unbiased, better-in-
ple based on capability and performance –
formed decisions, or to increase employee’s awareness on
regardless of gender, national origin, ethnic-
how unconscious bias can affect thinking and judgment
ity, lifestyle, age, beliefs or physical ability.
and, consequently, the communication with customers
DE & I Committee
To accelerate the ability of the company to generate posi-
area managers – as well as in the training catalogues for
tive impact and increase the awareness on DE & I topics, a
all employees.
and colleagues. In the majority of the countries, the un-
conscious bias training is indeed included in the leader-
ships’ basic training paths – including store managers and
Diversity, Equity and Inclusion Committee has been set at a
global level, formed by senior leaders from different func-
tions, professional backgrounds, and geographies (Peo-
ple & Culture, ESG, Communications, etc.) The mission of
the Committee is to shape Avolta's DE & I journey by steer-
ing the strategy, facilitate cross-regional and cross-func-
tional collaboration on DE&I initiatives in order to empower
the actions at both global and local levels. The Committee
meets quarterly to track the progress on the roadmap, as-
sess new opportunities & initiatives, and steer outcomes.
Another area of focus is the prevention of harassment. In
several countries – including Italy and the USA – dedi-
cated and mandatory training courses to prevent any form
of harassment at the workplace were run and extended to
all the team members.
Whistleblowing channels to fight any form
of discrimination
As defined in Avolta’s Code of Conduct and the HR policy,
both available on the corporate website, Avolta is commit-
ted to provide a safe environment to all employees, imple-
Diversity & Inclusion Awareness Training
Awareness is a key factor to foster a company culture that
menting measures, which promote diversity, dignity and
embraces diversity and puts inclusive practices at the
respect and forbid any form of discrimination, harassment
heart of the company ethos. In 2023, to further enforce
or bullying.
the internal consciousness on diversity and the active pro-
motion of inclusivity at the workplace, a global Diver-
In order to adopt a zero-tolerance approach to such be-
sity & Inclusion training, sponsored by the CEO and the
haviors and favor timely reporting in case of occurrence,
members of the Global Executive Committee, has been
Avolta provides whistleblowing channels to its employees,
launched and made accessible to all employees. The train-
ensuring the full confidentiality of information and the pri-
ing – divided into six modules – provides fundamental
vacy of individuals, to report any conduct inconsistent
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 135/336
with the above-mentioned policies. Avolta properly inves-
tigates all complaints and prohibits retaliation or discrimi-
nation against any employees, who report a concern
made in good faith.
Since 2018, two company-wide reporting channels com-
plement the email reporting channel compliance@avolta.
net: (1) a worldwide, toll-free hotline in nine languages
(English, Spanish, Portuguese, French, Italian, Mandarin,
Russian, Greek and German) also accessible via local dial-
in numbers for all countries in which Avolta operates; and
(2) the online reporting website www.dufry-compliance.
com. These reporting channels, run by an independent
third party, ensure the integrity of such investigations by
acting as a centralized contact point, through which any
wrongdoing is reported directly to the Compliance De-
partment, reporting to Avolta’s General Counsel and
member of the Global Executive Committee, for further
investigation. Additionally, for the F&B business there cur-
rently is still available a dedicated whistleblowing tool to
which team members can fully anonymously and confi-
dentially reach out. Complaints received during the year
were treated promptly and with the utmost attention.
Guaranteeing the whistleblowers’ full anonymity, discus-
sions were held with the interested parties in order to
quickly communicate and adopt the appropriate correc-
tive measures if needed.
Equal employment
Avolta adheres to local legislation and regulations in all the
countries in which it operates. Anti-discrimination, diver-
sity and ensuring equal opportunities are, and have always
been, important social commitments for Avolta across all
locations, especially (but not exclusively) in developing
countries. Many locations in which the company operates
still pose challenges to the guaranteeing of equality. We
monitor these countries closely to ensure we provide
equal opportunities to all our staff. As explained in the pre-
vious paragraph, the company has in place whistleblower
mechanisms to denounce discrimination cases if they
happen. Furthermore, in every country served, Avolta
complies with parental leave legislation, and in some cases
actively supports the return to work after the maternity
leave with dedicated programs ensuring positive work-life
balance for parents with caring responsibilities.
Compensation & Benefits
Avolta provides all employees with fair and competitive
wages based on each individual’s background and expe-
rience, their particular job within our organization, the ap-
propriate market benchmark in the respective countries
and locations, as well as their performance. Entry-level
wages are established in accordance with the local laws
and collective employment contracts in place in the vari-
ous countries. The remuneration structure is assessed on
a regular basis to make sure there is no discrimination re-
lated to any kind of diversity.
Avolta offers competitive salaries and incentives as a way
of attracting and retaining talent. Our standard compen-
sation includes a fixed and a variable performance-based
compensation that rewards the individual efforts of staff
members. Variable pay is linked to individual and company
objectives. We regularly review and discuss professional
development with employees and link their performance
to incentives.
Our team members also enjoy additional benefits that
vary from one location to another, depending on laws, and
may include benefits such as healthcare, life, accident and
disability insurance, vouchers for cultural and sport activ-
ities as well as dedicated welfare & discounts platforms. In
this regard, during 2023 Avolta continued with the rollout
of Emporium – a web-based shop with thousands of prod-
ucts from core retail categories at highly discounted
prices. This benefit is exclusive to Avolta’s people, and in-
cludes also a Friends & Family program. By the end of
2023, Emporium was available in 13 countries, represent-
ing Avolta’s main locations by headcounts – Brazil, Can-
ada, Greece, Hong Kong, Italy, Macau, Malaysia, Mexico,
Spain, Switzerland, United Arab Emirates, United Kingdom
and USA. The company will continue with the rollout of
Emporium throughout 2024.
Equal salary certification in Switzerland
Avolta became equal salary certified in Switzerland at the
beginning of 2019 and was re-certified again in 2021 for an-
other three years. This certification underscores the com-
mitment to a fair and unbiased reward structure, which en-
ables employees to develop and thrive in their careers. The
certification process took place in three stages through
statistical evaluation, on-site audits and interviews with in-
dividuals and panel groups. All phases of the certification
and re-certification processes were performed at the Basel
Headquarters and the Zurich Airport operations and gave
proof on how management systems, HR policies and pro-
cesses integrate the dimensions of equal remuneration.
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Report
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Report
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Report
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Talent recruitment, engagement and retention
“Attract and retain highly
talented people by building a
positive and engaging working
environment.”
The Avolta People journey
Avolta has comprehensively mapped all careers stages in
our company, starting from when team members start
their application phase until they leave of the organization.
All the steps in between these two points and the experi-
ences that the team member makes is what Avolta calls
“the People journey” and it is the company´s systematic
approach that then ensures we identify all opportunities.
Avolta wants to deliver a great place to work across all
parts of our organization. To simplify the assessment,
Avolta establishes four critical stages on his people jour-
ney: Recruitment, Training & Career Progression, Com-
pensation and Recognition.
To ensure «Fair Play» in everyone’s professional career
development, Avolta’s recruitment process ensures that
all applicants are treated fairly and each applicant is given
the same opportunity to be considered, so that the most
suitable person can fill the position. The selection is based
on the applicant’s competencies, skills, results delivered
and the decisions taken regardless of: race, color, religion,
sexual orientation, age, gender identity or gender expres-
sion, national or origin, political orientation, disability or
other discriminating factors. Available positions are first
published internally to ensure opportunity and growth of
internal talent. Avolta’s recruiters review the skill pipeline
of internal candidates ahead of engaging with external hir-
ing of professionals. Referrals and recommended poten-
tial internal candidates are encouraged and evaluated in
the same process against other potential candidates. To
ensure fair play in the selection process, all interview eval-
uations by Avolta recruiters and hiring managers are re-
ported in Avolta’s HR portal Avolta Voyage. If any gaps or
personal development needs of the selected candidate
are identified, recruiters are instructed to incorporate that
information into on-boarding and development plan.
«Grow With Us»
During the first half of 2023, at the early
stage of the integration process the company
launched an internal job posting program
called “Grow With Us”. Starting in April 2023,
the program highlighted open positions and
opportunities available to all team members
in retail and F&B across the globe. At the end
of 2023, through “Grow with Us”, 79 % of the
vacancies for senior manager positions were
covered with internal candidates.
People engagement
Understanding our people’s concerns and needs is critical
for Avolta. For this reason, the company fosters a dialogue
with all team members and invests in developing the nec-
essary tools to promote communication across all levels of
the organization. Avolta uses several tools to foster inter-
nal communication and stimulate the interaction with his
people.
During 2023, we have continued with the rollout of tech-
nologies and tools to align information levels between
desktop and non-desktop team members. The scaling of
Beekeeper was further accelerated and extended to new
countries. This app-based solution enables connection,
facilitates workplace engagement and increases produc-
tivity through unified communications. Through Bee-
keeper, we are able to share with the more unconnected
members of our staff information related to our company
as well as information related to their day-to-day work en-
vironment (such as shifts, product information, events in
store, etc.). The app also features tools for internal chats
and communications and the sharing of information in a
very similar environment to that of the most recognized
social networks. Currently, Avolta has over 60,000 live us-
ers on the Beekeeper platform, reaching around 90 % of
its workforce and expects to reach full rollout of the app
globally during 2024.
Furthermore, Avolta uses several internal communication
channels to facilitate the dissemination of corporate news
and to keep our staff updated and engaged. These include
the company´s intranet, and regular newsletters. During
2023, due to the integration with the F&B business, a lot of
additional effort in term of internal communication and en-
gagement was made to clearly explain the purpose of the
business combination as well as the progress of the inte-
gration process. In this context, 11 global and 3 regional
Town Halls have been organized to enable in-presence and
online interaction among the Global Executive Committee
and all team members. To promote in-person communica-
tion and discuss doubts and concerns related to the inte-
gration process, a series of Coffee Chats with senior lead-
ers were organized in the main company offices (Milan,
Avolta team members benefit from an extensive learning
Basel, Madrid, London, Amsterdam, Bethesda, New Jersey).
catalogue that covers programs to improve their perfor-
Moreover, in order to keep everyone informed and en-
mance in their current positions, as well as professional
gaged about the integration process a dedicated newslet-
development opportunities to support career progres-
ter “Travel Together – Travel Retail and Travel Food & Bever-
sion. Training is offered through various learning solutions,
age” has been created and sent regularly to all team
including face-to-face, on-the-job as well as virtual and
members to keep them updated on the progress of the
online training sessions, on technical and people skills.
projects related to the integration.
Training is open to all team members and managers at all
levels and across the entire organization and all geograph-
People engagement survey
ical locations.
To better gauge our performance both within our com-
pany and relative to our competitors, Avolta conducts reg-
During 2023, 1,449,827 formal training hours were pro-
ular people engagement surveys that serve to gain under-
vided by Avolta. Most training hours were focused on op-
standing of our staff’s perception of the company and
erational skills (approx. 73.6 % of the total), in particular for
identify areas of improvement. We ensure that the surveys
front-line team members, and on the reinforcement of
always involve a statistically relevant proportion of our staff,
managerial skills for those in management positions (ap-
and that they reach out across the world. In 2023, as part
proximately 8.2 % of total training hours).
of the integration process, a Culture survey was launched,
engaging a representative sample of our team members of
about 1,500 people – in both retail and F&B locations. The
Culture survey aimed at investigating both current and de-
sired future values and behaviors, identifying potential
strengths to build on as well as differences causing fric-
tions. The results of the survey highlighted many similari-
ties, in terms of values, ways of working and performing
among retail and F&B businesses. The survey also revealed
that both organizations were nurturing similar aspirations
for the future and had the common wish to be part of a
company putting people and customers at the center. The
insights coming from the survey contributed to shape
Avolta’s brand mission, identity and values, but also to build
the new People & Culture vision and strategy (see dedi-
cated poster at the beginning of the Annual Report).
Training hours by type
2 % Compliance
4 % Other
5 % Health &
safety and quality
7 % Technical
skils
Managerial
8 %
skills
Employee training and development
“Provide high quality training,
learning & development
opportunities to strengthen
our people’s competences
and professional growth.”
74 %
skills
Operational
Delivering consistent outstanding customer service is
Avolta´s main aspiration and the ultimate objective of
Avolta´s Customer Retail Excellence program – an on-go-
ing training program for our frontline team members. This
program focuses on:
For Avolta, training is a fundamental activity for updating
– Reinforcing customer service through ideal staffing
skills and boosting professional development in a process
levels according to store traffic and sales
that blends individual growth with cultural and organiza-
– Providing team members with a clear focus and target
tional progress. Avolta’s training methodology follows the
for each shift
– Empowering teams through strong leadership
– Enhancing selling capabilities around our products,
promotions and special lines / offers
– Exposure (connections with other colleagues
In supporting the program, 13 Academy Stores spread
across the three main regions are globally. Located in
Stockholm, Zurich, Athens, Madrid, Marrakesh, Jordan,
“Four E’s model”:
– Educate (formal education)
– Experiences (development)
– Environment (culture of learning)
and professionals)
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Talent recruitment, engagement and retention
“Attract and retain highly
talented people by building a
positive and engaging working
environment.”
The Avolta People journey
Avolta has comprehensively mapped all careers stages in
our company, starting from when team members start
their application phase until they leave of the organization.
«Grow With Us»
During the first half of 2023, at the early
stage of the integration process the company
launched an internal job posting program
called “Grow With Us”. Starting in April 2023,
the program highlighted open positions and
opportunities available to all team members
in retail and F&B across the globe. At the end
of 2023, through “Grow with Us”, 79 % of the
vacancies for senior manager positions were
covered with internal candidates.
All the steps in between these two points and the experi-
People engagement
ences that the team member makes is what Avolta calls
Understanding our people’s concerns and needs is critical
“the People journey” and it is the company´s systematic
for Avolta. For this reason, the company fosters a dialogue
approach that then ensures we identify all opportunities.
with all team members and invests in developing the nec-
Avolta wants to deliver a great place to work across all
essary tools to promote communication across all levels of
parts of our organization. To simplify the assessment,
the organization. Avolta uses several tools to foster inter-
Avolta establishes four critical stages on his people jour-
nal communication and stimulate the interaction with his
ney: Recruitment, Training & Career Progression, Com-
people.
pensation and Recognition.
During 2023, we have continued with the rollout of tech-
To ensure «Fair Play» in everyone’s professional career
nologies and tools to align information levels between
development, Avolta’s recruitment process ensures that
desktop and non-desktop team members. The scaling of
all applicants are treated fairly and each applicant is given
Beekeeper was further accelerated and extended to new
the same opportunity to be considered, so that the most
countries. This app-based solution enables connection,
suitable person can fill the position. The selection is based
facilitates workplace engagement and increases produc-
on the applicant’s competencies, skills, results delivered
tivity through unified communications. Through Bee-
and the decisions taken regardless of: race, color, religion,
keeper, we are able to share with the more unconnected
sexual orientation, age, gender identity or gender expres-
members of our staff information related to our company
sion, national or origin, political orientation, disability or
as well as information related to their day-to-day work en-
other discriminating factors. Available positions are first
vironment (such as shifts, product information, events in
published internally to ensure opportunity and growth of
store, etc.). The app also features tools for internal chats
internal talent. Avolta’s recruiters review the skill pipeline
and communications and the sharing of information in a
ing of professionals. Referrals and recommended poten-
social networks. Currently, Avolta has over 60,000 live us-
tial internal candidates are encouraged and evaluated in
ers on the Beekeeper platform, reaching around 90 % of
the same process against other potential candidates. To
its workforce and expects to reach full rollout of the app
ensure fair play in the selection process, all interview eval-
globally during 2024.
uations by Avolta recruiters and hiring managers are re-
ported in Avolta’s HR portal Avolta Voyage. If any gaps or
Furthermore, Avolta uses several internal communication
personal development needs of the selected candidate
channels to facilitate the dissemination of corporate news
are identified, recruiters are instructed to incorporate that
and to keep our staff updated and engaged. These include
information into on-boarding and development plan.
the company´s intranet, and regular newsletters. During
2023, due to the integration with the F&B business, a lot of
additional effort in term of internal communication and en-
gagement was made to clearly explain the purpose of the
business combination as well as the progress of the inte-
gration process. In this context, 11 global and 3 regional
Town Halls have been organized to enable in-presence and
online interaction among the Global Executive Committee
and all team members. To promote in-person communica-
tion and discuss doubts and concerns related to the inte-
gration process, a series of Coffee Chats with senior lead-
ers were organized in the main company offices (Milan,
Basel, Madrid, London, Amsterdam, Bethesda, New Jersey).
Moreover, in order to keep everyone informed and en-
gaged about the integration process a dedicated newslet-
ter “Travel Together – Travel Retail and Travel Food & Bever-
age” has been created and sent regularly to all team
members to keep them updated on the progress of the
projects related to the integration.
People engagement survey
To better gauge our performance both within our com-
pany and relative to our competitors, Avolta conducts reg-
ular people engagement surveys that serve to gain under-
standing of our staff’s perception of the company and
identify areas of improvement. We ensure that the surveys
always involve a statistically relevant proportion of our staff,
and that they reach out across the world. In 2023, as part
of the integration process, a Culture survey was launched,
engaging a representative sample of our team members of
about 1,500 people – in both retail and F&B locations. The
Culture survey aimed at investigating both current and de-
sired future values and behaviors, identifying potential
strengths to build on as well as differences causing fric-
tions. The results of the survey highlighted many similari-
ties, in terms of values, ways of working and performing
among retail and F&B businesses. The survey also revealed
that both organizations were nurturing similar aspirations
for the future and had the common wish to be part of a
company putting people and customers at the center. The
insights coming from the survey contributed to shape
Avolta’s brand mission, identity and values, but also to build
the new People & Culture vision and strategy (see dedi-
cated poster at the beginning of the Annual Report).
of internal candidates ahead of engaging with external hir-
very similar environment to that of the most recognized
Employee training and development
“Provide high quality training,
learning & development
opportunities to strengthen
our people’s competences
and professional growth.”
For Avolta, training is a fundamental activity for updating
skills and boosting professional development in a process
that blends individual growth with cultural and organiza-
tional progress. Avolta’s training methodology follows the
“Four E’s model”:
– Educate (formal education)
– Experiences (development)
– Environment (culture of learning)
– Exposure (connections with other colleagues
and professionals)
Avolta team members benefit from an extensive learning
catalogue that covers programs to improve their perfor-
mance in their current positions, as well as professional
development opportunities to support career progres-
sion. Training is offered through various learning solutions,
including face-to-face, on-the-job as well as virtual and
online training sessions, on technical and people skills.
Training is open to all team members and managers at all
levels and across the entire organization and all geograph-
ical locations.
During 2023, 1,449,827 formal training hours were pro-
vided by Avolta. Most training hours were focused on op-
erational skills (approx. 73.6 % of the total), in particular for
front-line team members, and on the reinforcement of
managerial skills for those in management positions (ap-
proximately 8.2 % of total training hours).
Training hours by type
2 % Compliance
4 % Other
5 % Health &
safety and quality
7 % Technical
skils
8 %
Managerial
skills
74 %
Operational
skills
Delivering consistent outstanding customer service is
Avolta´s main aspiration and the ultimate objective of
Avolta´s Customer Retail Excellence program – an on-go-
ing training program for our frontline team members. This
program focuses on:
– Reinforcing customer service through ideal staffing
levels according to store traffic and sales
– Providing team members with a clear focus and target
for each shift
– Empowering teams through strong leadership
– Enhancing selling capabilities around our products,
promotions and special lines / offers
In supporting the program, 13 Academy Stores spread
across the three main regions are globally. Located in
Stockholm, Zurich, Athens, Madrid, Marrakesh, Jordan,
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Toronto, New York (Newark), Cancun, Sao Paulo, Buenos
Aires (Ezeiza), Melbourne and Bali, these stores serve to
test concepts and best practices, and function as a refer-
ence for stores in other airports and geographies.
– Managers with exposure to procurement negotiations
– Managers with exposure to government officials such as
airport authorities, customs or other public authorities
– Managers with signatory power or appointed as direc-
tors or officers of Avolta subsidiaries
Accordingly, we develop new and existing candidates for
– Best Business Growth Story Award recognizing the
more senior management roles and we carry out yearly
greatest business growth stories, including – but not lim-
reviews of the quality of our talent pipeline at two levels:
ited to – a new store or restaurant opening, a new air-
– The first level concentrates on a limited number of can-
port / seaport / motorway / border shop / or other devel-
didates, who already have management experience and
opment, growth of a product category, a business
Other Avolta global learning programs include:
– Welcome to the Company training – Designed for office
and frontline staff operating in both restaurant and
shops it is a comprehensive onboarding program for
newcomers aimed at shortening the learning curve. In
2023, over 31,000 new joiners were trained using this
program.
– Retail Champions program – The cornerstone of our
Learning and Development strategy for retail team
members, this program has been designed to provide
our professionals with the tools, knowledge and capabil-
ities they need to perform well in their jobs and develop
to their full potential at Avolta. Over 15,600 team mem-
bers, including store leaders, have benefited from this
program. This set of training programs is complemented
with product training programs for our frontline teams,
typically delivered by the brands and local teams.
During 2023, we continued leveraging on our online train-
ing capabilities through:
– Level Up – Avolta´s LMS system, which permits estab-
lishing personalized learning programs for every team
member based on their role, position and professional
category
– Elucidat – Simplifying the creation of training and learn-
ing courses by our learning & development teams to
reach 100 % of our staff
– Coursera – An online based training platform for man-
agement roles
– SuccessFactors Training Academy – Content for the
F&B side of the business offered in an LMS system with
learning journeys per established operational role
Avolta also conducts compliance training for team mem-
bers, officers and directors, as applicable, on an ongoing
basis. These training sessions reflect the ongoing changes
introduced in our Code of Conduct. Avolta’s Compliance
Department regularly evaluates the content of Avolta’s
training on Compliance and Corporate Policies. The ef-
forts of the Compliance Department are fully coordinated
with, and supported by, the Regional Presidents & CEO’s
and the respective HR departments, who help identify the
people, including new hires, who should receive training.
People who receive training are selected based on the fol-
lowing criteria:
– Community heads at Headquarters (Finance, Treasury,
Procurement, Business Development, Internal Audit, HR,
IT, Commercial, Marketing, Customer Service)
– Local managers with exposure to business develop-
ment, external partners and third-party contractors
– Investor Relations, Corporate Communications and Me-
would be able to take over one of the senior positions in
channel, or an existing store & restaurant that has deliv-
dia managers
– Members of the Legal and Compliance Department
– Members of the Internal Audit Department, Loss Pre-
vention and ERM department as well as HR managers
worldwide.
During 2023, 1,287 managers at all levels of the organiza-
tion and across all the regions have completed this train-
ing. This figure includes both new Avolta team members
and managers who were already trained and with whom
the training has been refreshed. New team members, of-
ficers and directors are provided with a copy of the Avolta
Code of Conduct when they join the company and are re-
quired to acknowledge acceptance of its terms in writing.
Additionally, Avolta team members, officers and directors
have access to all of Avolta’s compliance and corporate
policies, including its Code of Conduct.
All team members, not included in the managers list, also
received compliance training. In 2023, this training
reached over 42,000 team members via online e-learning
modules, compliance update training videos and commu-
nication campaigns. The primary training topics included
harassment, discrimination, insider trading, data privacy
and instructions on how to report a wrongdoing.
Management development
In order for our team members to work in highly engaged
and high-performing teams, first time managers joining
Avolta are trained on Management Fundamentals. This
new training has been introduced in the second half of
2023 and develops people skills such as role modelling,
communication, situational leadership, feedback and
coaching, change management and self-management.
The course was rolled out to 230 of our managers in 2023,
improving engagement and performance in our stores
and restaurants.
Talent development and appraisal
Avolta ensures that future and long-term management
needs are addressed by an optimal balance of promoting
internal high-performing team members and hiring exter-
nal talent (for example in new countries where we start op-
erations). Avolta operates a global, systematic process to
identify high-potential talent in the organization and to de-
velop them toward key roles in our business model. We
strongly believe that talent management and succession
planning are key activities for a sustainable business.
our organization.
ered exceptional growth.
– The second level focuses on our stores and restaurants.
– Best Organic Growth Award, which recognizes the
Amongst the top-performing frontline team members
country with the strongest year-on-year organic growth.
and supervisors.
Performance reviews are an important aspect of a long-
are run in North America in the F&B sector. "Shout Out" is
term, successful employer-team member relationship.
a peer-to-peer recognition program where colleagues
Therefore, it is important for us to build a continuous feed-
send each other appreciation postcards to recognize ex-
back culture, by encouraging constructive dialogue be-
cellent performance in terms of alignment with corporate
tween each individual team member and manager re-
values and ability to work in a team. This contributes to
garding goals, priorities and personal development.
create an atmosphere of mutual appreciation and atten-
Additional staff appreciation and recognition programs
With a view to fostering professional growth, Avolta has in-
terly recognition program and allows to recognize and ap-
troduced a performance review model enabling a con-
preciate those team member who have exceeded the
structive, participatory, and inclusive appraisal while en-
expectations and company standards in terms of perfor-
suring professional development and the achievement of
mance, service and hospitality, with particular attention
Destination 2027 strategic objectives. In 2023 to align our
for those who have made heroic or rescue acts.
tion fostering motivation. "Above and Beyond" is a quar-
internal performance on a global scale and reinforce our
One Team mentality, a Global Alignment and Develop-
ment Conversation process has been launched. The pro-
Health and well-being
cess has interested all people in specialized support roles,
back office managers and leaders, all global and regional
team members, general managers and country-level lead-
ers. Driving operational improvements and performance
and creating end-to-end engagement with our people,
the conversations also supported the identification of
people’s talents and how they can use these to further de-
velop themselves.
“Provide high health and safety
standards and promote world-
class well-being offerings and
education to foster well-being
and work-life balance.“
Team Member appreciation and recognition
Health and Safety
Team member appreciation and recognition is another
Workplace safety is a priority and an essential commit-
important way for Avolta to value team members and
ment for the company in our stores, restaurants, offices
team achievements. Every year, Avolta celebrates the One
and warehouses. As indicated in the HR Policy, the com-
Avolta Awards, which recognize excellence and celebrate
pany ensures that all activities are carried out safely by
the success of our people worldwide who are dedicated
taking all possible measures to eliminate (or at least re-
to delivering.
The Awards are divided in five categories:
duce) the risks to health, safety and welfare of our people,
contractors, customers, visitors and any other person who
can be impacted by our operations. Our team members
– Best Leader Story Award recognizes individuals who
operate in airports, motorways, railway stations, seaports,
have demonstrated the right behaviors and character
cruise ships and similar environments. As a basic prereq-
and shown exceptional performance
uisite our people have to comply and follow the respective
– Best Customer Experience Award, recognizes the high-
airport’s, seaports’ or vessel’s safety rules as these envi-
est scores measured by our Mystery Shopper Survey
ronments are highly regulated.
– Best Partnership Initiative Award, which recognizes an
outstanding initiative with a supplier, business partner,
On top of this, Avolta has specific health & safety regula-
concession partner, inter-company or other party, that
tions, including internal policies and guidelines – both
was innovative, well designed, well executed and im-
global and local –, which may go beyond the legal health
pactful
and safety requirements. Avolta generally strives to
achieve high occupational health & safety standards and
Toronto, New York (Newark), Cancun, Sao Paulo, Buenos
– Managers with exposure to procurement negotiations
Aires (Ezeiza), Melbourne and Bali, these stores serve to
– Managers with exposure to government officials such as
test concepts and best practices, and function as a refer-
airport authorities, customs or other public authorities
ence for stores in other airports and geographies.
– Managers with signatory power or appointed as direc-
tors or officers of Avolta subsidiaries
Other Avolta global learning programs include:
– Investor Relations, Corporate Communications and Me-
– Welcome to the Company training – Designed for office
dia managers
and frontline staff operating in both restaurant and
– Members of the Legal and Compliance Department
shops it is a comprehensive onboarding program for
– Members of the Internal Audit Department, Loss Pre-
newcomers aimed at shortening the learning curve. In
vention and ERM department as well as HR managers
2023, over 31,000 new joiners were trained using this
worldwide.
program.
– Retail Champions program – The cornerstone of our
During 2023, 1,287 managers at all levels of the organiza-
Learning and Development strategy for retail team
tion and across all the regions have completed this train-
members, this program has been designed to provide
ing. This figure includes both new Avolta team members
our professionals with the tools, knowledge and capabil-
and managers who were already trained and with whom
ities they need to perform well in their jobs and develop
the training has been refreshed. New team members, of-
to their full potential at Avolta. Over 15,600 team mem-
ficers and directors are provided with a copy of the Avolta
bers, including store leaders, have benefited from this
Code of Conduct when they join the company and are re-
program. This set of training programs is complemented
quired to acknowledge acceptance of its terms in writing.
with product training programs for our frontline teams,
Additionally, Avolta team members, officers and directors
typically delivered by the brands and local teams.
have access to all of Avolta’s compliance and corporate
policies, including its Code of Conduct.
During 2023, we continued leveraging on our online train-
ing capabilities through:
All team members, not included in the managers list, also
– Level Up – Avolta´s LMS system, which permits estab-
received compliance training. In 2023, this training
lishing personalized learning programs for every team
reached over 42,000 team members via online e-learning
member based on their role, position and professional
modules, compliance update training videos and commu-
category
nication campaigns. The primary training topics included
– Elucidat – Simplifying the creation of training and learn-
harassment, discrimination, insider trading, data privacy
ing courses by our learning & development teams to
and instructions on how to report a wrongdoing.
reach 100 % of our staff
agement roles
– Coursera – An online based training platform for man-
Management development
In order for our team members to work in highly engaged
– SuccessFactors Training Academy – Content for the
and high-performing teams, first time managers joining
F&B side of the business offered in an LMS system with
Avolta are trained on Management Fundamentals. This
learning journeys per established operational role
new training has been introduced in the second half of
2023 and develops people skills such as role modelling,
Avolta also conducts compliance training for team mem-
communication, situational leadership, feedback and
bers, officers and directors, as applicable, on an ongoing
coaching, change management and self-management.
basis. These training sessions reflect the ongoing changes
The course was rolled out to 230 of our managers in 2023,
introduced in our Code of Conduct. Avolta’s Compliance
improving engagement and performance in our stores
Department regularly evaluates the content of Avolta’s
and restaurants.
training on Compliance and Corporate Policies. The ef-
forts of the Compliance Department are fully coordinated
Talent development and appraisal
with, and supported by, the Regional Presidents & CEO’s
Avolta ensures that future and long-term management
and the respective HR departments, who help identify the
needs are addressed by an optimal balance of promoting
people, including new hires, who should receive training.
internal high-performing team members and hiring exter-
People who receive training are selected based on the fol-
nal talent (for example in new countries where we start op-
lowing criteria:
erations). Avolta operates a global, systematic process to
– Community heads at Headquarters (Finance, Treasury,
identify high-potential talent in the organization and to de-
Procurement, Business Development, Internal Audit, HR,
velop them toward key roles in our business model. We
IT, Commercial, Marketing, Customer Service)
strongly believe that talent management and succession
– Local managers with exposure to business develop-
planning are key activities for a sustainable business.
ment, external partners and third-party contractors
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 139/336
Accordingly, we develop new and existing candidates for
more senior management roles and we carry out yearly
reviews of the quality of our talent pipeline at two levels:
– The first level concentrates on a limited number of can-
didates, who already have management experience and
would be able to take over one of the senior positions in
our organization.
– The second level focuses on our stores and restaurants.
Amongst the top-performing frontline team members
and supervisors.
Performance reviews are an important aspect of a long-
term, successful employer-team member relationship.
Therefore, it is important for us to build a continuous feed-
back culture, by encouraging constructive dialogue be-
tween each individual team member and manager re-
garding goals, priorities and personal development.
With a view to fostering professional growth, Avolta has in-
troduced a performance review model enabling a con-
structive, participatory, and inclusive appraisal while en-
suring professional development and the achievement of
Destination 2027 strategic objectives. In 2023 to align our
internal performance on a global scale and reinforce our
One Team mentality, a Global Alignment and Develop-
ment Conversation process has been launched. The pro-
cess has interested all people in specialized support roles,
back office managers and leaders, all global and regional
team members, general managers and country-level lead-
ers. Driving operational improvements and performance
and creating end-to-end engagement with our people,
the conversations also supported the identification of
people’s talents and how they can use these to further de-
velop themselves.
Team Member appreciation and recognition
Team member appreciation and recognition is another
important way for Avolta to value team members and
team achievements. Every year, Avolta celebrates the One
Avolta Awards, which recognize excellence and celebrate
the success of our people worldwide who are dedicated
to delivering.
The Awards are divided in five categories:
– Best Leader Story Award recognizes individuals who
have demonstrated the right behaviors and character
and shown exceptional performance
– Best Customer Experience Award, recognizes the high-
est scores measured by our Mystery Shopper Survey
– Best Partnership Initiative Award, which recognizes an
outstanding initiative with a supplier, business partner,
concession partner, inter-company or other party, that
was innovative, well designed, well executed and im-
pactful
– Best Business Growth Story Award recognizing the
greatest business growth stories, including – but not lim-
ited to – a new store or restaurant opening, a new air-
port / seaport / motorway / border shop / or other devel-
opment, growth of a product category, a business
channel, or an existing store & restaurant that has deliv-
ered exceptional growth.
– Best Organic Growth Award, which recognizes the
country with the strongest year-on-year organic growth.
Additional staff appreciation and recognition programs
are run in North America in the F&B sector. "Shout Out" is
a peer-to-peer recognition program where colleagues
send each other appreciation postcards to recognize ex-
cellent performance in terms of alignment with corporate
values and ability to work in a team. This contributes to
create an atmosphere of mutual appreciation and atten-
tion fostering motivation. "Above and Beyond" is a quar-
terly recognition program and allows to recognize and ap-
preciate those team member who have exceeded the
expectations and company standards in terms of perfor-
mance, service and hospitality, with particular attention
for those who have made heroic or rescue acts.
Health and well-being
“Provide high health and safety
standards and promote world-
class well-being offerings and
education to foster well-being
and work-life balance.“
Health and Safety
Workplace safety is a priority and an essential commit-
ment for the company in our stores, restaurants, offices
and warehouses. As indicated in the HR Policy, the com-
pany ensures that all activities are carried out safely by
taking all possible measures to eliminate (or at least re-
duce) the risks to health, safety and welfare of our people,
contractors, customers, visitors and any other person who
can be impacted by our operations. Our team members
operate in airports, motorways, railway stations, seaports,
cruise ships and similar environments. As a basic prereq-
uisite our people have to comply and follow the respective
airport’s, seaports’ or vessel’s safety rules as these envi-
ronments are highly regulated.
On top of this, Avolta has specific health & safety regula-
tions, including internal policies and guidelines – both
global and local –, which may go beyond the legal health
and safety requirements. Avolta generally strives to
achieve high occupational health & safety standards and
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 140/336
actively encourages compliance across the whole com-
pany.
As a result, Avolta has a number of different health & safety
regulations and procedures throughout the organization.
Regardless of the specific requirements of each local leg-
islation, there are certain principles that all these proce-
dures adhere to, including:
– Compliance with labor legislation on health and safety
– Reduce work-related accidents, implementing the nec-
essary occupational risk prevention plans, to achieve an
effective identification of risks and to avoid them
– Promotion of a preventive culture, training our staff to
achieve the best safety standards
– Having due diligence in the coordination of activities and
prevention measures with contractors, suppliers, or any
third party that performs activities or is present in Avol-
ta's work centers
– Continuous improvement, establishing objectives and
goals for improvement, systematically taking into ac-
count the requirements of stakeholders, continuously
assessing performance, applying the necessary correc-
tions to achieve the proposed goals and establishing
verification, auditing, and control processes to ensure
that objectives are met
– Management of occupational health and safety pro-
cesses change from one location to another, with a num-
ber of common guidelines that apply to all our opera-
tions, including the following:
– Avolta operations provide topical information such as
health and safety initiatives to our staffs, including
workers who are not members of our staff but work on
our premises
– Health and safety activities are regularly reviewed to
ensure issues are effectively managed and improve-
ments are made where necessary. In some of our loca-
tions, reviews include employee representation con-
sultations (where appropriate)
– Responsibility for the governance and review of health
and safety is with local operations and HR teams
– At airport and seaport environments, close collabora-
tion with concession partner teams is maintained to
ensure compliance with their own H&S regulations and
management process.
Promoting a healthy working environment
Ensuring a safe workplace is a duty of all members of our
staff. Whilst the joint work of local Health & Safety Commit-
tees and HR teams is crucial in identifying potential risks
and hazards, workers are also encouraged to report to
these teams any work-related hazards or hazardous situa-
tions. The same process is used for workers to remove
themselves from work situations that they believe could
cause injury or ill health. Work related incidents are investi-
gated and reported to management to develop and imple-
ment remediation plans (where and if needed), thus ensur-
ing that processes are duly updated in cooperation with the
Health & Safety committees. Additionally, Health & Safety
Committees undertake regular worksite analysis to identify
potential risks and hazards.
This analysis aims to identify existing hazards, as well as
conditions and operations in which changes might occur
to create hazards. Results of these assessments are
shared with the local HR teams and management. The
highest incidence of occupational accidents is, of course,
among store, both retail and F&B, and warehouse staff.
The greatest risks to which Avolta workers are affected in-
clude:
– Risks related to material elements, objects, products and
constituent elements of machines or vehicles
– Risk related to cooking activities
– Falls at the same level
– Incidents with transport and transfer devices.
Training on health and safety is critical to promote a safe
work environment. We therefore conduct induction ses-
sions with new members of our staff and hold regular
training sessions with all of our staff, both in stores and of-
fices, ensuring understanding of the policies and proce-
dures. If needed, training is extended to workers who are
not members of our staff, but work on our premises on be-
half of third-party service providers.
Airport security practices
Due to the nature of our business, most of our staff are lo-
cated in airport environments, either working in stores and
restaurants, in airport offices and/or in airport ware-
houses. As part of the airport eco-system, our staff have
to adhere to and follow the security principles and pro-
cesses established at the specific airports where our
stores are located. Most of these regulations and policies
are harmonized across the world to ensure consistent lev-
els of safety and consumer protection. Worldwide safety
regulations are set by the International Civil Aviation Orga-
nization and within Europe by the European Aviation
Safety Agency. In order to work in our stores, members of
our staff need to obtain the corresponding airport autho-
rization, which in most cases involves training courses on
security measures and procedures in the airport environ-
ment.
Well-being initiatives
Besides ensuring physical health and safety at the work-
place, Avolta is also committed in fostering mental and
emotional well-being of its team members by offering
trainings, benefits and welfare plans that vary from coun-
try to country. In many countries dedicated training activ-
ities including emotions management, stress manage-
ment, physical health, and exercise, as well as mental
Avolta provides regular trainings to facilitate lawful and
health and mindfulness, are included in the Leadership’s
ethical behavior in line with the principles set out in its
essential trainings in order to raise the attention of all our
Code of Conduct and its internal rules and policies. In all
managers on this topic. In some countries the access to
the countries where it operates, Avolta complies with laws
counseling or well-being practices for our people is sup-
and collective labor contracts regarding working hours,
ported through the providing of dedicated discounts or by
vacation, and leisure time, paying the required compensa-
partnering with local providers.
tion in case of overtime or atypical hours such as night
shifts and holidays.
In the USA, all colleagues of the F&B business, have access
to Life Work a confidential, inclusive personnel counseling
The protection of human rights is also included in the
program that provides support 24 hours a day, 7 days a
Avolta Supplier Code of Conduct (see chapter Create Sus-
week, and 365 days a year, through a phone line and an
tainable Travel Experiences on page 116), which explicitly
online platform.
Life Work benefits include:
forbids the supply of any product or service to Avolta
manufactured, assembled or packaged in violation of in-
ternationally accepted human rights standards and appli-
– Connect users to benefits and events through the news-
cable laws as well as regulations in relation to labor and
working conditions.
feed
lem
– Provide access to a wealth of online resources and infor-
mation in support of the individual’s mental, physical, so-
Freedom of association and collective bargaining
cial, and financial wellness
As stated in the Code of Conduct and the HR Policy, Avolta
– Guide people to professional counselors and specialists,
protects the right to freedom of association and collective
for advice any time, on any job-related or personal prob-
bargaining, recognizing the paramount importance of
– Let people speak safely and confidentially with mental
ing collective contracts, individual bargaining and free-
health counselors or other specialists such as financial
dom of association. This commitment to transparency
these freedoms, in accordance with national laws govern-
and legal professionals
Human rights
“Protect human rights across
the company and along its
supply chain.”
Compliance with international standards
translates on various levels to the management of national
collective bargaining, collective contracts by company
and/or location, and individually negotiated agreements.
The company’s policy on collective agreements is tailored
to each location in which it operates, as each location is
subject to its own specific laws and regulations.
In all the countries in which it operates, Avolta fosters an
open dialogue with the labor unions. Labor relations and
talks follow the highest standards of transparency, collab-
oration, and fair dealing, in strict accordance with the law
As stated in the Avolta’s Code of Conduct, the company is
and with the general aim of promoting a good working cli-
committed to conducting its operations in an ethical and
mate and an open dialogue with the workers’ representa-
legal manner in compliance with accepted business stan-
tives. Avolta constantly engages with trade unions and
dards and applicable laws and regulations with respect to
keeps them updated on topics such as health and safety
anti-corruption, human rights, worker health & safety, en-
standards and protocols, management of the workforce,
vironmental protection, and product safety. Any form of
any use of government relief programs, talent retention
child labor or forced labor is strictly forbidden and clear
measures, and any necessary organizational changes.
recruitment procedures and regular workplace controls
ensure that this never happens at any location.
When organizational changes occur, Avolta complies with
all provisions of local laws and collective contracts by in-
Avolta is also committed to the Ten Principles of the
forming the unions and involving them, where applicable,
United Nations Global Compact, and in particular to re-
in personal meetings. The minimum notice period in case
specting the Universal Declaration of Human Rights ad-
of organizational changes varies from three to thirteen
opted by the United Nations General Assembly in 1948
weeks depending on national and local laws.
and the International Labour Organization (ILO) Declara-
tion on Fundamental Principles and Rights at Work ad-
opted in 1998.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 141/336
ment, physical health, and exercise, as well as mental
health and mindfulness, are included in the Leadership’s
essential trainings in order to raise the attention of all our
managers on this topic. In some countries the access to
counseling or well-being practices for our people is sup-
ported through the providing of dedicated discounts or by
partnering with local providers.
In the USA, all colleagues of the F&B business, have access
to Life Work a confidential, inclusive personnel counseling
program that provides support 24 hours a day, 7 days a
week, and 365 days a year, through a phone line and an
online platform.
Life Work benefits include:
– Connect users to benefits and events through the news-
third party that performs activities or is present in Avol-
constituent elements of machines or vehicles
feed
– Provide access to a wealth of online resources and infor-
mation in support of the individual’s mental, physical, so-
cial, and financial wellness
– Guide people to professional counselors and specialists,
for advice any time, on any job-related or personal prob-
lem
– Let people speak safely and confidentially with mental
health counselors or other specialists such as financial
and legal professionals
tions, including the following:
half of third-party service providers.
Human rights
“Protect human rights across
the company and along its
supply chain.”
Compliance with international standards
As stated in the Avolta’s Code of Conduct, the company is
committed to conducting its operations in an ethical and
legal manner in compliance with accepted business stan-
dards and applicable laws and regulations with respect to
anti-corruption, human rights, worker health & safety, en-
vironmental protection, and product safety. Any form of
child labor or forced labor is strictly forbidden and clear
recruitment procedures and regular workplace controls
ensure that this never happens at any location.
Avolta is also committed to the Ten Principles of the
United Nations Global Compact, and in particular to re-
specting the Universal Declaration of Human Rights ad-
opted by the United Nations General Assembly in 1948
and the International Labour Organization (ILO) Declara-
tion on Fundamental Principles and Rights at Work ad-
opted in 1998.
actively encourages compliance across the whole com-
ment remediation plans (where and if needed), thus ensur-
pany.
ing that processes are duly updated in cooperation with the
Health & Safety committees. Additionally, Health & Safety
As a result, Avolta has a number of different health & safety
Committees undertake regular worksite analysis to identify
regulations and procedures throughout the organization.
potential risks and hazards.
Regardless of the specific requirements of each local leg-
islation, there are certain principles that all these proce-
This analysis aims to identify existing hazards, as well as
dures adhere to, including:
conditions and operations in which changes might occur
– Compliance with labor legislation on health and safety
to create hazards. Results of these assessments are
– Reduce work-related accidents, implementing the nec-
shared with the local HR teams and management. The
essary occupational risk prevention plans, to achieve an
highest incidence of occupational accidents is, of course,
effective identification of risks and to avoid them
among store, both retail and F&B, and warehouse staff.
– Promotion of a preventive culture, training our staff to
achieve the best safety standards
The greatest risks to which Avolta workers are affected in-
– Having due diligence in the coordination of activities and
clude:
prevention measures with contractors, suppliers, or any
– Risks related to material elements, objects, products and
ta's work centers
– Risk related to cooking activities
– Continuous improvement, establishing objectives and
– Falls at the same level
goals for improvement, systematically taking into ac-
– Incidents with transport and transfer devices.
count the requirements of stakeholders, continuously
assessing performance, applying the necessary correc-
Training on health and safety is critical to promote a safe
tions to achieve the proposed goals and establishing
work environment. We therefore conduct induction ses-
verification, auditing, and control processes to ensure
sions with new members of our staff and hold regular
that objectives are met
training sessions with all of our staff, both in stores and of-
– Management of occupational health and safety pro-
fices, ensuring understanding of the policies and proce-
cesses change from one location to another, with a num-
dures. If needed, training is extended to workers who are
ber of common guidelines that apply to all our opera-
not members of our staff, but work on our premises on be-
– Avolta operations provide topical information such as
health and safety initiatives to our staffs, including
Airport security practices
workers who are not members of our staff but work on
Due to the nature of our business, most of our staff are lo-
our premises
cated in airport environments, either working in stores and
– Health and safety activities are regularly reviewed to
restaurants, in airport offices and/or in airport ware-
ensure issues are effectively managed and improve-
houses. As part of the airport eco-system, our staff have
ments are made where necessary. In some of our loca-
to adhere to and follow the security principles and pro-
tions, reviews include employee representation con-
cesses established at the specific airports where our
sultations (where appropriate)
stores are located. Most of these regulations and policies
– Responsibility for the governance and review of health
are harmonized across the world to ensure consistent lev-
and safety is with local operations and HR teams
els of safety and consumer protection. Worldwide safety
– At airport and seaport environments, close collabora-
regulations are set by the International Civil Aviation Orga-
tion with concession partner teams is maintained to
nization and within Europe by the European Aviation
ensure compliance with their own H&S regulations and
Safety Agency. In order to work in our stores, members of
management process.
our staff need to obtain the corresponding airport autho-
rization, which in most cases involves training courses on
security measures and procedures in the airport environ-
Promoting a healthy working environment
Ensuring a safe workplace is a duty of all members of our
ment.
staff. Whilst the joint work of local Health & Safety Commit-
tees and HR teams is crucial in identifying potential risks
Well-being initiatives
and hazards, workers are also encouraged to report to
Besides ensuring physical health and safety at the work-
these teams any work-related hazards or hazardous situa-
place, Avolta is also committed in fostering mental and
tions. The same process is used for workers to remove
emotional well-being of its team members by offering
themselves from work situations that they believe could
trainings, benefits and welfare plans that vary from coun-
cause injury or ill health. Work related incidents are investi-
try to country. In many countries dedicated training activ-
gated and reported to management to develop and imple-
ities including emotions management, stress manage-
Avolta provides regular trainings to facilitate lawful and
ethical behavior in line with the principles set out in its
Code of Conduct and its internal rules and policies. In all
the countries where it operates, Avolta complies with laws
and collective labor contracts regarding working hours,
vacation, and leisure time, paying the required compensa-
tion in case of overtime or atypical hours such as night
shifts and holidays.
The protection of human rights is also included in the
Avolta Supplier Code of Conduct (see chapter Create Sus-
tainable Travel Experiences on page 116), which explicitly
forbids the supply of any product or service to Avolta
manufactured, assembled or packaged in violation of in-
ternationally accepted human rights standards and appli-
cable laws as well as regulations in relation to labor and
working conditions.
Freedom of association and collective bargaining
As stated in the Code of Conduct and the HR Policy, Avolta
protects the right to freedom of association and collective
bargaining, recognizing the paramount importance of
these freedoms, in accordance with national laws govern-
ing collective contracts, individual bargaining and free-
dom of association. This commitment to transparency
translates on various levels to the management of national
collective bargaining, collective contracts by company
and/or location, and individually negotiated agreements.
The company’s policy on collective agreements is tailored
to each location in which it operates, as each location is
subject to its own specific laws and regulations.
In all the countries in which it operates, Avolta fosters an
open dialogue with the labor unions. Labor relations and
talks follow the highest standards of transparency, collab-
oration, and fair dealing, in strict accordance with the law
and with the general aim of promoting a good working cli-
mate and an open dialogue with the workers’ representa-
tives. Avolta constantly engages with trade unions and
keeps them updated on topics such as health and safety
standards and protocols, management of the workforce,
any use of government relief programs, talent retention
measures, and any necessary organizational changes.
When organizational changes occur, Avolta complies with
all provisions of local laws and collective contracts by in-
forming the unions and involving them, where applicable,
in personal meetings. The minimum notice period in case
of organizational changes varies from three to thirteen
weeks depending on national and local laws.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 142/336
Engage Local
Communities
“Creating durable bonds with the
communities by supporting social
and economic development.”
GRI indicators:
201-1, 202-2, 204-1
SDGs:
8.1, 8.2, 8.3, 8.5
9.1, 9.4, 9.5
Avolta places a paramount emphasis on supporting local
communities in all the 73 countries where it operates, un-
derstanding that this commitment extends beyond mere
corporate responsibility to become a cornerstone of our
business ethos.
Within the focus area «Engage Local Communities»
Avolta has identified a very important area of commitment
and action:
– Supporting Communities
Create connections with the communities we serve
and contribute to the growth of local economies
Recognizing that sustainable business practices must be
intertwined with community well-being, Avolta actively
engages in initiatives that foster economic development,
social progress, and environmental stewardship at the lo-
cal level. By championing social and environmental causes
in the regions it operates, Avolta aims to generate a posi-
tive impact and a lasting legacy, demonstrating that offer-
ing support to local communities is crucial. Avolta sources
close to 30 % of its retail products (by COGS) from local
suppliers. Our commitment in supporting local communi-
ties globally is expressed by a diverse array of projects,
each tailored to address specific needs of local communi-
ties. The support of charitable institutions and causes, as
a way of giving back to society, has been inherent in the
growth and evolution of Avolta since its early years.
gagement Strategy has identified six priority areas of in-
volvement for Avolta’s own independent initiatives – both,
at Global and Regional Level – to which the company will
concentrate the efforts:
– Education for disadvantaged children & adolescents
– Healthcare support for people with special needs
– Support & Training for vulnerable groups
– Fight poverty & food insecurity
– Clean water & sanitation for communities
– Ocean plastic cleaning
Avolta´s help to these causes consists of direct monetary
contributions, fundraising campaigns (allowing us to raise
additional funds by selling charitable retail and F&B prod-
ucts in our stores and restaurants for the benefit of differ-
ent NGOs), and in-kind donations to local charities of pri-
mary goods, like clothing, meals, and food, which will then
be distributed to people in need.
The Community Engagement Strategy provides also indi-
cations and guidelines for the indirect engagements and
all those initiatives run in collaboration with concession
partners and suppliers at local level. These are activities
defined, managed and driven by our concession partners
and/or brand partners, and where Avolta contributes to
with supporting activities; e.g. airport fund-raising initia-
tives, where Avolta provides space for the sale of water.
In this context, in 2023, a new Avolta Community Engage-
ment Strategy was approved by the Global Executive
Committee with the aim of improving further the compa-
ny’s capability to generate positive impact in a subset of
social and environmental themes. The Community En-
During 2023, at global, country or location level, Avolta
supported over 150 nonprofit organizations and social or
humanitarian initiatives, promoting cultural events and
causes and actively engaging our staff through volunteer
work. In total, Avolta donated over CHF 9 million, of which
Donations by type
Donations by thematic area
18 %
Direct
2 % Training for vulnerable groups
1 % Other
3 % Clean water & sanitation
42 %
In-kind
9 % Health care
support for people
with special needs
9 % Education
for disadvantaged
children
48 %
Fight poverty &
food
insecurity
40 %
Indirect
28 %
Humanitarian
support
18 % through direct donations, 42 % in-kind and 40 %
Stakeholder Value Allocation
through fundraising.
12 % Retained earnings
and local partners
In 2023 our corporate community initiatives, both at a com-
pany or country level, strongly focused on fighting poverty
and food insecurity as well as in providing humanitarian
support to populations touched by either natural disasters
or socio-political crisis. Avolta took care also of disadvan-
taged children, young people and their families, contribut-
ing to increase their access to education and healtcare sys-
tems. In some cases, our team members have been actively
engaged, by either participating in the selection of the char-
ity initiatives or through volunteering initiatives.
3 %
Shareholders
4 % Public
authorities
5 %
Bond-
holders
and
lending
banks
Stakeholder value allocation
Avolta contributes to the development of the economies
in countries where it operates through the payment of fair
and competitive salaries, taxes and the purchase of local
products and services. As a way of assessing the eco-
nomic impact of its business, Avolta annually discloses its
76 %
Employees
stakeholder value allocation, which reflects the direct
banks. Income taxes paid to public authorities and com-
monetary impact of its operations over its main stakehold-
munities amounted to CHF 129.2 million in 2023, in the
ers. The stakeholder value calculation is based on Avolta’s
countries where we operate. The dividend payment, which
CORE EBIT plus personnel expenses. It does not comprise
the Board of Directors is proposing to the Annual General
values allocated to business stakeholders, such as suppli-
Meeting of Shareholders on May 15, 2024, of CHF 0.70 per
ers or concession partners.
registered share amounts to a total of CHF 106.8 million,
and if approved by the AGM, will be paid to shareholders
The accrued value allocated reached CHF 3,356.3 million
in May 2024.
in fiscal year 2023. Out of this amount, CHF 2,539.3 million
was allocated to our employees in form of remuneration,
Additionally, Avolta contributes every year to a compre-
retirement benefits, social security payments and other
hensive number of social initiatives, which are described
personnel expenses. CHF 160.4 million were interest ex-
in the Community Engagement section of the report, with
penses as contributions to our bondholders and lending
the remaining amounts being carried forward.
Engage Local
Communities
“Creating durable bonds with the
communities by supporting social
and economic development.”
GRI indicators:
201-1, 202-2, 204-1
SDGs:
8.1, 8.2, 8.3, 8.5
9.1, 9.4, 9.5
Avolta places a paramount emphasis on supporting local
gagement Strategy has identified six priority areas of in-
communities in all the 73 countries where it operates, un-
volvement for Avolta’s own independent initiatives – both,
derstanding that this commitment extends beyond mere
at Global and Regional Level – to which the company will
corporate responsibility to become a cornerstone of our
concentrate the efforts:
business ethos.
– Education for disadvantaged children & adolescents
Within the focus area «Engage Local Communities»
– Healthcare support for people with special needs
Avolta has identified a very important area of commitment
– Support & Training for vulnerable groups
and action:
– Supporting Communities
– Fight poverty & food insecurity
– Clean water & sanitation for communities
Create connections with the communities we serve
– Ocean plastic cleaning
and contribute to the growth of local economies
Recognizing that sustainable business practices must be
contributions, fundraising campaigns (allowing us to raise
intertwined with community well-being, Avolta actively
additional funds by selling charitable retail and F&B prod-
engages in initiatives that foster economic development,
ucts in our stores and restaurants for the benefit of differ-
social progress, and environmental stewardship at the lo-
ent NGOs), and in-kind donations to local charities of pri-
cal level. By championing social and environmental causes
mary goods, like clothing, meals, and food, which will then
in the regions it operates, Avolta aims to generate a posi-
be distributed to people in need.
Avolta´s help to these causes consists of direct monetary
tive impact and a lasting legacy, demonstrating that offer-
ing support to local communities is crucial. Avolta sources
The Community Engagement Strategy provides also indi-
close to 30 % of its retail products (by COGS) from local
cations and guidelines for the indirect engagements and
suppliers. Our commitment in supporting local communi-
all those initiatives run in collaboration with concession
ties globally is expressed by a diverse array of projects,
partners and suppliers at local level. These are activities
each tailored to address specific needs of local communi-
defined, managed and driven by our concession partners
ties. The support of charitable institutions and causes, as
and/or brand partners, and where Avolta contributes to
a way of giving back to society, has been inherent in the
with supporting activities; e.g. airport fund-raising initia-
growth and evolution of Avolta since its early years.
tives, where Avolta provides space for the sale of water.
In this context, in 2023, a new Avolta Community Engage-
During 2023, at global, country or location level, Avolta
ment Strategy was approved by the Global Executive
supported over 150 nonprofit organizations and social or
Committee with the aim of improving further the compa-
humanitarian initiatives, promoting cultural events and
ny’s capability to generate positive impact in a subset of
causes and actively engaging our staff through volunteer
social and environmental themes. The Community En-
work. In total, Avolta donated over CHF 9 million, of which
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 143/336
Donations by type
Donations by thematic area
18 %
Direct
2 % Training for vulnerable groups
1 % Other
3 % Clean water & sanitation
42 %
In-kind
9 % Health care
support for people
with special needs
9 % Education
for disadvantaged
children
48 %
Fight poverty &
food
insecurity
40 %
Indirect
28 %
Humanitarian
support
18 % through direct donations, 42 % in-kind and 40 %
through fundraising.
Stakeholder Value Allocation
In 2023 our corporate community initiatives, both at a com-
pany or country level, strongly focused on fighting poverty
and food insecurity as well as in providing humanitarian
support to populations touched by either natural disasters
or socio-political crisis. Avolta took care also of disadvan-
taged children, young people and their families, contribut-
ing to increase their access to education and healtcare sys-
tems. In some cases, our team members have been actively
engaged, by either participating in the selection of the char-
ity initiatives or through volunteering initiatives.
Stakeholder value allocation
Avolta contributes to the development of the economies
in countries where it operates through the payment of fair
and competitive salaries, taxes and the purchase of local
products and services. As a way of assessing the eco-
nomic impact of its business, Avolta annually discloses its
stakeholder value allocation, which reflects the direct
monetary impact of its operations over its main stakehold-
ers. The stakeholder value calculation is based on Avolta’s
CORE EBIT plus personnel expenses. It does not comprise
values allocated to business stakeholders, such as suppli-
ers or concession partners.
The accrued value allocated reached CHF 3,356.3 million
in fiscal year 2023. Out of this amount, CHF 2,539.3 million
was allocated to our employees in form of remuneration,
retirement benefits, social security payments and other
personnel expenses. CHF 160.4 million were interest ex-
penses as contributions to our bondholders and lending
12 % Retained earnings
and local partners
3 %
Shareholders
4 % Public
authorities
5 %
Bond-
holders
and
lending
banks
76 %
Employees
banks. Income taxes paid to public authorities and com-
munities amounted to CHF 129.2 million in 2023, in the
countries where we operate. The dividend payment, which
the Board of Directors is proposing to the Annual General
Meeting of Shareholders on May 15, 2024, of CHF 0.70 per
registered share amounts to a total of CHF 106.8 million,
and if approved by the AGM, will be paid to shareholders
in May 2024.
Additionally, Avolta contributes every year to a compre-
hensive number of social initiatives, which are described
in the Community Engagement section of the report, with
the remaining amounts being carried forward.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 144/336
Supporting Communities
“Create connections with
the communities we serve and
contribute to the growth of
local economies.”
The initiatives and projects described below represent
some of the most prominent projects we support. The
progress made and the encouraging results of our ongo-
ing support to these initiatives make us feel very proud
and is an incentive to strengthen our ties with them.
Education for disadvantaged children
and adolescents
SOS Children’s Villages program
in Brazil, Mexico and Kenya
Our global collaboration with SOS Children’s Villages
started several years ago in 2009 and continued also in
2023 fostering the long-standing relationship and bene-
fitting nearly 500 infants, young children and teenagers
and their families. SOS Children's Villages works towards
keeping families together, provide alternative care when
needed, supporting young people on their path to inde-
pendence, and advocating for the rights of children. With
the support of Avolta, SOS Children’s Villages improves
the lives of at-risk children and families, enabling a future
in the communities where SOS Children’s Villages work.
During the longstanding collaboration, Avolta has also lent
similar support in Morocco and Cambodia.
Captain Dufry – Avolta´s global charity initiative
Avolta continued extending the reach of its global charity
initiative, ”Captain Dufry”. Launched in 2020, Avolta sells
Captain Dufry, a soft toy dog wearing a scarf and aviator
hat with goggles, across Avolta stores in over 20 countries.
Benefits from this initiative are donated to a global charity,
which for the 2021 – 2023 period is SOS Children´s Vil-
lages. Captain Dufry is available at an accessible price and
designed to be an irresistible “feel-good” purchase. This
item gives our customers the perfect opportunity to buy a
gift that truly makes children feel special – both their loved
ones and those in need of support around the world. Be-
yond the financial objective pursued with Captain Dufry,
this initiative also serves to increase awareness amongst
Avolta’s customers of SOS Children’s Villages and their ac-
tivities. To this extent, the availability of Captain Dufry in
stores is complemented with in-store communication and
signage to build awareness. Avolta reserves high visibility
spaces across the stores where Captain Dufry is available,
including dedicated sales displays and gondolas. On top
of this, our customers are offered additional options to do-
nate by using the Red By Dufry app, hence, increasing the
possibilities of helping this charity initiative even more.
Hudson Round-up program
Since 2022, Hudson switched its previous donation collec-
tion platform to a round-up program at the point-of-sale,
which allows travelers to donate the remaining change of
their purchases to charities. Hudson used this new plat-
form to support two causes throughout the year: Commu-
nities In Schools® (CIS®) and the Disasters Emergency
Committee (DEC). Hudson was proud to continue its long-
standing partnership with CIS, in the USA the largest or-
ganization dedicated to empowering students in need.
Moreover, Hudson expanded its level of support for CIS,
with donations benefitting both the CIS National Office
and now 28 local CIS affiliates. By further investing in the
affiliate network, Hudson deepened its local community
involvement, while helping CIS to strengthen its academic
impact on even more students and schools. Until 2023,
Hudson has now raised USD 5 million for CIS over its part-
nership of more than a decade. With the support of Hud-
son, CIS has grown from serving 1.3 million students in
2008 to 1.8 million today. Additionally, 120,000 high school
seniors have graduated with Communities In Schools
since the partnership started. In the USA, Hudson partici-
pated in a 5 km charity run, hosted a coat and shoe drive
at its New Jersey corporate office, and helped with a back-
to-school event, amongst other local initiatives. Moreover,
throughout North America, team members participated in
“Movember,” a global initiative where individuals grow
moustaches and beards to raise awareness and collect
donations for men’s health issues such as prostate cancer,
testicular cancer and mental health challenges.
Health care support for people with special needs
Support to Children’s Cancer and Leukaemia Group
Children’s Cancer and Leukaemia Group (CCLG), a lead-
ing children’s cancer charity, and the UK and Ireland’s pro-
fessional association for those involved in the treatment
and care of children with cancer, is the charity supported
provides palliative medical and nursing care along with
by our UK colleagues. A nominated charity is chosen ev-
psychological, social and spiritual support to patients and
ery three years based on the votes of our UK employees,
their families, as well as the Skytali Hellenic Heart-Lung
and CCLG was the chosen charity partner.
Transplant Association. Finally, Hellenic Duty Free Shops
successfully supported Avolta’s fundraising initiative for
2023 marked the second year of World Duty Free’s sup-
SOS Children's Villages with Captain Dufry and the ONE-
port for CCLG, and it was the year in which World Duty
TREEPLANTED Organization.
Free reached the £ 80,000 milestone, the £ 90,000 mile-
stone, the £ 100,000 milestone, and then the £ 120,000
Support to communities in Türkiye, Syria, and Morocco
milestone! These incredible fundraising targets were
To support people and communities impacted by the dev-
achieved because of the various sponsorships and events
astating earthquake in Türkiye and Syria the 6th Feb-
that World Duty Free staff members committed to, includ-
ruary 2023, and in Morocco the 8th September 2023,
ing taking on the fastest zip line in the world, skydiving,
Avolta carried out combined initiatives to assist the popu-
completing sponsored walks, holding Cake Bakes, and
lation living in the affected regions. To provide humaniatar-
many other successful initiatives.
ian support to the affected population of Türkiye the com-
pany made a significant donation of CHF 500,000 to The
With the funds raised, CCLG were able to fund further im-
International Federation of Red Cross and Red Crescent
portant projects and vital research, and to release a vari-
Societies (IFRC), the world's largest humanitarian network.
ety of new publications, supportive care factsheets and
updated information resources. These included:
Equally in Morocco, Avolta contributed to the provision of
– The newly updated publication "Coping with family life
humanitarian assistance and reliefs to the population of
and cancer”, a practical guide for families of a child with
the Taroudant region and Imlol, two areas severely im-
cancer, which contains tips and advice to help newly di-
pacted by the earthquake. Furthermore, Avolta collabo-
agnosed families cope better with the impact of cancer
rated with the Awsatakh Association of the Douar of
on their lives
Tamaterte, to help the reconstruction and, in particular, to
– The new supportive care factsheets, designed to help
establishing a school transport system for middle school
parents, carers and families understand more about how
students and renovating classrooms to reopen the pri-
treatment may affect their child and what they can do to
mary school before winter.
support them
Support & Training for vulnerable groups
Thanks to World Duty Free, these publications are given
directly to families in hospital, providing expert and reli-
Rio de Janeiro, Brazil – Helping to build
able information at a time when it’s needed the most.
the future of young teenagers
Childhood cancer research continues to be severely un-
Since 1995, Avolta has been sponsoring a social promo-
derfunded, and current treatments regimes are often re-
tion program in Rio de Janeiro aimed at improving the
liant on outdated adult-oriented therapies which aren’t al-
skills of young people and, hence, increasing their em-
ways effective for children’s cancer. Together with CCLG,
ployability. The 20 participants of the 2023 class benefited
World Duty Free is helping to make sure that children di-
from this program, which features free professional edu-
agnosed with cancer have access to the kinder, more ef-
cation to young people from communities around Galeão
fective treatments and that their families are given reliable,
Airport, including various classes and education modules
helpful information as soon as their child is diagnosed.
covering various topics and skills such as English, technol-
Support to multiple projects in Greece
Hellenic Duty Free Shops implemented various commu-
ogy, retail operations, professional orientation, teamwork,
leadership, rules of etiquette, ethics and citizenship.
nity activities throughout the year, and for the first time in-
The daily classes, which run over a seven month period
cluded employee participation in these initiatives addition-
cover three modules and are attended by 18- to 21-year-
ally to boost workplace engagement and motivation. This
old students of different genders, sexual orientation, na-
year’s initiatives included the Non Finish Line Charity Run,
tionality and ethnicity. They all receive free meals, uni-
and the Run For The Cure with donations to Together for
forms, school and educational materials and transportation
Children Institution and Breast Cancer Organizations re-
assistance. Avolta then supports participants in their first
spectively, as well as Deipno Agapis providing meals to
steps into professional life. Some join the Avolta team or
homeless at the center of Athens. Main initiatives further
are employed by other supportive companies, and those
included the support of Make-A-Wish Hellas, an organiza-
who do not immediately find employment are given ongo-
tion granting wishes of children with critical illnesses to
ing support in finding an educational or career path. This
transform their lives; Galilee Palliative Care Center, which
program is also an institution amongst Avolta employees
Supporting Communities
“Create connections with
the communities we serve and
contribute to the growth of
local economies.”
which for the 2021 – 2023 period is SOS Children´s Vil-
lages. Captain Dufry is available at an accessible price and
designed to be an irresistible “feel-good” purchase. This
item gives our customers the perfect opportunity to buy a
gift that truly makes children feel special – both their loved
ones and those in need of support around the world. Be-
yond the financial objective pursued with Captain Dufry,
this initiative also serves to increase awareness amongst
Avolta’s customers of SOS Children’s Villages and their ac-
The initiatives and projects described below represent
tivities. To this extent, the availability of Captain Dufry in
some of the most prominent projects we support. The
stores is complemented with in-store communication and
progress made and the encouraging results of our ongo-
signage to build awareness. Avolta reserves high visibility
ing support to these initiatives make us feel very proud
spaces across the stores where Captain Dufry is available,
and is an incentive to strengthen our ties with them.
including dedicated sales displays and gondolas. On top
Education for disadvantaged children
and adolescents
of this, our customers are offered additional options to do-
nate by using the Red By Dufry app, hence, increasing the
possibilities of helping this charity initiative even more.
SOS Children’s Villages program
in Brazil, Mexico and Kenya
Hudson Round-up program
Since 2022, Hudson switched its previous donation collec-
Our global collaboration with SOS Children’s Villages
tion platform to a round-up program at the point-of-sale,
started several years ago in 2009 and continued also in
which allows travelers to donate the remaining change of
2023 fostering the long-standing relationship and bene-
their purchases to charities. Hudson used this new plat-
fitting nearly 500 infants, young children and teenagers
form to support two causes throughout the year: Commu-
and their families. SOS Children's Villages works towards
nities In Schools® (CIS®) and the Disasters Emergency
keeping families together, provide alternative care when
Committee (DEC). Hudson was proud to continue its long-
needed, supporting young people on their path to inde-
standing partnership with CIS, in the USA the largest or-
pendence, and advocating for the rights of children. With
ganization dedicated to empowering students in need.
the support of Avolta, SOS Children’s Villages improves
Moreover, Hudson expanded its level of support for CIS,
the lives of at-risk children and families, enabling a future
with donations benefitting both the CIS National Office
in the communities where SOS Children’s Villages work.
and now 28 local CIS affiliates. By further investing in the
During the longstanding collaboration, Avolta has also lent
affiliate network, Hudson deepened its local community
similar support in Morocco and Cambodia.
involvement, while helping CIS to strengthen its academic
impact on even more students and schools. Until 2023,
Hudson has now raised USD 5 million for CIS over its part-
nership of more than a decade. With the support of Hud-
son, CIS has grown from serving 1.3 million students in
2008 to 1.8 million today. Additionally, 120,000 high school
seniors have graduated with Communities In Schools
since the partnership started. In the USA, Hudson partici-
pated in a 5 km charity run, hosted a coat and shoe drive
at its New Jersey corporate office, and helped with a back-
to-school event, amongst other local initiatives. Moreover,
throughout North America, team members participated in
“Movember,” a global initiative where individuals grow
moustaches and beards to raise awareness and collect
donations for men’s health issues such as prostate cancer,
testicular cancer and mental health challenges.
Captain Dufry – Avolta´s global charity initiative
Health care support for people with special needs
Avolta continued extending the reach of its global charity
initiative, ”Captain Dufry”. Launched in 2020, Avolta sells
Support to Children’s Cancer and Leukaemia Group
Captain Dufry, a soft toy dog wearing a scarf and aviator
Children’s Cancer and Leukaemia Group (CCLG), a lead-
hat with goggles, across Avolta stores in over 20 countries.
ing children’s cancer charity, and the UK and Ireland’s pro-
Benefits from this initiative are donated to a global charity,
fessional association for those involved in the treatment
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 145/336
and care of children with cancer, is the charity supported
by our UK colleagues. A nominated charity is chosen ev-
ery three years based on the votes of our UK employees,
and CCLG was the chosen charity partner.
2023 marked the second year of World Duty Free’s sup-
port for CCLG, and it was the year in which World Duty
Free reached the £ 80,000 milestone, the £ 90,000 mile-
stone, the £ 100,000 milestone, and then the £ 120,000
milestone! These incredible fundraising targets were
achieved because of the various sponsorships and events
that World Duty Free staff members committed to, includ-
ing taking on the fastest zip line in the world, skydiving,
completing sponsored walks, holding Cake Bakes, and
many other successful initiatives.
With the funds raised, CCLG were able to fund further im-
portant projects and vital research, and to release a vari-
ety of new publications, supportive care factsheets and
updated information resources. These included:
– The newly updated publication "Coping with family life
and cancer”, a practical guide for families of a child with
cancer, which contains tips and advice to help newly di-
agnosed families cope better with the impact of cancer
on their lives
– The new supportive care factsheets, designed to help
parents, carers and families understand more about how
treatment may affect their child and what they can do to
support them
Thanks to World Duty Free, these publications are given
directly to families in hospital, providing expert and reli-
able information at a time when it’s needed the most.
Childhood cancer research continues to be severely un-
derfunded, and current treatments regimes are often re-
liant on outdated adult-oriented therapies which aren’t al-
ways effective for children’s cancer. Together with CCLG,
World Duty Free is helping to make sure that children di-
agnosed with cancer have access to the kinder, more ef-
fective treatments and that their families are given reliable,
helpful information as soon as their child is diagnosed.
Support to multiple projects in Greece
Hellenic Duty Free Shops implemented various commu-
nity activities throughout the year, and for the first time in-
cluded employee participation in these initiatives addition-
ally to boost workplace engagement and motivation. This
year’s initiatives included the Non Finish Line Charity Run,
and the Run For The Cure with donations to Together for
Children Institution and Breast Cancer Organizations re-
spectively, as well as Deipno Agapis providing meals to
homeless at the center of Athens. Main initiatives further
included the support of Make-A-Wish Hellas, an organiza-
tion granting wishes of children with critical illnesses to
transform their lives; Galilee Palliative Care Center, which
provides palliative medical and nursing care along with
psychological, social and spiritual support to patients and
their families, as well as the Skytali Hellenic Heart-Lung
Transplant Association. Finally, Hellenic Duty Free Shops
successfully supported Avolta’s fundraising initiative for
SOS Children's Villages with Captain Dufry and the ONE-
TREEPLANTED Organization.
Support to communities in Türkiye, Syria, and Morocco
To support people and communities impacted by the dev-
astating earthquake in Türkiye and Syria the 6th Feb-
ruary 2023, and in Morocco the 8th September 2023,
Avolta carried out combined initiatives to assist the popu-
lation living in the affected regions. To provide humaniatar-
ian support to the affected population of Türkiye the com-
pany made a significant donation of CHF 500,000 to The
International Federation of Red Cross and Red Crescent
Societies (IFRC), the world's largest humanitarian network.
Equally in Morocco, Avolta contributed to the provision of
humanitarian assistance and reliefs to the population of
the Taroudant region and Imlol, two areas severely im-
pacted by the earthquake. Furthermore, Avolta collabo-
rated with the Awsatakh Association of the Douar of
Tamaterte, to help the reconstruction and, in particular, to
establishing a school transport system for middle school
students and renovating classrooms to reopen the pri-
mary school before winter.
Support & Training for vulnerable groups
Rio de Janeiro, Brazil – Helping to build
the future of young teenagers
Since 1995, Avolta has been sponsoring a social promo-
tion program in Rio de Janeiro aimed at improving the
skills of young people and, hence, increasing their em-
ployability. The 20 participants of the 2023 class benefited
from this program, which features free professional edu-
cation to young people from communities around Galeão
Airport, including various classes and education modules
covering various topics and skills such as English, technol-
ogy, retail operations, professional orientation, teamwork,
leadership, rules of etiquette, ethics and citizenship.
The daily classes, which run over a seven month period
cover three modules and are attended by 18- to 21-year-
old students of different genders, sexual orientation, na-
tionality and ethnicity. They all receive free meals, uni-
forms, school and educational materials and transportation
assistance. Avolta then supports participants in their first
steps into professional life. Some join the Avolta team or
are employed by other supportive companies, and those
who do not immediately find employment are given ongo-
ing support in finding an educational or career path. This
program is also an institution amongst Avolta employees
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 146/336
and one of the initiatives Avolta Brazil staff feel very proud
of. Our staff in Brazil act as mentors to the program’s stu-
dents and every year more than 60 volunteers from both
Avolta and its Brazilian partners get involved. Over the 27
years that this program has run, it has proven to be a great
success. Employability rates usually reach high levels and
since Avolta started its collaboration, over 770 young peo-
ple have benefited.
Autogrill Italia and Cometa together
to support people in need
In Italy, since 2020, Autogrill Italia works with Cometa: an
association that welcomes hundreds of children, young
people, educators, volunteers and professionals to offer
personal and professional growth paths to young people
living in difficult social conditions. The collaboration with
Cometa’s social cooperative Contrada degli Artigiani re-
sulted in various installations made by the members of the
social cooperative – with the support of specialized profes-
sionals – like the large wooden barrique in the Villoresi
Ovest restaurant or the artwork installed at the food court
of Linate Airport. The latter, created by young people from
the social cooperative under the guidance of master crafts-
people, is a wall sculpture made of brass and backlit frag-
ments of glass that represent luminous “gemstones” and
recall the gothic spires over Piazza Duomo, symbol of the
city of Milan.
HOME MCR
In the UK, World Duty Free has supported HOME since
2004. HOME is a Manchester based organisation that
aims to improve the lives of young people by running inno-
vative arts projects for a range of beneficiaries across the
area. It presents and produces a range of art forms includ-
ing theatre, film and visual art, alongside a dynamic com-
munity engagement programme. Through our engage-
ment with HOME, World Duty Free has helped to develop
and launch HOME Young Creatives, an inspiring twelve-
week arts course in Wythenshawe that involves over 100
young people aged between 12 and 18, led by experienced
and knowledgeable artists. The course has been running
for several years now and helps to develop and broaden
young people’s skillsets and aspirations, culminating in the
creation of their own work.
Fight poverty & food insecurity
HMSHost Foundation
Through HMSHost Foundation, the company helps local
North American communities by donating money to mis-
sion-aligned nonprofit organizations. The Foundation pro-
vides food, housing, veterans services and supports the
growth and education of the workforce, including young
generations, to fight poverty and improve the prosperity
of the communities served.
HMSHost Foundation directs its efforts on the basis of five
pillars:
– Relieve hunger and promote nutritional wellness
through food-related initiatives
– Combat homelessness through access to safe hous-
ing, furnishings, clothing, and stable employment
– Encourage the next generation through access to edu-
cation and training
– Promote financial stability through training and job
placement
– Honor veterans and their families by supporting pro-
grams that meet their needs for food, shelter, medical
care, and providing job training and placement
round-up-for-charity initiative at HMSHost's full-service
Free has been raising money through the sale of One Wa-
restaurants across the country, also provided a grant.
ter to bring clean water, sanitation and hygiene solutions
to some of the world’s poorest communities. Through the
sale of One Water across World Duty Free shops an amaz-
ing £ 2.5 million in total to date have been raised, chang-
ing the lives of over 400,000 people. Together with One
Water and The One Foundation, Avolta is helping to
strengthen water and sanitation services across Kenya,
Rwanda, Ghana and Malawi through the delivery of piped
water and sanitation services and by capacity building
with local utilities for better service provision. Together,
the program is repairing broken water points and provid-
ing the tools and community training required to ensure
the future sustainability of these pumps.
Food donations: offering support for
local communities while reducing food waste
Within the F&B sector, Avolta has a series of active part-
nerships with nonprofit organizations in the different re-
gions where the company operates. Among these, in the
USA, Avolta cooperates, since 2011, with Food Donation
Connection (FDC) by donating surplus food to people in
need through partnerships with local social service agen-
cies. Every donor location is matched with a group of qual-
ified charities that collect the food at scheduled days and
times. FDC has worked with our operational teams to
make sure the food is safe and healthy and to render the
donation process more efficient and secure. Also in Italy,
Charity Water Project in Zurich and Basel Airports
Avolta has been actively supporting nonprofit organiza-
Avolta continued the partnership initiated in 2014 with
tions active in combating food waste. Its most significant
Flughafen Zürich AG, which, under the name of “Charity
partnerships include those with Banco Alimentare and
Water”, raises funds for charitable causes through the sale
Pane Quotidiano, which receive surplus food and straight
of bottled water in the airport. For every bottle of mineral
donations from Autogrill’s central warehouse. Since 1989,
water sold at the price of CHF 2.50, which is obtained from
Banco Alimentare has been collecting unspoiled, non-ex-
the Adello spring in Adelboden, in the Swiss Alps, 50 cen-
pired food that is no longer sellable and would otherwise
times are donated to a charitable organization. Sozialwerk
be thrown away. Pane Quotidiano, based in Milan, puts hu-
Pfarrer Sieber (Social Work Priest Sieber) is the 2023 new
man dignity at the center of its activity and has been dis-
beneficiary of this project, for which over CHF 400,000
tributing food to those who need it since 1898. In 2023,
were raised since January 2023. The foundation strives for
around 100,000 product items – approximately 22 tons of
the greatest possible social reintegration of marginalized
food – were donated. Moreover, also in 2023, for every
people. Where this is not possible due to lack of individual
“Menù Pausa Perfetta” sold in our Italian F&B restaurants,
resources on the part of those affected, they should be
Avolta made a donation to Banco Alimentare to support
able to live with the greatest possible autonomy with the
the distribution of food products to local charities.
support of Sozialwerk Pfarrer Sieber and be embedded in
Clean water & sanitation for communities
a sustainable network of relationships.
Oceana
One Water – selling water bottles to provide
sustainable clean water
In 2023, Avolta began its collaboration with Oceana: the
largest international advocacy organization focused on
Since 2016, World Duty Free has collaborated with The
ocean conservation. Through this partnership Avolta has
One Foundation as a commercial supporter for the sale of
raised funds from the sale of the reusable bags made from
the charity’s bottled water brand “One Water” in all of its
100 % recycled plastic bottles. The funds were intended to
UK airport stores. Over the past seven years, World Duty
Oceana's marine habitats campaign for the protection of
In 2023, HMSHost Foundation donated USD 540,000 to
poverty-fighting organizations and raised – in collabora-
tion with Hudson – nearly USD 300,000 to support the
Maui Strong Fund of Hawai‘i Community Foundation,
which is working tirelessly to provide financial resources
for the people and places affected by the devastating Maui
wildfires. Funding for the Maui Strong Fund was sourced
through contributions from travelers who made purchases
at Hudson travel convenience stores nationwide in the
USA. Additionally, the HMSHost Foundation, partially sup-
ported by patrons donating spare change at quick-service
restaurants in Kahului Airport (OGG), and participating in a
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 147/336
and one of the initiatives Avolta Brazil staff feel very proud
HMSHost Foundation directs its efforts on the basis of five
of. Our staff in Brazil act as mentors to the program’s stu-
pillars:
dents and every year more than 60 volunteers from both
– Relieve hunger and promote nutritional wellness
Avolta and its Brazilian partners get involved. Over the 27
through food-related initiatives
years that this program has run, it has proven to be a great
– Combat homelessness through access to safe hous-
success. Employability rates usually reach high levels and
ing, furnishings, clothing, and stable employment
since Avolta started its collaboration, over 770 young peo-
– Encourage the next generation through access to edu-
ple have benefited.
Autogrill Italia and Cometa together
to support people in need
– Promote financial stability through training and job
cation and training
placement
– Honor veterans and their families by supporting pro-
In Italy, since 2020, Autogrill Italia works with Cometa: an
grams that meet their needs for food, shelter, medical
association that welcomes hundreds of children, young
care, and providing job training and placement
round-up-for-charity initiative at HMSHost's full-service
restaurants across the country, also provided a grant.
Free has been raising money through the sale of One Wa-
ter to bring clean water, sanitation and hygiene solutions
to some of the world’s poorest communities. Through the
sale of One Water across World Duty Free shops an amaz-
ing £ 2.5 million in total to date have been raised, chang-
ing the lives of over 400,000 people. Together with One
Water and The One Foundation, Avolta is helping to
strengthen water and sanitation services across Kenya,
Rwanda, Ghana and Malawi through the delivery of piped
water and sanitation services and by capacity building
with local utilities for better service provision. Together,
the program is repairing broken water points and provid-
ing the tools and community training required to ensure
the future sustainability of these pumps.
Food donations: offering support for
local communities while reducing food waste
Within the F&B sector, Avolta has a series of active part-
nerships with nonprofit organizations in the different re-
gions where the company operates. Among these, in the
USA, Avolta cooperates, since 2011, with Food Donation
Connection (FDC) by donating surplus food to people in
need through partnerships with local social service agen-
cies. Every donor location is matched with a group of qual-
ified charities that collect the food at scheduled days and
times. FDC has worked with our operational teams to
make sure the food is safe and healthy and to render the
donation process more efficient and secure. Also in Italy,
Avolta has been actively supporting nonprofit organiza-
tions active in combating food waste. Its most significant
partnerships include those with Banco Alimentare and
Pane Quotidiano, which receive surplus food and straight
donations from Autogrill’s central warehouse. Since 1989,
Banco Alimentare has been collecting unspoiled, non-ex-
pired food that is no longer sellable and would otherwise
be thrown away. Pane Quotidiano, based in Milan, puts hu-
man dignity at the center of its activity and has been dis-
tributing food to those who need it since 1898. In 2023,
around 100,000 product items – approximately 22 tons of
food – were donated. Moreover, also in 2023, for every
“Menù Pausa Perfetta” sold in our Italian F&B restaurants,
Avolta made a donation to Banco Alimentare to support
the distribution of food products to local charities.
Clean water & sanitation for communities
One Water – selling water bottles to provide
sustainable clean water
Since 2016, World Duty Free has collaborated with The
One Foundation as a commercial supporter for the sale of
the charity’s bottled water brand “One Water” in all of its
UK airport stores. Over the past seven years, World Duty
Charity Water Project in Zurich and Basel Airports
Avolta continued the partnership initiated in 2014 with
Flughafen Zürich AG, which, under the name of “Charity
Water”, raises funds for charitable causes through the sale
of bottled water in the airport. For every bottle of mineral
water sold at the price of CHF 2.50, which is obtained from
the Adello spring in Adelboden, in the Swiss Alps, 50 cen-
times are donated to a charitable organization. Sozialwerk
Pfarrer Sieber (Social Work Priest Sieber) is the 2023 new
beneficiary of this project, for which over CHF 400,000
were raised since January 2023. The foundation strives for
the greatest possible social reintegration of marginalized
people. Where this is not possible due to lack of individual
resources on the part of those affected, they should be
able to live with the greatest possible autonomy with the
support of Sozialwerk Pfarrer Sieber and be embedded in
a sustainable network of relationships.
Oceana
In 2023, Avolta began its collaboration with Oceana: the
largest international advocacy organization focused on
ocean conservation. Through this partnership Avolta has
raised funds from the sale of the reusable bags made from
100 % recycled plastic bottles. The funds were intended to
Oceana's marine habitats campaign for the protection of
people, educators, volunteers and professionals to offer
personal and professional growth paths to young people
living in difficult social conditions. The collaboration with
Cometa’s social cooperative Contrada degli Artigiani re-
sulted in various installations made by the members of the
social cooperative – with the support of specialized profes-
sionals – like the large wooden barrique in the Villoresi
Ovest restaurant or the artwork installed at the food court
of Linate Airport. The latter, created by young people from
the social cooperative under the guidance of master crafts-
people, is a wall sculpture made of brass and backlit frag-
ments of glass that represent luminous “gemstones” and
recall the gothic spires over Piazza Duomo, symbol of the
city of Milan.
HOME MCR
In the UK, World Duty Free has supported HOME since
2004. HOME is a Manchester based organisation that
aims to improve the lives of young people by running inno-
vative arts projects for a range of beneficiaries across the
area. It presents and produces a range of art forms includ-
ing theatre, film and visual art, alongside a dynamic com-
munity engagement programme. Through our engage-
ment with HOME, World Duty Free has helped to develop
and launch HOME Young Creatives, an inspiring twelve-
week arts course in Wythenshawe that involves over 100
young people aged between 12 and 18, led by experienced
and knowledgeable artists. The course has been running
for several years now and helps to develop and broaden
young people’s skillsets and aspirations, culminating in the
creation of their own work.
Fight poverty & food insecurity
HMSHost Foundation
In 2023, HMSHost Foundation donated USD 540,000 to
poverty-fighting organizations and raised – in collabora-
tion with Hudson – nearly USD 300,000 to support the
Maui Strong Fund of Hawai‘i Community Foundation,
which is working tirelessly to provide financial resources
Through HMSHost Foundation, the company helps local
for the people and places affected by the devastating Maui
North American communities by donating money to mis-
wildfires. Funding for the Maui Strong Fund was sourced
sion-aligned nonprofit organizations. The Foundation pro-
through contributions from travelers who made purchases
vides food, housing, veterans services and supports the
at Hudson travel convenience stores nationwide in the
growth and education of the workforce, including young
USA. Additionally, the HMSHost Foundation, partially sup-
generations, to fight poverty and improve the prosperity
ported by patrons donating spare change at quick-service
of the communities served.
restaurants in Kahului Airport (OGG), and participating in a
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 148/336
30 % of the marine surface, and thus of its endangered
species. Besides protecting marine wildlife by reducing
the impact of single-use bags, the partnership aims at in-
creasing consumer’s awareness on the importance of
simple actions benefiting the environment. The initiative
has firstly involved our retail stores in Spain and will be ex-
tended in another 21 countries across all the regions
where the company operates.
And a long list of other local contributions
Support for the underprivileged is deeply rooted in our
company. In addition to the main initiatives mentioned
above there is a long list of causes and projects of all sizes
that Avolta subsidiaries and employees support year after
year. Amongst others, these include direct donations to the
Prime Minister’s National Relief fund (PMNRF) in India to
support disaster victims, and the support of our Armenian
operation to the social program Children of Armenia Fund
(COAF). The main protagonists of many of these actions are
our employees, who champion the causes and promote
their support through micro-donations, charity runs, bike
rides, bake sales and other initiatives to support the many
deserving projects. Internally we give voice to these initia-
tives through our internal communication platforms to rec-
ognize the effort, generate awareness and motivate other
employees to develop initiatives of their own.
l
a
i
c
n
a
n
i
F
t
r
o
p
e
R
3
2
0
2
30 % of the marine surface, and thus of its endangered
species. Besides protecting marine wildlife by reducing
the impact of single-use bags, the partnership aims at in-
creasing consumer’s awareness on the importance of
simple actions benefiting the environment. The initiative
has firstly involved our retail stores in Spain and will be ex-
tended in another 21 countries across all the regions
where the company operates.
And a long list of other local contributions
Support for the underprivileged is deeply rooted in our
company. In addition to the main initiatives mentioned
above there is a long list of causes and projects of all sizes
that Avolta subsidiaries and employees support year after
year. Amongst others, these include direct donations to the
Prime Minister’s National Relief fund (PMNRF) in India to
support disaster victims, and the support of our Armenian
operation to the social program Children of Armenia Fund
(COAF). The main protagonists of many of these actions are
our employees, who champion the causes and promote
their support through micro-donations, charity runs, bike
rides, bake sales and other initiatives to support the many
deserving projects. Internally we give voice to these initia-
tives through our internal communication platforms to rec-
ognize the effort, generate awareness and motivate other
employees to develop initiatives of their own.
l
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2
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Excellent progress
on our Destination
2027 ambitions
Dear all,
Free Cash Flow (EFCF) reached
the longer-term competitive advan-
CHF 323.0 million, an 28.6 % conver-
tage of the business. In total, we
As we look back on 2023, we can be
sion of CORE EBITDA, positioning
have a medium-term leverage target
proud of our many achievements. The
us firmly on the pathway towards our
of 1.5-2.0x net debt/CORE EBITDA
most notable highlights are perhaps
«Destination 2027» goal of EFCF
with flexibility up to 2.5x if needed
the closure of the two-staged EUR
conversion superior to 30 %.
2.4 billion Autogrill transaction in July
2023 and the earlier-than-anticipated
integration of the businesses, stand-
ing 2023 as a historical and transfor-
mational year for Avolta. In total,
our full year CORE turnover reached
Profitable and cash
generative growth.
after investment in growth. Our De-
cember 31, 2023 net debt amounted
to CHF 2,696.1 million, the lowest level
since 2015, and representing a net
debt to CORE EBITDA leverage ratio
of 2.6x, well below the covenants ceil-
ing 4.5x, in part thanks to the combi-
CHF 12,534.6 million, representing
All of the aforementioned metrics
nation with Autogrill. As at De-
organic growth of 21.6 % proforma
performed well above our initial ex-
cember 31, 2023 we had CHF 715
versus the previous year.
pectations, set out at the beginning of
million cash on the balance sheet and
Despite a business environment fur-
the continued strong global travel de-
lion resulting from undrawn credit fa-
the year. This was thanks, in part, to
additional liquidity of CHF 1,923 mil-
ther impacted by inflation, interest
mand as well as the lower-than-fore-
cilities.
rate challenges and geopolitical con-
casted integration costs1 and, in part,
cerns, demand for travel and the
to the earlier-than-anticipated syn-
Avolta has a history of addressing
travel experience was strong and with
ergy realization.
demand through to the end of the
debt financing well ahead of maturity
by aligning products and timing to
year remaining strong we are confi-
In October last year, we communi-
the respective market environment to
dent that this momentum is sustain-
cated our «Destination 2027» vision
achieve the best possible financing.
able over the foreseeable future.
as regards our medium-term capital
At present, while Avolta has access to
Our reinforced geographical diversifi-
allocation. Specifically, of our annual
a range of products and strives to bal-
cation (73 countries, over 1,000 loca-
EFCF, we have committed to returning
ance financing security, maturity pro-
tions, over 5,100 stores and restau-
one third to shareholders by way of a
file and cost aspects and while cur-
rants) has further enhanced our
dividend. For 2023, we will propose at
rent available liquidity of CHF 2,637.9
resilient and defensive qualities, un-
the Annual General Meeting of Share-
million, thereof CHF 715 million avail-
derpinning our «Destination 2027»
holders (AGM) on 15 May 2024, a divi-
able cash and cash equivalents, we are
financial ambitions of medium-term
dend of CHF 0.70 per share equating
mindful of the 2.5 % coupon on our
profitable and cash generative
to a total payout of CHF 106.8 million
October 2024 EUR 800 million matu-
growth.
from our EFCF of CHF 323.0 million.
rity.
For the remaining two thirds of annual
In this regard, Avolta delivered a solid
EFCF, our priority is to deleverage the
2023 profit performance with CORE
balance sheet while retaining a de-
EBITDA of CHF 1,129.6 million, repre-
gree of flexibility to invest in relevant
Ample liquidity.
senting a margin of 9.0 %, + 30 basis
business development and small bolt-
At an attractive weighted average rate
points (bps) proforma. 2023 Equity
on acquisitions in order to reinforce
of 3.8 %, our current debt profile con-
1 CHF 50 million vs. our initial expectation
of CHF 100 million, of which CHF 25 million was
expensed in 2023 with the remainder to be
expensed in 2024.
Yves
Gerster
Chief Financial
Officer
Avolta delivered a solid
2023 profit performance.
Excellent progress
on our Destination
2027 ambitions
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Report
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Dear all,
As we look back on 2023, we can be
proud of our many achievements. The
most notable highlights are perhaps
the closure of the two-staged EUR
2.4 billion Autogrill transaction in July
2023 and the earlier-than-anticipated
integration of the businesses, stand-
ing 2023 as a historical and transfor-
mational year for Avolta. In total,
our full year CORE turnover reached
CHF 12,534.6 million, representing
organic growth of 21.6 % proforma
versus the previous year.
Despite a business environment fur-
ther impacted by inflation, interest
rate challenges and geopolitical con-
cerns, demand for travel and the
travel experience was strong and with
demand through to the end of the
year remaining strong we are confi-
dent that this momentum is sustain-
able over the foreseeable future.
Our reinforced geographical diversifi-
cation (73 countries, over 1,000 loca-
tions, over 5,100 stores and restau-
rants) has further enhanced our
resilient and defensive qualities, un-
derpinning our «Destination 2027»
financial ambitions of medium-term
profitable and cash generative
growth.
In this regard, Avolta delivered a solid
2023 profit performance with CORE
EBITDA of CHF 1,129.6 million, repre-
senting a margin of 9.0 %, + 30 basis
points (bps) proforma. 2023 Equity
1 CHF 50 million vs. our initial expectation
of CHF 100 million, of which CHF 25 million was
expensed in 2023 with the remainder to be
expensed in 2024.
Free Cash Flow (EFCF) reached
CHF 323.0 million, an 28.6 % conver-
sion of CORE EBITDA, positioning
us firmly on the pathway towards our
«Destination 2027» goal of EFCF
conversion superior to 30 %.
Profitable and cash
generative growth.
All of the aforementioned metrics
performed well above our initial ex-
pectations, set out at the beginning of
the year. This was thanks, in part, to
the continued strong global travel de-
mand as well as the lower-than-fore-
casted integration costs1 and, in part,
to the earlier-than-anticipated syn-
ergy realization.
In October last year, we communi-
cated our «Destination 2027» vision
as regards our medium-term capital
allocation. Specifically, of our annual
EFCF, we have committed to returning
one third to shareholders by way of a
dividend. For 2023, we will propose at
the Annual General Meeting of Share-
holders (AGM) on 15 May 2024, a divi-
dend of CHF 0.70 per share equating
to a total payout of CHF 106.8 million
from our EFCF of CHF 323.0 million.
For the remaining two thirds of annual
EFCF, our priority is to deleverage the
balance sheet while retaining a de-
gree of flexibility to invest in relevant
business development and small bolt-
on acquisitions in order to reinforce
the longer-term competitive advan-
tage of the business. In total, we
have a medium-term leverage target
of 1.5-2.0x net debt/CORE EBITDA
with flexibility up to 2.5x if needed
after investment in growth. Our De-
cember 31, 2023 net debt amounted
to CHF 2,696.1 million, the lowest level
since 2015, and representing a net
debt to CORE EBITDA leverage ratio
of 2.6x, well below the covenants ceil-
ing 4.5x, in part thanks to the combi-
nation with Autogrill. As at De-
cember 31, 2023 we had CHF 715
million cash on the balance sheet and
additional liquidity of CHF 1,923 mil-
lion resulting from undrawn credit fa-
cilities.
Avolta has a history of addressing
debt financing well ahead of maturity
by aligning products and timing to
the respective market environment to
achieve the best possible financing.
At present, while Avolta has access to
a range of products and strives to bal-
ance financing security, maturity pro-
file and cost aspects and while cur-
rent available liquidity of CHF 2,637.9
million, thereof CHF 715 million avail-
able cash and cash equivalents, we are
mindful of the 2.5 % coupon on our
October 2024 EUR 800 million matu-
rity.
Ample liquidity.
At an attractive weighted average rate
of 3.8 %, our current debt profile con-
Yves
Gerster
Chief Financial
Officer
Avolta delivered a solid
2023 profit performance.
and our reinforced resilient and de-
fensive credentials. With our global
exposure, we are naturally well
hedged with respect to FX fluctua-
tions from an operational perspective,
however it is important to consider
translational effects from currency
developments when comparing turn-
over with previous years.
I would like to thank our customers,
shareholders, bondholders, banks,
analysts, rating agencies, business
partners and key advisors for their
continued trust in Avolta and their on-
going support to initiate and execute
the right measures helping us to
emerge stronger and be in the best
position to take advantage of the op-
portunities we see on our way ahead.
Kind regards,
Yves Gerster
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2023
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Report
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Report
Page 152/336
sists of 81 % fixed rate debt and 19 %
on floating rates. Our ratings in 2023
improved with upgrades by both S & P
from B+ to BB Outlook Stable and
Moody’s from B1 to Ba3 Credit Watch
Outlook Positive.
During 2023, we have continued the
close relationship and ongoing inter-
action with our shareholders, inves-
tors, bondholders, equity and debt
analysts as well as banks and rating
agencies in more than 1,190 interac-
tions, thereof 9 roadshows, 12 confer-
ences, 564 meetings and 626 confer-
ence calls and emails.
Resilient growth.
Our long-term strategy to revolution-
ize the travel retail experience coupled
with the combination with Autogrill
has impacted the financial profile of
Avolta. With 37 % of revenues gener-
ated in Duty-Free, 31 % Duty-Paid and
32 % F&B in 2023, and a presence in
73 markets, across over 1,000 loca-
tions and more than 5,100 outlets, we
are significantly more resilient and
defensive than ever before while our
balance sheet has also been signifi-
cantly reinforced.
The combination with Autogrill
and expansion into travel F&B has
changed our P&L and cash flow.
While Autogrill delivered similar net
returns to the combined entity, we
now have structurally higher gross
profit margins and a lower concession
fee (with longer contract durations)
ratio. On the other hand, personnel
and other expenses as well as CAPEX
requirements will be higher due to the
different profile of the F&B business.
In October 2023, we have published
proforma combined financial state-
ments for 2019 and 2022 which allow
comparison to our 2023 consolidated
financial statements. The historical
pro forma numbers are available on
our webpage.
Over the medium-term, we continue
to foster a culture of operational im-
provement to fuel profitability, accel-
erate cash flow generation, and rein-
vest in growth. Hereby, the finance
teams will support our strive for supe-
rior profitability driven by a logic of
zero-based budgeting, focused on
disproportionally allocating resources
to activities that make the most im-
pact, while leveraging technology to
simplify work and operations. In addi-
tion to the budgeting discipline,
Avolta will systematically and actively
manage its concession portfolio, with
stronger focus on the evaluation of
full profitability, cash flow contribution
and returns.
We have reinforced our ongoing ESG
commitment by fully integrating the
ESG strategies and sets of initiatives
of the former entities into a new com-
bined ESG Strategy House, which has
resulted in greater transparency of
our group wide ESG direction. In par-
ticular, we have implemented the
double materiality approach in our
new Materiality Matrix, developed
through a collaborative process with
various stakeholder groups. We have
also evolved our TCFD Report not
only by considering the scope of the
new joint entity, but also by providing
three severity scenarios for our cli-
mate-related risks and opportunities.
Last but not least, and a topic close to
my heart, we have finalized Avolta’s
Community Engagement strategy
creating the base for a joint and fo-
cused implementation of initiatives in
the communities where we operate.
Diligent cost and
cash flow manage-
ment.
For 2024, while macroeconomic and
geopolitical developments remain
uncertain, we look forward to the year
with confidence, underpinned by re-
cent demand momentum across the
travel-related sectors, the positive
outlook for global passenger trends
The business combination
has positively impacted
the financial profile of Avolta.
We are now more resilient
than ever.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 153/336
and our reinforced resilient and de-
fensive credentials. With our global
exposure, we are naturally well
hedged with respect to FX fluctua-
tions from an operational perspective,
however it is important to consider
translational effects from currency
developments when comparing turn-
over with previous years.
I would like to thank our customers,
shareholders, bondholders, banks,
analysts, rating agencies, business
partners and key advisors for their
continued trust in Avolta and their on-
going support to initiate and execute
the right measures helping us to
emerge stronger and be in the best
position to take advantage of the op-
portunities we see on our way ahead.
with the combination with Autogrill
teams will support our strive for supe-
the communities where we operate.
Kind regards,
defensive than ever before while our
Avolta will systematically and actively
For 2024, while macroeconomic and
Yves Gerster
sists of 81 % fixed rate debt and 19 %
While Autogrill delivered similar net
We have reinforced our ongoing ESG
on floating rates. Our ratings in 2023
returns to the combined entity, we
commitment by fully integrating the
improved with upgrades by both S & P
now have structurally higher gross
ESG strategies and sets of initiatives
from B+ to BB Outlook Stable and
profit margins and a lower concession
of the former entities into a new com-
Moody’s from B1 to Ba3 Credit Watch
fee (with longer contract durations)
bined ESG Strategy House, which has
Outlook Positive.
ratio. On the other hand, personnel
resulted in greater transparency of
and other expenses as well as CAPEX
our group wide ESG direction. In par-
During 2023, we have continued the
requirements will be higher due to the
ticular, we have implemented the
close relationship and ongoing inter-
different profile of the F&B business.
double materiality approach in our
action with our shareholders, inves-
In October 2023, we have published
new Materiality Matrix, developed
tors, bondholders, equity and debt
proforma combined financial state-
through a collaborative process with
analysts as well as banks and rating
ments for 2019 and 2022 which allow
various stakeholder groups. We have
agencies in more than 1,190 interac-
comparison to our 2023 consolidated
also evolved our TCFD Report not
tions, thereof 9 roadshows, 12 confer-
financial statements. The historical
only by considering the scope of the
ences, 564 meetings and 626 confer-
pro forma numbers are available on
new joint entity, but also by providing
ence calls and emails.
our webpage.
three severity scenarios for our cli-
mate-related risks and opportunities.
Resilient growth.
Over the medium-term, we continue
Last but not least, and a topic close to
to foster a culture of operational im-
my heart, we have finalized Avolta’s
provement to fuel profitability, accel-
Community Engagement strategy
Our long-term strategy to revolution-
erate cash flow generation, and rein-
creating the base for a joint and fo-
ize the travel retail experience coupled
vest in growth. Hereby, the finance
cused implementation of initiatives in
has impacted the financial profile of
rior profitability driven by a logic of
Avolta. With 37 % of revenues gener-
zero-based budgeting, focused on
ated in Duty-Free, 31 % Duty-Paid and
disproportionally allocating resources
32 % F&B in 2023, and a presence in
to activities that make the most im-
73 markets, across over 1,000 loca-
pact, while leveraging technology to
tions and more than 5,100 outlets, we
simplify work and operations. In addi-
ment.
are significantly more resilient and
tion to the budgeting discipline,
Diligent cost and
cash flow manage-
balance sheet has also been signifi-
manage its concession portfolio, with
geopolitical developments remain
cantly reinforced.
stronger focus on the evaluation of
uncertain, we look forward to the year
full profitability, cash flow contribution
with confidence, underpinned by re-
The combination with Autogrill
and returns.
and expansion into travel F&B has
changed our P&L and cash flow.
cent demand momentum across the
travel-related sectors, the positive
outlook for global passenger trends
The business combination
has positively impacted
the financial profile of Avolta.
We are now more resilient
than ever.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 154/336
CORE
2023
12,534.6
(4,477.0)
8,057.6
(3,178.7)
(2,539.3)
(1,417.7)
207.7
In %
100.0%
(35.7% )
64.3%
(25.4% )
(20.3% )
(11.3% )
1.7%
CORE
2022
6,878.4
(2,684.6)
4,193.8
(2,029.9)
(997.9)
(620.7)
60.9
In %
100.0%
(39.0% )
61.0%
(29.5% )
(14.5% )
(9.0% )
0.9%
IFRS
2023
12,789.5
(4,716.0)
8,073.5
(1,875.5)
(2,539.3)
(1,375.7)
191.9
IFRS
2022
6,878.4
(2,684.6)
4,193.8
(1,081.9)
(997.9)
(578.7)
61.8
1,129.6
9.0%
606.2
8.8%
2,474.9
1,597.1
Financial
Statements 2023
Core and IFRS profit or loss
In millions of CHF
Turnover
Cost of sales
Gross profit
Concession expenses
(CORE) / Leases expenses (IFRS)
Personnel expenses
Other expenses (CORE) / (IFRS)
Other income (CORE) / (IFRS)
CORE EBITDA / Operating profit
bef D&A
Depreciation & impairment of
PP&E
Amortization & impairment of
intangibles (CORE) / (IFRS)
Depreciation & impairment
right-of-use assets (IFRS)
CORE EBIT / Operating profit
(IFRS)
Financial result (CORE) / (IFRS)
CORE Profit before taxes / Profit
before taxes (IFRS)
Income tax (CORE) / (IFRS)
CORE Net profit / Net profit (IFRS)
Equity free cash flow
In millions of CHF
CORE EBITDA
Other non-cash items and changes in lease obligation
Changes in net working capital
Capital expenditures
Cash flow related to minorities 1
Dividends from associates
Income taxes paid
Cash flow before financing
Interest, net
Other financing items
Equity free cash flow
Acquisition & financing activities, net 2
Transaction costs
Foreign exchange adjustments and other
Decrease / (Increase) in financial net debt
– at the beginning of the period
– at the end of the period
(277.5)
(2.2% )
(34.5)
(0.3% )
–
817.6
(201.3)
616.3
(159.5)
456.8
–
6.5%
(1.6% )
4.9%
(25.9% )
3.6%
(113.9)
(21.7)
–
470.7
(175.6)
295.1
(105.5)
189.6
(1.7% )
(277.4)
(113.9)
(0.3% )
(242.8)
(195.6)
–
(1,089.6)
(785.2)
6.8%
(2.6% )
4.3%
(35.8% )
2.8%
865.1
(567.1)
298.0
(81.6)
216.4
2023
1,129.6
80.7
(44.0)
(432.7)
(102.6)
1.9
(129.2)
503.7
(160.3)
(20.4)
323.0
(268.4)
(34.5)
94.5
114.6
2,810.7
2,696.1
502.4
(305.6)
196.8
(76.2)
120.6
2022
606.2
79.6
(4.6)
(110.1)
(65.0)
2.7
(76.1)
432.7
(134.1)
6.6
305.2
(20.3)
–
(16.1)
268.8
3,079.5
2,810.7
Content
Consolidated Financial
Statements
156 – 255
156 Consolidated statement of profit or loss
157 Consolidated statement of
other comprehensive income
158 Consolidated statement of financial position
159 – 160 Consolidated statement of changes in equity
161 – 162 Consolidated statement of cash flows
163 – 251 Notes to the consolidated financial statements
252 – 255 Report of the statutory auditor
Financial Statements
Avolta AG
256 – 270
256 Statement of profit or loss
257 Statement of financial position
258 – 268 Notes to the financial statements
269 – 270 Report of the statutory auditor
1
Includes CHF (133.9) million dividends paid to non-controlling interests and CHF 31.4 million contribution from
non-controlling interests.
2 Acquisition & financing activities, net consist mainly of the acquisition of net debt from Autogrill, the cash portion of
the MTO consideration and purchases of treasury shares.
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Financial
Statements 2023
Content
Consolidated Financial
Statements
156 – 255
156 Consolidated statement of profit or loss
157 Consolidated statement of
other comprehensive income
158 Consolidated statement of financial position
159 – 160 Consolidated statement of changes in equity
161 – 162 Consolidated statement of cash flows
163 – 251 Notes to the consolidated financial statements
252 – 255 Report of the statutory auditor
Financial Statements
Avolta AG
256 – 270
256 Statement of profit or loss
257 Statement of financial position
258 – 268 Notes to the financial statements
269 – 270 Report of the statutory auditor
Core and IFRS profit or loss
In millions of CHF
Turnover
Cost of sales
Gross profit
Concession expenses
(CORE) / Leases expenses (IFRS)
Personnel expenses
Other expenses (CORE) / (IFRS)
Other income (CORE) / (IFRS)
CORE EBITDA / Operating profit
bef D&A
PP&E
Depreciation & impairment of
Amortization & impairment of
intangibles (CORE) / (IFRS)
Depreciation & impairment
right-of-use assets (IFRS)
CORE EBIT / Operating profit
(IFRS)
Financial result (CORE) / (IFRS)
CORE Profit before taxes / Profit
before taxes (IFRS)
Income tax (CORE) / (IFRS)
CORE Net profit / Net profit (IFRS)
Equity free cash flow
In millions of CHF
CORE EBITDA
Changes in net working capital
Capital expenditures
Cash flow related to minorities 1
Dividends from associates
Income taxes paid
Cash flow before financing
Interest, net
Other financing items
Equity free cash flow
Acquisition & financing activities, net 2
Transaction costs
Foreign exchange adjustments and other
Decrease / (Increase) in financial net debt
– at the beginning of the period
– at the end of the period
Other non-cash items and changes in lease obligation
IFRS
2023
12,789.5
(4,716.0)
8,073.5
(1,875.5)
(2,539.3)
(1,375.7)
191.9
IFRS
2022
6,878.4
(2,684.6)
4,193.8
(1,081.9)
(997.9)
(578.7)
61.8
CORE
2023
12,534.6
(4,477.0)
8,057.6
(3,178.7)
(2,539.3)
(1,417.7)
207.7
–
817.6
(201.3)
616.3
(159.5)
456.8
In %
100.0%
(35.7% )
64.3%
(25.4% )
(20.3% )
(11.3% )
1.7%
–
6.5%
(1.6% )
4.9%
(25.9% )
3.6%
CORE
2022
6,878.4
(2,684.6)
4,193.8
(2,029.9)
(997.9)
(620.7)
60.9
(113.9)
(21.7)
–
470.7
(175.6)
295.1
(105.5)
189.6
In %
100.0%
(39.0% )
61.0%
(29.5% )
(14.5% )
(9.0% )
0.9%
6.8%
(2.6% )
4.3%
(35.8% )
2.8%
1,129.6
9.0%
606.2
8.8%
2,474.9
1,597.1
(277.5)
(2.2% )
(1.7% )
(277.4)
(113.9)
(34.5)
(0.3% )
(0.3% )
(242.8)
(195.6)
–
(1,089.6)
(785.2)
865.1
(567.1)
298.0
(81.6)
216.4
2023
1,129.6
80.7
(44.0)
(432.7)
(102.6)
1.9
(129.2)
503.7
(160.3)
(20.4)
323.0
(268.4)
(34.5)
94.5
114.6
2,810.7
2,696.1
502.4
(305.6)
196.8
(76.2)
120.6
2022
606.2
79.6
(4.6)
(110.1)
(65.0)
2.7
(76.1)
432.7
(134.1)
6.6
305.2
(20.3)
–
(16.1)
268.8
3,079.5
2,810.7
1
Includes CHF (133.9) million dividends paid to non-controlling interests and CHF 31.4 million contribution from
non-controlling interests.
2 Acquisition & financing activities, net consist mainly of the acquisition of net debt from Autogrill, the cash portion of
the MTO consideration and purchases of treasury shares.
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2023
Management
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ESG
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Governance
Report
Page 156/336
Consolidated statement
of profit or loss
Consolidated statement
of other comprehensive income
for the year ended December 31, 2023
for the year ended December 31, 2023
In millions of CHF
Net sales
Advertising income
Turnover
Cost of sales
Gross profit
Lease expenses
Personnel expenses
Depreciation and amortization
Impairment
Reversal of impairment
Other expenses
Other income
Operating profit
Finance expenses
Finance income
Foreign exchange (loss) / gain
Profit before tax
Income tax expenses
Net profit
Attributable to
Non-controlling interests
Equity holders of the parent
Earnings per share attributable to equity holders of the parent
Basic earnings per share in CHF
Diluted earnings per share in CHF
Note
7
8
9
10
10
10
11
12
13.1
13.2
14
26.2
26.2
2023
2022
In millions of CHF
Net profit
12,583.7
205.8
12,789.5
(4,716.0)
8,073.5
(1,875.5)
(2,539.3)
(1,639.4)
(21.7)
51.3
(1,375.7)
191.9
865.1
(626.5)
109.5
(50.1)
298.0
(81.6)
216.4
129.1
87.3
0.64
0.63
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(1,081.9)
(997.9)
(1,111.5)
(49.3)
66.2
(578.7)
61.7
502.4
(350.9)
68.5
(23.2)
196.8
(76.2)
120.6
62.4
58.2
0.63
0.62
Other comprehensive income
Remeasurement of post-employment benefit plans
Income tax
Items not being reclassified to net income in subsequent periods, net of tax
Exchange differences on translating foreign operations
Net gain / (loss) on hedge of net investment in foreign operations
Share of other comprehensive income of associates
Income tax on above positions
Items to be reclassified to net income in subsequent periods, net of tax
Total other comprehensive income, net of tax
Total comprehensive income, net of tax
Attributable to
Non-controlling interests
Equity holders of the parent
Note
15
14, 15
15
28.1
15, 20
14, 15
2023
216.4
11.2
(0.1)
11.1
(261.5)
14.3
–
–
(247.2)
(236.1)
(19.7)
109.4
(129.1)
2022
120.6
(37.6)
4.1
(33.5)
(91.6)
(3.6)
0.5
–
(94.7)
(128.2)
(7.6)
60.4
(68.0)
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2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 157/336
Consolidated statement
of profit or loss
for the year ended December 31, 2023
Consolidated statement
of other comprehensive income
for the year ended December 31, 2023
2023
2022
In millions of CHF
Net profit
Other comprehensive income
Remeasurement of post-employment benefit plans
Income tax
Items not being reclassified to net income in subsequent periods, net of tax
Exchange differences on translating foreign operations
Net gain / (loss) on hedge of net investment in foreign operations
Share of other comprehensive income of associates
Income tax on above positions
Items to be reclassified to net income in subsequent periods, net of tax
Total other comprehensive income, net of tax
Total comprehensive income, net of tax
Attributable to
Non-controlling interests
Equity holders of the parent
Note
15
14, 15
15
28.1
15, 20
14, 15
2023
216.4
11.2
(0.1)
11.1
(261.5)
14.3
–
–
(247.2)
(236.1)
(19.7)
109.4
(129.1)
2022
120.6
(37.6)
4.1
(33.5)
(91.6)
(3.6)
0.5
–
(94.7)
(128.2)
(7.6)
60.4
(68.0)
In millions of CHF
Net sales
Advertising income
Turnover
Cost of sales
Gross profit
Lease expenses
Personnel expenses
Depreciation and amortization
Impairment
Reversal of impairment
Other expenses
Other income
Operating profit
Finance expenses
Finance income
Foreign exchange (loss) / gain
Profit before tax
Income tax expenses
Net profit
Attributable to
Non-controlling interests
Equity holders of the parent
Earnings per share attributable to equity holders of the parent
Basic earnings per share in CHF
Diluted earnings per share in CHF
Note
7
8
9
10
10
10
11
12
13.1
13.2
14
26.2
26.2
12,583.7
205.8
12,789.5
(4,716.0)
8,073.5
(1,875.5)
(2,539.3)
(1,639.4)
(21.7)
51.3
(1,375.7)
191.9
865.1
(626.5)
109.5
(50.1)
298.0
(81.6)
216.4
129.1
87.3
0.64
0.63
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(1,081.9)
(997.9)
(1,111.5)
(49.3)
66.2
(578.7)
61.7
502.4
(350.9)
68.5
(23.2)
196.8
(76.2)
120.6
62.4
58.2
0.63
0.62
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2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 158/336
Consolidated statement
of financial position
at December 31, 2023
In millions of CHF
Assets
Property, plant and equipment
Right-of-use assets
Intangible assets
Goodwill
Investments in associates
Deferred tax assets
Net defined benefit assets
Other non-current assets
Non-current assets
Inventories
Trade and credit card receivables
Current investments
Other accounts receivable
Income tax receivables
Cash and cash equivalents
Current assets
Total assets
Liabilities and shareholders' equity
Equity attributable to equity holders of the parent
Non-controlling interests
Total equity
Borrowings
Lease obligations
Deferred tax liabilities
Provisions
Net defined benefit obligation
Other non-current liabilities
Non-current liabilities
Trade payables
Borrowings
Lease obligations
Income tax payables
Provisions
Other liabilities
Current liabilities
Total liabilities
Total liabilities and shareholders' equity
Note
31.12.2023
31.12.2022
Attributable to equity holders of the parent
16
17
18
18
31
33
21
22
23
24
29.1
28
29
31
32
33
30
28
29
32
30
1,131.4
7,237.0
2,144.3
2,978.6
33.7
164.7
36.0
312.1
14,037.8
1,062.0
41.3
54.9
576.2
28.1
714.6
2,477.1
16,514.9
2,360.8
134.5
2,495.3
2,520.6
6,750.8
410.4
74.1
43.5
80.4
9,879.8
873.7
819.4
1,102.6
45.3
105.7
1,193.1
4,139.8
14,019.6
16,514.9
314.3
2,567.8
1,477.8
2,272.2
24.4
145.4
17.0
155.8
6,974.7
928.4
62.3
–
467.6
21.9
854.7
2,334.9
9,309.6
893.0
73.1
966.1
3,452.3
2,010.2
221.4
44.0
12.3
29.3
5,769.5
486.4
122.7
992.4
42.1
89.3
841.1
2,574.0
8,343.5
9,309.6
Consolidated statement
of changes in equity
for the year ended December 31, 2023
In millions of CHF
Note
premium
shares
notes
reserve
reserve
Total
interest
Total equity
Share
capital
Share
Treasury
convertible
benefit
Translation
Retained
earnings
Non-con-
trolling
Capital
reserve for
mandatory
Employee
Balance at January 1, 2023
454.0
4,542.2
(22.9)
60.3
1.7
(543.4)
(3,598.9)
893.0
73.1
966.1
–
–
–
87.3
87.3
129.1
216.4
15
–
11.1
(227.5)
–
(216.4)
(19.7)
(236.1)
–
11.1
(227.5)
87.3
(129.1)
109.4
(19.7)
25.2
26.1
10.5
49.8
(60.3)
(33.4)
Share capital increase
25.1
298.6
2,240.8
Dividends
Share-based payments
26.1
–
–
–
(33.4)
–
–
– 2,539.4
– 2,539.4
(142.5)
(142.5)
–
–
–
(33.4)
–
35.4
35.4
–
35.4
309.1
2,290.6
(33.4)
(60.3)
–
35.4
2,541.4
(142.5)
2,398.9
Net earnings
Other comprehensive
income / (loss)
Total comprehensive
income / (loss) for the period
Transactions with or
distributions to
shareholders
Conversion of mandatory
convertible notes to equity
Purchase of treasury shares
Total transactions with
or distribution to owners
Changes in ownership
interests in subsidiaries
Acquired non-controlling
interests of Autogrill
Changes in participation of
non-controlling interests of
Autogrill
Put-option held by non-
controlling interests
6
6
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Other changes (mainly ownership
interest changes)
Changes in participation of
non-controlling interests
27
(34.1)
(34.1)
Balance at December 31, 2023
763.1
6,832.8
(90.4)
–
12.8
(770.9)
(4,386.6)
2,360.8
134.5
2,495.3
–
–
441.6
441.6
(920.5)
(920.5)
(384.1)
(1,304.6)
(15.1)
(15.1)
(5.3)
(20.4)
–
25.2
(8.9)
42.3
33.4
–
(910.4)
(944.5)
94.5
(850.0)
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2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 159/336
Consolidated statement
of financial position
Consolidated statement
of changes in equity
for the year ended December 31, 2023
Note
31.12.2023
31.12.2022
Attributable to equity holders of the parent
In millions of CHF
Note
Share
capital
Share
premium
Treasury
shares
Capital
reserve for
mandatory
convertible
notes
Employee
benefit
reserve
Translation
reserve
Retained
earnings
Total
Non-con-
trolling
interest
Total equity
Balance at January 1, 2023
454.0
4,542.2
(22.9)
60.3
1.7
(543.4)
(3,598.9)
893.0
73.1
966.1
15
–
–
–
–
–
–
–
–
–
–
–
–
87.3
87.3
129.1
216.4
–
11.1
(227.5)
–
(216.4)
(19.7)
(236.1)
–
11.1
(227.5)
87.3
(129.1)
109.4
(19.7)
Net earnings
Other comprehensive
income / (loss)
Total comprehensive
income / (loss) for the period
Transactions with or
distributions to
shareholders
Conversion of mandatory
convertible notes to equity
Purchase of treasury shares
25.2
26.1
10.5
49.8
–
(60.3)
–
–
(33.4)
–
–
–
–
Share capital increase
25.1
298.6
2,240.8
Dividends
Share-based payments
26.1
–
–
–
–
–
–
–
Total transactions with
or distribution to owners
Changes in ownership
interests in subsidiaries
Acquired non-controlling
interests of Autogrill
Changes in participation of
non-controlling interests of
Autogrill
Put-option held by non-
controlling interests
6
6
Other changes (mainly ownership
interest changes)
Changes in participation of
non-controlling interests
27
309.1
2,290.6
(33.4)
(60.3)
–
–
–
–
–
–
–
–
–
–
–
–
–
(34.1)
(34.1)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(33.4)
–
–
–
(33.4)
– 2,539.4
– 2,539.4
–
–
(142.5)
(142.5)
–
35.4
35.4
–
35.4
–
35.4
2,541.4
(142.5)
2,398.9
–
–
–
–
–
441.6
441.6
(920.5)
(920.5)
(384.1)
(1,304.6)
(15.1)
(15.1)
(5.3)
(20.4)
–
25.2
(8.9)
42.3
33.4
–
(910.4)
(944.5)
94.5
(850.0)
Balance at December 31, 2023
763.1
6,832.8
(90.4)
–
12.8
(770.9)
(4,386.6)
2,360.8
134.5
2,495.3
at December 31, 2023
In millions of CHF
Assets
Property, plant and equipment
Right-of-use assets
Intangible assets
Goodwill
Investments in associates
Deferred tax assets
Net defined benefit assets
Other non-current assets
Non-current assets
Inventories
Trade and credit card receivables
Current investments
Other accounts receivable
Income tax receivables
Cash and cash equivalents
Current assets
Total assets
Non-controlling interests
Total equity
Borrowings
Lease obligations
Deferred tax liabilities
Provisions
Net defined benefit obligation
Other non-current liabilities
Non-current liabilities
Trade payables
Borrowings
Lease obligations
Income tax payables
Provisions
Other liabilities
Current liabilities
Total liabilities
Total liabilities and shareholders' equity
Liabilities and shareholders' equity
Equity attributable to equity holders of the parent
16
17
18
18
31
33
21
22
23
24
29.1
28
29
31
32
33
30
28
29
32
30
1,131.4
7,237.0
2,144.3
2,978.6
33.7
164.7
36.0
312.1
14,037.8
1,062.0
41.3
54.9
576.2
28.1
714.6
2,477.1
16,514.9
2,360.8
134.5
2,495.3
2,520.6
6,750.8
410.4
74.1
43.5
80.4
9,879.8
873.7
819.4
1,102.6
45.3
105.7
1,193.1
4,139.8
14,019.6
16,514.9
314.3
2,567.8
1,477.8
2,272.2
24.4
145.4
17.0
155.8
6,974.7
928.4
62.3
–
467.6
21.9
854.7
2,334.9
9,309.6
893.0
73.1
966.1
3,452.3
2,010.2
221.4
44.0
12.3
29.3
5,769.5
486.4
122.7
992.4
42.1
89.3
841.1
2,574.0
8,343.5
9,309.6
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2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 160/336
Consolidated statement
of changes in equity
for the year ended December 31, 2022
Consolidated statement
of cash flows
for the year ended December 31, 2023
Attributable to equity holders of the parent
In millions of CHF
Note
2023
2022
In millions of CHF
Note
Share
capital
Share
premium
Treasury
shares
Capital
reserve for
mandatory
convertible
notes
Employee
benefit
reserve
Translation
reserve
Retained
earnings
Total
Non-con-
trolling
interest
Total equity
Balance at January 1, 2022
454.0
4,542.2
(1.3)
60.3
35.4
(450.9)
(3,683.1)
956.6
77.9
1,034.5
15
Net earnings
Other comprehensive
income / (loss)
Total comprehensive
income / (loss) for the period
Transactions with or
distributions to
shareholders
Dividends to non-controlling
interests
Purchase of treasury shares
26.1
Share-based payments
26
Total transactions with
or distribution to owners
Changes in ownership
interests in subsidiaries
Put-option held by non-
controlling interests
Other changes in participation of
non-controlling interests
Changes in participation of
non-controlling interests
27
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(21.6)
–
(21.6)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
58.2
58.2
62.4
120.6
(33.7)
(92.5)
–
(126.2)
(2.0)
(128.2)
(33.7)
(92.5)
58.2
(68.0)
60.4
(7.6)
–
–
–
–
–
–
–
–
–
–
–
–
16.4
(21.6)
16.4
–
(74.6)
(74.6)
(21.6)
–
–
16.4
–
16.4
(5.2)
(74.6)
(79.8)
–
13.4
13.4
5.1
18.5
–
(3.8)
(3.8)
–
9.6
9.6
4.3
9.4
0.5
19.0
Balance at December 31, 2022
454.0
4,542.2
(22.9)
60.3
1.7
(543.4)
(3,598.9)
893.0
73.1
966.1
Cash flows from operating activities
Profit before tax
Adjustments for:
Depreciation and amortization
Impairment
Reversal of impairment
Increase / (decrease) in allowances and provisions
Other non-cash items
Relief of lease obligations
Loss / (gain) on sale of non-current assets
Loss / (gain) on foreign exchange differences
Finance expenses
Finance income
Cash flow before working capital changes
Decrease / (increase) in trade and other accounts receivable
Decrease / (increase) in inventories
(Decrease) / increase in trade and other accounts payable
Dividends received from associates
Cash generated from operations
Income tax paid
Net cash flows from operating activities 1
Cash flow used in investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of financial assets
Proceeds from lease income
Loans receivable (granted) / repaid
Proceeds from sale of property, plant and equipment
Proceeds from sale of financial assets
Interest received 2
Business combination, cash acquired
Contribution from sale of interest in subsidiaries, net of cash
Net cash flows used in investing activities
1
Include variable lease payments of CHF 1,903.3 (2022: 1,109.5) million.
2 Interest received are disclosed in cash flow from investing activities (consistent to prior year).
298.0
196.8
10
10
10
8
13.1
13.2
20
16
18
6
1,639.4
21.7
(51.3)
23.8
33.1
–
(1.1)
50.1
626.5
(109.5)
2,530.7
(49.1)
(141.2)
146.3
1.9
2,488.6
(129.2)
2,359.4
(404.4)
(36.6)
(154.7)
22.5
(36.1)
8.3
79.5
61.9
459.7
(0.8)
(0.7)
1,111.5
49.3
(66.2)
64.7
8.7
(80.2)
(0.6)
23.2
350.9
(68.5)
1,589.6
(28.7)
(288.2)
312.3
2.7
1,587.7
(76.1)
1,511.6
(97.4)
(15.9)
(0.1)
4.0
4.1
3.2
2.6
30.8
1.1
0.2
(67.4)
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 161/336
Consolidated statement
of changes in equity
Consolidated statement
of cash flows
for the year ended December 31, 2022
for the year ended December 31, 2023
Attributable to equity holders of the parent
In millions of CHF
Note
2023
2022
In millions of CHF
Note
premium
shares
notes
reserve
reserve
Total
interest
Total equity
Share
capital
Share
Treasury
convertible
benefit
Translation
Retained
earnings
Non-con-
trolling
Capital
reserve for
mandatory
Employee
Balance at January 1, 2022
454.0
4,542.2
(1.3)
60.3
35.4
(450.9)
(3,683.1)
956.6
77.9
1,034.5
15
(33.7)
(92.5)
–
(126.2)
(2.0)
(128.2)
(33.7)
(92.5)
58.2
(68.0)
60.4
(7.6)
58.2
58.2
62.4
120.6
Net earnings
Other comprehensive
income / (loss)
Total comprehensive
income / (loss) for the period
Transactions with or
distributions to
shareholders
Dividends to non-controlling
interests
Purchase of treasury shares
26.1
Share-based payments
26
Total transactions with
or distribution to owners
Changes in ownership
interests in subsidiaries
Put-option held by non-
controlling interests
Other changes in participation of
non-controlling interests
Changes in participation of
non-controlling interests
27
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(21.6)
(21.6)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
16.4
(21.6)
16.4
–
(74.6)
(74.6)
(21.6)
–
–
16.4
–
16.4
(5.2)
(74.6)
(79.8)
–
13.4
13.4
5.1
18.5
–
(3.8)
(3.8)
–
9.6
9.6
4.3
9.4
0.5
19.0
Balance at December 31, 2022
454.0
4,542.2
(22.9)
60.3
1.7
(543.4)
(3,598.9)
893.0
73.1
966.1
Cash flows from operating activities
Profit before tax
Adjustments for:
Depreciation and amortization
Impairment
Reversal of impairment
Increase / (decrease) in allowances and provisions
Other non-cash items
Relief of lease obligations
Loss / (gain) on sale of non-current assets
Loss / (gain) on foreign exchange differences
Finance expenses
Finance income
Cash flow before working capital changes
Decrease / (increase) in trade and other accounts receivable
Decrease / (increase) in inventories
(Decrease) / increase in trade and other accounts payable
Dividends received from associates
Cash generated from operations
Income tax paid
Net cash flows from operating activities 1
Cash flow used in investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of financial assets
Proceeds from lease income
Loans receivable (granted) / repaid
Proceeds from sale of property, plant and equipment
Proceeds from sale of financial assets
Interest received 2
Business combination, cash acquired
Contribution from sale of interest in subsidiaries, net of cash
Net cash flows used in investing activities
1
Include variable lease payments of CHF 1,903.3 (2022: 1,109.5) million.
2 Interest received are disclosed in cash flow from investing activities (consistent to prior year).
298.0
196.8
10
10
10
8
13.1
13.2
20
16
18
6
1,639.4
21.7
(51.3)
23.8
33.1
–
(1.1)
50.1
626.5
(109.5)
2,530.7
(49.1)
(141.2)
146.3
1.9
2,488.6
(129.2)
2,359.4
(404.4)
(36.6)
(154.7)
22.5
(36.1)
8.3
79.5
61.9
459.7
(0.8)
(0.7)
1,111.5
49.3
(66.2)
64.7
8.7
(80.2)
(0.6)
23.2
350.9
(68.5)
1,589.6
(28.7)
(288.2)
312.3
2.7
1,587.7
(76.1)
1,511.6
(97.4)
(15.9)
(0.1)
4.0
4.1
3.2
2.6
30.8
1.1
0.2
(67.4)
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Consolidated statement
of cash flows (continued)
Notes to the consolidated
financial statements
for the year ended December 31, 2023
for the year ended December 31, 2023
In millions of CHF
Note
2023
2022
1.
Corporate Information
Cash flow from financing activities
Transaction costs for financial instruments
Proceeds from / (repayment of) 3 rd party loans
Proceeds from borrowings
Payment of derivatives interests
Repayment of borrowings
Purchase of non-controlling interests Autogrill
Dividends paid to non-controlling interests
Purchase of treasury shares
Contribution from non-controlling interests
Lease payments
Interest paid 3
Net cash flow used in financing activities
Currency translation on cash
Increase / (Decrease) in cash and cash equivalents
Cash and cash equivalents at the
– beginning of the period
– end of the period
3 Interest paid are disclosed in cash flow from financing activities (consistent to prior year).
29
29
29
29
29
6
26
29
29
29.1
29.1
(6.0)
1.6
231.2
–
(864.5)
(44.1)
(133.9)
(33.4)
31.4
(1,361.7)
(222.4)
(2,401.8)
(97.0)
(140.1)
854.7
714.6
(16.8)
(1.8)
–
(14.2)
(152.2)
–
(68.3)
(21.6)
3.3
(907.8)
(164.9)
(1,344.3)
(38.7)
61.2
793.5
854.7
Avolta AG (the “Company”) is a publicly listed company with headquarters in Basel, Swit-
zerland. The Company is the world’s leading travel retail and food & beverage company.
It operates in more than 5,100 outlets worldwide. The shares of the Company are listed
on the SIX Swiss Exchange in Zürich.
The consolidated financial statements of Avolta AG and its subsidiaries (Avolta or the
“Group”) for the year ended December 31, 2023 and the respective comparative infor-
mation were authorized for public disclosure in accordance with a resolution of the
Board of Directors of the Company dated March 6, 2024, and are subject to the
approval of the Annual General meeting to be held on May 15, 2024.
Following the combination with Autogrill in February 2023, the company was renamed
from Dufry AG to Avolta AG to unify the combined business representing the compa-
ny’s broader scope and diversification. The shareholder resolved to change the com-
pany name of Dufry AG to Avolta AG and to amend article 1 of the Articles of Incorpora-
tion at the Extraordinary General Meeting of November 3, 2023.
2.
Basis of Preparation
The consolidated financial statements of Avolta AG and its subsidiaries have been pre-
pared in accordance with International Financial Reporting Standards as issued by the
IASB (”IFRS Accounting Standards”).
The consolidated financial statements have been prepared on the historical cost basis,
except for certain financial assets, liabilities (including derivative instruments) and
defined benefit plan assets, that are measured at fair value, as explained in the
accounting policies below. Historical cost is generally based on the fair value of the con-
sideration given in exchange for assets. The carrying values of recognized assets and
liabilities that are hedged items in fair value hedges, and are otherwise carried at amor-
tized cost, are adjusted to record changes in the fair values attributable to the risks that
are being hedged. The consolidated financial statements are presented in millions of
Swiss Francs (“CHF”). All values are rounded to the nearest one hundred thousand,
except when indicated otherwise.
The consolidated financial statements have been prepared on a going concern basis.
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Consolidated statement
of cash flows (continued)
Notes to the consolidated
financial statements
for the year ended December 31, 2023
for the year ended December 31, 2023
In millions of CHF
Note
2023
2022
1.
Corporate Information
Cash flow from financing activities
Transaction costs for financial instruments
Proceeds from / (repayment of) 3 rd party loans
Proceeds from borrowings
Payment of derivatives interests
Repayment of borrowings
Purchase of non-controlling interests Autogrill
Dividends paid to non-controlling interests
Purchase of treasury shares
Contribution from non-controlling interests
Lease payments
Interest paid 3
Net cash flow used in financing activities
Currency translation on cash
Increase / (Decrease) in cash and cash equivalents
Cash and cash equivalents at the
– beginning of the period
– end of the period
3 Interest paid are disclosed in cash flow from financing activities (consistent to prior year).
29
29
29
29
29
6
26
29
29
29.1
29.1
(6.0)
1.6
231.2
–
(864.5)
(44.1)
(133.9)
(33.4)
31.4
(1,361.7)
(222.4)
(2,401.8)
(97.0)
(140.1)
854.7
714.6
(16.8)
(1.8)
(14.2)
(152.2)
–
–
(68.3)
(21.6)
3.3
(907.8)
(164.9)
(1,344.3)
(38.7)
61.2
793.5
854.7
Avolta AG (the “Company”) is a publicly listed company with headquarters in Basel, Swit-
zerland. The Company is the world’s leading travel retail and food & beverage company.
It operates in more than 5,100 outlets worldwide. The shares of the Company are listed
on the SIX Swiss Exchange in Zürich.
The consolidated financial statements of Avolta AG and its subsidiaries (Avolta or the
“Group”) for the year ended December 31, 2023 and the respective comparative infor-
mation were authorized for public disclosure in accordance with a resolution of the
Board of Directors of the Company dated March 6, 2024, and are subject to the
approval of the Annual General meeting to be held on May 15, 2024.
Following the combination with Autogrill in February 2023, the company was renamed
from Dufry AG to Avolta AG to unify the combined business representing the compa-
ny’s broader scope and diversification. The shareholder resolved to change the com-
pany name of Dufry AG to Avolta AG and to amend article 1 of the Articles of Incorpora-
tion at the Extraordinary General Meeting of November 3, 2023.
2.
Basis of Preparation
The consolidated financial statements of Avolta AG and its subsidiaries have been pre-
pared in accordance with International Financial Reporting Standards as issued by the
IASB (”IFRS Accounting Standards”).
The consolidated financial statements have been prepared on the historical cost basis,
except for certain financial assets, liabilities (including derivative instruments) and
defined benefit plan assets, that are measured at fair value, as explained in the
accounting policies below. Historical cost is generally based on the fair value of the con-
sideration given in exchange for assets. The carrying values of recognized assets and
liabilities that are hedged items in fair value hedges, and are otherwise carried at amor-
tized cost, are adjusted to record changes in the fair values attributable to the risks that
are being hedged. The consolidated financial statements are presented in millions of
Swiss Francs (“CHF”). All values are rounded to the nearest one hundred thousand,
except when indicated otherwise.
The consolidated financial statements have been prepared on a going concern basis.
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2.1 Russia’s invasion of Ukraine
3.2 Changes in scope of consolidation
On February 24, 2022, the Russian Federation initiated a military attack on Ukraine.
In Ukraine, the Avolta Group only has operations at the Airport in Odessa, which are sus-
pended due to the conflict since March 2022.
The Russian travel market has a very low significance for Avolta Group, since Avolta‘s
operations in Russia, operated through a local joint venture, only represents 0.8 % of the
2023 Group’s net sales (2022: 1.7 %).
However, any further deterioration of the economic situation in Russia or escalation in
the hostilities between Russia and Ukraine as well as any restrictions of Russian passen-
gers to national or international travel may adversely affect Avolta’s business, including
its operations in countries that have traditionally been popular with Russian tourists.
The Group cannot predict the outcome of the conflict but is monitoring the situation
very closely.
3.
Accounting Policies
3.1 Basis of Consolidation
The consolidated financial statements of Avolta comprise all entities directly or indi-
rectly controlled by Avolta (its subsidiaries) as at December 31, 2023 and December 31,
2022 respectively for the comparative information.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which
Avolta obtains control, and continue to be consolidated until the date when such con-
trol is lost. The Group controls an entity when Avolta is exposed to, or has rights to, vari-
able returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. All intra group balances, transactions, unreal-
ized gains or losses or dividends are eliminated in full.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction.
If Avolta loses control over a subsidiary, it:
– derecognizes the assets (including goodwill) and liabilities of the subsidiary,
– derecognizes the carrying amount of any non-controlling interest as well as
derecognizes the cumulative translation differences recorded in equity,
– recognizes the fair value of the consideration received, recognizes the fair value of
any investment retained as well as recognizes any surplus or deficit in the statement
of profit or loss,
– recognizes any receivable from / payable to this former subsidiary.
On February 3, 2023, Avolta, global leader in travel retail, successfully closed the busi-
ness combination with Autogrill S.p.A Group (Autogrill), a global leader in travel food &
beverage. For further information refer to note 6.
3.3 Summary of significant accounting policies
a) Business combinations and Goodwill
Business combinations are accounted for using the acquisition method. The cost of an
acquisition is measured as the aggregate of the consideration transferred, measured at
acquisition date fair value and the amount of any non-controlling interest in the
acquiree. For each business combination, Avolta selects whether it measures the
non-controlling interest in the acquiree either at fair value or at the proportionate share
of the acquiree’s identifiable net assets. Acquisition related transaction costs are
expensed and presented in other expenses. When Avolta acquires a business, it
assesses the financial assets and liabilities assumed for appropriate classification and
designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.
Any contingent consideration to be transferred by the acquirer will be recognized at fair
value at the acquisition date. Thereafter any change in the fair value of the contingent
consideration not classified as equity will be recognized through the statement of profit
or loss.
Avolta measures goodwill at the acquisition date as:
– the fair value of the consideration transferred;
– plus the recognized amount of any non-controlling interests in the acquiree;
– plus, if the business combination is achieved in stages, the fair value of the
pre-existing equity interest in the acquiree;
– less the net recognized amount of the identifiable assets acquired and liabilities
assumed.
When the excess is negative, a bargain purchase gain is recognized immediately in the
statement of profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combi-
nation is, from the acquisition date, allocated to each of Avolta’s group of cash-gener-
ating units that are expected to benefit from the combination.
2.1 Russia’s invasion of Ukraine
3.2 Changes in scope of consolidation
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On February 24, 2022, the Russian Federation initiated a military attack on Ukraine.
In Ukraine, the Avolta Group only has operations at the Airport in Odessa, which are sus-
pended due to the conflict since March 2022.
The Russian travel market has a very low significance for Avolta Group, since Avolta‘s
operations in Russia, operated through a local joint venture, only represents 0.8 % of the
2023 Group’s net sales (2022: 1.7 %).
However, any further deterioration of the economic situation in Russia or escalation in
the hostilities between Russia and Ukraine as well as any restrictions of Russian passen-
gers to national or international travel may adversely affect Avolta’s business, including
its operations in countries that have traditionally been popular with Russian tourists.
The Group cannot predict the outcome of the conflict but is monitoring the situation
very closely.
3.
Accounting Policies
3.1 Basis of Consolidation
The consolidated financial statements of Avolta comprise all entities directly or indi-
rectly controlled by Avolta (its subsidiaries) as at December 31, 2023 and December 31,
2022 respectively for the comparative information.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which
Avolta obtains control, and continue to be consolidated until the date when such con-
trol is lost. The Group controls an entity when Avolta is exposed to, or has rights to, vari-
able returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. All intra group balances, transactions, unreal-
ized gains or losses or dividends are eliminated in full.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction.
If Avolta loses control over a subsidiary, it:
– derecognizes the assets (including goodwill) and liabilities of the subsidiary,
– derecognizes the carrying amount of any non-controlling interest as well as
derecognizes the cumulative translation differences recorded in equity,
– recognizes the fair value of the consideration received, recognizes the fair value of
any investment retained as well as recognizes any surplus or deficit in the statement
of profit or loss,
– recognizes any receivable from / payable to this former subsidiary.
On February 3, 2023, Avolta, global leader in travel retail, successfully closed the busi-
ness combination with Autogrill S.p.A Group (Autogrill), a global leader in travel food &
beverage. For further information refer to note 6.
3.3 Summary of significant accounting policies
a) Business combinations and Goodwill
Business combinations are accounted for using the acquisition method. The cost of an
acquisition is measured as the aggregate of the consideration transferred, measured at
acquisition date fair value and the amount of any non-controlling interest in the
acquiree. For each business combination, Avolta selects whether it measures the
non-controlling interest in the acquiree either at fair value or at the proportionate share
of the acquiree’s identifiable net assets. Acquisition related transaction costs are
expensed and presented in other expenses. When Avolta acquires a business, it
assesses the financial assets and liabilities assumed for appropriate classification and
designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.
Any contingent consideration to be transferred by the acquirer will be recognized at fair
value at the acquisition date. Thereafter any change in the fair value of the contingent
consideration not classified as equity will be recognized through the statement of profit
or loss.
Avolta measures goodwill at the acquisition date as:
– the fair value of the consideration transferred;
– plus the recognized amount of any non-controlling interests in the acquiree;
– plus, if the business combination is achieved in stages, the fair value of the
pre-existing equity interest in the acquiree;
– less the net recognized amount of the identifiable assets acquired and liabilities
assumed.
When the excess is negative, a bargain purchase gain is recognized immediately in the
statement of profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combi-
nation is, from the acquisition date, allocated to each of Avolta’s group of cash-gener-
ating units that are expected to benefit from the combination.
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Where goodwill forms part of a cash-generating unit and an operation within is dis-
posed of, the goodwill associated with the operation disposed of is included in the car-
rying amount of the operation when determining the gain or loss on disposal of the
operation. Goodwill disposed of in this circumstance is measured based on the relative
values of the operation disposed of and the portion of the cash-generating unit
retained, unless there are specific allocations identifiable.
b) Foreign currency translation
Each subsidiary in Avolta uses its corresponding functional currency. Items included in
the financial statements of each entity are measured using that functional currency.
Transactions in foreign currencies are recorded at the date of the transaction in the
functional currency using the exchange rate of such date.
Monetary assets and liabilities denominated in foreign currencies are remeasured using
the functional currency exchange rate at the reporting date and the difference is
recorded as unrealized foreign exchange gains / losses. Exchange differences arising
on the settlement or on the translation of derivative financial instruments are recog-
nized through the statement of profit or loss (within finance costs), except where the
hedges on net investments allow the recognition through other comprehensive income,
until the respective investments are disposed of. Deferred tax related to unrealized
exchange differences is accounted for accordingly. Non-monetary items are measured
at historical cost in the respective functional currency.
At the reporting date, the assets and liabilities of all subsidiaries reporting in foreign cur-
rency are translated into the presentation currency of Avolta (CHF), using the exchange
rate at the reporting date. The statements of profit or loss of the subsidiaries are trans-
lated using the average exchange rates of the respective month in which the transac-
tions occurred. The net translation differences are recognized in other comprehensive
income. On disposal of a foreign entity or when control is lost, the deferred cumulative
translation difference recognized within equity relating to that particular operation is
recognized in the statement of profit or loss as gain or loss on sale of subsidiaries.
Goodwill, intangible assets and fair value adjustments identified during a business com-
bination (purchase price allocation) are treated as assets and liabilities in the functional
currency of such operation.
Principal foreign exchange rates applied for valuation and translation:
In CHF
1 USD
1 EUR
1 GBP
Average rate
Closing rate
2023
2022
31.12.2023
31.12.2022
0.8983
0.9715
1.1171
0.9546
1.0049
1.1793
0.8415
0.9288
1.0714
0.9244
0.9896
1.1186
c) Net sales
Turnover is comprised of net sales and advertising income and is recognized from con-
tracts with customers. The Group recognizes revenue from retail sales and the related
cost of goods sold at the point in time when it sells and hands over directly at the stores
to the traveler. These transactions have to be settled by cash or credit card on delivery.
Net sales are measured at fair value of the consideration received for the goods sold,
deducting discounts and excluding sales taxes.
When the Group is acting as an agent and not as a principal in a sales transaction, the
revenue recognized is the net amount of the Group’s premium or commission. The
Group acts as an agent within the fuel business.
d) Advertising income
The Group’s advertising income results from several distinctive marketing support
activities, not affecting the retail price, performed by Avolta after having been devel-
oped and coordinated together with its suppliers. The income is recognized in the
period the advertising is performed. The compensation will be received on contractual
terms. Usually, Avolta is not entitled to offset the income with trade payables related
with the same supplier. An allowance on these advertising receivables is recognized to
reflect the risks and uncertainties in relation with the final achievements of incentives
based on thresholds, to be confirmed after the end of the respective program.
e) Grants
Grants, including non-monetary grants measured at fair value, are recognized if there
is reasonable certainty that the Group will meet the conditions set out in contracts (in
the case of private grants, e.g. awarded against services rendered) or government reg-
ulations (in the case of public grants awarded in the different countries where the Group
operates) and that the grants will be received.
Capital grants are recorded in the statement of financial position as deferred revenue,
which is recognized as income on a systematic, rational basis over the useful life of the
tangible or intangible asset.
Operating grants are recognized on a systematic basis in the income statement in the
years in which the Group recognizes as costs the expenses that the grants are intended
Such operating grants are recognized in the income statement under “Other operating
income” or, alternatively, deducted from the related cost, if directly attributable.
to offset.
f) Cost of sales
Cost of sales are recognized when the Company sells the products and comprises the
purchase price and the cost incurred until the products arrive at the warehouse, i. e.
import duties, transport, purchase discounts (price-offs) as well as inventory valuation
adjustments and inventory losses.
g) Lease expenses
On May 28, 2020 the IASB issued an amendment to IFRS 16 providing lessees with an
exemption from assessing whether a COVID-19 related relief of lease obligations is a
lease modification, requiring lessees that apply the exemption to account for COVID-19
related rent concessions as if they were not lease modifications. Avolta adopted this
amendment applying it for the full year 2020. The practical expedient applies only to
rent concessions occurring as a direct consequence of the COVID-19 pandemic and
only if all of the following conditions are met:
Where goodwill forms part of a cash-generating unit and an operation within is dis-
posed of, the goodwill associated with the operation disposed of is included in the car-
rying amount of the operation when determining the gain or loss on disposal of the
operation. Goodwill disposed of in this circumstance is measured based on the relative
values of the operation disposed of and the portion of the cash-generating unit
retained, unless there are specific allocations identifiable.
b) Foreign currency translation
Each subsidiary in Avolta uses its corresponding functional currency. Items included in
the financial statements of each entity are measured using that functional currency.
Transactions in foreign currencies are recorded at the date of the transaction in the
functional currency using the exchange rate of such date.
Monetary assets and liabilities denominated in foreign currencies are remeasured using
the functional currency exchange rate at the reporting date and the difference is
recorded as unrealized foreign exchange gains / losses. Exchange differences arising
on the settlement or on the translation of derivative financial instruments are recog-
nized through the statement of profit or loss (within finance costs), except where the
hedges on net investments allow the recognition through other comprehensive income,
until the respective investments are disposed of. Deferred tax related to unrealized
exchange differences is accounted for accordingly. Non-monetary items are measured
at historical cost in the respective functional currency.
At the reporting date, the assets and liabilities of all subsidiaries reporting in foreign cur-
rency are translated into the presentation currency of Avolta (CHF), using the exchange
rate at the reporting date. The statements of profit or loss of the subsidiaries are trans-
lated using the average exchange rates of the respective month in which the transac-
tions occurred. The net translation differences are recognized in other comprehensive
income. On disposal of a foreign entity or when control is lost, the deferred cumulative
translation difference recognized within equity relating to that particular operation is
recognized in the statement of profit or loss as gain or loss on sale of subsidiaries.
Goodwill, intangible assets and fair value adjustments identified during a business com-
bination (purchase price allocation) are treated as assets and liabilities in the functional
currency of such operation.
Principal foreign exchange rates applied for valuation and translation:
In CHF
1 USD
1 EUR
1 GBP
Average rate
Closing rate
2023
2022
31.12.2023
31.12.2022
0.8983
0.9715
1.1171
0.9546
1.0049
1.1793
0.8415
0.9288
1.0714
0.9244
0.9896
1.1186
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c) Net sales
Turnover is comprised of net sales and advertising income and is recognized from con-
tracts with customers. The Group recognizes revenue from retail sales and the related
cost of goods sold at the point in time when it sells and hands over directly at the stores
to the traveler. These transactions have to be settled by cash or credit card on delivery.
Net sales are measured at fair value of the consideration received for the goods sold,
deducting discounts and excluding sales taxes.
When the Group is acting as an agent and not as a principal in a sales transaction, the
revenue recognized is the net amount of the Group’s premium or commission. The
Group acts as an agent within the fuel business.
d) Advertising income
The Group’s advertising income results from several distinctive marketing support
activities, not affecting the retail price, performed by Avolta after having been devel-
oped and coordinated together with its suppliers. The income is recognized in the
period the advertising is performed. The compensation will be received on contractual
terms. Usually, Avolta is not entitled to offset the income with trade payables related
with the same supplier. An allowance on these advertising receivables is recognized to
reflect the risks and uncertainties in relation with the final achievements of incentives
based on thresholds, to be confirmed after the end of the respective program.
e) Grants
Grants, including non-monetary grants measured at fair value, are recognized if there
is reasonable certainty that the Group will meet the conditions set out in contracts (in
the case of private grants, e.g. awarded against services rendered) or government reg-
ulations (in the case of public grants awarded in the different countries where the Group
operates) and that the grants will be received.
Capital grants are recorded in the statement of financial position as deferred revenue,
which is recognized as income on a systematic, rational basis over the useful life of the
tangible or intangible asset.
Operating grants are recognized on a systematic basis in the income statement in the
years in which the Group recognizes as costs the expenses that the grants are intended
to offset.
Such operating grants are recognized in the income statement under “Other operating
income” or, alternatively, deducted from the related cost, if directly attributable.
f) Cost of sales
Cost of sales are recognized when the Company sells the products and comprises the
purchase price and the cost incurred until the products arrive at the warehouse, i. e.
import duties, transport, purchase discounts (price-offs) as well as inventory valuation
adjustments and inventory losses.
g) Lease expenses
On May 28, 2020 the IASB issued an amendment to IFRS 16 providing lessees with an
exemption from assessing whether a COVID-19 related relief of lease obligations is a
lease modification, requiring lessees that apply the exemption to account for COVID-19
related rent concessions as if they were not lease modifications. Avolta adopted this
amendment applying it for the full year 2020. The practical expedient applies only to
rent concessions occurring as a direct consequence of the COVID-19 pandemic and
only if all of the following conditions are met:
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– the change in lease payments results in revised consideration for the lease that is
substantially the same as, or less than, the consideration for the lease immediately
preceding the change;
– any reduction in lease payments affects only payments originally due on or before
June 30, 2021 (for example, a rent concession would meet this condition if it results
in reduced lease payments on or before June 30, 2021 and increased lease pay-
ments that extend beyond June 30, 2021); and
– there is no substantive change to other terms and conditions of the lease.
On March 31, 2021, the IASB published a further amendment to extend the date of the
practical expedient from June 30, 2021 to June 30, 2022.
Avolta adopted the temporary amendment to IFRS 16 for the first half-year 2022. Under
defined circumstances, the amendment allows to consider that renegotiations related
to COVID-19 are not modifications, and can be recognized directly as a reduction of
lease expense.
The exemption applies only to rent concessions occurring as a direct consequence of
the COVID-19 pandemic and subject to the above conditions and was applied in all pos-
sible cases. Avolta did not recognize in 2023 any net relief of lease obligations (2022:
80.2 million) presented as lease (expense) / income (see note 8).
h) Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of
an entity after deducting all of its liabilities. Equity instruments issued by Avolta are rec-
ognized at the proceeds received, net of direct issue costs. Repurchase of Avolta’s own
equity instruments is recognized and deducted directly in equity. No gain or loss is rec-
ognized in the statement of profit or loss on the purchase, sale, issue or cancellation of
Avolta’s own equity instruments.
i) Share capital
Ordinary shares are classified as equity. Costs directly attributable to the issuance of
shares or options are shown in the statement of changes in equity as transaction costs
for equity instruments, net of tax.
For Avolta shares purchased by Avolta AG or any subsidiary, the consideration paid,
including any directly attributable expenses, net of taxes, is deducted from equity until
the shares are cancelled, assigned or sold. Where such ordinary shares are subse-
quently sold, any consideration received, net of any direct transaction expenses and
income tax, is included in equity.
j) Pension and other post-employment benefit obligation
The employees of the subsidiaries are eligible for retirement, invalidity and death ben-
efits under local social security schemes prevailing in the countries concerned and
defined benefit or defined contribution plans provided through separate funds, insur-
ance plans, or unfunded arrangements. The pension plans are either funded through
regular contributions made by the employer or the employee or unfunded. The cost of
providing benefits under defined benefit plans is determined using the projected unit
credit method. The plan assets are valued at fair value.
Remeasurements, the effect of the asset ceiling (excluding net interest) and the return
on plan assets (excluding net interest), are recognized in the statement of financial posi-
tion with a corresponding debit or credit to other comprehensive income in the period
in which they occur. Remeasurements are not reclassified to profit or loss in subsequent
periods.
Past service costs are recognized in profit or loss on the earlier of:
– the date of the plan amendment or curtailment, and
– the date that Avolta recognizes restructuring related costs.
Net interest is calculated by applying the discount rate to the net defined benefit obli-
gation (asset). Avolta recognizes the following changes in the net defined benefit obli-
gation in the statement of profit or loss:
– Service costs comprising current service costs are disclosed under “personnel
expenses”. Past service costs, gains and losses on curtailments and non-routine set-
tlements are shown under “other expenses”
– Net interest expense or income under “finance expenses” or “finance income”.
k) Share-based payments
Equity settled share-based payments to employees and other third parties providing
services are measured at the fair value of the equity instruments at grant date. The fair
value determined at grant date of the equity-settled share-based payments is expensed
on a pro rata basis over the vesting period, based on the estimated number of equity
instruments that will eventually vest. At the end of each reporting period, Avolta revises
its estimate of the number of equity instruments expected to vest. The impact of the
revision of the original estimates, if any, is recognized in the statement of profit or loss
such that the cumulative expense reflects the revised estimate.
Where the terms of an equity settled award are modified, the minimum expense recog-
nized is the expense as if the terms had not been modified. An additional expense is rec-
ognized for any modification, which increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the holder of the option as mea-
sured at the date of modification.
l) Taxation
Income tax expense represents the sum of the current income tax and deferred tax.
Where the functional currency is not the local currency, the position includes the effects
of foreign exchange translation on deferred tax assets or deferred tax liabilities.
Income tax positions not relating to items recognized in the statement of profit or loss,
are recognized in correlation to the underlying transaction, either in other comprehen-
Income tax receivables or payables are measured at the amount expected to be recov-
ered from or paid to the tax authorities. The tax rates and tax laws used to compute the
amount are those that are enacted or substantially enacted at the reporting date in the
countries where Avolta operates and generates taxable income.
Income tax relating to items recognized in other comprehensive income is recognized
sive income or equity.
Current income tax
in the same statement.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between
the tax basis of assets or liabilities and their carrying amounts for financial reporting
purposes at the reporting date.
– the change in lease payments results in revised consideration for the lease that is
substantially the same as, or less than, the consideration for the lease immediately
preceding the change;
– any reduction in lease payments affects only payments originally due on or before
June 30, 2021 (for example, a rent concession would meet this condition if it results
in reduced lease payments on or before June 30, 2021 and increased lease pay-
ments that extend beyond June 30, 2021); and
– there is no substantive change to other terms and conditions of the lease.
On March 31, 2021, the IASB published a further amendment to extend the date of the
practical expedient from June 30, 2021 to June 30, 2022.
Avolta adopted the temporary amendment to IFRS 16 for the first half-year 2022. Under
defined circumstances, the amendment allows to consider that renegotiations related
to COVID-19 are not modifications, and can be recognized directly as a reduction of
lease expense.
The exemption applies only to rent concessions occurring as a direct consequence of
the COVID-19 pandemic and subject to the above conditions and was applied in all pos-
sible cases. Avolta did not recognize in 2023 any net relief of lease obligations (2022:
80.2 million) presented as lease (expense) / income (see note 8).
h) Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of
an entity after deducting all of its liabilities. Equity instruments issued by Avolta are rec-
ognized at the proceeds received, net of direct issue costs. Repurchase of Avolta’s own
equity instruments is recognized and deducted directly in equity. No gain or loss is rec-
ognized in the statement of profit or loss on the purchase, sale, issue or cancellation of
Avolta’s own equity instruments.
i) Share capital
Ordinary shares are classified as equity. Costs directly attributable to the issuance of
shares or options are shown in the statement of changes in equity as transaction costs
for equity instruments, net of tax.
For Avolta shares purchased by Avolta AG or any subsidiary, the consideration paid,
including any directly attributable expenses, net of taxes, is deducted from equity until
the shares are cancelled, assigned or sold. Where such ordinary shares are subse-
quently sold, any consideration received, net of any direct transaction expenses and
income tax, is included in equity.
j) Pension and other post-employment benefit obligation
The employees of the subsidiaries are eligible for retirement, invalidity and death ben-
efits under local social security schemes prevailing in the countries concerned and
defined benefit or defined contribution plans provided through separate funds, insur-
ance plans, or unfunded arrangements. The pension plans are either funded through
regular contributions made by the employer or the employee or unfunded. The cost of
providing benefits under defined benefit plans is determined using the projected unit
credit method. The plan assets are valued at fair value.
Remeasurements, the effect of the asset ceiling (excluding net interest) and the return
on plan assets (excluding net interest), are recognized in the statement of financial posi-
tion with a corresponding debit or credit to other comprehensive income in the period
in which they occur. Remeasurements are not reclassified to profit or loss in subsequent
periods.
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Past service costs are recognized in profit or loss on the earlier of:
– the date of the plan amendment or curtailment, and
– the date that Avolta recognizes restructuring related costs.
Net interest is calculated by applying the discount rate to the net defined benefit obli-
gation (asset). Avolta recognizes the following changes in the net defined benefit obli-
gation in the statement of profit or loss:
– Service costs comprising current service costs are disclosed under “personnel
expenses”. Past service costs, gains and losses on curtailments and non-routine set-
tlements are shown under “other expenses”
– Net interest expense or income under “finance expenses” or “finance income”.
k) Share-based payments
Equity settled share-based payments to employees and other third parties providing
services are measured at the fair value of the equity instruments at grant date. The fair
value determined at grant date of the equity-settled share-based payments is expensed
on a pro rata basis over the vesting period, based on the estimated number of equity
instruments that will eventually vest. At the end of each reporting period, Avolta revises
its estimate of the number of equity instruments expected to vest. The impact of the
revision of the original estimates, if any, is recognized in the statement of profit or loss
such that the cumulative expense reflects the revised estimate.
Where the terms of an equity settled award are modified, the minimum expense recog-
nized is the expense as if the terms had not been modified. An additional expense is rec-
ognized for any modification, which increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the holder of the option as mea-
sured at the date of modification.
l) Taxation
Income tax expense represents the sum of the current income tax and deferred tax.
Where the functional currency is not the local currency, the position includes the effects
of foreign exchange translation on deferred tax assets or deferred tax liabilities.
Income tax positions not relating to items recognized in the statement of profit or loss,
are recognized in correlation to the underlying transaction, either in other comprehen-
sive income or equity.
Current income tax
Income tax receivables or payables are measured at the amount expected to be recov-
ered from or paid to the tax authorities. The tax rates and tax laws used to compute the
amount are those that are enacted or substantially enacted at the reporting date in the
countries where Avolta operates and generates taxable income.
Income tax relating to items recognized in other comprehensive income is recognized
in the same statement.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between
the tax basis of assets or liabilities and their carrying amounts for financial reporting
purposes at the reporting date.
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Deferred tax liabilities are recognized for all taxable temporary differences, except:
– When the deferred tax liability arises from the initial recognition of goodwill or an
asset or liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor taxable profit or loss.
– In respect of taxable temporary differences associated with investments in subsid-
iaries, when the timing of the reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not reverse in the foreseeable
future.
Deferred tax assets are recognized for all deductible temporary differences and the
carry forward of unused tax credits or tax losses. Deferred tax assets are recognized to
the extent that it is probable that taxable profit will be available, against which the
deductible temporary differences and the carry forward of unused tax credits and
unused tax losses can be utilized, except:
– When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a busi-
ness combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss.
– In respect of deductible temporary differences associated with investments in sub-
sidiaries, deferred tax assets are recognized only to the extent that it is probable that
the temporary differences will reverse in the foreseeable future and taxable profit
will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow the deferred tax asset to be utilized. Unrecognized deferred tax assets
are reassessed at each reporting date and are recognized to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be
recovered in the foreseeable future, taking into account the remaining duration of the
underlying concession agreements.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in the year when the asset is realized or the liability is settled, based on tax rates
(and tax laws) that have been enacted or substantially enacted at the reporting date
applicable for each respective company.
m) Property, plant and equipment
These are stated at cost less accumulated depreciation and any impairment in fair
value. Depreciation is computed on a straight-line basis over the shorter of the esti-
mated useful life of the asset or the lease term. The useful lives applied are as follows:
– Real estate (buildings) : 20 to 40 years
– Leasehold improvements : the shorter of the lease term or 10 years
– Furniture and fixtures : the shorter of the lease term or 5 years
– Motor vehicles : the shorter of the lease term or 5 years
– Computer hardware : the shorter of the lease term or 5 years
n) Right-of-use assets
The Group recognizes right-of-use assets at the commencement date of the lease (i. e.,
the date the underlying asset is available for use). Right-of-use assets are measured at
cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease obligations. The cost of right-of-use assets includes the
amount of lease obligations recognized, initial direct costs incurred, and lease payments
made at or before the commencement date less any lease incentives received. Unless
the Group is reasonably certain to obtain ownership of the leased asset at the end of
the lease term, the recognized right-of-use assets are depreciated on a straight-line
basis over the shorter of its estimated useful life or the lease term. Right-of-use assets
are subject to impairment. The contractual term of the Group’s assets is up to 40 years.
To contain a lease, an agreement has to convey the right to control the use of an iden-
tified asset throughout the period of use in exchange for consideration, so that the
lessee has the right to obtain substantially all of the economic benefits from the use of
the identified asset and direct the use of the identified asset (i. e. direct how and for what
purpose the asset is used). The lease term corresponds to the non-cancellable period
of each contract and where the Group is reasonably certain of exercising renewal
options contractually foreseen. Right-of-use assets are capitalized at a value equivalent
to the lease obligation at inception and depreciated over the useful life of the asset,
except for leases with a lease term (or remaining upon adoption) of less than 12 months
or leases of low value assets.
Initial direct costs for contracts signed in the past were not recognized as part of the
right-of-use asset at the date of initial adoption.
Short-term leases with a duration of less than 12 months and low value leases, as well as
those lease elements, not complying with the principles of recognition defined by IFRS
16 are recognized in Profit or Loss when incurred.
Types of right-of-use assets:
(i) Shops
Avolta enters into lease agreements with operators of airports, seaports, railway sta-
tions etc. to operate retail shops which in substance are considered leases. These lease
agreements contain complex features, which include variable payment based on sales,
which cannot be lower than a minimal threshold (MAG). The MAG can be fixed or vari-
able depending on certain parameters. The MAG amounts may: a) be fixed by the lease
agreement or b) be calculated based on a percentage of fees paid in the previous year,
or c) adjusted based on an index. In these cases, the unavoidable portions of the fees
are considered as in substance fixed payments, despite having a variable component.
Management signs and renews on average more than 50 agreements every year with
a typical duration of 5 to 10 years.
These agreements do not contain a residual value guarantee. In some cases, the cur-
rent parts of the lease obligations are secured with bank guarantees in case the Group
would not fulfill its contractual commitments. Avolta has capitalized all elements of the
lease contracts in accordance with IFRS 16 when at the commencement of the agree-
ment such commitments are in substance fixed. Payment obligations that do not have
a fixed or in substance fixed commitment, will continue to be presented as variable lease
expense. Avolta has identified a number of agreements in its portfolio which are not ful-
filling the principles of recognition defined by IFRS 16, i. e. they have minimal guaranteed
payments based on non-predictable parameters or variables, such as actual number of
passengers, which will continue to be presented as variable lease expense.
Lease agreements for offices or warehouse buildings usually qualify for capitalization
(ii) Other buildings
under IFRS 16.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
– When the deferred tax liability arises from the initial recognition of goodwill or an
asset or liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor taxable profit or loss.
– In respect of taxable temporary differences associated with investments in subsid-
iaries, when the timing of the reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not reverse in the foreseeable
future.
Deferred tax assets are recognized for all deductible temporary differences and the
carry forward of unused tax credits or tax losses. Deferred tax assets are recognized to
the extent that it is probable that taxable profit will be available, against which the
deductible temporary differences and the carry forward of unused tax credits and
unused tax losses can be utilized, except:
– When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a busi-
ness combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss.
– In respect of deductible temporary differences associated with investments in sub-
sidiaries, deferred tax assets are recognized only to the extent that it is probable that
the temporary differences will reverse in the foreseeable future and taxable profit
will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow the deferred tax asset to be utilized. Unrecognized deferred tax assets
are reassessed at each reporting date and are recognized to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be
recovered in the foreseeable future, taking into account the remaining duration of the
underlying concession agreements.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in the year when the asset is realized or the liability is settled, based on tax rates
(and tax laws) that have been enacted or substantially enacted at the reporting date
applicable for each respective company.
m) Property, plant and equipment
These are stated at cost less accumulated depreciation and any impairment in fair
value. Depreciation is computed on a straight-line basis over the shorter of the esti-
mated useful life of the asset or the lease term. The useful lives applied are as follows:
– Real estate (buildings) : 20 to 40 years
– Leasehold improvements : the shorter of the lease term or 10 years
– Furniture and fixtures : the shorter of the lease term or 5 years
– Motor vehicles : the shorter of the lease term or 5 years
– Computer hardware : the shorter of the lease term or 5 years
n) Right-of-use assets
The Group recognizes right-of-use assets at the commencement date of the lease (i. e.,
the date the underlying asset is available for use). Right-of-use assets are measured at
cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease obligations. The cost of right-of-use assets includes the
amount of lease obligations recognized, initial direct costs incurred, and lease payments
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made at or before the commencement date less any lease incentives received. Unless
the Group is reasonably certain to obtain ownership of the leased asset at the end of
the lease term, the recognized right-of-use assets are depreciated on a straight-line
basis over the shorter of its estimated useful life or the lease term. Right-of-use assets
are subject to impairment. The contractual term of the Group’s assets is up to 40 years.
To contain a lease, an agreement has to convey the right to control the use of an iden-
tified asset throughout the period of use in exchange for consideration, so that the
lessee has the right to obtain substantially all of the economic benefits from the use of
the identified asset and direct the use of the identified asset (i. e. direct how and for what
purpose the asset is used). The lease term corresponds to the non-cancellable period
of each contract and where the Group is reasonably certain of exercising renewal
options contractually foreseen. Right-of-use assets are capitalized at a value equivalent
to the lease obligation at inception and depreciated over the useful life of the asset,
except for leases with a lease term (or remaining upon adoption) of less than 12 months
or leases of low value assets.
Initial direct costs for contracts signed in the past were not recognized as part of the
right-of-use asset at the date of initial adoption.
Short-term leases with a duration of less than 12 months and low value leases, as well as
those lease elements, not complying with the principles of recognition defined by IFRS
16 are recognized in Profit or Loss when incurred.
Types of right-of-use assets:
(i) Shops
Avolta enters into lease agreements with operators of airports, seaports, railway sta-
tions etc. to operate retail shops which in substance are considered leases. These lease
agreements contain complex features, which include variable payment based on sales,
which cannot be lower than a minimal threshold (MAG). The MAG can be fixed or vari-
able depending on certain parameters. The MAG amounts may: a) be fixed by the lease
agreement or b) be calculated based on a percentage of fees paid in the previous year,
or c) adjusted based on an index. In these cases, the unavoidable portions of the fees
are considered as in substance fixed payments, despite having a variable component.
Management signs and renews on average more than 50 agreements every year with
a typical duration of 5 to 10 years.
These agreements do not contain a residual value guarantee. In some cases, the cur-
rent parts of the lease obligations are secured with bank guarantees in case the Group
would not fulfill its contractual commitments. Avolta has capitalized all elements of the
lease contracts in accordance with IFRS 16 when at the commencement of the agree-
ment such commitments are in substance fixed. Payment obligations that do not have
a fixed or in substance fixed commitment, will continue to be presented as variable lease
expense. Avolta has identified a number of agreements in its portfolio which are not ful-
filling the principles of recognition defined by IFRS 16, i. e. they have minimal guaranteed
payments based on non-predictable parameters or variables, such as actual number of
passengers, which will continue to be presented as variable lease expense.
(ii) Other buildings
Lease agreements for offices or warehouse buildings usually qualify for capitalization
under IFRS 16.
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(iii) Vehicles and other
Avolta has also entered into many other lease agreements, for example vehicles, hard
or software, and other assets, which in accordance with IFRS 16, qualify for capitaliza-
tion of leases.
o) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases
(i. e., those leases that have a lease term of 12 months or less from the commencement
date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases of office equipment that are considered of low value
(i. e., below CHF 10.000, division North America below USD 25.000). Lease payments on
short-term leases and leases of low-value assets are recognized as expense on a
straight-line basis over the lease term.
p) Intangible assets
These assets mainly comprise of concession rights and brands. Usually, these assets
are capitalized at cost, but when identified as part of a business combination, they are
capitalized at fair value as at the date of acquisition. The useful lives of these intangible
assets are assessed to be either finite or indefinite. Following initial recognition, the cost
model is applied. Intangible assets with finite lives are amortized over the useful eco-
nomic life. Intangible assets with an indefinite useful life are reviewed annually to deter-
mine whether the indefinite life assessment continues to be supportable. If not, any
changes are made on a prospective basis. The brand assets are not amortized, have
indefinite useful life, as they can be renewed without significant costs, are supported by
ongoing marketing and selling activities and there is no foreseeable limit to the cash-
flows they generate. Concession rights have a useful life based on the lease term, which
can be up to 40 years.
q) Software
Software is valued at amortized historical cost, or in case of internal developments by
the sum of costs incurred less amortization.
r) Impairment of non-financial assets
Goodwill and intangible assets with indefinite useful life are not subject to amortization
and are tested annually for impairment. Assets that are subject to depreciation and
amortization are reviewed for impairment whenever events or circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is recognized
when the carrying amount of an asset or cash-generating unit exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less cost of dis-
posal or its value in use. For the purpose of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable cash inflows (cash-gen-
erating units).
s) Associates
Associates are all entities over which Avolta has significant influence but not control,
generally accompanying a shareholding interest of more than 20 % of the voting rights.
Investments in associates are accounted for using the equity method of accounting.
Under the equity method, the investment is initially recognized at cost. The carrying
amount is increased or decreased to recognize changes in the Group’s share of net
assets of the associate after the date of acquisition and decreased by dividends
declared. Avolta’s investments in associates may include goodwill identified on acquisition.
Avolta’s share of post-acquisition net profit / (loss) is recognized in the statement of
profit or loss, and its share of post-acquisition movements in other comprehensive
income is recognized in the statement of comprehensive income with a corresponding
adjustment to the carrying amount of the investment. When Avolta’s share of losses in
an associate equals or exceeds its interest in the associate, Avolta does not recognize
further losses, unless it has incurred legal or constructive obligations or made payments
on behalf of the associate. If the ownership interest in an associate is reduced but sig-
nificant influence is retained, only a proportionate share of the amounts previously rec-
ognized in other comprehensive income is reclassified to net profit / (loss) where appro-
priate.
Avolta determines at each reporting date whether there is any objective evidence that
the investment in the associate is impaired. If this is the case, Avolta calculates the
amount of impairment as the difference between the recoverable amount of the asso-
ciate and its carrying value, and recognizes the amount within the finance expenses in
the statement of profit or loss.
Profits and losses resulting from upstream and downstream transactions between
Avolta and its associates are recognized in the Group’s financial statements only to the
extent of unrelated investor’s interests in the associates. Unrealized losses are elimi-
nated unless the transaction provides evidence of an impairment of the asset trans-
ferred. Accounting policies of associates have been changed where necessary to
ensure consistency with the policies adopted by Avolta.
Dilution gains and losses arising in investments in associates are recognized in the state-
ment of profit or loss.
t) Inventories
Inventories are valued at the lower of historical cost or net realizable value.
The historical costs are determined according to the weighted average cost method,
except the Food & Beverage inventories which are calculated using the FIFO method or
with criteria that approximate FIFO. Historical cost includes all expenses incurred in
bringing the inventories to their present location and condition. Beside the purchase
price of the goods less the discounts or rebates obtained, the historical cost includes
import duties and transport cost. Avolta purchases most of the inventory centrally and
provides the subsidiaries the goods in their reporting currency, i. e. free of currency risk
for them.
The net realizable value is the estimated selling price in the ordinary course of business
less the estimated costs necessary to make the sale. Inventory allowances are set up for
slow-moving and obsolete stock. Expired items are fully written off.
u) Trade and credit card receivables
These accounts include receivables related to the sale of merchandise. Trade receiv-
ables that do not have a significant financing component are initially measured at trans-
action price and subsequently at amortized cost.
v) Cash and cash equivalents
Cash and cash equivalents consist of cash on hand or current bank accounts as well as
current deposits at banks with initial maturity below 91 days. Credit card receivables
with a maturity of up to 4 working days are included as cash in transit.
w) Lease obligations
At the commencement date of the lease, the Group recognizes lease obligations mea-
sured at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and
(iii) Vehicles and other
tion of leases.
Avolta has also entered into many other lease agreements, for example vehicles, hard
or software, and other assets, which in accordance with IFRS 16, qualify for capitaliza-
o) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases
(i. e., those leases that have a lease term of 12 months or less from the commencement
date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases of office equipment that are considered of low value
(i. e., below CHF 10.000, division North America below USD 25.000). Lease payments on
short-term leases and leases of low-value assets are recognized as expense on a
straight-line basis over the lease term.
p) Intangible assets
These assets mainly comprise of concession rights and brands. Usually, these assets
are capitalized at cost, but when identified as part of a business combination, they are
capitalized at fair value as at the date of acquisition. The useful lives of these intangible
assets are assessed to be either finite or indefinite. Following initial recognition, the cost
model is applied. Intangible assets with finite lives are amortized over the useful eco-
nomic life. Intangible assets with an indefinite useful life are reviewed annually to deter-
mine whether the indefinite life assessment continues to be supportable. If not, any
changes are made on a prospective basis. The brand assets are not amortized, have
indefinite useful life, as they can be renewed without significant costs, are supported by
ongoing marketing and selling activities and there is no foreseeable limit to the cash-
flows they generate. Concession rights have a useful life based on the lease term, which
can be up to 40 years.
q) Software
Software is valued at amortized historical cost, or in case of internal developments by
the sum of costs incurred less amortization.
r) Impairment of non-financial assets
Goodwill and intangible assets with indefinite useful life are not subject to amortization
and are tested annually for impairment. Assets that are subject to depreciation and
amortization are reviewed for impairment whenever events or circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is recognized
when the carrying amount of an asset or cash-generating unit exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less cost of dis-
posal or its value in use. For the purpose of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable cash inflows (cash-gen-
erating units).
s) Associates
Associates are all entities over which Avolta has significant influence but not control,
generally accompanying a shareholding interest of more than 20 % of the voting rights.
Investments in associates are accounted for using the equity method of accounting.
Under the equity method, the investment is initially recognized at cost. The carrying
amount is increased or decreased to recognize changes in the Group’s share of net
assets of the associate after the date of acquisition and decreased by dividends
declared. Avolta’s investments in associates may include goodwill identified on acquisition.
Avolta’s share of post-acquisition net profit / (loss) is recognized in the statement of
profit or loss, and its share of post-acquisition movements in other comprehensive
income is recognized in the statement of comprehensive income with a corresponding
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adjustment to the carrying amount of the investment. When Avolta’s share of losses in
an associate equals or exceeds its interest in the associate, Avolta does not recognize
further losses, unless it has incurred legal or constructive obligations or made payments
on behalf of the associate. If the ownership interest in an associate is reduced but sig-
nificant influence is retained, only a proportionate share of the amounts previously rec-
ognized in other comprehensive income is reclassified to net profit / (loss) where appro-
priate.
Avolta determines at each reporting date whether there is any objective evidence that
the investment in the associate is impaired. If this is the case, Avolta calculates the
amount of impairment as the difference between the recoverable amount of the asso-
ciate and its carrying value, and recognizes the amount within the finance expenses in
the statement of profit or loss.
Profits and losses resulting from upstream and downstream transactions between
Avolta and its associates are recognized in the Group’s financial statements only to the
extent of unrelated investor’s interests in the associates. Unrealized losses are elimi-
nated unless the transaction provides evidence of an impairment of the asset trans-
ferred. Accounting policies of associates have been changed where necessary to
ensure consistency with the policies adopted by Avolta.
Dilution gains and losses arising in investments in associates are recognized in the state-
ment of profit or loss.
t) Inventories
Inventories are valued at the lower of historical cost or net realizable value.
The historical costs are determined according to the weighted average cost method,
except the Food & Beverage inventories which are calculated using the FIFO method or
with criteria that approximate FIFO. Historical cost includes all expenses incurred in
bringing the inventories to their present location and condition. Beside the purchase
price of the goods less the discounts or rebates obtained, the historical cost includes
import duties and transport cost. Avolta purchases most of the inventory centrally and
provides the subsidiaries the goods in their reporting currency, i. e. free of currency risk
for them.
The net realizable value is the estimated selling price in the ordinary course of business
less the estimated costs necessary to make the sale. Inventory allowances are set up for
slow-moving and obsolete stock. Expired items are fully written off.
u) Trade and credit card receivables
These accounts include receivables related to the sale of merchandise. Trade receiv-
ables that do not have a significant financing component are initially measured at trans-
action price and subsequently at amortized cost.
v) Cash and cash equivalents
Cash and cash equivalents consist of cash on hand or current bank accounts as well as
current deposits at banks with initial maturity below 91 days. Credit card receivables
with a maturity of up to 4 working days are included as cash in transit.
w) Lease obligations
At the commencement date of the lease, the Group recognizes lease obligations mea-
sured at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and
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amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by
the Group and payments of penalties for terminating a lease, if the lease term reflects
the Group exercising the option to terminate. The variable lease payments that do not
depend on an index or a rate are recognized as expense in the period on which the
event or condition that triggers the payment occurs. Amounts resulting from a remea-
surement of the lease obligation due to an index or a rate are recognized against right-
of-use assets.
In calculating the present value of lease payments, the Group uses the incremental bor-
rowing rate at the lease commencement date if the interest rate implicit in the lease is
not readily determinable. After the commencement date, the amount of lease obliga-
tions is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease obligations is remeasured if there is a
modification, a change in the lease term, a change in the in substance fixed lease pay-
ments or a change in the assessment to purchase the underlying asset.
Avolta uses a discount rate which is the aggregation of the risk free rate for the respec-
tive currency and lease duration, increased by individual company risk factors.
The lease obligation represents the net present value of fixed or in substance fixed lease
payments over the lease term. The implied interest charge is presented as interest
expenses on lease obligation. Where a lease agreement does not specify a discount rate
and as the subsidiaries are financed internally, Avolta uses a discount rate which is the
aggregation of the risk free rate for the respective currency and lease duration,
increased by individual company risk factors.
Usually, the Group’s lease contract do not specify interest, so that the accrued interest
are considered a part of the minimal in substance fix commitments, which are pre-
sented in the cash flow from financing. In case the lease payments are higher due to
variable fee clauses, these amounts are presented as cash outflow from operations.
x) Lease receivable
In its role as sub-lessor, the Group recognizes lease receivables as of the commence-
ment date of the lease.
The sub-leases are determined with reference to the right-of-use asset deriving from
the principal lease contract, rather than the underlying asset. For this reason, consid-
ering the recognition of a right-of-use asset under IFRS 16 and the fact that the sub-
leases typically have a duration equal to the principal lease, the Group reduces its right-
of-use assets and recognizes a lease receivable as a counter-entry, split between
current and non-current assets.
The lease receivable corresponds to the present value of the minimum lease payments
to be received as of the commencement date, including those determined on the basis
of an index or rate (initially valued using the index or rate at the commencement date of
the contract), as well as any penalties in the event that the lease term provides for the
option for the early termination of the lease contract and the exercise of that option is
estimated to be reasonably certain. The present value is determined using the implicit
interest rate of the lease contract. If it is not possible to determine this rate easily, the
Group uses the incremental borrowing rate as discount rate. The lease receivable is
subsequently increased by the interest accrued and decreased by the receipts received
for the lease.
Lease receivables are remeasured in the event of changes in the future minimum
receipts expected for the lease, as result of:
– changes in the index or rate used to determine the lease receipts: in such cases the
lease receivables are remeasured by discounting the new minimum lease receipts
at the initial discount rate;
– change in the lease term or in the likelihood of exercise of the purchase, extension,
or early termination option: in such cases the lease receivable is remeasured by dis-
counting the new minimum lease receipts at the discount rate in place at the date of
– contractual changes that do not fall under any of the reasons for the separate rec-
ognition of a new lease: in these cases as well, the lease receivable is remeasured by
discounting the new minimum lease payments at the discount rate in place at the
the change;
date of the change.
The use of estimates in relation to the measurement of lease receivables is mentioned
in the previous section on Right-of-use assets.
y) Provisions
Provisions are recognized when Avolta has a present obligation (legal or constructive)
as a result of a past event, it is probable that Avolta will be required to settle the obliga-
tion and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate at the end of the reporting
period of the consideration required to settle the present obligation, taking into account
the risks and uncertainties surrounding the obligation. When a provision is measured
using the cash flows estimated to settle the present obligation, its carrying amount is
the present value of those cash flows (where the effect of the time value of money is
material).
When some or all of the economic benefits required to settle a provision are expected
to be recovered from a third party, a receivable is recognized as an asset if it is virtually
certain that the reimbursement will be received and the amount of the receivable can
be measured reliably.
Contingent liabilities acquired in a business combination
Contingent liabilities acquired in a business combination that represent a present obli-
gation and its fair value can be measured reliably are initially measured at fair value at
the acquisition date. At the end of subsequent reporting periods, such contingent lia-
bilities are measured at the higher of the amount that would be recognized in accor-
dance with IAS 37 Provisions, contingent liabilities and contingent assets and the
amount initially recognized less cumulative income recognized in accordance with IFRS
15 Revenue from contracts with customers.
Onerous contracts
Present obligations arising under onerous contracts are measured and recognized as
provisions. An onerous contract is considered to exist if Avolta has a contract under
which the unavoidable costs of meeting the obligations under the contract exceed the
economic benefits expected to be received from the contract.
Restructurings
A restructuring provision is recognized when Avolta has developed a detailed formal
plan for the restructuring and has raised a valid expectation in those affected that it will
carry out the restructuring by starting to implement the plan or announcing its main
features to those affected by it. The measurement of a restructuring provision includes
amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by
the Group and payments of penalties for terminating a lease, if the lease term reflects
the Group exercising the option to terminate. The variable lease payments that do not
depend on an index or a rate are recognized as expense in the period on which the
event or condition that triggers the payment occurs. Amounts resulting from a remea-
surement of the lease obligation due to an index or a rate are recognized against right-
of-use assets.
In calculating the present value of lease payments, the Group uses the incremental bor-
rowing rate at the lease commencement date if the interest rate implicit in the lease is
not readily determinable. After the commencement date, the amount of lease obliga-
tions is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease obligations is remeasured if there is a
modification, a change in the lease term, a change in the in substance fixed lease pay-
ments or a change in the assessment to purchase the underlying asset.
Avolta uses a discount rate which is the aggregation of the risk free rate for the respec-
tive currency and lease duration, increased by individual company risk factors.
The lease obligation represents the net present value of fixed or in substance fixed lease
payments over the lease term. The implied interest charge is presented as interest
expenses on lease obligation. Where a lease agreement does not specify a discount rate
and as the subsidiaries are financed internally, Avolta uses a discount rate which is the
aggregation of the risk free rate for the respective currency and lease duration,
increased by individual company risk factors.
Usually, the Group’s lease contract do not specify interest, so that the accrued interest
are considered a part of the minimal in substance fix commitments, which are pre-
sented in the cash flow from financing. In case the lease payments are higher due to
variable fee clauses, these amounts are presented as cash outflow from operations.
In its role as sub-lessor, the Group recognizes lease receivables as of the commence-
x) Lease receivable
ment date of the lease.
The sub-leases are determined with reference to the right-of-use asset deriving from
the principal lease contract, rather than the underlying asset. For this reason, consid-
ering the recognition of a right-of-use asset under IFRS 16 and the fact that the sub-
leases typically have a duration equal to the principal lease, the Group reduces its right-
of-use assets and recognizes a lease receivable as a counter-entry, split between
current and non-current assets.
The lease receivable corresponds to the present value of the minimum lease payments
to be received as of the commencement date, including those determined on the basis
of an index or rate (initially valued using the index or rate at the commencement date of
the contract), as well as any penalties in the event that the lease term provides for the
option for the early termination of the lease contract and the exercise of that option is
estimated to be reasonably certain. The present value is determined using the implicit
interest rate of the lease contract. If it is not possible to determine this rate easily, the
Group uses the incremental borrowing rate as discount rate. The lease receivable is
subsequently increased by the interest accrued and decreased by the receipts received
for the lease.
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Lease receivables are remeasured in the event of changes in the future minimum
receipts expected for the lease, as result of:
– changes in the index or rate used to determine the lease receipts: in such cases the
lease receivables are remeasured by discounting the new minimum lease receipts
at the initial discount rate;
– change in the lease term or in the likelihood of exercise of the purchase, extension,
or early termination option: in such cases the lease receivable is remeasured by dis-
counting the new minimum lease receipts at the discount rate in place at the date of
the change;
– contractual changes that do not fall under any of the reasons for the separate rec-
ognition of a new lease: in these cases as well, the lease receivable is remeasured by
discounting the new minimum lease payments at the discount rate in place at the
date of the change.
The use of estimates in relation to the measurement of lease receivables is mentioned
in the previous section on Right-of-use assets.
y) Provisions
Provisions are recognized when Avolta has a present obligation (legal or constructive)
as a result of a past event, it is probable that Avolta will be required to settle the obliga-
tion and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate at the end of the reporting
period of the consideration required to settle the present obligation, taking into account
the risks and uncertainties surrounding the obligation. When a provision is measured
using the cash flows estimated to settle the present obligation, its carrying amount is
the present value of those cash flows (where the effect of the time value of money is
material).
When some or all of the economic benefits required to settle a provision are expected
to be recovered from a third party, a receivable is recognized as an asset if it is virtually
certain that the reimbursement will be received and the amount of the receivable can
be measured reliably.
Contingent liabilities acquired in a business combination
Contingent liabilities acquired in a business combination that represent a present obli-
gation and its fair value can be measured reliably are initially measured at fair value at
the acquisition date. At the end of subsequent reporting periods, such contingent lia-
bilities are measured at the higher of the amount that would be recognized in accor-
dance with IAS 37 Provisions, contingent liabilities and contingent assets and the
amount initially recognized less cumulative income recognized in accordance with IFRS
15 Revenue from contracts with customers.
Onerous contracts
Present obligations arising under onerous contracts are measured and recognized as
provisions. An onerous contract is considered to exist if Avolta has a contract under
which the unavoidable costs of meeting the obligations under the contract exceed the
economic benefits expected to be received from the contract.
Restructurings
A restructuring provision is recognized when Avolta has developed a detailed formal
plan for the restructuring and has raised a valid expectation in those affected that it will
carry out the restructuring by starting to implement the plan or announcing its main
features to those affected by it. The measurement of a restructuring provision includes
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only the direct expenditures arising from the restructuring, which are those amounts
that are both necessarily entailed by the restructuring and not associated with the
ongoing activities of the entity. Amounts of restructuring are shown in other provisions.
Lawsuits and duties
A lawsuits and duties provision is recognized to cover uncertainties dependent on the
outcome of ongoing lawsuits in relation with taxes or contractual commitments, other
than income taxes and duties.
z) Investments and other financial assets
(i) Classification
The Group classifies its financial assets in the following measurement categories:
– Those to be measured subsequently at fair value (either through OCI or through
profit or loss), and
– those to be measured at amortized cost.
The classification depends on the entity’s business model for managing the financial
assets and the contractual terms of the cash flows. For respective criteria refer to sec-
tion (iii) Measurement. For assets measured at fair value, gains and losses will either be
recorded in profit or loss or OCI. For investments in equity instruments that are not held
for trading, this will depend on whether the Group has made an irrevocable election at
the time of initial recognition to account for the equity investment at fair value through
other comprehensive income (FVOCI).
(ii) Recognition and derecognition
Regular purchases and sales of financial assets are recognized on trade-date, the date
on which the Group commits to purchase or sell the asset. Financial assets are derecog-
nized when the rights to receive cash flows from the financial assets have expired or
have been transferred and the Group has transferred substantially all the risks and
rewards of ownership.
(iii) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss (FVPL), transaction costs
that are directly attributable to the acquisition of the financial asset. Transaction costs
of financial assets carried at FVPL are expensed in profit or loss.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model
for managing the asset and the cash flow characteristics of the asset. There are three
measurement categories into which the Group classifies its debt instruments:
Amortized cost: Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest are measured at
amortized cost. Interest income from these financial assets is included in finance
income using the effective interest rate method. Any gain or loss arising on derecogni-
tion is recognized directly in profit or loss. Impairment losses are presented as part of
the financial result.
FVOCI: Debt instruments that are held for collection of contractual cash flows and for
selling the financial assets, where the asset’s cash flows represent solely payments of
principal and interest, are measured at FVOCI. Movements in the carrying amount are
taken through OCI, except for the recognition of impairment gains or losses, interest
income and foreign exchange gains and losses which are recognized in profit or loss.
When the financial asset is derecognized, the cumulative gain or loss previously recog-
nized in OCI is reclassified from equity to profit or loss. Interest income from these
financial assets is included in finance income using the effective interest rate method.
Impairment expenses are presented in the other operational result.
FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at
FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is rec-
ognized in profit or loss and presented as net in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the
Group’s management has elected to present fair value gains and losses on equity
investments in OCI, there is no subsequent reclassification of fair value gains and losses
to profit or loss following the derecognition of the investment. Dividends from such
investments continue to be recognized in profit or loss as other income when the
Group’s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in the finance
income or finance expenses in the statement of profit or loss as applicable.
(iv) Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit losses associated
with its debt instruments carried at amortized cost and FVOCI. For trade receivables,
receivables for refund from suppliers and related services the Group applies the simpli-
fied approach which requires expected lifetime losses to be recognized from initial rec-
ognition of the receivables.
aa) Trade and other account receivables
Trade and other account receivables (including credit cards receivables and other
account receivables), that do not have a significant financing component are initially
measured at transaction price and subsequently at amortized cost using the effective
interest rate.
ab) Financial liabilities
(i) Financial liabilities at FVPL
These are stated at fair value, with any gains or losses arising on remeasurement rec-
ognized in the statement of profit or loss. The net gain or loss recognized in the consol-
idated statement of profit or loss incorporates any interest paid on the financial liability
and is included in the finance income or finance expenses in the statement of profit or
loss. Fair value is determined in the manner described in note 34.
(ii) Other financial liabilities
Other financial liabilities (including borrowings) are subsequently measured at amor-
tized cost using the effective interest method.
(iii) Derecognition of financial liabilities
Avolta derecognizes financial liabilities only when the obligations are discharged, can-
celled or expired. The difference between the carrying amount of the financial liability
derecognized and the consideration paid or payable is recognized in the statement of
profit or loss.
(iv) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
statement of financial position if there is a currently enforceable legal right to offset the
recognized amounts and there is an intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously (see note 29.1).
only the direct expenditures arising from the restructuring, which are those amounts
that are both necessarily entailed by the restructuring and not associated with the
ongoing activities of the entity. Amounts of restructuring are shown in other provisions.
Lawsuits and duties
A lawsuits and duties provision is recognized to cover uncertainties dependent on the
outcome of ongoing lawsuits in relation with taxes or contractual commitments, other
than income taxes and duties.
z) Investments and other financial assets
(i) Classification
The Group classifies its financial assets in the following measurement categories:
– Those to be measured subsequently at fair value (either through OCI or through
profit or loss), and
– those to be measured at amortized cost.
The classification depends on the entity’s business model for managing the financial
assets and the contractual terms of the cash flows. For respective criteria refer to sec-
tion (iii) Measurement. For assets measured at fair value, gains and losses will either be
recorded in profit or loss or OCI. For investments in equity instruments that are not held
for trading, this will depend on whether the Group has made an irrevocable election at
the time of initial recognition to account for the equity investment at fair value through
other comprehensive income (FVOCI).
(ii) Recognition and derecognition
Regular purchases and sales of financial assets are recognized on trade-date, the date
on which the Group commits to purchase or sell the asset. Financial assets are derecog-
nized when the rights to receive cash flows from the financial assets have expired or
have been transferred and the Group has transferred substantially all the risks and
rewards of ownership.
(iii) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss (FVPL), transaction costs
that are directly attributable to the acquisition of the financial asset. Transaction costs
of financial assets carried at FVPL are expensed in profit or loss.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model
for managing the asset and the cash flow characteristics of the asset. There are three
measurement categories into which the Group classifies its debt instruments:
Amortized cost: Assets that are held for collection of contractual cash flows where
those cash flows represent solely payments of principal and interest are measured at
amortized cost. Interest income from these financial assets is included in finance
income using the effective interest rate method. Any gain or loss arising on derecogni-
tion is recognized directly in profit or loss. Impairment losses are presented as part of
the financial result.
FVOCI: Debt instruments that are held for collection of contractual cash flows and for
selling the financial assets, where the asset’s cash flows represent solely payments of
principal and interest, are measured at FVOCI. Movements in the carrying amount are
taken through OCI, except for the recognition of impairment gains or losses, interest
income and foreign exchange gains and losses which are recognized in profit or loss.
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When the financial asset is derecognized, the cumulative gain or loss previously recog-
nized in OCI is reclassified from equity to profit or loss. Interest income from these
financial assets is included in finance income using the effective interest rate method.
Impairment expenses are presented in the other operational result.
FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at
FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is rec-
ognized in profit or loss and presented as net in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the
Group’s management has elected to present fair value gains and losses on equity
investments in OCI, there is no subsequent reclassification of fair value gains and losses
to profit or loss following the derecognition of the investment. Dividends from such
investments continue to be recognized in profit or loss as other income when the
Group’s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in the finance
income or finance expenses in the statement of profit or loss as applicable.
(iv) Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit losses associated
with its debt instruments carried at amortized cost and FVOCI. For trade receivables,
receivables for refund from suppliers and related services the Group applies the simpli-
fied approach which requires expected lifetime losses to be recognized from initial rec-
ognition of the receivables.
aa) Trade and other account receivables
Trade and other account receivables (including credit cards receivables and other
account receivables), that do not have a significant financing component are initially
measured at transaction price and subsequently at amortized cost using the effective
interest rate.
ab) Financial liabilities
(i) Financial liabilities at FVPL
These are stated at fair value, with any gains or losses arising on remeasurement rec-
ognized in the statement of profit or loss. The net gain or loss recognized in the consol-
idated statement of profit or loss incorporates any interest paid on the financial liability
and is included in the finance income or finance expenses in the statement of profit or
loss. Fair value is determined in the manner described in note 34.
(ii) Other financial liabilities
Other financial liabilities (including borrowings) are subsequently measured at amor-
tized cost using the effective interest method.
(iii) Derecognition of financial liabilities
Avolta derecognizes financial liabilities only when the obligations are discharged, can-
celled or expired. The difference between the carrying amount of the financial liability
derecognized and the consideration paid or payable is recognized in the statement of
profit or loss.
(iv) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
statement of financial position if there is a currently enforceable legal right to offset the
recognized amounts and there is an intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously (see note 29.1).
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ac) Compound financial instruments
The component parts of convertible loan notes issued by the Group are classified sep-
arately as financial liabilities and equity in accordance with the substance of the con-
tractual arrangements and the definitions of a financial liability and an equity instru-
ment. A conversion option that will be settled by the exchange of a fixed amount of cash
or another financial asset for a fixed number of the Company’s own equity instruments
is an equity instrument. At the date of issue, the fair value of the liability component is
estimated using the prevailing market interest rate for a similar non-convertible instru-
ment. This amount is recorded as a liability on an amortized cost basis using the effec-
tive interest method until extinguished upon conversion or at the instrument’s maturity
date. The conversion option classified as equity is determined by deducting the amount
of the liability component from the fair value of the compound instrument as a whole.
This is recognized and included in equity, net of income tax effects, and is not subse-
quently remeasured. In addition, the conversion option classified as equity will remain
in equity until the conversion option is exercised, in which case, the balance recognized
in equity will be transferred to share capital and share premium. Where the conversion
option remains unexercised at the maturity date of the convertible loan note, the bal-
ance recognized in equity will be transferred to retained earnings. No gain or loss is rec-
ognized in profit or loss upon conversion or expiration of the conversion option. Trans-
action costs that relate to the issue of the convertible loan notes are allocated to the
liability and equity components in proportion to the allocation of the gross proceeds.
Transaction costs relating to the equity component are recognized directly in equity.
Transaction costs relating to the liability component are included in the carrying amount
of the liability component and are amortized over the lives of the convertible loan notes
using the effective interest method.
ad) Derivatives and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is
entered into and are subsequently remeasured to their fair value at the end of each
reporting period. The accounting for subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument, and if so, the nature of
the item being hedged. The Group designates certain derivatives as either:
– hedges of the fair value of recognized assets or liabilities or a firm commitment (fair
value hedges),
– hedges of a particular risk associated with the cash flows of recognized assets and
liabilities and highly probable forecast transactions (cash flow hedges), or
– hedges of a net investment in a foreign operation (net investment hedges).
At inception of the hedge relationship, the Group documents the economic relationship
between hedging instruments and hedged items including whether changes in the cash
flows of the hedging instruments are expected to offset changes in the cash flows of
hedged items. The Group documents its risk management objective and strategy for
undertaking its hedge transactions. The fair values of derivative financial instruments
designated in hedge relationships are disclosed in note 34.
The full fair value of a hedging derivative is classified as a non-current asset or liability
when the remaining maturity of the hedged item is more than 12 months; it is classified
as a current asset or liability when the remaining maturity of the hedged item is less
than 12 months. Trading derivatives are classified as a current asset or liability.
Cash flow hedges that qualify for hedge accounting
The effective portion of changes in the fair value of derivatives that are designated and
qualify as cash flow hedges is recognized in the cash flow hedge reserve within OCI. The
gain or loss relating to the ineffective portion is recognized immediately in profit or loss,
within other gains / (losses).
When option contracts are used to hedge forecast transactions, the Group designates
only the intrinsic value of the options as the hedging instrument.
Gains or losses relating to the effective portion of the change in intrinsic value of the
options are recognized in the cash flow hedge reserve within OCI. The changes in the
time value of the options that relate to the hedged item (“aligned time value”) are recog-
nized within OCI. When forward contracts are used to hedge forecast transactions, the
Group generally designates only the change in fair value of the forward contract related
to the spot component as the hedging instrument. Gains or losses relating to the effec-
tive portion of the change in the spot component of the forward contracts are recog-
nized in the cash flow hedge reserve within equity. The change in the forward element
of the contract that relates to the hedged item (“aligned forward element”) is recognized
within OCI. In some cases, the entity may designate the full change in fair value of the
forward contract (including forward points) as the hedging instrument. In such cases,
the gains or losses relating to the effective portion of the change in fair value of the
entire forward contract are recognized in the cash flow hedge reserve.
Amounts accumulated in other comprehensive income (OCI) are reclassified in the
periods when the hedged item affects profit or loss, as follows:
– Where the hedged item subsequently results in the recognition of a non-financial
asset (such as inventory), both the deferred hedging gains and losses and the
deferred time value of the option contracts or deferred forward points, if any, are
included within the initial cost of the asset. The deferred amounts are ultimately rec-
ognized in profit or loss as the hedged item affects profit or loss (for example through
cost of sales).
– The gain or loss relating to the effective portion of the interest rate swaps hedging
variable rate borrowings is recognized in profit or loss within finance cost at the same
time as the interest expense on the hedged borrowings.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer
meets the criteria for hedge accounting, any cumulative deferred gain or loss and
deferred costs of hedging in equity at that time remains in equity until the forecast
transaction occurs, resulting in the recognition of a non-financial asset such as inven-
tory. When the forecast transaction is no longer expected to occur, the cumulative gain
or loss and deferred costs of hedging that were reported in equity are immediately
reclassified to profit or loss.
Net investment hedges
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of
the hedge is recognized in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognized immediately
in the statement of profit or loss within other finance income or finance expenses. Gains
and losses accumulated in equity are reclassified to profit or loss when the foreign oper-
ation is partially disposed of or sold. See notes 28.1 and 28.2 for further details.
ac) Compound financial instruments
The component parts of convertible loan notes issued by the Group are classified sep-
arately as financial liabilities and equity in accordance with the substance of the con-
tractual arrangements and the definitions of a financial liability and an equity instru-
ment. A conversion option that will be settled by the exchange of a fixed amount of cash
or another financial asset for a fixed number of the Company’s own equity instruments
is an equity instrument. At the date of issue, the fair value of the liability component is
estimated using the prevailing market interest rate for a similar non-convertible instru-
ment. This amount is recorded as a liability on an amortized cost basis using the effec-
tive interest method until extinguished upon conversion or at the instrument’s maturity
date. The conversion option classified as equity is determined by deducting the amount
of the liability component from the fair value of the compound instrument as a whole.
This is recognized and included in equity, net of income tax effects, and is not subse-
quently remeasured. In addition, the conversion option classified as equity will remain
in equity until the conversion option is exercised, in which case, the balance recognized
in equity will be transferred to share capital and share premium. Where the conversion
option remains unexercised at the maturity date of the convertible loan note, the bal-
ance recognized in equity will be transferred to retained earnings. No gain or loss is rec-
ognized in profit or loss upon conversion or expiration of the conversion option. Trans-
action costs that relate to the issue of the convertible loan notes are allocated to the
liability and equity components in proportion to the allocation of the gross proceeds.
Transaction costs relating to the equity component are recognized directly in equity.
Transaction costs relating to the liability component are included in the carrying amount
of the liability component and are amortized over the lives of the convertible loan notes
using the effective interest method.
ad) Derivatives and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is
entered into and are subsequently remeasured to their fair value at the end of each
reporting period. The accounting for subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument, and if so, the nature of
the item being hedged. The Group designates certain derivatives as either:
– hedges of the fair value of recognized assets or liabilities or a firm commitment (fair
value hedges),
– hedges of a particular risk associated with the cash flows of recognized assets and
liabilities and highly probable forecast transactions (cash flow hedges), or
– hedges of a net investment in a foreign operation (net investment hedges).
At inception of the hedge relationship, the Group documents the economic relationship
between hedging instruments and hedged items including whether changes in the cash
flows of the hedging instruments are expected to offset changes in the cash flows of
hedged items. The Group documents its risk management objective and strategy for
undertaking its hedge transactions. The fair values of derivative financial instruments
designated in hedge relationships are disclosed in note 34.
The full fair value of a hedging derivative is classified as a non-current asset or liability
when the remaining maturity of the hedged item is more than 12 months; it is classified
as a current asset or liability when the remaining maturity of the hedged item is less
than 12 months. Trading derivatives are classified as a current asset or liability.
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Cash flow hedges that qualify for hedge accounting
The effective portion of changes in the fair value of derivatives that are designated and
qualify as cash flow hedges is recognized in the cash flow hedge reserve within OCI. The
gain or loss relating to the ineffective portion is recognized immediately in profit or loss,
within other gains / (losses).
When option contracts are used to hedge forecast transactions, the Group designates
only the intrinsic value of the options as the hedging instrument.
Gains or losses relating to the effective portion of the change in intrinsic value of the
options are recognized in the cash flow hedge reserve within OCI. The changes in the
time value of the options that relate to the hedged item (“aligned time value”) are recog-
nized within OCI. When forward contracts are used to hedge forecast transactions, the
Group generally designates only the change in fair value of the forward contract related
to the spot component as the hedging instrument. Gains or losses relating to the effec-
tive portion of the change in the spot component of the forward contracts are recog-
nized in the cash flow hedge reserve within equity. The change in the forward element
of the contract that relates to the hedged item (“aligned forward element”) is recognized
within OCI. In some cases, the entity may designate the full change in fair value of the
forward contract (including forward points) as the hedging instrument. In such cases,
the gains or losses relating to the effective portion of the change in fair value of the
entire forward contract are recognized in the cash flow hedge reserve.
Amounts accumulated in other comprehensive income (OCI) are reclassified in the
periods when the hedged item affects profit or loss, as follows:
– Where the hedged item subsequently results in the recognition of a non-financial
asset (such as inventory), both the deferred hedging gains and losses and the
deferred time value of the option contracts or deferred forward points, if any, are
included within the initial cost of the asset. The deferred amounts are ultimately rec-
ognized in profit or loss as the hedged item affects profit or loss (for example through
cost of sales).
– The gain or loss relating to the effective portion of the interest rate swaps hedging
variable rate borrowings is recognized in profit or loss within finance cost at the same
time as the interest expense on the hedged borrowings.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer
meets the criteria for hedge accounting, any cumulative deferred gain or loss and
deferred costs of hedging in equity at that time remains in equity until the forecast
transaction occurs, resulting in the recognition of a non-financial asset such as inven-
tory. When the forecast transaction is no longer expected to occur, the cumulative gain
or loss and deferred costs of hedging that were reported in equity are immediately
reclassified to profit or loss.
Net investment hedges
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of
the hedge is recognized in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognized immediately
in the statement of profit or loss within other finance income or finance expenses. Gains
and losses accumulated in equity are reclassified to profit or loss when the foreign oper-
ation is partially disposed of or sold. See notes 28.1 and 28.2 for further details.
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Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair
value of any derivative instrument that does not qualify for hedge accounting are rec-
ognized immediately in the statement of profit or loss and are included in other finance
income or finance expenses.
Further details of derivative financial instruments are disclosed in note 34.
December 31, 2023.
3.4 New standards, interpretations and
amendments adopted
The accounting policies adopted are consistent with those of the previous financial year,
except for the following new or revised Standards and Interpretations adopted in these
consolidated financial statements (effective January 1, 2023).
New and amended standards adopted by the Group
– IAS 1: Disclosure of accounting policies
– IAS 8: Definition of accounting estimates
– IAS 12: Deferred tax related to assets and liabilities arising from a single transaction
The amendments apply for the first time in 2023, but do not have a material impact on
the consolidated financial statements of the Group.
The Group has not early adopted any of the amendments that have been issued but not
yet effective :
– Amendment to IFRS 16 – Leases on sale and leaseback
– Amendment to IAS 1 – Non-current liabilities with covenants
– Amendment to IAS 7 and IFRS 7 – Supplier finance
– Amendments to IAS 21 – Lack of Exchangeability
The new standards and interpretations issued not yet effective do not have a material
impact from a qualitative and quantitative perspective.
The Group did not have to change its accounting policies or make retrospective adjust-
ments as a result of adopting the above mentioned new or amended standards.
Amendments to IAS 12 Income Taxes
The International Accounting Standards Board (IASB) has published ‘International Tax
Reform – Pillar Two Model Rules’ (Amendments to IAS 12) in May 2023. Avolta has
applied the temporary exception from the accounting requirements for deferred taxes
in IAS 12 immediately upon issuance of the amendments and retrospectively in accor-
dance with IAS 8. Accordingly, the Group neither recognizes nor discloses information
about deferred tax assets and liabilities related to Pillar Two income taxes.
OECD Pillar Two model rules
The Group is within the scope of the OECD Pillar Two model rules. Switzerland and other
jurisdictions in which the Group operates have (substantively) enacted Pillar Two legis-
lation. The legislations in those jurisdictions will be effective for the Group’s financial
year beginning January 1, 2024. Since the Pillar Two legislations were not effective at
the reporting date, there is no current income tax exposure for the year ended
The Group is in the process of assessing its exposure to the Pillar Two legislation for
when it comes into effect. As per a preliminary transitional safe harbour calculation
based on 2023 figures, there are a limited number of jurisdictions where the transitional
safe harbour rule may not apply.
4. Critical accounting judgments and key sources
of estimation uncertainty
The preparation of Avolta’s financial statements requires management to make judg-
ments, estimates and assumptions that affect the reported amounts of income,
expenses, assets and liabilities, and the disclosure of contingent liabilities, at the
reporting date.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation include
uncertainties at the reporting date, which may have a significant risk of causing a mate-
rial adjustment to the carrying amounts of assets and liabilities within the next financial
periods, are discussed below.
Impairment tests
Avolta annually tests goodwill and intangible assets with indefinite useful lives and
assesses other non-financial assets for impairment indications. Where required, the
company performs impairment tests which are based on the discounted value models
of future cash flows. The underlying calculation requires the use of estimates. The esti-
mates and assumptions used are disclosed in note 19.
Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair
value of any derivative instrument that does not qualify for hedge accounting are rec-
ognized immediately in the statement of profit or loss and are included in other finance
income or finance expenses.
Further details of derivative financial instruments are disclosed in note 34.
3.4 New standards, interpretations and
amendments adopted
The accounting policies adopted are consistent with those of the previous financial year,
except for the following new or revised Standards and Interpretations adopted in these
consolidated financial statements (effective January 1, 2023).
New and amended standards adopted by the Group
– IAS 1: Disclosure of accounting policies
– IAS 8: Definition of accounting estimates
– IAS 12: Deferred tax related to assets and liabilities arising from a single transaction
The amendments apply for the first time in 2023, but do not have a material impact on
the consolidated financial statements of the Group.
The Group has not early adopted any of the amendments that have been issued but not
yet effective :
– Amendment to IFRS 16 – Leases on sale and leaseback
– Amendment to IAS 1 – Non-current liabilities with covenants
– Amendment to IAS 7 and IFRS 7 – Supplier finance
– Amendments to IAS 21 – Lack of Exchangeability
The new standards and interpretations issued not yet effective do not have a material
impact from a qualitative and quantitative perspective.
The Group did not have to change its accounting policies or make retrospective adjust-
ments as a result of adopting the above mentioned new or amended standards.
Amendments to IAS 12 Income Taxes
The International Accounting Standards Board (IASB) has published ‘International Tax
Reform – Pillar Two Model Rules’ (Amendments to IAS 12) in May 2023. Avolta has
applied the temporary exception from the accounting requirements for deferred taxes
in IAS 12 immediately upon issuance of the amendments and retrospectively in accor-
dance with IAS 8. Accordingly, the Group neither recognizes nor discloses information
about deferred tax assets and liabilities related to Pillar Two income taxes.
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OECD Pillar Two model rules
The Group is within the scope of the OECD Pillar Two model rules. Switzerland and other
jurisdictions in which the Group operates have (substantively) enacted Pillar Two legis-
lation. The legislations in those jurisdictions will be effective for the Group’s financial
year beginning January 1, 2024. Since the Pillar Two legislations were not effective at
the reporting date, there is no current income tax exposure for the year ended
December 31, 2023.
The Group is in the process of assessing its exposure to the Pillar Two legislation for
when it comes into effect. As per a preliminary transitional safe harbour calculation
based on 2023 figures, there are a limited number of jurisdictions where the transitional
safe harbour rule may not apply.
4. Critical accounting judgments and key sources
of estimation uncertainty
The preparation of Avolta’s financial statements requires management to make judg-
ments, estimates and assumptions that affect the reported amounts of income,
expenses, assets and liabilities, and the disclosure of contingent liabilities, at the
reporting date.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation include
uncertainties at the reporting date, which may have a significant risk of causing a mate-
rial adjustment to the carrying amounts of assets and liabilities within the next financial
periods, are discussed below.
Impairment tests
Avolta annually tests goodwill and intangible assets with indefinite useful lives and
assesses other non-financial assets for impairment indications. Where required, the
company performs impairment tests which are based on the discounted value models
of future cash flows. The underlying calculation requires the use of estimates. The esti-
mates and assumptions used are disclosed in note 19.
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5.
Segment information
Avolta’s risks and returns are predominantly affected by the fact that Avolta operates in
different locations and geographies. Therefore, Avolta presents the segment informa-
tion as it does internally to the Global Executive Committee, which represents the Chief
Operating Decision Maker (CODM), using geographical segments and the Global Dis-
tribution Centers as an additional segment.
As part of the integration of the Autogrill Group, the Group implemented a new organi-
zation which became effective on February 7, 2023. The previous segment The Amer-
icas was split into Latin America (LATAM) and North America. Furthermore, certain
countries have been reallocated from Europe, Middle East and Africa (EMEA) to Asia
Pacific (APAC). In addition, the Group allocates advertising income to the operating
segments. The comparative figures have been presented accordingly to reflect these
changes.
The Group is presenting the CORE EBITDA (Non-GAAP) KPI which is used by the Global
Executive Committee to monitor the Group’s performance. This indicator provides the
most relevant view on Avolta’s business and represents an operational KPI excluding the
accounting impact resulting from IFRS 16 related profit or loss line items (i.e. deprecia-
tion of right-of-use assets and lease interest) and adding the relevant concession fee
owed based on the corresponding concession agreement. Please refer to Avolta’s alter-
native performance measures section for details.
Information reported to the Global Executive Committee for the purposes of resource
allocation and assessment of segment performance is focused on the geographical
segments. The Group’s reportable segments are therefore as follows:
2023
In millions of CHF
With external
customer
With other
divisions
Core EBITDA
(unaudited)
Employees
(FTE)
Europe, Middle East and Africa (EMEA)1,2
North America 1
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers 3
Total divisions
Eliminations
Total
Europe, Middle East and Africa (EMEA)1,2
North America 1
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers 3
Total divisions
Eliminations
Total
6,520.2
3,971.4
1,653.7
557.8
86.4
12,789.5
12,789.5
3,541.3
1,638.3
1,279.9
210.7
208.2
6,878.4
6,878.4
1,529.7
1,529.7
–
(1,529.7)
1,303.5
1,303.5
–
(1,303.5)
–
–
–
–
–
–
–
–
–
–
Turnover
Total
6,520.2
3,971.4
1,653.7
557.8
1,616.1
14,319.2
(1,529.7)
12,789.5
Turnover
Total
3,541.3
1,638.3
1,279.9
210.7
1,511.7
8,181.9
(1,303.5)
6,878.4
696.5
519.3
238.6
41.6
(366.5)
1,129.5
–
1,129.5
444.1
280.6
176.3
(0.5)
(294.3)
606.2
–
606.2
26,107
29,851
5,991
5,804
706
68,459
–
68,459
10,353
8,969
3,077
810
583
23,792
–
23,792
2022
In millions of CHF
With external
customer
With other
divisions
Core EBITDA
(unaudited)
Employees
(FTE)
1
The Group generated 28.3 % (2022: 21.4 %) of its turnover in the US, 10.8 % (2022: 14.7 %), in the United Kingdom and
11.0 % (2022: 2.2 %) in Italy.
2 Avolta generated 3.1 % (2022: 4.0 %) of its turnover with external customers in Switzerland (domicile).
3 Global Distribution Center and corporate entities have global functions that cannot be allocated to the other segments.
Transactions between operating segments considered on arm’s length terms.
5.
Segment information
Avolta’s risks and returns are predominantly affected by the fact that Avolta operates in
different locations and geographies. Therefore, Avolta presents the segment informa-
tion as it does internally to the Global Executive Committee, which represents the Chief
Operating Decision Maker (CODM), using geographical segments and the Global Dis-
tribution Centers as an additional segment.
As part of the integration of the Autogrill Group, the Group implemented a new organi-
zation which became effective on February 7, 2023. The previous segment The Amer-
icas was split into Latin America (LATAM) and North America. Furthermore, certain
countries have been reallocated from Europe, Middle East and Africa (EMEA) to Asia
Pacific (APAC). In addition, the Group allocates advertising income to the operating
segments. The comparative figures have been presented accordingly to reflect these
changes.
The Group is presenting the CORE EBITDA (Non-GAAP) KPI which is used by the Global
Executive Committee to monitor the Group’s performance. This indicator provides the
most relevant view on Avolta’s business and represents an operational KPI excluding the
accounting impact resulting from IFRS 16 related profit or loss line items (i.e. deprecia-
tion of right-of-use assets and lease interest) and adding the relevant concession fee
owed based on the corresponding concession agreement. Please refer to Avolta’s alter-
native performance measures section for details.
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Information reported to the Global Executive Committee for the purposes of resource
allocation and assessment of segment performance is focused on the geographical
segments. The Group’s reportable segments are therefore as follows:
2023
In millions of CHF
With external
customer
With other
divisions
Europe, Middle East and Africa (EMEA)1,2
North America 1
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers 3
Total divisions
Eliminations
Total
6,520.2
3,971.4
1,653.7
557.8
86.4
12,789.5
–
–
–
–
1,529.7
1,529.7
–
(1,529.7)
12,789.5
–
2022
In millions of CHF
With external
customer
With other
divisions
Europe, Middle East and Africa (EMEA)1,2
North America 1
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers 3
Total divisions
Eliminations
Total
3,541.3
1,638.3
1,279.9
210.7
208.2
6,878.4
–
–
–
–
1,303.5
1,303.5
–
(1,303.5)
6,878.4
–
(1,303.5)
6,878.4
1
The Group generated 28.3 % (2022: 21.4 %) of its turnover in the US, 10.8 % (2022: 14.7 %), in the United Kingdom and
11.0 % (2022: 2.2 %) in Italy.
2 Avolta generated 3.1 % (2022: 4.0 %) of its turnover with external customers in Switzerland (domicile).
3 Global Distribution Center and corporate entities have global functions that cannot be allocated to the other segments.
Transactions between operating segments considered on arm’s length terms.
Turnover
Total
6,520.2
3,971.4
1,653.7
557.8
1,616.1
14,319.2
(1,529.7)
12,789.5
Turnover
Total
3,541.3
1,638.3
1,279.9
210.7
1,511.7
8,181.9
Core EBITDA
(unaudited)
Employees
(FTE)
696.5
519.3
238.6
41.6
(366.5)
1,129.5
–
1,129.5
26,107
29,851
5,991
5,804
706
68,459
–
68,459
Core EBITDA
(unaudited)
Employees
(FTE)
444.1
280.6
176.3
(0.5)
(294.3)
606.2
–
606.2
10,353
8,969
3,077
810
583
23,792
–
23,792
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Profit or loss reconciliation IFRS / CORE
Please refer to pages 273 – 274 in Avolta’s alternative performance measures chapter
for more details on the reconciliation between the IFRS and CORE profit or loss.
Financial position and other disclosures
2023
In millions of CHF
Net sales (IFRS) / (CORE)
Advertising income
Turnover (IFRS) / (CORE)
Cost of sales (IFRS) / (CORE)
Gross profit (IFRS) / (CORE)
Leases expenses (IFRS) / Concession expenses (CORE)
Personnel expenses
Other expenses (IFRS) / (CORE)
Other income (IFRS) / (CORE)
Operating profit before D&A / CORE EBITDA
Depreciation & impairment of PP&E
Amortization & impairment of intangibles
(IFRS) / (CORE)
Depreciation & impairment right-of-use assets (IFRS)
Operating profit / CORE EBIT
Financial result (IFRS) / (CORE)
Profit before taxes / CORE EBT
Income tax (IFRS) / (CORE)
Net profit / CORE Net profit
2022
In millions of CHF
Net sales (IFRS) / (CORE)
Advertising income
Turnover (IFRS) / (CORE)
Cost of sales (IFRS) / (CORE)
Gross profit (IFRS) / (CORE)
Leases expenses (IFRS) / Concession expenses (CORE)
Personnel expenses
Other expenses (IFRS) / (CORE)
Other income (IFRS) / (CORE)
Operating profit before D&A / CORE EBITDA
Depreciation & impairment of PP&E
Amortization & impairment of intangibles
(IFRS) / (CORE)
Depreciation & impairment right-of-use assets (IFRS)
Operating profit / CORE EBIT
Financial result (IFRS) / (CORE)
Profit before taxes / CORE EBT
Income tax (IFRS) / (CORE)
Net profit / CORE Net profit
IFRS
12,583.7
205.8
12,789.5
(4,716.0)
8,073.5
(1,875.5)
(2,539.3)
(1,375.7)
191.9
2,474.9
(277.4)
(242.8)
(1,089.6)
865.1
(567.1)
298.0
(81.6)
216.4
IFRS
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(1,081.9)
(997.9)
(578.7)
61.8
1,597.1
(113.9)
(195.6)
(785.2)
502.4
(305.6)
196.8
(76.2)
120.6
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
Fuel sales
adjustments
(unaudited)
–
–
–
–
–
–
–
18.8
–
18.8
–
208.3
–
227.1
15.7
242.8
(53.3)
189.5
–
–
–
–
–
(1,303.2)
–
(60.8)
(0.1)
(1,364.1)
(0.1)
–
1,089.6
(274.6)
350.1
75.5
(24.6)
50.9
(254.9)
–
(254.9)
239.0
(15.9)
–
–
–
15.9
–
–
–
–
–
–
–
–
–
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
Fuel sales
adjustments
(unaudited)
–
–
–
–
–
–
–
–
–
–
–
173.9
–
173.9
–
173.9
(37.1)
136.8
–
–
–
–
–
(948.0)
–
(42.0)
(0.9)
(990.9)
–
–
785.2
(205.7)
130.0
(75.7)
7.8
(67.9)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
CORE
(unaudited)
12,328.8
205.8
12,534.6
(4,477.0)
8,057.6
(3,178.7)
(2,539.3)
(1,417.7)
207.7
1,129.6
(277.5)
(34.5)
–
817.6
(201.3)
616.3
(159.5)
456.8
CORE
(unaudited)
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(2,029.9)
(997.9)
(620.7)
60.9
606.2
(113.9)
(21.7)
–
470.7
(175.6)
295.1
(105.5)
189.6
At December 31, 2023
In millions of CHF
Europe, Middle East and Africa (EMEA)1
North America 2
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers 3
Total divisions 4
Unallocated positions 5
Eliminations
Total
At December 31, 2022
In millions of CHF
Europe, Middle East and Africa (EMEA)1
North America 2
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers 3
Total divisions 4
Unallocated positions 5
Eliminations
Total
(2022: 7.5 %) in Spain.
ments.
4 Before inter-segment elimination.
5 Total liabilities contain 3rd-party financing.
Reconciliation of assets
In millions of CHF
Operating assets
Current assets of corporate and holding companies
Non-current assets of corporate and holding companies
Eliminations
Total assets
Total
assets
9,792.3
4,085.3
1,620.8
369.5
1,246.1
17,114.0
79.1
(678.2)
16,514.9
Total
assets
4,831.1
2,054.8
1,413.9
240.7
1,399.9
9,940.4
40.9
(671.7)
9,309.6
Total
liabilities
7,677.1
2,698.3
1,572.6
538.0
3,431.5
15,917.5
3,006.4
(4,904.3)
14,019.6
Total
liabilities
3,013.2
1,701.9
1,572.6
437.0
3,531.0
10,255.6
3,045.5
(4,957.6)
8,343.5
Income tax
(expense) /
income
Capital
expenditure
paid
Depreciation
amortization
and
impairment
(39.9)
(16.0)
(13.9)
(4.0)
(6.3)
(80.1)
(1.5)
–
(81.6)
(10.6)
(29.4)
(35.2)
(1.2)
1.2
(75.2)
(1.0)
–
(76.2)
(440.8)
(1,608.3)
(441.0)
(1,609.8)
(186.9)
(186.5)
(23.1)
(28.0)
(16.3)
(0.2)
–
(35.6)
(46.6)
(12.8)
(4.8)
(13.2)
(113.0)
(0.3)
–
(113.3)
(937.5)
(508.3)
(102.6)
(46.3)
(13.6)
(1.5)
–
Depreciation
amortization
and
impairment
(659.4)
(254.6)
(120.6)
(43.8)
(15.0)
(1,093.4)
(1.3)
–
(1,094.7)
Income tax
(expense) /
income
Capital
expenditure
paid
31.12.2023
31.12.2022
17,114.0
51.0
28.1
(678.2)
16,514.9
9,940.4
26.4
14.6
(671.7)
9,309.6
1
Within the Group, 5.7 % (2022: 9.4 %) of the total non-current assets are located in Switzerland (domicile) and 29.9 %
2 Within the Group, 21.1 % (2022: 15.1 %) of the total non-current assets are located in the US.
3 Global Distribution Centers and corporate entities have global functions and cannot be allocated to the other seg-
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Profit or loss reconciliation IFRS / CORE
Please refer to pages 273 – 274 in Avolta’s alternative performance measures chapter
for more details on the reconciliation between the IFRS and CORE profit or loss.
Financial position and other disclosures
At December 31, 2023
In millions of CHF
Europe, Middle East and Africa (EMEA)1
North America 2
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers 3
Total divisions 4
Unallocated positions 5
Eliminations
Total
At December 31, 2022
In millions of CHF
Europe, Middle East and Africa (EMEA)1
North America 2
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers 3
Total divisions 4
Unallocated positions 5
Eliminations
Total
Total
assets
9,792.3
4,085.3
1,620.8
369.5
1,246.1
17,114.0
79.1
(678.2)
16,514.9
Total
assets
4,831.1
2,054.8
1,413.9
240.7
1,399.9
9,940.4
40.9
(671.7)
9,309.6
Total
liabilities
7,677.1
2,698.3
1,572.6
538.0
3,431.5
15,917.5
3,006.4
(4,904.3)
14,019.6
Total
liabilities
3,013.2
1,701.9
1,572.6
437.0
3,531.0
10,255.6
3,045.5
(4,957.6)
8,343.5
Operating profit before D&A / CORE EBITDA
18.8
(1,364.1)
2023
In millions of CHF
Net sales (IFRS) / (CORE)
Advertising income
Turnover (IFRS) / (CORE)
Cost of sales (IFRS) / (CORE)
Gross profit (IFRS) / (CORE)
Personnel expenses
Other expenses (IFRS) / (CORE)
Other income (IFRS) / (CORE)
Leases expenses (IFRS) / Concession expenses (CORE)
Depreciation & impairment of PP&E
Amortization & impairment of intangibles
(IFRS) / (CORE)
Depreciation & impairment right-of-use assets (IFRS)
Operating profit / CORE EBIT
Financial result (IFRS) / (CORE)
Profit before taxes / CORE EBT
Income tax (IFRS) / (CORE)
Net profit / CORE Net profit
2022
In millions of CHF
Net sales (IFRS) / (CORE)
Advertising income
Turnover (IFRS) / (CORE)
Cost of sales (IFRS) / (CORE)
Gross profit (IFRS) / (CORE)
Personnel expenses
Other expenses (IFRS) / (CORE)
Other income (IFRS) / (CORE)
Leases expenses (IFRS) / Concession expenses (CORE)
Operating profit before D&A / CORE EBITDA
Depreciation & impairment of PP&E
Amortization & impairment of intangibles
(IFRS) / (CORE)
Depreciation & impairment right-of-use assets (IFRS)
Operating profit / CORE EBIT
Financial result (IFRS) / (CORE)
Profit before taxes / CORE EBT
Income tax (IFRS) / (CORE)
Net profit / CORE Net profit
IFRS
12,583.7
205.8
12,789.5
(4,716.0)
8,073.5
(1,875.5)
(2,539.3)
(1,375.7)
191.9
2,474.9
(277.4)
(242.8)
(1,089.6)
865.1
(567.1)
298.0
(81.6)
216.4
IFRS
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(1,081.9)
(997.9)
(578.7)
61.8
1,597.1
(113.9)
(195.6)
(785.2)
502.4
(305.6)
196.8
(76.2)
120.6
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
Fuel sales
adjustments
(unaudited)
(254.9)
(254.9)
239.0
(15.9)
15.9
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(1,303.2)
(60.8)
(0.1)
(0.1)
–
1,089.6
(274.6)
350.1
75.5
(24.6)
50.9
(948.0)
(42.0)
(0.9)
(990.9)
785.2
(205.7)
130.0
(75.7)
7.8
(67.9)
CORE
(unaudited)
12,328.8
205.8
12,534.6
(4,477.0)
8,057.6
(3,178.7)
(2,539.3)
(1,417.7)
207.7
1,129.6
(277.5)
(34.5)
–
817.6
(201.3)
616.3
(159.5)
456.8
CORE
(unaudited)
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(2,029.9)
(997.9)
(620.7)
60.9
606.2
(113.9)
(21.7)
–
470.7
(175.6)
295.1
(105.5)
189.6
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
18.8
208.3
227.1
15.7
242.8
(53.3)
189.5
173.9
173.9
173.9
(37.1)
136.8
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
Fuel sales
adjustments
(unaudited)
1
Within the Group, 5.7 % (2022: 9.4 %) of the total non-current assets are located in Switzerland (domicile) and 29.9 %
(2022: 7.5 %) in Spain.
2 Within the Group, 21.1 % (2022: 15.1 %) of the total non-current assets are located in the US.
3 Global Distribution Centers and corporate entities have global functions and cannot be allocated to the other seg-
ments.
4 Before inter-segment elimination.
5 Total liabilities contain 3rd-party financing.
Reconciliation of assets
In millions of CHF
Operating assets
Current assets of corporate and holding companies
Non-current assets of corporate and holding companies
Eliminations
Total assets
31.12.2023
31.12.2022
17,114.0
51.0
28.1
(678.2)
16,514.9
9,940.4
26.4
14.6
(671.7)
9,309.6
Income tax
(expense) /
income
Capital
expenditure
paid
Depreciation
amortization
and
impairment
(937.5)
(508.3)
(102.6)
(46.3)
(13.6)
(186.9)
(186.5)
(23.1)
(28.0)
(16.3)
(440.8)
(1,608.3)
(0.2)
–
(1.5)
–
(441.0)
(1,609.8)
(39.9)
(16.0)
(13.9)
(4.0)
(6.3)
(80.1)
(1.5)
–
(81.6)
Income tax
(expense) /
income
Capital
expenditure
paid
(10.6)
(29.4)
(35.2)
(1.2)
1.2
(75.2)
(1.0)
–
(76.2)
(35.6)
(46.6)
(12.8)
(4.8)
(13.2)
(113.0)
(0.3)
–
(113.3)
Depreciation
amortization
and
impairment
(659.4)
(254.6)
(120.6)
(43.8)
(15.0)
(1,093.4)
(1.3)
–
(1,094.7)
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Reconciliation of liabilities
In millions of CHF
Operating liabilities
Borrowings of corporate and holding companies, current
Borrowings of corporate and holding companies, non-current
Other non-segment liabilities
Eliminations
Total liabilities
31.12.2023
31.12.2022
15,917.5
743.3
2,190.4
72.8
(4,904.3)
14,019.6
10,255.6
0.2
2,999.0
46.3
(4,957.6)
8,343.5
6.
Acquisitions of businesses
6.1 Combination with Autogrill
On February 3, 2023, Dufry, global leader in Travel Retail, successfully closed the busi-
ness combination with Autogrill, global leader in Travel Food & Beverage to become
Avolta Group. Dufry acquired Autogrill via a two-step acquisition. In accordance with
the Combination Agreement, in consideration for the transfer of the 50.3 % stake in
Autogrill to Dufry, Edizione (through its wholly owned subsidiary Schema Beta S.p.A.)
was issued mandatory convertible non-interest bearing notes convertible into an aggre-
gate of 30,663,329 newly issued Dufry shares, at an implied exchange ratio of 0.158 new
Dufry shares for each Autogrill share. Edizione exercised its conversion right following
closing on February 3, 2023, of the transfer and was issued 30,663,329 Dufry shares.
Pursuant to Italian law, Dufry launched a mandatory takeover offer (MTO) for the
remaining Autogrill shares in several steps starting from February 3, 2023, which
resulted in the delisting of Autogrill on July 24, 2023. Please refer to note 6.2 for further
details.
Since then, Dufry has successfully integrated Autogrill into its organization, which is
expected to generate cost synergies, comprising both cost reductions and gross profit
improvements. Furthermore, the combination of Dufry, global leader in Travel Retail, and
Autogrill, global leader in Travel Food & Beverage (F&B), creates a unique, integrated
Travel Experience Player, leveraging mutual skills to develop more compelling offers for
Avolta’s customers and build the next generation of travel experience. The synergies are
reflected in the value of the goodwill besides other intangibles that are not recognized
individually. The resulting goodwill is not amortized, is not tax deductible and is subject
to annual impairment testing.
The fair value of the identifiable assets and liabilities assumed of Autogrill at the date of
acquisition and the resulting goodwill are determined as follows:
IN MILLIONS OF CHF
Property, plant and equipment
Right-of-use assets 1
Concession rights
Brands
Other intangible assets
Investments in associates
Deferred tax assets
Other non-current assets
Inventories
Trade and credit card receivables
Cash and cash equivalents
Other current assets
Borrowings
Lease obligations
Post-employment benefit obligations
Deferred tax liabilities
Provisions
Trade payables
Other liabilities
Fair value of non-controlling interests
Identifiable net assets
Dufry’s share in the net assets (50.3 %)
Goodwill
Consideration in cash
Consideration in shares
Total consideration
Final fair value
785.2
1,317.1
860.5
113.0
36.4
4.2
43.6
107.9
124.3
9.3
459.7
158.0
(571.4)
(1,434.1)
(30.8)
(269.4)
(80.8)
(402.6)
(399.7)
(57.5)
772.9
–
1,279.0
388.8
890.2
1,279.0
1
adjusted for subleases and unfavorable lease terms.
From the date when Dufry took control of the Autogrill operations on February 3, 2023,
until December 31, 2023, Autogrill operations contributed CHF 4,538.8 million in turn-
over and a net profit of CHF 47.9 million to the Group. If the business combination had
taken place at the beginning of 2023, Autogrill would have generated a turnover of CHF
4,890.5 million (unaudited) and a net profit of CHF 29.4 million (unaudited). Transaction
costs in connection to the Autogrill business combination are reflected in other expenses
and finance expenses. Please refer to note 11 and note 13 for further information.
6.2 Transaction with non-controlling interest in
Autogrill
After the initial acquisition on February 3, 2023, Dufry launched a MTO for the out-
standing Autogrill shares at the Milan Stock Exchange and acquired until July 24, 2023,
in several steps all the remaining of Autogrill shares (49.7 %) for a total consideration of
CHF 1,304.6 million, thereof paid in shares CHF 1,260.5 million and a total consideration
paid in cash of CHF 44.1 million equivalent to EUR 6.33 per share. The difference
between the total consideration for the additional shares and the proportional reduc-
tion of the carrying amount of the non-controlling interests is CHF 920.5 million. This
amount is recognized in the retained earnings in the line changes in participation of
non-controlling interests in the statement of changes in equity.
There were no significant transactions during 2022.
Reconciliation of liabilities
In millions of CHF
Operating liabilities
Borrowings of corporate and holding companies, current
Borrowings of corporate and holding companies, non-current
Other non-segment liabilities
Eliminations
Total liabilities
31.12.2023
31.12.2022
15,917.5
743.3
2,190.4
72.8
(4,904.3)
14,019.6
10,255.6
0.2
2,999.0
46.3
(4,957.6)
8,343.5
6.
Acquisitions of businesses
6.1 Combination with Autogrill
On February 3, 2023, Dufry, global leader in Travel Retail, successfully closed the busi-
ness combination with Autogrill, global leader in Travel Food & Beverage to become
Avolta Group. Dufry acquired Autogrill via a two-step acquisition. In accordance with
the Combination Agreement, in consideration for the transfer of the 50.3 % stake in
Autogrill to Dufry, Edizione (through its wholly owned subsidiary Schema Beta S.p.A.)
was issued mandatory convertible non-interest bearing notes convertible into an aggre-
gate of 30,663,329 newly issued Dufry shares, at an implied exchange ratio of 0.158 new
Dufry shares for each Autogrill share. Edizione exercised its conversion right following
closing on February 3, 2023, of the transfer and was issued 30,663,329 Dufry shares.
Pursuant to Italian law, Dufry launched a mandatory takeover offer (MTO) for the
remaining Autogrill shares in several steps starting from February 3, 2023, which
resulted in the delisting of Autogrill on July 24, 2023. Please refer to note 6.2 for further
details.
Since then, Dufry has successfully integrated Autogrill into its organization, which is
expected to generate cost synergies, comprising both cost reductions and gross profit
improvements. Furthermore, the combination of Dufry, global leader in Travel Retail, and
Autogrill, global leader in Travel Food & Beverage (F&B), creates a unique, integrated
Travel Experience Player, leveraging mutual skills to develop more compelling offers for
Avolta’s customers and build the next generation of travel experience. The synergies are
reflected in the value of the goodwill besides other intangibles that are not recognized
individually. The resulting goodwill is not amortized, is not tax deductible and is subject
to annual impairment testing.
The fair value of the identifiable assets and liabilities assumed of Autogrill at the date of
acquisition and the resulting goodwill are determined as follows:
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IN MILLIONS OF CHF
Property, plant and equipment
Right-of-use assets 1
Concession rights
Brands
Other intangible assets
Investments in associates
Deferred tax assets
Other non-current assets
Inventories
Trade and credit card receivables
Cash and cash equivalents
Other current assets
Borrowings
Lease obligations
Post-employment benefit obligations
Deferred tax liabilities
Provisions
Trade payables
Other liabilities
Fair value of non-controlling interests
Identifiable net assets
Dufry’s share in the net assets (50.3 %)
Goodwill
Consideration in cash
Consideration in shares
Total consideration
Final fair value
785.2
1,317.1
860.5
113.0
36.4
4.2
43.6
107.9
124.3
9.3
459.7
158.0
(571.4)
(1,434.1)
(30.8)
(269.4)
(80.8)
(402.6)
(399.7)
(57.5)
772.9
–
1,279.0
388.8
890.2
1,279.0
1
adjusted for subleases and unfavorable lease terms.
From the date when Dufry took control of the Autogrill operations on February 3, 2023,
until December 31, 2023, Autogrill operations contributed CHF 4,538.8 million in turn-
over and a net profit of CHF 47.9 million to the Group. If the business combination had
taken place at the beginning of 2023, Autogrill would have generated a turnover of CHF
4,890.5 million (unaudited) and a net profit of CHF 29.4 million (unaudited). Transaction
costs in connection to the Autogrill business combination are reflected in other expenses
and finance expenses. Please refer to note 11 and note 13 for further information.
6.2 Transaction with non-controlling interest in
Autogrill
After the initial acquisition on February 3, 2023, Dufry launched a MTO for the out-
standing Autogrill shares at the Milan Stock Exchange and acquired until July 24, 2023,
in several steps all the remaining of Autogrill shares (49.7 %) for a total consideration of
CHF 1,304.6 million, thereof paid in shares CHF 1,260.5 million and a total consideration
paid in cash of CHF 44.1 million equivalent to EUR 6.33 per share. The difference
between the total consideration for the additional shares and the proportional reduc-
tion of the carrying amount of the non-controlling interests is CHF 920.5 million. This
amount is recognized in the retained earnings in the line changes in participation of
non-controlling interests in the statement of changes in equity.
There were no significant transactions during 2022.
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7.
Net sales
Net sales by product categories:
In millions of CHF
Perfumes and Cosmetics
Food, Confectionery & Catering
Wine and Spirits
Luxury goods
Tobacco goods
Electronics
Literature and Publications
Fuel
Other
Total
In millions of CHF
Perfumes and Cosmetics
Food, Confectionery & Catering
Wine and Spirits
Luxury goods
Tobacco goods
Electronics
Literature and Publications
Other
Total
EMEA
1,533.1
2,007.8
661.7
278.2
1,185.9
14.0
11.7
254.9
466.9
6,414.3
EMEA*
1,275.0
483.7
589.5
248.9
782.9
13.1
9.7
117.4
3,520.2
North
America
165.7
3,005.7
67.4
176.9
35.5
126.8
95.1
–
263.7
3,936.8
North
America*
128.4
814.0
58.4
123.2
29.6
127.7
89.1
246.5
1,616.9
LATAM
555.2
172.7
426.1
255.2
90.6
70.4
4.6
–
33.6
1,608.3
APAC
Global DC
2023
97.5
183.0
139.2
57.3
68.9
1.7
–
–
2.2
549.8
58.8
3.4
11.2
0.1
0.7
–
–
–
0.3
74.5
2,410.3
5,372.7
1,305.6
767.7
1,381.6
212.9
111.4
254.9
766.7
12,583.7
LATAM*
APAC*
Global DC*
2022
Total
3,520.2
1,616.9
1,273.0
382.6
126.6
388.0
173.3
74.5
40.7
3.8
83.5
1,273.0
60.6
13.8
80.4
26.1
9.2
2.0
–
15.5
207.6
73.6
3.2
25.7
0.6
0.3
–
–
0.1
1,920.2
1,441.3
1,142.0
572.1
896.5
183.5
102.6
463.0
103.5
6,721.2
* The comparative figures have been presented according to the new segment structure. Please refer to note 5 for fur-
ther details.
Net sales by market sector:
In millions of CHF
Duty-free
Duty-paid
Food & Beverage
Total
In millions of CHF
Duty-free
Duty-paid
Total
EMEA
2,581.5
1,944.1
1,888.7
6,414.3
EMEA*
2,205.9
1,314.3
3,520.2
North
America
255.9
1,683.0
1,997.9
3,936.8
North
America*
317.8
1,299.1
1,616.9
LATAM
APAC
Global DC
2023
Total
(1,875.5)
(1,081.9)
1,463.7
144.6
–
1,608.3
369.0
36.2
144.6
549.8
–
74.5
–
74.5
4,670.1
3,882.4
4,031.2
12,583.7
LATAM*
APAC*
Global DC*
2022
1,151.1
121.9
1,273.0
182.7
24.9
207.6
0.4
103.1
103.5
3,857.9
2,863.3
6,721.2
* The comparative figures have been presented according to the new segment structure. Please refer to note 5 for fur-
ther details.
10,265.3
1,278.3
286.1
190.9
563.1
12,583.7
6,145.6
178.3
189.5
207.8
6,721.2
2022
(1,168.9)
(15.2)
(0.7)
10.7
80.2
12.0
Net sales by channel:
In millions of CHF
Airports
Motorways
Border, downtown & hotel shops
Cruise liners and seaports
Railway stations and other
Total
EMEA
4,639.7
1,278.3
128.4
72.0
295.9
6,414.3
LATAM
APAC
Global DC
2023
3,805.0
1,432.8
North
America
48.6
–
–
83.2
3,936.8
North
America*
37.1
–
39.2
–
56.0
118.9
0.6
1,608.3
1,081.1
54.3
134.4
3.2
387.8
53.1
–
–
108.9
549.8
175.9
16.8
–
14.9
207.6
74.5
74.5
–
–
–
–
–
–
–
103.5
103.5
In millions of CHF
EMEA*
LATAM*
APAC*
Global DC*
2022
Airports
3,348.0
1,540.6
Border, downtown & hotel shops
Cruise liners and seaports
Railway stations and other
70.1
55.1
47.0
* The comparative figures have been presented according to the new segment structure. Please refer to note 5 for fur-
ther details.
8.
Lease (expenses) / income
In millions of CHF
Lease expenses 1
Lease expenses short-term contracts
Lease expenses low value contracts
Sublease income
Relief of lease obligations 2
Change in provision for onerous contract
2023
(1,891.0)
(40.2)
(13.1)
60.6
–
8.2
1
Lease expenses include only variable lease expenses. Fixed and in substance fixed commitments are recognized in
accordance with lease accounting as depreciation of right-of-use assets or interest on lease obligations. For the fol-
lowing year, the Group estimates that the lease expenses may be between 15 % and 17 % of net sales.
2 In 2022, Avolta applied the COVID-19 related rent concession - amendment to IFRS 16 and recognized relief of lease
obligations presented as lease expenses.
A part of the Company’s lease contracts require as compensation the higher of two
amounts: a) a percentage of sales or b) a fixed minimal guaranteed amount (MAG). The
fair value of these fixed or in substance fixed MAG commitments over the contractual
term are presented usually as right-of-use assets and expensed as depreciation. Lease
payments exceeding the MAG are presented as lease expenses and are normally cal-
culated as a percentage of sales. Other lease contracts require only variable payments,
which are fully presented as lease expense.
Variable lease expense approximates the related cash flows due to the short payment
term characteristic of these contracts.
For further details of right-of-use assets, please refer to note 17, for lease obligation,
note 29 and for the gain in relation to modifications of lease contracts, to note 13.
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2023
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Total
6,414.3
3,936.8
1,608.3
North
America
LATAM
APAC
Global DC
2023
3,805.0
1,432.8
–
48.6
–
83.2
–
56.0
118.9
0.6
387.8
–
53.1
–
108.9
549.8
–
–
–
–
74.5
74.5
10,265.3
1,278.3
286.1
190.9
563.1
12,583.7
7.
Net sales
Net sales by product categories:
APAC
Global DC
2023
Net sales by channel:
In millions of CHF
Airports
Motorways
Border, downtown & hotel shops
Cruise liners and seaports
Railway stations and other
EMEA
4,639.7
1,278.3
128.4
72.0
295.9
In millions of CHF
Perfumes and Cosmetics
Food, Confectionery & Catering
Wine and Spirits
Luxury goods
Tobacco goods
Electronics
Literature and Publications
Fuel
Other
Total
Perfumes and Cosmetics
Food, Confectionery & Catering
Literature and Publications
Wine and Spirits
Luxury goods
Tobacco goods
Electronics
Other
Total
ther details.
In millions of CHF
Duty-free
Duty-paid
Food & Beverage
Total
In millions of CHF
Duty-free
Duty-paid
Total
ther details.
EMEA
1,533.1
2,007.8
661.7
278.2
1,185.9
14.0
11.7
254.9
466.9
6,414.3
EMEA*
1,275.0
483.7
589.5
248.9
782.9
13.1
9.7
117.4
3,520.2
EMEA
2,581.5
1,944.1
1,888.7
6,414.3
EMEA*
2,205.9
1,314.3
3,520.2
North
America
165.7
3,005.7
67.4
176.9
35.5
126.8
95.1
–
263.7
3,936.8
North
America*
128.4
814.0
58.4
123.2
29.6
127.7
89.1
246.5
1,616.9
North
America
255.9
1,683.0
1,997.9
3,936.8
North
America*
317.8
1,299.1
1,616.9
LATAM
555.2
172.7
426.1
255.2
90.6
70.4
4.6
–
33.6
1,608.3
382.6
126.6
388.0
173.3
74.5
40.7
3.8
83.5
1,273.0
1,463.7
144.6
–
1,608.3
1,151.1
121.9
1,273.0
97.5
183.0
139.2
57.3
68.9
1.7
–
–
2.2
549.8
60.6
13.8
80.4
26.1
9.2
2.0
–
15.5
207.6
369.0
36.2
144.6
549.8
182.7
24.9
207.6
58.8
3.4
11.2
0.1
0.7
–
–
–
0.3
74.5
73.6
3.2
25.7
0.6
0.3
–
–
0.1
2,410.3
5,372.7
1,305.6
767.7
1,381.6
212.9
111.4
254.9
766.7
12,583.7
1,920.2
1,441.3
1,142.0
572.1
896.5
183.5
102.6
463.0
103.5
6,721.2
74.5
–
–
74.5
4,670.1
3,882.4
4,031.2
12,583.7
0.4
103.1
103.5
3,857.9
2,863.3
6,721.2
LATAM*
APAC*
Global DC*
2022
* The comparative figures have been presented according to the new segment structure. Please refer to note 5 for fur-
Net sales by market sector:
* The comparative figures have been presented according to the new segment structure. Please refer to note 5 for fur-
In millions of CHF
LATAM*
APAC*
Global DC*
2022
Total
3,520.2
1,616.9
1,273.0
In millions of CHF
Airports
Border, downtown & hotel shops
Cruise liners and seaports
Railway stations and other
EMEA*
North
America*
3,348.0
1,540.6
70.1
55.1
47.0
37.1
–
39.2
LATAM*
APAC*
Global DC*
2022
1,081.1
54.3
134.4
3.2
175.9
16.8
–
14.9
207.6
–
–
–
103.5
103.5
6,145.6
178.3
189.5
207.8
6,721.2
* The comparative figures have been presented according to the new segment structure. Please refer to note 5 for fur-
ther details.
8.
Lease (expenses) / income
In millions of CHF
Lease expenses 1
Lease expenses short-term contracts
Lease expenses low value contracts
Sublease income
Relief of lease obligations 2
Change in provision for onerous contract
2023
(1,891.0)
(40.2)
(13.1)
60.6
–
8.2
2022
(1,168.9)
(15.2)
(0.7)
10.7
80.2
12.0
LATAM
APAC
Global DC
2023
Total
(1,875.5)
(1,081.9)
1
Lease expenses include only variable lease expenses. Fixed and in substance fixed commitments are recognized in
accordance with lease accounting as depreciation of right-of-use assets or interest on lease obligations. For the fol-
lowing year, the Group estimates that the lease expenses may be between 15 % and 17 % of net sales.
2 In 2022, Avolta applied the COVID-19 related rent concession - amendment to IFRS 16 and recognized relief of lease
obligations presented as lease expenses.
A part of the Company’s lease contracts require as compensation the higher of two
amounts: a) a percentage of sales or b) a fixed minimal guaranteed amount (MAG). The
fair value of these fixed or in substance fixed MAG commitments over the contractual
term are presented usually as right-of-use assets and expensed as depreciation. Lease
payments exceeding the MAG are presented as lease expenses and are normally cal-
culated as a percentage of sales. Other lease contracts require only variable payments,
which are fully presented as lease expense.
Variable lease expense approximates the related cash flows due to the short payment
term characteristic of these contracts.
For further details of right-of-use assets, please refer to note 17, for lease obligation,
note 29 and for the gain in relation to modifications of lease contracts, to note 13.
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2023
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Report
ESG
Report
Financial
Report
Governance
Report
Page 190/336
9.
9.
Personnel expenses
Personnel expenses
Aggregated information of impairments per division (segment)
In millions of CHF
In millions of CHF
Salaries and wages
Salaries and wages
Social security expenses
Social security expenses
Retirement benefits
Retirement benefits
Other personnel expenses
Other personnel expenses
Total
Total
10. Depreciation, amortization and impairment
10. Depreciation, amortization and impairment
In millions of CHF
In millions of CHF
Depreciation of property, plant and equipment
Depreciation of property, plant and equipment
Impairment of property, plant and equipment
Impairment of property, plant and equipment
Reversal of impairment of property, plant and equipment
Reversal of impairment of property, plant and equipment
Depreciation & impairment of PP&E
Depreciation & impairment of PP&E
Depreciation of right-of-use assets
Depreciation of right-of-use assets
Impairment of right-of-use assets
Impairment of right-of-use assets
Reversal of right-of-use assets
Reversal of right-of-use assets
Depreciation & impairment RoU assets
Depreciation & impairment RoU assets
Amortization of intangibles
Amortization of intangibles
Impairment of intangibles
Impairment of intangibles
Reversal of impairment of intangibles
Reversal of impairment of intangibles
Amortization & impairment of intangibles
Amortization & impairment of intangibles
Depreciation, amortization & impairment
Depreciation, amortization & impairment
2023
2023
(1,980.5)
(1,980.5)
(291.2)
(291.2)
(53.5)
(53.5)
(214.1)
(214.1)
(2,539.3)
(2,539.3)
2023
2023
(278.5)
(278.5)
(5.7)
(5.7)
6.8
6.8
(277.4)
(277.4)
(1,088.3)
(1,088.3)
(15.3)
(15.3)
14.0
14.0
(1,089.6)
(1,089.6)
(272.6)
(272.6)
(0.7)
(0.7)
30.5
30.5
(242.8)
(242.8)
2022
2022
(773.8)
(773.8)
(129.9)
(129.9)
(12.9)
(12.9)
(81.3)
(81.3)
(997.9)
(997.9)
2022
2022
(112.7)
(112.7)
(1.4)
(1.4)
0.2
0.2
(113.9)
(113.9)
(818.9)
(818.9)
(15.0)
(15.0)
48.7
48.7
(785.2)
(785.2)
(180.0)
(180.0)
(32.9)
(32.9)
17.3
17.3
(195.6)
(195.6)
(1,609.8)
(1,609.8)
(1,094.7)
(1,094.7)
Aggregated information of reversal of impairments per division (segment)
Aggregated information of reversal of impairments per division (segment)
In millions of CHF
In millions of CHF
Europe, Middle East and Africa
Europe, Middle East and Africa
(EMEA)
(EMEA)
North America
North America
Latin America (LATAM)
Latin America (LATAM)
Asia Pacific (APAC)
Asia Pacific (APAC)
Global Distribution Centers
Global Distribution Centers
Total
Total
Property, plant
Property, plant
and equipment
and equipment
Right-of-use
Right-of-use
assets
assets
Intangible assets
Intangible assets
and goodwill
and goodwill
Property, plant
Property, plant
and equipment
and equipment
Right-of-use
Right-of-use
assets
assets
Intangible assets
Intangible assets
and goodwill
and goodwill
2023
2023
2022
2022
2.4
2.4
–
–
4.4
4.4
–
–
–
–
6.8
6.8
3.4
3.4
–
–
6.7
6.7
3.9
3.9
–
–
14.0
14.0
–
–
–
–
30.5
30.5
–
–
–
–
30.5
30.5
0.2
0.2
–
–
–
–
–
–
–
–
0.2
0.2
46.1
46.1
–
–
–
–
2.6
2.6
–
–
48.7
48.7
–
–
–
–
17.3
17.3
–
–
–
–
17.3
17.3
Europe, Middle East and Africa
In millions of CHF
(EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers
Total
Property, plant
and equipment
Right-of-use
Intangible assets
assets
and goodwill
Property, plant
and equipment
Right-of-use
Intangible assets
assets
and goodwill
(5.5)
(0.2)
–
–
–
(5.7)
(0.4)
(14.7)
(0.2)
–
–
(15.3)
(0.7)
(1.4)
–
–
–
–
(15.0)
–
–
–
–
(0.7)
(1.4)
(15.0)
(32.9)
2023
–
–
–
–
In 2023 and 2022, Avolta’s performance was characterized by a strong recovery of the
travel retail industry, resulting in increasing sales in most regions where Avolta operates.
However, the level of recovery was not the same for all countries. Whereas some oper-
ations performance was better than expected, other operations recovered only slower
For further details, please refer to note 19 – Impairment test of tangible and intangible
2022
(32.9)
–
–
–
–
2022
(44.8)
(37.9)
(101.3)
(70.7)
(56.1)
(45.9)
(20.3)
(41.8)
(9.1)
(22.0)
(15.2)
(30.1)
(14.2)
(38.8)
(7.4)
(17.5)
(5.6)
2023
(179.5)
(125.4)
(217.5)
(168.0)
(87.9)
(72.4)
(41.4)
(78.3)
(32.3)
(43.4)
(49.0)
(144.9)
(24.2)
(73.1)
(8.0)
(19.5)
(10.9)
11. Other expenses
than expected.
assets.
In millions of CHF
Repairs and maintenance
Utilities
Credit card expenses
Professional advisors
IT expenses
Freight & packaging
Acquisition related transaction costs 1
Other operational expenses
Advertising expenses
Office and admin expenses
Travel, car, entertainment and representation
Royalties, franchise fees and commercial services
Public relations expenses
Taxes other than income taxes
Ancillary premises expenses
Insurances
Bank expenses
Total
with Autogrill.
1
In 2023 thereof CHF 18.8 million financial-related transaction costs directly linked to the closing of the combination
(1,375.7)
(578.7)
9.
9.
Personnel expenses
Personnel expenses
Aggregated information of impairments per division (segment)
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2023
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Page 191/336
10. Depreciation, amortization and impairment
10. Depreciation, amortization and impairment
In millions of CHF
In millions of CHF
Salaries and wages
Salaries and wages
Social security expenses
Social security expenses
Retirement benefits
Retirement benefits
Other personnel expenses
Other personnel expenses
Total
Total
In millions of CHF
In millions of CHF
Depreciation of property, plant and equipment
Depreciation of property, plant and equipment
Impairment of property, plant and equipment
Impairment of property, plant and equipment
Reversal of impairment of property, plant and equipment
Reversal of impairment of property, plant and equipment
Depreciation & impairment of PP&E
Depreciation & impairment of PP&E
Depreciation of right-of-use assets
Depreciation of right-of-use assets
Impairment of right-of-use assets
Impairment of right-of-use assets
Reversal of right-of-use assets
Reversal of right-of-use assets
Depreciation & impairment RoU assets
Depreciation & impairment RoU assets
Amortization of intangibles
Amortization of intangibles
Impairment of intangibles
Impairment of intangibles
Reversal of impairment of intangibles
Reversal of impairment of intangibles
Amortization & impairment of intangibles
Amortization & impairment of intangibles
Depreciation, amortization & impairment
Depreciation, amortization & impairment
(1,609.8)
(1,609.8)
(1,094.7)
(1,094.7)
Aggregated information of reversal of impairments per division (segment)
Aggregated information of reversal of impairments per division (segment)
Europe, Middle East and Africa
Europe, Middle East and Africa
In millions of CHF
In millions of CHF
(EMEA)
(EMEA)
North America
North America
Latin America (LATAM)
Latin America (LATAM)
Asia Pacific (APAC)
Asia Pacific (APAC)
Global Distribution Centers
Global Distribution Centers
Total
Total
Property, plant
Property, plant
and equipment
and equipment
Right-of-use
Right-of-use
Intangible assets
Intangible assets
assets
assets
and goodwill
and goodwill
Property, plant
Property, plant
and equipment
and equipment
Right-of-use
Right-of-use
Intangible assets
Intangible assets
assets
assets
and goodwill
and goodwill
2023
2023
30.5
30.5
–
–
–
–
–
–
–
–
2.4
2.4
4.4
4.4
–
–
–
–
–
–
6.8
6.8
3.4
3.4
–
–
6.7
6.7
3.9
3.9
–
–
14.0
14.0
0.2
0.2
–
–
–
–
–
–
–
–
46.1
46.1
–
–
–
–
–
–
2.6
2.6
48.7
48.7
30.5
30.5
0.2
0.2
2023
2023
(1,980.5)
(1,980.5)
(291.2)
(291.2)
(53.5)
(53.5)
(214.1)
(214.1)
(2,539.3)
(2,539.3)
2023
2023
(278.5)
(278.5)
(5.7)
(5.7)
6.8
6.8
(277.4)
(277.4)
(1,088.3)
(1,088.3)
(15.3)
(15.3)
14.0
14.0
(1,089.6)
(1,089.6)
(272.6)
(272.6)
(0.7)
(0.7)
30.5
30.5
(242.8)
(242.8)
2022
2022
(773.8)
(773.8)
(129.9)
(129.9)
(12.9)
(12.9)
(81.3)
(81.3)
(997.9)
(997.9)
2022
2022
(112.7)
(112.7)
(1.4)
(1.4)
0.2
0.2
(113.9)
(113.9)
(818.9)
(818.9)
(15.0)
(15.0)
48.7
48.7
(785.2)
(785.2)
(180.0)
(180.0)
(32.9)
(32.9)
17.3
17.3
(195.6)
(195.6)
2022
2022
17.3
17.3
–
–
–
–
–
–
–
–
17.3
17.3
In millions of CHF
Europe, Middle East and Africa
(EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers
Total
Property, plant
and equipment
Right-of-use
assets
Intangible assets
and goodwill
Property, plant
and equipment
Right-of-use
assets
Intangible assets
and goodwill
2023
2022
(5.5)
–
(0.2)
–
–
(5.7)
(0.4)
–
(14.7)
(0.2)
–
(15.3)
(0.7)
(1.4)
–
–
–
–
–
–
–
–
–
–
(15.0)
–
–
(32.9)
–
–
–
–
(0.7)
(1.4)
(15.0)
(32.9)
In 2023 and 2022, Avolta’s performance was characterized by a strong recovery of the
travel retail industry, resulting in increasing sales in most regions where Avolta operates.
However, the level of recovery was not the same for all countries. Whereas some oper-
ations performance was better than expected, other operations recovered only slower
than expected.
For further details, please refer to note 19 – Impairment test of tangible and intangible
assets.
11. Other expenses
In millions of CHF
Repairs and maintenance
Utilities
Credit card expenses
Professional advisors
IT expenses
Freight & packaging
Acquisition related transaction costs 1
Other operational expenses
Advertising expenses
Office and admin expenses
Travel, car, entertainment and representation
Royalties, franchise fees and commercial services
Public relations expenses
Taxes other than income taxes
Ancillary premises expenses
Insurances
Bank expenses
Total
2023
(179.5)
(125.4)
(217.5)
(168.0)
(87.9)
(72.4)
(41.4)
(78.3)
(32.3)
(43.4)
(49.0)
(144.9)
(24.2)
(73.1)
(8.0)
(19.5)
(10.9)
2022
(44.8)
(37.9)
(101.3)
(70.7)
(56.1)
(45.9)
(20.3)
(41.8)
(9.1)
(22.0)
(15.2)
(30.1)
(14.2)
(38.8)
(7.4)
(17.5)
(5.6)
(1,375.7)
(578.7)
1
In 2023 thereof CHF 18.8 million financial-related transaction costs directly linked to the closing of the combination
with Autogrill.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 192/336
12. Other income
12. Other income
In millions of CHF
In millions of CHF
Selling Income
Selling Income
Airport services income 1
Airport services income 1
Other operational income 2
Other operational income 2
Other income
Other income
1
1
Services provided in airline lounges. Related costs are recognized in the corresponding expense line items.
Services provided in airline lounges. Related costs are recognized in the corresponding expense line items.
2 In 2023, other operating income includes government support of CHF 7.0 (2022: 10.0) million.
2 In 2023, other operating income includes government support of CHF 7.0 (2022: 10.0) million.
13. Finance income and finance expenses
13. Finance income and finance expenses
13.1 Finance income
13.1 Finance income
In millions of CHF
In millions of CHF
Income on financial assets
Income on financial assets
Interest income on current deposits
Interest income on current deposits
Interest income on 3rd party loans
Interest income on 3rd party loans
Other finance income 1,2
Other finance income 1,2
Interest income on financial assets
Interest income on financial assets
Income from financial investments and associates
Income from financial investments and associates
Share of result in associates
Share of result in associates
Gain on disposal of financial investments
Gain on disposal of financial investments
Gain / (loss) on revaluation of financial investments
Gain / (loss) on revaluation of financial investments
Income from financial investments and associates
Income from financial investments and associates
Total finance income
Total finance income
1
1
In 2023, thereof CHF 36.8 million gains of interest financial derivatives.
In 2023, thereof CHF 36.8 million gains of interest financial derivatives.
2 In 2023, thereof gain in relation to modifications of lease contracts of CHF 7.6 million.
2 In 2023, thereof gain in relation to modifications of lease contracts of CHF 7.6 million.
2023
2023
66.6
66.6
103.6
103.6
21.7
21.7
191.9
191.9
2022
2022
41.2
41.2
–
–
20.5
20.5
61.7
61.7
2023
2023
2022
2022
54.9
54.9
2.6
2.6
49.3
49.3
106.8
106.8
3.7
3.7
–
–
(1.0)
(1.0)
2.7
2.7
109.5
109.5
28.0
28.0
2.5
2.5
24.7
24.7
55.2
55.2
10.7
10.7
2.6
2.6
–
–
13.3
13.3
68.5
68.5
In millions of CHF
2023
2022
13.2 Finance expenses
Expenses on financial liabilities
Interest expense
of which lease interest
of which bank interest
of which bank commitment fees
of which bank guarantees commission expense
of which notes interest
of which related to other financial liabilities
Amortization / write off of arrangement fees
Impairment on other financial assets
Other finance costs 1,2,3
Interest expense on financial liabilities
Expenses on non-financial liabilities
Interest expense
Interest and other finance expenses
Total finance expenses
(533.9)
(321.0)
(91.8)
(28.0)
(7.1)
(84.5)
(1.5)
(5.4)
0.3
(87.5)
(626.5)
–
–
2023
(121.4)
(125.5)
4.2
39.8
47.6
(8.6)
0.6
0.2
(81.6)
(284.6)
(127.6)
(47.8)
(12.8)
(5.0)
(83.6)
(7.8)
(18.3)
(2.6)
(45.4)
(350.9)
–
–
2022
(73.1)
(79.7)
6.6
(3.1)
(23.7)
23.1
(2.5)
–
(76.2)
1
Thereof CHF 49.1 (2022: 38.8) million losses of interest financial derivatives.
2 In 2023, thereof CHF 15.6 million financing related transaction costs in connection with the closing of the Autogrill
transaction (Bridge financing).
3 In 2023, thereof CHF 13.3 million net loss relating to the revaluation of financial investments.
(626.5)
(350.9)
14.
Income taxes
Income tax recognized in the consolidated statement of profit or loss
In millions of CHF
Current Income tax income / (expense)
of which corresponding to the current period
of which adjustments recognized in relation to prior years
Deferred Income tax income / (expense)
of which related to the origination or reversal of temporary differences
of which adjustments recognized in relation to prior years
of which relates to foreign exchange movements 1
of which adjustments due to change in tax rates
Total
12. Other income
12. Other income
In millions of CHF
In millions of CHF
Selling Income
Selling Income
Airport services income 1
Airport services income 1
Other operational income 2
Other operational income 2
Other income
Other income
1
1
Services provided in airline lounges. Related costs are recognized in the corresponding expense line items.
Services provided in airline lounges. Related costs are recognized in the corresponding expense line items.
2 In 2023, other operating income includes government support of CHF 7.0 (2022: 10.0) million.
2 In 2023, other operating income includes government support of CHF 7.0 (2022: 10.0) million.
13. Finance income and finance expenses
13. Finance income and finance expenses
13.1 Finance income
13.1 Finance income
In millions of CHF
In millions of CHF
Income on financial assets
Income on financial assets
Interest income on current deposits
Interest income on current deposits
Interest income on 3rd party loans
Interest income on 3rd party loans
Other finance income 1,2
Other finance income 1,2
Interest income on financial assets
Interest income on financial assets
Income from financial investments and associates
Income from financial investments and associates
Share of result in associates
Share of result in associates
Gain on disposal of financial investments
Gain on disposal of financial investments
Gain / (loss) on revaluation of financial investments
Gain / (loss) on revaluation of financial investments
Income from financial investments and associates
Income from financial investments and associates
Total finance income
Total finance income
1
1
In 2023, thereof CHF 36.8 million gains of interest financial derivatives.
In 2023, thereof CHF 36.8 million gains of interest financial derivatives.
2 In 2023, thereof gain in relation to modifications of lease contracts of CHF 7.6 million.
2 In 2023, thereof gain in relation to modifications of lease contracts of CHF 7.6 million.
2023
2023
66.6
66.6
103.6
103.6
21.7
21.7
191.9
191.9
54.9
54.9
2.6
2.6
49.3
49.3
106.8
106.8
3.7
3.7
–
–
(1.0)
(1.0)
2.7
2.7
109.5
109.5
2022
2022
41.2
41.2
–
–
20.5
20.5
61.7
61.7
28.0
28.0
2.5
2.5
24.7
24.7
55.2
55.2
10.7
10.7
2.6
2.6
–
–
13.3
13.3
68.5
68.5
2023
2023
2022
2022
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13.2 Finance expenses
In millions of CHF
2023
2022
Expenses on financial liabilities
Interest expense
of which lease interest
of which bank interest
of which bank commitment fees
of which bank guarantees commission expense
of which notes interest
of which related to other financial liabilities
Amortization / write off of arrangement fees
Impairment on other financial assets
Other finance costs 1,2,3
Interest expense on financial liabilities
Expenses on non-financial liabilities
Interest expense
Interest and other finance expenses
Total finance expenses
1
Thereof CHF 49.1 (2022: 38.8) million losses of interest financial derivatives.
2 In 2023, thereof CHF 15.6 million financing related transaction costs in connection with the closing of the Autogrill
transaction (Bridge financing).
3 In 2023, thereof CHF 13.3 million net loss relating to the revaluation of financial investments.
14.
Income taxes
Income tax recognized in the consolidated statement of profit or loss
In millions of CHF
Current Income tax income / (expense)
of which corresponding to the current period
of which adjustments recognized in relation to prior years
Deferred Income tax income / (expense)
of which related to the origination or reversal of temporary differences
of which adjustments recognized in relation to prior years
of which relates to foreign exchange movements 1
of which adjustments due to change in tax rates
Total
(533.9)
(321.0)
(91.8)
(28.0)
(7.1)
(84.5)
(1.5)
(5.4)
0.3
(87.5)
(626.5)
–
–
(284.6)
(127.6)
(47.8)
(12.8)
(5.0)
(83.6)
(7.8)
(18.3)
(2.6)
(45.4)
(350.9)
–
–
(626.5)
(350.9)
2023
(121.4)
(125.5)
4.2
39.8
47.6
(8.6)
0.6
0.2
(81.6)
2022
(73.1)
(79.7)
6.6
(3.1)
(23.7)
23.1
(2.5)
–
(76.2)
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Income tax reconciliation
In millions of CHF
Consolidated profit / (loss) before taxes
Expected tax rate in %
Income tax at the expected rate
Effect of
Income not subject to income tax
Different tax rates for subsidiaries in other jurisdictions
Effect of changes in tax rates on previously recognized deferred tax assets and liabilities
Non-deductible expenses
Permanent differences
Losses of the year for which no deferred tax asset is recognized
Net change of recognition of temporary differences and tax credits
Non recoverable withholding taxes
Income taxes in non-controlling interest holders
Adjustments recognized in relation to prior year
Foreign exchange movements on deferred tax balances 1
Other items
Total
2023
298.0
22.8%
(67.8)
3.8
25.3
(0.2)
(11.9)
(5.0)
(30.2)
(7.2)
(15.2)
25.9
(4.4)
0.6
4.7
(81.6)
2022
196.8
21.8%
(43.0)
3.6
(0.8)
–
(7.1)
(5.7)
(52.5)
(0.4)
(10.1)
14.0
29.7
(2.5)
(1.4)
(76.2)
1
In countries where Avolta pays taxes in a currency other than the functional currency, deferred tax assets and liabili-
ties are impacted by foreign exchange fluctuations between the functional and local currencies. These changes are
included in the Group's tax expense line.
The expected tax rate in % approximates the average income tax rate of the countries
where the Group is active, weighted by the profitability of the respective operations
adjusted for impairments. For 2023, there were no major changes in tax rates noted for
countries in which Avolta is operating.
Deferred income tax recognized in other comprehensive income or in equity
In millions of CHF
2023
2022
Recognized in other comprehensive income
Actuarial gains / (losses) on defined benefit plans
Total
Recognized in equity
Tax effect on share-based payments
Total
0.1
0.1
–
–
4.1
4.1
–
–
15. Components of other comprehensive income
benefit reserve
Translation reserves
Retained earnings
Total
Total equity
Non-controlling
interests
Attributable to equity holders of the parent
2023
In millions of CHF
Remeasurement of post-
employment benefits plans
Income tax effect
Subtotal
Exchange differences on
translating foreign operations
Subtotal
Net gain / (loss) on hedge of net
investment in foreign operations
(note 28.1)
Income tax effect
Subtotal
Share of other comprehensive
income of associates
Subtotal
2022
In millions of CHF
Remeasurement of post-
employment benefits plans
Income tax effect
Subtotal
Exchange differences on
translating foreign operations
Subtotal
Net gain / (loss) on hedge of net
investment in foreign operations
(note 28.1)
Income tax effect
Subtotal
Share of other comprehensive
income of associates
Subtotal
Employee
11.2
(0.1)
11.1
Employee
(37.8)
4.1
(33.7)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(241.8)
(241.8)
14.3
14.3
–
–
–
–
–
–
–
–
–
(89.4)
(89.4)
(3.6)
–
(3.6)
0.5
0.5
11.2
(0.1)
11.1
(241.8)
(241.8)
14.3
14.3
–
–
–
(37.8)
4.1
(33.7)
(89.4)
(89.4)
(3.6)
–
(3.6)
0.5
0.5
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(19.7)
(19.7)
(261.5)
(261.5)
–
–
–
–
–
–
–
–
–
–
–
–
–
0.2
–
0.2
(2.2)
(2.2)
11.2
(0.1)
11.1
14.3
14.3
–
–
–
(37.6)
4.1
(33.5)
(91.6)
(91.6)
(3.6)
–
(3.6)
0.5
0.5
Other comprehensive income
11.1
(227.5)
(216.4)
(19.7)
(236.1)
benefit reserve
Translation reserves
Retained earnings
Total
Total equity
Non-controlling
interests
Attributable to equity holders of the parent
Other comprehensive income
(33.7)
(92.5)
(126.2)
(2.0)
(128.2)
Income tax reconciliation
In millions of CHF
Consolidated profit / (loss) before taxes
Expected tax rate in %
Income tax at the expected rate
Effect of
Income not subject to income tax
Different tax rates for subsidiaries in other jurisdictions
Effect of changes in tax rates on previously recognized deferred tax assets and liabilities
Non-deductible expenses
Permanent differences
Losses of the year for which no deferred tax asset is recognized
Net change of recognition of temporary differences and tax credits
Non recoverable withholding taxes
Income taxes in non-controlling interest holders
Adjustments recognized in relation to prior year
Foreign exchange movements on deferred tax balances 1
Other items
Total
1
In countries where Avolta pays taxes in a currency other than the functional currency, deferred tax assets and liabili-
ties are impacted by foreign exchange fluctuations between the functional and local currencies. These changes are
included in the Group's tax expense line.
The expected tax rate in % approximates the average income tax rate of the countries
where the Group is active, weighted by the profitability of the respective operations
adjusted for impairments. For 2023, there were no major changes in tax rates noted for
countries in which Avolta is operating.
Deferred income tax recognized in other comprehensive income or in equity
In millions of CHF
2023
2022
Recognized in other comprehensive income
Actuarial gains / (losses) on defined benefit plans
Total
Total
Recognized in equity
Tax effect on share-based payments
2023
298.0
22.8%
(67.8)
3.8
25.3
(0.2)
(11.9)
(5.0)
(30.2)
(7.2)
(15.2)
25.9
(4.4)
0.6
4.7
(81.6)
0.1
0.1
–
–
2022
196.8
21.8%
(43.0)
(52.5)
3.6
(0.8)
–
(7.1)
(5.7)
(0.4)
(10.1)
14.0
29.7
(2.5)
(1.4)
(76.2)
4.1
4.1
–
–
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15. Components of other comprehensive income
2023
In millions of CHF
Employee
benefit reserve
Translation reserves
Retained earnings
Total
Non-controlling
interests
Total equity
Attributable to equity holders of the parent
Remeasurement of post-
employment benefits plans
Income tax effect
Subtotal
Exchange differences on
translating foreign operations
Subtotal
Net gain / (loss) on hedge of net
investment in foreign operations
(note 28.1)
Income tax effect
Subtotal
Share of other comprehensive
income of associates
Subtotal
11.2
(0.1)
11.1
–
–
–
–
–
–
–
–
–
–
(241.8)
(241.8)
14.3
–
14.3
–
–
Other comprehensive income
11.1
(227.5)
–
–
–
–
–
–
–
–
–
–
–
11.2
(0.1)
11.1
(241.8)
(241.8)
14.3
–
14.3
–
–
–
–
–
11.2
(0.1)
11.1
(19.7)
(19.7)
(261.5)
(261.5)
–
–
–
–
–
14.3
–
14.3
–
–
(216.4)
(19.7)
(236.1)
2022
In millions of CHF
Employee
benefit reserve
Translation reserves
Retained earnings
Total
Non-controlling
interests
Total equity
Attributable to equity holders of the parent
Remeasurement of post-
employment benefits plans
Income tax effect
Subtotal
Exchange differences on
translating foreign operations
Subtotal
Net gain / (loss) on hedge of net
investment in foreign operations
(note 28.1)
Income tax effect
Subtotal
Share of other comprehensive
income of associates
Subtotal
(37.8)
4.1
(33.7)
–
–
–
–
–
–
–
–
–
–
(89.4)
(89.4)
(3.6)
–
(3.6)
0.5
0.5
Other comprehensive income
(33.7)
(92.5)
–
–
–
–
–
–
–
–
–
–
–
(37.8)
4.1
(33.7)
(89.4)
(89.4)
(3.6)
–
(3.6)
0.5
0.5
0.2
–
0.2
(2.2)
(2.2)
–
–
–
–
–
(37.6)
4.1
(33.5)
(91.6)
(91.6)
(3.6)
–
(3.6)
0.5
0.5
(126.2)
(2.0)
(128.2)
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16. Property, plant and equipment
2023
In millions of CHF
At cost
Balance at January 1
Business combinations
Decrease in scope of consolidation
Additions
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Accumulated depreciation
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Decrease in scope of consolidation
Impairment (note 10)
Reversal of impairment (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Carrying amount
At December 31, 2023
Leasehold
improvements
Buildings
Furniture
fixtures
Computer
hardware
Vehicles
Work in
progress
Total
Leasehold
improvements
Buildings
Furniture
fixtures
Computer
hardware
Vehicles
Work in
progress
Total
608.8
430.9
(3.4)
71.1
(217.1)
96.3
(163.1)
823.5
13.7
49.7
–
1.4
–
1.5
(4.6)
61.7
536.6
206.4
(0.1)
62.2
(1.8)
96.8
(108.9)
791.2
59.4
–
(0.3)
8.5
(5.2)
4.2
(7.6)
59.0
(388.8)
(8.9)
(407.5)
(42.7)
3.3
(148.2)
166.9
29.1
110.5
(227.2)
–
(2.5)
9.0
(9.0)
1.8
(9.6)
0.1
(114.8)
1.8
(24.2)
85.9
0.3
(11.7)
5.1
4.0
6.0
6.6
0.5
–
1.4
(2.1)
1.1
(1.2)
6.3
(5.3)
–
(1.3)
2.1
0.1
1.0
69.9
97.7
–
256.1
(3.4)
(199.9)
(15.8)
204.6
1,295.0
785.2
(3.8)
400.7
(229.6)
–
(301.2)
1,946.3
–
–
–
–
–
(853.2)
3.7
(278.5)
184.9
–
–
205.2
–
(737.9)
(458.7)
(39.0)
(3.4)
(81.0)
(2.6)
(38.5)
(2.3)
(0.1)
(3.0)
(127.5)
–
(5.3)
4.6
37.3
(8.2)
9.2
–
–
–
–
0.1
0.1
–
(0.4)
2.1
–
7.5
2.2
–
–
0.1
–
0.6
0.2
–
–
–
–
–
–
–
–
–
–
0.1
0.3
–
(5.7)
6.8
37.3
0.1
12.0
(43.4)
(2.4)
(27.1)
(1.4)
(0.1)
(2.6)
(77.0)
552.9
49.7
305.4
18.6
2.8
202.0
1,131.4
2022
In millions of CHF
At cost
Balance at January 1
Increase in scope of consolidation
Decrease in scope of consolidation
Additions
Disposals
Reclassification within classes
Reclassification to Intangible
Currency translation adjustments
Balance at December 31
Accumulated depreciation
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Decrease in scope of consolidation
Impairment (note 10)
Reversal of impairment (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
580.8
15.2
530.9
6.7
50.0
1,236.9
(349.7)
(8.5)
(379.4)
(35.8)
(5.1)
(0.2)
(48.5)
–
–
–
–
–
(1.1)
(0.4)
13.7
–
–
(0.3)
0.1
(8.9)
–
–
–
1.1
–
0.2
(2.6)
0.8
(0.6)
14.7
(9.5)
16.0
–
(15.7)
536.6
0.2
9.3
(0.9)
11.8
0.3
(1.0)
–
–
(3.2)
0.3
53.3
–
(0.1)
6.1
(2.4)
1.7
–
0.8
59.4
0.1
(8.3)
2.3
(0.1)
(0.9)
(1.8)
0.1
–
–
–
–
(0.6)
–
(0.5)
25.3
(12.1)
20.1
–
(4.8)
608.8
0.1
(55.0)
11.4
1.3
3.1
(388.8)
0.4
(0.4)
–
0.2
4.9
0.1
(81.0)
139.0
(407.5)
(42.7)
(5.3)
(86.2)
(3.9)
(34.9)
(0.1)
(2.4)
(129.3)
0.6
(0.6)
(0.1)
6.6
(0.7)
0.5
–
–
–
–
–
–
–
–
–
–
–
–
–
2023
(19.8)
(400.7)
77.1
(66.5)
0.2
5.3
(404.4)
–
(0.2)
61.1
(2.5)
(37.8)
(0.5)
(0.2)
69.9
–
–
–
–
–
–
–
0.2
–
0.2
(1.1)
0.1
–
0.8
(1.4)
107.8
(28.2)
–
(0.5)
(20.4)
1,295.0
(778.5)
0.4
(112.7)
23.5
–
14.1
(853.2)
1.0
(1.4)
0.2
1.3
–
0.7
2022
(9.3)
(107.8)
19.8
–
–
(0.1)
(97.4)
At December 31, 2022
2.2
90.6
14.4
1.2
66.9
314.3
(38.5)
(2.3)
(0.1)
(3.0)
(127.5)
Cash flow used for purchase of property, plant and equipment
In millions of CHF
Payables for capital expenditure at the beginning of the period
Additions of property, plant and equipment
Payables for capital expenditure at the end of the period
Payables for capital expenditure acquired through business combination
Other
Currency translation adjustments
Total Cash Flow
Annual Report
2023
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Governance
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16. Property, plant and equipment
2023
In millions of CHF
At cost
Balance at January 1
Business combinations
Decrease in scope of consolidation
Additions
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Accumulated depreciation
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Decrease in scope of consolidation
Impairment (note 10)
Reversal of impairment (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Carrying amount
At December 31, 2023
Leasehold
improvements
Buildings
Furniture
fixtures
Computer
hardware
Vehicles
Work in
progress
Total
(388.8)
(8.9)
(407.5)
(42.7)
608.8
430.9
(3.4)
71.1
(217.1)
96.3
(163.1)
823.5
3.3
(148.2)
166.9
29.1
110.5
(227.2)
–
(5.3)
4.6
37.3
(8.2)
9.2
13.7
49.7
1.4
–
–
1.5
(4.6)
61.7
–
(2.5)
9.0
(9.0)
1.8
(9.6)
–
–
–
–
0.1
0.1
536.6
206.4
(0.1)
62.2
(1.8)
96.8
(108.9)
791.2
(114.8)
0.1
1.8
(24.2)
85.9
–
(0.4)
2.1
–
7.5
2.2
59.4
–
(0.3)
8.5
(5.2)
4.2
(7.6)
59.0
0.3
(11.7)
5.1
4.0
6.0
–
–
–
0.1
0.6
0.2
6.6
0.5
–
1.4
(2.1)
1.1
(1.2)
6.3
(5.3)
–
(1.3)
2.1
0.1
1.0
69.9
97.7
–
256.1
(3.4)
(199.9)
(15.8)
204.6
1,295.0
785.2
(3.8)
400.7
(229.6)
–
(301.2)
1,946.3
–
3.7
(853.2)
(278.5)
–
184.9
–
–
205.2
(737.9)
–
–
–
–
–
–
–
–
–
–
–
–
–
(5.7)
6.8
37.3
0.1
12.0
–
–
0.1
0.3
(81.0)
(2.6)
(38.5)
(2.3)
(0.1)
(3.0)
(127.5)
(458.7)
(39.0)
(3.4)
(43.4)
(2.4)
(27.1)
(1.4)
(0.1)
(2.6)
(77.0)
552.9
49.7
305.4
18.6
2.8
202.0
1,131.4
2022
In millions of CHF
At cost
Balance at January 1
Increase in scope of consolidation
Decrease in scope of consolidation
Additions
Disposals
Reclassification within classes
Reclassification to Intangible
Currency translation adjustments
Balance at December 31
Accumulated depreciation
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Decrease in scope of consolidation
Impairment (note 10)
Reversal of impairment (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
At December 31, 2022
Leasehold
improvements
Buildings
Furniture
fixtures
Computer
hardware
Vehicles
Work in
progress
Total
580.8
15.2
530.9
–
(0.5)
25.3
(12.1)
20.1
–
(4.8)
608.8
–
–
–
(1.1)
–
–
(0.4)
13.7
0.8
(0.6)
14.7
(9.5)
16.0
–
(15.7)
536.6
53.3
–
(0.1)
6.1
(2.4)
1.7
–
0.8
59.4
(349.7)
(8.5)
(379.4)
(35.8)
–
0.2
(0.2)
(48.5)
–
(0.3)
0.1
(8.9)
9.3
(0.9)
11.8
0.1
(8.3)
2.3
(0.1)
(0.9)
(407.5)
(42.7)
(5.3)
6.7
–
–
0.6
(0.6)
–
–
(0.1)
6.6
(5.1)
–
(0.7)
0.5
–
–
50.0
1,236.9
–
(0.2)
61.1
(2.5)
(37.8)
(0.5)
(0.2)
69.9
–
–
–
–
–
–
–
0.8
(1.4)
107.8
(28.2)
–
(0.5)
(20.4)
1,295.0
(778.5)
0.4
(112.7)
23.5
–
14.1
(853.2)
(86.2)
(3.9)
(34.9)
–
–
–
1.1
–
0.2
(2.6)
0.3
(1.0)
–
–
(3.2)
0.3
(38.5)
(1.8)
0.1
–
–
–
(0.6)
–
(2.3)
(0.1)
(2.4)
(129.3)
–
–
–
–
–
–
0.2
–
0.2
–
(1.1)
0.1
1.0
(1.4)
0.2
1.3
–
0.7
(0.1)
(3.0)
(127.5)
2.2
90.6
14.4
1.2
66.9
314.3
0.1
(55.0)
11.4
1.3
3.1
(388.8)
0.4
(0.4)
–
0.2
4.9
0.1
(81.0)
139.0
Cash flow used for purchase of property, plant and equipment
In millions of CHF
Payables for capital expenditure at the beginning of the period
Additions of property, plant and equipment
Payables for capital expenditure at the end of the period
Payables for capital expenditure acquired through business combination
Other
Currency translation adjustments
Total Cash Flow
2023
(19.8)
(400.7)
77.1
(66.5)
0.2
5.3
(404.4)
2022
(9.3)
(107.8)
19.8
–
–
(0.1)
(97.4)
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2023
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17. Right-of-use assets
2023
In millions of CHF
At cost
Balance at January 1
Business combinations
Decrease in scope of consolidation
Additions 1
Disposals 2
Lease modifications 3
Currency translation adjustments
Balance at December 31
Accumulated depreciation
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals 2
Lease modifications 3
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Impairment (note 10)
Reversal of impairment (note 10)
Disposals 2
Currency translation adjustments
Balance at December 31
Carrying amount
At December 31, 2023
1
New contracts.
2 Ending of lease contracts.
Shops
Other Buildings
Vehicles
Other
Total
Shops
Other Buildings
Vehicles
Other
Total
5,766.9
1,281.4
(1.2)
160.3
(144.6)
4,645.3
(612.4)
11,095.7
(3,014.9)
1.1
(1,051.4)
126.7
(0.1)
230.4
245.7
33.5
(0.7)
13.8
(22.1)
8.5
(19.8)
258.9
(106.8)
0.6
(33.6)
15.4
1.6
8.5
(3,708.2)
(114.3)
(320.7)
(15.3)
14.0
4.0
23.2
(294.8)
(6.3)
–
–
–
0.4
(5.9)
6.9
1.6
–
2.4
(0.5)
0.1
(0.6)
9.9
(4.2)
–
(2.4)
0.5
–
0.4
(5.7)
–
–
–
–
–
–
2.6
0.6
–
0.5
(0.3)
0.1
(0.2)
3.3
(1.4)
–
(0.9)
0.3
–
0.1
(1.9)
–
–
–
–
–
–
6,022.1
1,317.1
(1.9)
177.0
(167.5)
4,654.0
(633.0)
11,367.8
(3,127.3)
1.7
(1,088.3)
142.9
1.5
239.4
(3,830.1)
(327.0)
(15.3)
14.0
4.0
23.6
(300.7)
7,092.7
138.7
4.2
1.4
7,237.0
3 Relates to contractual lease term change of existing Right-of-use assets in relation to duration, scope and commercial
terms. The increase in 2023 predominantly relates to the retention of all relevant travel retail business concessions in
Spain. Avolta won all bids it had tendered for, being Andalusia-Mediterranean, the Balearic Islands, the Canary Islands,
Catalonia and Madrid. The contracts have a duration of twelve years, include 21 airports and 120 outlets covering
around 60,000 m2.
2022
In millions of CHF
At cost
Balance at January 1
Additions 1
Disposals 2
Decrease in scope of consolidation
Lease modifications 3
Reclassification within classes
Currency translation adjustments
Balance at December 31
Accumulated depreciation
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals 2
Lease modifications 3
Reclassification within classes
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Business combination
Impairment (note 10)
Reversal of impairment (note 10)
Disposals 2
Lease modifications 3
Reclassification within classes
Currency translation adjustments
Balance at December 31
Carrying amount
At December 31, 2022
1
New contracts.
2 Ending of lease contracts.
3 Relates to contractual lease term changes.
5,872.7
(0.6)
50.9
(147.0)
152.7
(0.3)
(161.5)
5,766.9
(2,528.7)
0.1
(787.4)
135.3
75.3
1.7
88.8
(376.5)
0.5
(15.0)
48.7
4.7
7.5
0.3
9.1
(320.7)
240.0
(0.4)
10.5
(7.0)
6.6
0.3
(4.3)
245.7
(84.9)
0.1
(29.4)
6.4
(0.1)
(1.8)
2.9
(6.5)
0.3
–
–
–
–
(0.3)
0.2
(6.3)
8.2
–
0.4
(1.5)
0.3
–
(0.5)
6.9
(4.2)
(1.6)
1.3
0.3
(4.2)
–
–
–
–
–
–
–
–
–
–
–
–
2.1
–
0.9
(0.4)
0.1
–
(0.1)
2.6
(1.4)
–
(0.5)
0.4
0.1
–
–
–
–
–
–
–
–
–
–
–
6,123.0
(1.0)
62.7
(155.9)
159.7
–
(166.4)
6,022.1
(2,619.2)
0.2
(818.9)
143.4
75.2
–
92.0
(383.0)
0.8
(15.0)
48.7
4.7
7.5
–
9.3
(327.0)
(3,014.9)
(106.8)
(1.4)
(3,127.3)
2,431.3
132.6
2.7
1.2
2,567.8
17. Right-of-use assets
2023
In millions of CHF
At cost
Balance at January 1
Business combinations
Decrease in scope of consolidation
Additions 1
Disposals 2
Lease modifications 3
Currency translation adjustments
Balance at December 31
Accumulated depreciation
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals 2
Lease modifications 3
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Impairment (note 10)
Reversal of impairment (note 10)
Disposals 2
Currency translation adjustments
Balance at December 31
Carrying amount
At December 31, 2023
1
New contracts.
2 Ending of lease contracts.
Shops
Other Buildings
Vehicles
Other
Total
5,766.9
1,281.4
(1.2)
160.3
(144.6)
4,645.3
(612.4)
11,095.7
(3,014.9)
1.1
(1,051.4)
126.7
(0.1)
230.4
(320.7)
(15.3)
14.0
4.0
23.2
(294.8)
245.7
33.5
(0.7)
13.8
(22.1)
8.5
(19.8)
258.9
(106.8)
0.6
(33.6)
15.4
1.6
8.5
(6.3)
–
–
–
0.4
(5.9)
(3,708.2)
(114.3)
6.9
1.6
–
2.4
(0.5)
0.1
(0.6)
9.9
(4.2)
–
(2.4)
0.5
–
0.4
(5.7)
–
–
–
–
–
–
2.6
0.6
–
0.5
(0.3)
0.1
(0.2)
3.3
(1.4)
–
(0.9)
0.3
–
0.1
(1.9)
–
–
–
–
–
–
6,022.1
1,317.1
(1.9)
177.0
(167.5)
4,654.0
(633.0)
11,367.8
(3,127.3)
1.7
(1,088.3)
142.9
1.5
239.4
(3,830.1)
(327.0)
(15.3)
14.0
4.0
23.6
(300.7)
7,092.7
138.7
4.2
1.4
7,237.0
3 Relates to contractual lease term change of existing Right-of-use assets in relation to duration, scope and commercial
terms. The increase in 2023 predominantly relates to the retention of all relevant travel retail business concessions in
Spain. Avolta won all bids it had tendered for, being Andalusia-Mediterranean, the Balearic Islands, the Canary Islands,
Catalonia and Madrid. The contracts have a duration of twelve years, include 21 airports and 120 outlets covering
around 60,000 m2.
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2023
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Report
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Report
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Report
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Report
Page 199/336
2022
In millions of CHF
At cost
Balance at January 1
Decrease in scope of consolidation
Additions 1
Disposals 2
Lease modifications 3
Reclassification within classes
Currency translation adjustments
Balance at December 31
Accumulated depreciation
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals 2
Lease modifications 3
Reclassification within classes
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Business combination
Impairment (note 10)
Reversal of impairment (note 10)
Disposals 2
Lease modifications 3
Reclassification within classes
Currency translation adjustments
Balance at December 31
Carrying amount
At December 31, 2022
1
New contracts.
2 Ending of lease contracts.
3 Relates to contractual lease term changes.
Shops
Other Buildings
Vehicles
Other
Total
5,872.7
(0.6)
50.9
(147.0)
152.7
(0.3)
(161.5)
5,766.9
(2,528.7)
0.1
(787.4)
135.3
75.3
1.7
88.8
240.0
(0.4)
10.5
(7.0)
6.6
0.3
(4.3)
245.7
(84.9)
0.1
(29.4)
6.4
(0.1)
(1.8)
2.9
(3,014.9)
(106.8)
(376.5)
0.5
(15.0)
48.7
4.7
7.5
0.3
9.1
(320.7)
(6.5)
0.3
–
–
–
–
(0.3)
0.2
(6.3)
8.2
–
0.4
(1.5)
0.3
–
(0.5)
6.9
(4.2)
–
(1.6)
1.3
–
–
0.3
(4.2)
–
–
–
–
–
–
–
–
–
2.1
–
0.9
(0.4)
0.1
–
(0.1)
2.6
(1.4)
–
(0.5)
0.4
–
0.1
–
6,123.0
(1.0)
62.7
(155.9)
159.7
–
(166.4)
6,022.1
(2,619.2)
0.2
(818.9)
143.4
75.2
–
92.0
(1.4)
(3,127.3)
–
–
–
–
–
–
–
–
–
(383.0)
0.8
(15.0)
48.7
4.7
7.5
–
9.3
(327.0)
2,431.3
132.6
2.7
1.2
2,567.8
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18.
Intangible assets and goodwill
Concession rights
Concession rights
Plain
Brands
Others 1
Total
Goodwill
Plain
Brands
Others 1
Total
Goodwill
2023
In millions of CHF
At cost
Balance at January 1
Business combinations
Decrease in scope of consolidation
Additions
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Accumulated amortization
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Acquisition
Related
4,357.8
860.5
–
–
(73.7)
(4.2)
(370.3)
4,770.1
(2,344.1)
–
(239.7)
33.9
(0.3)
195.4
84.7
–
–
–
(5.4)
2.6
(6.3)
75.6
(51.2)
–
(4.3)
5.2
0.1
5.3
262.0
113.0
–
–
–
–
(15.6)
359.4
(3.3)
–
–
–
–
0.1
(3.2)
256.1
36.4
(0.4)
36.7
(17.9)
1.6
(26.1)
286.4
(197.7)
0.4
(28.6)
16.4
0.2
20.2
4,960.6
1,009.9
(0.4)
36.7
(97.0)
–
(418.3)
5,491.5
(2,596.3)
0.4
(272.6)
55.5
–
221.0
(189.1)
(2,592.0)
2,390.2
890.2
–
–
–
–
(197.3)
3,083.1
–
–
–
–
–
–
–
Balance at December 31
(2,354.8)
(44.9)
Impairment
Balance at January 1
Impairment (note 10)
Reversal of impairment (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Carrying amount
(856.3)
(20.5)
(5.7)
–
30.5
40.0
–
57.7
(728.1)
–
–
–
–
1.9
(18.6)
–
–
–
–
0.5
(5.2)
(4.0)
(0.7)
–
1.5
–
(0.1)
(3.3)
(886.5)
(118.0)
(0.7)
30.5
41.5
–
60.0
(755.2)
–
–
–
–
13.5
(104.5)
Balance at December 31, 2023
1,687.2
12.1
351.0
94.0
2,144.3
2,978.6
1
Others mainly contain IT software.
Acquisition
Related
4,529.7
(25.7)
–
–
(146.2)
4,357.8
(2,272.4)
(158.3)
25.7
60.9
(2,344.1)
(849.9)
(32.9)
17.3
9.2
(856.3)
2022
In millions of CHF
Balance at January 1
At cost
Additions
Disposals
Reclassification from property,
plant and equipment
Currency translation adjustments
Balance at December 31
Accumulated
amortization
Balance at January 1
Additions (note 10)
Disposals
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Impairment (note 10)
Reversal of impairment (note 10)
Currency translation adjustments
Balance at December 31
Carrying amount
At December 31, 2022
1
Others mainly contain IT software.
266.1
(4.1)
262.0
(3.3)
–
–
–
–
–
–
–
–
(0.1)
(5.7)
245.0
15.5
(3.5)
0.5
(1.4)
256.1
(182.5)
(20.3)
3.5
1.6
(4.0)
–
–
5,126.3
15.9
(30.3)
0.5
(151.8)
4,960.6
(2,509.3)
(179.9)
30.3
62.6
(879.7)
(32.9)
17.3
8.8
(4.0)
(886.5)
2,512.8
(122.6)
2,390.2
–
–
–
–
–
–
–
–
–
–
(152.8)
34.8
(118.0)
(3.3)
(197.7)
(2,596.3)
(20.2)
(5.6)
85.5
0.4
(1.0)
–
(0.2)
84.7
(51.1)
(1.3)
1.1
0.1
(51.2)
–
–
(0.3)
(20.5)
1,157.4
13.0
253.0
54.4
1,477.8
2,272.2
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Concession rights
Concession rights
2022
In millions of CHF
At cost
Balance at January 1
Additions
Disposals
Reclassification from property,
plant and equipment
Currency translation adjustments
Balance at December 31
Accumulated
amortization
Balance at January 1
Additions (note 10)
Disposals
Currency translation adjustments
Balance at December 31
Impairment
Balance at January 1
Impairment (note 10)
Reversal of impairment (note 10)
Currency translation adjustments
Balance at December 31
Carrying amount
At December 31, 2022
1
Others mainly contain IT software.
Acquisition
Related
4,529.7
–
(25.7)
–
(146.2)
4,357.8
(2,272.4)
(158.3)
25.7
60.9
(2,344.1)
(849.9)
(32.9)
17.3
9.2
(856.3)
Plain
Brands
Others 1
Total
Goodwill
85.5
0.4
(1.0)
–
(0.2)
84.7
(51.1)
(1.3)
1.1
0.1
(51.2)
(20.2)
–
–
(0.3)
(20.5)
266.1
–
–
–
(4.1)
262.0
(3.3)
–
–
–
245.0
15.5
(3.5)
0.5
(1.4)
256.1
(182.5)
(20.3)
3.5
1.6
5,126.3
15.9
(30.3)
0.5
(151.8)
4,960.6
(2,509.3)
(179.9)
30.3
62.6
(3.3)
(197.7)
(2,596.3)
(5.6)
–
–
(0.1)
(5.7)
(4.0)
–
–
(879.7)
(32.9)
17.3
8.8
(4.0)
(886.5)
2,512.8
–
–
–
(122.6)
2,390.2
–
–
–
–
–
(152.8)
–
–
34.8
(118.0)
1,157.4
13.0
253.0
54.4
1,477.8
2,272.2
18.
Intangible assets and goodwill
Acquisition
Related
4,357.8
860.5
–
–
(73.7)
(4.2)
(370.3)
4,770.1
(2,344.1)
–
(239.7)
33.9
(0.3)
195.4
30.5
40.0
–
–
57.7
(728.1)
2023
In millions of CHF
At cost
Balance at January 1
Business combinations
Decrease in scope of consolidation
Additions
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Accumulated amortization
Balance at January 1
Decrease in scope of consolidation
Additions (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Impairment
Balance at January 1
Impairment (note 10)
Reversal of impairment (note 10)
Disposals
Reclassification within classes
Currency translation adjustments
Balance at December 31
Carrying amount
1
Others mainly contain IT software.
Plain
Brands
Others 1
Total
Goodwill
84.7
–
–
–
(5.4)
2.6
(6.3)
75.6
(51.2)
–
(4.3)
5.2
0.1
5.3
–
–
–
–
1.9
(18.6)
262.0
113.0
(15.6)
359.4
(3.3)
0.1
(3.2)
–
–
–
–
–
–
–
–
–
–
–
–
0.5
(5.2)
256.1
36.4
(0.4)
36.7
(17.9)
1.6
(26.1)
286.4
(197.7)
0.4
(28.6)
16.4
0.2
20.2
(4.0)
(0.7)
1.5
–
–
(0.1)
(3.3)
4,960.6
1,009.9
(0.4)
36.7
(97.0)
–
(418.3)
5,491.5
(2,596.3)
0.4
(272.6)
55.5
–
221.0
(0.7)
30.5
41.5
–
60.0
(755.2)
2,390.2
890.2
(197.3)
3,083.1
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
13.5
(104.5)
Balance at December 31
(2,354.8)
(44.9)
(189.1)
(2,592.0)
(856.3)
(20.5)
(5.7)
(886.5)
(118.0)
Balance at December 31, 2023
1,687.2
12.1
351.0
94.0
2,144.3
2,978.6
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19.
Impairment tests of tangible and intangible assets
Goodwill and brand names are subject to impairment testing on an annual basis or
when indicators of impairment exist. Other tangible and intangible assets, including
concession rights, are tested for impairment whenever events or circumstances indi-
cate that the carrying amount may not be recoverable.
19.1 Key assumptions used for value-in-use
calculations
The calculations of value-in-use are most sensitive to the following assumptions:
Specific assumptions used for the valuation of goodwill:
Sales growth
Management based its assumptions on information available at the time of the prepa-
ration of the financial statements and assumes that sales will continue to grow in 2024
in line with the international air traffic growth and inflation. Most locations have reached
2019 sales levels in 2023 or will reach in 2024. For the periods after 5 years, Avolta has
used growth rates between 2.3 % – 4.0 % (2022: 2.0 % – 3.3 %) to extrapolate the cash
flow projections. In its projections, Avolta assumes that the climate change & environ-
mental risk has no material impact on future sales levels and the overall recovery of the
business.
Discount rates
The cash flows are discounted using a weighted average cost of capital (“WACC”) rate
composed among other factors of:
(a) a risk free interest rates derived from actual governmental bonds rates: CHF: up to
1.02 %, EUR: up to 3.37 %, USD: up to 4.83 % (2022: up to CHF 1.50 %, up to
EUR 1.97 %, up to USD 3.89 %),
(b) a credit spread of 1.30 % – 3.40 % (2022: 2.00 % – 4.70 %) ,
(c) a re-levered beta of 1.19 (2022: 1.07), and
(d) an equity-risk premium used in 2023 is up to 5.50 % – 6.00 % (2022: 6.25 %). Certain
WACC components, like country premium or default country risk, have been
weighted for each segment.
19.2 Impairment test of goodwill
Goodwill is recognized from the acquisition of businesses by the Group and has been
assigned for the purpose of impairment testing to the groups of cash-generating units
(GCGU). These groups reflect the reportable segments expected to benefit from the
synergies related to acquisitions.
In millions of CHF
Europe, Middle East and Africa (EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers
Total carrying amount of goodwill
1
Refer to Note 5 for details on implementation of the new segment structure.
31.12.2023
31.12.2022 1
1,578.6
872.9
455.7
33.3
38.1
2,978.6
1,434.3
513.9
251.8
34.4
37.8
2,272.2
The recoverable amount of each group of cash-generating units (GCGU) is determined
based on value-in-use calculations, which require the use of assumptions (see specific
assumptions in next table) and future cash flows. These cash flows reflect projections
of financial forecasts approved by the management covering a five-year period and a
residual value for the years beyond the five-year period. This residual value is an extrap-
olation of the 5th year cash flow using a constant terminal growth rate that does not
exceed the long-term average growth rate for the respective market. This growth rate
is consistent with the growth forecasts disclosed by the travel retail industry. The cash
flows used include operational results generated by Global Distribution Centers in rela-
tion to the respective GCGU.
Group of cash generating units
in percentage (%)
Europe, Middle East and Africa (EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
Post tax discount rates
Pre-tax discount rates
CAGR 1 for net sales
Long term growth rate
2023
2022 2
2023
2022 2
2023
2022 2
2023
2022 2
6.63%
5.73%
5.66%
6.41%
6.89%
6.21%
6.44%
6.34%
8.56%
7.77%
8.02%
8.15%
8.92%
8.28%
8.57%
8.52%
3.42%
4.27%
0.48%
7.43%
4.72%
5.25%
4.96%
19.43%
2.28%
2.54%
2.41%
3.10%
2.50%
2.70%
2.70%
2.50%
1
Compound Annual Growth Rate.
2 Refer to Note 5 for details on implementation of the new segment structure.
Sensitivity analysis to changes in assumptions
At closing, the estimated recoverable amount of goodwill of each Group’s segments
exceeded their carrying amounts. However, if the key assumptions used in the impair-
ment tests would deteriorate to a possible reasonable value, as indicated in the fol-
lowing table, this change would, in isolation, lead to an additional impairment loss for
the year of:
Group of cash generating units
in percentage (%)
Europe, Middle East and Africa (EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
Discount rate
Sales growth drop 1
2023
+2 %
–
–
–
–
2022 2
+2 %
–
–
–
–
2023
-3 %
–
–
–
–
2022 2
-3 %
–
–
–
–
1
The reasonable drop in sales or margin (in percentage of sales) has been considered in each year within the impair-
ment test.
2 Refer to Note 5 for details on implementation of the new segment structure.
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The recoverable amount of each group of cash-generating units (GCGU) is determined
based on value-in-use calculations, which require the use of assumptions (see specific
assumptions in next table) and future cash flows. These cash flows reflect projections
of financial forecasts approved by the management covering a five-year period and a
residual value for the years beyond the five-year period. This residual value is an extrap-
olation of the 5th year cash flow using a constant terminal growth rate that does not
exceed the long-term average growth rate for the respective market. This growth rate
is consistent with the growth forecasts disclosed by the travel retail industry. The cash
flows used include operational results generated by Global Distribution Centers in rela-
tion to the respective GCGU.
The calculations of value-in-use are most sensitive to the following assumptions:
Specific assumptions used for the valuation of goodwill:
Group of cash generating units
in percentage (%)
Europe, Middle East and Africa (EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
Post tax discount rates
Pre-tax discount rates
CAGR 1 for net sales
Long term growth rate
2023
2022 2
2023
2022 2
2023
2022 2
2023
2022 2
6.63%
5.73%
5.66%
6.41%
6.89%
6.21%
6.44%
6.34%
8.56%
7.77%
8.02%
8.15%
8.92%
8.28%
8.57%
8.52%
3.42%
4.27%
0.48%
7.43%
4.72%
5.25%
4.96%
19.43%
2.28%
2.54%
2.41%
3.10%
2.50%
2.70%
2.70%
2.50%
1
Compound Annual Growth Rate.
2 Refer to Note 5 for details on implementation of the new segment structure.
Sensitivity analysis to changes in assumptions
At closing, the estimated recoverable amount of goodwill of each Group’s segments
exceeded their carrying amounts. However, if the key assumptions used in the impair-
ment tests would deteriorate to a possible reasonable value, as indicated in the fol-
lowing table, this change would, in isolation, lead to an additional impairment loss for
the year of:
Group of cash generating units
in percentage (%)
Europe, Middle East and Africa (EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
Discount rate
Sales growth drop 1
2023
+2 %
–
–
–
–
2022 2
+2 %
–
–
–
–
2023
-3 %
–
–
–
–
2022 2
-3 %
–
–
–
–
1
The reasonable drop in sales or margin (in percentage of sales) has been considered in each year within the impair-
ment test.
2 Refer to Note 5 for details on implementation of the new segment structure.
19.
Impairment tests of tangible and intangible assets
Goodwill and brand names are subject to impairment testing on an annual basis or
when indicators of impairment exist. Other tangible and intangible assets, including
concession rights, are tested for impairment whenever events or circumstances indi-
cate that the carrying amount may not be recoverable.
19.1 Key assumptions used for value-in-use
calculations
Sales growth
Management based its assumptions on information available at the time of the prepa-
ration of the financial statements and assumes that sales will continue to grow in 2024
in line with the international air traffic growth and inflation. Most locations have reached
2019 sales levels in 2023 or will reach in 2024. For the periods after 5 years, Avolta has
used growth rates between 2.3 % – 4.0 % (2022: 2.0 % – 3.3 %) to extrapolate the cash
flow projections. In its projections, Avolta assumes that the climate change & environ-
mental risk has no material impact on future sales levels and the overall recovery of the
business.
Discount rates
The cash flows are discounted using a weighted average cost of capital (“WACC”) rate
composed among other factors of:
(a) a risk free interest rates derived from actual governmental bonds rates: CHF: up to
1.02 %, EUR: up to 3.37 %, USD: up to 4.83 % (2022: up to CHF 1.50 %, up to
EUR 1.97 %, up to USD 3.89 %),
(b) a credit spread of 1.30 % – 3.40 % (2022: 2.00 % – 4.70 %) ,
(c) a re-levered beta of 1.19 (2022: 1.07), and
(d) an equity-risk premium used in 2023 is up to 5.50 % – 6.00 % (2022: 6.25 %). Certain
WACC components, like country premium or default country risk, have been
weighted for each segment.
19.2 Impairment test of goodwill
Goodwill is recognized from the acquisition of businesses by the Group and has been
assigned for the purpose of impairment testing to the groups of cash-generating units
(GCGU). These groups reflect the reportable segments expected to benefit from the
synergies related to acquisitions.
In millions of CHF
Europe, Middle East and Africa (EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
Global Distribution Centers
Total carrying amount of goodwill
1
Refer to Note 5 for details on implementation of the new segment structure.
31.12.2023
31.12.2022 1
1,578.6
872.9
455.7
33.3
38.1
2,978.6
1,434.3
513.9
251.8
34.4
37.8
2,272.2
Group of cash generating units
in percentage (%)
Europe, Middle East and Africa (EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
1
Refer to Note 5 for details on implementation of the new segment structure.
Discount rate
Sales growth drop
2023
+1 %
(3.6)
(2.2)
–
–
2022 1
+1 %
(35.6)
(0.3)
(17.8)
–
2023
-3 %
(94.0)
(25.4)
–
–
These investments are accounted for using the equity method.
Summarized statement of comprehensive income
In millions of CHF
Net profit / (loss)
Other comprehensive income
Items to be reclassified to net income in subsequent periods
Total comprehensive income
2023
3.7
–
3.7
2022 1
-3 %
(79.0)
(8.6)
(31.1)
–
2022
10.7
0.1
10.8
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19.3 Impairment test of brand names
Avolta’s operations apply several retail and food & beverage concepts which use dif-
ferent brand names. The table below indicates the key components used for deter-
mining the value-in-use arising during business acquisitions in the past and have been
kept at historical values.
At closing the estimated recoverable amount of all brand names of the Group exceed
their carrying amounts. Management believes that no possible reasonable change in
any of the key assumptions would lead to a situation where the recoverable amounts fall
below the respective carrying amount.
Key assumptions used for the valuation of brand names:
Post tax discount rates
Growth rates for net sales
20.
Investments in associates
Brand names
in percentage (%)
Dufry
Hudson News
Nuance
World Duty Free
HMSHost
Autogrill
2023
2022
2023
2022
5.75%
5.67%
6.06%
5.68%
5.60%
7.73%
6.78%
8.35%
7.16%
7.52%
n / a
n / a
2.08%
3.85%
4.14%
2.10%
5.18%
3.95%
4.46%
8.28%
4.96%
2.26%
n / a
n / a
19.4 Impairment test of tangible and
other intangible assets
The selection of CGUs for the test has been made based on historical impairments,
profitability and materiality of assets. The methodology and assumptions used for these
impairment tests are similar to those described for goodwill, except for:
(a) The tests were done on CGU level,
(b) The period of cash flows is limited to the contractual lease term, ignoring renewal
probabilities,
(c) The effective tax rate was used as WACC component,
(d) For test purposes the carrying amount of the assets was net of linked liabilities, in
particular lease obligations,
(e) No reliefs of minimal lease payments have been assumed unless contractually
agreed by the time of approving these financial statements,
(f) The cash flows are reduced for a share of expenses related to corporate assets.
The table of note 10 discloses the aggregated impairment expense and reversal of
impairment by segment incurred in 2023, whereas note 16, note 17 and note 18 show the
cumulated impairment on property, plant and equipment, right-of-use assets and intan-
gible assets by type of asset.
Sensitivity analysis to changes in assumptions
At closing, the estimated recoverable amount of CGU of each Group’s segments
exceeded their carrying amounts. However, if the key assumptions used in the impair-
ment tests would deteriorate to a possible reasonable value, as indicated in the fol-
lowing table, this change would, in isolation, lead to an additional impairment loss for
the year of:
19.3 Impairment test of brand names
Avolta’s operations apply several retail and food & beverage concepts which use dif-
ferent brand names. The table below indicates the key components used for deter-
mining the value-in-use arising during business acquisitions in the past and have been
kept at historical values.
At closing the estimated recoverable amount of all brand names of the Group exceed
their carrying amounts. Management believes that no possible reasonable change in
any of the key assumptions would lead to a situation where the recoverable amounts fall
below the respective carrying amount.
Key assumptions used for the valuation of brand names:
Brand names
in percentage (%)
Dufry
Hudson News
Nuance
World Duty Free
HMSHost
Autogrill
2023
2022
2023
2022
5.75%
5.67%
6.06%
5.68%
5.60%
7.73%
6.78%
8.35%
7.16%
7.52%
n / a
n / a
2.08%
3.85%
4.14%
2.10%
5.18%
3.95%
4.46%
8.28%
4.96%
2.26%
n / a
n / a
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Discount rate
Sales growth drop
Group of cash generating units
in percentage (%)
Europe, Middle East and Africa (EMEA)
North America
Latin America (LATAM)
Asia Pacific (APAC)
2023
+1 %
(3.6)
–
(2.2)
–
2022 1
+1 %
(35.6)
(0.3)
(17.8)
–
2023
-3 %
(94.0)
–
(25.4)
–
1
Refer to Note 5 for details on implementation of the new segment structure.
Post tax discount rates
Growth rates for net sales
20.
Investments in associates
These investments are accounted for using the equity method.
Summarized statement of comprehensive income
In millions of CHF
Net profit / (loss)
Other comprehensive income
Items to be reclassified to net income in subsequent periods
Total comprehensive income
2023
3.7
–
3.7
2022 1
-3 %
(79.0)
(8.6)
(31.1)
–
2022
10.7
0.1
10.8
19.4 Impairment test of tangible and
other intangible assets
The selection of CGUs for the test has been made based on historical impairments,
profitability and materiality of assets. The methodology and assumptions used for these
impairment tests are similar to those described for goodwill, except for:
(a) The tests were done on CGU level,
(b) The period of cash flows is limited to the contractual lease term, ignoring renewal
probabilities,
(c) The effective tax rate was used as WACC component,
(d) For test purposes the carrying amount of the assets was net of linked liabilities, in
particular lease obligations,
(e) No reliefs of minimal lease payments have been assumed unless contractually
agreed by the time of approving these financial statements,
(f) The cash flows are reduced for a share of expenses related to corporate assets.
The table of note 10 discloses the aggregated impairment expense and reversal of
impairment by segment incurred in 2023, whereas note 16, note 17 and note 18 show the
cumulated impairment on property, plant and equipment, right-of-use assets and intan-
gible assets by type of asset.
Sensitivity analysis to changes in assumptions
At closing, the estimated recoverable amount of CGU of each Group’s segments
exceeded their carrying amounts. However, if the key assumptions used in the impair-
ment tests would deteriorate to a possible reasonable value, as indicated in the fol-
lowing table, this change would, in isolation, lead to an additional impairment loss for
the year of:
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21. Other non-current assets
23. Trade and credit card receivables
In millions of CHF
Guarantee deposits
Loans
Lease receivables
Prepayment for leases
Tax receivables
Other
Subtotal
Allowances
Total
Movement in allowances
In millions of CHF
Balance at January 1
Creation
Utilized
Reclassification
Currency translation adjustments
Balance at December 31
22.
Inventories
In millions of CHF
Inventories at cost
Inventory allowance
Total
31.12.2023
31.12.2022
In millions of CHF
31.12.2023
31.12.2022
1
Includes trade receivables against associates of CHF 9.0 (2022: 6.2) million.
Aging analysis of trade receivables
31.12.2023
31.12.2022
39.3
4.7
44.0
(2.7)
41.3
15.9
12.7
3.9
1.7
2.3
20.6
36.5
28.1
39.4
67.5
(5.2)
62.3
6.3
11.6
0.2
0.6
4.2
16.6
22.9
Trade receivables 1
Credit card receivables
Gross
Allowances
Net
In millions of CHF
Not due
Overdue
Up to 30 days
31 to 60 days
61 to 90 days
More than 90 days
Total overdue
Trade receivables, net
139.9
30.8
54.1
23.9
78.7
–
327.4
(15.3)
312.1
2023
(8.4)
(9.3)
1.5
0.3
0.6
(15.3)
52.6
19.1
4.0
32.8
55.2
0.5
164.2
(8.4)
155.8
2022
(10.4)
–
1.7
0.6
(0.3)
(8.4)
31.12.2023
31.12.2022
1,172.8
(110.8)
1,062.0
1,024.1
(95.7)
928.4
Cost of sales includes inventories written down to net realizable value and inventory
losses of CHF 94.5 (2022: 74.7) million.
21. Other non-current assets
23. Trade and credit card receivables
31.12.2023
31.12.2022
In millions of CHF
31.12.2023
31.12.2022
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Trade receivables 1
Credit card receivables
Gross
Allowances
Net
1
Includes trade receivables against associates of CHF 9.0 (2022: 6.2) million.
Aging analysis of trade receivables
In millions of CHF
Not due
Overdue
Up to 30 days
31 to 60 days
61 to 90 days
More than 90 days
Total overdue
Trade receivables, net
39.3
4.7
44.0
(2.7)
41.3
28.1
39.4
67.5
(5.2)
62.3
31.12.2023
31.12.2022
15.9
12.7
3.9
1.7
2.3
20.6
36.5
6.3
11.6
0.2
0.6
4.2
16.6
22.9
139.9
30.8
54.1
23.9
78.7
–
327.4
(15.3)
312.1
2023
(8.4)
(9.3)
1.5
0.3
0.6
(15.3)
52.6
19.1
4.0
32.8
55.2
0.5
164.2
(8.4)
155.8
2022
(10.4)
–
1.7
0.6
(0.3)
(8.4)
31.12.2023
31.12.2022
1,172.8
(110.8)
1,062.0
1,024.1
(95.7)
928.4
In millions of CHF
Guarantee deposits
Loans
Lease receivables
Prepayment for leases
Tax receivables
Other
Subtotal
Allowances
Total
Movement in allowances
In millions of CHF
Balance at January 1
Creation
Utilized
Reclassification
Currency translation adjustments
Balance at December 31
22.
Inventories
In millions of CHF
Inventories at cost
Inventory allowance
Total
Cost of sales includes inventories written down to net realizable value and inventory
losses of CHF 94.5 (2022: 74.7) million.
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24. Other accounts receivable
25. Equity
In millions of CHF
Advertising receivables
Services provided to suppliers
Loans receivable
Receivables from subtenants and business partners
Personnel receivables
Accounts receivables
Prepayments of lease expenses and rents
Prepayments of sales and other taxes
Prepayments to suppliers
Prepayments, other
Prepayments
Receivables from operational and airport services income
Receivables from subleases
Guarantee deposits
Derivative financial assets
Other
Other receivables
Total
Allowance
Total
Movement in allowances
In millions of CHF
Balance at January 1
Creation
Release
Utilized
Reclassification
Currency translation adjustments
Balance at December 31
31.12.2023
31.12.2022
25.1 Fully paid ordinary shares
166.4
2.3
25.4
7.5
2.7
204.3
18.3
136.0
9.1
36.3
199.7
56.6
17.2
46.7
9.3
59.6
189.4
593.4
(17.2)
576.2
2023
(22.5)
(8.2)
11.7
–
–
1.8
(17.2)
194.0
1.6
0.7
4.0
1.1
201.4
28.6
109.6
4.5
14.4
157.1
–
2.9
102.4
10.1
16.2
131.6
490.1
(22.5)
467.6
2022
(24.7)
(3.4)
5.0
0.5
0.1
–
(22.5)
In millions of CHF
Number of shares
Share capital
Share premium
Balance at January 1, 2022
Balance at December 31, 2022
Conversion of mandatory convertible notes to equity
Share capital increase
Balance at December 31, 2023
90,797,007
90,797,007
2,092,113
59,725,131
152,614,251
454.0
454.0
10.5
298.6
763.1
4,542.2
4,542.2
49.8
2,240.8
6,832.8
On February 3, 2023, Dufry and Edizione successfully closed the transfer of the 50.3 %
stake in Autogrill held by Edizione S.p.A (through a wholly owned subsidiary) to Dufry.
In accordance with the Combination Agreement entered into on July 11, 2022, and in
consideration for the transfer of the 50.3 % stake in Autogrill to Dufry, Edizione (through
its wholly owned subsidiary Schema Beta S.p.A.) was issued mandatory convertible
non-interest bearing notes convertible into an aggregate of 30,663,329 newly issued
Dufry shares, at an implied exchange ratio of 0.158 new Dufry shares for each Autogrill
share. Edizione exercised its conversion right following closing on February 3, 2023, of
the transfer and was issued 30,663,329 Dufry shares. Additional 29’061’802 Dufry
shares were issued in several steps in context of the MTO for the outstanding Autogrill
shares at the Milan Stock Exchange.
Avolta’s Board of Directors will propose to the Annual General Meeting of Shareholders
to pay out a dividend of CHF 0.70 per share in 2024.
25.2 Mandatory convertible notes
Balance at January 1, 2022
Balance at December 31, 2022
Conversion of mandatory convertible notes to equity
Balance at December 31, 2023
Number of notes
In thousands of CHF
695
695
(695)
–
60,300
60,300
(60,300)
–
In November 2023, CHF 69.5 million Mandatory Convertible Bond has been converted
into 2’092’113 Avolta AG shares at a conversion price of CHF 33.22.
24. Other accounts receivable
25. Equity
31.12.2023
31.12.2022
25.1 Fully paid ordinary shares
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166.4
2.3
25.4
7.5
2.7
204.3
18.3
136.0
9.1
36.3
199.7
56.6
17.2
46.7
9.3
59.6
189.4
593.4
(17.2)
576.2
2023
(22.5)
(8.2)
11.7
–
–
1.8
(17.2)
194.0
1.6
0.7
4.0
1.1
201.4
28.6
109.6
4.5
14.4
157.1
–
2.9
102.4
10.1
16.2
131.6
490.1
(22.5)
467.6
2022
(24.7)
(3.4)
5.0
0.5
0.1
–
(22.5)
In millions of CHF
Number of shares
Share capital
Share premium
Balance at January 1, 2022
Balance at December 31, 2022
Conversion of mandatory convertible notes to equity
Share capital increase
Balance at December 31, 2023
90,797,007
90,797,007
2,092,113
59,725,131
152,614,251
454.0
454.0
10.5
298.6
763.1
4,542.2
4,542.2
49.8
2,240.8
6,832.8
On February 3, 2023, Dufry and Edizione successfully closed the transfer of the 50.3 %
stake in Autogrill held by Edizione S.p.A (through a wholly owned subsidiary) to Dufry.
In accordance with the Combination Agreement entered into on July 11, 2022, and in
consideration for the transfer of the 50.3 % stake in Autogrill to Dufry, Edizione (through
its wholly owned subsidiary Schema Beta S.p.A.) was issued mandatory convertible
non-interest bearing notes convertible into an aggregate of 30,663,329 newly issued
Dufry shares, at an implied exchange ratio of 0.158 new Dufry shares for each Autogrill
share. Edizione exercised its conversion right following closing on February 3, 2023, of
the transfer and was issued 30,663,329 Dufry shares. Additional 29’061’802 Dufry
shares were issued in several steps in context of the MTO for the outstanding Autogrill
shares at the Milan Stock Exchange.
Avolta’s Board of Directors will propose to the Annual General Meeting of Shareholders
to pay out a dividend of CHF 0.70 per share in 2024.
25.2 Mandatory convertible notes
Balance at January 1, 2022
Balance at December 31, 2022
Conversion of mandatory convertible notes to equity
Balance at December 31, 2023
Number of notes
In thousands of CHF
695
695
(695)
–
60,300
60,300
(60,300)
–
In November 2023, CHF 69.5 million Mandatory Convertible Bond has been converted
into 2’092’113 Avolta AG shares at a conversion price of CHF 33.22.
Receivables from subtenants and business partners
Prepayments of lease expenses and rents
Prepayments of sales and other taxes
Receivables from operational and airport services income
In millions of CHF
Advertising receivables
Services provided to suppliers
Loans receivable
Personnel receivables
Accounts receivables
Prepayments to suppliers
Prepayments, other
Prepayments
Receivables from subleases
Guarantee deposits
Derivative financial assets
Other receivables
Other
Total
Allowance
Total
Movement in allowances
In millions of CHF
Balance at January 1
Creation
Release
Utilized
Reclassification
Currency translation adjustments
Balance at December 31
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2023
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25.3 Translation reserves
In millions of CHF
Balance at January 1, 2022
Exchange differences arising on translating the foreign
Net gain / (loss) on hedge of net investments in foreign
Share of other comprehensive income of associates
Balance at December 31, 2022
Exchange differences arising on translating the foreign operations
Net gain / (loss) on hedge of net investments in foreign operations
Share of other comprehensive income of associates
Balance at December 31, 2023
Attributable to
equity holders
of the parent
Non-controlling
interests
(450.9)
(89.4)
(3.6)
0.5
(543.4)
(241.8)
14.3
–
(770.9)
(2.2)
(19.7)
–
–
Total
(91.6)
(3.6)
0.5
(261.5)
14.3
–
26. Share-based payment plans
In 2023, Avolta recorded CHF 43.5 million in relation to its PSU plans (2023, 2022 and
2021) under personnel expenses, out of which CHF 6.9 million are recorded as other lia-
bilities (personnel payables). In 2022, Avolta recorded CHF 18.5 million in relation to its
PSU plans (2022 and 2021) under Personnel Expenses, whereas CHF 3.3 million are
recorded as other liabilities (personnel payables). Amounts recorded in other payables
include charges for cash settled portions CHF 1.9 million (2022: CHF 1.6 million) and
accruals for social security charged CHF 5.0 million (2022: CHF 1.7 million).
During 2023, Avolta granted to selected members of the management the award 2023
consisting of 862,071 performance share units (PSU). The PSU award 2023 will vest on
June 1, 2026 and has a contractual life between 30 and 41 months. At grant dates, the
fair values of one PSU award 2023 was calculated applying a combination of market
share price and applying a Monte Carlo simulation. The range of fair values was deter-
mined between CHF 30.03 and CHF 39.28 for the respective grant dates, with a
weighted average fair value of CHF 33.67. As part of this plan, 191,951 PSU will be settled
2023 Plan
in cash.
The PSU granted in 2023 are subject to three performance conditions (unchanged to
the previous year): Cumulative CORE EPS with a 50 % weighting, Relative TSR with a 25
% weighting and an ESG target with a 25 % weighting. The ESG target consists of two
different KPIs related to material areas from a business and stakeholder perspective,
each with a weighting of ½ of the ESG target.
On the vesting date, the PSU vest and are converted into shares based on the achieve-
ment of the performance targets. Each PSU may provide between zero share (less than
50 % targets achievement) and 2 shares (150 % or more targets achievement). The
target (100 % vesting) in relation to the cumulative CORE EPS measured corresponds to
a total of CHF 4.26, ranking at 50th percentile of the peer group for the TSR element and
defined ESG targets in the aera of conducted trainings on embedding culture of diver-
sity and suppliers related measures.
Holders of PSU are not entitled to vote or receive dividends like shareholders do. As of
December 31, 2023, none of the PSU awards 2023, 2022 and 2021 have forfeited and
1,810,237 PSU (2022: 948,166) remain outstanding.
During 2022, Avolta granted to selected members of the management the award 2022
consisting of 553,359 performance share units (PSU). The PSU award 2022 will vest on
June 3, 2025 and has a contractual life between 31 and 41 months. At grant dates the
fair values of one PSU award 2022 was calculated applying a combination of market
share price and applying a Monte Carlo simulation. The range of fair values was deter-
mined between CHF 31.73 and CHF 48.78 for the respective grant dates, with a
weighted average fair value of CHF 36.19. As part of this plan, 42,761 PSU will be settled
2022 Plan
in cash.
The PSU granted in 2022 are subject to three performance conditions: Cumulative
Adjusted EPS with a 50 % weighting, Relative TSR with a 25 % weighting, and an ESG
target with a 25 % weighting. The ESG target consists of three different KPIs related to
material areas from a business and stakeholder perspective, each with a weighting of
¹/3 of the ESG target.
25.3 Translation reserves
In millions of CHF
Balance at January 1, 2022
Exchange differences arising on translating the foreign
Net gain / (loss) on hedge of net investments in foreign
Share of other comprehensive income of associates
Balance at December 31, 2022
Exchange differences arising on translating the foreign operations
Net gain / (loss) on hedge of net investments in foreign operations
Share of other comprehensive income of associates
Balance at December 31, 2023
Attributable to
equity holders
of the parent
Non-controlling
interests
(450.9)
(89.4)
(3.6)
0.5
(543.4)
(241.8)
14.3
–
(770.9)
Total
(91.6)
(3.6)
0.5
(261.5)
14.3
–
(2.2)
(19.7)
–
–
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26. Share-based payment plans
In 2023, Avolta recorded CHF 43.5 million in relation to its PSU plans (2023, 2022 and
2021) under personnel expenses, out of which CHF 6.9 million are recorded as other lia-
bilities (personnel payables). In 2022, Avolta recorded CHF 18.5 million in relation to its
PSU plans (2022 and 2021) under Personnel Expenses, whereas CHF 3.3 million are
recorded as other liabilities (personnel payables). Amounts recorded in other payables
include charges for cash settled portions CHF 1.9 million (2022: CHF 1.6 million) and
accruals for social security charged CHF 5.0 million (2022: CHF 1.7 million).
2023 Plan
During 2023, Avolta granted to selected members of the management the award 2023
consisting of 862,071 performance share units (PSU). The PSU award 2023 will vest on
June 1, 2026 and has a contractual life between 30 and 41 months. At grant dates, the
fair values of one PSU award 2023 was calculated applying a combination of market
share price and applying a Monte Carlo simulation. The range of fair values was deter-
mined between CHF 30.03 and CHF 39.28 for the respective grant dates, with a
weighted average fair value of CHF 33.67. As part of this plan, 191,951 PSU will be settled
in cash.
The PSU granted in 2023 are subject to three performance conditions (unchanged to
the previous year): Cumulative CORE EPS with a 50 % weighting, Relative TSR with a 25
% weighting and an ESG target with a 25 % weighting. The ESG target consists of two
different KPIs related to material areas from a business and stakeholder perspective,
each with a weighting of ½ of the ESG target.
On the vesting date, the PSU vest and are converted into shares based on the achieve-
ment of the performance targets. Each PSU may provide between zero share (less than
50 % targets achievement) and 2 shares (150 % or more targets achievement). The
target (100 % vesting) in relation to the cumulative CORE EPS measured corresponds to
a total of CHF 4.26, ranking at 50th percentile of the peer group for the TSR element and
defined ESG targets in the aera of conducted trainings on embedding culture of diver-
sity and suppliers related measures.
Holders of PSU are not entitled to vote or receive dividends like shareholders do. As of
December 31, 2023, none of the PSU awards 2023, 2022 and 2021 have forfeited and
1,810,237 PSU (2022: 948,166) remain outstanding.
2022 Plan
During 2022, Avolta granted to selected members of the management the award 2022
consisting of 553,359 performance share units (PSU). The PSU award 2022 will vest on
June 3, 2025 and has a contractual life between 31 and 41 months. At grant dates the
fair values of one PSU award 2022 was calculated applying a combination of market
share price and applying a Monte Carlo simulation. The range of fair values was deter-
mined between CHF 31.73 and CHF 48.78 for the respective grant dates, with a
weighted average fair value of CHF 36.19. As part of this plan, 42,761 PSU will be settled
in cash.
The PSU granted in 2022 are subject to three performance conditions: Cumulative
Adjusted EPS with a 50 % weighting, Relative TSR with a 25 % weighting, and an ESG
target with a 25 % weighting. The ESG target consists of three different KPIs related to
material areas from a business and stakeholder perspective, each with a weighting of
¹/3 of the ESG target.
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On the vesting date, the PSU vest and are converted into shares based on the achieve-
ment of the performance targets. Each PSU may provide between zero share (less than
50 % targets achievement) and 2 shares (150 % or more targets achievement). The
target (100 % vesting) in relation to the cumulative adjusted EPS measured corresponds
to a total of CHF 7.60 (to be adjusted by the effect of the combination with Autogrill),
ranking at 50th percentile of the peer group for the TSR element and defined ESG mea-
sures per area, such as 60 % reduction of CO2 emissions on scope 1 & 2 by 2024.
Holders of PSU are not entitled to vote or receive dividends like shareholders do. As of
December 31, 2022, none of the PSU awards 2022 and 2021 have forfeited and 948,166
PSU (2021: 394,807) remain outstanding.
2021 Plan
On November 30, 2021, Avolta granted to selected members of the management the
award 2021 consisting of 394,807 performance share units (PSU). The PSU award 2021
has a contractual life of 30 months and will vest on June 3, 2024. At grant date the fair
value of one PSU award 2021 represented the market value for one Avolta share at that
date, i. e. CHF 41.54. As part of this plan, 44,753 PSU will be settled in cash.
Holders of one PSU award 2021 will have the right to receive free of charge up to two
Avolta shares depending on two performance targets reached by Avolta during the
grant year of award and the following two years compared with the target. The perfor-
mance targets of the 2021 PSU grant are the cumulative adjusted EPS, with a 50 %
weighting, and the cumulative Equity Free Cash Flow (EFCF) with a 50 % weighting. On
the vesting date, after the three-year vesting period, the PSU vest and are converted
into shares based on the achievement of the performance targets. Each PSU may pro-
vide between zero share (less than 50 % targets achievement) and 2 shares (150 % or
more targets achievement). The target (100 % vesting) in relation to the cumulative
adjusted EPS measured corresponds to an improvement by CHF 26.50 compared to
the adjusted EPS for fiscal year 2020, respectively an improvement by CHF 993 million
compared to the EFCF for fiscal year 2020. Holders of PSU are not entitled to vote or
receive dividends like shareholders do.
Older Plans
During 2020, Avolta did not grant any awards and therefore no PSU were allocated in
2023.
26.1 Treasury shares
Treasury shares are valued at historical cost.
Balance at January 1, 2022
Purchased shares
Balance at December 31, 2022
Returned shares 1
Purchased shares
Balance at December 31, 2023
1
Related to a past business combination.
Number of shares
In millions of CHF
11,281
600,000
611,281
804,728
801,056
2,217,065
(1.3)
(21.6)
(22.9)
(34.1)
(33.4)
(90.4)
26.2 Earnings per share
26.2.1 Earnings per share attributable to equity holders of the parent
Basic earnings per share are calculated by dividing the net profit/ (loss) attributable to
equity holders of the parent by the weighted average number of shares outstanding
Basic
during the year.
In millions of CHF / Quantity
Net profit / (loss) attributable to equity holders of the parent
Weighted average number of ordinary shares outstanding
Basic earnings per share in CHF
Diluted earnings per share are calculated by dividing the net profit/ (loss) attributable to
equity holders of the parent by the weighted average number of ordinary shares out-
standing during the year plus the weighted average number of ordinary shares that
would be issued on the conversion of all the dilutive potential ordinary shares into ordi-
Diluted
nary shares.
Refer to note 28 for instruments that could potentially dilute basic earnings per share in
future, but were not included in the calculation of diluted earnings per share because
they are antidilutive for 2023 and 2022.
In millions of CHF / Quantity
Net profit / (loss) attributable to equity holders of the parent
Weighted average number of ordinary shares outstanding
Diluted earnings per share in CHF
26.2.2 Weighted average number of ordinary shares
In shares
Outstanding shares
Mandatory convertible shares
Less treasury shares
Used for calculation of basic earnings per share
Effect of dilution
PSU plans
Used for calculation of diluted earnings per share
2023
87.3
0.64
2022
58.2
0.63
136,299,408
92,800,277
2023
87.26
0.63
139,360,952
137,659,900
2023
–
(1,360,492)
136,299,408
2022
58.20
94,010,983
0.62
2022
90,797,007
2,092,113
(88,843)
92,800,277
3,061,544
139,360,952
1,210,706
94,010,983
On the vesting date, the PSU vest and are converted into shares based on the achieve-
ment of the performance targets. Each PSU may provide between zero share (less than
50 % targets achievement) and 2 shares (150 % or more targets achievement). The
target (100 % vesting) in relation to the cumulative adjusted EPS measured corresponds
to a total of CHF 7.60 (to be adjusted by the effect of the combination with Autogrill),
ranking at 50th percentile of the peer group for the TSR element and defined ESG mea-
sures per area, such as 60 % reduction of CO2 emissions on scope 1 & 2 by 2024.
Holders of PSU are not entitled to vote or receive dividends like shareholders do. As of
December 31, 2022, none of the PSU awards 2022 and 2021 have forfeited and 948,166
PSU (2021: 394,807) remain outstanding.
2021 Plan
On November 30, 2021, Avolta granted to selected members of the management the
award 2021 consisting of 394,807 performance share units (PSU). The PSU award 2021
has a contractual life of 30 months and will vest on June 3, 2024. At grant date the fair
value of one PSU award 2021 represented the market value for one Avolta share at that
date, i. e. CHF 41.54. As part of this plan, 44,753 PSU will be settled in cash.
Holders of one PSU award 2021 will have the right to receive free of charge up to two
Avolta shares depending on two performance targets reached by Avolta during the
grant year of award and the following two years compared with the target. The perfor-
mance targets of the 2021 PSU grant are the cumulative adjusted EPS, with a 50 %
weighting, and the cumulative Equity Free Cash Flow (EFCF) with a 50 % weighting. On
the vesting date, after the three-year vesting period, the PSU vest and are converted
into shares based on the achievement of the performance targets. Each PSU may pro-
vide between zero share (less than 50 % targets achievement) and 2 shares (150 % or
more targets achievement). The target (100 % vesting) in relation to the cumulative
adjusted EPS measured corresponds to an improvement by CHF 26.50 compared to
the adjusted EPS for fiscal year 2020, respectively an improvement by CHF 993 million
compared to the EFCF for fiscal year 2020. Holders of PSU are not entitled to vote or
receive dividends like shareholders do.
During 2020, Avolta did not grant any awards and therefore no PSU were allocated in
Older Plans
2023.
26.1 Treasury shares
Treasury shares are valued at historical cost.
Balance at January 1, 2022
Purchased shares
Balance at December 31, 2022
Returned shares 1
Purchased shares
Balance at December 31, 2023
1
Related to a past business combination.
Number of shares
In millions of CHF
11,281
600,000
611,281
804,728
801,056
2,217,065
(1.3)
(21.6)
(22.9)
(34.1)
(33.4)
(90.4)
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26.2 Earnings per share
26.2.1 Earnings per share attributable to equity holders of the parent
Basic
Basic earnings per share are calculated by dividing the net profit/ (loss) attributable to
equity holders of the parent by the weighted average number of shares outstanding
during the year.
In millions of CHF / Quantity
Net profit / (loss) attributable to equity holders of the parent
Weighted average number of ordinary shares outstanding
Basic earnings per share in CHF
2023
87.3
2022
58.2
136,299,408
92,800,277
0.64
0.63
Diluted
Diluted earnings per share are calculated by dividing the net profit/ (loss) attributable to
equity holders of the parent by the weighted average number of ordinary shares out-
standing during the year plus the weighted average number of ordinary shares that
would be issued on the conversion of all the dilutive potential ordinary shares into ordi-
nary shares.
Refer to note 28 for instruments that could potentially dilute basic earnings per share in
future, but were not included in the calculation of diluted earnings per share because
they are antidilutive for 2023 and 2022.
In millions of CHF / Quantity
Net profit / (loss) attributable to equity holders of the parent
Weighted average number of ordinary shares outstanding
Diluted earnings per share in CHF
26.2.2 Weighted average number of ordinary shares
In shares
Outstanding shares
Mandatory convertible shares
Less treasury shares
Used for calculation of basic earnings per share
Effect of dilution
PSU plans
Used for calculation of diluted earnings per share
2023
87.26
139,360,952
0.63
2022
58.20
94,010,983
0.62
2023
2022
137,659,900
–
(1,360,492)
136,299,408
90,797,007
2,092,113
(88,843)
92,800,277
3,061,544
139,360,952
1,210,706
94,010,983
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2023
441.6
(384.1)
(5.3)
16.2
6.9
75.3
19.2
19.2
94.5
2022
–
–
5.1
–
2.8
7.9
1.5
1.5
9.4
27. Breakdown of transactions with
non-controlling interests
The following transactions have been recognized in equity attributable to non-con-
trolling interests holders:
In millions of CHF
Acquisition of NCI share in Autogrill Feb
Changes in NCI share in Autogrill
Change in relation to put option (49 % of Dufry Staer Holding Ltd)1
Navinten NCI change to 49 %
Other non-controlling interests (disposed) / acquired
Change in Avolta's interest
NCI portion of increases in share capital of subsidiaries
Share capital changes
Total
1
No cash flow effects.
27.1
Information on companies with
non-controlling interests
In 2023, Avolta allocated CHF 129.1 (2022: 62.4) million of net result to non-controlling
interests (NCI). Within the Avolta Group, the net earnings allocated to non-controlling
interests is predominantly related to the US subsidiaries, totaling CHF 104.1 (2022: 47.2)
million.
Airport authorities in the United States frequently require companies to partner with
local business partners based on Airport Concession Disadvantaged Business Enter-
prise (“ACDBE”) regulation. Avolta may partner with third parties to win new business
opportunities and maintain existing ones. Consequently, Avolta’s business model con-
templates the involvement of local partners. Net profits from these operating subsid-
iaries attributed to Avolta and to non-controlling interests holders reflect the applicable
ownership structure. The net profits and dividend payments attributable to non-con-
trolling interests exclude expenses incurred by Avolta at the acquisition of these busi-
nesses, which are not attributable to the local partners, such as acquisition related
interest expenses, income taxes and amortization of intangible assets from acquisitions.
There are no individual significant non-controlling interests in 2023 and 2022.
28. Borrowings
In millions of CHF
Bank debt overdrafts
Senior Notes
Bank debt loans
Third party loans
Borrowings, current
Bank debt loans
Senior Notes
Third party loans
Total
Of which are
Bank debt
Senior Notes
Third party loans
Borrowings, non-current
Bank debts are denominated in
Deferred arrangement fees
Bank debts at subsidiaries in
Bank debt
In millions of CHF
US Dollar
Euro
Subtotal
Euro*
Swiss Franc*
British Pound*
US Dollar
Other currencies*
Total
31.12.2023
31.12.2022
41.5
743.0
32.1
2.8
819.4
379.3
2,138.0
3.3
2,520.6
3,340.0
452.9
2,881.0
6.1
311.4
46.4
(18.1)
339.7
93.2
6.8
–
6.9
6.3
452.9
–
–
119.6
3.1
122.7
453.9
2,993.0
5.4
3,452.3
3,575.0
573.5
2,993.0
8.5
409.5
–
(17.3)
392.2
104.9
11.0
55.9
–
9.5
573.5
31.12.2023
31.12.2022
* Include Government backed COVID-19 loans of CHF 66.8 (2022: 175.9) million.
Since the beginning of the COVID-19 pandemic in 2020 and as a consequence thereof
economical restrictions, governments granted backed COVID-19 loans to certain Avolta
subsidiaries, which are accounted for financial liability in accordance with IFRS 9. As of
December 2023, the amount of loans granted was overall CHF 66.8 (2022: 175.9) mil-
lion, whereas the loans were granted in different currencies. Loans granted were in EUR
65.8 (2022: 106.0) million and in CHF 5.7 (2022: 11.0) million. The loans in GBP have been
completely reimbursed (2022: 50.0 million) as well as in MAD (2022: 46.8 million). The
interest rates vary between 0.0 % and 5.6 % (2022: 0.0 % and 5.5 %).
2023
441.6
(384.1)
(5.3)
16.2
6.9
75.3
19.2
19.2
94.5
2022
–
–
–
5.1
2.8
7.9
1.5
1.5
9.4
27. Breakdown of transactions with
non-controlling interests
The following transactions have been recognized in equity attributable to non-con-
trolling interests holders:
In millions of CHF
Acquisition of NCI share in Autogrill Feb
Changes in NCI share in Autogrill
Change in relation to put option (49 % of Dufry Staer Holding Ltd)1
Navinten NCI change to 49 %
Other non-controlling interests (disposed) / acquired
Change in Avolta's interest
NCI portion of increases in share capital of subsidiaries
Share capital changes
Total
1
No cash flow effects.
27.1
Information on companies with
non-controlling interests
In 2023, Avolta allocated CHF 129.1 (2022: 62.4) million of net result to non-controlling
interests (NCI). Within the Avolta Group, the net earnings allocated to non-controlling
interests is predominantly related to the US subsidiaries, totaling CHF 104.1 (2022: 47.2)
million.
Airport authorities in the United States frequently require companies to partner with
local business partners based on Airport Concession Disadvantaged Business Enter-
prise (“ACDBE”) regulation. Avolta may partner with third parties to win new business
opportunities and maintain existing ones. Consequently, Avolta’s business model con-
templates the involvement of local partners. Net profits from these operating subsid-
iaries attributed to Avolta and to non-controlling interests holders reflect the applicable
ownership structure. The net profits and dividend payments attributable to non-con-
trolling interests exclude expenses incurred by Avolta at the acquisition of these busi-
nesses, which are not attributable to the local partners, such as acquisition related
interest expenses, income taxes and amortization of intangible assets from acquisitions.
There are no individual significant non-controlling interests in 2023 and 2022.
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28. Borrowings
In millions of CHF
Bank debt overdrafts
Senior Notes
Bank debt loans
Third party loans
Borrowings, current
Bank debt loans
Senior Notes
Third party loans
Borrowings, non-current
Total
Of which are
Bank debt
Senior Notes
Third party loans
Bank debt
In millions of CHF
Bank debts are denominated in
US Dollar
Euro
Deferred arrangement fees
Subtotal
Bank debts at subsidiaries in
Euro*
Swiss Franc*
British Pound*
US Dollar
Other currencies*
Total
* Include Government backed COVID-19 loans of CHF 66.8 (2022: 175.9) million.
Since the beginning of the COVID-19 pandemic in 2020 and as a consequence thereof
economical restrictions, governments granted backed COVID-19 loans to certain Avolta
subsidiaries, which are accounted for financial liability in accordance with IFRS 9. As of
December 2023, the amount of loans granted was overall CHF 66.8 (2022: 175.9) mil-
lion, whereas the loans were granted in different currencies. Loans granted were in EUR
65.8 (2022: 106.0) million and in CHF 5.7 (2022: 11.0) million. The loans in GBP have been
completely reimbursed (2022: 50.0 million) as well as in MAD (2022: 46.8 million). The
interest rates vary between 0.0 % and 5.6 % (2022: 0.0 % and 5.5 %).
31.12.2023
31.12.2022
41.5
743.0
32.1
2.8
819.4
379.3
2,138.0
3.3
2,520.6
3,340.0
452.9
2,881.0
6.1
–
–
119.6
3.1
122.7
453.9
2,993.0
5.4
3,452.3
3,575.0
573.5
2,993.0
8.5
31.12.2023
31.12.2022
311.4
46.4
(18.1)
339.7
93.2
6.8
–
6.9
6.3
452.9
409.5
–
(17.3)
392.2
104.9
11.0
55.9
–
9.5
573.5
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Notes
In millions of CHF
Senior Notes denominated in Euro
Senior Notes denominated in CHF
Convertible Notes denominated in CHF
Deferred interest on modification of financing arrangements
Deferred arrangement fees
Total
31.12.2023
31.12.2022
2,121.3
300.0
474.2
(6.4)
(8.1)
2,881.0
2,251.4
300.0
463.5
(8.9)
(13.0)
2,993.0
Detailed credit facilities
Avolta negotiates and manages its main credit facilities centrally. In December 2022,
Avolta had successfully refinanced its main bank credit facilities. A new EUR 2,085 mil-
lion Revolving Credit Facility (RCF) replaced EUR 1,300 million RCF and USD 550 million
Term Loan with maturity in December 2027 compared to previous maturity date in
November 2024. In April 2023, EUR 2,085 million RCF has been increased by EUR 180
million, in June 2023 by EUR 410 million and in September 2023 by EUR 75 million to a
new total amount of EUR 2,750 million. As of December 31, 2023 the drawn amount is
CHF 357.8 million.
In February 2022, Avolta entered into an amendment of certain borrowing instruments
which waived compliance with certain financial covenants for another twelve months
until and including June 30, 2023.
On signing date in December 2022, the margin of the RCF was 3.5 % based on Avolta’s
rating. Due to two upgrades by S&P and one upgrade by Moody’s, the margin has
improved and is 2.75 % as of December 31, 2023.
In June 2023, the former Autogrill credit facility was cancelled by repaying the notional
drawn amount of CHF 506.8 million (EUR 200.0 million and USD 347.8 million).
The post agreements and the bank guarantee facilities contain covenants and condi-
tions customary to this type of financing. In 2023 and 2022, Avolta complied with the
financial covenants and conditions contained in the bank credit agreements.
Financial covenants included in the borrowing instruments require the Group to comply
with:
– a maximum ratio of Total Drawn Debt to CORE EBITDA of 4.5:1 for the test periods
ending December 31, 2023 and thereafter,
– a minimum ratio of CORE EBITDA to Total Interest Expense (excluding lease interest)
of 3:1 for the test periods ending December 31, 2023 and thereafter.
Bank credit facilities
In millions of CHF
Revolving credit facility (multi-currency)
Uncommitted current facilities
At December 31, 2023
In millions of CHF
Revolving credit facility (multi-currency)1
Uncommitted current facilities
At December 31, 2022
Maturity
Currency
Credit limit in for-
eign currency
Draw amount in
CHF
20.12.2027
n / a
EUR
CHF
2,750.0
50.0
Maturity
Currency
Credit limit in for-
eign currency
Draw amount in
CHF
20.12.2027
n / a
EUR
CHF
2,085.0
50.0
1
New revolving credit facility replacing the EUR 1,300.0 million revolving credit facility which was cancelled and the USD
550.0 million committed term loan which was fully repaid, both before their maturity.
Notes
Senior notes
Senior notes
Senior notes
Senior notes
Convertible notes 1
Total
In millions of CHF
Maturity
Coupon rate
Currency
15.10.2024
15.02.2027
15.04.2028
15.04.2026
30.03.2026
2.50%
2.00%
3.38%
3.63%
0.75%
Nominal in foreign
currency
800.0
750.0
725.0
300.0
500.0
EUR
EUR
EUR
CHF
CHF
2023
745.9
692.0
672.1
299.4
471.6
2,881.0
2,993.0
Below are the overall weighted average notional interest rates on the main currencies
1
Equity component CHF 54.1 million.
Weighted average interest rate
of bank credit facilities and notes:
Interest rate in percentage (%)
Average on USD
Average on CHF
Average on EUR
Weighted Average Total
2023
7.88
2.01
3.51
3.76
Amount in CHF
357.8
–
357.8
409.5
–
409.5
2022
790.3
732.1
712.2
298.9
459.5
2022
4.96
2.01
3.19
3.10
31.12.2023
31.12.2022
2,121.3
300.0
474.2
(6.4)
(8.1)
2,881.0
2,251.4
300.0
463.5
(8.9)
(13.0)
2,993.0
Notes
In millions of CHF
Senior Notes denominated in Euro
Senior Notes denominated in CHF
Convertible Notes denominated in CHF
Deferred interest on modification of financing arrangements
Deferred arrangement fees
Total
Detailed credit facilities
Avolta negotiates and manages its main credit facilities centrally. In December 2022,
Avolta had successfully refinanced its main bank credit facilities. A new EUR 2,085 mil-
lion Revolving Credit Facility (RCF) replaced EUR 1,300 million RCF and USD 550 million
Term Loan with maturity in December 2027 compared to previous maturity date in
November 2024. In April 2023, EUR 2,085 million RCF has been increased by EUR 180
million, in June 2023 by EUR 410 million and in September 2023 by EUR 75 million to a
new total amount of EUR 2,750 million. As of December 31, 2023 the drawn amount is
CHF 357.8 million.
In February 2022, Avolta entered into an amendment of certain borrowing instruments
which waived compliance with certain financial covenants for another twelve months
until and including June 30, 2023.
On signing date in December 2022, the margin of the RCF was 3.5 % based on Avolta’s
rating. Due to two upgrades by S&P and one upgrade by Moody’s, the margin has
improved and is 2.75 % as of December 31, 2023.
In June 2023, the former Autogrill credit facility was cancelled by repaying the notional
drawn amount of CHF 506.8 million (EUR 200.0 million and USD 347.8 million).
The post agreements and the bank guarantee facilities contain covenants and condi-
tions customary to this type of financing. In 2023 and 2022, Avolta complied with the
financial covenants and conditions contained in the bank credit agreements.
Financial covenants included in the borrowing instruments require the Group to comply
with:
– a maximum ratio of Total Drawn Debt to CORE EBITDA of 4.5:1 for the test periods
ending December 31, 2023 and thereafter,
– a minimum ratio of CORE EBITDA to Total Interest Expense (excluding lease interest)
of 3:1 for the test periods ending December 31, 2023 and thereafter.
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Bank credit facilities
In millions of CHF
Revolving credit facility (multi-currency)
Uncommitted current facilities
At December 31, 2023
In millions of CHF
Revolving credit facility (multi-currency)1
Uncommitted current facilities
At December 31, 2022
Maturity
Currency
Credit limit in for-
eign currency
Draw amount in
CHF
20.12.2027
n / a
EUR
CHF
2,750.0
50.0
357.8
–
357.8
Maturity
Currency
Credit limit in for-
eign currency
Draw amount in
CHF
20.12.2027
n / a
EUR
CHF
2,085.0
50.0
409.5
–
409.5
1
New revolving credit facility replacing the EUR 1,300.0 million revolving credit facility which was cancelled and the USD
550.0 million committed term loan which was fully repaid, both before their maturity.
Notes
In millions of CHF
Maturity
Coupon rate
Currency
Senior notes
Senior notes
Senior notes
Senior notes
Convertible notes 1
Total
1
Equity component CHF 54.1 million.
15.10.2024
15.02.2027
15.04.2028
15.04.2026
30.03.2026
2.50%
2.00%
3.38%
3.63%
0.75%
EUR
EUR
EUR
CHF
CHF
Nominal in foreign
currency
800.0
750.0
725.0
300.0
500.0
Amount in CHF
2022
790.3
732.1
712.2
298.9
459.5
2023
745.9
692.0
672.1
299.4
471.6
2,881.0
2,993.0
Weighted average interest rate
Below are the overall weighted average notional interest rates on the main currencies
of bank credit facilities and notes:
Interest rate in percentage (%)
Average on USD
Average on CHF
Average on EUR
Weighted Average Total
2023
7.88
2.01
3.51
3.76
2022
4.96
2.01
3.19
3.10
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28.1 Hedge of net investments in foreign operations
29. Borrowings and lease obligations, net
The company has designated USD 292.9 million bank loans in relation to the invest-
ments in Alliance Inc., Interbaires SA, Navinten SA, Blaicor SA, International Operation
& Services SA, and Duty Free Ecuador SA.
In millions of CHF
Cash and cash
equivalents
Lease obligations
rowings
Borrowings
Net debt
Financial deriva-
tives asset-borrow-
Financial deriva-
tives liability-bor-
Balance at January 1, 2023
854.7
3,002.6
99.8
3,575.1
5,813.4
In millions of
Balance at January 1, 2022
Currency translation adjustments
Balance at December 31, 2022
Currency translation adjustments
Balance at December 31, 2023
CHF
267.1
3.6
270.7
(14.3)
256.4
USD
292.9
–
292.9
–
292.9
There is no ineffectiveness for these hedges and the effect of hedging is presented in
line item Net gain / (loss) on hedge of net investment in foreign operations in OCI.
The company maintains the hedge ratio by verifying 100 % hedge ratio.
28.2 Equity-like loans
Avolta granted to below mentioned foreign subsidiaries long-term loans. These loans
are considered as part of Avolta’s net investment in foreign operations, as settlement is
neither planned nor likely to occur in the foreseeable future.
Amount in foreign currency
Equivalent amount in CHF
In millions of
Currency
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Dufry International AG
Nuance Group (Australia) Pty Ltd.
Dufry Americas y Caribe Corp.
Nuance Group (Sverige) AB
Dufry Duty Free (Nigeria) Ltd.
EUR
AUD
USD
SEK
USD
1,572.9
121.8
10.2
110.0
6.8
1,087.1
121.8
10.2
110.0
6.8
1,460.8
69.8
8.6
9.2
5.7
1,075.8
76.7
9.4
9.8
6.3
Any translation differences arising on these loans are accounted for in equity in the line
item Exchange difference on translating foreign operations.
Cash flows from operating,
financing and investing activities
Repayment of 3 rd party loans
payable
Transaction costs for financial
instruments
Repayment of borrowings
Proceeds from borrowings
Lease payments
Cash flow
Business combinations (note 6)
Other change in scope
Additions to lease obligations
Interest on lease obligations
Modification of lease obligations
Early termination of lease
obligations
Other
Discounted interests
Arrangement fees amortization
Currency translation adjustments
Other non-cash movements
Balance at December 31, 2023
(502.1)
(502.1)
459.7
(0.7)
–
–
–
–
–
–
–
–
–
–
(97.0)
362.0
714.6
–
–
–
(1,361.7)
(1,361.7)
1,434.1
(0.3)
179.7
321.0
4,671.0
(28.1)
(0.5)
–
–
(364.4)
6,212.5
7,853.4
ings
9.4
(1.7)
0.4
–
–
–
–
–
–
–
–
–
(1.7)
(0.7)
(0.7)
(638.7)
–
–
–
–
–
–
–
–
–
–
–
1.6
(6.0)
(865.5)
231.2
571.4
0.8
–
–
–
–
3.3
11.8
10.4
(194.1)
403.6
3,340.0
502.1
1.6
(6.0)
(864.5)
231.2
(1,361.7)
(1,497.3)
1,545.4
1.2
179.7
321.0
4,671.0
(28.1)
2.8
11.8
10.4
(481.8)
6,233.4
10,549.5
1.2
1.6
9.3
(19.1)
(19.1)
80.0
28.1 Hedge of net investments in foreign operations
29. Borrowings and lease obligations, net
The company has designated USD 292.9 million bank loans in relation to the invest-
ments in Alliance Inc., Interbaires SA, Navinten SA, Blaicor SA, International Operation
& Services SA, and Duty Free Ecuador SA.
In millions of CHF
Cash and cash
equivalents
Lease obligations
Financial deriva-
tives asset-borrow-
ings
Financial deriva-
tives liability-bor-
rowings
Borrowings
Net debt
Balance at January 1, 2023
854.7
3,002.6
9.4
99.8
3,575.1
5,813.4
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In millions of
Balance at January 1, 2022
Currency translation adjustments
Balance at December 31, 2022
Currency translation adjustments
Balance at December 31, 2023
CHF
267.1
3.6
270.7
(14.3)
256.4
USD
292.9
292.9
–
–
292.9
There is no ineffectiveness for these hedges and the effect of hedging is presented in
line item Net gain / (loss) on hedge of net investment in foreign operations in OCI.
The company maintains the hedge ratio by verifying 100 % hedge ratio.
28.2 Equity-like loans
Avolta granted to below mentioned foreign subsidiaries long-term loans. These loans
are considered as part of Avolta’s net investment in foreign operations, as settlement is
neither planned nor likely to occur in the foreseeable future.
Amount in foreign currency
Equivalent amount in CHF
In millions of
Currency
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Dufry International AG
Nuance Group (Australia) Pty Ltd.
Dufry Americas y Caribe Corp.
Nuance Group (Sverige) AB
Dufry Duty Free (Nigeria) Ltd.
EUR
AUD
USD
SEK
USD
1,572.9
121.8
10.2
110.0
6.8
1,087.1
121.8
10.2
110.0
6.8
1,460.8
69.8
8.6
9.2
5.7
1,075.8
76.7
9.4
9.8
6.3
Any translation differences arising on these loans are accounted for in equity in the line
item Exchange difference on translating foreign operations.
Cash flows from operating,
financing and investing activities
Repayment of 3 rd party loans
payable
Transaction costs for financial
instruments
Repayment of borrowings
Proceeds from borrowings
Lease payments
Cash flow
Business combinations (note 6)
Other change in scope
Additions to lease obligations
Interest on lease obligations
Modification of lease obligations
Early termination of lease
obligations
Other
Discounted interests
Arrangement fees amortization
Currency translation adjustments
Other non-cash movements
Balance at December 31, 2023
(502.1)
–
–
–
(502.1)
459.7
(0.7)
–
–
–
–
–
–
–
(97.0)
362.0
714.6
–
–
–
(1,361.7)
(1,361.7)
1,434.1
(0.3)
179.7
321.0
4,671.0
(28.1)
(0.5)
–
–
(364.4)
6,212.5
7,853.4
–
–
(1.7)
–
(1.7)
0.4
–
–
–
–
–
–
1.2
1.6
9.3
–
–
(0.7)
–
(0.7)
–
–
–
–
–
–
–
(19.1)
(19.1)
80.0
–
1.6
(6.0)
(865.5)
231.2
–
(638.7)
571.4
0.8
–
–
–
3.3
11.8
10.4
(194.1)
403.6
3,340.0
502.1
1.6
(6.0)
(864.5)
231.2
(1,361.7)
(1,497.3)
1,545.4
1.2
179.7
321.0
4,671.0
(28.1)
2.8
11.8
10.4
(481.8)
6,233.4
10,549.5
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In millions of CHF
Cash and cash
equivalents
Lease obligations
Financial deriva-
tives asset-borrow-
ings
Financial deriva-
tives liability-bor-
rowings
Borrowings
Net debt
Balance at January 1, 2022
793.5
3,636.4
7.4
63.5
3,817.0
6,716.0
29.1 Offsetting financial assets and financial liabilities
Avolta’s notional cash pool is operated by a major finance institute. Based on enforce-
able master netting agreement, the respective balances at the end of the period have
Cash flows from operating,
financing and investing activities
Business combinations
Repayment of 3 rd party loans
payable
Transaction costs for financial
instruments
Repayment of borrowings
Payments of derivatives interests
Lease payments
Cash flow
Additions to lease obligations
Interest on lease obligations
Modification of lease obligations
Relief on lease obligations
Early termination of lease
obligations
Discounted interests of financial
derivatives
Discounted interests
Arrangement fees amortization
98.8
1.1
–
–
–
–
–
99.9
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(907.8)
(907.8)
63.0
127.6
244.2
(80.2)
(13.9)
–
–
–
Currency translation adjustments
(38.7)
(87.3)
Unrealized exchange differences
on the translation of net debt in
foreign currencies
Other non-cash movements
Balance at December 31, 2022
.
–
(38.7)
854.7
20.6
274.0
3,002.6
–
–
–
–
–
(24.3)
–
(24.3)
–
–
–
–
–
24.1
–
–
2.2
–
26.3
9.4
–
–
–
–
–
(38.5)
–
(38.5)
–
–
–
–
–
38.7
–
–
36.1
–
74.8
99.8
–
–
(1.8)
(16.8)
(152.2)
–
–
(170.8)
–
–
–
–
–
–
10.2
17.7
(147.5)
48.4
(71.2)
3,575.0
(98.8)
(1.1)
(1.8)
(16.8)
(152.2)
(14.2)
(907.8)
(1,192.7)
63.0
127.6
244.2
(80.2)
(13.9)
14.6
10.2
17.7
(162.2)
69.0
290.0
5,813.3
been set-off as follows:
In millions of CHF
31.12.2023
Cash and cash equivalents
Borrowings, current
31.12.2022
Cash and cash equivalents
Borrowings, current
Balance before
global pooling
Set-off
Net balance
2,153.8
2,258.6
1,727.9
995.9
(1,439.2)
(1,439.2)
(873.2)
(873.2)
714.6
819.4
854.7
122.7
1
Thereof CHF 74.9 million (2022: CHF 0.0 million) credit card receivables with a maturity of up to 4 working days
included in cash and cash equivalents.
29.2 Legal restrictions on money transfer
Cash and cash equivalents at the end of the reporting period include CHF 123.6
(2022: 110.1) million held by subsidiaries operating in countries with exchange controls
or other legal restrictions on money transfer. There are no material assets that have any
other restrictions to realize or settle liabilities of the Group.
30. Other liabilities
In millions of CHF
Concession fee payables
Other service related vendors
Personnel payables
Sales and other tax liabilities
Put option Dufry Staer Holding Ltd
Financial derivative liabilities - current
Lease obligation due to tax refund
Payables for capital expenditure
Interest payables
Payables to local business partners
Other payables 1
Total
Thereof
Current liabilities
Non-current liabilities
Total
1
Thereof CHF 15.6 million related to Covid-19 related employee retention liability in the US.
31.12.2023
31.12.2022
181.4
289.6
362.7
99.6
26.8
80.2
20.9
77.1
22.6
3.8
108.8
1,273.5
1,193.1
80.4
1,273.5
181.5
255.9
158.9
62.4
7.7
99.8
18.6
19.9
25.4
1.9
38.4
870.4
841.1
29.3
870.4
(24.3)
(38.5)
99.9
(24.3)
(38.5)
(170.8)
–
–
–
–
–
–
–
–
–
(907.8)
(907.8)
63.0
127.6
244.2
(80.2)
(13.9)
98.8
1.1
–
–
–
–
–
–
–
–
–
–
–
–
–
–
ings
7.4
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(1.8)
(16.8)
(152.2)
–
–
–
–
–
–
–
–
–
–
10.2
17.7
(147.5)
48.4
(71.2)
3,575.0
(98.8)
(1.1)
(1.8)
(16.8)
(152.2)
(14.2)
(907.8)
(1,192.7)
63.0
127.6
244.2
(80.2)
(13.9)
14.6
10.2
17.7
(162.2)
69.0
290.0
5,813.3
Currency translation adjustments
(38.7)
(87.3)
2.2
36.1
24.1
38.7
(38.7)
854.7
20.6
274.0
3,002.6
26.3
9.4
74.8
99.8
Cash flows from operating,
financing and investing activities
Business combinations
Repayment of 3 rd party loans
payable
Transaction costs for financial
instruments
Repayment of borrowings
Payments of derivatives interests
Lease payments
Cash flow
Additions to lease obligations
Interest on lease obligations
Modification of lease obligations
Relief on lease obligations
Early termination of lease
obligations
Discounted interests of financial
derivatives
Discounted interests
Arrangement fees amortization
Unrealized exchange differences
on the translation of net debt in
foreign currencies
Other non-cash movements
Balance at December 31, 2022
.
In millions of CHF
Cash and cash
equivalents
Lease obligations
rowings
Borrowings
Net debt
Financial deriva-
tives asset-borrow-
Financial deriva-
tives liability-bor-
Balance at January 1, 2022
793.5
3,636.4
63.5
3,817.0
6,716.0
29.1 Offsetting financial assets and financial liabilities
Avolta’s notional cash pool is operated by a major finance institute. Based on enforce-
able master netting agreement, the respective balances at the end of the period have
been set-off as follows:
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In millions of CHF
31.12.2023
Cash and cash equivalents
Borrowings, current
31.12.2022
Cash and cash equivalents
Borrowings, current
Balance before
global pooling
Set-off
Net balance
2,153.8
2,258.6
1,727.9
995.9
(1,439.2)
(1,439.2)
(873.2)
(873.2)
714.6
819.4
854.7
122.7
1
Thereof CHF 74.9 million (2022: CHF 0.0 million) credit card receivables with a maturity of up to 4 working days
included in cash and cash equivalents.
29.2 Legal restrictions on money transfer
Cash and cash equivalents at the end of the reporting period include CHF 123.6
(2022: 110.1) million held by subsidiaries operating in countries with exchange controls
or other legal restrictions on money transfer. There are no material assets that have any
other restrictions to realize or settle liabilities of the Group.
30. Other liabilities
In millions of CHF
Concession fee payables
Other service related vendors
Personnel payables
Sales and other tax liabilities
Put option Dufry Staer Holding Ltd
Financial derivative liabilities - current
Lease obligation due to tax refund
Payables for capital expenditure
Interest payables
Payables to local business partners
Other payables 1
Total
Thereof
Current liabilities
Non-current liabilities
Total
1
Thereof CHF 15.6 million related to Covid-19 related employee retention liability in the US.
31.12.2023
31.12.2022
181.4
289.6
362.7
99.6
26.8
80.2
20.9
77.1
22.6
3.8
108.8
1,273.5
1,193.1
80.4
1,273.5
181.5
255.9
158.9
62.4
7.7
99.8
18.6
19.9
25.4
1.9
38.4
870.4
841.1
29.3
870.4
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31. Deferred tax assets and liabilities
Deferred tax assets and liabilities arise from the following positions:
In millions of CHF
Deferred tax assets
Inventories
Property, plant and equipment
Intangible assets
Lease obligations
Provisions and other payables
Tax loss carry-forward
Other
Total
Deferred tax liabilities
Property, plant and equipment
Right-of-use assets
Intangible assets
Provisions and other payables
Other
Total
Deferred tax liabilities net
Deferred tax balances are presented in the consolidated statement of financial position
as follows:
In millions of CHF
Deferred tax assets
Deferred tax liabilities
Balance at December 31
Reconciliation of movements to the deferred taxes:
In millions of CHF
Changes in deferred tax assets
Changes in deferred tax liabilities
Business combinations (note 6)
Currency translation adjustments
Deferred tax movements (expense) at December 31
Thereof
Recognized in the statement of profit or loss
Recognized in equity
Recognized in OCI
31.12.2023
31.12.2022
12.4
38.6
42.7
1,433.2
76.9
75.7
7.6
1,687.1
(24.8)
(1,403.1)
(445.2)
(51.4)
(8.3)
(1,932.8)
(245.7)
2023
164.7
(410.4)
(245.7)
2023
19.3
(189.0)
225.8
(16.4)
39.7
39.8
–
(0.1)
14.9
64.1
46.4
286.9
51.5
89.6
4.5
557.9
(34.7)
(295.6)
(282.9)
(13.2)
(7.5)
(633.9)
(76.0)
2022
145.4
(221.4)
(76.0)
2022
(34.5)
54.0
–
(18.5)
1.0
(3.1)
–
4.1
Tax loss carry forward
Certain subsidiaries incurred tax losses, which according to the local tax legislation
gives rise to a tax credit usable in future tax periods. However, the use of this tax benefit
may be limited by local law in time (expiration) or in quantity or limited by the ability of
the respective subsidiary to generate enough taxable profits in the future.
Deferred tax assets relating to unused tax losses carry forwards or temporary differ-
ences are recognized when it is probable that such tax credits can be utilized in future
periods by the respective entity in accordance with the approved budget 2024 and the
management projections thereafter.
The unrecognized tax losses carry forwards by expiry date are as follows:
In millions of CHF
Expiring within 1 to 3 years
Expiring within 4 to 7 years
Expiring after 7 years
With no expiration limit
Total
31.12.2023
31.12.2022
358.5
750.4
27.5
1,580.5
2,716.9
292.1
775.6
117.4
1,089.4
2,274.5
Unrecognized deferred tax assets
Avolta has unrecognized tax losses as shown in the table above which could lead to a
potential tax benefit amounting to CHF 607.4 (2022: CHF 502.2) million. The unrecog-
nized tax losses can be allocated to the following countries: Switzerland CHF 694.3 mil-
lion; Spain CHF 358.7 million; Italy CHF 349.1 million; Brazil CHF 210.3 million; Nether-
lands CHF 207.9 million; Australia CHF 148.0 million; US CHF 84.8 million; Mexico CHF
81.6 million; Russia CHF 52.7 million; Belgium CHF 51.7 million and other countries CHF
477.9 million.
In addition, Avolta has unrecognized temporary differences of CHF 170.5 (2022: CHF
163.1) million tax effected. These tax effected unrecognized temporary differences can
be allocated to the following countries: Spain CHF 59.4 million; Switzerland CHF 31.8
million; Brazil CHF 27.9 million; US CHF 16.2 million; Mexico CHF 11.4 million and other
countries CHF 23.8 million.
Unrecognized deferred tax liabilities
Avolta has not recognized deferred tax liabilities associated with investments in subsid-
iaries where Avolta can control the reversal of the timing differences and where it is not
probable that the temporary differences will reverse in the foreseeable future. Avolta
does not expect that these differences result in taxable amounts in determining taxable
profit (tax loss) of future periods when the carrying amount of the investment is recov-
ered.
31. Deferred tax assets and liabilities
Deferred tax assets and liabilities arise from the following positions:
31.12.2023
31.12.2022
In millions of CHF
Deferred tax assets
Inventories
Property, plant and equipment
Intangible assets
Lease obligations
Provisions and other payables
Tax loss carry-forward
Other
Total
Other
Total
Deferred tax liabilities
Property, plant and equipment
Right-of-use assets
Intangible assets
Provisions and other payables
Deferred tax liabilities net
as follows:
In millions of CHF
Deferred tax assets
Deferred tax liabilities
Balance at December 31
Reconciliation of movements to the deferred taxes:
In millions of CHF
Changes in deferred tax assets
Changes in deferred tax liabilities
Business combinations (note 6)
Currency translation adjustments
Deferred tax movements (expense) at December 31
Thereof
Recognized in the statement of profit or loss
Recognized in equity
Recognized in OCI
Deferred tax balances are presented in the consolidated statement of financial position
1,433.2
12.4
38.6
42.7
76.9
75.7
7.6
1,687.1
(24.8)
(1,403.1)
(445.2)
(51.4)
(8.3)
(1,932.8)
(245.7)
2023
164.7
(410.4)
(245.7)
2023
19.3
(189.0)
225.8
(16.4)
39.7
39.8
–
(0.1)
14.9
64.1
46.4
286.9
51.5
89.6
4.5
557.9
(34.7)
(295.6)
(282.9)
(13.2)
(7.5)
(633.9)
(76.0)
2022
145.4
(221.4)
(76.0)
2022
(34.5)
54.0
–
(18.5)
1.0
(3.1)
–
4.1
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Tax loss carry forward
Certain subsidiaries incurred tax losses, which according to the local tax legislation
gives rise to a tax credit usable in future tax periods. However, the use of this tax benefit
may be limited by local law in time (expiration) or in quantity or limited by the ability of
the respective subsidiary to generate enough taxable profits in the future.
Deferred tax assets relating to unused tax losses carry forwards or temporary differ-
ences are recognized when it is probable that such tax credits can be utilized in future
periods by the respective entity in accordance with the approved budget 2024 and the
management projections thereafter.
The unrecognized tax losses carry forwards by expiry date are as follows:
In millions of CHF
Expiring within 1 to 3 years
Expiring within 4 to 7 years
Expiring after 7 years
With no expiration limit
Total
31.12.2023
31.12.2022
358.5
750.4
27.5
1,580.5
2,716.9
292.1
775.6
117.4
1,089.4
2,274.5
Unrecognized deferred tax assets
Avolta has unrecognized tax losses as shown in the table above which could lead to a
potential tax benefit amounting to CHF 607.4 (2022: CHF 502.2) million. The unrecog-
nized tax losses can be allocated to the following countries: Switzerland CHF 694.3 mil-
lion; Spain CHF 358.7 million; Italy CHF 349.1 million; Brazil CHF 210.3 million; Nether-
lands CHF 207.9 million; Australia CHF 148.0 million; US CHF 84.8 million; Mexico CHF
81.6 million; Russia CHF 52.7 million; Belgium CHF 51.7 million and other countries CHF
477.9 million.
In addition, Avolta has unrecognized temporary differences of CHF 170.5 (2022: CHF
163.1) million tax effected. These tax effected unrecognized temporary differences can
be allocated to the following countries: Spain CHF 59.4 million; Switzerland CHF 31.8
million; Brazil CHF 27.9 million; US CHF 16.2 million; Mexico CHF 11.4 million and other
countries CHF 23.8 million.
Unrecognized deferred tax liabilities
Avolta has not recognized deferred tax liabilities associated with investments in subsid-
iaries where Avolta can control the reversal of the timing differences and where it is not
probable that the temporary differences will reverse in the foreseeable future. Avolta
does not expect that these differences result in taxable amounts in determining taxable
profit (tax loss) of future periods when the carrying amount of the investment is recov-
ered.
Other
Other provisions comprise mainly potential liabilities to cover the cost for restoration of
leased shops to their original condition at the end of the lease agreement and restruc-
turing costs. These provisions relate mainly to operation in EMEA and APAC.
Cash outflows of non-current provisions
The cash outflows of non-current provisions as of December 31, 2023 are expected to
occur in:
In millions of CHF
2025
2026
2027
2028
2029+
Total non-current
Expected
cash outflow
25.3
7.0
7.5
2.1
32.2
74.1
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32. Provisions
2023
In millions of CHF
Contingent
liabilities
Onerous
contract
Closedown
Lawsuits
and duties
Labor disputes
Other
Total
Balance at January 1, 2023
Business combinations (note 6)
Charge for the year
Utilized
Unused amounts reversed
Currency translation adjustments
Balance at December 31, 2023
Thereof
Current
Non-current
8.7
13.7
–
–
–
(1.8)
20.6
–
20.6
8.4
8.9
2.7
(8.3)
(0.9)
(1.1)
9.7
5.9
3.8
6.4
–
0.7
(2.8)
(0.2)
(0.5)
3.6
3.6
–
43.6
11.0
1.9
–
(3.7)
(1.5)
51.3
51.3
–
3.0
1.1
2.6
(1.2)
(1.9)
(0.3)
3.3
0.5
2.8
63.2
46.1
27.3
(3.0)
(37.4)
(4.9)
91.3
44.4
46.9
133.3
80.8
35.2
(15.3)
(44.1)
(10.1)
179.8
105.7
74.1
Management believes that its provisions are adequate based upon currently available
information. However, given the inherent difficulties in estimating liabilities in the areas
described below, future expenses may be different from the amounts provisioned.
Contingent liabilities
Contingent liabilities are recognized in connection with business combinations, usually
in relation with legal claims, from which the final outcome is difficult to assess.
Onerous contracts
Avolta enters in certain non-cancellable agreements. If the economic condition to
operate such business deteriorates materially, it can happen that the present value of
the unavoidable future cash flows is not enough to cover the carrying amount of the
tangible or intangible assets, or even become negative so that the company would need
to present a provision for onerous contracts. Estimating these future cash flows require
management to project future sales and operating profits. At balance sheet date, an
amount of CHF 9.7 (2022: 8.4) million has been provided mainly in relation to three oper-
ation in the region Europe, Middle East and Africa (EMEA) and one operation in Latin
America (LATAM).
Close down
The provision of CHF 3.6 (2022: 6.4) million relates mainly to four operations in Asia
Pacific (APAC) and three in EMEA.
Lawsuits and duties
The provision for lawsuits and duties of CHF 51.3 (2022: 43.6) million covers uncertain-
ties related to the outcome of law suits in relation to taxes-other than income, duties
and includes risk in relation to concession fees in connection with Avolta’s subsidiaries
in EMEA, North America and LATAM.
Labor disputes
The provision of CHF 3.3 (2022: 3.0) million relates mainly to claims presented by Avolta
employees mainly in EMEA and LATAM.
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Other
Other provisions comprise mainly potential liabilities to cover the cost for restoration of
leased shops to their original condition at the end of the lease agreement and restruc-
turing costs. These provisions relate mainly to operation in EMEA and APAC.
Cash outflows of non-current provisions
The cash outflows of non-current provisions as of December 31, 2023 are expected to
occur in:
In millions of CHF
2025
2026
2027
2028
2029+
Total non-current
Expected
cash outflow
25.3
7.0
7.5
2.1
32.2
74.1
32. Provisions
Balance at January 1, 2023
Business combinations (note 6)
Charge for the year
Utilized
Unused amounts reversed
Currency translation adjustments
Balance at December 31, 2023
Thereof
Current
Non-current
2023
In millions of CHF
Contingent
liabilities
Onerous
contract
Lawsuits
Closedown
and duties
Labor disputes
Other
Total
8.7
13.7
–
–
–
(1.8)
20.6
–
20.6
8.4
8.9
2.7
(8.3)
(0.9)
(1.1)
9.7
5.9
3.8
6.4
–
0.7
(2.8)
(0.2)
(0.5)
3.6
3.6
–
43.6
11.0
1.9
–
(3.7)
(1.5)
51.3
51.3
–
3.0
1.1
2.6
(1.2)
(1.9)
(0.3)
3.3
0.5
2.8
63.2
46.1
27.3
(3.0)
(37.4)
(4.9)
91.3
44.4
46.9
133.3
80.8
35.2
(15.3)
(44.1)
(10.1)
179.8
105.7
74.1
Management believes that its provisions are adequate based upon currently available
information. However, given the inherent difficulties in estimating liabilities in the areas
described below, future expenses may be different from the amounts provisioned.
Contingent liabilities
Contingent liabilities are recognized in connection with business combinations, usually
in relation with legal claims, from which the final outcome is difficult to assess.
Onerous contracts
Avolta enters in certain non-cancellable agreements. If the economic condition to
operate such business deteriorates materially, it can happen that the present value of
the unavoidable future cash flows is not enough to cover the carrying amount of the
tangible or intangible assets, or even become negative so that the company would need
to present a provision for onerous contracts. Estimating these future cash flows require
management to project future sales and operating profits. At balance sheet date, an
amount of CHF 9.7 (2022: 8.4) million has been provided mainly in relation to three oper-
ation in the region Europe, Middle East and Africa (EMEA) and one operation in Latin
The provision of CHF 3.6 (2022: 6.4) million relates mainly to four operations in Asia
America (LATAM).
Close down
Pacific (APAC) and three in EMEA.
Lawsuits and duties
The provision for lawsuits and duties of CHF 51.3 (2022: 43.6) million covers uncertain-
ties related to the outcome of law suits in relation to taxes-other than income, duties
and includes risk in relation to concession fees in connection with Avolta’s subsidiaries
in EMEA, North America and LATAM.
Labor disputes
The provision of CHF 3.3 (2022: 3.0) million relates mainly to claims presented by Avolta
employees mainly in EMEA and LATAM.
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33. Post-employment benefit obligation
Avolta provides retirement benefits through a variety of arrangements comprised prin-
cipally of stand-alone defined benefit or defined contribution plans, or state adminis-
tered plans that cover a substantial portion of employees in accordance with local reg-
ulations and practices. The most significant plans in terms of the benefits accrued to
date by participants are cash balance and final salary plans. Around 93.8 % (2022: 93.0
%) of the total defined benefit obligation and 96.7 % (2022: 96.6 %) of the plan assets
correspond to pension funds in Switzerland, the United Kingdom (UK) and Italy.
In millions of CHF
Funded
Unfunded
Switzerland
Fair value of plan assets
Present value of defined benefit
obligation
Financial (liability) asset
UK
Fair value of plan assets
Present value of defined benefit
obligation
Financial (liability) asset
Italy
Fair value of plan assets
Present value of defined benefit
obligation
Financial (liability) asset
Other plans
Fair value of plan assets
Present value of defined benefit
obligation
Financial (liability) asset
Carrying amount
Net defined benefit assets
Net defined benefit obligation
33.1 Switzerland
263.7
(244.5)
19.2
129.0
(114.9)
14.1
–
–
–
9.4
(18.7)
(9.3)
36.0
(11.9)
–
–
–
–
–
–
–
(28.5)
(28.5)
3.9
(7.0)
(3.1)
–
(31.6)
2023
Total
263.7
(244.5)
19.2
129.0
(114.9)
14.1
–
(28.5)
(28.5)
13.3
(25.7)
(12.4)
36.0
(43.5)
Funded
Unfunded
151.3
(151.3)
–
132.1
(115.1)
17.0
–
–
–
10.0
(11.4)
(1.4)
17.0
(1.4)
–
–
–
–
–
–
–
(2.1)
(2.1)
–
(8.8)
(8.8)
–
(10.9)
2022
Total
151.3
(151.3)
–
132.1
(115.1)
17.0
–
(2.1)
(2.1)
10.0
(20.2)
(10.2)
17.0
(12.3)
In Switzerland two pension plans are in place, one already existing before the acquisi-
tion (CHF 170.7 million of liabilities and CHF 192.5 million of assets at December 31,
2023), whereas the second plan is related to the acquired entities in Switzerland (refer-
ring to note 6) with CHF 73.8 million of liabilities and CHF 71.2 million of assets at
December 31, 2023. Both pension plans are cash balance plans where contributions are
made by employees and employer based on a percentage of the insured salary. The
pension plans guarantee the amount accrued on the members saving account, as well
as interest on those savings amounts. At retirement date, the savings account are con-
verted into pensions, or optionally part of the savings can be paid out as a lump sum.
Legal framework
Pension plans in Switzerland are governed by the Federal Law on Occupational Retire-
ment, Survivors’ and Disability Pension Plans (BVG), which stipulates that pension plans
are to be managed as independent, legally autonomous units, a pension fund. Pension
plans are overseen by a regulator as well as by a state supervisory body. A pension
plan’s most senior governing body (Board of Trustees) must be composed of equal
numbers of employee and employer representatives.
Main risks
The main risks to which the pension fund is exposed are: a) mortality risk, when the
effective average life results to be longer than the assumptions used based on the offi-
cial demographic statistics, then pension payments would need to be done for longer
periods, b) Market and liquidity risk as if the future rate of return on plan assets is lower
to the actual discount rate used to calculate the conversion factor, then additional funds
will be needed and c) Death and disability risk as if the amounts or number of effective
cases are higher than the indications provided by the demographic statistics, this can
result in a mismatch of asset-liabilities relation of the pension fund. These risks are reg-
ularly monitored by an actuary and the Board of Trustees.
Asset-liability management
Both Swiss pension funds currently invest in a diverse portfolio of asset classes
including equities, bonds, property and alternative investments but do not currently use
any more explicit asset-liability matching strategy instruments such as annuity purchase
products or longevity swaps. With the investment strategy, the board of trustees defines
the allocation of asset classes, currencies and other risks, which takes into account
requirements from BVG, and the objective of achieving an investment return which
together with the contributions paid, is sufficient to maintain reasonable control over
the various funding risks of the plan.
33.2 United Kingdom (UK)
Avolta participates in another defined benefit pension plan in the UK under specific reg-
ulatory frameworks. The Plan has been closed to new members for many years and as
well as to existing members. Under the Plan, members are entitled to annual pensions
on retirement at age 65 of one sixtieth of revalued pensionable salary for each year of
service. Pensionable salary is defined as basic salary less the statutory Lower Earnings
limit. The Plan is administered by a separate board of trustees which is legally separate
from the Company. The Trustees are comprised of representatives of employer,
employees and independent trustees. The trustees are required by law to act in the
interest of all relevant beneficiaries and are responsible for the investment policy with
regards to assets plus the day to day administration of the scheme. The pension pay-
ments are made from the trustee-administered funds; however, where plans are under-
funded, the company meets the benefit payment obligation as it falls due.
33.3 Italy
The Group recognizes defined benefit plans in Italy related to the legal obligations for
Italian post-employment benefits (“trattamento di fine rapporto” or “T.F.R.”). This relates
to T.F.R. accrued at December 31, 2006 by employees of the Group’s italian companies.
The calculation of the legal obligation due by the employer is foreseen by the art. 2120
of the Civil Code and it differs from the one calculated on actuarial basis (respectively
CHF 29.5 million and CHF 28.5 million).
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33. Post-employment benefit obligation
Avolta provides retirement benefits through a variety of arrangements comprised prin-
cipally of stand-alone defined benefit or defined contribution plans, or state adminis-
tered plans that cover a substantial portion of employees in accordance with local reg-
ulations and practices. The most significant plans in terms of the benefits accrued to
date by participants are cash balance and final salary plans. Around 93.8 % (2022: 93.0
%) of the total defined benefit obligation and 96.7 % (2022: 96.6 %) of the plan assets
correspond to pension funds in Switzerland, the United Kingdom (UK) and Italy.
In millions of CHF
Funded
Unfunded
Funded
Unfunded
2023
Total
263.7
(244.5)
19.2
129.0
(114.9)
14.1
–
(28.5)
(28.5)
13.3
(25.7)
(12.4)
36.0
(43.5)
263.7
(244.5)
19.2
129.0
(114.9)
14.1
–
–
–
9.4
(18.7)
(9.3)
36.0
(11.9)
–
–
–
–
–
–
–
(28.5)
(28.5)
3.9
(7.0)
(3.1)
–
(31.6)
2022
Total
151.3
(151.3)
–
132.1
(115.1)
17.0
–
(2.1)
(2.1)
10.0
(20.2)
(10.2)
17.0
(12.3)
151.3
(151.3)
–
132.1
(115.1)
17.0
–
–
–
10.0
(11.4)
(1.4)
17.0
(1.4)
–
–
–
–
–
–
–
–
(2.1)
(2.1)
(8.8)
(8.8)
–
(10.9)
Switzerland
Fair value of plan assets
Present value of defined benefit
obligation
Financial (liability) asset
Fair value of plan assets
Present value of defined benefit
obligation
Financial (liability) asset
UK
Italy
Fair value of plan assets
Present value of defined benefit
obligation
Financial (liability) asset
Other plans
Fair value of plan assets
Present value of defined benefit
obligation
Financial (liability) asset
Carrying amount
Net defined benefit assets
Net defined benefit obligation
33.1 Switzerland
In Switzerland two pension plans are in place, one already existing before the acquisi-
tion (CHF 170.7 million of liabilities and CHF 192.5 million of assets at December 31,
2023), whereas the second plan is related to the acquired entities in Switzerland (refer-
ring to note 6) with CHF 73.8 million of liabilities and CHF 71.2 million of assets at
December 31, 2023. Both pension plans are cash balance plans where contributions are
made by employees and employer based on a percentage of the insured salary. The
pension plans guarantee the amount accrued on the members saving account, as well
as interest on those savings amounts. At retirement date, the savings account are con-
verted into pensions, or optionally part of the savings can be paid out as a lump sum.
Legal framework
Pension plans in Switzerland are governed by the Federal Law on Occupational Retire-
ment, Survivors’ and Disability Pension Plans (BVG), which stipulates that pension plans
are to be managed as independent, legally autonomous units, a pension fund. Pension
plans are overseen by a regulator as well as by a state supervisory body. A pension
plan’s most senior governing body (Board of Trustees) must be composed of equal
numbers of employee and employer representatives.
Main risks
The main risks to which the pension fund is exposed are: a) mortality risk, when the
effective average life results to be longer than the assumptions used based on the offi-
cial demographic statistics, then pension payments would need to be done for longer
periods, b) Market and liquidity risk as if the future rate of return on plan assets is lower
to the actual discount rate used to calculate the conversion factor, then additional funds
will be needed and c) Death and disability risk as if the amounts or number of effective
cases are higher than the indications provided by the demographic statistics, this can
result in a mismatch of asset-liabilities relation of the pension fund. These risks are reg-
ularly monitored by an actuary and the Board of Trustees.
Asset-liability management
Both Swiss pension funds currently invest in a diverse portfolio of asset classes
including equities, bonds, property and alternative investments but do not currently use
any more explicit asset-liability matching strategy instruments such as annuity purchase
products or longevity swaps. With the investment strategy, the board of trustees defines
the allocation of asset classes, currencies and other risks, which takes into account
requirements from BVG, and the objective of achieving an investment return which
together with the contributions paid, is sufficient to maintain reasonable control over
the various funding risks of the plan.
33.2 United Kingdom (UK)
Avolta participates in another defined benefit pension plan in the UK under specific reg-
ulatory frameworks. The Plan has been closed to new members for many years and as
well as to existing members. Under the Plan, members are entitled to annual pensions
on retirement at age 65 of one sixtieth of revalued pensionable salary for each year of
service. Pensionable salary is defined as basic salary less the statutory Lower Earnings
limit. The Plan is administered by a separate board of trustees which is legally separate
from the Company. The Trustees are comprised of representatives of employer,
employees and independent trustees. The trustees are required by law to act in the
interest of all relevant beneficiaries and are responsible for the investment policy with
regards to assets plus the day to day administration of the scheme. The pension pay-
ments are made from the trustee-administered funds; however, where plans are under-
funded, the company meets the benefit payment obligation as it falls due.
33.3 Italy
The Group recognizes defined benefit plans in Italy related to the legal obligations for
Italian post-employment benefits (“trattamento di fine rapporto” or “T.F.R.”). This relates
to T.F.R. accrued at December 31, 2006 by employees of the Group’s italian companies.
The calculation of the legal obligation due by the employer is foreseen by the art. 2120
of the Civil Code and it differs from the one calculated on actuarial basis (respectively
CHF 29.5 million and CHF 28.5 million).
The following tables summarize the components of the funded status and amounts rec-
ognized in the statement of financial position for the plan:
Change in the fair value of plan assets
In millions of CHF
Switzerland
Italy
Switzerland
Balance at January 1
Business combination
Interest income 1
Return on plan assets, above
interest income
Contributions paid by employer
Contributions paid by employees
Benefits paid
Administration costs
Asset ceiling 2
Currency translation
Balance at December 31
151.3
69.6
6.2
(5.6)
7.2
14.9
(23.9)
44.0
–
–
263.7
UK
132.1
–
6.0
2.2
(5.7)
–
–
–
–
(5.6)
129.0
2023
–
–
–
–
–
–
–
–
–
–
–
226.9
–
0.9
(19.7)
5.1
7.3
(15.6)
(0.2)
(53.3)
(0.1)
151.3
UK
227.5
–
4.0
(72.8)
–
–
–
(5.0)
(0.2)
(21.4)
132.1
2022
Italy
–
–
–
–
–
–
–
–
–
–
–
1
Expected interest income on plan assets based on discount rate. See actuarial assumptions.
2 The plan assets are larger than the DBO. However, as no economic benefit is expected, the net defined benefit asset
must be ceiled. There is no economic benefit as the employer service cost is smaller than the employer’s expected
contributions and no employer’s contribution reserve is available.
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With the introduction of Legislative Decree no. 124/93, the possibility of allocating
post-employment benefit portions to finance supplementary pension provision was
envisaged (the “Social Security Reform”). This reform provides, inter alia, that starting
from January 1, 2007 the annual provision of participants who have decided not to allo-
cate this provision to a pension fund is transferred, for companies with on average at
least 50 employees during 2006, to a special Treasury Fund set up at INPS (the Italian
social institution).
Due to the above mentioned in the system of post-employment benefits brought about
by Law 296 of December 27, 2006 and by the decrees and regulations issued in early
2007:
– TFR accrued at December 31, 2006 by employees of the Group’s Italian companies
is treated as a defined benefit plan in accordance with IAS 19.
– TFR accrued from January 1, 2007 is treated as a defined contribution plan, so con-
tributions accrued during the exercise are fully recognized as costs.
Cost of defined benefit plans
In millions of CHF
Switzerland
UK
Italy
Switzerland
UK
2023
Service costs
Current service costs
Past service costs
Net interest
Fund Administration
Total pension expenses
recognized in the statement of
profit or loss
(4.6)
(0.4)
0.1
(0.2)
(5.1)
–
–
0.8
–
0.8
–
–
(0.9)
–
(6.3)
3.9
0.2
–
(0.9)
(2.2)
–
–
0.5
–
0.5
The current and past service costs are included in personnel expenses, whereas fund
administration expenses are included in the other expenses. The past service costs are
a consequence of Avolta’s modified pension fund plan rules as of 1st of January 2023
(lower conversion rate and increase in the maximum insured salary).
Remeasurements employee benefits
2023
In millions of CHF
Switzerland
UK
Italy
Switzerland
UK
Actuarial gains (losses) -
experience
Actuarial gains (losses) -
demographic assumptions
Actuarial gains (losses) - financial
assumptions
Return on plan assets exceeding
expected interest
Effect of asset ceiling
Total remeasurements recorded
in other comprehensive income
6.9
(1.0)
(30.5)
(5.6)
45.3
15.1
(3.0)
1.2
(3.3)
2.2
–
(2.9)
0.2
–
(0.7)
–
–
(0.5)
(7.9)
–
50.2
(19.7)
(53.3)
(30.7)
(9.1)
1.1
73.2
(72.8)
–
(7.6)
2022
Italy
–
–
–
–
–
2022
Italy
(0.1)
–
0.4
–
–
0.3
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The following tables summarize the components of the funded status and amounts rec-
ognized in the statement of financial position for the plan:
Change in the fair value of plan assets
In millions of CHF
Switzerland
Balance at January 1
Business combination
Interest income 1
Return on plan assets, above
interest income
Contributions paid by employer
Contributions paid by employees
Benefits paid
Administration costs
Asset ceiling 2
Currency translation
Balance at December 31
151.3
69.6
6.2
(5.6)
7.2
14.9
(23.9)
–
44.0
–
263.7
UK
132.1
–
6.0
2.2
–
–
(5.7)
–
–
(5.6)
129.0
2023
Italy
Switzerland
–
–
–
–
–
–
–
–
–
–
–
226.9
–
0.9
(19.7)
5.1
7.3
(15.6)
(0.2)
(53.3)
(0.1)
151.3
UK
227.5
–
4.0
(72.8)
–
–
(5.0)
(0.2)
–
(21.4)
132.1
2022
Italy
–
–
–
–
–
–
–
–
–
–
–
1
Expected interest income on plan assets based on discount rate. See actuarial assumptions.
2 The plan assets are larger than the DBO. However, as no economic benefit is expected, the net defined benefit asset
must be ceiled. There is no economic benefit as the employer service cost is smaller than the employer’s expected
contributions and no employer’s contribution reserve is available.
With the introduction of Legislative Decree no. 124/93, the possibility of allocating
post-employment benefit portions to finance supplementary pension provision was
envisaged (the “Social Security Reform”). This reform provides, inter alia, that starting
from January 1, 2007 the annual provision of participants who have decided not to allo-
cate this provision to a pension fund is transferred, for companies with on average at
least 50 employees during 2006, to a special Treasury Fund set up at INPS (the Italian
social institution).
2007:
Due to the above mentioned in the system of post-employment benefits brought about
by Law 296 of December 27, 2006 and by the decrees and regulations issued in early
– TFR accrued at December 31, 2006 by employees of the Group’s Italian companies
is treated as a defined benefit plan in accordance with IAS 19.
– TFR accrued from January 1, 2007 is treated as a defined contribution plan, so con-
tributions accrued during the exercise are fully recognized as costs.
Cost of defined benefit plans
In millions of CHF
Switzerland
UK
Italy
Switzerland
UK
(0.9)
(2.2)
The current and past service costs are included in personnel expenses, whereas fund
administration expenses are included in the other expenses. The past service costs are
a consequence of Avolta’s modified pension fund plan rules as of 1st of January 2023
(lower conversion rate and increase in the maximum insured salary).
Remeasurements employee benefits
Service costs
Current service costs
Past service costs
Net interest
Fund Administration
Total pension expenses
recognized in the statement of
profit or loss
Actuarial gains (losses) -
experience
Actuarial gains (losses) -
demographic assumptions
Actuarial gains (losses) - financial
assumptions
Return on plan assets exceeding
expected interest
Effect of asset ceiling
Total remeasurements recorded
in other comprehensive income
(4.6)
(0.4)
0.1
(0.2)
(5.1)
6.9
(1.0)
(30.5)
(5.6)
45.3
15.1
–
–
–
0.8
0.8
(3.0)
1.2
(3.3)
2.2
–
(2.9)
(6.3)
3.9
0.2
–
(7.9)
–
50.2
(19.7)
(53.3)
(30.7)
–
–
–
0.5
0.5
(9.1)
1.1
73.2
(72.8)
–
(7.6)
In millions of CHF
Switzerland
UK
Italy
Switzerland
UK
2023
–
–
–
(0.9)
2023
0.2
(0.7)
–
–
–
(0.5)
2022
Italy
–
–
–
–
–
2022
Italy
(0.1)
0.4
–
–
–
0.3
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Change in present value of defined benefit obligation
Plan asset structure
The structure of categories of plan assets is as follows:
In millions of CHF
Switzerland
Balance at January 1
Business combination
Current service costs
Interest costs
Contributions paid by employees
Actuarial losses / (gains) -
experience
Actuarial losses / (gains) -
demographic assumptions
Actuarial losses / (gains) - financial
assumptions
Benefits paid
Past service cost - plan
amendments
Other
Currency translation
Balance at December 31
Net defined benefit
(obligation) / asset at December
31
151.3
67.5
4.6
4.9
14.9
(6.9)
1.0
30.5
(23.9)
0.4
0.2
–
244.5
UK
115.1
–
–
5.1
–
3.1
(1.2)
3.3
(5.7)
–
–
(4.8)
114.9
2023
Italy
2.1
29.8
–
1.0
–
(0.2)
–
0.7
(2.7)
–
–
(2.2)
28.5
Switzerland
UK
198.8
200.6
6.3
0.8
7.3
7.9
–
(50.2)
(15.6)
(3.9)
–
(0.1)
151.3
–
–
3.5
–
9.1
(1.1)
(73.2)
(5.0)
–
–
(18.8)
115.1
2022
Italy
3.1
–
–
–
–
0.1
–
(0.4)
(0.2)
–
–
(0.5)
2.1
19.2
14.1
(28.5)
–
17.0
(2.1)
Based on pension legislation of certain countries the employer and / or the employees
have the obligation to remedy any default situation of the pension foundation, which
usually would result in higher periodic contributions. At the statement of financial posi-
tion date, there was no such default situation. The actuarial calculations based on IAS
19 resulted in a defined benefit obligation / asset.
Actuarial assumptions
The present value of the defined benefit obligation is determined annually by indepen-
dent actuaries using the projected unit credit method. The main actuarial assumptions
used are:
In percentage (%)
Discount rates
Future salary increases
Future pension increases
Mortality table (generational
tables)
Switzerland
1.50
1.80
–
UK
4.50
–
1.80
2020
2022
2023
Italy
Switzerland
2.99
2.00
3.00
2022
2.30
1.50
–
UK
4.75
–
1.85
2,020
2,021
2022
Italy
3.6
n/a
3.2
n/a
The mortality table takes into account changes in the life expectancy.
In percentage (%)
Switzerland
Italy
Switzerland
31.0
21.8
32.2
15.0
100.0
UK
99.7
–
–
0.3
100.0
27.2
13.9
45.7
13.2
100.0
UK
99.6
–
–
0.4
100.0
Real estate
Shares
Bonds
Other 1
Total
1
Includes Cash and cash equivalents (CHF 3.2 million in 2023) and alternative investments.
All assets held by the Pension fund in Switzerland and UK are fair-value-level 1 (quoted
prices in active markets), except certain real estate and alternative investments in
Switzerland which are fair-value-level 3 (significant unobservable inputs) representing
36.5 % (2022: 45.7 %) of the total assets.
The net outflow of funds due to pension payments can be planned reliably. Contribu-
tions are paid regularly to the funded pension plans in Switzerland and UK. Furthermore,
the respective investment strategies take account of the need to guarantee the liquidity
of the plan at all times. Avolta does not make use of any assets held by these pension
plans.
Plan participants
In millions of CHF
Switzerland
Italy
Switzerland
Expected cash flow for
Contribution Employer
Contribution Employees
Weighted average duration of
defined benefit
5.2
7.4
17.2
UK
–
–
17.1
UK
–
–
16.0
4.9
3.0
15.7
2023
n / a
n / a
n / a
n / a
n/a
2023
n / a
n / a
7.6
2022
Italy
n / a
n / a
n / a
n / a
n/a
2022
Italy
n/a
n/a
8.0
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Change in present value of defined benefit obligation
Plan asset structure
The structure of categories of plan assets is as follows:
In millions of CHF
Switzerland
Switzerland
UK
198.8
200.6
In percentage (%)
Switzerland
Shares
Bonds
Real estate
Other 1
Total
31.0
21.8
32.2
15.0
100.0
UK
99.7
–
–
0.3
100.0
2023
Italy
Switzerland
n / a
n / a
n / a
n / a
n/a
27.2
13.9
45.7
13.2
100.0
UK
99.6
–
–
0.4
100.0
1
Includes Cash and cash equivalents (CHF 3.2 million in 2023) and alternative investments.
All assets held by the Pension fund in Switzerland and UK are fair-value-level 1 (quoted
prices in active markets), except certain real estate and alternative investments in
Switzerland which are fair-value-level 3 (significant unobservable inputs) representing
36.5 % (2022: 45.7 %) of the total assets.
The net outflow of funds due to pension payments can be planned reliably. Contribu-
tions are paid regularly to the funded pension plans in Switzerland and UK. Furthermore,
the respective investment strategies take account of the need to guarantee the liquidity
of the plan at all times. Avolta does not make use of any assets held by these pension
plans.
Plan participants
In millions of CHF
Switzerland
Expected cash flow for
Contribution Employer
Contribution Employees
Weighted average duration of
defined benefit
5.2
7.4
17.2
UK
–
–
17.1
2023
Italy
Switzerland
n / a
n / a
7.6
4.9
3.0
15.7
UK
–
–
16.0
151.3
67.5
4.6
4.9
14.9
(6.9)
1.0
30.5
(23.9)
0.4
0.2
–
244.5
UK
115.1
–
–
–
5.1
3.1
(1.2)
3.3
(5.7)
–
–
(4.8)
114.9
6.3
0.8
7.3
7.9
–
(50.2)
(15.6)
(3.9)
–
(0.1)
151.3
–
–
–
3.5
9.1
(1.1)
(73.2)
(5.0)
–
–
(18.8)
115.1
19.2
14.1
(28.5)
–
17.0
(2.1)
Balance at January 1
Business combination
Current service costs
Interest costs
Contributions paid by employees
Actuarial losses / (gains) -
experience
Actuarial losses / (gains) -
demographic assumptions
Actuarial losses / (gains) - financial
assumptions
Benefits paid
Past service cost - plan
amendments
Other
Currency translation
Balance at December 31
Net defined benefit
(obligation) / asset at December
31
Actuarial assumptions
used are:
In percentage (%)
Discount rates
Future salary increases
Future pension increases
Mortality table (generational
tables)
Based on pension legislation of certain countries the employer and / or the employees
have the obligation to remedy any default situation of the pension foundation, which
usually would result in higher periodic contributions. At the statement of financial posi-
tion date, there was no such default situation. The actuarial calculations based on IAS
19 resulted in a defined benefit obligation / asset.
The present value of the defined benefit obligation is determined annually by indepen-
dent actuaries using the projected unit credit method. The main actuarial assumptions
Switzerland
Italy
Switzerland
1.50
1.80
–
UK
4.50
–
1.80
2.30
1.50
–
UK
4.75
–
1.85
2020
2022
2,020
2,021
The mortality table takes into account changes in the life expectancy.
2023
Italy
2.1
29.8
1.0
–
–
(0.2)
0.7
(2.7)
–
–
–
(2.2)
28.5
2023
2.99
2.00
3.00
2022
2022
Italy
3.1
–
–
–
–
–
–
–
0.1
(0.4)
(0.2)
(0.5)
2.1
2022
Italy
3.6
n/a
3.2
n/a
2022
Italy
n / a
n / a
n / a
n / a
n/a
2022
Italy
n/a
n/a
8.0
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Sensitivities of significant actuarial assumptions
The discount rate and the future salary increase were identified as significant actuarial
assumptions.
A change of 0.5 % in the below assumptions would imply the following impacts on the
defined benefit obligation:
2023
In millions of CHF
Discount rate
Salary rate
Switzerland
UK
Italy
Increase
Decrease
Increase
Decrease
Increase
Decrease
(18.7)
2.7
20.5
(3.5)
(4.8)
–
4.8
–
(1.8)
1.9
1.9
(1.8)
The sensitivity analysis is based on realistically possible changes as of the end of the
reporting year. Each change in a significant actuarial assumption was analyzed sepa-
rately as part of the test. Interdependencies were not taken into account.
34. Fair value measurement
Fair value of financial instruments carried at amortized cost
Except as detailed in the table Quantitative disclosures fair value measurement hier-
archy for assets below, Avolta considers that the carrying amounts of financial assets
and financial liabilities recognized in the financial statements approximate their fair
values.
The following tables provide the fair value measurement hierarchy of Avolta’s assets and
liabilities, that are measured subsequent to initial recognition at fair value, grouped into
Levels 1 to 3 based on the degree to which the fair value is observable:
– Level 1 fair value measurements are those derived from quoted prices (unadjusted)
in active markets for identical assets or liabilities.
– Level 2 fair value measurements are those derived from inputs other than quoted
prices included within Level 1 that are observable for the asset or liability, either
directly (i. e. as prices) or indirectly (i. e. derived from prices).
– Level 3 fair value measurements are those derived from valuation techniques that
include inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The valuation of the put option related to unlisted shares is derived from the propor-
tional share of the net assets. The movement of the put option is recorded through
equity instead of through profit or loss.
Sensitivities of significant actuarial assumptions
The discount rate and the future salary increase were identified as significant actuarial
assumptions.
A change of 0.5 % in the below assumptions would imply the following impacts on the
defined benefit obligation:
2023
In millions of CHF
Discount rate
Salary rate
Switzerland
Increase
Decrease
Increase
Decrease
Increase
Decrease
(18.7)
2.7
20.5
(3.5)
(4.8)
–
(1.8)
1.9
Italy
1.9
(1.8)
UK
4.8
–
The sensitivity analysis is based on realistically possible changes as of the end of the
reporting year. Each change in a significant actuarial assumption was analyzed sepa-
rately as part of the test. Interdependencies were not taken into account.
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34. Fair value measurement
Fair value of financial instruments carried at amortized cost
Except as detailed in the table Quantitative disclosures fair value measurement hier-
archy for assets below, Avolta considers that the carrying amounts of financial assets
and financial liabilities recognized in the financial statements approximate their fair
values.
The following tables provide the fair value measurement hierarchy of Avolta’s assets and
liabilities, that are measured subsequent to initial recognition at fair value, grouped into
Levels 1 to 3 based on the degree to which the fair value is observable:
– Level 1 fair value measurements are those derived from quoted prices (unadjusted)
in active markets for identical assets or liabilities.
– Level 2 fair value measurements are those derived from inputs other than quoted
prices included within Level 1 that are observable for the asset or liability, either
directly (i. e. as prices) or indirectly (i. e. derived from prices).
– Level 3 fair value measurements are those derived from valuation techniques that
include inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The valuation of the put option related to unlisted shares is derived from the propor-
tional share of the net assets. The movement of the put option is recorded through
equity instead of through profit or loss.
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Quantitative disclosures fair value measurement hierarchy for assets
Quantitative disclosures fair value measurement hierarchy for liabilities
December 31, 2023
In millions of CHF
Assets measured at fair value
Derivative financial assets
Foreign exchange forward contracts - USD
Foreign exchange swaps contracts - EUR
Foreign exchange swaps contracts - OTHER
Cross currency swaps contracts - EUR
Subtotal (note 37.3)
Short-term investments - USD
Money market deposits - USD
Total
Assets for which fair values are disclosed
Loans and receivables
Trade and credit card receivables
December 31, 2022
In millions of CHF
Assets measured at fair value
Derivative financial assets
Foreign exchange forward contracts - USD
Foreign exchange swaps contracts - EUR
Foreign exchange swaps contracts - OTHER
Cross currency swaps contracts - EUR
Options - USD
Total (note 37.3)
Assets for which fair values are disclosed
Loans and receivables
Trade and credit card receivables
Quoted prices in
active markets
(Level 1)
Significant observ-
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Total
Carrying amounts
Fair value measurement using
Quoted prices in
Significant observ-
Total
active markets
(Level 1)
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Carrying amounts
Fair value measurement using
–
–
4.4
4.9
9.3
54.9
16.8
81.0
–
–
–
–
–
54.9
–
54.9
–
–
4.4
4.9
9.3
–
16.8
26.1
4.7
–
4.7
–
–
–
–
–
–
–
–
–
–
–
4.4
4.9
9.3
54.9
16.8
81.0
4.7
Quoted prices in
active markets
(Level 1)
Significant observ-
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Total
Carrying amounts
Fair value measurement using
0.1
3.7
0.5
5.1
0.7
10.1
62.0
–
–
–
–
–
–
–
0.1
3.7
0.5
5.1
0.7
10.1
62.0
–
–
–
–
–
–
–
0.1
3.7
0.5
5.1
0.7
10.1
62.3
December 31, 2023
In millions of CHF
Liabilities measured at fair value
Derivative financial liabilities
Foreign exchange forward contracts - USD
Foreign exchange swaps contracts - EUR
Foreign exchange swaps contracts - OTHER
Cross currency swaps contracts - EUR
Put option Dufry Staer Holding Ltd
Total (Note 37.3)
Liabilities for which fair values are
disclosed
At amortized cost
Senior notes CHF 300
Senior notes EUR 800
Senior notes EUR 750
Senior notes EUR 725
Convertible notes CHF 500
Total
RCF - multicurrency - USD
RCF - multicurrency - EUR
Related deferred arrangement fees
Short-term financing
Total
0.1
4.8
–
75.3
26.8
107.0
297.3
730.6
650.7
643.6
470.4
311.8
46.5
–
–
358.3
–
–
–
–
–
–
–
–
–
–
–
297.3
730.6
650.7
643.6
470.4
0.1
4.8
75.3
80.2
–
–
–
–
–
–
–
–
–
–
311.8
46.5
358.3
2,792.6
2,792.6
26.8
26.8
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
0.1
4.8
–
75.3
26.8
107.0
299.4
745.9
692.0
672.1
471.6
2,881.0
311.4
46.4
(18.1)
–
339.7
There were no transfers between Level 1 and 2 during the period.
There were no transfers between Level 1 and 2 during the period.
Quantitative disclosures fair value measurement hierarchy for assets
Quantitative disclosures fair value measurement hierarchy for liabilities
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December 31, 2023
In millions of CHF
Assets measured at fair value
Derivative financial assets
Foreign exchange forward contracts - USD
Foreign exchange swaps contracts - EUR
Foreign exchange swaps contracts - OTHER
Cross currency swaps contracts - EUR
Subtotal (note 37.3)
Short-term investments - USD
Money market deposits - USD
Total
Assets for which fair values are disclosed
Loans and receivables
Trade and credit card receivables
December 31, 2022
In millions of CHF
Assets measured at fair value
Derivative financial assets
Foreign exchange forward contracts - USD
Foreign exchange swaps contracts - EUR
Foreign exchange swaps contracts - OTHER
Cross currency swaps contracts - EUR
Options - USD
Total (note 37.3)
Assets for which fair values are disclosed
Loans and receivables
Trade and credit card receivables
Quoted prices in
Significant observ-
Total
active markets
(Level 1)
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Carrying amounts
Fair value measurement using
–
–
4.4
4.9
9.3
–
16.8
26.1
4.7
0.1
3.7
0.5
5.1
0.7
10.1
–
–
4.4
4.9
9.3
54.9
16.8
81.0
4.7
0.1
3.7
0.5
5.1
0.7
10.1
54.9
54.9
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
4.4
4.9
9.3
54.9
16.8
81.0
4.7
0.1
3.7
0.5
5.1
0.7
10.1
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Quoted prices in
Significant observ-
Total
active markets
(Level 1)
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Carrying amounts
Fair value measurement using
There were no transfers between Level 1 and 2 during the period.
62.0
62.0
62.3
December 31, 2023
In millions of CHF
Liabilities measured at fair value
Derivative financial liabilities
Foreign exchange forward contracts - USD
Foreign exchange swaps contracts - EUR
Foreign exchange swaps contracts - OTHER
Cross currency swaps contracts - EUR
Put option Dufry Staer Holding Ltd
Total (Note 37.3)
Liabilities for which fair values are
disclosed
At amortized cost
Senior notes CHF 300
Senior notes EUR 800
Senior notes EUR 750
Senior notes EUR 725
Convertible notes CHF 500
Total
RCF - multicurrency - USD
RCF - multicurrency - EUR
Related deferred arrangement fees
Short-term financing
Total
Quoted prices in
active markets
(Level 1)
Significant observ-
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Total
Carrying amounts
Fair value measurement using
0.1
4.8
–
75.3
26.8
107.0
297.3
730.6
650.7
643.6
470.4
–
–
–
–
–
–
297.3
730.6
650.7
643.6
470.4
2,792.6
2,792.6
311.8
46.5
–
–
358.3
–
–
–
–
–
0.1
4.8
–
75.3
–
80.2
–
–
–
–
–
–
311.8
46.5
–
–
358.3
–
–
–
–
26.8
26.8
–
–
–
–
–
–
–
–
–
–
–
0.1
4.8
–
75.3
26.8
107.0
299.4
745.9
692.0
672.1
471.6
2,881.0
311.4
46.4
(18.1)
–
339.7
There were no transfers between Level 1 and 2 during the period.
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December 31, 2022
In millions of CHF
Liabilities measured at fair value
Derivative financial liabilities
Foreign exchange forward contracts - USD
Foreign exchange swaps contracts - EUR
Foreign exchange forward contracts - OTHER
Cross currency swaps contracts - EUR
Put option Dufry Staer Holding Ltd
Total
Liabilities for which fair values are
disclosed
At amortized cost
Senior notes CHF 300
Senior notes EUR 800
Senior notes EUR 750
Senior notes EUR 725
Convertible notes CHF 500
Total
Floating rate borrowings USD
Total
Quoted prices in
active markets
(Level 1)
Significant observ-
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Total
Carrying amounts
Fair value measurement using
Capital comprises equity attributable to the equity holders of the parent less hedging
and revaluation reserves for unrealized gains or losses on net investments, plus other
equity-linked or equity-like instruments attributable to the parent.
35. Capital risk management
0.1
–
0.6
99.1
7.7
107.5
262.6
765.2
604.2
592.9
420.2
–
–
–
–
–
–
262.6
765.2
604.2
592.9
420.2
2,645.1
2,645.1
0.1
–
0.6
99.1
–
99.8
–
–
–
–
–
–
412.8
412.8
–
–
412.8
412.8
–
–
–
–
7.7
7.7
–
–
–
–
–
–
–
–
0.1
–
0.6
99.1
7.7
107.5
298.9
790.3
732.1
712.2
459.5
2,993.0
392.2
392.2
The primary objective of Avolta’s capital management is to ensure that it maintains an
adequate credit rating and sustainable capital ratios in order to support its business and
maximize shareholder value.
Avolta manages its financing structure and makes adjustments to it in light of its
strategy and the long-term opportunities and costs of each financing source. To main-
tain or adjust the financing structure, Avolta may adjust dividend payments to share-
holders, return capital to shareholders, issue new shares or issue equity-linked instru-
ments or equity-like instruments.
Furthermore, Avolta monitors the financing structure using a combination of ratios,
including a gearing ratio, cash flow considerations and profitability ratios. As for the
gearing ratio Avolta includes within net debt, interest bearing loans and borrowings, less
Avolta has a medium-term leverage target of 1.5-2.0x net debt/CORE EBITDA with flex-
cash and cash equivalents.
ibility up to 2.5x.
35.1 Gearing ratio
The following ratio compares owner’s equity to borrowed funds:
There were no transfers between Level 1 and 2 during the period.
In millions of CHF
Cash and cash equivalents
Borrowings, current
Borrowings, non-current
Borrowings, net (excluding derivatives)
Equity attributable to equity holders of the parent
Adjusted for
Accumulated hedged gains / (losses)
Effects from transactions with non-controlling interests 1
Total capital 2
Total net debt and capital
Gearing ratio
31.12.2023
31.12.2022
(714.6)
819.4
2,520.6
2,625.4
2,360.8
(185.9)
2,412.1
4,587.0
7,212.4
36.4%
(854.7)
122.7
3,452.3
2,720.3
893.0
(171.6)
1,497.9
2,219.3
4,939.6
55.1%
1
Represents the excess paid / (received) above fair value on shares acquired / (sold) from non-controlling interests as
long as there is no change in control (IFRS 10.23).
2 Includes all capital and reserves of Avolta that are managed as capital.
Avolta did not hold collateral of any kind at the reporting dates.
December 31, 2022
In millions of CHF
Liabilities measured at fair value
Derivative financial liabilities
Foreign exchange forward contracts - USD
Foreign exchange swaps contracts - EUR
Foreign exchange forward contracts - OTHER
Cross currency swaps contracts - EUR
Put option Dufry Staer Holding Ltd
Total
Liabilities for which fair values are
disclosed
At amortized cost
Senior notes CHF 300
Senior notes EUR 800
Senior notes EUR 750
Senior notes EUR 725
Convertible notes CHF 500
Total
Total
Floating rate borrowings USD
0.1
–
0.6
99.1
7.7
107.5
262.6
765.2
604.2
592.9
420.2
412.8
412.8
–
–
–
–
–
–
–
–
262.6
765.2
604.2
592.9
420.2
2,645.1
2,645.1
0.1
–
0.6
99.1
–
99.8
–
–
–
–
–
–
412.8
412.8
7.7
7.7
–
–
–
–
–
–
–
–
–
–
–
–
0.1
–
0.6
99.1
7.7
107.5
298.9
790.3
732.1
712.2
459.5
2,993.0
392.2
392.2
There were no transfers between Level 1 and 2 during the period.
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Quoted prices in
Significant observ-
Total
active markets
(Level 1)
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Carrying amounts
Fair value measurement using
Capital comprises equity attributable to the equity holders of the parent less hedging
and revaluation reserves for unrealized gains or losses on net investments, plus other
equity-linked or equity-like instruments attributable to the parent.
35. Capital risk management
The primary objective of Avolta’s capital management is to ensure that it maintains an
adequate credit rating and sustainable capital ratios in order to support its business and
maximize shareholder value.
Avolta manages its financing structure and makes adjustments to it in light of its
strategy and the long-term opportunities and costs of each financing source. To main-
tain or adjust the financing structure, Avolta may adjust dividend payments to share-
holders, return capital to shareholders, issue new shares or issue equity-linked instru-
ments or equity-like instruments.
Furthermore, Avolta monitors the financing structure using a combination of ratios,
including a gearing ratio, cash flow considerations and profitability ratios. As for the
gearing ratio Avolta includes within net debt, interest bearing loans and borrowings, less
cash and cash equivalents.
Avolta has a medium-term leverage target of 1.5-2.0x net debt/CORE EBITDA with flex-
ibility up to 2.5x.
35.1 Gearing ratio
The following ratio compares owner’s equity to borrowed funds:
In millions of CHF
Cash and cash equivalents
Borrowings, current
Borrowings, non-current
Borrowings, net (excluding derivatives)
Equity attributable to equity holders of the parent
Adjusted for
Accumulated hedged gains / (losses)
Effects from transactions with non-controlling interests 1
Total capital 2
Total net debt and capital
Gearing ratio
31.12.2023
31.12.2022
(714.6)
819.4
2,520.6
2,625.4
2,360.8
(185.9)
2,412.1
4,587.0
7,212.4
36.4%
(854.7)
122.7
3,452.3
2,720.3
893.0
(171.6)
1,497.9
2,219.3
4,939.6
55.1%
1
Represents the excess paid / (received) above fair value on shares acquired / (sold) from non-controlling interests as
long as there is no change in control (IFRS 10.23).
2 Includes all capital and reserves of Avolta that are managed as capital.
Avolta did not hold collateral of any kind at the reporting dates.
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35.2 Categories of financial instruments
35.3 Net income by IFRS 9 valuation category
At December 31, 2023
Financial assets
Financial Assets at December 31, 2023
In millions of CHF
Interest income
Other finance income
From interest
Foreign exchange gain / (loss) 1
Impairments / allowances 2
Total – from subsequent valuation
Net (expense) / income
In millions of CHF
Interest expenses
Amortization of arrangement fees
Other finance expenses
From interest
Foreign exchange gain / (loss) 1
Total – from subsequent valuation
Net (expense) / income
Financial Liabilities at December 31, 2023
At amortized cost
At FVPL
57.5
12.5
70.0
(8.6)
0.3
(8.3)
61.7
At amortized cost
(534.9)
(5.4)
(25.1)
(565.4)
(41.5)
(41.5)
(606.9)
36.8
36.8
–
–
–
–
36.8
At FVPL
1.0
–
(62.4)
(61.4)
–
–
(61.4)
Total
57.5
49.3
106.8
(8.6)
0.3
(8.3)
98.5
Total
(533.9)
(5.4)
(87.5)
(626.8)
(41.5)
(41.5)
(668.3)
1
This position includes the foreign exchange gain / (loss) recognized on third party and intercompany financial assets
and liabilities through consolidated statement of profit or loss.
2 This position includes net income / (expense) from released impairments, allowances or recoveries during the period
less the increase of impairments or allowances.
In millions of CHF
At amortized cost
At FVPL
Subtotal
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Current Investment
Other non-current assets
Total
714.6
41.3
321.3
–
283.8
1,361.0
–
–
26.1
54.9
–
81.0
714.6
41.3
347.4
54.9
283.8
1,442.0
Financial liabilities
In millions of CHF
At amortized cost
At FVPL
Subtotal
Trade payables
Borrowings, current
Lease obligations, current
Other liabilities
Borrowings, non-current
Lease obligations, non-current
Other non-current liabilities
Total
873.7
819.4
1,102.6
949.8
2,520.6
6,750.8
51.9
13,068.8
–
–
–
107.0
–
–
–
107.0
873.7
819.4
1,102.6
1,056.8
2,520.6
6,750.8
51.9
13,175.8
At December 31, 2022
Financial assets
In millions of CHF
At amortized cost
At FVPL
Subtotal
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Other non-current assets
Total
854.7
62.3
309.8
119.6
1,346.4
–
–
10.1
0.4
10.5
854.7
62.3
319.9
120.0
1,356.9
Financial liabilities
In millions of CHF
At amortized cost
At FVPL
Subtotal
Trade payables
Borrowings, current
Lease obligations, current
Other liabilities
Borrowings, non-current
Lease obligations, non-current
Other non-current liabilities
Total
486.4
122.7
992.4
647.0
3,452.3
2,010.2
29.3
7,740.3
–
–
–
107.5
–
–
–
107.5
486.4
122.7
992.4
754.5
3,452.3
2,010.2
29.3
7,847.8
1
Non-financial assets or non-financial liabilities comprise prepaid expenses and deferred income, which will not gen-
erate a cash outflow or inflow as well as other tax positions.
Non-financial
assets 1
–
–
228.8
–
28.3
Non-financial
liabilities 1
–
–
–
136.3
–
–
28.5
Non-financial
assets 1
–
–
147.7
35.8
Non-financial
liabilities 1
–
–
–
86.6
–
–
–
Total
714.6
41.3
576.2
54.9
312.1
Total
873.7
819.4
1,102.6
1,193.1
2,520.6
6,750.8
80.4
Total
854.7
62.3
467.6
155.8
Total
486.4
122.7
992.4
841.1
3,452.3
2,010.2
29.3
35.2 Categories of financial instruments
35.3 Net income by IFRS 9 valuation category
At December 31, 2023
Financial assets
Financial Assets at December 31, 2023
In millions of CHF
At amortized cost
At FVPL
Subtotal
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In millions of CHF
Interest income
Other finance income
From interest
Foreign exchange gain / (loss) 1
Impairments / allowances 2
Total – from subsequent valuation
Net (expense) / income
Financial Liabilities at December 31, 2023
In millions of CHF
Interest expenses
Amortization of arrangement fees
Other finance expenses
From interest
Foreign exchange gain / (loss) 1
Total – from subsequent valuation
Net (expense) / income
At amortized cost
At FVPL
57.5
12.5
70.0
(8.6)
0.3
(8.3)
61.7
At amortized cost
(534.9)
(5.4)
(25.1)
(565.4)
(41.5)
(41.5)
(606.9)
–
36.8
36.8
–
–
–
36.8
At FVPL
1.0
–
(62.4)
(61.4)
–
–
(61.4)
Total
57.5
49.3
106.8
(8.6)
0.3
(8.3)
98.5
Total
(533.9)
(5.4)
(87.5)
(626.8)
(41.5)
(41.5)
(668.3)
1
This position includes the foreign exchange gain / (loss) recognized on third party and intercompany financial assets
and liabilities through consolidated statement of profit or loss.
2 This position includes net income / (expense) from released impairments, allowances or recoveries during the period
less the increase of impairments or allowances.
In millions of CHF
At amortized cost
At FVPL
Subtotal
81.0
1,442.0
Financial liabilities
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Current Investment
Other non-current assets
Total
Trade payables
Borrowings, current
Lease obligations, current
Other liabilities
Borrowings, non-current
Lease obligations, non-current
Other non-current liabilities
Total
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Other non-current assets
Total
Trade payables
Borrowings, current
Lease obligations, current
Other liabilities
Borrowings, non-current
Lease obligations, non-current
Other non-current liabilities
Total
714.6
41.3
321.3
–
283.8
1,361.0
873.7
819.4
1,102.6
949.8
2,520.6
6,750.8
51.9
13,068.8
854.7
62.3
309.8
119.6
1,346.4
486.4
122.7
992.4
647.0
3,452.3
2,010.2
29.3
7,740.3
Non-financial
assets 1
228.8
28.3
Non-financial
liabilities 1
–
–
–
–
–
–
–
–
136.3
28.5
Non-financial
assets 1
–
–
147.7
35.8
Non-financial
liabilities 1
86.6
–
–
–
–
–
–
714.6
41.3
347.4
54.9
283.8
873.7
819.4
1,102.6
1,056.8
2,520.6
6,750.8
51.9
13,175.8
854.7
62.3
319.9
120.0
1,356.9
486.4
122.7
992.4
754.5
3,452.3
2,010.2
29.3
7,847.8
26.1
54.9
–
–
–
–
–
–
–
–
–
107.0
107.0
–
–
10.1
0.4
10.5
–
–
–
–
–
–
107.5
107.5
Total
714.6
41.3
576.2
54.9
312.1
Total
873.7
819.4
1,102.6
1,193.1
2,520.6
6,750.8
80.4
Total
854.7
62.3
467.6
155.8
Total
486.4
122.7
992.4
841.1
3,452.3
2,010.2
29.3
At December 31, 2022
Financial assets
In millions of CHF
At amortized cost
At FVPL
Subtotal
In millions of CHF
At amortized cost
At FVPL
Subtotal
Financial liabilities
1
Non-financial assets or non-financial liabilities comprise prepaid expenses and deferred income, which will not gen-
erate a cash outflow or inflow as well as other tax positions.
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Financial Assets at December 31, 2022
In millions of CHF
Interest income
Other finance income
From interest
Foreign exchange gain / (loss) 1
Impairments / allowances 2
Total – from subsequent valuation
Net (expense) / income
Financial Liabilities at December 31, 2022
In millions of CHF
Interest expenses
Amortization of arrangement fees
Other finance expenses
From interest
Foreign exchange gain / (loss) 1
Total – from subsequent valuation
Net (expense) / income
At amortized cost
At FVPL
31.0
0.1
31.1
37.4
(2.6)
34.8
65.9
–
24.1
24.1
1.4
–
1.4
25.5
At amortized cost
At FVPL
(284.6)
(18.3)
(6.7)
(309.6)
10.0
10.0
(299.6)
–
–
(38.7)
(38.7)
(72.0)
(72.0)
(110.7)
Total
31.0
24.2
55.2
38.8
(2.6)
36.2
91.4
Total
(284.6)
(18.3)
(45.4)
(348.3)
(62.0)
(62.0)
(410.3)
1
This position includes the foreign exchange gain / (loss) recognized on third party and intercompany financial assets
and liabilities through consolidated statement of profit or loss.
2 This position includes net income / (expense) from released impairments, allowances or recoveries during the period
less the increase of impairments or allowances.
36. Financial risk management objectives
Avolta has worldwide activities which are financed in different currencies and are con-
sequently affected by fluctuations of foreign exchange and interest rates. Avolta’s trea-
sury manages the financing of the operations through centralized credit facilities to
ensure an adequate allocation of these resources and simultaneously minimize the
potential currency and financial risk impacts.
Avolta continuously monitors the market risk, such as risks related to foreign currency,
interest rate, credit, liquidity and capital. Avolta seeks to minimize the currency expo-
sure and interest rates risk using appropriate transaction structures or alternatively,
using derivative financial instruments to hedge the exposure to these risks. The treasury
policy forbids entering or trading financial instruments for speculative purposes.
37. Market risk
Avolta’s financial assets and liabilities are mainly exposed to market risk in foreign cur-
rency exchange and interest rates. Avolta’s objective is to minimize the impact on state-
ment of profit or loss and to reduce fluctuations in cash flows through structuring the
respective transactions to minimize market risks. In cases, where the associated risk
cannot be hedged appropriately through a transaction structure, and the evaluation of
market risks indicates a material exposure, Avolta may use financial instruments to
hedge the respective exposure.
Avolta may enter into a variety of financial instruments to manage its exposure to for-
eign currency risk, including forward foreign exchange contracts, currency swaps and
over the counter plain vanilla options.
During the current financial year, Avolta utilized foreign currency forward contracts and
options for hedging purposes.
37.1 Foreign currency risk management
Avolta manages the cash flow surplus or deficits in foreign currency of the operations
through FX-transactions in the respective local currency. Major imbalances in foreign
currencies at Group level are hedged through foreign exchange forwards contracts.
The terms of the foreign currency forward contracts have been negotiated to match the
terms of the forecasted transactions.
Financial Assets at December 31, 2022
At amortized cost
At FVPL
In millions of CHF
Interest income
Other finance income
From interest
Foreign exchange gain / (loss) 1
Impairments / allowances 2
Total – from subsequent valuation
Net (expense) / income
In millions of CHF
Interest expenses
Amortization of arrangement fees
Other finance expenses
From interest
Foreign exchange gain / (loss) 1
Total – from subsequent valuation
Net (expense) / income
31.0
0.1
31.1
37.4
(2.6)
34.8
65.9
(284.6)
(18.3)
(6.7)
(309.6)
10.0
10.0
(299.6)
–
24.1
24.1
1.4
–
1.4
25.5
–
–
(38.7)
(38.7)
(72.0)
(72.0)
(110.7)
Total
31.0
24.2
55.2
38.8
(2.6)
36.2
91.4
Total
(284.6)
(18.3)
(45.4)
(348.3)
(62.0)
(62.0)
(410.3)
1
This position includes the foreign exchange gain / (loss) recognized on third party and intercompany financial assets
and liabilities through consolidated statement of profit or loss.
2 This position includes net income / (expense) from released impairments, allowances or recoveries during the period
less the increase of impairments or allowances.
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36. Financial risk management objectives
Avolta has worldwide activities which are financed in different currencies and are con-
sequently affected by fluctuations of foreign exchange and interest rates. Avolta’s trea-
sury manages the financing of the operations through centralized credit facilities to
ensure an adequate allocation of these resources and simultaneously minimize the
potential currency and financial risk impacts.
Avolta continuously monitors the market risk, such as risks related to foreign currency,
interest rate, credit, liquidity and capital. Avolta seeks to minimize the currency expo-
sure and interest rates risk using appropriate transaction structures or alternatively,
using derivative financial instruments to hedge the exposure to these risks. The treasury
policy forbids entering or trading financial instruments for speculative purposes.
Financial Liabilities at December 31, 2022
At amortized cost
At FVPL
37. Market risk
Avolta’s financial assets and liabilities are mainly exposed to market risk in foreign cur-
rency exchange and interest rates. Avolta’s objective is to minimize the impact on state-
ment of profit or loss and to reduce fluctuations in cash flows through structuring the
respective transactions to minimize market risks. In cases, where the associated risk
cannot be hedged appropriately through a transaction structure, and the evaluation of
market risks indicates a material exposure, Avolta may use financial instruments to
hedge the respective exposure.
Avolta may enter into a variety of financial instruments to manage its exposure to for-
eign currency risk, including forward foreign exchange contracts, currency swaps and
over the counter plain vanilla options.
During the current financial year, Avolta utilized foreign currency forward contracts and
options for hedging purposes.
37.1 Foreign currency risk management
Avolta manages the cash flow surplus or deficits in foreign currency of the operations
through FX-transactions in the respective local currency. Major imbalances in foreign
currencies at Group level are hedged through foreign exchange forwards contracts.
The terms of the foreign currency forward contracts have been negotiated to match the
terms of the forecasted transactions.
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37.2 Foreign currency sensitivity analysis
Among various methodologies to analyze and manage risk, Avolta utilizes a system
based on sensitivity analysis. This tool enables Group treasury to identify the level of risk
of each entity. Sensitivity analysis provides an approximate quantification of the expo-
sure in the event that certain specified parameters were to be met under a specific set
of assumptions.
Foreign Currency Exposure
In millions of CHF
USD
EUR
GBP
BRL
Other
Total
December 31, 2023
Monetary assets
Monetary liabilities
Net currency exposure before
foreign currency contracts and
hedging
Foreign currency contracts
Hedging
Net currency exposure
December 31, 2022
Monetary assets
Monetary liabilities
Net currency exposure before
foreign currency contracts and
hedging
Foreign currency contracts
Hedging
Net currency exposure
1,148.0
(527.5)
620.5
(826.6)
232.1
26.0
1,099.7
516.5
583.2
(815.6)
255.7
23.3
2,930.1
(2,394.4)
535.7
983.2
(1,460.8)
58.1
704.4
2,637.5
(1,933.1)
813.1
1,075.9
(44.1)
391.3
(402.1)
75.5
(133.3)
2,339.6
(2,095.0)
6,884.5
(5,552.3)
Reconciliation to categories of financial instruments:
(10.8)
(57.8)
–
–
–
–
(10.8)
(57.8)
404.6
399.3
5.3
–
–
5.3
108.6
140.9
(32.3)
43.1
–
10.8
244.6
(210.2)
(79.0)
(44.6)
2,116.7
2,092.9
23.8
98.4
(86.5)
35.7
1,332.2
(53.6)
(1,307.7)
(29.1)
4,434.0
5,787.1
(1,353.1)
139.0
1,245.1
31.0
The sensitivity analysis includes all monetary assets and liabilities irrespective of
whether the positions are third party or intercompany. Avolta has considered some
intercompany long-term loans as equity-like loans. Consequently, the related exchange
differences are presented in other comprehensive income and thereafter as translation
reserve in equity. In addition, Avolta has entered into cross currency swaps to reduce
the currency exposure.
The foreign exchange rate sensitivity is calculated by aggregation of the net currency
exposure of Avolta entities at December 31 of the respective year. The values and risk
disclosed here are the hedged and remaining net currency exposure assuming a 5 %
appreciation of the CHF against all other currencies.
A positive result indicates a profit, before tax in the statement of profit or loss or in the
hedging and revaluation reserves when the CHF strengthens against the relevant cur-
rency.
In millions of CHF
Effect on profit or loss based on USD
Other comprehensive income based on USD
Effect on profit or loss based on EUR
Other comprehensive income based on EUR
Effect on profit or loss based on GBP
Effect on profit or loss based on BRL
In millions of CHF
Financial assets
Total financial assets held in foreign currencies (see above)
Less intercompany financial assets in foreign currencies
Third party financial assets held in foreign currencies
Third party financial assets held in reporting currencies
Total third party financial assets
Financial liabilities
Total financial liabilities held in foreign currencies (see above)
Less intercompany financial liabilities in foreign currencies
Third party financial liabilities held in foreign currencies
Third party financial liabilities held in reporting currencies
Total third party financial liabilities
31.12.2023
31.12.2022
31.12.2023
31.12.2022
(1.2)
12.8
2.2
53.8
(0.3)
(0.5)
4,434.0
(3,584.6)
849.4
507.5
1,356.9
5,787.1
(3,852.1)
1,935.0
5,912.8
7,847.8
(1.3)
11.6
(2.9)
(73.0)
0.6
2.9
6,884.5
(6,259.2)
625.3
816.7
1,442.0
5,552.3
(3,561.1)
1,991.2
11,184.6
13,175.8
37.3 Foreign exchange forward contracts and
foreign exchange options at fair value
As the management of the company actively pursues to naturally hedge the positions
in each operation, the policy of Avolta is to enter into foreign exchange forwards and
options contracts only where needed.
The following table shows the contracts or underlying principal amounts and fair values
of derivative financial instruments, including foreign exchange forwards and foreign
exchange swaps as well as cross currency swaps. Contracts or underlying principal
amounts indicate the volume of business outstanding at the balance sheet date. The
fair values as per the table below are determined by reference to inputs other than
quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly at December 31 of each year.
In millions of CHF
December 31, 2023
December 31, 2022
Contract under-lying or
principal amount
Positive fair value
Negative fair value
1,204.3
856.0
9.3
10.1
80.2
99.8
37.2 Foreign currency sensitivity analysis
Among various methodologies to analyze and manage risk, Avolta utilizes a system
based on sensitivity analysis. This tool enables Group treasury to identify the level of risk
of each entity. Sensitivity analysis provides an approximate quantification of the expo-
sure in the event that certain specified parameters were to be met under a specific set
In millions of CHF
USD
EUR
GBP
BRL
Other
Total
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A positive result indicates a profit, before tax in the statement of profit or loss or in the
hedging and revaluation reserves when the CHF strengthens against the relevant cur-
rency.
In millions of CHF
31.12.2023
31.12.2022
of assumptions.
Foreign Currency Exposure
December 31, 2023
Monetary assets
Monetary liabilities
Net currency exposure before
foreign currency contracts and
Foreign currency contracts
hedging
Hedging
Net currency exposure
December 31, 2022
Monetary assets
Monetary liabilities
Net currency exposure before
foreign currency contracts and
Foreign currency contracts
hedging
Hedging
Net currency exposure
1,148.0
(527.5)
620.5
(826.6)
232.1
26.0
1,099.7
516.5
583.2
(815.6)
255.7
23.3
2,930.1
(2,394.4)
535.7
983.2
(1,460.8)
58.1
704.4
2,637.5
(1,933.1)
813.1
1,075.9
(44.1)
Effect on profit or loss based on USD
Other comprehensive income based on USD
Effect on profit or loss based on EUR
Other comprehensive income based on EUR
Effect on profit or loss based on GBP
Effect on profit or loss based on BRL
391.3
(402.1)
75.5
(133.3)
2,339.6
(2,095.0)
6,884.5
(5,552.3)
Reconciliation to categories of financial instruments:
(10.8)
(57.8)
(10.8)
(57.8)
–
–
404.6
399.3
5.3
–
–
5.3
–
–
108.6
140.9
(32.3)
43.1
–
10.8
244.6
(210.2)
(79.0)
(44.6)
2,116.7
2,092.9
23.8
98.4
(86.5)
35.7
1,332.2
(53.6)
(1,307.7)
(29.1)
4,434.0
5,787.1
(1,353.1)
139.0
1,245.1
31.0
In millions of CHF
Financial assets
Total financial assets held in foreign currencies (see above)
Less intercompany financial assets in foreign currencies
Third party financial assets held in foreign currencies
Third party financial assets held in reporting currencies
Total third party financial assets
Financial liabilities
Total financial liabilities held in foreign currencies (see above)
Less intercompany financial liabilities in foreign currencies
Third party financial liabilities held in foreign currencies
Third party financial liabilities held in reporting currencies
Total third party financial liabilities
(1.3)
11.6
(2.9)
(73.0)
0.6
2.9
(1.2)
12.8
2.2
53.8
(0.3)
(0.5)
31.12.2023
31.12.2022
6,884.5
(6,259.2)
625.3
816.7
1,442.0
5,552.3
(3,561.1)
1,991.2
11,184.6
13,175.8
4,434.0
(3,584.6)
849.4
507.5
1,356.9
5,787.1
(3,852.1)
1,935.0
5,912.8
7,847.8
The sensitivity analysis includes all monetary assets and liabilities irrespective of
whether the positions are third party or intercompany. Avolta has considered some
intercompany long-term loans as equity-like loans. Consequently, the related exchange
differences are presented in other comprehensive income and thereafter as translation
reserve in equity. In addition, Avolta has entered into cross currency swaps to reduce
the currency exposure.
The foreign exchange rate sensitivity is calculated by aggregation of the net currency
exposure of Avolta entities at December 31 of the respective year. The values and risk
disclosed here are the hedged and remaining net currency exposure assuming a 5 %
appreciation of the CHF against all other currencies.
37.3 Foreign exchange forward contracts and
foreign exchange options at fair value
As the management of the company actively pursues to naturally hedge the positions
in each operation, the policy of Avolta is to enter into foreign exchange forwards and
options contracts only where needed.
The following table shows the contracts or underlying principal amounts and fair values
of derivative financial instruments, including foreign exchange forwards and foreign
exchange swaps as well as cross currency swaps. Contracts or underlying principal
amounts indicate the volume of business outstanding at the balance sheet date. The
fair values as per the table below are determined by reference to inputs other than
quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly at December 31 of each year.
In millions of CHF
December 31, 2023
December 31, 2022
Contract under-lying or
principal amount
Positive fair value
Negative fair value
1,204.3
856.0
9.3
10.1
80.2
99.8
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38.
Interest rate risk management
Avolta manages the interest rate risk through interest rate swaps and options to the
extent that the hedging cannot be implemented through managing the duration of the
debt drawings. The levels of the hedging activities are evaluated regularly and may be
adjusted in order to reflect the development of the various parameters.
38.1 Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest
rates derivatives and non-derivative instruments at the reporting date. The risk analysis
provided here assumes a simultaneous increase of 100 basis points of the interest rate
of all interest bearing financial positions.
If interest rates had been 100 basis points higher whereas all other variables were held
constant, Avolta’s net profit/loss for the year 2023 would decrease by CHF 36.1 (2022:
decrease by CHF 35.3) million.
38.2 Allocation of financial assets and liabilities
to interest classes
At December 31, 2023
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Current investment
Other non-current assets
Financial assets
Trade payables
Borrowings, current
Other liabilities
Borrowings, non-current
Lease obligations
Other non-current liabilities
Financial liabilities
Net financial liabilities
At December 31, 2022
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Other non-current assets
Financial assets
Trade payables
Borrowings, current
Other liabilities
Borrowings, non-current
Lease obligations
Other non-current liabilities
Financial liabilities
Net financial liabilities
In %
In millions of CHF
Average
variable
interest rate
Average fixed
interest rate
Variable
Fixed
Total interest
Non-interest
interest rate
interest rate
bearing
bearing
Total
1.9%
3.1%
388.5
104.8
493.3
1.6%
2.8%
4.7%
7.3%
4.1%
0.5%
0.6%
2.4%
11.3%
2.2%
7.6%
–
33.7
54.9
62.8
644.7
–
–
17.9
–
59.9
182.6
–
1.1
–
–
221.3
41.3
313.7
221.0
797.3
873.7
12.0
–
–
714.6
41.3
347.4
54.9
283.8
1,442.0
873.7
819.4
1,056.8
2,520.6
7,853.4
51.9
–
807.4
807.4
598.9
1,921.7
–
7,853.4
2,520.6
7,853.4
1.2
1,055.6
–
51.9
599.0
10,583.6
11,182.6
1,993.2
13,175.8
136.9
10,401.0
10,537.9
1,195.9
11,733.8
In %
In millions of CHF
Average
variable
interest rate
Average fixed
interest rate
Variable
Fixed
Total interest
Non-interest
interest rate
interest rate
bearing
bearing
Total
1.0%
4.5%
378.2
92.7
470.9
1.1%
0.7%
9.3%
4.8
97.5
–
–
–
–
–
–
0.1
7.2
478.2
–
–
–
383.8
62.3
319.8
112.8
878.7
486.4
0.7
754.5
0.0
0.0
29.3
854.7
62.3
319.9
120.0
1,356.9
486.4
122.7
754.5
3,452.3
3,002.6
29.3
467.7
6,109.2
6,576.9
1,270.9
7,847.8
87.0
6,011.7
6,098.7
392.2
6,490.9
2.9%
3.6%
19.0
103.0
122.0
6.1%
448.7
2.4%
4.8%
3,003.6
3,002.6
3,452.3
3,002.6
–
15.8
54.9
2.9
462.1
0.1
–
–
0.1
2.4
380.7
–
–
–
–
38.
Interest rate risk management
Avolta manages the interest rate risk through interest rate swaps and options to the
extent that the hedging cannot be implemented through managing the duration of the
debt drawings. The levels of the hedging activities are evaluated regularly and may be
adjusted in order to reflect the development of the various parameters.
38.1 Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest
rates derivatives and non-derivative instruments at the reporting date. The risk analysis
provided here assumes a simultaneous increase of 100 basis points of the interest rate
of all interest bearing financial positions.
If interest rates had been 100 basis points higher whereas all other variables were held
constant, Avolta’s net profit/loss for the year 2023 would decrease by CHF 36.1 (2022:
decrease by CHF 35.3) million.
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38.2 Allocation of financial assets and liabilities
to interest classes
In %
In millions of CHF
At December 31, 2023
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Current investment
Other non-current assets
Financial assets
Trade payables
Borrowings, current
Other liabilities
Borrowings, non-current
Lease obligations
Other non-current liabilities
Financial liabilities
Net financial liabilities
At December 31, 2022
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Other non-current assets
Financial assets
Trade payables
Borrowings, current
Other liabilities
Borrowings, non-current
Lease obligations
Other non-current liabilities
Financial liabilities
Net financial liabilities
Average
variable
interest rate
Average fixed
interest rate
Variable
interest rate
Fixed
interest rate
Total interest
bearing
Non-interest
bearing
1.9%
3.1%
388.5
104.8
493.3
–
15.8
54.9
2.9
462.1
–
17.9
–
59.9
182.6
–
33.7
54.9
62.8
644.7
–
–
–
807.4
807.4
221.3
41.3
313.7
–
221.0
797.3
873.7
12.0
0.1
1.1
1.2
1,055.6
598.9
1,921.7
–
7,853.4
2,520.6
7,853.4
–
–
–
–
–
51.9
Total
714.6
41.3
347.4
54.9
283.8
1,442.0
873.7
819.4
1,056.8
2,520.6
7,853.4
51.9
1.6%
2.8%
4.7%
7.3%
4.1%
0.5%
0.6%
2.4%
11.3%
2.2%
7.6%
599.0
10,583.6
11,182.6
1,993.2
13,175.8
136.9
10,401.0
10,537.9
1,195.9
11,733.8
In %
In millions of CHF
Average
variable
interest rate
Average fixed
interest rate
Variable
interest rate
Fixed
interest rate
Total interest
bearing
Non-interest
bearing
1.0%
4.5%
378.2
92.7
470.9
1.1%
0.7%
9.3%
2.9%
3.6%
6.1%
2.4%
4.8%
–
0.1
2.4
380.7
–
19.0
–
448.7
–
–
–
–
4.8
97.5
–
103.0
–
3,003.6
3,002.6
–
–
0.1
7.2
478.2
–
122.0
–
3,452.3
3,002.6
–
383.8
62.3
319.8
112.8
878.7
486.4
0.7
754.5
0.0
0.0
29.3
Total
854.7
62.3
319.9
120.0
1,356.9
486.4
122.7
754.5
3,452.3
3,002.6
29.3
467.7
6,109.2
6,576.9
1,270.9
7,847.8
87.0
6,011.7
6,098.7
392.2
6,490.9
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39. Credit risk management
40. Liquidity risk management
Credit risk refers to the risk that counterparty may default on its contractual obligations
resulting in financial loss to Avolta.
Almost all Avolta sales are retail sales made against cash or internationally recognized
credit / debit cards. Avolta has policies in place to ensure that other sales are only made
to customers with an appropriate credit history or that the credit risk is insured ade-
quately. The remaining credit risk is in relation to refunds from suppliers and guarantee
deposits.
The credit risk on cash deposits or derivative financial instruments relates to banks or
financial institutions. Avolta monitors the credit ranking of these institutions and does
not expect defaults from non-performance of these counterparties.
The main banks where the Group keeps net assets positions hold a credit rating of A –
or higher.
39.1 Maximum credit risk
The carrying amount of financial assets recorded in the financial statements, after
deduction of any allowances for losses, represents Avolta’s maximum exposure to credit
risk.
Avolta evaluates this risk as the ability to settle its financial liabilities on time and at a rea-
sonable price. Besides its capability to generate cash through its operations, Avolta mit-
igates liquidity risk by keeping unused credit facilities with financial institutions (see note
28).
40.1 Remaining maturities for non-derivative
financial assets and liabilities
The following tables have been drawn up based on the undiscounted cash flows of
financial assets and liabilities (based on the earliest date on which Avolta can receive or
be required to pay). The tables include principal and interest cash flows.
1-6 months
6-12 months
1-2 years
More than
2 years
At December 31, 2023
In millions of CHF
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Current Investment
Other non-current assets
Total cash inflows
Trade payables
Borrowings, current
Other liabilities
Borrowings, non-current
Lease obligations 1
Other non-current liabilities
Total cash outflows
than 5 years.
At December 31, 2022
In millions of CHF
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Other non-current assets
Total cash inflows
Trade payables
Borrowings, current
Other liabilities
Borrowings, non-current
Lease obligations 1
Other non-current liabilities
Total cash outflows
595.9
38.2
307.2
54.9
0.5
996.7
857.7
100.4
931.0
26.6
771.7
–
863.4
62.3
308.4
0.2
1,234.3
486.4
116.6
754.5
55.8
555.8
–
1,969.1
149.0
3.1
42.5
–
0.5
195.1
16.0
762.7
45.6
30.1
648.8
–
8.8
–
1.4
0.5
10.7
25.7
–
–
–
56.1
436.6
32.4
32.4
294.0
294.0
912.2
1,230.0
1,807.3
7,409.6
51.9
9,268.8
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Total
744.9
41.3
349.7
54.9
327.4
1,518.2
873.7
863.1
976.6
2,776.2
10,060.1
51.9
15,601.6
Total
872.2
62.3
309.8
120.1
1,364.4
486.4
142.3
754.5
3,958.2
3,594.7
29.3
8,965.4
2.2
2.2
117.2
117.2
118.0
514.7
3,728.3
2,087.6
29.3
5,845.2
518.4
632.7
1
Lease obligation with a maturity of more than 2 years contain an amount of CHF 4'329.6 million with a maturity longer
2,687.4
1,503.2
2,142.2
1-6 months
6-12 months
1-2 years
More than
2 years
1
Lease obligation with a maturity of more than 2 years contain an amount of CHF 801.5 million with a maturity longer
than 5 years.
39. Credit risk management
40. Liquidity risk management
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Credit risk refers to the risk that counterparty may default on its contractual obligations
resulting in financial loss to Avolta.
Almost all Avolta sales are retail sales made against cash or internationally recognized
credit / debit cards. Avolta has policies in place to ensure that other sales are only made
to customers with an appropriate credit history or that the credit risk is insured ade-
quately. The remaining credit risk is in relation to refunds from suppliers and guarantee
The credit risk on cash deposits or derivative financial instruments relates to banks or
financial institutions. Avolta monitors the credit ranking of these institutions and does
not expect defaults from non-performance of these counterparties.
The main banks where the Group keeps net assets positions hold a credit rating of A –
39.1 Maximum credit risk
The carrying amount of financial assets recorded in the financial statements, after
deduction of any allowances for losses, represents Avolta’s maximum exposure to credit
deposits.
or higher.
risk.
Avolta evaluates this risk as the ability to settle its financial liabilities on time and at a rea-
sonable price. Besides its capability to generate cash through its operations, Avolta mit-
igates liquidity risk by keeping unused credit facilities with financial institutions (see note
28).
40.1 Remaining maturities for non-derivative
financial assets and liabilities
The following tables have been drawn up based on the undiscounted cash flows of
financial assets and liabilities (based on the earliest date on which Avolta can receive or
be required to pay). The tables include principal and interest cash flows.
At December 31, 2023
In millions of CHF
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Current Investment
Other non-current assets
Total cash inflows
Trade payables
Borrowings, current
Other liabilities
Borrowings, non-current
Lease obligations 1
Other non-current liabilities
Total cash outflows
1-6 months
6-12 months
1-2 years
595.9
38.2
307.2
54.9
0.5
996.7
857.7
100.4
931.0
26.6
771.7
–
149.0
3.1
42.5
–
0.5
195.1
16.0
762.7
45.6
30.1
648.8
–
2,687.4
1,503.2
–
–
–
–
32.4
32.4
–
–
–
912.2
1,230.0
–
2,142.2
1
Lease obligation with a maturity of more than 2 years contain an amount of CHF 4'329.6 million with a maturity longer
than 5 years.
At December 31, 2022
In millions of CHF
Cash and cash equivalents
Trade and credit card receivables
Other accounts receivable
Other non-current assets
Total cash inflows
Trade payables
Borrowings, current
Other liabilities
Borrowings, non-current
Lease obligations 1
Other non-current liabilities
Total cash outflows
1-6 months
6-12 months
1-2 years
863.4
62.3
308.4
0.2
1,234.3
486.4
116.6
754.5
55.8
555.8
–
1,969.1
8.8
–
1.4
0.5
10.7
–
25.7
–
56.1
436.6
–
518.4
–
–
–
2.2
2.2
–
–
–
118.0
514.7
–
632.7
1
Lease obligation with a maturity of more than 2 years contain an amount of CHF 801.5 million with a maturity longer
than 5 years.
More than
2 years
–
–
–
–
294.0
294.0
–
–
–
1,807.3
7,409.6
51.9
9,268.8
More than
2 years
–
–
–
117.2
117.2
–
–
–
3,728.3
2,087.6
29.3
5,845.2
Total
744.9
41.3
349.7
54.9
327.4
1,518.2
873.7
863.1
976.6
2,776.2
10,060.1
51.9
15,601.6
Total
872.2
62.3
309.8
120.1
1,364.4
486.4
142.3
754.5
3,958.2
3,594.7
29.3
8,965.4
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40.2 Remaining maturities for derivative financial
41. Related parties and related party transactions
instruments
Avolta holds derivative financial instruments at year-end.
At December 31, 2023
In millions of CHF
Derivative financial assets
Derivative financial liabilities
At December 31, 2022
In millions of CHF
Derivative financial assets
Derivative financial liabilities
1-6 months
6-12 months
1-2 years
9.3
80.2
–
–
–
–
1-6 months
6-12 months
1-2 years
5.0
0.7
–
–
–
–
More than
2 years
–
–
More than
2 years
5.2
99.1
Total
9.3
80.2
Total
10.1
99.8
A party is related to Avolta if the party directly or indirectly controls, is controlled by, or
is under common control with Avolta, has an interest in Avolta that gives it significant
influence over Avolta, has joint control over Avolta or is an associate or a joint venture of
Avolta. In addition, members of the key management personnel of Avolta or close mem-
bers of the family are also considered related parties as well as post-employment ben-
efit plans for the benefit of employees of Avolta. Transactions with related parties are
conducted at arm’s length.
The related party transactions and relationships for Avolta are the following:
In millions of CHF
Other income
Edizione SpA
Purchase of services from
Pension Fund DUFRY, post-employment benefits
Lease related expenses
Aeroporti Di Roma SPA
Autostrada Bs Vr Vi Pd SpA
Aeroporto di Bologna
Other expenses
Aeroporti Di Roma SPA
ADR Mobility Srl
Aeroporto di Bologna
Right of Use at December 31
Aeroporti Di Roma SPA
Autostrada Bs Vr Vi Pd SpA
SANEF S.A.
SAPN S.A. (Société des autoroutes Paris-Normandie)
Accounts receivables at December 31
Aeroporti Di Roma SPA
Lease obligations at December 31
SAPN S.A. (Société des autoroutes Paris-Normandie)
Accounts payables at December 31
Aeroporti Di Roma SPA
Autostrada Bs Vr Vi Pd SpA
SANEF S.A.
Pension Fund
Aeroporti Di Roma SPA
Autostrada Bs Vr Vi Pd SpA
Aeroporto di Bologna
SANEF S.A.
SAPN S.A. (Société des autoroutes Paris-Normandie)
ADR Mobility Srl
2023
0.2
(7.2)
(16.6)
(6.6)
(2.4)
(1.1)
(0.1)
(0.1)
6.7
18.8
2.9
0.9
0.4
7.3
19.4
3.6
1.2
0.4
3.5
5.4
0.8
0.2
0.1
0.1
2022
(5.1)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
0.3
instruments
Avolta holds derivative financial instruments at year-end.
At December 31, 2023
In millions of CHF
Derivative financial assets
Derivative financial liabilities
At December 31, 2022
In millions of CHF
Derivative financial assets
Derivative financial liabilities
1-6 months
6-12 months
1-2 years
9.3
80.2
5.0
0.7
–
–
–
–
1-6 months
6-12 months
1-2 years
More than
2 years
–
–
More than
2 years
5.2
99.1
–
–
–
–
Total
9.3
80.2
Total
10.1
99.8
40.2 Remaining maturities for derivative financial
41. Related parties and related party transactions
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A party is related to Avolta if the party directly or indirectly controls, is controlled by, or
is under common control with Avolta, has an interest in Avolta that gives it significant
influence over Avolta, has joint control over Avolta or is an associate or a joint venture of
Avolta. In addition, members of the key management personnel of Avolta or close mem-
bers of the family are also considered related parties as well as post-employment ben-
efit plans for the benefit of employees of Avolta. Transactions with related parties are
conducted at arm’s length.
The related party transactions and relationships for Avolta are the following:
In millions of CHF
Other income
Edizione SpA
Purchase of services from
Pension Fund DUFRY, post-employment benefits
Lease related expenses
Aeroporti Di Roma SPA
Autostrada Bs Vr Vi Pd SpA
Aeroporto di Bologna
Other expenses
Aeroporti Di Roma SPA
ADR Mobility Srl
Aeroporto di Bologna
Right of Use at December 31
Aeroporti Di Roma SPA
Autostrada Bs Vr Vi Pd SpA
SANEF S.A.
SAPN S.A. (Société des autoroutes Paris-Normandie)
Accounts receivables at December 31
Aeroporti Di Roma SPA
Lease obligations at December 31
Aeroporti Di Roma SPA
Autostrada Bs Vr Vi Pd SpA
SANEF S.A.
SAPN S.A. (Société des autoroutes Paris-Normandie)
Accounts payables at December 31
Pension Fund
Aeroporti Di Roma SPA
Autostrada Bs Vr Vi Pd SpA
Aeroporto di Bologna
SANEF S.A.
SAPN S.A. (Société des autoroutes Paris-Normandie)
ADR Mobility Srl
2023
0.2
(7.2)
(16.6)
(6.6)
(2.4)
(1.1)
(0.1)
(0.1)
6.7
18.8
2.9
0.9
0.4
7.3
19.4
3.6
1.2
0.4
3.5
5.4
0.8
0.2
0.1
0.1
2022
–
(5.1)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
0.3
–
–
–
–
–
–
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The transactions with associates are the following:
In millions of CHF
Sales of goods to
Nuance Basel LLC (Sochi)
Dufry Thomas Julie Korea CO. Ltd
Nuance Group (Chicago) LLC
NCM Brookstone Stores Georgia, LLC
Puerto Libre Int. SA
Lojas Francas de Portugal S.A.
Sales of services to
Dufry Thomas Julie Korea CO. Ltd
CaresQuick nv
Nuance Basel LLC (Sochi)
QA HMSHost LLC
Nuance Group (Chicago) LLC
NCM Brookstone Stores Georgia, LLC
Puerto Libre Int. SA
Lojas Francas de Portugal S.A.
Purchase of services from
Nuance Group (Chicago) LLC
Accounts receivables at December 31
Lojas Francas de Portugal S.A.
Nuance Basel LLC (Sochi)
Puerto Libre Int. SA
Nuance Group (Chicago) LLC
NCM Brookstone Stores Georgia, LLC
Dufry Thomas Julie Korea CO. Ltd
QA HMSHost LLC
CaresQuick nv
Accounts payables at December 31
Lojas Francas de Portugal S.A.
Nuance Group (Chicago) LLC
NCM Brookstone Stores Georgia, LLC
The company has contractually agreed to a commitment in the amount of CHF 3 mil-
lion for a period of five years starting 31 October 2023, to Laguna AG, an entity fully con-
trolled by the company’s chairman, in relation to transportation and logistics services
provided by a third party. The compensation to members of the Board of Directors and
the Global Executive Committee for the services provided during the respective years
includes all forms of consideration paid, payable or provided by Avolta, including com-
pensation in company shares as follows:
In millions of CHF
Board of directors
Number of directors
Current employee benefits
Total compensation
Global executive committee
Number of members
Current employee benefits
Post-employment benefits
Share-based payments (income) / expense 1
Total compensation
1
Expenses accrued during the year for members of the Global Executive Committee.
For further information regarding participations and compensation to members of the
Board of Directors or Global Executive Committee, please refer to the remuneration
report at the end of the annual report.
42. Events after reporting date
No significant events occurred after 31 December 2023 up to 6 March 2024 that would
have a material impact on these financial statements.
2023
2022
12
9.6
9.6
13
21.4
2.6
19.7
43.7
9
7.6
7.6
8
18.0
1.8
6.2
26.0
2023
2022
1.3
2.3
1.1
0.2
1.3
–
0.1
0.1
0.5
1.1
0.3
–
0.1
–
–
–
0.3
0.1
1.6
0.9
7.2
0.8
0.5
–
0.7
0.3
2.7
–
0.7
0.2
0.8
15.3
–
–
0.5
–
0.3
0.1
0.1
0.5
(0.1)
1.6
1.1
–
2.5
1.0
–
–
–
1.6
1.1
0.6
The transactions with associates are the following:
2023
2022
The company has contractually agreed to a commitment in the amount of CHF 3 mil-
lion for a period of five years starting 31 October 2023, to Laguna AG, an entity fully con-
trolled by the company’s chairman, in relation to transportation and logistics services
provided by a third party. The compensation to members of the Board of Directors and
the Global Executive Committee for the services provided during the respective years
includes all forms of consideration paid, payable or provided by Avolta, including com-
pensation in company shares as follows:
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In millions of CHF
Board of directors
Number of directors
Current employee benefits
Total compensation
Global executive committee
Number of members
Current employee benefits
Post-employment benefits
Share-based payments (income) / expense 1
Total compensation
2023
2022
12
9.6
9.6
13
21.4
2.6
19.7
43.7
9
7.6
7.6
8
18.0
1.8
6.2
26.0
1
Expenses accrued during the year for members of the Global Executive Committee.
For further information regarding participations and compensation to members of the
Board of Directors or Global Executive Committee, please refer to the remuneration
report at the end of the annual report.
42. Events after reporting date
No significant events occurred after 31 December 2023 up to 6 March 2024 that would
have a material impact on these financial statements.
In millions of CHF
Sales of goods to
Nuance Basel LLC (Sochi)
Dufry Thomas Julie Korea CO. Ltd
Nuance Group (Chicago) LLC
NCM Brookstone Stores Georgia, LLC
Puerto Libre Int. SA
Lojas Francas de Portugal S.A.
Sales of services to
Dufry Thomas Julie Korea CO. Ltd
CaresQuick nv
Nuance Basel LLC (Sochi)
QA HMSHost LLC
Nuance Group (Chicago) LLC
NCM Brookstone Stores Georgia, LLC
Puerto Libre Int. SA
Lojas Francas de Portugal S.A.
Purchase of services from
Nuance Group (Chicago) LLC
Lojas Francas de Portugal S.A.
Nuance Basel LLC (Sochi)
Puerto Libre Int. SA
Nuance Group (Chicago) LLC
NCM Brookstone Stores Georgia, LLC
Dufry Thomas Julie Korea CO. Ltd
QA HMSHost LLC
CaresQuick nv
Accounts payables at December 31
Lojas Francas de Portugal S.A.
Nuance Group (Chicago) LLC
NCM Brookstone Stores Georgia, LLC
Accounts receivables at December 31
1.3
2.3
1.1
0.2
1.3
–
0.1
0.1
0.5
1.1
0.3
0.1
–
–
–
–
0.3
0.1
1.6
0.9
7.2
0.8
0.5
–
0.7
0.3
2.7
–
0.7
0.2
0.8
15.3
–
–
–
0.5
0.3
0.1
0.1
0.5
(0.1)
1.6
1.1
–
2.5
1.0
–
–
–
1.6
1.1
0.6
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Deloitte AG
Pfingstweidstrasse 11
8005 Zürich
Schweiz
Phone: +41 (0)58 279 60 00
Fax: +41 (0)58 279 66 00
www.deloitte.ch
How the scope of our audit responded to the key audit matterWe obtained an understanding of management’s process and control activities over the evaluation of goodwill for potential impair-ment, including the review of management’s judgment in allocating goodwill to the operating segments, the review of significant assumptions used in the impairment test and the review of the impairment models.We involved valuation specialists to assess the appropriateness of the mathematical integrity and valuation methodology used in the impairment tests.We evaluated the projected sales growth rates used in the cash flow projections during the forecast period and the terminal growth rate assumptions. In addition, we performed lookback analyses to assess historical sales and expenses against the Group’s assump-tions. We independently determined the weighted average cost of capital (WACC) and compared them against management’s assump-tions, with the support of our valuation specialists.We evaluated the Group’s sensitivity analysis by performing an independent analysis using management’s models. We assessed the adequacy of impairment related disclosures in the consolidated financial statements, including the key assump-tions used and the completeness and accuracy of sensitivities disclosed. Based on the procedures performed above, we obtained sufficient audit evidence to address the valuation risk of goodwill.Valuation of concession right intangibles and right-of-use assetsKey Audit MatterThe Group’s consolidated statement of financial position includes concession right intangibles in the amount of CHF 1,699.3 mil-lion (2022: CHF 1,170.4 million) and right-of-use assets with definite useful lives in the amount of CHF 7,237.0 million (2022: CHF 2,567.8 million). As at December 31, 2023, management recorded an impairment charge of CHF 16.0 million for concession right intangibles and right-of-use assets and a reversal of impairment of CHF 44.5 million from concession right intangibles and right-of-use assets (2022: CHF 47.9 million and CHF 66.0 million, respectively).The accounting policies regarding concession right intangibles and right-of-use assets applied by the Group are explained in the notes to the consolidated financial statements in sections 3.3n, 3.3p and 3.3r. As detailed in Note 4, 10, 17, 18 and 19 to the consoli-dated financial statements, the Group assesses at each reporting date whether there are indicators of impairment. When such in-dicators are identified, the carrying value of the respective cash generating unit, to which the respective concession right intangi-bles and right-of-use assets belong to, are tested for impairment. The evaluation of concession rights and right-of-use assets for potential impairment involves a complex analysis driven by signifi-cant assumptions. Risks presented in the quantitative assessment include significant assumptions such as discount rates and sa-les growth values. Given the high level of judgment and complexity of the estimations with regards to these rates, combined with the significance of the recognized amounts to the financial statements as a whole, we assessed management’s estimates made in relation to discount rates and sales growth rates to be a key audit matter.How the scope of our audit responded to the key audit matterWe obtained an understanding of management’s process and control activities over the evaluation of potential impairment, inclu-ding the controls in relation to the review of management’s judgment in the identification of impairment indicators, the review of key assumptions used in the impairment test and the review of the impairment models.We independently evaluated whether there are any impairment indicators for concession right intangibles and right-of-use assets. For those cash generating units for which there were impairment indicators identified, we performed procedures to assess the ap-propriateness of the mathematical integrity and valuation methodology used in the impairment tests, with the support of our va-luation specialists. To the General Meeting ofAvolta AG (formerly Dufry AG), BaselBasel, March 6, 2024Report on the Audit of the Consolidated Financial Statements OpinionWe have audited the consolidated financial statements of Avolta AG (the Company) and its subsidiaries (the Group), which com-prise the consolidated statement of financial position as at December 31, 2023, and the consolidated statement of profit or loss, the consolidated statement of other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of ma-terial accounting policies.In our opinion, the accompanying consolidated financial statements (pages 156 to 251), give a true and fair view of the consolidated financial position of the Group as at 31 December 2023 and of its consolidated financial performance and its consolidated cash flow for the year then ended in accordance with IFRS Accounting Standards and comply with Swiss law.Basis for OpinionWe conducted our audit in accordance with Swiss law, the International Standards on Auditing (ISA) and Swiss Standards on Audi-ting (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor‘s Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are independent of the Group in accordance with the provisions of Swiss law, together with the requirements of the Swiss audit profession, as well as those of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Indepen-dence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Goodwill ValuationKey Audit MatterThe Group’s consolidated statement of financial position includes goodwill of CHF 2,978.6 million (2022: 2,272.2 million). As at De-cember 31, 2023, management concluded that the estimated recoverable amount of goodwill of each of the Group’s segments ex-ceeded their carrying amounts.The accounting policies regarding goodwill applied by the Group are explained in the notes to the consolidated financial statements in sections 3.3a and 3.3r. As detailed in Note 4, 10, 18 and 19 to the consolidated financial statements, the level at which goodwill is monitored and tested annually for impairment is the Group’s segments. The Group management focuses on the regional performance of its operations. Key metrics used by management in assessing performance are measured at the operating segment. The evaluation of goodwill for potential impairment involves a complex analysis driven by significant assumptions. Risks presented in the quantitative assessment include significant assumptions such as discount rates and sales growth values. Given the high le-vel of judgment and complexity of the estimations with regards to these rates, combined with the significance of the recognized amounts to the consolidated financial statements as a whole, we assessed Group management’s estimates made in relation to dis-count rates and sales growth rates to be a key audit matter. Annual Report
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Deloitte AG
Pfingstweidstrasse 11
8005 Zürich
Schweiz
Phone: +41 (0)58 279 60 00
Fax: +41 (0)58 279 66 00
www.deloitte.ch
How the scope of our audit responded to the key audit matterWe obtained an understanding of management’s process and control activities over the evaluation of goodwill for potential impair-ment, including the review of management’s judgment in allocating goodwill to the operating segments, the review of significant assumptions used in the impairment test and the review of the impairment models.We involved valuation specialists to assess the appropriateness of the mathematical integrity and valuation methodology used in the impairment tests.We evaluated the projected sales growth rates used in the cash flow projections during the forecast period and the terminal growth rate assumptions. In addition, we performed lookback analyses to assess historical sales and expenses against the Group’s assump-tions. We independently determined the weighted average cost of capital (WACC) and compared them against management’s assump-tions, with the support of our valuation specialists.We evaluated the Group’s sensitivity analysis by performing an independent analysis using management’s models. We assessed the adequacy of impairment related disclosures in the consolidated financial statements, including the key assump-tions used and the completeness and accuracy of sensitivities disclosed. Based on the procedures performed above, we obtained sufficient audit evidence to address the valuation risk of goodwill.Valuation of concession right intangibles and right-of-use assetsKey Audit MatterThe Group’s consolidated statement of financial position includes concession right intangibles in the amount of CHF 1,699.3 mil-lion (2022: CHF 1,170.4 million) and right-of-use assets with definite useful lives in the amount of CHF 7,237.0 million (2022: CHF 2,567.8 million). As at December 31, 2023, management recorded an impairment charge of CHF 16.0 million for concession right intangibles and right-of-use assets and a reversal of impairment of CHF 44.5 million from concession right intangibles and right-of-use assets (2022: CHF 47.9 million and CHF 66.0 million, respectively).The accounting policies regarding concession right intangibles and right-of-use assets applied by the Group are explained in the notes to the consolidated financial statements in sections 3.3n, 3.3p and 3.3r. As detailed in Note 4, 10, 17, 18 and 19 to the consoli-dated financial statements, the Group assesses at each reporting date whether there are indicators of impairment. When such in-dicators are identified, the carrying value of the respective cash generating unit, to which the respective concession right intangi-bles and right-of-use assets belong to, are tested for impairment. The evaluation of concession rights and right-of-use assets for potential impairment involves a complex analysis driven by signifi-cant assumptions. Risks presented in the quantitative assessment include significant assumptions such as discount rates and sa-les growth values. Given the high level of judgment and complexity of the estimations with regards to these rates, combined with the significance of the recognized amounts to the financial statements as a whole, we assessed management’s estimates made in relation to discount rates and sales growth rates to be a key audit matter.How the scope of our audit responded to the key audit matterWe obtained an understanding of management’s process and control activities over the evaluation of potential impairment, inclu-ding the controls in relation to the review of management’s judgment in the identification of impairment indicators, the review of key assumptions used in the impairment test and the review of the impairment models.We independently evaluated whether there are any impairment indicators for concession right intangibles and right-of-use assets. For those cash generating units for which there were impairment indicators identified, we performed procedures to assess the ap-propriateness of the mathematical integrity and valuation methodology used in the impairment tests, with the support of our va-luation specialists. To the General Meeting ofAvolta AG (formerly Dufry AG), BaselBasel, March 6, 2024Report on the Audit of the Consolidated Financial Statements OpinionWe have audited the consolidated financial statements of Avolta AG (the Company) and its subsidiaries (the Group), which com-prise the consolidated statement of financial position as at December 31, 2023, and the consolidated statement of profit or loss, the consolidated statement of other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of ma-terial accounting policies.In our opinion, the accompanying consolidated financial statements (pages 156 to 251), give a true and fair view of the consolidated financial position of the Group as at 31 December 2023 and of its consolidated financial performance and its consolidated cash flow for the year then ended in accordance with IFRS Accounting Standards and comply with Swiss law.Basis for OpinionWe conducted our audit in accordance with Swiss law, the International Standards on Auditing (ISA) and Swiss Standards on Audi-ting (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor‘s Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are independent of the Group in accordance with the provisions of Swiss law, together with the requirements of the Swiss audit profession, as well as those of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Indepen-dence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Goodwill ValuationKey Audit MatterThe Group’s consolidated statement of financial position includes goodwill of CHF 2,978.6 million (2022: 2,272.2 million). As at De-cember 31, 2023, management concluded that the estimated recoverable amount of goodwill of each of the Group’s segments ex-ceeded their carrying amounts.The accounting policies regarding goodwill applied by the Group are explained in the notes to the consolidated financial statements in sections 3.3a and 3.3r. As detailed in Note 4, 10, 18 and 19 to the consolidated financial statements, the level at which goodwill is monitored and tested annually for impairment is the Group’s segments. The Group management focuses on the regional performance of its operations. Key metrics used by management in assessing performance are measured at the operating segment. The evaluation of goodwill for potential impairment involves a complex analysis driven by significant assumptions. Risks presented in the quantitative assessment include significant assumptions such as discount rates and sales growth values. Given the high le-vel of judgment and complexity of the estimations with regards to these rates, combined with the significance of the recognized amounts to the consolidated financial statements as a whole, we assessed Group management’s estimates made in relation to dis-count rates and sales growth rates to be a key audit matter. Annual Report
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Other InformationThe Board of Directors is responsible for the other information. The other information comprises the information included in the an-nual report, but does not include the consolidated financial statements, the standalone financial statements and our auditor’s re-ports thereon.Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of as-surance conclusion thereon.In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in do-ing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our know-ledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requi-red to report that fact. We have nothing to report in this regard.Board of Directors’ Responsibilities for the Consolidated Financial StatementsThe Board of Directors is responsible for the preparation of the consolidated financial statements, which give a true and fair view in accordance with IFRS Accounting Standards and the provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to conti-nue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accoun-ting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.Auditor‘s Responsibilities for the Audit of the Consolidated Financial StatementsOur objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assu-rance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law, ISA and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ba-sis of these consolidated financial statements.Report on Other Legal and Regulatory RequirementsIn accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of the consolidated financial statements according to the instructions of the Board of Directors.We recommend that the consolidated financial statements submitted to you be approved.Deloitte AG Andreas Bodenmann Fabian HellLicensed audit expert Licensed audit expertWe performed analyses over the projected sales growth rates used in the cash flow projections during the forecast period. In ad-dition, we performed lookback analyses to assess historical sales and expenses against the Group’s assumptions. In addition, we tested on a sample basis the variable and fixed lease payments against contractual agreements.We independently determined the weighted average cost of capital (WACC) and compared them against management’s assump-tions, with the support of our valuation specialists.We evaluated the Group’s sensitivity analysis by performing an independent analysis using management’s models. We assessed the adequacy of impairment related disclosures in the consolidated financial statements, including the key assump-tions used and the completeness and accuracy of sensitivities disclosed.Based on the procedures performed above, we obtained sufficient audit evidence to address the risk of valuation of concession right intangibles and right-of-use assets.Purchase Price Allocation for the business combination of Autogrill S.p.A.Key Audit MatterThe assets, liabilities and contingent liabilities acquired of the business combination with Autogrill S.p.A. were stated at their fair va-lues, which were determined in the course of the purchase price allocation and fair value determination.This results in net assets measured at fair value in the amount of CHF 772.9 million as of the date of the acquisition. Management has the discretion to make judgments, estimates and assumptions in allocating the purchase price and determining the fair value. Changes in these assumptions could have a significant effect on the purchase price allocation and fair values.The judgments and estimates are driven by significant assumptions. Risks presented in the quantitative assessment include signi-ficant assumptions such as discount rates and sales growth values. Given the high level of judgment and complexity of the estima-tions with regards to these assumptions, combined with the significance of the recognized amounts to the consolidated financial statements as a whole, we assessed management’s estimates made in relation to discount rates and sales growth rates to be a key audit matter.How the scope of our audit responded to the key audit matterWe obtained an understanding of management’s process and controls over the acquisition accounting, including the due diligence procedures and review of valuation reports.We obtained the underlying documentation, terms and conditions of the transaction and assessed the accounting treatment of the consideration transferred and the assets and liabilities acquired in accordance with IFRS 3 ‚Business Combinations’.We performed a risk assessment over the assets acquired and liabilities assumed to determine the nature and extent of further pro-cedures and performed opening balance sheet testing for selected acquired assets and liabilities.Together with our valuation specialists we audited the Group‘s valuations and assessed the methodology used to determine the as-sets acquired and liabilities assumed, in particular the methodologies and discount rates as key assumptions, used in the valuation of the acquired business, and a reconciliation of the key inputs used in the fair value measurement.We tested the assumptions over the projected sales growth rates used in the cash flow projections during the forecast period. In addition, we performed lookback analyses to assess historical sales and expenses against the Group’s assumptions.We assessed the adequacy of related disclosures in note 6.1 and 6.2.Based on the procedures performed above, we obtained sufficient audit evidence to address the risk related to the purchase price allocation. Annual Report
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Other InformationThe Board of Directors is responsible for the other information. The other information comprises the information included in the an-nual report, but does not include the consolidated financial statements, the standalone financial statements and our auditor’s re-ports thereon.Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of as-surance conclusion thereon.In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in do-ing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our know-ledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requi-red to report that fact. We have nothing to report in this regard.Board of Directors’ Responsibilities for the Consolidated Financial StatementsThe Board of Directors is responsible for the preparation of the consolidated financial statements, which give a true and fair view in accordance with IFRS Accounting Standards and the provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to conti-nue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accoun-ting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.Auditor‘s Responsibilities for the Audit of the Consolidated Financial StatementsOur objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assu-rance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law, ISA and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ba-sis of these consolidated financial statements.Report on Other Legal and Regulatory RequirementsIn accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of the consolidated financial statements according to the instructions of the Board of Directors.We recommend that the consolidated financial statements submitted to you be approved.Deloitte AG Andreas Bodenmann Fabian HellLicensed audit expert Licensed audit expertWe performed analyses over the projected sales growth rates used in the cash flow projections during the forecast period. In ad-dition, we performed lookback analyses to assess historical sales and expenses against the Group’s assumptions. In addition, we tested on a sample basis the variable and fixed lease payments against contractual agreements.We independently determined the weighted average cost of capital (WACC) and compared them against management’s assump-tions, with the support of our valuation specialists.We evaluated the Group’s sensitivity analysis by performing an independent analysis using management’s models. We assessed the adequacy of impairment related disclosures in the consolidated financial statements, including the key assump-tions used and the completeness and accuracy of sensitivities disclosed.Based on the procedures performed above, we obtained sufficient audit evidence to address the risk of valuation of concession right intangibles and right-of-use assets.Purchase Price Allocation for the business combination of Autogrill S.p.A.Key Audit MatterThe assets, liabilities and contingent liabilities acquired of the business combination with Autogrill S.p.A. were stated at their fair va-lues, which were determined in the course of the purchase price allocation and fair value determination.This results in net assets measured at fair value in the amount of CHF 772.9 million as of the date of the acquisition. Management has the discretion to make judgments, estimates and assumptions in allocating the purchase price and determining the fair value. Changes in these assumptions could have a significant effect on the purchase price allocation and fair values.The judgments and estimates are driven by significant assumptions. Risks presented in the quantitative assessment include signi-ficant assumptions such as discount rates and sales growth values. Given the high level of judgment and complexity of the estima-tions with regards to these assumptions, combined with the significance of the recognized amounts to the consolidated financial statements as a whole, we assessed management’s estimates made in relation to discount rates and sales growth rates to be a key audit matter.How the scope of our audit responded to the key audit matterWe obtained an understanding of management’s process and controls over the acquisition accounting, including the due diligence procedures and review of valuation reports.We obtained the underlying documentation, terms and conditions of the transaction and assessed the accounting treatment of the consideration transferred and the assets and liabilities acquired in accordance with IFRS 3 ‚Business Combinations’.We performed a risk assessment over the assets acquired and liabilities assumed to determine the nature and extent of further pro-cedures and performed opening balance sheet testing for selected acquired assets and liabilities.Together with our valuation specialists we audited the Group‘s valuations and assessed the methodology used to determine the as-sets acquired and liabilities assumed, in particular the methodologies and discount rates as key assumptions, used in the valuation of the acquired business, and a reconciliation of the key inputs used in the fair value measurement.We tested the assumptions over the projected sales growth rates used in the cash flow projections during the forecast period. In addition, we performed lookback analyses to assess historical sales and expenses against the Group’s assumptions.We assessed the adequacy of related disclosures in note 6.1 and 6.2.Based on the procedures performed above, we obtained sufficient audit evidence to address the risk related to the purchase price allocation. Annual Report
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Statement of
profit or loss
for the year ended December 31, 2023
In thousands of CHF
Finance income
Other income
Total income
Personnel expenses
General and administrative expenses
Management fee expenses
Reversal of impairment
Finance expenses
Taxes
Total expenses
(Loss) / Profit for the year
Note
2023
2022
In thousands of CHF
Note
31.12.2023
31.12.2022
8
7
23,699
10
23,709
(44,533)
(19,548)
(7,333)
–
(968)
(1,970)
(74,352)
(50,643)
26,571
21
26,592
(18,149)
(11,361)
(7,107)
44,114
(166)
(1,139)
6,192
32,784
Statement of
financial position
at December 31, 2023
Assets
Cash and cash equivalents
Current receivables third parties
Current receivables subsidiaries
Loans to subsidiaries
Current assets
Investments in subsidiaries
Non-current assets
Total assets
Liabilities and shareholders' equity
Current interest bearing liabilities
Current liabilities third parties
Current liabilities participants and bodies
Current liabilities subsidiaries
Deferred income and accrued expenses
Current liabilities
Total liabilities
Share capital
Legal capital reserves
Legal retained earnings
Other legal reserves
Voluntary retained earnings
Results carried forward
(Loss) / profit for the year
Treasury shares
Total shareholders' equity
Reserve from capital contribution
Reserve from capital contribution for own shares held at subsidiaries
76,910
478
4,334
691,000
772,722
5,373,761
5,373,761
6,146,483
649
2,732
–
1,781
72,764
77,926
77,926
906
64
2,313
775,000
778,283
2,824,339
2,824,339
3,602,622
965
1,118
70
1,094
21,561
24,808
24,808
763,071
453,985
6,851,002
1,698
4,551,169
1,698
5,927
5,927
(1,413,402)
(50,643)
(89,096)
6,068,557
(1,446,186)
32,784
(21,563)
3,577,814
3
5.1
5.1
14
14
6
Total liabilities and shareholders' equity
6,146,483
3,602,622
Statement of
profit or loss
for the year ended December 31, 2023
In thousands of CHF
Finance income
Other income
Total income
Personnel expenses
General and administrative expenses
Management fee expenses
Reversal of impairment
Finance expenses
Taxes
Total expenses
(Loss) / Profit for the year
8
7
23,699
10
23,709
(44,533)
(19,548)
(7,333)
–
(968)
(1,970)
(74,352)
(50,643)
26,571
21
26,592
(18,149)
(11,361)
(7,107)
44,114
(166)
(1,139)
6,192
32,784
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Statement of
financial position
at December 31, 2023
Note
2023
2022
In thousands of CHF
Note
31.12.2023
31.12.2022
Assets
Cash and cash equivalents
Current receivables third parties
Current receivables subsidiaries
Loans to subsidiaries
Current assets
Investments in subsidiaries
Non-current assets
Total assets
Liabilities and shareholders' equity
Current interest bearing liabilities
Current liabilities third parties
Current liabilities participants and bodies
Current liabilities subsidiaries
Deferred income and accrued expenses
Current liabilities
Total liabilities
Share capital
Legal capital reserves
Reserve from capital contribution
Reserve from capital contribution for own shares held at subsidiaries
Legal retained earnings
Other legal reserves
Voluntary retained earnings
Results carried forward
(Loss) / profit for the year
Treasury shares
Total shareholders' equity
76,910
478
4,334
691,000
772,722
5,373,761
5,373,761
6,146,483
649
2,732
–
1,781
72,764
77,926
77,926
906
64
2,313
775,000
778,283
2,824,339
2,824,339
3,602,622
965
1,118
70
1,094
21,561
24,808
24,808
763,071
453,985
6,851,002
1,698
4,551,169
1,698
5,927
5,927
(1,413,402)
(50,643)
(89,096)
6,068,557
(1,446,186)
32,784
(21,563)
3,577,814
3
5.1
5.1
14
14
6
Total liabilities and shareholders' equity
6,146,483
3,602,622
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Notes to the
financial statements
1.
Corporate information
Avolta AG (the “Company”) is a publicly listed company. The shares of the Company are
listed on the Swiss Stock Exchange (SIX) in Zurich.
Avolta AG was incorporated in 1865 and is registered with the commercial register in
the canton of Basel Stadt, Switzerland. The Company has registered offices in Basel,
Brunngässlein 12.
Following the combination with Autogrill in February 2023, the company was renamed
from Dufry AG to Avolta AG to unify the combined business representing the compa-
ny’s broader scope and diversification. The shareholder resolved to change the com-
pany name of Dufry AG to Avolta AG and to amend article 1 of the Articles of Incorpora-
tion at the Extraordinary General Meeting of November 3, 2023.
2.
Accounting policies
2.1 Basis of preparation
We have prepared the statutory financial statements in accordance with the accounting
principles as set out in Art. 957 to Art. 963b of the Swiss Code of Obligations (“CO”).
Since the Consolidated financial statements have been prepared in accordance with
the International Financial Reporting Standards (“IFRS”), a recognized accounting stan-
dard, the Company has, in accordance with the CO, elected to forego presenting the
statement of cash flows, the additional disclosures and the management report other-
wise required by the CO. The financial statements may be influenced by the creation
and release of excess reserves.
All amounts are presented in Swiss francs (“CHF”), unless otherwise indicated.
Where not prescribed by law, the significant accounting and valuation principles applied
are described below.
The financial statements are prepared applying on a going concern basis.
2.2 Russia’s invasion of Ukraine
On February 24, 2022, the Russian Federation initiated a military attack on the Ukraine.
In Ukraine, the Avolta Group only has operations at the Airport in Odessa, which are sus-
pended due to the conflict since March 2022.
The Russian travel market has a very low significance for Avolta Group, since Avolta‘s
operations in Russia, operated through a local joint venture, only represents 0.8 % of the
2023 Group’s net sales (2022: 1.7 %).
However, any further deterioration of the economic situation in Russia or escalation in
the hostilities between Russia and Ukraine as well as any restrictions of Russian passen-
gers to national or international travel may adversely affect Avolta’s business, including
its operations in countries that have traditionally been popular with Russian tourists.
The Group cannot predict the outcome of the conflict but is monitoring the situation
very closely.
2.3 Summary of significant accounting policies
Investments in subsidiaries
Investments are held at historical cost. The Company reviews the carrying amount of
these investments annually, and if events and circumstances suggest that this amount
may not be recoverable, an impairment or impairment reversal is recognized in the
statement of profit or loss.
Treasury shares
statement of profit or loss.
Share-based payments
Treasury shares are recognized at acquisition cost and deducted from shareholders’
equity. Gains or losses arising out of the sale of treasury shares are recorded in the
The Company accrues personnel expenses related to share-based payment plans for
the respective period in deferred income and accrued liabilities. Any difference
between the share-based awards granted and the corresponding accrual created for
the plan will be recognized in the statement of profit or loss, when the shares are
assigned to the member of the share-based payment plans.
Current and non-current interest-bearing liabilities
Interest-bearing liabilities are recognized at their nominal value in the statement of
financial position.
Exchange rate differences
All assets and liabilities denominated in foreign currencies are translated into CHF using
year-end exchange rates, except investments in subsidiaries, which are recognized at
historical values. Net unrealized exchange losses are recognized in the statement of
profit or loss and net unrealized gains are deferred within accrued expenses. Realized
exchange gains or losses arising from business transactions denominated in foreign
currencies are recognized in the statement of profit or loss.
Notes to the
financial statements
1.
Corporate information
Avolta AG (the “Company”) is a publicly listed company. The shares of the Company are
listed on the Swiss Stock Exchange (SIX) in Zurich.
Avolta AG was incorporated in 1865 and is registered with the commercial register in
the canton of Basel Stadt, Switzerland. The Company has registered offices in Basel,
Brunngässlein 12.
Following the combination with Autogrill in February 2023, the company was renamed
from Dufry AG to Avolta AG to unify the combined business representing the compa-
ny’s broader scope and diversification. The shareholder resolved to change the com-
pany name of Dufry AG to Avolta AG and to amend article 1 of the Articles of Incorpora-
tion at the Extraordinary General Meeting of November 3, 2023.
2.
Accounting policies
2.1 Basis of preparation
We have prepared the statutory financial statements in accordance with the accounting
principles as set out in Art. 957 to Art. 963b of the Swiss Code of Obligations (“CO”).
Since the Consolidated financial statements have been prepared in accordance with
the International Financial Reporting Standards (“IFRS”), a recognized accounting stan-
dard, the Company has, in accordance with the CO, elected to forego presenting the
statement of cash flows, the additional disclosures and the management report other-
wise required by the CO. The financial statements may be influenced by the creation
and release of excess reserves.
All amounts are presented in Swiss francs (“CHF”), unless otherwise indicated.
Where not prescribed by law, the significant accounting and valuation principles applied
are described below.
The financial statements are prepared applying on a going concern basis.
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2.2 Russia’s invasion of Ukraine
On February 24, 2022, the Russian Federation initiated a military attack on the Ukraine.
In Ukraine, the Avolta Group only has operations at the Airport in Odessa, which are sus-
pended due to the conflict since March 2022.
The Russian travel market has a very low significance for Avolta Group, since Avolta‘s
operations in Russia, operated through a local joint venture, only represents 0.8 % of the
2023 Group’s net sales (2022: 1.7 %).
However, any further deterioration of the economic situation in Russia or escalation in
the hostilities between Russia and Ukraine as well as any restrictions of Russian passen-
gers to national or international travel may adversely affect Avolta’s business, including
its operations in countries that have traditionally been popular with Russian tourists.
The Group cannot predict the outcome of the conflict but is monitoring the situation
very closely.
2.3 Summary of significant accounting policies
Investments in subsidiaries
Investments are held at historical cost. The Company reviews the carrying amount of
these investments annually, and if events and circumstances suggest that this amount
may not be recoverable, an impairment or impairment reversal is recognized in the
statement of profit or loss.
Treasury shares
Treasury shares are recognized at acquisition cost and deducted from shareholders’
equity. Gains or losses arising out of the sale of treasury shares are recorded in the
statement of profit or loss.
Share-based payments
The Company accrues personnel expenses related to share-based payment plans for
the respective period in deferred income and accrued liabilities. Any difference
between the share-based awards granted and the corresponding accrual created for
the plan will be recognized in the statement of profit or loss, when the shares are
assigned to the member of the share-based payment plans.
Current and non-current interest-bearing liabilities
Interest-bearing liabilities are recognized at their nominal value in the statement of
financial position.
Exchange rate differences
All assets and liabilities denominated in foreign currencies are translated into CHF using
year-end exchange rates, except investments in subsidiaries, which are recognized at
historical values. Net unrealized exchange losses are recognized in the statement of
profit or loss and net unrealized gains are deferred within accrued expenses. Realized
exchange gains or losses arising from business transactions denominated in foreign
currencies are recognized in the statement of profit or loss.
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3.
Direct subsidiaries
Share capital and
voting rights
Share capital
Currency
In thousands
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Dufry International AG, Switzerland
Dufry Corporate AG, Switzerland
Dufry Holdings & Investments AG, Switzerland
100%
100%
100%
100%
100%
100%
1,000
100
1,000
1,000
100
1,000
CHF
CHF
CHF
4.
Significant shareholders’ participation
In percentage (%) of outstanding registered shares
31.12.2023
31.12.2022
Edizione S.p.A.
Advent International Corporation
Compagnie Financiere Rupert
State of Qatar
Alibaba Group Holding Limited
BlackRock, Inc.
22.17%
8.72%
4.94%
4.49%
4.87%
3.41%
0.00%
10.10%
5.00%
6.91%
5.40%
0.00%
Reclass from reserve from capital contribution for own shares held at
5.2 Conditional share capital
5.
Share capital
5.1 Ordinary shares
In thousands of CHF
Balance at January 1, 2022
subsidiaries
Balance at December 31, 2022
Increase of share capital
Balance at December 31, 2023
Balance at January 1, 2022
Increase of conditional share capital
Balance at December 31, 2022
Decrease of conditional share capital
Increase of conditional share capital
Conversion of mandatory convertible bonds
Balance at December 31, 2023
In
In
Balance at January 1, 2022
Increase of authorized share capital
Balance at December 31, 2022
Balance at May 08, 2023
Issued out of capital range at May 22, 2023
Issued out of capital range at June 7, 2023
Issued out of capital range at July 6, 2023
Issued out of capital range at July 24, 2023
Balance at December 31, 2023
5.3 Capital Band (formerly authorized capital)
Number of shares
Share capital
bution
Reserve from capital contri-
90,797,007
453,985
4,552,310
–
90,797,007
61,817,244
152,614,251
–
453,985
309,086
763,071
(1,141)
4,551,169
2,299,833
6,851,002
Shares
CHF
9,079,700
45,398,500
30,663,329
39,743,029
(30,663,329)
45,398,503
(2,092,113)
52,386,090
153,316,645
198,715,145
(153,316,645)
226,992,515
(10,460,565)
261,930,450
Shares
Nominal value in CHF
–
–
45,398,503
45,398,503
226,992,515
226,992,515
45,398,503
226,992,515
(22,133,293)
(4,393,587)
(410,471)
(2,124,451)
16,336,701
(110,666,465)
(21,967,935)
(2,052,355)
(10,622,255)
81,683,505
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3.
Direct subsidiaries
Share capital and
voting rights
Share capital
Currency
In thousands
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Dufry International AG, Switzerland
Dufry Corporate AG, Switzerland
Dufry Holdings & Investments AG, Switzerland
100%
100%
100%
100%
100%
100%
1,000
100
1,000
1,000
100
1,000
CHF
CHF
CHF
4.
Significant shareholders’ participation
In percentage (%) of outstanding registered shares
31.12.2023
31.12.2022
Edizione S.p.A.
Advent International Corporation
Compagnie Financiere Rupert
State of Qatar
BlackRock, Inc.
Alibaba Group Holding Limited
22.17%
8.72%
4.94%
4.49%
4.87%
3.41%
0.00%
10.10%
5.00%
6.91%
5.40%
0.00%
5.
Share capital
5.1 Ordinary shares
In thousands of CHF
Balance at January 1, 2022
Reclass from reserve from capital contribution for own shares held at
subsidiaries
Balance at December 31, 2022
Increase of share capital
Balance at December 31, 2023
5.2 Conditional share capital
In
Balance at January 1, 2022
Increase of conditional share capital
Balance at December 31, 2022
Decrease of conditional share capital
Increase of conditional share capital
Conversion of mandatory convertible bonds
Balance at December 31, 2023
Number of shares
Share capital
Reserve from capital contri-
bution
90,797,007
453,985
4,552,310
–
90,797,007
61,817,244
152,614,251
–
453,985
309,086
763,071
(1,141)
4,551,169
2,299,833
6,851,002
Shares
CHF
9,079,700
45,398,500
30,663,329
39,743,029
(30,663,329)
45,398,503
(2,092,113)
52,386,090
153,316,645
198,715,145
(153,316,645)
226,992,515
(10,460,565)
261,930,450
Shares
Nominal value in CHF
–
–
45,398,503
45,398,503
226,992,515
226,992,515
45,398,503
226,992,515
(22,133,293)
(4,393,587)
(410,471)
(2,124,451)
16,336,701
(110,666,465)
(21,967,935)
(2,052,355)
(10,622,255)
81,683,505
5.3 Capital Band (formerly authorized capital)
In
Balance at January 1, 2022
Increase of authorized share capital
Balance at December 31, 2022
Balance at May 08, 2023
Issued out of capital range at May 22, 2023
Issued out of capital range at June 7, 2023
Issued out of capital range at July 6, 2023
Issued out of capital range at July 24, 2023
Balance at December 31, 2023
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6.
Treasury shares
In thousands of
Balance at January 1, 2022
Purchased shares
Balance at December 31, 2022
Returned shares 1
Purchased shares
Balance at December 31, 2023
1
Related to a past business combination.
2 Direct and indirect.
7.
Impairment of investments in subsidiaries
Avolta AG has reviewed the valuation of its investments in Dufry International AG and
Dufry Holdings & Investments AG. Based on the assessment performed, the Company
did not recognize a need for impairment (2022 reversal of impairment: CHF 44.1 million).
8.
Personnel expenses
The personnel expenses correspond to the remuneration of selected members of the
senior management.
Avolta AG employed less than 10 employees in 2023 and 2022.
9. Guarantee commitment regarding Swiss value
added tax (VAT)
The Company belongs to the Swiss value added tax (VAT) group of Dufry Interna-
tional AG, and thus carries joint liability to the Swiss federal tax administration for VAT.
Members of the VAT group as of December 31, 2023, are:
AVOLTA Participations AG
DUFRY International AG
DUFRY Samnaun AG
DUFRY Russia Holding AG
DUFRY Trading AG
DUFRY Basel Mulhouse AG
DUFRY Corporate AG
DUFRY Holdings & Investments AG
AVOLTA AG
DUFRY Altay AG
The Nuance Group AG
Shares 2
11,281
600,000
611,281
804,728
800,000
2,216,009
CHF
(1,300)
(21,563)
(22,863)
(34,129)
(33,404)
(90,396)
10. Contingent liabilities
The Company jointly and severally with Dufry International AG and Dufry Financial Ser-
vices B. V. guaranteed the following credit facilities:
In millions of
Maturity
Coupon rate
Currency
currency
CHF
Nominal amount in
Drawn amount in
Main bank credit facilities
Committed revolving credit facility
20.12.2027
EUR
2,750.0
Subtotal
Senior notes
Senior notes
Senior notes
Senior notes
Senior notes
Convertible notes
Subtotal
Guarantee facility
Uncommitted guarantee facility
Subtotal
At December 31, 2023
Main bank credit facilities
Committed revolving credit facility
Subtotal
Senior notes
Senior notes
Senior notes
Senior notes
Senior notes
Convertible notes
Mandatory convertible notes
Subtotal
Guarantee facility
Uncommitted guarantee facility
Subtotal
At December 31, 2022
15.04.2028
15.04.2026
15.10.2024
15.02.2027
30.03.2026
3.38%
3.63%
2.50%
2.00%
0.75%
EUR
CHF
EUR
EUR
CHF
725.0
300.0
800.0
750.0
500.0
n / a
EUR
49.0
20.12.2027
EUR
2,085.0
15.04.2028
15.04.2026
15.10.2024
15.02.2027
30.03.2026
18.11.2023
3.38%
3.63%
2.50%
2.00%
0.75%
4.10%
EUR
CHF
EUR
EUR
CHF
CHF
725.0
300.0
800.0
750.0
500.0
69.5
n / a
EUR
49.0
357.8
357.8
673.4
300.0
743.0
696.6
500.0
2,913.0
45.5
45.5
3,316.3
409.5
409.5
717.5
300.0
791.7
742.2
500.0
–
3,051.3
48.5
48.5
3,509.3
In millions of
Maturity
Coupon rate
Currency
currency
CHF
Nominal amount in
Drawn amount in
There were no assets pledged as of December 31, 2023 and 2022.
6.
Treasury shares
In thousands of
Balance at January 1, 2022
Purchased shares
Balance at December 31, 2022
Returned shares 1
Purchased shares
Balance at December 31, 2023
1
Related to a past business combination.
2 Direct and indirect.
Shares 2
11,281
600,000
611,281
804,728
800,000
2,216,009
CHF
(1,300)
(21,563)
(22,863)
(34,129)
(33,404)
(90,396)
7.
Impairment of investments in subsidiaries
Avolta AG has reviewed the valuation of its investments in Dufry International AG and
Dufry Holdings & Investments AG. Based on the assessment performed, the Company
did not recognize a need for impairment (2022 reversal of impairment: CHF 44.1 million).
8.
Personnel expenses
The personnel expenses correspond to the remuneration of selected members of the
senior management.
Avolta AG employed less than 10 employees in 2023 and 2022.
9. Guarantee commitment regarding Swiss value
added tax (VAT)
The Company belongs to the Swiss value added tax (VAT) group of Dufry Interna-
tional AG, and thus carries joint liability to the Swiss federal tax administration for VAT.
Members of the VAT group as of December 31, 2023, are:
AVOLTA Participations AG
DUFRY International AG
DUFRY Samnaun AG
DUFRY Russia Holding AG
DUFRY Trading AG
DUFRY Basel Mulhouse AG
DUFRY Corporate AG
DUFRY Holdings & Investments AG
AVOLTA AG
DUFRY Altay AG
The Nuance Group AG
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10. Contingent liabilities
The Company jointly and severally with Dufry International AG and Dufry Financial Ser-
vices B. V. guaranteed the following credit facilities:
In millions of
Maturity
Coupon rate
Currency
Nominal amount in
currency
Drawn amount in
CHF
Main bank credit facilities
Committed revolving credit facility
20.12.2027
EUR
2,750.0
Subtotal
Senior notes
Senior notes
Senior notes
Senior notes
Senior notes
Convertible notes
Subtotal
Guarantee facility
Uncommitted guarantee facility
Subtotal
At December 31, 2023
15.04.2028
15.04.2026
15.10.2024
15.02.2027
30.03.2026
3.38%
3.63%
2.50%
2.00%
0.75%
EUR
CHF
EUR
EUR
CHF
725.0
300.0
800.0
750.0
500.0
n / a
EUR
49.0
357.8
357.8
673.4
300.0
743.0
696.6
500.0
2,913.0
45.5
45.5
3,316.3
In millions of
Maturity
Coupon rate
Currency
Nominal amount in
currency
Drawn amount in
CHF
Main bank credit facilities
Committed revolving credit facility
Subtotal
Senior notes
Senior notes
Senior notes
Senior notes
Senior notes
Convertible notes
Mandatory convertible notes
Subtotal
Guarantee facility
Uncommitted guarantee facility
Subtotal
At December 31, 2022
20.12.2027
EUR
2,085.0
15.04.2028
15.04.2026
15.10.2024
15.02.2027
30.03.2026
18.11.2023
3.38%
3.63%
2.50%
2.00%
0.75%
4.10%
EUR
CHF
EUR
EUR
CHF
CHF
725.0
300.0
800.0
750.0
500.0
69.5
n / a
EUR
49.0
409.5
409.5
717.5
300.0
791.7
742.2
500.0
–
3,051.3
48.5
48.5
3,509.3
There were no assets pledged as of December 31, 2023 and 2022.
12. Events after reporting date
No significant events occurred after 31 December 2023 up to 6 March 2024 that would
have a material impact on these financial statements.
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11.
Participations of the members of the Board of
Directors and the Global Executive Committee in
Avolta AG
The following members of the Board of Directors or of the Global Executive Committee
of Avolta AG (including related parties) held directly or indirectly shares of the Company
at December 31, 2023 and December 31, 2022 (members not listed do not hold any
shares or options):
In thousands of
Members of board of
directors
J.C. Torres Carretero, Chairman
H. Jo Min, Lead Independent
Director
L. Tyler-Cagni, Director
Total Board of Directors
Members of global
executive committee
X. Rossinyol, CEO
Y. Gerster, CFO
F. Cheung, President & CEO Asia
Pacific
S. Johnson, President & CEO North
America
L. Marin, President & CEO Europe,
Middle East and Africa
E. Urioste, President & CEO Latin
America
P. Duclos, Group General Counsel
C. Rossotto, Chief Public Affairs &
ESG Officer
V. Talwar, Chief Commercial &
Digital Officer
K. Volery, Chief People & Culture
Officer
Additional former
member of global
executive committee
E. Andrades, CEO Operations
A. Belardini, Chief Commercial
Officer
S. Branquinho, Chief Diversity &
Inclusion Officer
Total Global Executive Committee
31.12.2023
31.12.2022
Shares
Outstanding un-
vested PSU 1
Participation
Shares
Outstanding un-
vested PSU 1
Participation
637.1
0.7
3.6
641.4
81.8
8.7
–
–
10.8
–
–
–
–
–
n / a
n / a
n / a
101.3
–
–
–
–
208.5
70.3
16.6
26.4
68.8
16.0
74.7
16.9
23.4
14.4
n / a
n / a
n / a
535.9
0.42%
0.00%
0.00%
0.42%
0.19%
0.05%
0.01%
0.02%
0.05%
0.01%
0.05%
0.01%
0.02%
0.01%
n / a
n / a
n / a
0.42%
611.8
0.7
3.6
616.1
81.2
8.7
n / a
n / a
10.8
n / a
–
n / a
n / a
n / a
2.0
19.1
0.5
122.3
–
–
–
76.0
32.4
n / a
n / a
32.4
n / a
32.4
n / a
n / a
n / a
32.4
32.4
6.0
244.0
0.67%
0.00%
0.00%
0.68%
0.17%
0.05%
n/a
n/a
0.05%
n/a
0.04%
n/a
n/a
n/a
0.04%
0.06%
0.01%
0.40%
1
Outstanding unvested Performance Share Units (PSU) at target level.
None of the members of the Board of Directors or Global Executive Committee held any
options.
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12. Events after reporting date
No significant events occurred after 31 December 2023 up to 6 March 2024 that would
have a material impact on these financial statements.
11.
Participations of the members of the Board of
Directors and the Global Executive Committee in
Avolta AG
The following members of the Board of Directors or of the Global Executive Committee
of Avolta AG (including related parties) held directly or indirectly shares of the Company
at December 31, 2023 and December 31, 2022 (members not listed do not hold any
shares or options):
In thousands of
Members of board of
directors
J.C. Torres Carretero, Chairman
H. Jo Min, Lead Independent
Director
L. Tyler-Cagni, Director
Total Board of Directors
Members of global
executive committee
X. Rossinyol, CEO
Y. Gerster, CFO
F. Cheung, President & CEO Asia
Pacific
America
S. Johnson, President & CEO North
L. Marin, President & CEO Europe,
Middle East and Africa
E. Urioste, President & CEO Latin
America
P. Duclos, Group General Counsel
C. Rossotto, Chief Public Affairs &
ESG Officer
V. Talwar, Chief Commercial &
Digital Officer
K. Volery, Chief People & Culture
Officer
Additional former
member of global
executive committee
E. Andrades, CEO Operations
A. Belardini, Chief Commercial
Officer
S. Branquinho, Chief Diversity &
Inclusion Officer
Total Global Executive Committee
31.12.2023
31.12.2022
Shares
Outstanding un-
vested PSU 1
Participation
Shares
Participation
Outstanding un-
vested PSU 1
637.1
0.7
3.6
641.4
81.8
8.7
10.8
–
–
–
–
–
–
–
n / a
n / a
n / a
101.3
–
–
–
–
208.5
70.3
16.6
26.4
68.8
16.0
74.7
16.9
23.4
14.4
n / a
n / a
n / a
535.9
0.42%
0.00%
0.00%
0.42%
0.19%
0.05%
0.01%
0.02%
0.05%
0.01%
0.05%
0.01%
0.02%
0.01%
n / a
n / a
n / a
0.42%
611.8
0.7
3.6
616.1
81.2
8.7
n / a
n / a
10.8
n / a
–
n / a
n / a
n / a
2.0
19.1
0.5
122.3
–
–
–
76.0
32.4
n / a
n / a
32.4
n / a
32.4
n / a
n / a
n / a
32.4
32.4
6.0
244.0
0.67%
0.00%
0.00%
0.68%
0.17%
0.05%
n/a
n/a
0.05%
n/a
0.04%
n/a
n/a
n/a
0.04%
0.06%
0.01%
0.40%
1
Outstanding unvested Performance Share Units (PSU) at target level.
None of the members of the Board of Directors or Global Executive Committee held any
options.
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13. Material indirect subsidiaries
The table below lists the material subsidiaries of the Avolta Group, including all entities
which contribute more than 0.3 % of turnover and/or 0.3 % of total assets.
H = Holding/Finance
O = Operating D = Distribution Center
As of December 31, 2023
Location
Country
Type
Ownership
in %
Share capital in
thousands
Currency
As of December 31, 2023
Location
Country
Type
Ownership
in %
Share capital in
thousands
Currency
Europe, Middle East and Africa (EMEA)
ADF Shops CJSC
AC Restaurant&Hotel Beheer N.V
Autogrill Belgie N.V.
Dufry Sofia OOD
WDFG Helsinki Oy
Autogrill Coté France S.A.S.
Autogrill Deutschland GmbH
Le Crobag GmbH & Co KG
Hellenic Duty Free Shops S.A.
Autogrill Italia S.p.A.
Dufrital S.p.A.
Nuova Sidap S.r.l.
World Duty Free SpA
Yerevan
Antwerp
Antwerp
Sofia
Vantaa
Marseille
Munich
Hamburg
Athens
Novara
Milan
Novara
Novara
Aldeasa Jordan Airports Duty Free Shops Ltd
Amman
WDFG SAU, Kuwait Branch
Nuance Group (Malta) Ltd
Dufry Maroc Sarl
HMSHost Nederland B.V.
HorecaExploitatie Schiphol B.V
Dufry d.o.o. Belgrade
Sociedad de Distribucion Comercial
Aeroportuaria de Canarias SL
World Duty Free Group SAU
Nuance Group (Sverige) AB
Autogrill Schweiz AG
The Nuance Group AG
Urart Gumr. Magaza Isletm. ve
HMSHost UK, Limited
WDFG Ferries Limited
WDFG UK Limited
Dufry Sharjah FZC
Asia Pacific
Nuance Group (Australia) Pty L
The Nuance Group (HK) Ltd
The Nuance Group (Macau) Ltd
Armenia
Belgium
Belgium
Bulgaria
Finland
France
Germany
Germany
Greece
Italy
Italy
Italy
Italy
Jordan
Kuwait
Malta
Morocco
Netherlands
Netherlands
Serbia
Spain
Spain
Kuwait City
Luqa
Casablanca
Amsterdam
Amsterdam
Belgrade
Telde
Madrid
Stockholm
Sweden
Olten
Zurich
Antalya
London
London
London
Sharjah
Switzerland
Switzerland
Turkey
United Kingdom
United Kingdom
United Kingdom
Utd.Arab Emir.
Melbourne
Hong Kong
Macau
Australia
China
China
Autogrill VFS F&B Co. Ltd.
Ho Chi Minh City
Vietnam
O
O
O
O
O
O
O
O
O
O
O
O
H
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
100
100
100
80
100
100
100
100
100
100
60
100
100
100
100
52
80
100
100
100
60
100
100
100
100
100
100
100
100
50
100
100
100
70
553,825
3,250
8,756
2,500
3
31,580
205
905
397,535
68,688
466
200
63,720
500
2,383
2,795
2,500
–
45
6,603
717
19,831
100
23,183
1,001
1,728
217
50
360
150
210,000
–
50
104,462,000
AMD
EUR
EUR
BGN
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JOD
KWD
EUR
MAD
EUR
EUR
EUR
EUR
EUR
SEK
CHF
CHF
TRY
GBP
GBP
GBP
AED
AUD
HKD
MOP
VND
North America
HostInternational of Canada, Ltd
The Nuance Group (Canada) Inc.
WDFG Vancouver LP
Airport Management Services LL
HG BOS Duty Free JV
HG Logan Retailers JV
HMSHost Corporation
Host International, Inc.
HSI Honolulu JV Company
HSI MCA FLL FB, LLC
HSI MCA LBL LAX T6-TBIT, LLC
Hudson Group (HG) Inc.
Hudson Group (HG) Retail, LLC
Hudson Las Vegas JV Hudson New
Hudson News O'Hare JV
JFK Air Ventures II JV
Seattle Air Ventures
Stellar Partner Inc.
WDFG North America LLC
Latin America
Interbaires SA
Dufry do Brasil DF Shop Ltda
Dufry Lojas Francas Ltda
Aldeasa Chile, Ltda
Dufry Colombia S.A.S
Inversiones Tunc, SA
Dufry Jamaica Ltd.
Dufry Mexico SA de CV
Alliance Duty Free, LLC
Navinten SA
Global Distribution Centers
Vancouver
Toronto
Vancouver
Delaware
Boston
Boston
Delaware
Delaware
Honolulu
Delaware
Delaware
Delaware
Delaware
Las Vegas
Chicago
New York
Olympia
Tampa
Delaware
Canada
Canada
Canada
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
Buenos Aires
Argentina
Rio de Janeiro
Sao Paulo
Santiago de Chile
Brazil
Brazil
Chile
Bogota
Colombia
Santo Domingo
Dominican Rep.
St. James
Mexico City
San Juan
Jamaica
Mexico
Puerto Rico
Montevideo
Uruguay
Dufry Cruise Services, Inc.
Miami
USA
International Operations & Services (HK) Ltd
Hong Kong
Dufry International AG
Basel
Hong Kong
Switzerland
International Operations & Services (UY) S.A.
Montevideo
Uruguay
International Operations & Services (USA) LLC Miami
USA
Other companies
Dufry Financial Services B.V.
Dufry One B.V.
Eindhoven
Eindhoven
Netherlands
Netherlands
H/O
H/O
H/O
H/O
O
O
O
O
O
H
O
O
O
H
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
D
H
D
D
H
H
100
100
100
100
80
80
100
100
90
76
75
100
100
73
70
80
75
100
100
100
87
87
100
100
100
100
100
100
51
100
100
100
100
100
100
100
1,351
1,017
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
26
258,920
830,214
1,323,310
2,517
100,100
200
4,250
296,747
–
2
–
109,000
1,000
700
19,060
CAD
CAD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
ARS
BRL
BRL
USD
COP
DOP
JMD
MXN
USD
UYP
USD
HKD
CHF
UYU
USD
EUR
EUR
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13. Material indirect subsidiaries
The table below lists the material subsidiaries of the Avolta Group, including all entities
which contribute more than 0.3 % of turnover and/or 0.3 % of total assets.
H = Holding/Finance
O = Operating D = Distribution Center
Aldeasa Jordan Airports Duty Free Shops Ltd
Amman
Europe, Middle East and Africa (EMEA)
ADF Shops CJSC
AC Restaurant&Hotel Beheer N.V
Autogrill Belgie N.V.
Dufry Sofia OOD
WDFG Helsinki Oy
Autogrill Coté France S.A.S.
Autogrill Deutschland GmbH
Le Crobag GmbH & Co KG
Hellenic Duty Free Shops S.A.
Autogrill Italia S.p.A.
Dufrital S.p.A.
Nuova Sidap S.r.l.
World Duty Free SpA
WDFG SAU, Kuwait Branch
Nuance Group (Malta) Ltd
Dufry Maroc Sarl
HMSHost Nederland B.V.
HorecaExploitatie Schiphol B.V
Dufry d.o.o. Belgrade
Sociedad de Distribucion Comercial
Aeroportuaria de Canarias SL
World Duty Free Group SAU
Nuance Group (Sverige) AB
Autogrill Schweiz AG
The Nuance Group AG
Urart Gumr. Magaza Isletm. ve
HMSHost UK, Limited
WDFG Ferries Limited
WDFG UK Limited
Dufry Sharjah FZC
Asia Pacific
Nuance Group (Australia) Pty L
The Nuance Group (HK) Ltd
The Nuance Group (Macau) Ltd
Yerevan
Antwerp
Antwerp
Sofia
Vantaa
Marseille
Munich
Hamburg
Athens
Novara
Milan
Novara
Novara
Kuwait City
Luqa
Casablanca
Amsterdam
Amsterdam
Belgrade
Telde
Madrid
Olten
Zurich
Antalya
London
London
London
Sharjah
Armenia
Belgium
Belgium
Bulgaria
Finland
France
Germany
Germany
Greece
Italy
Italy
Italy
Italy
Jordan
Kuwait
Malta
Morocco
Netherlands
Netherlands
Serbia
Spain
Spain
Switzerland
Switzerland
Turkey
United Kingdom
United Kingdom
United Kingdom
Utd.Arab Emir.
Stockholm
Sweden
Autogrill VFS F&B Co. Ltd.
Ho Chi Minh City
Vietnam
Melbourne
Hong Kong
Macau
Australia
China
China
O
O
O
O
O
O
O
O
O
O
O
O
H
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
100
100
100
80
100
100
100
100
100
100
60
100
100
100
100
52
80
100
100
100
60
100
100
100
100
100
100
100
100
50
100
100
100
70
553,825
3,250
8,756
2,500
3
31,580
205
905
397,535
68,688
466
200
63,720
500
2,383
2,795
2,500
–
45
6,603
717
19,831
100
23,183
1,001
1,728
217
50
360
150
210,000
–
50
104,462,000
AMD
EUR
EUR
BGN
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JOD
KWD
EUR
MAD
EUR
EUR
EUR
EUR
EUR
SEK
CHF
CHF
TRY
GBP
GBP
GBP
AED
AUD
HKD
MOP
VND
As of December 31, 2023
Location
Country
Type
As of December 31, 2023
Location
Country
Ownership
in %
Share capital in
thousands
Currency
North America
HostInternational of Canada, Ltd
The Nuance Group (Canada) Inc.
WDFG Vancouver LP
Airport Management Services LL
HG BOS Duty Free JV
HG Logan Retailers JV
HMSHost Corporation
Host International, Inc.
HSI Honolulu JV Company
HSI MCA FLL FB, LLC
HSI MCA LBL LAX T6-TBIT, LLC
Hudson Group (HG) Inc.
Hudson Group (HG) Retail, LLC
Hudson Las Vegas JV Hudson New
Hudson News O'Hare JV
JFK Air Ventures II JV
Seattle Air Ventures
Stellar Partner Inc.
WDFG North America LLC
Latin America
Interbaires SA
Dufry do Brasil DF Shop Ltda
Dufry Lojas Francas Ltda
Aldeasa Chile, Ltda
Dufry Colombia S.A.S
Inversiones Tunc, SA
Dufry Jamaica Ltd.
Dufry Mexico SA de CV
Alliance Duty Free, LLC
Navinten SA
Vancouver
Toronto
Vancouver
Delaware
Boston
Boston
Delaware
Delaware
Honolulu
Delaware
Delaware
Delaware
Delaware
Las Vegas
Chicago
New York
Olympia
Tampa
Delaware
Canada
Canada
Canada
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
Buenos Aires
Argentina
Rio de Janeiro
Sao Paulo
Santiago de Chile
Brazil
Brazil
Chile
Bogota
Colombia
Santo Domingo
Dominican Rep.
St. James
Mexico City
San Juan
Jamaica
Mexico
Puerto Rico
Montevideo
Uruguay
Dufry Cruise Services, Inc.
Miami
USA
Global Distribution Centers
International Operations & Services (HK) Ltd
Hong Kong
Dufry International AG
Basel
Hong Kong
Switzerland
International Operations & Services (UY) S.A.
Montevideo
Uruguay
International Operations & Services (USA) LLC Miami
USA
Other companies
Dufry Financial Services B.V.
Dufry One B.V.
Eindhoven
Eindhoven
Netherlands
Netherlands
Type
O
O
O
H/O
O
O
H
H/O
O
O
O
H
H/O
O
O
O
O
O
H/O
O
O
O
O
O
O
O
O
O
O
O
D
H
D
D
H
H
Ownership
in %
Share capital in
thousands
Currency
100
100
100
100
80
80
100
100
90
76
75
100
100
73
70
80
75
100
100
100
87
87
100
100
100
100
100
100
51
100
100
100
100
100
100
100
1,351
1,017
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
26
–
258,920
830,214
1,323,310
2,517
100,100
200
–
4,250
2
296,747
–
109,000
1,000
700
19,060
–
–
CAD
CAD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
ARS
BRL
BRL
USD
COP
DOP
JMD
MXN
USD
UYP
USD
HKD
CHF
UYU
USD
EUR
EUR
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Proposed appropriation of retained earnings and capital distribution
In thousands of CHF
2023
2022
Proposed appropriation of retained earnings
Result carried forward
Profit /(Loss) for the year
Retained earnings at December 31
Proposed distribution out of retained earnings
Balance at beginning of the year
Dividends
Reclass from reserve from capital contribution for own shares held at subsidiaries
Reserve from capital contribution at December 31
(1,413,402)
(50,643)
(1,464,045)
4,551,169
(106,830)
–
4,444,339
(1,446,186)
32,784
(1,413,402)
4,552,310
–
(1,141)
4,551,169
Deloitte AG
Pfingstweidstrasse 11
8005 Zürich
Schweiz
Phone: +41 (0)58 279 60 00
Fax: +41 (0)58 279 66 00
www.deloitte.ch
To the General Meeting ofAvolta AG (formerly Dufry AG), BaselBasel, March 6, 2024Report on the Audit of the Financial Statements OpinionWe have audited the financial statements of Avolta AG (the Company), which comprise the statement of financial position as at December 31, 2023, the statement of profit or loss for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.In our opinion, the accompanying financial statements, presented on pages 256 to 268 comply with Swiss law and the Company’s articles of incorporation.Basis for OpinionWe conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor‘s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the provisions of Swiss law, together with the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial state-ments of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Valuation of investments in subsidiariesKey Audit MatterAs described in Notes 2.3, 3 and 7 to the financial statements, Avolta AG holds investments in Avolta Group companies with the carrying value of CHF 5,373.8 million (2022: CHF 2,824.3 million), representing 87% (2022: 78%) of the total assets. As at December 31, 2023, management neither recorded an impairment reversal nor an impairment loss (2022: CHF 44.1 million impairment reversal). In accordance with Article 960 para. 1 CO, each investment held is valued individually and reviewed annually for impairment indi-cators. Each investment showing impairment indicators is tested for impairment and an impairment would need to be recorded by management if the recoverable amount is lower than the carrying amount. The impairment assessment is dependent on the assumptions of cash flow projections used in the impairment tests. Key assump-tions are projected sales growth rates for the forecast period and the weighted average cost of capital applied.Given the high level of judgment and complexity of the estimations, combined with the significance of the above amounts to the financial statements as a whole, we assessed management’s estimates made in relation to investments in subsidiaries to be a key audit matter.How the scope of our audit responded to the Key Audit MatterWe obtained an understanding of management’s process and controls of the identification of impairment indicators, the review of key assumptions used in the impairment test and the review of the impairment models.For investments selected, we involved valuation specialists to assess the appropriateness of the mathematical integrity and valua-tion methodology used in the impairment tests. We evaluated the key inputs and assumptions used in impairment tests of the investments in the Avolta Group companies.We performed analyses over the projected sales growth rates used in the cash flow projections during the forecast period. We independently determined the weighted average cost of capital (WACC) and compared them against management’s assumptions, with the support of our valuation specialists.
Proposed appropriation of retained earnings and capital distribution
In thousands of CHF
2023
2022
Proposed appropriation of retained earnings
Result carried forward
Profit /(Loss) for the year
Retained earnings at December 31
Proposed distribution out of retained earnings
Balance at beginning of the year
Dividends
Reclass from reserve from capital contribution for own shares held at subsidiaries
Reserve from capital contribution at December 31
(1,413,402)
(50,643)
(1,464,045)
4,551,169
(106,830)
–
4,444,339
(1,446,186)
32,784
(1,413,402)
4,552,310
–
(1,141)
4,551,169
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Deloitte AG
Pfingstweidstrasse 11
8005 Zürich
Schweiz
Phone: +41 (0)58 279 60 00
Fax: +41 (0)58 279 66 00
www.deloitte.ch
To the General Meeting ofAvolta AG (formerly Dufry AG), BaselBasel, March 6, 2024Report on the Audit of the Financial Statements OpinionWe have audited the financial statements of Avolta AG (the Company), which comprise the statement of financial position as at December 31, 2023, the statement of profit or loss for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.In our opinion, the accompanying financial statements, presented on pages 256 to 268 comply with Swiss law and the Company’s articles of incorporation.Basis for OpinionWe conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor‘s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the provisions of Swiss law, together with the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial state-ments of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Valuation of investments in subsidiariesKey Audit MatterAs described in Notes 2.3, 3 and 7 to the financial statements, Avolta AG holds investments in Avolta Group companies with the carrying value of CHF 5,373.8 million (2022: CHF 2,824.3 million), representing 87% (2022: 78%) of the total assets. As at December 31, 2023, management neither recorded an impairment reversal nor an impairment loss (2022: CHF 44.1 million impairment reversal). In accordance with Article 960 para. 1 CO, each investment held is valued individually and reviewed annually for impairment indi-cators. Each investment showing impairment indicators is tested for impairment and an impairment would need to be recorded by management if the recoverable amount is lower than the carrying amount. The impairment assessment is dependent on the assumptions of cash flow projections used in the impairment tests. Key assump-tions are projected sales growth rates for the forecast period and the weighted average cost of capital applied.Given the high level of judgment and complexity of the estimations, combined with the significance of the above amounts to the financial statements as a whole, we assessed management’s estimates made in relation to investments in subsidiaries to be a key audit matter.How the scope of our audit responded to the Key Audit MatterWe obtained an understanding of management’s process and controls of the identification of impairment indicators, the review of key assumptions used in the impairment test and the review of the impairment models.For investments selected, we involved valuation specialists to assess the appropriateness of the mathematical integrity and valua-tion methodology used in the impairment tests. We evaluated the key inputs and assumptions used in impairment tests of the investments in the Avolta Group companies.We performed analyses over the projected sales growth rates used in the cash flow projections during the forecast period. We independently determined the weighted average cost of capital (WACC) and compared them against management’s assumptions, with the support of our valuation specialists.
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Avolta’s Alternative
Performance Measures
Avolta believes that disclosing adjusted results of the Group’s performance enhances
the financial markets’ understanding of the company because the adjusted results
enable better comparison across years. These CORE figures exclude exceptional acqui-
sition respective disposal related expenses and income, and also exclude impairments
and amortization of acquisition-related intangible assets, which can differ significantly
from year to year.
Avolta’s profit or loss statement in accordance with IFRS is materially impacted by IFRS
16 lease accounting. CORE figures exclude the accounting impact resulting from IFRS
16 lease accounting standard. This is achieved by reversing IFRS 16 related profit or loss
line items (i.e. depreciation of right-of-use assets and lease interest) and adding the rel-
evant concession fee owed based on the corresponding concession agreement. For
this same reason, we consider all our concession fees and corresponding payments as
CORE to our business, in contrast to IFRS 16, which treats fixed payments as a financing
activity. In addition, we believe that the straight-line depreciation of right-of-use assets
does not reflect the economic reality of our business and the operational performance
of our Group. Avolta uses these adjusted results in addition to IFRS as important factors
in internally assessing the Group’s performance.
In addition, Avolta, in continuance with Autogrill’s previous practice, reclasses net sales
and respective cost of sales in relation to fuel sales to other income.
Organic growth
In millions of CHF
Like-for-like
Net new concessions
Organic growth 1
1
As reported i.e. not pro-forma.
Organic growth describes the turnover growth of the Company in CHF excluding turn-
over from acquisition and disinvestments to allow for annual comparison of Avolta
Group’s operational performance. Turnover, consisting of net sales and advertising
income, is converted at constant previous year exchange rates.
Organic growth is further split into Like-for-Like (LFL) growth and Net new concessions.
LFL growth considers only shops that were open and comparable under same condi-
tions with last year. Shops that are not comparable are adjusted as scope effects and
are being reported as Net new concessions.
2023
23.2%
1.9%
25.1%
2022
77.9%
(1.8% )
76.1%
We performed lookback analyses to assess historical revenue and expenses against the Group’s assumptions.We assessed the adequacy of investment related disclosures in note 7 to the financial statements.Based on the procedures performed above, we obtained sufficient audit evidence to address the risk of valuation of investments in subsidiaries.Other InformationThe Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements, the standalone financial statements, the renumeration report and our auditor’s reports thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclu-sion thereon.In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.Board of Directors’ Responsibilities for the Financial StatementsThe Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and the Company‘s articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Auditor‘s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material miss-tatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finan-cial statements.A further description of our responsibilities for the audit of the financial statements is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report-for-ordinary-audits. This description forms an integral part of our report.Report on Other Legal and Regulatory RequirementsIn accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of financial statements according to the instructions of the Board of Directors.Furthermore, we confirm that the proposed appropriation of retained earnings and capital distribution complies with Swiss law and the Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.Deloitte AG Andreas Bodenmann Fabian HellLicensed audit expert Licensed audit expert
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Avolta’s Alternative
Performance Measures
Avolta believes that disclosing adjusted results of the Group’s performance enhances
the financial markets’ understanding of the company because the adjusted results
enable better comparison across years. These CORE figures exclude exceptional acqui-
sition respective disposal related expenses and income, and also exclude impairments
and amortization of acquisition-related intangible assets, which can differ significantly
from year to year.
Avolta’s profit or loss statement in accordance with IFRS is materially impacted by IFRS
16 lease accounting. CORE figures exclude the accounting impact resulting from IFRS
16 lease accounting standard. This is achieved by reversing IFRS 16 related profit or loss
line items (i.e. depreciation of right-of-use assets and lease interest) and adding the rel-
evant concession fee owed based on the corresponding concession agreement. For
this same reason, we consider all our concession fees and corresponding payments as
CORE to our business, in contrast to IFRS 16, which treats fixed payments as a financing
activity. In addition, we believe that the straight-line depreciation of right-of-use assets
does not reflect the economic reality of our business and the operational performance
of our Group. Avolta uses these adjusted results in addition to IFRS as important factors
in internally assessing the Group’s performance.
In addition, Avolta, in continuance with Autogrill’s previous practice, reclasses net sales
and respective cost of sales in relation to fuel sales to other income.
Organic growth
In millions of CHF
Like-for-like
Net new concessions
Organic growth 1
1
As reported i.e. not pro-forma.
Organic growth describes the turnover growth of the Company in CHF excluding turn-
over from acquisition and disinvestments to allow for annual comparison of Avolta
Group’s operational performance. Turnover, consisting of net sales and advertising
income, is converted at constant previous year exchange rates.
Organic growth is further split into Like-for-Like (LFL) growth and Net new concessions.
LFL growth considers only shops that were open and comparable under same condi-
tions with last year. Shops that are not comparable are adjusted as scope effects and
are being reported as Net new concessions.
2023
23.2%
1.9%
25.1%
2022
77.9%
(1.8% )
76.1%
We performed lookback analyses to assess historical revenue and expenses against the Group’s assumptions.We assessed the adequacy of investment related disclosures in note 7 to the financial statements.Based on the procedures performed above, we obtained sufficient audit evidence to address the risk of valuation of investments in subsidiaries.Other InformationThe Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements, the standalone financial statements, the renumeration report and our auditor’s reports thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclu-sion thereon.In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.Board of Directors’ Responsibilities for the Financial StatementsThe Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and the Company‘s articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Auditor‘s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material miss-tatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finan-cial statements.A further description of our responsibilities for the audit of the financial statements is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report-for-ordinary-audits. This description forms an integral part of our report.Report on Other Legal and Regulatory RequirementsIn accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of financial statements according to the instructions of the Board of Directors.Furthermore, we confirm that the proposed appropriation of retained earnings and capital distribution complies with Swiss law and the Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.Deloitte AG Andreas Bodenmann Fabian HellLicensed audit expert Licensed audit expert
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CORE profit or loss
In millions of CHF
Net sales (CORE)
Advertising income
Turnover (CORE)
Cost of sales (CORE)
Gross profit (CORE)
Concession expenses (CORE)
Personnel expenses
Other expenses (CORE)
Other income (CORE)
CORE EBITDA
Depreciation, amortization and impairment (CORE)
CORE EBIT
Financial result (CORE)
CORE Profit before tax
Income tax (CORE)
CORE Net profit
Attributable to
Non-controlling interests
Equity holders of the parent
Earnings per share attributable to equity holders of the parent
CORE basic earnings / (loss) per share in CHF
CORE diluted earnings / (loss) per share in CHF
Avolta’s CORE profit or loss statement replaces the IFRS related lease expense lines with
our concession fees as per the contracts and moves non-shop related leases back to
other expenses. Also, we remove the FX impact on our lease obligations and the
financing component of IFRS 16. In addition, all depreciation and amortization expenses
related to previous acquisitions are removed to enable a better view of the performance
of the current year. CORE EBITDA is used by Avolta’s lenders to calculate covenants
under the bank financing agreements.
2023
12,328.8
205.8
12,534.6
(4,477.0)
8,057.6
(3,178.7)
(2,539.3)
(1,417.7)
207.7
1,129.6
(312.0)
817.6
(201.3)
616.3
(159.5)
456.8
148.9
307.9
2.26
2.21
2022
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(2,029.9)
(997.9)
(620.7)
60.9
606.2
(135.6)
470.7
(175.6)
295.1
(105.5)
189.6
83.9
105.7
1.14
1.12
Profit or loss reconciliation IFRS/CORE
2023
In millions of CHF
Net sales (IFRS) / (CORE)
Advertising income
Turnover (IFRS) / (CORE)
Cost of sales (IFRS) / (CORE)
Gross profit (IFRS) / (CORE)
Leases expenses (IFRS) / Concession expenses (CORE)
Personnel expenses
Other expenses (IFRS) / (CORE)2, 3
Other income (IFRS) / (CORE)
Operating profit bef D&A / CORE EBITDA
Depreciation & impairment of PP&E
Amortization & impairment of intangibles
(IFRS) / (CORE)4
Depreciation & impairment right-of-use assets (IFRS)
Operating profit / CORE EBIT
Financial result (IFRS) / (CORE)5, 6
Profit before taxes / CORE EBT
Income tax (IFRS) / (CORE)7
Net profit / CORE Net profit
Attributable to
Non-controlling interests
Equity holders of the parent
Earnings per share attributable to equity
holders of the parent
Basic Earnings / CORE Basic Earnings per share in CHF
Diluted Earnings / CORE Diluted Earnings per share in
CHF
IFRS
12,583.7
205.8
12,789.5
(4,716.0)
8,073.5
(1,875.5)
(2,539.3)
(1,375.7)
191.9
2,474.9
(277.4)
(242.8)
(1,089.6)
865.1
(567.1)
298.0
(81.6)
216.4
129.1
87.3
0.64
0.63
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
–
–
–
–
–
–
–
–
–
–
18.8
18.8
208.3
227.1
15.7
242.8
(53.3)
189.5
10.9
178.6
–
–
–
–
–
–
–
(1,303.2)
(60.8)
(0.1)
(1,364.1)
(0.1)
1,089.6
(274.6)
350.1
75.5
(24.6)
50.9
8.9
42.0
Fuel sales
adjustments
(unaudited)1
(254.9)
(254.9)
239.0
(15.9)
15.9
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
CORE
(unaudited)
12,328.8
205.8
12,534.6
(4,477.0)
8,057.6
(3,178.7)
(2,539.3)
(1,417.7)
207.7
1,129.6
(277.5)
(34.5)
–
817.6
(201.3)
616.3
(159.5)
456.8
148.9
307.9
2.26
2.21
1
CHF 254.9 million net sales (CORE) and CHF 239.0 million cost of sales (CORE) differ from the IFRS amounts because
they do not include fuel sales and fuel cost of sales. The net amount is classified as other income (CORE) in accordance
with management's protocol for the analysis of Group figures.
2 Other expenses (CORE) exclude CHF 18.8 million financial related transaction cost directly linked to the closing of the
combination with Autogrill.
3 CHF 58.3 million non-shop leases included in other expenses (CORE).
4 CHF 208.3 million amortization of acquisition related concession rights.
5 Financial result (CORE) exclude CHF 15.7 million in connection with a Bridge financing, directly linked to the closing of
the combination with Autogrill.
6 CHF 350.1 million lease interest expenses and IFRS 16 related foreign exchange effect.
7 CHF 53.3 million deferred taxes on acquisition related concession rights and CHF 24.6 million deferred taxes related
to IFRS 16.
CORE profit or loss
In millions of CHF
Net sales (CORE)
Advertising income
Turnover (CORE)
Cost of sales (CORE)
Gross profit (CORE)
Concession expenses (CORE)
Personnel expenses
Other expenses (CORE)
Other income (CORE)
CORE EBITDA
CORE EBIT
Financial result (CORE)
CORE Profit before tax
Income tax (CORE)
CORE Net profit
Attributable to
Non-controlling interests
Equity holders of the parent
Depreciation, amortization and impairment (CORE)
Earnings per share attributable to equity holders of the parent
CORE basic earnings / (loss) per share in CHF
CORE diluted earnings / (loss) per share in CHF
Avolta’s CORE profit or loss statement replaces the IFRS related lease expense lines with
our concession fees as per the contracts and moves non-shop related leases back to
other expenses. Also, we remove the FX impact on our lease obligations and the
financing component of IFRS 16. In addition, all depreciation and amortization expenses
related to previous acquisitions are removed to enable a better view of the performance
of the current year. CORE EBITDA is used by Avolta’s lenders to calculate covenants
under the bank financing agreements.
2023
12,328.8
205.8
12,534.6
(4,477.0)
8,057.6
(3,178.7)
(2,539.3)
(1,417.7)
207.7
1,129.6
(312.0)
817.6
(201.3)
616.3
(159.5)
456.8
148.9
307.9
2.26
2.21
2022
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(2,029.9)
(997.9)
(620.7)
60.9
606.2
(135.6)
470.7
(175.6)
295.1
(105.5)
189.6
83.9
105.7
1.14
1.12
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Profit or loss reconciliation IFRS/CORE
2023
In millions of CHF
Net sales (IFRS) / (CORE)
Advertising income
Turnover (IFRS) / (CORE)
Cost of sales (IFRS) / (CORE)
Gross profit (IFRS) / (CORE)
Leases expenses (IFRS) / Concession expenses (CORE)
Personnel expenses
Other expenses (IFRS) / (CORE)2, 3
Other income (IFRS) / (CORE)
Operating profit bef D&A / CORE EBITDA
Depreciation & impairment of PP&E
Amortization & impairment of intangibles
(IFRS) / (CORE)4
Depreciation & impairment right-of-use assets (IFRS)
Operating profit / CORE EBIT
Financial result (IFRS) / (CORE)5, 6
Profit before taxes / CORE EBT
Income tax (IFRS) / (CORE)7
Net profit / CORE Net profit
Attributable to
Non-controlling interests
Equity holders of the parent
Earnings per share attributable to equity
holders of the parent
Basic Earnings / CORE Basic Earnings per share in CHF
Diluted Earnings / CORE Diluted Earnings per share in
CHF
IFRS
12,583.7
205.8
12,789.5
(4,716.0)
8,073.5
(1,875.5)
(2,539.3)
(1,375.7)
191.9
2,474.9
(277.4)
(242.8)
(1,089.6)
865.1
(567.1)
298.0
(81.6)
216.4
129.1
87.3
0.64
0.63
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
Fuel sales
adjustments
(unaudited)1
–
–
–
–
–
–
–
18.8
–
18.8
–
208.3
–
227.1
15.7
242.8
(53.3)
189.5
10.9
178.6
–
–
–
–
–
(1,303.2)
–
(60.8)
(0.1)
(1,364.1)
(0.1)
–
1,089.6
(274.6)
350.1
75.5
(24.6)
50.9
8.9
42.0
(254.9)
–
(254.9)
239.0
(15.9)
–
–
–
15.9
–
–
–
–
–
–
–
–
–
–
–
CORE
(unaudited)
12,328.8
205.8
12,534.6
(4,477.0)
8,057.6
(3,178.7)
(2,539.3)
(1,417.7)
207.7
1,129.6
(277.5)
(34.5)
–
817.6
(201.3)
616.3
(159.5)
456.8
148.9
307.9
2.26
2.21
1
CHF 254.9 million net sales (CORE) and CHF 239.0 million cost of sales (CORE) differ from the IFRS amounts because
they do not include fuel sales and fuel cost of sales. The net amount is classified as other income (CORE) in accordance
with management's protocol for the analysis of Group figures.
2 Other expenses (CORE) exclude CHF 18.8 million financial related transaction cost directly linked to the closing of the
combination with Autogrill.
3 CHF 58.3 million non-shop leases included in other expenses (CORE).
4 CHF 208.3 million amortization of acquisition related concession rights.
5 Financial result (CORE) exclude CHF 15.7 million in connection with a Bridge financing, directly linked to the closing of
the combination with Autogrill.
6 CHF 350.1 million lease interest expenses and IFRS 16 related foreign exchange effect.
7 CHF 53.3 million deferred taxes on acquisition related concession rights and CHF 24.6 million deferred taxes related
to IFRS 16.
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2022
In millions of CHF
Net sales (IFRS) / (CORE)
Advertising income
Turnover (IFRS) / (CORE)
Cost of sales (IFRS) / (CORE)
Gross profit (IFRS) / (CORE)
Leases expenses (IFRS) / Concession expenses (CORE)
Personnel expenses
Other expenses (IFRS) / (CORE)1
Other income (IFRS) / (CORE)
Operating profit bef D&A / CORE EBITDA
Depreciation & impairment of PP&E
Amortization & impairment of intangibles (IFRS) / (CORE)2
Depreciation & impairment right-of-use assets (IFRS)
Operating profit / CORE EBIT
Financial result (IFRS) / (CORE)3
Profit before taxes / CORE EBT
Income tax (IFRS) / (CORE)4
Net profit / CORE Net profit
Attributable to
Non-controlling interests
Equity holders of the parent
Earnings per share attributable to equity holders of the
parent
Basic Earnings / CORE Basic Earnings per share in CHF
Diluted Earnings / CORE Diluted Earnings per share in CHF
IFRS
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(1,081.9)
(997.9)
(578.7)
61.8
1,597.1
(113.9)
(195.6)
(785.2)
502.4
(305.6)
196.8
(76.2)
120.6
62.4
58.2
0.63
0.62
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
–
–
–
–
–
–
–
–
–
–
–
173.9
–
173.9
–
173.9
(37.1)
136.8
22.0
114.8
–
–
–
–
–
(948.0)
–
(42.0)
(0.9)
(990.9)
–
–
785.2
(205.7)
130.0
(75.7)
7.8
(67.9)
(0.5)
(67.3)
CORE
(unaudited)
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(2,029.9)
(997.9)
(620.7)
60.9
606.2
(113.9)
(21.7)
–
470.7
(175.6)
295.1
(105.5)
189.6
83.9
105.7
1.14
1.12
1
CHF 42.0 million non-shop leases included in other expenses (CORE).
2 CHF 173.9 million amortization and impairment of acquisition related concession rights.
3 CHF 130.0 million lease interest expenses and IFRS 16 related foreign exchange effect.
4 CHF 37.1 million deferred taxes on acquisition related concession rights and CHF 7.8 million deferred taxes related to
IFRS 16.
Other non-cash items and changes in lease obligation
CORE cash flow
In millions of CHF
CORE EBITDA
Changes in net working capital
Capital expenditures
Cash flow related to minorities 1
Dividends from associates
Income taxes paid
Cash flow before financing
Interest, net
Other financing items
Equity free cash flow
Acquisition & financing activities, net 2
Transaction costs
Foreign exchange adjustments and other
Decrease / (Increase) in financial net debt
– at the beginning of the period
– at the end of the period
2023
1,129.6
80.7
(44.0)
(432.7)
(102.6)
1.9
(129.2)
503.7
(160.3)
(20.4)
323.0
(268.4)
(34.5)
94.5
114.6
2,810.7
2,696.1
2022
606.2
79.6
(4.6)
(110.1)
(65.0)
2.7
(76.1)
432.7
(134.1)
6.6
305.2
(20.3)
–
(16.1)
268.8
3,079.5
2,810.7
1
Includes CHF (133.9) million dividends paid to non-controlling interests and CHF 31.4 million contribution from
non-controlling interests.
2 Acquisition & financing activities, net consist mainly of the acquisition of net debt from Autogrill, the cash portion of
the MTO consideration and purchases of treasury shares.
Cash flow before financing is calculated from CORE EBITDA, corrected by changes in
net working capital and concession related non-cash items (such as prepayments). In
addition, capital expenditure (Capex), cash flows to minorities and income taxes are
deducted. Cash flow before financing provides an effective measure of Avolta’s cash
flow generation from operations and investing activities.
Equity free cash flow measures the relevant cash generation of the Company and pro-
vides the basis for further capital allocation decisions. It therefore can be considered
the single-most important KPI from a shareholder perspective, reflecting the amount
of cash available for creating value to investors.
2022
In millions of CHF
Net sales (IFRS) / (CORE)
Advertising income
Turnover (IFRS) / (CORE)
Cost of sales (IFRS) / (CORE)
Gross profit (IFRS) / (CORE)
Leases expenses (IFRS) / Concession expenses (CORE)
Personnel expenses
Other expenses (IFRS) / (CORE)1
Other income (IFRS) / (CORE)
Operating profit bef D&A / CORE EBITDA
Depreciation & impairment of PP&E
Amortization & impairment of intangibles (IFRS) / (CORE)2
Depreciation & impairment right-of-use assets (IFRS)
Operating profit / CORE EBIT
Financial result (IFRS) / (CORE)3
Profit before taxes / CORE EBT
Income tax (IFRS) / (CORE)4
Net profit / CORE Net profit
Attributable to
Non-controlling interests
Equity holders of the parent
IFRS
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(1,081.9)
(997.9)
(578.7)
61.8
1,597.1
(113.9)
(195.6)
(785.2)
502.4
(305.6)
196.8
(76.2)
120.6
62.4
58.2
0.63
0.62
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
–
–
–
–
–
–
–
–
–
–
–
–
–
173.9
173.9
173.9
(37.1)
136.8
22.0
114.8
–
–
–
–
–
–
–
–
(948.0)
(42.0)
(0.9)
(990.9)
785.2
(205.7)
130.0
(75.7)
7.8
(67.9)
(0.5)
(67.3)
CORE
(unaudited)
6,721.2
157.2
6,878.4
(2,684.6)
4,193.8
(2,029.9)
(997.9)
(620.7)
60.9
606.2
(113.9)
(21.7)
–
470.7
(175.6)
295.1
(105.5)
189.6
83.9
105.7
1.14
1.12
Earnings per share attributable to equity holders of the
parent
Basic Earnings / CORE Basic Earnings per share in CHF
Diluted Earnings / CORE Diluted Earnings per share in CHF
1
CHF 42.0 million non-shop leases included in other expenses (CORE).
2 CHF 173.9 million amortization and impairment of acquisition related concession rights.
3 CHF 130.0 million lease interest expenses and IFRS 16 related foreign exchange effect.
4 CHF 37.1 million deferred taxes on acquisition related concession rights and CHF 7.8 million deferred taxes related to
IFRS 16.
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CORE cash flow
In millions of CHF
CORE EBITDA
Other non-cash items and changes in lease obligation
Changes in net working capital
Capital expenditures
Cash flow related to minorities 1
Dividends from associates
Income taxes paid
Cash flow before financing
Interest, net
Other financing items
Equity free cash flow
Acquisition & financing activities, net 2
Transaction costs
Foreign exchange adjustments and other
Decrease / (Increase) in financial net debt
– at the beginning of the period
– at the end of the period
2023
1,129.6
80.7
(44.0)
(432.7)
(102.6)
1.9
(129.2)
503.7
(160.3)
(20.4)
323.0
(268.4)
(34.5)
94.5
114.6
2,810.7
2,696.1
2022
606.2
79.6
(4.6)
(110.1)
(65.0)
2.7
(76.1)
432.7
(134.1)
6.6
305.2
(20.3)
–
(16.1)
268.8
3,079.5
2,810.7
1
Includes CHF (133.9) million dividends paid to non-controlling interests and CHF 31.4 million contribution from
non-controlling interests.
2 Acquisition & financing activities, net consist mainly of the acquisition of net debt from Autogrill, the cash portion of
the MTO consideration and purchases of treasury shares.
Cash flow before financing is calculated from CORE EBITDA, corrected by changes in
net working capital and concession related non-cash items (such as prepayments). In
addition, capital expenditure (Capex), cash flows to minorities and income taxes are
deducted. Cash flow before financing provides an effective measure of Avolta’s cash
flow generation from operations and investing activities.
Equity free cash flow measures the relevant cash generation of the Company and pro-
vides the basis for further capital allocation decisions. It therefore can be considered
the single-most important KPI from a shareholder perspective, reflecting the amount
of cash available for creating value to investors.
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Cash flow reconciliation from operating activities (IFRS) to EFCF
In millions of CHF
Net cash flow from operating activities
Reconciliation elements related to investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from lease income
(Proceeds from) / Repayment of loans receivable granted
Proceeds from sale of property, plant and equipment
Proceeds from sale of financial assets
Interest received
Reconciliation elements related to financing activities
Lease payments
Interest paid
Contribution from non-controlling interests
Dividends paid to non-controlling interests
Adjusted for acquisition related transaction costs
Transaction costs
Equity free cash flow
Financial net debt
In millions of CHF
Borrowings (current and non-current)
Financial derivatives liability - Borrowings
Less financial derivatives assets - Borrowings
Less cash and cash equivalents
Financial net debt
Avolta’s financial net debt is not considering IFRS 16 related lease obligations.
Trade net working capital
In millions of CHF
Inventories
Trade and credit card receivables
Less trade payables
Trade net working capital
Working capital management related to all trade-related items, which is one of the main
focus areas. For better transparency, Avolta provides details on its trade-related core
net working capital including inventories, trade and credit card receivables and trade
payables.
2023
2,359.4
(404.4)
(36.6)
22.5
(36.1)
9.1
(0.8)
61.9
(1,361.7)
(222.3)
31.4
(133.9)
34.5
323.0
2022
1,511.6
(97.4)
(15.9)
4.0
4.1
3.2
2.6
30.8
(907.8)
(164.9)
3.3
(68.3)
–
305.2
31.12.2023
31.12.2022
3,340.0
80.0
(9.3)
(714.6)
2,696.1
3,575.0
99.8
(9.4)
(854.7)
2,810.7
31.12.2023
31.12.2022
1,062.0
41.3
(873.7)
229.6
928.4
62.3
(486.4)
504.3
Capital expenditure (Capex)
In millions of CHF
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of property, plant and equipment
Capex
2023
(404.4)
(36.6)
8.3
(432.7)
2022
(97.4)
(15.9)
3.2
(110.1)
Capex includes purchase of property, plant, equipment, intangible assets, other
investing activities and proceeds from sale of property, plant, equipment on cash basis.
Any purchase or proceeds related to financial assets are not included within the defini-
tion as not considered core to Avolta’s business operations and as those activities might
differ over time.
The financial reports are available under:
www.avoltaworld.com/en/download-center
Page section “All categories” – select Financial Reports
For the Investor Relations and Corporate Communications contacts as well as a sum-
mary of anticipated key dates in 2024 please refer to pages 334/335 of this Annual
Report.
Cash flow reconciliation from operating activities (IFRS) to EFCF
In millions of CHF
Net cash flow from operating activities
Reconciliation elements related to investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from lease income
(Proceeds from) / Repayment of loans receivable granted
Proceeds from sale of property, plant and equipment
Proceeds from sale of financial assets
Interest received
Reconciliation elements related to financing activities
Lease payments
Interest paid
Contribution from non-controlling interests
Dividends paid to non-controlling interests
Adjusted for acquisition related transaction costs
Transaction costs
Equity free cash flow
Financial net debt
In millions of CHF
Borrowings (current and non-current)
Financial derivatives liability - Borrowings
Less financial derivatives assets - Borrowings
Less cash and cash equivalents
Financial net debt
Trade net working capital
In millions of CHF
Inventories
Trade and credit card receivables
Less trade payables
Trade net working capital
Avolta’s financial net debt is not considering IFRS 16 related lease obligations.
Working capital management related to all trade-related items, which is one of the main
focus areas. For better transparency, Avolta provides details on its trade-related core
net working capital including inventories, trade and credit card receivables and trade
payables.
2023
2,359.4
(404.4)
(36.6)
22.5
(36.1)
9.1
(0.8)
61.9
(1,361.7)
(222.3)
31.4
(133.9)
34.5
323.0
3,340.0
80.0
(9.3)
(714.6)
2,696.1
1,062.0
41.3
(873.7)
229.6
31.12.2023
31.12.2022
31.12.2023
31.12.2022
2022
1,511.6
(97.4)
(15.9)
4.0
4.1
3.2
2.6
30.8
(907.8)
(164.9)
3.3
(68.3)
–
305.2
3,575.0
99.8
(9.4)
(854.7)
2,810.7
928.4
62.3
(486.4)
504.3
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2023
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Capital expenditure (Capex)
In millions of CHF
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of property, plant and equipment
Capex
2023
(404.4)
(36.6)
8.3
(432.7)
2022
(97.4)
(15.9)
3.2
(110.1)
Capex includes purchase of property, plant, equipment, intangible assets, other
investing activities and proceeds from sale of property, plant, equipment on cash basis.
Any purchase or proceeds related to financial assets are not included within the defini-
tion as not considered core to Avolta’s business operations and as those activities might
differ over time.
The financial reports are available under:
www.avoltaworld.com/en/download-center
Page section “All categories” – select Financial Reports
For the Investor Relations and Corporate Communications contacts as well as a sum-
mary of anticipated key dates in 2024 please refer to pages 334/335 of this Annual
Report.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 278/336
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Corporate
Governance
Introduction
is prepared
This Report
in accordance with the
Corporate Governance Directive (DCG) of SIX Exchange
Regulation. All information within this Corporate Gover-
nance Report and within the Remuneration Report (see
page 311) refers to the Company Organization, Internal
Regulations and Articles of Incorporation that were in
effect as of December 31, 2023 (if not specifically
mentioned otherwise).
In fiscal year 2023, Avolta AG (formerly named Dufry AG)
and Autogrill S.p.A. successfully completed their combi-
nation into the new, integrated global travel experience
player Avolta. On November 3, 2023, the Extraordinary
General Meeting of Shareholders of Avolta AG approved
the change of the corporate name Dufry AG into Avolta
AG.
The Articles of
Incorporation are available on the
Company website, www.avoltaworld.com, section Inves-
tors – Corporate Governance – Articles of Incorporation:
www.avoltaworld.com/en/investors/corporate-
governance
1. Group structure
and shareholders
1.1 Group structure
For an overview of the management organizational chart
and operational Group structure as at December 31,
2023, please refer to page 21 of this Annual Report.
Listed company as of December 31, 2023
Company
Avolta AG, Brunngässlein 12, 4052 Basel, Switzerland
(hereinafter “Avolta AG” or the “Company”)
Listing
Registered shares: SIX Swiss Exchange
Market capitalization based on shares issued
CHF 5,048,479,423 as of December 31, 2023
Percentage of shares held by Avolta AG
1.45 % of Avolta AG share capital as of December 31, 2023
Security numbers
Registered shares:
ISIN-Code CH0023405456, Swiss Security-No. 2340545,
Ticker Symbol AVOL
Non-listed consolidated entities
as of December 31, 2023
For a table of the operational non-listed consolidated en-
tities please refer to page 266 in the section Financial
Statements of this Annual Report*.
*
Including the company names, locations, percentage of shares
held, share capital. The list of consolidated entities does not include all
subsidiaries of the Company, but the most material subsidiaries of Avolta
Group, including all entities which contribute more than 0.3 % of turnover
and/or 0.3 % of total assets.
1.2 Significant shareholders
Further details regarding these shareholders and share-
holder groups as well as additional information regarding
Pursuant to the information provided to the Company
the individual disclosure notices in 2023 are available on
by its shareholders in compliance with the Financial
the website of SIX Exchange Regulation at:
Market Infrastructure Act during 2023, the following
www.ser-ag.com/en/resources/notifications-market-
shareholders disclosed significant positions as of
participants/significant-shareholders.html#/
December 31, 2023 1.
Shareholder
Edizione S.p.A. 4
Advent International Corporation 5
Compagnie Financière Rupert 6
Alibaba Group Holding Limited 7
State of Qatar 8
BlackRock, Inc. 9
Through shares
Long position through
financial instruments 2
Short positions 3
Total of long positions
22.17 %
8.72 %
4.94 %
3.42 %
4.49 %
3.41 %
–
–
–
–
1.45 %
0.52 %
- 0.02 %
–
–
–
–
–
22.17 %
8.72 %
4.94 %
4.87 %
4.49%
3.93 %
1
The percentage of voting rights has to be read in context with the
6 Shares directly held by Richemont Luxury Group Ltd, St Helier /
relevant and applicable stock exchange and disclosure rules.
The actual shareholdings may differ from the figures indicated in
the table, as the Company must only be notified by its shareholders
if one of the thresholds defined in Article 120 of the Financial
Market Infrastructure Act is crossed.
2
Financial instruments such as convertible bonds, conversion and share
purchase rights, granted (written) share sale rights and other derivative
holdings.
3
4
5
Financial instruments that provide for or permit cash settlement
(i.e. contracts for difference).
Shares directly held by Schema Beta S.p.A., Treviso / Italy. The beneficial
holder of the shares is Edizione S.p.A., Treviso / Italy.
Shares directly held by the legal entity AI Louvre (Luxembourg) S.à.r.l.,
Luxembourg / Grand Duchy of Luxembourg. The beneficial holder of the
shares is Advent International Corporation, Boston, MA / USA.
Jersey. The beneficial holder of the shares is Compagnie Financière
Rupert, Geneva / Switzerland.
7
Shares and financial instruments directly held by the legal entity
Taobao China Holding Limited, Hong Kong S.A.R. / China. The beneficial
holder of the shares (and mandatory convertible bonds, which were con-
verted on November 20, 2023) is Alibaba Group Holding Limited, Grand
Cayman, Cayman Islands.
8
Shares directly held by Qatar Holding LLC, Doha / Qatar. The benefi-
cial holder of the shares is the Qatar Investment Authority, Doha /
Qatar, which was established and is controlled by the State of Qatar.
9
BlackRock, Inc., New York, NY / USA. Of the total share position of 3.41 %,
0.44 % relate to securities lending and similar transactions and 0.52 % to
delegated voting rights.
In addition, the Company disclosed a purchase position
and a sale position (disclosure notice dated February 11,
1.3 Cross-shareholdings
2023) as further described here:
Avolta AG has not entered into cross-shareholdings with
www.ser-ag.com/en/resources/notifications-market-
other companies in terms of capital shareholdings or
participants/significant-shareholders.html#/
voting rights in excess of 5 %.
Understandings among shareholders
The Company is not aware of shareholder agreements or
understandings to be published pursuant to Art. 120 et
seq. FMIA.
Corporate
Governance
Introduction
This Report
is prepared
in accordance with the
Corporate Governance Directive (DCG) of SIX Exchange
Regulation. All information within this Corporate Gover-
1. Group structure
and shareholders
1.1 Group structure
nance Report and within the Remuneration Report (see
For an overview of the management organizational chart
page 311) refers to the Company Organization, Internal
and operational Group structure as at December 31,
Regulations and Articles of Incorporation that were in
2023, please refer to page 21 of this Annual Report.
effect as of December 31, 2023 (if not specifically
mentioned otherwise).
Listed company as of December 31, 2023
In fiscal year 2023, Avolta AG (formerly named Dufry AG)
and Autogrill S.p.A. successfully completed their combi-
nation into the new, integrated global travel experience
player Avolta. On November 3, 2023, the Extraordinary
Listing
Company
Avolta AG, Brunngässlein 12, 4052 Basel, Switzerland
(hereinafter “Avolta AG” or the “Company”)
General Meeting of Shareholders of Avolta AG approved
Registered shares: SIX Swiss Exchange
the change of the corporate name Dufry AG into Avolta
Market capitalization based on shares issued
AG.
The Articles of
Incorporation are available on the
Company website, www.avoltaworld.com, section Inves-
tors – Corporate Governance – Articles of Incorporation:
Security numbers
www.avoltaworld.com/en/investors/corporate-
governance
CHF 5,048,479,423 as of December 31, 2023
Percentage of shares held by Avolta AG
1.45 % of Avolta AG share capital as of December 31, 2023
Registered shares:
Ticker Symbol AVOL
ISIN-Code CH0023405456, Swiss Security-No. 2340545,
Non-listed consolidated entities
as of December 31, 2023
For a table of the operational non-listed consolidated en-
tities please refer to page 266 in the section Financial
Statements of this Annual Report*.
*
Including the company names, locations, percentage of shares
held, share capital. The list of consolidated entities does not include all
subsidiaries of the Company, but the most material subsidiaries of Avolta
Group, including all entities which contribute more than 0.3 % of turnover
and/or 0.3 % of total assets.
Annual Report
2023
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ESG
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Governance
Report
Page 281/336
1.2 Significant shareholders
Pursuant to the information provided to the Company
by its shareholders in compliance with the Financial
Market Infrastructure Act during 2023, the following
shareholders disclosed significant positions as of
December 31, 2023 1.
Further details regarding these shareholders and share-
holder groups as well as additional information regarding
the individual disclosure notices in 2023 are available on
the website of SIX Exchange Regulation at:
www.ser-ag.com/en/resources/notifications-market-
participants/significant-shareholders.html#/
Shareholder
Edizione S.p.A. 4
Advent International Corporation 5
Compagnie Financière Rupert 6
Alibaba Group Holding Limited 7
State of Qatar 8
BlackRock, Inc. 9
Through shares
Long position through
financial instruments 2
Short positions 3
Total of long positions
22.17 %
8.72 %
4.94 %
3.42 %
4.49 %
3.41 %
–
–
–
1.45 %
–
0.52 %
–
–
–
–
–
- 0.02 %
22.17 %
8.72 %
4.94 %
4.87 %
4.49%
3.93 %
1
2
3
4
5
The percentage of voting rights has to be read in context with the
relevant and applicable stock exchange and disclosure rules.
The actual shareholdings may differ from the figures indicated in
the table, as the Company must only be notified by its shareholders
if one of the thresholds defined in Article 120 of the Financial
Market Infrastructure Act is crossed.
Financial instruments such as convertible bonds, conversion and share
purchase rights, granted (written) share sale rights and other derivative
holdings.
Financial instruments that provide for or permit cash settlement
(i.e. contracts for difference).
Shares directly held by Schema Beta S.p.A., Treviso / Italy. The beneficial
holder of the shares is Edizione S.p.A., Treviso / Italy.
Shares directly held by the legal entity AI Louvre (Luxembourg) S.à.r.l.,
Luxembourg / Grand Duchy of Luxembourg. The beneficial holder of the
shares is Advent International Corporation, Boston, MA / USA.
6 Shares directly held by Richemont Luxury Group Ltd, St Helier /
Jersey. The beneficial holder of the shares is Compagnie Financière
Rupert, Geneva / Switzerland.
7
8
9
Shares and financial instruments directly held by the legal entity
Taobao China Holding Limited, Hong Kong S.A.R. / China. The beneficial
holder of the shares (and mandatory convertible bonds, which were con-
verted on November 20, 2023) is Alibaba Group Holding Limited, Grand
Cayman, Cayman Islands.
Shares directly held by Qatar Holding LLC, Doha / Qatar. The benefi-
cial holder of the shares is the Qatar Investment Authority, Doha /
Qatar, which was established and is controlled by the State of Qatar.
BlackRock, Inc., New York, NY / USA. Of the total share position of 3.41 %,
0.44 % relate to securities lending and similar transactions and 0.52 % to
delegated voting rights.
In addition, the Company disclosed a purchase position
and a sale position (disclosure notice dated February 11,
2023) as further described here:
www.ser-ag.com/en/resources/notifications-market-
participants/significant-shareholders.html#/
Understandings among shareholders
The Company is not aware of shareholder agreements or
understandings to be published pursuant to Art. 120 et
seq. FMIA.
1.3 Cross-shareholdings
Avolta AG has not entered into cross-shareholdings with
other companies in terms of capital shareholdings or
voting rights in excess of 5 %.
Annual Report
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2. Capital structure
2.1 Share capital
As of December 31, 2023, the Company’s capital struc-
ture is as follows:
Ordinary share capital issued
CHF 763,071,255 (nominal value) divided in 152,614,251 fully paid
registered shares with a nominal value of CHF 5 each*.
* Including 2,092,113 shares with a nominal value of CHF 5 each (correspond-
ing to a total nominal amount of CHF 10,460,565), which were issued out of
the conditional capital on November 20, 2023 due to the conversion of man-
datory convertible bonds.
Conditional capital
CHF 34,937,935 (nominal value) divided in 6,987,587 to be fully paid
registered shares with a nominal value of CHF 5 each*; plus
CHF 226,992,515 (nominal value) divided in 45,398,503 to be fully paid
registered shares with a nominal value of CHF 5 each.
* Taking into account the 2,092,113 shares with a nominal value of CHF 5 each
(corresponding to a total nominal amount of CHF 10,460,565), which were is-
sued out of the conditional capital on November 20, 2023, due to the conver-
sion of mandatory convertible bonds.
Capital Range
Capital available for capital increases CHF 81,683,505 (nominal value)
divided in 16,336,701 to be fully paid registered shares with a nominal value of
CHF 5 each. Upper limit of capital band CHF 844,754,760 (nominal value),
lower limit CHF 617,762,245 (nominal value)*.
* Upper and lower limit reflect Articles of Incorporation as of January 10,
2024, taking into account the 2,092,113 shares with a nominal value of CHF 5
each (corresponding to a total nominal amount of CHF 10,460,565), which
were issued out of the conditional capital on November 20, 2023, due to the
conversion of mandatory convertible bonds, and the resulting change in the
upper and lower limit of the capital range.
option rights or other financing instruments. The then
current owners of conversion and / or option rights
shall be entitled to subscribe for the new shares.
3. The acquisition of shares through the exercise of
conversion and / or option rights and each subsequent
transfer of the shares shall be subject to the restric-
tions set forth in Article 5 of these Articles of Incorpo-
ration.
4. The Board of Directors may limit or withdraw the right
of the shareholders to subscribe in priority to convert-
ible debentures, debentures with option rights or
similar financing instruments when they are issued, if:
a) An issue by firm underwriting by one or several banks
with subsequent offering to the public without prefer-
ential subscription rights seems to be the most appro-
priate form of issue at the time, particularly in terms of
the conditions or the time plan of the issue; or
b) The issuance occurs in domestic or international
capital markets or through a private placement; or
c) The instruments are issued in connection with the
financing or refinancing of the acquisition of an
enterprise or parts of an enterprise or with participa-
tions or new investments of the Company or one of
its group companies.
5. If advance subscription rights are denied by the Board
may also occur informally or by lapse of time; this also
Agreement”) and the acquisition of 193,730,675
of Directors, the following shall apply:
a) Conversion rights may be exercised only for up to 15
years; and option rights only for up to 7 years from
the date of the respective issuance.
b) The respective financing
instruments must be
issued at the relevant market conditions.
For the website link regarding the Articles of Incorpora-
tion referred to in the following chapters please see page
309 of this Corporate Governance Report.
The remaining conditional capital of CHF 34,937,935
under Article 3bis represents 4.58 % of the issued ordinary
share capital of the Company as of December 31, 2023.
2.2 Details on conditional capital
and capital range
Conditional capital
Article 3bis of the Articles of Incorporation reads as
follows:
1. The share capital may be increased in an amount not
to exceed CHF 34,937,935 by the issuance of up to
6,987,587 fully paid registered shares with a nominal
value of CHF 5 each through the exercise of conver-
sion and / or option rights granted in connection with
the issuance of newly or already issued convertible
debentures, debentures with option rights or other
financing instruments by the Company or one of its
group companies.
2. The preferential subscription rights of the share-
holders shall be excluded in connection with the issu-
ance of convertible debentures, debentures with
Article 3quater of the Articles of Incorporation reads as
follows:
1. Subject to Article 3quinquies of these Articles of Incorpo-
ration, the share capital may be increased in an amount
not to exceed CHF 226,992,515 by the issuance of up
to 45,398,503 fully paid registered shares with a
nominal value of CHF 5 each through the exercise of
conversion and / or option rights granted in connection
with the issuance of newly or already issued convert-
ible debentures, debentures with option rights or other
financing instruments by the Company or one of its
group companies in connection with the refinancing of
cash payments to be made within the framework of the
transactions set forth under Article 3ter para. 4 lit. a of
these Articles of Incorporation.
2. The preferential subscription rights of the shareholders
shall be excluded in connection with the issuance of
convertible debentures, debentures with option rights
or other financing instruments. The then current
owners of conversion and / or option rights shall be
tion rights, and the beginning date for dividend entitle-
entitled to subscribe for the new shares.
ment. In this regard, the Board of Directors may issue
3. The acquisition of shares through the exercise of
new shares by means of a firm underwriting through a
conversion and / or option rights and each subsequent
banking institution, a syndicate or another third party
transfer of the shares shall be subject to the restric-
and a subsequent offer of these shares to the current
tions set forth in Article 5 of these Articles of Incorpo-
shareholders. The Board of Directors may permit pref-
erential subscription rights that have not been exer-
ration.
tion.
4. The Board of Directors may limit or withdraw the right
cised to expire or it may place these rights and / or
of the shareholders to subscribe in priority to convert-
shares as to which preferential subscription rights have
ible debentures, debentures with option rights or
been granted but not exercised, at market conditions
similar financing instruments in the cases mentioned in
or use them for other purposes in the interest of the
Article 3ter para. 4 lit. b of these Articles of Incorpora-
Company.
4. The Board of Directors is further authorized to restrict
5. If advance subscription rights are denied by the Board
or deny the preferential subscription rights of share-
of Directors, the following shall apply:
holders in whole or in part or allocate such rights to
a) Conversion rights may be exercised only for up to 15
third parties in connection with the issuance of regis-
years; and option rights only for up to 7 years from
tered shares:
the date of the respective issuance.
a) To the remaining shareholders of Autogrill S.p.A.
b) The respective financing
instruments must be
within the framework of the mandatory tender offer
issued at the relevant market conditions.
by the Company for all remaining outstanding
6. The declaration of acquisition of the shares based on
shares of Autogrill S.p.A. following the consumma-
this Article 3quater shall refer to this Article 3quater and be
tion of the combination agreement by and among
made in a form that allows proof by text. A waiver of
the Company, Schema Beta S.p.A., and Edizione
the right to acquire shares based on this Article 3quater
S.p.A. dated as of July 11, 2022 (the “Combination
this right.
Capital range
follows:
applies to the waiver of the exercise and forfeiture of
shares of Autogrill S.p.A. from Schema Beta S.p.A., a
wholly-owned subsidiary of Edizione S.p.A., by the
Company contemplated thereunder, one or several
The conditional capital of CHF 226,992,515 under Article
voluntary tender offers by the Company for all
3quater represents 29.75 % of the issued ordinary share
remaining outstanding shares of Autogrill S.p.A.
capital of the Company as of December 31, 2023. For
and / or any subsequent re-opening of the tender
potential maximum capital increases see the limitations
period and / or proceeding for the fulfillment of the
under Article 3quinquies mentioned below.
obligation to purchase the remaining outstanding
shares of Autogrill S.p.A. and / or proceeding for the
exercise of the right to purchase the remaining
with applicable law; and / or
Article 3ter of the Articles of Incorporation reads as
outstanding shares of Autogrill S.p.A. in accordance
1. Subject to Article 3quinquies of these Articles of Incorpo-
b) In connection with the refinancing of cash payments
ration, the Company has a capital range ranging from
to be made within the framework of the transactions
CHF 617,762,245 (lower limit) to CHF 844,754,760
set forth under paragraph a) above.
(upper limit). The Board of Directors shall be authorized
within the capital range to increase the share capital in
The capital available
for capital
increases of
an amount not to exceed CHF 81,683,505 through the
CHF 81,683,505 under Article 3ter (capital range) repre-
issuance of up to 16,336,701 fully paid registered
sents 10.70 % of the issued ordinary share capital of the
shares with a nominal value of CHF 5 per share by not
Company as of December 31, 2023. For potential
later than August 31, 2024. Increases in partial amounts
maximum capital increases see the limitations under
shall be permitted.
Article 3quinquies mentioned below.
2. The subscription and acquisition of the new shares, as
well as each subsequent transfer of the shares, shall be
Potential maximum capital increases through Articles
subject to the restrictions of Article 5 of these Articles
3quater and 3ter of the Articles of Incorporation
of Incorporation.
Article 3quinquies of the Articles of Incorporation reads as
3. The Board of Directors shall determine the issue price,
follows:
the type of contribution (including cash, contribution in
Capital increases pursuant to Article 3ter and 3quater of
kind and set-off), the date of issue of new shares, the
these Articles of Incorporation may, in the aggregate,
conditions for the exercise of the preferential subscrip-
increase the share capital of the Company in an amount
As of December 31, 2023, the Company’s capital struc-
conversion and / or option rights and each subsequent
2. Capital structure
2.1 Share capital
ture is as follows:
Ordinary share capital issued
CHF 763,071,255 (nominal value) divided in 152,614,251 fully paid
registered shares with a nominal value of CHF 5 each*.
* Including 2,092,113 shares with a nominal value of CHF 5 each (correspond-
ing to a total nominal amount of CHF 10,460,565), which were issued out of
the conditional capital on November 20, 2023 due to the conversion of man-
datory convertible bonds.
Conditional capital
CHF 34,937,935 (nominal value) divided in 6,987,587 to be fully paid
registered shares with a nominal value of CHF 5 each*; plus
CHF 226,992,515 (nominal value) divided in 45,398,503 to be fully paid
registered shares with a nominal value of CHF 5 each.
* Taking into account the 2,092,113 shares with a nominal value of CHF 5 each
(corresponding to a total nominal amount of CHF 10,460,565), which were is-
sued out of the conditional capital on November 20, 2023, due to the conver-
sion of mandatory convertible bonds.
Capital Range
Capital available for capital increases CHF 81,683,505 (nominal value)
divided in 16,336,701 to be fully paid registered shares with a nominal value of
CHF 5 each. Upper limit of capital band CHF 844,754,760 (nominal value),
lower limit CHF 617,762,245 (nominal value)*.
* Upper and lower limit reflect Articles of Incorporation as of January 10,
2024, taking into account the 2,092,113 shares with a nominal value of CHF 5
each (corresponding to a total nominal amount of CHF 10,460,565), which
were issued out of the conditional capital on November 20, 2023, due to the
conversion of mandatory convertible bonds, and the resulting change in the
upper and lower limit of the capital range.
option rights or other financing instruments. The then
current owners of conversion and / or option rights
shall be entitled to subscribe for the new shares.
3. The acquisition of shares through the exercise of
transfer of the shares shall be subject to the restric-
tions set forth in Article 5 of these Articles of Incorpo-
ration.
4. The Board of Directors may limit or withdraw the right
of the shareholders to subscribe in priority to convert-
ible debentures, debentures with option rights or
similar financing instruments when they are issued, if:
a) An issue by firm underwriting by one or several banks
with subsequent offering to the public without prefer-
ential subscription rights seems to be the most appro-
priate form of issue at the time, particularly in terms of
the conditions or the time plan of the issue; or
b) The issuance occurs in domestic or international
capital markets or through a private placement; or
c) The instruments are issued in connection with the
financing or refinancing of the acquisition of an
enterprise or parts of an enterprise or with participa-
tions or new investments of the Company or one of
its group companies.
5. If advance subscription rights are denied by the Board
of Directors, the following shall apply:
a) Conversion rights may be exercised only for up to 15
years; and option rights only for up to 7 years from
the date of the respective issuance.
b) The respective financing
instruments must be
issued at the relevant market conditions.
For the website link regarding the Articles of Incorpora-
The remaining conditional capital of CHF 34,937,935
tion referred to in the following chapters please see page
under Article 3bis represents 4.58 % of the issued ordinary
309 of this Corporate Governance Report.
share capital of the Company as of December 31, 2023.
2.2 Details on conditional capital
follows:
and capital range
Article 3quater of the Articles of Incorporation reads as
1. Subject to Article 3quinquies of these Articles of Incorpo-
ration, the share capital may be increased in an amount
not to exceed CHF 226,992,515 by the issuance of up
nominal value of CHF 5 each through the exercise of
Conditional capital
follows:
Article 3bis of the Articles of Incorporation reads as
to 45,398,503 fully paid registered shares with a
1. The share capital may be increased in an amount not
conversion and / or option rights granted in connection
to exceed CHF 34,937,935 by the issuance of up to
with the issuance of newly or already issued convert-
6,987,587 fully paid registered shares with a nominal
ible debentures, debentures with option rights or other
value of CHF 5 each through the exercise of conver-
financing instruments by the Company or one of its
sion and / or option rights granted in connection with
group companies in connection with the refinancing of
the issuance of newly or already issued convertible
cash payments to be made within the framework of the
debentures, debentures with option rights or other
transactions set forth under Article 3ter para. 4 lit. a of
financing instruments by the Company or one of its
these Articles of Incorporation.
group companies.
2. The preferential subscription rights of the shareholders
2. The preferential subscription rights of the share-
shall be excluded in connection with the issuance of
holders shall be excluded in connection with the issu-
convertible debentures, debentures with option rights
ance of convertible debentures, debentures with
or other financing instruments. The then current
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owners of conversion and / or option rights shall be
entitled to subscribe for the new shares.
3. The acquisition of shares through the exercise of
conversion and / or option rights and each subsequent
transfer of the shares shall be subject to the restric-
tions set forth in Article 5 of these Articles of Incorpo-
ration.
4. The Board of Directors may limit or withdraw the right
of the shareholders to subscribe in priority to convert-
ible debentures, debentures with option rights or
similar financing instruments in the cases mentioned in
Article 3ter para. 4 lit. b of these Articles of Incorpora-
tion.
5. If advance subscription rights are denied by the Board
of Directors, the following shall apply:
a) Conversion rights may be exercised only for up to 15
years; and option rights only for up to 7 years from
the date of the respective issuance.
b) The respective financing
instruments must be
issued at the relevant market conditions.
6. The declaration of acquisition of the shares based on
this Article 3quater shall refer to this Article 3quater and be
made in a form that allows proof by text. A waiver of
the right to acquire shares based on this Article 3quater
may also occur informally or by lapse of time; this also
applies to the waiver of the exercise and forfeiture of
this right.
The conditional capital of CHF 226,992,515 under Article
3quater represents 29.75 % of the issued ordinary share
capital of the Company as of December 31, 2023. For
potential maximum capital increases see the limitations
under Article 3quinquies mentioned below.
Capital range
Article 3ter of the Articles of Incorporation reads as
follows:
1. Subject to Article 3quinquies of these Articles of Incorpo-
ration, the Company has a capital range ranging from
CHF 617,762,245 (lower limit) to CHF 844,754,760
(upper limit). The Board of Directors shall be authorized
within the capital range to increase the share capital in
an amount not to exceed CHF 81,683,505 through the
issuance of up to 16,336,701 fully paid registered
shares with a nominal value of CHF 5 per share by not
later than August 31, 2024. Increases in partial amounts
shall be permitted.
2. The subscription and acquisition of the new shares, as
well as each subsequent transfer of the shares, shall be
subject to the restrictions of Article 5 of these Articles
of Incorporation.
3. The Board of Directors shall determine the issue price,
the type of contribution (including cash, contribution in
kind and set-off), the date of issue of new shares, the
conditions for the exercise of the preferential subscrip-
tion rights, and the beginning date for dividend entitle-
ment. In this regard, the Board of Directors may issue
new shares by means of a firm underwriting through a
banking institution, a syndicate or another third party
and a subsequent offer of these shares to the current
shareholders. The Board of Directors may permit pref-
erential subscription rights that have not been exer-
cised to expire or it may place these rights and / or
shares as to which preferential subscription rights have
been granted but not exercised, at market conditions
or use them for other purposes in the interest of the
Company.
4. The Board of Directors is further authorized to restrict
or deny the preferential subscription rights of share-
holders in whole or in part or allocate such rights to
third parties in connection with the issuance of regis-
tered shares:
a) To the remaining shareholders of Autogrill S.p.A.
within the framework of the mandatory tender offer
by the Company for all remaining outstanding
shares of Autogrill S.p.A. following the consumma-
tion of the combination agreement by and among
the Company, Schema Beta S.p.A., and Edizione
S.p.A. dated as of July 11, 2022 (the “Combination
Agreement”) and the acquisition of 193,730,675
shares of Autogrill S.p.A. from Schema Beta S.p.A., a
wholly-owned subsidiary of Edizione S.p.A., by the
Company contemplated thereunder, one or several
voluntary tender offers by the Company for all
remaining outstanding shares of Autogrill S.p.A.
and / or any subsequent re-opening of the tender
period and / or proceeding for the fulfillment of the
obligation to purchase the remaining outstanding
shares of Autogrill S.p.A. and / or proceeding for the
exercise of the right to purchase the remaining
outstanding shares of Autogrill S.p.A. in accordance
with applicable law; and / or
b) In connection with the refinancing of cash payments
to be made within the framework of the transactions
set forth under paragraph a) above.
for capital
The capital available
increases of
CHF 81,683,505 under Article 3ter (capital range) repre-
sents 10.70 % of the issued ordinary share capital of the
Company as of December 31, 2023. For potential
maximum capital increases see the limitations under
Article 3quinquies mentioned below.
Potential maximum capital increases through Articles
3quater and 3ter of the Articles of Incorporation
Article 3quinquies of the Articles of Incorporation reads as
follows:
Capital increases pursuant to Article 3ter and 3quater of
these Articles of Incorporation may, in the aggregate,
increase the share capital of the Company in an amount
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not to exceed CHF 226,992,515 through the issuance of
up to 45,398,503 fully paid registered shares with a
nominal value of CHF 5 each.
By way of background: The potential capital increases
under Articles 3quater, 3ter, and the limitations under 3quinquies
were introduced in the Company’s Articles of Incorpora-
tion to allow for the direct issuance of registered shares
or shares through conversion and / or option rights in
conjunction with the mandatory tender offer for the
shares of Autogrill S.p.A. in connection with the Dufry-
Autogrill combination, and a potential refinancing of the
cash alternative payable under the offer.
2.3 Changes in capital of Avolta AG
Ordinary share capital issued
December 31, 2020
December 31, 2021
December 31, 2022
December 31, 2023
Conditional capital
December 31, 2020
December 31, 2021
December 31, 2022
December 31, 2023
Available capital from capital range (for capital increases)
December 31, 2020
December 31, 2021
December 31, 2022
December 31, 2023
Authorized capital
December 31, 2021
December 31, 2021
December 31, 2022
December 31, 2023
CHF 401,318,410
CHF 453,985,035
CHF 453,985,035
CHF 763,071,255
CHF 63,500,000
CHF 45,398,500
CHF
198,715,145
CHF 261,930,450
Not applicable
Not applicable
Not applicable
CHF 81,683,505
None
None
CHF 226,992,515
Replaced by capital band
Changes in capital in 2023
Avolta AG (formerly named Dufry AG) and Autogrill S.p.A.
(“Autogrill”) combined their businesses in 2023. As part of
the Dufry-Autogrill combination, Schema Beta S.p.A.
(“Schema Beta”), a wholly owned subsidiary of Edizione
S.p.A. (“Edizione”), transferred its stake of 50.3 % of the
issued share capital of Autogrill to Avolta on February 3,
2023. As consideration, Avolta issued to Schema Beta
mandatory convertible notes which converted
into
30,663,329 newly issued Avolta shares on February 6,
2023. As a result, the ordinary share capital of the
Company
from
CHF 453,985,035 to CHF 607,301,680 (121,460,336
shares) and the existing conditional capital under Article
3quater of the Articles of Incorporation (dated August 31,
2022) declined to zero. The change in the ordinary share
capital and the conditional capital was registered in the
commercial register on February 6, 2023.
increased by CHF
153,316,645
The Company held its Annual General Meeting of Share-
holders on May 8, 2023. The AGM resolved to replace the
previously existing authorized capital by a capital range,
which ranges from CHF 607,301,680 (lower limit) to
CHF 834,294,195 (upper limit) and allowed for capital
increases in the amount of CHF 226,992,515 (45,398,503
registered shares) until August 31, 2024. It further
resolved to create additional conditional capital in an
amount of CHF 226,992,515 (45,398,503 registered
shares) and to introduce the new Articles 3quater and 3quin-
quies into the Articles of Incorporation (for the wordings of
these Articles please see section 2.2 “Details on condi-
tional capital and capital range” above).
On April 11, 2023, the Company published the offer and
exemption documents in connection with the mandatory
tender offer for the remaining Autogrill shares, offering
0.158 new Avolta shares for each Autogrill share. In
compliance with Italian takeover law, the Company also
offered a cash alternative equivalent to EUR 6.33 per
Autogrill share in the mandatory tender offer. In conjunc-
tion with the mandatory tender offer, the Company issued
a total of 29,061,802 new Avolta shares out of the capital
range during the period of May 24 until July 24, 2023. As
a result, the ordinary share capital of the Company
increased in that timespan from CHF 607,301,680 to
CHF 752,610,690 (150,522,138 shares) and the capital
available for capital increases within the capital range
declined to CHF 81,683,505 (16,336,701 shares). The
various changes in the ordinary share capital and the
capital range were registered in the commercial register
on May 24, June 7, July 6 and July 24, 2023, respectively.
On November 20, 2023, Avolta issued 2,092,113 new
shares out of the existing conditional capital under Article
3bis of the Articles of Incorporation in conjunction with the
mandatory conversion of Mandatory Convertible Notes
of CHF 69.5 million at a conversion price of CHF 33.22
per share. The ordinary share capital of the Company
increased from CHF 752,610,690 to CHF 763,071,255
(152,614,251 shares) and the conditional capital under
Article 3bis declined to CHF 34,937,935 (6,987,857
shares). The corresponding change in the ordinary share
capital and the conditional capital was registered in the
Articles of Incorporation and the commercial register on
January 10, 2024.
Changes in capital in 2022
The Company held an Extraordinary General Meeting of
Shareholders (“EGM”) on August 31, 2022. The EGM
resolved to create additional conditional capital in the
amount of CHF 153,316,645 and to introduce a new
Article 3quater to the Articles of Incorporation. The EGM
further resolved to create authorized capital in the
amount of CHF 226,992,515 and to amend Article 3ter of
the Articles of Incorporation. The change in the condi-
tional capital and the authorized capital was registered in
2.4 Shares
the commercial register on September 5, 2022.
As of December 31, 2023, the share capital of Avolta AG
By way of background: These capital changes occurred
with a nominal value of CHF 5 each.
as part of the combination of Dufry with Autogrill,
announced on July 11, 2022. For comments on the capital
The Company has only one category of shares. The
changes in conjunction with the Dufry / Autogrill combi-
shares are issued in registered form. All shares are enti-
nation, please see section “Changes in capital in 2023”
tled to dividends if declared. Each share entitles its holder
is divided into 152,614,251 fully paid in registered shares
above.
Changes in capital in 2021
to one vote (see also the voting rights limitation of 25.1 %
mentioned below). The Company maintains a share
register showing the name and address of the share-
On March 24, 2021, the Company announced the
holders or usufructuaries. Only persons registered as
successful completion of an offering of CHF 500 million
shareholders or usufructuaries of registered shares in the
new convertible bonds with a coupon of 0.75 % and a
share register shall be recognized as such by the
conversion price of CHF 87.00, due 2026. At the same
Company.
time, the Company also announced the launch of a volun-
tary incentive offer to the holders of the existing CHF 350
Article 10 of the Articles of Incorporation stipulate the
million 1.0 % convertible bonds due 2023, by which the
following voting rights limitation under para. 1 and 2:
Company offered such holders an incentive payment for
1. Subject to paragraph 2 of Article 10, each share
the exercise of their conversion rights within the accep-
recorded as share with voting rights in the share
tance period.
register confers one vote on its registered holder.
2. Until June 30, 2029, no shareholder may exercise,
On April 6, 2021, the Company successfully completed this
directly or indirectly, voting rights with respect to own
voluntary incentive offer regarding the CHF 350 million
or represented shares in excess of 25.1 % of the share
1.0 % convertible bonds due 2023. The offer was accepted
capital registered in the commercial register. Legal
by holders of convertible bonds with an aggregate prin-
entities and partnerships or other groups of persons
cipal amount of CHF 347.6 million (99.3 %), who received
or joint owners who are interrelated to one another
10,533,325 fully paid registered shares of the Company
through capital ownership, voting rights, uniform
(conversion was effected at a conversion price of
management or are otherwise linked as well as
CHF 33.00). The remaining 0.7 % of bonds were, upon
individuals or legal entities and partnerships who act
exercise of the issuer’s clean-up call, redeemed at par in
in concert or otherwise act in a coordinated manner
cash. The ordinary share capital of the Company increased
shall be treated as one single person.
through this bond conversion to CHF 453,985,035
(90,797,007 shares) and the conditional capital was
Paragraphs 3 to 6 of Article 10 refer to the Independent
reduced to CHF 10,833,375 (2,166,675 shares). The change
Voting Rights Representative, the qualifying date for en-
in the ordinary share capital and conditional capital was
titlement to vote at the Meeting of Shareholders and
registered in the commercial register on April 14, 2021.
Nominee representation at the Meeting of Shareholders.
At the Annual General Meeting of Shareholders on
of Incorporation which are available on the Company
May 18, 2021, shareholders approved the Board of Direc-
website www.avoltaworld.com/en/investors/corporate-
tors’ proposal to increase the remaining conditional
governance – Articles of Incorporation.
For the entire wording of Article 10 please see the Articles
capital from CHF 10,833,375 (2,166,675 shares) to
CHF 45,398,500 (9,079,700 shares) to allow physical
Exceptions regarding the voting rights limitation
settlement of the new CHF 500 million 0.75 % convertible
granted in the year under review
bonds due 2026. The change of the conditional capital
The Company has not granted any exception during the
was registered in the commercial register on May 19,
year under review.
2021.
not to exceed CHF 226,992,515 through the issuance of
The Company held its Annual General Meeting of Share-
up to 45,398,503 fully paid registered shares with a
holders on May 8, 2023. The AGM resolved to replace the
nominal value of CHF 5 each.
previously existing authorized capital by a capital range,
which ranges from CHF 607,301,680 (lower limit) to
By way of background: The potential capital increases
CHF 834,294,195 (upper limit) and allowed for capital
under Articles 3quater, 3ter, and the limitations under 3quinquies
increases in the amount of CHF 226,992,515 (45,398,503
were introduced in the Company’s Articles of Incorpora-
registered shares) until August 31, 2024. It further
tion to allow for the direct issuance of registered shares
resolved to create additional conditional capital in an
or shares through conversion and / or option rights in
amount of CHF 226,992,515 (45,398,503 registered
conjunction with the mandatory tender offer for the
shares) and to introduce the new Articles 3quater and 3quin-
shares of Autogrill S.p.A. in connection with the Dufry-
quies into the Articles of Incorporation (for the wordings of
Autogrill combination, and a potential refinancing of the
these Articles please see section 2.2 “Details on condi-
cash alternative payable under the offer.
tional capital and capital range” above).
2.3 Changes in capital of Avolta AG
Ordinary share capital issued
Available capital from capital range (for capital increases)
December 31, 2020
December 31, 2021
December 31, 2022
December 31, 2023
Conditional capital
December 31, 2020
December 31, 2021
December 31, 2022
December 31, 2023
December 31, 2020
December 31, 2021
December 31, 2022
December 31, 2023
Authorized capital
December 31, 2021
December 31, 2021
December 31, 2022
December 31, 2023
CHF 401,318,410
CHF 453,985,035
CHF 453,985,035
CHF 763,071,255
CHF 63,500,000
CHF 45,398,500
CHF
198,715,145
CHF 261,930,450
Not applicable
Not applicable
Not applicable
CHF 81,683,505
None
None
CHF 226,992,515
Replaced by capital band
On April 11, 2023, the Company published the offer and
exemption documents in connection with the mandatory
tender offer for the remaining Autogrill shares, offering
0.158 new Avolta shares for each Autogrill share. In
compliance with Italian takeover law, the Company also
offered a cash alternative equivalent to EUR 6.33 per
Autogrill share in the mandatory tender offer. In conjunc-
tion with the mandatory tender offer, the Company issued
a total of 29,061,802 new Avolta shares out of the capital
range during the period of May 24 until July 24, 2023. As
a result, the ordinary share capital of the Company
increased in that timespan from CHF 607,301,680 to
CHF 752,610,690 (150,522,138 shares) and the capital
available for capital increases within the capital range
declined to CHF 81,683,505 (16,336,701 shares). The
various changes in the ordinary share capital and the
capital range were registered in the commercial register
on May 24, June 7, July 6 and July 24, 2023, respectively.
On November 20, 2023, Avolta issued 2,092,113 new
shares out of the existing conditional capital under Article
3bis of the Articles of Incorporation in conjunction with the
mandatory conversion of Mandatory Convertible Notes
Changes in capital in 2023
Avolta AG (formerly named Dufry AG) and Autogrill S.p.A.
of CHF 69.5 million at a conversion price of CHF 33.22
(“Autogrill”) combined their businesses in 2023. As part of
per share. The ordinary share capital of the Company
the Dufry-Autogrill combination, Schema Beta S.p.A.
increased from CHF 752,610,690 to CHF 763,071,255
(“Schema Beta”), a wholly owned subsidiary of Edizione
(152,614,251 shares) and the conditional capital under
S.p.A. (“Edizione”), transferred its stake of 50.3 % of the
Article 3bis declined to CHF 34,937,935 (6,987,857
issued share capital of Autogrill to Avolta on February 3,
shares). The corresponding change in the ordinary share
2023. As consideration, Avolta issued to Schema Beta
capital and the conditional capital was registered in the
mandatory convertible notes which converted
into
Articles of Incorporation and the commercial register on
30,663,329 newly issued Avolta shares on February 6,
January 10, 2024.
2023. As a result, the ordinary share capital of the
Company
increased by CHF
153,316,645
from
Changes in capital in 2022
CHF 453,985,035 to CHF 607,301,680 (121,460,336
The Company held an Extraordinary General Meeting of
shares) and the existing conditional capital under Article
Shareholders (“EGM”) on August 31, 2022. The EGM
3quater of the Articles of Incorporation (dated August 31,
resolved to create additional conditional capital in the
2022) declined to zero. The change in the ordinary share
amount of CHF 153,316,645 and to introduce a new
capital and the conditional capital was registered in the
Article 3quater to the Articles of Incorporation. The EGM
commercial register on February 6, 2023.
further resolved to create authorized capital in the
amount of CHF 226,992,515 and to amend Article 3ter of
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the Articles of Incorporation. The change in the condi-
tional capital and the authorized capital was registered in
the commercial register on September 5, 2022.
By way of background: These capital changes occurred
as part of the combination of Dufry with Autogrill,
announced on July 11, 2022. For comments on the capital
changes in conjunction with the Dufry / Autogrill combi-
nation, please see section “Changes in capital in 2023”
above.
Changes in capital in 2021
On March 24, 2021, the Company announced the
successful completion of an offering of CHF 500 million
new convertible bonds with a coupon of 0.75 % and a
conversion price of CHF 87.00, due 2026. At the same
time, the Company also announced the launch of a volun-
tary incentive offer to the holders of the existing CHF 350
million 1.0 % convertible bonds due 2023, by which the
Company offered such holders an incentive payment for
the exercise of their conversion rights within the accep-
tance period.
On April 6, 2021, the Company successfully completed this
voluntary incentive offer regarding the CHF 350 million
1.0 % convertible bonds due 2023. The offer was accepted
by holders of convertible bonds with an aggregate prin-
cipal amount of CHF 347.6 million (99.3 %), who received
10,533,325 fully paid registered shares of the Company
(conversion was effected at a conversion price of
CHF 33.00). The remaining 0.7 % of bonds were, upon
exercise of the issuer’s clean-up call, redeemed at par in
cash. The ordinary share capital of the Company increased
through this bond conversion to CHF 453,985,035
(90,797,007 shares) and the conditional capital was
reduced to CHF 10,833,375 (2,166,675 shares). The change
in the ordinary share capital and conditional capital was
registered in the commercial register on April 14, 2021.
At the Annual General Meeting of Shareholders on
May 18, 2021, shareholders approved the Board of Direc-
tors’ proposal to increase the remaining conditional
capital from CHF 10,833,375 (2,166,675 shares) to
CHF 45,398,500 (9,079,700 shares) to allow physical
settlement of the new CHF 500 million 0.75 % convertible
bonds due 2026. The change of the conditional capital
was registered in the commercial register on May 19,
2021.
2.4 Shares
As of December 31, 2023, the share capital of Avolta AG
is divided into 152,614,251 fully paid in registered shares
with a nominal value of CHF 5 each.
The Company has only one category of shares. The
shares are issued in registered form. All shares are enti-
tled to dividends if declared. Each share entitles its holder
to one vote (see also the voting rights limitation of 25.1 %
mentioned below). The Company maintains a share
register showing the name and address of the share-
holders or usufructuaries. Only persons registered as
shareholders or usufructuaries of registered shares in the
share register shall be recognized as such by the
Company.
Article 10 of the Articles of Incorporation stipulate the
following voting rights limitation under para. 1 and 2:
1. Subject to paragraph 2 of Article 10, each share
recorded as share with voting rights in the share
register confers one vote on its registered holder.
2. Until June 30, 2029, no shareholder may exercise,
directly or indirectly, voting rights with respect to own
or represented shares in excess of 25.1 % of the share
capital registered in the commercial register. Legal
entities and partnerships or other groups of persons
or joint owners who are interrelated to one another
through capital ownership, voting rights, uniform
management or are otherwise linked as well as
individuals or legal entities and partnerships who act
in concert or otherwise act in a coordinated manner
shall be treated as one single person.
Paragraphs 3 to 6 of Article 10 refer to the Independent
Voting Rights Representative, the qualifying date for en-
titlement to vote at the Meeting of Shareholders and
Nominee representation at the Meeting of Shareholders.
For the entire wording of Article 10 please see the Articles
of Incorporation which are available on the Company
website www.avoltaworld.com/en/investors/corporate-
governance – Articles of Incorporation.
Exceptions regarding the voting rights limitation
granted in the year under review
The Company has not granted any exception during the
year under review.
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– Corporate bodies and partnerships or other groups
of persons or joint owners who are interrelated to
one another through capital ownership, voting rights,
uniform management or otherwise linked as well as
individuals or corporate bodies and partnerships who
act in concert to circumvent the regulations
concerning the nominees (esp. as syndicates), shall
be treated as one single nominee within the meaning
of the above mentioned regulation.
– The Board of Directors may cancel the registration,
with retroactive effect if appropriate, if the
registration was effected based on false information
or in case of breach of the agreement between the
nominee and the Board of Directors.
– After consulting the party involved, the Company
may delete entries in the share register if such entries
occurred in consequence of false statements by the
purchaser. The purchaser must be informed
immediately of the deletion.
– In particular cases, the Board of Directors may allow
exemptions from the above mentioned regulations
concerning nominees.
– The limitations for registration in the share register
described above also apply for shares acquired or
subscribed by the exercise of subscription, option or
conversion rights.
Exceptions granted in the year under review
The Company has not granted any exception with regards
to limitation of transferability and nominee registrations
during the year under review.
Required quorums for a change of the limitations of
transferability
According to the Articles of Incorporation, a change of
the limitations on the transfer of registered shares or the
removal of such limitations requires a resolution of the
General Meeting of Shareholders passed by at least two
thirds of the votes represented and the majority of the
nominal value of shares represented.
2.5 Participation certificates and
profit sharing certificates
The Company has not issued any non-voting equity
securities, such as participation certificates (“Partizipa-
tionsscheine”) or profit sharing certificates (“Genusss-
cheine”).
2.6 Limitation on transferability
and nominee registration of
registered shares
– The Company maintains a share register showing the
name and address of the shareholders or usufruct-
uaries. Any change of contact information must be
reported to the share registrar. Notifications by the
Company shall be deemed to have been validly made
if sent to the shareholder’s or authorized delivery
agent’s last registered contact information in the
share register.
– Only persons registered as shareholders or
usufructuaries of registered shares in the share
register shall be recognized as such by the Company.
– Acquirers of registered shares shall be registered as
shareholders with the right to vote, provided that
they expressly declare that they acquired the shares
in their own name and for their own account, that
there is no agreement on the return of the relevant
shares and that they bear the economic risk
associated with the shares.
– The Board of Directors may register nominees with
the right to vote in the share register to the extent of
up to 0.2 % of the registered share capital as set forth
in the commercial register. Registered shares held by
a nominee that exceed this limit may be registered in
the share register with the right to vote if the nominee
discloses the names, addresses and number of
shares of the persons for whose account it holds
0.2 % or more of the registered share capital as set
forth in the commercial register. Nominees within the
meaning of this provision are persons who do not
make the declarations above and with whom the
Board of Directors has entered into a corresponding
agreement. Nominees are only en titled to represent
registered shares held by them at a General Meeting
of Shareholders provided that they are registered in
the share register and they hold a valid written proxy
granted by the beneficial owner of the registered
shares instructing the nominee how to vote at the
General Meeting of Shareholders. Shares held by a
nominee for which it is not able to produce such a
proxy count as not represented at the General
Meeting of Shareholders.
2.7 Convertible bonds and options
3. Board of Directors
Convertible bonds
3.1 Members of the Board of
As of December 31, 2023, the Company had the following
convertible bond outstanding:
Directors
Guaranteed Senior Convertible Bond
Issuer
Listing
Size of issue
Outstanding amount
as of Dec 31, 2023
Principal amount
Interest rate
Dufry One B.V., Eindhoven / NL
SIX Swiss Exchange
CHF 500,000,000
CHF 500,000,000
CHF 200,000 per bond
0.75 % per annum, payable semi-annually
(March 30 and September 30)
Maturity
March 30, 2026
Convertible into
Registered shares of Avolta AG
(5,747,126 shares)
Conversion price
Conversion period
CHF 87.00 (subject to adjustments)
May 25, 2021 up to and including
Source of shares
Conditional capital and / or issued and
March 12, 2026
outstanding shares
CH1105195684
1105195684
DUF21
ISIN-No.
Swiss Security-No.
Ticker symbol
Potential dilution
As of December 31, 2023, the Board of Directors
comprised twelve Board members compared with nine
members as of December 31, 2022.
The members of the Board of Directors are elected
individually and for a term of office extending until
completion of the next Annual General Meeting of Share-
holders. The Chairman of the Board of Directors and the
members of the Remuneration Committee are directly
elected by the General Meeting of Shareholders.
The following table sets forth the name, position with
Avolta, nationality and year of first election as a member
of the Board of Directors for each respective member,
followed by their Curricula Vitae with a short description
of each member’s business experience, education and
The underlying 5,747,126 registered shares to be
potentially issued as a result of the conversion
of the senior convertible bonds represent 3.77 %
of the issued and listed registered shares as of
December 31, 2023.
activities.
Options
As of December 31, 2023, the Company had no
the Avolta Group, is depicted in the Remuneration Report
outstanding warrants or options to acquire shares issued
on pages 330 / 331 of this Annual Report in accordance
by or on behalf of the Company. Avolta has certain share-
with Art. 734e CO.
A comprehensive list of all mandates that are comparable
to board of directors or executive committee mandates at
entities that have an economic purpose, other than within
based payments, the essentials of which are disclosed in
the “Remuneration Report” on page 311 ff.
Board of Directors as of December 31, 2023
Name
Position with Avolta
Juan Carlos Torres Carretero
Executive Chairman
Alessandro Benetton
Honorary Chairman and Independent Director
Vice-Chairman and Independent Director
Vice-Chairman and Independent Director
Sami Kahale
Enrico Laghi
Heekyung Jo Min
Xavier Bouton
Mary J. Steele Guilfoile
Luis Maroto Camino
Ranjan Sen
Lynda Tyler-Cagni
Eugenia M. Ulasewicz
Lead Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Joaquín Moya-Angeler Cabrera
Independent Director
Nationality
Spanish
Italian
Italian
Italian
American
French
American
Spanish
Spanish
German
British and Italian
American
Date of
first Election
2003
2022
2023
2022
2016
2022
2020
2019
2021
2020
2018
2021
2.5 Participation certificates and
profit sharing certificates
– Corporate bodies and partnerships or other groups
of persons or joint owners who are interrelated to
one another through capital ownership, voting rights,
The Company has not issued any non-voting equity
uniform management or otherwise linked as well as
securities, such as participation certificates (“Partizipa-
individuals or corporate bodies and partnerships who
tionsscheine”) or profit sharing certificates (“Genusss-
act in concert to circumvent the regulations
cheine”).
2.6 Limitation on transferability
and nominee registration of
registered shares
concerning the nominees (esp. as syndicates), shall
be treated as one single nominee within the meaning
of the above mentioned regulation.
– The Board of Directors may cancel the registration,
with retroactive effect if appropriate, if the
registration was effected based on false information
or in case of breach of the agreement between the
– The Company maintains a share register showing the
nominee and the Board of Directors.
name and address of the shareholders or usufruct-
– After consulting the party involved, the Company
uaries. Any change of contact information must be
may delete entries in the share register if such entries
reported to the share registrar. Notifications by the
occurred in consequence of false statements by the
Company shall be deemed to have been validly made
purchaser. The purchaser must be informed
if sent to the shareholder’s or authorized delivery
immediately of the deletion.
agent’s last registered contact information in the
– In particular cases, the Board of Directors may allow
share register.
exemptions from the above mentioned regulations
– Only persons registered as shareholders or
concerning nominees.
usufructuaries of registered shares in the share
– The limitations for registration in the share register
register shall be recognized as such by the Company.
described above also apply for shares acquired or
– Acquirers of registered shares shall be registered as
subscribed by the exercise of subscription, option or
shareholders with the right to vote, provided that
conversion rights.
they expressly declare that they acquired the shares
in their own name and for their own account, that
Exceptions granted in the year under review
there is no agreement on the return of the relevant
The Company has not granted any exception with regards
shares and that they bear the economic risk
to limitation of transferability and nominee registrations
associated with the shares.
during the year under review.
– The Board of Directors may register nominees with
the right to vote in the share register to the extent of
Required quorums for a change of the limitations of
up to 0.2 % of the registered share capital as set forth
transferability
in the commercial register. Registered shares held by
According to the Articles of Incorporation, a change of
a nominee that exceed this limit may be registered in
the limitations on the transfer of registered shares or the
the share register with the right to vote if the nominee
removal of such limitations requires a resolution of the
discloses the names, addresses and number of
General Meeting of Shareholders passed by at least two
shares of the persons for whose account it holds
thirds of the votes represented and the majority of the
0.2 % or more of the registered share capital as set
nominal value of shares represented.
forth in the commercial register. Nominees within the
meaning of this provision are persons who do not
make the declarations above and with whom the
Board of Directors has entered into a corresponding
agreement. Nominees are only en titled to represent
registered shares held by them at a General Meeting
of Shareholders provided that they are registered in
the share register and they hold a valid written proxy
granted by the beneficial owner of the registered
shares instructing the nominee how to vote at the
General Meeting of Shareholders. Shares held by a
nominee for which it is not able to produce such a
proxy count as not represented at the General
Meeting of Shareholders.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 287/336
2.7 Convertible bonds and options
3. Board of Directors
Convertible bonds
As of December 31, 2023, the Company had the following
convertible bond outstanding:
3.1 Members of the Board of
Directors
Guaranteed Senior Convertible Bond
Issuer
Listing
Size of issue
Outstanding amount
as of Dec 31, 2023
Principal amount
Interest rate
Maturity
Convertible into
Conversion price
Conversion period
Source of shares
ISIN-No.
Swiss Security-No.
Ticker symbol
Potential dilution
Dufry One B.V., Eindhoven / NL
SIX Swiss Exchange
CHF 500,000,000
CHF 500,000,000
CHF 200,000 per bond
0.75 % per annum, payable semi-annually
(March 30 and September 30)
March 30, 2026
Registered shares of Avolta AG
(5,747,126 shares)
CHF 87.00 (subject to adjustments)
May 25, 2021 up to and including
March 12, 2026
Conditional capital and / or issued and
outstanding shares
CH1105195684
1105195684
DUF21
The underlying 5,747,126 registered shares to be
potentially issued as a result of the conversion
of the senior convertible bonds represent 3.77 %
of the issued and listed registered shares as of
December 31, 2023.
Options
As of December 31, 2023, the Company had no
outstanding warrants or options to acquire shares issued
by or on behalf of the Company. Avolta has certain share-
based payments, the essentials of which are disclosed in
the “Remuneration Report” on page 311 ff.
As of December 31, 2023, the Board of Directors
comprised twelve Board members compared with nine
members as of December 31, 2022.
The members of the Board of Directors are elected
individually and for a term of office extending until
completion of the next Annual General Meeting of Share-
holders. The Chairman of the Board of Directors and the
members of the Remuneration Committee are directly
elected by the General Meeting of Shareholders.
The following table sets forth the name, position with
Avolta, nationality and year of first election as a member
of the Board of Directors for each respective member,
followed by their Curricula Vitae with a short description
of each member’s business experience, education and
activities.
A comprehensive list of all mandates that are comparable
to board of directors or executive committee mandates at
entities that have an economic purpose, other than within
the Avolta Group, is depicted in the Remuneration Report
on pages 330 / 331 of this Annual Report in accordance
with Art. 734e CO.
Board of Directors as of December 31, 2023
Name
Position with Avolta
Juan Carlos Torres Carretero
Executive Chairman
Alessandro Benetton
Honorary Chairman and Independent Director
Sami Kahale
Enrico Laghi
Heekyung Jo Min
Xavier Bouton
Mary J. Steele Guilfoile
Luis Maroto Camino
Vice-Chairman and Independent Director
Vice-Chairman and Independent Director
Lead Independent Director
Independent Director
Independent Director
Independent Director
Joaquín Moya-Angeler Cabrera
Independent Director
Ranjan Sen
Lynda Tyler-Cagni
Eugenia M. Ulasewicz
Independent Director
Independent Director
Independent Director
Nationality
Spanish
Italian
Italian
Italian
American
French
American
Spanish
Spanish
German
British and Italian
American
Date of
first Election
2003
2022
2023
2022
2016
2022
2020
2019
2021
2020
2018
2021
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 288/336
3.2 Education, professional background, other activities and functions
Juan Carlos Torres
Carretero
Executive Chairman,
born 1949, Spanish
Education
MS in physics from Universidad
Complutense de Madrid and
MS in Management from MIT’s
Sloan School of Management.
Professional Background
Many years of private equity and
senior management operating
experience. 1988 Joined Advent
International, a private equity
firm, in Boston as a partner.
1991 – 1995 Partner at Advent
International in Madrid.
1995 – 2016 Managing Partner in
charge of Advent International
Corporation’s investment
activities in Latin America.
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
None
Alessandro Benetton
Honorary Chairman,
Independent Director,
Non-Executive, born 1964,
Italian
Education
BBA from Boston University,
MBA from Harvard Business
School.
Professional Background
Alessandro Benetton has been
Chairman, CEO and founder of
21 Invest S.p.A. since 1992. He
served as member of the Board
of Directors of Autogrill S.p.A.
(1997 – 2023), as President of the
Cortina 2021 Foundation to
organize the Alpine Ski World
Championships (2017 – 2021), as
Chairman of the Benetton
Group (2012 – 2013), as Board
member of Robert Bosch
International Holdings AG (2002
– 2018) and as Chairman of the
Benetton Formula 1 Racing
Team (1988 – 1998). Since 2022,
Chairman of Edizione S.p.A. and
Vice Chairman of Mundys S.p.A.
(formerly Atlantia S.p.A.) (since
2023).
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
Edizione S.p.A., 21 Invest S.p.A.,
21 Invest SGR S.p.A., 21 Invest
France SAS, Mundys S.p.A.
(formerly Atlantia S.p.A.),
Fremantle Italy (Advisory
Committee), University of Naples
Parthenope, Fondazione Imago
Mundi
Sami Kahale
Vice-Chairman,
Independent Director,
Non-Executive,
born 1961, Italian
Enrico Laghi
Vice-Chairman,
Independent Director,
Non-Executive,
born 1969, Italian
Education
BASc Degree in Electrical and
Electronics Engineering from
the University of Notre Dame
(Indiana), MBA from Babson
College (Massachusetts).
Professional Background
Sami Kahale held various Senior
Leadership positions at Procter
& Gamble from 1998 to 2017,
including Vice President Health
& Beauty Care, Central Eastern
Europe/Middle East, Africa
(2003 - 2007), Vice President
Italy (2007 - 2014), Vice
President Southern Europe
region (2014 - 2017). General
Manager and CEO of Esselunga
S.p.A. (2018 - 2021). Chairman of
the Board of Directors of IRCA
S.p.A. since 2022 and Vice-
Chairman of the Board of
Directors of Marymount
International School since 2013.
Since 2023, Operating Partner
at Advent International.
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
IRCA S.p.A., Bolton Group, Bauli
Group (Innovation Advisory
Board), Marymount International
School
Education
Degree in Business
Administration from the
La Sapienza University
of Rome, Professor of
Accounting & Finance at the La
Sapienza University of Rome.
Professional Background
Enrico Laghi has been serving
as member of the Board of
Directors and the Board of
Statutory Auditors of a number
of listed Italian entities including
Acea S.p.A. (2013 – 2019),
Pirelli & C. S.p.A. (2006 – 2014),
Gruppo Editoriale L’Espresso
S.p.A. (2012 – 2013), Unicredit
S.p.A. (2013 – 2017) and Beni
Stabili (2010 – 2018).
Commissioner of Alitalia.
Chairman of Edizione S.p.A.
(2020 – 2022). Since 2022, Chief
Executive Officer of Edizione
S.p.A.
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
Edizione S.p.A., Mundys S.p.A.
(formerly Atlantia S.p.A.),
Abertis Infraestructuras SA,
Studio Laghi Srl, Edizione
Property S.p.A.
Heekyung Jo Min
Xavier Bouton
Lead Independent Director,
Independent Director,
Non-Executive,
born 1958, American
Non-Executive,
born 1950, French
Mary J. Steele Guilfoile
Independent Director,
Non-Executive,
born 1954, American
Luis Maroto Camino
Independent Director,
Non-Executive,
born 1964, Spanish
Education
Ph.D in Business Administration
from Seoul Business School
(aSSIST), MBA from Columbia
University Graduate School
of Business in New York, and a
BA from Seoul National
University.
Professional Background
2004 – 2005 Executive Vice
President at Prudential
Investments and Securities Co.
in Korea. 2006 Country Advisor,
Global Resolutions in Korea.
2007 – 2010 Director General
of the Investment Promotion
Bureau at the Incheon Free
Economic Zone (IFEZ) in Korea.
2011 – 2013 Chief HR Officer of
CJ Corporation in Korea. Since
2013, Executive Vice President
and Head of Corporate Social
Responsibility of CJ
CheilJedang. Ms. Min speaks
regularly on the subject of
sustainability and ESG
(Environment, Social,
Governance).
Education
Education
Education
Diploma in economics and
Bachelor of Science from
Bachelor’s degree in Law from
finance from l’Institut d’Etudes
Boston College Carroll School
the Universidad Complutense
Politiques de Bordeaux and
Doctorate in Economics and
of Management, MBA from
Columbia Business School,
Business Administration from the
Licensed, Certified Public
University of Bordeaux.
Accountant.
Professional Background
Professional Background
1978 – 1984 Director of C.N.I.L.
1996 – 2000 Partner, CFO and
Madrid, MBA from the Instituto
de Estudios Superiores de la
Empresa, Madrid (IESE), further
qualifications from Stanford,
Harvard Business School,
INSEAD and IMD.
(Commission Nationale de
COO of The Beacon Group,
Professional Background
l’Informatique et des Libertés).
LLC, a private equity, strategic
2000 Joined Amadeus IT Group,
1985 – 1994 General Secretary of
advisory and wealth
a leading player in the travel
Reader’s Digest Foundation.
management partnership.
and tourism industry, where he
1990 – 2005 Board member of
2000 – 2002 Several
served as Deputy CEO, CFO
Laboratoires Chemineau.
management positions such as
and Director Marketing Finance.
1999 – 2021 Board member of ADL
Executive Vice President and
Prior to joining Amadeus, he
Partners. 2005 – 2017 Board
Corporate Treasurer at
held several managerial
member of Dufry AG. Since 1999
JPMorgan Chase & Co. and
positions at the Bertelsmann
Chairman of the Supervisory
Chief Administrative Officer of
Group. Since 2011, CEO and
Board of F.S.D.V. (Fayenceries de
its investment bank. Served
President of Amadeus IT Group.
Sarreguemines Digoin & Vitry la
previously on the Board of
Directors of Viasys Healthcare
Current Board Mandates
Inc. (2001 – 2005), Valley National
Listed companies:
Bancorp (2003 –2018), Boston
Avolta AG and Amadeus IT
College (1991 – 2011) and Hudson
Group
François), and since 2021
Chairman of the Board of
Directors of Edeis.
Current Board Mandates
Listed companies:
Avolta AG, F.S.D.V. (Fayenceries de
Sarreguemines Digoin & Vitry la
Not listed companies
or organizations:
None
Current Board Mandates
François)
Listed companies:
Avolta AG
Not listed companies
or organizations:
Edeis
Not listed companies
or organizations:
Asia New Zealand Foundation
(Honorary Advisor) and CJ
Welfare Foundation
Ltd. (2018 – 2020). Serves as a
member of the Boards of
Directors of C.H. Robinson
Worldwide, Inc. (since 2012), The
Interpublic Group of Companies,
Inc. (since 2007) and Pitney
Bowes, Inc. (since 2018). Since
2002 serves as Chairwoman of
MG Advisors, Inc. and has been
a Partner of The Beacon Group,
LP since 1998.
Current Board Mandates
Listed companies:
Avolta AG, C.H. Robinson
Worldwide, Inc., The Interpublic
Group of Companies, Inc. and
Pitney Bowes, Inc.
Not listed companies
or organizations:
MG Advisors, Inc., Boston
College (Trustee Associate), The
Beacon Group, LP
3.2 Education, professional background, other activities and functions
Juan Carlos Torres
Carretero
Executive Chairman,
born 1949, Spanish
Alessandro Benetton
Honorary Chairman,
Independent Director,
Non-Executive, born 1964,
Sami Kahale
Vice-Chairman,
Non-Executive,
born 1961, Italian
Enrico Laghi
Vice-Chairman,
Non-Executive,
born 1969, Italian
Independent Director,
Independent Director,
Education
MS in physics from Universidad
Complutense de Madrid and
MS in Management from MIT’s
Sloan School of Management.
Professional Background
Many years of private equity and
senior management operating
experience. 1988 Joined Advent
International, a private equity
firm, in Boston as a partner.
1991 – 1995 Partner at Advent
International in Madrid.
1995 – 2016 Managing Partner in
charge of Advent International
Corporation’s investment
activities in Latin America.
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
None
Italian
Education
School.
BBA from Boston University,
MBA from Harvard Business
BASc Degree in Electrical and
Degree in Business
Electronics Engineering from
Administration from the
Education
Education
Professional Background
Alessandro Benetton has been
the University of Notre Dame
(Indiana), MBA from Babson
College (Massachusetts).
La Sapienza University
of Rome, Professor of
Accounting & Finance at the La
Sapienza University of Rome.
Chairman, CEO and founder of
Professional Background
21 Invest S.p.A. since 1992. He
Sami Kahale held various Senior
Professional Background
served as member of the Board
Leadership positions at Procter
Enrico Laghi has been serving
of Directors of Autogrill S.p.A.
& Gamble from 1998 to 2017,
as member of the Board of
(1997 – 2023), as President of the
including Vice President Health
Directors and the Board of
Cortina 2021 Foundation to
& Beauty Care, Central Eastern
Statutory Auditors of a number
organize the Alpine Ski World
Europe/Middle East, Africa
of listed Italian entities including
Championships (2017 – 2021), as
(2003 - 2007), Vice President
Acea S.p.A. (2013 – 2019),
Chairman of the Benetton
Italy (2007 - 2014), Vice
Pirelli & C. S.p.A. (2006 – 2014),
Group (2012 – 2013), as Board
President Southern Europe
Gruppo Editoriale L’Espresso
member of Robert Bosch
region (2014 - 2017). General
S.p.A. (2012 – 2013), Unicredit
International Holdings AG (2002
Manager and CEO of Esselunga
S.p.A. (2013 – 2017) and Beni
– 2018) and as Chairman of the
S.p.A. (2018 - 2021). Chairman of
Stabili (2010 – 2018).
Benetton Formula 1 Racing
the Board of Directors of IRCA
Commissioner of Alitalia.
Team (1988 – 1998). Since 2022,
S.p.A. since 2022 and Vice-
Chairman of Edizione S.p.A.
Chairman of Edizione S.p.A. and
Chairman of the Board of
(2020 – 2022). Since 2022, Chief
Vice Chairman of Mundys S.p.A.
Directors of Marymount
Executive Officer of Edizione
(formerly Atlantia S.p.A.) (since
International School since 2013.
S.p.A.
2023).
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
Edizione S.p.A., 21 Invest S.p.A.,
21 Invest SGR S.p.A., 21 Invest
France SAS, Mundys S.p.A.
(formerly Atlantia S.p.A.),
Fremantle Italy (Advisory
Committee), University of Naples
Parthenope, Fondazione Imago
Mundi
Since 2023, Operating Partner
at Advent International.
Current Board Mandates
Listed companies:
Current Board Mandates
Avolta AG
Listed companies:
Avolta AG
Not listed companies
or organizations:
Not listed companies
or organizations:
Edizione S.p.A., Mundys S.p.A.
(formerly Atlantia S.p.A.),
IRCA S.p.A., Bolton Group, Bauli
Abertis Infraestructuras SA,
Group (Innovation Advisory
Studio Laghi Srl, Edizione
Board), Marymount International
Property S.p.A.
School
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 289/336
Heekyung Jo Min
Lead Independent Director,
Non-Executive,
born 1958, American
Xavier Bouton
Independent Director,
Non-Executive,
born 1950, French
Mary J. Steele Guilfoile
Independent Director,
Non-Executive,
born 1954, American
Luis Maroto Camino
Independent Director,
Non-Executive,
born 1964, Spanish
Education
Bachelor’s degree in Law from
the Universidad Complutense
Madrid, MBA from the Instituto
de Estudios Superiores de la
Empresa, Madrid (IESE), further
qualifications from Stanford,
Harvard Business School,
INSEAD and IMD.
Professional Background
2000 Joined Amadeus IT Group,
a leading player in the travel
and tourism industry, where he
served as Deputy CEO, CFO
and Director Marketing Finance.
Prior to joining Amadeus, he
held several managerial
positions at the Bertelsmann
Group. Since 2011, CEO and
President of Amadeus IT Group.
Current Board Mandates
Listed companies:
Avolta AG and Amadeus IT
Group
Not listed companies
or organizations:
None
Education
Ph.D in Business Administration
from Seoul Business School
(aSSIST), MBA from Columbia
University Graduate School
of Business in New York, and a
BA from Seoul National
University.
Professional Background
2004 – 2005 Executive Vice
President at Prudential
Investments and Securities Co.
in Korea. 2006 Country Advisor,
Global Resolutions in Korea.
2007 – 2010 Director General
of the Investment Promotion
Bureau at the Incheon Free
Economic Zone (IFEZ) in Korea.
2011 – 2013 Chief HR Officer of
CJ Corporation in Korea. Since
2013, Executive Vice President
and Head of Corporate Social
Responsibility of CJ
CheilJedang. Ms. Min speaks
regularly on the subject of
sustainability and ESG
(Environment, Social,
Governance).
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
Asia New Zealand Foundation
(Honorary Advisor) and CJ
Welfare Foundation
Education
Diploma in economics and
finance from l’Institut d’Etudes
Politiques de Bordeaux and
Doctorate in Economics and
Business Administration from the
University of Bordeaux.
Education
Bachelor of Science from
Boston College Carroll School
of Management, MBA from
Columbia Business School,
Licensed, Certified Public
Accountant.
Professional Background
1978 – 1984 Director of C.N.I.L.
(Commission Nationale de
l’Informatique et des Libertés).
1985 – 1994 General Secretary of
Reader’s Digest Foundation.
1990 – 2005 Board member of
Laboratoires Chemineau.
1999 – 2021 Board member of ADL
Partners. 2005 – 2017 Board
member of Dufry AG. Since 1999
Chairman of the Supervisory
Board of F.S.D.V. (Fayenceries de
Sarreguemines Digoin & Vitry la
François), and since 2021
Chairman of the Board of
Directors of Edeis.
Current Board Mandates
Listed companies:
Avolta AG, F.S.D.V. (Fayenceries de
Sarreguemines Digoin & Vitry la
François)
Not listed companies
or organizations:
Edeis
Professional Background
1996 – 2000 Partner, CFO and
COO of The Beacon Group,
LLC, a private equity, strategic
advisory and wealth
management partnership.
2000 – 2002 Several
management positions such as
Executive Vice President and
Corporate Treasurer at
JPMorgan Chase & Co. and
Chief Administrative Officer of
its investment bank. Served
previously on the Board of
Directors of Viasys Healthcare
Inc. (2001 – 2005), Valley National
Bancorp (2003 –2018), Boston
College (1991 – 2011) and Hudson
Ltd. (2018 – 2020). Serves as a
member of the Boards of
Directors of C.H. Robinson
Worldwide, Inc. (since 2012), The
Interpublic Group of Companies,
Inc. (since 2007) and Pitney
Bowes, Inc. (since 2018). Since
2002 serves as Chairwoman of
MG Advisors, Inc. and has been
a Partner of The Beacon Group,
LP since 1998.
Current Board Mandates
Listed companies:
Avolta AG, C.H. Robinson
Worldwide, Inc., The Interpublic
Group of Companies, Inc. and
Pitney Bowes, Inc.
Not listed companies
or organizations:
MG Advisors, Inc., Boston
College (Trustee Associate), The
Beacon Group, LP
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Ranjan Sen
Independent Director,
Non-Executive,
born 1969, German
Lynda Tyler-Cagni
Independent Director,
Non-Executive,
born 1956, British and Italian
Eugenia M. Ulasewicz
Independent Director,
Non-Executive,
born 1953, American
Education
Degree in Business
Administration from Richmond
University in London.
Education
B.A. (Hons) in Languages,
Economics & Politics from the
University of Kingston, London.
Professional Background
Many years of private equity and
banking experience. 2003
Joined Advent International as
Director. Since 2016 Managing
Partner at Advent International.
Member of the European and
Asian Investment Advisory
Committee and Head of the
German office in Frankfurt of
Advent International.
Current Board Mandates
Listed companies:
Avolta AG and InPost Poland
Not listed companies
or organizations:
Hermes Germany GmbH
Professional Background
Lynda Tyler-Cagni held various
global executive positions with
Fast Retailing, Uniqlo and Zegna.
She is the founder and CEO at
Only the Best, an agency
advising and representing talent
primarily in fashion, luxury and
retail. She also served as a
Director of Atlantia S.p.A., an
Italian listed global infrastructure
operator from 2016 until 2018.
Ms. Tyler-Cagni previously
served on the Board of World
Duty Free Group as a non-
executive and independent
member and chair of the
HR & Remuneration Committee
(from 2013 until the acquisition
of World Duty Free Group by
Dufry AG in 2015).
Current Board Mandates
Listed companies:
Avolta AG
Education
Bachelor’s degree from the
University of Massachusetts,
Amherst, Doctor of Law, College
of Mount Saint Vincent, NY.
Professional Background
Eugenia Ulasewicz had a
successful career serving in
many roles as a global retail
industry executive, most
recently as President, Burberry
Americas until 2013. She serves
on the Board of Directors of
Signet Jewelers (since 2014), is
Chair of the Corporate
Citizenship & Sustainability
Committee and a member of
the Compensation Committee,
Vince Holding Corp (since 2014),
is Chair of the Compensation
Committee and a member of
Audit Committee, and ASOS Plc
(2020 - 2023) where she was
Chair of the ESG Committee
and a member of Audit and
Remuneration Committees. She
served on the Board of Directors
of Hudson, Ltd (2018 - 2020)
and Bunzl plc (2011 - 2020).
Not listed companies
or organizations:
EDHEC Paris (Business
Management Advisory Board)
Current Board Mandates
Listed companies:
Avolta AG, Signet Jewelers Ltd.
and Vince Holding Corporation
Not listed companies
or organizations:
None
Joaquín Moya-Angeler
Cabrera
Independent Director,
Non-Executive,
born 1949, Spanish
Education
Master’s degree in Mathematics
from the University of Madrid,
Diploma in Economics and
Forecasting from the London
School of Economics and Political
Science and an MS in
Management from MIT’s Sloan
School of Management.
Professional Background
J. Moya-Angeler has focused his
career on the technology and real
estate industries, including having
founded a number of companies.
He has been the Chairman of the
Board of Directors of various
companies: IBM Spain (1990 –
1994), Leche Pascual (1994 –
1997), Meta4 (1997 – 2002), TIASA
(1996 – 1998), and Hildebrando
(2003 – 2014). Served previously
on the Board of Directors of Dufry
AG (2005 – 2018), Hudson Ltd.
(2018 – 2021) and as Chairman of
the Board of Directors of La
Quinta Real Estate (1994 – 2023).
To date Chairman of the Board of
Directors of Corporación
Empresarial Pascual (since 1994),
Chairman of the Board of
Directors of Avalon Private Equity
(since 1999). Serves on the
advisory boards of private equity
firms Palamon Capital Partners
and MCH Private Equity.
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
Corporación Empresarial Pascual,
Avalon Private Equity, Palamon
Capital Partners (Board of
Advisors), MCH Private Equity
(Board of Advisors)
Changes in the Board of Directors in fiscal year 2023
Alessandro Benetton and Enrico Laghi were elected at
the Extraordinary General Meeting of Shareholders on
August 31, 2022. Their election became effective after the
completion of the transfer of the 50.3 % stake in Autogrill
from Edizione to the Company on February 3, 2023. Sami
Kahale was newly elected to the Board of Directors at the
Annual General Meeting of Shareholders on May 8, 2023.
Diversity of the Board of Directors
as of December 31, 2023
8 % British / Italian
8 % German
25 % Spanish
Chairman. In his executive role, a substantial amount of his
25 % Italian
25 % American
Diversity and independence
As of December 31, 2023, the Board of Directors has 67 %
male and 33 % female members, including the Lead Inde-
8 % French
pendent Director.
Due to his intense involvement with the Company’s
management, the Chairman of the Board of Directors, Mr.
Juan Carlos Torres Carretero, is considered an Executive
time is devoted to the Company’s operations where he
works very closely with the CEO to pursue value-enhancing
initiatives including strategically important relationships,
joint ventures or acquisitions, and relationships with key
current or future shareholders, and initiatives strengthening
the Company’s partnerships with governments and key
landlords. He also supports re-financing activities and
capital markets transactions of the Company.
The other members of the Board of Directors (92 % of the
Board as of December 31, 2023) are non-executive
members and are also considered independent.
67 % Male
Over the past years, the Board of Directors has been
consistently renewed. As of December 31, 2023, nine out of
the twelve Board members have a tenure of 5 years or less.
None of the members of the Board of Directors (members
as of December 31, 2023) have ever been in a managerial
position at Avolta AG or any of its subsidiaries. For informa-
tion on related parties and related party transactions please
refer to Note 41 on page 249 of the Consolidated Financial
Statements and to the information provided in the Remu-
neration Report on page 311 ff. of this Annual Report. None
of the members of the Board of Directors have significant
business connections with the Company or any of its
subsidiaries.
33 % Female
8 %
Executive
92 % Independent
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Changes in the Board of Directors in fiscal year 2023
Alessandro Benetton and Enrico Laghi were elected at
the Extraordinary General Meeting of Shareholders on
August 31, 2022. Their election became effective after the
completion of the transfer of the 50.3 % stake in Autogrill
from Edizione to the Company on February 3, 2023. Sami
Kahale was newly elected to the Board of Directors at the
Annual General Meeting of Shareholders on May 8, 2023.
Diversity of the Board of Directors
as of December 31, 2023
8 % British / Italian
8 % German
25 % Spanish
Diversity and independence
As of December 31, 2023, the Board of Directors has 67 %
male and 33 % female members, including the Lead Inde-
pendent Director.
8 % French
Due to his intense involvement with the Company’s
management, the Chairman of the Board of Directors, Mr.
Juan Carlos Torres Carretero, is considered an Executive
Chairman. In his executive role, a substantial amount of his
time is devoted to the Company’s operations where he
works very closely with the CEO to pursue value-enhancing
initiatives including strategically important relationships,
joint ventures or acquisitions, and relationships with key
current or future shareholders, and initiatives strengthening
the Company’s partnerships with governments and key
landlords. He also supports re-financing activities and
capital markets transactions of the Company.
25 % Italian
25 % American
33 % Female
The other members of the Board of Directors (92 % of the
Board as of December 31, 2023) are non-executive
members and are also considered independent.
67 % Male
Over the past years, the Board of Directors has been
consistently renewed. As of December 31, 2023, nine out of
the twelve Board members have a tenure of 5 years or less.
None of the members of the Board of Directors (members
as of December 31, 2023) have ever been in a managerial
position at Avolta AG or any of its subsidiaries. For informa-
tion on related parties and related party transactions please
refer to Note 41 on page 249 of the Consolidated Financial
Statements and to the information provided in the Remu-
neration Report on page 311 ff. of this Annual Report. None
of the members of the Board of Directors have significant
business connections with the Company or any of its
subsidiaries.
8 %
Executive
92 % Independent
Independent Director,
Non-Executive,
born 1969, German
Education
Degree in Business
Lynda Tyler-Cagni
Independent Director,
Non-Executive,
Eugenia M. Ulasewicz
Independent Director,
Non-Executive,
born 1956, British and Italian
born 1953, American
Education
Education
B.A. (Hons) in Languages,
Bachelor’s degree from the
Administration from Richmond
Economics & Politics from the
University of Massachusetts,
University in London.
University of Kingston, London.
Amherst, Doctor of Law, College
of Mount Saint Vincent, NY.
Professional Background
Professional Background
Many years of private equity and
Lynda Tyler-Cagni held various
Professional Background
banking experience. 2003
global executive positions with
Eugenia Ulasewicz had a
Joined Advent International as
Fast Retailing, Uniqlo and Zegna.
successful career serving in
Director. Since 2016 Managing
She is the founder and CEO at
many roles as a global retail
Partner at Advent International.
Only the Best, an agency
industry executive, most
Member of the European and
advising and representing talent
recently as President, Burberry
Asian Investment Advisory
primarily in fashion, luxury and
Americas until 2013. She serves
Committee and Head of the
retail. She also served as a
on the Board of Directors of
German office in Frankfurt of
Director of Atlantia S.p.A., an
Signet Jewelers (since 2014), is
Advent International.
Italian listed global infrastructure
Chair of the Corporate
Current Board Mandates
Listed companies:
Avolta AG and InPost Poland
Not listed companies
or organizations:
Hermes Germany GmbH
operator from 2016 until 2018.
Citizenship & Sustainability
Ms. Tyler-Cagni previously
Committee and a member of
served on the Board of World
the Compensation Committee,
Duty Free Group as a non-
executive and independent
member and chair of the
Vince Holding Corp (since 2014),
is Chair of the Compensation
Committee and a member of
HR & Remuneration Committee
Audit Committee, and ASOS Plc
(from 2013 until the acquisition
(2020 - 2023) where she was
of World Duty Free Group by
Chair of the ESG Committee
Dufry AG in 2015).
Current Board Mandates
Listed companies:
Avolta AG
and a member of Audit and
Remuneration Committees. She
served on the Board of Directors
of Hudson, Ltd (2018 - 2020)
and Bunzl plc (2011 - 2020).
Not listed companies
or organizations:
EDHEC Paris (Business
Current Board Mandates
Listed companies:
Avolta AG, Signet Jewelers Ltd.
Management Advisory Board)
and Vince Holding Corporation
Not listed companies
or organizations:
None
Joaquín Moya-Angeler
Ranjan Sen
Cabrera
Independent Director,
Non-Executive,
born 1949, Spanish
Education
Master’s degree in Mathematics
from the University of Madrid,
Diploma in Economics and
Forecasting from the London
School of Economics and Political
Science and an MS in
Management from MIT’s Sloan
School of Management.
Professional Background
J. Moya-Angeler has focused his
career on the technology and real
estate industries, including having
founded a number of companies.
He has been the Chairman of the
Board of Directors of various
companies: IBM Spain (1990 –
1994), Leche Pascual (1994 –
1997), Meta4 (1997 – 2002), TIASA
(1996 – 1998), and Hildebrando
(2003 – 2014). Served previously
on the Board of Directors of Dufry
AG (2005 – 2018), Hudson Ltd.
(2018 – 2021) and as Chairman of
the Board of Directors of La
Quinta Real Estate (1994 – 2023).
To date Chairman of the Board of
Directors of Corporación
Empresarial Pascual (since 1994),
Chairman of the Board of
Directors of Avalon Private Equity
(since 1999). Serves on the
advisory boards of private equity
firms Palamon Capital Partners
and MCH Private Equity.
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
Corporación Empresarial Pascual,
Avalon Private Equity, Palamon
Capital Partners (Board of
Advisors), MCH Private Equity
(Board of Advisors)
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Board of Directors and Board Committees
as of December 31, 2023
Board of Directors
Executive Chairman:
Juan Carlos Torres Carretero
Honorary Chairman:
Alessandro Benetton
Vice-Chairmen:
Sami Kahale
Enrico Laghi
Members:
Xavier Bouton
Lead Independent Director:
Heekyung Jo Min
Mary J. Steele Guilfoile
Joaquín Moya-Angeler Cabrera
Ranjan Sen
Eugenia M. Ulasewicz
Luis Maroto Camino
Lynda Tyler-Cagni
Audit Committee
Remuneration Committee
Nomination Committee
Mary J. Steele Guilfoile, Chairwoman
Luis Maroto Camino, Chairman
Heekyung Jo Min, Chairwoman
Luis Maroto Camino
Heekyung Jo Min
Sami Kahale
Enrico Laghi
Enrico Laghi
Joaquín Moya-Angeler Cabrera
Mary J. Steele Guilfoile
Eugenia M. Ulasewicz
Joaquín Moya-Angeler Cabrera
ESG Committee
Strategy and Integration Committee
Heekyung Jo Min, Chairwoman
Juan Carlos Torres Carretero, Chairman
Sami Kahale
Lynda Tyler-Cagni
Eugenia M. Ulasewicz
Sami Kahale
Enrico Laghi
Joaquín Moya-Angeler Cabrera
Overview individual attendance Board
and Comittee meetings
Nomination
and ESG
Committee
Nomination
Committee
(as of April 1,
2023)
ESG
Committee
(as of April 1,
2023)
Strategy
and Integration
Committee
Member of the Board
of Directors
Board
Meetings
Audit
Committee
Remuneration
(until March 31,
Committee
2023)
Juan Carlos Torres Carretero
10 /10
Alessandro Benetton 1
Sami Kahale 2
Enrico Laghi 3
Heekyung Jo Min
Xavier Bouton
Mary J. Steele Guilfoile 4
Luis Maroto Camino
Ranjan Sen
Lynda Tyler-Cagni 5
Eugenia M. Ulasewicz
Number of meetings
in fiscal year 2023
Joaquín Moya-Angeler Cabrera
9 / 10
3 / 3
2 / 2
4 / 5
4 / 5
5 / 5
–
–
–
–
–
–
–
5
8 / 9
4 / 4
9 / 9
10 / 10
10 / 10
10 / 10
10 / 10
10 / 10
10 / 10
10 / 10
10
98 %
–
–
–
–
–
–
–
–
5
4 / 4
5 / 5
5 / 5
5 / 5
–
–
–
–
–
–
–
3 / 3
4 / 4
4 / 4
1 / 1
4 / 4
4
100 %
2 / 2
2 / 2
2 / 2
2 / 2
–
–
–
–
–
–
–
–
2
1 / 1
1 / 1
1 / 1
1 / 1
–
–
–
–
–
–
–
–
1
1 / 1
0 / 1
1 / 1
1 / 1
1 / 1
–
–
–
–
–
–
–
1
Average attendance ratio 6
90 %
100 %
100 %
100 %
80 %
1 Member of the Board of Directors since February 3, 2023. Member of Strategy and Integration Committee until AGM on May 8, 2023.
2 Member of the Board of Directors since May 8, 2023. Member of Audit Committee, ESG Committee and Strategy and Integration Committee since May 9, 2023.
3 Member of the Board of Directors since February 3, 2023. Member of Audit Committee and ESG Committee until AGM on May 8, 2023. Member of Nomination
Committee (and former Nomination and ESG Committee) and Strategy and Integration Committee since February 6, 2023.
4 Member of Nomination Committee since April 1, 2023.
5 Member of Nomination and ESG Committee until February 6, 2023.
6 The average attendance ratio regarding the Committees refers directly to the members of the respective Committee. Additional participants who participate as
guests in Committee meetings are not included in the percentage calculations. For the newly elected Board members, their attendance ratio is calculated as of
the date of their election at the General Meeting of Shareholders or the appointment to the Committees by the Board of Directors, as the case may be.
3.3 Rules in the Articles of
Incorporation regarding the
number of permitted mandates
outside the Company
a) Mandates in companies which are controlled by the
Company or which control the Company;
b) Mandates held at the request of the Company or any
company controlled by it. No member of the Board of
Directors may hold more than ten such mandates; and
c) Mandates in associations, charitable organizations,
For the website link regarding the Articles of Incorpora-
foundations, trusts and employee welfare foundations.
tion referred to in the following chapters please see page
No member of the Board of Directors may hold more
309 of this Corporate Governance Report.
than ten such mandates.
In accordance with Article 24 para. 2 of the Articles of
Mandates shall mean any membership on the Board of
Incorporation, no member of the Board of Directors may
Directors, Executive Board or Advisory Board (in each
hold more than four additional mandates in listed compa-
case within the meaning of the Swiss Code of Obligations)
nies and ten additional mandates in non-listed compa-
or a comparable body under foreign law in another
nies. The following mandates are not subject to the limi-
undertaking with an economic purpose. Mandates in
tations under para. 2 of this Article:
different legal entities that are under joint control or same
beneficial ownership are deemed one mandate.
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Overview individual attendance Board
and Committee meetings
Member of the Board
of Directors
Board
Meetings
Audit
Committee
Remuneration
Committee
Nomination
and ESG
Committee
(until March 31,
2023)
Nomination
Committee
(as of April 1,
2023)
ESG
Committee
(as of April 1,
2023)
Strategy
and Integration
Committee
Juan Carlos Torres Carretero
10 /10
Alessandro Benetton 1
Sami Kahale 2
Enrico Laghi 3
Heekyung Jo Min
Xavier Bouton
Mary J. Steele Guilfoile 4
Luis Maroto Camino
8 / 9
4 / 4
9 / 9
10 / 10
10 / 10
10 / 10
10 / 10
Joaquín Moya-Angeler Cabrera
9 / 10
Ranjan Sen
Lynda Tyler-Cagni 5
Eugenia M. Ulasewicz
Number of meetings
in fiscal year 2023
Average attendance ratio 6
10 / 10
10 / 10
10 / 10
10
98 %
–
–
3 / 3
2 / 2
4 / 5
–
4 / 5
5 / 5
–
–
–
–
5
90 %
–
–
–
4 / 4
–
–
–
5 / 5
5 / 5
–
–
5 / 5
–
–
–
3 / 3
4 / 4
–
–
–
4 / 4
–
1 / 1
4 / 4
5
100 %
4
100 %
–
–
–
2 / 2
2 / 2
–
2 / 2
–
2 / 2
–
–
–
2
100 %
–
–
1 / 1
–
1 / 1
–
–
–
–
–
1 / 1
1 / 1
1
100 %
1 / 1
0 / 1
1 / 1
1 / 1
–
–
–
–
1 / 1
–
–
–
1
80 %
1 Member of the Board of Directors since February 3, 2023. Member of Strategy and Integration Committee until AGM on May 8, 2023.
2 Member of the Board of Directors since May 8, 2023. Member of Audit Committee, ESG Committee and Strategy and Integration Committee since May 9, 2023.
3 Member of the Board of Directors since February 3, 2023. Member of Audit Committee and ESG Committee until AGM on May 8, 2023. Member of Nomination
Committee (and former Nomination and ESG Committee) and Strategy and Integration Committee since February 6, 2023.
4 Member of Nomination Committee since April 1, 2023.
5 Member of Nomination and ESG Committee until February 6, 2023.
6 The average attendance ratio regarding the Committees refers directly to the members of the respective Committee. Additional participants who participate as
guests in Committee meetings are not included in the percentage calculations. For the newly elected Board members, their attendance ratio is calculated as of
the date of their election at the General Meeting of Shareholders or the appointment to the Committees by the Board of Directors, as the case may be.
3.3 Rules in the Articles of
Incorporation regarding the
number of permitted mandates
outside the Company
For the website link regarding the Articles of Incorpora-
tion referred to in the following chapters please see page
309 of this Corporate Governance Report.
In accordance with Article 24 para. 2 of the Articles of
Incorporation, no member of the Board of Directors may
hold more than four additional mandates in listed compa-
nies and ten additional mandates in non-listed compa-
nies. The following mandates are not subject to the limi-
tations under para. 2 of this Article:
a) Mandates in companies which are controlled by the
Company or which control the Company;
b) Mandates held at the request of the Company or any
company controlled by it. No member of the Board of
Directors may hold more than ten such mandates; and
c) Mandates in associations, charitable organizations,
foundations, trusts and employee welfare foundations.
No member of the Board of Directors may hold more
than ten such mandates.
Mandates shall mean any membership on the Board of
Directors, Executive Board or Advisory Board (in each
case within the meaning of the Swiss Code of Obligations)
or a comparable body under foreign law in another
undertaking with an economic purpose. Mandates in
different legal entities that are under joint control or same
beneficial ownership are deemed one mandate.
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3.4 Election and terms of office
In accordance with Article 13 of the Articles of Incorpora-
tion:
– The Board of Directors shall consist of at least three
and at most twelve members.
– Members of the Board of Directors and the Chairman
of the Board of Directors shall be elected for a term
of office extending until completion of the next
Annual General Meeting of Shareholders.
– The members of the Board of Directors and the
Chairman of the Board of Directors may be
re-elected without limitation.
– If the office of the Chairman of the Board of Directors
is vacant, the Board of Directors shall appoint a
Chairman from among its members for a term of
office extending until completion of the next Annual
General Meeting of Shareholders.
– Except for the election of the Chairman of the Board
of Directors and the members of the Remuneration
Committee by the General Meeting of Shareholders,
the Board of Directors determines its own organ-
ization. The Board of Directors may elect up to two
Vice-Chairman and an Honorary Chairman from
amongst its members. It shall appoint a Secretary
who does not need to be a member of the Board of
Directors.
All twelve members of the Board of Directors, who are
active as of December 31, 2023, were elected or
re-elected in individual elections at the Annual General
Meeting of Shareholders held on May 8, 2023. The
Annual General Meeting of Shareholders re-elected Juan
Carlos Torres Carretero as Chairman of the Board of
Directors. Ms. Eugenia M. Ulasewicz, Mr. Enrico Laghi, Mr.
Luis Maroto Camino and Mr. Joaquín Moya-Angeler
individual elections as
Cabrera were re-elected
members of the Remuneration Committee at this Annual
General Meeting of Shareholders.
in
3.5 Internal organizational structure
In accordance with the Organizational Board Regulations,
dated December 11, 2023, the Board of Directors shall be
comprised of at least four females, (ii) the majority of the
members of the Board of Directors shall be independent
within the meaning of the applicable proxy voting guide-
lines adopted by Institutional Shareholder Services (“ISS”)
from time to time (the “ISS Guidelines”) and (iii) the
composition of the Board of Directors and its Comittees
shall comply with applicable laws and any applicable
requirements of the SIX Swiss Exchange, the ISS Guide-
lines and the Swiss Code of Best Practice for Corporate
Governance (the “Swiss Code of Best Practice”) as
amended from time to time.
Except for the election of the Chairman of the Board of
Directors and the members of the Remuneration
Committee (which are to be elected by the General
Meeting of Shareholders), the Board of Directors
determines its own organization. In accordance with the
Organizational Board Regulations, the Board of Directors
elects from its members each year at the first meeting
after the Annual General Meeting of Shareholders the
Honorary Chairman, the Vice-Chairmen, the Lead Inde-
pendent Director, the members of the Audit Committee,
the Nomination Committee, the ESG Committee and the
Strategy and Integration Committee. The Board will
further appoint a Secretary who does not need to be a
member of the Board of Directors.
The Honorary Chairman shall be involved, in coordination
with the Chairman, in the organization, carrying out and
oversight of the activities concerning shareholder
engagement, with particular regard to major share-
holders of the Company. One Vice-Chairman or both
Vice-Chairmen, together with the CEO, shall focus on the
Autogrill S.p.A. and Dufry AG integration matters and
advise the Board on the status and progress of integra-
tion matters.
As of December 31, 2023, Avolta AG has five com-
mittees: the Audit Committee, the Remuneration
Committee, the Nomination Committee, the ESG
Committee and the Strategy and Integration Committee.
All five Committees are assisting the Board of Directors in
fulfilling its duties and have also decision authority to the
extent described below.
Audit Committee
Members as of December 31, 2023: Mary J. Steele
Guilfoile (Chairwoman of the Audit Committee), Luis
Maroto Camino, Heekyung Jo Min, Sami Kahale.
The current members of the Audit Committee are all
independent and non-executive members of the Board of
Directors. The members shall be appointed, as a rule, for
the entire duration of their mandate as Board members
and be re-eligible.
The Audit Committee assists the Board of Directors in
fulfilling its duties of supervision of management. It
performs the following duties and responsibilities:
– Review and assessment of the performance and
independence of the Auditors;
– Review and assessment of the audit plan and the
audit results and monitoring of the implementation of
the findings by management;
– Review the Auditors’ reports and discuss their
The Remuneration Committee assists the Board of
contents with the Auditors and the management;
Directors in fulfilling its remuneration related matters. It
– Review the effectiveness of the internal audit
performs the following duties and responsibilities:
function, its professional qualifications, resources,
– Review and assess the remuneration system of the
independence and its cooperation with external
Company and the Group (including the management
audit;
incentive plans) and make proposals in connection
– Approval of the annual internal audit concept and the
thereto to the Board of Directors;
annual internal audit report, including response of
– Make recommendations regarding the proposals of
the management thereto;
the Board of Directors for the maximum aggregate
– Assessment of the risk management and of the
amount of compensation of the Board of Directors
proposed measures to reduce risks;
and the Global Executive Committee to be submitted
– Assessment of the compliance levels and risk
to the Annual General Meeting of Shareholders for
management;
approval;
– Make a proposal to the Board of Directors with
– Make proposals in relation to the remuneration
respect to the annual and interim statutory and
package of the CEO and the members of the Board
consolidated financial statements.
of Directors;
The Audit Committee regularly reports to the Board of
securities under any management incentive plan of
Directors on its decisions, assessments, findings and
the Company;
proposes appropriate actions. The Audit Committee
– Review and recommend to the Board of Directors the
– Make proposals on the grant of options or other
generally meets at the same dates the Board of Directors
remuneration report.
meetings take place (usually 4 – 5 times per year),
although the Chairperson may call meetings as often as
Furthermore, the Remuneration Committee reviews, and
business requires.
proposes for approval by the Board of Directors, the
remuneration for the members of the Global Executive
In fiscal year 2023, the Audit Committee held 5 meetings
Committee other than the CEO, upon proposal by the
(Q1: 1 meeting, Q2: 1 meeting, Q3: 1 meeting, and Q4: 2
CEO. The CEO’s remuneration is determined by the
meetings) with management to review the business,
Remuneration Committee and submitted to the full Board
better understand
laws,
regulations and policies
of Directors for approval.
impacting the Group and its business and support the
management in meeting the requirement and expecta-
The Remuneration Committee meets as often as busi-
tions of stakeholders.
ness requires (usually 4 meetings per year). The meetings
usually last 1 to 2 hours.
The meetings usually last 2 to 3 hours. The auditors
attended all meetings via video conference. The
The Remuneration Committee held 5 meetings in the
Chairman of the Board of Directors usually participates as
fiscal year 2023 (Q1: 3 meetings, Q4: 2 meetings). The
a guest in the Audit Committee meetings. Members of
Chairman of the Board of Directors and the Independent
the Global Executive Committee attended the meetings
Lead Director usually participates as guests in the Remu-
of the Audit Committee as follows: CEO 5 meetings and
neration Committee meetings. Members of the Global
the CFO (who acts as Secretary of the Audit Committee)
Executive Committee attended these meetings as
5 meetings.
follows: CEO 5 meetings, Chief People & Culture Officer
2 meetings.
Cabrera.
Remuneration Committee
Members as of December 31, 2023: Luis Maroto Camino
Nomination Committee
(Chairman of the Remuneration Committee), Enrico
Members as of December 31, 2023: Heekyung Jo Min
Laghi, Joaquín Moya-Angeler Cabrera, Eugenia M. Ulase-
(Chairwoman of the Nomination Committee), Mary J.
wicz.
Steele Guilfoile, Enrico Laghi, Joaquín Moya-Angeler
The current members of the Remuneration Committee
are all independent and non-executive members of the
In April 2023, the formerly combined Nomination and
Board of Directors. The members shall be appointed by
ESG Committee was split into two Committees to allow
the General Meeting of Shareholders until the next
more time for additional work by these committees. The
Annual General Meeting of Shareholders and be
current members of the Nomination Committee are all
re-eligible.
independent and non-executive members of the Board of
Directors. The members shall be appointed, as a rule, for
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re-elected without limitation.
pendent Director, the members of the Audit Committee,
management;
– Review the Auditors’ reports and discuss their
contents with the Auditors and the management;
– Review the effectiveness of the internal audit
function, its professional qualifications, resources,
independence and its cooperation with external
audit;
– Approval of the annual internal audit concept and the
annual internal audit report, including response of
the management thereto;
– Assessment of the risk management and of the
proposed measures to reduce risks;
– Assessment of the compliance levels and risk
– Make a proposal to the Board of Directors with
respect to the annual and interim statutory and
consolidated financial statements.
The Audit Committee regularly reports to the Board of
Directors on its decisions, assessments, findings and
proposes appropriate actions. The Audit Committee
generally meets at the same dates the Board of Directors
meetings take place (usually 4 – 5 times per year),
although the Chairperson may call meetings as often as
business requires.
In fiscal year 2023, the Audit Committee held 5 meetings
(Q1: 1 meeting, Q2: 1 meeting, Q3: 1 meeting, and Q4: 2
meetings) with management to review the business,
better understand
regulations and policies
impacting the Group and its business and support the
management in meeting the requirement and expecta-
tions of stakeholders.
laws,
The meetings usually last 2 to 3 hours. The auditors
attended all meetings via video conference. The
Chairman of the Board of Directors usually participates as
a guest in the Audit Committee meetings. Members of
the Global Executive Committee attended the meetings
of the Audit Committee as follows: CEO 5 meetings and
the CFO (who acts as Secretary of the Audit Committee)
5 meetings.
Remuneration Committee
Members as of December 31, 2023: Luis Maroto Camino
(Chairman of the Remuneration Committee), Enrico
Laghi, Joaquín Moya-Angeler Cabrera, Eugenia M. Ulase-
wicz.
The current members of the Remuneration Committee
are all independent and non-executive members of the
Board of Directors. The members shall be appointed by
the General Meeting of Shareholders until the next
Annual General Meeting of Shareholders and be
re-eligible.
3.4 Election and terms of office
In accordance with Article 13 of the Articles of Incorpora-
Governance (the “Swiss Code of Best Practice”) as
amended from time to time.
tion:
Except for the election of the Chairman of the Board of
– The Board of Directors shall consist of at least three
Directors and the members of the Remuneration
and at most twelve members.
Committee (which are to be elected by the General
– Members of the Board of Directors and the Chairman
Meeting of Shareholders), the Board of Directors
of the Board of Directors shall be elected for a term
determines its own organization. In accordance with the
of office extending until completion of the next
Organizational Board Regulations, the Board of Directors
Annual General Meeting of Shareholders.
elects from its members each year at the first meeting
– The members of the Board of Directors and the
after the Annual General Meeting of Shareholders the
Chairman of the Board of Directors may be
Honorary Chairman, the Vice-Chairmen, the Lead Inde-
– If the office of the Chairman of the Board of Directors
the Nomination Committee, the ESG Committee and the
is vacant, the Board of Directors shall appoint a
Strategy and Integration Committee. The Board will
Chairman from among its members for a term of
further appoint a Secretary who does not need to be a
office extending until completion of the next Annual
member of the Board of Directors.
General Meeting of Shareholders.
– Except for the election of the Chairman of the Board
The Honorary Chairman shall be involved, in coordination
of Directors and the members of the Remuneration
with the Chairman, in the organization, carrying out and
Committee by the General Meeting of Shareholders,
oversight of the activities concerning shareholder
the Board of Directors determines its own organ-
engagement, with particular regard to major share-
ization. The Board of Directors may elect up to two
holders of the Company. One Vice-Chairman or both
Vice-Chairman and an Honorary Chairman from
Vice-Chairmen, together with the CEO, shall focus on the
amongst its members. It shall appoint a Secretary
Autogrill S.p.A. and Dufry AG integration matters and
who does not need to be a member of the Board of
advise the Board on the status and progress of integra-
Directors.
tion matters.
All twelve members of the Board of Directors, who are
As of December 31, 2023, Avolta AG has five com-
active as of December 31, 2023, were elected or
mittees: the Audit Committee, the Remuneration
re-elected in individual elections at the Annual General
Committee, the Nomination Committee, the ESG
Meeting of Shareholders held on May 8, 2023. The
Committee and the Strategy and Integration Committee.
Annual General Meeting of Shareholders re-elected Juan
All five Committees are assisting the Board of Directors in
Carlos Torres Carretero as Chairman of the Board of
fulfilling its duties and have also decision authority to the
Directors. Ms. Eugenia M. Ulasewicz, Mr. Enrico Laghi, Mr.
extent described below.
Luis Maroto Camino and Mr. Joaquín Moya-Angeler
Cabrera were re-elected
in
individual elections as
Audit Committee
members of the Remuneration Committee at this Annual
Members as of December 31, 2023: Mary J. Steele
General Meeting of Shareholders.
Guilfoile (Chairwoman of the Audit Committee), Luis
Maroto Camino, Heekyung Jo Min, Sami Kahale.
The current members of the Audit Committee are all
independent and non-executive members of the Board of
3.5 Internal organizational structure
In accordance with the Organizational Board Regulations,
Directors. The members shall be appointed, as a rule, for
dated December 11, 2023, the Board of Directors shall be
the entire duration of their mandate as Board members
comprised of at least four females, (ii) the majority of the
and be re-eligible.
members of the Board of Directors shall be independent
within the meaning of the applicable proxy voting guide-
The Audit Committee assists the Board of Directors in
lines adopted by Institutional Shareholder Services (“ISS”)
fulfilling its duties of supervision of management. It
from time to time (the “ISS Guidelines”) and (iii) the
performs the following duties and responsibilities:
composition of the Board of Directors and its Comittees
– Review and assessment of the performance and
shall comply with applicable laws and any applicable
independence of the Auditors;
requirements of the SIX Swiss Exchange, the ISS Guide-
– Review and assessment of the audit plan and the
lines and the Swiss Code of Best Practice for Corporate
audit results and monitoring of the implementation of
the findings by management;
The Remuneration Committee assists the Board of
Directors in fulfilling its remuneration related matters. It
performs the following duties and responsibilities:
– Review and assess the remuneration system of the
Company and the Group (including the management
incentive plans) and make proposals in connection
thereto to the Board of Directors;
– Make recommendations regarding the proposals of
the Board of Directors for the maximum aggregate
amount of compensation of the Board of Directors
and the Global Executive Committee to be submitted
to the Annual General Meeting of Shareholders for
approval;
– Make proposals in relation to the remuneration
package of the CEO and the members of the Board
of Directors;
– Make proposals on the grant of options or other
securities under any management incentive plan of
the Company;
– Review and recommend to the Board of Directors the
remuneration report.
Furthermore, the Remuneration Committee reviews, and
proposes for approval by the Board of Directors, the
remuneration for the members of the Global Executive
Committee other than the CEO, upon proposal by the
CEO. The CEO’s remuneration is determined by the
Remuneration Committee and submitted to the full Board
of Directors for approval.
The Remuneration Committee meets as often as busi-
ness requires (usually 4 meetings per year). The meetings
usually last 1 to 2 hours.
The Remuneration Committee held 5 meetings in the
fiscal year 2023 (Q1: 3 meetings, Q4: 2 meetings). The
Chairman of the Board of Directors and the Independent
Lead Director usually participates as guests in the Remu-
neration Committee meetings. Members of the Global
Executive Committee attended these meetings as
follows: CEO 5 meetings, Chief People & Culture Officer
2 meetings.
Nomination Committee
Members as of December 31, 2023: Heekyung Jo Min
(Chairwoman of the Nomination Committee), Mary J.
Steele Guilfoile, Enrico Laghi, Joaquín Moya-Angeler
Cabrera.
In April 2023, the formerly combined Nomination and
ESG Committee was split into two Committees to allow
more time for additional work by these committees. The
current members of the Nomination Committee are all
independent and non-executive members of the Board of
Directors. The members shall be appointed, as a rule, for
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the entire duration of their mandate as Board members
and be re-eligible.
the entire duration of their mandate as Board members
and be re-eligible.
The Nomination Committee assists the Board of Directors
in fulfilling its nomination related matters. It performs the
following duties and responsibilities:
– Assuring the long-term planning of appropriate
appointments to the positions of the CEO and the
Board of Directors;
– Recommend to the Board of Directors the
candidates for election as Board members;
– Review the curriculum vitae, credentials and
experience of the candidates proposed by the Board
of Directors to fill vacancies on the Board of Directors
or for the position of the CEO;
– Review the composition, membership qualifications
and size of the Board of Directors and its Committees
to ensure appropriate expertise, diversity and
independence of the Board of Directors and its
Committees;
– Present to the Board a proposal of succession plan
for the position of the CEO at least once a year;
– Present to the Board a proposal of succession plan
for the position of the Chairman of the Board;
– Review the adequacy of the selection system and
criteria used for the appointment of the members of
the Global Executive Committee.
The Nomination Committee meets as often as business
requires (usually 2 – 4 meetings per year). The meetings
usually last 2 to 3 hours.
The Nomination Committee held 2 meetings since being
a stand-alone committee starting April 1, 2023 (Q2: 1
meeting, Q3: 1 meeting). The Chairman of the Board of
Directors usually participates as a guest in the Nomina-
tion Committee meetings. Members of the Global Exec-
utive Committee attended these meetings as follows:
CEO 2 meetings. The formerly combined Nomination and
ESG Committee held 4 meetings in Q1 2023. The
Chairman of the Board of Directors participated as a
guest in the combined Nomination and ESG Committee
meetings. Members of the Global Executive Committee
attended these meetings as follows: CEO 4 meetings,
Chief People & Culture Officer 1 meeting, Group General
Counsel 1 meeting.
ESG Committee
Members as of December 31, 2023: Heekyung Jo Min
(Chairwoman of the ESG Committee), Sami Kahale, Lynda
Tyler-Cagni, Eugenia M. Ulasewicz.
The current members of the ESG Committee are all inde-
pendent and non-executive members of the Board of
Directors. The members shall be appointed, as a rule, for
The ESG Committee assists the Board of Directors in
fulfilling its ESG strategy related matters. It performs the
following duties and responsibilities:
– Review on a regular basis and oversee the Group’s
global strategy and reputation regarding ESG
matters and make recommendations to the Board of
Directors on measures to ensure the long-term
governance and sustainability of the Group;
– Monitor and assess current and emerging trends in
ESG matters that may affect the business,
operations, performance or reputation of the Group;
– Monitor the Group’s performance regarding ESG
matters based on metrics, systems and procedures,
as deemed necessary and appropriate;
– Review the ESG report intended for publication and
make a proposal to the Board of Directors with
respect to the approval of such report;
– Oversee the Group’s communication and
engagement on ESG matters with employees,
shareholders, investors, customers, the media and
the general public;
– Monitor and assess the developments in corporate
governance-related laws, regulations, standards and
best practices, and analyze the external perception
of the corporate governance of the Company and
the Group;
– Advise and make recommendations to the Board of
Directors regarding corporate governance-related
matters; and
– Annually conduct and supervise the self-assessment
of the Board of Directors and its Committees, and the
assessment of the CEO and the other members of
the Global Executive Committee.
The ESG Committee meets as often as business requires
(usually 2 - 4 meetings per year). The meetings usually last
about 2 hours.
The ESG Committee held 1 meeting since being a stand-
alone committee starting April 1, 2023. The Chairman of
the Board of Directors usually participates as a guest in
the ESG Committee meetings. The CEO and the Chief
Public Affairs & ESG Officer attended the meeting. The
formerly combined Nomination and ESG Committee held
4 meetings in Q1 2023. The Chairman of the Board of
Directors participated as a guest in the combined Nomi-
nation and ESG Committee meetings. Members of the
Global Executive Committee attended these meetings as
follows: CEO 4 meetings, Chief People & Culture Officer 1
meeting, Group General Counsel 1 meeting.
Strategy and Integration Committee
The Board of Directors also engages specific advisors to
Members as of December 31, 2023: Juan Carlos Torres
address specific matters when required. External finan-
Carretero (Chairman of the Strategy and Integration
cial and brand advisors attended pertinent portions of 1
Committee), Sami Kahale, Enrico Laghi, Joaquín Moya-
meeting of the Board of Directors in 2023.
Angeler Cabrera.
The current members of the Strategy and Integration
Committee are all
independent and non-executive
members of the Board of Directors, except for the Execu-
3.6 Definition of areas of
responsibility
tive Chairman. The members shall be appointed, as a rule,
The Board of Directors is the ultimate corporate body of
for the entire duration of their mandate as Board
Avolta AG. It further represents the Company towards
members and be re-eligible.
third parties and shall manage all matters which by law,
the Articles of Incorporation or the Board regulations
The Strategy and Integration Committee has the power
have not been delegated to another body of the
and duty to propose and advise the Board, on strategic
Company.
guidelines and any change to the scope of the Group’s
business, other strategic matters and the Group’s busi-
In accordance with the Board regulations, the Board of
ness plan, among others. For a full list of the committee’s
Directors has delegated the operational management of
duties and responsibilities, see Art. 8 of the Company’s
the Company to the CEO who is responsible for overall
Board Regulations (available under www.avoltaworld.
management of the Avolta Group. The following respon-
com/en/download-center). The Chairman shall periodi-
sibilities remain with the Board of Directors:
cally report to the Board of Directors on the proposals,
– Ultimate direction of the business of the Company
assessments and findings of the Strategy and Integration
and the power to give the necessary directives;
Committee, and propose appropriate actions.
– Determination of the organization of the Company;
– Administration of the accounting system, financial
The Strategy and Integration Committee meets as often
control and financial planning;
as business requires. The meetings are usually to last
– Appointment and removal of the members of the
about 1 to 2 hours.
committees installed by itself as well as the persons
entrusted with the management and representation
The Strategy and Integration Committee held 1 meeting
of the Company, as well as the determination of their
in Q4 of fiscal year 2023; the CEO attended the meeting.
signatory power;
Work method of the Board of Directors
– Ultimate supervision of the persons entrusted with
the management of the Company, in particular with
As a rule, the Board of Directors meets about six to seven
respect to their compliance with the law, the Articles
times a year (usually at least once per quarter). Additional
of Incorporation, regulations and directives;
meetings or conference calls are held as and when ne-
– Preparation of the Company’s annual report, which
cessary. The Board of Directors held 10 meetings during
includes the management report, the annual
fiscal year 2023. The Board of Directors held 7 of these
financial statements and the consolidated financial
meetings as physical meetings and 3 as video conference
statements, the remuneration report, and any other
meetings. The meetings of the Board of Directors lasted
reports that the Board of Directors may be required
about 4 hours. The Executive Chairman determines the
by law to prepare;
agenda and items to be discussed at the Board meetings.
– Organize the General Meetings of Shareholders and
All members of the Board of Directors can request to add
implement the resolutions adopted by the General
further items on the agenda.
Meeting of Shareholders;
– Submission of an application for debt-restructuring
The CEO, the CFO, and the Group General Counsel, also
moratorium and notification of the judge if liabilities
acting as Secretary to the Board, usually attend the meet-
exceed assets;
ings of the Board of Directors. Other members of the
– Passing of resolutions regarding the subsequent
Global Executive Committee may attend meetings of the
payment of capital with respect to non-fully paid in
Board of Directors as and when required. Members of the
shares;
Global Executive Committee attended these meetings of
– Passing of resolutions on the change of the share
the Board of Directors in 2023 as follows: CEO 10 meet-
capital to the extent that such power is vested in the
ings, CFO 10 meetings, Group General Counsel 10 meet-
Board, the ascertainment of capital changes, the
ings, President & CEO EMEA 1 meeting.
preparation of the report on the capital increase and
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Strategy and Integration Committee
Members as of December 31, 2023: Juan Carlos Torres
Carretero (Chairman of the Strategy and Integration
Committee), Sami Kahale, Enrico Laghi, Joaquín Moya-
Angeler Cabrera.
The current members of the Strategy and Integration
Committee are all
independent and non-executive
members of the Board of Directors, except for the Execu-
tive Chairman. The members shall be appointed, as a rule,
for the entire duration of their mandate as Board
members and be re-eligible.
The Strategy and Integration Committee has the power
and duty to propose and advise the Board, on strategic
guidelines and any change to the scope of the Group’s
business, other strategic matters and the Group’s busi-
ness plan, among others. For a full list of the committee’s
duties and responsibilities, see Art. 8 of the Company’s
Board Regulations (available under www.avoltaworld.
com/en/download-center). The Chairman shall periodi-
cally report to the Board of Directors on the proposals,
assessments and findings of the Strategy and Integration
Committee, and propose appropriate actions.
The Strategy and Integration Committee meets as often
as business requires. The meetings are usually to last
about 1 to 2 hours.
requires (usually 2 – 4 meetings per year). The meetings
– Advise and make recommendations to the Board of
usually last 2 to 3 hours.
Directors regarding corporate governance-related
The Strategy and Integration Committee held 1 meeting
in Q4 of fiscal year 2023; the CEO attended the meeting.
Work method of the Board of Directors
As a rule, the Board of Directors meets about six to seven
times a year (usually at least once per quarter). Additional
meetings or conference calls are held as and when ne-
cessary. The Board of Directors held 10 meetings during
fiscal year 2023. The Board of Directors held 7 of these
meetings as physical meetings and 3 as video conference
meetings. The meetings of the Board of Directors lasted
about 4 hours. The Executive Chairman determines the
agenda and items to be discussed at the Board meetings.
All members of the Board of Directors can request to add
further items on the agenda.
The CEO, the CFO, and the Group General Counsel, also
acting as Secretary to the Board, usually attend the meet-
ings of the Board of Directors. Other members of the
Global Executive Committee may attend meetings of the
Board of Directors as and when required. Members of the
Global Executive Committee attended these meetings of
the Board of Directors in 2023 as follows: CEO 10 meet-
ings, CFO 10 meetings, Group General Counsel 10 meet-
ings, President & CEO EMEA 1 meeting.
the entire duration of their mandate as Board members
the entire duration of their mandate as Board members
and be re-eligible.
and be re-eligible.
The Nomination Committee assists the Board of Directors
The ESG Committee assists the Board of Directors in
in fulfilling its nomination related matters. It performs the
fulfilling its ESG strategy related matters. It performs the
following duties and responsibilities:
following duties and responsibilities:
– Assuring the long-term planning of appropriate
– Review on a regular basis and oversee the Group’s
appointments to the positions of the CEO and the
global strategy and reputation regarding ESG
Board of Directors;
– Recommend to the Board of Directors the
candidates for election as Board members;
matters and make recommendations to the Board of
Directors on measures to ensure the long-term
governance and sustainability of the Group;
– Review the curriculum vitae, credentials and
– Monitor and assess current and emerging trends in
experience of the candidates proposed by the Board
ESG matters that may affect the business,
of Directors to fill vacancies on the Board of Directors
operations, performance or reputation of the Group;
or for the position of the CEO;
– Monitor the Group’s performance regarding ESG
– Review the composition, membership qualifications
matters based on metrics, systems and procedures,
and size of the Board of Directors and its Committees
as deemed necessary and appropriate;
to ensure appropriate expertise, diversity and
– Review the ESG report intended for publication and
independence of the Board of Directors and its
make a proposal to the Board of Directors with
Committees;
respect to the approval of such report;
– Present to the Board a proposal of succession plan
– Oversee the Group’s communication and
for the position of the CEO at least once a year;
engagement on ESG matters with employees,
– Present to the Board a proposal of succession plan
shareholders, investors, customers, the media and
for the position of the Chairman of the Board;
the general public;
– Review the adequacy of the selection system and
– Monitor and assess the developments in corporate
criteria used for the appointment of the members of
governance-related laws, regulations, standards and
the Global Executive Committee.
best practices, and analyze the external perception
of the corporate governance of the Company and
The Nomination Committee meets as often as business
the Group;
matters; and
The Nomination Committee held 2 meetings since being
– Annually conduct and supervise the self-assessment
a stand-alone committee starting April 1, 2023 (Q2: 1
of the Board of Directors and its Committees, and the
meeting, Q3: 1 meeting). The Chairman of the Board of
assessment of the CEO and the other members of
Directors usually participates as a guest in the Nomina-
the Global Executive Committee.
tion Committee meetings. Members of the Global Exec-
utive Committee attended these meetings as follows:
The ESG Committee meets as often as business requires
CEO 2 meetings. The formerly combined Nomination and
(usually 2 - 4 meetings per year). The meetings usually last
ESG Committee held 4 meetings in Q1 2023. The
about 2 hours.
Chairman of the Board of Directors participated as a
guest in the combined Nomination and ESG Committee
The ESG Committee held 1 meeting since being a stand-
meetings. Members of the Global Executive Committee
alone committee starting April 1, 2023. The Chairman of
attended these meetings as follows: CEO 4 meetings,
the Board of Directors usually participates as a guest in
Chief People & Culture Officer 1 meeting, Group General
the ESG Committee meetings. The CEO and the Chief
Counsel 1 meeting.
ESG Committee
Public Affairs & ESG Officer attended the meeting. The
formerly combined Nomination and ESG Committee held
4 meetings in Q1 2023. The Chairman of the Board of
Members as of December 31, 2023: Heekyung Jo Min
Directors participated as a guest in the combined Nomi-
(Chairwoman of the ESG Committee), Sami Kahale, Lynda
nation and ESG Committee meetings. Members of the
Tyler-Cagni, Eugenia M. Ulasewicz.
Global Executive Committee attended these meetings as
follows: CEO 4 meetings, Chief People & Culture Officer 1
The current members of the ESG Committee are all inde-
meeting, Group General Counsel 1 meeting.
pendent and non-executive members of the Board of
Directors. The members shall be appointed, as a rule, for
The Board of Directors also engages specific advisors to
address specific matters when required. External finan-
cial and brand advisors attended pertinent portions of 1
meeting of the Board of Directors in 2023.
3.6 Definition of areas of
responsibility
The Board of Directors is the ultimate corporate body of
Avolta AG. It further represents the Company towards
third parties and shall manage all matters which by law,
the Articles of Incorporation or the Board regulations
have not been delegated to another body of the
Company.
In accordance with the Board regulations, the Board of
Directors has delegated the operational management of
the Company to the CEO who is responsible for overall
management of the Avolta Group. The following respon-
sibilities remain with the Board of Directors:
– Ultimate direction of the business of the Company
and the power to give the necessary directives;
– Determination of the organization of the Company;
– Administration of the accounting system, financial
control and financial planning;
– Appointment and removal of the members of the
committees installed by itself as well as the persons
entrusted with the management and representation
of the Company, as well as the determination of their
signatory power;
– Ultimate supervision of the persons entrusted with
the management of the Company, in particular with
respect to their compliance with the law, the Articles
of Incorporation, regulations and directives;
– Preparation of the Company’s annual report, which
includes the management report, the annual
financial statements and the consolidated financial
statements, the remuneration report, and any other
reports that the Board of Directors may be required
by law to prepare;
– Organize the General Meetings of Shareholders and
implement the resolutions adopted by the General
Meeting of Shareholders;
– Submission of an application for debt-restructuring
moratorium and notification of the judge if liabilities
exceed assets;
– Passing of resolutions regarding the subsequent
payment of capital with respect to non-fully paid in
shares;
– Passing of resolutions on the change of the share
capital to the extent that such power is vested in the
Board, the ascertainment of capital changes, the
preparation of the report on the capital increase and
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the corresponding amendment of the Articles of
Incorporation;
– Non-delegable and inalienable duties and powers of
the Board of Directors pursuant to the Swiss Merger
Act;
– To approve any non-operational or non-recurring
transaction not included in the annual budget and
exceeding the amount of CHF 10,000,000;
– To issue convertible debentures, debentures with
option rights or other financial market instruments;
– To approve the annual investment and operating
budgets of the Company and the Avolta Group;
– To approve the executive regulations promulgated in
accordance with the Board Regulations; and
– To propose an independent voting rights
representative for election to the General Meeting of
Shareholders, and to appoint an independent voting
rights representative in the event of a vacancy.
Except for the Chairman of the Board of Directors, who
has single signature authority, the members of the Board
have joint signature authority, if any.
3.7 Information and control
instruments vis-à-vis the
senior management
The Board of Directors ensures that it receives sufficient
information from the management to perform its super-
visory duty and to make the decisions that are reserved
to the Board through several channels as shown below.
Management Information System (MIS)
Avolta Group has an internal management information
system that consists of financial statements, perfor-
mance indicators and risk management. Information to
management is provided on a regular basis according to
the cycles of the business: sales on a daily and weekly
basis; income statement, cash management and key
performance indicators (KPI) including customer, margins
and investment information, balance sheet, cash flow and
other financial statements on a monthly basis. Manage-
ment information is prepared on a consolidated basis as
well as on a regional basis. Financial statements and key
performance indicators are submitted to the entire Board
of Directors on a quarterly basis. These quarterly updates
also include non-financial information such as, but not
exclusively, general business updates, progress on the
implementation of the company’s ESG strategy as well as
status updates from the Global Internal Audit & Investiga-
tions Department.
Board meetings and CEO reports
During Board meetings, each member of the Board may
request information from the other members of the Board,
as well as from the members of the management present
on all affairs of the Company and the Group. Outside of
Board meetings, each member of the Board may request
from the CEO information concerning the course of busi-
ness of the Company and the Group and, with the autho-
rization of the Executive Chairman, about specific matters.
The CEO reports at each meeting of the Board of Direc-
tors on the course of business of the Company and the
Group in a manner agreed upon from time to time
between the Board and the CEO. Apart from the meet-
ings, the CEO reports immediately any extraordinary
event and any change within the Company and within the
Avolta Group to the Executive Chairman.
Reports from Global Internal Audit & Investigations
Department
The Global Internal Audit department provides indepen-
dent risk-based and objective assurance reviews and
performs loss prevention analysis to group companies
through different activity streams. Key risks are identified
and corresponding processes and controls included in
the annual risk auditing plan. The department prepares a
detailed review and auditing plan on a yearly basis with
quarterly reassessments and submits it to the Audit
Committee.
Internal Audit
Internal audit is an independent function that provides
objective assurance and consulting activity, aiming to
improve the organization’s operations. The selection of
Internal Audit reviews to be executed during the year is
based on a specific methodology throughout the Avolta
Group and includes the consideration of internal and
external factors. Regular follow-up is conducted to
ensure that risk mitigation and control improvement
measures are implemented on a timely basis.
Global Investigations
The Global Investigations activity was created to prevent
losses and misappropriations within the Group. The day-
to-day work is designed to leverage profitability using
advanced data mining, machine learning and anti-fraud
techniques. Currently, validations are performed monthly
or bi-monthly for all Group companies and results are
proven to provide valuable information for loss prevention
purposes. Additionally, Avolta is continuously evolving
and implementing techniques to establish validations that
can enhance the coverage and / or create a higher assur-
ance level over the key operating risks.
All results of the Global Internal Audit & Investigations
activities’ are communicated to key management in
charge and to the Group’s senior management, including
the members of the Global Executive Committee and the
Audit Committee on a regular basis.
2023 Focus points of Global Internal
Audit & Investigations
In fiscal year 2023, Global Internal Audit (IA) conducted 74
reviews (32 former Dufry, 42 former Autogrill), with a
global, country and location-based scope examining
activities, risk exposure and processes. Internal Audit
focused its efforts on assuring key retail and F&B risks
around productivity, inventory and cash management. It
further targeted IT and cyber security, and continuously
evaluated the implementation of new processes and
executed country or location reviews as part of the
normal assurance activities.
The Global Investigations team executed monthly valida-
tions for assurance over the cash deposits and point-of-
sale (POS) transactions globally, with coverage of over
92 % of net retail sales (former Dufry entities).
During 2023, Global Internal Audit & Investigations
started to integrate the respective function of former
Autogrill and to form one team globally. As of 2024, IA will
conduct combined audits around key risks with global,
regional, country and
location-based scope,
fully
combining Travel Retail and F&B.
Financial and environmental risk management
Detailed information on the financial risk management is
provided in Notes 36 to 40 in the consolidated financial
statements of this Annual Report. Information on the
overall Group Risk Management, which includes climate-
related risks and opportunities for the organisation is
provided in the TCFD (Task Force on Climate-Related
Financial Disclosures) Report and the ESG Report Annex,
which are both separate section at the end of this Annual
Report and on the sustainability website:
www.avoltaworld.com/en/our-impact
Meetings and attendance
For attendance of the members of the Global Executive
Committee at meetings of the Board of Directors or
meetings of the Board Committees please refer to
section “3.5 Internal organizational structure” above,
which also includes the detailed description of the Audit
Committee’s organization and working methods.
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the corresponding amendment of the Articles of
Board meetings and CEO reports
Incorporation;
During Board meetings, each member of the Board may
– Non-delegable and inalienable duties and powers of
request information from the other members of the Board,
the Board of Directors pursuant to the Swiss Merger
as well as from the members of the management present
Act;
on all affairs of the Company and the Group. Outside of
– To approve any non-operational or non-recurring
Board meetings, each member of the Board may request
transaction not included in the annual budget and
from the CEO information concerning the course of busi-
exceeding the amount of CHF 10,000,000;
ness of the Company and the Group and, with the autho-
– To issue convertible debentures, debentures with
rization of the Executive Chairman, about specific matters.
option rights or other financial market instruments;
– To approve the annual investment and operating
The CEO reports at each meeting of the Board of Direc-
budgets of the Company and the Avolta Group;
tors on the course of business of the Company and the
– To approve the executive regulations promulgated in
Group in a manner agreed upon from time to time
accordance with the Board Regulations; and
between the Board and the CEO. Apart from the meet-
– To propose an independent voting rights
ings, the CEO reports immediately any extraordinary
representative for election to the General Meeting of
event and any change within the Company and within the
Shareholders, and to appoint an independent voting
Avolta Group to the Executive Chairman.
rights representative in the event of a vacancy.
Except for the Chairman of the Board of Directors, who
Department
has single signature authority, the members of the Board
The Global Internal Audit department provides indepen-
Reports from Global Internal Audit & Investigations
have joint signature authority, if any.
3.7 Information and control
instruments vis-à-vis the
senior management
dent risk-based and objective assurance reviews and
performs loss prevention analysis to group companies
through different activity streams. Key risks are identified
and corresponding processes and controls included in
the annual risk auditing plan. The department prepares a
detailed review and auditing plan on a yearly basis with
quarterly reassessments and submits it to the Audit
Committee.
The Board of Directors ensures that it receives sufficient
information from the management to perform its super-
Internal Audit
visory duty and to make the decisions that are reserved
Internal audit is an independent function that provides
to the Board through several channels as shown below.
objective assurance and consulting activity, aiming to
Management Information System (MIS)
improve the organization’s operations. The selection of
Internal Audit reviews to be executed during the year is
Avolta Group has an internal management information
based on a specific methodology throughout the Avolta
system that consists of financial statements, perfor-
Group and includes the consideration of internal and
mance indicators and risk management. Information to
external factors. Regular follow-up is conducted to
management is provided on a regular basis according to
ensure that risk mitigation and control improvement
the cycles of the business: sales on a daily and weekly
measures are implemented on a timely basis.
basis; income statement, cash management and key
performance indicators (KPI) including customer, margins
Global Investigations
and investment information, balance sheet, cash flow and
The Global Investigations activity was created to prevent
other financial statements on a monthly basis. Manage-
losses and misappropriations within the Group. The day-
ment information is prepared on a consolidated basis as
to-day work is designed to leverage profitability using
well as on a regional basis. Financial statements and key
advanced data mining, machine learning and anti-fraud
performance indicators are submitted to the entire Board
techniques. Currently, validations are performed monthly
of Directors on a quarterly basis. These quarterly updates
or bi-monthly for all Group companies and results are
also include non-financial information such as, but not
proven to provide valuable information for loss prevention
exclusively, general business updates, progress on the
purposes. Additionally, Avolta is continuously evolving
implementation of the company’s ESG strategy as well as
and implementing techniques to establish validations that
status updates from the Global Internal Audit & Investiga-
can enhance the coverage and / or create a higher assur-
tions Department.
ance level over the key operating risks.
All results of the Global Internal Audit & Investigations
activities’ are communicated to key management in
charge and to the Group’s senior management, including
the members of the Global Executive Committee and the
Audit Committee on a regular basis.
2023 Focus points of Global Internal
Audit & Investigations
In fiscal year 2023, Global Internal Audit (IA) conducted 74
reviews (32 former Dufry, 42 former Autogrill), with a
global, country and location-based scope examining
activities, risk exposure and processes. Internal Audit
focused its efforts on assuring key retail and F&B risks
around productivity, inventory and cash management. It
further targeted IT and cyber security, and continuously
evaluated the implementation of new processes and
executed country or location reviews as part of the
normal assurance activities.
The Global Investigations team executed monthly valida-
tions for assurance over the cash deposits and point-of-
sale (POS) transactions globally, with coverage of over
92 % of net retail sales (former Dufry entities).
During 2023, Global Internal Audit & Investigations
started to integrate the respective function of former
Autogrill and to form one team globally. As of 2024, IA will
conduct combined audits around key risks with global,
regional, country and
fully
combining Travel Retail and F&B.
location-based scope,
Financial and environmental risk management
Detailed information on the financial risk management is
provided in Notes 36 to 40 in the consolidated financial
statements of this Annual Report. Information on the
overall Group Risk Management, which includes climate-
related risks and opportunities for the organisation is
provided in the TCFD (Task Force on Climate-Related
Financial Disclosures) Report and the ESG Report Annex,
which are both separate section at the end of this Annual
Report and on the sustainability website:
www.avoltaworld.com/en/our-impact
Meetings and attendance
For attendance of the members of the Global Executive
Committee at meetings of the Board of Directors or
meetings of the Board Committees please refer to
section “3.5 Internal organizational structure” above,
which also includes the detailed description of the Audit
Committee’s organization and working methods.
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4. Global Executive Committee
4.1 Members of the Global
Executive Committee
As of December 31, 2023, the Global Executive
Committee comprised ten executives (seven members as
of December 31, 2022). The Global Executive Committee
under the control of the CEO conducts the operational
management of the Company pursuant to the Company’s
Board Regulations. The CEO reports to the Board of Direc-
tors on a regular basis.
The following table sets forth the name, position, nationality
and year of appointment of the respective members,
followed by their Curricula Vitae with a short description of
each member’s business experience, education and activ-
ities. All agreements entered into with the members of the
Global Executive Committee are entered for an indefinite
period of time.
Global Executive Committee as of December 31, 2023
Name
Position
Nationality
GEC Member since Year
Xavier Rossinyol
Chief Executive Officer (CEO)
Chief Financial Officer (CFO)
President & CEO Asia Pacific (APAC)
President & CEO North America (NA)
Yves Gerster
Freda Cheung
Steve Johnson
Luis Marin
Enrique Urioste
Pascal C. Duclos
Group General Counsel
Camillo Rossotto
Chief Public Affairs & ESG Officer
Vijay Talwar
Katrin Volery
Chief Commercial & Digital Officer
Chief People & Culture Officer
Spanish
Swiss
Canadian
American
Swiss
Italian
American
Swiss
2022
2019
2023
2023
2014
2023
2005
2023
2023
2023
President & CEO Europe, Middle East and Africa (EMEA)
Spanish
President & CEO Latin America (LATAM)
Uruguayan / American
4.2 Education, professional background, other activities and vested interests
Xavier Rossinyol
Chief Executive Officer,
born 1970, Spanish
Yves Gerster
Chief Financial Officer,
born 1978, Swiss
Freda Cheung
Steve Johnson
President & CEO Asia Pacific,
President & CEO North America,
born 1970, Canadian
born 1963, American
Education
Education
Bachelor’s degree in Business
Degree in Business
Administration at ESADE (Spain),
Administration & Finance,
MBA at ESADE and at the
University of Basel.
University of British Columbia
(Canada and Hong Kong),
Master’s degree in Business Law
from Universidad Pompeu Fabra
(Spain).
Professional Background
1999 – 2003 Assistant Group
Treasurer at Danzas
Management AG. 2003 – 2006
Assistant Group Treasurer at
Professional Background
Bucher Industries AG.
1995 – 2003 Various positions at
November 2006 – 2019 Global
Areas (member of the French
Head Group Treasury at Dufry
group Elior) with responsibility
International AG. Since April
for finance, controlling, strategic
2019 Chief Financial Officer at
planning. 2004 – 2012 Chief
Avolta AG.
Education
Education
CA, Chartered Professional
Bachelor of Science degree in
Accountants of Canada (CPA
Marketing from the University of
Canada), BComm (Hons),
Texas at Arlington.
Accounting from the University
of British Columbia.
Professional Background
Professional Background
1996 – 1998 Group Marketing
Director Westfield. 1998 – 2000
Prior to 2006 Various positions
Head of Airport Management &
in Accounting and Finance.
2006 – 2010 Vice President
Development Westfield. 2000 –
2014 Executive Vice President
Corporate Services World Duty
Business Development HMSHost.
Free (WDF). 2010 – 2017 CEO
2014 – 2023 President HMSHost.
Canada World Duty Free (WDF).
Since February 2023 President
2017 – 2019 Senior Vice
& CEO North America at Avolta
President Commercial USA /
AG.
Financial Officer at Avolta AG
(then named Dufry AG).
2012 – 2015 Chief Operating
Officer Region EMEA & Asia at
Avolta. 2015 – 2021 Chief
Executive Officer at gategroup.
Since June 2022 Chief
Executive Officer at Avolta AG.
Canada at Dufry.
2020 – 2023 Executive Vice
President & Country General
Manager US / Canada at Dufry.
Since February 2023 President
& CEO Asia Pacific at Avolta AG.
4. Global Executive Committee
4.1 Members of the Global
Executive Committee
As of December 31, 2023, the Global Executive
Committee comprised ten executives (seven members as
of December 31, 2022). The Global Executive Committee
under the control of the CEO conducts the operational
management of the Company pursuant to the Company’s
Board Regulations. The CEO reports to the Board of Direc-
tors on a regular basis.
The following table sets forth the name, position, nationality
and year of appointment of the respective members,
followed by their Curricula Vitae with a short description of
each member’s business experience, education and activ-
ities. All agreements entered into with the members of the
Global Executive Committee are entered for an indefinite
period of time.
Global Executive Committee as of December 31, 2023
Name
Position
Nationality
GEC Member since Year
Xavier Rossinyol
Chief Executive Officer (CEO)
Chief Financial Officer (CFO)
President & CEO Asia Pacific (APAC)
President & CEO North America (NA)
Yves Gerster
Freda Cheung
Steve Johnson
Luis Marin
Enrique Urioste
Pascal C. Duclos
Group General Counsel
Camillo Rossotto
Chief Public Affairs & ESG Officer
Vijay Talwar
Katrin Volery
Chief Commercial & Digital Officer
Chief People & Culture Officer
Spanish
Swiss
Canadian
American
Swiss
Italian
American
Swiss
2022
2019
2023
2023
2014
2023
2005
2023
2023
2023
President & CEO Europe, Middle East and Africa (EMEA)
Spanish
President & CEO Latin America (LATAM)
Uruguayan / American
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4.2 Education, professional background, other activities and vested interests
Xavier Rossinyol
Chief Executive Officer,
born 1970, Spanish
Education
Bachelor’s degree in Business
Administration at ESADE (Spain),
MBA at ESADE and at the
University of British Columbia
(Canada and Hong Kong),
Master’s degree in Business Law
from Universidad Pompeu Fabra
(Spain).
Professional Background
1995 – 2003 Various positions at
Areas (member of the French
group Elior) with responsibility
for finance, controlling, strategic
planning. 2004 – 2012 Chief
Financial Officer at Avolta AG
(then named Dufry AG).
2012 – 2015 Chief Operating
Officer Region EMEA & Asia at
Avolta. 2015 – 2021 Chief
Executive Officer at gategroup.
Since June 2022 Chief
Executive Officer at Avolta AG.
Yves Gerster
Chief Financial Officer,
born 1978, Swiss
Education
Degree in Business
Administration & Finance,
University of Basel.
Professional Background
1999 – 2003 Assistant Group
Treasurer at Danzas
Management AG. 2003 – 2006
Assistant Group Treasurer at
Bucher Industries AG.
November 2006 – 2019 Global
Head Group Treasury at Dufry
International AG. Since April
2019 Chief Financial Officer at
Avolta AG.
Freda Cheung
President & CEO Asia Pacific,
born 1970, Canadian
Steve Johnson
President & CEO North America,
born 1963, American
Education
Bachelor of Science degree in
Marketing from the University of
Texas at Arlington.
Professional Background
1996 – 1998 Group Marketing
Director Westfield. 1998 – 2000
Head of Airport Management &
Development Westfield. 2000 –
2014 Executive Vice President
Business Development HMSHost.
2014 – 2023 President HMSHost.
Since February 2023 President
& CEO North America at Avolta
AG.
Education
CA, Chartered Professional
Accountants of Canada (CPA
Canada), BComm (Hons),
Accounting from the University
of British Columbia.
Professional Background
Prior to 2006 Various positions
in Accounting and Finance.
2006 – 2010 Vice President
Corporate Services World Duty
Free (WDF). 2010 – 2017 CEO
Canada World Duty Free (WDF).
2017 – 2019 Senior Vice
President Commercial USA /
Canada at Dufry.
2020 – 2023 Executive Vice
President & Country General
Manager US / Canada at Dufry.
Since February 2023 President
& CEO Asia Pacific at Avolta AG.
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Luis Marin
President & CEO Europe,
Middle East and Africa,
born 1971, Spanish
Enrique Urioste
President & CEO Latin America,
born 1962, Uruguayan and
American
Pascal C. Duclos
Group General Counsel,
born 1967, Swiss
Camillo Rossotto
Chief Public Affairs &
ESG Officer,
born 1962, Italian
Education
Degree in Economic Sciences
and Business Administration
from Universidad de Barcelona.
Professional Background
1995 – 1998 Auditor at
Coopers & Lybrand. 1998 – 2001
Financial Controller at Derbi
Motocicletas – Nacional Motor
S.A. 2001 – 2004 Head of
Finance and Administration of
Spanish subsidiaries of Areas
(member of the French group
Elior). Joined Avolta (then
named Dufry) in 2004, as
Business Controlling Director;
and 2012 – 2023 also
responsible for mergers and
acquisitions. 2014 Appointed
Chief Corporate Officer.
2018 – 2023 Global Chief
Corporate Officer at Avolta.
Since February 2023 President
& CEO Europe, Middle East and
Africa at Avolta AG.
Education
Law Degree from University
of Montevideo, Post Graduate
Diploma International Law ISS
Holland, Business Executive
Program IEM from Business
School of the University of
Montevideo.
Professional Background
1999 – 2002 CEO IOSC.
2002 – 2007 President & CEO
Interbaires Duty Free Shop.
2007 – 2011 President Airport
Division Duty Free Americas.
2011 – 2020 CEO Neutral Duty
Free Shops. 2020 – 2023
General Manager South
America Cluster at Avolta AG
(then named Dufry AG). Since
March 2023 President & CEO
Latin America at Avolta AG.
Education
Licence en droit from Geneva
University School of Law, L.L.M.
from Duke University School of
Law. Licensed to practice law in
Switzerland and admitted to the
New York Bar.
Professional Background
1991 – 1997 Senior attorney at
law at Geneva law firm
Davidoff & Partners. Also
academic assistant at the
University of Geneva School of
Law (1994 – 1996). 1999 – 2001
Attorney at law at New York law
firm Kreindler & Kreindler. 2001 –
2002 Financial planner at UBS
AG in New York. 2003 – 2004
Senior foreign attorney at law at
the Buenos Aires law firm
Beretta Kahale Godoy. Since
2005 Group General Counsel
and Secretary to the Board of
Directors at Avolta AG.
Education
MBA from L. Stern School of
Business in New York, Degree in
Political Science from the
University of Turin.
Professional Background
Prior to 2011 different roles and
functions within several
companies including Fiat and
Barilla. 2011 – 2012 Chief
Financial Officer CNH, part of
Fiat. 2012 – 2016 Chief Financial
Officer Rai TV. 2016 – 2018 Chief
Financial Officer Lavazza.
2018 – 2023 Chief Financial
Officer & Chief Sustainability
Officer Autogrill. Since February
2023 Chief Public Affairs & ESG
Officer at Avolta AG.
Current Board Mandates
Listed companies:
Compagnia dei Caraibi
Vijay Talwar
Katrin Volery
Chief Commercial & Digital
Officer, born 1971, American
Chief People & Culture Officer,
born 1968, Swiss
Education
Education
MBA Marketing & Strategy from
Diploma from the HSO Business
the University of Chicago Booth
School Switzerland in Berne,
School of Business, M. Acc.,
Diploma from WKS Business
Accounting Degree from Miami
Management School
University, Ohio.
Professional Background
2010 – 2014 CEO/CFO Blue Nile.
Switzerland in Berne, Certificate
in Strategic Leadership by IMD
Lausanne Switzerland.
2016 – 2019 President Digital
Professional Background
Footlocker. 2019 – 2022 CEO
2000 – 2015 Various positions
EMEA Footlocker. 2022 CEO
and mid-/long-term Human
WISH. February 2023 Chief
Digital & Customer Officer,
since October 2023 Chief
Resources Leader assignments.
2015 – 2016 Chief Human
Resources Officer at Tamedia
Commercial & Digital Officer at
(TX Group). 2016 – 2017 Head
Avolta AG.
Current Board Mandates
Listed companies:
Dunelm Group PLC
Human Resources at Syngenta.
2018 – 2020 Head Human
Resources EurAsia and Global
Paper Solenis. 2020 – 2022
Chief Human Resources Officer
at Meraxis (REHAU Group).
2022 – 2023 Chief People
Officer at Avolta AG (then
named Dufry AG). Since
February 2023 Chief People &
Culture Officer at Avolta AG.
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Luis Marin
President & CEO Europe,
Middle East and Africa,
born 1971, Spanish
Education
American
Education
Enrique Urioste
Pascal C. Duclos
President & CEO Latin America,
Group General Counsel,
born 1962, Uruguayan and
born 1967, Swiss
Education
Licence en droit from Geneva
Education
Camillo Rossotto
Chief Public Affairs &
ESG Officer,
born 1962, Italian
Degree in Economic Sciences
Law Degree from University
University School of Law, L.L.M.
MBA from L. Stern School of
and Business Administration
of Montevideo, Post Graduate
from Duke University School of
Business in New York, Degree in
from Universidad de Barcelona.
Diploma International Law ISS
Law. Licensed to practice law in
Political Science from the
Professional Background
1995 – 1998 Auditor at
Coopers & Lybrand. 1998 – 2001
Financial Controller at Derbi
Holland, Business Executive
Program IEM from Business
School of the University of
Montevideo.
Switzerland and admitted to the
University of Turin.
New York Bar.
Professional Background
Professional Background
Prior to 2011 different roles and
1991 – 1997 Senior attorney at
functions within several
Motocicletas – Nacional Motor
Professional Background
S.A. 2001 – 2004 Head of
1999 – 2002 CEO IOSC.
law at Geneva law firm
Davidoff & Partners. Also
companies including Fiat and
Barilla. 2011 – 2012 Chief
Finance and Administration of
2002 – 2007 President & CEO
academic assistant at the
Financial Officer CNH, part of
Spanish subsidiaries of Areas
Interbaires Duty Free Shop.
University of Geneva School of
Fiat. 2012 – 2016 Chief Financial
(member of the French group
2007 – 2011 President Airport
Law (1994 – 1996). 1999 – 2001
Officer Rai TV. 2016 – 2018 Chief
Elior). Joined Avolta (then
named Dufry) in 2004, as
Division Duty Free Americas.
Attorney at law at New York law
Financial Officer Lavazza.
2011 – 2020 CEO Neutral Duty
firm Kreindler & Kreindler. 2001 –
2018 – 2023 Chief Financial
Business Controlling Director;
Free Shops. 2020 – 2023
2002 Financial planner at UBS
Officer & Chief Sustainability
and 2012 – 2023 also
General Manager South
AG in New York. 2003 – 2004
Officer Autogrill. Since February
responsible for mergers and
America Cluster at Avolta AG
Senior foreign attorney at law at
2023 Chief Public Affairs & ESG
acquisitions. 2014 Appointed
(then named Dufry AG). Since
the Buenos Aires law firm
Officer at Avolta AG.
March 2023 President & CEO
Beretta Kahale Godoy. Since
Latin America at Avolta AG.
2005 Group General Counsel
and Secretary to the Board of
Directors at Avolta AG.
Current Board Mandates
Listed companies:
Compagnia dei Caraibi
Chief Corporate Officer.
2018 – 2023 Global Chief
Corporate Officer at Avolta.
Since February 2023 President
& CEO Europe, Middle East and
Africa at Avolta AG.
Vijay Talwar
Chief Commercial & Digital
Officer, born 1971, American
Katrin Volery
Chief People & Culture Officer,
born 1968, Swiss
Education
MBA Marketing & Strategy from
the University of Chicago Booth
School of Business, M. Acc.,
Accounting Degree from Miami
University, Ohio.
Professional Background
2010 – 2014 CEO/CFO Blue Nile.
2016 – 2019 President Digital
Footlocker. 2019 – 2022 CEO
EMEA Footlocker. 2022 CEO
WISH. February 2023 Chief
Digital & Customer Officer,
since October 2023 Chief
Commercial & Digital Officer at
Avolta AG.
Current Board Mandates
Listed companies:
Dunelm Group PLC
Education
Diploma from the HSO Business
School Switzerland in Berne,
Diploma from WKS Business
Management School
Switzerland in Berne, Certificate
in Strategic Leadership by IMD
Lausanne Switzerland.
Professional Background
2000 – 2015 Various positions
and mid-/long-term Human
Resources Leader assignments.
2015 – 2016 Chief Human
Resources Officer at Tamedia
(TX Group). 2016 – 2017 Head
Human Resources at Syngenta.
2018 – 2020 Head Human
Resources EurAsia and Global
Paper Solenis. 2020 – 2022
Chief Human Resources Officer
at Meraxis (REHAU Group).
2022 – 2023 Chief People
Officer at Avolta AG (then
named Dufry AG). Since
February 2023 Chief People &
Culture Officer at Avolta AG.
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Changes in the Global Executive Committee
in fiscal year 2023
In the first quarter 2023, the Company reorganized its
Global Executive Committee to reflect the new organiza-
tion for the combined Dufry-Autogrill businesses. The
following six new members joined the Global Executive
Committee: Katrin Volery (effective January 1), Freda
Cheung, Steve Johnson, Camillo Rossotto (effective
February 7), Vijay Talwar and Enrique Urioste (effective
March 1 and 2, respectively).
The former members Eugenio Andrades, Andrea Belar-
dini and Sarah Branquinho left the Global Executive
Committee as of February 6, 2023. Details of their
Curricula Vitae are available in the Annual Report 2022 on
pages 267 / 268 of the Corporate Governance section.
The Annual Report 2022 can be downloaded from the
Download Center of the Company website at:
www.avoltaworld.com/en/download-center page section
“All categories – select Financial Reports”.
Diversity
As of December 31, 2023, the Global Executive
Committee has 80 % male and 20 % female members
(December 31, 2022, 86 % male, 14 % female members).
Other activities and vested interests
As of December 31, 2023, with the exception of Camillo
Rossotto (board appointment in Compagnia dei Caraibi)
and Vijay Talwar (board appointment in Dunelm Group
PLC), none of the members of the Global Executive
Committee of Avolta AG has had other activities in
governing and supervisory bodies of, or advisory func-
tions to, important Swiss or foreign organizations, institu-
tions or foundations under private and public law outside
Avolta Group, or held any public or political office. For a
comprehensive list of mandates outside of Avolta Group
at entities that have an economic purpose please refer to
the table in the Remuneration Report on page 330 / 331
of this Annual Report.
Diversity of the global Executive
Committee as of December 31, 2023
10 %
Uruguayan/American
10 %
Canadian
10 %
Italian
30 % Swiss
20 % Spanish
Mandates shall mean any membership on the Board of
corporate-governance – Articles of Incorporation.
20 % American
20 % Female
Group.
80 % Male
4.3 Rules in the Articles of
Incorporation regarding the
number of permitted mandates
outside the Company
In accordance with Article 25 para. 1 of the Articles of
Incorporation, no member of the Global Executive
Committee may hold more than two additional mandates
in listed companies and four additional mandates in non-
listed companies. The following mandates are not subject
to the limitations under para. 1 of this Article:
a) Mandates in companies which are controlled by the
Company or which control the Company;
b) Mandates held at the request of the Company or any
company controlled by it. No member of the Global
Executive Committee may hold more than ten such
mandates; and
c) Mandates in associations, charitable organizations,
Directors and of the executive management in terms of
foundations, trusts and employee welfare foundations.
duration and termination are stipulated in Article 23.
No member of the Global Executive Committee may
hold more than ten such mandates.
Avolta’s Articles of Incorporation are available on the
Company website www.avoltaworld.com/en/investors/
Directors, Executive Board or Advisory Board (in each
case within the meaning of the Swiss Code of Obligations)
or a comparable body under foreign law in another
undertaking with an economic purpose. Mandates in
different legal entities that are under joint control or same
6. Shareholders’ participation
rights
beneficial ownership are deemed one mandate. For the
For the website link regarding the Articles of Incorpora-
website link regarding the Articles of Incorporation please
tion referred to in the following chapters please see the
see page 309 of this Corporate Governance Report.
link above.
4.4 Management contracts
6.1 Voting rights
Avolta AG does not have management contracts with
companies or natural persons not belonging to the
Each share recorded as a share with voting rights in the
and representation
5. Compensation, shareholdings
and loans
5.1 Content and method of
determining the compensation
and shareholding programs
share register confers one vote on its registered holder.
Each shareholder duly registered in the share register on
the record date may be represented at the General
Meeting of Shareholders by the independent voting
rights representative or any person who is authorized to
do so by a written proxy. A proxy does not need to be a
shareholder. Shareholders entered in the share register
as shareholders with voting rights on a specific qualifying
date (record date) designated by the Board of Directors
shall be entitled to vote at the General Meeting of Share-
Detailed information of compensation, shareholdings and
holders and to exercise their votes at the General Meeting
loans to active and former members of the Board of
of Shareholders. See section 6.5 below.
Directors and of the Global Executive Committee
in fiscal year 2023 is included in the Remuneration
Nominees are only entitled to represent registered shares
Report on pages 311 to 333 of this Annual Report.
held by them at a General Meeting of Shareholders if they
5.2 Disclosure of rules in the Articles
of Incorporation regarding
compensation of the Board of
Directors and of the Executive
Management
are registered in the share register in accordance with
Article 5 para. 4 of the Articles of Incorporation and if
they hold a valid written proxy granted by the beneficial
owner of the registered shares instructing the nominee
how to vote at the General Meeting of Shareholders.
Shares held by a nominee for which it is not able to
produce such a proxy count as not being represented at
the General Meeting of Shareholders.
For rules in the Articles of Incorporation regarding the
Article 10 of the Articles of Incorporation includes the
approval of compensation by the General Meeting of
following voting rights limit: Until June 30, 2029, no share-
Shareholders, the supplementary amount for changes in
holder may exercise, directly or indirectly, voting rights
the executive management as well as the general
with respect to own or represented shares in excess of
compensation principles please refer to Articles 20 – 22
25.1 % of the share capital registered in the commercial
of the Articles of Incorporation. The Articles of Incorpora-
register. For more details on this Article, please refer to
tion do not contain any rules regarding loans, credit facil-
section 2.4 above.
ities or post-employment benefits for the members of the
Board of Directors and executive management. The rules
regarding agreements with members of the Board of
Changes in the Global Executive Committee
in fiscal year 2023
In the first quarter 2023, the Company reorganized its
Global Executive Committee to reflect the new organiza-
tion for the combined Dufry-Autogrill businesses. The
following six new members joined the Global Executive
Committee: Katrin Volery (effective January 1), Freda
Cheung, Steve Johnson, Camillo Rossotto (effective
February 7), Vijay Talwar and Enrique Urioste (effective
March 1 and 2, respectively).
The former members Eugenio Andrades, Andrea Belar-
dini and Sarah Branquinho left the Global Executive
Committee as of February 6, 2023. Details of their
Curricula Vitae are available in the Annual Report 2022 on
pages 267 / 268 of the Corporate Governance section.
The Annual Report 2022 can be downloaded from the
Download Center of the Company website at:
www.avoltaworld.com/en/download-center page section
“All categories – select Financial Reports”.
Diversity
As of December 31, 2023, the Global Executive
Committee has 80 % male and 20 % female members
(December 31, 2022, 86 % male, 14 % female members).
Other activities and vested interests
As of December 31, 2023, with the exception of Camillo
Rossotto (board appointment in Compagnia dei Caraibi)
and Vijay Talwar (board appointment in Dunelm Group
PLC), none of the members of the Global Executive
Committee of Avolta AG has had other activities in
governing and supervisory bodies of, or advisory func-
tions to, important Swiss or foreign organizations, institu-
tions or foundations under private and public law outside
Avolta Group, or held any public or political office. For a
comprehensive list of mandates outside of Avolta Group
at entities that have an economic purpose please refer to
the table in the Remuneration Report on page 330 / 331
of this Annual Report.
Diversity of the global Executive
Committee as of December 31, 2023
Uruguayan/American
10 %
10 %
Canadian
10 %
Italian
30 % Swiss
20 % Spanish
20 % American
20 % Female
80 % Male
4.3 Rules in the Articles of
Incorporation regarding the
number of permitted mandates
outside the Company
In accordance with Article 25 para. 1 of the Articles of
Incorporation, no member of the Global Executive
Committee may hold more than two additional mandates
in listed companies and four additional mandates in non-
listed companies. The following mandates are not subject
to the limitations under para. 1 of this Article:
a) Mandates in companies which are controlled by the
Company or which control the Company;
b) Mandates held at the request of the Company or any
company controlled by it. No member of the Global
Executive Committee may hold more than ten such
mandates; and
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Report
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Report
Page 305/336
c) Mandates in associations, charitable organizations,
foundations, trusts and employee welfare foundations.
No member of the Global Executive Committee may
hold more than ten such mandates.
Mandates shall mean any membership on the Board of
Directors, Executive Board or Advisory Board (in each
case within the meaning of the Swiss Code of Obligations)
or a comparable body under foreign law in another
undertaking with an economic purpose. Mandates in
different legal entities that are under joint control or same
beneficial ownership are deemed one mandate. For the
website link regarding the Articles of Incorporation please
see page 309 of this Corporate Governance Report.
Directors and of the executive management in terms of
duration and termination are stipulated in Article 23.
Avolta’s Articles of Incorporation are available on the
Company website www.avoltaworld.com/en/investors/
corporate-governance – Articles of Incorporation.
6. Shareholders’ participation
rights
For the website link regarding the Articles of Incorpora-
tion referred to in the following chapters please see the
link above.
4.4 Management contracts
6.1 Voting rights
Avolta AG does not have management contracts with
companies or natural persons not belonging to the
Group.
5. Compensation, shareholdings
and loans
5.1 Content and method of
determining the compensation
and shareholding programs
Detailed information of compensation, shareholdings and
loans to active and former members of the Board of
Directors and of the Global Executive Committee
in fiscal year 2023 is included in the Remuneration
Report on pages 311 to 333 of this Annual Report.
5.2 Disclosure of rules in the Articles
of Incorporation regarding
compensation of the Board of
Directors and of the Executive
Management
For rules in the Articles of Incorporation regarding the
approval of compensation by the General Meeting of
Shareholders, the supplementary amount for changes in
the executive management as well as the general
compensation principles please refer to Articles 20 – 22
of the Articles of Incorporation. The Articles of Incorpora-
tion do not contain any rules regarding loans, credit facil-
ities or post-employment benefits for the members of the
Board of Directors and executive management. The rules
regarding agreements with members of the Board of
and representation
Each share recorded as a share with voting rights in the
share register confers one vote on its registered holder.
Each shareholder duly registered in the share register on
the record date may be represented at the General
Meeting of Shareholders by the independent voting
rights representative or any person who is authorized to
do so by a written proxy. A proxy does not need to be a
shareholder. Shareholders entered in the share register
as shareholders with voting rights on a specific qualifying
date (record date) designated by the Board of Directors
shall be entitled to vote at the General Meeting of Share-
holders and to exercise their votes at the General Meeting
of Shareholders. See section 6.5 below.
Nominees are only entitled to represent registered shares
held by them at a General Meeting of Shareholders if they
are registered in the share register in accordance with
Article 5 para. 4 of the Articles of Incorporation and if
they hold a valid written proxy granted by the beneficial
owner of the registered shares instructing the nominee
how to vote at the General Meeting of Shareholders.
Shares held by a nominee for which it is not able to
produce such a proxy count as not being represented at
the General Meeting of Shareholders.
Article 10 of the Articles of Incorporation includes the
following voting rights limit: Until June 30, 2029, no share-
holder may exercise, directly or indirectly, voting rights
with respect to own or represented shares in excess of
25.1 % of the share capital registered in the commercial
register. For more details on this Article, please refer to
section 2.4 above.
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Exceptions regarding the voting rights limitation
granted in the year under review
The Company has not granted any exception during the
year under review.
Required quorums for a change of the voting rights
limitation
According to the Articles of Incorporation, restrictions on
the exercise of the right to vote and the removal of such
restrictions requires a resolution of the General Meeting
of Shareholders passed by at least two thirds of the votes
represented and the majority of the nominal value of the
shares represented.
6.2 The independent voting rights
representative
In accordance with Article 10 para. 4 of the Articles of
Incorporation, the independent voting rights representa-
tive shall be elected by the General Meeting of Share-
holders for a term of office extending until completion of
the next Annual General Meeting of Shareholders.
Re-election is possible. If the Company does not have an
independent voting rights representative, the Board of
Directors shall appoint the independent voting rights
representative for the next General Meeting of Share-
holders.
The Company may also make arrangements for elec-
tronic voting (Article 11 para. 5). Resolutions passed by
electronic voting shall have the same effect as votes by
ballot.
The Annual General Meeting of Shareholders held on
May 8, 2023, re-elected Altenburger Ltd legal + tax,
Kuesnacht-Zurich, as the independent voting rights
representative until the completion of the Annual General
Meeting of Shareholders in 2024. Altenburger Ltd legal +
tax is independent from the Company and has no further
mandates for Avolta AG.
For the upcoming Annual General Meeting of Share-
holders, the Company will once more enable its share-
holders to send their voting instructions electronically to
the independent voting rights representative Altenburger
Ltd legal + tax through the platform:
www.avolta.netvote.ch
6.3 Rules in the Articles of
Incorporation regarding
electronic participation
at the General Meeting of
Shareholders
Article 8a para. 2 of the Articles of Incorporation contains
rules that the Board of Directors can determine that the
Meeting of Shareholders be held simultaneously at
different locations, provided that the statements of the
participants are transmitted directly to all venues, and / or
that shareholders, who are not present at the General
Meetings venue(s) may exercise their rights by electronic
means. Para. 3 of Article 8a states that the Board of Direc-
tors may also provide that the Meeting of Shareholders
can be held by electronic means only without a venue.
6.4 Quorums
The General Meeting of Shareholders shall be duly
constituted irrespective of the number of shareholders
present or of shares represented. Unless the law or Arti-
cles of Incorporation provide for a qualified majority, a
majority of the votes represented at a General Meeting of
Shareholders is required for the adoption of resolutions
or for elections, with abstentions, blank and invalid votes
having the effect of “no” votes. The Chairman of the
Meeting shall have a casting vote.
A resolution of the General Meeting of Shareholders
passed by at least two thirds of the votes represented
and the majority of the nominal value of shares repre-
sented shall be required for:
1. A modification of the purpose of the Company;
2. The creation of shares with increased voting powers;
3. Restrictions on the transfer of registered shares and
the removal of such restrictions;
4. Restrictions on the exercise of the right to vote and the
venue of the Meeting, the agenda and the proposals of
In case of change of control, the unvested PSU awards will
removal of such restrictions;
5. The introduction of a conditional capital or the
introduction of a capital range;
6. An increase in share capital through the conversion of
capital surplus, through a contribution in kind or by
off-setting a claim, or a grant of special benefits upon
a capital increase;
7. The restriction or denial of pre-emptive rights;
8. A change of the place of
incorporation of the
The corresponding instructions regarding registration
and voting procedures on this electronic platform will be
sent to the shareholders together with the invitation to
the General Meeting of Shareholders.
Company;
9. The dismissal of a member of the Board of Directors;
10. An increase in the maximum number of members
of the Board of Directors;
11. A modification of the eligibility requirements of the
tors at the latest 60 days before the Meeting and shall
members of the Board of Directors (Article 24 para. 1
specify the agenda items and the proposals made.
of the Articles of Incorporation);
12. The dissolution of the Company;
13. The combination of shares;
14. The change of the currency of the share capital;
15. The delisting of the Company’s equity securities;
register
16. Other matters where statutory law provides for a
The record date for the inscription of registered share-
6.7 Registration into the share
corresponding quorum.
6.5 Convocation of the General
Meeting of Shareholders
holders into the share register in view of their participation
in the General Meeting of Shareholders is defined by the
Board of Directors and stated in the respective invitation to
the General Meeting of Shareholders. It is usually around 2
weeks before the Meeting. Shareholders who dispose of
their registered shares before the General Meeting of
The General Meeting of Shareholders shall be called by
Shareholders are no longer entitled to vote with such
the Board of Directors or, if necessary, by the Auditors. In
disposed shares.
accordance with Article 7 para. 3 of the Articles of Incor-
poration, one or more shareholders with voting rights
representing in the aggregate not less than 5 % of the
share capital or votes can request, in writing, that a
General Meeting of Shareholders be convened. Such
7. Change of control
and defense measures
request must be submitted to the Board of Directors,
Avolta’s Articles of Incorporation are available on the
specifying the items and proposals to appear on the
Company website www.avoltaworld.com/en/investors/
agenda.
corporate-governance – Articles of Incorporation.
In accordance with Article 8 para. 2 of the Articles of
Incorporation, the General Meeting of Shareholders shall
be convened, at the election of the Board of Directors, by
notice in the Swiss Official Gazette of Commerce
(SOGC) or by notification in any other form that can be
fixed for the Meeting.
6.6 Agenda
7.1 Duty to make an offer
An investor who acquires more than 33 ¹⁄³ % of all voting
rights (directly, indirectly or in concert with third parties)
a takeover offer for all shares outstanding (Article 135
Financial Market Infrastructure Act, FMIA). The Articles of
Incorporation of the Company contain neither an opting-
out nor an opting-up provision (Article 125 para. 4 FMIA).
evidenced by text not less than 20 days before the date
whether they are exercisable or not, is required to submit
In accordance with Article 8 para. 4 of the Articles of
Incorporation, the notice of a General Meeting of Share-
holders shall state the date, starting time, mode and
7.2 Clauses on change of control
the Board of Directors and, if any, the proposals of the
vest immediately as disclosed in the Remuneration
shareholders, with a brief statement of the rationale of
Report.
each proposal, and the independent Voting Rights Repre-
sentative’s name and address.
According to Article 23 of the Articles of Incorporation,
employment and other agreements with the members of
In accordance with Article 8 para. 5 of the Articles of
the Global Executive Committee may be concluded for a
Incorporation, one or more shareholders with voting
fixed term or for an indefinite term. Agreements for a
rights whose combined holdings represent an aggregate
fixed term may have a maximum duration of one year.
of at least 0.5 % of the share capital or the votes may
Renewal is possible. Agreements for an indefinite term
request that an item be included in the agenda of a
may have a notice period of maximum twelve months.
General Meeting of Shareholders or that a proposal
The current contracts with the members of the Global
relating to an agenda item be included in the notice
Executive Committee contain termination periods of
convening the General Meeting of Shareholders. Such a
twelve months or less.
request must be made in writing to the Board of Direc-
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Page 307/336
Exceptions regarding the voting rights limitation
granted in the year under review
The Company has not granted any exception during the
year under review.
Required quorums for a change of the voting rights
limitation
6.3 Rules in the Articles of
Incorporation regarding
electronic participation
at the General Meeting of
Shareholders
According to the Articles of Incorporation, restrictions on
Article 8a para. 2 of the Articles of Incorporation contains
restrictions requires a resolution of the General Meeting
Meeting of Shareholders be held simultaneously at
of Shareholders passed by at least two thirds of the votes
different locations, provided that the statements of the
represented and the majority of the nominal value of the
participants are transmitted directly to all venues, and / or
shares represented.
that shareholders, who are not present at the General
Meetings venue(s) may exercise their rights by electronic
means. Para. 3 of Article 8a states that the Board of Direc-
tors may also provide that the Meeting of Shareholders
can be held by electronic means only without a venue.
6.2 The independent voting rights
representative
In accordance with Article 10 para. 4 of the Articles of
Incorporation, the independent voting rights representa-
tive shall be elected by the General Meeting of Share-
6.4 Quorums
holders for a term of office extending until completion of
The General Meeting of Shareholders shall be duly
the next Annual General Meeting of Shareholders.
constituted irrespective of the number of shareholders
Re-election is possible. If the Company does not have an
present or of shares represented. Unless the law or Arti-
independent voting rights representative, the Board of
cles of Incorporation provide for a qualified majority, a
Directors shall appoint the independent voting rights
majority of the votes represented at a General Meeting of
representative for the next General Meeting of Share-
Shareholders is required for the adoption of resolutions
or for elections, with abstentions, blank and invalid votes
having the effect of “no” votes. The Chairman of the
The Company may also make arrangements for elec-
Meeting shall have a casting vote.
tronic voting (Article 11 para. 5). Resolutions passed by
electronic voting shall have the same effect as votes by
A resolution of the General Meeting of Shareholders
holders.
ballot.
passed by at least two thirds of the votes represented
and the majority of the nominal value of shares repre-
The Annual General Meeting of Shareholders held on
sented shall be required for:
May 8, 2023, re-elected Altenburger Ltd legal + tax,
1. A modification of the purpose of the Company;
Kuesnacht-Zurich, as the
independent voting rights
2. The creation of shares with increased voting powers;
representative until the completion of the Annual General
3. Restrictions on the transfer of registered shares and
Meeting of Shareholders in 2024. Altenburger Ltd legal +
the removal of such restrictions;
tax is independent from the Company and has no further
4. Restrictions on the exercise of the right to vote and the
mandates for Avolta AG.
removal of such restrictions;
5. The introduction of a conditional capital or the
For the upcoming Annual General Meeting of Share-
introduction of a capital range;
holders, the Company will once more enable its share-
6. An increase in share capital through the conversion of
holders to send their voting instructions electronically to
capital surplus, through a contribution in kind or by
the independent voting rights representative Altenburger
off-setting a claim, or a grant of special benefits upon
Ltd legal + tax through the platform:
www.avolta.netvote.ch
a capital increase;
7. The restriction or denial of pre-emptive rights;
8. A change of the place of
incorporation of the
The corresponding instructions regarding registration
Company;
and voting procedures on this electronic platform will be
9. The dismissal of a member of the Board of Directors;
sent to the shareholders together with the invitation to
10. An increase in the maximum number of members
the General Meeting of Shareholders.
of the Board of Directors;
the exercise of the right to vote and the removal of such
rules that the Board of Directors can determine that the
corresponding quorum.
11. A modification of the eligibility requirements of the
members of the Board of Directors (Article 24 para. 1
of the Articles of Incorporation);
12. The dissolution of the Company;
13. The combination of shares;
14. The change of the currency of the share capital;
15. The delisting of the Company’s equity securities;
16. Other matters where statutory law provides for a
6.5 Convocation of the General
Meeting of Shareholders
The General Meeting of Shareholders shall be called by
the Board of Directors or, if necessary, by the Auditors. In
accordance with Article 7 para. 3 of the Articles of Incor-
poration, one or more shareholders with voting rights
representing in the aggregate not less than 5 % of the
share capital or votes can request, in writing, that a
General Meeting of Shareholders be convened. Such
request must be submitted to the Board of Directors,
specifying the items and proposals to appear on the
agenda.
In accordance with Article 8 para. 2 of the Articles of
Incorporation, the General Meeting of Shareholders shall
be convened, at the election of the Board of Directors, by
notice in the Swiss Official Gazette of Commerce
(SOGC) or by notification in any other form that can be
evidenced by text not less than 20 days before the date
fixed for the Meeting.
6.6 Agenda
In accordance with Article 8 para. 4 of the Articles of
Incorporation, the notice of a General Meeting of Share-
holders shall state the date, starting time, mode and
venue of the Meeting, the agenda and the proposals of
the Board of Directors and, if any, the proposals of the
shareholders, with a brief statement of the rationale of
each proposal, and the independent Voting Rights Repre-
sentative’s name and address.
In accordance with Article 8 para. 5 of the Articles of
Incorporation, one or more shareholders with voting
rights whose combined holdings represent an aggregate
of at least 0.5 % of the share capital or the votes may
request that an item be included in the agenda of a
General Meeting of Shareholders or that a proposal
relating to an agenda item be included in the notice
convening the General Meeting of Shareholders. Such a
request must be made in writing to the Board of Direc-
tors at the latest 60 days before the Meeting and shall
specify the agenda items and the proposals made.
6.7 Registration into the share
register
The record date for the inscription of registered share-
holders into the share register in view of their participation
in the General Meeting of Shareholders is defined by the
Board of Directors and stated in the respective invitation to
the General Meeting of Shareholders. It is usually around 2
weeks before the Meeting. Shareholders who dispose of
their registered shares before the General Meeting of
Shareholders are no longer entitled to vote with such
disposed shares.
7. Change of control
and defense measures
Avolta’s Articles of Incorporation are available on the
Company website www.avoltaworld.com/en/investors/
corporate-governance – Articles of Incorporation.
7.1 Duty to make an offer
An investor who acquires more than 33 ¹⁄³ % of all voting
rights (directly, indirectly or in concert with third parties)
whether they are exercisable or not, is required to submit
a takeover offer for all shares outstanding (Article 135
Financial Market Infrastructure Act, FMIA). The Articles of
Incorporation of the Company contain neither an opting-
out nor an opting-up provision (Article 125 para. 4 FMIA).
7.2 Clauses on change of control
In case of change of control, the unvested PSU awards will
vest immediately as disclosed in the Remuneration
Report.
According to Article 23 of the Articles of Incorporation,
employment and other agreements with the members of
the Global Executive Committee may be concluded for a
fixed term or for an indefinite term. Agreements for a
fixed term may have a maximum duration of one year.
Renewal is possible. Agreements for an indefinite term
may have a notice period of maximum twelve months.
The current contracts with the members of the Global
Executive Committee contain termination periods of
twelve months or less.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 308/336
8. Auditors
8.1 Auditors, duration of mandate
and term of office of the lead
auditor
Pursuant to Article 19 para. 1 of the Articles of Incorpora-
tion, the Statutory Auditors shall be elected each year
and may be re-elected. Deloitte AG have been the Stat-
utory Auditors since 2021. Andreas Bodenmann has
been the Lead Auditor since 2021.
8.2 Auditing fee
Within the yearly approved budget, there is also an
amount permissible for non-audit services that the Stat-
utory Auditors may perform. Within the scope of the
approved and budgeted amount, the Chief Financial
Officer can delegate non-audit related mandates to the
Auditors.
The Audit Committee agrees the scope of and discusses
the results of the external audit with the Statutory Audi-
tors. The Statutory Auditors prepare a comprehensive
report addressed to the Board of Directors once per
year, informing them in detail on the results of their audit.
The Statutory Auditors also review the interim consoli-
dated financial statements before they are released.
The auditing fees for 2023 for the audit of the consoli-
dated and statutory financial statements of Avolta AG and
its subsidiaries are CHF 8.22 million (2022: CHF 4.35
million).
Representatives of the Statutory Auditors are regularly
invited to meetings of the Audit Committee, namely to
attend during those agenda points that deal with
accounting, financial reporting or auditing matters.
8.3 Additional fees
During 2023, Deloitte AG billed additional fees for the
half-year review, audit-related services and tax compli-
ance services
in the amount of CHF 0.35 million,
CHF 4.20 million and CHF 0.12 million, respectively (2022:
CHF 0.20 million, CHF 0.62 million and CHF 0.09 million,
respectively).
8.4 Supervisory and control
instruments pertaining to the
audit
The Audit Committee as a committee of the Board of
Directors reviews and evaluates the performance and
independence of the Statutory Auditors at least once
each year. Based on its review, the Audit Committee
recommends to the Board of Directors which external
Auditor should be proposed for election at the General
Meeting of Shareholders. The decision regarding this
agenda item is then taken by the Board of Directors.
When evaluating the performance and independence of
the Statutory Auditors, the Audit Committee puts special
emphasis on the following criteria: Global network of the
audit firm, professional competence of the lead audit
team, understanding of Avolta’s specific business risks,
personal independence of the lead auditor and indepen-
dence of the audit firm as a company, coordination of the
Statutory Auditors with the Audit Committee and the
Senior Management / Finance Department of Avolta
Group, practical recommendations with respect to the
application of IFRS regulations.
In addition, the Audit Committee reviews regularly the
internal audit plan. Internal Audit reports are communi-
cated to management in charge and the Company’s
senior management on an on-going basis and 4 briefings
were done to the Audit Committee in 2023.
During the fiscal year 2023, the Audit Committee held 5
meetings. The Statutory Auditors were present at all of
those meetings. The Board of Directors has determined
the rotation interval for the Lead Auditor to be seven
years, as defined by the Swiss Code of Obligation. The
last rotation of the Lead Auditor was in conjunction with
the change to Deloitte AG as new Statutory Auditors and
occurred in 2021.
9.
Information policy
to pages 334 / 335 of this Annual Report.
Avolta is committed to an open and transparent commu-
nication with its shareholders, financial analysts, potential
investors, the media, customers, suppliers and other
interested parties.
Avolta publishes its financial reports on a half-year basis
(Half-Year Report, Annual Report)
in English. The
Company further releases quarterly trading updates for
Q1 and Q3. All financial reports and media releases
containing financial information are available on the
Company website www.avoltaworld.com.
In addition, Avolta organizes presentations and conference
calls with the financial community and media to further
discuss details of the reported earnings (such presen-
tations or calls are held on the same day of the earnings
publication) or on any other matters of importance. The
Company undertakes roadshows for institutional inves-
In fiscal year 2023, no exemptions were granted.
tors and participates at broker conferences and seminars
on a regular basis.
Details and
information on the business activities,
11. New Avolta Group
Company structure, financial reports, media releases and
On July 11, 2022, the Company (formerly named Dufry AG)
investor relations are available on the Company’s website:
announced that it will join forces with Autogrill, global
The official means of publication of the Company is the
through its wholly owned subsidiary Schema Beta S.p.A.,
www.avoltaworld.com
Swiss Official Gazette of Commerce:
www.shab.ch
issues are:
hoc-announcements
registration-form
Web-links regarding the SIX Exchange Regulation
ratio corresponded to the 3-month VWAP of Autogrill and
push- / pull-regulations concerning ad-hoc publicity
Avolta shares prior to April 14, 2022, equal to EUR 6.33
www.avoltaworld.com/en/media/press-releases-ad-
share for Avolta. Furthermore, in April 2023, the Company
www.avoltaworld.com/en/media/press-release-
Avolta shares at the same exchange ratio as Edizione.
The current Articles of Incorporation are available
with Italian takeover law. Autogrill was delisted on July 24,
on Avolta’s website under:
2023, following the conclusion of the mandatory tender
www.avoltaworld.com/en/investors/corporate-
offer.
governance – Articles of Incorporation
The financial reports are available in the download
relationship agreement, which underlines the commit-
leader in travel food & beverage (F&B) to redefine travel
experience. As part of the transaction, Edizione S.p.A.,
transferred its 50.3 % stake in Autogrill to the Company at
an implied exchange ratio of 0.158 new Avolta shares for
each Autogrill share on February 3, 2023. The exchange
per share for Autogrill and EUR 39.71 (CHF 40.96) per
launched a mandatory tender offer for the remaining
Autogrill shares, offering Autogrill shareholders to receive
Alternatively, the Company also offered a cash alternative
equivalent to EUR 6.33 per Autogrill share, in compliance
The Company and Edizione have entered into a long-term
ment of Edizione as long-term strategic anchor share-
holder supporting the enhanced strategy of the
combined entity. Edizione is entitled to designate three
members of the Board of Directors. Edizione also entered
into a lock-up for a period of two years after closing of the
Meeting of Shareholders of the Company approved the
change of the corporate name from Dufry AG to Avolta
AG. Avolta Group is operating in 73 countries and over
1,000 locations, with 5,100 points of sale across three
segments – duty-free, travel convenience & essentials,
For the Investor Relations and Corporate Communica-
transaction (i.e. until February 2025).
tions contacts, the Corporate Headquarter address and
a summary of anticipated key dates in 2024 please refer
On November 3, 2023, the Extraordinary General
10. Ordinary black-out periods
During the period of 4 weeks prior to the public
food & beverage – and a wide range of channels – from
announcement of its annual financial statements and 15
airports and motorways, through to cruises, railways and
calendar days prior to the public announcement of its
more. For more information on Avolta’s Vision & Strategy
half-year financial statements and Q1 and Q3 trading
and our regions/business please refer to pages 28 to 96
updates, and until and including the day of publication,
of this Annual Report.
center under:
Reports”
www.avoltaworld.com/en/download-center
page section “All categories – select Financial
the members of the Board of Directors and the Global
Executive Committee, members of the management
bodies of an Avolta Group company as well as employees
who have access to financial information of Avolta or to
other inside information, as specified in Avolta’s internal
guidelines, are prohibited to trade in Avolta equity or debt
securities (or any financial instruments derived therefrom)
issued by any Avolta group company.
8. Auditors
8.1 Auditors, duration of mandate
and term of office of the lead
auditor
Pursuant to Article 19 para. 1 of the Articles of Incorpora-
Within the yearly approved budget, there is also an
amount permissible for non-audit services that the Stat-
utory Auditors may perform. Within the scope of the
approved and budgeted amount, the Chief Financial
Officer can delegate non-audit related mandates to the
Auditors.
tion, the Statutory Auditors shall be elected each year
The Audit Committee agrees the scope of and discusses
and may be re-elected. Deloitte AG have been the Stat-
the results of the external audit with the Statutory Audi-
utory Auditors since 2021. Andreas Bodenmann has
tors. The Statutory Auditors prepare a comprehensive
been the Lead Auditor since 2021.
8.2 Auditing fee
report addressed to the Board of Directors once per
year, informing them in detail on the results of their audit.
The Statutory Auditors also review the interim consoli-
dated financial statements before they are released.
The auditing fees for 2023 for the audit of the consoli-
Representatives of the Statutory Auditors are regularly
dated and statutory financial statements of Avolta AG and
invited to meetings of the Audit Committee, namely to
its subsidiaries are CHF 8.22 million (2022: CHF 4.35
attend during those agenda points that deal with
million).
accounting, financial reporting or auditing matters.
8.3 Additional fees
In addition, the Audit Committee reviews regularly the
internal audit plan. Internal Audit reports are communi-
cated to management in charge and the Company’s
During 2023, Deloitte AG billed additional fees for the
senior management on an on-going basis and 4 briefings
half-year review, audit-related services and tax compli-
were done to the Audit Committee in 2023.
ance services
in the amount of CHF 0.35 million,
CHF 4.20 million and CHF 0.12 million, respectively (2022:
During the fiscal year 2023, the Audit Committee held 5
CHF 0.20 million, CHF 0.62 million and CHF 0.09 million,
meetings. The Statutory Auditors were present at all of
respectively).
8.4 Supervisory and control
instruments pertaining to the
audit
The Audit Committee as a committee of the Board of
Directors reviews and evaluates the performance and
independence of the Statutory Auditors at least once
those meetings. The Board of Directors has determined
the rotation interval for the Lead Auditor to be seven
years, as defined by the Swiss Code of Obligation. The
last rotation of the Lead Auditor was in conjunction with
the change to Deloitte AG as new Statutory Auditors and
occurred in 2021.
9.
Information policy
each year. Based on its review, the Audit Committee
Avolta is committed to an open and transparent commu-
recommends to the Board of Directors which external
nication with its shareholders, financial analysts, potential
Auditor should be proposed for election at the General
investors, the media, customers, suppliers and other
Meeting of Shareholders. The decision regarding this
interested parties.
agenda item is then taken by the Board of Directors.
When evaluating the performance and independence of
(Half-Year Report, Annual Report)
in English. The
the Statutory Auditors, the Audit Committee puts special
Company further releases quarterly trading updates for
emphasis on the following criteria: Global network of the
Q1 and Q3. All financial reports and media releases
audit firm, professional competence of the lead audit
containing financial information are available on the
team, understanding of Avolta’s specific business risks,
Company website www.avoltaworld.com.
Avolta publishes its financial reports on a half-year basis
personal independence of the lead auditor and indepen-
dence of the audit firm as a company, coordination of the
In addition, Avolta organizes presentations and conference
Statutory Auditors with the Audit Committee and the
calls with the financial community and media to further
Senior Management / Finance Department of Avolta
discuss details of the reported earnings (such presen-
Group, practical recommendations with respect to the
tations or calls are held on the same day of the earnings
application of IFRS regulations.
publication) or on any other matters of importance. The
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 309/336
In fiscal year 2023, no exemptions were granted.
11. New Avolta Group
On July 11, 2022, the Company (formerly named Dufry AG)
announced that it will join forces with Autogrill, global
leader in travel food & beverage (F&B) to redefine travel
experience. As part of the transaction, Edizione S.p.A.,
through its wholly owned subsidiary Schema Beta S.p.A.,
transferred its 50.3 % stake in Autogrill to the Company at
an implied exchange ratio of 0.158 new Avolta shares for
each Autogrill share on February 3, 2023. The exchange
ratio corresponded to the 3-month VWAP of Autogrill and
Avolta shares prior to April 14, 2022, equal to EUR 6.33
per share for Autogrill and EUR 39.71 (CHF 40.96) per
share for Avolta. Furthermore, in April 2023, the Company
launched a mandatory tender offer for the remaining
Autogrill shares, offering Autogrill shareholders to receive
Avolta shares at the same exchange ratio as Edizione.
Alternatively, the Company also offered a cash alternative
equivalent to EUR 6.33 per Autogrill share, in compliance
with Italian takeover law. Autogrill was delisted on July 24,
2023, following the conclusion of the mandatory tender
offer.
The Company and Edizione have entered into a long-term
relationship agreement, which underlines the commit-
ment of Edizione as long-term strategic anchor share-
holder supporting the enhanced strategy of the
combined entity. Edizione is entitled to designate three
members of the Board of Directors. Edizione also entered
into a lock-up for a period of two years after closing of the
transaction (i.e. until February 2025).
On November 3, 2023, the Extraordinary General
Meeting of Shareholders of the Company approved the
change of the corporate name from Dufry AG to Avolta
AG. Avolta Group is operating in 73 countries and over
1,000 locations, with 5,100 points of sale across three
segments – duty-free, travel convenience & essentials,
food & beverage – and a wide range of channels – from
airports and motorways, through to cruises, railways and
more. For more information on Avolta’s Vision & Strategy
and our regions/business please refer to pages 28 to 96
of this Annual Report.
Company undertakes roadshows for institutional inves-
tors and participates at broker conferences and seminars
on a regular basis.
Details and
information on the business activities,
Company structure, financial reports, media releases and
investor relations are available on the Company’s website:
www.avoltaworld.com
The official means of publication of the Company is the
Swiss Official Gazette of Commerce:
www.shab.ch
Web-links regarding the SIX Exchange Regulation
push- / pull-regulations concerning ad-hoc publicity
issues are:
www.avoltaworld.com/en/media/press-releases-ad-
hoc-announcements
www.avoltaworld.com/en/media/press-release-
registration-form
The current Articles of Incorporation are available
on Avolta’s website under:
www.avoltaworld.com/en/investors/corporate-
governance – Articles of Incorporation
The financial reports are available in the download
center under:
www.avoltaworld.com/en/download-center
page section “All categories – select Financial
Reports”
For the Investor Relations and Corporate Communica-
tions contacts, the Corporate Headquarter address and
a summary of anticipated key dates in 2024 please refer
to pages 334 / 335 of this Annual Report.
10. Ordinary black-out periods
During the period of 4 weeks prior to the public
announcement of its annual financial statements and 15
calendar days prior to the public announcement of its
half-year financial statements and Q1 and Q3 trading
updates, and until and including the day of publication,
the members of the Board of Directors and the Global
Executive Committee, members of the management
bodies of an Avolta Group company as well as employees
who have access to financial information of Avolta or to
other inside information, as specified in Avolta’s internal
guidelines, are prohibited to trade in Avolta equity or debt
securities (or any financial instruments derived therefrom)
issued by any Avolta group company.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 310/336
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2023
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ESG
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Dear
Shareholders
On behalf of the Board of Directors
and the Remuneration Committee,
I am pleased to share with you our
Remuneration Report for fiscal year
2023. In this period, we successfully
executed the Dufry-Autogrill combi-
nation with the share transfer of
Edizione’s 50.3 % stake in Autogrill to
Dufry in February, followed by the
mandatory tender offer for the re-
maining shares of Autogrill, a final
squeeze-out procedure and then the
delisting of Autogrill on July 24, 2023.
On October 2, 2023, we announced
our new company name Avolta, which
was approved by the Extraordinary
General Meeting of Shareholders on
November 3, 2023.
pared to CHF 10,804.8 million pro-
forma in 2022. CORE EBITDA
amounted to CHF 1,129.6 million, an
increase of 20.0 % compared to pro-
forma 2022, and at a margin of 9.0 %.
Equity Free Cash Flow came to
CHF 323.0 million, a 28.6 % conver-
sion of CORE EBITDA and well above
expectations at the beginning of the
year. I also want to underline the
achievements made within our ESG
engagement, where we have already
fully updated our ESG strategy to the
new combined entity and launched
several important ESG initiatives. For
further information on our perfor-
mance, please refer to the detailed
letters of our CEO and CFO.
At Avolta, we take the lead in creating
a travel experience revolution across
the travel retail and food & beverage
businesses worldwide and we will
continue to be a global employer of
choice, as the two legacy companies
Dufry and Autogrill had been before.
Avolta’s compensation system fosters
the successful achievement of our
strategic and financial targets, as well
as sustainable growth and long-term
value creation for our shareholders.
2023 is also a testimony to the huge
potential of Avolta’s combined teams
and businesses, and a year with strong
financial performance, reflected by
a substantial CORE Organic Growth
of 21.6 % and further improvement to
all major KPIs. Our CORE Turnover
reached CHF 12,534.6 million com-
Three new members joined our Board
of Directors in 2023: Alessandro
Benetton as Honorary Chairman and
Enrico Laghi and Sami Kahale as Vice-
Chairmen. The previously combined
Nomination and ESG Committee was
split into two committees given the
importance of ESG matters that are
an integral part of our strategy. Fur-
thermore, in conjunction with the
Dufry-Autogrill combination, the
Board of Directors decided to intro-
duce a new Strategy and Integration
Committee. For details on Committee
memberships, please refer to page
292 in the Corporate Governance
section of this Annual Report.
Our Global Executive Committee was
expanded with six new members hav-
ing joined in the first quarter of 2023.
We warmly welcomed Freda Cheung
(President & CEO Asia Pacific), Steve
Johnson (President & CEO North
America), Enrique Urioste (President &
CEO Latin America), Camillo Rossotto
(Chief Public Affairs & ESG Officer),
Vijay Talwar (Chief Commercial & Digi-
tal Officer) and Katrin Volery (Chief
People & Culture Officer) to our exec-
utive committee. At the same time,
Eugenio Andrades, Andrea Belardini
and Sarah Branquinho left the Global
Executive Committee during 2023.
We express our sincere thanks for
their tremendous work and commit-
ment over the years.
The Remuneration Committee per-
formed its regular activities through-
out the reporting year, such as the
annual review of the remuneration
framework for the Board of Directors
and the Global Executive Committee,
the performance objectives setting
and assessment for the short-term
and long-term incentive plans, review
of the individual members’ remunera-
tion, preparation of the Remuneration
Report, and recommending to the
Board of Directors the General Meet-
ing voting proposals on remuneration.
In the context of the annual compen-
sation review, and considering the
fact that the size and complexity of
the Group substantially increased, the
Board of Directors decided to put an
even greater emphasis on perfor-
mance-based compensation in full
alignment with shareholder interests.
For fiscal year 2023, the following
long-term pay-for-performance
proved the proposed maximum ag-
changes were implemented:
alignment and strong commitment
gregate remuneration for the Board
– The Global Executive Committee
of the executives. The number of
of Directors for the period from
was expanded with new positions
PSU granted was adjusted in 2023
AGM 2023 to AGM 2024 with 97.24 %,
and additional responsibilities to
to reflect the increased responsibili-
the increased maximum aggregate
reflect the enlarged Group, the im-
ties of each member of the Global
amount of remuneration for the
plementation of Avolta’s long-term
Executive Committee and is aligned
Global Executive Committee for the
strategy “Destination 2027” and to
with shareholder interests since it is
fiscal year 2023 with 96.37 %, and the
drive the Travel Retail Revolution;
focused on long-term performance.
maximum aggregate amount of re-
– The performance bonus opportu-
The PSUs are subject to three per-
muneration for the Global Executive
nity for the Executive Chairman was
formance conditions (in line with the
Committee for fiscal year 2024 with
raised to 150 % of his fixed remuner-
PSU plan 2022): Cumulative CORE
96.38 % of the votes represented.
ation (with payout cap set at 133¹⁄³ %
of target) to reflect the increased
EPS (50 %), Relative TSR (25 %), and
ESG target (25 %). The ESG target
Our compensation structure supports
size and complexity of the com-
consists of two different compo-
our long-term financial and non-finan-
bined Avolta Group. In his executive
nents (People and Environment) that
cial values and is well aligned with our
role, a substantial amount of his
are both related to material areas
shareholders’ interests. On behalf of
time is devoted to the Company’s
from a business and stakeholder
the Board of Directors and the Remu-
operations where the Chairman
perspective, each with a weighting
neration Committee, I would like to
works very closely with the CEO to
of 50 % of the overall ESG target. All
thank you for your continued contri-
pursue value-enhancing initiatives
targets of the PSU plan are disclosed
butions and your confidence in Avolta.
including strategically important
prospectively. The objectives con-
We trust that you will find this report
relationships, joint ventures or ac-
tinue to reflect the mid- and long-
informative.
quisitions, and relationships with key
term priorities of Avolta Group and
current or future shareholders, and
take into account feedback received
Yours sincerely,
initiatives strengthening the Com-
from shareholders in the past. The
pany’s partnerships with govern-
three-year performance period of
ments and key landlords. He also
the PSU remained unchanged com-
supports re-financing activities and
pared to earlier PSU plans;
capital markets transactions of the
– Two members of the Global Execu-
Company;
tive Committee received a base sal-
– The performance objectives for
ary increase in 2023 in line with the
Luis Maroto Camino
the annual bonus of the Executive
increase and / or change of their
Chairman of the
Chairman and the members of the
functions and responsibilities.
Remuneration Committee
Global Executive Committee in
2023 were based on our focus ar-
At the AGM in May 2023, sharehold-
eas of growth, profitability and cash
ers were invited to express their opin-
generation. They consist of CORE
ion on our remuneration programs
Turnover, CORE EBITDA (new KPI)
and principles in a consultative vote
and Equity Free Cash Flow, with a
on the Remuneration Report 2022,
weighting of 33¹⁄³ % each;
which was approved by a majority of
– The Performance Share Units (PSU)
85.08 % of the votes represented.
plan was continued to foster the
Furthermore, the shareholders ap-
Dear
Shareholders
On behalf of the Board of Directors
pared to CHF 10,804.8 million pro-
We warmly welcomed Freda Cheung
and the Remuneration Committee,
forma in 2022. CORE EBITDA
(President & CEO Asia Pacific), Steve
I am pleased to share with you our
amounted to CHF 1,129.6 million, an
Johnson (President & CEO North
Remuneration Report for fiscal year
increase of 20.0 % compared to pro-
America), Enrique Urioste (President &
2023. In this period, we successfully
forma 2022, and at a margin of 9.0 %.
CEO Latin America), Camillo Rossotto
executed the Dufry-Autogrill combi-
Equity Free Cash Flow came to
(Chief Public Affairs & ESG Officer),
nation with the share transfer of
CHF 323.0 million, a 28.6 % conver-
Vijay Talwar (Chief Commercial & Digi-
Edizione’s 50.3 % stake in Autogrill to
sion of CORE EBITDA and well above
tal Officer) and Katrin Volery (Chief
Dufry in February, followed by the
expectations at the beginning of the
People & Culture Officer) to our exec-
mandatory tender offer for the re-
year. I also want to underline the
utive committee. At the same time,
maining shares of Autogrill, a final
achievements made within our ESG
Eugenio Andrades, Andrea Belardini
squeeze-out procedure and then the
engagement, where we have already
and Sarah Branquinho left the Global
delisting of Autogrill on July 24, 2023.
fully updated our ESG strategy to the
Executive Committee during 2023.
On October 2, 2023, we announced
new combined entity and launched
We express our sincere thanks for
our new company name Avolta, which
several important ESG initiatives. For
their tremendous work and commit-
was approved by the Extraordinary
further information on our perfor-
ment over the years.
General Meeting of Shareholders on
mance, please refer to the detailed
November 3, 2023.
letters of our CEO and CFO.
The Remuneration Committee per-
formed its regular activities through-
At Avolta, we take the lead in creating
Three new members joined our Board
out the reporting year, such as the
a travel experience revolution across
of Directors in 2023: Alessandro
annual review of the remuneration
the travel retail and food & beverage
Benetton as Honorary Chairman and
framework for the Board of Directors
businesses worldwide and we will
Enrico Laghi and Sami Kahale as Vice-
and the Global Executive Committee,
continue to be a global employer of
Chairmen. The previously combined
the performance objectives setting
choice, as the two legacy companies
Nomination and ESG Committee was
and assessment for the short-term
Dufry and Autogrill had been before.
split into two committees given the
and long-term incentive plans, review
Avolta’s compensation system fosters
importance of ESG matters that are
of the individual members’ remunera-
the successful achievement of our
an integral part of our strategy. Fur-
tion, preparation of the Remuneration
strategic and financial targets, as well
thermore, in conjunction with the
Report, and recommending to the
as sustainable growth and long-term
Dufry-Autogrill combination, the
Board of Directors the General Meet-
value creation for our shareholders.
Board of Directors decided to intro-
ing voting proposals on remuneration.
duce a new Strategy and Integration
2023 is also a testimony to the huge
Committee. For details on Committee
In the context of the annual compen-
potential of Avolta’s combined teams
memberships, please refer to page
sation review, and considering the
and businesses, and a year with strong
292 in the Corporate Governance
fact that the size and complexity of
financial performance, reflected by
section of this Annual Report.
a substantial CORE Organic Growth
the Group substantially increased, the
Board of Directors decided to put an
of 21.6 % and further improvement to
Our Global Executive Committee was
even greater emphasis on perfor-
all major KPIs. Our CORE Turnover
expanded with six new members hav-
mance-based compensation in full
reached CHF 12,534.6 million com-
ing joined in the first quarter of 2023.
alignment with shareholder interests.
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 313/336
For fiscal year 2023, the following
changes were implemented:
– The Global Executive Committee
was expanded with new positions
and additional responsibilities to
reflect the enlarged Group, the im-
plementation of Avolta’s long-term
strategy “Destination 2027” and to
drive the Travel Retail Revolution;
– The performance bonus opportu-
nity for the Executive Chairman was
raised to 150 % of his fixed remuner-
ation (with payout cap set at 133¹⁄³ %
of target) to reflect the increased
size and complexity of the com-
bined Avolta Group. In his executive
role, a substantial amount of his
time is devoted to the Company’s
operations where the Chairman
works very closely with the CEO to
pursue value-enhancing initiatives
including strategically important
relationships, joint ventures or ac-
quisitions, and relationships with key
current or future shareholders, and
initiatives strengthening the Com-
pany’s partnerships with govern-
ments and key landlords. He also
supports re-financing activities and
capital markets transactions of the
Company;
– The performance objectives for
the annual bonus of the Executive
Chairman and the members of the
Global Executive Committee in
2023 were based on our focus ar-
eas of growth, profitability and cash
generation. They consist of CORE
Turnover, CORE EBITDA (new KPI)
and Equity Free Cash Flow, with a
weighting of 33¹⁄³ % each;
– The Performance Share Units (PSU)
plan was continued to foster the
long-term pay-for-performance
alignment and strong commitment
of the executives. The number of
PSU granted was adjusted in 2023
to reflect the increased responsibili-
ties of each member of the Global
Executive Committee and is aligned
with shareholder interests since it is
focused on long-term performance.
The PSUs are subject to three per-
formance conditions (in line with the
PSU plan 2022): Cumulative CORE
EPS (50 %), Relative TSR (25 %), and
ESG target (25 %). The ESG target
consists of two different compo-
nents (People and Environment) that
are both related to material areas
from a business and stakeholder
perspective, each with a weighting
of 50 % of the overall ESG target. All
targets of the PSU plan are disclosed
prospectively. The objectives con-
tinue to reflect the mid- and long-
term priorities of Avolta Group and
take into account feedback received
from shareholders in the past. The
three-year performance period of
the PSU remained unchanged com-
pared to earlier PSU plans;
– Two members of the Global Execu-
tive Committee received a base sal-
ary increase in 2023 in line with the
increase and / or change of their
functions and responsibilities.
At the AGM in May 2023, sharehold-
ers were invited to express their opin-
ion on our remuneration programs
and principles in a consultative vote
on the Remuneration Report 2022,
which was approved by a majority of
85.08 % of the votes represented.
Furthermore, the shareholders ap-
proved the proposed maximum ag-
gregate remuneration for the Board
of Directors for the period from
AGM 2023 to AGM 2024 with 97.24 %,
the increased maximum aggregate
amount of remuneration for the
Global Executive Committee for the
fiscal year 2023 with 96.37 %, and the
maximum aggregate amount of re-
muneration for the Global Executive
Committee for fiscal year 2024 with
96.38 % of the votes represented.
Our compensation structure supports
our long-term financial and non-finan-
cial values and is well aligned with our
shareholders’ interests. On behalf of
the Board of Directors and the Remu-
neration Committee, I would like to
thank you for your continued contri-
butions and your confidence in Avolta.
We trust that you will find this report
informative.
Yours sincerely,
Luis Maroto Camino
Chairman of the
Remuneration Committee
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 314/336
Remuneration at a glance
Summary of remuneration system
for the Board of Directors in 2023
Remuneration for fiscal year 2023
Board of Directors
Introduction
The remuneration awarded to the Board of Directors for fiscal year 2023
is within the limits approved at the 2022 Annual / Extraordinary General
Meetings of Shareholders and the 2023 Annual General Meeting of
Shareholders, respectively.
Remuneration period
AGM 2022 – AGM 2023
AGM 2023 – AGM 2024
Approved
by GM (TCHF)
Total compen-
sation* (TCHF)
8,850.0
11,000.0
7,597.5
9,915.1
* Reconciled between reported Board compensation for fiscal years 2022 and
2023 and corresponding compensation from one AGM to the next.
The reconciliation for the time period January 1 to the AGM 2024 (on May 15)
assumes no changes in the composition of the Board of Directors and Com-
mittees compared to year-end 2023.
In order to ensure their independence in performing their supervisory
function, non-executive members of the Board of Directors receive a
fixed remuneration in cash only.
Board fees (gross)
Chairman of the Board
Board member
Additional fees (gross)
Lead Independent Director
Chair Audit Committee
Chair Remuneration Committee
Chair Nomination Committee
Chair ESG Committee
Chair Strategy and Integration Committee*
Committee member
(TCHF)
2,010.5
250.0
(TCHF)
100.0
100.0
75.0
75.0
75.0
0.0
50.0
* The Strategy and Integration Committee is chaired by the Chairman of the
Board of Directors, who does not receive separate compensation for this role.
The Executive Chairman of the Board of Directors may receive an annual
bonus based on performance criteria (target bonus at 150 % of fixed fee, with
maximum cap at 133¹⁄
³
% of the target).
Summary of remuneration system
for the Global Executive Committee in 2023
Remuneration for fiscal year 2023
Global Executive Committee
The remuneration of the Global Executive Committee emphazises pay-
for-performance and consists of fixed and variable elements. The base
salary and other benefits form the fixed remuneration.
The remuneration awarded to the Global Executive Committee for fiscal
year 2023 is within the limits approved at the 2023 Annual General
Meeting of Shareholders.
Variable remuneration drives and rewards best-in-class performance
based on ambitious and stretched targets. It is based on short-term and
long-term objectives and includes absolute as well as relative
performance targets. The variable remuneration consists of an annual
cash bonus and a grant of performance share units (PSU).
Base salary
Pay for the position
Benefits
Cover retirement, death and disability risks,
allowances in kind
Annual cash bonus
Drive and reward annual performance
PSU plan
Drive and reward long-term performance,
align with shareholders’ interests,
3-years performance period
Remuneration period
Approved
by AGM (TCHF)
Total compensation
(TCHF)
progression.
Fiscal year 2023
49,500.0
40,049.8
The total remuneration amount reflects compensation to 13 GEC members ac-
tive during fiscal year 2023, excluding one former GEC member.
Annual bonus for fiscal year 2023
The total combined achievement percentage for the three targets CORE
Turnover, CORE EBITDA and Equity Free Cash Flow was 122.6 %. The max-
imum payout corresponds to 133¹⁄
% for the CEO and between 100% and
³
130% for the other members of the Global Executive Committee.
PSU grant and vesting in fiscal year 2023
The grant value of the PSU awarded in 2023 amounts to 40 % of the total
compensation for FY 2023.
No PSU were awarded in FY 2020, and therefore no PSU vested in FY 2023.
Remuneration policy and principles
Remuneration governance
In order to ensure the company’s sustainable success, it is critical to
attract, develop and retain the right talents. Avolta’s remuneration
programs are designed to support this fundamental objective and are
based on the following principles:
– Pay-for-performance;
– Shareholder interests;
– Competitiveness;
– Transparency.
– Authority for decisions related to remuneration are governed by the
Articles of Incorporation and the Board Regulations of Avolta AG.
– The maximum aggregate amounts of remuneration of the Board of
Directors and of the Global Executive Committee are subject to binding
votes at the AGM.
– In addition, the Remuneration Report for the preceding period is sub-
ject to a consultative vote at the AGM.
– The Board of Directors is supported by the Remuneration Committee
in preparing all remuneration-related decisions regarding the Board of
Directors and the Global Executive Committee.
seqq. of the Swiss Code of Obligations, item 5 of the
Annex to the Corporate Governance Directive (DCG) of
In 2023, Dufry AG changed its corporate name to Avolta
SIX Exchange Regulation governing disclosure of remu-
AG to reflect the Dufry and Autogrill combination that
neration systems and remuneration paid to members of
became effective during the reporting year. At the
the Board of Directors and the Global Executive
Extraordinary General Meeting of Shareholders held on
Committee, and the principles of the Swiss Code of Best
November 3, 2023, the shareholders approved the
Practice for Corporate Governance of economiesuisse.
change in the Company’s name to Avolta AG from
formerly Dufry AG. Unifying the travel retail and
The Remuneration Report will be submitted to the Annual
food & beverage (F&B) businesses under the single name
General Meeting of Shareholders on May 15, 2024 for a
Avolta was one of the many steps in an already effective
consultative vote.
integration. The new corporate name Avolta reinforces
our long-term vision for the Group and is also part of the
“Destination 2027” strategy. For more details on our oper-
ations and our business strategy please refer to section
Vision & Strategy of this Annual Report.
Avolta’s long-term success depends on our continued
Remuneration Governance
Articles of Incorporation and
shareholders
ability to attract, motivate and retain outstanding individ-
Avolta’s Articles of Incorporation contain specific provi-
uals at all levels of the Company, who will ensure that we
sions on remuneration. The Articles of Incorporation, and
can successfully execute our new strategy as well as
any amendments thereof, are subject to approval by the
further expand our market position as a global leading
General Meeting of Shareholders. The remuneration
travel experience player. We want to remain solidly
provisions include rules concerning the election, the
financed with a healthy balance sheet, strong profitability
constitution and the powers of the Remuneration
and sustainable cash flows. We will also continue to be a
Committee (Art. 17 and 18); the approval of remuneration
reliable employer, and offer a working environment where
by the General Meeting of Shareholders (Art. 20); the
our employees feel well respected and valued. In order to
supplementary amount in case of changes on the Global
achieve these goals, we continue to provide appropriate
Executive Committee (Art. 21); the general remuneration
and competitive remuneration to our employees and to
principles (Art. 22); the agreements with members of the
support their development and focus on their career
Board of Directors and the Global Executive Committee
(Art. 23) as well as the maximum number of mandates
outside the company that a member of the Board of
Our executive compensation system is strongly aligned
Directors or the Global Executive Committee may hold
with the strategy of being a high-performing organiza-
(Art. 24 and 25). The Articles of Incorporation are available
tion, taking into account the short-term and long-term
on the Company website under:
objectives of our business. Compensation is reviewed on
www.avoltaworld.com/en/investors/corporate-governance
an annual basis, focusing on internal and external require-
ments, increased complexities of the business and
Pursuant to Avolta’s Articles of Incorporation, the General
company structure, as well as responsibilities of the indi-
Meeting of Shareholders has to approve the proposal of
vidual members of the Global Executive Committee.
the Board of Directors in relation to the maximum aggre-
Avolta operates a short-term annual bonus structure with
gate amounts of remuneration for the Board of Directors
financial performance targets, and a long-term incentive
for the period until the next Annual General Meeting of
plan, which includes a mix of absolute and relative as well
Shareholders and the Global Executive Committee for the
as financial and non-financial performance targets over a
following fiscal year. The votes on these maximum aggre-
three-year period. All performance targets for the short-
gate amounts of remuneration have a binding effect.
term as well as the long-term incentives are pre-defined.
Thereafter, the decision authority on the individual remu-
neration of the members of the Board of Directors and
The current Remuneration Report describes our remu-
the Global Executive Committee
(within the
limits
neration principles and programs, as well as the gover-
approved by the General Meeting of Shareholders) is with
nance framework related to the remuneration of the
the Board of Directors. In addition, the Remuneration
Board of Directors and the Global Executive Committee.
Report is submitted to the Annual General Meeting of
The report also provides information on the remuneration
Shareholders for an advisory vote on a yearly basis, so
paid to the members of the Board of Directors and the
that shareholders can express their opinion on the remu-
Global Executive Committee for fiscal year 2023. The
neration policy and programs.
report is prepared in accordance with Articles 734 et
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 315/336
Remuneration at a glance
Summary of remuneration system
for the Board of Directors in 2023
Remuneration for fiscal year 2023
Board of Directors
Introduction
In order to ensure their independence in performing their supervisory
The remuneration awarded to the Board of Directors for fiscal year 2023
function, non-executive members of the Board of Directors receive a
is within the limits approved at the 2022 Annual / Extraordinary General
fixed remuneration in cash only.
Meetings of Shareholders and the 2023 Annual General Meeting of
Shareholders, respectively.
Remuneration period
AGM 2022 – AGM 2023
AGM 2023 – AGM 2024
Approved
by GM (TCHF)
Total compen-
sation* (TCHF)
8,850.0
11,000.0
7,597.5
9,915.1
* Reconciled between reported Board compensation for fiscal years 2022 and
2023 and corresponding compensation from one AGM to the next.
The reconciliation for the time period January 1 to the AGM 2024 (on May 15)
assumes no changes in the composition of the Board of Directors and Com-
mittees compared to year-end 2023.
Board fees (gross)
Chairman of the Board
Board member
Additional fees (gross)
Lead Independent Director
Chair Audit Committee
Chair Remuneration Committee
Chair Nomination Committee
Chair ESG Committee
Chair Strategy and Integration Committee*
Committee member
(TCHF)
2,010.5
250.0
(TCHF)
100.0
100.0
75.0
75.0
75.0
0.0
50.0
* The Strategy and Integration Committee is chaired by the Chairman of the
Board of Directors, who does not receive separate compensation for this role.
The Executive Chairman of the Board of Directors may receive an annual
bonus based on performance criteria (target bonus at 150 % of fixed fee, with
maximum cap at 133¹⁄
% of the target).
³
Summary of remuneration system
for the Global Executive Committee in 2023
Remuneration for fiscal year 2023
Global Executive Committee
The remuneration of the Global Executive Committee emphazises pay-
The remuneration awarded to the Global Executive Committee for fiscal
for-performance and consists of fixed and variable elements. The base
year 2023 is within the limits approved at the 2023 Annual General
salary and other benefits form the fixed remuneration.
Meeting of Shareholders.
Variable remuneration drives and rewards best-in-class performance
based on ambitious and stretched targets. It is based on short-term and
Remuneration period
long-term objectives and includes absolute as well as relative
Approved
Total compensation
by AGM (TCHF)
(TCHF)
performance targets. The variable remuneration consists of an annual
Fiscal year 2023
49,500.0
40,049.8
cash bonus and a grant of performance share units (PSU).
The total remuneration amount reflects compensation to 13 GEC members ac-
tive during fiscal year 2023, excluding one former GEC member.
Base salary
Pay for the position
Benefits
allowances in kind
Annual bonus for fiscal year 2023
Cover retirement, death and disability risks,
Annual cash bonus
Drive and reward annual performance
Drive and reward long-term performance,
align with shareholders’ interests,
PSU plan
3-years performance period
The total combined achievement percentage for the three targets CORE
Turnover, CORE EBITDA and Equity Free Cash Flow was 122.6 %. The max-
imum payout corresponds to 133¹⁄
% for the CEO and between 100% and
130% for the other members of the Global Executive Committee.
³
PSU grant and vesting in fiscal year 2023
The grant value of the PSU awarded in 2023 amounts to 40 % of the total
compensation for FY 2023.
No PSU were awarded in FY 2020, and therefore no PSU vested in FY 2023.
– Authority for decisions related to remuneration are governed by the
Articles of Incorporation and the Board Regulations of Avolta AG.
– The maximum aggregate amounts of remuneration of the Board of
Directors and of the Global Executive Committee are subject to binding
votes at the AGM.
– In addition, the Remuneration Report for the preceding period is sub-
ject to a consultative vote at the AGM.
– The Board of Directors is supported by the Remuneration Committee
in preparing all remuneration-related decisions regarding the Board of
Directors and the Global Executive Committee.
Remuneration policy and principles
Remuneration governance
In order to ensure the company’s sustainable success, it is critical to
attract, develop and retain the right talents. Avolta’s remuneration
programs are designed to support this fundamental objective and are
based on the following principles:
– Pay-for-performance;
– Shareholder interests;
– Competitiveness;
– Transparency.
In 2023, Dufry AG changed its corporate name to Avolta
AG to reflect the Dufry and Autogrill combination that
became effective during the reporting year. At the
Extraordinary General Meeting of Shareholders held on
November 3, 2023, the shareholders approved the
change in the Company’s name to Avolta AG from
formerly Dufry AG. Unifying the travel retail and
food & beverage (F&B) businesses under the single name
Avolta was one of the many steps in an already effective
integration. The new corporate name Avolta reinforces
our long-term vision for the Group and is also part of the
“Destination 2027” strategy. For more details on our oper-
ations and our business strategy please refer to section
Vision & Strategy of this Annual Report.
Avolta’s long-term success depends on our continued
ability to attract, motivate and retain outstanding individ-
uals at all levels of the Company, who will ensure that we
can successfully execute our new strategy as well as
further expand our market position as a global leading
travel experience player. We want to remain solidly
financed with a healthy balance sheet, strong profitability
and sustainable cash flows. We will also continue to be a
reliable employer, and offer a working environment where
our employees feel well respected and valued. In order to
achieve these goals, we continue to provide appropriate
and competitive remuneration to our employees and to
support their development and focus on their career
progression.
Our executive compensation system is strongly aligned
with the strategy of being a high-performing organiza-
tion, taking into account the short-term and long-term
objectives of our business. Compensation is reviewed on
an annual basis, focusing on internal and external require-
ments, increased complexities of the business and
company structure, as well as responsibilities of the indi-
vidual members of the Global Executive Committee.
Avolta operates a short-term annual bonus structure with
financial performance targets, and a long-term incentive
plan, which includes a mix of absolute and relative as well
as financial and non-financial performance targets over a
three-year period. All performance targets for the short-
term as well as the long-term incentives are pre-defined.
The current Remuneration Report describes our remu-
neration principles and programs, as well as the gover-
nance framework related to the remuneration of the
Board of Directors and the Global Executive Committee.
The report also provides information on the remuneration
paid to the members of the Board of Directors and the
Global Executive Committee for fiscal year 2023. The
report is prepared in accordance with Articles 734 et
seqq. of the Swiss Code of Obligations, item 5 of the
Annex to the Corporate Governance Directive (DCG) of
SIX Exchange Regulation governing disclosure of remu-
neration systems and remuneration paid to members of
the Board of Directors and the Global Executive
Committee, and the principles of the Swiss Code of Best
Practice for Corporate Governance of economiesuisse.
The Remuneration Report will be submitted to the Annual
General Meeting of Shareholders on May 15, 2024 for a
consultative vote.
Remuneration Governance
Articles of Incorporation and
shareholders
Avolta’s Articles of Incorporation contain specific provi-
sions on remuneration. The Articles of Incorporation, and
any amendments thereof, are subject to approval by the
General Meeting of Shareholders. The remuneration
provisions include rules concerning the election, the
constitution and the powers of the Remuneration
Committee (Art. 17 and 18); the approval of remuneration
by the General Meeting of Shareholders (Art. 20); the
supplementary amount in case of changes on the Global
Executive Committee (Art. 21); the general remuneration
principles (Art. 22); the agreements with members of the
Board of Directors and the Global Executive Committee
(Art. 23) as well as the maximum number of mandates
outside the company that a member of the Board of
Directors or the Global Executive Committee may hold
(Art. 24 and 25). The Articles of Incorporation are available
on the Company website under:
www.avoltaworld.com/en/investors/corporate-governance
Pursuant to Avolta’s Articles of Incorporation, the General
Meeting of Shareholders has to approve the proposal of
the Board of Directors in relation to the maximum aggre-
gate amounts of remuneration for the Board of Directors
for the period until the next Annual General Meeting of
Shareholders and the Global Executive Committee for the
following fiscal year. The votes on these maximum aggre-
gate amounts of remuneration have a binding effect.
Thereafter, the decision authority on the individual remu-
neration of the members of the Board of Directors and
the Global Executive Committee
limits
approved by the General Meeting of Shareholders) is with
the Board of Directors. In addition, the Remuneration
Report is submitted to the Annual General Meeting of
Shareholders for an advisory vote on a yearly basis, so
that shareholders can express their opinion on the remu-
neration policy and programs.
(within the
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 316/336
Remuneration Committee
Member of the Board of Directors
Board member since
In the Remuneration Committee since
Luis Maroto Camino
Enrico Laghi 1
Joaquín Moya-Angeler Cabrera
Eugenia M. Ulasewicz
2019
2023
2021
2021
2021
2023
2021
2021
1 Enrico Laghi was elected as member of the Board of Directors and of the Remuneration Committee at the Extraordinary General Meeting on
August 31, 2022. His election was subject to, and became effective upon, the completion of the share transfer of the Autogrill shares indirectly
held by Edizione S.p.A. to Dufry, which occurred on February 3, 2023.
Board of Directors and Remuneration
Committee
Based on Avolta’s Articles of Incorporation and applicable
law, the Board of Directors has the overall responsibility
for defining the remuneration policy of the Group, as well
as the general terms and conditions of employment for
members of the Global Executive Committee. It approves
the individual remuneration of the members of the Board
of Directors and the Global Executive Committee (within
the limits approved by the General Meeting of Share-
holders). The Remuneration Committee supports the
Board of Directors in fulfilling all remuneration related
duties.
As of December 31, 2023, the Remuneration Committee
consisted of four
independent and non-executive
members of the Board of Directors. The Annual General
Meeting individually re-elected Ms. Eugenia M. Ulasewicz,
Mr. Enrico Laghi, Mr. Luis Maroto Camino and Mr. Joaquín
Moya-Angeler Cabrera as members of the Remuneration
Committee for a term of office until completion of the
next AGM in 2024. Luis Maroto Camino was appointed as
Chairman of the Remuneration Committee.
The Remuneration Committee has the following powers
and duties:
– Review and assess the remuneration system of the
Company and the Group (including the management
incentive plans) and make proposals in connection
thereto to the Board of Directors;
– Make recommendations regarding the proposals of
the Board of Directors for the maximum aggregate
amount of compensation of the Board of Directors
and the Global Executive Committee to be submitted
to the General Meeting of Shareholders for approval;
– Make proposals in relation to the remuneration
package of the CEO and the members of the Board
of Directors;
– Make proposals on the grant of options or other
securities under any management incentive plan of
the Company;
– Review and recommend to the Board of Directors the
Remuneration Report;
– Review and propose for approval to the Board of
Directors the remuneration for the members of the
Global Executive Committee other than the CEO
upon proposal by the CEO. The CEO's remuneration
is determined by the Remuneration Committee and
submitted to the full Board of Directors for approval.
The Remuneration Committee discusses the annual
compensation of the members of the Board of Directors
(board fees, committee fees, target bonus for the
Chairman) in separate meetings. The Chairman of the
Board of Directors and the CEO usually participate in
these meetings without any voting rights and they leave
the room when their own compensation
is being
discussed. The Remuneration Committee submits its
proposals to the full Board of Directors annually and the
Board of Directors decides collectively on the remunera-
tion of its members with all Board members being present
during the discussion.
The Remuneration Committee meets as often as busi-
ness requires but at least four times annually. The
Chairman of the Remuneration Committee reports to the
Board of Directors after each meeting on the activities of
the committee. The minutes of the committee meetings
are being made available to all members of the Board of
Directors.
In the reporting year, the Remuneration Committee held
5 meetings. The duration of the meetings ranged from 1
to 2 hours. The attendance ratio was 100 % in fiscal year
2023.
The Remuneration Committee may decide to consult
external advisors. In fiscal year 2023, Homburger AG,
Decision authorities
Levels of authority
Remuneration policy and principles
Maximum aggregate remuneration amount
for the Board of Directors
Remuneration of the Board Chairman
Individual remuneration of the Board members
Maximum aggregate remuneration amount
for the Global Executive Committee
Remuneration of the CEO
Individual remuneration of the other members
of the Global Executive Committee
Remuneration Report
* Within the overall limits approved by the General Meeting of Shareholders.
CEO
Remuneration
Committee
Board of
Directors
AGM
Proposes
Approves
Proposes
Proposes
Proposes
Proposes
Proposes
Reviews and
Approves
proposes
(binding vote)
Approves*
Approves*
Approves*
Reviews and
Approves
proposes
(binding vote)
Proposes to
Remuneration
Committtee
Proposes
Approves*
Proposes
Approves
vote
Consultative
PricewaterhouseCoopers AG (PwC) and Obermatt AG
the business, demographic size of employee base and
were consulted for specific remuneration matters. Other
complexity of the industry. The list of companies in 2023
divisions of PwC provided services as Tax and HR advi-
included ABB, Adecco, Barry Callebaut, Clariant, Ems-
sors for other internal projects. Homburger provided
Chemie, Geberit, Georg Fischer, Holcim, Lindt, Lonza,
further services as legal advisors. Obermatt did not have
Nestlé, Novartis, Richemont, Roche, Sika, Sonova, Strau-
any other mandate for Avolta.
mann, Swatch Group and Swisscom. The peers remained
the same as in previous years, as the selected compar-
For further details regarding the responsibilities of the
ison criteria are still valid for the fiscal year 2023.
Remuneration Committee and the meetings held in fiscal
year 2023 please refer to section 3.5 Internal Organiza-
tional Structure of the Corporate Governance Report.
Method for determining
remuneration and benchmarking
Remuneration of the Board
of Directors
Remuneration principles
Avolta reviews the remuneration of the Global Executive
The remuneration of the members of the Board of Direc-
Committee members annually to ensure that it remains
tors is designed to attract and retain highly qualified indi-
competitive to attract and retain talent in the evolving
viduals to serve on the Board of Directors. The Board of
context in which the company operates, including by
Directors determines the amount of remuneration of its
applying peer group benchmarking. The last review in
members, taking into account their responsibilities, expe-
regards to the remuneration of the Global Executive
rience and the time they invest in their activity as
Committee members was conducted in fiscal year 2023,
members of the Board of Directors.
using third party remuneration survey data (including
Mercer Executive Compensation data) and publicly
disclosed information from other listed companies. The
peer group for compensation benchmarking includes
Remuneration system
SMI and SMIM companies, as those represent the peers
Non-executive board members
with which the Company competes when it comes to
To safeguard their independence in exercising their
attracting and maintaining key talent for its global busi-
supervisory duties, the non-executive members of the
ness. The selection of peer group companies takes into
Board of Directors receive a fixed cash remuneration only
consideration other factors such as geographic spread of
and do not participate in Avolta’s employee benefits
Member of the Board of Directors
Board member since
In the Remuneration Committee since
Remuneration Committee
Luis Maroto Camino
Enrico Laghi 1
Joaquín Moya-Angeler Cabrera
Eugenia M. Ulasewicz
2019
2023
2021
2021
2021
2023
2021
2021
1 Enrico Laghi was elected as member of the Board of Directors and of the Remuneration Committee at the Extraordinary General Meeting on
August 31, 2022. His election was subject to, and became effective upon, the completion of the share transfer of the Autogrill shares indirectly
held by Edizione S.p.A. to Dufry, which occurred on February 3, 2023.
Board of Directors and Remuneration
Committee
– Make proposals on the grant of options or other
securities under any management incentive plan of
the Company;
Based on Avolta’s Articles of Incorporation and applicable
– Review and recommend to the Board of Directors the
law, the Board of Directors has the overall responsibility
Remuneration Report;
for defining the remuneration policy of the Group, as well
– Review and propose for approval to the Board of
as the general terms and conditions of employment for
Directors the remuneration for the members of the
members of the Global Executive Committee. It approves
Global Executive Committee other than the CEO
the individual remuneration of the members of the Board
upon proposal by the CEO. The CEO's remuneration
of Directors and the Global Executive Committee (within
is determined by the Remuneration Committee and
the limits approved by the General Meeting of Share-
submitted to the full Board of Directors for approval.
holders). The Remuneration Committee supports the
Board of Directors in fulfilling all remuneration related
The Remuneration Committee discusses the annual
duties.
compensation of the members of the Board of Directors
(board fees, committee fees, target bonus for the
As of December 31, 2023, the Remuneration Committee
Chairman) in separate meetings. The Chairman of the
consisted of four
independent and non-executive
Board of Directors and the CEO usually participate in
members of the Board of Directors. The Annual General
these meetings without any voting rights and they leave
Meeting individually re-elected Ms. Eugenia M. Ulasewicz,
the room when their own compensation
is being
Mr. Enrico Laghi, Mr. Luis Maroto Camino and Mr. Joaquín
discussed. The Remuneration Committee submits its
Moya-Angeler Cabrera as members of the Remuneration
proposals to the full Board of Directors annually and the
Committee for a term of office until completion of the
Board of Directors decides collectively on the remunera-
next AGM in 2024. Luis Maroto Camino was appointed as
tion of its members with all Board members being present
Chairman of the Remuneration Committee.
during the discussion.
The Remuneration Committee has the following powers
The Remuneration Committee meets as often as busi-
and duties:
ness requires but at least four times annually. The
– Review and assess the remuneration system of the
Chairman of the Remuneration Committee reports to the
Company and the Group (including the management
Board of Directors after each meeting on the activities of
incentive plans) and make proposals in connection
the committee. The minutes of the committee meetings
thereto to the Board of Directors;
are being made available to all members of the Board of
– Make recommendations regarding the proposals of
Directors.
the Board of Directors for the maximum aggregate
amount of compensation of the Board of Directors
In the reporting year, the Remuneration Committee held
and the Global Executive Committee to be submitted
5 meetings. The duration of the meetings ranged from 1
to the General Meeting of Shareholders for approval;
to 2 hours. The attendance ratio was 100 % in fiscal year
– Make proposals in relation to the remuneration
2023.
package of the CEO and the members of the Board
of Directors;
The Remuneration Committee may decide to consult
external advisors. In fiscal year 2023, Homburger AG,
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Decision authorities
Levels of authority
Remuneration policy and principles
Maximum aggregate remuneration amount
for the Board of Directors
Remuneration of the Board Chairman
Individual remuneration of the Board members
Maximum aggregate remuneration amount
for the Global Executive Committee
Remuneration of the CEO
Individual remuneration of the other members
of the Global Executive Committee
Remuneration Report
* Within the overall limits approved by the General Meeting of Shareholders.
CEO
Remuneration
Committee
Board of
Directors
AGM
Proposes
Approves
Proposes
Proposes
Proposes
Proposes
Proposes
Reviews and
proposes
Approves
(binding vote)
Approves*
Approves*
Reviews and
proposes
Approves
(binding vote)
Approves*
Proposes
Approves*
Proposes
Approves
Consultative
vote
Proposes to
Remuneration
Committtee
PricewaterhouseCoopers AG (PwC) and Obermatt AG
were consulted for specific remuneration matters. Other
divisions of PwC provided services as Tax and HR advi-
sors for other internal projects. Homburger provided
further services as legal advisors. Obermatt did not have
any other mandate for Avolta.
For further details regarding the responsibilities of the
Remuneration Committee and the meetings held in fiscal
year 2023 please refer to section 3.5 Internal Organiza-
tional Structure of the Corporate Governance Report.
Method for determining
remuneration and benchmarking
Avolta reviews the remuneration of the Global Executive
Committee members annually to ensure that it remains
competitive to attract and retain talent in the evolving
context in which the company operates, including by
applying peer group benchmarking. The last review in
regards to the remuneration of the Global Executive
Committee members was conducted in fiscal year 2023,
using third party remuneration survey data (including
Mercer Executive Compensation data) and publicly
disclosed information from other listed companies. The
peer group for compensation benchmarking includes
SMI and SMIM companies, as those represent the peers
with which the Company competes when it comes to
attracting and maintaining key talent for its global busi-
ness. The selection of peer group companies takes into
consideration other factors such as geographic spread of
the business, demographic size of employee base and
complexity of the industry. The list of companies in 2023
included ABB, Adecco, Barry Callebaut, Clariant, Ems-
Chemie, Geberit, Georg Fischer, Holcim, Lindt, Lonza,
Nestlé, Novartis, Richemont, Roche, Sika, Sonova, Strau-
mann, Swatch Group and Swisscom. The peers remained
the same as in previous years, as the selected compar-
ison criteria are still valid for the fiscal year 2023.
Remuneration of the Board
of Directors
Remuneration principles
The remuneration of the members of the Board of Direc-
tors is designed to attract and retain highly qualified indi-
viduals to serve on the Board of Directors. The Board of
Directors determines the amount of remuneration of its
members, taking into account their responsibilities, expe-
rience and the time they invest in their activity as
members of the Board of Directors.
Remuneration system
Non-executive board members
To safeguard their independence in exercising their
supervisory duties, the non-executive members of the
Board of Directors receive a fixed cash remuneration only
and do not participate in Avolta’s employee benefits
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plans. Remuneration of the non-executive members of
the Board of Directors is not tied to particular perfor-
mance targets.
The remuneration of the non-executive members of the
Board of Directors consists of an annual Board fee of
TCHF 250.0. The functions of Honorary Chairman or
Vice-Chairman of the Board of Directors do not receive a
separate remuneration for this role. The function of the
Lead Independent Director is remunerated with an addi-
tional amount of TCHF 100.0 p.a. The Chair of the Audit
Committee is remunerated with TCHF 100.0 p.a. In fiscal
year 2023, the former Nomination and ESG Committee
was split given the importance of ESG matters that are an
integral part of our strategy. The Chairs of the Nomination
Committee, the ESG Committee and the Remuneration
Committee are each remunerated with TCHF 75.0 p.a.
The newly formed Strategy and Integration Committee is
chaired by the Chairman of the Board of Directors,
without separate remuneration for his role on this
Committee. Committee members receive an additional
remuneration of TCHF 50 p.a. (on all the Committees).
The remuneration of the members of the Board of Direc-
tors is paid quarterly and may be subject to regular social
security contributions, depending on the citizenship and
residence country of each Board member.
Executive Chairman
The Chairman of the Board of Directors, who is intensely
involved with the Company’s management, is considered
an executive Chairman.
As in previous years, the Executive Chairman receives a
fixed remuneration of TCHF 2,010.5 and is eligible for a
performance bonus. The performance bonus at target
was raised in fiscal year 2023 to 150 % of the fixed remu-
neration and the payout cap set at 133 ¹⁄³ % of target (2022:
130 % of the fixed remuneration) to reflect the increased
size and complexity of the combined Avolta Group. In his
executive role, a substantial amount of his time is devoted
to the Company’s operations where he works very closely
with the CEO to pursue value-enhancing initiatives
including strategically
joint
ventures or acquisitions, and relationships with key
current or future shareholders, and initiatives strength-
ening the Company’s partnerships with governments and
key landlords. He also supports re-financing activities and
capital markets transactions of the Company.
important relationships,
The bonus in 2023 was based on the same three metrics
as the annual bonus for the members of the Global Exec-
utive Committee: CORE Turnover, CORE EBITDA and
Equity Free Cash Flow with a 33 ¹⁄³ % weight per metric
(2022: bonus based on Turnover and Equity Free Cash
Remuneration structure of the Board of Directors
Position / Responsibility
Chairman of the Board of Directors
Honorary Chairman / Vice-Chairman
Lead Independent Director 1
Member of the Board of Directors
Chair of the Audit Committee 1
Chair of the Remuneration Committee 1
Chair of the Nomination and ESG Committee 1, 2
Chair of the Nomination Committee 1, 2
Chair of the ESG Committee 1, 2
Chair of the Strategy and Integration Committee 3
Member of Committee 1
Fees mentioned in the table are gross amounts.
Annual Fee in 2023
in TCHF
Annual Fee in 2022
in TCHF
2,010.5
2,010.5
no additional fee
100.0
250.0
100.0
75.0
n/a
75.0
75.0
no additional fee
50.0
n/a
100.0
250.0
100.0
75.0
100.0
n/a
n/a
n/a
50.0
1 The fees mentioned for the position of Lead Independent Director, Chair or Membership of a Committee are in addition to the annual board fee
as member of the Board of Directors.
2 In 2023, the functions of the previous Nomination and ESG Committee were spit into two separate committees.
3 The Chair of the Strategy and Integration Committee is not separately compensated, as this role is held by the Chairman of the Board of Directors.
Flow with a 50 % weight per metric). No payout occurs if
The increase in remuneration by 26 % compared with the
the performance is not at least 75 % of the combined set
previous year is mainly due to a higher number of Board
target. The Chairman’s bonus can be paid either in cash
and Committee members, the performance bonus for
or in an equivalent number of shares allocated to him, or
the Executive Chairman, and the establishment of two
as a mix of the two. The Board of Directors decided that
additional Board Committees (new Strategy and Integra-
the bonus for the Executive Chairman for fiscal year 2023
tion Committee and the former Nomination and ESG
will be paid in cash (2022: in cash). The fixed remuneration
Committee being split into two separate Committees).
is paid quarterly, and the bonus is paid out during the
second quarter of the following year.
Remuneration of the Board of
Directors for fiscal year 2023
Other remuneration, loans or credit
facilities (audited)
For fiscal years 2023 and 2022, no other remuneration
(other than mentioned in the table on page 320) was paid
directly or indirectly to current or former members of the
The table on page 320 and further text on other remuner-
Board of Directors or to their related parties. No member
ation, loans and credit facilities (marked “audited”) are
of the Board of Directors or their related parties were
audited according to Article 728a para. 1 no. 4 of the
granted a loan or a credit facility during the reporting
Swiss Code of Obligations.
years. There was no loan or credit facility outstanding at
the end of the reporting years to any member of the
Board of Directors or their related parties.
Summary of remuneration in fiscal
years 2023 and 2022
The annual base fee of the members of the Board of
Directors remained unchanged compared with the
previous year. The Executive Chairman of the Board of
Directors received a fixed fee of TCHF 2,010.5 (2022:
TCHF 2,010.5) and a performance bonus of TCHF 3,698.5
(2022: TCHF 2,613.6) in cash. The fixed Board fee for the
Reconciliation between the reported
Board remuneration for fiscal year
2023 and the remuneration amount
approved by the AGM for the period
from AGM 2023 until AGM 2024
Executive Chairman’s position was last increased in 2017
The AGM 2023 approved a maximum aggregate
and has remained unchanged ever since. The perfor-
amount of remuneration of the Board of Directors of
mance bonus opportunity was increased as explained
CHF 11.0 million for the term of office from the AGM
above and the bonus granted amounted to 184 % of the
2023 to the AGM 2024 (CHF 8.85 million from AGM
annual fixed fee (2022: 130 %). For information of Avolta’s
2022 to AGM 2023). The AGM 2023 approved the
performance in fiscal year 2023, which was relevant for
proposal of the Board of Directors with 97.24 % of the
the performance bonus of the Executive Chairman as well
votes represented. The table on page 320 shows the
as the annual bonus of the Global Executive Committee
reconciliation between the reported Board remunera-
(identical metrics of CORE Turnover, CORE EBITDA and
tion for fiscal year 2023 and the amount approved by
Equity Free Cash Flow), please refer to the letter of the
the shareholders at the AGM 2023.
CFO with details on the financial performance on page
150.
During fiscal year 2023 Avolta’s Board of Directors was
enlarged to 12 members as at December 31, 2023
compared with 9 members as at December 31, 2022 in
connection with increased scope and complexity of the
combined group following the Dufry / Autogrill business
combination and increased expertise required on the
Board of Directors. The remuneration of the members of
the Board of Directors for both fiscal years 2023 and 2022
is shown in the remuneration table on page 320 and
reflects the period from January 1 until December 31.
plans. Remuneration of the non-executive members of
Executive Chairman
the Board of Directors is not tied to particular perfor-
The Chairman of the Board of Directors, who is intensely
mance targets.
involved with the Company’s management, is considered
an executive Chairman.
The remuneration of the non-executive members of the
Board of Directors consists of an annual Board fee of
As in previous years, the Executive Chairman receives a
TCHF 250.0. The functions of Honorary Chairman or
fixed remuneration of TCHF 2,010.5 and is eligible for a
Vice-Chairman of the Board of Directors do not receive a
performance bonus. The performance bonus at target
separate remuneration for this role. The function of the
was raised in fiscal year 2023 to 150 % of the fixed remu-
Lead Independent Director is remunerated with an addi-
tional amount of TCHF 100.0 p.a. The Chair of the Audit
neration and the payout cap set at 133 ¹⁄³ % of target (2022:
130 % of the fixed remuneration) to reflect the increased
Committee is remunerated with TCHF 100.0 p.a. In fiscal
size and complexity of the combined Avolta Group. In his
year 2023, the former Nomination and ESG Committee
executive role, a substantial amount of his time is devoted
was split given the importance of ESG matters that are an
to the Company’s operations where he works very closely
integral part of our strategy. The Chairs of the Nomination
with the CEO to pursue value-enhancing initiatives
Committee, the ESG Committee and the Remuneration
including strategically
important relationships,
joint
Committee are each remunerated with TCHF 75.0 p.a.
ventures or acquisitions, and relationships with key
The newly formed Strategy and Integration Committee is
current or future shareholders, and initiatives strength-
chaired by the Chairman of the Board of Directors,
ening the Company’s partnerships with governments and
without separate remuneration for his role on this
key landlords. He also supports re-financing activities and
Committee. Committee members receive an additional
capital markets transactions of the Company.
remuneration of TCHF 50 p.a. (on all the Committees).
The remuneration of the members of the Board of Direc-
as the annual bonus for the members of the Global Exec-
tors is paid quarterly and may be subject to regular social
utive Committee: CORE Turnover, CORE EBITDA and
security contributions, depending on the citizenship and
residence country of each Board member.
Equity Free Cash Flow with a 33 ¹⁄³ % weight per metric
(2022: bonus based on Turnover and Equity Free Cash
The bonus in 2023 was based on the same three metrics
Remuneration structure of the Board of Directors
Position / Responsibility
Chairman of the Board of Directors
Honorary Chairman / Vice-Chairman
Lead Independent Director 1
Member of the Board of Directors
Chair of the Audit Committee 1
Chair of the Remuneration Committee 1
Chair of the Nomination and ESG Committee 1, 2
Chair of the Nomination Committee 1, 2
Chair of the ESG Committee 1, 2
Member of Committee 1
Fees mentioned in the table are gross amounts.
as member of the Board of Directors.
Chair of the Strategy and Integration Committee 3
no additional fee
1 The fees mentioned for the position of Lead Independent Director, Chair or Membership of a Committee are in addition to the annual board fee
2 In 2023, the functions of the previous Nomination and ESG Committee were spit into two separate committees.
3 The Chair of the Strategy and Integration Committee is not separately compensated, as this role is held by the Chairman of the Board of Directors.
Annual Fee in 2023
Annual Fee in 2022
in TCHF
in TCHF
2,010.5
2,010.5
no additional fee
100.0
250.0
100.0
75.0
n/a
75.0
75.0
50.0
n/a
100.0
250.0
100.0
75.0
100.0
n/a
n/a
n/a
50.0
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The increase in remuneration by 26 % compared with the
previous year is mainly due to a higher number of Board
and Committee members, the performance bonus for
the Executive Chairman, and the establishment of two
additional Board Committees (new Strategy and Integra-
tion Committee and the former Nomination and ESG
Committee being split into two separate Committees).
Other remuneration, loans or credit
facilities (audited)
For fiscal years 2023 and 2022, no other remuneration
(other than mentioned in the table on page 320) was paid
directly or indirectly to current or former members of the
Board of Directors or to their related parties. No member
of the Board of Directors or their related parties were
granted a loan or a credit facility during the reporting
years. There was no loan or credit facility outstanding at
the end of the reporting years to any member of the
Board of Directors or their related parties.
Reconciliation between the reported
Board remuneration for fiscal year
2023 and the remuneration amount
approved by the AGM for the period
from AGM 2023 until AGM 2024
The AGM 2023 approved a maximum aggregate
amount of remuneration of the Board of Directors of
CHF 11.0 million for the term of office from the AGM
2023 to the AGM 2024 (CHF 8.85 million from AGM
2022 to AGM 2023). The AGM 2023 approved the
proposal of the Board of Directors with 97.24 % of the
votes represented. The table on page 320 shows the
reconciliation between the reported Board remunera-
tion for fiscal year 2023 and the amount approved by
the shareholders at the AGM 2023.
Flow with a 50 % weight per metric). No payout occurs if
the performance is not at least 75 % of the combined set
target. The Chairman’s bonus can be paid either in cash
or in an equivalent number of shares allocated to him, or
as a mix of the two. The Board of Directors decided that
the bonus for the Executive Chairman for fiscal year 2023
will be paid in cash (2022: in cash). The fixed remuneration
is paid quarterly, and the bonus is paid out during the
second quarter of the following year.
Remuneration of the Board of
Directors for fiscal year 2023
The table on page 320 and further text on other remuner-
ation, loans and credit facilities (marked “audited”) are
audited according to Article 728a para. 1 no. 4 of the
Swiss Code of Obligations.
Summary of remuneration in fiscal
years 2023 and 2022
The annual base fee of the members of the Board of
Directors remained unchanged compared with the
previous year. The Executive Chairman of the Board of
Directors received a fixed fee of TCHF 2,010.5 (2022:
TCHF 2,010.5) and a performance bonus of TCHF 3,698.5
(2022: TCHF 2,613.6) in cash. The fixed Board fee for the
Executive Chairman’s position was last increased in 2017
and has remained unchanged ever since. The perfor-
mance bonus opportunity was increased as explained
above and the bonus granted amounted to 184 % of the
annual fixed fee (2022: 130 %). For information of Avolta’s
performance in fiscal year 2023, which was relevant for
the performance bonus of the Executive Chairman as well
as the annual bonus of the Global Executive Committee
(identical metrics of CORE Turnover, CORE EBITDA and
Equity Free Cash Flow), please refer to the letter of the
CFO with details on the financial performance on page
150.
During fiscal year 2023 Avolta’s Board of Directors was
enlarged to 12 members as at December 31, 2023
compared with 9 members as at December 31, 2022 in
connection with increased scope and complexity of the
combined group following the Dufry / Autogrill business
combination and increased expertise required on the
Board of Directors. The remuneration of the members of
the Board of Directors for both fiscal years 2023 and 2022
is shown in the remuneration table on page 320 and
reflects the period from January 1 until December 31.
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Remuneration of the Board of Directors (audited)
2023
2022
Name, Function
in thousands of CHF
Remuneration
Social
security
contributions 8
Juan Carlos Torres Carretero, Chairman 1
5,709.0
Alessandro Benetton, Honorary Chairman 2
Sami Kahale, Vice-Chairman 3
Enrico Laghi, Vice-Chairman 2
Heekyung Jo Min, Lead Independent Director 4
Xavier Bouton, Director 5
Mary J. Steele Guilfoile, Director
Luis Maroto Camino, Director
Joaquín Moya-Angeler Cabrera, Director
Ranjan Sen, Director
Lynda Tyler-Cagni, Director
Eugenia M. Ulasewicz, Director
238.3
258.7
378.8
537.5
250.0
387.5
375.0
400.0
250.0
292.4
350.0
–
18.6
19.6
28.7
–
16.8
–
–
27.5
–
41.0
–
total
Remuneration
5,709.0
4,624.1
256.9
278.3
407.5
537.5
266.8
387.5
375.0
427.5
250.0
333.4
350.0
n/a
n/a
n/a
492.7
155.9
331.2
375.0
368.7
250.0
300.0
337.5
Subtotal for active members at Dec 31, 2023
9,427.2
152.2
9,579.4
7,235.1
Jorge Born, Director 6
Julián Díaz González, Director, former CEO 6, 7
Steven Tadler, Director 6
Total
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
9,427.2
152.2
9,579.4
150.5
–
125.4
7,511.0
Amounts mentioned in the table are gross amounts.
1
The remuneration for Mr. Torres Carretero includes a Board fee of CHF 2.01 million and a cash bonus of CHF 3.70 million
(2022: CHF 2.01 million Board fee and CHF 2.61 million bonus).
2 Mr. Benetton and Mr. Laghi were elected as Directors at the EGM on August 31, 2022. Their election was subject to
and became effective upon the completion of the share transfer of the Autogrill shares indirectly held by Edizione S.p.A.
to Dufry, which occurred on February 3, 2023. They did not receive any compensation during the prior fiscal year 2022.
3 Director since AGM on May 8, 2023.
4 The remuneration for Ms. Heekyung Jo Min includes the fees for her responsibilities as Lead Independent Director,
Chairwoman of the Nomination Committee, Chairwoman of the ESG Committee (respectively in 2022 Chairwoman
of the combined Nomination and ESG Committee) and membership of the Audit Committee.
5 Director since AGM on May 17, 2022.
6 Director until AGM on May 17, 2022.
7 Mr. Díaz González (former CEO of the Company) did not receive any additional compensation as Board member.
8 Amount includes mandatory employer social security contributions.
Social
security
contributions 8
–
n/a
n/a
n/a
–
7.7
–
–
18.6
–
44.5
–
70.8
9.1
–
–
total
4,624.1
n/a
n/a
n/a
492.7
163.6
331.2
375.0
387.3
250.0
344.5
337.5
7,305.9
159.6
–
125.4
79.9
7,590.9
Remuneration levels are competitive with the talent market
Reconciliation between reported Board remuneration and
amount approved by shareholders at AGM 2023
in thousands of CHF
Board
compensation
for fiscal Year 2023
as reported
Less Board
compensation to
be accrued for the
period January 1,
2023 to the AGM
on May 8, 2023
Plus Board
compensation to
be accrued for the
period January 1,
2024 to the AGM
on May 15, 2024
Total Board
compensation for
the period from AGM
2023 to AGM 2024
Total maximum
amount as approved
by shareholders at
the AGM 2023 for
period of AGM 2023
to AGM 2024
Compensation
ratio
Total Board of Directors
9,579.4
(1,944.0)
2,279.7
9,915.1
11,000.0
90.1 %
Remuneration of the Global
Executive Committee
Remuneration principles
range with a view to potential increases alongside his / her
growing experience. Also, higher salary increases may be
granted in the case of an increase in responsibilities.
Other benefits and post-employment benefits
Avolta strives to provide internationally competitive remu-
Whenever applicable, members of the Global Executive
neration to the members of the Global Executive
Committee participate in the benefit plans available to all
Committee that reflects the experience and the area of
employees in their country of employment. Benefits
responsibility of each individual member. Moreover, the
consist mainly of retirement, insurance, and healthcare
remuneration system intends to support the execution of
plans designed to provide a reasonable level of protection
the business strategy, drive performance and strengthen
for the employees and their dependents in respect to the
the alignment with the shareholder interests. The remu-
risk of retirement, disability, death, and
illness. The
neration system is built around the following principles:
members of the Global Executive Committee with a Swiss
A significant portion of the remuneration depends on the
achievement of short-term and long-term performance targets.
Pay-for-performance
Shareholder alignment
A significant portion of remuneration is paid in form of equity,
thus strengthening the alignment between the interests of the
executives with those of the shareholders.
Competitiveness
of Avolta.
Transparency
The remuneration system and remuneration decisions are explained
in a transparent way to internal and external stakeholders.
Remuneration system
employment contract participate in Avolta’s pension plans
offered to all employees in Switzerland. These consist of
the basic pension fund, in which base salaries up to an
amount of TCHF 308.7 per annum are insured, as well as a
supplementary plan in which base salaries in excess of this
limit are insured up to the maximum amount permitted by
law. Avolta’s pension funds exceed the legal requirements
of the Swiss Federal Law on occupational Retirement,
Survivors, and Disability Pension Plans (BVG) and are in line
with prevalent market practice. Members of the Global
Executive Committee under foreign employment contracts
are insured commensurately with market conditions and
with their position. Each plan varies in line with the local
competitive and legal environment and at a minimum, in
accordance with the legal requirements of the respective
country.
Fringe benefits such as insurances, company car,
schooling or housing allowances have been granted to
certain members of the Global Executive Committee.
The monetary values of these benefits are included at
their fair value in the remuneration tables.
The remuneration of the members of the Global Execu-
Annual bonus
tive Committee includes the following elements:
The annual bonus is a short-term variable incentive
– Fixed base salary in cash;
designed to reward the financial performance of the
– Other benefits, post-employment benefits;
Group over a time horizon of one year.
– Performance-related bonus in cash;
– Long-term share-based incentive.
Base salary
The annual target bonus (i.e. assuming 100 % achieve-
ment of all performance targets) is defined annually for
each member of the Global Executive Committee and is
The annual base salary
is the fixed remuneration
expressed as a percentage of the annual base salary. The
reflecting the scope and key areas of responsibility of the
target bonus in 2023 amounts to 150 % of the annual base
position, the skills required to perform the role and the
salary for the CEO and ranges from 50 % to 109 % of the
experience and competencies of each individual. The
annual base salary for the other members of the Global
base salary is reviewed on an annual basis. Generally,
Executive Committee.
salary increases for members of the Global Executive
Committee are in line with increases for the broader
The actual bonus paid out depends on the achievement
workforce.
In case of promotion, typically a more
of pre-defined Group financial objectives and may range
substantial salary increase may be granted. Nevertheless,
a newly promoted Global Executive Committee member
would get a base salary at the lower end of the expected
from 0 % to 133 ¹⁄³ % of the target bonus for the CEO and
from 0 % to 130 % of the target bonus for the other
Remuneration of the Board of Directors (audited)
2023
2022
Name, Function
in thousands of CHF
Remuneration
contributions 8
total
Remuneration
contributions 8
total
Juan Carlos Torres Carretero, Chairman 1
5,709.0
–
5,709.0
4,624.1
4,624.1
Alessandro Benetton, Honorary Chairman 2
Sami Kahale, Vice-Chairman 3
Enrico Laghi, Vice-Chairman 2
Heekyung Jo Min, Lead Independent Director 4
Xavier Bouton, Director 5
Mary J. Steele Guilfoile, Director
Luis Maroto Camino, Director
Joaquín Moya-Angeler Cabrera, Director
Ranjan Sen, Director
Lynda Tyler-Cagni, Director
Eugenia M. Ulasewicz, Director
Jorge Born, Director 6
Julián Díaz González, Director, former CEO 6, 7
Steven Tadler, Director 6
Total
Amounts mentioned in the table are gross amounts.
Social
security
18.6
19.6
28.7
16.8
–
–
–
–
–
27.5
41.0
n/a
n/a
n/a
238.3
258.7
378.8
537.5
250.0
387.5
375.0
400.0
250.0
292.4
350.0
n/a
n/a
n/a
Social
security
–
n/a
n/a
n/a
–
7.7
–
–
–
–
18.6
44.5
9.1
–
–
n/a
n/a
n/a
492.7
163.6
331.2
375.0
387.3
250.0
344.5
337.5
159.6
–
125.4
256.9
278.3
407.5
537.5
266.8
387.5
375.0
427.5
250.0
333.4
350.0
n/a
n/a
n/a
n/a
n/a
n/a
492.7
155.9
331.2
375.0
368.7
250.0
300.0
337.5
150.5
–
125.4
7,511.0
9,427.2
152.2
9,579.4
79.9
7,590.9
Subtotal for active members at Dec 31, 2023
9,427.2
152.2
9,579.4
7,235.1
70.8
7,305.9
1
The remuneration for Mr. Torres Carretero includes a Board fee of CHF 2.01 million and a cash bonus of CHF 3.70 million
(2022: CHF 2.01 million Board fee and CHF 2.61 million bonus).
2 Mr. Benetton and Mr. Laghi were elected as Directors at the EGM on August 31, 2022. Their election was subject to
and became effective upon the completion of the share transfer of the Autogrill shares indirectly held by Edizione S.p.A.
to Dufry, which occurred on February 3, 2023. They did not receive any compensation during the prior fiscal year 2022.
3 Director since AGM on May 8, 2023.
4 The remuneration for Ms. Heekyung Jo Min includes the fees for her responsibilities as Lead Independent Director,
Chairwoman of the Nomination Committee, Chairwoman of the ESG Committee (respectively in 2022 Chairwoman
of the combined Nomination and ESG Committee) and membership of the Audit Committee.
5 Director since AGM on May 17, 2022.
6 Director until AGM on May 17, 2022.
7 Mr. Díaz González (former CEO of the Company) did not receive any additional compensation as Board member.
8 Amount includes mandatory employer social security contributions.
Reconciliation between reported Board remuneration and
amount approved by shareholders at AGM 2023
in thousands of CHF
Board
compensation
for fiscal Year 2023
as reported
Less Board
compensation to
be accrued for the
period January 1,
2023 to the AGM
on May 8, 2023
Plus Board
compensation to
be accrued for the
period January 1,
Total Board
compensation for
Total maximum
amount as approved
by shareholders at
the AGM 2023 for
2024 to the AGM
the period from AGM
period of AGM 2023
Compensation
on May 15, 2024
2023 to AGM 2024
to AGM 2024
ratio
Total Board of Directors
9,579.4
(1,944.0)
2,279.7
9,915.1
11,000.0
90.1 %
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Remuneration of the Global
Executive Committee
Remuneration principles
Avolta strives to provide internationally competitive remu-
neration to the members of the Global Executive
Committee that reflects the experience and the area of
responsibility of each individual member. Moreover, the
remuneration system intends to support the execution of
the business strategy, drive performance and strengthen
the alignment with the shareholder interests. The remu-
neration system is built around the following principles:
Pay-for-performance
A significant portion of the remuneration depends on the
achievement of short-term and long-term performance targets.
Shareholder alignment
A significant portion of remuneration is paid in form of equity,
thus strengthening the alignment between the interests of the
executives with those of the shareholders.
Competitiveness
Remuneration levels are competitive with the talent market
of Avolta.
Transparency
The remuneration system and remuneration decisions are explained
in a transparent way to internal and external stakeholders.
Remuneration system
The remuneration of the members of the Global Execu-
tive Committee includes the following elements:
– Fixed base salary in cash;
– Other benefits, post-employment benefits;
– Performance-related bonus in cash;
– Long-term share-based incentive.
Base salary
The annual base salary
is the fixed remuneration
reflecting the scope and key areas of responsibility of the
position, the skills required to perform the role and the
experience and competencies of each individual. The
base salary is reviewed on an annual basis. Generally,
salary increases for members of the Global Executive
Committee are in line with increases for the broader
workforce.
In case of promotion, typically a more
substantial salary increase may be granted. Nevertheless,
a newly promoted Global Executive Committee member
would get a base salary at the lower end of the expected
range with a view to potential increases alongside his / her
growing experience. Also, higher salary increases may be
granted in the case of an increase in responsibilities.
Other benefits and post-employment benefits
Whenever applicable, members of the Global Executive
Committee participate in the benefit plans available to all
employees in their country of employment. Benefits
consist mainly of retirement, insurance, and healthcare
plans designed to provide a reasonable level of protection
for the employees and their dependents in respect to the
risk of retirement, disability, death, and
illness. The
members of the Global Executive Committee with a Swiss
employment contract participate in Avolta’s pension plans
offered to all employees in Switzerland. These consist of
the basic pension fund, in which base salaries up to an
amount of TCHF 308.7 per annum are insured, as well as a
supplementary plan in which base salaries in excess of this
limit are insured up to the maximum amount permitted by
law. Avolta’s pension funds exceed the legal requirements
of the Swiss Federal Law on occupational Retirement,
Survivors, and Disability Pension Plans (BVG) and are in line
with prevalent market practice. Members of the Global
Executive Committee under foreign employment contracts
are insured commensurately with market conditions and
with their position. Each plan varies in line with the local
competitive and legal environment and at a minimum, in
accordance with the legal requirements of the respective
country.
Fringe benefits such as insurances, company car,
schooling or housing allowances have been granted to
certain members of the Global Executive Committee.
The monetary values of these benefits are included at
their fair value in the remuneration tables.
Annual bonus
The annual bonus is a short-term variable incentive
designed to reward the financial performance of the
Group over a time horizon of one year.
The annual target bonus (i.e. assuming 100 % achieve-
ment of all performance targets) is defined annually for
each member of the Global Executive Committee and is
expressed as a percentage of the annual base salary. The
target bonus in 2023 amounts to 150 % of the annual base
salary for the CEO and ranges from 50 % to 109 % of the
annual base salary for the other members of the Global
Executive Committee.
The actual bonus paid out depends on the achievement
of pre-defined Group financial objectives and may range
from 0 % to 133 ¹⁄³ % of the target bonus for the CEO and
from 0 % to 130 % of the target bonus for the other
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members of the Global Executive Committee, with one
exception whose maximum payout cap is at 100 %.
The Group financial objectives for the annual bonus are
determined on an annual basis by the Board of Directors
upon recommendation by the Remuneration Committee,
and are set in line with the mid-term strategic plan and
the annual budget. In line with the "Destination 2027"
Strategy of the combined Group and the main objectives
of the business to deliver resilient growth, sustainable
profitability and cash flows, the Board of Directors
selected three KPIs: CORE Turnover, CORE EBITDA and
Equity Free Cash Flow, each of them with a 33 ¹⁄³ %
weighting.
The actual performance for each KPI is measured as a
percentage achievement compared with the pre-defined
target. For a performance achievement percentage
below 75 %, the bonus payout is zero. For a performance
achievement of 100 %, the bonus payout amounts to
100 % of the annual target bonus. In case of outperfor-
mance, the bonus payout is capped at 133 ¹⁄³ % of the
annual target bonus amount for the CEO and at 130 % of
the annual target bonus amount for the other members
of the Global Executive Committee (except one member
with cap set at 100 %).
The Remuneration Committee considers the financial
targets for the annual bonus to be commercially sensitive
and that their disclosure would put the company at a
competitive disadvantage. However, a performance
assessment and the connection between pay and perfor-
mance are provided ex-post, as commentary to the
remuneration tables.
The annual bonus is usually paid out in cash in the second
quarter of the following year.
Share-based incentives (PSU)
The purpose of Avolta Performance Share Unit (PSU) plan
is to provide the members of the Global Executive
Committee and selected members of the Senior Manage-
ment team with an incentive to make significant and
extraordinary contributions to the long-term perfor-
mance and growth of the Group, enhancing the value of
the shares for the benefit of the shareholders. The share-
based incentive is also increasing the ability of Avolta
Group to attract and retain persons of exceptional skills.
The value of the PSU grant is defined annually by the
Board of Directors and the Remuneration Committee for
each member of the Global Executive Committee. The
number of PSU allocated to each member of the Global
Executive Committee takes into account the base salary
as well as the prevailing share price. In fiscal year 2023,
the number of PSU granted was adjusted to reflect the
increased responsibilities of the members of the Global
Executive Committee and is aligned with shareholder
interests since it is focused on long-term performance.
The PSU at grant value amounted to 306 % of the annual
base salary for the CEO and ranged from 78 % to 205 % of
the annual base salary for the other members of the
Global Executive Committee in 2023.
The PSU granted in fiscal year 2023 are a conditional right
to receive future shares of the company, if the vesting
conditions are met on the vesting date in June 2026.
From an economic point of view, the PSU are stock
options with an exercise price of nil. They are expected to
have no dilutive effect, as the shares are sourced from
treasury shares held by the Company.
The performance targets of the 2023 PSU grant are the
following, each measured over a three-year performance
period:
– Cumulative CORE EPS with a 50 % weighting
– Relative Total Shareholder Return (TSR) with a 25 %
weighting
– ESG targets with a 25 % weighting
The absolute financial performance of Cumulative CORE
EPS measures the company’s profitability to investors and
is expressed as a nominal amount in CHF (for the glossary
of financial terms and alternative performance measures
please see page 271 of this Annual Report). The Relative
TSR is expressed as a percentile ranking in a peer group of
26 selected companies, mainly from the STOXX Europe
600 travel, leisure and retail industries. The complete list
of companies chosen is shown in the table on page 325.
The measurement of Avolta’s relative ranking compared
to this group is provided by Obermatt, an independent
indexing
Swiss financial research firm focused on
company performances. The third target measures the
company’s activities
improvements
regarding impact of its operations on ESG matters with
KPIs for the 2023 Plan including Employee trainings on
compliance, diversity and inclusion, responsible operator
or related topics, and Purchase volume with suppliers
having committed to the Science Based Target initiative
(SBTi). ESG-related KPIs are quantifiable and material for
Avolta’s long-term strategy, and targets are set to award
exceptional performance significantly beyond the ordi-
nary course of business. KPIs are based on Avolta’s mate-
riality assessment including all stakeholders. Further
details for each of the objectives are shown on page 324.
For further information on ESG please see also the ESG
Report on page 97 ff. of this Annual Report.
in ESG and the
The PSU vest on the vesting date based on the achieve-
ment of the performance targets. Each PSU may provide
Remuneration components1
Component
Instrument
Purpose
Influenced by
Performance objectives in 2023
Base salary
- Base remuneration
- Paid in cash on a
monthly basis
- Attract and retain best
- Position
professionals
- Competitive market
environment
- Experience of the
person
Other benefits, post-
employment benefits
- Allowances
- Social pension and
insurance benefits
- Attract and retain
- Legal requirements
- Protect against risks
- Market practice
Annual bonus
- Annual bonus in cash
- Pay-for-performance
- Financial performance
- CORE Turnover
of the Group for the
- CORE EBITDA
fiscal year
- Equity Free Cash Flow
Long-term share-based
- Performance Share
- Reward long-term
- Financial performance
- Cumulative CORE EPS
incentives (PSU)
Units (PSU)
performance
of the Group
- Align with shareholder
- Share price
- Relative TSR
- ESG
interests
performance relative
to peer group
- ESG performance of the
- Measured over a three-
year performance
Group
period
1
For a glossary of financial terms and alternative performance measures please see page 271 of this Annual Report.
Overview of the target, minimum and maximum bonus
for the Global Executive Committee
Fiscal year 2023
Fiscal year 2022
Target bonus amount for CEO
150 % of annual base salary
150 % of annual base salary
the Global Executive Committee
50 % to 109 % of annual base salary
50 % to 110 % of annual base salary
Target bonus amount for other members of
Minimum achievement level for payout
(below which the payout is zero)
75 % of the combined targets performance
75 % of the combined targets performance
Maximum annual bonus for CEO
133 ¹⁄
% of target bonus amount
³
133 ¹⁄
% of target bonus amount
³
Maximum annual bonus for other members
Between 100 % and 130 % of target bonus
of the Global Executive Committee
amount
130 % of target bonus amount
Performance objectives for annual bonus
Performance objectives and weighting
Equity Free Cash Flow (33 ¹⁄
%)
Equity Free Cash Flow (50 %)
Fiscal year 2023
Fiscal year 2022
CORE Turnover (33 ¹⁄
%)
CORE EBITDA (33 ¹⁄
%)
³
³
³
Turnover (50 %)
members of the Global Executive Committee, with one
the number of PSU granted was adjusted to reflect the
exception whose maximum payout cap is at 100 %.
increased responsibilities of the members of the Global
The Group financial objectives for the annual bonus are
interests since it is focused on long-term performance.
determined on an annual basis by the Board of Directors
The PSU at grant value amounted to 306 % of the annual
upon recommendation by the Remuneration Committee,
base salary for the CEO and ranged from 78 % to 205 % of
and are set in line with the mid-term strategic plan and
the annual base salary for the other members of the
the annual budget. In line with the "Destination 2027"
Global Executive Committee in 2023.
Executive Committee and is aligned with shareholder
Strategy of the combined Group and the main objectives
of the business to deliver resilient growth, sustainable
The PSU granted in fiscal year 2023 are a conditional right
profitability and cash flows, the Board of Directors
to receive future shares of the company, if the vesting
selected three KPIs: CORE Turnover, CORE EBITDA and
conditions are met on the vesting date in June 2026.
Equity Free Cash Flow, each of them with a 33 ¹⁄³ %
weighting.
From an economic point of view, the PSU are stock
options with an exercise price of nil. They are expected to
have no dilutive effect, as the shares are sourced from
The actual performance for each KPI is measured as a
treasury shares held by the Company.
percentage achievement compared with the pre-defined
target. For a performance achievement percentage
The performance targets of the 2023 PSU grant are the
below 75 %, the bonus payout is zero. For a performance
following, each measured over a three-year performance
achievement of 100 %, the bonus payout amounts to
period:
100 % of the annual target bonus. In case of outperfor-
– Cumulative CORE EPS with a 50 % weighting
mance, the bonus payout is capped at 133 ¹⁄³ % of the
annual target bonus amount for the CEO and at 130 % of
weighting
– Relative Total Shareholder Return (TSR) with a 25 %
the annual target bonus amount for the other members
– ESG targets with a 25 % weighting
of the Global Executive Committee (except one member
with cap set at 100 %).
The absolute financial performance of Cumulative CORE
EPS measures the company’s profitability to investors and
The Remuneration Committee considers the financial
is expressed as a nominal amount in CHF (for the glossary
targets for the annual bonus to be commercially sensitive
of financial terms and alternative performance measures
and that their disclosure would put the company at a
please see page 271 of this Annual Report). The Relative
competitive disadvantage. However, a performance
TSR is expressed as a percentile ranking in a peer group of
assessment and the connection between pay and perfor-
26 selected companies, mainly from the STOXX Europe
mance are provided ex-post, as commentary to the
600 travel, leisure and retail industries. The complete list
The annual bonus is usually paid out in cash in the second
to this group is provided by Obermatt, an independent
remuneration tables.
quarter of the following year.
Share-based incentives (PSU)
of companies chosen is shown in the table on page 325.
The measurement of Avolta’s relative ranking compared
Swiss financial research firm focused on
indexing
company performances. The third target measures the
company’s activities
in ESG and the
improvements
The purpose of Avolta Performance Share Unit (PSU) plan
regarding impact of its operations on ESG matters with
is to provide the members of the Global Executive
KPIs for the 2023 Plan including Employee trainings on
Committee and selected members of the Senior Manage-
compliance, diversity and inclusion, responsible operator
ment team with an incentive to make significant and
or related topics, and Purchase volume with suppliers
extraordinary contributions to the long-term perfor-
having committed to the Science Based Target initiative
mance and growth of the Group, enhancing the value of
(SBTi). ESG-related KPIs are quantifiable and material for
the shares for the benefit of the shareholders. The share-
Avolta’s long-term strategy, and targets are set to award
based incentive is also increasing the ability of Avolta
exceptional performance significantly beyond the ordi-
Group to attract and retain persons of exceptional skills.
nary course of business. KPIs are based on Avolta’s mate-
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Remuneration components1
Component
Instrument
Purpose
Influenced by
Performance objectives in 2023
Base salary
- Base remuneration
- Paid in cash on a
monthly basis
- Attract and retain best
professionals
- Position
- Competitive market
environment
- Experience of the
person
Other benefits, post-
employment benefits
- Allowances
- Social pension and
insurance benefits
- Attract and retain
- Protect against risks
- Legal requirements
- Market practice
Annual bonus
- Annual bonus in cash
- Pay-for-performance
- Financial performance
of the Group for the
fiscal year
- CORE Turnover
- CORE EBITDA
- Equity Free Cash Flow
Long-term share-based
incentives (PSU)
- Performance Share
- Reward long-term
- Financial performance
Units (PSU)
performance
- Align with shareholder
of the Group
- Share price
- Cumulative CORE EPS
- Relative TSR
- ESG
interests
performance relative
to peer group
- ESG performance of the
Group
- Measured over a three-
year performance
period
1
For a glossary of financial terms and alternative performance measures please see page 271 of this Annual Report.
Overview of the target, minimum and maximum bonus
for the Global Executive Committee
Fiscal year 2023
Fiscal year 2022
Target bonus amount for CEO
150 % of annual base salary
150 % of annual base salary
Target bonus amount for other members of
the Global Executive Committee
Minimum achievement level for payout
(below which the payout is zero)
Maximum annual bonus for CEO
50 % to 109 % of annual base salary
50 % to 110 % of annual base salary
75 % of the combined targets performance
75 % of the combined targets performance
133 ¹⁄
³
% of target bonus amount
133 ¹⁄
³
% of target bonus amount
Maximum annual bonus for other members
of the Global Executive Committee
Between 100 % and 130 % of target bonus
amount
130 % of target bonus amount
The value of the PSU grant is defined annually by the
details for each of the objectives are shown on page 324.
Board of Directors and the Remuneration Committee for
For further information on ESG please see also the ESG
each member of the Global Executive Committee. The
Report on page 97 ff. of this Annual Report.
Performance objectives and weighting
CORE Turnover (33 ¹⁄
³
CORE EBITDA (33 ¹⁄
%)
³
Equity Free Cash Flow (33 ¹⁄
³
%)
%)
Turnover (50 %)
Equity Free Cash Flow (50 %)
riality assessment including all stakeholders. Further
Fiscal year 2023
Fiscal year 2022
number of PSU allocated to each member of the Global
Executive Committee takes into account the base salary
The PSU vest on the vesting date based on the achieve-
as well as the prevailing share price. In fiscal year 2023,
ment of the performance targets. Each PSU may provide
Performance objectives for annual bonus
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Overview of PSU grants to the Global
Executive Committee1
Fiscal year 2023
Fiscal year 2022
PSU grant to CEO
306 % of annual base salary
197 % of annual base salary
PSU grant to other members of the
Global Executive Committee
78 % to 205 % of annual base salary
67 % to 119 % of annual base salary
1 The PSU grant at fair value in 2023 was adjusted to reflect increased responsibilities of the members of the Global Executive Committee
Relative TSR – List of companies used for calculation1
Accor SA
Air France-KLM SA
Amadeus IT Group, S.A.
Avolta AG
easyJet plc
Hennes & Mauritz AB
Kingfisher plc
Lagardere SA
Industria de Diseño Textil, S.A.
Marks and Spencer Group plc
InterContinental Hotels Group PLC
Next plc
Wizz Air Holdings Plc
TUI AG
WH Smith PLC
Whitbread plc
B&M European Value Retail S.A.
Internat. Cons. Airlines Group, S.A.
Ryanair Holdings plc
Zalando SE
Carnival Corporation & plc
JD Sports Fashion plc
Deutsche Lufthansa AG
Kering SA
Sodexo S.A.
SSP Group plc
1
The peer group is approved by the Board of Directors and reflects a list of meaningful and relevant peer companies.
The peer group remained unchanged compared to the previous year.
Overview of the performance objectives
of the PSU plan 2023
Timing of the PSU plans
Year 2020
Year 2021
Year 2022
Year 2023
Year 2024
Year 2025
Year 2026
Performance objectives
Cumulative CORE EPS
Relative TSR
ESG
2020 PSU plan
No PSU granted in fiscal year 2020
Rationale
Definition
Measures the company’s
profitability to investors.
Measures the company’s ability to
provide investors with strong
returns compared to industry-
related peers.
Measures the company’s activities
in ESG and the improvements
regarding impact of its operations
on ESG.
Cumulative CORE EPS, defined as
Avolta's CORE Net Profit, as yearly
reported, divided by the weighted
average number of shares
outstanding in the respective year.
The cumulative CORE EPS over a
three-year period is expressed as a
nominal amount in CHF.
Avolta’s relative TSR over the
performance period, expressed as
a percentile ranking in a peer group
of 26 companies (see list on page
325). The TSR is calculated as the
performance of the share price
plus reinvested dividends. TSR
ranking to be calculated annually
by Obermatt, an independent
Swiss financial research firm.
Split into two different KPIs
(50 % weight each):
- People: Employee trainings
- Environment: Purchase volume
with retail suppliers under SBTi
Weighting
50 %
Performance period
2023 – 2025
25 %
2023 – 2025
25 %
2023 – 2025
Target (100 % vesting)
Cumulative CORE EPS of CHF 4.26.
Ranking at 50th percentile of the
peer group.
People: Trainings on compliance,
diversity and inclusion, responsible
operator and related topics
completed by 25 % of Avolta's
(Dufry and Autogrill) 2023 FTE by
year-end 2025.
Environment: Retail suppliers
covering at least 40 % of the
Company's 2023 purchase volume
(based on cost of goods sold) have
committed to the Science Based
Target initiative (SBTi).
Share allocation
on vesting
At target 1 share per PSU; at 150 % or more target achievement, a maximum of 2 shares per PSU;
at less than 50 % target achievement, zero shares.
The performance objectives for the PSU granted in previous years are disclosed in the respective Remuneration Reports.*
* For the website link to previous financial reports please see page 309 of the Corporate Governance Report.
2021 PSU plan
Grant
Vesting period
Vesting
Performance
targets reached
2022 PSU plan
Grant
Vesting period
Vesting
Assessment of
TBD
target achievements
2023 PSU plan
Grant
Vesting period
Vesting
Assessment of
TBD
target achievements
between zero share (less than 50 % target achievement)
and 2 shares (150 % or more target achievement).
In case of voluntary resignation or termination for cause,
unvested PSU forfeit without any compensation. They
continue to vest in case of termination by the employer
without cause, retirement, disability or death and they are
subject to immediate vesting in case of change of control.
Employment contracts
According to Article 23 of the Articles of Incorporation,
Remuneration of the Global
Executive Committee for fiscal
year 2023
Summary of remuneration for fiscal
years 2023 and 2022
The table on page 326 is audited according to Article
728a para. 1 no. 4 of the Swiss Code of Obligations.
employment and other agreements with the members of
For fiscal year 2023, the remuneration of the Global Exec-
the Global Executive Committee may be concluded for a
utive Committee includes the remuneration of a total of
fixed term or for an indefinite term. Agreements for a
13 members: five members active January 1 to Decem-
fixed term may have a maximum duration of one year.
ber 31, three members effective as of February 7 to
Agreements for an indefinite term may have a notice
December 31, two members effective as of March 1 and 2
period of maximum twelve months. The current employ-
to December 31, and three members who left the Global
ment contracts with the members of the Global Executive
Executive Committee in 2023 (their remuneration also
Committee contain termination periods of twelve months
includes contractual compensation payments during
or less.
notice periods). The remuneration for fiscal years 2023
Overview of PSU grants to the Global
Executive Committee1
Fiscal year 2023
Fiscal year 2022
PSU grant to CEO
306 % of annual base salary
197 % of annual base salary
PSU grant to other members of the
Global Executive Committee
78 % to 205 % of annual base salary
67 % to 119 % of annual base salary
1 The PSU grant at fair value in 2023 was adjusted to reflect increased responsibilities of the members of the Global Executive Committee
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Relative TSR – List of companies used for calculation1
Accor SA
Air France-KLM SA
Amadeus IT Group, S.A.
Avolta AG
B&M European Value Retail S.A.
Carnival Corporation & plc
Deutsche Lufthansa AG
easyJet plc
Hennes & Mauritz AB
Industria de Diseño Textil, S.A.
InterContinental Hotels Group PLC
Internat. Cons. Airlines Group, S.A.
JD Sports Fashion plc
Kering SA
Kingfisher plc
Lagardere SA
Marks and Spencer Group plc
Next plc
Ryanair Holdings plc
Sodexo S.A.
SSP Group plc
TUI AG
WH Smith PLC
Whitbread plc
Wizz Air Holdings Plc
Zalando SE
1
The peer group is approved by the Board of Directors and reflects a list of meaningful and relevant peer companies.
The peer group remained unchanged compared to the previous year.
Overview of the performance objectives
of the PSU plan 2023
Timing of the PSU plans
Year 2020
Year 2021
Year 2022
Year 2023
Year 2024
Year 2025
Year 2026
Performance objectives
Cumulative CORE EPS
Relative TSR
ESG
2020 PSU plan
No PSU granted in fiscal year 2020
Rationale
Measures the company’s
profitability to investors.
Measures the company’s ability to
Measures the company’s activities
provide investors with strong
in ESG and the improvements
returns compared to industry-
regarding impact of its operations
related peers.
on ESG.
Definition
Cumulative CORE EPS, defined as
Avolta’s relative TSR over the
Split into two different KPIs
Avolta's CORE Net Profit, as yearly
performance period, expressed as
(50 % weight each):
reported, divided by the weighted
a percentile ranking in a peer group
- People: Employee trainings
average number of shares
of 26 companies (see list on page
- Environment: Purchase volume
outstanding in the respective year.
325). The TSR is calculated as the
with retail suppliers under SBTi
The cumulative CORE EPS over a
performance of the share price
three-year period is expressed as a
plus reinvested dividends. TSR
nominal amount in CHF.
ranking to be calculated annually
by Obermatt, an independent
Swiss financial research firm.
Weighting
50 %
Performance period
2023 – 2025
25 %
2023 – 2025
peer group.
Target (100 % vesting)
Cumulative CORE EPS of CHF 4.26.
Ranking at 50th percentile of the
People: Trainings on compliance,
25 %
2023 – 2025
diversity and inclusion, responsible
operator and related topics
completed by 25 % of Avolta's
(Dufry and Autogrill) 2023 FTE by
year-end 2025.
Environment: Retail suppliers
covering at least 40 % of the
Company's 2023 purchase volume
(based on cost of goods sold) have
committed to the Science Based
Target initiative (SBTi).
Share allocation
on vesting
At target 1 share per PSU; at 150 % or more target achievement, a maximum of 2 shares per PSU;
at less than 50 % target achievement, zero shares.
The performance objectives for the PSU granted in previous years are disclosed in the respective Remuneration Reports.*
* For the website link to previous financial reports please see page 309 of the Corporate Governance Report.
2021 PSU plan
Grant
Vesting period
Vesting
Performance
targets reached
2022 PSU plan
Grant
Vesting period
Vesting
TBD
Assessment of
target achievements
2023 PSU plan
Grant
Vesting period
Vesting
TBD
Assessment of
target achievements
between zero share (less than 50 % target achievement)
and 2 shares (150 % or more target achievement).
In case of voluntary resignation or termination for cause,
unvested PSU forfeit without any compensation. They
continue to vest in case of termination by the employer
without cause, retirement, disability or death and they are
subject to immediate vesting in case of change of control.
Employment contracts
According to Article 23 of the Articles of Incorporation,
employment and other agreements with the members of
the Global Executive Committee may be concluded for a
fixed term or for an indefinite term. Agreements for a
fixed term may have a maximum duration of one year.
Agreements for an indefinite term may have a notice
period of maximum twelve months. The current employ-
ment contracts with the members of the Global Executive
Committee contain termination periods of twelve months
or less.
Remuneration of the Global
Executive Committee for fiscal
year 2023
Summary of remuneration for fiscal
years 2023 and 2022
The table on page 326 is audited according to Article
728a para. 1 no. 4 of the Swiss Code of Obligations.
For fiscal year 2023, the remuneration of the Global Exec-
utive Committee includes the remuneration of a total of
13 members: five members active January 1 to Decem-
ber 31, three members effective as of February 7 to
December 31, two members effective as of March 1 and 2
to December 31, and three members who left the Global
Executive Committee in 2023 (their remuneration also
includes contractual compensation payments during
notice periods). The remuneration for fiscal years 2023
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Remuneration of the Global Executive
Committee (audited)
Remuneration component
in thousands of CHF
Base salary
Bonus on specific financial targets 3
Post-employment benefits 4
Other benefits
Share-based compensation grant value (3 years performance period) 5
Total compensation awarded
2023
GEC1
CEO2
GEC1
9,659.6
11,167.9
2,554.1
609.9
16,058.3
40,049.8
1,700.0
3,127.3
769.8
–
5,204.7
10,801.8
7,412.7
10,330.2
1,759.0
255.7
8,785.4
28,543.0
2022
CEO2
1,416.7
2,833.3
534.9
–
2,784.8
7,569.7
Total realized compensation
23,991.5
5,597.1
19,757.6
4,784.9
Number of performance share units awarded 5
429,581
132,502
199,059
76,045
Amounts mentioned in the tables are gross amounts.
1
The remuneration of the Global Executive Committee for fiscal year 2023 includes compensation to 13 members:
five in office from Jan 1 to Dec 31, three appointed as of Feb 7, two appointed as of March 1 and 2, and three who left
the GEC in 2023 (their remuneration includes payments during their contractual notice period). For fiscal year 2022,
it included compensation to 8 members: the CEO as of March 1, the former CEO (Jan 1 to Dec 31) and six other members
active from Jan 1 to Dec 31.
The CEO has the highest compensation of the Global Executive Committee.
2
3 For fiscal year 2023, CORE Turnover, CORE EBITDA and Equity Free Cash Flow. For fiscal year 2022, Turnover and Equity Free Cash Flow.
4 Amount includes employer social security contributions and pension contributions.
5 For valuation details of the Avolta (former Dufry) performance share units see Note 26 of the consolidated financial statements.
The disclosed value in the table corresponds to the grant value in the respective year (number of PSU granted multiplied
by the PSU value at the date of grant. The PSU value assumes 100 % target achievement, except for relative TSR as part of the LTI,
for which the PSU value was calculated according to the Monte Carlo methodology).
Remuneration structure Global Executive
Committee in 2023
7 %
Post-Employment
Benefits
16 % Base Salary
8 %
Post-Employment Benefits,
other Benefits
27 % Base
Salary
2022).
CEO
37 %
Share-Based
Compensation
Other
GEC Members
48 %
Share-Based
Compensation
29 % Bonus CORE
Turnover, CORE EBITDA,
Equity Free Cash Flow
28 % Bonus CORE
Turnover, CORE EBITDA,
Equity Free Cash Flow
and 2022 on page 326 covers the period between
No PSU grants in 2020; PSU plan 2021 expected to vest
January 1 and December 31.
In fiscal year 2020, no PSU were granted, therefore no
shares were allocated in fiscal year 2023.
Total remuneration for the members of the Global Execu-
tive Committee for 2023 amounts to TCHF 40,049.8
For the PSU plan 2021, it is expected that it will vest in
(2022: TCHF 28,543.0). This amount comprises annual
2024 based on the estimates available at the time of
base salaries of TCHF 9,659.6 (2022: TCHF 7,412.7), annual
publication of this Annual Report.
bonus of TCHF 11,167.9 (2022: TCHF 10,330.2), post-
employment benefits of TCHF 2,554.1 (2022: TCHF 1,759.0),
Realized compensation in fiscal year 2023
other benefits of TCHF 609.9 (2022: TCHF 255.7) and PSU
As no PSU were granted in fiscal year 2020 and therefore
grants of TCHF 16,058.3 (2022: TCHF 8,785.4).
no shares were allocated in fiscal year 2023, the total real-
ized compensation for the Global Executive Committee in
Explanatory comments to the remuneration table
fiscal year 2023 amounts to TCHF 23,991.5, of which
The changes in the total remuneration awarded to the
TCHF 5,597.1 relate to the CEO.
Global Executive Committee for fiscal year 2023
compared with the previous year are mainly due to the
Potential shares from PSU plans
following factors:
The total number of shares that can be allocated to all
– New composition of the Global Executive Committee
participants of Avolta's PSU plan (members of the Global
with six new members (Chief People & Culture
Executive Committee and members of Senior Manage-
Officer, President & CEO Asia Pacific, President & CEO
ment team) would amount to the following: At target
North America, President & CEO Latin America, Chief
(100 %) 1,810,237 shares, representing a total of 1.19 % of
Public Affairs & ESG Officer, Chief
the outstanding shares as at December 31, 2023. At
Commercial & Digital Officer); and three members
maximum (i.e. at 2 shares per vested PSU) 3,620,474
who left the GEC in 2023;
shares, representing a total of 2.37 % of the outstanding
– CEO remuneration is reflected for the entire
shares as at December 31, 2023. Historically, the
12-month period in 2023, compared to 10 months in
Company has always sourced its share-based compen-
2022. The table in 2022 included both CEOs active
sation from treasury shares, so that no dilutive effect is
during fiscal year 2022;
expected from the PSU.
– Given the substantially increased size and complexity
of Avolta Group following the Dufry / Autogrill
combination, the grants of the variable long-term
awards (PSU) were adjusted to reflect the increased
responsibilities of the GEC members, while
Other remuneration, loans or credit
facilities (audited)
continuing full alignment with shareholder interests
In fiscal year 2023, in compliance with contractual obliga-
through the performance-based compensation;
tions, the former CEO received compensation of
– Two members of the Global Executive Committee
TCHF 2,111.7, including TCHF 159.4 of social security costs.
received a base salary increase in 2023 to take into
In fiscal year 2022, in compliance with contractual obliga-
account the increase and / or change of their
tions, one former member of the Global Executive
functions and responsibilities. The annual base salary
Committee received compensation of TCHF 170.8,
for the CEO was unchanged. The difference in the
including TCHF 26.9 of social security costs. No other
table regarding the base salary of the CEO results
remuneration was paid directly or indirectly to current or
from the 12-month period in 2023 (vs. 10 months in
former members of the Global Executive Committee, or
Performance under the annual bonus
For fiscal year 2023, the annual bonus amounts to 122.6 %
during the reporting years. There was no loan outstanding
of target for the CEO and to between 100 % and 122.6 %
at the end of the reporting years to any member of the
of target for the other members of the Global Executive
Global Executive Committee or their related parties.
to their related parties, in 2023 and 2022, respectively. No
member of the Global Executive Committee or their
related parties were granted a loan or a credit facility
Committee. This means that the annual accrued bonus is
184 % of the base salary for the CEO and ranges from 61 %
to 134 % of the base salary for the other members of the
Global Executive Committee (2022: CEO 200 %; other
members 65 % to 143 %).
Remuneration of the Global Executive
Committee (audited)
Remuneration component
in thousands of CHF
Base salary
Bonus on specific financial targets 3
Post-employment benefits 4
Other benefits
Share-based compensation grant value (3 years performance period) 5
Total compensation awarded
GEC1
CEO2
GEC1
2023
1,700.0
3,127.3
769.8
–
5,204.7
10,801.8
7,412.7
10,330.2
1,759.0
255.7
8,785.4
28,543.0
2022
CEO2
1,416.7
2,833.3
534.9
–
2,784.8
7,569.7
9,659.6
11,167.9
2,554.1
609.9
16,058.3
40,049.8
Total realized compensation
23,991.5
5,597.1
19,757.6
4,784.9
Number of performance share units awarded 5
429,581
132,502
199,059
76,045
Amounts mentioned in the tables are gross amounts.
1
The remuneration of the Global Executive Committee for fiscal year 2023 includes compensation to 13 members:
five in office from Jan 1 to Dec 31, three appointed as of Feb 7, two appointed as of March 1 and 2, and three who left
the GEC in 2023 (their remuneration includes payments during their contractual notice period). For fiscal year 2022,
it included compensation to 8 members: the CEO as of March 1, the former CEO (Jan 1 to Dec 31) and six other members
active from Jan 1 to Dec 31.
2
The CEO has the highest compensation of the Global Executive Committee.
3 For fiscal year 2023, CORE Turnover, CORE EBITDA and Equity Free Cash Flow. For fiscal year 2022, Turnover and Equity Free Cash Flow.
4 Amount includes employer social security contributions and pension contributions.
5 For valuation details of the Avolta (former Dufry) performance share units see Note 26 of the consolidated financial statements.
The disclosed value in the table corresponds to the grant value in the respective year (number of PSU granted multiplied
by the PSU value at the date of grant. The PSU value assumes 100 % target achievement, except for relative TSR as part of the LTI,
for which the PSU value was calculated according to the Monte Carlo methodology).
Remuneration structure Global Executive
Committee in 2023
7 %
Post-Employment
Benefits
16 % Base Salary
Post-Employment Benefits,
other Benefits
8 %
27 % Base
Salary
CEO
37 %
Share-Based
Compensation
Other
GEC Members
48 %
Share-Based
Compensation
29 % Bonus CORE
Turnover, CORE EBITDA,
Equity Free Cash Flow
28 % Bonus CORE
Turnover, CORE EBITDA,
Equity Free Cash Flow
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and 2022 on page 326 covers the period between
January 1 and December 31.
No PSU grants in 2020; PSU plan 2021 expected to vest
In fiscal year 2020, no PSU were granted, therefore no
shares were allocated in fiscal year 2023.
Total remuneration for the members of the Global Execu-
tive Committee for 2023 amounts to TCHF 40,049.8
(2022: TCHF 28,543.0). This amount comprises annual
base salaries of TCHF 9,659.6 (2022: TCHF 7,412.7), annual
bonus of TCHF 11,167.9 (2022: TCHF 10,330.2), post-
employment benefits of TCHF 2,554.1 (2022: TCHF 1,759.0),
other benefits of TCHF 609.9 (2022: TCHF 255.7) and PSU
grants of TCHF 16,058.3 (2022: TCHF 8,785.4).
Explanatory comments to the remuneration table
The changes in the total remuneration awarded to the
Global Executive Committee for fiscal year 2023
compared with the previous year are mainly due to the
following factors:
– New composition of the Global Executive Committee
with six new members (Chief People & Culture
Officer, President & CEO Asia Pacific, President & CEO
North America, President & CEO Latin America, Chief
Public Affairs & ESG Officer, Chief
Commercial & Digital Officer); and three members
who left the GEC in 2023;
– CEO remuneration is reflected for the entire
12-month period in 2023, compared to 10 months in
2022. The table in 2022 included both CEOs active
during fiscal year 2022;
– Given the substantially increased size and complexity
of Avolta Group following the Dufry / Autogrill
combination, the grants of the variable long-term
awards (PSU) were adjusted to reflect the increased
responsibilities of the GEC members, while
continuing full alignment with shareholder interests
through the performance-based compensation;
– Two members of the Global Executive Committee
received a base salary increase in 2023 to take into
account the increase and / or change of their
functions and responsibilities. The annual base salary
for the CEO was unchanged. The difference in the
table regarding the base salary of the CEO results
from the 12-month period in 2023 (vs. 10 months in
2022).
Performance under the annual bonus
For fiscal year 2023, the annual bonus amounts to 122.6 %
of target for the CEO and to between 100 % and 122.6 %
of target for the other members of the Global Executive
Committee. This means that the annual accrued bonus is
184 % of the base salary for the CEO and ranges from 61 %
to 134 % of the base salary for the other members of the
Global Executive Committee (2022: CEO 200 %; other
members 65 % to 143 %).
For the PSU plan 2021, it is expected that it will vest in
2024 based on the estimates available at the time of
publication of this Annual Report.
Realized compensation in fiscal year 2023
As no PSU were granted in fiscal year 2020 and therefore
no shares were allocated in fiscal year 2023, the total real-
ized compensation for the Global Executive Committee in
fiscal year 2023 amounts to TCHF 23,991.5, of which
TCHF 5,597.1 relate to the CEO.
Potential shares from PSU plans
The total number of shares that can be allocated to all
participants of Avolta's PSU plan (members of the Global
Executive Committee and members of Senior Manage-
ment team) would amount to the following: At target
(100 %) 1,810,237 shares, representing a total of 1.19 % of
the outstanding shares as at December 31, 2023. At
maximum (i.e. at 2 shares per vested PSU) 3,620,474
shares, representing a total of 2.37 % of the outstanding
shares as at December 31, 2023. Historically, the
Company has always sourced its share-based compen-
sation from treasury shares, so that no dilutive effect is
expected from the PSU.
Other remuneration, loans or credit
facilities (audited)
In fiscal year 2023, in compliance with contractual obliga-
tions, the former CEO received compensation of
TCHF 2,111.7, including TCHF 159.4 of social security costs.
In fiscal year 2022, in compliance with contractual obliga-
tions, one former member of the Global Executive
Committee received compensation of TCHF 170.8,
including TCHF 26.9 of social security costs. No other
remuneration was paid directly or indirectly to current or
former members of the Global Executive Committee, or
to their related parties, in 2023 and 2022, respectively. No
member of the Global Executive Committee or their
related parties were granted a loan or a credit facility
during the reporting years. There was no loan outstanding
at the end of the reporting years to any member of the
Global Executive Committee or their related parties.
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Performance achievements under the annual bonus
in fiscal year 2023
Performance objectives
Results
Performance achievement
CORE Turnover
(33 1⁄3 %)
With a CORE Turnover of CHF 12,534.6 million, the predetermined target
was exceeded.
Core EBITDA
(33 1⁄3 %)
With CORE EBITDA of CHF 1,129.6 million, the predetermined target was
substantially exceeded.
Equity Free Cash
Flow (33 1⁄3 %)
With Equity Free Cash Flow of CHF 323.0 million, the predetermined target
was substantially exceeded.
0 %
0 %
0 %
150 %
150 %
150 %
Payout factor
The combined performance ratio amounts to 122.6 % of target. The payout is
between 100 % and 122.6 % of the target bonus amounts for the members of
the Global Executive Committee (incl. the CEO).
Payout Percentage
threshold
Target
Cap
75 %
100 %
130 % /
133 1/3 %
Reconcilitation between the reported
Shareholdings of the members of the
Global Executive Committee
remuneration for fiscal year 2023
and the remuneration amount
approved by the AGM 2023
Board of Directors and the Global
Executive Committee on December
31, 2023 and 2022 (audited)
The AGM 2023 approved an increased maximum aggre-
the Global Executive Committee of Avolta AG (including
gate amount of remuneration for the Global Executive
related parties) directly or indirectly held shares or share
Committee of CHF 49.5 million for the fiscal year 2023.
options (including PSU) of the Company as at Decem-
The ratio of the remuneration awarded to the members of
ber 31, 2023 and 2022. Members not listed in the tables
the Global Executive Committee in fiscal year 2023
did not hold any shares or options (including PSU).
The following members of the Board of Directors and of
The table below is audited according to Article 728a para.
1 no. 4 of the Swiss code of Obligations.
compared to the amount approved by the AGM is shown
in the table on page 328.
The same AGM also approved a maximum aggregate
amount of remuneration for the Global Executive
Committee of CHF 36.0 million for the fiscal year 2024.
The remuneration ratio for 2024 will again be disclosed in
the Remuneration Report 2024.
PSU outstanding at December 31, 2023
Plan
Grant
Performance period
Vesting
Number of PSU outstanding
LTI 2023
GEC (incl. CEO)
2023
2023-2025
June 2026
Senior Mgt
LTI 2022
GEC (incl. CEO)
2022
2022-2024
June 2025
Senior Mgt
LTI 2021
GEC (incl. CEO)
2021
2021-2023
June 2024
Senior Mgt
429,581
432,490
199,059
354,300
132,403
262,404
Compensation ratio for remuneration of Global
Executive Committee for 2023
in thousands of CHF
GEC compensation for
fiscal year 2023 as reported
Total maximum amount for GEC
compensation as approved by Shareholders
at the AGM 2023 for fiscal year 2023
Compensation ratio
Total Global Executive Committee
40,049.8
49,500.0
80.9 %
1
The total remuneration amount reflects compensation to 13 GEC members active during fiscal year 2023 and excludes 1 former GEC member
(see table on page 326 and section other remuneration, loans or credit facilities on page 327).
in thousands
Members of Board of Directors
J. C. Torres Carretero, Chairman
H. Jo Min, Lead Independent Director
L. Tyler-Cagni, Director
Total Board of Directors
Members of Global Executive Committee
X. Rossinyol, CEO
Y. Gerster, CFO
F. Cheung, President & CEO Asia Pacific
S. Johnson, President & CEO North America
E. Urioste, President & CEO Latin America
P. Duclos, Group General Counsel
C. Rossotto, Chief Public Affairs & ESG Officer
V. Talwar, Chief Commercial & Digital Officer
K. Volery, Chief People & Culture Officer
ADDITIONAL FORMER MEMBER
OF GLOBAL EXECUTIVE COMMITTEE
E. Andrades, CEO Operations
A. Belardini, Chief Commercial Officer
S. Branquinho, Chief Diversity & Inclusion Officer
Total Global Executive Committee
L. Marin, President & CEO Europe, Middle East and Africa
10.8
December 31, 2023
December 31, 2022
Shares
Outstanding
unvested PSU 1
Particip.
Shares
Outstanding
unvested PSU 1
Particip.
637.1
0.7
3.6
641.4
81.8
8.7
–
–
–
–
–
–
–
n / a
n / a
n / a
101.3
–
–
–
–
208.5
70.3
16.6
26.4
68.8
16.0
74.7
16.9
23.4
14.4
n / a
n / a
n / a
0.42 %
0.00 %
0.00 %
0.42 %
0.19 %
0.05 %
0.01 %
0.02 %
0.05 %
0.01 %
0.05 %
0.01 %
0.02 %
0.01 %
n / a
n / a
n / a
611.8
0.7
3.6
616.1
81.2
8.7
n / a
n / a
10.8
n / a
–
n / a
n / a
n / a
2.0
19.1
0.5
–
–
–
–
76.0
32.4
n / a
n / a
32.4
n / a
32.4
n / a
n / a
n / a
32.4
32.4
6.0
0.67 %
0.00 %
0.00 %
0.68 %
0.17 %
0.05 %
n / a
n / a
0.05 %
n / a
0.04 %
n / a
n / a
n / a
0.04 %
0.06 %
0.01 %
1 Outstanding unvested Performance Share Units (PSU) at target level.
None of the members of the Board of Directors or Global Executive Committee held any options.
535.9
0.42 %
122.3
244.0
0.40 %
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Performance achievements under the annual bonus
in fiscal year 2023
Performance objectives
Results
Performance achievement
CORE Turnover
With a CORE Turnover of CHF 12,534.6 million, the predetermined target
(33 1⁄3 %)
was exceeded.
Core EBITDA
(33 1⁄3 %)
substantially exceeded.
With CORE EBITDA of CHF 1,129.6 million, the predetermined target was
Equity Free Cash
With Equity Free Cash Flow of CHF 323.0 million, the predetermined target
Flow (33 1⁄3 %)
was substantially exceeded.
0 %
0 %
0 %
Payout factor
The combined performance ratio amounts to 122.6 % of target. The payout is
between 100 % and 122.6 % of the target bonus amounts for the members of
the Global Executive Committee (incl. the CEO).
Payout Percentage
threshold
Target
Cap
75 %
100 %
130 % /
133 1/3 %
Reconcilitation between the reported
Global Executive Committee
remuneration for fiscal year 2023
and the remuneration amount
approved by the AGM 2023
The AGM 2023 approved an increased maximum aggre-
gate amount of remuneration for the Global Executive
Committee of CHF 49.5 million for the fiscal year 2023.
The ratio of the remuneration awarded to the members of
the Global Executive Committee in fiscal year 2023
compared to the amount approved by the AGM is shown
in the table on page 328.
The same AGM also approved a maximum aggregate
amount of remuneration for the Global Executive
Committee of CHF 36.0 million for the fiscal year 2024.
The remuneration ratio for 2024 will again be disclosed in
the Remuneration Report 2024.
Shareholdings of the members of the
Board of Directors and the Global
Executive Committee on December
31, 2023 and 2022 (audited)
The following members of the Board of Directors and of
the Global Executive Committee of Avolta AG (including
related parties) directly or indirectly held shares or share
options (including PSU) of the Company as at Decem-
ber 31, 2023 and 2022. Members not listed in the tables
did not hold any shares or options (including PSU).
The table below is audited according to Article 728a para.
1 no. 4 of the Swiss code of Obligations.
PSU outstanding at December 31, 2023
Plan
Grant
Performance period
Vesting
Number of PSU outstanding
LTI 2023
GEC (incl. CEO)
2023
2023-2025
June 2026
LTI 2022
GEC (incl. CEO)
2022
2022-2024
June 2025
LTI 2021
GEC (incl. CEO)
2021
2021-2023
June 2024
Senior Mgt
Senior Mgt
Senior Mgt
Compensation ratio for remuneration of Global
Executive Committee for 2023
in thousands of CHF
GEC compensation for
compensation as approved by Shareholders
fiscal year 2023 as reported
at the AGM 2023 for fiscal year 2023
Total maximum amount for GEC
Compensation ratio
Total Global Executive Committee
40,049.8
49,500.0
80.9 %
1
The total remuneration amount reflects compensation to 13 GEC members active during fiscal year 2023 and excludes 1 former GEC member
(see table on page 326 and section other remuneration, loans or credit facilities on page 327).
in thousands
Members of Board of Directors
J. C. Torres Carretero, Chairman
H. Jo Min, Lead Independent Director
L. Tyler-Cagni, Director
Total Board of Directors
Members of Global Executive Committee
X. Rossinyol, CEO
Y. Gerster, CFO
F. Cheung, President & CEO Asia Pacific
S. Johnson, President & CEO North America
L. Marin, President & CEO Europe, Middle East and Africa
E. Urioste, President & CEO Latin America
P. Duclos, Group General Counsel
C. Rossotto, Chief Public Affairs & ESG Officer
V. Talwar, Chief Commercial & Digital Officer
K. Volery, Chief People & Culture Officer
ADDITIONAL FORMER MEMBER
OF GLOBAL EXECUTIVE COMMITTEE
E. Andrades, CEO Operations
A. Belardini, Chief Commercial Officer
S. Branquinho, Chief Diversity & Inclusion Officer
Total Global Executive Committee
December 31, 2023
December 31, 2022
Shares
Outstanding
unvested PSU 1
Particip.
Shares
Outstanding
unvested PSU 1
Particip.
637.1
0.7
3.6
641.4
81.8
8.7
–
–
10.8
–
–
–
–
–
n / a
n / a
n / a
101.3
–
–
–
–
208.5
70.3
16.6
26.4
68.8
16.0
74.7
16.9
23.4
14.4
n / a
n / a
n / a
0.42 %
0.00 %
0.00 %
0.42 %
0.19 %
0.05 %
0.01 %
0.02 %
0.05 %
0.01 %
0.05 %
0.01 %
0.02 %
0.01 %
n / a
n / a
n / a
611.8
0.7
3.6
616.1
81.2
8.7
n / a
n / a
10.8
n / a
–
n / a
n / a
n / a
2.0
19.1
0.5
–
–
–
–
76.0
32.4
n / a
n / a
32.4
n / a
32.4
n / a
n / a
n / a
32.4
32.4
6.0
0.67 %
0.00 %
0.00 %
0.68 %
0.17 %
0.05 %
n / a
n / a
0.05 %
n / a
0.04 %
n / a
n / a
n / a
0.04 %
0.06 %
0.01 %
535.9
0.42 %
122.3
244.0
0.40 %
1 Outstanding unvested Performance Share Units (PSU) at target level.
None of the members of the Board of Directors or Global Executive Committee held any options.
150 %
150 %
150 %
429,581
432,490
199,059
354,300
132,403
262,404
Annual Report
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Management
Report
ESG
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Page 330/336
Mandates outside of the Company
(audited)
Article 734e of the Swiss Code of Obligations requires
that all mandates or functions held by members of the
Board of Directors or the Global Executive Committee in
entities within the meaning of Article 626 para. 2 no. 1 of
the Swiss Code of Obligations that do not form part of the
Avolta Group be disclosed in the Remuneration Report to
the extent that such mandates are comparable to board
of directors or executive committee mandates and the
entity has an economic purpose.
are published in the Corporate Governance Report: for
members of the Board of Directors in section 3.3 on page
293 and for the Global Executive Committee in section
4.3 on page 304, respectively.
The disclosure of mandates and positions in accordance
with the SIX Corporate Governance Directive is included
in the Corporate Governance Report: for members of the
Board of Directors in their Curricula Vitae on pages 288
to 290 and for the Global Executive Committee on pages
301 to 303, respectively.
The rules in Avolta’s Articles of Incorporation regarding
the number of additional mandates outside the Company
The following table lists the different members and their
mandates outside the Avolta Group as of December 31,
2023.
Name
Listed companies
Not listed companies or organizations
Members of Board of Directors
Juan Carlos Torres
Carretero
None
Alessandro Benetton
None
Sami Kahale
None
Enrico Laghi
None
Laguna Partners AG, Sole Director
Acamar S.r.l., Sole Director 1
Witherspoon Investments LLC, Sole Director
Edizione S.p.A., Chairman of the Board of Directors
21 Invest S.p.A., Chairman and CEO 2
21 Invest SGR S.p.A., Chairman 2
21 Invest France SAS, Chairman of the Supervisory Board 2
Mundys S.p.A., Vice Chairman
Ricerca Finanziaria S.p.A., Chairman and CEO
Ricerca S.p.A., Board Member and CEO
Saibot Srl Società Uninominale, Director
Fremantle Italy, Advisory Committee Member
Advent International, Operating Partner
IRCA S.p.A., Chairman of the Board
Bolton Group, Non-Executive Board Director
Bauli Group, Chairman, Innovation Advisory Board
Edizione S.p.A., Chief Executive Officer
Abertis Infraestructuras SA, Board Member
Studio Laghi S.r.l., Chairman
Mundys S.p.A., Board Member
Edizione Property S.p.A., Director
Schema Gamma S.r.l., Chairman
Heekyung Jo Min
Xavier Bouton
CJ CheilJedang,
Executive Vice President, Corporte Social
Responsibility
None
Fayenceries de Sarreguemines
Digoin & Vitry la François (F.S.D.V.),
Chairman of the Supervisory Board
Edeis, Chairman of the Supervisory Board
CIPIM, Chairman of the Supervisory Board
SCI de Parcay, Director
Groupement Forestier de Saint-Hubert, Manager
SCI Chateau de Saint-Hubert and SNC-CFC, Manager
SCI du Quai, Manager
Name
Listed companies
Not listed companies or organizations
Members of Board of Directors (continued)
Mary J. Steele
C.H. Robinson Worldwide, Inc.,
MG Advisors, Inc., Chairwoman of the Board
Guilfoile
Member of the Board of Directors
The Beacon Group, LP, Partner
The Interpublic Group of Companies, Inc.,
Member of the Board of Directors
Pitney Bowes, Inc., Member of the Board
of Directors
Luis Maroto Camino
Amadeus IT Group, CEO and President,
None
Member of the Board of Directors
Joaquín Moya-
Angeler Cabrera
None
Ranjan Sen
InPost Poland, Member of the Supervisory
Hermes Germany GmbH, Member of the Supervisory Board 4
Board
Hermes Parcelnet Ltd (known under the brand name "Evri"), Board Member 4
Al Mansart GP 1 S.à.r.l. (known under the brand name "Parfums de Marly"),
Corporación Empresarial Pascual LC, Chairman of the Board of Directors
Palamon Capital Partners, Member of the Advisory Board
MCH Private Equity, Member of the Advisory Board
Concord Realty LTD, Chairman
Inmoan SL, Chairman 3
Avalon Private Equity SCR, Chairman
Casa Grande de Salinas SL, Chairman
Explotaciones al Alba SL, Chairman 3
Explotaciones San Anton SL, Chairman 3
Quantumacy, Member of the Advisory Board
Cybolt, Member of the Board
Board Member (Class A Director)
Advent International LP, Managing Partner 5
Advent International GmbH, Managing Director 5
Advent Investment Advisory GmbH, Managing Director 5
Lynda Tyler-Cagni
None
Only the Best, Director and CEO
Eugenia M. Ulasewicz
Signet Jewelers Ltd., Member of the
None
Board of Directors
Vince Holding Corporation, Member of
the Board of Directors
Acamar S.r.L. is a subsidiary of Laguna Partners AG
21 Invest S.p.A., 21 Invest SGR S.p.A. and 21 Invest France SAS are part of the same group of companies
Inmoan SL, Explotaciones al Alba SL and Explotaciones San Anton SL are part of the same group of companies
Hermes Germany GmbH and Hermes Parcelnet Ltd. are part of the same group of companies
1
2
3
4
5
Advent International LP, Advent International GmbH and Advent Investment Advisory GmbH are part of the same group of companies
Name
Listed companies
Not listed companies or organizations
Members of Global Executive Committee
Sextant Initiatives AG, Member of the Board of Directors 1
Xavier Rossinyol
Yves Gerster
Freda Cheung
Steve Johnson
Luis Marin
Enrique Urioste
Pascal Duclos
None
None
None
None
None
None
None
Camillo Rossotto
Board of Directors
Compagnia dei Caraibi, Member of the
Dunelm Group PLC, Member of the Board
Vijay Talwar
Katrin Volery
of Directors
None
1
Sextant Initiatives AG is a non-active holding entity
None
None
None
None
None
None
None
None
Elite Consultoria Estrategica Ltda., Director
Moebius Investments Ltd., Director
Mandates outside of the Company
(audited)
are published in the Corporate Governance Report: for
members of the Board of Directors in section 3.3 on page
293 and for the Global Executive Committee in section
Article 734e of the Swiss Code of Obligations requires
4.3 on page 304, respectively.
that all mandates or functions held by members of the
Board of Directors or the Global Executive Committee in
The disclosure of mandates and positions in accordance
entities within the meaning of Article 626 para. 2 no. 1 of
with the SIX Corporate Governance Directive is included
the Swiss Code of Obligations that do not form part of the
in the Corporate Governance Report: for members of the
Avolta Group be disclosed in the Remuneration Report to
Board of Directors in their Curricula Vitae on pages 288
the extent that such mandates are comparable to board
to 290 and for the Global Executive Committee on pages
of directors or executive committee mandates and the
301 to 303, respectively.
entity has an economic purpose.
The rules in Avolta’s Articles of Incorporation regarding
mandates outside the Avolta Group as of December 31,
the number of additional mandates outside the Company
2023.
The following table lists the different members and their
Name
Listed companies
Not listed companies or organizations
Alessandro Benetton
None
Edizione S.p.A., Chairman of the Board of Directors
Members of Board of Directors
Juan Carlos Torres
None
Carretero
Sami Kahale
None
Enrico Laghi
None
Laguna Partners AG, Sole Director
Acamar S.r.l., Sole Director 1
Witherspoon Investments LLC, Sole Director
21 Invest S.p.A., Chairman and CEO 2
21 Invest SGR S.p.A., Chairman 2
21 Invest France SAS, Chairman of the Supervisory Board 2
Mundys S.p.A., Vice Chairman
Ricerca Finanziaria S.p.A., Chairman and CEO
Ricerca S.p.A., Board Member and CEO
Saibot Srl Società Uninominale, Director
Fremantle Italy, Advisory Committee Member
Advent International, Operating Partner
IRCA S.p.A., Chairman of the Board
Bolton Group, Non-Executive Board Director
Bauli Group, Chairman, Innovation Advisory Board
Edizione S.p.A., Chief Executive Officer
Abertis Infraestructuras SA, Board Member
Studio Laghi S.r.l., Chairman
Mundys S.p.A., Board Member
Edizione Property S.p.A., Director
Schema Gamma S.r.l., Chairman
Heekyung Jo Min
CJ CheilJedang,
None
Executive Vice President, Corporte Social
Responsibility
Xavier Bouton
Fayenceries de Sarreguemines
Edeis, Chairman of the Supervisory Board
Digoin & Vitry la François (F.S.D.V.),
CIPIM, Chairman of the Supervisory Board
Chairman of the Supervisory Board
SCI de Parcay, Director
Groupement Forestier de Saint-Hubert, Manager
SCI Chateau de Saint-Hubert and SNC-CFC, Manager
SCI du Quai, Manager
Annual Report
2023
Management
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Report
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Report
Governance
Report
Page 331/336
Name
Listed companies
Not listed companies or organizations
Members of Board of Directors (continued)
Mary J. Steele
Guilfoile
C.H. Robinson Worldwide, Inc.,
Member of the Board of Directors
The Interpublic Group of Companies, Inc.,
Member of the Board of Directors
Pitney Bowes, Inc., Member of the Board
of Directors
MG Advisors, Inc., Chairwoman of the Board
The Beacon Group, LP, Partner
Luis Maroto Camino
Amadeus IT Group, CEO and President,
Member of the Board of Directors
None
Joaquín Moya-
Angeler Cabrera
None
Ranjan Sen
InPost Poland, Member of the Supervisory
Board
Corporación Empresarial Pascual LC, Chairman of the Board of Directors
Palamon Capital Partners, Member of the Advisory Board
MCH Private Equity, Member of the Advisory Board
Concord Realty LTD, Chairman
Inmoan SL, Chairman 3
Avalon Private Equity SCR, Chairman
Casa Grande de Salinas SL, Chairman
Explotaciones al Alba SL, Chairman 3
Explotaciones San Anton SL, Chairman 3
Quantumacy, Member of the Advisory Board
Cybolt, Member of the Board
Hermes Germany GmbH, Member of the Supervisory Board 4
Hermes Parcelnet Ltd (known under the brand name "Evri"), Board Member 4
Al Mansart GP 1 S.à.r.l. (known under the brand name "Parfums de Marly"),
Board Member (Class A Director)
Advent International LP, Managing Partner 5
Advent International GmbH, Managing Director 5
Advent Investment Advisory GmbH, Managing Director 5
Lynda Tyler-Cagni
None
Only the Best, Director and CEO
Eugenia M. Ulasewicz
Signet Jewelers Ltd., Member of the
Board of Directors
Vince Holding Corporation, Member of
the Board of Directors
None
1
2
3
4
5
Acamar S.r.L. is a subsidiary of Laguna Partners AG
21 Invest S.p.A., 21 Invest SGR S.p.A. and 21 Invest France SAS are part of the same group of companies
Inmoan SL, Explotaciones al Alba SL and Explotaciones San Anton SL are part of the same group of companies
Hermes Germany GmbH and Hermes Parcelnet Ltd. are part of the same group of companies
Advent International LP, Advent International GmbH and Advent Investment Advisory GmbH are part of the same group of companies
Name
Listed companies
Not listed companies or organizations
Members of Global Executive Committee
Xavier Rossinyol
Yves Gerster
Freda Cheung
Steve Johnson
Luis Marin
Enrique Urioste
Pascal Duclos
Camillo Rossotto
Vijay Talwar
Katrin Volery
None
None
None
None
None
None
None
Sextant Initiatives AG, Member of the Board of Directors 1
None
None
None
None
None
Elite Consultoria Estrategica Ltda., Director
Moebius Investments Ltd., Director
Compagnia dei Caraibi, Member of the
Board of Directors
Dunelm Group PLC, Member of the Board
of Directors
None
None
None
None
1
Sextant Initiatives AG is a non-active holding entity
Annual Report
2023
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Deloitte AG
Pfingstweidstrasse 11
8005 Zürich
Schweiz
Phone: +41 (0)58 279 60 00
Fax: +41 (0)58 279 66 00
www.deloitte.ch
Auditor’s Responsibilities for the Audit of the Remuneration ReportOur objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO is free from ma-terial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always de-tect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this re-muneration report.As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain professional scep-ticism throughout the audit. We also:• Identify and assess the risks of material misstatement in the remuneration report, whether due to fraud or error, design and per-form audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclo-sures made.We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical re-quirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.Deloitte AG Andreas Bodenmann Fabian HellLicensed audit expert Licensed audit expert(Auditor in charge)To the General Meeting ofAvolta AG (formerly Dufry AG), BaselBasel, March 6, 2024Report on the Audit of the Remuneration Report according to Art. 734a-734f CO OpinionWe have audited the Remuneration Report of Avolta AG (the Company) for the year ended 31 December 2023. The audit was lim-ited to the information pursuant to Art. 734a-734f of the Swiss Code of Obligations (CO) in the sections “Remuneration of the Board of Directors”, ”Other remuneration, loans or credit facilities of the Board of Directors”, “Remuneration of the Global Executive Com-mittee”, ”Other remuneration, loans or credit facilities of the Global Executive Committee”, “Shareholdings of the members of the Board of Directors and the Global Executive Committee on December 31, 2023 and 2022“ and “Mandates outside of the company” on pages 311 to 331 of the remuneration report. In our opinion, the information pursuant to Art. 734a-734f CO in the accompanying remuneration report (pages 311 to 331) com-plies with Swiss law and the Company’s articles of incorporation.Basis for OpinionWe conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor’s Responsibility for the Audit of the Remuneration Report” section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other InformationThe Board of Directors is responsible for the other information. The other information comprises the information included in the an-nual report but does not include the sections marked “audited” in the Remuneration Report, the consolidated financial statements, the stand-alone financial statements and our auditor’s reports thereon.Our opinion on the Remuneration Report does not cover the other information and we do not express any form of assurance con-clusion thereon.In connection with our audit of the Remuneration Report, our responsibility is to read the other information and, in doing so, con-sider whether the other information is materially inconsistent with the audited financial information in the Remuneration Report, or our knowledge obtained in the audit or otherwise appears to be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are re-quired to report that fact. We have nothing to report in this regard.Board of Directors' Responsibilities for the Remuneration ReportThe Board of Directors is responsible for the preparation of a Remuneration Report in accordance with the provisions of Swiss law and the Company's articles of incorporation, and for such internal control as the Board of Directors determines is necessary to en-able the preparation of a Remuneration Report that is free from material misstatement, whether due to fraud or error. It is also re-sponsible for designing the remuneration system and defining individual remuneration packages. Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 333/336
Deloitte AG
Pfingstweidstrasse 11
8005 Zürich
Schweiz
Phone: +41 (0)58 279 60 00
Fax: +41 (0)58 279 66 00
www.deloitte.ch
Auditor’s Responsibilities for the Audit of the Remuneration ReportOur objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO is free from ma-terial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always de-tect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this re-muneration report.As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain professional scep-ticism throughout the audit. We also:• Identify and assess the risks of material misstatement in the remuneration report, whether due to fraud or error, design and per-form audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclo-sures made.We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical re-quirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.Deloitte AG Andreas Bodenmann Fabian HellLicensed audit expert Licensed audit expert(Auditor in charge)To the General Meeting ofAvolta AG (formerly Dufry AG), BaselBasel, March 6, 2024Report on the Audit of the Remuneration Report according to Art. 734a-734f CO OpinionWe have audited the Remuneration Report of Avolta AG (the Company) for the year ended 31 December 2023. The audit was lim-ited to the information pursuant to Art. 734a-734f of the Swiss Code of Obligations (CO) in the sections “Remuneration of the Board of Directors”, ”Other remuneration, loans or credit facilities of the Board of Directors”, “Remuneration of the Global Executive Com-mittee”, ”Other remuneration, loans or credit facilities of the Global Executive Committee”, “Shareholdings of the members of the Board of Directors and the Global Executive Committee on December 31, 2023 and 2022“ and “Mandates outside of the company” on pages 311 to 331 of the remuneration report. In our opinion, the information pursuant to Art. 734a-734f CO in the accompanying remuneration report (pages 311 to 331) com-plies with Swiss law and the Company’s articles of incorporation.Basis for OpinionWe conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor’s Responsibility for the Audit of the Remuneration Report” section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other InformationThe Board of Directors is responsible for the other information. The other information comprises the information included in the an-nual report but does not include the sections marked “audited” in the Remuneration Report, the consolidated financial statements, the stand-alone financial statements and our auditor’s reports thereon.Our opinion on the Remuneration Report does not cover the other information and we do not express any form of assurance con-clusion thereon.In connection with our audit of the Remuneration Report, our responsibility is to read the other information and, in doing so, con-sider whether the other information is materially inconsistent with the audited financial information in the Remuneration Report, or our knowledge obtained in the audit or otherwise appears to be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are re-quired to report that fact. We have nothing to report in this regard.Board of Directors' Responsibilities for the Remuneration ReportThe Board of Directors is responsible for the preparation of a Remuneration Report in accordance with the provisions of Swiss law and the Company's articles of incorporation, and for such internal control as the Board of Directors determines is necessary to en-able the preparation of a Remuneration Report that is free from material misstatement, whether due to fraud or error. It is also re-sponsible for designing the remuneration system and defining individual remuneration packages. Annual Report
2023
Management
Report
ESG
Report
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Report
Governance
Report
Page 334/336
Information
for investors
and media
Registered shares
Issuer
Listing
Type of security
Ticker symbol
ISIN-No.
Swiss Security-No.
Reuters
Bloomberg
Avolta AG
SIX Swiss Exchange
Registered shares
AVOL
CH0023405456
2340545
AVOL.S
AVOL:SW
Key dates in 2024
March 7, 2024
May 15, 2024
May 16, 2024
July 30, 2024
October 31, 2024
March 6, 2025
Results Fiscal Year 2023
Publication of Annual Report
Annual General Meeting
Trading Statement
First Quarter 2024
Results First Half Year 2024
Trading Statement
Third Quarter 2024
Results Fiscal Year 2024
Publication of Annual Report
Senior Notes
Issuer
Listing
Size of issue
Interest rate
Maturity
ISIN-No.
Issuer
Listing
Size of issue
Interest rate
Maturity
ISIN-No.
Issuer
Listing
Size of issue
Interest rate
Maturity
ISIN-No.
Issuer
Listing
Size of issue
Interest rate
Maturity
ISIN-No.
Dufry One B.V.
The International Stock
Exchange (“TISE”)
EUR 800 million
2.5 % p.a., paid semi-annually
October 15, 2024
XS1699848914 (Serie REG S)
Dufry One B.V.
The International Stock
Exchange (“TISE”)
CHF 300 million
3.625 % p.a.,
paid semi-annually
April 15, 2026
XS2333565815 (Serie REG S)
Dufry One B.V.
The International Stock
Exchange (“TISE”)
EUR 750 million
2.0 % p.a., paid semi-annually
February 15, 2027
XS2079388828 (Serie REG S)
Dufry One B.V.
The International Stock
Exchange (“TISE”)
EUR 725 million
3.375 % p.a., paid semi-
annually
April 15, 2028
XS2333564503 (Serie REG S)
Senior convertible bonds
Issuer
Listing
Size of issue
Interest rate
Maturity
Convertible into
Conversion price
ISIN-No.
Ticker symbol
Dufry One B.V.
SIX Swiss Exchange)
CHF 500 million
0.75 % p.a., paid semi-
annually
March 30, 2026
Registered shares Avolta AG
CHF 87.00
CH1105195684
DUF 21
Media contacts
Cathy Jongens
Director Corporate Communications
Phone + 41 79 288 09 36
cathy.jongens@avolta.net
Investor Relations Contacts
Rebecca McClellan
Global Head Investor Relations
Phone +44 7543 800405
rebecca.mcclellan@avolta.net
Address
Corporate
Headquarters
Avolta AG
Brunngässlein 12
P.O. Box
4010 Basel
Switzerland
Phone +41 61 266 44 44
avoltaworld.com
Company’s website:
Latest news:
Articles of incorporation:
Financial reports:
Information
for investors
and media
Registered shares
Issuer
Listing
Type of security
Ticker symbol
ISIN-No.
Avolta AG
SIX Swiss Exchange
Registered shares
AVOL
CH0023405456
Swiss Security-No.
2340545
Reuters
Bloomberg
AVOL.S
AVOL:SW
Key dates in 2024
May 15, 2024
May 16, 2024
July 30, 2024
October 31, 2024
March 7, 2024
Results Fiscal Year 2023
Publication of Annual Report
Annual General Meeting
Maturity
ISIN-No.
Trading Statement
First Quarter 2024
Trading Statement
Third Quarter 2024
Results First Half Year 2024
Senior convertible bonds
March 6, 2025
Results Fiscal Year 2024
Publication of Annual Report
Senior Notes
Issuer
Listing
Size of issue
Interest rate
Maturity
ISIN-No.
Issuer
Listing
Size of issue
Interest rate
Maturity
ISIN-No.
Issuer
Listing
Size of issue
Interest rate
Maturity
ISIN-No.
Issuer
Listing
Size of issue
Interest rate
Dufry One B.V.
The International Stock
Exchange (“TISE”)
EUR 800 million
2.5 % p.a., paid semi-annually
October 15, 2024
XS1699848914 (Serie REG S)
Dufry One B.V.
The International Stock
Exchange (“TISE”)
CHF 300 million
3.625 % p.a.,
paid semi-annually
April 15, 2026
XS2333565815 (Serie REG S)
Dufry One B.V.
The International Stock
Exchange (“TISE”)
EUR 750 million
2.0 % p.a., paid semi-annually
February 15, 2027
XS2079388828 (Serie REG S)
Dufry One B.V.
The International Stock
Exchange (“TISE”)
EUR 725 million
3.375 % p.a., paid semi-
annually
April 15, 2028
XS2333564503 (Serie REG S)
Issuer
Listing
Size of issue
Interest rate
Maturity
Convertible into
Conversion price
ISIN-No.
Ticker symbol
Dufry One B.V.
SIX Swiss Exchange)
CHF 500 million
0.75 % p.a., paid semi-
annually
March 30, 2026
Registered shares Avolta AG
CHF 87.00
CH1105195684
DUF 21
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 335/336
Media contacts
Cathy Jongens
Director Corporate Communications
Phone + 41 79 288 09 36
cathy.jongens@avolta.net
Investor Relations Contacts
Rebecca McClellan
Global Head Investor Relations
Phone +44 7543 800405
rebecca.mcclellan@avolta.net
Address
Corporate
Headquarters
Avolta AG
Brunngässlein 12
P.O. Box
4010 Basel
Switzerland
Phone +41 61 266 44 44
avoltaworld.com
Company’s website:
Latest news:
Articles of incorporation:
Financial reports:
Annual Report
2023
Management
Report
ESG
Report
Financial
Report
Governance
Report
Page 336/336
This Annual Report contains certain forward-looking statements, which can be identified by terms like “believe”, “assume”, “expect” or similar expressions,
or implied discussions regarding potential new projects or potential future revenues, or discussions of strategy, plans or intentions. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future
results, performance or achievements expressed or implied by such statements. All forward-looking statements are based only on data available to Avolta
at the time of preparation of this Annual Report. Avolta does not undertake any obligation to update any forward-looking statements contained in this
Annual Report as a result of new information, future events or otherwise.
Publisher Avolta AG, Basel
Concept, Production Tolxdorff Eicher, Horgen
Design, Production Hilda ltd., Zurich
Print Neidhart + Schön Group AG, Zurich
© Avolta AG 2024
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This Annual Report contains certain forward-looking statements, which can be identified by terms like “believe”, “assume”, “expect” or similar expressions,
or implied discussions regarding potential new projects or potential future revenues, or discussions of strategy, plans or intentions. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future
results, performance or achievements expressed or implied by such statements. All forward-looking statements are based only on data available to Avolta
at the time of preparation of this Annual Report. Avolta does not undertake any obligation to update any forward-looking statements contained in this
Annual Report as a result of new information, future events or otherwise.
Publisher Avolta AG, Basel
Concept, Production Tolxdorff Eicher, Horgen
Design, Production Hilda ltd., Zurich
Print Neidhart + Schön Group AG, Zurich
© Avolta AG 2024
ESG Report 2023 Annex
ESG Report 2023 Annex
ESG Report 2023
Annex
About the Annex
Avolta has aligned its ESG Report with the new guidelines
of the Global Reporting Initiative (GRI) Standards 2021.
Reporting in accordance with this international standard
permits a more transparent and comparable approach to
information and facilitates the tracking of sustainability
performance indicators.
In 2023, Avolta completed the business integration of the
former entities Dufry and Autogrill, which includes also
the development of a joint company and ESG strategy as
disclosed in the respective chapters on pages 28 – 55 of
the Annual Report 2023 and the ESG Report 2023.
The ESG Report 2023 Annex forms part of the ESG
Report, which together with the TCFD Report constitutes
Avolta’s 2023 Non-Financial Reporting in accordance with
the requirements regarding transparency on non-financial
matters of Art. 964(a)-(c) of the Swiss Code of Obligations.
The ESG Report is included in the Annual Report 2023 on
page 97. The ESG Report 2023 Annex contains informa-
tion presented in several tables with quantitative and
qualitative indicators as per the GRI Standard indications.
The GRI Content Index 2023, also included in the Annex,
cross references indicators (GRI and SDG) and page
numbers, serving as a comprehensive guide to where the
information on each topic may be found – either in the
Annual Report, the ESG Report, on the company website
or in this Annex.
Scope
Avolta’s 2023 ESG Report covers the scope of the new
combined entity and includes information from all the 73
countries where Avolta operates. For the general profile
and most of the GRI indicators, the information reported
is global (i.e.: relevant to the whole group). For staff-
related indicators – GRI 2 – 7, 2 – 8, 2 – 21, 2 – 30; GRI
205-3 and GRI 401, 402, 403, 404, 405, 406, 407 & 410 –
information is broken down by five geographical regions,
following a similar structure to the one used in Avolta’s
financial report:
– HQ – Group Headquarters in Basel, Switzerland
– Europe, Middle East & Africa
– Asia Pacific
– North America
– Latin America.
More information about each of the regions included may
be found on pages 56 – 75 of the Annual Report 2023.
Should you have any comments about the content of the
report or want to know more about Avolta’s ESG engage-
ment, please email us to: sustainability@avolta.net.
Material Matters and Related Inside-Out Impacts,
Outside-In Risks and Opportunities and Mitigation
Below is a description of Avolta’s material matters. As
required by the GRI Standards 2021, for each matter we
list the actual and potential impacts generated by the
company on the economy, environment and people,
including the human rights, which were assessed as
significant via the updated materiality assessment
(“Impact materiality”). For each material matter identified,
we report the inside-out impacts and outside-in risks and
opportunities, which might influence Avolta’s results and
performance identified as significant during a preliminary
“double materiality” exercise (integrated by the “Financial
materiality” perspective) in compliance with the require-
ments regarding transparency on non-financial matters
pursuant to article 964a et seqq. of the Swiss Code of
Obligations (SCO). As a voluntary addition, the overview
also draws inspiration from the European Sustainability
Reporting Standards (ESRS) foreseen by the new Corpo-
rate Sustainability Reporting Directive (CSRD). The over-
view considers both own operations as well as business
relationships, products and services related to the
Group’s value chain.
Although positive impacts and opportunities may arise as
well, priority has been given to negative impacts and risks
adopting a precautionary approach. In the ESG Report,
we describe the prevention and mitigation measures in
place to manage impacts, risks and opportunities. An
exception has been made for the matter “Supporting
Communities”, for which only positive impacts and oppor-
tunities have been identified in light of the voluntary
nature of initiatives to support and engage communities.
Material Matters, Related Inside-Out Impacts,
Outside-In Risks & Opportunities, Mitigation
Material matter
Inside-out impacts
Outside-In risks and opportunities
Mitigation by Avolta
Sustainable sourcing & traceability
Potential negative impact on
Potential risk on the company
See page 115
Adopt responsible sourcing practices
people related to harmful sourcing
limited traceability and responsible
environment, animal welfare and
reputation deriving from raw materials
aiming at both improving the
transparency & traceability and
increasing the procurement of
sustainable and certified products.
practices.
sourcing safeguards, and from the
violation of animal welfare standards.
Potential risk on the company
business continuity due to raw
material scarcity.
Supply chain management
Potential negative impact on
Potential risk on the company
See page 116
Ensure a responsible and ethical
communities in terms of violations of
socio-environmental performance not
management of the supply chain, also
human rights (including child and
aligned with business and
by partnering with suppliers attentive
forced labor, adequate wages,
stakeholders expectations.
environment, people and affected
reputation deriving from suppliers’
to their social and environmental
collective bargaining, freedom of
impacts.
association, working time, adequate
housing and non-discrimination),
health and safety and environmental
standards.
Healthy and sustainable choice
Potential negative impact on people
Potential risk on the Group financial
See page 117
Promote better travel experiences
to a limited offer of sustainable,
preferences towards more healthy
offering a wide range of healthy and
healthy and nutritious products.
and sustainable choices.
in terms of customers well-being due
results due to the shift in customers
Product quality & safety
Potential negative impact on people
Potential risk of non-compliance with
See page 119
related to damages on customers
regulations on product quality and
health and safety.
safety.
Climate change, energy and
Potential negative impact on the
Potential risk on the company
See page 123
emissions
environment related to the generation
business continuity deriving from the
of greenhouse gas emissions.
exposure to physical (extreme climatic
events, rising of mean temperatures,
etc.) and transition (evolving
regulation, reputational damage, etc.)
risks.
sustainable products, good for both
consumers’ and planet health.
Provide high quality & safety
standards for the products and
ingredients used in all of the
company’s channels.
Reduce GHG emissions by applying a
set of measures including energy
efficiency initiatives, sustainable
logistics and mobility, and green
stores building.
2/18
3/18
ESG Report 2023 Annex
ESG Report 2023 Annex
ESG Report 2023
Annex
Material Matters, Related Inside-Out Impacts,
Outside-In Risks & Opportunities, Mitigation
Material matter
Inside-out impacts
Outside-In risks and opportunities
Mitigation by Avolta
Sustainable sourcing & traceability
Adopt responsible sourcing practices
aiming at both improving the
transparency & traceability and
increasing the procurement of
sustainable and certified products.
Supply chain management
Ensure a responsible and ethical
management of the supply chain, also
by partnering with suppliers attentive
to their social and environmental
impacts.
The ESG Report 2023 Annex forms part of the ESG
Below is a description of Avolta’s material matters. As
Healthy and sustainable choice
Promote better travel experiences
offering a wide range of healthy and
sustainable products, good for both
consumers’ and planet health.
page 97. The ESG Report 2023 Annex contains informa-
(“Impact materiality”). For each material matter identified,
Product quality & safety
Provide high quality & safety
standards for the products and
ingredients used in all of the
company’s channels.
Climate change, energy and
emissions
Reduce GHG emissions by applying a
set of measures including energy
efficiency initiatives, sustainable
logistics and mobility, and green
stores building.
About the Annex
– HQ – Group Headquarters in Basel, Switzerland
Avolta has aligned its ESG Report with the new guidelines
– Europe, Middle East & Africa
of the Global Reporting Initiative (GRI) Standards 2021.
– Asia Pacific
Reporting in accordance with this international standard
– North America
permits a more transparent and comparable approach to
– Latin America.
information and facilitates the tracking of sustainability
performance indicators.
More information about each of the regions included may
be found on pages 56 – 75 of the Annual Report 2023.
In 2023, Avolta completed the business integration of the
Should you have any comments about the content of the
former entities Dufry and Autogrill, which includes also
report or want to know more about Avolta’s ESG engage-
the development of a joint company and ESG strategy as
ment, please email us to: sustainability@avolta.net.
disclosed in the respective chapters on pages 28 – 55 of
the Annual Report 2023 and the ESG Report 2023.
Material Matters and Related Inside-Out Impacts,
Outside-In Risks and Opportunities and Mitigation
Report, which together with the TCFD Report constitutes
required by the GRI Standards 2021, for each matter we
Avolta’s 2023 Non-Financial Reporting in accordance with
list the actual and potential impacts generated by the
the requirements regarding transparency on non-financial
company on the economy, environment and people,
matters of Art. 964(a)-(c) of the Swiss Code of Obligations.
including the human rights, which were assessed as
The ESG Report is included in the Annual Report 2023 on
significant via the updated materiality assessment
tion presented in several tables with quantitative and
we report the inside-out impacts and outside-in risks and
qualitative indicators as per the GRI Standard indications.
opportunities, which might influence Avolta’s results and
performance identified as significant during a preliminary
The GRI Content Index 2023, also included in the Annex,
“double materiality” exercise (integrated by the “Financial
cross references indicators (GRI and SDG) and page
materiality” perspective) in compliance with the require-
numbers, serving as a comprehensive guide to where the
ments regarding transparency on non-financial matters
information on each topic may be found – either in the
pursuant to article 964a et seqq. of the Swiss Code of
Annual Report, the ESG Report, on the company website
Obligations (SCO). As a voluntary addition, the overview
or in this Annex.
Scope
also draws inspiration from the European Sustainability
Reporting Standards (ESRS) foreseen by the new Corpo-
rate Sustainability Reporting Directive (CSRD). The over-
Avolta’s 2023 ESG Report covers the scope of the new
view considers both own operations as well as business
combined entity and includes information from all the 73
relationships, products and services related to the
countries where Avolta operates. For the general profile
Group’s value chain.
and most of the GRI indicators, the information reported
is global (i.e.: relevant to the whole group). For staff-
Although positive impacts and opportunities may arise as
related indicators – GRI 2 – 7, 2 – 8, 2 – 21, 2 – 30; GRI
well, priority has been given to negative impacts and risks
205-3 and GRI 401, 402, 403, 404, 405, 406, 407 & 410 –
adopting a precautionary approach. In the ESG Report,
information is broken down by five geographical regions,
we describe the prevention and mitigation measures in
following a similar structure to the one used in Avolta’s
place to manage impacts, risks and opportunities. An
exception has been made for the matter “Supporting
Communities”, for which only positive impacts and oppor-
tunities have been identified in light of the voluntary
nature of initiatives to support and engage communities.
financial report:
2/18
Potential negative impact on
environment, animal welfare and
people related to harmful sourcing
practices.
Potential risk on the company
reputation deriving from raw materials
limited traceability and responsible
sourcing safeguards, and from the
violation of animal welfare standards.
See page 115
Potential risk on the company
business continuity due to raw
material scarcity.
Potential risk on the company
reputation deriving from suppliers’
socio-environmental performance not
aligned with business and
stakeholders expectations.
See page 116
Potential negative impact on
environment, people and affected
communities in terms of violations of
human rights (including child and
forced labor, adequate wages,
collective bargaining, freedom of
association, working time, adequate
housing and non-discrimination),
health and safety and environmental
standards.
Potential negative impact on people
in terms of customers well-being due
to a limited offer of sustainable,
healthy and nutritious products.
Potential risk on the Group financial
results due to the shift in customers
preferences towards more healthy
and sustainable choices.
See page 117
Potential negative impact on people
related to damages on customers
health and safety.
Potential risk of non-compliance with
regulations on product quality and
safety.
See page 119
Potential negative impact on the
environment related to the generation
of greenhouse gas emissions.
See page 123
Potential risk on the company
business continuity deriving from the
exposure to physical (extreme climatic
events, rising of mean temperatures,
etc.) and transition (evolving
regulation, reputational damage, etc.)
risks.
3/18
ESG Report 2023 Annex
ESG Report 2023 Annex
Material matter
Inside-out impacts
Outside-In risks and opportunities
Mitigation by Avolta
Material matter
Inside-out impacts
Outside-In risks and opportunities
Mitigation by Avolta
Waste and Packaging
Reduce and mitigate environmental
damages caused by the excessive
production and/or inadequate
disposal of waste, including food
waste. Reduce the use of virgin plastic
in packaging.
Water and Biodiversity
Implement processes to monitor and
reduce water withdrawal in the
operations and purchase materials
and products preserving biodiversity.
Diversity, Equity & Inclusion
Support diversity by fostering an
inclusive working environment and
incorporate a culture of DE & I
throughout the organization, to
develop a diverse, inclusive
leadership.
Talent recruitment, engagement
and retention
Promote efforts in the attraction,
recruitment and retention of talents in
order to bring on board and cultivate
the leaders of tomorrow. Encourage
people to engage throughout the
organization by listening to and
understanding their needs.
Employee Training and development
Provide best training and
performance development
opportunities in order to foster
employees personal and professional
growth.
See page 127
Health and Well-being
Potential negative impact on people
Potential risk of non-compliance
See page 139
See page 131
Potential negative impact on the
environment related to excessive
production and/or inadequate
disposal of waste, including food
waste.
Potential negative impact on the
environment related to the
exploitation and depletion of natural
resources (such as virgin materials,
etc.) and to the generation of
packaging-related waste.
Potential negative impact on the
environment related to excessive
withdrawal from areas with water
stress and/or inefficient consumption
of water.
Potential negative impact on the
environment related to loss of
biodiversity and damage to natural
ecosystems.
Potential risk of non-compliance
deriving from evolving legislation
related to waste and product
packaging.
Potential risk on the company
financial results due to the scarcity of
packaging raw materials, leading to
price volatility
Potential risk of non-compliance
deriving from evolving regulations
regarding water discharge,
deforestation and biodiversity.
Potential risk on the company
business continuity deriving from
water scarcity.
Potential risk on the company
reputation deriving from the lack of
initiatives and/or safeguards aimed at
protecting biodiversity.
Potential negative impact on people
due to the perception of a not-
inclusive culture, unable to recognize
and valorize any kind of diversity, such
as disability, gender, age, race,
minorities, etc.
Potential risk on the company
reputation deriving from the inability
to foster a diverse and inclusive
culture that stimulates creativity and
innovative thinking.
See page 133
Potential negative impact on people
in terms of inadequate selection
process, retention measures not
aligned with expectations and low
engagement and motivation to
contribute to the Group’s evolution
path.
Potential risk on the company
productivity deriving from the
incapacity to recruit all kinds of talent
(considering also disability, gender,
race, etc.) and retain key resources.
Potential risk on the Group reputation
due to a workplace culture that does
not foster open dialogue and
engagement.
See page 136
Potential negative impact on people
in terms of training programs that do
not foster the acquisition and
development of key competencies,
and lack of personalized development
and career paths.
Potential risk on the company
productivity deriving from upskilling
and development programs not in line
with the business strategy and goals.
See page 137
Strengthen the culture of health and
injuries.
safety in the workplace through
in terms of occupational illnesses and
caused by the violation of workplace
health and safety regulations.
training and prevention programs
Potential negative impact on people
Potential risk on the company
designed to reduce occupational
in terms of physical and mental well-
reputation and productivity due to low
injuries and protect physical and
being benefits and work-life balance
employee satisfaction.
mental wellbeing.
protection not aligned with
expectation.
Human rights
Potential negative impact on people
Potential risk on the company
See page 141
Foster respect for human rights and
human rights violations – including
violation, including child and forced
workers’ rights along the entire value
child and forced labor, adequate
labor, adequate wages, collective
chain.
wages, collective bargaining, freedom
bargaining, freedom of association,
and affected communities in terms of
reputation deriving from human rights
of association, working time,
adequate housing and non-
discrimination.
working time, adequate housing and
non-discrimination.
Supporting communities
Potential positive impact on people
Potential opportunity on the company
See page 144
and the communities coming from
reputation deriving from the
Contribute to the development of
tangible support to local economy
fulfillment of the company’s
local communities through
through occupation, wealth and
responsibility as corporate citizen and
occupation, wealth and prosperity as
prosperity.
well as with dedicated community
the ability to engage in strategic
connections with the community.
engagement and charitable initiatives.
Potential positive impact deriving
from the support to charitable
organizations and NGOs, actively
committed in contributing to social,
environmental and economical
development at local level.
Non-Financial Risks & Opportunities
The factors listed below represent the main risks and opportunities for Avolta based
on its business model and the company strategy Destination 2027. These factors are
regularly reviewed and adapted in line with changes in the company’s scope and the
business model as well as to reflect new external developments. Detailed information
on the business model is provided in the Strategy Chapter (pages 28 – 55), the ESG
Report on pages (97 – 148) as well as in the Financial Report (pages 149 – 278) and the
Corporate Governance Report (pages 279 – 309).
With the publication of its TCFD Report, Avolta also provides greater detail on specific
risks and opportunities arising specifically from climate change. Information provided
in the TCFD Report is intended to complement topics included in the table below and
is available as integral part of the Annual Report 2023 or on the Avolta Group website:
Our Impact | Avolta.
4/18
5/18
ESG Report 2023 Annex
ESG Report 2023 Annex
Material matter
Inside-out impacts
Outside-In risks and opportunities
Mitigation by Avolta
Material matter
Inside-out impacts
Outside-In risks and opportunities
Mitigation by Avolta
Waste and Packaging
Potential negative impact on the
Potential risk of non-compliance
See page 127
Health and Well-being
Strengthen the culture of health and
safety in the workplace through
training and prevention programs
designed to reduce occupational
injuries and protect physical and
mental wellbeing.
Human rights
Foster respect for human rights and
workers’ rights along the entire value
chain.
Supporting communities
Contribute to the development of
local communities through
occupation, wealth and prosperity as
well as with dedicated community
engagement and charitable initiatives.
Potential negative impact on people
in terms of occupational illnesses and
injuries.
Potential risk of non-compliance
caused by the violation of workplace
health and safety regulations.
See page 139
Potential negative impact on people
in terms of physical and mental well-
being benefits and work-life balance
protection not aligned with
expectation.
Potential risk on the company
reputation and productivity due to low
employee satisfaction.
Potential negative impact on people
and affected communities in terms of
human rights violations – including
child and forced labor, adequate
wages, collective bargaining, freedom
of association, working time,
adequate housing and non-
discrimination.
Potential risk on the company
reputation deriving from human rights
violation, including child and forced
labor, adequate wages, collective
bargaining, freedom of association,
working time, adequate housing and
non-discrimination.
See page 141
See page 144
Potential opportunity on the company
reputation deriving from the
fulfillment of the company’s
responsibility as corporate citizen and
the ability to engage in strategic
connections with the community.
Potential positive impact on people
and the communities coming from
tangible support to local economy
through occupation, wealth and
prosperity.
Potential positive impact deriving
from the support to charitable
organizations and NGOs, actively
committed in contributing to social,
environmental and economical
development at local level.
Non-Financial Risks & Opportunities
The factors listed below represent the main risks and opportunities for Avolta based
on its business model and the company strategy Destination 2027. These factors are
regularly reviewed and adapted in line with changes in the company’s scope and the
business model as well as to reflect new external developments. Detailed information
on the business model is provided in the Strategy Chapter (pages 28 – 55), the ESG
Report on pages (97 – 148) as well as in the Financial Report (pages 149 – 278) and the
Corporate Governance Report (pages 279 – 309).
With the publication of its TCFD Report, Avolta also provides greater detail on specific
risks and opportunities arising specifically from climate change. Information provided
in the TCFD Report is intended to complement topics included in the table below and
is available as integral part of the Annual Report 2023 or on the Avolta Group website:
Our Impact | Avolta.
Reduce and mitigate environmental
production and/or inadequate
related to waste and product
damages caused by the excessive
disposal of waste, including food
packaging.
environment related to excessive
deriving from evolving legislation
production and/or inadequate
disposal of waste, including food
waste.
Potential risk on the company
waste. Reduce the use of virgin plastic
Potential negative impact on the
financial results due to the scarcity of
in packaging.
environment related to the
packaging raw materials, leading to
exploitation and depletion of natural
price volatility
resources (such as virgin materials,
etc.) and to the generation of
packaging-related waste.
Water and Biodiversity
Potential negative impact on the
Potential risk of non-compliance
See page 131
Implement processes to monitor and
withdrawal from areas with water
regarding water discharge,
reduce water withdrawal in the
stress and/or inefficient consumption
deforestation and biodiversity.
environment related to excessive
deriving from evolving regulations
operations and purchase materials
of water.
and products preserving biodiversity.
Potential negative impact on the
business continuity deriving from
environment related to loss of
water scarcity.
Potential risk on the company
biodiversity and damage to natural
ecosystems.
Potential risk on the company
reputation deriving from the lack of
initiatives and/or safeguards aimed at
protecting biodiversity.
Diversity, Equity & Inclusion
Potential negative impact on people
Potential risk on the company
See page 133
Support diversity by fostering an
inclusive culture, unable to recognize
to foster a diverse and inclusive
inclusive working environment and
and valorize any kind of diversity, such
culture that stimulates creativity and
incorporate a culture of DE & I
as disability, gender, age, race,
innovative thinking.
due to the perception of a not-
reputation deriving from the inability
throughout the organization, to
minorities, etc.
develop a diverse, inclusive
leadership.
Talent recruitment, engagement
Potential negative impact on people
Potential risk on the company
See page 136
and retention
in terms of inadequate selection
productivity deriving from the
Promote efforts in the attraction,
aligned with expectations and low
(considering also disability, gender,
recruitment and retention of talents in
engagement and motivation to
race, etc.) and retain key resources.
process, retention measures not
incapacity to recruit all kinds of talent
order to bring on board and cultivate
contribute to the Group’s evolution
the leaders of tomorrow. Encourage
path.
people to engage throughout the
organization by listening to and
understanding their needs.
Potential risk on the Group reputation
due to a workplace culture that does
not foster open dialogue and
engagement.
Employee Training and development
Potential negative impact on people
Potential risk on the company
See page 137
Provide best training and
performance development
in terms of training programs that do
productivity deriving from upskilling
not foster the acquisition and
and development programs not in line
development of key competencies,
with the business strategy and goals.
opportunities in order to foster
and lack of personalized development
employees personal and professional
and career paths.
growth.
4/18
5/18
ESG Report 2023 Annex
ESG Report 2023 Annex
Risks
Risk Factors
Reduction in passenger & traveler traffic and
changes in customer behavior
Potential Impact
Our Response
Risk Factors
Potential Impact
Our Response
– Any event outside our control that causes a
reduction of traveler & passenger traffic in
among others airports & airlines, railway
stations, ferries and cruise lines as well as
motorways could adversely affect our
business.
– The same applies to economic conditions
and political changes, which influence
customer sentiment as well as traveling and
spending behavior.
– Business diversification has always been
and will continue to be a key strategic
element to mitigate risks and drive
company growth.
– Diversification by geographies, sectors and
channels to mitigate the impact of regional
or local phenomena.
– Information on sales split by geographies,
sectors, channels and products categories
is available on pages 8 – 9 of the Annual
Report 2023.
Market & political risks – Operating in a
– Changes in the regulatory framework in
– Diversification by geographies and by
highly regulated environment
individual markets can positively or
customs regime reducing exposure to local
– Travel Retail and F&B in general is a highly
profitability of the company at local or
– Broad product and food assortment
regulated industry, as operators:
group level.
negatively impact sales performance or
legislation.
Risks related to pandemics
– The COVID-19 pandemic is an example of
how governmental restrictions to reduce
traveling and personal contacts as a result
of a pandemic strongly reduce domestic
and international travel, passenger traffic
and therefore impact the travel retail
industry and our business.
Winning and extending concessions
– Travel retail and travel F&B is typically a
highly competitive concession business.
Avolta competes with other travel retailers
and F&B operators at global, regional and
local levels in obtaining and maintaining
concessions at airports and in other travel
channels. Within a specific location (airport,
cruise ship, train station, motorway location,
casino or alike) the number of concessions
is typically limited and includes a de-facto
exclusivity.
– Failing to win or extend a concession can
prevent Avolta – or any competitor – from
entering a specific location until the
concession comes up again for renewal.
– Concession contracts can be subject to
revocations and modifications, which can
negatively affect the performance of the
company at the particular location or at
corporate level.
6/18
– We immediately took action to protect
health and safety of our employees and
customers through our Health & Safety
Protocol, fully aligning it with local
regulations in the locations we operate.
– Various processes and risk mitigation
strategies being in place already prior to the
COVID-19 pandemic have enabled us to
react quickly and effectively on this specific
situation.
– We have taken a location-by-location and
shop-shop-by-shop approach to assess
opportunities to keep shops and
restaurants open or reopen them as soon
as possible.
– We have adapted the company
organization and processes to the new
business environment to reduce costs and
applied an increased control on cash
management.
– We have secured the resilience of the
company by defining a new strategy –
Destination 2027 – implementing a variety
of refinancing initiatives focusing on
liquidity and a strong financial position.
– We expect to be well positioned for the
ongoing recovery phase and to be able to
engage in strategic initiatives to accelerate
growth going forward.
– Avolta maintains a highly diversified
concession portfolio of over 5,100 shops
across over 1,000 locations in 73 countries
with an average remaining life-time of
currently over 7 years.
– Concessions are well balanced throughout
emerging and developed markets; the
largest concession accounts for less than
4 % and the ten biggest concessions for
around 28 % of sales.
– Local presence in all key markets, allows
Avolta to monitor opportunities at global
level to compete for attractive contracts.
– have to adhere to the same regulatory
framework with respect to commercial
activities as well as local product and
health & safety requirements as local
retailers and restaurant operators in any
specific country.
– can additionally be impacted by changes
in the taxation and customs allowance
systems of individual countries.
– have to follow product disclosure and
health legislation as well as security
requirements issued by the airline and
airport industry.
Customer data privacy
and cyber security
– Potential impact on both the operational
– Avolta manages its IT, data protection and
readiness of the business as well as with
cyber security risks through its Global IT
respect to reputation in the case of issues
Security Team responsible to assess,
with customer data.
constantly adapted to new customer
preferences.
– Strong and long-term partnerships with
airport authorities and other concession
partners. Mutual trust and shared
objectives with these concession partners
are key for value creation.
– Cooperation with industry associations to
lobby for the industry’s interests.
identify and implement protective
measures to mitigate existing and potential
new risks.
– Avolta’s Group Data Protection Policy
defines requirements to process third party
transactions, fulfills the EU General Data
Protection Regulation (GDPR) and ensures
compliance with international data
protection laws such as among others the
Payment Card Industry Data Security
Standard (PCI DSS) and the Sarbanes-Oxley
Act (SOX).
– The company regularly does cyber security
trainings helping to sensitize employees
and increase their alertness for these topics.
– A detailed description on cyber security is
available on page 121 of the ESG Report.
– Avolta maintains a global customer service
platform, where any issues can be reported
online and / or by personal contact 24 / 7.
Availability and retention
of human capital
– The capability of employing and retaining a
– Create an attractive working environment,
skilled workforce is a key success factor in
which considers the specific skills needed
the company.
by our employees (e.g. foreign languages,
– By directly engaging with our customers
– This is particularly true for our shop and
shift working, security requirements etc.)
from over 150 nationalities and ethnicities
restaurant staff, who normally have higher
and offer fair compensation schemes.
our employees are key success factors to
and different skill requirements than in
– Foster equal opportunities, without any kind
drive sales and customer satisfaction.
traditional high-street retail and F&B
of discrimination.
operations.
– Create wealth at the local communities’
level.
Customer behavior
– Changes in customer behavior as well as
– Avolta regularly performs customer surveys
the capability to provide the right services
several times per year to early identify
– Avolta welcomes daily customers from over
can influence sales performance of our
potential changes in customer behavior and
150 nationalities, many of them having
operations locally and globally.
preferences.
different purchasing, dining behaviors and
product preferences.
– In cooperation with our brand partners our
procurement teams identify new trends and
customer needs to optimize our dining
offerings and product assortments.
7/18
ESG Report 2023 Annex
ESG Report 2023 Annex
Potential Impact
Our Response
Risk Factors
Potential Impact
Our Response
– Changes in the regulatory framework in
– Diversification by geographies and by
Risks
Risk Factors
Reduction in passenger & traveler traffic and
– Any event outside our control that causes a
– Business diversification has always been
changes in customer behavior
reduction of traveler & passenger traffic in
and will continue to be a key strategic
Risks related to pandemics
– The COVID-19 pandemic is an example of
– We immediately took action to protect
among others airports & airlines, railway
element to mitigate risks and drive
stations, ferries and cruise lines as well as
company growth.
motorways could adversely affect our
– Diversification by geographies, sectors and
business.
channels to mitigate the impact of regional
– The same applies to economic conditions
or local phenomena.
and political changes, which influence
– Information on sales split by geographies,
customer sentiment as well as traveling and
sectors, channels and products categories
spending behavior.
is available on pages 8 – 9 of the Annual
Report 2023.
how governmental restrictions to reduce
health and safety of our employees and
traveling and personal contacts as a result
customers through our Health & Safety
of a pandemic strongly reduce domestic
Protocol, fully aligning it with local
and international travel, passenger traffic
regulations in the locations we operate.
and therefore impact the travel retail
– Various processes and risk mitigation
industry and our business.
strategies being in place already prior to the
COVID-19 pandemic have enabled us to
react quickly and effectively on this specific
situation.
– We have taken a location-by-location and
shop-shop-by-shop approach to assess
opportunities to keep shops and
restaurants open or reopen them as soon
as possible.
– We have adapted the company
organization and processes to the new
business environment to reduce costs and
applied an increased control on cash
management.
– We have secured the resilience of the
company by defining a new strategy –
Destination 2027 – implementing a variety
of refinancing initiatives focusing on
liquidity and a strong financial position.
– We expect to be well positioned for the
ongoing recovery phase and to be able to
engage in strategic initiatives to accelerate
growth going forward.
cruise ship, train station, motorway location,
casino or alike) the number of concessions
is typically limited and includes a de-facto
exclusivity.
4 % and the ten biggest concessions for
around 28 % of sales.
– Local presence in all key markets, allows
Avolta to monitor opportunities at global
level to compete for attractive contracts.
6/18
Market & political risks – Operating in a
highly regulated environment
– Travel Retail and F&B in general is a highly
regulated industry, as operators:
– have to adhere to the same regulatory
framework with respect to commercial
activities as well as local product and
health & safety requirements as local
retailers and restaurant operators in any
specific country.
– can additionally be impacted by changes
in the taxation and customs allowance
systems of individual countries.
– have to follow product disclosure and
health legislation as well as security
requirements issued by the airline and
airport industry.
Customer data privacy
and cyber security
individual markets can positively or
negatively impact sales performance or
profitability of the company at local or
group level.
– Potential impact on both the operational
readiness of the business as well as with
respect to reputation in the case of issues
with customer data.
customs regime reducing exposure to local
legislation.
– Broad product and food assortment
constantly adapted to new customer
preferences.
– Strong and long-term partnerships with
airport authorities and other concession
partners. Mutual trust and shared
objectives with these concession partners
are key for value creation.
– Cooperation with industry associations to
lobby for the industry’s interests.
– Avolta manages its IT, data protection and
cyber security risks through its Global IT
Security Team responsible to assess,
identify and implement protective
measures to mitigate existing and potential
new risks.
– Avolta’s Group Data Protection Policy
defines requirements to process third party
transactions, fulfills the EU General Data
Protection Regulation (GDPR) and ensures
compliance with international data
protection laws such as among others the
Payment Card Industry Data Security
Standard (PCI DSS) and the Sarbanes-Oxley
Act (SOX).
– The company regularly does cyber security
trainings helping to sensitize employees
and increase their alertness for these topics.
– A detailed description on cyber security is
available on page 121 of the ESG Report.
– Avolta maintains a global customer service
platform, where any issues can be reported
online and / or by personal contact 24 / 7.
– Create an attractive working environment,
which considers the specific skills needed
by our employees (e.g. foreign languages,
shift working, security requirements etc.)
and offer fair compensation schemes.
– Foster equal opportunities, without any kind
of discrimination.
– Create wealth at the local communities’
level.
Customer behavior
– Changes in customer behavior as well as
– Avolta regularly performs customer surveys
– Avolta welcomes daily customers from over
150 nationalities, many of them having
different purchasing, dining behaviors and
product preferences.
the capability to provide the right services
can influence sales performance of our
operations locally and globally.
several times per year to early identify
potential changes in customer behavior and
preferences.
– In cooperation with our brand partners our
procurement teams identify new trends and
customer needs to optimize our dining
offerings and product assortments.
7/18
Winning and extending concessions
– Failing to win or extend a concession can
– Avolta maintains a highly diversified
– Travel retail and travel F&B is typically a
entering a specific location until the
across over 1,000 locations in 73 countries
highly competitive concession business.
concession comes up again for renewal.
with an average remaining life-time of
prevent Avolta – or any competitor – from
concession portfolio of over 5,100 shops
Availability and retention
of human capital
– The capability of employing and retaining a
skilled workforce is a key success factor in
the company.
Avolta competes with other travel retailers
– Concession contracts can be subject to
currently over 7 years.
– By directly engaging with our customers
– This is particularly true for our shop and
and F&B operators at global, regional and
revocations and modifications, which can
– Concessions are well balanced throughout
local levels in obtaining and maintaining
negatively affect the performance of the
emerging and developed markets; the
concessions at airports and in other travel
company at the particular location or at
largest concession accounts for less than
channels. Within a specific location (airport,
corporate level.
from over 150 nationalities and ethnicities
our employees are key success factors to
drive sales and customer satisfaction.
restaurant staff, who normally have higher
and different skill requirements than in
traditional high-street retail and F&B
operations.
ESG Report 2023 Annex
ESG Report 2023 Annex
Risk Factors
Potential Impact
Our Response
Risk Factors
Potential Impact
Our Response
Suppliers & product availability
– The ability to maintain and develop supply
– Avolta operates a centralized global
Health & safety risks
– Injury, illness or fatality can influence
– The first level of health and safety provisions
– As a “pure” travel retailer & F&B operator,
Avolta does not develop nor produce any
products nor private labels.
relationships to source products from
global and local brands and suppliers
requested by customers is a key success
factor.
procurement department, which directly
manages its supply chain with owners of
global brands. Additionally, particularly for
the F&B business as well as for local
products, sourcing is done through local
suppliers.
– Avolta’s global brand portfolio as well as the
access to renowned local suppliers
represents a valuable asset for concession
partners, when we compete for
concessions.
– Legal or compliance issues, especially
incidents of corruption, can generate
related costs, penalties, loss of lease
agreements, black-listings as well as
reputational damage. These impacts can
occur locally, but also affect the company
globally.
– In its Code of Conduct, Avolta stipulates
provisions on how it expects employees,
directors and officers to conduct business.
The dedicated Global Compliance
department monitors the respect of the
respective set of company policies.
– In addition, a comprehensive risk
management is established structured into
three levels (see page 112 of the ESG
Report). For risks of corruption in
connection with external partners, Avolta
has a procedure in place that requires to
perform due diligence and to vet all external
partners such as joint venture partners,
consultants for business development
projects, counterparts to M&A transactions
and other similar counterparts. In addition,
regular reassessment on existing external
partners in conducted.
– Through the Avolta Supplier Code of
Conduct, the company extends its scope of
compliance to its supply chain.
– Employees receive regular compliance
trainings and awareness raising
communications.
– Avolta’s ESG Strategy covers the different
aspects of sustainability.
– The company has defined emission
reduction goals (for the former Dufry
business) and discloses emissions on Scope
1, 2 and 3 for the whole scope. These
objectives (for the former Dufry scope) have
been validated by the Science Based
Targets initiative (SBTi).
– Avolta has a dedicated Shop & Restaurant
Design Strategy to develop sustainable
shops and restaurants with respect to
reduced energy consumption, use of
recyclable materials and circular economy
for refurbishments.
– Avolta is replacing its single-use plastic
usage with sustainable and alternatives,
where possible (see details page 128 of the
ESG Report).
– Environmental legislation and requirements
can affect cost of energy consumption for
transportation as well as the operation of
shop, restaurant and office premises within
the company.
– Legislation on use of packaging material
(e.g. single use plastics) and circular
economy can influence business
procedures.
Legal & compliance
– Within its course of business, there is a risk
that the company could violate laws and
regulations at local level regarding business
conduct and regulations, including, among
others, bribery, corruption, fraud,
discrimination, unauthorized use of
personal data.
– The company could be involved in lawsuits,
claims of various natures, investigations
and other business related legal
proceedings.
Climate change & environmental risks
– Avolta does not develop nor produce own
products nor does it operate any kind of
manufacturing sites.
– Products are mainly sourced directly from
brand owners and are delivered either to
our Distribution Centers, wholesalers or
directly to the shops and restaurants.
– Transportation of goods from the supplier’s
production sites to the Avolta’s Distribution
Centers, wholesalers or directly to the
shops and restaurants is covered within the
responsibility of the suppliers.
– From an energy perspective Avolta includes
in its scope consumption at office buildings
and covers its supply chain from the
Distribution Center to the shops. These
premises are mostly rented with low
possibility to influence construction.
– Avolta develops its own shop & restaurant
design and the respective guidelines.
8/18
– Except for employees working in office-
reputational damage, which can impact our
and safety programs, to which our
buildings, Avolta’s workforce mostly
financial and business performance.
employees have to adhere to and for which
operational readiness and generate
is defined by concession partners’ health
operates in highly regulated areas such as
airports, cruise ships & ferries, train stations,
motorways as well as seaports and similar
environments. Thus, we have two levels of
health and safety provisions: the own
company ones and those established by
the respective concession partner.
– Fire, health pandemics, terrorist attacks
and other external factors can be risks to
our employees and customers.
Financial risks, ability to borrow funds
– Financial Risks can impact the company’s
– Avolta has two strategic growth pillars:
and / or fund raising
profitability, liquidity and financial position.
organic growth and M&A.
they are specifically trained.
– Avolta’s own health and safety regulations
are applied on top of the location specific
ones and include group-wide regulations
and guidelines.
– In the context of the COVID-pandemic
Avolta implemented an additional Global
Health & Safety Protocol to protect both
employees and customers. The protocol
includes our internal guidelines and is
flexible enough to adapt to the local
regulations in the countries and locations of
our operations.
– A detailed description of the Health & Safety
management process is described on
pages 139 – 141 of the ESG Report.
– Within organic growth the company
successfully extends existing contracts,
adds additional retail space in existing
locations and wins new concessions
contributing to the increase of its global
footprint.
– We continue to focus on M&A as it offers
the opportunity for strategic add-on
acquisitions in travel retail and F&B as well
as for accessing new and adjacent travel
related markets.
– M&A often allows to leverage an existing
local organization thus increasing
profitability.
9/18
ESG Report 2023 Annex
ESG Report 2023 Annex
Risk Factors
Potential Impact
Our Response
Risk Factors
Potential Impact
Our Response
Suppliers & product availability
– The ability to maintain and develop supply
– Avolta operates a centralized global
Health & safety risks
– Except for employees working in office-
buildings, Avolta’s workforce mostly
operates in highly regulated areas such as
airports, cruise ships & ferries, train stations,
motorways as well as seaports and similar
environments. Thus, we have two levels of
health and safety provisions: the own
company ones and those established by
the respective concession partner.
– Fire, health pandemics, terrorist attacks
and other external factors can be risks to
our employees and customers.
– Injury, illness or fatality can influence
operational readiness and generate
reputational damage, which can impact our
financial and business performance.
Financial risks, ability to borrow funds
and / or fund raising
– Financial Risks can impact the company’s
profitability, liquidity and financial position.
– As a “pure” travel retailer & F&B operator,
global and local brands and suppliers
manages its supply chain with owners of
Avolta does not develop nor produce any
requested by customers is a key success
global brands. Additionally, particularly for
relationships to source products from
procurement department, which directly
products nor private labels.
factor.
Legal & compliance
– Legal or compliance issues, especially
– In its Code of Conduct, Avolta stipulates
incidents of corruption, can generate
provisions on how it expects employees,
– Within its course of business, there is a risk
related costs, penalties, loss of lease
directors and officers to conduct business.
that the company could violate laws and
agreements, black-listings as well as
The dedicated Global Compliance
regulations at local level regarding business
reputational damage. These impacts can
department monitors the respect of the
conduct and regulations, including, among
occur locally, but also affect the company
respective set of company policies.
others, bribery, corruption, fraud,
discrimination, unauthorized use of
personal data.
– The company could be involved in lawsuits,
claims of various natures, investigations
and other business related legal
proceedings.
globally.
Climate change & environmental risks
– Environmental legislation and requirements
– Avolta’s ESG Strategy covers the different
can affect cost of energy consumption for
aspects of sustainability.
– Avolta does not develop nor produce own
transportation as well as the operation of
– The company has defined emission
products nor does it operate any kind of
shop, restaurant and office premises within
reduction goals (for the former Dufry
manufacturing sites.
the company.
business) and discloses emissions on Scope
– Products are mainly sourced directly from
– Legislation on use of packaging material
1, 2 and 3 for the whole scope. These
brand owners and are delivered either to
(e.g. single use plastics) and circular
objectives (for the former Dufry scope) have
our Distribution Centers, wholesalers or
economy can influence business
been validated by the Science Based
directly to the shops and restaurants.
procedures.
– Transportation of goods from the supplier’s
production sites to the Avolta’s Distribution
Centers, wholesalers or directly to the
shops and restaurants is covered within the
responsibility of the suppliers.
– From an energy perspective Avolta includes
in its scope consumption at office buildings
and covers its supply chain from the
Distribution Center to the shops. These
premises are mostly rented with low
possibility to influence construction.
– Avolta develops its own shop & restaurant
design and the respective guidelines.
8/18
the F&B business as well as for local
products, sourcing is done through local
suppliers.
– Avolta’s global brand portfolio as well as the
access to renowned local suppliers
represents a valuable asset for concession
partners, when we compete for
concessions.
– In addition, a comprehensive risk
management is established structured into
three levels (see page 112 of the ESG
Report). For risks of corruption in
connection with external partners, Avolta
has a procedure in place that requires to
perform due diligence and to vet all external
partners such as joint venture partners,
consultants for business development
projects, counterparts to M&A transactions
and other similar counterparts. In addition,
regular reassessment on existing external
partners in conducted.
– Through the Avolta Supplier Code of
Conduct, the company extends its scope of
compliance to its supply chain.
– Employees receive regular compliance
trainings and awareness raising
communications.
Targets initiative (SBTi).
– Avolta has a dedicated Shop & Restaurant
Design Strategy to develop sustainable
shops and restaurants with respect to
reduced energy consumption, use of
recyclable materials and circular economy
for refurbishments.
– Avolta is replacing its single-use plastic
usage with sustainable and alternatives,
where possible (see details page 128 of the
ESG Report).
– The first level of health and safety provisions
is defined by concession partners’ health
and safety programs, to which our
employees have to adhere to and for which
they are specifically trained.
– Avolta’s own health and safety regulations
are applied on top of the location specific
ones and include group-wide regulations
and guidelines.
– In the context of the COVID-pandemic
Avolta implemented an additional Global
Health & Safety Protocol to protect both
employees and customers. The protocol
includes our internal guidelines and is
flexible enough to adapt to the local
regulations in the countries and locations of
our operations.
– A detailed description of the Health & Safety
management process is described on
pages 139 – 141 of the ESG Report.
– Avolta has two strategic growth pillars:
organic growth and M&A.
– Within organic growth the company
successfully extends existing contracts,
adds additional retail space in existing
locations and wins new concessions
contributing to the increase of its global
footprint.
– We continue to focus on M&A as it offers
the opportunity for strategic add-on
acquisitions in travel retail and F&B as well
as for accessing new and adjacent travel
related markets.
– M&A often allows to leverage an existing
local organization thus increasing
profitability.
9/18
ESG Report 2023 Annex
ESG Report 2023 Annex
Information on employees and other workers
(using GRI coding)
2-7 Employees
Employees by employment contract and gender (HC)
Female
Permanent
Fixed-term
Non-guaranteed hours
Male
Permanent
Fixed-term
Non-guaranteed hours
Other / Not disclosed
Permanent
Fixed-term
Non-guaranteed hours
Total
Employees by employment type and gender (HC)
Female
Full-time
Part-time
Male
Full-time
Part-time
Other / Not disclosed
Full-time
Part-time
Total
HQ
63
61
2
0
85
84
1
0
n/a
n/a
n/a
n/a
148
HQ
63
45
18
85
82
3
n/a
n/a
n/a
148
EMEA
North America
LATAM
APAC
Total
19,704
19,806
3,988
2,671
46,232
19,709
3,632
16,551
3,017
136
97
0
12,675
11,826
10,551
2,052
72
n/a
n/a
n/a
n/a
11,806
20
0
105
105
0
0
356
0
2,574
2,337
237
0
n/a
n/a
n/a
n/a
1,146
1,286
239
41,099
4,758
375
3,465
30,625
899
2,423
143
n/a
n/a
n/a
n/a
25,677
4,733
215
105
105
0
0
32,379
31,737
6,562
6,136
76,962
EMEA
North America
LATAM
APAC
Total
19,704
19,806
3,988
2,671
46,232
9,895
9,809
17,248
2,558
3,696
292
2,229
442
33,113
13,119
12,675
11,826
2,574
3,465
30,625
8,579
4,096
n/a
n/a
n/a
10,638
1,188
105
79
26
2,515
59
n/a
n/a
n/a
3,067
398
n/a
n/a
n/a
24,881
5,744
105
79
26
32,379
31,737
6,562
6,136
76,962
* The data considers only the following EMEA F&B operations: Austria, Belgium, Denmark, France, Greece, Italy,
Netherlands, Slovenia, Sweden and Türkiye
2-30 Collective bargaining agreements
Employees covered by collective bargaining (%)
HQ
EMEA
North America
LATAM
Percentage of employees covered by collective
100 %
66 %
55 %
65 %
bargaining agreements
APAC
23 %
Total
58 %
202-2 Proportion of senior management hired from
the local community
Full-time senior managers active at 31/12 (%)
HQ
EMEA
North America
LATAM
Percentage of senior managers from local
26 %
84 %
n/a
77 %
communities
APAC
94 %
Total
40 %
204-1 Proportion of spending on local suppliers
In 2023 Avolta’s spent on local suppliers for its retail business amounted to around
30 % of global retail COGS.
306-3/4/5 Waste generated, waste diverted from
disposal, and waste directed to disposal
Waste recovered/diverted from disposal (by recovery operation)
and directed to disposal (by disposal operation) (t)*
Waste generated
Of which recovered (Preparation for reuse /
Recycling / Other operation)
Of which disposed
– Landfill
– Incenerator – with energy recover
– Incenerator – without energy recover
– Other disposal methods
Hazardous
Non-Hazardous
Total
14.4
9.5
4.9
0
1.5
3.2
0.2
21,393.2
6,955.5
14,437.8
5,829.0
2,904.4
4,960.7
743.6
21,407.6
6,965.1
14,442.7
5,829.0
2,905.9
4,963.8
743.9
2-8 Workers who are not employees
Workers who are not employees by gender (HC)
Female
Male
Other / Not disclosed
Total
10/18
HQ
4
2
n/a
6
EMEA
North America
LATAM
APAC
1,757
1,360
n/a
3,117
n/a
n/a
n/a
n/a
254
257
n/a
511
112
86
n/a
198
Total
2,127
1,705
n/a
3,832
11/18
ESG Report 2023 Annex
ESG Report 2023 Annex
Information on employees and other workers
2-30 Collective bargaining agreements
Employees by employment contract and gender (HC)
EMEA
North America
LATAM
APAC
Total
19,704
19,806
3,988
2,671
46,232
19,709
3,632
202-2 Proportion of senior management hired from
the local community
12,675
11,826
3,465
30,625
Full-time senior managers active at 31/12 (%)
HQ
EMEA
North America
LATAM
Percentage of senior managers from local
communities
26 %
84 %
n/a
77 %
APAC
94 %
Total
40 %
Employees covered by collective bargaining (%)
HQ
EMEA
North America
LATAM
Percentage of employees covered by collective
bargaining agreements
100 %
66 %
55 %
65 %
APAC
23 %
Total
58 %
204-1 Proportion of spending on local suppliers
In 2023 Avolta’s spent on local suppliers for its retail business amounted to around
30 % of global retail COGS.
Employees by employment type and gender (HC)
EMEA
North America
LATAM
APAC
Total
19,704
19,806
3,988
2,671
46,232
306-3/4/5 Waste generated, waste diverted from
disposal, and waste directed to disposal
Waste recovered/diverted from disposal (by recovery operation)
and directed to disposal (by disposal operation) (t)*
Waste generated
Of which recovered (Preparation for reuse /
Recycling / Other operation)
Of which disposed
– Landfill
– Incenerator – with energy recover
– Incenerator – without energy recover
– Other disposal methods
Hazardous
Non-Hazardous
Total
14.4
9.5
4.9
0
1.5
3.2
0.2
21,393.2
6,955.5
14,437.8
5,829.0
2,904.4
4,960.7
743.6
21,407.6
6,965.1
14,442.7
5,829.0
2,905.9
4,963.8
743.9
32,379
31,737
6,562
6,136
76,962
* The data considers only the following EMEA F&B operations: Austria, Belgium, Denmark, France, Greece, Italy,
Netherlands, Slovenia, Sweden and Türkiye
2-8 Workers who are not employees
Workers who are not employees by gender (HC)
HQ
EMEA
North America
LATAM
APAC
HQ
63
61
2
0
85
84
1
0
n/a
n/a
n/a
n/a
148
HQ
63
45
18
85
82
3
n/a
n/a
n/a
148
4
2
6
n/a
32,379
31,737
6,562
6,136
76,962
16,551
3,017
136
10,551
2,052
72
n/a
n/a
n/a
n/a
9,895
9,809
8,579
4,096
n/a
n/a
n/a
1,757
1,360
n/a
3,117
11,806
97
0
20
0
105
105
0
0
17,248
2,558
10,638
1,188
105
79
26
356
0
2,574
2,337
237
0
n/a
n/a
n/a
n/a
3,696
292
2,515
59
n/a
n/a
n/a
1,146
1,286
239
899
2,423
143
n/a
n/a
n/a
n/a
2,229
442
3,067
398
n/a
n/a
n/a
n/a
n/a
n/a
n/a
254
257
n/a
511
112
86
n/a
198
41,099
4,758
375
25,677
4,733
215
105
105
0
0
33,113
13,119
24,881
5,744
105
79
26
Total
2,127
1,705
n/a
3,832
12,675
11,826
2,574
3,465
30,625
11/18
(using GRI coding)
2-7 Employees
Non-guaranteed hours
Female
Permanent
Fixed-term
Male
Permanent
Fixed-term
Non-guaranteed hours
Other / Not disclosed
Permanent
Fixed-term
Non-guaranteed hours
Other / Not disclosed
Total
Female
Full-time
Part-time
Male
Full-time
Part-time
Full-time
Part-time
Total
Female
Male
Total
10/18
Other / Not disclosed
ESG Report 2023 Annex
ESG Report 2023 Annex
401-1 New employee hires and employee turnover
Note that Avolta mainly operates in airports that have a very marked seasonal pattern
and traffic, especially in the Europe, Africa & Middle East and Latin America regions.
Over the summer season – from April until October – these airports concentrate over
80 % of the annual traffic. Staff is hence reinforced over each summer period.
Wherever possible, Avolta employs the same staff year after year. However, these
seasonal employment contracts are accounted as new hires in the table below and
therefore also impact the turnover figures.
Employees who left by age and gender (HC)
EMEA
North America
LATAM
APAC
Total
EMEA
North America
LATAM
10,787
16,979
6,381
3,308
1,098
10,674
5,013
1,292
8,191
10,363
5,442
2,164
585
n/a
n/a
n/a
n/a
6,054
3,352
957
174
105
59
10
1,248
765
442
50
862
563
257
42
n/a
n/a
n/a
n/a
APAC
1,538
1,076
405
57
2,225
983
1,219
23
n/a
n/a
n/a
n/a
Total
30,569
18,893
9,178
2,498
21,650
13,042
6,997
1,611
174
105
59
10
18,978
27,516
2,110
3,763
52,393
Outgoing turnover by age and gender (%)
EMEA
North America
LATAM
49 %
82 %
16,697
25,722
1,300
2,833
46,577
Female
<30
30 – 50
>50
Male
<30
30 – 50
>50
<30
30 – 50
>50
Total
Female
<30
30 – 50
>50
Male
<30
30 – 50
>50
<30
30 – 50
>50
Total
Other / Non disclosed
Other / Non disclosed
724
400
294
30
576
298
246
32
n/a
n/a
n/a
n/a
18 %
31 %
13 %
6 %
22 %
37 %
17 %
11 %
n/a
n/a
n/a
n/a
1,110
755
290
65
1,723
1,335
361
27
n/a
n/a
n/a
n/a
APAC
42 %
50 %
29 %
40 %
50 %
61 %
31 %
29 %
n/a
n/a
n/a
n/a
9,699
16,180
6,998
9,419
5,393
3,169
1,137
4,460
1,871
667
n/a
n/a
n/a
n/a
109 %
32 %
23 %
114 %
31 %
25 %
n/a
n/a
n/a
n/a
9,993
4,811
1,376
5,270
3,088
1,061
123
84
32
7
148 %
61 %
27 %
125 %
67 %
35 %
117 %
179 %
62 %
117 %
81 %
7 %
55 %
80 %
HQ
19
4
13
2
6
1
3
2
n/a
n/a
n/a
n/a
25
HQ
30 %
100 %
33 %
10 %
100 %
5 %
8 %
n/a
n/a
n/a
n/a
HQ
12
27,732
16,545
8,577
2,610
18,722
11,364
5,569
1,789
123
84
32
7
Total
60 %
114 %
41 %
24 %
61 %
102 %
42 %
29 %
117 %
179 %
62 %
117 %
61 %
Total
8
13/18
Total
66 %
130 %
44 %
23 %
71 %
117 %
52 %
26 %
166 %
223 %
113 %
167 %
68 %
17 %
52 %
20 %
46 %
402-1 Minimum notice periods regarding operational changes
Minimum number of weeks (n)
EMEA
North America
LATAM
APAC
Minimum number of weeks to provide notice
5
13
3
4
for operational changes
55 %
86 %
128 %
33 %
23 %
158 %
64 %
25 %
65 %
88 %
APAC
58 %
71 %
41 %
35 %
64 %
45 %
105 %
25 %
n/a
n/a
n/a
n/a
31 %
59 %
20 %
10 %
33 %
70 %
18 %
14 %
n/a
n/a
n/a
n/a
144 %
73 %
32 %
166 %
223 %
113 %
167 %
87 %
139 %
36 %
22 %
n/a
n/a
n/a
n/a
EMEA
North America
LATAM
32 %
61 %
HQ
17
6
10
1
9
0
5
4
n/a
n/a
n/a
n/a
26
HQ
27 %
150 %
26 %
5 %
11 %
0 %
9 %
15 %
n/a
n/a
n/a
n/a
18 %
59 %
New hires by age and gender (HC)
Female
<30
30 – 50
>50
Male
<30
30 – 50
>50
Other / Non disclosed
<30
30 – 50
>50
Total
Ingoing turnover by age and gender (%)
Female
<30
30 – 50
>50
Male
<30
30 – 50
>50
Other / Non disclosed
<30
30 – 50
>50
Total
12/18
ESG Report 2023 Annex
ESG Report 2023 Annex
Employees who left by age and gender (HC)
Female
<30
30 – 50
>50
Male
<30
30 – 50
>50
Other / Non disclosed
<30
30 – 50
>50
Total
Outgoing turnover by age and gender (%)
Female
<30
30 – 50
>50
Male
<30
30 – 50
>50
Other / Non disclosed
<30
30 – 50
>50
Total
401-1 New employee hires and employee turnover
Note that Avolta mainly operates in airports that have a very marked seasonal pattern
and traffic, especially in the Europe, Africa & Middle East and Latin America regions.
Over the summer season – from April until October – these airports concentrate over
80 % of the annual traffic. Staff is hence reinforced over each summer period.
Wherever possible, Avolta employs the same staff year after year. However, these
seasonal employment contracts are accounted as new hires in the table below and
therefore also impact the turnover figures.
New hires by age and gender (HC)
EMEA
North America
LATAM
Ingoing turnover by age and gender (%)
EMEA
North America
LATAM
18,978
27,516
2,110
3,763
52,393
HQ
17
6
10
1
9
0
5
4
n/a
n/a
n/a
n/a
26
HQ
27 %
150 %
26 %
5 %
11 %
0 %
9 %
15 %
n/a
n/a
n/a
n/a
6,381
3,308
1,098
5,442
2,164
585
n/a
n/a
n/a
n/a
128 %
33 %
23 %
139 %
36 %
22 %
n/a
n/a
n/a
n/a
10,787
16,979
8,191
10,363
55 %
86 %
65 %
88 %
10,674
5,013
1,292
6,054
3,352
957
174
105
59
10
158 %
64 %
25 %
144 %
73 %
32 %
166 %
223 %
113 %
167 %
87 %
1,248
765
442
50
862
563
257
42
n/a
n/a
n/a
n/a
31 %
59 %
20 %
10 %
33 %
70 %
18 %
14 %
n/a
n/a
n/a
n/a
APAC
1,538
1,076
405
57
2,225
983
1,219
23
n/a
n/a
n/a
n/a
APAC
58 %
71 %
41 %
35 %
64 %
45 %
105 %
25 %
n/a
n/a
n/a
n/a
Total
30,569
18,893
9,178
2,498
21,650
13,042
6,997
1,611
174
105
59
10
Total
66 %
130 %
44 %
23 %
71 %
117 %
52 %
26 %
166 %
223 %
113 %
167 %
68 %
18 %
59 %
32 %
61 %
Other / Non disclosed
Other / Non disclosed
Female
<30
30 – 50
>50
Male
<30
30 – 50
>50
<30
30 – 50
>50
Total
Female
<30
30 – 50
>50
Male
<30
30 – 50
>50
<30
30 – 50
>50
Total
12/18
EMEA
North America
LATAM
APAC
Total
9,699
16,180
5,393
3,169
1,137
9,993
4,811
1,376
6,998
9,419
4,460
1,871
667
n/a
n/a
n/a
n/a
5,270
3,088
1,061
123
84
32
7
724
400
294
30
576
298
246
32
n/a
n/a
n/a
n/a
1,110
755
290
65
1,723
1,335
361
27
n/a
n/a
n/a
n/a
27,732
16,545
8,577
2,610
18,722
11,364
5,569
1,789
123
84
32
7
16,697
25,722
1,300
2,833
46,577
EMEA
North America
LATAM
HQ
19
4
13
2
6
1
3
2
n/a
n/a
n/a
n/a
25
HQ
30 %
49 %
82 %
100 %
33 %
10 %
109 %
32 %
23 %
148 %
61 %
27 %
7 %
55 %
80 %
100 %
5 %
8 %
n/a
n/a
n/a
n/a
114 %
31 %
25 %
n/a
n/a
n/a
n/a
17 %
52 %
125 %
67 %
35 %
117 %
179 %
62 %
117 %
81 %
APAC
42 %
50 %
29 %
40 %
50 %
61 %
31 %
29 %
n/a
n/a
n/a
n/a
18 %
31 %
13 %
6 %
22 %
37 %
17 %
11 %
n/a
n/a
n/a
n/a
20 %
46 %
Total
60 %
114 %
41 %
24 %
61 %
102 %
42 %
29 %
117 %
179 %
62 %
117 %
61 %
Total
8
13/18
402-1 Minimum notice periods regarding operational changes
Minimum number of weeks (n)
Minimum number of weeks to provide notice
for operational changes
HQ
12
EMEA
North America
LATAM
APAC
5
13
3
4
ESG Report 2023 Annex
ESG Report 2023 Annex
403-8 Workers covered by an occupational health
and safety management system
Employees covered by an occupational H&S management
system (HC)
Employees covered by an occupational H&S
system
Employees covered by an occupational H&S
system, that has been internally audited
Employees covered by an occupational H&S
system, that has been audited or certified by an
external party (e.g. ISO 45001)
HQ
148
0
0
EMEA
North America*
LATAM
29,500
31,737
4,601
APAC
1,212
Total
35,461
15,327
4,721
0
0
2,319
2,313
1,368
19,014
132
7,166
Total number of employees
148
32,379
31,737
6,562
6,136
76,962
Employees covered by an occupational H&S management
system (%)
Employees covered by an occupational H&S
system
Employees covered by an occupational H&S
system, that has been internally audited
Employees covered by an occupational H&S
system, that has been audited or certified by an
external party (e.g. ISO 45001)
100 %
0 %
0 %
91 %
47 %
15 %
100 %
0 %
0 %
70 %
35 %
35 %
20 %
22 %
2 %
46 %
25 %
9 %
*For North America, data refers to employees covered by the Workers’ Compensation Policy.
403-9 Work-related injuries
Injuries of employees by type of incident (n)
Work related injuries
– of which high-consequence work-related
injuries (excluding fatalities)
Main types of work-related injury
Fatalities
Hours worked
HQ
0
0
0
EMEA
North America
LATAM
APAC
Total
960
12
1,452
9
93
0
53
10
2,558
31
Bruises and contusions, sprains and strains, cuts and wounds , burnings,
and to a minor extent fractures
0
0
0
0
0
Female
Director / Management
265,715
45,240,353
40,296,400
11,303,149
11,518,082
108,623,698
405-1 Diversity of governance bodies and employees
Employees by associate category, age and gender (HC)
EMEA
North America
LATAM
19,704
19,806
3,988
Rate of fatalities as a result of work-related injury
Rate of high-consequence work-related injuries
Rate of recordable work-related injury
0
0
0
0
0.27
21.22
0
0.22
36.03
0
0
8.23
0
0.87
4.60
0
0.29
23.55
404-1 Average hours of training per year per employee
Average training hours by gender and associate category (n)
Female
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
14/18
HQ
n/a
n/a
n/a
n/a
n/a
EMEA
North America
LATAM
APAC
Total
7
5
4
22
7
33
3
3
31
34
17
9
7
21
18
10
7
4
13
10
19
5
5
27
20
Average training hours by gender and associate category (n)
EMEA
North America
LATAM
APAC
Total
Male
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Other/Not disclosed
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Total
Training hours by type (n)
Operative skills
Managerial skills
Technical skills
Health & Safety and Quality
Compliance
Other
Total
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
EMEA
North America
LATAM
APAC
Total
67,184
35,490
51,321
50,714
16,549
21,659
944,402
42,934
12,490
1,067,009
73,052
21,721
15,087
2,343
6,285
17,947
4,928
4,068
0
25,584
4,455
7,239
10,005
11,321
4,050
119,282
98,229
80,734
34,281
50,293
242,916
1,056,605
100,745
49,560
1,449,827
HQ
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
HQ
n/a
n/a
n/a
n/a
n/a
n/a
n/a
HQ
63
26
0
20
6
37
4
19
14
0
0
0
0
0
0
0
0
8
3
3
24
6
n/a
n/a
n/a
n/a
n/a
8
302
17
210
75
964
174
579
211
1,021
97
664
260
17,417
4,678
8,428
4,311
34
2
3
35
35
n/a
n/a
n/a
n/a
n/a
33
228
7
113
108
130
9
70
51
1,988
479
1,127
382
17,460
6,272
6,541
4,647
13
10
5
17
14
n/a
n/a
n/a
n/a
n/a
15
92
2
57
33
329
60
204
65
152
28
93
31
3,415
1,196
1,867
352
7
3
3
10
7
n/a
n/a
n/a
n/a
n/a
8
APAC
2,671
63
2
45
16
213
78
124
11
101
19
70
12
2,294
1,415
755
124
18
3
4
28
18
n/a
n/a
n/a
n/a
n/a
19
Total
46,232
711
28
445
238
1,673
325
996
352
3,262
623
1,954
685
40,586
13,561
17,591
9,434
15/18
ESG Report 2023 Annex
ESG Report 2023 Annex
system (HC)
system
system (%)
system
403-8 Workers covered by an occupational health
and safety management system
Employees covered by an occupational H&S management
EMEA
North America*
LATAM
Employees covered by an occupational H&S
29,500
31,737
4,601
APAC
1,212
Total
35,461
Employees covered by an occupational H&S
system, that has been internally audited
Employees covered by an occupational H&S
system, that has been audited or certified by an
external party (e.g. ISO 45001)
15,327
4,721
0
0
2,319
2,313
1,368
19,014
132
7,166
Total number of employees
148
32,379
31,737
6,562
6,136
76,962
Employees covered by an occupational H&S management
Employees covered by an occupational H&S
100 %
Employees covered by an occupational H&S
system, that has been internally audited
Employees covered by an occupational H&S
system, that has been audited or certified by an
external party (e.g. ISO 45001)
*For North America, data refers to employees covered by the Workers’ Compensation Policy.
91 %
47 %
15 %
100 %
0 %
0 %
70 %
35 %
35 %
20 %
22 %
2 %
46 %
25 %
9 %
403-9 Work-related injuries
Work related injuries
– of which high-consequence work-related
injuries (excluding fatalities)
Fatalities
Hours worked
Rate of fatalities as a result of work-related injury
Rate of high-consequence work-related injuries
Rate of recordable work-related injury
Female
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
14/18
960
12
0
0
0.27
21.22
7
5
4
22
7
1,452
9
0
0
0.22
36.03
33
3
3
31
34
93
0
0
0
0
8.23
17
9
7
21
18
53
10
2,558
31
0
0
0.87
4.60
10
7
4
13
10
0
0
0.29
23.55
19
5
5
27
20
404-1 Average hours of training per year per employee
Average training hours by gender and associate category (n)
EMEA
North America
LATAM
APAC
Total
HQ
148
0
0
0 %
0 %
HQ
0
0
0
0
0
0
HQ
n/a
n/a
n/a
n/a
n/a
Average training hours by gender and associate category (n)
Male
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Other/Not disclosed
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Total
Training hours by type (n)
Operative skills
Managerial skills
Technical skills
Health & Safety and Quality
Compliance
Other
Total
HQ
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
HQ
n/a
n/a
n/a
n/a
n/a
n/a
n/a
EMEA
North America
LATAM
APAC
Total
8
3
3
24
6
n/a
n/a
n/a
n/a
n/a
8
34
2
3
35
35
n/a
n/a
n/a
n/a
n/a
33
13
10
5
17
14
n/a
n/a
n/a
n/a
n/a
15
7
3
3
10
7
n/a
n/a
n/a
n/a
n/a
8
18
3
4
28
18
n/a
n/a
n/a
n/a
n/a
19
EMEA
North America
LATAM
APAC
Total
67,184
35,490
51,321
50,714
16,549
21,659
944,402
42,934
12,490
1,067,009
73,052
21,721
15,087
2,343
6,285
17,947
4,928
4,068
0
25,584
4,455
7,239
10,005
11,321
4,050
119,282
98,229
80,734
34,281
50,293
242,916
1,056,605
100,745
49,560
1,449,827
Injuries of employees by type of incident (n)
EMEA
North America
LATAM
APAC
Total
405-1 Diversity of governance bodies and employees
Employees by associate category, age and gender (HC)
Main types of work-related injury
Bruises and contusions, sprains and strains, cuts and wounds , burnings,
Female
and to a minor extent fractures
Director / Management
265,715
45,240,353
40,296,400
11,303,149
11,518,082
108,623,698
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
HQ
63
26
0
20
6
37
4
19
14
0
0
0
0
0
0
0
0
EMEA
North America
LATAM
19,704
19,806
3,988
302
17
210
75
964
174
579
211
1,021
97
664
260
17,417
4,678
8,428
4,311
228
7
113
108
130
9
70
51
1,988
479
1,127
382
17,460
6,272
6,541
4,647
92
2
57
33
329
60
204
65
152
28
93
31
3,415
1,196
1,867
352
APAC
2,671
63
2
45
16
213
78
124
11
101
19
70
12
2,294
1,415
755
124
Total
46,232
711
28
445
238
1,673
325
996
352
3,262
623
1,954
685
40,586
13,561
17,591
9,434
15/18
ESG Report 2023 Annex
ESG Report 2023 Annex
405-1 Diversity of governance bodies and employee
Employees with disability by employee category,
age and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Employees by associate category, age and gender (HC)
Male
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Other/Non disclosed
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
HQ
85
66
0
44
22
19
1
14
4
0
0
0
0
0
0
0
0
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
EMEA
North America
LATAM
12,675
11,826
376
4
216
156
639
116
371
152
1,021
100
648
273
10,639
3,703
4,845
2,091
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
241
6
119
116
69
9
37
23
1,475
284
798
393
10,041
3,912
3,647
2,482
105
0
0
0
0
14
0
14
0
1
1
0
0
90
46
38
6
2,574
107
2
56
49
395
83
233
79
153
24
114
15
1,919
700
1,059
160
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
APAC
3,465
90
0
64
26
206
69
126
11
250
33
196
21
2,919
2,104
780
35
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Total
30,625
880
12
499
369
1,328
278
781
269
2,899
441
1,756
702
25,518
10,419
10,331
4,768
105
0
0
0
0
14
0
14
0
1
1
0
0
90
46
38
6
Total
148
32,379
31,737
6,562
6,136
76,962
16/18
Female
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Male
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Other/Non disclosed
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Total
0
0
0
0
0
0
0
0
0
0
n/a
n/a
n/a
n/a
n/a
0
295
0
12
8
275
224
1
8
7
208
n/a
n/a
n/a
n/a
n/a
519
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
33
0
4
0
29
40
0
10
0
30
n/a
n/a
n/a
n/a
n/a
73
3
0
0
0
3
2
0
0
0
2
n/a
n/a
n/a
n/a
n/a
5
407-1 Operations and suppliers in which the right to
freedom of association and collective bargaining
may be at risk
Avolta is unaware of any operations and significant suppliers identified in which the
right to exercise freedom of association and collective bargaining may be at risk.
As a participant of the UN Global Compact, Avolta endorses the concept and right to
exercise freedom of association. Moreover, and as stipulated in Avolta´s Supplier Code
of Conduct, Avolta suppliers shall not supply any products or services to Avolta that have
been manufactured, assembled, or packaged in violation of internationally-accepted
human rights standards and applicable laws and regulations in relation to labor and
working conditions, and more specifically, in respect of the rights of employees to form
and join trade unions and bargain collectively in accordance with applicable law.
410-1 Security personnel trained in human rights
policies or procedures
Avolta does not employ in-house security personnel of its own. This is largely due to the
fact that its retail stores and F&B operations are overwhelmingly located in airports,
railway stations, motorways and on cruise ships (98 % of 2023 global sales), where secu-
rity is already strict and generally provided by e.g. the airport authority or cruise line
itself. Where security personnel are required and contracted, Avolta expects its secu-
rity service contractors to act in a manner consistent with local and national laws as well
as with applicable human rights standards. Avolta outsources this service to trustworthy
providers, regulated by local governments and with a reputable track-record of services,
including the respect for human rights. We have not recorded for the period any case
of human rights or any other type of abuse by the security personnel hired by Avolta.
331
0
16
8
307
266
1
18
7
240
n/a
n/a
n/a
n/a
n/a
597
17/18
ESG Report 2023 Annex
ESG Report 2023 Annex
405-1 Diversity of governance bodies and employee
Employees by associate category, age and gender (HC)
EMEA
North America
LATAM
12,675
11,826
HQ
85
66
0
44
22
19
1
14
4
0
0
0
0
0
0
0
0
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
376
4
216
156
639
116
371
152
1,021
100
648
273
10,639
3,703
4,845
2,091
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
241
6
119
116
69
9
37
23
1,475
284
798
393
10,041
3,912
3,647
2,482
105
0
0
0
0
14
0
14
0
1
1
0
0
90
46
38
6
2,574
107
2
56
49
395
83
233
79
153
24
114
15
1,919
700
1,059
160
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
APAC
3,465
90
0
64
26
206
69
126
11
250
33
196
21
2,919
2,104
780
35
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Total
30,625
880
12
499
369
1,328
278
781
269
2,899
441
1,756
702
25,518
10,419
10,331
4,768
105
0
0
0
0
14
0
14
0
1
1
0
0
90
46
38
6
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
<30
30 – 50
>50
Total
148
32,379
31,737
6,562
6,136
76,962
Male
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Other/Non disclosed
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
16/18
Employees with disability by employee category,
age and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Male
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Other/Non disclosed
Director / Management
Admin & Professionals
Sales & Ops Managers
Sales & Ops Staff
Total
0
0
0
0
0
0
0
0
0
0
n/a
n/a
n/a
n/a
n/a
0
295
0
12
8
275
224
1
8
7
208
n/a
n/a
n/a
n/a
n/a
519
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
33
0
4
0
29
40
0
10
0
30
n/a
n/a
n/a
n/a
n/a
73
3
0
0
0
3
2
0
0
0
2
n/a
n/a
n/a
n/a
n/a
5
407-1 Operations and suppliers in which the right to
freedom of association and collective bargaining
may be at risk
Avolta is unaware of any operations and significant suppliers identified in which the
right to exercise freedom of association and collective bargaining may be at risk.
As a participant of the UN Global Compact, Avolta endorses the concept and right to
exercise freedom of association. Moreover, and as stipulated in Avolta´s Supplier Code
of Conduct, Avolta suppliers shall not supply any products or services to Avolta that have
been manufactured, assembled, or packaged in violation of internationally-accepted
human rights standards and applicable laws and regulations in relation to labor and
working conditions, and more specifically, in respect of the rights of employees to form
and join trade unions and bargain collectively in accordance with applicable law.
410-1 Security personnel trained in human rights
policies or procedures
Avolta does not employ in-house security personnel of its own. This is largely due to the
fact that its retail stores and F&B operations are overwhelmingly located in airports,
railway stations, motorways and on cruise ships (98 % of 2023 global sales), where secu-
rity is already strict and generally provided by e.g. the airport authority or cruise line
itself. Where security personnel are required and contracted, Avolta expects its secu-
rity service contractors to act in a manner consistent with local and national laws as well
as with applicable human rights standards. Avolta outsources this service to trustworthy
providers, regulated by local governments and with a reputable track-record of services,
including the respect for human rights. We have not recorded for the period any case
of human rights or any other type of abuse by the security personnel hired by Avolta.
331
0
16
8
307
266
1
18
7
240
n/a
n/a
n/a
n/a
n/a
597
17/18
ESG Report 2023 Annex
415-1 Public Policy
For Avolta it is important to engage in discussions with various stakeholders – from
policymakers, legislators and regulators to representatives of the business community
and society – to understand relevant issues and to help find constructive solutions to
current challenges.
When it comes to political and charitable contributions, as established in the Avolta
Code of Conduct, Avolta requires strict adherence to applicable laws and disclosure
requirements in relation to political and charitable contributions and sponsorships. A
donation should be avoided where it would create the impression that it is made in
exchange for a business advantage for Avolta.
Avolta does not make direct or indirect contributions to political causes that can
present corruption risks, because they can be used to exert undue influence on the
political process.
416-1 Assessment of the health and safety impacts of
product and service categories
We are committed to ensuring that every product and meal we sell is safe. Our
procurement teams focus on preventing issues occurring by sourcing products from
a reliable supply base.
Some of the products that Avolta sells are heavily regulated – especially alcohol and
tobacco but also beauty, as well as food and beverages. Avolta complies with all regu-
lations and rules related to the products sold in the countries where it operates.
416-2 Incidents of non-compliance concerning H&S impacts
of products and services
Incidents of non-compliance (n)*
Incidents of non-compliance with regulations resulting in a fine or penalty
Incidents of non-compliance with regulations resulting in a warning
Incidents of non-compliance with voluntary codes
Total
31/12/2023
15
9
7
31
* The incidents of non-compliance regarding the health and safety impacts of products and services reported in 2023 mainly concern minor accidents,
all of which have been carefully handled by the associate in charge of Quality, Health and Safety Management to tighten the company’s standards.
18/18
t
n
e
t
n
o
C
I
R
G
3
2
0
2
x
e
d
n
I
ESG Report 2023 Annex
415-1 Public Policy
For Avolta it is important to engage in discussions with various stakeholders – from
policymakers, legislators and regulators to representatives of the business community
and society – to understand relevant issues and to help find constructive solutions to
current challenges.
When it comes to political and charitable contributions, as established in the Avolta
Code of Conduct, Avolta requires strict adherence to applicable laws and disclosure
requirements in relation to political and charitable contributions and sponsorships. A
donation should be avoided where it would create the impression that it is made in
exchange for a business advantage for Avolta.
Avolta does not make direct or indirect contributions to political causes that can
present corruption risks, because they can be used to exert undue influence on the
political process.
416-1 Assessment of the health and safety impacts of
product and service categories
We are committed to ensuring that every product and meal we sell is safe. Our
procurement teams focus on preventing issues occurring by sourcing products from
a reliable supply base.
Some of the products that Avolta sells are heavily regulated – especially alcohol and
tobacco but also beauty, as well as food and beverages. Avolta complies with all regu-
lations and rules related to the products sold in the countries where it operates.
416-2 Incidents of non-compliance concerning H&S impacts
of products and services
Incidents of non-compliance (n)*
Incidents of non-compliance with regulations resulting in a fine or penalty
Incidents of non-compliance with regulations resulting in a warning
Incidents of non-compliance with voluntary codes
31/12/2023
15
9
7
31
* The incidents of non-compliance regarding the health and safety impacts of products and services reported in 2023 mainly concern minor accidents,
all of which have been carefully handled by the associate in charge of Quality, Health and Safety Management to tighten the company’s standards.
Total
18/18
t
n
e
t
n
o
C
I
R
G
3
2
0
2
x
e
d
n
I
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content
Index 2023
Page indications in this Index refer to the 2023 Avolta Annual Report unless otherwise noted.
Avolta’s 2023 ESG Report applies Global Reporting Initiative (GRI) Universal Standards: 2016*, 2018* and
2021* which refer to the Standards’ issue date, not the date of the information presented in this report.
Statement of use
Avolta has reported “in accordance with GRI Standards” for the period from 1 January 2023 to
31 December 2023.
GRI 1 used
GRI 1: Foundation 2021
Applicable GRI Sector
Standard(s)
N/A: The GRI Sector Standards for the F&B and retail industries have not yet been published.
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
Requirement(s)
Omitted
Reason
Explanation
GRI Sector
Standard
Ref. No.
General Disclosures
GRI 2:
General
Disclosures
2021
2-1 Organizational
details
2-2 Entities included in
the organization’s
sustainability reporting
2-3 Reporting period,
frequency and contact
point
2-4 Restatements of
information
21; 24-27; 56-75; 280-285
266-267
Pg. 2 ESG Report 2023 Annex
7 March 2024
There are no restatements of
information in this report, since
2023 is the first reporting year
for Avolta
2-5 External assurance
No
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Reason
Explanation
Omission
Requirement(s)
Omitted
GRI Sector
Standard
Ref. No.
Avolta´s ESG Report, as well as
the ESG Report Annex, GRI
Index, and TCFD report are
revised and approved by the
111-113; 298-299
No critical issues raised.
298-299
Avolta´s Board is regularly
updated on new issues and
concerns that may have an
impact over the sustainable
development of the business.
296
BoD
293
311-331
311-331
311-331
2-15 Conflicts of
16.6
2-13 Delegation of
responsibility for
managing impacts
2-14 Role of the
highest governance
body in sustainability
reporting
interest
2-16 Communication
of critical concerns
2-17 Collective
knowledge of the
highest governance
body
2-18 Evaluation of the
performance of the
highest governance
body
policies
2-19 Remuneration
2-20 Process to
determine
remuneration
2-21 Annual total
compensation ratio
56-75; 101-102; 110-111
10.3
8.5
Pg. 10 ESG Report 2023 Annex
Pg. 10 ESG Report 2023 Annex
2-6 Activities, value
chain and other
business relationships
2-7 Employees
2-8 Workers who are
not employees
2-9 Governance
structure and
composition
2-10 Nomination and
selection of the highest
governance body
5.5;
16.7
287-299
279-309
2-11 Chair of the
highest governance
body
2-12 Role of the
highest governance
body in overseeing the
management of
impacts
16.6
287-291
5.5;
16.7
279-309; 296-297
2/9
3/9
Headquartered in Switzer-
land, Avolta operates in 73
countries with different
economic development
levels and with very varied
labor markets. The
compensation we offer is
based on regular market
analyses of the respective
positions as well as the
employee’s skill set and
performance. As far as
possible, we strive to
offer all our employees
comparable compensation
structures and monitor
compliance with minimum
standards. The ratio of the
annual compensation of the
highest-paid employee and
any median can vary greatly
depending on the market
spread between countries
and other external
influences, such as
exchange rates etc. For this
reason, we do not consider
the requested information
to be relevant to assessing
the fairness of our
compensation structures.
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content Index 2023
Avolta Annual Report 2023
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
Requirement(s)
Omitted
Reason
Explanation
GRI Sector
Standard
Ref. No.
296
Avolta´s ESG Report, as well as
the ESG Report Annex, GRI
Index, and TCFD report are
revised and approved by the
BoD
16.6
293
111-113; 298-299
No critical issues raised.
298-299
Avolta´s Board is regularly
updated on new issues and
concerns that may have an
impact over the sustainable
development of the business.
311-331
311-331
311-331
2-13 Delegation of
responsibility for
managing impacts
2-14 Role of the
highest governance
body in sustainability
reporting
2-15 Conflicts of
interest
2-16 Communication
of critical concerns
2-17 Collective
knowledge of the
highest governance
body
2-18 Evaluation of the
performance of the
highest governance
body
2-19 Remuneration
policies
2-20 Process to
determine
remuneration
2-21 Annual total
compensation ratio
Headquartered in Switzer-
land, Avolta operates in 73
countries with different
economic development
levels and with very varied
labor markets. The
compensation we offer is
based on regular market
analyses of the respective
positions as well as the
employee’s skill set and
performance. As far as
possible, we strive to
offer all our employees
comparable compensation
structures and monitor
compliance with minimum
standards. The ratio of the
annual compensation of the
highest-paid employee and
any median can vary greatly
depending on the market
spread between countries
and other external
influences, such as
exchange rates etc. For this
reason, we do not consider
the requested information
to be relevant to assessing
the fairness of our
compensation structures.
GRI Content
Index 2023
Page indications in this Index refer to the 2023 Avolta Annual Report unless otherwise noted.
Avolta’s 2023 ESG Report applies Global Reporting Initiative (GRI) Universal Standards: 2016*, 2018* and
2021* which refer to the Standards’ issue date, not the date of the information presented in this report.
Avolta has reported “in accordance with GRI Standards” for the period from 1 January 2023 to
Statement of use
GRI 1 used
Applicable GRI Sector
Standard(s)
31 December 2023.
GRI 1: Foundation 2021
N/A: The GRI Sector Standards for the F&B and retail industries have not yet been published.
Disclosure
SDG
Page Number and/or URL
Reason
Explanation
Omission
Requirement(s)
Omitted
GRI Sector
Standard
Ref. No.
General Disclosures
GRI Standard/
other source
GRI 2:
General
Disclosures
2021
2-1 Organizational
21; 24-27; 56-75; 280-285
266-267
Pg. 2 ESG Report 2023 Annex
7 March 2024
There are no restatements of
information in this report, since
2023 is the first reporting year
for Avolta
56-75; 101-102; 110-111
details
2-2 Entities included in
the organization’s
sustainability reporting
2-3 Reporting period,
frequency and contact
point
2-4 Restatements of
information
2-6 Activities, value
chain and other
business relationships
2-8 Workers who are
not employees
2-9 Governance
structure and
composition
2-5 External assurance
No
2-7 Employees
Pg. 10 ESG Report 2023 Annex
10.3
8.5
Pg. 10 ESG Report 2023 Annex
287-299
2-10 Nomination and
selection of the highest
5.5;
16.7
279-309
governance body
2-11 Chair of the
highest governance
body
2-12 Role of the
highest governance
body in overseeing the
5.5;
16.7
management of
impacts
16.6
287-291
279-309; 296-297
2/9
3/9
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content Index 2023
Avolta Annual Report 2023
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
Requirement(s)
Omitted
Reason
Explanation
GRI Sector
Standard
Ref. No.
Disclosure
SDG
Page Number and/or URL
Reason
Explanation
Omission
Requirement(s)
Omitted
GRI Sector
Standard
Ref. No.
2-22 Statement on
sustainable
development strategy
2-23 Policy
commitments
2-24 Embedding
policy commitments
2-25 Processes to
remediate negative
impacts
2-26 Mechanisms for
seeking advice and
raising concerns
2-27 Compliance with
laws and regulations
2-28 Membership
associations
2-29 Approach to
stakeholder
engagement
12-20, 98
ESG Strategy at:
www.avoltaworld.com
100; 108-109, 111-113; ESG
Strategy, Code of Conduct,
Supplier Code of Conduct, HR
Policy at: www.avoltaworld.com
111-113
ESG Strategy, Code of
Conduct, Supplier Code of
Conduct, HR Policy at:
www.avoltaworld.com
134-135
Code of Conduct and HR Policy
at: www.avoltaworld.com
In 2023 there were no
significant incidents of non-
compliance with laws and
regulations
110-111
101-102; 110-111
2-30 Collective
bargaining agreements
8.8
141; Pg. 14 ESG Report 2023
Annex
Material Topics
GRI 3:
Material
Topics 2021
3-1 Process to
determine material
topics
3-2 List of material
topics
Material matter: Water and Biodiversity
3-3 Management of
material topics
102
103
131
GRI 3:
Material
Topics 2021
GRI 303:
Water and
effluents
2018
4/9
303-1 Interactions
with water as a shared
resource
303-3 Water
withdrawals
6.4
131
131
The information is
unavailable/incomplete.
Avolta is committed to
improve its management
and monitoring practices
related to water, aiming at
collecting and providing
quantitative performance
indicators in future
reporting years.
5/9
GRI Standard/
other source
GRI 3:
Material
Topics 2021
GRI 202:
Market
Presence
2016
GRI 204:
2016
GRI 3:
Material
Topics 2021
Material matter: Supporting communities
3-3 Management of
material topics
142-148
202-2 Proportion of
senior management
hired from the local
community
8.5
Pg. 11 ESG Report 2023 Annex
204-1 Proportion of
8.3
Pg. 11 ESG Report 2023 Annex
Procurement
spending on local
Practices
suppliers
Material matter: Climate change, energy and emissions
3-3 Management of
material topics
GRI 302:
302-1 Energy
Energy 2016
consumption within
the organization
302-3 Energy intensity
123-127
125
7.2
7.3
8.4
12.2
13.1
12.4
13.1
14.3
15.2
(40.3 MWh/MCHF net sales).
For the retail sector only, the
energy intensity is calculated
over the total square meters of
commercial surface and
amounts to 283.2 kWh/m²
GRI 305:
Emissions
2016
305-1 Direct (Scope 1)
125
GHG emissions
305-2 Energy indirect
(Scope 2) GHG
emissions
305-3 Other indirect
(Scope 3) GHG
emissions
305-4 GHG emissions
Intensity
305-5 Reduction of
GHG emissions
125
125
125
125
Material matter: Waste and packaging
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
GRI 306:
306-1 Waste
Waste 2020
generation and
significant waste-
related impacts
306-2 Management
of significant waste-
related impacts
127-130
129
129-130
6.6
11.6
12.4
12.5
Pg. 11 ESG Report 2023 Annex
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content Index 2023
Avolta Annual Report 2023
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Reason
Explanation
Omission
Requirement(s)
Omitted
GRI Sector
Standard
Ref. No.
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
Requirement(s)
Omitted
Reason
Explanation
GRI Sector
Standard
Ref. No.
2-22 Statement on
sustainable
development strategy
2-23 Policy
commitments
2-24 Embedding
policy commitments
2-25 Processes to
remediate negative
impacts
2-26 Mechanisms for
seeking advice and
raising concerns
2-27 Compliance with
laws and regulations
2-28 Membership
associations
2-29 Approach to
stakeholder
engagement
12-20, 98
ESG Strategy at:
www.avoltaworld.com
100; 108-109, 111-113; ESG
Strategy, Code of Conduct,
Supplier Code of Conduct, HR
Policy at: www.avoltaworld.com
111-113
ESG Strategy, Code of
Conduct, Supplier Code of
Conduct, HR Policy at:
www.avoltaworld.com
134-135
Code of Conduct and HR Policy
at: www.avoltaworld.com
In 2023 there were no
significant incidents of non-
compliance with laws and
regulations
110-111
101-102; 110-111
2-30 Collective
8.8
141; Pg. 14 ESG Report 2023
bargaining agreements
Annex
Material Topics
GRI 3:
Material
3-1 Process to
determine material
Topics 2021
topics
3-2 List of material
topics
Material matter: Water and Biodiversity
3-3 Management of
material topics
303-1 Interactions
6.4
131
with water as a shared
resource
303-3 Water
withdrawals
102
103
131
131
GRI 3:
Material
Topics 2021
GRI 303:
Water and
effluents
2018
4/9
The information is
unavailable/incomplete.
Avolta is committed to
improve its management
and monitoring practices
related to water, aiming at
collecting and providing
quantitative performance
indicators in future
reporting years.
Material matter: Supporting communities
GRI 3:
Material
Topics 2021
GRI 202:
Market
Presence
2016
GRI 204:
Procurement
Practices
2016
3-3 Management of
material topics
142-148
202-2 Proportion of
senior management
hired from the local
community
204-1 Proportion of
spending on local
suppliers
8.5
Pg. 11 ESG Report 2023 Annex
8.3
Pg. 11 ESG Report 2023 Annex
Material matter: Climate change, energy and emissions
GRI 3:
Material
Topics 2021
GRI 302:
Energy 2016
3-3 Management of
material topics
302-1 Energy
consumption within
the organization
302-3 Energy intensity
GRI 305:
Emissions
2016
305-1 Direct (Scope 1)
GHG emissions
7.2
7.3
8.4
12.2
13.1
12.4
13.1
14.3
15.2
305-2 Energy indirect
(Scope 2) GHG
emissions
305-3 Other indirect
(Scope 3) GHG
emissions
305-4 GHG emissions
Intensity
305-5 Reduction of
GHG emissions
123-127
125
(40.3 MWh/MCHF net sales).
For the retail sector only, the
energy intensity is calculated
over the total square meters of
commercial surface and
amounts to 283.2 kWh/m²
125
125
125
125
125
Material matter: Waste and packaging
GRI 3:
Material
Topics 2021
GRI 306:
Waste 2020
3-3 Management of
material topics
127-130
6.6
11.6
12.4
12.5
306-1 Waste
generation and
significant waste-
related impacts
306-2 Management
of significant waste-
related impacts
129
Pg. 11 ESG Report 2023 Annex
129-130
5/9
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content Index 2023
Avolta Annual Report 2023
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
Requirement(s)
Omitted
Reason
Explanation
GRI Sector
Standard
Ref. No.
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Reason
Explanation
Omission
Requirement(s)
Omitted
GRI Sector
Standard
Ref. No.
306-3 Waste
generated
15.1
129
Pg. 11 ESG Report 2023 Annex
306-4 Waste diverted
from disposal
306-5 Waste directed
to disposal
129
Pg. 11 ESG Report 2023 Annex
129
Pg. 11 ESG Report 2023 Annex
Material matter: Supply chain management
3-3 Management of
material topics
308-1 New suppliers
that were screened
using environmental
criteria
414-1 New suppliers
that were screened
using social criteria
GRI 3:
Material
Topics 2021
GRI 308:
Supplier
Environ-
mental
Assess-
ment 2016
GRI 414:
Supplier
Social
Assess-
ment 2016
116-117
116-117
116-117
Material matter: Talent recruitment, engagement and retention
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
136-137
GRI 401:
Employment
2016
401-1 New employee
hires and employee
turnover
5.1
8.5
8.6
10.3
Material matter: Health and well-being
Pg. 12-13 ESG Report 2023
Annex
GRI 3:
Material
Topics 2021
GRI 403:
Occupational
Health and
Safety 2018
139-141
139-141
139-141
3.3
3.4
3.9
8.8
8.8
8.8
139-141
8.8
16.7
139-141
3-3 Management of
material topics
403-1 Occupational
health and safety
management system
403-2 Hazard
identification, risk
assessment, and
incident investigation
403-3 Occupational
health services
403-4 Worker
participation,
consultation, and
communication on
occupational health
and safety
3.3
3.5
3.7
3.8
8.8
4.3
4.4
4.5
5.1
8.2
8.5
10.3
Material matter: Health and well-being
GRI 403:
403-5 Worker training
8.8
139-141
Occupational
on occupational health
Health and
Safety 2018
and safety
403-6 Promotion of
worker health
139-141
403-7 Prevention and
139-141
mitigation of
occupational health
and safety impacts
directly linked by
business relationships
403-8 Workers
covered by an
occupational health
and safety
management system
403-9 Work-related
injuries
8.8
Pg. 14 ESG Report 2023 Annex
Data for workers who are not
employees is currently
unavailable.
3.6
3.9
8.8
16.1
Pg. 14 ESG Report 2023 Annex
Data for workers who are not
employees is currently
unavailable.
Material matter: Employee training and development
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
137-139
GRI 404:
404-1 Average hours
Training and
of training per year per
Education
employee
2016
Pg. 14-15 ESG Report 2023
Annex
Material matter: Diversity, Equity & Inclusion
3-3 Management of
material topics
133-135
405-1 Diversity of
governance bodies
and employees
5.1
5.5
8.5
Pg. 15-17 ESG Report 2023
Annex
GRI 3:
Material
Topics 2021
GRI 405:
Diversity
and Equal
Opportunity
2016
6/9
7/9
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content Index 2023
Avolta Annual Report 2023
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Reason
Explanation
Omission
Requirement(s)
Omitted
GRI Sector
Standard
Ref. No.
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
Requirement(s)
Omitted
Reason
Explanation
GRI Sector
Standard
Ref. No.
129
129
116-117
116-117
116-117
306-3 Waste
generated
306-4 Waste diverted
from disposal
306-5 Waste directed
to disposal
15.1
129
Pg. 11 ESG Report 2023 Annex
Pg. 11 ESG Report 2023 Annex
Pg. 11 ESG Report 2023 Annex
Material matter: Supply chain management
3-3 Management of
material topics
308-1 New suppliers
that were screened
using environmental
criteria
414-1 New suppliers
that were screened
using social criteria
GRI 3:
Material
Topics 2021
GRI 308:
Supplier
Environ-
mental
Assess-
ment 2016
GRI 414:
Supplier
Social
Assess-
ment 2016
GRI 3:
Material
Topics 2021
Material matter: Talent recruitment, engagement and retention
3-3 Management of
material topics
136-137
GRI 401:
401-1 New employee
Employment
hires and employee
2016
turnover
Pg. 12-13 ESG Report 2023
Annex
Material matter: Health and well-being
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
GRI 403:
403-1 Occupational
Occupational
health and safety
management system
Health and
Safety 2018
5.1
8.5
8.6
10.3
3.3
3.4
3.9
8.8
8.8
139-141
139-141
139-141
403-2 Hazard
identification, risk
assessment, and
incident investigation
health services
403-4 Worker
participation,
consultation, and
communication on
occupational health
and safety
403-3 Occupational
8.8
139-141
8.8
16.7
139-141
Material matter: Health and well-being
GRI 403:
Occupational
Health and
Safety 2018
403-5 Worker training
on occupational health
and safety
403-6 Promotion of
worker health
403-7 Prevention and
mitigation of
occupational health
and safety impacts
directly linked by
business relationships
403-8 Workers
covered by an
occupational health
and safety
management system
403-9 Work-related
injuries
8.8
139-141
3.3
3.5
3.7
3.8
8.8
8.8
3.6
3.9
8.8
16.1
139-141
139-141
Pg. 14 ESG Report 2023 Annex
Data for workers who are not
employees is currently
unavailable.
Pg. 14 ESG Report 2023 Annex
Data for workers who are not
employees is currently
unavailable.
Material matter: Employee training and development
GRI 3:
Material
Topics 2021
GRI 404:
Training and
Education
2016
3-3 Management of
material topics
137-139
Pg. 14-15 ESG Report 2023
Annex
404-1 Average hours
of training per year per
employee
4.3
4.4
4.5
5.1
8.2
8.5
10.3
Material matter: Diversity, Equity & Inclusion
3-3 Management of
material topics
133-135
405-1 Diversity of
governance bodies
and employees
5.1
5.5
8.5
Pg. 15-17 ESG Report 2023
Annex
GRI 3:
Material
Topics 2021
GRI 405:
Diversity
and Equal
Opportunity
2016
6/9
7/9
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content Index 2023
Avolta Annual Report 2023
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
Requirement(s)
Omitted
Reason
Explanation
GRI Sector
Standard
Ref. No.
Disclosure
SDG
Page Number and/or URL
Reason
Explanation
Omission
Requirement(s)
Omitted
GRI Sector
Standard
Ref. No.
GRI 406:
Non-discrim-
ination 2016
406-1 Incidents of
discrimination and
corrective actions
taken
5.1
8.8
In 2023, 118 complaints related
to incidents of discrimination
have been received through
formal reporting channels
and reviewed from the Group.
Among them, only 28 emerged
as confirmed incidents of
discrimination and for all of
them the Group has designed
the most appropriate
remediation plan. On the basis
of the severity of the reported
episode, different disciplinary
actions have been
implemented ranging from
verbal or written warning to
termination. The remediation
plan was still on-going at the
end of the year for 9 of them,
while for the remaining 19
cases the remediation plan was
completed.
Material matter: Human rights
GRI 3:
Material
Topics 2021
GRI 402:
Labor/
Management
Relations
2016
GRI 407:
Freedom of
Association
and
Collective
Bargaining
2016
3-3 Management of
material topics
141
8.8
Pg. 13 ESG Report 2023 Annex
8.8
Pg. 17 ESG Report 2023 Annex
402-1 Minimum notice
periods regarding
operational changes
407-1 Operations and
suppliers in which the
right to freedom of
association and
collective bargaining
may be at risk
Material matter: Product quality and safety
3-3 Management of
material topics
119-120
Pg. 18 ESG Report 2023 Annex
16.3
Pg. 18 ESG Report 2023 Annex
416-1 Assessment of
the health and safety
impacts of product and
service categories
416-2 Incidents of
non-compliance
concerning H&S
impacts of products
and services
GRI 3:
Material
Topics 2021
GRI 416:
Customer
Health and
Safety 2016
8/9
GRI Standard/
other source
GRI 3:
Material
Topics 2021
GRI 3:
Material
Topics 2021
GRI 410:
Security
Practices
2016
GRI 415:
2016
GRI 417:
Marketing
GRI 205:
Anti-
2016
GRI 206:
Anti-
Behavior
2016
GRI 201:
Economic
2016
Material matter: Sustainable sourcing & traceability
3-3 Management of
material topics
115-116
Material matter: Healthy and sustainable choice
3-3 Management of
material topics
117-119
Other GRI indicators beyond material matters
410-1 Security
personnel trained in
human rights policies
or procedures
415-1 Political
140;
Pg. 17 ESG Report 2023 Annex
Pg. 18 ESG Report 2023 Annex
Public Policy
contributions
417-1 Requirements for
12.8
80-81; 98;
product and service
115-119
and Labeling
information and
2016
labeling
GRI 418:
Customer
418-1 Substantiated
complaints concerning
16.3
16.10
Privacy 2016
breaches of customer
privacy and losses of
customer data
During 2023, Avolta has not
been notified through the
available channels of any
significant sanction for the
breach of the customer’s
privacy and personal data
protection rules
205-3 Confirmed
incidents of corruption
During 2023, Avolta didn’t have
any confirmed incident of
corruption
and actions taken
corruption
206-1 Legal actions for
During 2023, Avolta didn’t have
anticompetitive
competitive
behavior, antitrust, and
monopoly practices
any legal action for anti-
competitive behaviour, anti-
trust or monopoly practices
201-1 Direct economic
value generated and
143
Performance
distributed
8.1
8.2
9.1
9.4
9.5
201-2 Financial
implications and other
risks and opportunities
due to climate change
201-3 Defined benefit
plan obligations and
other retirement plans
201-4 Financial
assistance received
from government
TCFD Report (Pg. 5)
168-169; 211; 226-232
None
9/9
GRI Content Index 2023
Avolta Annual Report 2023
GRI Content Index 2023
Avolta Annual Report 2023
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Reason
Explanation
Omission
Requirement(s)
Omitted
GRI Sector
Standard
Ref. No.
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
Requirement(s)
Omitted
Reason
Explanation
GRI Sector
Standard
Ref. No.
GRI 406:
406-1 Incidents of
Non-discrim-
discrimination and
ination 2016
corrective actions
5.1
8.8
taken
In 2023, 118 complaints related
to incidents of discrimination
have been received through
formal reporting channels
and reviewed from the Group.
Among them, only 28 emerged
as confirmed incidents of
discrimination and for all of
them the Group has designed
the most appropriate
remediation plan. On the basis
of the severity of the reported
episode, different disciplinary
actions have been
implemented ranging from
verbal or written warning to
termination. The remediation
plan was still on-going at the
end of the year for 9 of them,
while for the remaining 19
cases the remediation plan was
completed.
Material matter: Human rights
3-3 Management of
material topics
141
402-1 Minimum notice
8.8
Pg. 13 ESG Report 2023 Annex
Management
operational changes
periods regarding
407-1 Operations and
8.8
Pg. 17 ESG Report 2023 Annex
suppliers in which the
right to freedom of
association and
collective bargaining
may be at risk
416-1 Assessment of
the health and safety
impacts of product and
service categories
non-compliance
concerning H&S
impacts of products
and services
Material matter: Product quality and safety
3-3 Management of
material topics
119-120
Pg. 18 ESG Report 2023 Annex
416-2 Incidents of
16.3
Pg. 18 ESG Report 2023 Annex
GRI 3:
Material
Topics 2021
GRI 402:
Labor/
Relations
2016
GRI 407:
Freedom of
Association
and
Collective
Bargaining
2016
GRI 3:
Material
Topics 2021
GRI 416:
Customer
Health and
Safety 2016
8/9
Material matter: Sustainable sourcing & traceability
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
115-116
Material matter: Healthy and sustainable choice
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
117-119
Other GRI indicators beyond material matters
GRI 410:
Security
Practices
2016
GRI 415:
Public Policy
2016
GRI 417:
Marketing
and Labeling
2016
GRI 418:
Customer
Privacy 2016
GRI 205:
Anti-
corruption
2016
GRI 206:
Anti-
competitive
Behavior
2016
GRI 201:
Economic
Performance
2016
410-1 Security
personnel trained in
human rights policies
or procedures
415-1 Political
contributions
417-1 Requirements for
product and service
information and
labeling
418-1 Substantiated
complaints concerning
breaches of customer
privacy and losses of
customer data
140;
Pg. 17 ESG Report 2023 Annex
Pg. 18 ESG Report 2023 Annex
12.8
80-81; 98;
115-119
16.3
16.10
During 2023, Avolta has not
been notified through the
available channels of any
significant sanction for the
breach of the customer’s
privacy and personal data
protection rules
205-3 Confirmed
incidents of corruption
and actions taken
During 2023, Avolta didn’t have
any confirmed incident of
corruption
206-1 Legal actions for
anticompetitive
behavior, antitrust, and
monopoly practices
201-1 Direct economic
value generated and
distributed
201-2 Financial
implications and other
risks and opportunities
due to climate change
201-3 Defined benefit
plan obligations and
other retirement plans
201-4 Financial
assistance received
from government
During 2023, Avolta didn’t have
any legal action for anti-
competitive behaviour, anti-
trust or monopoly practices
143
8.1
8.2
9.1
9.4
9.5
TCFD Report (Pg. 5)
168-169; 211; 226-232
None
9/9
TCFD Report 2024
Avolta Annual Report 2023
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r
o
p
e
R
D
F
C
T
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2
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2
t
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F
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TCFD Report 2023Avolta Annual Report 2023
Task Force on
Climate-Related
Financial Disclosures
(TCFD) Report 2023
Content
Governance
3
3 Board oversight
3 Management oversight & implementation
Strategy
4
4 Avolta’s climate strategy
4 Climate related risks and opportunities
7 Qualitative climate scenario for Avolta
9 Plans to expand scenario analysis
Risk Management
9
9
9
Organizational processes for identification
and management of CRRO
Integration in the organization’s overall
risk management
Targets & Metrics
10
10 Greenhouse gas emissions
10 CO2 reduction targets
11
Integrating ESG- and climate-related
metrics in remuneration
2/11
TCFD Report 2023Avolta Annual Report 2023
Avolta’s ESG strategy and engagement has always been
an inherent part of the company’s strategy – a commit-
ment also reconfirmed in the company strategy Desti-
nation 2027. Avolta’s ESG strategy includes 4 focus
areas – Create Sustainable Travel Experiences, Respect
the Planet, Empower our People, and Engage Local
Communities – and subsumes climate change as part
of the focus area Respect the Planet.
its ESG
Avolta consistently reports on
initiatives,
achievements and vision in the annually disclosed ESG
Report, which is an integrated part of the Annual
Report. The ESG Report comments on the company’s
engagement and progress on how to minimize impact
and generate positive contributions for its stakeholders.
With its TCFD Report (Task Force on Climate-related
Financial Disclosure) Avolta wants to complement the
existing ESG reporting, further enhance transparency
and provide stakeholders with information and insights
to assess climate-related risks and opportunities
(CRRO). This report also explains how Avolta responds
to these challenges.
The TCFD Report, together with the ESG Report
(including the ESG Report 2023 Annex) constitutes
Avolta’s 2023 Non-Financial Reporting in accordance
with the requirements regarding transparency on non-
financial matters of Art. 964(a)-(c) of the Swiss Code of
Obligations. The ESG report is included on pages
97 – 148 of the Annual Report.
1. Governance
1.1 Board oversight
The supervision of the implementation of Avolta’s ESG
strategy – including climate change topics – has always
been within the responsibility of the Board of Directors.
In 2023, to further highlight the importance of ESG, the
former Nomination and ESG Committee of the Board of
Directors was reorganized into two individual commit-
tees: the ESG Committee, chaired by the Lead Indepen-
dent Director, and the Nomination Committee that
assists the Board of Directors in fulfilling its nomination
related matters.
The ESG Committee advises the Board of Directors on
matters concerning the sustainable success of the busi-
ness and monitors and assesses the company’s activities
in this area; such functions include promoting the inte-
gration of sustainability within the Group’s strategies and
culture and fostering these concepts among all stake-
holders, reviewing stakeholder engagement, and period-
ically assessing the Group’s position on sustainability
themes (including financial market, ratings and sustain-
ability index analyses).
The Lead Independent Director supervises Avolta’s ESG
strategy development and execution, ensuring alignment
with the business strategy. The Lead Independent Director
and the other members of the ESG Committee are expe-
rienced in corporate citizenship, sustainability and ESG,
bringing subject matter expertise to the committee. As
ESG is seen as a holistic approach, climate-related topics
are discussed as part of the regular ESG Committee
meetings.
Further underlining the strategic importance, ESG is now
represented also at the level of the Global Executive
Committee by the Chief Public Affairs & ESG Officer, who
drives the implementation and the execution of the
defined strategy. Interaction with the ESG Committee
occurs through the regular quarterly information meet-
ings, as well as through additional meetings and informa-
tion exchanges upon request of the Lead Independent
Director.
The entire Board of Directors is updated, at least on a
quarterly basis on non-financial information. This also
includes, among other matters, updates on progress on
the implementation of the company’s ESG strategy.
1.2 Management oversight &
implementation
Execution of the sustainability strategy at the operational
level is led by the Chief Public Affairs & ESG Officer, who
reports to the group CEO and leads the ESG department.
The day-to-day implementation of the ESG strategy is
executed by the ESG department. The corporate gover-
nance structure and policies are continuously assessed
to ensure compliance with the applicable legal frame-
works, environmental guidelines as well as Avolta’s Code
of Conduct to reflect stakeholder’s needs and expecta-
tions. Additionally, the ESG department develops
approaches to identify, assess, monitor and report on
climate-related risks and opportunities.
Avolta’s Corporate Governance Report 2023 provides
more information on the governance structure concerning
ESG on page 296. Since 2022, ESG and climate-related
performance goals are integrated in the compensation
schemes of the Global Executive Committee as well as the
senior management. Details are included and disclosed in
the Remuneration Report 2023 on page 311.
3/11
TCFD Report 2023Avolta Annual Report 2023 2022 based on 2019 data. Following the business combi-
nation of Dufry and Autogrill in 2023, Avolta plans to
restate the targets in 2024 to cover the full scope of the
combined business.
Avolta has a dedicated Shop and Restaurant Design
Strategy to develop sustainable shops and restaurants
with respect to reduced energy consumption, use of
recyclable materials and circular economy for refurbish-
ments. Avolta follows the principles established by
leading green-building certification systems, such as the
Leadership in Energy and Environmental Design (LEED).
For details on the Environmental Guidelines and addi-
tional information, please refer to the section ”Respect
the Planet” on page 123 of the ESG Report 2023.
2.2 Climate related risks and
opportunities
Climate change is anticipated to impact Avolta’s business
over the short-, medium- and long-term. Physical risks
might impact Avolta’s business operations and supply
chain in the form of e.g. extreme nature-related events.
With respect to the F&B business, physical risks may
impact also the agricultural output, with negative effects
on crop yields and livestock production.
Transition risks might affect Avolta through moving the
economy into a low-carbon future which is characterized
by e.g. environmental legislation, carbon taxes or higher
aviation fuel and / or gasoline prices that increase price
levels and hence consumers’ preparedness to fly and
travel in general. In the F&B business, product prefer-
ences of customers might change. On the other hand,
climate change can also provide opportunities for Avolta.
The following table shows the main climate-related risks
and opportunities identified and evaluated so far by the
company, which might impact Avolta.
2. Strategy
2.1 Avolta’s climate strategy
As a travel experience player, Avolta views addressing
climate change not only as a moral obligation, but as
essential from a business perspective to ensure business
continuity for the long-term. Due to the special nature of
the travel retail and F&B industry, on top of actively
reducing its own footprint, Avolta closely collaborates
with third parties, in particular with concession partners,
brand suppliers and logistics providers, on reducing the
environmental impact of its business in general, and
more specifically also contributing to the implementation
of recycling processes and waste avoidance wherever
possible.
Avolta’s ESG strategy covers the different aspects of
sustainability, including climate-related risks and oppor-
tunities, which are managed by the ESG department and
implemented as needed in collaboration with other
specific departments and functions. This TCFD Report is
reporting on the progress achieved.
In 2021, internal guidelines (Environmental Management
Guidelines) were adopted to define the Group’s manage-
ment and compliance measures with a special focus on
climate action. The adoption of these guidelines is moni-
tored by the ESG department.
In 2021, the company amongst other ESG initiatives
established an emission reduction strategy for Scope 1
and 2 emissions until 2025 (based on the Dufry retail
business scope 2022 and the 2019 base data), which
follows the 1.5°C pathway and was validated by the
Science-Based Target initiative (SBTi) in early 2023. For
Scope 3 emissions, the company (based on the Dufry
retail business scope 2022 and the 2019 base data)
follows SBTi ‘s “well below 2°C pathway” with two sepa-
rate objectives. Through supplier engagement programs,
the company will commit to ensure that, by 2027, 74 % of
emissions (based on the Dufry retail business scope
2022 and the 2019 base data) will be covered by SBTi
committed suppliers. At the same time, through collab-
oration with its logistics partners, it commits to reduce its
logistics carbon footprint (based on the Dufry retail busi-
ness scope 2022 and the 2019 base data) by 28 % by
2030. Both initiatives combined will serve to reduce Avol-
ta’s Scope 3 carbon footprint (based on the Dufry retail
business scope 2022 and the 2019 base data) in align-
ment with SBTi criteria, which were also validated by
SBTi.
The targets were validated by SBTi in early 2023 and
relate to the Dufry retail business and company scope of
4/11
TCFD Report 2023Avolta Annual Report 2023 Type
Risk / opportunity factors
Potential impact
Avolta’s response
Transition Risks
(Policy & Legal)
– A reduction in passenger
traffic could adversely
affect Avolta’s sales.
– Environmental legislation
can affect cost of energy
consumption, cost for
transportation and
influence business
processes by regulation on
the use of packaging
material (e.g. single use
plastics).
– CO2 taxation of carbon
intensive agriculture can
affect procurement costs.
– Regulations on CO2 taxation
of flights / cruise
ships / automobiles etc.
leading to a reduction in
passenger traffic and
changes in customer
behavior.
– Environmental legislation
and requirements on e.g.
energy consumption,
transportation, packaging
materials in the own
operations and supply
chain.
– Regulations on CO2 taxation
of direct emissions of
carbon intensive
agriculture, e.g. livestock
farming.
– Business diversification has always been and will
continue to be a key strategic element to mitigate
risks and drive company growth.
– Diversification by geographies, sectors, suppliers and
channels to mitigate the impact of regional or local
phenomena (see sales splits on pages 8 – 9 of the
Annual Report 2023).
– Avolta has a dedicated Shop Design Strategy to
develop sustainable shops with respect to reduced
energy consumption, use of recyclable materials and
circular economy for shop refurbishments.
– Avolta is replacing its single-use plastic packaging
with sustainable alternatives, where possible and in
particular within its travel retail operations (see details
page 127 of the ESG Report 2023).
– Cooperation with industry associations to develop
sustainable solutions for the industry.
– Strong and long-term partnerships with airport
authorities and other concession partners. Mutual
trust and shared objectives with these landlords are
key for value creation.
– Development of technical monitoring and
management capabilities in order to reduce its
greenhouse gas emissions and minimize the climate
risks to which its business is exposed.
– Start of Avolta’s global sustainable product
identification initiative and the increase of healthy,
sustainable (i.e. plant based) and certified (organic,
fair trade, etc.) products in the F&B stores’
assortments.
Transition Risks
(Market)
– Changes in customer
– The change in ecological
– Avolta has a Global Consumer Insight department
awareness might influence
travel traffic, customer
sentiment as well as
traveling and spending
behavior. This can influence
sales performance of
Avolta’s outlets locally and
globally.
– The change in product
preferences might lead to
sales risks when not
meeting customer
demands.
behavior towards higher
ecological awareness
leading to a reduction in
passenger traffic at
airports, a change in travel
destinations, reductions or
changes in motorway and
railway stations traffic or a
change in purchasing
behaviors and product
preferences.
– Changes in customer
behavior towards higher
ecological awareness
leading to a reduction in
carbon intense food
product purchases.
who regularly performs customer surveys and
marketing analysis several times per year to early
identify potential changes in customer behavior and
preferences.
– In cooperation with Avolta’s brand partners, the
central procurement teams identify new trends and
customer needs to optimize assortments.
– Avolta also operates owned Innovation Labs
endowed with dedicated “R&D kitchens”, where new
F&B concept and products are developed to meet
new customer requirements.
– Enhanced communication activities to support
customer make responsible product choices – as
started with Avolta’s global sustainable product
identification initiative and the increase of healthy,
sustainable (i.e. plant based) and certified (organic,
fair trade, etc.) products in the F&B stores’
assortments.
– Avolta’s diversification strategy by geographies,
sectors, categories and channels (see sales splits on
pages 8 – 9 of the Annual Report 2023) mitigates the
impact of regional or local phenomena and the fact of
passengers travelling to other destinations.
5/11
TCFD Report 2023Avolta Annual Report 2023
Type
Risk / opportunity factors
Potential impact
Avolta’s response
– Avolta’s diversification strategy by geographies,
sectors, categories and channels (see sales splits on
pages 8 – 9 of the Annual Report 2023) mitigates the
impact of regional or local phenomena and the fact of
customers travelling to other destinations. This
strategy will continue to be a key strategic element
going forward to mitigate risks and drive company
growth.
Physical Risks
(Acute and
Chronic)
– Extreme nature-related
events such as rise in sea
level, heat waves etc. or
natural disasters might
affect the supply chain,
production processes and
Avolta’s operations.
– Acute and chronic physical
risks influence the
agricultural output, with
negative effects on crop
yields and livestock
production.
– Acute risks such as extreme
weather events and natural
catastrophies might lead to
asset damages or
disruption to the supply
chain, production
processes and could impair
Avolta’s ability to sell its
products.
– Chronic risks such as the
rise in sea level might
impact locations where
Avolta operates and
eventually lead to a
reassessment of the
operation, with the costs
this implies.
– The effect of global
warming may lead
passengers to select
different holiday destina-
tions where Avolta may not
be present, hence,
impacting sales.
– Fluctuations in the
agricultural output can
negatively affect the
availability of procured
products, purchasing costs
and planning security.
– Trustful climate strategy
– Avolta might strengthen its
– Avolta’s ESG strategy covers different aspects of
and enforcement.
reputation and build a
competitive advantage
compared to competitors
as it is the only company
disclosing a TCFD report in
its industry.
sustainability in a holistic approach. The company has
defined emission reduction goals and discloses
emissions on Scope 1, 2 and 3 (for its Dufry business
scope 2022 and 2019 base-line).
– Avolta has set up main lines of action, which include
the continuous assessment of its corporate
governance structure and policies, alignment of ESG
and business strategies ensuring critical business
decisions, ensuring compliance and control as well as
having an open stakeholder dialog and engagement.
– Avolta has an ESG strategy in place which is also
aligned with main ESG objectives of concession
partners and main stakeholders and which also
represents many new opportunities to be embraced
with dedicated ESG initiatives. This places the
company in a stronger position to obtain new and
retain existing concessions.
Risks /
Opportunities
(Reputation)
6/11
TCFD Report 2023Avolta Annual Report 2023 2.3 Qualitative climate scenario
for Avolta
In 2023, Avolta embarked on examining the utilization of
climate scenarios. While our work has only just begun,
we are happy to share some of our initial considerations.
We have carefully assessed which climate scenarios are
adequate for Avolta. There is a growing consensus in the
travel retail and F&B industries that scenarios developed
by the Network for Greening the Financial System (NGFS)
are apt for describing different futures for the travel retail
and F&B sector. While designed largely for use by central
banks and regulators, NGFS recognizes that it is also valu-
able to the business community as a common starting
point. We started examining our prime risk through the
lens of three NGFS reference scenarios: Orderly Transi-
tion, Disorderly Transition, and Hot House World.
The three scenarios chosen are the following ones:
The Orderly Transition scenario assumes climate poli-
cies are introduced early and become gradually more
stringent. This leads to a gradual and predictable transi-
tion to a low-carbon economy. Both physical and transi-
tion risks are relatively subdued.
Overall, in an orderly transition scenario, a travel retail
and F&B firm would be able to plan and adapt to the
changing market and regulatory environment in a struc-
tured manner, enabling a smoother shift to sustainable
practices and aligning its business model with the goals
of a low-carbon economy.
The Disorderly Transition scenario envisages a situation
where climate action is delayed and then suddenly accel-
erated. In this scenario, the delay in taking action leads to
a more abrupt and disruptive transition later on.
Overall, a disorderly transition to a low-carbon economy
would demand swift and significant adaptations from
travel retail and F&B firms. While presenting certain risks
and challenges, it could also open up new opportunities
innovation and sustainability-focused business
for
models.
The Hot House World scenario assumes that some
climate policies are implemented in some jurisdictions,
but global efforts are insufficient to halt significant global
warming. Critical temperature thresholds are exceeded,
leading to severe physical risks and irreversible impacts
like sea-level rise.
Travel retail and F&B firms, like many other businesses,
would need to adapt and innovate in the face of these
challenges, potentially reshaping their business models,
supply chains, and product offerings to remain viable in
a drastically changed environment.
Area of business
potentially affected
Operations
Supply Chain
Orderly Transition
Disorderly Transition
Hot House World
A focus on energy efficiency would
become paramount. Retail stores,
restaurants, warehouses, and distribu-
tion centers would need to invest in
energy-efficient lighting, HVAC
systems, and other technologies to
reduce energy consumption.
The introduction of carbon pricing or
energy taxes could significantly
increase operational costs. Travel
retail and F&B firms may need to
invest quickly in energy-efficient
technologies and processes to reduce
costs and comply with new regula-
tions.
Rising temperatures and extreme
weather conditions could impact the
physical operations of retail stores,
restaurants, warehouses, and
distribution centers. This includes
higher costs for cooling, potential
damage to infrastructure, and
disruptions in logistics.
With a gradual shift, travel retail and
F&B firms would have more time to
adjust their supply chains to ensure
sustainability. This might involve
sourcing more eco-friendly materials,
working with greener suppliers, or
optimizing logistics for lower
emissions.
The disorderly transition could lead to
abrupt changes in the availability and
cost of raw materials, especially those
with high carbon footprints. Travel
retail and F&B firms might face
difficulties in sourcing products and
materials, leading to supply chain
disruptions and increased costs.
Increased frequency of extreme
weather events like storms, floods,
and droughts could disrupt global
supply chains. Travel retail and F&B
firms might struggle with inconsistent
supply of products, increased costs
for raw materials, and challenges in
maintaining inventory levels.
7/11
TCFD Report 2023Avolta Annual Report 2023 Area of business
potential-ly affected
Changes in
Consumer
Behavior and
Brand Loyalty
Policy Change
Market
Opportunities
and Innovation
Workforce
Orderly Transition
Disorderly Transition
Hot House World
Consumer awareness and demand
for environmentally friendly products
would likely increase steadily, allowing
travel retailers and F&B operators to
gradually expand their range of
sustainable products.
The rapid transition might lead to a
swift change in consumer awareness
and behavior, with a heightened
demand for sustainable and envi-
ronmentally friendly products.
Retailers and F&B operators not
already offering such products might
struggle to meet this new demand.
Consumer preferences and demands
may shift significantly in response to
environmental changes. There might
be a greater demand for sustainable,
eco-friendly products, or products
adapted to new climate realities (e.g.,
cooling products, durable goods for
extreme weather).
Travel retail and F&B firms would face
progressively stricter environmental
regulations, but these changes would
be introduced in a predictable and
manageable way, giving companies
time to adapt.
The sudden implementation of strict
environmental regulations and
policies could catch travel retail and
F&B companies off-guard. These
might include sudden bans on certain
materials, abrupt changes in
packaging requirements, and steep
carbon taxes, requiring rapid adjust-
ments in business operations.
Even in a “Hot House World,” some
regions may implement stringent
environmental regulations. Retail firms
might face increased costs related to
compliance, packaging, waste
management, and carbon footprint
reduction.
The orderly transition could open new
market opportunities in the green
economy, encouraging innovation in
product development, supply chain
management, and customer engage-
ment.
Despite the challenges, this scenario
could also present opportunities.
There may be a growing market for
sustainable products, and retailers
who adapt quickly could capture new
customer segments.
The broader economic impacts of a
“Hot House World” scenario could
lead to market volatility, affecting
consumer spending power and overall
economic stability, which in turn could
impact travel retail and F&B sales.
Travel retail and F&B operators would
have the opportunity to train and
develop their workforce in new, green
technologies and practices, aligning
their skills with the demands of a low-
carbon economy.
Travel retail and F&B firms may need
to retrain or reskill their workforce to
adapt to new technologies, process-
es, or products that align with the low-
carbon transition.
The health and safety of employees
could be at risk due to extreme
weather conditions, leading to
potential workforce challenges and
increased costs for health and safety
measures.
While each of the three climate scenarios – Orderly Tran-
sition, Disorderly Transition, and Hot House World – is
possible, it is not clear to what extent either one will
materialize. For Avolta, it is key to take specific measures
to increase our business’ resilience and prepare for the
future as well as we can.
Monitor policy adaptation. Stay informed about regula-
tory changes and plan ahead to meet new standards.
Engage in policy discussions and advocacy to shape
favorable outcomes.
Sustainable Supply Chain Management. Gradually tran-
sition to sustainable suppliers, invest in eco-friendly
materials, and optimize logistics for lower emissions.
Develop relationships with suppliers who share a
commitment to sustainability.
Invest in energy-saving technology and environmen-
tally friendly packaging. Refurbish stores, restaurants
and warehouses with energy-efficient systems and appli-
ances, implement sustainable packaging solutions, and
reduce waste. Explore renewable energy options.
Expand green product and F&B lines. Gradually increase
the range of environmentally friendly products and meals
to meet growing consumer demand. Educate customers
about the benefits of sustainable products and meals.
Brand enhancement. Promote the company’s sustain-
ability efforts to boost brand reputation. Engage in
marketing campaigns highlighting environmental
commitments.
Workforce training. Invest in training programs for
employees on sustainable practices and green technol-
ogies. Foster a culture of sustainability within the organi-
zation.
Innovate and explore markets. Invest in research and
development for innovative, sustainable products and
services. Explore new market opportunities in the green
economy.
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TCFD Report 2023Avolta Annual Report 2023
2.4 Plans to expand scenario
3.2 Integration in the organization’s
analyses
overall risk management
Avolta’s first TCFD Report published in March 2023
focused on identifying climate-related risks and oppor-
tunities, which foster building appropriate scenarios
going forward. To analyze climate scenarios and subse-
quently identify management tools, further discussions
between risk and strategy departments are necessary, in
particular also against the background of the business
combination of Dufry and Autogrill in 2023 and the
needed update of the strategy and the specific initiatives.
Internally, Avolta is liaising with its risk management team
to this end and plans to provide further information on
scenario analysis expansion in its TCFD Report in 2025.
3. Risk Management
3.1 Organizational processes for
identification and management
of CRRO
The risk management processes of Avolta identify and
manage risks at different levels of the organization and
the responsibility is distributed across different functions
and countries of the organization. The company is
supported by an enterprise risk management software
called GRC (Governance, Risk and Compliance), which
allows a comprehensive identification and management
of existing and potential risks that may affect the busi-
ness.
During 2023, further improvements of the enterprise risk
management process were put in place including the
alignment of the company organization and processes
following the business combination of Dufry and
Autogrill, now renamed to Avolta. This new process
harmonizes risk management processes concerning
format and time-frame. One pillar of the risk manage-
ment organization is ESG, which also contains the
management of climate-related risks and opportunities.
The overall risk management model of Avolta is based on
the following three levels:
1.
The commitment of Avolta and all its subsidiaries to
integrity and transparency begins with its own staff
and the adherence to the Avolta Code of Conduct.
including
2. There are various governance functions across the
organization
the Compliance, Legal,
Finance, ESG and Human Resources departments
that are in charge of monitoring the main risks and
establishing the most appropriate controls to mitigate
them, as well as ensuring compliance with the policies
and procedures of the Group.
3. The Group’s Internal Audit department provides inde-
pendent and objective monitoring and consulting
services designed to add value and improve Avolta’s
operations. This function covers all subsidiaries and
applies a systematic and disciplined approach to eval-
uate and improve the effectiveness of governance
processes as well as risk management and control,
including assessing risk management procedures
and the potential committing of fraud.
The main risks identified during internal audits are
reported
the Audit
to senior management and
Committee of the Board of Directors. The status of the
main risks is periodically updated until resolution or
acceptance by the governing bodies.
Climate-related aspects form integral parts of the ESG
processes and infrastructure. Therefore, the risk man-
agement processes also include explicitly the manage-
ment of Avolta’s CRRO (Climate Related Risks and
Opportunities) as an integral part of the ESG engage-
ment.
Further information on the overall risk management
process is provided in the Corporate Governance Report
2023 on pages 298 – 299
including chapters «3.5
Internal Organizational Structure», «3.6 Definition of
areas of responsibility» and «3.7 Information and Control
Instruments vis-a-vis the senior Management», as well as
in the ESG Report 2023 on page 117 of the Annual Report
2023. The Financial Risk Management is disclosed in the
Financial Report 2023 on pages 237 – 248.
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TCFD Report 2023Avolta Annual Report 2023 4. Targets & Metrics
4.2 CO2 Reduction targets
4.1 Greenhouse gas emissions
The Greenhouse gas emissions for the years 2019-2023
as shown below are calculated in accordance with the
Greenhouse Gas Protocol (GHGP).
Greenhouse gas emissions
In tons of Co2-EQ.
2023
2022
2021
2020
2019
Scope 12
Scope 21,3
Scope 34
Total
9,506
1,524
935
717
1,736
126,021
18,900
19,813
21,290
27,923
18,057
7,509
3,728
1,451
10,766
153,584
27,934
24,477
23,475
40,425
Carbon intensity
Carbon Intensity5
2023
2022
2021
2020
2019
Tons of CO2-
eq,/MCHF net
sales
10.8
0.0697
0.0521
0.0500
0.0740
1 Energy consumption is based on reported data from single locations. For
missing data concerning US F&B scope, an extrapolation has been con-
ducted to estimate consumption for 2023. Thereof, 48’000 MWh were pur-
chased with Renewable Energy Certificates (RECs). 2023 data are not compa-
rable with previous years, since they reflect the new scope of the company
(retail+F&B activities). Data from 2022 to previous years reflect only the retail
business sector (ex. Dufry). Data of the years 2022, 2021 and 2020 are not
comparable with 2019 due to temporary shop closures during Covid 19.
2 Includes consumption of Avolta-managed goods transportation in Egypt,
Jordan, Morocco, United Arab Emirates and the United Kingdom as well as
diesel and gas for heating purposes.
3 Scope 2 emissions for year 2023 are reported under the “market-based” ap-
proach. They include the contribution of Renewable Energy Certificates
(RECs). Average emission factors used: IEA 2023, trade-adjusted for OECD
countries. Applying the “location-based” approach, the emissions amount to
137,558 tCO2eq.
4 Scope 3 emissions only include data from logistics partners accounting for
87 % of total volume of good transported globally in 2023 (2022: 83%; 2021:
64 %; 2020 & 2019: 55 %). Not included here are the product purchasing re-
lated Scope 3 emissions or other Scope 3 emission categories.
5 Carbon intensity calculated over the total net sales of Avolta in tCO2eq. per
million CHF. The carbon intensity calculated over the total square meters of
commercial surface operated in the retail sector amounts to 0.727
tCO2eq. / m2 (Total area 2023: 477,464 m2). For 2022 and previous years the
carbon intensity data are not comparable with the new reality of Avolta, since
they were calculated over the total square meters of commercial surface op-
erated within the retail sector (ex. Dufry).
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Avolta has defined science-based emission reduction
targets for the former Dufry scope 2022 based on 2019
data, thus recognizing the crucial role the business
community can play in minimizing the climate change
risk. Science-based targets are greenhouse gas emis-
sions reduction targets that are in line with the level of
decarbonization required to meet the goals of the Paris
Agreement – to pursue efforts to limit global warming to
1.5°C.
After committing to the Science Based Targets initiative
in spring 2022, the Group submitted emission reduction
targets following the SBTi guidance (SBTi Target Valida-
tion Protocol). SBTi validated the following emission
reduction targets in early 2023 for the former Dufry
scope 2022 (not including the Autogrill business) based
on 2019 data:
– Committment to reduce absolute Scope 1 & 2 GHG
emissions 94.2 % by 2030 from a 2019 base year.
– Committment to increase annual sourcing of renew-
able electricity from 0 % in 2019 to 100 % by 2025 and
to continue annually sourcing 100% renewable elec-
tricity through 2030.
– Committment to reach 74 % of the suppliers by emis-
sions covering purchased goods and services will have
science-based targets by 2027.
– Committment to reduce absolute Scope 3 GHG emis-
sions of upstream transportation emissions by 28 % by
2030.
The targets were validated by SBTi in early 2023 and
relate to the Avolta retail business and company scope of
2022 based on 2019 data. Following the business combi-
nation of Dufry and Autogrill in 2023, Avolta plans to
re-state the targets in 2024 to cover the full scope of the
combined business. In addition, Avolta wants to invest
into climate protection to counter-balance non-avoid-
able emissions of its own retail operations (Scope 1 & 2
emissions) by 2025 with carbon offsetting initiatives to
be defined in the near future; also based on the Dufry
business scope 2022 and the 2019 baseline.
The emission reduction strategy for Scope 1 & 2 follows
the SBTi 1.5°C pathway, whereas the emission reduction
strategy for Scope 3 follows the SBTi well below 2°C
pathway. Measures to achieve the reductions of Scope
1 & 2 include reductions in energy consumption and the
purchase of renewable energy certificates (RECs) at
company level. Scope 3 reduction measures are the
establishment of a supplier engagement program, devel-
opment of a green logistics code of conduct and tracking
of suppliers and logistic partners with commitments to
SBTi.
TCFD Report 2023Avolta Annual Report 2023 For the next years, Avolta will investigate whether addi-
tional key figures on CRRO e.g. vulnerable assets to cli-
mate change, and in particular considering the new
scope after the business combination, can be reported.
4.3 Integrating ESG and climate-
related metrics in remuneration
In 2022, the Nomination and ESG Committee of the
Board of Directors recommended the inclusion of ESG
and climate-related performance metrics in the remu-
neration schemes of the Global Executive Committee
and senior management. This proposal was imple-
mented in 2022 and continued in 2023. Moreover, in
2023, the former Nomination and ESG Committee has
been split into two dedicated committees: the ESG
Committee, who now supervises the implementation of
the ESG strategy, including climate related topics, and
the Nomination Committee, which assists the Board of
Directors in fulfilling its nomination related matters. For
more information, please also refer to page 296 of the
Corporate Governance section in the Annual Report
2023.
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TCFD Report 2023Avolta Annual Report 2023 Avolta –
The leading global travel
experience player.
Avolta AG (SIX: AVOL) offers
a revolutionary travel
experience to consumers
worldwide addressing
2.3 billion passengers in
over 5,100 outlets across
more than 1,000 airports,
motorways, cruise lines,
seaports, railway stations
and other locations.
The company, headquartered
in Basel, Switzerland,
operates in 73 countries
worldwide.
Avolta –
The leading global travel
experience player.
Avolta AG (SIX: AVOL) offers
a revolutionary travel
experience to consumers
worldwide addressing
2.3 billion passengers in
over 5,100 outlets across
more than 1,000 airports,
motorways, cruise lines,
seaports, railway stations
and other locations.
The company, headquartered
in Basel, Switzerland,
operates in 73 countries
worldwide.
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