Annual
Report
2024
A loyalty
reward program
like no other
Business
Review
2024
Management
Report
Sustainability
Report
Financial
Report
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Report
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2024
Governance Report
273 – 330
Management Report
5 – 98
Sustainability Report
99 – 161
333 ff
Financial Report
163 – 272
8 – 9
Avolta at a Glance
10 – 11
Highlights 2024
12 – 14
Message from the Chairman
of the Board of Directors
16 – 20
Statement from the Chief Executive Officer
21
Organizational Structure
22 – 23
Avolta Investment Case
24 – 25
Board of Directors
26 – 27
Global Executive Committee
28 – 57
Avolta Vision & Strategy
58 – 77
Avolta Regions & Locations
78 – 98
Customers, Concession Partners, Investors,
Suppliers
99 – 161
Sustainability Report 2024
333 ff
Sustainability Report 2024 Annex
333 ff
GRI Content Index 2024
333 ff
TCFD Report
164 – 168
Report from the Chief Financial Officer
169 – 252
Financial Statements
170 – 252
Consolidated Financial Statements
253 – 265
Financial Statements Avolta AG
266 – 272
Alternative Performance Measures
274 – 302
Corporate Governance
303 – 328
Remuneration Report
329 – 330
Information for Investors and Media
330
Address Details of Headquarters
Annual Report 2024
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Annual Report
2024
Avolta
at a glance
CORE
EBITDA
Equity Free
Cash Flow
CORE
Turnover
CORE Net
Profit Equity
Holders
in millions of CHF
in millions of CHF
in millions of CHF
in millions of CHF
20
22 23 24
21
– 877
606
1,130 1,267
13,473
386
20
24
21
–33
323
425
386
305
– 1,027
22 23
23 24
20
21
22
2,561
3,915
6,878
12,535
22 23 24
20
21
308
106
– 236
– 1,323
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2024
Net Sales by Product Category
Net Sales by Market Sector
Net Sales by Channel
Net Sales by Region
6 % Luxury
Goods
1 % Electronics
1 % Literature & Publications
2 % Fuel
19 %
Perfumes &
Cosmetics
12 %
Tobacco
& related
products
10 %
Wine &
Spirits
31 %
Duty-Paid
36 %
Duty-Free
81 %
Airports
1 % Cruise Liners
and Seaports
2 % Borders, Downtown
and Hotel Shops
5 % Railway Stations
and Other
34 %
F&B
10 %
Motorways
44 %
Food,
Confectionery &
Catering
4 % Asia
Pacific
1 % Distribution
Centers
52 %
Europe,
Middle East
and Africa
11 %
Latin
America
32 %
North
America
6 %
Other
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2024
Avolta expands
Asian footprint with
purchase of Free
Duty concession.
In 2024, Avolta purchased 100 % of the Free Duty con-
cession complementing the long partnership with MTR
(Mass Transport Rail). The asset’s portfolio now includes
6 store locations in Hong Kong. Closing in December,
the transaction bolsters Avolta’s critical mass in the Asia
Pacific (APAC) region considerably by granting access
to 150 million additional travelers and increasing
regional sales by an expected CHF 250 million annually.
Club Avolta
launched globally.
Consistent with its strategy of traveler-centricity,
Avolta launched Club Avolta, an industry-first
loyalty program available in all Avolta locations
world-wide.
Several long-term
contracts won at
New York JFK airport.
Avolta won an eighteen-year contract to operate
numerous duty-free, travel convenience, specialty
retail stores and hybrid concepts in Terminal 6 as
well as several contracts to develop retail and F&B
concessions for more than 11 years in Terminal 8 of
John F. Kennedy International Airport in New York.
Full CHF 85 million
business combination
synergies executed in
2024, one year ahead
of plan.
Building on the CHF 30 million in run-rate synergies
achieved in 2023, an additional CHF 55 million in run-
rate synergies were realized this year, bringing the
total to CHF 85 million in 2024 – fully in line with our
target and one year ahead of plan. Integration costs
were half the initially estimated CHF 100 million and
amounted to CHF 25 million in each of the business
years 2023 and 2024.
CHF 13,473 million
CORE Turnover, 6.3 %
CORE organic growth
and 9.4 % CORE
EBITDA margin.
Ongoing resilient travel demand with solid spend-per-
passenger resulted in strong CORE organic growth of
6.3 % YoY, while the CORE EBITDA margin of 9.4 %
came in above target.
Highlights
2024
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2024
Cash flow generation
increased further.
Avolta’s Equity Free Cash Flow (EFCF) increased by
32 % YoY, reaching CHF 425 million and confirming
the company’s strong cash flow generation capability.
4 % of issued share
capital reduced, and
dividend increased.
Confirming its shareholder focused capital allocation
policy, in 2024 Avolta canceled 6.1 million treasury
shares with a nominal value of CHF 5.00, thus reducing
its ordinary issued share capital to CHF 732,548,405.
Additionally, a payment of an increased dividend of
CHF 1.00 will be proposed to the Annual General
Meeting of Shareholders in May 2025.
Net debt position
further decreased
and target leverage
approached.
Avolta’s net debt further decreased to CHF 2,663 mil-
lion as of December 31, 2024, with leverage (net debt
to CORE EBITDA) of 2.1x, the lowest level since 2011,
just shy of the medium-term leverage target
of 1.5x – 2.0x.
Financing costs
reduced and maturity
profile extended.
In October 2024, Avolta refinanced its revolving credit
facility (RCF), extending it by two years (through to
2029). With this, Avolta anticipates interest expense
savings of approximately CHF 10 million per annum.
Sustainability Strategy
execution driven by
implementation of
important initiatives.
Among many initiatives, Avolta has introduced the use
of biofuel for some of its major sea transportation
routes and further expanded the reach of its Supplier
Code of Conduct recertification process.
93 % Electricity con-
sumption replaced with
renewable energy.
In line with its target to eliminate Scope 1 & 2 emissions
in its retail business by 2025 (Dufry scope base 2019),
Avolta has increased the replacement of electric
energy consumption with renewable energy sources
from 40 % in 2023 to 93 % in 2024.
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Message from
the Chairman
of the Board
of Directors
Juan Carlos
Torres Carretero
Chairman of the
Board of Directors
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Annual Report
2024
For a glossary of financial terms and
Alternative Performance Measures please
see page 266 of this Annual Report.
Dear Shareholders,
Avolta had a successful 2024, driving
sustainable growth through winning
important new concessions and suc-
cessfully extending existing ones. A
key factor was the implementation of
our customer-centric Destination
2027 strategy.
While the macroeconomic and geo-
political environment remained chal-
lenging and was characterized by
wars, political disruptions, inflation un-
certainties and natural catastrophes,
our customers’ inherent propensity to
travel grew global demand in the
travel retail and food & beverage (F&B)
industry, thereby solidifying the fun-
damental trend of sustainable growth
in 2025 and beyond.
Footprint expansion,
new concessions and
contract extensions
foster Avolta’s resil-
ience.
Avolta remains resilient by building
on this favorable momentum and our
strategically high diversification by
geographies, channels and services.
In 2024, the company continued to
adapt and evolve the offering to meet
changing traveler behaviors, creating
opportunities driven by innovation,
data revolution and digitalization.
As the first to unite travel retail, conve-
nience and F&B at scale, Avolta ope-
rates at a unique intersection in the
market, seamlessly combining retail,
F&B, experiences and entertainment
for travelers through a synergistic op-
erational and commercial strategy.
An illustrative example is our newly
opened The Corner by Real Madrid,
blurring the lines between traditional
travel retail and F&B. The concept
teams a great café offering with li-
censed merchandise, in a setting re-
miniscent of the iconic Santiago Bern-
abéu Football Stadium. In addition, our
new F&B concept, The Hungry Club
by David Muñoz, was named by Busi-
ness Power Travelers as one of the top
eight airport restaurants in the world.
The new Club Avolta loyalty program
is outperforming expectations by
successfully combining the forces
of travel retail and F&B globally.
Launched less than six months ago,
this platform is an important tool in
understanding our customer needs.
In the 2024 business year, we deli-
vered excellent financial performance
across all key KPIs. Our resilient global
business model and the initiatives
launched during the business combi-
nation, continues to benefit the profit-
ability of Avolta and the creation of
shareholder value.
Our Consolidated CORE Turnover
increased significantly, reaching
CHF 13,473 million (CHF 12,535 million
in 2023), with Organic growth of
6.3 % on the previous year.
Our full-year 2024 CORE EBITDA,
relying on strong commercial perfor-
mance, increased productivity, and
continued synergies, amounted to
CHF 1,267 million (CHF 1,130 million
in 2023), equal to a further improved
CORE EBITDA margin of 9.4 %. The
overall positive trend in results is evi-
dent in our CORE Net Profit, which
rose to CHF 550 million (compared to
CHF 457 million in 2023), and Equity
Free Cash Flow (EFCF), which reached
CHF 425 million (2023: CHF 323 mil-
lion), thus exceeding our expectations
at the beginning of the year.
Avolta’s performance in 2024 contri-
buted to positive growth for the last
eight consecutive quarters. This con-
sistent trend favorably influenced
Avolta’s share price, which started
the year at CHF 31.84 on 3 January,
and closed the year at CHF 36.34,
climbing to more than CHF 40 in late
January.
In an accurate depiction of the posi-
tive company performance, Avolta
currently holds a (BB+) rating with
Stable Outlook by Standard & Poors
and a (Ba2) rating with Stable Outlook
by Moody’s. Both agencies upgraded
these credit ratings during the 2024
reporting period.
At the Ordinary General Meeting of
Shareholders in May 2024, for the first
time Avolta presented its non-financial
reporting as part of the annual report
2023 for approval on a non-binding
consultative basis to our shareholders.
The report was overwhelmingly
accepted, with a majority of 97.64 %
of the votes.
Shareholder value
further enhanced.
In 2024, Avolta reinforced its capital
allocation policy, aiming to balance
ongoing balance sheet de-leverage
with shareholder returns, while retai-
ning flexibility for organic growth
and bolt-on acquisitions. As part of
our medium-term Destination 2027
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2024
strategy, Avolta targets a leverage
ratio of 1.5 - 2.0x net debt to CORE
EBITDA, with near-term flexibility up
to 2.5x for strategic business opportu-
nities.
The company’s overall positive perfor-
mance on the 2024 business year al-
lowed us to further lower the leverage
ratio from 2.6x in 2023 to 2.1x in 2024
– the lowest since 2011 and closely
approaching our mid-term target.
Worth further mention in this context
is our overall strong financial position
underpinned by the available liquidity
of CHF 2,214 million. Based on Avolta’s
intention to maintain a progressive
dividend policy, we have committed to
returning one-third of EFCF to share-
holders. Reflecting the company’s
positive performance and results in
2024, the Board of Directors has
resolved an increased dividend of
CHF 1.00 per share for 2024 (previous
year: CHF 0.70 per share), to be pro-
posed for shareholder approval at
the AGM in May 2025.
Beyond dividends, Avolta has the am-
bition of distributing medium-term
excess cash to shareholders by way of
share buybacks, thus further enhanc-
ing shareholder value.
CHF 200 million share
buyback program
launched.
I am pleased to confirm that after clos-
ing, on 27 January 2025 we executed
a share buyback program to cancel up
to CHF 200 million worth of Avolta
shares by latest 31 December 2025 –
reducing the number of outstanding
shares and condensing future ear-
nings per share.
Fostering durable
bonds with our com-
munities.
Our commitment to engaging with
and supporting local communities in
the regions where we operate – an im-
portant aspect of our employee value
proposition – inspired the creation of
two new initiatives this year. In Spain,
we launched the Eugenio Andrades’
Legacy, an initiative dedicated to uplift-
ing and supporting children with neu-
rological disabilities. Meanwhile, in
North America, we established the
Journey for Good Foundation, evolv-
ing from the former HMSHost Founda-
tion, to broaden our support across
the entire region. 2024 also marks our
15th year of supporting SOS Children’s
Villages initiatives in Brazil, Mexico,
and Kenya.
With thanks to our
team members and all
stakeholders.
Our achievements this year were not
possible without the remarkable ef-
forts of our team members and lea-
dership across Avolta, I particularly
want to thank our senior manage-
ment and the leadership of our CEO.
Their collaboration and commitment
to operational excellence have en-
abled us to surpass our goals and
continue advancing towards Destina-
tion 2027. I am deeply grateful to all
our team members globally, for their
dedication to delivering exceptional
service to travelers and for embracing
working together as one unified, yet
diversified company, to redefine the
travel experience.
My sincere thanks also go to our con-
cession partners and brand suppliers
for their close collaboration, enabling
us to innovate and elevate our offer-
ing. I am equally appreciative of the
continued trust and support from
our business partners, shareholders,
bondholders, and lending banks,
whose longstanding relationships with
us reinforce our confidence in the
journey ahead. Together, we are well-
positioned for a promising future.
Sincerely,
Juan Carlos Torres Carretero
Together, we are well-positioned
for a promising future.
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CEO´s
Statement
Xavier
Rossinyol
Chief Executive
Officer
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2024
For a glossary of financial terms and
Alternative Performance Measures please
see page 266 of this Annual Report.
Dear all,
I am proud to be writing to you after a
successful second year as Avolta. For
the eighth consecutive quarter we are
ahead of our own outlook, with con-
tinued strong organic growth, pro-
gressing on the travel experience
revolution.
Our geographically diverse and stable
business mix – with a balanced pre-
sence across duty-free, duty-paid
and food & beverage – continues to
give us a strong competitive advan-
tage. By staying customer-centric
and relentlessly focused on continu-
ous improvement, we are delivering
outstanding financial performance,
transforming physical spaces, and ac-
celerating digital innovation. Our
management team remains commit-
ted to creating value for all our stake-
holders, from shareholders and gov-
ernance to our people, communities
and the environment. With a positive
outlook ahead, driven by society’s
fundamental passion to travel, we will
continue leading the transformation
of the travel experience. I thank our
team members and stakeholders for
your ongoing support and dedication.
Strong execution against our
Destination 2027 Strategy
Avolta’s compelling financial perfor-
mance tells the story of our continued
strong execution against our Destina-
tion 2027 Strategy, powered by our
more than 77,000 team members.
We have met or exceeded all our KPIs
this year and progressed on all pillars
of our strategy from delivering on the
travel experience revolution by bring-
ing together travel retail with F&B, di-
versifying our global presence, build-
ing a culture of continual operational
improvement and making meaningful
steps forward on the sustainability
front.
On an operational level, we remain
well positioned to capture growth in
line with channel evolution, with 81 %
of operations in airports, and the
remaining distributed across cruise
liners & ferries, seaports, motorways,
railway stations and downtown tourist
areas. With long-term global air pas-
senger traffic trends expected to
double by 2043, our widespread and
continually expanding presence at
airports places us in an advantageous
position for the future.
Robust growth and synergy
success – delivering on key
performance metrics
In 2024, our key performance indica-
tors have shown very positive deve-
lopment on all fronts, driven by our
impressive commercial performance,
our heightened cost discipline, a
positive increase in productivity, and
active portfolio management.
Our Consolidated CORE Turnover
saw significant growth, reaching
CHF 13,473 million (compared to
CHF 12,535 million in 2023), with
CORE Organic growth of 6.3 % over
the prior year. Full-year 2024 CORE
EBITDA amounted to CHF 1,267 mil-
lion (CHF 1,130 million in 2023), reflec-
ting an improved CORE EBITDA
margin of 9.4 % despite persistent
geopolitical and macroeconomic
challenges.
Following the successful business
combination of Dufry and Autogrill
in 2023, we exceeded expectations
by realizing the full run-rate of CHF
85 million in synergies one year
earlier than projected at the time
of announcing the integration.
This positive trend is further reflected
in our CORE Net Profit, which in-
creased to CHF 550 million, up from
CHF 457 million in 2023. Furthermore,
and surpassing our initial expecta-
tions for the year, Equity Free Cash
Flow (EFCF) reached CHF 425 million
(2023: CHF 323 million).
Our physical spaces: Our FLEX
approach for shops and F&B builds
innovation into our concepts
With operations in nearly all conti-
nents, we have identified the key
ingredients in creating relevant con-
cepts for our travelers and distilled
them into our FLEX framework:
Maximizing revenue synergies from
the business combination, paving
the way for a more integrated and
engaging travel experience.
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2024
Flexible, Local, Entertainment and the
X-factor. FLEX means that we can be
proactively responsive, building stores
that can respond to the changing
landscape of travel ports, emphasize
the local flavors and giving a platform
to local brands, leveraging entertai-
nment to form connection, alleviate
stress and create a conducive buying
environment. We make travelers hap-
pier with our ability to surprise with
out-of-the box concepts.
We continue to extract value from our
business combination, which allows
us to explore new revenue streams
like hybrids and build a solid data lake
with access to the combined data. We
have developed and delivered unique
hybrid concepts tailored to different
passenger groups, which, interest-
ingly, we note that the market is
clearly also moving in that direction.
In the USA in 2024, 25 % of tenders
included a hybrid proposal. Avolta is a
clear front runner in this trend, which
we expect to grow not only in the US
but also in the rest of the world with
new concepts already introduced in
Europe, the Middle East and North
America, so far.
Full speed on the
Digitalization and
the use of Data to
create value for
the Customers, our
concession partners
and our shareholders.
We continue to evolve our store con-
cepts using data-driven insights that
reflect customer expectations and
trends, while also advancing digita-
lization across all levels of the orga-
nization. Our goal is to create tangible
value for customers, concession
partners and shareholders through
innovation and technology. A key
milestone in 2024 was the successful
launch of Club Avolta, which was
well received by customers and had
a positive impact on sales.
Club Avolta is the sin-
gular and most inclu-
sive loyalty program
for travelers – and this
is just the beginning.
Launched in October, Club Avolta,
an industry-first loyalty program that
brings together duty-free, duty-paid
and F&B, across Avolta’s more than
5,100 outlets worldwide. As the next
pivotal step in our strategy for traveler
centricity, the program rewards mem-
bers when they spend at Avolta stores
and restaurants, with exclusive bene-
fits and experiences with some of the
world’s most-renowned brands, in-
cluding access to lounges and events,
exclusive product launches, and op-
portunities to give back to the local
communities in which we operate.
Club Avolta is the singular and most
inclusive loyalty program for travelers,
equipping us with real-time data
showing how different travelers inter-
act with both F&B and retail – a first
for any travel industry player. And this
is just the beginning.
An exceptional
year due to a shared
commitment.
In reflecting on such an exceptional
year, I would like to express my sin-
cere thanks to the Avolta Board of
Directors and Management Team for
their steadfast support. Our shared
commitment to realizing Avolta’s
Destination 2027 strategy and revolu-
tionizing the travel experience and
delivering value for our shareholders
is invaluable. Your dedication and
collaboration have been essential
in driving our success.
Enhancing our geographical
diversification, with important
contract extensions and new wins
In 2024, Avolta advanced its growth
strategy by securing new concessions
and contract renewals, while simulta-
neously enhancing existing stores
with our FLEX framework. These high-
lights are too numerous to mention,
with significant footprint expansions,
new territories opened, changemak-
ing hybrid concepts and more,
I welcome you to read our regional
updates in full on pages 58 through
to 73.
Capitalizing on our global platform,
we maintain a clear focus on growing
the business organically by investing
in growth, with upgrades to our store
network, digital and tech transforma-
tion, and targeted business develop-
ment in new locations. In 2024,
most regions experienced growth,
with particularly strong performance
achieved in EMEA and continued
improvement in the APAC region. In
terms of organic growth, our strategic
expansion remains focused on the
highly attractive and resilient North
American market, where we an-
nounced a series of sensational wins
at JFK Airport across all channels of
the business. Simultaneously, we ac-
celerated our growth strategy for the
Asia-Pacific region, with the purchase
of Free Duty concessions, and the
expansion of our team to capture
growth from the ongoing recovery of
Chinese travelers and the increasing
demand for domestic, intra-regional,
and international travel among other
Asian nationalities. Whilst reported
year-on-year growth for the LATAM
region was -3.1 %, the growth exclud-
ing the Argentinean effect was
+7.0 %, testimony to the strength and
resilience of the business, and we
continue to fine-tune our approach in
the region with clearly defined priori-
ties and goals.
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Avolta’s Sustainability Strategy
is embedded in our way of doing
business
Avolta’s Sustainability Strategy, en-
compassing our people, our planet
and communities, is a core pillar of
our Destination 2027 Strategy, and
thus remains a key consideration in
all business decisions. Our vision of
sustainability continues to evolve to
account for changes within the busi-
ness, as well as shifts in the external
sustainability context. In 2024, we
made considerable progress with
several important initiatives.
Particularly close to my heart is the
launch of Eugenio Andrades’ Legacy,
a global initiative aimed at honoring
the memory of our esteemed col-
league, Eugenio Andrades, and
furthering a cause he was deeply
passionate about. The initiative is de-
signed to support and uplift children
with neurological disabilities by
promoting social inclusion through
sports and providing necessary treat-
ment resources to NGOs, while ser-
ving as an umbrella to other initiatives
supporting children with neurological
disabilities. This initiative ties well to
Avolta’s global Community Engage-
ment focus area, which we have
continued to deliver against through
se-veral other support efforts.
Our business is only as strong as our
people, who are the face of Avolta
and the engine behind our success.
In line with our focus area – Empower
Our People – this year we achieved
EDGE certification in five significant
countries – Italy, the Netherlands,
Spain, Switzerland, and the USA –
helping us to create a fairer work-
place, attract and retain diverse ta-
lent, and provide equal opportunities
for all team members. This is espe-
cially important on the background
of the high levels of competition re-
quired to attract and retain leading
talent in the travel retail and F&B in-
dustry, for which employee engage-
ment remains an essential focus for
us. We listen keenly to feedback and
adapt to meet the needs of our team
members, cultivating our culture
with dedicated Employee Resource
Groups, boosting our internal talent
pipeline with employee growth op-
portunities with the development of
our internal-first approach and global
job board, as well as the roll-out of our
global talent development program
to upskill emerging leaders.
For a detailed and comprehensive
overview of our Sustainability Strat-
egy, engagement, and the progress
we have achieved in 2024 please
refer to our Sustainability Report on
pages 99 – 161.
Positive outlook for 2025.
With positive business development
across all regions and strong
customer demand projected for
the broader travel industry, despite
persistent geopolitical and macro-
economic challenges, we remain
confident that Avolta will experience
sustainable growth for many years to
come. We see diverse opportunities
emerging from changing traveler and
customer expectations for both travel
retail and F&B and are well-equipped
to evolve our offering not only to ad-
dress these changes, but to pioneer
innovative concepts that redefine
the travel experience. Our Destination
2027 strategy positions us to harness
this growing appetite for unique
experiences and our financial perfor-
mance reinforces our ability to
address challenges and leverage
opportunities.
Powered by our
people – thank you
for your consistent
contributions.
Our people are key contributors to
our company’s success. I extend my
sincere thanks to all team members
for your contributions in our stores,
restaurants and offices around the
world. Your unwavering dedication
has been instrumental in driving our
Destination 2027 Strategy forward,
allowing us to deliver exceptional
results.
I would also like to express my grati-
tude to our concession partners,
The future of travel is poised for
remarkable change, and Avolta is at
the forefront, leading the market’s
transformation.
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2024
brands, and the financial community
for your continued support and
collaboration. Your partnerships have
strengthened our ability to innovate,
grow and create value for us all.
Thank you to all key shareholders,
and our long-term strategic
investors.
I thank our shareholders and bond-
holders for your continuing support
in advancing Avolta’s strategy to rede-
fine the travel experience. Your part-
nership enables us to execute, adapt
and innovate, and to maintain our
leadership of the ever-changing
travel industry.
Finally, I would like to sincerely thank
all our key shareholders and long-
term strategic investors as well as our
Chairman, Juan Carlos Torres, our
Honorary Chairman, Alessandro
Benetton, and our entire Board of
Directors, for your trust and support
in driving Avolta’s growth and trans-
formation.
I look to 2025 with great anticipation
as we continue to shape the travel
industry as one of the most powerful
and resilient global travel experience
players.
Journey on,
Xavier Rossinyol
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Chief Executive Officer
Xavier
Rossinyol
President & CEO Europe,
Middle East & Africa
Luis
Marin
President & CEO Asia-Pacific
Freda
Cheung
Group General Counsel
Pascal C.
Duclos
Chief Public Affairs & ESG Officer
Camillo
Rossotto
Chief Commercial & Digital Officer
Vijay
Talwar
Chief People, Culture & Organization Officer
Katrin
Volery
President & CEO Latin America
Enrique
Urioste
Chief Financial Officer
Yves
Gerster
Our Organizational Structure –
Global Executive Committee
As of December 31, 2024
President & CEO North America
Steve
Johnson
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Avolta’s
Investment
Case
Long-term growing
industry offering new
opportunities.
Mid-term global PAX CAGR of
3.5 – 4 % across Avolta’s footprint, and
with growth opportunities worldwide.
Projected long-term growth in the
expanding and resilient USD 86 billion
travel retail and USD 28 billion travel
F&B concession markets.
Our Destination 2027
strategy to grow sales
and profits.
Mid-term turnover growth with
5 – 7 % CAGR driven by underlying
growth in global travel and spend-
per-passenger.
Ongoing efficiency improvement
driving EBITDA margin increase of
20 – 40bps per annum.
Annual EFCF increase of 100 – 150bps
supported by strong cash generation
capability and clear focus on opti-
mized leverage.
Long-term track-record of highly
flexible cost structure and low capital
intensity.
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High level of diversifi-
cation fostering
business resilience.
Proven resilience of travel retail and
F&B further supported by Avolta’s
diversification across geographies,
channels, formats and concepts.
Offering a vast array of unique travel
retail, F&B and hybrid concepts to
best serve concession partners’
commercial spaces.
Strong long-lasting stakeholder rela-
tions with concession and brand part-
ners as well as debt and equity
investors supporting the company.
Committed to share-
holder value and sup-
porting communities.
Capital allocation policy aligned with
continued balance sheet deleverage
with shareholder returns, returning
one-third of EFCF to shareholders, and
the ambition of distributing medium-
term excess cash by way of share buy-
backs.
Target leverage of 1.5 – 2.0x net debt /
CORE EBITDA with near-term flexibility
of up to 2.5x for relevant business
development and/or bolt-on M&A
opportunities.
Support communities where the
company is active through local job
creation, local product sourcing and
donations.
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Board
of Directors
Members
As of December 31, 2024
Juan Carlos Torres Carretero
Alessandro Benetton
Sami Kahale
Heekyung Jo Min
Enrico Laghi
Xavier Bouton
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Mary J. Steele Guilfoile
Luis Maroto Camino
Joaquín Moya-Angeler Cabrera
Ranjan Sen
Eugenia M. Ulasewicz
Katia Walsh
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Pascal C. Duclos
Steve Johnson
Freda Cheung
Yves Gerster
Luis Marin
Global Executive
Committee
Members
As of December 31, 2024
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Enrique Urioste
Xavier Rossinyol
Katrin Volery
Vijay Talwar
Camillo Rossotto
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4
.
S
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ai
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Travel Retail and
Food & Beverage
Reimagined
Digital –
Power of
Data
Point
of Sale
Traveler
Vision & Strategy
Destination 2027
Avolta’s vision, mission and strategy is crafted based on
deep research, analysis and understanding of the evolu-
tion of the relevant market trends, customer insights and
our stakeholders’ needs. “Destination 2027” aims at put-
ting the customer into the focus and to make travelers
happier through a holistic travel experience including a
broad variety of retail and F&B propositions. As One Team,
we aim to generate sustainable long-term value for all our
stakeholders, including team members, travel concession
partners, brand suppliers, and, finally, our shareholders.
Our team members are key to implementing and drive the
long-term execution and success of our strategy through
their invaluable dedication, skill sets and front-line ambas-
sadors of our company.
Destination 2027 builds on four key pillars, each of them
resiliently powered by our people: Travel Experience Rev-
olution, Geographical Diversification, Operational Im-
provement Culture, and Sustainability.
Travel Experience Revolution
Our highly diversified team creates unrivalled and holistic
travel experiences by continuously adapting and evolving
Avolta’s value proposition with a full customer-centric ap-
proach based on data insights. We define, plan and oper-
ate travel retail and F&B concepts, providing 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 each
location. Digital engagement initiatives – such as the
recently launched new customer loyalty program Club
Destination 2027
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Avolta – further enhance the overall customer experience
along the entire journey.
Consumer intelligence plays a key
role in identifying new customer
profiles and expectations.
Traveler profiles and expectations are constantly moni-
tored across our global footprint to identify new behaviors
and requirements. Data analysis plays a fundamental role
in our business as changes in customer profiles and pre-
ferences can occur rapidly. For this reason, Avolta priori-
tizes consumer intelligence, derived from internal opera-
tional information, regular customer field surveys,
monitoring of social media channels and external re-
search. By always listening closely to customers we can
continuously fine-tune our offerings, not only meeting, but
exceeding the expectations of our clients.
A truly maximized travel experience is only possible
through close collaboration of travel retail and F&B oper-
ators with concession partners and brand suppliers, as
each party plays a crucial role. Operators create attractive
experiential environments, tailoring offerings and services
based on refined customer insights and helping to create
a sense of place. We share those insights with brands,
allowing them to further innovate their products and ex-
periences. In parallel, concession partners contribute by
optimizing space allocation and passenger flows, support-
ing the setup of flexible and hybrid concepts. Avolta seeks
a permanent and close collaboration with concession
partners and suppliers, through the ongoing monitoring
of airport, location and outlet performance, flexibly adapt-
ing retail and F&B concepts to maximize passenger satis-
faction, sales, and spend-per-passenger.
Close cooperation with
concession partners and
brand suppliers is key.
The key element in providing a flawless holistic travel expe-
rience is the unique combination of travel retail and F&B
concepts under one roof, generating benefits for custom-
ers and concession operators alike. Advantages materialize
Global Presence
Avolta presence
A full list of locations is available
on pages 74 – 77.
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through the creation of shop and restaurant designs with
a strong sense-of-place, reflecting local cultures and tra-
ditions, 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 oppor-
tunities, offered digitally or through vouchers, encourag-
ing travelers to visit and browse several outlets. The same
applies to the relevance and the reach of Club Avolta,
which results in a higher attractiveness for customers and
an increased number of touchpoints and engagement op-
portunities for the operators.
Location-specific, premium
customized services.
Our front-line team members play a key role in delivering a
transformational shopping and dining experience to our
customers. We continue to customize engagement with
shop and restaurant concepts and adapt service levels to
specific customer needs by geography and passenger pro-
file to create memorable experiences and the best possible
added value. These advanced engagement initiatives are
supported by comprehensive training, dedicated incentive
schemes and technological support.
Self-learning smart stores and
data-driven offering.
Avolta places a strong focus on using technology within its
shops to learn from anonymized customer behavior. This
provides key insights on where to enhance and adapt as-
sortments or allocate additional team members to in-
crease customer service for each single location. Data
insights optimize store and F&B concepts, as well as
assortment management, while driving performance by
initiating concept innovation.
Digital engagement in-store
and along the entire traveler’s
journey.
Avolta’s digital strategy is centered around maintaining
engagement with existing and potential customers
throughout their travel journey, with a focus on achieving
three main goals:
– Further engage with frequent travelers and establish
deeper connections. Increase loyalty by leveraging Club
Avolta initiatives, including offer and service personaliza-
tion and partnerships.
– Excel in sales is influenced by new digital touchpoints
created with partners across the whole travel journey, by
expanding the reach of Reserve & Collect and Club
Avolta 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 mini-apps used in our China
operations.
Frequent use of social media and CRM communication
keeps travelers informed about surprising initiatives, acti-
vations and in-store experiences throughout their com-
plete journey. Impact is further maximized by partnering
with suppliers to feature brand-specific content.
The unique combination of travel
retail and F&B concepts creates
flawless travel experiences, making
customers happier.
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Diversification by geographies, channels and offering
Diversification plays a key role in Avolta’s overall strategy,
enhancing resilience and supporting growth. As shown by
the share in sales on page 9, geographic and channel di-
versification reduces exposure to single product catego-
ries, contracts or local and regional external impacts: the
largest concession accounts for less than 4 % of our busi-
ness, while the ten biggest represent less than 18 % of
2024 sales.
Keep growing our already robust
position around the world.
Avolta is currently present in 70 countries across six con-
tinents, with some of its largest footprints and strongest
positions in North America, Europe, the Middle East and
Latin America, while Asia Pacific offers considerable po-
tential. Some of these geographies benefit from a dense
network of operations in single countries as in North
America and Europe, or regionally as in Central & South
America. Expected growth in passenger numbers, cou-
pled with expanded offerings, creates attractive scale
prospects.
To best benefit from the opportunities in Asia Pacific, the
key success factor is to harness the high spending power
of Chinese customers through a strong local presence
and a dedicated strategy to closely engage with Chinese
passengers domestically as well as when they travel inter-
nationally to neighboring countries. Given that 80 % of
Chinese international travel is within the Asia Pacific re-
gion, examples would include Vietnam and Indonesia. In
this context, an important asset in Asia Pacific and China
specifically is the partnership with Alibaba, which also in-
cludes an equity participation by Alibaba in Avolta. This
secures a strong onsite presence in Hainan, while simulta-
neously extending Alibaba’s ecosystem into travel retail,
allowing closer engagement with Chinese travelers world-
wide through differing online channels and services, fos-
tering Avolta’s omni-channel approach and securing
strong digital customer engagement and wide-spread
presence in the market.
With respect to geographic diversification, the focus is on
further developing Avolta’s footprint through dedicated
strategies for each of our regions, as we foster and grow
the company’s position across the world. In all geogra-
phies, 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 strate-
gically feasible.
Growing in all regions by reinforc-
ing our diversified portfolio.
In many markets around the world, Avolta’s combined ex-
pertise in travel retail and F&B is seen as an asset by con-
cession operators, who seek to enhance customer ex-
perience,
while
simultaneously
simplifying
space
management and improving the performance of their
overall retail area. Leveraging existing partnerships in
these markets and providing attractive alternatives in new
locations, including airports, train stations and motorways,
gives Avolta the opportunity to strengthen its footprint in
some of the world’s most important tourist destinations.
Avolta has a significant overlap of retail and F&B – and
sees potential incremental organic growth opportunities.
Our dynamic hybrid concepts, which leverage F&B and
travel retail enhance our offer, consequently boost cus-
tomer experience while allowing airports to optimize retail
space, passenger flows, spend-per-passenger and ulti-
mately revenue generation.
The unique sets of expertise in both the travel retail and
F&B sectors increase Avolta’s attractiveness when partic-
ipating in tenders in new locations where we are not yet
Avolta operates in 70 countries
in over 1,000 airports, motorways
and other locations worldwide.
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present. The comprehensive know-how on passenger
shopping and dining behaviors, as well as insights covering
both domestic and international profiles is an important
competitive advantage we leverage for the benefit of each
airport operator around the world. In cases where the air-
port wants only one partner to manage all its commercial
spaces, Avolta can also provide extensive master conces-
sionaire services.
In all these markets, further growth can be driven organi-
cally, through joint ventures or by bolt-on M&A trans
actions. Testimony to this growth strategy is the purchase
of the Free Duty concession in Hong Kong as well as the
several organic footprint expansions and contract renew-
als achieved across all continents in 2024.
Operational Improvement Culture
The most important element in successfully implement-
ing our Destination 2027 strategy is how we – as One
Team and One Company – approach its implementation
and execution. In all we do, we establish an ongoing cul-
ture of operational improvement to jointly drive growth,
profitability and cash flow generation. For Avolta, this
means identifying operational savings by actively manag-
ing our business and customer portfolio.
Actively identifying operational
improvements.
Key trends and methodologies for actively managing
costs, as well as resetting and improving efficiency, re-
quire a focus on what is critical for running the business.
Identifying new technologies to implement innovative
ways of working, leveraging the power of digital data, and
increasing flexibility and agility are key to this approach.
We take a broad view of zero-based-budgeting assessing
every activity in terms of how it contributes to the busi-
ness, and how it can be improved.
Ongoing portfolio management
drives profitability.
We regularly review and evaluate our concession portfo-
lio for profitability, enabling us to promptly renegotiate or
exit contracts which do not fulfil our concession-specific
objectives and expectations. This allows us to consistently
improve portfolio quality and performance over time.
In this context, we also engage in ongoing evaluation,
analysis and discussion with key airports to jointly identify
and develop possible growth and efficiency levers. The
crucial prerequisite for this is a permanent and cyclical
performance review and re-evaluation of the portfolio,
starting with pre-contractual due-diligence and exten-
ding throughout the duration of each concession.
Avolta supports communities
by sourcing local products,
providing job opportunities and
engaging in local projects.
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Sustainability – Environment and Communities are
key strategic elements
Avolta’s sustainability engagement is based on four pillars:
Create Sustainable Travel Experiences, Respect Our
Planet, Empower Our People, Engage Local Communities.
Each of these focus areas includes targeted initiatives that
make Avolta’s sustainability commitment tangible by con-
centrating on topics where the company can make a real
impact.
Implementation and development of the comprehensive
Sustainability strategy is managed through strong gover-
nance, making sure it is at the center of the company’s
activities and securing sustainable growth for our stake-
holders.
Initiatives for our people,
communities, and the
environment.
In addition to our extensive initiatives in all of the four ar-
eas, supporting the communities in the regions where
Avolta operates is a major focus.
Given its presence in more than 70 countries and across
more than 1,000 locations, Avolta is an important em-
ployer – in 2024 we employed 68,750 people (FTE) – pro-
viding job opportunities for communities around the
world. Additionally, Avolta has traditionally supported
local communities by sourcing local products & services
and engaging in dedicated community projects, imple-
mented either at company 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 Sustainability strategy
and implementation progress is available in the Sustain-
ability Report 2024 on pages 99 – 161.
Powered by our People
At the heart of our success, driving our global growth and
shaping our future are our people. Our diverse teams are
key to strengthening our business, amplifying innovation
and elevating customer experiences across all our loca-
tions. We invest deeply in creating an inclusive, engaging
environment where each team member feels valued and
empowered, showing that their well-being and develop-
ment directly translate into valuable results. By putting our
people first, we continue to build a culture of excellence, of
continued improvement, where everyone can thrive and
contribute meaningfully to Avolta’s vision.
Destination 2027 is an important part
of 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. Powered by
our people, the pillars secure value creation for investors
and shareholders. The company has always fostered a dis-
ciplined financial approach to all its projects, whether or-
ganic or through acquisitions. We carefully analyze every
project or significant investment with detailed projections
and with a focus on minimum return requirements.
This culture of emphasizing returns and cost control has
allowed us to grow our business profitably and seize
opportunities in many different markets, while also
strengthening the company’s resilience in recent years.
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, providing a
solid and resilient profile. For further information on our
equity story as the world’s leading global travel experience
player, please refer to the section Investors on page 89 of
the Annual Report 2024.
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Mini
Apps
Building on the success of the mini-Apps
currently in use at the Global Duty Free
Plaza in Hainan for Chinese customers,
Avolta will develop similar applications to
support customers in other geographies,
offering user-friendly digital and online
shopping experiences and customer en-
gagement features.
Chinese
Market
Reserve &
Collect
Reserve & Collect is available globally
in [xxx] locations across [xx] countries and
can be accessed through the dedicated
website:
www.shopdutyfree.com.
01
Locations
01
Countries
Digital Channels & Services
Avolta is dedicated to creating seamless and engag-
ing travel experiences by putting customers at the
heart of everything we do. Continuous innovation
and the evolution of our value proposition ensure
our offerings remain relevant and compelling.
From our FLEX framework to our digital solutions
and commitment to innovation, we design opera-
tions that enhance, delight, and connect with
travelers – making their journeys more enjoyable
at every step.
To attract and retain customers, we leverage data-
driven insights to anticipate emerging trends and
shifting behaviors. These insights shape the four key
drivers of our FLEX framework – Flexible, Local,
Entertaining, and X-factor – enabling us to adapt
our concepts and exceed evolving expectations.
This progress is only possible through strong part-
nerships with our concession stakeholders and
brand suppliers. Their collaboration ensures that we
continue to elevate the travel experience for millions
of customers worldwide.
Bringing
Customer-
Centricity
to life
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Innovation at the Heart of Avolta
Capturing the customer’s attention to draw them into our stores or
restaurants is one of the main challenges in travel retail and F&B.
Entertaining elements that spark curiosity and or catch the customer’s
attention encourage them to pause, relax and enjoy the commercial
spaces, while also piquing their interest to try new experiences.
Entertaining
Creating a strong sense of place strongly enhances the appeal of our
shops and F&B environments. Translating into enhanced relevance and
authenticity, and driving higher spending, travelers are drawn to
cultural themes and traditions, each element contributing to a truly
unique travel experience.
Local
Flexible store and restaurant formats allow Avolta to react quickly to new
trends and to create seasonal hot-spots and pop-up offerings. In this
way we continuously drive spend-per-passenger and optimize the profit
ability of our commercial spaces.
Flexible
Putting the wow into the travelers journey, the X-factor implements smart
technology in stores and restaurants to improve on a frictionless journey.
From collecting data on customer behavior, to enhancing their experience
with digital tools, the X-factor gives our travelers reasons to return, while
fueling our teams with data to enable continual improvement.
X-Factor
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Avolta has long integrated its physical stores with digital applications
and customer services, continuously expanding its digital touch-
points to enhance engagement at every stage of the travel journey.
Avolta customers worldwide benefit from the attractive, unique and
newly launched Club Avolta – an industry-first loyalty program that
seamlessly integrates duty-free, duty-paid, food & beverage (F&B),
brands, airports, airlines, hotels and more.
Serving travelers from the moment a trip is planned, Reserve &
Collect gives travelers the opportunity to reserve their most-wanted
products, with a convenient collect and pay approach for their
goods upon departure or arrival. Our digitalized stores welcome
travelers in multiple languages, synchronized with flight schedules
to cater to different nationalities, while showcasing the latest travel
retail exclusives or novelties.
Increased digital customer experience services and mini-Apps are
deployed in several operations in South-East Asia and in selected
operations in Hainan, where Avolta participates in the Global
Duty Free Plaza stores. Supporting local shopping behaviors,
integrated into Alipay and WeChat, and in line with local duty-free
sales regulations, travelers can enjoy a comprehensive shopping,
payment and service experience for online and offline use.
My Autogrill rewards loyal Autogrill
customers with discounts and
services dedicated to members.
The My Autogrill app is valid at
Autogrill Italy and Nuova Sidap stores.
www.myautogrill.it
My
Autogrill
Member
discounts
& services
My Autogrill
App
Club Avolta
Global customer loyalty program
5,100
Points
of sale
70
Countries
Club Avolta is the new global loyalty program serving all our cus
tomers, whether they are dining in one of our restaurants, having
a drink at one of our iconic bars, shopping in our retail stores, as
well as giving travelers exclusive benefits and experiences with the
world’s favorite brands. Completely customer-centric, Club Avolta
is simple, intuitive, and tailored to each traveler’s unique needs. The
program rewards members when they spend at Avolta locations
across 70 countries with over 5,100 points of sale: please refer also
to the dedicated brochure of this Annual Report
or at the below URL.
www.clubavolta.com
Club Avolta
App
Mini
Apps
Building on the success of the mini-Apps
currently in use at the Global Duty Free
Plaza in Hainan for Chinese customers,
Avolta develops similar applications to
support customers in other geographies,
offering user-friendly digital and online
shopping experiences and customer en-
gagement features.
Chinese
Market
Reserve &
Collect
Reserve & Collect is available globally
in 188 locations across 46 countries and
can be accessed through the dedicated
website:
www.shopdutyfree.com
188
Locations
46
Countries
Digital Channels & Services
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Innovation at the Heart of Avolta
Innovation is a cornerstone of
Avolta’s strategy, driving our com-
mitment to reimagine the travel
experience and create lasting value
for travelers, partners, and team
members.
Our dedicated Innovation and
Transformation arm leads this
charge, fostering new ideas,
technologies, and practices that
enhance operational excellence,
customer engagement, and
sustainability.
From seamless digital tools to
groundbreaking store concepts, we
embrace innovation to meet evol-
ving traveler needs and set industry
benchmarks.
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Avolta NEXT embodies our vision of innovation, serving as a hub
for transformative ideas in the travel ecosystem. We run regular
sessions with a selection of start-ups presenting their solutions to a
range of themed challenges. How can their start-up be applied to
our business for change? Together we co-create the future of travel,
integrating cutting-edge ideas to elevate traveler experiences and
promote efficiency and sustainability.
This year we launched the Avolta NEXT Hub space in Milan, our first
physical innovation center and a beacon of collaboration and crea-
tivity. Located at our Milan office, this 220 m2 space hosts selected
startups from around the world, working alongside our team to
develop pioneering solutions for travel retail and F&B.
Through Avolta NEXT and our wider innovation strategy, we reaffirm
our commitment to staying ahead of industry trends and redefining
the travel journey with creativity and purpose.
Avolta NEXT
Shaping the future
MAD
Hybrid Retail
Concepts
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Blending retail, dining,
and cultural identity.
Avolta’s Hybrid Concepts in retail
settings integrate F&B into general
travel retail environments, creating
dynamic spaces that enhance
cross-selling opportunities and
offer travelers a seamless, relaxed
experience. By blending retail with
localized culinary offerings, these
concepts foster a strong sense
of place while catering to diverse
traveler needs.
A notable example is the “Hungry
Club” concept in Spain, developed
with with Michelin-star chef Dabiz
Muñoz, which combines gourmet
dining within a retail setting,
enriching the shopping journey
and boosting engagement in a
lower-stress environment. As of
December 31, 2024, Avolta oper-
ated 53 hybrid outlets worldwide.
Hybrid Retail Concepts
Hungry Club
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Hybrid Retail
Concepts
MAD
“It’s great to watch
travelers take their time
to shop and then enjoy
a good meal or drink.
It makes their trip feel
special and stress-free.”
Paula Martinez
Shift Leader, Hungry Club,
Madrid Barajas International Airport
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Hybrid F&B
Concepts
SHJ
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41
A seamless fusion of retail
and food & beverage,
defining a new category
in travel.
Hybrid F&B Concepts
Hudson Café
Avolta leads the way in redefining
travel spaces with Hybrid Concepts
that seamlessly integrate retail and
F&B, offering an enriched experi-
ence for travelers and concession-
aires. Recent examples include the
“Hudson Café” at Sharjah Interna-
tional Airport, blending retail, a
bookstore, and F&B with Toblerone
confectionery by Mondelez, and
“Ink by Hudson” at Michigan’s
Gerald R. Ford International Airport,
combining a bookstore with a
wine bar featuring local Michigan
wines. These innovative concepts
enhance convenience and create
memorable journeys.
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SHJ
“Combining shopping
and dining makes for such
a fun experience – I love
seeing travelers enjoy the
mix we offer.”
Darylmea Billones
Sales Assistant, Hudson Café, Sharjah
International Airport
Hybrid F&B
Concepts
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General Travel
Retail Shops
MEX
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Perfumes
Cosmetics
Food
Confectionery
Wines
Spirits
Watches
Jewelry
General Travel Retail Shops
Mexico City Duty Free
The most frequently used retail
concept, Avolta’s general travel
retail shops offer a wide assort-
ment across categories like
perfumes, confectionery, spirits,
fashion, and electronics. Found in
airports, seaports, and other
high-traffic locations, these shops
leverage digital tools to engage a
diverse global customer base.
Key brands include Dufry, World
Duty Free, and Hellenic Duty Free,
with duty-free and duty-paid
formats catering to international
and domestic travelers. As of
December 31, 2024, Avolta
operated 831 general travel retail
shops worldwide.
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MEX
“I love helping travelers
find that perfect gift or
treat – it’s such a great
feeling to know I’ve made
their journey a little more
special.”
Ruben Rojas
Sales Associate, Mexico City Duty Free,
Mexico City International Airport Benito Juárez
General Travel
Retail Shops
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Convenience
Stores
JFK
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Avolta’s convenience stores, led by
the renowned Hudson brand, cater
to travelers’ on-the-go needs with
items like drinks, snacks, travel
essentials, and souvenirs. Primarily
located in North America, with 102
shops and presence in 17 countries,
Hudson features flexible concepts
like Hudson Nonstop, using
Amazon’s seamless checkout
technology, and hybrid models
like Hudson Café with Baci.
Distinct selling zones and innovative
designs enhance the customer
experience across airports, railway
stations, and transit hubs world-
wide. As of December 31, 2024,
Avolta operated 760 convenience
stores worldwide.
Soft drinks
Confectionery
Packaged food
Travel accessories
Electronics
Personal items
Books & Souvenirs
Newspapers & Magazines
Convenience Stores
Bryant Park Market
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JFK
“Travelers are always in a
hurry, so I enjoy being
the friendly face that helps
them grab what they
need quickly and easily.”
Lisa Wahab
Sales Associate, Bryant Park Market,
John F. Kennedy International Airport
Convenience
Stores
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ZRH
Brand
Boutiques
by Avolta I
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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.
Brand Boutiques by Avolta
Swarovski
Avolta partners with global and
local brands to create standalone
boutiques and shop-in-shop expe-
riences, reflecting high-street ele-
gance while enhancing the traveler
shopping journey. Operating 224
brand boutiques worldwide, we
showcase iconic names like
Armani, Hermès®, Chanel, and
FERRAGAMO in both duty-free
and duty-paid areas.
Recent highlights include Diptyque
in Shanghai, and Rip Curl in
Philadelphia, exemplifying our ability
to craft vibrant, mall-like environ-
ments tailored to diverse traveler
profiles.
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Brand
Boutiques
by Avolta I
ZRH
“It’s exciting to introduce
travelers to the luxury
brands they admire and
make their shopping
experience unforgettable.”
Kim Sea Sok
Sales Advisor, Swarovski, Zurich Airport
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Specialized
Shops
BLR
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Avolta’s specialized shops focus on
single categories or themes, creat-
ing unique experiences with diverse
offerings such as luxury watches,
electronics, spirits, and destination
products. Operating 419 stores
across airports, seaports, and other
locations, these shops include
formats like “Colombian Emeralds
International” for watches and je-
welry, “Tech on the Go” for elec-
tronics, and “World of Whiskies”
for premium spirits.
A notable 2024 launch is “The
Sunglasses Hut” at Philadelphia
International Airport, reflecting our
commitment to tailored, memor-
able shopping experiences.
Watches & Jewelry
Sunglasses
Electronics
Spirits
Food
Destination products
Specialized Shops
World of Whiskies
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BLR
“I enjoy showing travelers
unique products they
can take home, whether
it’s a local delicacy or a
beautiful watch. It’s like
sharing a piece of the
destination with them.”
Deeksha Kulal
Cashier, World of Whiskies,
Kempegowda International Airport
Specialized
Shops
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Café
Concepts
AUH
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Avolta’s café concepts provide
travelers with comforting spaces to
relax or grab quality coffee on the
go. Offering a variety of beverages
and light bites, these cafes reflect
our Italian heritage while adapting
to local flavors. Key openings in
2024 include “Café Espresso” in
Kuala Lumpur, “Metropolis Coffee
Company” in Chicago, and Italy’s
first “Costa Coffee” in Rome.
With expert concept development
and diverse offerings, Avolta cafés
enhance the travel experience with
convenience and a sense of place.
A cornerstone in our
offering, rich in Italian
heritage, essential in
the traveler’s journey.
Café Concepts
Café Flor
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AUH
“Making someone’s
coffee just the way they
like it – especially during
a busy trip – is a small
thing that can really
brighten their day.”
Quintin Lopez
Shift Leader, Café Flor,
Zayed International Airport
Café
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Restaurant
Concepts
HEL
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Diverse, innovative,
catering to every imag-
inable culinary desire.
Restaurant Concepts
Naughty Brgr
Avolta’s restaurant concepts turn
travel hubs into culinary destina-
tions, offering fast casual, full-
service, and self-service options.
Featuring local flavors, global
brands, and chef collaborations,
these restaurants deliver authentic
dining experiences while embrac-
ing innovation in food, service,
and design.
Highlights from 2024 include
“Chick-fil-A®” in Charleston,
“Jones the Grocer” in Abu Dhabi,
“Eataly” in Rome, and “Hungry
Club” by Dabiz Muñoz in Madrid.
Across continents, our diverse
concepts continue to enhance the
traveler’s journey with exceptional
cuisine and ambiance.
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HEL
“Travelers might be far
from home, but serving
them a delicious meal
gives them a taste of
comfort and connection.”
Jerome Peñaflor
Kitchen Manager, Naughty Brgr,
Helsinki Airport
Restaurant
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Bar
Concepts
AMS
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Versatile social hubs for
celebrating, unwinding,
and connecting.
Bar Concepts
Salon
Avolta’s bar concepts transform
transit locations into lively social
hubs, offering a curated selection
of beverages, from craft beers to
cocktails, paired with light bites.
Responsive to local traditions and
trends, these bars create immer-
sive experiences that reflect the
character of their surroundings.
Highlights from 2024 include the
gourmet “Taberna Atlántica” at
Tenerife South Airport, Avolta’s first
F&B venture in Spain, and “Bubbles
Seafood & Wine” at Helsinki Airport,
blending high-quality dining with
wine and champagne.
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AMS
“Whether it’s a cocktail
or just a good chat, I love
helping travelers relax
and enjoy their journey
a little more.”
Rolenzo van der Zee
Team Trainer, Salon,
Amsterdam Airport Schiphol
Bar
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Grab & Go
Concepts
OOL
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Quick, quality,
convenient – ideal
for the traveler on
the move.
Grab & Go Concepts
Fresh
Avolta’s grab & go concepts deliver
quick, quality food and beverages,
catering to diverse tastes and diet-
ary needs. These outlets combine
convenience with local flair, offering
pre-packaged meals, snacks, and
beverages. Highlights from 2024
include “All’Antico Vinaio” at Dubai
International Airport, showcasing
Tuscan Schiacciata bread; “FEBO”
at Schiphol Airport, with its iconic
croquettes; and “12oz” at Milan’s
Famagosta metro station, blending
fast service with premium coffee.
These concepts ensure travelers
enjoy efficiency without compro-
mising on quality or flavor.
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OOL
“Travelers don’t have time
to waste, so it’s rewarding
to make sure they get
quick, tasty options
without slowing down.”
Josi Silva
Associate, FRESH,
Gold Coast Airport
Grab & Go
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Europe,
Middle East
and Africa
Avolta
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Strong business performance boosts organic growth
Europe, Middle East & Africa (EMEA) – Avolta’s largest re-
gion spanning 34 countries – enjoyed strong business
momentum in 2024. While the major holiday destinations
in Southern Europe, the Middle East and Africa, across
both, travel retail and F&B, saw an ongoing buoyant leisure
demand, the UK, the Nordics and Central Europe contin-
ued to benefit from international travel.
EMEA CORE turnover reached CHF 6,928 million, up from
CHF 6,265 million in 2023 with organic growth of 9.4 %.
Several new contracts were won and concessions ex-
tended within EMEA in 2024. Of note is the seven-year
contract at Nikola Tesla Airport in Belgrade (Serbia), the
new concessions at Varna and Burgas airports in Bulgaria,
the new retail contracts won at Edinburgh Airport (Scot-
land), at Murtala Muhammed International Airport in
Lagos (Nigeria) as well as new contracts in Saudi Arabia’s
Riyadh International Airport, among others. In Türkiye,
Avolta extended its local footprint with the new contract
won at the newly built Çukurova International Airport to
operate 1,000 m2 of duty-free space within the departures
and arrivals areas and signed new F&B contracts at Istan-
bul’s Sabiha Gökçen International Airport for 26 stores.
New concessions were awarded at Cologne/Bonn Airport
(Germany) for 17 outlets, at Stavanger Airport (Norway)
and at Rome Fiumicino Airport (Italy), while first-time F&B
units were opened at Adolfo Suárez Madrid-Barajas Air-
port and other Spanish airports and Zurich’s main train
station (Switzerland).
Hybrid concepts attracted increasing interest in 2024. On
a global level, there are currently 53 hybrid concepts in
operation with a further 40 in various stages of develop-
ment in ongoing tenders. Among the most notable hybrid
concepts opened in 2024 there is the Hudson Café at
Sharjah International Airport (United Arab Emirates), which
combines retail, a bookstore, and F&B offerings and fea-
tures a curated selection of Toblerone confectionery pro-
vided by brand partner Mondelez or the Real Madrid store
opened in Adolfo Suárez Madrid-Barajas Airport in Spain.
Significant refurbishments were undertaken at Adolfo
Suárez Madrid-Barajas Airport T1 and at Barcelona El Prat
Airport (Spain).
In 2024, Avolta’s EMEA footprint included shops, restau-
rants and hybrid concepts in 164 airports, 393 highways
and 238 other types of locations. A total 25,164 m2 of retail
space was opened, and 61,733 m2 refurbished.
Portion of CORE turnover
2024
Number
of outlets
Retail sales area
in m²
221,156
Employees
in FTE
27,358
6,928
CORE Turnover
(in millions of CHF)
Key reported
data 2024
2,379
Asia Pacific
51 % Europe,
Middle East
and Africa
Global
Distribution
Centers
Latin
America
North
America
* Proforma.
6,000
0
1,000
2,000
3,000
4,000
5,000
6,265
6,928
5,388
23
24
22*
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Europe, Middle East
and Africa
Sharjah – Sharjah Airport
Hudson Café Sharjah unites retail, bookstore, and F&B offerings, travel
essentials, books, mobile accessories, and a variety of food and drinks.
Düsseldorf – Düsseldorf Airport
Burger Federation offers gourmet burgers made from selected
ingredients, accompanied by crispy fries and refreshing drinks.
Italian motorway – Dorno service area
The Eataly concept showcases the finest Italian F&B offerings, catering
to every preference, from quick options through to sit-down meals.
DUS
Italian
Motorway
SHJ
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Fiumicino – Leonardo da Vinci International Airport
The first in Italy, Costa Coffee is the perfect place for coffee lovers,
offering travelers through Rome a truly satisfying break.
Belgrade – Belgrade Airport
This large walk-through space features dining, a well-being concept, and
a Haute Parfumerie for an elevated fragrance experience.
Edinburgh – Edinburgh Airport
A standalone Haute Parfumerie offers luxury and niche fragrances from
brands like Penhaligon’s, Creed, and La Labo.
FCO
EDI
BEG
Zayed – Zayed International Airport
Puro Gusto serves authentic Italian coffee and food, with in-store
roasted beans and traditional preparation methods.
AUH
Madrid – Madrid-Barajas International Airport
Hybrid concept, The Corner by Real Madrid, is a stadium-inspired space
merging merchandise with Spanish cuisine.
MAD
Zurich – Zurich Main station
Yardbird, “Born & Bred in Zurich”, offers authentic buttermilk fried
chicken in a stylish, creative, and lively setting, open daily.
Zurich
Main
Station
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Asia
Pacific
Avolta
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Portion of CORE turnover
2024
Number
of shops
Retail sales area
in m²
Employees
in FTE
333
19,272
5,856
579
CORE Turnover
(in millions of CHF)
Key reported
data 2024
Improved performance and important footprint
expansion
Avolta’s footprint in Asia-Pacific (APAC) increased consid-
erably, through organic growth and strategic moves, in-
cluding new locations and the purchase of the Free Duty
concession in Hong Kong closed in December. The acqui-
sition provides access to an additional 150 million travelers
and is expected to generate revenues of CHF 250 million
in the region going forward. Avolta is now present in
12 countries across APAC.
Turnover reached CHF 579 million versus CHF 558 million
in 2023; equal to an organic growth of 3.5 %. Demand was
driven by domestic and intra-regional traffic as well as a
gradual recovery in international travel. From a nationality
standpoint, Chinese outbound traffic was still hampered,
among other reasons, by some capacity constraints, while
other nationalities’ propensity to travel in general contin-
ued to grow.
Further to the Free Duty purchase, Avolta secured multi-
ple new contracts and successfully extended key existing
concessions within the region. Of note is a ten-year F&B
contract for 8 shops at the soon to be opened Noida Inter-
national Airport and the seven-year concession at Hyder-
abad Rajiv Ghandi Int. Airport for 8 F&B outlets (both In-
dia); a five-year retail contract at Kualanamu International
Airport in Medan (Indonesia) covering both departure and
arrival duty-free, and a seven-year duty-free concession
won at Macau International Airport. Further wins include
the duty-free concession at the downtown Hong Kong-
Macau Ferry Terminal and a contract extension, until 2031,
at Perth International Airport (Australia). Finally, the foot-
print was increased in China through several won con-
tracts: a seven-year Master Concessionaire contract at
Wuhan Tianhe Int. Airport for 77 shops; a five-year con-
cession at Shenzhen Bao’an Int. Airport for 8 retail and
F&B outlets and a four-year contract at Shanghai Pudong
T1 Airport for 10 retail and F&B outlets.
In addition to these contractual successes, Avolta opened
many notable new retail and F&B offerings. Travelers at
Shanghai Pudong Airport enjoy 4 new Hudson stores and
the innovative Wolfgang Puck Kitchen + Bar, Shanghai
Hongqiao Airport features the new Diptyque boutique,
and Chongqing Airport enjoys the Chanel beauty bou-
tique. Malaysia opened the Ahh-Yum and Pizza Hut re-
staurants and the Café Espresso at Kuala Lumpur Interna-
tional Airport, while Australia opened the new Hungry
Jack’s® at Gold Coast Airport.
In 2024, Avolta’s APAC footprint extended across 26 air-
ports and 11 other types of locations. Across the region, a
total of 5,247 m2 of retail space were opened and 2,254 m2
refurbished.
4 % Asia Pacific
Europe,
Middle East
and Africa
Global
Distribution
Centers
Latin
America
North
America
* Proforma.
600
0
100
200
300
400
500
558
579
315
23
24
22*
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Asia
Pacific
Bengaluru – Kempegowda International Airport
The Duty-Free Departures store provides a luxurious sensory journey,
inspired by Lalbagh Gardens, with a glass pavilion walk-through.
Gold Coast – Gold Coast Airport
FRESH celebrates local flavors with delicious meals crafted from
seasonal ingredients, reflecting the vibrant spirit of the Gold Coast.
Chongqing – Chongqing Jiangbei International Airport
Our Guerlain store provides an iconic luxury destination in China’s
Chongqing terminal.
BLR
OOL
CKG
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Shanghai – Shanghai Pudong International Airport
The namesake Michelin-starred chef delights Pudong passengers with
a casual concept via Wolfgang Puck Kitchen + Bar.
Shenzen – Shenzen Bao’an International Airport
EVOLVE by Hudson serves passengers with grab&go and the best of
Guangdong province specialties.
Kuala Lumpur – Kuala Lumpur International Airport
Ahh-Yum by Kampong Kravers serves flavorful Malaysian food, inspired
by age-old family recipes, celebrating Malaysia’s rich cultural heritage.
PVG
SZX
KUL
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Avolta
North
America
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Strong demand despite the impact of some local
weather-related events
Across the region North America, which includes the USA
and Canada, both travel retail and F&B experienced robust
growth, underpinned by strong traffic trends and solid de-
mand from both domestic and international travelers, ex-
cept in locations impacted by natural disasters. In 2024,
turnover increased to CHF 4,297 million from CHF 3,971
million in 2023, representing an organic growth of 5.6 %
YoY.
From a business development perspective, Avolta won
several new retail, convenience and F&B contracts across
the USA. Highlights are the newly awarded eighteen-year
contract to operate numerous duty-free, travel conve-
nience, specialty retail stores and hybrid concepts across
2,600 m2 in Terminal 6 as well as several contracts to de-
velop retail and F&B concessions for more than 11 years in
Terminal 8 of John F. Kennedy International Airport in New
York. The footprint expansion also includes the fifteen-
year contract at Orange County’s John Wayne Airport to
develop close to 3,500 m2 of commercial space with retail
and F&B offers, as well as a new fifteen-year concession at
Sacramento Airport – also in California – to refresh the air-
port’s dining options with several iconic brands. Finally, re-
tail contracts to develop convenience, travel essentials
and specialty shops were won at Salt Lake City Interna-
tional Airport (eight years) and Pittsburgh International
Airport (seven years).
Hybrid concepts attracted increasing interest in 2024,
with 25 % of the tenders in the USA requesting combined
retail and F&B concepts. In this context, the Ink by Hudson
bookstore was opened at Gerald R. Ford International Air-
port in Michigan, a unique combination of bookstore and
wine bar offering a taste of Michigan wines.
Moreover, travelers in North America were surprised with
iconic retail, F&B and hybrid offerings in many airports
across the region. Among many other locations, openings
were celebrated at John F. Kennedy International Airport
(New York), Chicago O’Hare International Airport (Illinois),
El Paso International Airport (Texas), San Francisco Inter-
national Airport (California), Philadelphia International Air-
port (Pennsylvania), Jacksonville International Airport
(Florida), Charleston International Airport (South Carolina)
as well as at Calgary International Airport in Canada.
Overall, Avolta opened a total of 23,158 m2 of travel
retail space and refurbished 17,695 m2 in its North Ame-
rica region.
Portion of CORE turnover
2024
Number
of shops
Retail sales area
in m²
Employees
in FTE
2,046
131,080
27,705
4,297
CORE Turnover
(in millions of CHF)
Key reported
data 2024
Asia Pacific
Europe,
Middle East
and Africa
Global
Distribution
Centers
Latin
America
32 % North
America
* Proforma.
4,000
0
1,000
2,000
3,000
3,971
4,297
3,683
23 24
22*
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Financial
Report
Governance
Report
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Annual Report
2024
North
America
New York City – John F. Kennedy International Airport
Inspired by the NYC borough of Queens, this travel convenience store
offers travelers a sense of place through its design and local brands.
Chicago – O’Hare International Airport
This luxury retailer offers a selection of sunglasses, apparel and other
accessories, included pre-owned luxury bags.
Columbus – John Glenn Columbus Inter. Airport
BrewDog at CMH is the brand’s first bar in a U.S. airport, serving its
classic headliner brews and non-alcoholic options.
JFK
ORD
CMH
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Report
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Report
Governance
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Annual Report
2024
Colorado Springs – Colorado Springs Airport
The Atrium provides a perfect one-stop-shop destination for the best
global and local brands, gift-giving ideas, and a little personal indulge.
Calgary – Calgary International Airport
Summit House offers travelers a taste of Calgary by way of one of the
city’s most well-known local craft breweries, Banded Peak Brewing.
San Francisco – San Francisco International Airport
Green Apple Books has been a San Francisco insititution since 1967, and the
SFO location honors the independent bookstore’s community connection.
Jacksonville – Jacksonville International Airport
Angie’s Subs at JAX is an oupost of a beloved local sub shop and staple
of Jacksonville Beach, bringing a sense of place to the airport.
Toronto – Toronto Pearson International Airport
This is the first Parfums Christian Dior stand-alone boutique in Canada,
featuring the brand’s most exquisite fragrances, makeup, and skincare.
St. Louis – St. Louis Lambert International Airport
HMSHost teamed with NASCAR to create an officially licensed
restaurant and bar celebrating the icon of the motorsport world.
SFO
JAX
YYZ
COS
YYC
STL
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Annual Report
2024
Latin
America
Avolta
Management
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Report
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Report
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Report
Page 70/390
Annual Report
2024
Strong recovery across the region – except for
Argentina
Latin America (LATAM) saw a further organic growth in-
crease in 2024, except for Argentina, where currency and
inflation issues influenced local demand and make com-
parison difficult. The main driver was the strong momen-
tum in leisure travelers in destinations such as Brazil, Mex-
ico and the Caribbean and supported by an increase in
domestic and international traffic. Demand also continued
to grow in the cruise line channel, the traditional busi-
nesses in the Caribbean.
In 2024, turnover reached CHF 1,572 million versus
CHF 1,654 million in 2023; with organic growth up by
+7.0 % versus 2023 excluding Argentina (2024 LATAM
organic growth reported was –3.1 %).
During 2024, Avolta further extended its important foot-
print in Brazil winning new contracts including a new ten-
year contract at Manaus Airport, which attracts over 2.8
million passengers, for 4 new stores across more than
1,000 m2 of duty-free and duty-paid space; the six-year
concession for the operation of a 170 m² duty-paid store
at Brazil’s Maceió-Zumbi dos Palmares Airport, serving
over 2.5 million passengers (2023 figures), as well as the
first F&B contract in LATAM won at Sao Paolo’s Congohnas
Airport, where also the existing duty-paid concession was
extended for three years. New contracts were awarded by
Norwegian Cruise Lines for 4 vessels. The company also
celebrated a first collaboration with Rihanna’s Fenty, en-
tering the brand into Barbados for the first time, where the
global music icon is considered a national hero.
Moreover, the company celebrated the grand opening of
the refurbished and iconic duty-free store at Terminal 1 of
Mexico City International Airport introducing a great se-
lection of new brands and hybrid elements. Similarly, do-
mestic passengers benefit now from the newly opened
Dufry Shopping at Santiago Airport (Chile) where they en-
joy a similar variety of categories and brand offers as inter-
national travelers, while customers at the border of Uru-
guay and Argentina can now shop duty-free at the Fray
Bentos bridge connecting the two countries.
Throughout 2024, Avolta opened a total 9,884 m2 of new
retail space and refurbished 6,609 m2 in the LATAM
region, where it operates in 22 countries.
Portion of CORE turnover
2024
Number
of shops
Retail sales area
in m²
Employees
in FTE
429
134,942
6,734
1,572
CORE Turnover
(in millions of CHF)
Key reported
data 2024
Asia Pacific
Europe,
Middle East
and Africa
Global
Distribution
Centers
12 % Latin
America
North
America
* Proforma.
2,000
0
500
1,000
1,500
1,654
1,572
1,311
23 24
22*
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Report
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Report
Governance
Report
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2024
Latin
America
Cancun – Cancun International Airport
A celebration of Cancun’s vibrant culture, Cancun Duty Free offers
authentic Mexican gifts that capture the spirit of the region.
Brasilia – Presidente Juscelino Kubitschek Int. Airport
Brasil Duty Free offers artisanal souvenirs and local spirits, alongside all
other categories, celebrating Brazilian craftmanship.
Mexico City – Benito Juárez International Airport
Bringing together authentic delicacies that highlight the capital’s
heritage, this concept offers a culinary journey through the rich flavors
of Mexico City.
CUN
BSB
MEX
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Report
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Report
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Annual Report
2024
Maceió – Zumbi dos Palmares International Airport
Maceió Duty Free offers vibrant local spirits, handcrafted souvenirs, and
travel essentials – perfect for taking home a taste of the sun.
Santiago de Chile – Arturo Merino Benitez Int. Airport
Greeting travelers with an elegant shopping experience of best-selling
exclusive products, Santiago Duty Free celebrates Chilean flair.
São Paulo – Guarulhos International Airport
Suncatcher, home of the best designer sunglasses, offers travelers the
latest must-have accessories for a sunny holiday.
GRU
MCZ
SCL
Management
Report
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Annual Report
2024
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
● ● ● Gent
● ● ● 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
● ● ● 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
● ● ● Matoury
● Metz
● ● ● 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
● Troyes Fresnoy
● Vémars
● ● ● Villeroy
● ● ● Volcans d'Auvergne
● ● ● Wancourt Est
Germany
● ● ● Berlin
● ● ● Bochum
● ● ● Bonn
● ● ● Bremen
● ● Cologne
● ● ● Darmstadt
● ● ● Dessau
● ● ● Dresden
● ● ● Duisburg
● ● ● Düsseldorf
● ● ● Eisenach
● ● ● Erfurt
● ● ● Essen
● ● ● Frankfurt
● ● ● Fribourg
● ● ● Göttingen
● ● ● Halle
● ● ● Hamburg
● ● ● Hamburg
● ● ● Hannover
● ● ● Heidelberg
● ● ● Karlsruhe
● ● ● Kiel
● ● ● Leipzig
● ● ● Magdeburg
● ● ● Mainz
● ● ● Mannheim
● ● ● München
● ● ● Münster
● ● ● Neumünster
● ● ● Nurenburg
● ● ● Postdam
● ● ● Rostock
● ● ● Saarbrücken
● ● ● Siegburg
● ● ● Stuttgart
● ● ● Wiesbaden
● ● ● Würzburg
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
● ● ● Altivole Nord
● ● ● Altivole Sud
● ● ● 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
Over 1,000 locations
worldwide
Management
Report
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Report
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Report
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Annual Report
2024
● ● ● Cantagallo Est Oil
● ● ● Capalbio
● ● ● Caracoli Nord
● ● ● Carate Brianza Ovest
● ● ● Carcare Est
● ● ● Cascina
● ● ● Casilina 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
● ● ● Groppello Cairoli
● ● ● 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
● Mantignano Ovest
● ● ● Mascherone Est Oil
● ● ● Medesano Est
● ● ● Medesano Est Oil
● ● ● Medesano Ovest
● ● ● Melara Est
● ● ● Melfi
● ● ● Mercato Saraceno Est
● ● ● Mercato Saraceno Ovest
● ● ● Metauro Est
● ● ● Milan
● ● ● Milan Cadorna
● ● ● Milan Centrale
● ● ● Milan Famagosta
● ● ● Milan Garibaldi
● ● ● Milan Linate
● ● ● Milan Malpensa
● ● ● Milan Pertini Oil
● ● ● Modugno
● ● ● Molteno
● Moncalieri
● ● ● 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
● ● ● Orbassano
● ● ● Orio al Serio
● ● ● Padova Australia Oil
● ● ● Paganella Ovest Oil
● ● ● Palermo
● ● ● Parma Colorno
● ● ● Paretola Sud
● ● ● Pavia
● ● ● Pero Nord
● ● ● Piani d'Ivrea Nord
● ● ● Piani d'Ivrea Sud
● ● ● Piceno Est
● ● ● Pieve S. Stefano Est
● ● ● Pieve S. Stefano Ovest
● ● ● 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 Oil
● ● ● 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 Nord
● ● ● 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
● ● ● Tirreno Est
● ● ● Todi
● ● ● Tolentino
● ● ● Tor Bell Monaca
● ● ● Torre Annunziata Ovest
● ● ● Torre Cerrano Est
● ● ● Tortona Nord
● ● ● Tortona Sud
● ● ● Tortoreto Ovest
● ● ● Tradate
● ● ● 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
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● ● ● Versilia Ovest
● ● ● Vicolungo
● ● ● Villa Morosini Ovest
● ● ● Villabona Nord Rotatoria
● ● ● Villabona Sud
● ● ● Villanova Sud
● ● ● Villarboit Nord
● ● ● Villoresi 1958
● ● ● 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
● ● ● Almere
● ● ● Amersfoort
● ● ● Amsterdam
● ● ● Amsterdam Amstel
● ● ● Amsterdam Bijlmer Arena
● ● ● Amsterdam Centraal
● Amsterdam Sloterdijk
● Amsterdam Zuid
● ● ● Arnhem
● ● ● Den Bosch
● ● ● Den Haag
● ● ● Dordrecht
● ● ● Eindhoven
● ● ● Enschede
● ● ● Groningen
● ● ● Haarlem
● ● ● Leiden
● ● ● Lelystad
● ● ● Nijmegen
● ● ● Roermond
● ● ● Rotterdam
● ● ● Stadskamer
● ● ● Sugar City
● ● ● Tilburg
● ● ● Utrecht
● ● ● Zwolle
Nigeria
● ● ● Abuja
● ● ● Lagos
Norway
● ● ● Oslo
● ● ● Stavanger
Russia
● ● ● Kaliningrad
● ● ● Moscow Domodedovo
● ● ● Moscow Mineralnye Vody
● ● ● Moscow Sheremetyevo
● ● ● Moscow Vnukovo
● ● ● Novosibirsk
● ● ● Rostov
● ● ● St. Petersburg Pulkovo
● ● ● Stavropol
Serbia
● ● ● Belgrade
● ● ● Kraljevo
● ● ● Nis
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
● ● ● Herrlisberg
● ● ● Lavaux
● ● ● Lully
● ● ● Münsingen
● ● ● Pieterlen
● ● ● Pratteln
● ● ● St. Margarethen
● ● ● Zurich
Türkiye
● ● ● Antalya
● ● ● Istanbul
● ● ● Kayseri
● ● ● Kutahya
● ● ● Mersin
Ukraine
● ● ● Odessa
United Arab Emirates
● ● ● Abu Dhabi
● ● ● Dubai
● ● ● Sharjah
United Kingdom
● ● ● Aberdeen
● ● ● Ashford
● ● ● Bedfordshire
● ● ● Belfast
● ● ● Birmingham
● ● ● Bournemouth
● ● ● Bristol
● ● ● Cardiff
● ● ● 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
● ● ● AF Claudia
● ● ● Ariadne
● ● ● Asterion II
● ● ● Blue Star I, II
● ● ● Blue Star Delos
● ● ● Blue Star Diagoras
● ● ● Blue Star Naxos
● ● ● Blue Star Paros
● ● ● Blue Star Patmos
● ● ● El. Venizelos
● ● ● Elyros
● ● ● Hellenic Spirit
● ● ● Highspeed 4
● Kissamos
● Kriti II
● Lefka Ori
● Liberte
● ● ● Nisos Chios
● ● ● Nisos Mykonos
● ● ● Nisos Rhodes
● ● ● Nisos Samos
● ● ● Norbay
● ● ● 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
● ● ● Prevelis
● ● ● Superfast I
● ● ● Superfast II
● Superfast III
● ● ● Superfast XI
Asia Pacific
Australia
● ● ● Cairns
● ● ● Canberra
● ● ● Gold Coast
● ● ● Perth
Cambodia
● ● ● Phnom Penh
● ● ● Sihanoukville
China
● ● ● Chongqing
● ● ● Hong Kong
● ● ● Hong Kong
● ● ● Macau
● ● ● Shanghai Hongqiao
● ● ● Shanghai Pudong
● ● ● Shenzhen
● ● ● Xiamen
India
● ● ● Bangalore
● ● ● Delhi
● ● ● Hyderabad
● ● ● Nexus Shantiniketan Mall
● ● ● Sujana Mall
Indonesia
● ● ● Bali
● ● ● Jakarta
● Medan
Malaysia
● ● ● Kuala Lumpur
● ● ● Langkawi
Maldives
● ● ● Malé
Singapore
● ● ● Changi
Sri Lanka
● ● ● Colombo
Vietnam
● ● ● Cam Rahn
● ● ● Da Nang
● ● ● Hanoi
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● ● ● Ho Chi Minh City
● ● ● Phu Quoc
North America
USA
● ● ● Albany
● ● ● Albuquerque
● ● ● Anchorage
● ● ● Atlanta
● ● ● Atlantic City
● ● ● Austin
● ● ● Baltimore/Washington
● ● ● Bethesda
● ● ● Birmingham
● ● ● Boston
● ● ● Burbank
● ● ● Burlington
● ● ● Charleston
● ● ● Charlotte
● ● ● Chicago
● ● ● Chicago O’Hare
● ● ● Chicago Midway
● ● ● 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
● ● ● Halifax
● ● ● Harrisburg
● ● ● Honolulu
● ● ● Houston George Bush
● ● ● Houston Hobby
● ● ● Houston Space Center
● ● ● Indianapolis
● ● ● Islip MacArthur
● ● ● Jackson
● ● ● Jacksonville
● ● ● Jersey Gardens Mall
● ● ● Knoxville
● ● ● Las Vegas McCarran
● Las Vegas
● ● ● Lihue
● ● ● Little Rock
● ● ● Los Angeles
● ● ● Louisville
● ● ● 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
● ● ● Sarasota
● ● ● Savannah
● ● ● Seattle Tacoma
● ● ● St Louis
● ● ● Tampa
● ● ● Tucson
● ● ● Tulsa
● ● ● West Palm Beach
● ● ● Washington DC
● ● ● Washington Dulles
● ● ● Washington Ronald
Reagan Airport
Canada
● ● ● Calgary
● ● ● Halifax
● ● ● Montréal
● ● ● 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
Brazil
● ● ● Belém
● ● ● Belo Horizonte
● ● ● Brasília
● ● ● Campinas
● ● ● Curitiba
● ● ● Florianopolis
● ● ● Fortaleza
● ● ● Goiânia
● ● ● Maceio
● ●● Manaus
● ● ● 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. George'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
Nicaragua
● ● Managua
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
● ● ● Carmelo
● ● ● Fray Bentos
● ● ● Montevideo
● ● ● Punta del Este
Cruise and Ferry ships
● ● ● NCL Bliss
● ● ● NCL Breakaway
● ● ● NCL Dawn
● ● ● NCL Encore
● ● ● NCL Epic
● ● ● NCL Escape
● ● ● NCL Gem
● ● ● NCL Getaway
● ● ● NCL Jade
● ● ● NCL Jewel
● ● ● NCL Joy II
● ● ● NCL Pearl
● NCL Prima
● ● ● NCL Sky
● ● ● NCL Spirit
● ● ● NCL Star
● ● ● NCL Sun
● ● ● NCL Viva
Channels
Airports
Border, Downtown &
Hotel Shops
Railway Stations & Other
Cruise Liners & Ferries
Seaports
Motorways
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Customers –
Benefitting from a
seamless travel experience
Avolta combines
innovative travel retail
and F&B experiences
into hybrid commercial
concepts.
More than
50,000
items are available in
our portfolio for our customers
to choose from
6 % Luxury
Goods
1 % Electronics
1 % Literature & Publications
2 % Fuel
19 %
Perfumes &
Cosmetics
12 %
Tobacco &
related
products
10 %
Wine &
Spirits
44 %
Food,
Confectionery &
Catering
6 %
Other
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In 2024, Avolta further demonstrated its commitment to
carefully listening to customers, achieving full alignment
with our traveler-centric strategy. Close engagement
through our regular in-shop and online surveys continued
to provide valuable insights into evolving customer expec-
tations. While the global trends towards sustainable,
healthy and eco-friendly offers were confirmed, along
with premium and innovative offers, we also identified
some additional changes in shopping and dining behav-
iors, which will be analyzed for potential future implemen-
tation.
Travel experience revolution
further evolved.
Several new openings and refurbishments in 2024 con-
firm Avolta’s ability to continue revolutionizing the travel-
er’s experience through the introduction of innovative hy-
brid and highly experiential shopping and dining concepts.
Showcases include the iconic “Terrazza Eataly”, the new
outdoor F&B space launched in Terminal 1 Departures at
Rome Fiumicino Leonardo da Vinci Airport (Italy); the
opening of the new pizza and craft beer concept “Neigh-
bourhood” at Copenhagen Airport (Denmark); the new
walkthrough store at Sofia International Airport (Bulgaria)
as well as the new hybrid premium gastronomic and retail
concept “The Corner by Real Madrid” in the duty-free
stores at terminals T1 and T4 of Adolfo Suárez Madrid-
Barajas Airport (Spain), combining an F&B offer with offi-
cial Club merchandise.
Expanding healthy, well-being and sustainable offers
In 2024, Avolta continued to fine-tune its offers and ser-
vice portfolio to increase its curated selection of healthy,
well-being and sustainable products and menus. In this
context, we introduced 90 new retail brands to our port-
folio across several categories. From an F&B perspective,
68 new brands offering vegetarian and vegan options
have been presented to travelers on a global scale. Addi-
tionally, we have extended our premium offering in wine &
spirits with low and zero alcohol options. For a detailed
overview please refer to page 123 of the Sustainability Re-
port 2024.
The innovative mind.body.soul. shop-in-shop concept of-
fers a range of nutritious, energy-focused foods for
health-conscious customers, alongside sustainable
choices that are better for the environment, and relax-
ation-focused products that help promote a sense of well-
being. First launched in Amman (Jordan), the highly flexi-
ble concept can be customized to the specific wants and
needs of different locations and customer profiles. The
concept is continuously expanding to new locations and is
currently deployed in São Paulo (Brazil), Zurich (Switzer-
land), Toulouse (France), London-Stansted (UK), Stock-
holm (Sweden), Mexico City (Mexico), Bali (Indonesia),
Siem Reap and Phnom Penh (Cambodia) as well as most
recently in Belgrade (Serbia) and Madrid (Spain).
68 new F&B and 90 new retail
brands introduced in our portfolio.
In close collaboration with our brand partners, we have
further expanded our sustainable product identification
initiative for retail assortments to new locations, while add-
ing additional products from new brands. The selection
features products that are sustainable in various respects,
including Sustainable, Plastic Free, Recyclable or Refill-
able, Vegan, Palm Oil-Free or Supporting Communities.
These products are marked by dedicated tags and are
easily identifiable in our shops and on our online plat-
forms, helping customers to shop more considerately.
Currently, the sustainable product selection includes 1,977
products from 31 global suppliers covering the main cate-
gories – food, liquor, perfumes & cosmetics – and is avail-
able in 169 shops across 127 locations, worldwide. A de-
Close customer engagement
through regular online and
in-shop surveys.
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tailed description of this sustainability initiative is available
in the Sustainability Report on page 120.
Helping customers to shop
and eat considerately.
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 de-
scription of these sustainability initiatives please refer to
the Sustainability Report on page 121.
Customer engagement along the entire journey
Every day, Avolta welcomes customers representing more
than 150 nationalities and we increasingly engage with
them along their entire journey. Addressing travelers in the
right language and presenting them with tasty meals, nov-
elty products and attractive promotions is key for convert-
ing them into customers and driving sales. Digital services
and tools are key to engaging 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, along with more than 50
highly digitalized shops, form the cornerstone of this end-
to-end shopping experience, adapting their appearance
based on flight schedules and nationalities present, to
showcase the brands that best fit the respective customer
profile. Similarly, digital online menus, touchscreen kiosks,
QR codes, apps, and digital payment systems simplify the
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 engaging with our cus-
tomers early, even before they reach the airport and our
shops, presents a great opportunity to pre-order products
online before they start their journey, and conveniently col-
lect them once they are at the airport. Avolta’s “Reserve &
Collect” service is currently available in 188 locations in
46 countries around the world and new locations are be-
ing added – the full list is available on our website: www.
shopdutyfree.com.
The new Club Avolta loyalty program is a mobile applica-
tion (App) that not only awards points for purchases but
also offers exclusive experiences, discounts and benefits
both online and across duty-free, duty-paid, F&B restau-
rants, brands, airports, airlines, hotels, and more, and is
available in 70 countries, 6 continents, and more than
5,100 outlets. In addition, members can find ways to give
back to the community by dedicated donations. Members
receive promotion notifications tailored to their prefer-
ences when approaching the airport, helping to attract
them to Avolta’s shops and F&B outlets and thus increas-
ing traveler conversion. For a full list of the Club Avolta
locations please download the app here.
Club Avolta – the industry-first
combined global loyalty program.
In Italy, Avolta also offers the “My Autogrill” loyalty pro-
gram, accessible via an App and featuring a reward cat-
Club Avolta
Club Avolta benefits customers online as well as
across 70 countries, 6 continents, and at more
than 5,100 outlets.
Currently the
sustainable
product selection
initiative includes
1,977 products from 31 global suppliers, covering
the main categories and available in 169 shops
across 127 locations, worldwide.
Reserve & Collect
The service is already available in 188 locations in
46 countries around the world.
My Autogrill
My Autogrill is Autogrill’s loyalty program which
is valid at Autogrill and Nuova Sidap stores in
Italy.
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logue, discounts and dedicated customer services. My
Autogrill is valid in all Autogrill and Nuova Sidap Stores in
Italy: www.myautogrill.it.
Connecting brands and
customers.
While we enhance the traveler’s experience with an array
of initiatives, such as activations, tastings, beauty treat-
ments, novelties and delicious meals, we strongly focus on
a comprehensive services portfolio (e.g. Reserve & Col-
lect, Club Avolta, Global Return Guarantee, Mini-Apps) for
our customers. Our well-trained, highly motivated sales
representatives and food & beverage servers help trave-
lers navigate a wide variety of prestigious brands and ad-
vise them on attractive menu selections, providing valu-
able advice and information. For us, a satisfied customer
is one who trusts us not only during the shopping or eat-
ing experience, but also when it comes to product, food
and outlet safety, as well as comprehensive after-sales
services.
True global return guarantee for
travel retail purchases.
Avolta is the only global operator in the industry to offer a
true global return guarantee for products purchased in
our travel retail stores. Whether you purchase an item in
Zurich, Rio de Janeiro, Amman, Casablanca, Hong Kong,
Toronto, Mexico City, Bali, or any of our locations world-
wide: if there is a problem with any product that you pur-
chased at an Avolta network retail store, we will replace,
refund or exchange your product within 60 days of pur-
chase.
Seamless global customer
service.
In 2024, Avolta’s customer service representatives, who
can be reached in several languages by phone, email or
online chat, assisted 262,160 customers (see further de-
tails also on page 128). 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
Above all, we prioritize customer satisfaction, responsible
marketing and product safety. 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). Similarly,
in our US stores we continue to emphasize our “We ID”
campaign, to raise travelers’ awareness about safe drink-
ing, by asking all customers to present identification when
they purchase alcohol.
In 2024, Avolta shared its Supplier Code of Conduct for
recertification with an increased number of suppliers
across the globe, including suppliers of retail products as
well as F&B. More details are available in the Sustainability
Report on page 122.
Recertification of Avolta Supplier
Code of Conduct expanded to
further retail and F&B suppliers.
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When it comes to marketing and advertising initiatives,
Avolta applies the same responsible stance that it shows
in all its other activities. We are committed to complying
with marketing 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
using the space we provide in our stores, F&B outlets and
online channels for advertising and promotions. This also
applies to product labeling, with our suppliers required to
comply with the regulations of the Avolta locations where
their products are sold. As we operate in a diverse envi-
ronment, serving many nationalities speaking different
languages daily, we proactively engage with industry trade
associations and suppliers to find off-the-label solutions.
Customer privacy & data protection
In line with the expansion of our online activities and in-
creased use of digital applications involving customer
data, managing and protecting customer privacy when
handling client information has become increasingly
important for Avolta. As a requirement of customs author-
ities and for contractual reasons – particularly when
operating in airports or similar customs-controlled envi-
ronments – the customer’s personal data is collected, pro-
cessed and retained in accordance with the privacy state-
ment listed on the Avolta website: Privacy & Cookie
Statement | Avolta: Privacy & Cookie Statement | Avolta
(avoltaworld.com).
Ensuring customer privacy and
data protection.
The company’s Reserve & Collect and Club Avolta
services ask for additional personal customer information
to provide them with newsletters as well as marketing &
advertising materials. To protect customer data and en-
sure it is handled correctly, Avolta applies the highest se-
curity standards ensuring compliance with different legal
frameworks. The company operates a number of systems
and security processes, including a robust cyber security
system, a data protection policy and internal procedures
and policies, which follow relevant laws and regulations.
Dedicated training is also carried out on a regular basis for
team members who deal with personal information.
Avolta continuously reviews and adjusts its processes to
secure the alignment of our operations in accordance with
the EU General Data Protection Regulation (GDPR) and the
Swiss Data Protection Law. This involves maintaining ex-
panded 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 dedicated quarterly meetings.
For any customer, 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
coordinated by the Compliance and the Global Internal
Audit & Investigations Department: www.avolta-compli-
ance.com.
Industry recognition for retail
expertise.
Avolta’s expertise recognized by the industry
In 2024, 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.
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Concession
Partners –
Access to unique Retail
and F&B Expertise
Avolta provides con-
cession partners with
an unrivaled selection
of shopping, dining and
hybrid concepts, allow-
ing them to best lever-
age their commercial
areas to create an en-
hanced sense of place
and drive revenue.
Avolta’s travel retail
and F&B expertise
stems from operating
over 5,100 outlets in
70 countries across all
continents.
5,100
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Avolta has substantially expanded its business by operat-
ing all types of commercial spaces, including travel retail,
hybrid and F&B formats, as well as acting as master con-
cessionaire partner in some locations. Avolta develops
best-in-class concepts based on our deep understanding
of customer expectations and access to comprehensive
data on shopping and eating behaviors in each location,
creating value and maximizing revenue generation. Our
portfolio includes both highly specialized concepts as well
as hybrid formats, allowing us to completely revolutionize
customer experience. The trust our concession partners
place in us makes Avolta the leading travel experience
player, with operations at over 5,100 outlets across
70 countries, in airports, motorways, seaports, railway sta-
tions, 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 customer insights is
regularly collected through dedicated surveys, in-store
technologies and by analyzing social media engagement
of our customers. This forms the basis of successful mar-
keting initiatives tailored to the specific requirements of
each airport or any other type of location. Our global pres-
ence and the extensive intelligence of customer profiles
are core competitive advantages and key drivers to in-
crease sales and profitability, combined with our ongoing
evolution of shop design and customer services.
Avolta’s physical travel retail and F&B concepts are sup-
ported by an array of online services and platforms, which
considerably increase the number of touch-points along
the traveler’s journey. Complemented by extensive exper-
tise in all operational and regulatory aspects, as well as the
sustainability management systems provided by Avolta,
concession partners receive a complete package to best
operate their spaces in a profitable and sustainable way.
Highly digitalized smart stores with an
authentic sense of place
In line with its strategy, Avolta continues to drive digitaliza-
tion of its shops and restaurants. This enables us to offer
new services to travelers, increase engagement with in-
store messaging that adapts language in real-time to tar-
get nationalities passing through at different times of the
day, and implement location-specific formats with attrac-
tive designs that evoke a strong sense of place. Most re-
cent examples include the newly refurbished duty-free
shop at Mexico City International Airport (Mexico) and Cal-
gary International Airport’s (Canada) “Summit House”
which offers travelers a new dining adventure with an
authentic taste of Calgary, by way of serving local favorite
dishes coupled with a selection of award-winning beers
from one of the city’s best-known craft breweries.
Our highly digitalized shops and F&B outlets continue to
evolve, incorporating pre-order applications, integration
of our Club Avolta loyalty program, phygital experiences,
contactless shopping and palm recognition technologies,
with innovations typically implemented during refurbish-
ments or during the construction of new outlets. For a
more detailed description of our digital strategy, please
refer to page 36.
Avolta’s concepts allow for a high degree of customiza-
tion, including sense-of-place designs, which remains an
important aspect. Avolta knows how to match local re-
quirements and specific customer profiles with suitable
commercial formats, to best serve travelers’ needs while
generating value for concession partners and Avolta alike.
Real Partnership for mutual value creation
Over the many years we have been in the business, we ad-
vocated for the importance of close collaboration be-
tween concession partners and operators of retail and
F&B formats to optimize customer satisfaction and sales.
Joining forces with our concession partners, creates at-
tractive commercial spaces in airports that maximize
spend from the traveler’s arrival until boarding and – if leg-
islation allows – replicate this for arrivals duty-free.
Important contract wins, extensions
and footprint increases
In 2024, Avolta successfully secured new concessions and
contract extensions while significantly expanding its foot-
print with the purchase of the Free Duty concession, a
leading border travel retail operator in Hong Kong and the
Greater Bay Area. The acquisition grants access to
150 million passengers and is forecasted to generate
CHF 250 million sales in the 2024 business year. Footprint
expansion, new concessions and contract extensions fos-
ter the company’s resilience with the necessary “operat-
ing licenses” to serve meals as well as selling products and
services in the years to come. The current remaining life-
time of Avolta’s portfolio amounts to over seven years.
Key highlights in 2024, additional to the Free Duty pur-
chase, include several major long-term contract wins.
Among others, the newly awarded eighteen-year contract
to operate numerous duty-free, travel convenience, and
specialty retail stores, as well as hybrid concepts across
2,600 m2, in John F. Kennedy International Airport’s (JFK)
Terminal 6. At Sabiha Gökçen International Airport in Tür-
kiye, Avolta was awarded a nine-year contract for 26 F&B
outlets, including the extension of 22 existing stores and
the opening of 4 new ones. A a ten-year extension was
won at Athens International Airport until the beginning of
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2034, which sees Avolta continue to operate 31 retail
stores, over a combined floor space of more than 4,900 m2
in Greece’s busiest airport. Avolta also bolstered its pres-
ence in Bulgaria with an eight-year contract extension,
6 new stores and an increase in its total retail space to
2,707 m² at Burgas and Varna airports. The tender win
marks a significant milestone granting the company the
exclusive Master Retail Concession airside at Burgas and
Varna airports. In addition, a fifteen-year contract at John
Wayne Airport in California will improve options for travel-
ers with more food and beverage outlets, as well as multi-
ple travel convenience and specialty retail stores covering
nearly 3,500 m2 of concession space. The win of a ten-
year contract for 17 F&B outlets at Cologne/Bonn Airport
in Germany will provide access to 17 million customers.
In Europe, Middle East and Africa, Avolta won a new
seven-year concession contract at Belgrade Nikola Tesla
Airport (Serbia), encompassing the operation of ten duty-
free shops, including hybrid elements and featuring a
combined floorspace of more than 3,500 m². Avolta also
expanded its footprint in Africa through the win of a ten-
year duty-free store contract at Murtala Muhammed In-
ternational Airport in Lagos (Nigeria), the largest airport in
Nigeria and one of the busiest in Africa. Avolta also en-
tered the Saudi Arabian market with a new contract to op-
erate 10 F&B concepts, spanning 2,125 m2, across King
Khalid International Airport’s Terminals 1 and 2 in Riyadh.
In North America, alongside J.F. Kennedy International Air-
port’s contract mentioned above, Hudson signed a seven-
year contract at Pittsburgh International Airport to open 6
new retail stores across 2,400 m2 and won a new eight-
year contract to open 3 additional retail stores at Salt
Lake City International Airport. Similarly, HMSHost was
awarded a new fifteen-year contract to open 9 new dining
options at Sacramento International Airport.
In Latin America, Avolta secured 4 new Norwegian Cruise
Line (NCL) ships, adding to the 14 ships it already operates,
with extended duty-free concessions for those as well.
Moreover, Avolta was awarded a new ten-year contract at
Manaus Airport (Brazil) for 4 new stores across more than
1,000 m2 of duty-free and duty-paid space and won a new
six-year contract at Brazil’s Maceió-Zumbi dos Palmares
Airport for a 170 m² duty-paid store. As an international
gateway to vibrant tourist destinations and historic cities,
the airport attracts over 2.5 million passengers annually.
In Asia-Pacific, Avolta won 8 new F&B concessions for ten
years at the soon-to-be-opened Noida International Air-
port in India, thus further strengthening its footprint in the
important subcontinent. Avolta also signed a new duty-
free contract at Kualanamu International Airport, serving
the city of Medan and North Sumatra (Indonesia). Having
operated in Indonesia for more than ten years and with
nearly 50 stores, this contract marks Avolta’s third location
in Indonesia, joining existing outlets at Indonesia’s two
main international airports; Jakarta’s Soekarno-Hatta
International Airport and Bali’s I Gusti Ngurah Rai Airport.
Avolta further reinforced its presence in Macau, the tour-
ism magnet of southern China, by winning a new seven-
year contract to operate key duty-free categories and
general merchandise at Macau International Airport. An-
other important step is the new five-year contract with
Shenzhen Bao’an International Airport in China – the
country’s 4th busiest – to bring a dynamic range of retail
and dining experiences to the hub.
Concession portfolio further expanded
with 182 new outlets
In 2024, Avolta further increased its portfolio by opening
and expanding 182 new retail shops and adding over
125,185 m² of retail space across all regions. At December 31,
2024, commercial retail space totaled 506,450 m² – addi-
tionally Avolta manages a comprehensive number of com-
mercial F&B spaces.
Within our total concession portfolio, 24 % have a remain-
ing lifetime of ten years or more, 23.5 % have between six
and nine years, and another 30.5 % have three to five years.
The final 22 % of our contracts have a remaining duration of
one to two years. That 47.5 % of contracts have a lifetime of
over six years, is testimony to the resilience of the Avolta
business. On average, Avolta renews existing contracts,
representing between 10 % and 15 % of our sales, each year.
The largest concession accounts for less than 4 % of sales,
while the 10 biggest concessions represent less than 18 %,
thus reducing cluster risk and exposure to impacts in any
single market or operation.
Financial discipline to focus on investment returns
Avolta maintains strict financial discipline when evaluating
new projects and opportunities. This has proven to be
highly valuable during challenging business environments
as it allows to optimize costs and flexible investments.
Projects are analyzed on a commercial and financial basis.
Evaluations encompass various factors, including devel-
opment potential, analysis of initial investment require-
ments, as well as the expected development of traveler
numbers and profiles. Through a close evaluation of these
criteria and our disciplined approach to returns, we ensure
that our concession portfolio remains of the highest qual-
ity 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 direct negotiations with concession
owners or perform acquisitions.
As part of our Destination 2027 strategy, we have put ac-
tive portfolio management at the core of our long-term
strategy, following the principle of full profitability evalua-
tion for each concession contract and, at the appropriate
times, renegotiation or exit from any concession that does
not match our concession-specific objectives. We contin-
uously update and review our portfolio, including post-
opening performances.
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21
20
22 23 24
69.0
76.2
46.0
60.2
31.0
Investors –
Avolta is uniquely positioned to win
with leading scale, an integrated
offering and customer know-how
Avolta strives to create
sustainable value for its
shareholders.
Daily Average
Volume
Shareholder
Structure
44.23 %
Other
Shareholders
3.60 %
UBS Group
3.05 %
Helikon
22.17 %
Edizione
8.72%
Advent
International
Corp.
4.49 %
Qatar
Holding
LLC
4.87 %
Alibaba
Group
Holding Ltd
4.94 %
Richemont
3.93 %
BlackRock,
Inc.
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With a footprint that includes 70 countries, Avolta oper-
ates over 5,100 outlets and addresses 2.5 billion passen-
gers across over 1,000 airports, motorways, cruise liners &
ferries, seaports, railway stations and other locations. Our
unique value proposition for travelers focuses on innova-
tive store concepts, hybrid offerings, data-driven cust-
omer insights and digitalization, thus benefitting customer
conversion and spending. This continues to contribute
positively to our strong industry fundamentals of travel re-
tail and F&B – with proven secular long-term global pas-
senger growth fueled by an increasingly affluent and
expanding population across many countries.
Unique opportunity to invest
in Travel Retail and F&B.
From an organic growth standpoint, we develop our foot-
print in all four of our regions, as they provide strong fun-
damentals and demand. In this context, our strategic ex-
pansion 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
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 deve-
lopment approach with clearly defined priorities and
goals. Our Destination 2027 strategy targets mid-term an-
nual 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 align-
ing seamlessly to its clearly defined capital allocation
policy (see dedicated paragraph below).
Resilient business
Despite transient macroeconomic challenges faced by
our industry, Avolta maintains a strong belief that travel
retail and F&B is a very resilient industry. This is under-
pinned by the ongoing increase in global passengers – as
corroborated by external aviation industry sources – and
the still progressing recovery momentum observed
throughout 2024, as well as the willingness of people to
travel and prioritize travel-related spending. Travel retail
and F&B 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 in-store and online. Future F&B
growth is poised to be supported by favorable industry
dynamics including limited in-flight offerings, a growing
trend of travelers opting for pre-boarding “grab and go”
services, increasing interest in regional cuisine and de-
mand 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, as well as to evolving our sustainability perfor-
mance, 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 on the
customer, while leveraging technology to streamline work
and operations. In line with this budgeting discipline,
Avolta actively and systematically manages its conces-
sions portfolio, prioritizing profitability and cash flow con-
tributions. We expect ongoing medium-term improve-
ments in CORE EBITDA gross margins. Having already
realized CHF 30 million in integration synergies in 2023
ahead of expectations, we generated an additional CHF 55
million in synergies in 2024, thus achieving the full run-rate
of CHF 85 million one year earlier than we expected at the
time of announcing the Dufry/Autogrill business combina-
tion. 2024 also saw the remaining CHF 25 million integra-
tion-related costs, which add to the CHF 25 million already
Business combination run-rate
synergies of CHF 85 million
achieved one year earlier than
expected.
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140
120
100
80
60
40
20
0
Free Float
Average Market Capitalization
Avolta share price and trading volume
Share price
Trading volume
in CHF
millions of CHF
Avolta
SPI
Volume (all exchanges) Source: Bloomberg Note: SPI Index has been rebased to Avolta share price
800
700
600
500
400
300
200
100
0
1/23
2/23
3/23
4/23
5/23
6/223
7/23
8/23
9/23
10/23
11/23
12/23
1/24
2/24
3/24
4/24
5/24
6/24
7/24
8/24
9/24
10/24
11/24
12/24
Market Capitalization and Free Float
Billions of CHF
2023
2021
2020
2022
2024
2.2
2.9
2.4
3.0
3.7
4.5
4.1
3.5
5.0
5.3
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booked in 2023. Our continuously improving profitability
is driving a resilient, sustainable Equity Free Cash Flow
(EFCF) conversion from CORE EBITDA.
Over a long-term perspective, our travel retail and F&B
business has consistently pursued a strategy focused on
growth and cash flow generation. We have a demon-
strated track record of organic growth aligned with re-
gional passenger trends and passenger mix, with overall
growth boosted by selective M&A as underlined in 2024
through the purchase of the Free Duty concession, a lead-
ing border travel retail operator in Hong Kong and the
Greater Bay Area. Completely cash funded, this acquisi-
tion allowed us to considerably accelerate our regional
APAC sales growth and provides access to a potential ad-
ditional customer base of 150 million travelers going for-
ward.
Reinforced capital allocation policy
In 2024, aligned with its expected strong EFCF projections,
Avolta reinforced its capital allocation policy. Avolta’s aim is
to align continued balance sheet deleverage with share-
holder returns, all the while maintaining some flexibility for
organic growth and smaller bolt-on acquisitions. Our
medium-term Destination 2027 strategy is based on a tar-
get leverage of 1.5x – 2.0x net debt / CORE EBITDA with
near-term flexibility of up to 2.5x for relevant business de-
velopment and / or bolt-on M&A opportunities. We will
continue to pay a progressive dividend, returning one-third
of EFCF to shareholders under the defined dividend policy.
For 2024, this equates to a proposed dividend of CHF 1.00
per share, subject to shareholder approval at the AGM in
May 2025. Over and above dividends, Avolta now has the
ambition of distributing medium-term excess cash by way
of share buybacks; e.g. as the one recently announced in
January 2025. Beyond capital allocation, Avolta remains
committed to advancing its sustainability commitments
and engagement for all stakeholders.
Member of the SMI MID (SMIM) Index
With a market capitalization of CHF 5,324.2 million as per
December 31, 2024, 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 that
are not already represented in the Swiss Market Index
(SMI). Avolta’s trading volume in 2024 remained healthy,
with an average daily trading volume of approximately
CHF 31.0 million. The SIX Swiss Exchange remains an im-
portant trading platform, where the average daily volume
of Avolta shares reached CHF 10.2 million in 2024. Avolta’s
trading volumes are mainly concentrated at the SIX 32.6 %
and BATS Chi-X OTC 30.8 % platforms.
In 2024, Avolta’s group of longstanding shareholders con-
tinued to provide the company with unwavering support.
While Edizione continued to be Avolta’s largest share-
holder (22.17 % as per December 31, 2024), other im-
portant participations (>3 %) included Advent International
Corp., Qatar Holding LLC, Alibaba Group Holding Ltd,
Richemont, BlackRock Inc., UBS Fund Management (Swit-
zerland) AG and Helikon Investments Ltd together repre-
senting 54.99 % 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 issue
in 2012. On the one hand, the bond market represents 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 capabilities are
characteristics welcomed by the fixed income market.
In April 2024, Avolta successfully refinanced the outstand-
ing EUR 800 million Senior Notes due in 2024, with the
placement of EUR 500 million Senior Notes due 2031.
In October 2024, Avolta successfully amended and ex-
tended its existing Revolving Credit Facility (RCF). The
amended EUR 2,400 million RCF with maturity in 2029
Sustainable growth strategy
focused on organic growth
and boosted by selected M&A.
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replaces the EUR 2,750 million RCF expiring in 2027.
Thanks to the renegotiated margin, this amended facility
saves approximately CHF 10 million in interest expenses
per annum.
Long-term financing
strengthened.
These refinancing initiatives allow the company to foster
its well-balanced debt structure. Its weighted average ma-
turity is now 4.1 years with no material debt maturity be-
fore 2026.
Currently, Avolta holds a (BB+) rating with Stable Outlook
by Standard & Poors and a (Ba2) rating with Stable Out-
look by Moody’s. Both rating agencies have upgraded the
credit ratings in the reporting period 2024.
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-on-one
meetings and dedicated investor days, either in person or
virtually.
Senior management actively engages 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 2024 Investor Relations activities, the Inves-
tor Relations team participated in several roadshows and
conferences in Europe, North America, the Middle East
and Asia to meet investors directly or virtually. During this
time, we met 185 investors in one-to-one or group meet-
ings and many more in presentations. Additionally, the In-
vestor Relations team answered 263 calls and emails in
2024, resulting in a total of 448 contacts with investors
and analysts. For contact details of Investor Relations,
please see page 329 of this Annual Report.
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Suppliers –
Leveraging a unique
customer exposure
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 world-
wide traveler base.
Avolta works with
more than 1,000 of
the most renowned
global and local
brands to make
travelers happier.
1,000
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Universe
A selection of the more than thousand brands in Avolta’s brand universe.
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Avolta’s network of over 5,100 shops and outlets across
70 countries caters to both domestic and international
travelers, with dedicated duty-free and duty-paid retail
formats as well as a variety of F&B concepts offering a
wide array of local and global culinary preferences to
address diverse cultural eating habits. All these formats
can also be combined to form hybrid concepts thereby
enhancing the travel experience.
With this geographically diverse footprint and as the only
truly global travel experience player, Avolta offers its brand
partners and suppliers a potential of 2.5 billion personal
customer contacts through which they can drive sales and
increase brand value.
Ongoing resilience of travel retail and F&B channel
Suppliers benefit from the customers’ confirmed propen-
sity to travel. Ongoing growth in passenger numbers and
higher spending versus pre-pandemic levels in the major-
ity of locations emphasize the attractiveness of this chan-
nel, its unique access to a captive and affluent customer
community and the variety of customer engagement
touchpoints. In 2024, sales continued to increase at high
growth rates and the split by categories within the busi-
ness lines has further normalized towards historical levels.
Key roles for experiences as well as
healthy and well-being products
Market research conducted regularly in 2024, through
online surveys among our customers and on social media,
confirmed the ongoing importance of experiences, pre-
mium offers and sustainable well-being products that
support a healthier lifestyle. Novelties, travel exclusives
and unique promotions remain highly attractive proposi-
tions in both travel retail and F&B.
To this purpose, Avolta collaborates closely with its global
brand partners and F&B vendors. We also partner with a
wide array of local suppliers to source fresh food items as
well as traditional local retail products that foster an au-
thentic sense of place. Avolta supports suppliers through
strategic initiatives, marketing campaigns, global promo-
tions or product launch opportunities.
Equally important is the ongoing evolution of the commer-
cial areas with new, attractive and hybrid design concepts
for both shopping and dining formats.
Close collaboration
with global and local suppliers.
Special focus is given to increased flexibility in shop
layouts and assortment renewals, along with an emphasis
on sustainable design for new shop developments or
refurbishments.
Global access to attractive
customer engagement touchpoints
Avolta operates a variety of on-site and online customer
engagement touchpoints, including activations or online
features which brand partners can leverage to present
their product offering to travelers globally or at defined
locations.
Suppliers leverage
marketing channels.
Brand partners are offered a complete advertising pack-
age called “Emotion+” which leverages all of Avolta’s pro-
prietary customer engagement channels, to ensure cohe-
sive and seamless customer communication that delivers
an impactful experience. Emotion+ includes on-site activ-
ities such as double placements, brand ambassadors,
digital signage presence as well as Avolta’s pre-order and
Club Avolta channels and social media.
Suppliers benefit from
2.5 billion potential customer
contacts to drive sales and
brand awareness.
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Sustainability
Report 2024
Avolta’s Sustainability Strategy is an inherent part of the company
strategy “Destination 2027” designed to contribute to the delivery
of its financial and non-financial goals. In 2024, we further evolved
the implementation of our Sustainability strategy to enhance its
relevance by covering the enlarged company scope created by the
business combination between Dufry and Autogrill completed in
the previous year.
Our sustainability engagement builds on the defined Double Materi-
ality Matrix, which covers the material topics of our enlarged stake-
holder eco-system and represents the base for our Sustainability
Strategy House and its four sustainability focus areas: Create
Sustainable Travel Experiences, Respect Our Planet, Empower
Our People, Engage Local Communities.
Sustainability –
a key pillar of
Avolta’s strategy
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2016
2018
2020 2022 2024
2017
2019
2021
2023
Overview of Avolta’s
Sustainability Journey
First materiality
assessment
Definition
and disclosure of
materiality matrix
Updated Code
of Ethics
Disclosure of
Avolta Code
of Conduct
Equal Salary Certifi-
cation launched in
Switzerland
Disclosure of Avolta´s
Sustainability
Strategy
Joined the UN
Global Compact
Avolta starts
reporting on GHG
emissions
Avolta receives SBTi
validation for its
Scope 1, 2 & 3
emission reduction
targets (base 2019)
20 % electric
energy covered by
renewable energy
First TCFD Report
2022, published in
the first quarter
2023
Second Culture &
Engagement survey
executed, covering
all Avolta operations
worldwide
Avolta publishes
first GRI report
Avolta Supplier
Code of Conduct
published, and first
certification
process launched
Avolta launches
second recertifica-
tion of Supplier
Code of Conduct
Sustainability gover-
nance enhanced
with Lead Indepen-
dent Director super-
vising Sustainbility
strategy implemen-
tation
Avolta (base 2019)
commits to establish
SBTi emission
reduction targets
Listed in the SXI
Sustainability 25
index of the SIX
Swiss Exchange
Human Resources
Policy published
Disclosure of
Sustainable
Management
Guidelines
First dedicated
Culture & Engage-
ment survey, reach-
ing over 70 % of
head-count
Electricity from
renewable sources
for retail operations
increased to 93 %
(2019 baseline)
Avolta starts use of
biofuel on some
major transportation
routes to reduce
CO2 emissions
Reach of Supplier
Code of Conduct
expanded among
F&B suppliers
EDGE Plus certifica-
tion achieved in five
important countries
Eugenio Andrades’
Legacy and “Journey
for Good” Founda-
tion launched
Sustainability gover-
nance enhanced
with dedicated Board
ESG Committee and
appointment of Chief
Public Affairs & ESG
Officer
Double Materiality
Matrix and evolved
Sustainability
Strategy House
implemented, fully
reflecting new
company scope
TCFD Report exten-
ded covering the full
scope of company
Electricity sourcing
from renewable en-
ergies increased to
40 %
Avolta Supplier Code
of Conduct recertifi-
cation incl. F&B
suppliers launched
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4
.
S
u
st
ai
n
a
bi
li
ty
1
.
T
r
a
v
e
l
E
x
p
e
ri
e
n
c
e
R
e
v
o
l
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t
i
o
n
3
.
O
p
e
r
a
ti
o
n
al
I
m
pr
o
v
e
m
e
n
t
C
u
lt
u
r
e
2
.
G
e
o
g
r
a
p
hi
c
al
Di
v
er
si
fi
c
a
ti
o
n
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d
-
t
o
-
E
n
d
E
n
g
a
g
e
m
e
n
t
Travel Retail and
Food & Beverage
Reimagined
Digital –
Power of
Data
Point
of Sale
Traveler
Avolta embraces a holistic approach to sustain-
ability values and is deeply committed to it on a
global and local level. The company’s Sustainability
strategy is an integral part of its Destination 2027
strategy.
Sustainability as
core pillar of our
Destination 2027
company strategy
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About Avolta’s
Sustainability Report
Avolta is a global travel experience player active in the travel
retail and F&B industry. The company operates over
5,100 duty-free and duty-paid shops, restaurants and hy-
brid concepts in over 1,000 locations such as airports,
cruise liners & ferries, seaports, motorways, railway stations
and downtown tourist areas. In 2024, Avolta employed
68,750 team members (FTEs) across 70 countries. Avolta is
part of the Swiss Market Index MID (SMIM) and has a
ba-lanced mix of large and small globally diversified share-
holders. A full description of Avolta’s business model and
stra-tegy is available on page 28 of the Annual Report 2024.
The report is further complemented by several strategy
documents, policies and guidelines mentioned also in the
Sustainability Report, such as the Sustainability Strategy,
the Human Resources Policy and the Environmental Man-
agement Guidelines.
The report has been prepared in accordance with the GRI
Universal Standards 2021 and covers the company’s sus-
tainability activities, performance and approach for the
year 2024 focusing on the material matters determined to
be of greatest relevance for Avolta and its stakeholders and
described in the Double Materiality Matrix.
For an easier comparison, the Sustainability Report in-
cludes also 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 sustainability 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 Sustainability Report comprises two main sec-
tions, each presenting data as of December 31, 2024, with
comparative data from 2023 where applicable:
– The Sustainability Report 2024 – included in the Annual
Report 2024 – gives the reader a wider view of Avolta, its
relationship with its main stakeholders as well as its Sus-
tainability strategy and how this is embedded in the com-
pany strategy.
– The Sustainability Report 2024 Annex – annexed to the
Annual Report 2024 – features a detailed description of
the material topics, related impacts, risks and opportuni-
ties with information presented in several tables with
quantitative and qualitative indicators as per the GRI Uni-
versal Standard indications. The Annex also contains in-
formation on due diligence and transparency in relation
to child labor, in accordance with Article 964j-l of the
Swiss Code of Obligations and the Ordinance on Due
Diligence and Transparency in relation to Minerals and
Metals from Conflict-Affected Areas and Child Labour
(DDTrO).
The Avolta Sustainability Report includes also the GRI Con-
tent Index and the Sustainability Report Annex as well as
the TCFD Report and complements the information of the
Annual Report (including the Corporate Governance
Report (page 274) and the Remuneration Report (page
303). All these reports and documents mentioned are also
available online as indivi-dual files on our corporate web-
site: www.avoltaworld.com.
Avolta published its first TCFD Report for the business
year 2022 and expanded it for 2023 to fully cover the
scope of the combined entity. For the business year 2024,
the TCFD Report has been updated to include specific
and relevant information pertaining to the current report-
ing period. 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». The Report is an important el-
ement to increase transparency and disclosure in a clear,
comparable and consistent manner, by showing detailed
information about the risks and opportunities in our busi-
ness that are triggered by climate change.
Swiss Transparency Requirements on
Non-Financial Matters
The Avolta Sustainability Report 2024, (which includes the
Sustainability Report 2024 Annex on page 333 ff of the
Annual Report) and the TCFD Report on page 333 ff), to-
gether the 2024 Non-Financial Reporting, has been pre-
pared in accordance with the requirements regarding
transparency on non-financial matters pursuant to article
964a et seqq. of the Swiss Code of Obligations (SCO), the
Ordinance on Climate Disclosures and the DDTrO. The
2024 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 2025 in accordance with the requirements of Art.
964c SCO. The TCFD Report can be found on page 333 ff.
of the Annual Report.
Scope
For the general profile and most of the GRI indicators, the
information reported is global (i.e. relevant to the whole
Group) unless stated otherwise. For staff-related indica-
tors, information follows a structure similar to the segmen-
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members of the Global Executive Committee and of the
Board of Directors. Participants were asked to assess the
significance of each potential material matter under both
the Impact and Financial Materiality perspectives over a
five-year time horizon. Following a prioritization and the
application of a materiality threshold, a final list of 13 mate-
rial matters resulted for Avolta’s Double Materiality Matrix,
which was then validated by the Board of Directors, follow-
ing the ESG Committee’s recommendation.
Our vision of sustainability is not a static one. Avolta is com-
mitted to conduct periodic and comprehensive updates of
its materiality assessment to detect and timely address any
significant changes in the internal organizational and oper-
ational structure, as well as shifts and evolutions in the ex-
ternal context that could lead to modifications in Avolta’s
Materiality Matrix. Materiality is then reviewed with a fre-
quency and methodology defined on the basis of develop-
ments within and outside the Group.
Therefore, a new context analysis was conducted in 2024
to ensure that results emerging from the 2023 Double
Materiality Assessment were still consistent with Avolta’s
activities and the constantly evolving sustainability context
of the industry in which it operates. Specifically, external
documentation was analyzed including peers’ publicly
available sustainability and annual reports, as well as sus-
tainability priorities listed by rating agencies, standard set-
ters and scientific sources for sectors pertinent to both
Avolta’s own operations and value chain (upstream and
downstream). In line with Avolta’s priorities, climate change
and the use of natural resources stand out as most crucial
matters from an environmental perspective; while, on the
social front, the aspects of working conditions, human
rights and customers’ health and safety emerge as most
distinctive. Overall, the analysis allowed to confirm the list of
Avolta’s 13 material matters, with related definitions. The list
of impacts, risk and opportunities of the material matters
identified are disclosed in the Sustainability Report Annex
on pages 333 ff.
tation used in Avolta’s financial report. More information
about each region may be found on pages 58 – 73 of the
Annual Report 2024. Should you have any comments
about the content of the report or want to know more
about Avolta’s sustainability engagement, please email us
to: sustainability@avolta.net.
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, the comparability of the sustainability-re-
lated data shown in tables for the years prior to 2023 is
limited. The business year 2023 was considered as transi-
tion year and has become the new «base year» for further
improvements. This also influences some of the related
descriptions and comparability of the effectiveness of the
sustainability initiatives implemented in previous years. As
for the business year 2024, the company has included in-
formation on improvements comparable to the new base
year 2023. Significant fluctuations are commented on,
and explanations are provided as applicable.
Avolta’s Double Materiality Matrix
The materiality assessment aims to identify and prioritize
the sustainability issues of greatest importance for Avolta,
as well as considering expectations of stakeholders and
society in general, while forming the basis for defining the
contents and boundaries of the company’s sustainability
reporting.
Avolta’s Materiality Matrix is structured following the Dou-
ble Materiality approach. This approach combines two
perspectives:
– Impact Materiality: considering the impacts (actual and
potential, positive and negative) that Avolta generates on
economy, environment and people, in line with GRI Stan-
dards, in particular GRI 3: Material Topics.
– Financial Materiality: identifying risks and opportunities
that might positively or negatively influence the compa-
ny’s development, performance and positioning as well as
by drawing inspiration from the European Sustainability
Reporting Standards (ESRS) foreseen by the new Corpo-
rate Sustainability Reporting Directive (CSRD).
The 2023 materiality assessment started with a context
analysis to identify the relevant potential material matters
for Avolta in light of its business, value chain and expecta-
tions of its main stakeholders (investors, concession part-
ners, customers, peers, brand partners and employees),
through the analysis of both internal and external docu-
mentation as well as both public and internal surveys con-
ducted on customers and employees. A long list of 22
potential material matters emerged, then assessed in one-
to-one interviews with the global Sustainability team, the
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Inside-out
High
Low
High
Low
Outside-in
Avolta Double
Materiality Matrix
Avolta’s Double Materiality Matrix consists of 13 key
material matters, grouped into four focus areas. Four
of the matters – “Culture & Engagement", "Climate
change, energy & emissions", "Sustainable sourcing &
traceability" and "Supply chain management" –
emerged as the most material, reflecting the main
sustainability challenges of the industry in which the
company operates and has the opportunity to
stand out.
Aspects related to governance and regulatory
compliance were considered as prerequisites for the
business and thus are not represented in the matrix,
although being addressed in the report.
13 sustainability matters* emerged as material, representing the
basis for the development of the company’s Sustainability strategy
and commitments.
* To finalize the list of
material matters for
Avolta, a mathemati-
cal threshold of 2.5
(on a scale from
1 to 5) was applied.
Only matters above
the average score
were considered as
material.
Top
materiality
Culture &
Engagement
Climate change,
energy & emissions
High
materiality
Human rights
Sustainable sourcing &
traceability
Supply chain
management
Travel
experiences
People
Planet
Communities
Medium
materiality
Employee training &
development
Supporting
communities
Healthy and sustainable choices
Product quality &
safety
Water &
biodiversity
Inside-out
Talent recruitment,
engagement & retention
High
Low
Talent recruitment,
engagement & retention
Waste &
packaging
Health &
well-being
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Avolta’s
Sustainability Vision
Rooted
in Avolta’s
DNA
Embedded
in our way
of doing
business
Shaped to
be a lever of
innovation and
competitive
differentiation
Focused
on clear
commitments
and tangible
initiatives
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Empower
Our
People
Empower
Our
People
The 13 sustainability material topics have been
clustered into four focus areas highlighting Avolta’s
main ambitions.
Avolta Sustainability
Strategy House
Avolta’s Sustainability Strategy House is based on the Double Materiality Matrix, reflects
the key focus areas and links with the related UN Sustainable Development Goals.
- Sustainable sourcing &
traceability
- Supply chain management
- Product quality & safety
- Healthy & sustainable choices
Respect
Our Planet
Create Sustainable
Travel Experiences
- Climate change, energy & emissions
- Waste & packaging
- Water & biodiversity
- Culture & Engagement
- Employee training & development
- Talent recruitment, engagement
& retention
- Health & well-being
- Human rights
Empower
Our People
- Supporting Communities
Engage Local
Communities
Creating
durable bonds
with our communi-
ties by supporting
social and eco-
nomic develop-
ment.
Making
People part
of the journey
by fostering a
diverse, inclusive
and equitable
workplace.
Reducing
our footprint,
increasing our
consciousness.
Ensuring
sustainable ways
of traveling.
With our partners.
For our
customers.
Sustainability
Factory
St
ak
e
ho
ld
er
G
ov
er
n
an
c
e
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The Avolta Sustainability Strategy House and Destination 2027 are closely intertwined,
with their focus areas and pillars reinforcing one another. The sustainability focus on
"Creating Sustainable Travel Experiences" aligns with the Destination 2027 "Travel Experi-
ence Revolution" pillar, enhancing traveler-centricity by delivering eco-conscious, inno-
vative travel solutions that meet evolving customer demands. Initiatives under "Respect
Our Planet" and "Empower Our People" further bolster the foundation for an "Operational
Improvement Culture”, driving efficiency, sustainability, and workforce engagement.
Journey
sustainably on
to Destination
2027
4
.
S
u
s
t
ai
n
a
b
ili
t
y
1
.
T
r
a
v
e
l
E
x
p
e
ri
e
n
c
e
R
e
v
o
l
u
t
i
o
n
3
.
O
p
e
r
a
ti
o
n
a
l
I
m
p
ro
v
e
m
e
n
t
C
ul
t
u
r
e
2
.
G
e
o
g
r
a
p
h
ic
al
D
iv
e
r
si
fi
c
a
ti
o
n
E
n
d
-
t
o
-
E
n
d
E
n
g
a
g
e
m
e
n
t
Travel Retail and
Food & Beverage
Reimagined
Digital –
Power of
Data
Point
of Sale
Traveler
Travel Experience Revolution
Operational Improvement Culture
Geographical Diversification
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St
a
k
e
ho
l
de
rs
The "Empower Our People" focus is amplified through Avolta’s commitment to Culture &
Engagement, directly supporting Destination 2027’s vision of fostering a thriving, innova-
tive culture, strengthened by geographical diversification. Additionally, the sustainability
focus on "Engage Local Communities" directly connects to the "Geographical Diversifica-
tion" pillar, ensuring regional expansions foster meaningful partnerships and positively
impact local communities while driving global progress.
Create Sustainable Travel Experiences
Respect Our Planet / Empower Our People
Empower Our People / Engage Local Communities
G
o
v
e
rn
a
n
c
e
Create Sustainable
Travel Experiences
Respect Our
Planet
Engage Local
Communities
Empower
Our People
Sustainability
Factory
Management
Report
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Report
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Report
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Respect
Our Planet
Create Sustainable
Travel Experiences
Sustainable Product Identification Initiative
further expanded
Reach of Supplier Code of Conduct enlarged,
mainly by increasing coverage of the F&B
supplier community
Collaboration with Ecovadis started to further
evolve supplier assessment and responsible
sourcing practices
New Pre-loved concept launched in Zurich
and now available in 17 locations worldwide
Mind.body.soul. shop-in-shop concept
internationalized further, now available
in 15 countries
New innovation hub launched, incubating
external start-up companies to develop
solutions tailored to our business
Sourcing of electricity from renewable energy
sources (RECs) further increased and now
covering 93 % of consumption (baseline 2019)
of retail business
Partnership signed with logistics service
provider DB Schenker to use marine biofuel
for Group shipments on the transportation
routes Barcelona – Miami (USA), Barcelona-
Cochin (India), Antwerp – Cochin (India),
Barcelona – Mufasa (Kenya), allowing to save
up to 84 % of CO2 emissions for each cargo
shipment
Scope 3 measurement further expanded with
the assessment of emissions from purchased
goods and services (Scope 3 category 1), fuel-
and energy-related activities not included in
Scope 1 and Scope 2 (Scope 3 category 3),
upstream transportation and distribution
(Scope 3 category 4) and waste generated
in operations (Scope 3 Category 5)
Improvements
achieved in 2024
Internal data collection processes related to
environmental KPIs refined and improved
Run comprehensive Biodiversity Risk
Assessment, leveraging the WWF Biodiversity
Risk Filter (BRF), to evaluate potential impacts
and risks across the company’s own
operations
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Engage Local
Communities
Empower
Our People
New Culture & Engagement Steering
Committee launched to shape Avolta's global
Culture & Engagement strategy based on
insights and changing dynamics
First two Employee Resource Groups
«Reaching higher» and «Just be»
introduced, focusing on women
empowerment and LGTBQ community
support respectively
EDGE Plus – Gender & Intersectionality
Certification – www.edge-cert.org – achieved
in five important countries: Italy, Netherlands,
Spain, Switzerland and USA
Over CHF 9.7 million donated in support of
more than 220 local charities and NGOs
across 44 countries
Launch of the Eugenio Andrades’ Legacy in
Spain; an initiative supporting and uplifting
children with neurological disabilities
Creation of the new Journey for Good
Foundation – www.journeyforgood.org –
succeeding the previous HMSHost
Foundation and now providing support to
communities across the whole North America
region
Sales of One Water bottles surged,
increasing funds raised from £ 2.5 million
in 2023 to £ 2.8 million in 2024,
transforming the lives of 462,000
people since the program's inception
in 2016
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Avolta’s success goes beyond commercial and financial
performance, and we understand that our business activi-
ties have an impact on the environment and the commu-
nities where we operate. In line with our commitment to
the Ten Principles of the UN Global Compact, we regularly
align our Sustainability strategy with new requirements
and develop relevant initiatives geared to achieving a more
sustainable business, including:
Respect
Our Planet
Create Sustainable
Travel Experiences
Sustainable Sourcing & Traceability:
Expand the adoption of responsible sourcing
practices and increase the procurement
of sustainable, certified and local products
Supply Chain Management:
Foster responsible and ethical management of
the supply chain, partnering with suppliers that
are attentive to social and environmental
impacts
Product Quality & Safety:
Provide high quality & safety standards for the
products and ingredients used in all the
company’s channels
Healthy & Sustainable Choices:
Promote better travel experiences by offering
a wide range of healthy and sustainable
products, good for both the consumers’
and the planet’s health
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 & reduce the generation of waste
and promote circular practices
Water & Biodiversity:
Reduce water withdrawal in our operations
and promote the restoration of habitats along
the value chain
Sustainability Commit-
ments going forward
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Engage Local
Communities
Empower
Our People
Culture & Engagement:
Create an inclusive culture, by promoting
culure & engagement at all levels of the
organization
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 & Well-being:
Provide high health and safety standards
as well as promoting world-class well-being
offerings, education to foster well-being and
work-life balance
Human Rights:
Protect human rights across the company
and along its supply chain
Supporting Communities:
Create connections with the communities
we serve and contribute to the growth of local
economies
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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 or the corporate website, hence ensuring
universal access to them. This set of information includes:
– Avolta Code of Conduct – the Avolta Code of Conduct re-
quires all our team members, officers and directors to act
ethically and in compliance with all applicable laws at all
times including internationally accepted human rights
standards. The Code further outlines the types of con-
duct that are not permissible and imposes strict rules in
relation to charitable contributions and sponsorships, as
well as giving or accepting gifts, hospitality and entertain-
ment, to mitigate the risk of corruption. In addition, the
Code of Conduct requires careful due diligence to be
conducted on any external partner Avolta is working with,
including joint-venture partners, business development
consultants, counterparts to M&A transactions and other
similar third parties. The Avolta Code of Conduct is pub-
licly available on the Company website: www.avoltaworld.
com/en/our-impact section Downloads.
– Avolta Supplier Code of Conduct – is aligned with the
principles of the Avolta Code of Conduct and inspired
also by the Rio Declaration on Environment & Develop-
ment (1992), the OECD Convention on Controlling Bribery
of Foreign Public Officials in International Business Trans-
actions, the U.S. Foreign Corrupt Practices Act, and the
UK Bribery Act (among others). The Code defines the re-
quirements and expected behaviors from the company’s
suppliers and sub-suppliers, and it requires suppliers to
comply with Avolta’s principle in terms of human and la-
bor rights, environmental protection, antibribery & anti-
corruption, anti-money laundering and anti-terrorism. It
also sets the standards for product quality and safety, re-
cord keeping and whistleblowing practices suppliers
must adhere to. The Supplier Code of Conduct is further
described on page 122 of the Sustainability Report and
publicly available on the Company website: www.avolta-
world.com/en/our-impact section Downloads.
– Anti-Corruption and External Partners Policy – Prohibits
all forms of bribery and implements other anti-corruption
practices. The policy mandates that transactions be ac-
curately recorded and properly documented. Employees,
depending on their role, may be required to attend man-
datory training sessions. External partners must undergo
due diligence and pre-clearance before engagement and
must be provided with an explanation of the Company's
expectations regarding compliance with anti-corruption
laws and this policy. Internal audits are conducted to as-
sess compliance, with results reported annually to the
Audit Committee.
– Human Resources Policy – based on the UN Guiding Prin-
ciples on Business and Human Rights, the ILO Declaration
on Fundamental Principles and Rights at Work and its
successor and the ILO Occupational Safety and Health
Convention, further complements the Avolta Code of
Conduct by detailing behaviors and requirements with re-
spect to legality, diversity, non-discrimination and equal
opportunities as axis of conduct to be followed in the se-
lection, hiring, working conditions, and career develop-
ment processes. The policy also describes Avolta’s ap-
proach to respect human rights throughout its operations
and business relationships, recognizing the existence of
specific particularities in each of the countries in which
Avolta operates and respecting the regulations applica-
ble in each jurisdiction. The Avolta Human Resources Pol-
icy is further detailed on page 153 and publicly available
on the Company website: www.avoltaworld.com/en/our-
impact section Downloads.
– Avolta´s Environmental Management Guidelines – are de-
signed to integrate environmentally conscious practices
into Avolta’s operations, minimizing the environmental
footprint of its business activities. These guidelines align
with global sustainability standards, including the UN
Global Compact and the Paris Agreement, demonstrat-
ing Avolta’s commitment to sustainable growth. By pro-
viding a structured framework and setting clear expecta-
tions, these guidelines ensure consistent management of
environmental topics and responsibilities across the or-
ganization. Key commitments include:
- Climate Change and Energy Efficiency: reducing
greenhouse gas emissions across Scopes 1, 2, and 3
by achieving 100 % renewable electricity by end 2025
through RECs purchasing for retail operation, cutting
upstream transportation emissions by 28 % by 2030,
and enhancing energy efficiency through innovative
technologies, sustainable designs, and supply chain
collaboration. See pages 134 – 135 for details.
- Resource Efficiency: encouraging efficient resource
use by minimizing waste and advancing recycling and
reusability to support a circular economy. See page
136 for details.
- Collaborative Partnerships: working with landlords,
suppliers, and industry stakeholders to enhance sus-
tainability. Participation in initiatives such as the Air-
port Council International (ACI) Climate Task Force
highlights Avolta’s commitment to collaborative prog-
ress on environmental goals. See page 141 for details.
The Sustainability Department oversees the implementa-
tion of these guidelines, conducting periodic reviews and
updates to ensure alignment with business developments,
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regulatory changes, and stakeholder needs. The Avolta
Environmental Management Guidelines are publicly ac-
cessible at: www.avoltaworld.com/en/our-impact section
Downloads.
– Avolta reporting channels for potential wrongdoings –
Avolta is committed to fostering a culture of transparency
and accountability and provides reporting channels
through which Avolta’s team members and third parties
can raise concerns about behaviors that may have vio-
lated Avolta’s Code of Conduct or applicable laws and
regulations. Reporting of possible wrongdoings can be
done by email to the Compliance Department at compli-
ance@avolta.net and through Avolta’s global whistle-
blowing tool at www.avolta-compliance.com where com-
plaints can be submitted either through web-intake or
29 country specific toll-free hotline numbers. The reports
are received by the Compliance Department for further
investigation. The Chief Compliance Officer reports to
Avolta’s General Counsel, who is a member of the Global
Executive Committee.
– 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 Company’s
legal department as applicable during the year. The ordi-
nary “blackout periods” are described in the Corporate
Governance Report on page 302.
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. Avolta’s Compliance Department regularly
evaluates and adapts the content of Avolta’s training on
Compliance and Corporate Policies to keep training up-
to-date and reflect industry standards and applicable
laws. A detailed overview of the compliance trainings
is described in the chapter Empower Our People on
page 150.
Sustainability Governance
The following section describes Avolta's governance frame-
work regarding sustainability matters as of December 31,
2024.
Avolta’s Sustainability strategy is guided by a robust gover-
nance framework, ensuring accountability and alignment
with the company’s mission.
The Board of Directors oversees Avolta’s Sustainability
strategy through its dedicated ESG Committee, chaired by
the Lead Independent Director. This committee receives
quarterly updates on the progress of Avolta’s sustainability
initiatives, providing strategic guidance and ensuring align-
ment with corporate goals.
The operational implementation of the Sustainability strat-
egy is led by the Chief Public Affairs & ESG Officer sup-
ported by the Global Sustainability team. As a member of
the Global Executive Committee, the Chief Public Affairs &
ESG Officer reports directly to the CEO, ensuring that sus-
tainability considerations are embedded into executive de-
cision-making.
The Global Sustainability team oversees the operational ad-
vancement of the strategy on a global level, working in col-
laboration with regional and local sustainability teams. This
structure enables tailored execution of sustainability initia-
tives while maintaining consistency with Avolta’s overarch-
ing goals. A detailed description of Avolta’s Sustainability
strategy can be found on the company’s website www.
avoltaworld.com/en/our-impact section Downloads.
Compliance, Ethics and Integrity
Having operations in 70 countries, means complying with a
broad range of national laws and regulations while actively
fostering stakeholder and social engagement. To meet
these demands, Avolta adopts a holistic and comprehen-
sive approach to compliance, aligning with international
norms and best practices, including the Ten Principles of
the UN Global Compact.
Avolta believes that strong corporate governance is essen-
tial for the company’s growth and sustainability, ensuring
long-term benefits for shareholders, employees, and soci-
ety. Its governance system serves as a control mechanism
for key areas such as bribery and corruption, tax compli-
ance, executive remuneration, shareholder voting rights,
and internal controls. Many of these topics are detailed in
the Corporate Governance section of the Annual Report
(pages 274 – 302).
Zero tolerance towards Corruption
Avolta enforces a zero-tolerance policy toward bribery and
corruption. Ethical business practices and compliance with
applicable laws, rules, and regulations are foundational to
Avolta’s identity. All team members, officers, and directors
are expected to a comply with applicable laws against ac-
tive and passive bribery and corruption regardless of
where they are located.
Promoting Ethical Standards
Avolta’s commitment to ethics goes beyond compliance
with applicable laws. Team members, officers, and direc-
tors are expected to act with honesty, integrity, and in
compliance with Avolta’s Code of Conduct to uphold the
principles of integrity, fairness, and ethical behavior in all
activities.
Avolta’s Code of Conduct, champions a diverse work envi-
ronment, respect in the workplace, adherence to human
rights, and zero tolerance for harassment or discrimination.
By embedding these principles into its operations, Avolta
seeks to integrate its core values across all aspects of the
business.
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– 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
employees
– Global corporate risk management and control
– Due diligence in compliance, supply chain and transac-
tional matters, including financial and non-financial risks
(e.g. environmental, social, employment, human rights
and bribery/corruption)
– Internal communication and reporting channels to
contribute to the integrity of the compliance program
– Investigation of reports of possible wrongdoings and
implementation 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 sustainability engagement practices
Avolta recognizes that the long-term sustainability of its
business relies on the capacity to build, establish and
maintain 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 un-
derstand their expectations, needs and concerns is part
of our ongoing commitment to sustainability. We interact
with our stakeholders in different ways, both formally and
informally. For 2024, the group of relevant stakeholders in-
cluded in our materiality assessment remained un-
changed, reflects the scope of the company and includes
airports and other concession partners, customers, em-
ployees, investors (incl. shareholders, bondholders and
lending banks), public authorities, brand suppliers, media
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 ex-
perience and service to customers – is crucial. Known in
the industry as Trinity (concession partners, retailers &
Risk management, due diligence and control
Avolta’s Board of Directors, as the Company’s highest gov-
ernance body, has established a risk management process
covering the entire Company with a system in place to iden-
tify and manage all types of risks. The risks inherent in
Avolta´s business are divided into two groups: financial risks
(see Financial Report on pages 241 – 247) – related to inter-
est rates, exchange rates, credit risks and liquidity risks –
and non-financial risks. A comprehensive description of the
Company’s non-financial risk and opportunity mapping is
included in the Sustainability Report 2024 Annex on pages
333 ff as well as in the TFCD Report, both available on the
Company website: www.avoltaworld.com/en/our-impact
section Downloads.
The Company utilizes GRC software (Governance, Risk and
Compliance), which allows a comprehensive identification
and management of potential risks that may affect the
business.
Avolta adopts a risk management model based on three lev-
els. This model is applicable to all subsidiaries of the Com-
pany.
First level – The commitment of Avolta to integrity and
transparency begins with its own staff. Avolta requires all
its team members, officers, and directors to act in accor-
dance with the provisions of the Avolta Code of Conduct
at all times, which describes the types of behavior not al-
lowed and imposes strict compliance rules regarding the
operation of the business including for example zero tol-
erance for bribery.
In addition, the policies and procedures of Avolta require
each team member, officer and director to apply due dili-
gence 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 ac-
count for relevant sustainability matters, particularly in-
cluding bribery risk.
Second level – There are various governance functions
across the organization including the Compliance, Legal,
Finance, Sustainability and Human Resources depart-
ments 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
these functions includes the following pillars:
– Regular review and – where necessary – update as well
as ensuring compliance with the set of global Company
policies
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F&B operators and brand suppliers), the tight lines and
cooperation between these three groups allow for an
improved dialogue and mutual understanding to the ulti-
mate benefit of our common customers. This interaction
has remained critical and valuable during 2024 as partic-
ularly air traffic continued to accelerate and the perfor-
mance of our stores and restaurants further increased.
Beyond the Trinity described above, our team members
and investors are the other two key stakeholders contrib-
uting 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. We are proud to have senior team members
on the Boards of some of the most respected industry
bodies – DFWC (Duty Free World Council), IAADFS (Inter-
national Association of Airport Duty-Free Stores), ETRC
(European Travel Retail Confederation), MEADFA (Middle
East & Africa Duty-Free Association), ASUTIL (South
American Association of Free Stores), APTRA (Asia Pacific
Travel Retail Association), CEETRA (Central European
Travel Retail Association), NTRG (Nordic Travel Retail
Group), UKTRF (UK Travel Retail Forum), FETRE (Feder-
ación Espanola de Travel Retail), HTTC (Hellenic Travel &
Trade Confederation), ADFA (Australian Duty Free Asso-
ciation), ATRI (Travel Retail Association Italy), AFCOV (As-
sociation Francaise du Commerce du Voyageur), ARRA
(American Retail Restaurant Association) in the USA, FIPE
(Retail Restaurant Association) in Italy. Moreover, Avolta is
a member of the ACI Climate Change Task Force, and the
ACI Europe Environmental Strategy Committee (EN-
STRAT). This gives Avolta a voice in industry debates, en-
suring that it plays a proactive role in shaping the indus-
try’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 our
business and Avolta needs to be aware of any changes,
be prepared to engage on draft regulations and react to
comply as needed.
– Service Providers – Understanding the relationship of
Avolta with key service providers – mainly with IT and
logistics suppliers – is fundamental for Avolta to have a
more holistic view of its sustainability impact as well as to
assess and eventually address improvement areas.
– Media – Are an important group for Avolta as it enables
the company to communicate with its main stakeholders.
Avolta strives to build strong and close collaborative rela-
tionships with the media. Our communications team
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.
– Sustainability Community – Comprises ESG rating agen-
cies, ESG powerhouses (such as United Nations Global
Compact, GRI or SBTi), and the sustainability communi-
ties of related airport associations and the travel retail and
F&B industry. 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 sustainabil-
ity reporting 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 154 – 161.
– Industry Initiatives – Avolta participates in several indus-
try initiatives geared towards consumer and environmen-
tal protection. Amongst others, Avolta has contributed to
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Sustainability Rating 2024
Score
13.8
A
34
C-
Trend vs industry avg
Above
Aligned
Above
Aligned
Trend vs 2023
Improved
Decreased
Improved
Improved
the development of several 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 Alcohol).
Avolta’s Sustainability Initiatives & Reporting
Avolta engages in several external initiatives and strategic
collaborations with organizations and partners to support
and inform about our work on the most material sustain-
ability issues. The most important and general ones are
grouped under four different categories, and the more
specific ones are listed within the four focus areas.
Initiatives
– 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 130 – 141.
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 organizations – 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 Sustainability Report following the guidelines of
GRI since the reporting year 2017 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
financial risk disclosures for use by companies, banks and
investors in providing information to stakeholders. In
2023, Avolta disclosed its first report following the guide-
lines of TCFD, which covered the reporting year 2022 and
explored the range of the impacts that climate change
would have for our business, including both risks and op-
portunities. Taking into consideration the business com-
bination of Dufry and Autogrill in 2023, Avolta published
an updated and combined TCFD Report covering the full
scope of the new entity. For the business year 2024, the
TCFD Report has been updated to include specific and
relevant information pertaining to the current reporting
period. The TCFD Report 2024 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, the Ordinance on Climate Disclosures, and the
DDTrO.
Assessments and Ratings
Avolta is regularly assessed and rated by ESG-specialized
rating agencies, including Sustainalytics, MSCI ESG Rat-
ings, ISS ESG, S&P Global, Moody’s ESG Solutions (Vigeo
Eiris) or Inrate. Avolta's Sustainability team engages with
ESG analysts to assist them in their assessment of our
company and to support their research work. Avolta rec-
ognizes the value of external feedback from these inde-
pendent agencies as their work helps us to further de-
velop our lines of action towards strengthening our
long-term commitment to being a successful, sustainable
business. The results of the assessments from ESG rating
agencies Avolta received during 2024 are shown in the
table below.
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Create
Sustainable
Travel
Experiences
“Ensuring sustainable ways
of traveling. 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
17
“Making Travelers Happier” is the central ambition out-
lined in Destination 2027, Avolta’s transformative strategy
to revolutionize the travel experience (see dedicated chap-
ter on pages 28 – 33 of this Annual Report). By placing the
customer at the heart of every decision, Avolta has estab-
lished itself as a leader in the travel retail and F&B sectors.
This ambition is intrinsically tied to Avolta’s commitment to
providing sustainable customer experiences, ensuring
that every step of the journey is both enriching and re-
sponsible.
Under the focus area Create Sustainable Travel Experi-
ences, Avolta has identified four key areas of action and
commitment:
– 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 prod-
ucts and ingredients used in all 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 the planet’s health.
These commitments highlight Avolta’s dual focus on em-
bedding sustainability into both its value proposition and
its value chain. By actively engaging brand partners and
suppliers, Avolta co-develops sustainable initiatives tai-
lored to the travel retail and F&B business. This integrated
approach ensures that sustainability is deeply ingrained
not only in operational practices but also in customer-
facing experiences. The result is a seamless alignment of
operational excellence and strategic intent, delivering
products and services that cater to travelers’ increasing
demand for healthier, eco-friendly options and meaning-
ful cultural connections.
Avolta consistently strives to exceed customer expecta-
tions by offering unique product selections, attractive
shopping environments, and a continually expanding
portfolio of healthy, safe, and high-quality products in its
retail and F&B outlets. Additionally, Avolta places a strong
emphasis on product and supply chain stewardship, cus-
tomer privacy and data protection.
In recognition of these efforts, Avolta received several in-
dustry awards in 2024, earning the title of Beauty Retailer
of the Year at the BW Confidential Beauty Awards, the
Global Travel Retail ESG Champion Operator category at
the Global Drinks Intel ESG Awards 2024, multiple recog-
nitions at the Airport Food and Beverage (FAB) + Hospital-
ity Awards 2024, two awards at the Excellence in Airport
Concessions Awards, and two honors at the Airport Expe-
rience Awards. Additionally, Avolta was recognized among
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the Top 10 Best Airport Bars by USA TODAY’s 10 Best
Readers’ Choice Awards 2024.
Together, these accolades reaffirm Avolta’s mission to re-
define the travel experience, setting new benchmarks for
sustainability and customer satisfaction.
Sustainable sourcing & traceability
“Expand the adoption of
responsible sourcing practices
and increase the procurement
of sustainable, certified and
local products.”
Sustainable and Local sourcing
Consumer preferences are increasingly shifting toward
products which minimize the environmental impact, en-
sure good working conditions for employees, uphold
proper animal welfare standards, and offer clear traceabil-
ity and sourcing information. Customers today are more
attentive than ever to understanding where products
come from, how they are produced and how they are
transported.
Avolta has embraced this evolution by offering an innova-
tive and diversified portfolio that promotes healthier con-
sumption while championing responsible sourcing models.
These models are designed to reduce environmental foot-
prints, protect natural resources, and generate positive im-
pacts on the communities involved in the supply chain.
In its retail shops, Avolta empowers customers to make en-
vironmentally and socially responsible choices through the
Sustainable Product Identification Initiative. This cross-
category labeling framework highlights the positive envi-
ronmental and social attributes of products, aiming to in-
crease customer awareness of the sustainability criteria
associated with each item. By enhancing the visibility of
sustainable options in stores through a dedicated set of
clear, informative signage, the initiative helps customers
easily identify products contributing to these goals.
In 2024, the initiative was further refined with the intro-
duction of eight new sustainability categories, making it
simpler for customers to navigate and support products
aligned with their values:
– Biodiversity: products that protect and preserve the va-
riety of life on Earth.
– Biodegradable Packaging: items using materials that
naturally break down, minimizing harm to the planet.
– Circular Economy: Waste-free products promoting re-
use and recycling.
– Ethical Sourcing: Goods sourced with a commitment to
ensure fair treatment for all involved in the value chain.
– Fair Trade: Products supporting communities and em-
powering workers through fair practices.
– Ocean Safe: Items designed to minimize their impact on
oceans and marine life.
– Refillable: Products that reduce waste by cutting down
on single-use packaging.
– Water Usage: Water-saving products designed for a
more sustainable future.
Currently, this initiative includes 1,977 retail products
(2023: 1,964) from 31 suppliers (2023: 23), spanning all of
Avolta’s core product categories, and it is implemented in
169 retail shops (2023: 167) across 127 global locations
(2023: 126).
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As part of its sustainable sourcing approach, Avolta ac-
tively integrates local sourcing and the procurement of
certified products. Local sourcing plays a crucial role in
fostering closer connections with regional communities,
reducing transportation emissions due to the shortening
of the supply chain, and contributing to the development
of local economies. Currently, Avolta sources locally over
27 % of its global Cost of Goods Sold (COGS) by partner-
ing with local brands and suppliers. In 2024, the spent on
local suppliers amounted to about 30 % of global retail
COGS and over 24 % of global F&B COGS.
Certified products also play a key role in reflecting Avolta’s
commitment to ethical and environmentally responsible
practices, ensuring that our offerings align with interna-
tionally recognized standards. Many of our suppliers ac-
tively participate in national and international initiatives
such as the Better Life Label for improved animal welfare,
Fairtrade, and the Roundtable on Sustainable Palm Oil
(RSPO), with a strong focus in EMEA countries and North
America through the partnership with Foodbuy.
Foodbuy
In North America, Avolta works with Foodbuy
for the F&B business. Part of the Compass
Group since 2007, Foodbuy is the leading
procurement company for food & beverage
services and has made several commitments
to ensure high standards of food safety and
sustainability. All our North American F&B
suppliers in the Foodbuy network undergo
regular audits on central issues such as human
& labor rights, business integrity, culture and
engagement 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 responsibility, in order
to assess their handling of social and
environmental aspects. In 2024 the Group
bought F&B products from 419 Foodbuy-
approved suppliers with one or more
certifications, 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.
Traceability and transparent labeling
Avolta is committed to providing customers with transpar-
ent and reliable information about the products they pur-
chase. This commitment is upheld through a traceability
system, grounded in the Company’s Master Data ap-
proach, ensuring oversight across both its duty-free/duty-
paid and Food & Beverage (F&B) operations. This common
approach enables the systematic tracking of all critical
product-related information (i.e. brand, categories, sub-
categories) as well as clear indications on vendors, suppli-
ers or manufacturers and the country of origin of the
product.
To complement traceability, Avolta prioritizes clear and
comprehensive labeling that meets or exceeds legal re-
quirements, ensuring customers have access to the infor-
mation they need. For its F&B offerings, Avolta provides
full transparency regarding product ingredients, including
allergens, in strict compliance with local labeling laws in
every country of operation. This approach allow custom-
ers to make informed choices, aligning with their dietary
needs and preferences. In the retail segment, product
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labeling and customer information on product specifica-
tions are managed in collaboration with brand partners,
ensuring that all details meet the high standards of accu-
racy and clarity that Avolta upholds.
Supply chain management
“Foster a responsible and ethical
management of the supply chain,
partnering with suppliers, atten-
tive to social and environmental
impacts.”
In the travel retail business, Avolta operates as a platform
for third-party-produced goods. Unlike manufacturers,
Avolta neither produces its own retail items, nor heavily in-
vests in white label products. The majority of the products
in Avolta’s retail stores are sourced from third-party suppli-
ers, all of whom are required to meet stringent standards
concerning legal compliance, human rights, environmen-
tal protection, health and safety, and labor practices.
Collaborative relationships and active engagement with
our suppliers are the cornerstones of Avolta’s approach,
serving as a vital link between our strategic goals and their
execution. Suppliers are essential partners in advancing
Avolta’s Sustainability strategy. By building strong partner-
ships, we create a foundation of mutual trust and shared
values that amplify our ability to generate positive impacts.
To support these objectives and ensure alignment with its
values, Avolta has developed a Supplier Code of Conduct,
which is based on the Universal Declaration of Human
Rights adopted by the United Nations General Assembly in
1948 and the fundamental Conventions of the International
Labour Organization (ILO). This foundational document
clearly defines Avolta’s expectations for its suppliers, en-
suring that all retail and Food & Beverage (F&B) partners
align with the company’s commitment to ethical practices,
sustainability, and social responsibility.
To foster responsible management of social and environ-
mental aspects, Avolta expects its suppliers to maintain fi-
nancial, operational, and business records in compliance
with applicable laws and widely accepted accounting stan-
dards. Furthermore, suppliers are encouraged to establish
procedures that enable employees to report concerns
about unethical actions without fear of retaliation.
As detailed in the Sustainability Governance section of the
Corporate Governance chapter, page 290, both the Sup-
plier Code of Conduct and the Avolta Code of Conduct
underscore the company’s dedication to social, ethical,
and environmental standards.
Supplier Code of Conduct
Avolta’s Supplier Code of Conduct sets forth
the requirements and standards that its retail
and F&B providers must observe in conduct-
ing their operations ethically and legally. It is
aligned with the UN Global Compact and fo-
cuses on the following key areas:
– Ethics and integrity
– Labor and employment practices and
working conditions
– Anti-money laundering and anti-terrorism
– Environmental compliance and sustainability
– Product quality and safety
These documents exemplify how Avolta integrates sustain-
able development principles into its operations, fulfilling its
due diligence responsibilities. Both Codes are accessible
in the sustainability section of our website: www.avolta-
world.com/en/our-impact section Downloads.
Supplier
Code
of Conduct
2023
In 2023, Avolta launched a new supplier certification cycle
following the introduction of its Supplier Code of Conduct.
This initiative engaged suppliers across all major retail
product categories and extended it to selected F&B mar-
kets. The certification process advanced further in 2024,
with a strategic focus on broadening the scope to include
all F&B markets.
By the end of 2024, a total of 684 suppliers (2023: 441),
representing approximately 60 % of the company’s total
cost of goods sold (COGS) (2023: 49 %), had signed the
Supplier Code of Conduct or got acknowledgement. In
the retail sector, the number of certified suppliers was 144
(2023: 157), accounting for 65 % of the 2024 retail COGS
(2023: 57 %).
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This expansion reflects Avolta’s continued commitment to
ensuring adherence to its ethical and environmental stan-
dards across a growing supplier network.
Supply Chain risk assessment for Child Labor
In connection with the Swiss due diligence and transpar-
ency obligations as outlined in Articles 964j-l of the Swiss
Code of Obligations (SCO) and the DDTrO, Avolta under-
took a comprehensive risk assessment in 2024 to identify
and mitigate potential child labor risks within its supply
chains. The report concerning this activity is available in
the Additional Regulatory Disclosures on page 333 ff of
the Annual Report.
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.”
As customer expectations continue to evolve, becoming
increasingly sophisticated and demanding, Avolta con-
stantly monitors changing consumer demographics and
psychographics profiles, needs and satisfaction with Avol-
ta’s Global Consumer Insight team. Through a set of struc-
tured processes, including dedicated Customer Experi-
ence Tracking & Surveys for retail and F&B segments, the
attitudes and behaviors of global travelers are analyzed
and segmented to uncover emerging market trends and
anticipate demand for healthy, well-being and sustainable
concepts, products, and innovative services. During 2024,
Avolta surveyed over 60,000 travelers and received feed-
back from approximately 20,000 customers worldwide
through its Net Promoter Score (NPS) program. These in-
sights were gathered to support a data-driven approach
to enhancing the travel experience.
In alignment with its Destination 2027 strategy, Avolta is
redefining the travel experience by embedding sustain-
ability into its core value proposition across both its retail
and F&B operations. This approach prioritizes collabora-
tion with retail and restaurant brands, driving innovation
and developing exclusive products and concepts that ad-
dress evolving customer expectations. By making sustain-
ability a key element of its offering, Avolta is creating ex-
periences that reflect modern values and meet the
demand for conscious consumption.
Avolta Next: Bridging Startups with
Travel Retail and F&B Innovation
In December 2024, Avolta launched its first
physical innovation hub, the Avolta Next Hub
Milan, located within Autogrill’s historic Milan
headquarters, marking a significant step in its
mission to drive innovation in travel retail and
Food & Beverage (F&B) services.
Designed as a collaborative workspace, the
hub brings together startups, entrepreneurs,
and industry experts to develop sustainable,
data-driven, and AI-powered solutions aimed
at reshaping the travel and hospitality indus-
tries. It serves as both a testing ground for
new ideas and a launchpad for scalable inno-
vations, providing direct funding, mentorship,
and access to Avolta’s global network of points
of sale.
Following a global call for startups that at-
tracted over 100 applications from four conti-
nents, five promising startups were selected
in 2024 to establish operations at the hub and
co-develop technologies focused on improv-
ing Autogrill’s motorway F&B sector competi-
tiveness. These include Hoooly!, an AI-driven
smart waste bin that separates waste and pro-
vides analytics to enhance efficiency and sus-
tainability; Plastiz, which transforms recycled
plastic into functional surfaces; and Loquis, a
multilingual app offering personalized audio
guides to help travelers explore local culture
and landmarks more mindfully.
The launch of the Avolta Next Hub Milan un-
derscores Avolta’s holistic approach to innova-
tion, blending startup agility with corporate
expertise to develop next-generation travel
solutions that promote sustainability, opera-
tional efficiency, and enhanced traveler experi-
ences across its global operations.
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Promoting Healthy and Sustainable Options in retail
stores
During 2024, in the retail segment the ambitions were real-
ized through a cross-category approach to sustainability.
This effort spanned all facets of Avolta’s offerings, ensuring
consistency with its sustainability principles while deliver-
ing meaningful change. Key aspects included:
– Expanding Sustainable Products: introducing eco-con-
scious brands like B-Corp-certified and smaller niche
innovators, aligning the portfolio with the growing con-
sumer demand for sustainable options.
– Promoting Circularity: pioneering pre-owned, repairable,
and recyclable product ranges across categories to
reduce waste and extend product lifecycles.
– Tailoring to Local Preferences: offering regionally tai-
lored sustainable solutions while maintaining a globally
consistent commitment to sustainability principles.
– Engaging In-Store Experiences: enhancing visibility for
sustainable and health-focused products through visually
engaging displays, exclusive promotions, and dedicated
spaces.
– Clear and Transparent Communication: avoiding green-
washing by backing sustainability claims with verifiable
data, empowering customers to make informed choices
(see also Sustainable Product Initiative page 120).
These overarching principles were seamlessly imple-
mented across Avolta’s key categories, each of which in-
troduced targeted initiatives and innovations to advance
the company’s sustainability goals, as explained in the ex-
amples below related to key retail categories.
Perfumes & Cosmetics
In 2024, the Perfumes & Cosmetics category focused on
sustainability through the introduction of natural and
plant-based skincare brands that gained significant trac-
tion across regions. This included partnerships with global
leaders like L’Oréal and Coty to offer refillable solutions,
reducing packaging waste, while maintaining premium
quality. These efforts were complemented by the integra-
tion of sustainable products into travel retail, ensuring ac-
cessibility and alignment with Avolta’s commitment to fos-
ter responsible consumption.
Food & Confectionery
The Food & Confectionery category emphasized sustain-
ability and wellness through targeted initiatives. Partner-
ships with brands like Nestlé spotlighted responsible
sourcing practices, including non-deforestation cocoa
showcased in exclusive gondola displays at 35 travel loca-
tions worldwide. The category also prioritized the shift to
sustainable packaging, with brands transitioning from
plastic to recyclable alternatives, such as paper-based
packaging. Health-conscious offerings, including sugar-
free gums and additive-free snacks, are further aligned
with Avolta’s mission to promote well-being.
Fashion & Luxury
In the Fashion & Luxury category, sustainability was inte-
grated through initiatives such as the Pre-Loved Luxury
concept, launched at Zurich Airport and expanded to
17 locations globally. This program provided a platform for
high-quality pre-owned items, promoting circularity in lux-
ury fashion. The category also saw an expansion in its
range of eco-friendly products, incorporating materials
such as vegan leathers, recycled fabrics, and eco-tanned
textiles in clothing, along with bio-based materials in sun-
glasses and ocean-bound plastics and bioceramic com-
ponents in watches.
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gle meal designed to provide the optimal combination of
nutrients. Additionally, Avolta launched the plant-based
WOW Burger, a 100 % vegan burger sandwich, and the
WOW Bun, featuring a 100 % plant-based chicken sand-
wich. Both products were developed in collaboration with
vegan chef Simone Salvini and Nestlé Garden Gourmet,
showcasing a commitment to innovation in sustainable
and health-conscious dining.
Healthy and sustainable concepts
Avolta’s commitment to provide our customers worldwide
with 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
openings, the following concepts were particularly dis-
tinctive for their seamless blending of well-being and en-
vironmental offerings as key elements contributing to our
Destination 2027 travel revolution.
MIND.BODY.SOUL.
To meet the increasing consumer interest in purchasing
healthier and more well-being-related products, Avolta
developed the retail concept mind.body.soul. This “shop-
in-shop” concept offers a curated range of nutritious, en-
ergy-focused food for health-conscious customers,
alongside sustainable and relaxing products that promote
a true sense of well-being. Products from a broad spec-
trum of categories and brands are showcased under four
distinct themes: Stay Healthy, Relax, Feel Better, and Travel
Comfort. The selection prioritizes locally sourced and in-
novative brands while also including well-established
global brands. In 2024, this concept has been further de-
veloped and expanded, reflecting its growing popularity
and success in meeting consumer demand for wellness-
oriented retail experiences, and is now available in
17 stores in 15 countries. Furthermore, in 2024, we opened
our first hybrid mind.body.soul. in Belgrade where the
concept is blended with a Café bar.
This alignment of cross-category principles with targeted
actions across key categories ensured that Avolta’s
sustainability ambitions were not only realized in 2024,
but also positioned as a foundation for future growth and
innovation.
Providing healthy and sustainable alternatives in F&B
In our F&B business we strive to meet as many dietary
needs and preferences as possible by developing innova-
tive and diversified concepts, menus and recipes in collab-
oration with many industry experts, nutritionists and sci-
ence communicators, making sure we fulfil the World
Health Organization’s (WHO) recommendations.
To promote a constant development of innovative prod-
ucts, leveraging Avolta’s high expertise in the F&B sector,
two Centers of Excellence have been opened in the EMEA
region: the Food Services in Amsterdam and the Factory
Food Designers in Milan.
The Food Services Center of Excellence is focused on the
development of international concepts and the manage-
ment of the company’s F&B brand portfolio – consisting
of internal, external and franchise brands – and related
products.
The Factory Food Designers serves as a hub for culinary
innovation and sustainability. This collaborative space
brings together experts from various fields – including
chefs, pastry chefs, nutritionists, artisans, local producers,
food bloggers, and designers – to create products and
concepts tailored to modern travel trends and consumer
needs. The facility includes a Green Lab focused on
developing healthy and plant-based offerings, ensuring
alignment with evolving dietary preferences and sustain-
ability goals.
Over time, Avolta has fostered several collaborations with
brands and industry specialists to introduce a range of
healthy, plant based and sustainable food alternatives. No-
table initiatives include the partnership with nutritionist Dr.
Mauro Mario Mariani and chef Luca Montersino to de-
velop the “Piatto Unico Bilanciato” in Italy – a balanced sin-
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PRESENTEDBY
Our new store concept Presentedby planned to open in
2024 and first introduced in Abu Dhabi is built on a sustain-
able strategy aligned with the United Nations Sustainable
Development Goals (SDGs). The store features a modular
design approach, enabling easy disassembly, reuse, and
adaptation for future applications. This minimizes waste
and promotes sustainable consumption and production
practices. Innovative additive manufacturing (3D printing)
techniques were utilized, incorporating PIPG (recycled
Post-Industrial PET-G) derived from recycled materials. Be-
yond its architectural and design innovations, the store of-
fers travelers a curated selection of Avolta’s certified pre-
owned luxury accessories, sneakers, bags, and watches,
including limited-edition and highly sought-after items. This
concept reinforces sustainability by extending the lifecycle
of products, reducing the environmental impact of produc-
tion, and fostering a circular economy that benefits both
people and the planet.
FRESH FORWARD
Fresh Forward, first introduced in Sweden at Arlanda Air-
port and expected to be expanded further, embodies
Avolta’s mission to deliver sustainable and healthy dining
solutions for travelers on the go. Designed to meet the
fast-paced needs of busy passengers, Fresh Forward
offers a seamless blend of speed, quality, and eco-
consciousness. The concept is centered around providing
high-quality, grab-and-go meals in under 5 minutes,
ensuring travelers can enjoy fresh, nutritious options with-
out sacrificing time.
Reflecting Avolta’s commitment to sustainability, Fresh
Forward’s menu is rich with plant-based alternatives, fea-
turing seasonal salads, vegan sandwiches, and snacks
that align with evolving dietary preferences. Coffee offer-
ings are fully adaptable with plant-based milk options, ca-
tering to diverse consumer needs. The modern, industrial
design complements the unit’s vibrant food displays, cre-
ating an engaging environment that encourages healthy
and sustainable choices.
COSTA COFFEE
Costa Coffee, a British café brand with a global presence,
blends tradition with a strong commitment to sustainabil-
ity. Through its “Coffee with Commitment” program,
Costa sources 100 % Rainforest Alliance Certified coffee
beans, supporting both biodiversity and farmers’ liveli-
hoods. The brand aims to halve its carbon emissions per
coffee serving by 2030 and achieve net-zero emissions by
2040, with goals endorsed by the Science Based Targets
initiative. Costa’s takeaway cups are made from 100 %
plant-based, renewable materials, and the company
strives to make all primary packaging reusable or recycla-
ble. Its inclusive menu caters to diverse dietary needs, of-
fering vegan, vegetarian, gluten-free, lactose-free, and
nut-free options.
Costa Coffee’s sustainability initiatives, community sup-
port, and inclusive offerings reflect its commitment to
creating a positive impact – one cup at a time. This con-
cept currently features 13 outlets in 5 countries.
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Product quality & safety
“Provide high quality & safety
standards for the products
and ingredients used in all of
the company’s channels.”
Selling products that meet high standards of quality and
safety is extremely important for Avolta. Our procurement
teams focus on sourcing products from a reliable 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 ap-
plicable regulations and rules in all the countries 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. At this stage, all information
that satisfies the risk assessment associated with both the
product and the supplier is requested in advance and may
also include microbiological analyses and shelf life stud-
ies. Once they become Avolta suppliers, the evaluation
process continues with an annual assessment that re-
flects the supplier’s risk level updated with the perfor-
mance accrued during the year, which can range from up-
dating the information already gathered to audits in the
production facilities.
In addition to these F&B assessment procedures, there is a
self-screening program included within the management
system used in the various countries, i.e. a set of centrally
coordinated procedures carried out on-site to facilitate
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
Food quality, health and safety certifications
Applies to:
ISO 9001:2015 on Quality Management Systems
Italy (F&B: all stores managed by Autogrill Italia S.p.A. and Nuova
Sidap)
Austria (F&B: Salzburg, Parndorf, Hinterbrühl, Weer, Landschütz,
Feistritz, Göttlesbrunn, Arnwiesen, Ybbs)
Greece (HQ: Athens; Retail: Athens International Airport, Thessaloniki
Airport, Heraklion Airport, Chania Airport, Corfu Airport, Rhodes
Airport, Zakynthos Airport, Santorini Airport, Mykonos Airport,
Skiathos Airport, Kefalonia Airport, Kos Airport, Mytilene Airport,
Samos Airport, Aktio Airport, Kavala Airport, Evzonoi Border Station,
Kipoi Border Station, Niki Border Station, Promachonas Border Station,
Pireaus Port)
Australia (F&B: selected stores)
Malaysia (F&B: selected stores)
ISO 22000 on Food Safety Management
Italy (F&B: all stores managed by Autogrill Italia S.p.A.)
Austria (F&B: Salzburg, Parndorf, Hinterbrühl, Weer, Landschütz,
Feistritz, Göttlesbrunn, Arnwiesen, Ybbs)
Malaysia (F&B: all stores)
Greece (F&B: Hellas LTD)
ISO 45001
Italy (Milan HQ and F&B stores)
Halal certification from MUI (Majelis Ulama Indonesia)
Netherlands (Doner Roermond, Comptoir Libanese Utrecht)
Switzerland (F&B: Seven spices in Geneva airport & Little orient in
Zürich airport)
Indonesia (F&B: selected stores in Jakarta and Bali airports)
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
India (F&B: all stores in Bangalore, Hyderabad, and Delhi airports)
Indonesia (F&B: selected stores in Jakarta)
Malaysia (F&B: selected stores)
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numerous 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
2024, 93 % of Avolta’s F&B outlets (2023: 93 %) in 25 coun-
tries (2023: 26) received Quality & Safety audits.
In some countries, internal monitoring is paralleled by au-
dits conducted by qualified personnel, some of which are
also certified by qualified third party companies.
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 ad-
opted, and communication activities launched both in-
store and through our pre- and post-sale points of contact
with customers, 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 obtained the DFWC Responsible
Retailer accreditation, after members of our
staff involved in the sale of alcohol products –
both at store and office levels – were trained on
the abovementioned code through a DFWC
developed training module. This important
training is incorporated into Avolta´s training
catalogue and the company continues to train
all the team members who are involved in the
sale of alcoholic products. By the end of 2024,
over 7,200 of our team members had obtained
that certification. In addition, over 2,291 team
members working
in F&B concepts serving alcoholic beverages
were trained to responsible serving practices.
This brings the number of people in the com-
pany trained to sell and serve responsibly alco-
holic beverages to over 9,400. In North Ameri-
can we developed the Serve Safe Alcohol
program in collaboration with the National
Restaurant 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 2024, our global customer service team for the retail
business answered 262,160 queries (compared to 250,047
in 2023). Out of all these customer contacts, 66,284 were
customer complaints, 111,950 were information requests,
82,882 were requests for services, 725 were compliments
and 319 were suggestions. The remaining queries are re-
lated to contacts received that do not refer to Avolta, or
that the customer didn’t respond to. The main causes of
complaints were as follows: Billing Overcharges – R & C
complaints – Loyalty Program missing points – Product
Confiscation. Case resolution time was, on average, less
than eight days.
Customer privacy and data protection
At Avolta we believe that data privacy is integral to envi-
ronmental sustainability and social equity. Indeed, by pro-
tecting personal information of customers, staff and any
other stakeholders dealing with the Group, the Company
contributes to create a safer physical and digital environ-
ment as well as to promote culture & engagement values
within concerned communities. Avolta is fully committed
to safeguarding the privacy of individuals and protecting
their personal information. In order to achieve this key
milestone and reduce risks associated with loss of confi-
dentiality, availability or integrity, it has implemented ade-
quate and in line with state-of-the-art organizational and
technical security measures. Avolta is aligned with best
practices to safeguard personal information – such as for
example name, surname, email address or loyalty card
number – is stored securely and that it is only collected
and processed when it is necessary to fulfil legitimate
business purposes in accordance with applicable laws, the
Privacy Notice, (www.avoltaworld.com/en/terms) and
Avolta´s Code of Conduct (accessible in the company´s
website www.avoltaworld.com/en/our-impact). This is
aimed at minimizing our environmental impact and
promote transparency towards our customers. In addition,
by applying data privacy- and ethics-related controls
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throughout the personal data lifecycle, Avolta ensures that
best practices are followed in order to mitigate risks of
negative bias and discriminations linked to the processing
of personal information.
Data protection structure and audits
Avolta has a Global Data Protection Coordinator (Global
DPC) who reports to the Chief Compliance Officer. While
the Company has a Group strategy about data protection,
to make sure it is enforced across all the functions and lo-
cal entities, it relies on a decentralized privacy operational
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 team members, as well as third-
parties who provide services on Avolta’s behalf, are re-
quired by policy and process, as well as by contract, if ap-
plicable, to process customer information with care and
ensure the utmost confidentiality. Our processes are de-
signed to restrict access to personal and confidential in-
formation on a need-to-know basis and by applying the
least privilege principle. Avolta regularly reviews and en-
hances related policies and procedures. The Group pro-
actively safeguards customer data by conducting regular
internal audits, penetration testing, and continuously re-
viewing and improving its data protection measures. Any-
one wishing to report a grievance or ask a question re-
garding 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
cyber 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
Avolta’s business, understanding emerging threats and in-
vesting 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 se-
curity environment and a number of internal policies and
procedures complying with applicable laws and regula-
tions. This is all included in the company’s Global Informa-
tion Security Policy, which is aligned with the international
security frameworks ISO 27000 and the National Institute
of Standards and Technology (NIST). Avolta performs reg-
ular tests of its systems and takes several measures to im-
prove cyber security, prevent malware infections and
avoid data breaches. Amongst others, Avolta: Implements
last encryption methods for data protection, payment and
any sensitive data and limits access to it – Keeps software
up-to-date by installing updates and security patches –
Secures point of sale (POS) devices and applications –
Performs regular vulnerability testing to identify weak-
nesses – Monitors all activity in Avolta’s systems and data
for any anomalous activity and indications of threats –
Uses (and promotes amongst its employees) secure pass-
words and two-factor authentication – Runs antimalware
software continuously, periodically scanning systems for
tection – Has PCI certifications in place in most of the
countries where it operates – Has established a global se-
curity monitoring and protection system overseeing Avol-
ta’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
environment, including: PCI DSS Awareness – Secure
Remote 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.
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Guided by our commitment to environmental steward-
ship, Avolta focuses on respecting the planet by reducing
our footprint and spreading a culture of responsibility and
awareness to advance a sustainable future. This commit-
ment begins with a thorough assessment and measure-
ment of our environmental impact, an essential founda-
tion for developing effective strategies to reduce our
footprint and achieve our decarbonization goals.
By linking robust measurement with actionable initiatives,
Avolta ensures its sustainability efforts are both data-
driven and impactful.
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 pro-
mote circular economy practices.
– Water & Biodiversity
Reduce water withdrawal in our operations and pro-
mote the restoration of habitats along the value chain.
Avolta actively supports international efforts to preserve
the planet. As a participant in the UN Global Compact, the
company upholds a precautionary approach to its opera-
tions, promotes awareness of the United Nations Sustain-
able Development Goals (SDGs), and actively engages in in-
dustry initiatives such as the ACI Europe Climate Task Force
and the ACI Europe Environmental Strategy Committee
(ENVSTRAT).
Given the unique nature of the travel retail and Food & Bev-
erage (F&B) industry, we work closely with concessionaires,
brand suppliers, and logistics providers to reduce environ-
mental impacts and promote circular practices wherever
possible. Our efforts focus on optimizing the use of re-
sources such as energy and water, as well as reducing
waste and packaging across our operations and supply
chain by actively engaging vendors and suppliers. However,
since most of our shops and restaurants are located in
third-party-owned premises – such as airports, train sta-
tions, and cruise ships – we often have limited control over
utility sourcing, as these are typically predetermined by
concession partners. Additionally, Avolta does not operate
manufacturing facilities or produce private-label products,
sourcing directly from brand partners for retail and prepar-
ing F&B offerings in on-site kitchens.
Notably, 2024 has been a year of significant progress in
monitoring and measuring our environmental perfor-
mance. To drive these advancements and as a follow-up in-
itiative to the recent business combination, Avolta launched
a dedicated Environmental Project aimed at addressing
gaps in data coverage as well as enhancing the measure-
ment and tracking of key performance indicators (KPIs)
across six critical environmental matters: Energy usage,
Emissions, Waste, Packaging, Water and Biodiversity.
A particular focus has been placed on expanding the cal-
culation of Scope 3 emissions, highlighting our commit-
ment to comprehensive and transparent environmental
accountability.
This initiative represents a pivotal step in establishing post-
combination company-wide baselines, which will form the
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
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cornerstone of Avolta’s future environmental strategy.
These baselines will enable the development of actionable
targets designed to drive meaningful change. Looking
ahead to 2025, Avolta plans to build on this foundation by
refining its methodologies and setting more comprehen-
sive environmental goals, further reinforcing our long-term
dedication to sustainable and responsible practices.
Avolta´s environmental management system
Avolta has implemented an Environmental Management
System (EMS) to systematically assess and understand its
environmental impact. This structured approach enables
us to define clear goals and take decisive actions to ad-
dress our footprint. In areas where we have greater influ-
ence, targeted initiatives have already been introduced, in-
cluding the adoption of more sustainable options for both
retail and F&B, such as single-use packaging in compliance
with domestic and international regulations see page 136.
In other circumstances, where our business model pro-
vides less potential of directly influencing our footprint,
Avolta prioritizes collaborative dialogue with our stake-
holders – mainly with airports, suppliers and vendors – to
evaluate environmental impacts and identify actionable
measures to minimize or offset them wherever possible.
Within our own operations, Avolta has formally adopted
the precautionary approach, taking proactive steps to
evaluate and address current and potential environmental
impacts. This commitment drives initiatives that respect
ecological balance while maintaining compliance with en-
vironmental laws and regulations.
The Environmental Management System (EMS), managed
by our Global Sustainability team, places environmental
considerations at the core of our decision-making by fo-
cusing on:
– Assessing environmental risks across activities, facilities,
products, and services, and continuously enhancing
mechanisms to prevent, mitigate, or eliminate them.
– Identifying and addressing environmental impacts
through regular evaluation and mitigation efforts.
– Managing risks and impacts by setting clear objectives,
implementing improvement programs, and promoting
continuous progress.
– Providing our team members with environmental train-
ings in collaboration with the People, Culture and Orga-
nization department.
Complementing the EMS, Avolta has established Environ-
mental Management Guidelines, which define key princi-
ples for addressing climate change, enhancing resource
efficiency, and designing sustainable stores. These guide-
lines can be accessed in the sustainability section of Avol-
ta’s corporate website: www.avoltaworld.com/en/our-im-
pact section Downloads.
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.”
Avolta is committed to tackling climate change by system-
atically measuring and reducing greenhouse gas (GHG)
emissions across all scopes. This includes Scope 1 and 2
emissions from our direct operations, as well as the more
significant Scope 3 emissions generated along our value
chain.
In 2024, to strengthen our ability to track company-wide
environmental KPIs and calculate our emissions and envi-
ronmental footprint, we conducted a comprehensive sur-
vey across all 70 countries where we operate. The results
provided critical insights into the availability of environ-
mental data and KPIs, highlighting areas with robust track-
ing as well as data gaps that require estimation through
established methodologies which are highlighted in this
report and in the Sustainability Annex for each KPI and
data set where they have been applied.
Our emissions reduction efforts are focused on key areas
such as energy consumption in our stores, restaurants,
warehouses, and office environments, as well as emissions
from purchased goods, transportation and logistics, and
waste. Among these, purchased goods represent the larg-
est share of our environmental footprint, underscoring
their pivotal role in our climate strategy.
Avolta
Environmental
Management
Guidelines
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To further refine our approach, we strengthened our
Scope 3 emissions calculations in 2024 by identifying the
categories most material to our business (shown in the
graphic above).
These include:
– Category 1: Purchased goods and services
– Category 2: Capital goods
– Category 3: Fuel and Energy-related activities not inclu-
ded in Scope 1 and Scope 2
– Category 4: Upstream transportation and distribution
– Category 5: Waste generated in operations
– Category 6: Business travel
– Category 7: Employee commuting
Building on this assessment, for this year’s reporting, we
expanded our Scope 3 calculations to include emissions
from purchased goods and services, fuel- and energy-re-
lated activities not included in Scope 1 and Scope 2, up-
stream, transportation and logistics, and waste generated
in operations (flagged in the graphic above). These en-
hancements significantly improved the accuracy of our
data, enabling us to better understand the environmental
impact of our activities and identify opportunities for
emissions reduction.
Looking ahead to 2025, we plan to extend our Scope 3 cal-
culations to incorporate the remaining categories. These
enhanced capabilities empower us to set clear goals and
implement targeted actions to reduce our emissions.
Stores & restaurants
Most of the energy and electricity consumption of Avolta
occurs in the store and restaurant environment. Lighting,
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 foot-
print. 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 in select-
ing 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 134 – 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 134) was, and in 2024 continued to be based, on the
retail operations of the company based on 2019 data and
remains in place until 2025 – when the reduction plan will
be formally restated to cover the complete scope of the
new combined entity and will include both the travel retail
and the F&B business.
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
Purchased
goods
and services
Emissions from
the production of
goods or the delivery
of services pur-
chased or acquired
by the company.
Indirect Emissions (most relevant for Avolta)
Scope 3
Upstream
transportation
and distribution
Upstream
transportation
and distribution.
Waste
generated
in operations
Emissions
from handing
and disposing of
the company’s
waste.
Capital
goods
Emissions from the
production of capital
goods purchased
or acquired by
the company.
Employee
commuting
Emissions from our
team members daily
commute.
Business
traveling
Emissions
from company-
related traveling.
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of detector activators and staff awareness campaigns, were
implemented in Avolta’s offices to reduce utility consump-
tion. Additionally, we advise our team members to question
the necessity of any travel and consider using alternatives
such as virtual meeting systems (videoconferences, tele-
conferences, live computer meetings, etc.) and we promote
more environmental alternatives for our employees’ daily
commuting, such as public transport offers.
Distribution centers and warehouses
For its retail and F&B operations Avolta operates four main
distribution centers in Barcelona (Spain), Hong Kong
(China), Miami (USA) and Covo (Italy), to provide timely
shipping of goods to our 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 emissions. Furthermore, the vast
majority of our long-haul logistics partners are either ISO
14001 accredited and/or have strong environmental man-
agement procedures in place.
Additionally, we have over 100 local warehouses, which re-
distribute goods received from the distribution centers to
our stores. These are located where Avolta holds several
significant operations within the same country in terms of
volumes transported. In general, distribution to individual
stores is done by road. The same applies to the F&B busi-
ness due to its more local character.
These road transports are mostly outsourced to national
and international specialized partners. Only a minimal part
of the company’s transportation – mostly in the UK – is
done with an Avolta-managed transportation fleet. The
vast majority of shipments of goods from the supplier’s
site to Avolta’s Distribution Centers is excluded from the
assessment, as these emissions lie within the sustainabil-
ity responsibility of the suppliers. As part of its own emis-
sion reduction targets, Avolta actively engages with sup-
pliers to discuss and encourage footprint reduction
opportunities.
Some of our partners have implemented their own envi-
ronmental strategies. Such strategies include optimizing
routes to use as little fuel as possible, the periodic upgrad-
ing of fleets with low-emission vehicles and the use of ad-
ditives (such as AdBlue) to reduce pollutants emitted by
diesel-fueled trucks and vans. In Italy, Avolta’s logistics
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 re-
vised in 2022 and led to the purchasing of the first electric
trucks, which currently secure logistics between the local
warehouse and Schiphol airport.
In 2024, Avolta focused on testing the use of biofuels to
enhance the sustainability of its logistics operations. As
part of this initiative, Avolta partnered with DB Schenker to
pioneer the use of marine biofuels for transporting goods
between Europe and the United States, connecting distri-
bution centers in Barcelona and Miami. Building on this
progress, Avolta, in collaboration with DB Schenker and
Kreol Group, achieved another milestone with the arrival
of the first biofuel-shipped container at Cochin Airport
Duty Free in India. Furthermore other 2 routes based on
biofuel were added in the last quarter of 2024: from Ant-
werp in Belgium to Cochin and from Barcelona to Mum-
basa to serve Kenya and African airports. This transition to
biofuels marks a significant step toward sustainable logis-
tics, with the potential to prevent over 150 tons of CO2-eq
Well-to-Wake emissions annually, based on Avolta’s 2023
container volume on this route. Each trip could reduce
CO2 emissions by up to 84 %, reflecting Avolta’s commit-
ment to minimizing its environmental footprint and ad-
vancing greener supply chain practices.
Furthermore, in Italy, Avolta has partnered with Italtrans to
test the use of Hydrotreated Vegetable Oil (HVO) biodiesel
in its logistics fleet. HVO biodiesel reduces fuel-related
emissions by more than 80 %, offering an effective solu-
tion for cutting carbon output. Currently, about 20 % of
the fleet dedicated to servicing Autogrill operations oper-
ates on biofuels, marking a significant and tangible step
toward lowering emissions in ground transportation and
advancing sustainable logistics practices.
Energy consumption
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 elec-
tricity use. These include electricity consumption in stores,
restaurants, offices and warehouses. Based on the utility in-
voices issued by concession partners for the year 2024, we
have identified consumption and emissions for operations
covering over 95 % of total retail and F&B sales. Where not
available – such as in US airports – data have been esti-
mated as explained in footnotes.
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– Scope 3: These are indirect emissions released by third
parties when they provide their services to us. For Avolta,
Scope 3 emissions come mainly from purchased goods and
services (category 1), upstream transportation & distribution
(category 4) and waste (category 5). Other relevant emis-
sions are related to capital goods (category 2), business
travels (category 6) and employee commuting (category 7).
In the tables below, 2023 figures have been restated to re-
flect an expanded geographic scope, enhanced KPI track-
ing, and estimated missing data.
1 Electricity consumption is based on reported data from single locations. To fill
in missing electricity consumption data for North America Food & Beverage, a
model was created using a selection of actual site consumption data from
2023 and 2024 to produce estimate. For the estimation of electricity con-
sumption in Australia, United Arab Emirates, Jersey (UK), Argentina, Mexico,
Colombia, and Trinidad & Tobago, a comparative methodology between net
sales and energy consumption was employed to proportionally derive the
missing data.
2 Fuel consumption 2024 data is based on reported data from single location.
To estimate 2024 missing fuel consumption of Australia F&B, US F&B, Canada
F&B, Italy, New Zeland, Sweden, Türkiye, United Kingdom, and UAE F&B a
comparative methodology between net sales and fuel consumption was em-
ployed to proportionally derive the missing data.
3 Fuel consumption 2023 data is based on reported data from single location.
To estimate 2023 missing fuel consumption of Armenia, Austria, Canada F&B,
Ecuador, Eindhoven, France, Germany, Jordan, Netherlands, Switzerland,
Türkiye, and US F&B a comparative methodology between net sales and fuel
consumption was employed to proportionally derive the missing data.
4 Energy intensity calculated over the total net sales of Avolta in MWh per mil-
ions of CHF.
5 Scope 1 was calculated following the GHG protocol guidelines. The estimated
emissions were calculated with the emission factors provided by the “UK
Government GHG Conversion Factors for Company Reporting”, and pub-
lished by the Department for Environment, Food & Rural Affairs (DEFRA)
2024. Due to data unavailability, the missing fuel consumption of Australia,
and United Arab Emirates, were estimated through a comparative methodol-
ogy between net sales and fuel consumption to proportionally derive the
missing data.
6 Scope 2 emissions for year 2024 are reported under the “market-based” ap-
proach. For the “market-based” calculation, the residual mix factors pub-
lished by the Association of Issuing Bodies (AIB) were used, where available.
When unavailable, the average emission factors IEA 2024 was used, trade-
adjusted for OECD countries. To obtain the total market-based scope 2 emis-
sons, the contribution of RECs (calculated with the location-based approach)
were subtracted from the locations that had acquired the certification (REC).
The total “location-based” scope 2 emissions, on the other hand, amounts to
158’215 tCO2e.”
7 Scope 3 emissions include the most significant and relevant categories se-
lected based on Avolta’s business model, associated risks and opportunities,
and the feasibility of data acquisition. The calculations were all done in align-
ment with GHG Protocol guidelines.
8 Scope 3 emissions were calculated using both activity-based and spend-
based methods. The activity-based method was prioritized whenever suffi-
cient data was available. When activity data was lacking, the spend-based
method was used, leveraging expenditure data to calculate emissions. This
approach is aligned with the GHG Protocol guidelines.
⁹ Carbon intensity calculated over the total net sales of Avolta in tCO2e per mil-
lion CHF.
Delivering on our SBTi reduction targets
In 2021, Avolta defined science-based emission reduction
targets for its retail business. Science-based targets are
greenhouse gas emissions reduction targets that are
in line with the 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
strategy for Scope 1 & 2 emissions for its retail business
which follows SBTi’s 1.5°C pathway. It aims to eliminate
Energy Intensity
Energy Intensity
2024
2023
MWh/MCHF net sales⁴
71.91
72.52
in MWh
2024
2023
Electricity 1
562,937
532,352
Of which from renewable sources
113,000
48,000
Fuels 2,3
389,049
379,999
Total
951,985
912,351
in tons of Co2-eq.
2024
2023
Scope 1 5
84,421
82,264
Scope 2 Location-based6
158,215
149,766
Scope 2 Market-based6
201,223
191,633
Scope 37,8
3,806,960
59,192
Category 1: Purchased goods
and services
3,708,121
n/a
Category 3: Fuel- and Energy-
Related Activities Not Included
in Scope 1 and 2
43,042
41,135
Category 4: Upstream
transportation and distribution
42,730
18,057
Categroy 5: Waste generated in
operations
13,067
n/a
Total Scope 1, 2 location-based
242,636
232,030
Total Scope 1, 2 market-based
285,644
273,897
Total Scope 1, 2 location-based, and 3
4,049,596
291,221
Total Scope 1, 2 market-based, and 3
4,092,604
333,088
Carbon Intensity
2024
2023
Tons of CO2-eq, / MCHF net sales (Scope 1,2)⁹
21.58
21.77
Tons of CO2-eq, / MCHF net sales (Scope 1,2,3)⁹
309.16
26.47
Energy Consumption
Greenhouse Gas Emissions
Carbon Intensity
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emissions from its own operations through energy effi-
ciency measures and commits to increase annual sourc-
ing of renewable electricity from 0 % in 2019 to 100 % by
2025. In addition, Avolta intends to invest into climate pro-
tection 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.
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
from upstream transportation and distribution
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.
2024 progress in achieving the targets
Scope 1 & 2 objective – During 2024, Avolta has further in-
creased its electricity sourcing of renewable energy from
40 % (48,000 MWh) in 2023 to 93 % (113,000 MWh) by
purchasing Renewable Energy Certificates (RECs) (using
2019 as a baseline). As an example, these RECs cover the
equivalent of our total electricity consumption of our op-
erations in Belgium, Brazil, China, France, Germany,
Greece, India, Spain, Switzerland, Türkiye and the UK, and
permit Avolta to compensate over 39,000 tons of CO2-eq.
Scope 3 objective – As of 31st December 2024, suppliers
representing about 70 % of Avolta retail COGS have com-
mitted to SBTI targets. Furthermore, Avolta has consoli-
dated its enlarged supplier landscape and mapped the re-
lated logistics suppliers’ landscape as a base to design its
future emissions reduction plan for our goods transporta-
tion. In 2024, Scope 3 emissions from upstream transpor-
tation and distribution increased by 21.8 %, rising from
17,002 in 2023 to 20,708 tons of CO2-eq in 2024. This in-
crease was primarily driven by the improved accuracy in
tracking CO2 emissions from logistics partners, address-
ing data gaps compared to the previous year. However, we
remain confident in our ability to stay on course toward
our decarbonization targets. We will continue investing in
sustainable solutions, including optimizing shipment plan-
ning, selecting lower-carbon transportation methods, and
favoring lower-impact systems, such as rail, whenever fea-
sible. Additionally, we are prioritizing the use of sustain-
able fuels, such as biodiesel, for our marine and road
transport routes. Tests conducted in 2024 on four marine
routes and across road routes in Italy have shown promis-
ing results in this direction. For short-haul road transpor-
tation, our focus will be on integrating electric vehicles
and modernizing fleets with the latest low-emission tech-
nologies.
Sustainable design & refurbishment for
restaurants & shops
With respect to shop and restaurant design, the focus is on
the related construction materials, fitting equipment, light-
ing and energy star certified kitchen appliances meeting
several sustainability criteria and following internationally
recognized standards such as LEED or internal guidelines
such as the Green Store Guidelines implemented for the
whole F&B part of the business.
Avolta takes a sustainability approach when designing, con-
structing and refurbishing restaurants and stores. In the de-
sign 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 & Packaging chapter below, materials created from
waste recycling are reintegrated in the construction operat-
ing process 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:
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– Sustainably designs and plans new restaurant and store
developments and refurbishments considering all as-
pects, from visioning to renovation preparation, including:
– Comprehensive metering of energy consumption
– Introduction of smarter construction materials (easier
to clean, anti-bacterial, etc.) and solutions to improve
traffic flows
– 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 pollution by protecting the site
during the construction
– Encourages recycling for all users – employees, custom-
ers and other stakeholders
– Reduces energy consumption of stores and restaurants
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 en-
ergy consumption including shop and restaurant spaces
as well as the kitchen equipment. Being a public space, air-
ports have to provide well-lit facilities and naturally, 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 elec-
tronic devices (e.g. air conditioning, refrigerators) in our re-
tail stores, resulting in a significant drop in the overall
energy consumption. Additionally, Avolta focuses on per-
manently optimizing energy efficiency of the kitchen appli-
ances also supported by innovative cocking methods to
use less energy.
In 2024, Avolta obtained additional LEED certifications for
five stores located at Bangalore, Tenerife, and Madrid-
Barajas airports, as well as BREEAM certification for addi-
tional stores, further solidifying its commitment to green
building standards. The sustainability approach to store
construction however goes beyond the environmental di-
mension. When selecting local construction partners, we
require that they also comply with social and environmen-
tal regulations, hence, ensuring that the efforts initiated in
our design studio also result in truly sustainable environ-
ments 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 from the warehouses to the
shops and unsold-expired items. 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).
We further aim at minimizing the generation of unneces-
sary waste, adopting new technologies that contribute to
the reduction on environmental impacts increasing our ef-
forts on recycling practices, and supporting our custom-
ers in their objective of choosing and consuming more
sustainable products or healthy nutrition.
In our warehouses, packaging materials, which mainly
consist of cardboard, paper, plastic film and wood, as well
as electronic and plastic consumables such as PET, are
sorted into different containers and sent for recycling. The
recycling process is outsourced to specialized 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 reducing con-
sumption of new resources.
Due to a significative scope change, 2023 waste data is
not directly comparable; therefore, only 2024 figures are
reported in the table below.
2024
Waste recovered (by recovery operation)
and disposed (by disposal operation) (t)*
Hazardous
Non-
Hazardous
Total
Waste generated
810
37,991
38,800
Of which recovered
260
14,322
14,581
Of which disposed
550
23,669
24,219
– Landfilling
59
10,758
10,817
– Incineration
437
9,626
10,062
– Other disposal
operations
54
3,285
3,340
* To estimate waste production in countries where data is unavailable, a
methodology has been adopted that combines available data from other
countries within the same region with each country’s net sales. Waste
generation estimates exclude the following countries: for the F&B business:
Spain, USA, New Zealand, Slovenia, and France Eurotunnel; and for the Retail
business: Bolivia, Ukraine, and France Eurotunnel.
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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, reduce consumption of
the plastic film needed for the covering and the plastic
shrink wrapping used with the old system.
Regarding our restaurants, Avolta is intensifying its efforts
adopting several approaches like monitoring of waste pro-
duced to design tailored strategies, developing efficient
solutions to dispose waste properly or collaborating with
specialized partners to promote recycling and reuse,
hence fostering circular economy processes.
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 retail shopping bags and F&B containers (cups,
bowls, etc.), straws and cutlery. While Avolta is highly com-
mitted to move to more sustainable solutions, the transi-
tion 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 regulations are food security require-
ments as well as the mandatory use of STEBs (Secure
Tamper Evident Bags). These are usually made of plastic
and mandatory for certain airport purchases such as li-
quor or tobacco, as per the requirements of the Interna-
tional Civil Aviation Organization (ICAO) and regulations of
certain airports.
Starting in 2020, Avolta gradually began replacing virgin
plastic carrier bags across its global duty-free operations
Environmental certifications
Applies to:
LEED® Gold
Italy (F&B: Villoresi Est)
USA (Bethesda HQ)
LEED® Silver
Italy (F&B: Alemagna store in Linate Airport)
ISO 50001: 2018
Italy (F&B: Villoresi Est and Villoresi Ovest 1958)
Austria (F&B: Salzburg, Parndorf, Hinterbrühl, Weer, Landschütz,
Feistritz, Göttlesbrunn, Arnwiesen, Ybbs)
ISO 14001: 2015
Italy (Milan HQ and Nuova Sidap HQ, Villoresi Est, Villoresi Ovest 1958,
Brianza Sud, Scaligera, Chianti, Montealto Nord, Montealto Sud and
stores at Caselle Airport in Turin, Fiumicino, Linate, Bergamo, Bologna,
Malpensa, Palermo, and Brindisi airports)
Austria (F&B: Salzburg, Parndorf, Hinterbrühl, Weer, Landschütz,
Feistritz, Göttlesbrunn, Arnwiesen, Ybbs)
Germany (F&B: Hamburg, Stuttgart and Frankfurt)
Greece (F&B: Hellas LTD; HQ: Athens; Retail: Athens International
Airport, Thessaloniki Airport, Heraklion Airport, Chania Airport, Corfu
Airport, Rhodes Airport, Zakynthos Airport, Santorini Airport, Mykonos
Airport, Skiathos Airport, Kefalonia Airport, Kos Airport, Mytilene
Airport, Samos Airport, Aktio Airport, Kavala Airport, Evzonoi Border
Station, Kipoi Border Station, Niki Border Station, Pireaus Port)
EMAS
Italy (Milan HQ, Villoresi Est, Villoresi Ovest 1958, and Brianza Sud)
Germany (F&B: Hamburg, Stuttgart and Frankfurt airports)
RT 2012 (Low Consumption Building)
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, Vemars)
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)
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with more environmentally friendly alternatives. These in-
clude FSC-certified paper bags, recycled plastic bags
containing at least 70 % recycled content, and reusable
bags made from fabric or recycled materials.
By 2024, the number of countries with retail shops exclu-
sively using alternative materials for shopping bags in-
creased to 42 out of 61 pure retail countries (2023: 38 out
of 63 pure retail countries).
The virgin plastic bag phase-out initiative is comple-
mented by point-of-sale communication campaigns
aimed at raising awareness and encouraging customers
to reduce plastic consumption. Additionally, the company
has introduced a global pricing scheme for carrier bags in
its retail operations as a further measure to promote envi-
ronmental awareness and minimize bag usage overall.
In our restaurants we are transitioning towards the use of
more sustainable single-use guest packaging. In 2024, we
expanded the capability to track single-use guest packag-
ing KPIs to a larger number of F&B countries beyond the
six main F&B monitored in 2023, covering a larger number
of markets. Over the past year, 81 % of the single-use guest
packaging purchased in 19 countries – accounting for
about 97 % of Avolta’s F&B turnover – was primarily made
from sustainable materials such as paper, wood or bio-
plastics. Moreover, whenever possible, we are increasingly
reducing the use of unnecessary packaging and encour-
aging, through dedicated sustainability communication
campaigns, the non-use of unnecessary packaging. Ex-
amples of this commitment are the “Skip the Straw” cam-
paign 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 consumers to-
wards reusable alternatives. The funds raised from the
surcharge were donated to Hubbub, a foundation sup-
porting the fight against climate change.
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-
tionery category have a rather longer shelf life and are not
exposed to short expiry dates.
Consequently, Avolta introduces new technologies to
keep food waste to a minimum and optimize the handling
of raw materials. To this purpose, the company has imple-
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 partnered
with “Too Good To Go”, a mission-driven organization
combating food waste, to implement sustainable prac-
tices across approximately 500 F&B stores in several Eu-
ropean countries, including Italy, Belgium, the Nether-
lands, France, Germany, Austria, and Switzerland. In 2024
alone, around 130,000 Too Good To Go boxes were sold,
effectively preventing 130 tons of food waste and avoiding
a total of approximately 350 tons of CO2 emissions.
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
goes to people in greatest need. Among the principal and
consolidated partnerships are those with the Food
Donation Connection in North America as well as the ones
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with Banco Alimentare and Pane Quotidiano in Italy (see
page 160).
Fostering Circular economy
Besides avoiding food waste, Avolta is also intensifying its
activities to foster circular economy in its F&B business.
For example, particular attention is 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.
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 circular
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 im-
plementation and optimization of three materi-
als developed in a circular economy perspec-
tive – WASCOFFEE®, WASORANGE®, and
WASBOTTLE®. The three materials undergo
ongoing improvements and in 2024 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, and Türkiye, and of the WASCOFFEE®
Lab concept in Italy.
WASORANGE®, produced from recycled or-
ange 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 polyethy-
lene (HDPE) detergent and cleaning product
bottles commonly used at Avolta’s locations.
WASBOTTLE® takes the form of 100 % recy-
clable, multicolored panels used to make cof-
fee tables. Thanks to its qualities of innovation
and circularity, in 2021 WASBOTTLE® was
nominated to the ADI Design Index 2021, a sec-
tion of the best Italian design. In 2022, it was
improved with new finishes and colors and
used for some store openings in Italy, including
the new Alemagna location at Milan Linate air-
port, and in the United States for the country’s
first Puro Gusto café in Washington, D.C.
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Water & biodiversity
“Reduce water withdrawal in our
operations and promote the resto-
ration of habitats along the value
chain.”
Water usage optimization and risk assessment
Avolta’s own operations have minimal direct impacts con-
cerning water withdrawal, as the Group does not operate
manufacturing activities or generate water discharges.
With regards to water consumption, two key aspects are
worth noting. Within travel retail operations, water usage
is marginal, restricted to standard use by employees and
cleaning services at Avolta premises. In the F&B business,
water consumption is comparatively more significant, al-
though it does not rank among the most critical material
matters due to the relatively low water withdrawal inten-
sity of Avolta’s restaurants and bars compared to other in-
dustries. Nevertheless, recognizing the potential environ-
mental and climate impacts of inefficient water usage,
Avolta has prioritized water as a key topic, incorporating it
into our double materiality matrix.
In 2024, Avolta placed significant emphasis on enhancing
its capabilities to track and monitor water-related KPIs
across its operations. As a result, Avolta is now ready to
disclose water data for both 2023 and 2024 (concerning
EMEA, LATAM, and APAC regions), reflecting its commit-
ment to transparency and continuous improvement.
Water Consumption
The increase in water consumption in EMEA and LATAM
in 2024 reflects enhanced KPI tracking and broader data
coverage.
2024
EMEA
North
America
LATAM
APAC
Total
Water consumption (m³)
4,501,976
n/a
130,383
455,827
5,088,186
2023
EMEA
North
America
LATAM
APAC
Total
Water consumption (m³)
3,739,786
n/a
68,347
453,682
4,261,814
* In F&B countries with no available data, water consumption was estimated
through a comparative analysis, applying a proportionality coefficient based
on entities with similar positioning and revenue. For retail countries with no
available data, water consumption was estimated using a statistical
coefficient obtained from public databases (Statista Research Department –
0.76 m³/m²). This coefficient is consistent with the average coefficient
derived from the provided primary data, excluding any outliers or recorded
anomalies. Data for North America is not available due to missing reference
parameters for accurate estimation.
The insights gathered through this initiative are crucial for
identifying specific operational countries where targeted
interventions can yield the most significant impact and
designing water consumption reduction strategies tai-
lored to specific channels or local countries exhibiting the
most water-intensive profiles. These strategies are cur-
rently under development and is scheduled for comple-
tion and implementation by the end of 2025.
Additionally, in the last quarter of 2024, Avolta initiated an
assessment based on the WWF Water Risk Filter database
to analyze water risks across its operational network. The
results of this analysis will be communicated in 2025 and
will further inform Avolta’s water management strategies.
However, given the nature of its sectors, Avolta recognizes
the potential impacts within its value chain, particularly re-
lated to the sourcing of raw materials and the products of-
fered. Avolta will expand its focus to assess the water
impacts of its supply chain in the coming years, ensuring
alignment with emerging regulatory requirements and
further strengthening its holistic approach to water
management.
Biodiversity impact measurement and risk assessment
During Avolta’s 2023 double materiality assessment, bio-
diversity emerged as a significant material matter, high-
lighting its critical importance to the company’s sustain-
ability strategy. In 2024, Avolta initiated a focused plan of
action to address biodiversity-related risks. While this ef-
fort is still in the early stages of implementation, it under-
scores our commitment to making biodiversity a corner-
stone of our approach to sustainability. Avolta is dedicated
to preserving biodiversity and mitigating the risks of its
loss across its operations and supply chain. By employing
a data-driven approach, the company identifies critical
risks and opportunities to guide impactful, targeted
actions. Through comprehensive assessments and evi-
dence-based insights, Avolta prioritizes interventions de-
signed to protect, restore, and enhance biodiversity.
In 2024, Avolta undertook a comprehensive Biodiversity
Risk Assessment using the WWF Biodiversity Risk Filter
(BRF) to evaluate potential impacts and risks across its
global operations. This advanced tool primarily focused on
assessing physical and reputational risks related to biodi-
versity. The BRF, a free and web-based platform, empow-
ers companies and financial institutions to screen and pri-
oritize biodiversity-related risks. It guides users through
four essential steps – Inform, Explore, Assess, and Act – by
evaluating various factors impacting operational locations.
Employing a four-level risk hierarchy, the BRF analyzed
over 30 biodiversity indicators to identify potential mate-
rial risks from financial, environmental, and social per-
spectives.As part of this assessment, Avolta evaluated the
biodiversity risks across 1,083 locations worldwide across
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Number of Sites by Risk Type
Total
Scope Physical Risk
583
492
8
1083
Scope Reputational Risk
991
86
6
1083
Very low
(1,0 - 1,8)
Low
(1,8 - 2,6)
Medium
(2,6 - 3,4)
High
(3,4 - 4,2)
Very High
(4,2 - 5,0)
all channels. The results revealed that 98 % of Avolta’s lo-
cations are associated with medium to low biodiversity
risks – both physical and reputational. However, 14 loca-
tions in Cape Verde (Airports: Boa Vista, Praia, Sal) and the
USA (Airports: Lihue, Honolulu, Kahului) were identified as
having high or very high biodiversity-related risks.
In light of these findings, Avolta plans to prioritize these
high-risk locations as the starting point for implementing
targeted actions to better manage biodiversity risks.
These actions will aim to reduce biodiversity-related risks
or enhance nature-positive outcomes, aligning with Avol-
ta’s broader sustainability goals and commitment to safe-
guarding biodiversity within its operational footprint.
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.
In 2024, according to information from Airport Carbon
Accreditation, 130 airports reached the optimization level;
27 airports achieved carbon neutrality level; and 102 the
superior accreditations “Transformation”, “Transition” and
“Level 5”. Considering these groups, Avolta operates
stores in 47 of these 102 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
Climate 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
workgroup, working amongst other focus points to define
ESG recommendations and best practices for the airport
community.
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Empower
Our People
“Making our people part
of the journey by fostering
a diverse, inclusive and
equitable workplace.“
Every Avolta employee is an ambassador of our company.
Whether in stores, restaurants, offices or warehouses,
each of our team members contribute to driving the com-
pany towards success and strengthening our brand
evolvement. Our people’s passion, engagement and mo-
tivation are driving forces to make our Destination 2027
strategy come to life and fully embedded in our daily be-
haviors.
Within the focus area “Empower Our People” Avolta has
defined five areas of action:
– Culture & Engagement
Create an inclusive and engaging culture 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 competencies
and professional growth
– Health & Well-being
Provide state-of-the-art health and safety standards
and promote world-class well-being offerings and edu-
cation to foster 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, safe working environments,
competitive salaries, development and retention strate-
gies, avant-garde training programs and all we do to build
on high performing teams and foster the best engage-
ment levels amongst our people.
Establishing our core brand principles – Brave, Collabora-
tive, Passionate and Inclusive – Avolta has developed a
number of policies and procedures to promote a consis-
tent employee experience across the 70 countries in
which we operate, all of which represent a strong founda-
tion for the future.
In 2024, the People, Culture & Organization (PCO) struc-
ture was further implemented, driven by the Global and
Regional Competency Centers and managed by the re-
gional PCO leaders. This helps us to foster the creation of
one team, with a shared vision and one global company
culture promoting Culture & Engagement at all levels of
the organization.
A fundamental element in connection with this objective
is Avolta´s HR Policy, which is publicly available on the
company website. Based on the UN Guiding Principles on
Business and Human Rights, the ILO Declaration on Fun-
damental Principles and Rights at Work and its successor
and the ILO Occupational Safety and Health Convention,
the policy highlights the core principles and guidelines,
which, in terms of human resources management, are ap-
plicable to the whole company. The policy, which has been
shared and trained with employees, covers diverse topics,
including:
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
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– Selection & Hiring: ensuring fair, transparent hiring
practices that prioritize local recruitment and provide
stable employment opportunities.
– Equality, Diversity, and Respect for Human Rights: Pro-
moting equal pay, diversity, and inclusion across all
operations, with zero tolerance for discrimination or
harassment.
– Working Conditions and Labor Relations: supporting
work-life balance, parental leave, and the right to
collective bargaining while fostering a culture of open
communication.
– Health & Safety: Committing to safe workplaces by im-
plementing preventive safety measures and continuous
improvement through training (see page 151).
– Fair Compensation: providing competitive, fair compen-
sation and benefits.
– Career Development and Succession Planning: facili-
tating professional growth through regular performance
evaluations, talent development programs, and succes-
sion planning.
The policy underscores Avolta’s dedication to high stan-
dards in employee welfare and compliance with both local
and international labor regulations. The Avolta Human Re-
source Policy is publicly available on the Company web-
site: www.avoltaworld.com
Overview employee structure 2024
HQ
EMEA
North America
LATAM
APAC
Total
FTEs
151
27,760
27,771
7,012
6,056
68,750
Headcounts
165
34,153
29,574
7,146
6,383
77,421
* 0.1 % of our employees did not disclose their gender according to the
tracking systems available as of today.
Employees by Regions
Employees by Gender*
Number of Employees
Avolta had 77,421 team members (HC) working for the
company at December 31, 2024, 60 % of them women. Of
the total, 94 % worked in the stores, restaurants and in the
warehouses, while 6 % contributed to the company devel-
opment in offices (see Sustainability Report Annex 2024
on page 10/28).
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 3,368 people based in our stores representing
these brands and other service providers.
Female
Male
60 %
40 %
44 %
38 %
North
America
Europe, Middle
East & Africa
Asia
Pacific
Latin
America
9 %
<1 %
Headquarters
8 %
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Culture & Engagement
“Create an inclusive and engaging
culture at all levels of the organi-
zation.”
Avolta operates in a multinational and multicultural envi-
ronment. With a presence in 70 countries, we engage
daily with customers, suppliers, and colleagues from di-
verse cultures and backgrounds. Diversity is a core
strength and essential part of our company’s identity, and
Avolta is committed to fostering an inclusive workplace
culture that respects and celebrates diversity in all its
forms – whether by gender, age, race, culture, beliefs, or
creed. This rich mix of backgrounds, skills, experiences,
and perspectives is what empowers us to meet our cus-
tomers’ needs effectively. We believe that this broad cul-
tural diversity is a unique competitive advantage and a key
factor in our company’s growth and long-term strategy.
In each country, Avolta’s team members are primarily lo-
cal, making us a significant global employer in the indus-
try, especially in emerging markets. Our global presence
not only brings international expertise and experience, but
also supports local development and strengthens econo-
mies in the communities where we operate.
Culture & Engagement vision
statement
– Avolta is committed to building an inclusive
workplace for everyone, in which all our peo-
ple recognize that their unique characteris-
tics, skills and experiences are respected and
valued.
– Avolta is committed to raising awareness of
the actions and behaviors that support peo-
ple in the workplace and applies changes to
our policies and practices as needed.
– Avolta recruits, rewards and promotes peo-
ple based on capability and performance –
regardless of gender, nationality, ethnicity,
lifestyle, age, beliefs or physical ability.
Culture & Engagement Committee
To accelerate Avolta’s capacity to generate positive impact
and increase awareness on culture and engagement top-
ics, a new Global Culture & Engagement Steering Commit-
tee was established in 2023 and became fully operational
in 2024. This Committee comprises of senior leaders from
various functions (PCO, Sustainability, Communications,
Operations, Development, etc.), professional backgrounds,
and geographies.
The mission of the Committee is to contribute to steering
and shaping Avolta’s global Culture & Engagement strategy
based on insights and changing dynamics, linking it to
Avolta’s core principles and overall business strategy. The
Committee facilitates cross-regional and cross-functional
collaboration on culture & engagement initiatives, empow-
ering actions at global, regional and local levels. The Com-
mittee meets quarterly to track relative progress compared
to a pre-defined roadmap, assess new opportunities &
initiatives, and steers outcomes.
Culture & Engagement Certification
At the end of 2023, Avolta committed to strengthening its
culture & engagement capabilities and processes by part-
nering with a third-party accredited organization to review
and assess our ways of working. After evaluating several
prestigious organizations, Avolta selected EDGE as its
partner.
Founded in 2009, the EDGE Certified Foundation is the
leading authority on culture & engagement standards,
with a focus on gender and intersectional equality (EDGE
stands for Equity, Diversity, and Gender Equality). EDGE
Certification supports organizations like Avolta in creating
fairer workplaces, attracting and retaining diverse talent,
and delivering genuine sustainability value.
The EDGE assessment methodology and certification sys-
tem are built on four pillars that define success in gender
and intersectional equity: Representation, Pay Equity, Ef-
fectiveness of Policies and Practices, and Inclusiveness of
Culture. These pillars are evaluated through a combination
of statistical data, company policies & practices, driven by
the EDGE survey.
Avolta shares EDGE’s vision of a world where everyone is
equally valued and respected in all aspects of life, aligning
with our goal of creating equal opportunities for everyone.
To this end, Avolta initiated in 2024 the process to achieve
the EDGE Certification and obtained it in five key coun-
tries: US, Italy, Switzerland, Spain and the Netherlands.
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Edge Certification: Advancing
Culture & Engagement
In 2024, Avolta was awarded the prestigious
EDGE Assess Certification, highlighting the
company’s dedication to fostering an inclusive
culture and building a more equitable work-
place for all.
The certification applies to Avolta’s operations
in Switzerland, the United States, Spain, Italy,
and the Netherlands, encompassing nearly
45 % of its global workforce – or approximately
35,000 full-time team members. This recogni-
tion underscores Avolta’s achievements in pro-
moting balanced gender representation
across all levels of the organization, equitable
pay practices, strong frameworks for equal op-
portunities in career progression and the es-
tablishment of a culture of inclusion where ev-
ery team member can thrive.
With only about 800 organizations certified
worldwide, spanning 63 countries and 41 in-
dustries, this accomplishment positions Avolta
as a leader in workplace culture & engage-
ment.
The EDGE certification also provides a clear
roadmap for continuous improvement, offer-
ing actionable insights to strengthen practices,
address gaps, and embed inclusion through-
out the organization. Avolta is committed to
implementing these recommendations and
aims to expand the certification to cover 80 %
of its global workforce by 2025.
Embedding Culture & Engagement Into Avolta’s
Culture
In 2024, as part of its ongoing commitment to raising
awareness around DEI topics, Avolta introduced a dedi-
cated DEI calendar to observe and celebrate significant
events across all of its locations. Key highlights include cel-
ebrations for International Women’s Day, Pride Month, and
Mental Health Awareness. While education through learn-
ing and training continues to be essential at Avolta, the fo-
cus this year has expanded to bring teams together
through these engagement activities.
In 2024, Avolta also introduced Employee Resource
Groups (ERGs) to strengthen connections within our di-
verse workforce, providing dedicated spaces for team
members to support one another, share experiences, and
inspire positive change. These groups are designed to
empower our people by fostering community, advocacy,
and growth, helping each person to feel valued and en-
couraged to bring their true selves to work. Each ERG is
also sponsored by a senior manager from the Global Ex-
ecutive Committee (GEC), emphasizing the importance of
these groups for Avolta and ensuring alignment with our
leadership’s vision and goals. As a result of this, we
launched our first two ERGs: Reaching Higher, focused on
women’s empowerment, and Just Be, dedicated to sup-
porting our LGBTQ+ community and allies.
In May, Avolta launched Reaching Higher, our very first
Employee Resource Group (ERG) dedicated to empower-
ing women and advancing gender equality. Reaching
Higher aims to foster a culture of engagement and oppor-
tunity, providing women with the tools and resources
needed to overcome challenges and succeed both at
Avolta, as well as throughout their careers. This ERG is
open to all Avolta team members who are committed to
supporting women’s advancement and promoting gender
equality, welcoming women at every level as well as allies
of all genders who share this mission.
In June, Avolta’s launched its second ERG Just Be, dedi-
cated to supporting our LGBTQ+ community and allies.
Just Be serves as a platform that fosters understanding,
raises awareness, and actively challenges biases within
Avolta. This ERG is committed to building an inclusive en-
vironment where LGBTQ+ team members and allies can
fully embrace their authentic selves, both personally and
professionally.
We will continue to nurture the ERGs that were rolled out
in 2024 and look forward to introducing more in the years
ahead as part of our journey towards a more inclusive and
equitable workplace.
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Another critical area of focus for Avolta is the prevention
of workplace harassment. In key regions, including Italy
and the USA, we have implemented comprehensive, man-
datory training programs designed to prevent all forms of
harassment. These programs, made accessible to all team
members, underscore our commitment to fostering a
safe, respectful, and supportive workplace culture where
everyone can thrive.
Whistleblowing channels to fight any form of
discrimination
As defined in Avolta’s Code of Conduct and the HR policy,
Avolta is committed to providing a safe environment to all
employees, implementing measures which promote diver-
sity, dignity and respect and prohibit any form of discrim-
ination, harassment or bullying.
Avolta provides reporting channels to its team members
to share potential wrongdoings including any potential vi-
olation of the above-mentioned policies. The reporting
channels are supervised and managed by the Compliance
Department as described in pages 115 of this Sustainabil-
ity Report. Reports are treated confidentially and are
properly investigated. Avolta has a retaliation-free whistle-
blowing policy according to which a person reporting a
possible wrongdoing in good faith will be protected and
not suffer any detrimental treatment.
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. Many locations in which the company operates
still present challenges to the guaranteeing of equality. We
monitor these countries closely to help provide equal op-
portunities to all our staff. As explained in the previous
paragraph, the company has whistleblower mechanisms
in place in order to denounce discrimination cases should
they happen. Furthermore, in every country in which we
operate, Avolta complies with parental leave legislation,
and in some cases actively supports the return to work
after the maternity leave with dedicated programs, ensur-
ing positive work-life balance for parents with caring re-
sponsibilities.
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 labor agreements in place in the various
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 multiple company ob-
jectives. We regularly review and discuss professional de-
velopment with our employees.
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 and discounts platforms.
In this regard, during 2024 Avolta continued with the roll-
out of Emporium – a web-based shop with thousands of
products from core retail categories at highly discounted
prices. This benefit is exclusive to Avolta’s team members
and also includes a Friends & Family program. By the end
of 2024, Emporium was available in 19 countries, repre-
senting Avolta’s main locations by headcounts – Belgium,
Brazil, Bulgaria, Canada, Denmark, Finland, Greece, Hong
Kong, Italy, Macau, Malta, Mexico, The Netherlands, Spain,
Sweden, Switzerland, United Arab Emirates, United King-
dom and USA.
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 freedom
of association. This commitment to transparency translates
on various levels to the management of national collective
bargaining, collective contracts by company and/or loca-
tion, 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 2024 the
percentage of team members with contracts covered by
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collective agreements amounted about 60 % of the total
workforce. In all the countries in which it operates, Avolta
fosters an open dialogue with the respective labor unions.
Labor relations and talks follow the highest standards of
transparency, collaboration, and fair dealing, in strict accor-
dance with the law and with the general aim of promoting a
good working climate and an open dialogue with the work-
ers’ representatives. 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 com-
plies with all provisions of local laws and collective con-
tracts by informing the unions and involving them, where
applicable, in personal meetings. The minimum notice pe-
riod in the case of organizational changes varies from three
to thirteen weeks depending on national and local laws.
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 career stages in
our company, starting from when team members engage
in their application phase, until they leave the organization.
All the steps in between these two points and the experi-
ences that the team members make are part of what
Avolta calls “the people journey”. It is the company´s sys-
tematic approach to ensuring that we identify all opportu-
nities. 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 its people jour-
ney: Recruitment, Training & Career Progression, Com-
pensation and Recognition.
To promote “fair play” in everyone’s professional career
development, Avolta’s recruitment process is designed to
treat all applicants fairly, and each applicant is given the
same opportunity to be considered, so that the most suit-
able person will be chosen for 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 expression, nationality, political orientation, dis-
ability or other discriminating factors.
Avolta emphasizes the growth and development of what
we call “Internal First” by first publishing all open positions
on our portal which is accessible to all team members
across different geographies and entities. This portal al-
lows team members to explore opportunities worldwide
and take the next step in their careers within Avolta, as
long as they hold the relevant work permits.
Before engaging in external recruitment, Avolta’s talent
acquisition team carefully reviews the skills and potential
of internal candidates, ensuring they are the first ones to
be considered for internal roles.
Referrals and recommended internal candidates are also
encouraged and assessed alongside other applicants, re-
inforcing our commitment to internal mobility, and em-
powering our team members to advance within the com-
pany as long as they hold the relevant work permits.
To promote fair play in the selection process, all interview
evaluations by the Avolta Talent Acquisition Team and hir-
ing managers are reported in Avolta’s PCO portal Avolta
Voyage. If any gaps or personal development needs of the
selected candidate are identified, the talent acquisition
team is instructed to incorporate that information into an
on-boarding and development plan.
Team member engagement
Understanding our people’s concerns and needs is crucial
for Avolta. For this reason, the company fosters a dialogue
with all team members and invests in developing the nec-
essary channels to promote communication across all lev-
els of the organization. Avolta uses several tools to foster in-
ternal communication and stimulate interaction with its
people.
During 2024, we continued with the rollout of technologies
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
reaching over 90 % of team members equal to 77,000 us-
ers, up from 53,000 last year. Additionally, activation rates
have markedly improved, with approximately 70 % of users
actively participating vs 40 % of the previous year. These
notable increases reflect our ongoing efforts to strengthen
engagement within Avolta.
Beekeeper continues to be a critical tool in fostering collab-
oration and building a cohesive and informed community
across our organization. This app-based solution enables
seamless connection, enhances workplace engagement,
and boosts productivity through unified communications.
Through Beekeeper, we can easily share information re-
lated to team members’ daily work environments, such as
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shift details, product updates, and in-store events. The
app also features tools for internal chats, communications,
and information sharing, all in a familiar format similar to
popular social networks.
Beekeeper functions as an effective platform for imple-
menting internal communication and engagement cam-
paigns, promoting interaction and information sharing
among team members across various regions. This initia-
tive plays a crucial role in cultivating a sense of belonging
and reinforcing a unified “One Team” culture. Throughout
2024, we successfully launched several campaigns on
Beekeeper, commemorating significant events such as In-
ternational Women’s Day, Earth Day, Pride Month, and the
International Day of Awareness of Food Loss and Waste,
among others.
Furthermore, Avolta uses several internal communication
channels to facilitate the dissemination of corporate news
to keep our staff updated and engaged. These include the
company’s intranet and regular newsletters. In 2024, we
launched a series of People, Culture & Organization (PCO)
initiatives to focus on employee engagement following our
recent integration process. At the start of the year, we
published a calendar outlining our commitment to cele-
brating various DEI and/or cultural-related events across
all countries. We started a new global series of PCO news-
letters that highlighted our people and important activities
across the People, Culture & Organization competency
centers. A key focus for us throughout the year, was to ex-
pand on and define our new brand principles – Brave, Pas-
sionate, Collaborative, Inclusive. Much of the foundational
work around this project has been done by the PCO global
and regional teams. These efforts will subsequently be
embedded into the employee journey as of 2025.
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 insight
into our staff’s perception of the company and identify ar-
eas for improvement. We ensure that the surveys involve a
statistically relevant portion of our staff and reach team
members worldwide.
In 2024, alongside our focus on the EDGE certification pro-
cess, we also concentrated on developing a comprehen-
sive employee engagement survey strategy to further
strengthen our understanding of employee experiences
and needs. This refined survey approach is set to be imple-
mented in 2025, enhancing our ability to gather actionable
insights and drive meaningful improvements across the
organization.
Flexible retention strategies: balancing Global
Consistency with Local Adaptation
Avolta’s retention strategy exemplifies a comprehensive
and globally aligned approach, integrating regional prac-
tices into a cohesive narrative that highlights shared val-
ues, innovative initiatives, and measurable achievements.
This strategy empowers local People, Culture, and Organi-
zation (PCO) departments to adapt initiatives to their spe-
cific contexts, while aligning with overarching global objec-
tives and standards. By balancing global consistency with
local flexibility, the company strengthens its ability to retain
a diverse and committed global workforce, while maintain-
ing alignment with overarching organizational goals. Our
retention approach incorporates key foundational prac-
tices that are implemented and adapted across regions:
– Comprehensive Onboarding: programs ensure new
hires are equipped with the tools and knowledge to
succeed from day one.
– Feedback as a Cornerstone: fostering open communi-
cation through both structured surveys and informal
channels, enabling team members to share their per-
spectives and feel heard.
– Leadership Development: focus on cultivating talent,
training leaders to provide constructive feedback, and
build a coaching culture.
– Recognition and Rewards: initiatives such as peer ac-
knowledgment, milestone celebrations, and formal
awards all help to celebrate achievements and create a
supportive, appreciative environment.
– Competitive Compensation and Benefits: fair and
transparent pay structures, tailored to regional eco-
nomic conditions, ensuring team members feel secure
and valued.
– Work-Life Balance and Flexibility: flexible work ar-
rangements and scheduling practices promote a
healthy balance between personal & professional life.
Besides these common elements, each region is empow-
ered to implement initiatives that address local challenges
and opportunities. Below are examples of how regions
have adapted and innovated within the global framework
to enhance retention and engagement.
– North America: the region emphasizes recognition
through initiatives alongside competitive pay struc-
tures and consistent salary reviews. Regional initiatives
emphasize structured onboarding, talent development
programs, and a strong focus on creating a culture of
appreciation, ensuring that both new hires and existing
employees are supported throughout their careers.
– EMEA: total rewards programs are a cornerstone of the
retention strategy. Recognition practices, such as mile-
stone celebrations, complement these efforts. The
PCO strategy also integrates DEI, learning and develop-
ment, while allowing individual countries to refine ap-
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proaches to retention challenges, such as turnover and
engagement.
– LATAM: retention efforts prioritize flexible compensa-
tion models, professional growth opportunities, and
work-life balance. Informal recognition practices are a
key focus, reflecting the regional workforce’s values
and expectations.
– APAC: the “People Promise” serves as a guiding princi-
ple, fostering a safe, inclusive, and collaborative work
environment. Feedback, recognition, and leadership
training are integral to ensuring all team members feel
valued and motivated. Fair compensation schemes and
benefits in line with market practices also complement
the regional approach.
Employee training and development
“Provide high quality training,
learning & development
opportunities to strengthen
our people’s competences
and professional growth.”
At Avolta, training is fundamental to enhancing skills and
fostering professional development, blending individual
growth with cultural and organizational goals. Our training
methodology follows the “Four E’s model”:
– Educate (formal education)
– Experiences (learning by doing)
– Environment (culture of learning)
– Exposure (learning from others)
Comprehensive learning programs for
professional growth
Avolta offers an extensive learning catalogue designed to
improve performance in current roles and to support ca-
reer progression. Programs are delivered through various
learning solutions, including face-to-face, on-the-job, and
digital learning platforms that encompass technical and
interpersonal skills. Training is available to all team mem-
bers and managers, regardless of levels or location, ensur-
ing equitable access across the organization.
During 2024, the company devoted considerable effort to
training our team members, resulting in 1,879,165 formal
training hours (2023: 1,449,827), with an increase of 30 %
compared to the previous year. Most training hours were
focused on operational, 45 % of the total (2023: 74 %), and
technical skills, 31 % of the total (2023: 6,8 %). The remain-
ing 12 % hours were focused on empowering managerial
skills (2023: 8 %).
Our core globally deployed programs include:
– Welcome to Avolta induction program: Launched in
2024, this onboarding program is designed for both
back and front office team members. It plays an essen-
tial role in seamlessly integrating new joiners, accelerat-
ing their learning curve, and equipping them with the
foundational skills and knowledge needed to succeed at
Avolta. Through Welcome to Avolta, we ensure that ev-
ery new team member feels prepared, supported, and
aligned with our company values from day one.
– Avolta Certified Trainers (ACT) program: Introduced in
2024, ACT is a three-level certification program that em-
powers experienced team members, shift leaders, and
managers to train their peers directly within their opera-
tional teams. Level 1 trainers focus on onboarding and
mentoring new hires, Level 2 trainers deliver advanced
skills and service training, and Level 3 trainers support
shift leaders with fundamentals in leadership and team
development. ACT provides a clear progression pathway
for those interested in people development, creating a
structured environment for cultivating operational excel-
lence and fostering future leaders. By equipping front
office employees with standardized training tools, ACT
strengthens consistency in customer service and
operations across all locations and has already led to
measurable improvements in employee retention and
engagement.
– Management Fundamentals: Updated in 2024, this
foundational program equips first-time managers with
the skills required to lead highly engaged and high-per-
forming teams. Covering essential topics such as role
modeling, communication, feedback, coaching, change-
and self-management, Management Fundamentals is
tailored to meet the needs of a modern workforce. This
program has strengthened engagement and perfor-
Training hours by type
45 %
Operational
skills
3 % Compliance
31 % Technical
skils
12 %
Managerial
skills
7 % Health &
safety and quality
2 % Other
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mance across Avolta’s stores and restaurants and serves
as the foundation for developing resilient leaders who
are well-prepared to meet both team and organizational
goals.
Advancing digital learning: Level Up, Star Avolta and
LinkedIn Learning
Avolta’s digital learning capabilities have expanded signif-
icantly, utilizing cutting-edge learning technology to pro-
vide flexible, personalized learning experiences that meet
diverse operational needs:
– Level Up (powered by Axonify): Our microlearning
platform for front office team members provides bite-
sized, gamified and role-specific training without inter-
rupting their operational flow. The retail side of the or-
ganization saw a full rollout by November 2023, and in
October 2024, a pilot for 3,000 Food & Beverage team
members was launched, with a full deployment to F&B
team members expected by Autumn 2025. With Level
Up, we have the flexibility to deliver targeted training on
customer experience, sales excellence, and product
knowledge, including brand-specific learning modules.
We are actively expanding this through partnerships
with key suppliers to facilitate a seamless e-learning
content exchange. This initiative allows Avolta to pro-
vide three times more training hours compared to the
period before the launch of Level Up, and with minimal
disruption to daily operations. By fostering global con-
sistency and equitable access to training, Level Up em-
powers all team members to deliver exceptional ser-
vice and stay informed on the latest product and brand
insights.
– Star Avolta: Rolled out to retail back-office team mem-
bers in 2023, Star Avolta provides structured learning
paths and development resources tailored to back-of-
fice team members. A Learning Management System
(LMS) was introduced in 2024 to include F&B team
members, with the goal of full organizational coverage
by Autumn 2025.
– LinkedIn Learning: In 2024, LinkedIn Learning was in-
tegrated into the Star Avolta LMS, offering back-office
team members access to a vast library of courses. This
addition complements in-house training with curated,
off-the-shelf content, providing diverse resources for
continuous professional growth across various skills
and competencies.
The integration of Level Up and Star Avolta creates a uni-
fied learning ecosystem across Avolta, enabling compre-
hensive access to development resources across all seg-
ments. In addition, by collaborating with internal Subject
Matter Experts (SMEs) across different functions, Avolta
develops training content to meet the specific needs and
challenges of our industry. This collaboration allows us to
develop highly relevant and impactful learning solutions,
ensuring practical applicability and immediate value for
our teams. SMEs play a key role in creating specialized
content that reflects Avolta’s values and operational nu-
ances, making training not only effective, but also aligned
with our mission.
Compliance and corporate training
Avolta also conducts compliance training for team mem-
bers, officers and directors, as applicable, on an ongoing
basis. Avolta’s Compliance Department regularly evalu-
ates the content of Avolta’s training on Compliance and
Corporate Policies. The efforts of the Compliance Depart-
ment are fully coordinated with, and supported by, the Re-
gional Presidents & CEO’s and the respective PCO depart-
ments, who support with the identification of people to be
trained, including new hires. People who receive compli-
ance trainings are selected based on the following criteria:
– Community heads at Headquarters (Finance, Treasury,
Procurement, Business Development, Internal Audit,
PCO, IT, Commercial, Marketing, Customer Service)
– Local managers with exposure to business development,
external partners and third-party contractors
– 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 directors
or officers of Avolta subsidiaries
– Investor Relations, Corporate Communications and Me-
dia managers
– Members of the Legal and Compliance Department
– Members of the Internal Audit Department, Loss Preven-
tion and ERM department as well as PCO managers
worldwide.
During 2024, about 5,500 team members at all levels of
the organization and across all the regions have com-
pleted compliance training. This figure includes both train-
ing for new employees, as well as refresher for existing
Avolta team members, officers and directors.
These trainings were attended, either via online or e-learn-
ing modules, training videos, and communication cam-
paigns. The primary training topics included: harassment,
discrimination, insider trading, data privacy, and instruc-
tions on how to report a wrongdoing.
New team members, officers and directors are provided
with a copy of the Avolta Code of Conduct when they join
the company and are required to acknowledge accep-
tance of its terms in writing. Additionally, Avolta team
members, officers and directors have access to all of Avol-
ta’s compliance and corporate policies, including the
Code of Conduct.
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Talent development, Performance management
and Appraisal
Avolta ensures that future and long-term management
needs are addressed through an optimal balance of pro-
moting internal, high-performing team members and the
hiring of external talent. Avolta operates a global, system-
atic process to identify high-potential talent in the organi-
zation and to integrate them into our talent data base, nur-
tured through ongoing learning and training measures.
We strongly believe that talent management, perfor-
mance reviews and succession planning are key activities
in order to achieve a sustainable and well-balanced busi-
ness. Performance reviews are an important part of the
journey for each team member in order to be recognized
and developed. As such we are in the midst of foster a
continuous feedback culture, by encouraging construc-
tive dialogue between each individual team member and
manager in relation to their goals, priorities and personal
development.
With a view to fostering professional growth and tying it to
Avolta’s values and identity, we introduced a new perfor-
mance review model for our back-office functions, which
allows us to drive constructive, participatory, and inclusive
appraisals, while ensuring professional development and
the achievement of Destination 2027 strategic objectives
aligned with our People Strategy. In driving operational im-
provement and performance, we started our journey in
creating an end-to-end engagement process with our
people, where ongoing development conversations are
part of their day-to-day journey in becoming an invaluable
team member of Avolta.
While in 2024 this was limited to specific parts of the busi-
ness, our aspiration is to roll out our new performance
management process to the whole organization in 2025.
We will also leverage the data from our 2024 performance
review process to fuel a succession planning process for
the combined organization.
Percentage of employees moved to a higher position in 2024 by gender
Employees moved to a higher position by gender (%)
31/12/2024
Female
5%
Male
6%
Not disclosed
2%
Total
6%
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
At Avolta, safety in the workplace is a fundamental com-
mitment across all our locations, including stores, restau-
rants, offices, and warehouses. We actively prioritize
health, safety, and well-being, implementing measures to
minimize or eliminate risks to our employees, contractors,
customers, and visitors, as well as any other person who
could be impacted by our operations. Given our presence
in a wide range of countries as well as in highly regulated
environments – such as airports, seaports, motorways,
and railway stations – our operations must comply with
both local regulations and the specific safety protocols
mandated by each travel channel.
As a result, Avolta has a number of different health &
safety regulations and procedures in place throughout the
organization. Regardless of the specific requirements of
each local legislation, there are certain principles and
standards that all these procedures adhere to, including:
– Legal Compliance: with labor legislation on health and
safety laws in all our locations.
– Risk Reduction: prevention and mitigation of work-re-
lated accidents by implementing occupational risk pre-
vention plans, ensuring effective risk identification and
prevention.
– Promotion of a preventive culture: training our staff to
achieve the best safety standards.
– Coordination with Third Parties: ensuring safety align-
ment with contractors, suppliers, and any other third
parties who work on Avolta premises.
– Continuous improvement: setting objectives and goals
for ongoing improvement, systematically considering
stakeholder requirements, regularly assessing perfor-
mance, implementing necessary adjustments to meet
goals, and establishing verification, auditing, and control
processes to support the achievements of objectives.
The management of occupational health and safety pro-
cesses varies from one location to another, but common
guidelines apply across all Avolta operations:
– Information Sharing: Avolta provides health and safety
information, including key initiatives, to all staff, as well as
to non-staff workers operating on our premises.
– Regular Review: Health and safety activities undergo
regular review to promote effective issue management
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and continuous improvement. In some locations, these
reviews include consultations with employee represen-
tatives, where appropriate.
– Local Governance: Responsibility for the oversight and
review of health and safety tests with local operations
and People Culture & Organization (PCO) teams.
– Collaboration in high-regulation environments: In air-
ports and seaports, we work closely with concession
partners to promote compliance and training in align-
ment with their health and safety regulations and man-
agement processes.
Promoting a healthy working environment
Safety is a shared responsibility, and the participation of
team members representative in local Health & Safety
Committees is essential for identifying potential risks and
hazards. Additionally, all team members are encouraged to
report any safety hazards or concerns to local People, Cul-
ture and Organization teams or, where appointed, to the
dedicated Health & Safety task force or committee.
Training on health and safety is critical to promote a safe
work environment. We therefore conduct induction ses-
sions with new members of staff and hold regular training
sessions with all of our staff, both in stores and offices, en-
suring understanding of the health & safety policies and
procedures. If needed, training is extended to workers who
are not members of our staff but work on our premises on
behalf of third-party service providers.
If employees identify unsafe situations, they are empow-
ered to step away from potentially harmful tasks until con-
ditions improve. All reported incidents are investigated, and
action plans are implemented where needed, ensuring
continuous improvement.
Additionally, regular worksite analyses are conducted to
identify potential risks and hazards. These analyses aim to
recognize existing hazards and assess conditions and op-
erations where changes might introduce new hazards. The
results are shared with local People, Culture and Organiza-
tion and Operation teams and management. The highest
incidence of occupational accidents is, among store staff –
both retail and F&B – and warehouse staff.
The primary risks affecting Avolta workers include:
– Hazards related to materials, objects, products, and
components of machinery or vehicles
– Risk associated with cooking activities
– Same-level falls
– Incidents involving transport and transfer equipment.
In 2024, the percentage of team members covered by oc-
cupational health & safety management system increased
to 89 % (2023: 87 %). Furthermore, the incidence rate of
work-related injuries declined to 2.8 % (2023: 3.3 %). Nota-
bly, the incidence of injuries with high consequences
(excluding fatalities), has a proportion of the total related
injuries, decreased to 0.4 % (2023: 1.1 %), thus reflecting
Avolta’s commitment to ensure a safe work environment.
More details are available on page 19/28 of the Sustain-
ability Annex.
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 ecosystem, our staff have to
adhere to and follow the security principles and processes
established at the specific airports where our stores are
located. Most of these regulations and policies are harmo-
nized across the world to seek consistent levels of safety
and consumer protection. Worldwide safety regulations
are set by the International Civil Aviation Organization, and
within Europe by the European Aviation Safety Agency. In
order to work in our stores and restaurants, 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 to fostering mental and
emotional well-being of its team members by offering
training, benefits and welfare plans that vary from country
to country.
In 2024, Avolta placed strong emphasis on mental health,
implementing targeted internal communication and
awareness campaigns that leveraged World Mental
Health Day to underscore its importance among team
members. In several countries, these initiatives were fur-
ther strengthened through partnerships with counseling
and psychological associations and online platforms, of-
fering Avolta team members discounted access to these
services. This comprehensive approach reflects our com-
mitment to fostering a supportive environment that prior-
itizes well-being across our global workforce.
Avolta believes that well-being is not just a pillar of our
People, Culture, and Organization strategy, but a founda-
tion to our vision of an inclusive and thriving workplace. In
2024, Avolta partnered with the global well-being plat-
form, Telus Health. The Telus Health platform is an interac-
tive digital wellness platform designed to allow our em-
ployees to embrace well-being and improve their overall
health. Our partnership with Telus enables us to educate,
engage, and inspire our employees to adopt and maintain
healthy behaviors.
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Human rights
“Protect human rights across
the company and along its
supply chain.”
Avolta is committed to upholding and protecting human
rights across its operations and supply chain, aligning with
global standards to promote ethical practices for employ-
ees and business partners like suppliers and vendors.
Avolta is a participant of the UN Global Compact and an
active supporter of the UN Ten Principles – encompassing
human rights, labor standards, environmental responsibil-
ity, and anti-corruption – and aligns its main policies –
Avolta Code of Conduct, Avolta Supplier Code of Con-
duct, Human Resource Policy – and practices with the
Universal Declaration of Human Rights and the ILO Decla-
ration on Fundamental Principles and Rights at Work.
As stated in Avolta’s Code of Conduct and in the Avolta’s
Human Resource Policy, the company is committed to
conducting its operations ethically and legally, adhering to
business standards and regulations fully respectful of hu-
man rights. Avolta strictly forbids child labor and forced la-
bor at any of its locations, and this commitment is en-
forced through clear recruitment procedures and regular
workplace controls.
The company provides regular training to its employees to
reinforce lawful and ethical behavior, aligning with its
Code of Conduct, internal policies, and human rights prin-
ciples.
The Avolta Supplier Code of Conduct further reinforces
human rights protection by explicitly prohibiting the sup-
ply of products or services that violate international hu-
man rights standards, labor laws, or acceptable working
conditions. Avolta’s suppliers are expected to uphold
these standards and ensure that their own subcontractors
and suppliers comply as well.
To address human rights violations, Avolta has imple-
mented series of preventive measures to protect both its
employees and those within its supply chain.
One key measure is the whistleblowing reporting channels
for potential wrongdoings (see page 115), which empowers
employees, suppliers, and other stakeholders to report
any suspected human rights violations through a secure
and confidential system.
Another significant measure adopted by Avolta is risk as-
sessment on its supplier base, leveraging the Ecovadis
platform to evaluate potential vulnerabilities. This assess-
ment focuses particularly on identifying risks related to
child labor and forced labor as indicated by the Swiss Or-
dinance on Due Diligence and Transparency in relation to
Minerals and Metals from Conflict-Affected Areas and
Child Labour (DDTrO) (see Sustainability Report Annex
page 333 ff). Following the assessment, Avolta conducts
targeted due diligence by administering detailed ques-
tionnaires to suppliers identified as high risk. This two-step
process is designed to enable the company to uncover
potential issues within its supply chain and to help it to im-
plement proactive measures to mitigate these risks effec-
tively.
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Engage Local
Communities
“Creating durable bonds with the
communities by supporting social
and economic development.”
Avolta is deeply committed to promoting the growth and
well-being of local communities across the 70 countries in
which it operates, embedding this dedication as a corner-
stone of its business approach. By contributing to their de-
velopment, Avolta fosters strong relationships and gener-
ates positive social and economic impacts.
Under the focus area “Engage Local Communities”, Avolta
has identified a key area of action and commitment:
– Supporting Communities
Create connections with the communities we serve
and contribute to the growth of local economies
Avolta recognizes that sustainable business practices are
inherently linked to the well-being of local communities.
With this understanding, the company actively engages in
initiatives that drive economic growth, foster social prog-
ress, and advance environmental stewardship. As part of
this commitment, Avolta sources over 27 % of its products
(by COGS) from local suppliers, directly contributing to the
economic vitality of the communities where it operates
and supporting local enterprises.
Our commitment in supporting local communities glob-
ally is expressed by a diverse array of projects, each tai-
lored to address specific needs of local communities. Sup-
porting charitable institutions and causes has been a core
part of Avolta’s mission, shaping its growth and evolution
since its earliest days, as a way of giving back to society.
In this context, in 2023, the Global Executive Committee
approved a new Avolta Community Engagement Strategy,
aimed at enhancing the company’s ability to generate
meaningful impact across a focused set of social and en-
vironmental themes. This strategy identified six priority ar-
eas for Avolta’s independent initiatives at both the global
and regional level:
– Education for disadvantaged children & adolescents
– Healthcare support for people with special needs
– Support and Training for vulnerable groups
– Fight poverty and food insecurity
– Clean water and sanitation for communities
– Ocean plastic cleaning
To ensure these areas are aligned with the needs of local
communities, in 2024, Avolta conducted a comprehensive
survey among its team members. This survey, completed by
a statistically representative sample of over 2000 team
members, confirmed the relevance and validity of the se-
lected areas. The valuable feedback also underlined how
Avolta’s Community Engagement Strategy is well-aligned
with the needs of local communities and provided a stron-
ger foundation by combining global priorities with the lived
experiences of the people closely connected to the com-
munities Avolta serves.
The Avolta Community Engagement Strategy also provides
indications and guidelines for both direct and indirect en-
gagements, as well as all those initiatives run in collabora-
tion with concession partners and suppliers at local level.
During 2024, at global, country or location level, we ran over
300 initiatives and supported more than 220 (2023: 150)
non-profit organizations, social or humanitarian initiatives
and local associations and initiatives, promoting cultural
events and causes while actively engaging our staff through
GRI indicators:
201-1, 202-2, 204-1, 411-1
SDGs:
2.3
8.1, 8.2, 8.3, 8.5
9.1, 9.4, 9.5
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volunteer work. In total, Avolta donated over CHF 9.7 million
(+8 % vs 2023), of which 24 % through direct donations, 39 %
in-kind and 37 % through fundraising.
In 2024, our corporate community initiatives – both at the
company and country levels – focused on combating pov-
erty, food insecurity, and social exclusion at the local level.
Avolta supported disadvantaged children and their fami-
lies by expanding access to education and healthcare
while providing humanitarian aid to communities affected
by natural disasters – such as the floods in Valencia, Spain
– and socio-political crises, including those in Ukraine. In
some cases, our team members have also been actively
involved, by either participating in the selection of the
charity 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 3,648 million in
fiscal year 2024 (2023: CHF 3,357 million). Out of this
amount, CHF 2,749 million (2023: CHF 2,539 million) was
allocated to our employees in form of remuneration,
Donations by type
Donations by thematic area
Stakeholder Value Allocation
37 %
Indirect
24 %
Direct
47 %
Fight poverty
& food
insecurity
75 %
Employees
14 % Retained earnings
and local partners
39 %
In-kind
9 % Humanitarian
support
22 % Education
for disadvantaged
children
5 % Health care support for
people with special needs
2 % Other – social and environmental
10 % Support &
training for
vulnerable groups
2 % Ocean plastic cleaning
retirement benefits, social security payments and other
personnel expenses. CHF 134 million (2023: CHF 160 mil-
lion) were interest expenses as contributions to our bond-
holders and lending banks. Income taxes to public author-
ities and communities amounted to CHF 120 million in
2024 (2023: CHF 129 million), in the countries where we
operate. The dividend payment, which the Board of Direc-
tors is proposing to the Annual General Meeting of Share-
holders on May 14, 2025, of CHF 1.00 per registered share
4 %
Bond-
holders
and
lending
banks
3 % Public
authorities
4 %
Shareholders
3 % Clean water & sanitation
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amounts to a total of CHF 147 million, and if approved by
the AGM, will be paid to shareholders in May 2025.
Additionally, Avolta contributes every year to a compre-
hensive number of social initiatives, which are described
in this Community Engagement section of the report, with
the remaining amounts being carried forward.
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.
Health care support for people with special needs
Eugenio Andrades’ Legacy
The Eugenio Andrades’ Legacy is a heartfelt tribute to the
life and values of Eugenio Andrades, an esteemed leader
at Avolta, a respected figure in our industry, and a pas-
sionate advocate for social inclusion. Guided by Eugenio’s
wife, Paula Dávila, this initiative embodies Avolta’s commit-
ment to making a meaningful difference by supporting
children with neurological disabilities, through projects
that promote social inclusion via sports and fund medical
care.
Designed as a comprehensive framework, the Eugenio
Andrades’ Legacy serves as an umbrella for initiatives that
address the diverse needs of children with neurological
disabilities. It ensures lasting impact by providing steward-
ship for selected projects, fostering meaningful and sus-
tained change. The Eugenio Andrades’ Legacy’s journey
began in 2024 in Eugenio’s homeland of Spain, with the
launch of its first initiatives in collaboration with three non-
profit organizations: Fundación Deporte y Desafío, Fun-
dación Cadete, and Fundación Bobath. Each of these pro-
grams have been thoughtfully designed to address the
physical, emotional, and social needs of children with neu-
rological disabilities.
– Fundación Deporte y Desafío: This partnership har-
nesses the transformative power of sports to promote in-
clusion and well-being. Adapted sports events, such as
hippo-therapy (equine-facilitated physiotherapy) and ten-
nis sessions, along with volunteering days, in which Avolta
team members and their families participated, provide
children with the joy of participation and the benefits of
teamwork, fostering confidence and a sense of commu-
nity. During 2024, 4 events were organized, involving 68
children and their families, with the support of over 74 vol-
unteers from Avolta’s team in Spain.
– Fundación Cadete: By providing financial support, this
initiative helps families access specialized therapies and
treatments for their children. It enhances children’s devel-
opment and well-being while emphasizing equitable
healthcare and holistic family support. During 2024
Avolta provided 7 grants of 10 months duration to help 7
children (4 children from Avolta employees and 3 from
the waiting list of Fundación Cadete) and their families, by
providing access to therapies such as physiotherapy,
speech therapy, psychomotricity and psychotherapy.
– Fundación Bobath: This partnership focuses on meeting
the needs of children and young people with cerebral
palsy and related pathologies to receive specialized com-
prehensive treatment. These programs take a holistic ap-
proach to help children and young people achieve per-
sonal milestones, in a supportive and caring environment.
In 2024 Avolta funded a scholarship for a day care center
for a young person and financed the construction of
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a wheelchair for another child and other therapeutic
materials.
Each initiative we support is a tribute to Eugenio’s values
and personality, striving to create lasting change for chil-
dren with neurological disabilities and continuing Eugen-
io’s legacy of kindness and commitment. Beyond honor-
ing his legacy, the Eugenio Andrades’ Legacy stands as a
testament to Avolta’s enduring commitment to make a
positive and significant difference to the lives of those who
need it most.
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
by our UK colleagues. A nominated charity is chosen ev-
ery three years based on the votes of our UK employees,
and CCLG is the currently chosen charity partner.
2024 marked the third year of World Duty Free’s support
for CCLG and succeeded in exceeding the 3-year target,
reaching the £ 215,000 milestone and almost doubling the
original target of £ 120,000. This incredible fundraising has
been achieved through several sponsorships and events
that World Duty Free staff members committed to, includ-
ing skydiving, sponsored walks, zipwire challenges and
bake sales, alongside many other successful initiatives.
With the funds raised, CCLG were able to support further
important projects and vital research, a total of 83 new
projects since 2022. These included Professor Madhumi-
ta’s research project looking into starving brain tumor
cells from specific nutrients and proteins as an alternative
way of destroying the cancer. If doctors can take away an
amino acid that cancer cells rely on, it could kill the cancer
cell. And, because healthy cells can make their own amino
acids, it shouldn’t affect healthy cells as much and could
be a kinder treatment with fewer side effects. Some of the
team from World Duty Free had the privilege of attending
CCLG’s Research Discover day in Leeds, showcasing
some of the research CCLG has funded with World Duty
Free’s help.
As the 3-year partnership headed to a close, the World
Duty Free teams decided they wanted to continue work-
ing with this amazing charity and extended the partner-
ship for a further 3 years until the end of 2027. Childhood
cancer research continues to be severely underfunded,
and current treatments regimes are often reliant on out-
dated adult-oriented therapies which aren’t always effec-
tive for children’s cancer. Together with CCLG, World Duty
Free is helping to make sure that children diagnosed with
cancer have access to the kinder, more effective treat-
ments and that their families are given reliable, helpful in-
formation 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, actively engaging team
members’ to foster participation and team building. This
year’s initiatives included the Non Finish Line Charity Run,
and the Run For The Cure with donations to the Together
for Children Institution, and Breast Cancer Organizations
respectively. Further initiatives included the support of
Make-A-Wish Hellas, an organization 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.
Furthermore, Hellenic Duty Free Shops donated to local
community in-kind health items such as defribillator and
tourniquets.
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 in 2024,
fostering the long-standing relationship and benefitting,
with all the programs involved, nearly 35.000 people,
including infants, young children, 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 independence,
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 commu-
nities where SOS Children’s Villages work. During the
longstanding collaboration, Avolta has supported the de-
ployment of education, family and community strength-
ening programs in several villages in different countries of
the world: Igarassu (Brazil), Agadir (Morocco), Battambang
(Vietnam), Lavrovo (Russia), Nairobi (Kenya) and Comitan
(Mexico).
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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, goggles and
aviator hat, across Avolta stores in over 20 countries. Ben-
efits from this initiative are donated to the global charity,
which for the 2021-2024 period is SOS Children´s Villages.
Captain Dufry is available at an accessible price and de-
signed 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 and this is achieved with accompanying in-store
communication and signage to build awareness. Avolta
reserves high-visibility spaces across the stores where
Captain Dufry is available, including dedicated sales dis-
plays and gondolas.
Hudson Round-up program
Since 2008, Hudson has leveraged its extensive presence
in airports, commuter hubs, landmarks, and tourist desti-
nations across North America to support Communities in
Schools® (CIS), the largest organization in the U.S. dedi-
cated to empowering students in need. CIS connects stu-
dents with caring adults and community resources, work-
ing in more than 3,000 schools nationwide as the leading
provider of K-12 school-based integrated support systems.
In 2023 and early 2024, Hudson’s customers raised nearly
USD 1.9 million through the company’s in-store round-up-
for-charity program to help CIS fulfill its mission of ensur-
ing students succeed in school and life. This record-break-
ing amount represents the largest single contribution in
the 16-year history of Hudson’s partnership with CIS.
Funds raised through Hudson’s efforts are distributed na-
tionally, supporting 26 CIS affiliates in communities where
Hudson operates, including cities such as Chicago, At-
lanta, Indianapolis, San Antonio, Dallas-Fort Worth, Wash-
ington D.C., and Seattle. Contributions to the CIS National
Office enhance organizational capacity, strengthen na-
tional network support, and expand the integrated student
support model into additional schools across the USA.
As CIS’ longest-standing corporate partner and a past re-
cipient of its All In For Students Philanthropic Partner
Award, Hudson has helped the organization grow from
serving 1.3 million students in 2008, to more than 2 million
students today.
Support & Training for vulnerable groups
Brazil – CTA program – empowering the future of
needed young people
Since 1995, Avolta has been proudly sponsoring the CTA
program, a social promotion program in Rio de Janeiro de-
signed to enhance the skills of young people and improve
their employability. In 2024, 20 participants from commu-
nities near RioGaleão Airport benefited from this free pro-
fessional education program. For the first time, with the
support of the sponsorship, the initiative expanded to São
Paulo Airport, adding 18 students from the local area. The
program’s curriculum includes a wide range of subjects,
such as English, technology, retail operations, professional
guidance, teamwork, leadership, ethics and citizenship, in
addition to internship in our stores and administrative ar-
eas, and cultural visits around the city.
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The program spans eight months of daily classes and is
structured into three comprehensive modules (World of
Work, Contemporary World and “Extra Muros/Outside the
Walls”). It serves students aged 18 to 22 years of age from
diverse backgrounds, including different genders, sexual
orientations, nationalities and ethnicities. Participants are
provided with free meals, uniforms, educational materials,
and transportation assistance. Avolta goes beyond edu-
cation by supporting participants as they take their first
steps into professional life. Some graduates join Avolta’s
team or find opportunities with other partner companies
within the airport environment. For those who do not se-
cure immediate employment, ongoing support is offered
to help them identify further educational or career paths.
The CTA program is a source of immense pride among
Avolta employees, many of whom actively mentor stu-
dents. Each year, over 50 volunteers from Avolta and its
Brazilian partners contribute their time and expertise. Over
its 29-year history, the program has demonstrated remark-
able success. Employability rates are consistently high, and
since Avolta began its sponsorship, more than 840 young
people have benefited from this transformative initiative.
Plans are already in place to expand the initiative to addi-
tional airports in the near future.
Avolta’s commitment to the CTA program continues to be
a cornerstone of its mission, reflecting its dedication to
creating lasting opportunities and empowering the next
generation.
PizzAut: empowering Employability for autistic
individuals in Italy
In 2024, Autogrill partnered with PizzAut Onlus, a local as-
sociation committed to raising awareness about the em-
ployability of autistic individuals and renowned for its
pioneering achievement of creating the first pizzeria en-
tirely run by autistic staff. The collaboration was launched
with the integration of a young man from the association
into Autogrill’s team, reflecting the shared commitment
to fostering inclusion through meaningful job placement
opportunities.
A centerpiece of the partnership has been the launch of the
GourmAut sandwich, specially crafted with a round shape
to symbolize inclusion and available. From July to Oc-
tober 2024, the sandwich was available in 290 Autogrill
stores across Italy. For every unit sold, Autogrill pledged
€ 1, aiming to reach a target of 200,000 sandwiches sold.
Proceeds were directed to support PizzAut’s initiatives, in-
cluding the innovative PizzAutoBus project, which focuses
on creating more job opportunities for autistic individuals,
while promoting their social inclusion. By combining im-
pactful fundraising with a platform to highlight the talents
of individuals supported by PizzAut, the GourmAut cam-
paign successfully delivered lasting social impact, bridging
awareness, inclusion, and meaningful employment.
Fight poverty & food insecurity
Journey For Good Foundation: changing lives in North
American communities
The Journey For Good Foundation embodies Avolta North
America’s unwavering commitment to addressing poverty
and driving lasting social impact through community-
focused initiatives. Established in April 2024, it builds on
the legacy of the former HMSHost Foundation by uniting
the charitable efforts of several Avolta brands HMSHost,
Hudson, and Dufry in the region. Its mission is rooted in
creating sustainable and scalable solutions with a focus on
five key areas: food security, safe housing, education,
workforce development, and support for veterans and
their families.
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Food security is a cornerstone of the Foundation’s efforts,
partnering with food banks and local organizations
to combat hunger and ensure access to nutritious meals
for vulnerable populations. Addressing homelessness
is equally vital, with initiatives that provide safe housing,
essential furnishings, clothing, and pathways to empower
individuals to rebuild their lives with dignity and security.
Education and workforce development play a central role
in the Foundation’s mission, fostering opportunities for
long-term growth and self-sufficiency. Programs that en-
hance access to education and training, particularly in the
hospitality industry, leverage Avolta’s expertise to help
individuals develop sustainable careers. Additionally, the
Foundation honors veterans and their families by address-
ing their unique needs through tailored programs offering
food, shelter, medical care, and job training.
At the heart of the Foundation’s operations is an innovative
fundraising mechanism. Travelers shopping at participat-
ing Avolta dining venues, convenience stores, and duty-
free outlets can round up their purchases to the nearest
dollar, with the extra funds directly supporting the Foun-
dation’s programs. This initiative has already made a sig-
nificant impact, with nearly USD 1.5 million awarded to
65 charitable organizations across North America during
2024.
By addressing the root causes of poverty and fostering
community empowerment, the Journey For Good Foun-
dation is transforming lives. It exemplifies Avolta’s commit-
ment to sustainability principles by creating tangible,
positive outcomes, while fostering resilience, opportunity,
and inclusion. For more information, visit the website
https://journeyforgood.org.
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 non-profit organizations in the different re-
gions where the company operates.
Among these, in the USA, Avolta has cooperated with the
Food Donation Connection (FDC) since 2011, by donating
surplus food to people in need through partnerships with
local social service agencies. Every donor location is
matched with a group of qualified 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. In 2024, our F&B teams have provided about
320,000 meals to charities across North America. We are
expanding our food donation program to our retail opera-
tions and will widely deploy this retail process in 2025.
Also in Italy, Avolta has been actively supporting non-
profit organizations active in combating food waste. Its
most significant partnerships include those with Banco Al-
imentare, Pane Quotidiano and Fondazione IBVA, which
receive surplus food and donations from Autogrill’s cen-
tral warehouse. Since 1989, Banco Alimentare has been
collecting unspoiled, non-expired food that is no longer
sellable and would otherwise be thrown away. Pane Quo-
tidiano, based in Milan, puts human dignity at the center
of its activity and has been distributing food to those who
need it since 1898, while Fondazione IBVA, based in Milan
since 1801, offers families in need a supermarket where
they can shop for free with dignity, just like regular cus-
tomers. In 2024, over 220,000 product items were
donated to these local charities.
Clean water & sanitation for communities
One Water and Avolta: A Partnership Transforming
Lives
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. Founded by Duncan Goose, The One
Foundation is a charitable organization addressing water
poverty by funding clean water and sanitation projects in
underserved communities.
Through its One Water project, it channels funds from the
sales of One-branded products into programs that pro-
vide safe drinking water, sustainable infrastructure, and
hygiene education. Over the past seven years, World Duty
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 £ 2.8 mil-
lion in total to date have been raised, changing the lives of
over 462,000 people. Together with One Water and The
One Foundation, Avolta is helping to strengthen water and
sanitation services across Kenya, Rwanda, Ghana and Ma-
lawi through the delivery of piped water and sanitation
services and by capacity building with local utilities for
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better service provision. Together, the program is repair-
ing broken water points and providing the tools and
community training required to ensure the future sustain-
ability of these pumps.
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. Stiftung
Theodora, a Swiss charity that brings joy to hospitalized
children through visits by professional entertainers, known
as “Dream Doctors,” and Stiftung RgZ, a Swiss non-profit
organization promoting social integration – through coun-
seling, education, employment, and housing services – of
individuals with disabilities were the 2024 new beneficiary
of this project, for which about CHF 370,000 were raised
by the end of the year.
Ocean Plastic Cleaning
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 reusable bags made from
100 % recycled plastic bottles. The funds were donated to
Oceana’s marine habitats campaign for the protection of
30 % of the marine surface, and thus of its endangered spe-
cies. Besides protecting marine wildlife by reducing the im-
pact of single-use bags, the partnership aims to increase
consumer awareness of the importance of simple actions
that can be made by everyone to help benefit the environ-
ment. The initiative first involved our retail stores in Spain in
2023 but has now been extended to another 19 countries in
2024 across all the regions where Avolta 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
communities affected by the Valencia Flood, to the Presi-
dential Earthquake Relief Campaign in Türkiye and the sup-
port of our Armenian operation to the social program Chil-
dren 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 ini-
tiatives to support the many deserving projects. Internally
we give voice to these initiatives through our internal com-
munication platforms to recognize the effort, generate
awareness and motivate other employees to develop initia-
tives of their own.
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Yves
Gerster
Chief Financial
Officer
Excellent
progress on
our Desti-
nation 2027
ambitions
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Avolta delivered a solid 2024,
with EFCF at CHF 425 million, an
increase of 32 % year-on-year.
Dear all,
Following the transformational combi-
nation with Autogrill in 2023, 2024
marked the first full year trading as
one company, Avolta.
Despite continued geopolitical con-
cerns, demand for travel and the
travel experience remained strong in
2024. Indeed, momentum picked up
towards the end of the year, under-
pinning our confidence that growth
is sustainable over the foreseeable
future.
For 2024, full year CORE turnover
reached CHF 13,473 million, repre-
senting organic growth of 6.3 % ver-
sus the previous year. This organic
growth is all the more impressive
when considering the substantial
headwind from Argentina, costing
the group 140 basis points of growth.
This was possible thanks to Avolta’s
significant geographical diversifica-
tion (70 countries, over 1,000 loca-
tions, over 5,100 stores and restau-
rants) which reinforces our resilience
and defensive qualities, shielding
Avolta from market-specific risks.
Further to the completion of the busi-
ness integration, with the realization
of CHF 85 million synergies in line with
expectations, management’s shift of
focus has moved to optimizing Avol-
ta’s critical mass with the ambition of
enhancing medium-term growth op-
portunities, cash conversion, and re-
turns generation as per our “Destina-
tion 2027” strategy.
In this regard, Avolta delivered a solid
2024 profit performance with CORE
EBITDA of CHF 1,267 million, repre-
senting a margin of 9.4 %, +40 basis
points (bps) year-on-year. Further-
more, 2024 Equity Free Cash Flow
(EFCF) reached CHF 425 million, an
increase of 32 % year-on-year with an
33.5 % conversion of CORE EBITDA,
comfortably ahead of our Destination
2027 medium-term annual target of
+100-150 bps per annum.
Profitable,
cash generative
growth and returns
generation.
All of the aforementioned metrics
performed in-line or above our initial
expectations set out at the beginning
of the year. This was thanks, in part, to
the continued strong global travel de-
mand as well as reinforced focus on
profitable cash generative growth and
returns’ generation.
In October 2023, we redefined our
Destination 2027 medium-term capi-
tal allocation policy. Our commitment
is to return one third of annual EFCF
to shareholders by way of a dividend.
For 2023, we paid a dividend of
CHF 0.70 per share on May 22, 2024,
equating to a total payout of CHF 104
million from our 2023 EFCF of
CHF 323 million. The dividend for
2024 of CHF 1.00 that the Board of
Directors proposes to the Annual
General Meeting in May 2025 again
reflects about one third of our EFCF
achieved in fiscal year 2024.
For the remaining two thirds of the an-
nual EFCF, we will continue to prioritize
strategic, cash funded, small to mid-
sized bolt-on acquisitions, in markets
where we can enhance our geo-
graphic footprint. The purchase of
the Free Duty concession, a Hong-
Kong based cross-border MTR
duty-free operator, which closed on
December 18, 2024, is a prime exam-
ple of this bolt-on strategy.
Beyond, and consistent with our rein-
forced capital allocation policy as pre-
sented in October 2024, as cash gen-
eration continues to gather pace,
we have the ambition of distributing
medium-term excess cash over and
above our 1.5x - 2.0x leverage target
range to shareholders by way of share
buybacks. In 2024, we purchased
CHF 202 million treasury shares and
subsequently cancelled 6.1 million
shares on December 17, 2024, repre-
senting 4 % of outstanding shares in
issue, and taking the number of out-
standing shares from 152.6 million to
146.5 million.
In accordance with the reinforced
capital allocation policy, Avolta an-
nounced and subsequently launched
on January 27, 2025 a public share
buyback program for the purpose of
the subsequent cancellation of up to
CHF 200 million worth of Avolta AG
registered shares. This initiative is
expected to end no later than
December 31, 2025.
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This share buyback strategy now
constitutes an integral part of our
medium-term capital allocation policy
with the aim of optimizing our balance
sheet and capital structure.
Further to ratings agency upgrades
by Moody’s on March 27, 2024, from
Ba3 to Ba2, and S&P on April 3, 2024,
from BB to BB+, we refinanced our
EUR 800 million October 2024 2.5 %
maturity in April, and extended our
RCF in October by 2 years to 2029
with the margin reduction on this
latter enabling interest savings of
approximately CHF 10 million per
annum going forward.
Our December 31, 2024, net debt
amounted to CHF 2,663 million. Fi-
nancial liabilities consist of 77 % fixed
and 23 % floating loans and notes, re-
sulting in a weighted-average interest
rate of debt of 3.4 %. Our constant FX,
LTM net debt to CORE EBITDA lever-
age ratio was 2.1x, down from 2.6x as
at December 31, 2023, and is the low-
est leverage level since 2011. We had
CHF 756 million cash equivalents on
the balance sheet and additional
liquidity of CHF 1,458 million resulting
from undrawn credit facilities.
Avolta has a history of addressing
debt financing well ahead of maturity
by aligning loans and timing to the
respective market environment to
achieve the best possible financing.
While current available liquidity
amounts to CHF 2,214 million, thereof
CHF 756 million available in cash and
cash equivalents, we are mindful of
the early 2026 CHF 500 million con-
vertible and CHF 300 million senior
note maturities.
Stakeholder
engagement.
During 2024, 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 448 interac-
tions, thereof 185 roadshows, confer-
ences and meetings, and 263 confer-
ence calls and emails.
Reinforced opera-
tional improvement
culture.
Over the medium-term, we continue
to foster a culture of operational im-
provement to fuel profitable growth,
drive cash flow generation, and en-
hance returns. Hereby, the finance
teams will support our pursuit of su-
perior profitability driven by a logic of
zero-based budgeting, focused on
disproportionally allocating resources
to activities that make the most im-
pact, while further standardizing and
leveraging technology to simplify
work and operations. In addition to
the budgeting discipline, Avolta con-
tinues to systematically and actively
manage its concession portfolio, with
stronger focus on the evaluation of
full profitability, cash flow contribu-
tion, and returns.
Diligent cost and cash
flow management.
For 2025, while macroeconomic and
geopolitical developments remain un-
certain, we look forward to the year
with confidence, supported by
recent demand momentum across
the travel-related sectors, the positive
outlook for global passenger trends,
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,
We are now more resilient than
ever and seek to continue optimiz-
ing our global critical mass with
the goal of underpinning future
profitable growth, cash conversion
and returns generation.
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however, it is important to consider
translational effects from currency
developments when comparing
turnover 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
ongoing support to initiate and exe-
cute the right measures, helping us
to emerge stronger and be in the
best position to take advantage of
the opportunities we see on our way
ahead.
Kind regards,
Yves Gerster
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CORE and IFRS profit or loss
CORE
2024
CORE
2024
CORE
2023
CORE
2023
IFRS
2024
IFRS
2023
CORE 1
2024
CORE 1
2023
In millions of
CHF
In %
CHF
In %
CHF
CHF
USD
USD
Turnover
13,473
100.0%
12,535
100.0%
13,725
12,790
15,305
13,989
Cost of sales
(4,690)
(34.8% )
(4,477)
(35.7% )
(4,924)
(4,716)
(5,330)
(4,997)
Gross profit
8,783
65.2%
8,058
64.3%
8,801
8,074
9,975
8,992
Concession expenses (CORE) /
Lease expenses (IFRS)
(3,409)
(25.3% )
(3,179)
(25.4% )
(1,951)
(1,876)
(3,873)
(3,547)
Personnel expenses
(2,749)
(20.4% )
(2,539)
(20.3% )
(2,749)
(2,539)
(3,123)
(2,832)
Other expenses
(1,474)
(10.9% )
(1,418)
(11.3% )
(1,416)
(1,376)
(1,674)
(1,581)
Other income
116
0.9%
208
1.7%
98
192
133
231
CORE EBITDA /
Operating profit before D&A (IFRS)
1,267
9.4%
1,130
9.0%
2,783
2,475
1,438
1,263
Depreciation & impairment of PP&E
(306)
(2.3% )
(277)
(2.2% )
(306)
(277)
(349)
(309)
Amortization & impairment of intangibles
(62)
(0.5% )
(35)
(0.3% )
(364)
(243)
(71)
(39)
Depreciation & impairment right-of-use
assets (IFRS)
–
–
–
–
(1,179)
(1,090)
–
–
CORE EBIT / Operating profit (IFRS)
899
6.7%
818
6.5%
934
865
1,018
915
Financial result
(187)
(1.4% )
(202)
(1.6% )
(587)
(567)
(211)
(225)
CORE Profit before taxes /
Profit before taxes (IFRS)
712
5.3%
616
4.9%
347
298
807
690
Income tax
(162)
(22.8% )
(159)
(25.8% )
(87)
(82)
(185)
(179)
CORE Net profit / Net profit (IFRS)
550
4.1%
457
3.6%
260
216
622
511
1 Convenience translation for illustrative purposes.
Equity free cash flow
2024
2023
2024
2023
In millions of
CHF
CHF
USD 1
USD 1
CORE EBITDA
1,267
1,130
1,438
1,263
Other non-cash items and changes in lease obligation
91
81
103
92
Changes in net working capital
(84)
(44)
(104)
(45)
Capital expenditures
(473)
(433)
(536)
(483)
Cash flow related to minorities
(124)
(103)
(140)
(115)
Dividends from associates
1
2
1
2
Income taxes paid
(120)
(129)
(137)
(145)
Cash flow before financing
558
504
625
569
Interest, net
(135)
(160)
(152)
(179)
Other financing items
2
(21)
1
(24)
Equity free cash flow
425
323
474
366
Dividend to Group shareholders
(104)
–
(118)
–
Purchase of treasury shares 2
(202)
(33)
(229)
(37)
Foreign exchange adjustments and other
(86)
(175)
142
(492)
Decrease / (Increase) in financial net debt
33
115
269
(163)
– at the beginning of the period
2,696
2,811
3,204
3,041
– at the end of the period
2,663
2,696
2,935
3,204
1 Convenience translation for illustrative purposes.
2 Gross consideration.
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Consolidated Financial
Statements
170 – 252
170 Consolidated statement of profit or loss
171 Consolidated statement of
other comprehensive income
172 Consolidated statement of financial position
173 – 174 Consolidated statement of changes in equity
175 – 176 Consolidated statement of cash flows
177 – 249 Notes to the consolidated financial statements
250 – 252 Report of the statutory auditor
Financial Statements
Avolta AG
253 – 265
253 Statement of profit or loss
254 Statement of financial position
255 – 263 Notes to the financial statements
264 – 265 Report of the statutory auditor
Financial
Statements 2024
Content
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Consolidated statement
of profit or loss
for the year ended December 31, 2024
In millions of CHF
Note
2024
2023
Net sales
7
13,493
12,584
Advertising income
232
206
Turnover
13,725
12,790
Cost of sales
(4,924)
(4,716)
Gross profit
8,801
8,074
Lease expenses
8
(1,951)
(1,876)
Personnel expenses
9
(2,749)
(2,539)
Depreciation and amortization
(1,787)
(1,639)
Impairment, net
18.3
(62)
29
Other expenses
10
(1,416)
(1,376)
Other income
11
98
192
Operating profit
934
865
Finance expenses
12.1
(764)
(627)
Finance income
12.2
159
110
Foreign exchange gain / (loss)
18
(50)
Profit before tax
347
298
Income tax expenses
13
(87)
(82)
Net profit
260
216
Attributable to
Non-controlling interests
157
129
Equity holders of the parent
103
87
Earnings per share attributable to equity holders of the parent
Basic earnings per share in CHF
0.70
0.64
Diluted earnings per share in CHF
0.68
0.63
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Consolidated statement
of other comprehensive income
for the year ended December 31, 2024
In millions of CHF
Note
2024
2023
Net profit
260
216
Other comprehensive income
Remeasurement of post-employee benefit plans
14
(9)
11
Income tax
13, 14
3
–
Items not being reclassified to net income in subsequent periods, net of tax
(6)
11
Exchange differences on translating foreign operations
14
196
(262)
Net gain / (loss) on hedge of net investments in foreign operations
26
(12)
14
Items to be reclassified to net income in subsequent periods, net of tax
184
(248)
Total other comprehensive income, net of tax
178
(237)
Total comprehensive income, net of tax
438
(21)
Attributable to
Non-controlling interests
174
109
Equity holders of the parent
264
(130)
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Consolidated statement
of financial position
at December 31, 2024
In millions of CHF
Note
31.12.2024
31.12.2023
Assets
Property, plant, and equipment
15
1,296
1,131
Right-of-use assets
16
7,785
7,237
Intangible assets
17
1,935
2,144
Goodwill
17
3,111
2,979
Investments in associates
34
34
Deferred tax assets
29
166
165
Net defined benefit assets
31
28
36
Other non-current assets
19
281
312
Non-current assets
14,636
14,038
Inventories
20
1,276
1,062
Trade and credit card receivables
21
56
41
Current investments
–
55
Other accounts receivable
22
632
576
Income tax receivables
44
28
Cash and cash equivalents
27
756
715
Current assets
2,764
2,477
Total assets
17,400
16,515
Liabilities and shareholders' equity
Equity attributable to equity holders of the parent
2,349
2,361
Non-controlling interests
171
134
Total equity
2,520
2,495
Borrowings
26
3,248
2,521
Lease obligations
27
7,012
6,751
Deferred tax liabilities
29
372
410
Provisions
30
103
74
Net defined benefit obligation
31
43
44
Other non-current liabilities
28
88
80
Non-current liabilities
10,866
9,880
Trade payables
824
874
Borrowings
26
141
819
Lease obligations
27
1,508
1,103
Income tax payables
85
45
Provisions
30
82
106
Other liabilities
28
1,374
1,193
Current liabilities
4,014
4,140
Total liabilities
14,880
14,020
Total liabilities and shareholders' equity
17,400
16,515
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Consolidated statement
of changes in equity
for the year ended December 31, 2024
Attributable to equity holders of Avolta AG
In millions of CHF
Note
Share
capital
Share
premium
Treasury
shares
Employee
benefit
reserve
Translation
reserve
Retained
earnings
Total
Non-
controlling
interests
Total equity
Balance at January 1, 2024
763
6,833
(90)
13
(771)
(4,387)
2,361
134
2,495
Net earnings
–
–
–
–
–
103
103
157
260
Other comprehensive income / (loss)
14
–
–
–
(6)
167
–
161
17
178
Total comprehensive income / (loss) for the
period
–
–
–
(6)
167
103
264
174
438
Transactions with or distributions
to shareholders
Share purchases
23.2
–
–
(202)
–
–
–
(202)
–
(202)
Share cancellations
23.1
(30)
(201)
231
–
–
–
–
–
–
Dividends
–
(104)
–
–
–
–
(104)
(145)
(249)
Share-based payments
24
–
–
15
–
–
9
24
–
24
Total transactions with
or distribution to owners
(30)
(305)
44
–
–
9
(282)
(145)
(427)
Changes in ownership interests in
subsidiaries
Put-option held by non-controlling interests
–
–
–
–
–
9
9
(6)
3
Other participation interest / Non-controlling
interests share capital changes
–
–
–
–
–
(3)
(3)
14
11
Changes in participation of
non-controlling interests
–
–
–
–
–
6
6
8
14
Balance at December 31, 2024
733
6,528
(46)
7
(604)
(4,269)
2,349
171
2,520
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Consolidated statement
of changes in equity
for the year ended December 31, 2023
Attributable to equity holders of Avolta AG
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-
controlling
interests
Total equity
Balance at January 1, 2023
454
4,542
(23)
60
2
(543)
(3,599)
893
73
966
Net earnings
–
–
–
–
–
–
87
87
129
216
Other comprehensive
income / (loss)
14
–
–
–
–
11
(228)
–
(217)
(20)
(237)
Total comprehensive
income / (loss) for the period
–
–
–
–
11
(228)
87
(130)
109
(21)
Transactions with or
distributions to
shareholders
Conversion of mandatory
convertible notes to equity
10
50
–
(60)
–
–
–
–
–
–
Purchase of treasury shares
23.2
–
–
(33)
–
–
–
–
(33)
–
(33)
Share capital increase
23.1
299
2,241
–
–
–
–
–
2,540
–
2,540
Dividends
–
–
–
–
–
–
–
–
(143)
(143)
Share-based payments
24
–
–
–
–
–
–
35
35
–
35
Total transactions with
or distribution to owners
309
2,291
(33)
(60)
–
–
35
2,542
(143)
2,399
Changes in ownership
interests in subsidiaries
Acquired non-controlling
interests of Autogrill
6.2
–
–
–
–
–
–
–
–
442
442
Changes in participation of
non-controlling interests of
Autogrill
6.2
–
–
–
–
–
–
(920)
(920)
(384)
(1,304)
Put-option held by non-
controlling interests
–
–
–
–
–
–
(15)
(15)
(5)
(20)
Other changes in participation of
non-controlling interests
–
–
(34)
–
–
–
25
(9)
42
33
Changes in participation of
non-controlling interests
–
–
(34)
–
–
–
(910)
(944)
95
(849)
Balance at December 31, 2023
763
6,833
(90)
–
13
(771)
(4,387)
2,361
134
2,495
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Consolidated statement
of cash flows
for the year ended December 31, 2024
In millions of CHF
Note
2024
2023
Cash flows from operating activities
Profit before tax
347
298
Adjustments for:
Depreciation and amortization
1,787
1,639
Impairment, net
18.3
62
(29)
Increase / (decrease) in allowances and provisions
(3)
24
Other non-cash items
28
33
Loss / (gain) on sale of non-current assets
2
(1)
Loss / (gain) on foreign exchange differences
(18)
50
Finance expenses
12.1
764
627
Finance income
12.2
(159)
(110)
Cash flow before working capital changes
2,810
2,531
Decrease / (increase) in trade and other accounts receivable
(49)
(49)
Decrease / (increase) in inventories
(135)
(141)
Increase / (decrease) in trade and other accounts payable
98
146
Dividends received from associates
1
2
Cash generated from operations
2,725
2,489
Income tax paid
(120)
(130)
Net cash flows from operating activities 1
2,605
2,359
Cash flow used in investing activities
Purchase of property, plant, and equipment
15
(434)
(404)
Purchase of intangible assets
17
(49)
(37)
Purchase of financial assets
(140)
(155)
Proceeds from lease income
29
22
Loans receivable repaid / (granted)
1
(36)
Proceeds from sale of property, plant, and equipment
10
8
Proceeds from sale of financial assets
204
80
Interest received
93
62
Business combination, net of acquired cash
6
(26)
460
Sale of interest in subsidiaries, net of cash
–
(1)
Net cash flows used in investing activities
(312)
(1)
1 Include lease payments from operating activities of CHF 2,020 million (2023: CHF 1,903 million).
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Consolidated statement
of cash flows (continued)
for the year ended December 31, 2024
In millions of CHF
Note
2024
2023
Cash flow from financing activities
Proceeds from / (repayment of) 3 rd party loans
27
–
2
Proceeds from borrowings
27
981
225
Repayment of borrowings
27
(1,016)
(865)
Purchase of non-controlling interests Autogrill
6.2
–
(44)
Dividends paid to shareholders
23.1
(104)
–
Dividends paid to non-controlling interests
(143)
(134)
Employee tax witholding on share-based payment plans
(4)
–
Gross consideration for purchase of treasury shares
23.2
(202)
(33)
Contribution from non-controlling interests
19
31
Lease payments
27
(1,484)
(1,362)
Interest paid
27
(227)
(222)
Net cash flow used in financing activities
(2,180)
(2,402)
Currency translation on cash
27
(72)
(96)
Increase / (decrease) in cash and cash equivalents
41
(140)
Cash and cash equivalents at the
– beginning of the period
27
715
855
– end of the period
27
756
715
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Notes to the consolidated
financial statements
for the year ended December 31, 2024
1.
Corporate Information
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, 2024, 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 11, 2025, and are subject to the
approval of the Annual General meeting to be held on May 14, 2025.
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
International Accounting Standards Board (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 consolidated financial statements are pre-
sented in millions of Swiss Francs (CHF) and prior year figures are adjusted consistent
with the current year presentation. Numbers presented throughout this report may not
add up precisely due to rounding.
The consolidated financial statements have been prepared on a going concern basis.
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3.
Accounting Policies
3.1
Basis of consolidation
The consolidated financial statements of Avolta comprise all entities directly or indi-
rectly controlled by Avolta for the years ended December 31, 2024, and December 31,
2023, respectively.
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, unre-
alized gains or losses, and dividends with consolidated entities 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.
When 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 interests as well as
derecognizes the cumulative translation differences recorded in equity;
–
recognizes the fair value of the consideration received, and the fair value of any
investment retained, and records any surplus or deficit in the statement of profit or
loss; and
–
recognizes any receivable from / payable to this former subsidiary.
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3.2
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. Any subsequent changes in the fair value of the contingent
consideration not classified as equity are 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.
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 groups of cash-gener-
ating units that are expected to benefit from the combination.
b) Foreign currency translation
Transactions in foreign currencies are recorded at the date of the transaction in the
functional currencies of the respective subsidiaries, using the exchange rate of such
date.
Monetary assets and liabilities denominated in foreign currencies are remeasured using
the exchange rate at the reporting date and the difference is recorded as unrealized for-
eign exchange gains / losses. Exchange differences arising on the settlement or on the
translation of derivative financial instruments are recognized in the statement of profit
or loss (within finance costs), except where the hedges on net investments allow the rec-
ognition through other comprehensive income, until the respective investments are dis-
posed of. Deferred tax related to unrealized exchange differences is accounted for
accordingly. Non-monetary items are measured at historical cost in the respective func-
tional currency.
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At the reporting date, the assets and liabilities of all subsidiaries reporting in foreign cur-
rencies 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 translated using the average exchange rates of the respective month in which the
transactions occurred. The translation differences are recognized in other comprehen-
sive income. On disposal of a foreign entity or when control is lost, the deferred cumu-
lative translation difference recognized within equity relating to that particular opera-
tion is recognized in the statement of profit or loss.
Principal foreign exchange rates applied for valuation and translation:
Average rate
Closing rate
In CHF
2024
2023
31.12.2024
31.12.2023
1 USD
0.8805
0.8983
0.9072
0.8415
1 EUR
0.9525
0.9715
0.9393
0.9288
1 GBP
1.1252
1.1171
1.1355
1.0714
c) Net sales
Net sales are recognized from contracts with customers. The Group recognizes revenue
from customers at the point in time
when it sells and hands over goods at the stores to
the customers. 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 acts as an agent and not as a principal in a sales transaction, the rev-
enues recognized is the net amount of the Group’s premium or commission. The Group
acts as an agent for a portion of 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, less an adjustment to reflect risks and uncertain-
ties in relation with the final achievements of incentives based on thresholds, to be con-
firmed 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 respective conditions and that the
grants will be received.
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.
Grants are recognized in the income statement under “Other operating income” or, if
directly attributable, deducted from the related cost.
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f) Cost of sales
Cost of sales are recognized when the group sells the products and comprises the pur-
chase 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 adjust-
ments and inventory losses.
g) Share capital
Ordinary shares are classified as equity. Costs directly attributable to the issuance of
equity instruments are shown net of tax in the statement of changes in equity as trans-
action costs for equity instruments.
For Avolta shares purchased by Avolta AG or any subsidiary, the consideration paid,
including any directly attributable net expenses, is deducted from equity until the
shares are cancelled, assigned, or sold. Where such shares are subsequently sold, any
consideration received, net of any direct transaction expenses and income tax, is
included in equity.
h) Pension and other post-employment benefit obligation
Employees are eligible for retirement, invalidity, and death benefits under local social
security schemes prevailing in the countries concerned and defined benefit or defined
contribution plans provided through separate funds, insurance plans, or unfunded
arrangements. The pension plans are either funded through regular contributions made
by the employer or the employee, or are unfunded. 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 components 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”.
i) Share-based payments
Equity-settled share-based payments to employees are measured at the fair value of
the equity instruments at grant date. The fair value determined at grant date of the equi-
ty-settled share-based payments is expensed on a pro rata basis over the vesting
period, updated for estimates relating to meeting non-market performance conditions.
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. Changes
in estimates relating to market conclusions are reflected in equity.
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j) 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 in 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
jurisdiction where Avolta operates and generates taxable income.
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.
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 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.
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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 entity.
k) Property, plant and equipment
These are stated at cost less accumulated depreciation and any impairment. Depreci-
ation is computed on a straight-line basis over the shorter of the estimated useful life of
the asset or the lease term. The useful lives 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
l) Leases
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. Right-
of-use assets are subject to impairment. The contractual term of the Group’s leases 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.
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, Avolta uses a discount rate which is the aggregation of the risk-free rate for the
respective currency and lease duration, increased by individual specific risk factors.
Low-value leases, and short-term leases (lease term of less than 12 months), as well as
other lease elements not eligible for capitalization are expensed as incurred.
Avolta’s outlets are typically leased. These lease agreements often contain complex fea-
tures, which include variable sales-based payments, which cannot be lower than a min-
imal threshold (MAG). The MAG can be fixed or variable depending on certain parame-
ters. 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) be adjusted based on an
index. The unavoidable portions of the fees are considered as in substance fixed pay-
ments, despite having a variable component. These agreements do not contain a
residual value guarantee. In some cases, the current parts of the lease obligations are
secured with bank guarantees.
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Besides outlet leases, Avolta has also entered into lease agreements for other assets,
including vehicles for warehouses, hardware or software, and other assets.
The line item lease expenses in the profit or loss statement excludes depreciation on
right-of-use assets and interest expenses on the lease obligations.
Where the Group acts as sub-lessor, it recognizes lease receivables as of the com-
mencement 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, and the Group reduces its right-of-use assets and recognizes a lease receivable
as a counter-entry, split between current and non-current assets.
Usually, the Group’s lease contracts do not specify interest, so that the accrued interest
is considered as a part of the minimal in substance fixed 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 outflows from operations.
m) Intangible assets
These assets are measured at cost and mainly consist of concession rights and brands.
The useful lives of these intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite lives are amortized over their useful life. Intangible assets
with an indefinite useful life are reviewed annually to determine whether the indefinite
life assessment continues to be supportable. If not, any changes are made on a pro-
spective basis. Brand assets have indefinite useful lives, 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.
n) 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 flows (cash-gener-
ating units).
o) Associates
Associates are entities over which Avolta has significant influence but not control, gen-
erally with 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
and decreased by dividends declared, and any impairments. Avolta’s investments in asso-
ciates may include goodwill on acquisition.
When Avolta’s share of losses in an associate equals or exceeds its interest in the asso-
ciate, Avolta does not recognize further losses, unless it has incurred legal or construc-
tive obligations or has made payments on behalf of the associate.
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 investors’ interest in the associates.
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p) 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 or First in
First out (FIFO) method. Historical cost includes all expenses incurred in bringing the
inventories to their present location and condition.
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 recog-
nized for slow-moving and obsolete stock. Expired items are fully written off.
q) 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 of up to three months. Credit card receiv-
ables with a maturity of up to four working days are included as cash in transit.
r) 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. Provisions at
Avolta include contingent liabilities acquired in a business combination, onerous con-
tracts, restructuring provisions, and provisions relating to lawsuits and claims.
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.
s) Investments and other financial assets
Depending on Avolta’s business model for managing specific financial assets and liabil-
ities, and on contractual terms, they are either measured at fair value (through OCI or
P&L) or measured at amortized cost.
(i) 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 sim-
plified approach which requires expected lifetime losses to be recognized from initial
recognition of the receivables.
(ii) 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, or to realize the
assets and settle the liabilities simultaneously (see note 27).
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t) 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.
u) 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 32.
Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting and their changes
in the fair value are recognized immediately in the statement of profit or loss, included
in other finance income or finance expenses.
Further details of derivative financial instruments are disclosed in note 32.
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3.3
New standards, interpretations, and
amendments
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, 2024).
New and amended standards adopted by the Group
–
Amendment to IAS 1: Non-current liabilities with Convenants and Classification of lia-
bilities as current or non-current
–
Amendment to IFRS 16: Lease liability in a sale and leaseback
–
Amendment to IAS 7 & IFRS 7: Supplier finance arrangements
The amendments apply for the first time in 2024, 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 and new standards that have
been issued but are not yet effective:
–
Amendment to IAS 21 – Lack of exchangeability
–
Amendment to IFRS 9 & IFRS 7 – Classification and measurement of financial instru-
ments
–
Volume 11 – Annual improvement to IFRS accounting standards
–
IFRS 18 – Presentation and disclosure in financial statements
–
IFRS 19 – Subsidiaries without public accountability: Disclosures
The new standards and interpretations issued, but not yet effective do not have a mate-
rial impact from a qualitative and quantitative perspective, except IFRS 18.
IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many
of the requirements in IAS 1. IFRS 18 introduces new requirements to present specified
categories and defined subtotals in the statement of profit or loss, provide disclosures
on management-defined performance measures (MPMs) in the notes to the financial
statements, and improve aggregation and disaggregation.
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.
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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 discounted cash flow models.
Such discounted cash flow models require the use of several estimates, which, in com-
bination, are considered critical accounting judgements and key sources of estimation
uncertainty. None of them represents a major source of estimation uncertainty. The
estimates and assumptions used are disclosed in note 18.
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 segment.
The Company reports on the following geographic operating segments:
–
Europe, Middle East and Africa (EMEA)
–
North America
–
Latin America (LATAM)
–
Asia Pacific (APAC)
“Other” includes costs, which cannot be allocated to the operating segments, such as
global and corporate costs. In this regard, and consistent with internal reporting, CHF
196 million costs for 2023 were reallocated to the operating segments to conform with
the current year’s presentation.
The Group presents CORE EBITDA (Non-GAAP), which is used by the Global Executive
Committee to monitor the Group’s performance. This indicator provides the most rele-
vant view on Avolta’s business and represents an operational KPI that excludes the
accounting impact resulting from IFRS 16 related profit or loss line items (e.g., depreci-
ation of right-of-use assets and lease interest) and adds the respective concession fees.
Please refer to Avolta’s alternative 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:
Turnover
2024
In millions of CHF
With external
customers
With other
divisions
Total
Core EBITDA
(unaudited)
Europe, Middle East and Africa (EMEA)1,2
7,180
–
7,180
736
North America 1
4,297
–
4,297
496
Latin America (LATAM)
1,572
–
1,572
166
Asia Pacific (APAC)
579
–
579
34
Total operating segments
13,628
–
13,628
1,432
Other
97
1,608
1,705
(165)
Eliminations
–
(1,608)
(1,608)
–
Total
13,725
–
13,725
1,267
Turnover
2023
In millions of CHF
With external
customers
With other
divisions
Total
Core EBITDA
(unaudited)
Europe, Middle East and Africa (EMEA)1,2
6,520
–
6,520
633
North America 1
3,971
–
3,971
434
Latin America (LATAM)
1,654
–
1,654
207
Asia Pacific (APAC)
558
–
558
27
Total operating segments
12,703
–
12,703
1,300
Other
87
1,530
1,617
(171)
Eliminations
–
(1,530)
(1,530)
–
Total
12,790
–
12,790
1,130
1 The Group generated 28.7 % (2023: 28.3 %) of its turnover in the US, 11.3 % (2023: 10.8 %), in the United Kingdom, and
11.2 % (2023: 11.0 %) in Italy.
2 Avolta generated 3.1 % (2023: 3.1 %) of its turnover with external customers in Switzerland (domicile).
Transactions between operating segments are on arm’s length terms.
Number of employees
Number of employees (FTE)
31.12.2024
31.12.2023
Europe, Middle East and Africa (EMEA)
27,358
26,044
North America
27,705
29,851
Latin America (LATAM)
6,734
5,991
Asia Pacific (APAC)
5,856
5,820
Total operating segments
67,653
67,706
Other
1,097
753
Total
68,750
68,459
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Profit or loss reconciliation IFRS / CORE
Please refer to pages 269 – 270 in Avolta’s alternative performance measures chapter
for more details on the reconciliation between the IFRS and CORE profit or loss.
2024
In millions of CHF
IFRS
Acquisition
rel. adj.
(unaudited)
Lease
adjustments
(unaudited)
Fuel sales
adjustments
(unaudited)
CORE
(unaudited)
Net sales
13,493
–
–
(252)
13,241
Advertising income
232
–
–
–
232
Turnover
13,725
–
–
(252)
13,473
Cost of sales
(4,924)
–
–
234
(4,690)
Gross profit
8,801
–
–
(18)
8,783
Lease expenses (IFRS) / Concession expenses (CORE)
(1,951)
–
(1,458)
–
(3,409)
Personnel expenses
(2,749)
–
–
–
(2,749)
Other expenses
(1,416)
–
(58)
–
(1,474)
Other income
98
–
–
18
116
Operating profit before D&A (IFRS) / CORE EBITDA
2,783
–
(1,516)
–
1,267
Depreciation & impairment of PP&E
(306)
–
–
–
(306)
Amortization & impairment of intangibles
(364)
248
54
–
(62)
Depreciation & impairment right-of-use assets
(1,179)
–
1,179
–
–
Operating profit (IFRS) / CORE EBIT
934
248
(283)
–
899
Financial result
(587)
–
400
–
(187)
Profit before taxes (IFRS) / CORE EBT
347
248
117
–
712
Income tax
(87)
(74)
(1)
–
(162)
Net profit (IFRS) / CORE Net profit
260
174
116
–
550
2023
In millions of CHF
IFRS
Acquisition
rel. adj.
(unaudited)
Lease
Adjustments
(unaudited)
Fuel sales
adjustments
(unaudited)
CORE
(unaudited)
Net sales
12,584
–
–
(255)
12,329
Advertising income
206
–
–
–
206
Turnover
12,790
–
–
(255)
12,535
Cost of sales
(4,716)
–
–
239
(4,477)
Gross profit
8,074
–
–
(16)
8,058
Lease expenses (IFRS) / Concession expenses (CORE)
(1,876)
–
(1,303)
–
(3,179)
Personnel expenses
(2,539)
–
–
–
(2,539)
Other expenses
(1,376)
19
(61)
–
(1,418)
Other income
192
–
–
16
208
Operating profit before D&A (IFRS) / CORE EBITDA
2,475
19
(1,364)
–
1,130
Depreciation & impairment of PP&E
(277)
–
–
–
(277)
Amortization & impairment of intangibles
(243)
208
–
–
(35)
Depreciation & impairment right-of-use assets
(1,090)
–
1,089
–
–
Operating profit (IFRS) / CORE EBIT
865
227
(275)
–
818
Financial result
(567)
16
349
–
(202)
Profit before taxes (IFRS) / CORE EBT
298
243
74
–
616
Income tax
(82)
(53)
(24)
–
(159)
Net profit (IFRS) / CORE Net profit
216
190
50
–
457
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Financial position and other disclosures
At December 31, 2024
In millions of CHF
Total
assets
Total
liabilities
Income tax
(expense) /
income
Capital
expenditure
paid
Depreciation
amortization
and
impairment
Europe, Middle East and Africa (EMEA)1
9,797
7,736
(13)
(242)
(1,065)
North America 2
4,292
2,833
(40)
(162)
(540)
Latin America (LATAM)
1,698
1,631
(18)
(25)
(140)
Asia Pacific (APAC)
990
1,115
(5)
(14)
(56)
Total operating segments
16,777
13,315
(76)
(443)
(1,801)
Other
3,004
3,946
(11)
(40)
(48)
Eliminations
(2,381)
(2,381)
–
–
–
Total
17,400
14,880
(87)
(483)
(1,849)
At December 31, 2023
In millions of CHF
Total
assets
Total
liabilities
Income tax
(expense) /
income
Capital
expenditure
paid
Depreciation
amortization
and
impairment
Europe, Middle East and Africa (EMEA)1
9,895
7,846
(39)
(178)
(934)
North America 2
4,085
2,698
(16)
(187)
(508)
Latin America (LATAM)
1,621
1,573
(14)
(23)
(103)
Asia Pacific (APAC)
375
543
(4)
(28)
(46)
Total operating segments
15,976
12,660
(73)
(416)
(1,591)
Other
2,873
3,694
(9)
(25)
(19)
Eliminations
(2,334)
(2,334)
–
–
–
Total
16,515
14,020
(82)
(441)
(1,610)
1 5.0 % (2023: 5.7 %) of the total non-current assets are located in Switzerland (domicile) and 27.2 % (2023: 29.9 %) in
Spain.
2 21.4 % (2023: 21.1 %) of the total non-current assets are located in the US.
Reconciliation of assets
In millions of CHF
31.12.2024
31.12.2023
Total operating assets
16,777
15,976
Current assets of corporate and holding companies
1,075
949
Non-current assets of corporate and holding companies
1,929
1,924
Eliminations
(2,381)
(2,334)
Total assets
17,400
16,515
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Reconciliation of liabilities
In millions of CHF
31.12.2024
31.12.2023
Total operating liabilities
13,315
12,660
Borrowings of corporate and holding companies, current
98
748
Borrowings of corporate and holding companies, non-current
3,043
2,200
Other non-segment liabilities
805
746
Eliminations
(2,381)
(2,334)
Total liabilities
14,880
14,020
6.
Acquisitions of businesses
6.1
2024 Business Combinations
On December 18, 2024, Avolta acquired 100 % of Free Duty from NWS Holdings Lim-
ited, Hong Kong. The purchase consideration of CHF 52 million is subject to customary
working capital adjustments and includes contingent consideration with a preliminary
fair value of CHF 23 million and an upfront payment of CHF 29 million. Acquired net
assets of CHF 45 million are preliminary and will be updated during the 12 months after
the acquisition using information as of the acquisition date.
The combination is expected to generate synergies by leveraging duty-free allowances
and access to high-volume railway stores at the MTR stations. The synergies are
reflected in goodwill which preliminarily amounts to CHF 7 million. The deal has also
strengthened Avolta’s positioning in the Asia Pacific region, gaining access to 150 mil-
lion travelers and increasing regional sales by CHF 250 million approximately.
6.2
2023 Business Combinations
On February 3, 2023, Dufry closed the business combination with Autogrill, 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
aggregate of 30,663 thousand 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 thou-
sand 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.
The fair values of the identifiable assets and liabilities assumed of Autogrill at the date
of acquisition and the resulting goodwill was determined as follows:
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In millions of CHF
Fair Values
Property, plant and equipment
785
Right-of-use assets
1,317
Concession rights
861
Brands
113
Other intangible assets
36
Investments in associates
4
Deferred tax assets
44
Other non-current assets
108
Inventories
124
Trade and credit card receivables
9
Cash and cash equivalents
460
Other current assets
158
Borrowings
(571)
Lease obligations
(1,434)
Post-employment benefit obligations
(31)
Deferred tax liabilities
(269)
Provisions
(81)
Trade payables
(403)
Other liabilities
(400)
Fair value of non-controlling interests
(57)
Identifiable net assets
773
Avolta’s share in the net assets (50.3 %)
389
Goodwill
890
Consideration in cash
–
Consideration in shares
1,279
Total consideration
1,279
From the date when Dufry took control of the Autogrill operations on February 3, 2023,
until December 31, 2023, Autogrill operations contributed CHF 4,539 million in turnover
and a net profit of CHF 48 million to the Group. If the business combination had taken
place at the beginning of 2023, Autogrill would have generated a turnover of CHF 4,891
million (unaudited) and a net profit of CHF 29 million (unaudited). Transaction costs in
connection to the Autogrill business combination are reflected in other expenses and
finance expenses. Please refer to note 10 and note 12 for further information.
Transaction with non-controlling interest
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 1,305 million, thereof paid in shares CHF 1,261 million and a total consideration paid
in cash of CHF 44 million equivalent to EUR 6.33 per share. The difference between the
total consideration for the additional shares and the proportional reduction of the car-
rying amount of the non-controlling interests was CHF 921 million. This amount was rec-
ognized in the retained earnings in the line changes in participation of non-controlling
interests in the statement of changes in equity.
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7.
Net sales
Net sales by product categories:
In millions of CHF
EMEA
North
America
LATAM
APAC
Global DC
2024
Perfumes and Cosmetics
1,688
178
521
87
63
2,537
Food, Confectionery & Catering
2,239
3,307
177
221
4
5,948
Wine and Spirits
681
68
405
131
15
1,300
Luxury goods
300
169
236
42
–
747
Tobacco & related products
1,373
36
94
83
–
1,586
Electronics
16
128
32
1
–
177
Literature and Publications
13
89
5
–
–
107
Fuel
252
–
–
–
–
252
Other
499
283
55
1
1
839
Total
7,061
4,258
1,525
566
83
13,493
In millions of CHF
EMEA
North
America
LATAM
APAC
Global DC
2023
Perfumes and Cosmetics
1,533
166
555
98
59
2,411
Food, Confectionery & Catering
2,008
3,006
173
183
4
5,374
Wine and Spirits
662
67
426
139
11
1,305
Luxury goods
278
177
255
57
–
767
Tobacco & related products
1,186
35
91
69
1
1,382
Electronics
14
127
70
2
–
213
Literature and Publications
11
95
4
–
–
110
Fuel
255
–
–
–
–
255
Other
467
264
34
2
–
767
Total
6,414
3,937
1,608
550
75
12,584
Net sales by market sector:
In millions of CHF
EMEA
North
America
LATAM
APAC
Global DC
2024
Duty-free
2,827
268
1,373
353
–
4,821
Duty-paid
2,144
1,736
152
34
83
4,149
Food & beverage
2,090
2,254
–
179
–
4,523
Total
7,061
4,258
1,525
566
83
13,493
In millions of CHF
EMEA
North
America
LATAM
APAC
Global DC
2023
Duty-free
2,581
256
1,464
369
–
4,670
Duty-paid
1,944
1,683
144
36
75
3,882
Food & beverage
1,889
1,998
–
145
–
4,032
Total
6,414
3,937
1,608
550
75
12,584
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Net sales by channel:
In millions of CHF
EMEA
North
America
LATAM
APAC
Global DC
2024
Airports
5,115
4,123
1,329
408
–
10,975
Motorways
1,406
–
–
–
–
1,406
Border, downtown & hotel shops
155
47
51
46
–
299
Cruise liners and seaports
88
–
88
1
–
177
Railway stations and other
297
88
57
111
83
636
Total
7,061
4,258
1,525
566
83
13,493
In millions of CHF
EMEA
North
America
LATAM
APAC
Global DC
2023
Airports
4,640
3,805
1,433
388
–
10,266
Motorways
1,278
–
–
–
–
1,278
Border, downtown & hotel shops
128
49
56
53
–
286
Cruise liners and seaports
72
–
119
–
–
191
Railway stations and other
296
83
–
109
75
563
Total
6,414
3,937
1,608
550
75
12,584
8.
Lease (expenses) / income
In millions of CHF
2024
2023
Lease expenses
(1,973)
(1,891)
Lease expenses for short-term contracts
(38)
(40)
Lease expenses for low-value contracts
(13)
(13)
Sublease income
68
60
Change in provision for onerous contracts
5
8
Total
(1,951)
(1,876)
Variable lease expenses as defined by IFRS 16 are typically approximately 15 % of the
Group’s net sales.
For further details, refer note 16 for right-of-use assets, note 27 for lease obligation, and
note 12 for gains in relation to modifications of lease contracts.
9.
Personnel expenses
In millions of CHF
2024
2023
Salaries and wages
(2,129)
(1,980)
Social security expenses
(329)
(291)
Retirement benefits
(66)
(54)
Other personnel expenses
(225)
(214)
Total
(2,749)
(2,539)
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10.
Other expenses
In millions of CHF
2024
2023
Repairs and maintenance
(193)
(180)
Utilities
(117)
(125)
Credit card expenses
(230)
(218)
Professional advisors
(153)
(168)
IT expenses
(130)
(88)
Freight & packaging
(78)
(72)
Acquisition-related transaction costs
(2)
(41)
Other operational expenses
(71)
(79)
Advertising expenses
(36)
(32)
Office and admin expenses
(49)
(43)
Travel, car, entertainment, and representation
(43)
(49)
Royalties, franchise fees, and commercial services
(162)
(145)
Public relations expenses
(24)
(24)
Taxes other than income taxes
(88)
(73)
Ancillary premises expenses
(6)
(8)
Insurances
(23)
(20)
Bank expenses
(11)
(11)
Total
(1,416)
(1,376)
11.
Other income
In millions of CHF
2024
2023
Selling income
61
66
Airport services income 1
14
104
Other operational income
23
22
Total
98
192
1 Services provided in airline lounges ended in March 2024. Related costs are recognized in the corresponding expense
line items.
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12.
Finance expenses and finance income
12.1 Finance expenses
In millions of CHF
2024
2023
Interest expense
(710)
(534)
of which lease interest
(487)
(321)
of which bank interest
(110)
(92)
of which notes interest
(90)
(85)
of which bank commitment fees
(15)
(28)
of which bank guarantees commission expense
(7)
(7)
of which related to other financial liabilities
(1)
(1)
Amortization of arrangement fees
(12)
(5)
Other finance costs 1,2,3
(42)
(88)
Total
(764)
(627)
1 2024: CHF 18 million (2023: CHF 49 million) of losses on financial derivatives.
2 2023: CHF 16 million financing related transaction costs in connection with the closing of the Autogrill transaction
(Bridge financing).
3 2023: CHF 13 million net loss relating to the revaluation of financial instruments.
12.2 Finance income
In millions of CHF
2024
2023
Interest income on current deposits
84
55
Interest income on 3 rd party loans
–
3
Other finance income 1,2,3
69
48
Share of result in associates
6
4
Total
159
110
1 2024: CHF 12 million (2023: CHF 37 million) gains on interest financial derivatives.
2 2024: CHF 7 million (2023: CHF 8 million) gains in relation to modifications of lease contracts.
3 2024: CHF 30 million net gain relating to the revaluation of financial investments.
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13.
Income taxes
Income tax recognized in the consolidated statement of profit or loss
In millions of CHF
2024
2023
Current Income tax income / (expense)
(140)
(122)
of which corresponding to the current period
(151)
(126)
of which adjustments recognized in relation to prior years
11
4
Deferred Income tax income / (expense)
53
40
of which related to the origination or reversal of temporary differences
41
48
of which adjustments recognized in relation to prior years
14
(9)
of which relates to foreign exchange movements
1
1
of which adjustments due to change in tax rates
(3)
–
Total
(87)
(82)
Income tax reconciliation
In millions of CHF
2024
2023
Consolidated profit / (loss) before taxes
347
298
Expected tax rate in %
22.2%
22.8%
Income tax at the expected rate
(77)
(68)
Effect of
Income not subject to income tax
3
4
Different tax rates for subsidiaries in other jurisdictions
(7)
25
Effect of changes in tax rates on previously recognized deferred tax assets and liabilities
(3)
–
Non-deductible expenses
(20)
(12)
Permanent differences
(15)
(5)
Change of unrecognized tax loss carry-forwards
9
(30)
Net change of recognition of temporary differences and tax credits
(14)
(7)
Non recoverable withholding taxes
(5)
(15)
Income taxes in non-controlling interest holders
25
26
Adjustments recognized in relation to prior year
25
(4)
Foreign exchange movements on deferred tax balances
(1)
–
Pillar Two top-up Tax
(2)
–
Other items
(5)
4
Total
(87)
(82)
The expected tax rate of 22.2 % approximates the average income tax rate of the coun-
tries where the Group is active, weighted by the profitability of the respective operations
adjusted for impairments. For 2024, there has been changes in tax rates noted for coun-
tries in which Avolta operates. The main impacts in 2024 are the changes in the effec-
tive tax rates in the US and the increase in the tax rates in Morocco.
OECD Pillar Two model rules
The Group is within the scope of the OECD Pillar Two model rules as of January 1, 2024.
Switzerland and other jurisdictions in which the Group operates have (substantively)
enacted Pillar Two legislation. The Group has booked a potential top up tax of CHF 2 mil-
lion as of December 31, 2024. The transitional safe harbour calculation of the Avolta
Group shows that approximately 90% of the countries where the Group is present are
exempt from making a full Pillar Two calculation and therefore exempt from any poten-
tial top-up tax.
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During 2024 some jurisdictions had enacted legislation which will enter into force in
2025. The main impact for Avolta Group would be the enter into force of the Income
Inclusion Rule in Switzerland. Management does not expect a material impact because
of this but is closely monitoring the progress of the Pillar Two Rules and working on esti-
mating the future impact.
Deferred income tax recognized in other comprehensive income or in equity
In millions of CHF
2024
2023
Recognized in other comprehensive income
Actuarial gains / (losses) on defined benefit plans
3
–
Total
3
–
14.
Components of other comprehensive income
Attributable to equity holders of Avolta AG
2024
In millions of CHF
Employee
benefit reserve
Translation reserves
Retained earnings
Total
Non-controlling
interests
Total equity
Remeasurement of post-
employment benefit plans
(9)
–
–
(9)
–
(9)
Income tax effect
3
–
–
3
–
3
Subtotal
(6)
–
–
(6)
–
(6)
Exchange differences on
translating foreign operations
–
179
–
179
17
196
Subtotal
–
179
–
179
17
196
Net gain / (loss) on hedge of net
investment in foreign operations
(note 26)
–
(12)
–
(12)
–
(12)
Subtotal
–
(12)
–
(12)
–
(12)
Other comprehensive income
(6)
167
–
161
17
178
Attributable to equity holders of Avolta AG
2023
In millions of CHF
Employee
benefit reserve
Translation reserves
Retained earnings
Total
Non-controlling
interests
Total equity
Remeasurement of post-
employment benefit plans
11
–
–
11
–
11
Income tax effect
–
–
–
–
–
–
Subtotal
11
–
–
11
–
11
Exchange differences on
translating foreign operations
–
(242)
–
(242)
(20)
(262)
Subtotal
–
(242)
–
(242)
(20)
(262)
Net gain / (loss) on hedge of net
investment in foreign operations
(note 26)
–
14
–
14
–
14
Subtotal
–
14
–
14
–
14
Other comprehensive income
11
(228)
–
(217)
(20)
(237)
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2024
15.
Property, plant and equipment
2024
In millions of CHF
Leasehold
improvements
Buildings
Furniture
fixtures
Computer
hardware
Vehicles
Work in
progress
Total
At cost
Balance at January 1
823
62
791
59
6
205
1,946
Business combinations
4
–
–
–
–
–
4
Additions
60
1
60
11
1
298
431
Disposals
(35)
–
(143)
(1)
(1)
(8)
(188)
Reclassification within classes
170
9
109
22
1
(311)
–
Currency translation adjustments
95
(1)
65
7
1
8
175
Balance at December 31
1,117
71
882
98
8
192
2,368
Accumulated depreciation
Balance at January 1
(227)
(10)
(459)
(39)
(3)
–
(738)
Additions
(161)
(3)
(129)
(12)
(1)
–
(306)
Disposals
28
–
139
–
1
–
168
Currency translation adjustments
(66)
–
(49)
(7)
(2)
–
(124)
Balance at December 31
(426)
(13)
(498)
(58)
(5)
–
(1,000)
Impairment
Balance at January 1
(43)
(3)
(27)
(1)
–
(3)
(77)
Additions
–
–
(1)
–
–
–
(1)
Disposals
6
–
5
–
–
–
11
Currency translation adjustments
(5)
1
(1)
(1)
–
1
(5)
Balance at December 31
(42)
(2)
(24)
(2)
–
(2)
(72)
Carrying amount
At December 31, 2024
649
56
360
38
3
190
1,296
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In millions of CHF
Leasehold
improvements
Buildings
Furniture
fixtures
Computer
hardware
Vehicles
Work in
progress
Total
At cost
Balance at January 1
609
14
537
59
6
70
1,295
Business combinations
431
50
206
–
1
97
785
Decrease in scope of consolidation
(3)
–
–
–
–
–
(3)
Additions
71
1
62
9
1
256
400
Disposals
(217)
–
(2)
(5)
(2)
(3)
(229)
Reclassification within classes
96
2
97
4
1
(200)
–
Currency translation adjustments
(164)
(5)
(109)
(8)
(1)
(15)
(302)
Balance at December 31
823
62
791
59
6
205
1,946
Accumulated depreciation
Balance at January 1
(389)
(9)
(407)
(43)
(5)
–
(853)
Decrease in scope of consolidation
3
–
–
1
–
–
4
Additions
(148)
(3)
(115)
(12)
(1)
–
(279)
Disposals
167
9
2
5
2
–
185
Reclassification within classes
29
(9)
(24)
4
–
–
–
Currency translation adjustments
111
2
85
6
1
–
205
Balance at December 31
(227)
(10)
(459)
(39)
(3)
–
(738)
Impairment
Balance at January 1
(81)
(3)
(39)
(2)
–
(3)
(128)
Additions
(6)
–
–
–
–
–
(6)
Reversal of impairment
5
–
2
–
–
–
7
Disposals
37
–
–
–
–
–
37
Reclassification within classes
(8)
–
8
–
–
–
–
Currency translation adjustments
10
–
2
1
–
–
13
Balance at December 31
(43)
(3)
(27)
(1)
–
(3)
(77)
Carrying amount
At December 31, 2023
553
49
305
19
3
202
1,131
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16.
Right-of-use assets
2024
In millions of CHF
Shops
Other Buildings
Vehicles
Other
Total
At cost
Balance at January 1
11,096
259
10
3
11,368
Business combinations 1
515
–
–
1
516
Additions
216
8
6
–
230
Contract expirations
(212)
(7)
(3)
(1)
(223)
Lease modifications
711
45
–
2
758
Currency translation adjustments
338
12
–
–
350
Balance at December 31
12,664
317
13
5
12,999
Accumulated depreciation
Balance at January 1
(3,708)
(114)
(6)
(2)
(3,830)
Additions
(1,134)
(34)
(3)
(1)
(1,172)
Contract expirations
209
11
3
–
223
Lease modifications
14
1
–
–
15
Currency translation adjustments
(130)
(5)
–
–
(135)
Balance at December 31
(4,749)
(141)
(6)
(3)
(4,899)
Impairment
Balance at January 1
(295)
(6)
–
–
(301)
Additions
(7)
–
–
–
(7)
Lease modifications
3
–
–
–
3
Currency translation adjustments
(10)
–
–
–
(10)
Balance at December 31
(309)
(6)
–
–
(315)
Carrying amount
At December 31, 2024
7,606
170
7
2
7,785
1 Refer to business acquisition of Free Duty from NWS Holdings Limited, Hong Kong (note 6.1).
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2023
In millions of CHF
Shops
Other Buildings
Vehicles
Other
Total
At cost
Balance at January 1
5,767
246
7
2
6,022
Business combinations
1,281
33
2
1
1,317
Decrease in scope of consolidation
(1)
(1)
–
–
(2)
Additions
160
14
3
–
177
Contract expirations
(145)
(22)
(1)
–
(168)
Lease Modifications 1
4,645
9
–
–
4,654
Currency translation adjustments
(611)
(20)
(1)
–
(632)
Balance at December 31
11,096
259
10
3
11,368
Accumulated depreciation
Balance at January 1
(3,015)
(107)
(4)
(1)
(3,127)
Decrease in scope of consolidation
1
1
–
–
2
Additions
(1,051)
(34)
(2)
(1)
(1,088)
Contract expirations
127
15
–
–
142
Lease Modifications 1
–
2
–
–
2
Currency translation adjustments
230
9
–
–
239
Balance at December 31
(3,708)
(114)
(6)
(2)
(3,830)
Impairment
Balance at January 1
(321)
(6)
–
–
(327)
Additions
(15)
–
–
–
(15)
Reversal of impairment
14
–
–
–
14
Contract expirations
4
–
–
–
4
Currency translation adjustments
23
–
–
–
23
Balance at December 31
(295)
(6)
–
–
(301)
Carrying amount
At December 31, 2023
7,093
139
4
1
7,237
1 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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17.
Intangible assets and goodwill
Concession rights
2024
In millions of CHF
Acquisition
Related
Plain
Brands
Other
Total
Goodwill
At cost
Balance at January 1
4,770
76
359
286
5,491
3,083
Business combinations
21
–
–
–
21
7
Additions
–
–
–
49
49
–
Disposals
(165)
–
–
(81)
(246)
–
Currency translation adjustments
231
11
8
11
261
131
Balance at December 31
4,857
87
367
265
5,576
3,221
Accumulated amortization
Balance at January 1
(2,355)
(45)
(3)
(189)
(2,592)
–
Additions
(248)
(1)
–
(61)
(310)
–
Disposals
165
–
–
81
246
–
Currency translation adjustments
(126)
(8)
–
(9)
(143)
–
Balance at December 31
(2,564)
(54)
(3)
(178)
(2,799)
–
Impairment
Balance at January 1
(728)
(19)
(5)
(3)
(755)
(104)
Additions
(54)
–
–
–
(54)
–
Currency translation adjustments
(31)
(1)
(1)
–
(33)
(6)
Balance at December 31
(813)
(20)
(6)
(3)
(842)
(110)
Carrying amount
At December 31, 2024
1,480
13
358
84
1,935
3,111
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Concession rights
2023
In millions of CHF
Acquisition
Related
Plain
Brands
Other
Total
Goodwill
At cost
Balance at January 1
4,358
85
262
256
4,961
2,390
Business combinations
861
–
113
36
1,010
890
Additions
–
–
–
37
37
–
Disposals
(74)
(5)
–
(18)
(97)
–
Reclassification within classes
(4)
3
–
1
–
–
Currency translation adjustments
(371)
(7)
(16)
(26)
(420)
(197)
Balance at December 31
4,770
76
359
286
5,491
3,083
Accumulated
amortization
Balance at January 1
(2,344)
(51)
(3)
(198)
(2,596)
–
Additions
(240)
(4)
–
(29)
(273)
–
Disposals
34
5
–
17
56
–
Currency translation adjustments
195
5
–
21
221
–
Balance at December 31
(2,355)
(45)
(3)
(189)
(2,592)
–
Impairment
Balance at January 1
(856)
(20)
(6)
(4)
(887)
(118)
Additions
–
–
–
(1)
(1)
–
Reversal of impairment
31
–
–
–
31
–
Disposals
40
–
–
2
42
–
Currency translation adjustments
57
1
1
–
60
14
Balance at December 31
(728)
(19)
(5)
(3)
(755)
(104)
Carrying amount
At December 31, 2023
1,687
12
351
94
2,144
2,979
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18.
Impairment tests of tangible and intangible assets
Goodwill and brand names are subject to impairment testing, performed 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 circum-
stances indicate that the carrying amount may not be recoverable.
18.1 Impairment test of goodwill
The Company’s goodwill impairment tests are based on discrete plans for the years
2025 - 2029 and for periods after 2029, for which the implied sales growth is a key
assumption, Avolta uses growth rates based on inflation and externally derived
expected passenger growth per segment. Other assumptions used include discount
rates and long-term growth rates per Group of Cash Generating Units (GCGU):
Post-tax discount rates
Pre-tax discount rates
Long-term growth rate
Group of cash generating units
in percentage (%)
2024
2023
2024
2023
2024
2023
Europe, Middle East and Africa
(EMEA)
8.44%
6.63%
11.02%
8.56%
2.86%
2.28%
North America
8.48%
5.73%
11.44%
7.77%
2.54%
2.54%
Latin America (LATAM)
8.81%
5.66%
12.49%
8.02%
2.51%
2.41%
Asia Pacific (APAC)
9.57%
6.41%
12.19%
8.15%
2.71%
3.10%
Avolta has performed sensitivity tests over these assumptions. Reasonably possible
changes to these assumptions would, in isolation, not lead to the recognition of impair-
ment losses.
Goodwill is recognized from the acquisition of businesses by the Group and is assigned
to the GCGUs. The GCGUs reflect the operating segments expected to benefit from the
synergies related to acquisitions. For impairment testing purposes, the carrying amount
has been allocated as follows:
In millions of CHF
31.12.2024
31.12.2023
Europe, Middle East and Africa (EMEA)
1,640
1,599
North America
934
885
Latin America (LATAM)
493
460
Asia Pacific (APAC)
44
35
Total
3,111
2,979
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18.2 Impairment test of brand names
Avolta’s operations apply several retail and food & beverage concepts which use dif-
ferent brand names. Sales growth rates are determined in reference to expected pas-
senger growth and inflation. Other assumptions used for determining the value-in-use
of brand names for impairment testing purposes are:
Post-tax discount rates
Brand names
in percentage (%)
2024
2023
Dufry
8.55%
5.75%
Hudson News
8.91%
5.67%
Nuance
7.49%
6.06%
World Duty Free
8.65%
5.68%
HMSHost
8.67%
5.60%
Autogrill
8.89%
7.73%
Avolta has performed sensitivity tests over these assumptions. Reasonably possible
changes to these assumptions would, in isolation, not lead to the recognition of impair-
ment losses.
18.3 Impairment test of tangible and
other intangible assets
Avolta reviews all of its Cash Generating Units (CGUs) for impairment indicators and
where such indicators are identified, or for CGUs with previously recognized impair-
ments, impairment tests have been performed to determine if impairments should be
recognized or if previously recognized impairments should be reversed. As a result from
impairment test of tangible and other intangible assets in 2024, Avolta recognized total
impairments of CHF 62 million, driven by lower expected cash flows for two isolated
CGUs in Europe, Middle East and Africa (EMEA).
Similar to the goodwill impairment test, Avolta uses the 2025 - 2029 discrete plans for
impairment testing purposes of the CGUs but bases the planning period for cash flows
on contractual lease terms. For testing purposes, the carrying amount of the assets was
net of linked liabilities, in particular lease obligations, and cash flows are reduced for a
share of expenses relating to corporate assets.
The calculations of value-in-use are most sensitive to the following assumptions:
Sales growth
For its 2025 - 2029 discrete plans, management bases its assumptions on information
available at the time of the preparation of the financial statements. For the periods after
2029, Avolta has used growth rates of 2.5 % - 2.9 % (2023: 2.3 % – 4.0 %) to extrapolate
the sales projections. In its impairment testing, Avolta expects that the climate change
and environmental risks have no material impact on future sales, and no material risk of
impairment charges due to climate change and environment risks were identified in the
biodiversity risks assessment.
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Discount rates
The cash flows are discounted using a weighted average cost of capital (“WACC”) rate
calculated per CGU, composed among other factors of:
(a) a risk-free interest rate derived from actual governmental bonds rates: CHF: 0.42 %,
EUR: up to 2.44 %, USD: up to 3.74 % (2023: up to CHF 1.02 %, up to EUR 3.37 %, up to
USD 4.83 %)
(b) a credit spread of 1.32 % – 2.32 % (2023: 1.30 % – 3.40 %),
(c) a re-levered beta of 1.14 (2023: 1.19),
(d) an equity-risk premium between 5.50 % – 6.00 % (2023: 5.50 % - 6.00 %), and
(e) an effective tax rate.
Sensitivity analysis to changes in assumptions
The Company has performed sensitivity testing over the key assumptions, using rea-
sonably possible changes to sales growth and the discount rates, noting that impair-
ments recognized in 2024 reduce the sensitivity to changes in assumptions. Such
changes, in isolation, would not result in material impairment losses or reversals for any
of the CGUs.
In determining the reasonably possible extent in changes to the sales development,
Avolta has reviewed growth rates applied in the discounted cash flow model in conjunc-
tion with the resilience of each cash flows and has concluded that for 2024, a -1 %
decrease in the sales growth and a +1 % increase in the discount rate should be consid-
ered reasonably possible changes.
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19.
Other non-current assets
In millions of CHF
31.12.2024
31.12.2023
Guarantee deposits
120
139
Loans
31
31
Lease receivables
55
54
Prepayment for leases
18
24
Tax receivables
82
79
Subtotal
306
327
Allowances
(25)
(15)
Total
281
312
Movement in allowances
In millions of CHF
2024
2023
Balance at January 1
(15)
(8)
Creation
(11)
(9)
Utilized
2
1
Currency translation adjustments
(1)
1
Balance at December 31
(25)
(15)
20.
Inventories
In millions of CHF
31.12.2024
31.12.2023
Inventories at cost
1,391
1,173
Inventory allowance
(115)
(111)
Total
1,276
1,062
Cost of sales includes inventories written down to net realizable value and inventory
losses of CHF 72 million (2023: CHF 95 million).
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21.
Trade and credit card receivables
In millions of CHF
31.12.2024
31.12.2023
Trade receivables 1
48
39
Credit card receivables
17
5
Subtotal
65
44
Allowances
(9)
(3)
Total
56
41
1 Includes trade receivables from associates of CHF 4 million (2023: CHF 9 million).
Aging analysis of trade receivables
In millions of CHF
31.12.2024
31.12.2023
Not due
17
16
Overdue
Up to 30 days
11
13
31 to 60 days
3
4
61 to 90 days
3
1
More than 90 days
5
2
Total overdue
22
20
Trade receivables, net
39
36
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22.
Other accounts receivable
In millions of CHF
31.12.2024
31.12.2023
Advertising receivables
226
166
Services provided to suppliers
16
2
Loans receivable
6
3
Receivables from subtenants and business partners
17
8
Personnel receivables
3
3
Accounts receivables
268
182
Prepayments of lease expenses and rents
46
18
Prepayments of sales and other taxes
165
136
Prepayments to suppliers
9
9
Prepayments, other
44
37
Prepayments
264
200
Receivables from operational and airport services income
–
57
Receivables from local US business partners
36
29
Receivables from subleases
25
17
Guarantee deposits
12
47
Derivative financial assets
8
9
Other
65
60
Other receivables
146
218
Subtotal
678
600
Allowance
(46)
(24)
Total
632
576
Movement in allowances
In millions of CHF
2024
2023
Balance at January 1
(24)
(23)
Creation
(27)
(15)
Release
4
12
Utilized
3
–
Currency translation adjustments
(2)
2
Balance at December 31
(46)
(24)
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23.
Equity
23.1 Fully paid ordinary shares
Number of shares
(in thousands)
Share capital
(in millions of CHF)
Share premium
(in millions of CHF)
Balance at January 1, 2023
90,797
454
4,542
Conversion of mandatory convertible notes to equity
2,092
10
50
Share capital increase
59,725
299
2,241
Balance at December 31, 2023
152,614
763
6,833
Share cancellations
(6,104)
(30)
(201)
Dividends
–
–
(104)
Balance at December 31, 2024
146,510
733
6,528
In December 2024, Avolta cancelled 6,104 thousand shares with a par value of CHF 5.00
each. These shares were previously purchased on-market.
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 thousand 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 thousand Dufry shares. Additional 29,062
thousand Dufry shares were issued in several steps in context of the MTO for the out-
standing Autogrill shares at the Milan Stock Exchange.
The ordinary general assembly of May 15, 2024 approved a dividend of CHF 0.70
per share and the Company paid a total dividend of CHF 104 million in 2024 from cap-
ital contribution reserves (share premium reserves).
23.2 Treasury shares
Treasury shares are valued at historical cost.
Number of shares
(in thousands)
In millions of CHF
Balance at January 1, 2023
611
(23)
Returned shares 1
805
(34)
Purchased shares
801
(33)
Balance at December 31, 2023
2,217
(90)
Purchased shares
5,709
(202)
Distributions
(438)
15
Cancellations
(6,104)
231
Balance at December 31, 2024
1,384
(46)
1 Related to a past business combination.
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23.3 Information on companies with
non-controlling interests
In 2024, Avolta allocated CHF 157 million (2023: CHF 129 million) of net profit to non-con-
trolling interests (NCI), predominantly relating to US subsidiaries.
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 individually significant non-controlling interests in 2024 and 2023.
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24.
Share-based payment plans
Avolta grants to selected members of management Performance Share Units (PSUs)
which may, subject to meeting certain conditions, provide between zero and two
shares. Vesting only occurs after the end of the service period, which typically ends in
June after the respective performance period and PSUs are exercised on the vesting
date.
The vesting outcome under market and non-market vesting conditions is assessed over
the respective 3-year performance period. At each reporting date, Avolta updates the
share-based payment expense to reflect current vesting expectations, except for the
outcome under the relative Total Shareholder Return (TSR) condition for awards
expected to be settled in equity, as this is already incorporated into the awards’ respec-
tive fair values at grant date using Monte Carlo Simulations.
During 2024, performance periods, vesting dates, and vesting conditions for awards
outstanding at December 31, 2024 were as follows:
Award
PSU 2022
PSU 2023
PSU 2024
Performance period
2022 - 2024
2023 - 2025
2024 - 2026
Vesting date
June 3, 2025
June 1, 2026
June 1, 2027
Earnings Per Share
(“EPS”)
50% weight
Non-
market
Cumulative Adjusted EPS
of CHF 7.60
Cumulative CORE EPS
of CHF 4.26
Cumulative CORE EPS
of CHF 5.80
Total Shareholder
Return (“TSR”)
25% weight
Market
Ranking at 50 th percentile of the
peer group
Ranking at 50 th percentile of the
peer group
Ranking at 50 th percentile of the
peer group
Sustainability
Weight: 25 %
(equal weighting of
components)
Non-
market
Carbon emissions: reduction of the
Scope 1 and 2 carbon emissions by
60 %
Employee training: trainings on
culture and engagement,
responsible retailing or related
topics completed by 50 % of the
Group’s 2022 FTEs.
Supplier Code of Conducts:
Suppliers covering at least 50 % of
the purchase volume comply with
the Company’s Supplier Code of
Conduct.
People: Trainings on compliance,
culture and enagement, responsible
operator and related topics
completed by 25 % of Avolta’s 2023
FTEs.
Environment: Retail suppliers
covering at least 40 % of the
Company’s 2023 purchase volume
have committed to the Science
Based Target Initiative (SBTi).
People: Trainings on compliance,
culture and engagement,
responsible operator and related
topics completed by 40 % of Avolta’s
2023 FTEs.
Environment: Retail and F&B
suppliers covering at least 45 % of
the Company’s 2023 purchase
volume have committed to the
Science Based Target Initiative
(SBTi).
The fair values of the PSU awards are based on market prices of Avolta shares and
incorporate the expected outcome under the market condition at grant-date, and as
they are not entitled to dividends or other shareholder rights during the vesting period,
an adjustment is made for expected dividends.
Award
PSU 2022
PSU 2023
PSU 2024
Awards outstanding at December
31, 2024
543,459
851,601
917,847
Weighted-average grant-date fair
values
CHF 35.71
CHF 36.47
CHF 33.33
Weighted-average assumptions
incorporated in grant-date fair
values:
Expected volatility rate
Risk-free rate
65.0 %
0.3 %
62.3 %
1.1 %
51.1 %
0.7 %
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Movements during 2024 in PSU awards outstanding at December 31, 2024 were as fol-
lows:
Number of PSUs
Expected to be
settled in equity
Expected to be
settled in cash
Balance at December 31, 2023
1,530,772
279,465
Modifications 1
(241,428)
241,428
Grants 2
575,157
353,180
Excercises 3
(262,597)
(122,310)
Forfeitures / Cancellations 4
(35,490)
(5,270)
Balance at December 31, 2024
1,566,414
746,493
1 For administrative reasons in different jurisdictions, Avolta has elected to settle in cash certain awards previously
expected to be settled in equity.
2 Weighted-average grant date fair value: CHF 33.33 (2023 PSU grant: 863,051 awards with a weighted-average grant
date fair value of CHF 36.47).
3 Weighted-average grant date fair value : CHF 41.54 (2023: zero exercises).
4 Weighted-average grant date fair value : CHF 35.32.
On June 3, 2024, the PSU 2021 award vested at a market price of CHF 37.42 per share
and the Company assigned and delivered, free of charge, 525,194 Avolta shares to the
holders of these certificates. In addition, the equivalent of 244,620 shares were settled
in cash. A total of 9,900 PSUs forfeited. The PSU award 2021 was measured against the
targets (cumulative adjusted EPS, and the cumulative Equity Free Cash Flow) and
achieved a payout ratio of 2.0 shares per PSU.
In 2024, Avolta recorded CHF 63 million (2023: CHF 43 million) in relation to its Perfor-
mance Share Units (“PSU”) plans, in personnel expenses, out of which CHF 17 million
(2023: CHF 7 million) are recorded as other liabilities (personnel payables) as relating to
PSU awards which are expected to be settled in cash. Social security expenses per-
taining to PSU plans are also accrued as other payables and in 2024 such expenses
amount to CHF 7 million (2023: CHF 5 million).
As of December 31, 2024, Avolta has recorded liabilities of CHF 30 million (2023: CHF 7
million) in relation to its share-based payment plans, including CHF 10 million (2023: CHF
5 million) relating to social security expenses and outstanding awards have a remaining
weighted-average vesting period of 1.6 years.
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25.
Earnings per share
25.1 Earnings per share attributable to equity holders of
the parent
Basic
Basic earnings per share are calculated by dividing the net profit attributable to equity
holders of the parent by the weighted average number of shares outstanding during the
year.
2024
2023
Net profit attributable to equity holders of the parent (in millions of CHF)
103
87
Weighted average number of ordinary shares outstanding (in thousands)
147,526
136,299
Basic earnings per share in CHF
0.70
0.64
Diluted
Diluted earnings per share are calculated by dividing the net profit attributable to equity
holders of the parent by the weighted average number of ordinary shares outstanding
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 ordinary shares.
Refer to note 26 for instruments that could potentially dilute basic earnings per share in
the future, but were not included in the calculation of diluted earnings per share
because they were antidilutive for 2024 and 2023.
2024
2023
Net profit attributable to equity holders of the parent (in millions of CHF)
103
87
Weighted average number of ordinary shares outstanding (in thousands)
150,326
139,361
Diluted earnings per share in CHF
0.68
0.63
25.2 Weighted average number of ordinary shares
In thousands
2024
2023
Outstanding shares
152,364
137,660
Less treasury shares
(4,839)
(1,360)
Used for calculation of basic earnings per share
147,526
136,299
Effect of dilution
PSU plans
2,801
3,062
Used for calculation of diluted earnings per share
150,326
139,361
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26.
Borrowings
In millions of CHF
31.12.2024
31.12.2023
Bank debt overdrafts
27
41
Senior notes
–
743
Bank debt loans
112
32
Third party loans
2
3
Borrowings, current
141
819
Bank debt loans
612
380
Senior notes
2,630
2,138
Third party loans
6
3
Borrowings, non-current
3,248
2,521
Total
3,389
3,340
Of which are
Bank debt
751
453
Senior notes
2,630
2,881
Third party loans
8
6
Bank debt
In millions of CHF
31.12.2024
31.12.2023
Bank debts are denominated in
US Dollar
221
319
Euro
536
139
Other currencies
13
13
Deferred arrangement fees
(19)
(18)
Total
751
453
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Notes
In millions of CHF
31.12.2024
31.12.2023
Senior notes denominated in EUR
1,855
2,121
Senior notes denominated in CHF
300
300
Convertible Notes denominated in CHF
486
474
Deferred interest on modification of financing arrangements
–
(6)
Deferred arrangement fees
(11)
(8)
Total
2,630
2,881
Detailed credit facilities
Avolta negotiates and manages its main credit facilities centrally. As of December 31,
2024, the total amount of the Revolving Credit Facility (RCF) is EUR 2,400 (CHF 2,254)
million, with CHF 619 million drawn (thereof CHF 261 million drawn during 2024).
In April 2023, EUR 2,085 million RCF has been increased by EUR 180 million, in June
2023, by EUR 410 million and by EUR 75 million in September 2023 to a new total
amount of EUR 2,750 million. As of December 31, 2023, the drawn amount was CHF 358
million.
In June 2023, the former Autogrill credit facility was cancelled by repaying the notional
drawn amount of CHF 507 million (EUR 200 million and USD 348 million).
In December 2023, the margin of the RCF was 2.75 % based on Avolta’s rating. Following
upgrades by Moody’s / S&P Global, the margin improved to 2.25 % as of June 30, 2024.
In October 2024, the RCF of EUR 2,750 million has been amended and extended. The
new maturity date of the facility has been prolonged from 2027 to 2029 with two one-
year extension options at Avolta’s discretion and the total amount was reduced to EUR
2,400 million. The applicable margin has been improved from 2.25 % to 1.375 %.
The post agreements and the bank guarantee facilities contain covenants and condi-
tions customary to this type of financing.
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, 2024 and thereafter, and
–
a minimum ratio of CORE EBITDA to total interest expense (excluding lease interest)
of 3:1 for the test periods ending December 31, 2024 and thereafter.
In 2024 and 2023, Avolta complied with the financial covenants and conditions con-
tained in the bank credit agreements. At December 31, 2024, the Total Drawn Debt to
CORE EBITDA was 2.1:1 and the CORE EBITDA to total interest expense (excluding lease
interest) was 9.3:1.
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Bank credit facilities
In millions
Maturity
Currency
Credit limit in
foreign currency
Drawn amount in
CHF
Revolving credit facility (multi-currency)
28.10.2029
EUR
2,400
619
Uncommitted current facilities
n / a
CHF
75
–
Uncommitted current facilities
n / a
EUR
100
94
At December 31, 2024
713
In millions
Maturity
Currency
Credit limit in
foreign currency
Drawn amount in
CHF
Revolving credit facility (multi-currency)
20.12.2027
EUR
2,750
358
Uncommitted current facilities
n / a
CHF
50
–
At December 31, 2023
358
Notes
Amount in CHF
In millions
Maturity
Coupon rate
Currency
Nominal in foreign
currency
2024
2023
Senior notes
15.10.2024
2.50%
EUR
800
–
746
Senior notes
15.02.2027
2.00%
EUR
750
699
692
Senior notes
15.04.2028
3.38%
EUR
725
678
672
Senior notes
18.04.2031
4.75%
EUR
500
467
–
Senior notes
15.04.2026
3.63%
CHF
300
300
299
Convertible notes 1
30.03.2026
0.75%
CHF
500
486
472
Total
2,630
2,881
1 Equity component CHF 54 million.
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 (%)
2024
2023
Weighted average on USD
7.76
7.88
Weighted average on CHF
2.17
2.01
Weighted average on EUR
3.44
3.51
Weighted average Total
3.41
3.76
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Hedge of net investments in foreign operations
The Company had designated USD 293 million bank loans in relation to the investments
in Alliance Inc., Interbaires SA, Navinten SA, Blaicor SA, International Operation & Ser-
vices SA, and Duty Free Ecuador SA. As of December 31, 2024, these are no longer des-
ignated, but the originally hedged foreign operations are still part of the Group.
In millions of
CHF
USD
Balance at January 1, 2023
270
293
Currency translation adjustments
(14)
–
Balance at December 31, 2023
256
293
Currency translation adjustments
(12)
–
De-designation
(244)
(293)
Balance at December 31, 2024
–
–
During the period the hedge was designated, there was no ineffectiveness as the Com-
pany maintained the hedge ratio by verifying a 100 % hedge ratio, and the effect of
hedging is presented in the line item Net gain / (loss) on hedge of net investment in for-
eign operations in OCI.
27.
Borrowings and lease obligations, net
In millions of CHF
Cash and cash
equivalents
Lease obligations
Financial
derivatives asset-
borrowings
Financial
derivatives liability-
borrowings
Borrowings
Net debt
Balance at January 1, 2024
715
7,853
9
80
3,340
10,549
Cash flows from operating,
financing, and investing activities
108
–
–
–
–
(108)
Repayment of borrowings
–
–
(1)
–
(1,017)
(1,016)
Proceeds from borrowings
–
–
–
–
–
981
981
Lease payments
–
(1,484)
–
–
–
(1,484)
Cash flow
108
(1,484)
(1)
–
(36)
(1,627)
Business combinations (note 6)
5
516
–
–
–
511
Additions to lease obligations
–
210
–
–
–
210
Interest on lease obligations
–
486
–
–
–
486
Modification of lease obligations
–
814
–
–
–
814
Early termination of lease
obligations
–
(18)
–
–
–
(18)
Arrangement fees amortization
–
–
–
–
12
12
Discounted interests
–
–
–
–
11
11
Currency translation adjustments
(72)
143
–
(42)
62
235
Other non-cash movements
(67)
2,151
–
(42)
85
2,261
Balance at December 31, 2024
756
8,520
8
38
3,389
11,183
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In millions of CHF
Cash and cash
equivalents
Lease obligations
Financial
derivatives asset-
borrowings
Financial
derivatives liability-
borrowings
Borrowings
Net debt
Balance at January 1, 2023
855
3,003
9
100
3,575
5,814
Cash flows from operating,
financing, and investing activities
(502)
–
–
–
–
502
Proceeds from / (repayment of) 3 rd
party loans payable
–
–
–
–
2
2
Transaction costs for financial
instruments
–
–
–
–
(6)
(6)
Repayment of borrowings
–
–
(2)
(1)
(866)
(865)
Proceeds from borrowings
–
–
–
–
231
231
Lease payments
–
(1,362)
–
–
–
(1,362)
Cash flow
(502)
(1,362)
(2)
(1)
(639)
(1,498)
Business combinations (note 6)
459
1,434
1
–
571
1,545
Other change in scope
(1)
–
–
–
–
1
Additions to lease obligations
–
180
–
–
–
180
Interest on lease obligations
–
321
–
–
–
321
Modification of lease obligations
–
4,671
–
–
–
4,671
Early termination of lease
obligations
–
(28)
–
–
–
(28)
Other
–
3
3
Arrangement fees amortization
–
–
–
–
12
12
Discounted interests
–
–
–
–
10
10
Currency translation adjustments
(96)
(366)
1
(19)
(192)
(482)
Other non-cash movements
362
6,212
2
(19)
404
6,233
Balance at December 31, 2023
715
7,853
9
80
3,340
10,549
Offsetting financial assets and financial liabilities
Avolta’s notional cash pool is operated by a major finance institute. Based on an
enforceable master netting agreement, the respective balances at the end of the period
have been set-off as follows:
In millions of CHF
Balance before
global pooling
Set-off
Net balance 1
31.12.2024
Cash and cash equivalents
2,060
(1,304)
756
Borrowings, current
1,445
(1,304)
141
31.12.2023
Cash and cash equivalents
2,154
(1,439)
715
Borrowings, current
2,258
(1,439)
819
1 Cash and cash equivalents include CHF 131 million (2023: CHF 124 million) held by subsidiaries operating in countries
with exchange controls or other legal restrictions on money transfers. There are no material assets that have any other
restrictions to realize or settle liabilities of the Group.
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28.
Other liabilities
In millions of CHF
31.12.2024
31.12.2023
Concession fee payables
274
181
Other service-related vendors
343
290
Personnel payables
401
363
Sales and other tax liabilities
123
100
Put option Dufry Staer Holding Ltd
24
27
Financial derivative liabilities - current
38
80
Lease obligation due to tax refund
19
21
Payables for capital expenditure
76
77
Interest payables
23
23
Payables to local business partners
5
4
Contingent consideration
23
–
Other payables
113
108
Total
1,462
1,274
Thereof
Current liabilities
1,374
1,193
Non-current liabilities
88
80
Total
1,462
1,274
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29.
Deferred tax assets and liabilities
Deferred tax assets and liabilities arise from the following positions:
In millions of CHF
31.12.2024
31.12.2023
Deferred tax assets
Inventories
9
12
Property, plant, and equipment
45
39
Intangible assets
43
43
Lease obligations
1,420
1,433
Provisions and other payables
108
77
Tax loss carry-forward
56
76
Other
5
7
Total
1,686
1,687
Deferred tax liabilities
Property, plant, and equipment
(29)
(25)
Right-of-use assets
(1,378)
(1,403)
Intangible assets
(429)
(445)
Provisions and other payables
(52)
(51)
Other
(4)
(8)
Total
(1,892)
(1,932)
Deferred tax liabilities, net
(206)
(245)
Deferred tax balances are presented in the consolidated statement of financial position
as follows:
In millions of CHF
2024
2023
Deferred tax assets
166
165
Deferred tax liabilities
(372)
(410)
Balance at December 31
(206)
(245)
Reconciliation of movements to the deferred taxes:
In millions of CHF
2024
2023
Changes in deferred tax assets
1
19
Changes in deferred tax liabilities
38
(189)
Business combinations (note 6)
–
225
Currency translation adjustments
17
(15)
Deferred tax movements
56
40
Thereof
Recognized in the statement of profit or loss
53
40
Recognized in equity
–
–
Recognized in OCI
3
–
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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 2025 and the
management projections thereafter.
The unrecognized tax losses carry forwards by expiry date are as follows:
In millions of CHF
31.12.2024
31.12.2023
Expiring within 1 to 3 years
494
359
Expiring within 4 to 7 years
358
750
Expiring after 7 years
54
28
With no expiration limit
1,468
1,580
Total
2,374
2,717
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 619 million (2023: CHF 607 million). The unrec-
ognized tax losses are allocated to the following countries: Switzerland CHF 426 million;
Spain CHF 333 million; Netherlands CHF 166 million; Italy CHF 297 million; Brazil CHF
257 million; Australia CHF 148 million; US CHF 59 million; Russia CHF 56 million; Belgium
CHF 53 million; Germany CHF 48 million; Mexico CHF 44 million; and other countries
CHF 487 million.
In addition, Avolta has unrecognized temporary differences of CHF 166 million (2023:
CHF 171 million) tax effected. These tax effected unrecognized temporary differences
are allocated to the following countries: Spain CHF 70 million; Switzerland CHF 42 mil-
lion; Mexico CHF 22 million; and other countries CHF 32 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.
The International Accounting Standards Board (IASB) published the ‘International Tax
Reform Pillar Two Model Rules’ in 2023 which continue to be applicable. 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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30.
Provisions
2024
In millions of CHF
Contingent
liabilities
Lawsuits
and duties
Other
Total
Balance at January 1, 2024
21
51
108
180
Charge for the year
–
5
46
51
Utilized
–
–
(7)
(7)
Unused amounts reversed
–
(6)
(39)
(45)
Reclassification within classes
–
2
(2)
–
Currency translation adjustments
1
2
3
6
Balance at December 31, 2024
22
54
109
185
Thereof
Current
–
54
28
82
Non-current
22
–
81
103
Avolta believes that its provisions are adequate based upon currently available informa-
tion. However, given the inherent uncertainties 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.
Lawsuits and duties
The provision for lawsuits and duties of CHF 54 million (2023: CHF 51 million) covers
uncertainties related to the outcome of lawsuits in relation to taxes other than income
taxes, duties, and includes risks in relation to concession fees in connection with Avol-
ta’s subsidiaries in EMEA, North America, and LATAM.
Other
Other provisions comprise predominantly potential liabilities to cover costs for the res-
toration of leased shops to their original condition at the end of the lease agreement,
labor disputes, and restructuring costs. These provisions relate mainly to operations in
EMEA and APAC.
Cash outflows of non-current provisions
The cash outflows of non-current provisions as of December 31, 2024 are expected to
occur as follows in:
In millions of CHF
Expected
cash outflow
2026
41
2027
8
2028
4
2029
11
2030+
39
Total non-current
103
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31.
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 93.5 % (2023: 93.8
%) of the total defined benefit obligation and 96.6 % (2023: 96.7 %) of the plan assets
correspond to pension funds in Switzerland, the United Kingdom (UK), and Italy.
2024
2023
In millions of CHF
Funded
Unfunded
Total
Funded
Unfunded
Total
Switzerland
Fair value of plan assets
294
–
294
264
–
264
Present value of defined benefit
obligation
(269)
–
(269)
(245)
–
(245)
Financial (liability) / asset
25
–
25
19
–
19
UK
Fair value of plan assets
117
–
117
129
–
129
Present value of defined benefit
obligation
(116)
–
(116)
(115)
–
(115)
Financial (liability) / asset
1
–
1
14
–
14
Italy
Fair value of plan assets
–
–
–
–
–
–
Present value of defined benefit
obligation
–
(27)
(27)
–
(29)
(29)
Financial (liability) / asset
–
(27)
(27)
–
(29)
(29)
Other plans
Fair value of plan assets
15
–
15
9
4
13
Present value of defined benefit
obligation
(24)
(5)
(29)
(18)
(7)
(25)
Financial (liability) / asset
(9)
(5)
(14)
(9)
(3)
(12)
Carrying amount
Net defined benefit assets
28
–
28
36
–
36
Net defined benefit obligation
(11)
(32)
(43)
(12)
(32)
(44)
Switzerland
Avolta has two funded pension plans in Switzerland. Contributions are made by
employees and the employer based on a percentage of the insured salary. The pension
plans guarantee the amount accrued on the members’ savings account, as well as
interest on those savings. At retirement, the accrued savings are converted into pen-
sions, or employees can elect that all or a part of the savings are paid out as a lump sum.
Since October 1, 2024, one of the plans is affiliated with a collective foundation, Gastro-
Social Pensionskasse. Fund assets are invested by the collective foundation together
with the pension fund assets of other employee benefit units.
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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
funds are overseen by a regulator as well as by a state supervisory body. A pension
fund’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 funds are exposed are: a) mortality risk, if the effec-
tive average life is longer than the assumptions used based on the official demographic
statistics, b) market and liquidity risk, if the future rate of return on plan assets is lower
than the discount rate used to calculate the conversion factor, and c) death and dis-
ability risk, if the amounts or number of effective cases are higher than the indications
provided by the demographic statistics. These risks are regularly 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 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 take 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.
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 is
frozen for existing members. The plan is administered by a separate board of trustees
which is legally separate from Avolta. The Trustees are comprised of representatives of
Avolta, plan members, 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 plus the day-to-day administration of the scheme.
The plan is a defined benefits arrangement which has a final salary calculation for ben-
efits earned prior to April 6, 2006 and a career average calculation for benefits earned
from April 6, 2006. All benefits are payable to members in accordance with the Plan
Rules as amended, whereby pensionable salary is defined as basic salary less the stat-
utory Lower Earnings Limit. Benefits payments are made from the trustee-administered
funds; however, where the plan is underfunded, Avolta meets the benefit payment obli-
gation as it falls due.
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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 by the employer is in accordance with the art.
2120 of the Italian Civil Code.
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).
Accordingly, T.F.R. accrued at December 31, 2006 by employees of the Group’s Italian
companies represents a defined benefit obligation plan. T.F.R. accrued from January 1,
2007 is treated as a defined contribution plan, and contributions are expensed as
incurred.
Cost of defined benefit plans
2024
2023
In millions of CHF
Switzerland
UK
Italy
Switzerland
UK
Italy
Service costs
Current service costs
(8)
–
–
(5)
–
–
Past service costs
–
–
–
–
–
–
Net interest
1
1
(1)
–
1
(1)
Fund administration
(1)
–
–
–
–
–
Total pension expenses
recognized in the statement of
profit or loss
(8)
1
(1)
(5)
1
(1)
The current and past service costs are included in personnel expenses, whereas fund
administration expenses are included in other expenses.
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Remeasurements employee benefits
2024
2023
In millions of CHF
Switzerland
UK
Italy
Switzerland
UK
Italy
Actuarial gains / (losses) -
experience
–
(9)
–
7
(3)
–
Actuarial gains / (losses) -
demographic assumptions
–
–
–
(1)
1
–
Actuarial gains / (losses) - financial
assumptions
(21)
13
–
(31)
(3)
(1)
Return on plan assets exceeding
expected interest
19
(19)
–
(6)
2
–
Effect of asset ceiling
9
–
–
46
–
–
Total remeasurements recorded
in other comprehensive income
7
(15)
–
15
(3)
(1)
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
2024
2023
In millions of CHF
Switzerland
UK
Italy
Switzerland
UK
Italy
Balance at January 1
264
129
–
151
132
–
Business combination
–
–
–
70
–
–
Interest income
4
6
–
6
6
–
Return on plan assets exceeding
expected interest
19
(19)
–
(5)
2
–
Contributions paid by employer
7
–
–
7
–
–
Contributions paid by employees
12
–
–
15
–
–
Benefits paid
(21)
(7)
–
(24)
(5)
–
Asset ceiling
9
–
–
44
–
–
Currency translation
–
8
–
–
(6)
–
Balance at December 31
294
117
–
264
129
–
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Change in present value of defined benefit obligation
2024
2023
In millions of CHF
Switzerland
UK
Italy
Switzerland
UK
Italy
Balance at January 1
245
115
29
151
115
2
Business combination
–
–
–
68
–
30
Current service costs
8
–
–
5
–
–
Interest costs
3
5
1
5
5
1
Contributions paid by employees
12
–
–
15
–
–
Actuarial losses / (gains) -
experience
–
9
–
(7)
3
–
Actuarial losses / (gains) -
demographic assumptions
–
–
–
1
(1)
–
Actuarial losses / (gains) - financial
assumptions
21
(13)
–
31
3
1
Benefits paid
(21)
(7)
(2)
(24)
(6)
(3)
Other
1
–
–
–
–
–
Currency translation
–
7
(1)
–
(4)
(2)
Balance at December 31
269
116
27
245
115
29
In certain jurisdictions, the employer and / or the employees have the obligation to
remedy any default situation of the pension fund, which usually would result in higher
periodic contributions. At the reporting date, there was no such default situation.
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:
2024
2023
Weighted average in percentage (%)
Switzerland
UK
Italy
Switzerland
UK
Italy
Discount rates
1.00
5.50
2.82
1.50
4.50
2.99
Future salary increases
1.36
–
–
1.80
–
2.00
Future pension increases
–
1.90
3.00
–
1.80
3.00
Mortality table (generational
tables)
2020
2023
2022
2020
2022
2022
The mortality table takes into account changes in the life expectancy.
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Plan asset structure
The structure of categories of plan assets is as follows:
2024
2023
In percentage (%)
Switzerland
UK
Italy
Switzerland
UK
Italy
Shares 1
31.8
16.6
n / a
31.0
99.7
n / a
Bonds 2
18.2
41.5
n / a
21.8
–
n / a
Real Estate 3
31.8
–
n / a
32.2
–
n / a
Other 4
18.2
41.9
n / a
15.0
0.3
n / a
Total
100.0
100.0
n / a
100.0
100.0
n / a
1 Shares are Fair value - Level 1 (Quoted price in active markets).
2 Bonds in Switzerland are Fair value - Level 1 (Quoted price in active markets). Bonds in the UK are fair value Level 2
(Observable data, other than the quoted prices found in Level 1).
3 Real estate is Fair value - Level 3 (Significant unobservable inputs).
4 Other includes cash and cash equivalents with Fair value - Level 1 in 2024: CHF 13 million (2023: CHF 3 million) and Fair
value - Level 3 - alternative investments in Switzerland and the UK.
The net outflow of funds due to pension payments can be planned reliably. Contribu-
tions are paid regularly to the Swiss and UK funded pension plans. Furthermore, the
respective investment strategies take into account the need to guarantee the liquidity
of the plan at all times.
Plan participants
2024
2023
Switzerland
UK
Italy
Switzerland
UK
Italy
Expected cash flow for
Contribution Employer
(in millions of CHF)
5
n / a
n / a
5
n / a
n / a
Contribution Employees
(in millions of CHF)
7
n / a
n / a
7
n / a
n / a
Weighted average duration of
defined benefit
(in years)
17
13
8
17
17
8
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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 obligations:
Switzerland
UK
Italy
2024
In millions of CHF
Increase (+0.5%)
Decrease (-0.5%)
Increase (+0.5%)
Decrease (-0.5%)
Increase (+0.5%)
Decrease (-0.5%)
Discount rate
(21)
24
(8)
8
(1)
1
Salary rate
2
(2)
n / a
n / a
–
–
The sensitivity analysis is based on reasonably possible changes at 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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32.
Fair value measurement
Fair value of financial instruments carried at amortized cost
Except as detailed 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.
Deferred contingent consideration relates to a business combination (refer to note 6)
and is subject to meeting defined performance criteria until 2027, which is reflected in
the preliminary fair value as of December 31, 2024.
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Quantitative disclosures fair value measurement hierarchy for assets
Fair value measurement using
December 31, 2024
In millions of CHF
Total
Quoted prices in
active markets
(Level 1)
Significant observ-
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Carrying amounts
Assets measured at fair value
Derivative financial assets
Foreign exchange swaps contracts - EUR
3
–
3
–
3
Cross currency swaps contracts - EUR
5
–
5
–
5
Subtotal
8
–
8
–
8
Money market deposits - USD
5
5
–
–
5
Total
13
5
8
–
13
Assets for which fair values are disclosed
Loans and receivables
Trade and credit card receivables
56
–
56
–
56
Fair value measurement using
December 31, 2023
In millions of CHF
Total
Quoted prices in
active markets
(Level 1)
Significant observ-
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Carrying amounts
Assets measured at fair value
Derivative financial assets
Foreign exchange swaps contracts - Other
4
–
4
–
4
Cross currency swaps contracts - EUR
5
–
5
–
5
Subtotal
9
–
9
–
9
Short-term investments - USD
55
55
–
–
55
Money market deposits - USD
17
–
17
–
17
Total
81
55
26
–
81
Assets for which fair values are disclosed
Loans and receivables
Trade and credit card receivables
5
–
5
–
5
There were no transfers between Level 1 and 2 during the period.
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Quantitative disclosures fair value measurement hierarchy for liabilities
Fair value measurement using
December 31, 2024
In millions of CHF
Total
Quoted prices in
active markets
(Level 1)
Significant observ-
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Carrying amounts
Liabilities measured at fair value
Derivative financial liabilities
Foreign exchange swaps contracts - USD
1
–
1
–
1
Foreign exchange swaps contracts - OTHER
1
–
1
–
1
Cross currency swaps contracts - EUR
36
–
36
–
36
Put option Dufry Staer Holding Ltd
24
–
–
24
24
Deferred contingent consideration
23
–
–
23
23
Total
85
–
38
47
85
Liabilities for which fair values are
disclosed
At amortized cost
Senior notes CHF 300
302
302
–
–
300
Senior notes EUR 500
486
486
–
–
467
Senior notes EUR 750
684
684
–
–
699
Senior notes EUR 725
677
677
–
–
678
Convertible notes CHF 500
492
492
–
–
486
Total
2,641
2,641
–
–
2,630
Revolving credit facility - multicurrency - USD
218
–
218
–
218
Revolving credit facility - multicurrency - EUR
401
–
401
–
401
Related deferred arrangement fees
–
–
–
–
(19)
Uncommitted current - facility drawn
94
–
94
–
94
Total
713
–
713
–
694
There were no transfers between Level 1 and 2 during the period.
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Fair value measurement using
December 31, 2023
In millions of CHF
Total
Quoted prices in
active markets
(Level 1)
Significant observ-
able inputs
(Level 2)
Significant unob-
servable inputs
(Level 3)
Carrying amounts
Liabilities measured at fair value
Derivative financial liabilities
Foreign exchange swaps contracts - EUR
5
–
5
–
5
Cross currency swaps contracts - EUR
75
–
75
–
75
Put option Dufry Staer Holding Ltd
27
–
–
27
27
Total
107
–
80
27
107
Liabilities for which fair values are
disclosed
At amortized cost
Senior notes CHF 300
297
297
–
–
299
Senior notes EUR 800
731
731
–
–
746
Senior notes EUR 750
651
651
–
–
692
Senior notes EUR 725
644
644
–
–
672
Convertible notes CHF 500
470
470
–
–
472
Total
2,793
2,793
–
–
2,881
Revolving credit facility - multicurrency - USD
312
–
312
–
311
Revolving credit facility - multicurrency - EUR
46
–
46
–
46
Related deferred arrangement fees
–
–
–
–
(18)
Total
358
–
358
–
339
There were no transfers between Level 1 and 2 during the period.
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33.
Capital risk management
Capital comprises equity attributable to the equity holders of the parent, less hedging
and revaluation reserves for unrealized gains or losses on net investment hedges, plus
other equity-linked or equity-like instruments attributable to the parent.
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.
33.1 Gearing ratio
In millions of CHF
31.12.2024
31.12.2023
Cash and cash equivalents
(756)
(715)
Borrowings, current
141
819
Borrowings, non-current
3,248
2,521
Borrowings, net (excluding derivatives)
2,633
2,625
Equity attributable to equity holders of the parent
2,349
2,361
Adjusted for
Accumulated hedged gains / (losses)
(70)
(186)
Effects from transactions with non-controlling interests 1
2,406
2,412
Total capital 2
4,685
4,587
Total net debt and capital
7,318
7,212
Gearing ratio
36.0%
36.4%
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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33.2 Categories of financial instruments
At December 31, 2024
Financial assets
In millions of CHF
At amortized cost
At FVPL
Subtotal
Non-financial
assets 1
Total
Cash and cash equivalents
751
5
756
–
756
Trade and credit card receivables
56
–
56
–
56
Other accounts receivable
320
8
328
304
632
Other non-current assets
206
–
206
75
281
Total
1,333
13
1,346
At December 31, 2024
Financial liabilities
In millions of CHF
At amortized cost
At FVPL
Subtotal
Non-financial
liabilities 1
Total
Trade payables
824
–
824
–
824
Borrowings, current
141
–
141
–
141
Lease obligations, current
1,508
–
1,508
–
1,508
Other liabilities
1,145
38
1,183
191
1,374
Borrowings, non-current
3,248
–
3,248
–
3,248
Lease obligations, non-current
7,012
–
7,012
–
7,012
Other non-current liabilities
41
47
88
–
88
Total
13,919
85
14,004
At December 31, 2023
Financial assets
In millions of CHF
At amortized cost
At FVPL
Subtotal
Non-financial
assets 1
Total
Cash and cash equivalents
715
–
715
–
715
Trade and credit card receivables
41
–
41
–
41
Other accounts receivable
321
26
347
229
576
Current investment
–
55
55
–
55
Other non-current assets
284
–
284
28
312
Total
1,361
81
1,442
At December 31, 2023
Financial liabilities
In millions of CHF
At amortized cost
At FVPL
Subtotal
Non-financial
liabilities 1
Total
Trade payables
874
–
874
–
874
Borrowings, current
819
–
819
–
819
Lease obligations, current
1,103
–
1,103
–
1,103
Other liabilities
949
107
1,056
136
1,193
Borrowings, non-current
2,521
–
2,521
–
2,521
Lease obligations, non-current
6,751
–
6,751
–
6,751
Other non-current liabilities
52
–
52
28
80
Total
13,069
107
13,176
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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33.3 Net income by IFRS 9 valuation category
Financial Assets at December 31, 2024
In millions of CHF
At amortized cost
At FVPL
Total
Interest income
84
–
84
Other finance income
19
39
58
From interest
103
39
142
Foreign exchange gain / (loss) 1
(166)
–
(166)
Impairments / allowances 2
(15)
–
(15)
Total – from subsequent valuation
(181)
–
(181)
Net (expense) / income
(78)
39
(39)
Financial Liabilities at December 31, 2024
In millions of CHF
At amortized cost
At FVPL
Total
Interest expenses
(710)
–
(710)
Amortization of arrangement fees
(12)
–
(12)
Other finance expenses
(9)
(18)
(27)
From interest
(731)
(18)
(749)
Foreign exchange gain / (loss) 1
184
–
184
Total – from subsequent valuation
184
–
184
Net (expense) / income
(547)
(18)
(565)
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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Financial Assets at December 31, 2023
In millions of CHF
At amortized cost
At FVPL
Total
Interest income
58
–
58
Other finance income
12
37
49
From interest
70
37
107
Foreign exchange gain / (loss) 1
(8)
–
(8)
Impairments / allowances 2
–
–
–
Total – from subsequent valuation
(8)
–
(8)
Net (expense) / income
62
37
99
Financial Liabilities at December 31, 2023
In millions of CHF
At amortized cost
At FVPL
Total
Interest expenses
(535)
1
(534)
Amortization of arrangement fees
(5)
–
(5)
Other finance expenses
(25)
(63)
(88)
From interest
(565)
(62)
(627)
Foreign exchange gain / (loss) 1
(42)
–
(42)
Total – from subsequent valuation
(42)
–
(42)
Net (expense) / income
(607)
(62)
(669)
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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34.
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 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.
35.
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 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 2024, Avolta utilized foreign exchange forward contracts for hedging purposes.
35.1 Foreign currency risk management
Avolta manages the cash flow surplus or deficits in foreign currency of the operations
through foreign exchange transactions in the respective local currency. Major imbal-
ances in foreign currencies at Group level are hedged through foreign exchange for-
wards contracts. The terms of the foreign currency forward contracts have been nego-
tiated to match the terms of the forecasted transactions.
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35.2 Foreign currency sensitivity analysis
Among various methodologies to analyze and manage risk, Avolta utilizes a system
based on sensitivity analysis. Sensitivity analysis provides an approximate quantification
of the stand-alone exposure of each Group entity 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, 2024
Monetary assets
1,463
349
366
86
2,194
4,458
Monetary liabilities
835
2,424
350
170
2,039
5,818
Net currency exposure before
foreign currency contracts and
hedging
628
(2,075)
16
(84)
155
(1,360)
Foreign currency contracts
(629)
898
–
–
(183)
86
Hedging / quasi-equity loans
(16)
1,021
–
–
(77)
928
Net currency exposure
(17)
(156)
16
(84)
(105)
(346)
December 31, 2023
Monetary assets
1,148
2,930
391
76
2,340
6,885
Monetary liabilities
527
2,394
402
134
2,095
5,552
Net currency exposure before
foreign currency contracts and
hedging
621
536
(11)
(58)
245
1,333
Foreign currency contracts
(827)
983
–
–
(210)
(54)
Hedging / quasi-equity loans
232
(1,461)
–
–
(79)
(1,308)
Net currency exposure
26
58
(11)
(58)
(44)
(29)
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The sensitivity analysis includes all monetary assets and liabilities. 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
31.12.2024
31.12.2023
Effect on profit or loss based on USD
1
(1)
Other comprehensive income based on USD
(1)
12
Effect on profit or loss based on EUR
8
(3)
Other comprehensive income based on EUR
51
(73)
Effect on profit or loss based on GBP
(1)
1
Effect on profit or loss based on BRL
4
3
Reconciliation to categories of financial instruments:
In millions of CHF
31.12.2024
31.12.2023
Financial assets
Total financial assets held in foreign currencies
4,458
6,885
Less: Intercompany financial assets in foreign currencies
(4,033)
(6,259)
Third party financial assets held in foreign currencies
425
626
Third party financial assets held in reporting currencies
921
816
Total third-party financial assets
1,346
1,442
Financial liabilities
Total financial liabilities held in foreign currencies
5,818
5,552
Less: Intercompany financial liabilities in foreign currencies
(3,870)
(3,561)
Third party financial liabilities held in foreign currencies
1,948
1,991
Third party financial liabilities held in reporting currencies
12,056
11,185
Total third-party financial liabilities
14,004
13,176
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35.3 Foreign exchange forward contracts and
foreign exchange options at fair value
As 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
Contract underlying or
principal amount
Positive fair value
Negative fair value
December 31, 2024
462
8
38
December 31, 2023
1,204
9
80
36.
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.
36.1 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.
If interest rates on all interest-bearing positions had been 100 basis points higher
whereas all other variables were held constant, Avolta’s net profit for the year 2024
would decrease by CHF 35 million (2023: decrease by CHF 36 million).
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36.2 Allocation of financial assets and liabilities
to interest classes
In %
In millions of CHF
At December 31, 2024
Average
variable
interest rate
Average fixed
interest rate
Variable
interest rate
Fixed interest
rate
Total interest
bearing
Non-interest
bearing
Total
Cash and cash equivalents
0.9%
0.9%
153
42
195
561
756
Trade and credit card receivables
–
–
–
56
56
Other accounts receivable
1.2%
0.8%
1
27
28
300
328
Other non-current assets
3.1%
0.8%
11
62
73
133
206
Financial assets
165
131
296
1,050
1,346
Trade payables
–
–
–
824
824
Borrowings, current
1.0%
–
135
135
6
141
Other liabilities
–
–
–
1,183
1,183
Borrowings, non-current
6.1%
2.7%
619
2,629
3,248
–
3,248
Lease obligations
5.8%
–
8,520
8,520
–
8,520
Other non-current liabilities
3.7%
–
23
23
65
88
Financial liabilities
619
11,307
11,926
2,078
14,004
Net financial liabilities
454
11,176
11,630
1,028
12,658
In %
In millions of CHF
At December 31, 2023
Average
variable
interest rate
Average fixed
interest rate
Variable
interest rate
Fixed interest
rate
Total interest
bearing
Non-interest
bearing
Total
Cash and cash equivalents
1.9%
3.1%
388
105
493
222
715
Trade and credit card receivables
–
–
–
41
41
Other accounts receivable
1.6%
0.5%
16
18
34
313
347
Current investment
2.8%
55
–
55
–
55
Other non-current assets
4.7%
0.6%
3
60
63
221
284
Financial assets
462
183
645
797
1,442
Trade payables
–
–
–
874
874
Borrowings, current
2.4%
–
807
807
12
819
Other liabilities
7.3%
11.3%
–
1
1
1,055
1,056
Borrowings, non-current
4.1%
2.2%
599
1,922
2,521
–
2,521
Lease obligations
7.6%
–
7,854
7,854
–
7,854
Other non-current liabilities
–
–
–
52
52
Financial liabilities
599
10,584
11,183
1,993
13,176
Net financial liabilities
137
10,401
10,538
1,196
11,734
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37.
Credit risk management
Credit risk refers to the risk that a counterparty may default on its contractual obliga-
tions, resulting in financial loss to Avolta.
Almost all Avolta sales are 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 adequately. 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 asset positions hold a credit rating of A- or
higher.
37.1 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.
38.
Liquidity risk management
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 maintaining undrawn credit facilities with financial institutions (see
note 26).
38.1 Remaining maturities for non-derivative
financial assets and liabilities
The following tables show 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.
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At December 31, 2024
In millions of CHF
1-6 months
6-12 months
1-2 years
More than
2 years
Total
Cash and cash equivalents
760
–
–
–
760
Trade and credit card receivables
54
2
–
–
56
Other accounts receivable
294
29
–
–
323
Other non-current assets
–
–
36
183
219
Total cash inflows
1,108
31
36
183
1,358
Trade payables
651
173
–
–
824
Borrowings, current
130
13
–
–
143
Other liabilities
1,115
30
–
–
1,145
Borrowings, non-current
39
52
903
2,681
3,675
Lease obligations 1
1,126
832
1,539
7,296
10,793
Other non-current liabilities
–
–
15
73
88
Total cash outflows
3,061
1,100
2,457
10,050
16,668
1 Lease obligations with a maturity of more than 2 years contain an amount of CHF 3,963 million with a maturity longer
than 5 years.
At December 31, 2023
In millions of CHF
1-6 months
6-12 months
1-2 years
More than
2 years
Total
Cash and cash equivalents
596
149
–
–
745
Trade and credit card receivables
38
3
–
–
41
Other accounts receivable
307
43
–
–
350
Current investment
55
–
–
–
55
Other non-current assets
1
–
32
294
327
Total cash inflows
997
195
32
294
1,518
Trade payables
858
16
–
–
874
Borrowings, current
100
763
–
–
863
Other liabilities
931
45
–
–
976
Borrowings, non-current
27
30
912
1,807
2,776
Lease obligations 1
772
649
1,230
7,410
10,061
Other non-current liabilities
–
–
–
52
52
Total cash outflows
2,688
1,503
2,142
9,269
15,602
1 Lease obligations with a maturity of more than 2 years contain an amount of CHF 4,330 million with a maturity longer
than 5 years.
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38.2 Remaining maturities for derivative financial
instruments
Avolta holds derivative financial instruments at year-end.
At December 31, 2024
In millions of CHF
1-6 months
6-12 months
1-2 years
More than
2 years
Total
Derivative financial assets
3
–
–
5
8
Derivative financial liabilities
2
–
–
36
38
At December 31, 2023
In millions of CHF
1-6 months
6-12 months
1-2 years
More than
2 years
Total
Derivative financial assets
9
–
–
–
9
Derivative financial liabilities
80
–
–
–
80
39.
Related parties and related party transactions
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. In connection with the business
combination with Autogrill in 2023, we have established business relationships with var-
ious related parties of Edizione SpA, primarily lease agreements. Transactions with
related parties are conducted at arm’s length.
Transactions and relationships with other related parties for Avolta are the following:
In millions of CHF
2024
2023
Purchase of services
(7)
(7)
Lease related expenses
(35)
(26)
Other expenses
(2)
(1)
Right-of-use assets at December 31
48
29
Accounts receivables at December 31
1
–
Lease obligations at December 31
50
31
Accounts payables at December 31
15
10
Transactions and balances with associates are the following:
In millions of CHF
2024
2023
Sales of goods
7
6
Sales of services
4
2
Accounts receivables at December 31
7
11
Accounts payables at December 31
1
1
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The Company has contractually agreed to a commitment in the amount of CHF 3 mil-
lion for a period of five years starting October 31, 2023, to Laguna AG, an entity fully
controlled by the Company’s chairman, in relation to transportation and logistics ser-
vices provided by a third party. The compensation to members of the Board of Direc-
tors and the Global Executive Committee for the services provided during the respec-
tive years includes all forms of consideration paid, payable or provided by Avolta,
including compensation in Company shares as follows:
2024
2023
Board of directors
Number of directors
12
12
Current employee benefits (in millions of CHF)
9
10
Total compensation (in millions of CHF)
9
10
Global executive committee
Number of members
10
13
Current employee benefits (in millions of CHF)
19
21
Post-employment benefits (in millions of CHF)
2
3
Share-based payments (income) / expense 1 (in millions of CHF)
9
20
Total compensation (in millions of CHF)
31
44
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, refer to the remuneration report at
the end of the annual report.
40. Events after reporting date
Avolta AG launched its previously announced public share buyback program of up to
CHF 200 million on January 27, 2025. This strategic initiative aims to enhance share-
holder value in line with Avolta’s Destination 2027 strategy.
The Board of Directors proposes, subject to the approval of the General Assembly, to
distribute CHF 1.00 per share which will amount to a total distribution of approximately
CHF 147 million. The Board of Directors proposes to distribute the amount from the
reserve from capital contribution.
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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 of
Avolta AG, Basel
Basel, March 11, 2025
Report on the Audit of the Consolidated Financial Statements
Opinion
We 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, 2024, the consolidated statement of comprehensive in-
come, 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 material accounting policy information.
In our opinion, the accompanying consolidated financial statements (pages 170 to 249) give a true and fair view of the consolidated
financial position of the Group as at December 31, 2024 and of its consolidated financial performance and its consolidated cash
flows for the year then ended in accordance with IFRS Accounting Standards and comply with Swiss law.
Basis for Opinion
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) 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 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 Independence
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 Matters
Key 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.
Valuation of concession right intangibles and right-of-use assets
Key Audit Matter
The Group’s consolidated statement of financial position includes concession right intangibles and right-of-use assets with defi-
nite useful lives.
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 3.2l, 3.2m and 3.2n. As detailed in Note 4, 16, 17 and 18.3 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 right intangibles and right-of-use assets 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 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 determined the valuation of concession
right intangibles and right-of-use assets to be a key audit matter.
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How the scope of our audit responded to the key audit matter
We obtained an understanding of management’s processes 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.
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.
We 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 against the Group’s assumptions and used external industry in-
formation to evaluate supporting or contradictory information in relation to management assumptions.
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 assessed the completeness and accuracy of the related disclosures in the consolidated financial statements on the concession
right intangibles and right-of-use assets.
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.
Other Information
The 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 stand-alone financial statements, the remuneration re-
port and our auditor’s reports 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 Statements
The 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.
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Auditor‘s Responsibilities for the Audit of the Consolidated Financial Statements
Our 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.
A further description of our responsibilities for the audit of the consolidated financial statements is located on EXPERTsuisse’s web-
site at: https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.
Report on Other Legal and Regulatory Requirements
In 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 Hell
Licensed audit expert
Licensed audit expert
Auditor in charge
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Statement of
profit or loss
for the year ended December 31, 2024
In millions of CHF
Note
2024
2023
Finance income
19
24
Total income
19
24
Personnel expenses
6
(33)
(45)
General and administrative expenses
(15)
(20)
Management fee expenses
(7)
(7)
Finance expenses
–
(1)
Taxes
(1)
(2)
Total expenses
(56)
(75)
Loss for the year
(37)
(51)
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Statement of
financial position
at December 31, 2024
In millions of CHF
Note
31.12.2024
31.12.2023
Assets
Cash and cash equivalents
2
77
Current receivables subsidiaries
3
4
Loans to subsidiaries
–
691
Current assets
5
772
Investments in subsidiaries
5,374
5,374
Loans to subsidiaries
461
–
Non-current assets
5,835
5,374
Total assets
5,840
6,146
Liabilities and shareholders' equity
Current interest-bearing liabilities
1
–
Current liabilities third parties
2
3
Current liabilities subsidiaries
7
2
Deferred income and accrued expenses
87
73
Current liabilities
97
78
Total liabilities
97
78
Share capital
4.1
733
763
Legal capital reserves
Reserve from capital contribution
4.1
6,547
6,851
Reserve from capital contribution for own shares held at subsidiaries
2
2
Legal retained earnings
Other legal reserves
6
6
Voluntary retained earnings
Results carried forward
(1,464)
(1,413)
Loss for the year
(37)
(51)
Treasury shares
5
(44)
(89)
Total shareholders' equity
5,743
6,068
Total liabilities and shareholders' equity
5,840
6,146
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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.
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 Inter-
national Financial Reporting Standards (“IFRS”), a recognized accounting standard, the
Company has, in accordance with the CO, elected to forego presenting the statement
of cash flows, the additional disclosures, and the management report otherwise
required by the CO. The financial statements may be influenced by the creation and
release of excess reserves.
All amounts are presented in millions of Swiss Francs (CHF) and prior year figures are
adjusted consistent with the current year presentation. Numbers presented throughout
this report may not add up precisely due to rounding.
The financial statements have been prepared on a going concern basis.
Where not prescribed by law, the significant accounting and valuation principles applied
are described below.
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2.2
Summary of significant accounting policies
Investments in subsidiaries
Investments are held at historical cost. The Company reviews the carrying amount of
investments annually, and if events and circumstances suggest that this amount may
not be recoverable, an impairment or impairment reversal is recognized in the state-
ment of profit or loss. When the recoverable amount exceeds the carrying value, the
previous recognized impairment loss is reversed.
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 equity.
Share-based payments
The Company accrues personnel expenses related to share-based payment plans for
the respective period in deferred income and accrued expenses. 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 participants 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.
3.
Direct subsidiaries
Share capital and voting rights
Share capital (in thousands)
Currency
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Dufry International AG, Switzerland
100%
100%
1,000
1,000
CHF
Dufry Corporate AG, Switzerland
100%
100%
100
100
CHF
Dufry Holdings & Investments AG, Switzerland
100%
100%
1,000
1,000
CHF
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4.
Share capital
4.1
Ordinary shares
Number of shares
(in thousands)
Share capital
(in millions of CHF)
Reserve from capital
contribution
(in millions of CHF)
Balance at January 1, 2023
90,797
454
4,552
Increase of share capital
61,817
309
2,299
Balance at December 31, 2023
152,614
763
6,851
Share cancellations
(6,104)
(30)
(201)
Dividend distribution
–
–
(104)
Balance at December 31, 2024
146,510
733
6,547
Of the reserve from capital contribution, the Swiss federal tax authorities have formally
recognized CHF 3,403 million (2023: CHF 3,507 million) at December 31, 2024.
4.2
Conditional share capital
Number of shares
(in thousands)
Share capital
(in millions of CHF)
Balance at January 1, 2023
39,743
199
Decrease of conditional share capital
(30,663)
(153)
Increase of conditional share capital
45,399
227
Conversion of mandatory convertible bonds
(2,092)
(11)
Balance at December 31, 2023
52,387
262
Cancellation of conditional share capital
(45,399)
(227)
Balance at December 31, 2024
6,988
35
4.3
Capital Band (formerly authorized capital)
Number of shares
(in thousands)
Nominal value
(per share in CHF)
Nominal value
(in millions of CHF)
At December 31, 2023
Capital band available increase
16,337
5
82
Capital band available decrease
(29,062)
5
(145)
At December 31, 2024
Capital band available increase
36,627
5
183
Capital band available decrease
(9,157)
5
(46)
Within the capital band, the Company’s Board of Directors is granted authority to
increase or decrease share capital until May 15, 2029.
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5.
Treasury shares
Number of Shares 2
(in thousands)
In millions of CHF
Balance at January 1, 2023
611
(23)
Returned shares 1
805
(34)
Purchased shares
801
(33)
Balance at December 31, 2023
2,217
(90)
Purchased shares
5,709
(202)
Distributions
(438)
15
Cancellations
(6,104)
231
Balance at December 31, 2024
1,384
(46)
1 Related to a past business combination.
2 Direct and indirect.
6.
Personnel expenses
The personnel expenses correspond to the remuneration of selected members of the
management.
Avolta AG employed less than 10 employees in 2024 and 2023.
7.
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 are:
AVOLTA Participations AG
DUFRY Corporate AG
DUFRY International AG
DUFRY Holdings & Investments AG
DUFRY Samnaun AG
AVOLTA AG
DUFRY Russia Holding AG
DUFRY Altay AG
DUFRY Trading AG
The Nuance Group AG
DUFRY Basel Mulhouse AG
Autogrill Schweiz AG 1
Restoroute de Bavois S.A.1
Restoroute de la Gruyere S.A.1
Avolta North America GmbH 1
1 Entry into the VAT group as of January 1, 2025
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8.
Contingent liabilities
The Company jointly and severally with Dufry International AG, Dufry Financial Services
B.V., and Hudson Group (HG) Inc guarantees the following credit facilities:
2024
In millions
Maturity
Coupon rate
Currency
Nominal amount in
currency
Drawn amount in
CHF
Main bank credit facilities
Committed revolving credit facility
28.10.2029
EUR
2,400
796
Subtotal
796
Senior notes
Senior notes
15.04.2026
3.63%
CHF
300
300
Senior notes
15.02.2027
2.00%
EUR
750
704
Senior notes
15.04.2028
3.38%
EUR
725
681
Senior notes
18.04.2031
4.75%
EUR
500
470
Convertible notes
30.03.2026
0.75%
CHF
500
500
Subtotal
2,655
Guarantee facility
Uncommitted guarantee facility
n / a
EUR
190
179
Subtotal
179
At December 31, 2024
3,630
2023
In millions
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
358
Subtotal
358
Senior notes
Senior notes
15.04.2028
3.38%
EUR
725
673
Senior notes
15.04.2026
3.63%
CHF
300
300
Senior notes
15.10.2024
2.50%
EUR
800
743
Senior notes
15.02.2027
2.00%
EUR
750
697
Convertible notes
30.03.2026
0.75%
CHF
500
500
Subtotal
2,913
Guarantee facility
Uncommitted guarantee facility
n / a
EUR
49
46
Subtotal
46
At December 31, 2023
3,316
There were no assets pledged as of December 31, 2024 and 2023.
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9.
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, 2024 and December 31, 2023 (members not listed do not hold any
shares or options):
31.12.2024
31.12.2023
In thousands
Shares
Outstanding
unvested PSU 1
Participation
Shares
Outstanding
unvested PSU 1
Participation
Members of board of
directors
J.C. Torres Carretero, Chairman
637.1
–
0.43%
637.1
–
0.42%
H. Jo Min, Lead Independent
Director
–
–
0.00%
0.7
–
0.00%
L. Tyler-Cagni, Director
–
–
0.00%
3.6
–
0.00%
Total Board of Directors
637.1
–
0.43%
641.4
–
0.42%
Members of global
executive committee
X. Rossinyol, CEO
131.8
317.3
0.31%
81.8
208.5
0.19%
Y. Gerster, CFO
40.5
78.1
0.08%
8.7
70.3
0.05%
F. Cheung, President & CEO Asia
Pacific
5.0
26.7
0.02%
–
16.6
0.01%
S. Johnson, President & CEO North
America
–
57.3
0.04%
–
26.4
0.02%
L. Marin, President & CEO Europe,
Middle East and Africa
37.6
75.5
0.08%
10.8
68.8
0.05%
E. Urioste, President & CEO Latin
America
–
26.7
0.02%
–
16.0
0.01%
P. Duclos, Group General Counsel
–
84.7
0.06%
–
74.7
0.05%
C. Rossotto, Chief Public Affairs &
ESG Officer
–
37.7
0.03%
–
16.9
0.01%
V. Talwar, Chief Commercial &
Digital Officer
–
52.2
0.04%
–
23.4
0.02%
K. Volery, Chief People & Culture
Officer
–
25.9
0.02%
–
14.4
0.01%
Total Global Executive Committee
214.9
781.9
0.68%
101.3
535.9
0.42%
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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10.
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, 2024
Location
Country
Type
Ownership
(in %)
Share capital
(in thousands)
Currency
Europe, Middle East and Africa (EMEA)
ADF Shops CJSC
Yerevan
Armenia
O
100
553,825
AMD
AC Restaurants & Hotels Beheer N.V.
Antwerp
Belgium
O
100
3,250
EUR
Autogrill België N.V.
Antwerp
Belgium
O
100
8,756
EUR
Dufry Sofia OOD
Sofia
Bulgaria
O
80
2,500
BGN
Autogrill Coté France S.a.S.
Marseille
France
O
100
11,293
EUR
Autogrill Deutschland GmbH
Munich
Germany
O
100
205
EUR
Le Crobag GmbH & Co KG
Hamburg
Germany
O
100
905
EUR
Hellenic Duty Free Shops S.A.
Athens
Greece
O
100
397,535
EUR
Autogrill Italia S.p.A.
Novara
Italy
O
100
68,688
EUR
Dufrital S.p.A.
Milan
Italy
O
60
466
EUR
Nuova Sidap S.r.l.
Novara
Italy
O
100
200
EUR
World Duty Free S.p.A.
Novara
Italy
H
100
63,720
EUR
Aldeasa Jordan Airports Duty Free Shops Ltd.
Amman
Jordan
O
100
500
JOD
WDFG SA, Kuwait Branch
Kuwait City
Kuwait
O
100
2,383
KWD
Dufry Maroc Sarl
Casablanca
Morocco
O
80
2,500
MAD
HMSHost Nederland B.V.
Amsterdam
Netherlands
O
100
0
EUR
Horeca Exploitatie Maatshappij Schiphol, B.V.
(HEMS)
Amsterdam
Netherlands
O
100
45
EUR
Regstaer-M LLC
Moscow
Russian Fed.
O
60
10,010
RUB
Dufry d.o.o. Beograd
Belgrade
Serbia
O
100
6,603
EUR
Sociedad de Distribucion Comercial
Aeroportuaria de Canarias S.L.
Telde
Spain
O
60
717
EUR
World Duty Free Group S.A.U.
Madrid
Spain
O
100
19,831
EUR
The Nuance Group (Sverige) AB
Stockholm
Sweden
O
100
100
SEK
Autogrill Schweiz AG
Olten
Switzerland
O
100
23,183
CHF
The Nuance Group AG
Zurich
Switzerland
O
100
82,100
CHF
Urart Gumrukzus Magaza Isletmeciligi Ve
Ticaret A.S.
Antalya
Turkey
O
100
1,728
TRY
HMSHost UK Ltd.
London
United Kingdom
O
100
217
GBP
WDFG Ferries Ltd.
London
United Kingdom
O
100
50
GBP
WDFG UK Ltd.
London
United Kingdom
O
100
360
GBP
Dufry Sharjah FZC
Sharjah
Utd.Arab Emir.
O
50
150
AED
Asia Pacific
Anway Ltd.
Hong Kong
China
O
100
886,391
HKD
The Nuance Group (HK) Ltd.
Hong Kong
China
O
100
–
HKD
Autogrill VFS F&B Company Ltd. (Vietnam)
Ho Chi Minh City
Vietnam
O
70
104,462,000
VND
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As of December 31, 2024
Location
Country
Type
Ownership
in %
Share capital in
thousands
Currency
North America
Host International of Canada, Ltd.
Vancouver
Canada
O
100
1,351
CAD
The Nuance Group (Canada) Inc.
Toronto
Canada
O
100
–
CAD
WDFG Vancouver LP
Vancouver
Canada
O
100
–
CAD
Airport Management Services, LLC
Delaware
USA
H/O
100
–
USD
HG BOS Duty-Free JV
Boston
USA
O
80
–
USD
HG Logan Retailers JV
Boston
USA
O
80
–
USD
HMSHost Corporation
Delaware
USA
H
100
–
USD
Host International, Inc.
Delaware
USA
H/O
100
–
USD
HSI Honolulu Joint Venture Company
Honolulu
USA
O
90
–
USD
HSI MCA FLL FB, LLC
Delaware
USA
O
76
–
USD
Hudson Group (HG) Retail, LLC
Delaware
USA
H/O
100
–
USD
Hudson Group (HG), Inc.
Delaware
USA
H
100
–
USD
Hudson Las Vegas JV
Las Vegas
USA
O
73
–
USD
Hudson News O'Hare Joint Venture
Chicago
USA
O
70
–
USD
JFK Air Ventures II JV
New York
USA
O
80
–
USD
Seattle Air Ventures-JV
Olympia
USA
O
75
–
USD
Stellar Partners, Inc.
Tampa
USA
O
100
1,264
USD
WDFG North America LLC
Delaware
USA
H/O
100
–
USD
Latin America
Interbaires S.A.
Buenos Aires
Argentina
O
100
258,919
ARS
Dufry do Brasil Duty Free Shop Ltda.
Rio de Janeiro
Brazil
O
100
1,345,390
BRL
Dufry Lojas Francas Ltda.
Sao Paulo
Brazil
O
100
830,213
BRL
Aldeasa Chile Ltda.
Santiago de Chile
Chile
O
100
2,517
USD
Inversiones Tunc SRL
Santo Domingo
Dominican Rep.
O
100
200
DOP
Dufry Mexico SA de CV
Mexico City
Mexico
O
100
1,289,975
MXN
Alliance Duty Free LLC
San Juan
Puerto Rico
O
100
2,213
USD
Dufry Cruise Services, LLC
Miami
USA
O
100
–
USD
Global Distribution Centers
International Operations & Services Company
(HK) Ltd.
Hong Kong
China
D
100
109,000
HKD
Dufry International AG
Basel
Switzerland
H/D
100
1,000
CHF
International Operations & Services (UY) S.A.
Montevideo
Uruguay
D
100
700
UYU
International Operations & Services (USA),
LLC
Miami
USA
D
100
398
USD
Other companies
Dufry Financial Services BV
Eindhoven
Netherlands
H
100
–
EUR
Dufry One BV
Eindhoven
Netherlands
H
100
–
EUR
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11.
Events after reporting date
Avolta AG launched its previously announced public share buyback program of up to
CHF 200 million on January 27, 2025. This strategic initiative aims to enhance share-
holder value in line with Avolta’s Destination 2027 strategy.
Proposed appropriation
of retained earnings and
capital distribution
The Board of Directors proposes, subject to the approval of the General Assembly, to
carry forward the loss for the year of CHF 37 million as cumulative negative retained
earnings, and to distribute CHF 1.00 per share which will amount to a total distribution
of approximately CHF 147 million. The Board of Directors proposes to distribute the
amount from the reserve from capital contribution.
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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 of
Avolta AG, Basel
Basel, March 11, 2025
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Avolta AG (the Company), which comprise the statement of financial position as at
December 31, 2024, 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 253 to 263, comply with Swiss law and the Company’s
articles of incorporation.
Basis for Opinion
We 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 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.
Key Audit Matters
Key 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 subsidiaries
Key Audit Matter
The standalone financial statements of Avolta AG presents investments in Avolta Group companies as described in Notes 2.2
and 3.
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 amounts to the financial
statements as a whole, we assessed management’s estimates made in relation to the valuation of investments in subsidiaries to be
a key audit matter.
How the scope of our audit responded to the Key Audit Matter
We obtained an understanding of management’s process and control of the identification of impairment indicators, the review of
key assumptions used in the impairment testing process and the review of the impairment models.
We independently evaluated whether there are any impairment indicators for the investment in subsidiaries. For investments for
which there were impairment indicators identified, we involved valuation specialists to assess the appropriateness of the mathe-
matical integrity and valuation methodology used in the impairment tests. We performed procedures for key inputs and assump-
tions 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. In ad-
dition, we performed lookback analyses to assess historical revenue against the Group’s assumptions and used external industry
information to evaluate supporting or contradictory information in relation to management assumptions.
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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 assessed the completeness and accuracy of the related disclosures to the financial statements on investments in subsidiaries.
Based on the procedures performed above, we obtained sufficient audit evidence to address the risk of valuation of investments
in subsidiaries.
Other Information
The 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 remuneration
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, consi-
der 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 requi-
red to report that fact. We have nothing to report in this regard.
Board of Directors’ Responsibilities for the Financial Statements
The 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 ena-
ble 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 go-
ing 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 Statements
Our 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 ma-
terial 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 financial
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. This description forms an integral part of our report.
Report on Other Legal and Regulatory Requirements
In 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 financial statements according to the instructions of the Board of Directors.
Based on our audit in accordance with Art. 728a para. 1 item 2 CO, we confirm that the proposals of the Board of Directors comply
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 Hell
Licensed audit expert
Licensed audit expert
Auditor in charge
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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 Group because the adjusted results enable
better comparison across years. These CORE figures exclude exceptional acquisition
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, Avolta considers all of its concession fees and corresponding pay-
ments as CORE to its business, in contrast to IFRS 16, which treats fixed payments as a
financing activity. In addition, Avolta believe that the straight-line depreciation of right-
of-use assets does not reflect the economic reality of its business and the operational
performance of the 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
2024
2023
Like-for-like
6.4%
23.2%
Net new concessions
(0.1% )
1.9%
Organic growth
6.3%
25.1%
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.
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CORE profit or loss
In millions of CHF
2024
2023
Net sales
13,241
12,329
Advertising income
232
206
Turnover
13,473
12,535
Cost of sales
(4,690)
(4,477)
Gross profit
8,783
8,058
Concession expenses
(3,409)
(3,179)
Personnel expenses
(2,749)
(2,539)
Other expenses
(1,474)
(1,418)
Other income
116
208
CORE EBITDA
1,267
1,130
Depreciation, amortization and impairment
(368)
(312)
CORE EBIT
899
818
Financial result
(187)
(202)
CORE Profit before tax
712
616
Income tax
(162)
(159)
CORE Net profit
550
457
Attributable to
Non-controlling interests
164
149
Equity holders of the parent
386
308
Earnings per share attributable to equity holders of the parent
Basic earnings per share in CHF
2.62
2.26
Diluted earnings per share in CHF
2.57
2.21
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, the foreign exchange impact on our lease obligations and the
financing component of IFRS 16 is removed. In addition, all depreciation and amortiza-
tion 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 calcu-
late covenants under the bank financing agreements.
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Profit or loss reconciliation IFRS/CORE
2024
In millions of CHF
IFRS
Acquisition
related
adjustments
Lease
adjustments
Fuel sales
adjustments 1
CORE
Net sales 1
13,493
–
–
(252)
13,241
Advertising income
232
–
–
–
232
Turnover
13,725
–
–
(252)
13,473
Cost of sales
(4,924)
–
–
234
(4,690)
Gross profit
8,801
–
–
(18)
8,783
Lease expenses (IFRS) / Concession expenses (CORE)
(1,951)
–
(1,458)
–
(3,409)
Personnel expenses
(2,749)
–
–
–
(2,749)
Other expenses 2
(1,416)
–
(58)
–
(1,474)
Other income
98
–
–
18
116
Operating profit before D&A (IFRS) / CORE EBITDA
2,783
–
(1,516)
–
1,267
Depreciation & impairment of PP&E
(306)
–
–
–
(306)
Amortization & impairment of intangibles 3
(364)
248
54
–
(62)
Depreciation & impairment right-of-use assets
(1,179)
–
1,179
–
–
Operating profit (IFRS) / CORE EBIT
934
248
(283)
–
899
Financial result 4
(587)
–
400
–
(187)
Profit before tax (IFRS) / CORE EBT
347
248
117
–
712
Income tax expenses 5
(87)
(74)
(1)
–
(162)
Net profit (IFRS) / CORE Net profit
260
174
116
–
550
Attributable to
Non-controlling interests
157
(2)
9
–
164
Equity holders of the parent
103
176
107
–
386
Earnings per share attributable to equity
holders of the parent
Basic earnings per share in CHF
0.70
2.62
Diluted earnings per share in CHF
0.68
2.57
1 Net sales (CORE) and cost of sales (CORE) differ from the IFRS amounts because they exclude fuel sales and fuel cost
of sales. The net amount is classified as other income (CORE) in accordance with management's protocol for the anal-
ysis of Group figures.
2 CHF 58 million non-shop leases included in other expenses (CORE).
3 CHF 248 million amortization of acquisition related concession rights.
4 CHF 400 million lease interest expenses and IFRS 16 related foreign exchange effect.
5 CHF 74 million deferred taxes on acquisition related concession rights.
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2023
In millions of CHF
IFRS
Acquisition
related
adjustments
Lease
adjustments
Fuel sales
adjustments 1
CORE
Net sales
12,584
–
–
(255)
12,329
Advertising income
206
–
–
–
206
Turnover
12,790
–
–
(255)
12,535
Cost of sales
(4,716)
–
–
239
(4,477)
Gross profit
8,074
–
–
(16)
8,058
Lease expenses (IFRS) / Concession expenses (CORE)
(1,876)
–
(1,303)
–
(3,179)
Personnel expenses
(2,539)
–
–
–
(2,539)
Other expenses 2,3
(1,376)
19
(61)
–
(1,418)
Other income
192
–
16
208
Operating profit before D&A (IFRS) / CORE EBITDA
2,475
19
(1,364)
–
1,130
Depreciation & impairment of PP&E
(277)
–
–
–
(277)
Amortization & impairment of intangibles 4
(243)
208
–
–
(35)
Depreciation & impairment right-of-use assets
(1,090)
–
1,089
–
–
Operating profit (IFRS) / CORE EBIT
865
227
(275)
–
818
Financial result 5,6
(567)
16
349
–
(202)
Profit before taxes (IFRS) / CORE EBT
298
243
74
–
616
Income tax 7
(82)
(53)
(24)
–
(159)
Net profit / CORE Net profit
216
190
50
–
457
Attributable to
Non-controlling interests
129
11
9
–
149
Equity holders of the parent
87
179
41
–
308
Earnings per share attributable to equity
holders of the parent
Basic earnings per share in CHF
0.64
2.26
Diluted earnings per share in CHF
0.63
2.21
1 Net sales (CORE) and cost of sales (CORE) differ from the IFRS amounts because they exclude fuel sales and fuel cost
of sales. The net amount is classified as other income (CORE) in accordance with management's protocol for the anal-
ysis of Group figures.
2 Other expenses (CORE) exclude CHF 19 million financial related transaction cost directly linked to the closing of the
combination with Autogrill.
3 CHF 58 million non-shop leases included in other expenses (CORE).
4 CHF 208 million amortization and impairment of acquisition related concession rights.
5 Financial results (CORE) exclude CHF 16 million in connection with a Bridge financing, directly linked to the closing of
the combination with Autogrill.
6 CHF 349 million lease interest expenses and IFRS 16 related foreign exchange effect.
7 CHF 53 million deferred taxes on acquisition related concession rights and CHF 24 million deferred taxes related to
IFRS 16.
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CORE cash flow
In millions of CHF
2024
2023
CORE EBITDA
1,267
1,130
Other non-cash items and changes in lease obligation
91
81
Changes in net working capital
(84)
(44)
Capital expenditures
(473)
(433)
Cash flow related to minorities
(124)
(103)
Dividends from associates
1
2
Income taxes paid
(120)
(129)
Cash flow before financing
558
504
Interest, net
(135)
(160)
Other financing items
2
(21)
Equity free cash flow
425
323
Dividend to Group shareholders
(104)
–
Purchase of treasury shares 1
(202)
(33)
Foreign exchange adjustments and other
(86)
(175)
Decrease / (Increase) in financial net debt
33
115
– at the beginning of the period
2,696
2,811
– at the end of the period
2,663
2,696
1 Gross consideration.
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
2024
2023
Net cash flow from operating activities
2,605
2,359
Cash flow consideration used in investing activities
Purchase of property, plant and equipment
(434)
(404)
Purchase of intangible assets
(49)
(37)
Proceeds from lease income
29
23
Loans receivable repaid / (granted)
1
(36)
Proceeds from sale of property, plant and equipment
10
9
Proceeds from sale of financial assets, net
4
(1)
Interest received
91
62
Cash flow consideration from financing activities
Lease payments
(1,484)
(1,362)
Interest paid
(226)
(222)
Contribution from non-controlling interests
19
31
Dividends paid to non-controlling interests
(143)
(134)
Add back of acquisition related transaction costs
Finance related transaction costs (Bridge financing)
–
16
Other transaction costs
2
19
Equity free cash flow (EFCF)
425
323
Financial net debt
In millions of CHF
31.12.2024
31.12.2023
Borrowings (current and non-current)
3,389
3,340
Financial derivatives liability - Borrowings
38
80
Less financial derivatives assets - Borrowings
(8)
(9)
Less cash and cash equivalents
(756)
(715)
Financial net debt
2,663
2,696
Avolta’s financial net debt is not considering IFRS 16 related lease obligations.
Trade net working capital
In millions of CHF
31.12.2024
31.12.2023
Inventories
1,276
1,062
Trade and credit card receivables
56
41
Less trade payables
(824)
(873)
Trade net working capital
508
230
Working capital management relates 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.
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Capital expenditure (Capex)
In millions of CHF
2024
2023
Purchase of property, plant and equipment
(434)
(404)
Purchase of intangible assets
(49)
(37)
Proceeds from sale of property, plant and equipment
10
9
Capex
(473)
(432)
Capex includes purchase of property, plant, equipment, intangible assets, other
investing activities and proceeds from sale of property, plant, equipment on a cash
basis. Any purchases or proceeds related to financial assets are not included within the
definition 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 2025, please refer to pages 329/330 of this Annual
Report.
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Corporate
Governance
Corporate
Governance
Introduction
This Corporate Governance Report is prepared in
accordance with the Corporate Governance Directive
(DCG) of SIX Exchange Regulation. All information within
the Report refers to the Company Organization, Internal
Regulations and Articles of Incorporation that were in
effect as of December 31, 2024 (unless specifically stated
otherwise).
The Articles of Incorporation and Board Regulations are
available on the Company website, www.avoltaworld.com,
section Investors – Corporate Governance – Governance
Documents – Corporate Documents:
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 of December 31,
2024, please refer to page 21 of this Annual Report.
Listed company as of December 31, 2024
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 5,324,161,808 as of December 31, 2024
Percentage of shares held by Avolta AG
0.94 % of Avolta AG share capital as of December 31, 2024
Security numbers
Registered shares:
ISIN-Code CH0023405456, Swiss Security-No. 2340545,
Ticker Symbol AVOL
Non-listed consolidated entities
as of December 31, 2024
For a table of the operational non-listed consolidated
entities please refer to page 261 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.
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1.2 Significant shareholders
Pursuant to the information provided to the Company
by its shareholders in compliance with the Financial
Market Infrastructure Act, the following shareholders
held significant positions (≥ 3 % of the share capital or
voting rights) as of December 31, 2024.
Further details regarding these shareholders as well as
additional information regarding the individual disclosure
notices made in 2024 are available on the website of SIX
Exchange Regulation at:
www.ser-ag.com/en/resources/notifications-market-
participants/significant-shareholders.html#/
Shareholder
Shares 1
Other Purchase
positions 2
Total Purchase
positions
Edizione S.p.A. 3
22.17 %
–
22.17 %
Advent International Corporation 4
8.72 %
–
8.72 %
Compagnie Financière Rupert 5
4.94 %
–
4.94 %
Alibaba Group Holding Limited 6
3.42 %
1.45 %
4.87 %
Qatar Investment Authority 7
4.49 %
–
4.49 %
BlackRock, Inc. 8
3.41 %
0.52 %
3.93 %
UBS Fund Management (Switzerland) AG
3.60 %
–
3.60 %
Helikon Investments Limited 9
2.12 %
0.93 %
3.05 %
1
The percentage of voting rights must be read in context with the
applicable stock exchange and disclosure rules. The actual share-
holdings 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 Shares directly held by Schema Beta S.p.A., Treviso / Italy. The beneficial
owner of the shares is Edizione S.p.A., Treviso / Italy.
4 Shares directly held by the legal entity AI Louvre (Luxembourg) S.à.r.l.,
Luxembourg / Grand Duchy of Luxembourg. The beneficial owner of
the shares is Advent International Corporation, Boston, MA / USA.
5 Shares directly held by Richemont Luxury Group Ltd, St Helier /
Jersey. The beneficial owner of the shares is Compagnie Financière
Rupert, Geneva / Switzerland.
6 Shares and financial instruments directly held by the legal entity
Taobao China Holding Limited, Hong Kong S.A.R. / China. The beneficial
owner of the shares (and mandatory convertible bonds, which were con-
verted on November 20, 2023) is Alibaba Group Holding Limited, Grand
Cayman, Cayman Islands.
7 Shares directly held by Qatar Holding LLC, Doha / Qatar. The benefi-
cial owner of the shares is the Qatar Investment Authority, Doha /
Qatar, which was established and is controlled by the State of Qatar.
8 BlackRock, Inc., New York, NY / USA. Of the total purchase position of
3.93 %, 0.44 % relate to securities lending and similar transactions and
0.52 % to delegated voting rights.
9 Shares and financial instruments directly held by Helikon Long Short
Equity Fund Master ICAV, a collective investment scheme managed by
Helikon Investments Limited, London, GB.
In addition, the Company published several disclosure
notifications concerning the holding of its own shares in
2024. The details of these notifications can be accessed
on the website of SIX Exchange Regulation 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 %.
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2.
Capital structure
2.1 Share capital
As of December 31, 2024, the Company’s capital structure
is as follows:
Ordinary share capital issued
CHF 732,548,405 (nominal value) divided into 146,509,681 fully paid
registered shares with a nominal value of CHF 5 each.
Conditional capital
CHF 34,937,935 (nominal value) divided into 6,987,587 to be fully paid
registered shares with a nominal value of CHF 5 each.
Capital Range
Upper limit: CHF 915,685,505 (nominal value) divided into 183,137,101 to be
fully paid registered shares with a nominal value of CHF 5 each.
Lower limit: CHF 686,764,130 (nominal value) divided into 137,352,826 to be
fully paid registered shares with a nominal value of CHF 5 each.
The Articles of Incorporation are available on the
Company website, www.avoltaworld.com, section Inves-
tors – Corporate Governance – Governance Documents
– Corporate Documents:
www.avoltaworld.com/en/investors/corporate-
governance
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
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 other
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.
The conditional capital of CHF 34,937,935 under Article
3bis represents 4.77 % of the issued ordinary share capital
of the Company as of December 31, 2024.
Capital range
Article 3ter of the Articles of Incorporation reads as
follows:
1. The Company has a capital range ranging from
CHF 686,764,130 (lower limit) to CHF 915,685,505
(upper limit). The Board of Directors shall be authorized
within the capital range to increase or reduce the share
capital once or several times and in any amounts or to
acquire or dispose of shares directly or indirectly
through the issuance of fully paid registered shares or
cancellation of registered shares, as applicable, or by
increasing or reducing the nominal value of the existing
shares within the limits of the capital range by not later
than May 15, 2029.
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, set-off and conversion of reserves or of profit
carried forward into share capital), the date of issue of
new shares, the conditions for the exercise of the pref-
erential subscription rights, and the beginning date for
dividend entitlement. In this regard, the Board of Direc-
tors may issue new shares by means of a firm under-
writing through a banking institution, a syndicate or
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another third party and a subsequent offer of these
shares to the current shareholders. The Board of Direc-
tors may permit preferential subscription rights that
have not been exercised to expire or it may place these
rights and / or shares as to which preferential subscrip-
tion 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:
a) for the acquisition of enterprises, parts on an enter-
prise or participations, or for new investment plans
or, in case of a share placement, for the financing or
refinancing of such transactions; or
b) for the participation of strategic partners (including
in the case of a public takeover bid) or for the
purpose of broadening the shareholder constitu-
ency or in connection with a listing of shares on
domestic or foreign stock exchanges, including for
the purpose of delivering shares to the participating
banks in connection with an over-allotment option
(Greenshoe).
5. After a change of the nominal value, new shares shall
be issued within the capital range with the same
nominal value as the existing shares.
6. If the share capital increases as a result of an increase
from conditional capital pursuant to Article 3bis of these
Articles of Incorporation, the upper and lower limits of
the capital range shall increase in an amount corre-
sponding to such increase in the share capital.
7. In the event of a reduction of the share capital within
the capital range, the Board of Directors shall, to the
extent necessary, determine the use of the reduction
amount.
The
capital
available
for
capital
increases
of
CHF 183,137,100 under Article 3ter (capital range) repre-
sents 25.0 % of the issued ordinary share capital of the
Company as of December 31, 2024. For potential
maximum capital increases see the limitations under
Article 3quater mentioned below. The headroom available
for capital decreases of CHF 45,784,275 under Article 3ter
(capital range) represents 6.25 % of the issued ordinary
share capital of the Company as of December 31, 2024.
Capital Increases pursuant to Article 3bis and 3ter
Article 3quater of the Articles of Incorporation reads as
follows:
The Company may after the date herof issue (i) registered
shares without preferential subscription rights pursuant
to Article 3ter of these Articles of Incorporation and (ii)
convertible debentures, debentures with option rights or
other financing instruments without advance subscrip-
tion rights pursuant to Article 3bis of these Articles of
Incorporation that result in the issuance of registered
shares, which, in the aggregate, do not exceed 15,261,425
fully paid registered shares with a nominal value of CHF 5
each.
2.3 Changes in capital of Avolta AG
Ordinary share capital issued
December 31, 2021
CHF 453,985,035
December 31, 2022
CHF 453,985,035
December 31, 2023
CHF 763,071,255
December 31, 2024
CHF 732,548,405
Conditional capital
December 31, 2021
CHF 45,398,500
December 31, 2022
CHF 198,715, 145
December 31, 2023
CHF 261,930,450
December 31, 2024
CHF 34,937,935
Available capital from capital range (for capital increases/decreases)
December 31, 2021
Not applicable
December 31, 2022
Not applicable
December 31, 2023 CHF 81,683,505 (increase) / CHF 145,309,010 (decrease)
December 31, 2024 CHF 183,137,100 (increase) / CHF 45,784,275 (decrease)
Authorized capital
December 31, 2021
None
December 31, 2022
CHF 226,992,515
December 31, 2023
Replaced by capital band
December 31, 2024
Not applicable
Changes in capital in 2024
Avolta AG’s Annual General Meeting of Shareholders on
May 15, 2024 resolved to amend the existing capital
under Article 3ter of the Articles of Incorporation to a new
range
from
CHF
686,764,130
(lower
limit)
to
CHF 915,685,505 (upper limit). The new Article 3ter
provides authorization for one or several capital increases
or capital decreases within the capital range until May 15,
2029. The Annual General Meeting further resolved to
cancel the Company’s conditional capital under the
former Article 3quater of the Articles of Incorporation
(Conditional Capital 2) in the amount of CHF 226,992,515
(45,398,503 registered shares). The Conditional Capital 2
had been introduced in 2022 in connection with the
mandatory tender offer for all remaining outstanding
shares of Autogrill S.p.A. (“MTO”) and remained unused
upon completion of the MTO. For background, see
section 11 (The Business Combination) of this Report.
Further, the Annual General Meeting resolved to intro-
duce a new Article 3quater into the Articles of Incorporation
(for the wording of these Articles please see section 2.2
“Details on conditional capital and capital range” above).
The changes in the capital range and conditional capital
were registered in the commercial register on May 21,
2024.
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On December 16, 2024, Avolta AG canceled 6,104,570
treasury shares and thereby reduced its share capital by
CHF
30,522,850
from
CHF
763,071,255
to
CHF 732,548,405, and the number of registered Avolta
shares by 6,104,570 shares from 152,614,251 to
146,509,681 shares. The nominal value of the Avolta
shares of CHF 5 each remained unchanged. The change
in the ordinary share capital was registered in the
commercial register on December 17, 2024.
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
increased
by
CHF
153,316,645
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.
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 ranged 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
3quinquies into the Articles of Incorporation.
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
the commercial register on September 5, 2022.
These capital changes occurred as part of the combina-
tion of Dufry with Autogrill, announced on July 11, 2022.
For comments on the capital changes in conjunction with
the Dufry / Autogrill combination, please see section
“Changes in capital in 2023” above.
2.4 Shares
As of December 31, 2024, the share capital of Avolta AG
is divided into 146,509,681 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
shareholders or usufructuaries. Only persons registered
as shareholders or usufructuaries of registered shares
in the share register shall be recognized as such by the
Company.
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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, section Investors – Corporate Governance –
Governance Documents – Corporate Documents.
Exceptions regarding the voting rights limitation
granted in the year under review
The Company has not granted any exception during the
year under review.
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 (“Genuss-
scheine”).
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 entitled 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.
–
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.
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–
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.
2.7 Convertible bonds and options
Convertible bonds
As of December 31, 2024, the Company had the following
convertible bond outstanding:
Guaranteed Senior Convertible Bond
Issuer
Dufry One B.V., Eindhoven / NL
Listing
SIX Swiss Exchange
Size of issue
CHF 500,000,000
Outstanding amount
as of Dec 31, 2024
CHF 500,000,000
Principal amount
CHF 200,000 per bond
Interest rate
0.75 % per annum, payable semi-annually
Maturity
March 30, 2026
Convertible into
Registered shares of Avolta AG
(5,747,126 shares)
Conversion price
CHF 87.00 (subject to adjustments)
Conversion period
May 25, 2021 up to and including
March 12, 2026
Source of shares
Conditional capital and / or issued and
outstanding shares
ISIN-No.
CH1105195684
Swiss Security-No.
1105195684
Ticker symbol
DUF21
Potential dilution
The underlying 5,747,126 registered shares to be
potentially issued as a result of the conversion
of the senior convertible bonds represent 3.92 %
of the issued and listed registered shares as of
December 31, 2024.
Options
As of December 31, 2024, the Company had no out-
standing 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 314 ff.
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Board of Directors as of December 31, 2024
Name
Position with Avolta
Nationality
Date of
first Election
Juan Carlos Torres Carretero
Executive Chairman
Spanish
2003
Alessandro Benetton
Honorary Chairman and Independent Director
Italian
2022
Sami Kahale
Vice-Chairman and Independent Director
Italian
2023
Enrico Laghi
Vice-Chairman and Independent Director
Italian
2022
Heekyung Jo Min
Lead Independent Director
American
2016
Xavier Bouton
Independent Director
French
2022
Mary J. Steele Guilfoile
Independent Director
American
2020
Luis Maroto Camino
Independent Director
Spanish
2019
Joaquín Moya-Angeler Cabrera
Independent Director
Spanish
2021
Ranjan Sen
Independent Director
German
2020
Eugenia M. Ulasewicz
Independent Director
American
2021
Katia Walsh
Independent Director
American / Bulgarian
2024
3.
Board of Directors
3.1 Members of the Board of
Directors
As of December 31, 2024, the Board of Directors
comprised twelve members.
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 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 disclosed in the Remuneration
Report on pages 322 / 323 of this Annual Report in accor-
dance with Art. 734e CO.
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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
Juan Carlos Torres Carretero
has long-standing private equity
and senior management
operating experience. He joined
Advent International, a private
equity firm, as a partner in
Boston in 1988. He also served
as partner at Advent
International in Madrid
(1991 – 1995) and subsequently
as Managing Partner in charge
of the firm’s investment activities
in Latin America (1995 – 2016).
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,
he has been Chairman of
Edizione S.p.A. and, since 2023,
Vice Chairman of Mundys S.p.A.
(formerly Atlantia S.p.A.).
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
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) and Vice
President Southern Europe
region (2014 – 2017). He also
served as General Manager and
CEO of Esselunga S.p.A. (2018 –
2021). Since 2023, he has been
Operating Partner at Advent
International. He currently also
serves as Chairman of the Board
of Directors of IRCA S.p.A. (since
2022), Vice-Chairman of the
Board of Directors of
Marymount International School
(since 2013) and non-executive
member of the Board of
Directors of Casa di Cura Mater
Dei S.p.A. and Casa di Cura
Paideia S.p.A. (since 2024).
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
IRCA S.p.A., Bolton Group, Bauli
Group (Innovation Advisory
Board), Casa di Cura Mater Dei
S.p.A. and Casa di Cura Paideia
S.p.A., Marymount International
School
Enrico Laghi
Vice-Chairman,
Independent Director,
Non-Executive,
born 1969, Italian
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 served as a
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). He has also
acted as Commissioner of
Alitalia (2017 – 2019), and as
Chairman of Edizione S.p.A.
(2020 – 2022). Since 2022, he
has held the position of 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.
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Mary J. Steele Guilfoile
Independent Director,
Non-Executive,
born 1954, American
Education
Bachelor of Science from
Boston College Carroll School
of Management, MBA from
Columbia Business School,
Licensed, Certified Public
Accountant.
Professional Background
Mary J. Steele Guilfoile has been
a Partner of The Beacon Group,
LLC, a private equity, strategic
advisory and wealth manage-
ment partnership since 1998,
where she also served as CFO
and COO (1996 – 2000). She has
further held several manage-
ment positions such as
Executive Vice President and
Corporate Treasurer, at
JPMorgan Chase & Co. and as
Chief Administrative Officer of
its investment bank (2000 –
2002). She has further served on
the Boards of Directors of Viasys
Healthcare Inc. (2001 – 2005),
Valley National Bancorp
(2003 –2018), Boston College
(1991 – 2011), Hudson Ltd.
(2018 – 2020) and Pitney Bowes,
Inc. (2018 – 2024). She is
currently a member of the
Boards of Directors of C.H.
Robinson Worldwide, Inc. (since
2012) and The Interpublic Group
of Companies, Inc. (since 2007)
and the Chairwoman of MG
Advisors, Inc.
Current Board Mandates
Listed companies:
Avolta AG, C.H. Robinson
Worldwide, Inc. and The Inter-
public Group of Companies, Inc.
Not listed companies
or organizations:
MG Advisors, Inc., Boston
College (Trustee Associate),
The Beacon Group, LP
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
Luis Maroto Camino has been
the CEO and President of
Amadeus IT Group, a leading
player in the travel and tourism
industry, since 2011, where he
previously also served as Deputy
CEO, CFO and Director
Marketing Finance after joining
the company in 2000. Prior to
joining Amadeus, he held
several managerial positions at
the Bertelsmann Group.
Current Board Mandates
Listed companies:
Avolta AG and Amadeus IT
Group
Not listed companies
or organizations:
None
Xavier Bouton
Independent Director,
Non-Executive,
born 1950, French
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.
Professional Background
Xavier Bouton has held the
positions of Director of C.N.I.L.
(Commission Nationale de
l’Informatique et des Libertés)
(1978 – 1984), General Secretary
of Reader’s Digest Foundation
(1985 – 1994) and Board member
of Laboratoires Chemineau
(1990 – 2005). He also served as
a member of the Boards of
Directors of ADL Partners
(1999 – 2021) and Dufry AG
(2005 – 2017) and as Chairman
of the Board of Directors of Edeis
(2021 – 2024). Since 1999, he has
been the Chairman of the
Supervisory Board of F.S.D.V.
(Fayenceries de Sarreguemines
Digoin & Vitry la François).
Current Board Mandates
Listed companies:
Avolta AG, F.S.D.V. (Fayenceries de
Sarreguemines Digoin & Vitry la
François)
Not listed companies
or organizations:
Edeis (until end of 2024)
Heekyung Jo Min
Lead Independent Director,
Non-Executive,
born 1958, American
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
Heekyung Jo Min has had a
long-standing career as a
business leader and social
innovator in Korea. She held the
positions of Executive Vice
President at Prudential
Investments and Securities Co.
(2004 – 2005) and Country
Advisor, Global Resolutions
(2006), before serving as
Director General of the
Investment Promotion Bureau
at the Incheon Free Economic
Zone (IFEZ) (2007 – 2010). She
was the Chief HR Officer of
CJ Corporation in Korea
(2011 – 2013) and since 2013 has
served as Executive Vice
President and Head of
Corporate Social Responsibility
of CJ CheilJedang. Ms. Min
speaks regularly on the subject
of sustainability.
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
Asia New Zealand Foundation
(Honorary Advisor) and CJ
Welfare Foundation
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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
Joaquín Moya-Angeler Cabrera
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). He previously
served 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).
He currently holds the positions of
Chairman of the Board of
Directors of Corporación
Empresarial Pascual (since 1994)
and Chairman of the Board of
Directors of Avalon Private Equity
(since 1999). He also 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)
Ranjan Sen
Independent Director,
Non-Executive,
born 1969, German
Education
Degree in Business
Administration from Richmond
University in London.
Professional Background
Ranjan Sen has extensive private
equity and banking experience.
He joined Advent International
as Director in 2003 and has
been Managing Partner at
Advent International since 2016.
He is also a member of the
European and Asian Investment
Advisory Committee and Head
of the Advent International’s
German office in Frankfurt.
Current Board Mandates
Listed companies:
Avolta AG and InPost Poland
Not listed companies
or organizations:
Hermes Germany GmbH
Katia Walsh
Independent Director,
Non-Executive,
born 1967, American/Bulgarian
Education
Ph.D. in Strategic
Communication, University of
Missouri-Columbia, Missouri.
Professional Background
Dr. Katia Walsh is a pioneer in
creating business value through
emerging technology and
driving organizations’ digital
transformations. One of the
world’s first Chief AI Officers,
she currently leads Artificial
Intelligence for Apollo Global
Management’s portfolio
companies (since 2025). Prior to
that, she was Harvard Business
School’s inaugural Chief Digital
Officer and a member of its
executive leadership team
(2023 – 2024). Before that, she
was the Chief Global Strategy
and Artificial Intelligence Officer
and a member of the executive
leadership team at Levi Strauss
& Co (2019 – 2023) and the Chief
Global Big Data and AI Officer at
Vodafone Group (2015 – 2019).
Earlier, she co-founded
Prudential Financial’s Chief
Customer Office as part of the
company’s digital
transformation and served in
executive roles at Fidelity
Investments and Forrester
Research.
Current Board Mandates
Listed companies:
Avolta AG
Not listed companies
or organizations:
Securian Financial Group, Inc.,
Global Legal Entity Identifier
Foundation
Eugenia M. Ulasewicz
Independent Director,
Non-Executive,
born 1953, American
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 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),
where she is Chair of the
Corporate Citizenship &
Sustainability Committee and a
member of the Compensation
Committee, and of Vince
Holding Corp (since 2014),
where she is Chair of the
Compensation Committee and
a member of the Audit
Committee. She served on the
Board of Directors of Hudson,
Ltd. (2018 – 2020), Bunzl plc
(2011 – 2020) and ASOS Plc
(2020 – 2023), where she was
Chair of the ESG Committee
and a member of Audit and
Remuneration Committees.
Current Board Mandates
Listed companies:
Avolta AG, Signet Jewelers Ltd.
and Vince Holding Corporation
Not listed companies
or organizations:
None
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Changes in the Board of Directors in fiscal year 2024
Linda Tyler-Cagni, member of the Board of Directors
since 2018, did not stand for re-election at the Annual
General Meeting of Shareholders on May 15, 2024. For
details of her curriculum vitae, please refer to pages 290
and 331 of the Annual Report 2023, which can be down-
loaded from the Company website under the following
link: www.avoltaworld.com/en/annual-reports-archive
The Annual General Meeting of Shareholders on May 15,
2024, elected Katia Walsh as a new independent member
of the Board of Directors.
Diversity and independence
As of December 31, 2024, the Board of Directors has 67 %
male and 33 % female members, including the Lead Inde-
pendent Director.
Due to his intense involvement with the Company’s
management, the Chairman of the Board of Directors, Juan
Carlos Torres Carretero, is considered an Executive
Chairman. In his executive role, a substantial amount of his
time is devoted to the Company, where he works very
closely with the CEO to pursue value-enhancing initiatives
including strategically important relationships, joint
ventures or acquisitions, relationships with key current or
future shareholders, initiatives strengthening the Compa-
ny’s partnerships and capital markets transactions.
The other members of the Board of Directors (92 % of the
Board as of December 31, 2024) are non-executive
members and are also considered independent.
Over the past years, the Board of Directors has been
consistently renewed. As of December 31, 2024, nine out of
the twelve Board members have a tenure of 5 years or less.
None of the current members of the Board of Directors
have ever served in a managerial position at Avolta AG or
any of its subsidiaries. For information on related parties
and related party transactions please refer to Note 39 on
page 248 of the Consolidated Financial Statements and to
the information provided in the Remuneration Report on
page 303 ff. of this Annual Report. None of the members of
the Board of Directors have significant business connec-
tions with the Company or any of its subsidiaries.
8 % American / Bulgarian
25 % Italian
25 % American
25 % Spanish
33 % Female
67 % Male
8 %
Executive
92 % Independent
Diversity of the Board of Directors
as of December 31, 2024
8 % French
8 % German
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Board of Directors and Board Committees
as of December 31, 2024
Board of Directors
Executive Chairman:
Juan Carlos Torres Carretero
Honorary Chairman:
Alessandro Benetton
Vice-Chairmen:
Sami Kahale
Lead Independent Director:
Heekyung Jo Min
Enrico Laghi
Members:
Xavier Bouton
Mary J. Steele Guilfoile
Luis Maroto Camino
Joaquín Moya-Angeler Cabrera
Ranjan Sen
Eugenia M. Ulasewicz
Katia Walsh
Audit Committee
Remuneration Committee
Nomination Committee
Mary J. Steele Guilfoile, Chairwoman
Luis Maroto Camino, Chairman
Joaquín Moya-Angeler Cabrera, Chairman
Luis Maroto Camino
Enrico Laghi
Enrico Laghi
Heekyung Jo Min
Joaquín Moya-Angeler Cabrera
Mary J. Steele Guilfoile
Sami Kahale
Eugenia M. Ulasewicz
Heekyung Jo Min
ESG Committee
Strategy and Integration Committee
Heekyung Jo Min, Chairwoman
Juan Carlos Torres Carretero, Chairman
Sami Kahale
Sami Kahale
Eugenia M. Ulasewicz
Enrico Laghi
Katia Walsh
Joaquín Moya-Angeler Cabrera
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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
302 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 companies.
The following mandates are not subject to the limitations
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, 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.
Overview individual attendance Board
and Committee meetings
Member of the Board
of Directors
Board
Meetings
Audit
Committee
Remuneration
Committee
Nomination
Committee
ESG
Committee
Strategy
and Integration
Committee
Juan Carlos Torres Carretero
7 / 7
–
–
–
–
1 / 1
Alessandro Benetton
5 / 7
–
–
–
–
–
Sami Kahale
7 / 7
4 / 4
–
–
2 / 2
1 / 1
Enrico Laghi
7 / 7
–
3 / 3
4 / 4
–
1 / 1
Heekyung Jo Min
6 / 7
4 / 4
–
3 / 4
2 / 2
–
Xavier Bouton
7 / 7
–
–
–
–
–
Mary J. Steele Guilfoile
7 / 7
4 / 4
–
4 / 4
–
–
Luis Maroto Camino
6 / 7
3 / 4
3 / 3
–
–
–
Joaquín Moya-Angeler Cabrera
7 / 7
–
3 / 3
4 / 4
–
1 / 1
Ranjan Sen
7 / 7
–
–
–
–
–
Lynda Tyler-Cagni 1
2 / 3
–
–
–
1 / 1
–
Eugenia M. Ulasewicz
7 / 7
–
3 / 3
–
2 / 2
–
Katia Walsh 2
4 / 4
–
–
–
1 / 1
–
Number of meetings
in fiscal year 2023
7
4
3
4
2
1
Average attendance ratio 3
94 %
94 %
100 %
94 %
100 %
100 %
1 Member of the Board of Directors until the Annual General Meeting of Shareholders held on May 15, 2024. Member of the ESG Committee until May 15, 2024.
2 Member of the Board of Directors since the Annual General Meeting of Shareholders held on May 15, 2024. Member of the ESG Committee since July 29, 2024.
3 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.
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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 active as of
December 31, 2024 were elected or re-elected in indi-
vidual elections at the Annual General Meeting of Share-
holders held on May 15, 2024. The Annual General
Meeting of Shareholders re-elected Juan Carlos Torres
Carretero as Chairman of the Board of Directors. Eugenia
M. Ulasewicz, Enrico Laghi, Luis Maroto Camino and
Joaquín Moya-Angeler Cabrera were re-elected in indi-
vidual elections as members of the Remuneration
Committee at this Annual General Meeting of Share-
holders.
3.5 Internal organizational structure
In accordance with the Company’s Board Regulations,
dated December 8, 2024, (i) 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 indepen-
dent within the meaning of the applicable proxy voting
guidelines 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
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 Independent
Director, the members of the Audit Committee, the Nomi-
nation 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 Chairman organizes and prepares the agenda for the
meetings of the shareholders and of the Board. He
convenes and presides over the meetings of the share-
holders and of the Board. In case of a tie in a Board
meeting, he has the decisive vote.
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, 2024, 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 assist the Board of Directors in
fulfilling its duties and also have decision authority to the
extent described below. The Strategy and Integration
Committee was discontinued effective January 1, 2025.
In addition, the ESG Committee will be discontinued
effective April 1, 2025 and the Nomination Committee will
be reconfigured as Nomination and Sustainability
Committee as of the same date.
Audit Committee
Members as of December 31, 2024: 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
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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
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
management;
–
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 proposals, assessments, findings and
proposes appropriate actions.
The Audit Committee meets as often as business requires
(usually 4 – 5 times per year). The meetings usually last
2 to 3 hours.
In 2024, the Audit Committee held 4 meetings. The
Chairman of the Board of Directors and Joaquín Moya-
Angeler Cabrera participated as guests in the meetings.
The CEO and the CFO also attended the meetings, with
other members of management invited on an as-needed
basis. Further, the auditors attended all meetings.
Remuneration Committee
Members as of December 31, 2024: 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.
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.
In 2024, the Remuneration Committee held 3 meetings.
The Chairman of the Board of Directors and the Lead
Independent Director typically participate as guests in
the Remuneration Committee meetings. The CEO and
the Chief People, Culture & Organization Officer also
attended the meetings.
Nomination Committee
Members as of December 31, 2024: Joaquín Moya-
Angeler
Cabrera
(Chairman
of
the
Nomination
Committee), Heekyung Jo Min, Mary J. Steele Guilfoile,
Enrico Laghi.
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 the entire duration of their mandate as Board
members and be re-eligible.
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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, and make recommendations for any
change in the composition and size of the Board 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.
In 2024, the Nomination Committee held 4 meetings. The
Chairman of the Board of Directors participated as a
guest in the meetings. The CEO also attended the meet-
ings, with the Chief People, Culture & Organization
Officer attending on an as-needed basis.
ESG Committee
Members as of December 31, 2024: Heekyung Jo Min
(Chairwoman of the ESG Committee), Sami Kahale,
Eugenia M. Ulasewicz, Katia Walsh. Ms. Walsh replaced
Lynda Tyler-Cagni as a member of the committee as of
July 29, 2024.
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 entire duration of their mandate as Board members
and be re-eligible.
The ESG Committee assists the Board of Directors in
fulfilling its sustainability 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 2 meetings in 2024. The
Chairman of the Board of Directors participated as a
guest in the meetings. The CEO and the Chief Public
Affairs & ESG Officer also attended the meetings.
Strategy and Integration Committee
Members as of December 31, 2024: 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-
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ness plan, among others. The Chairman shall periodically
report to the Board of Directors on the proposals, assess-
ments 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 usually last about 1 to
2 hours.
The Strategy and Integration Committee held 1 meeting
in 2024. The CEO and the Company’s Chief Strategy &
Transformation Officer also attended the meeting.
Work method of the Board of Directors
As a rule, the Board of Directors meets about 6 to 7 times
a year (usually at least once per quarter). Additional meet-
ings or conference calls are held as and when ne-
cessary. The Board of Directors held 7 meetings during
fiscal year 2024. The Board of Directors held 6 of these
meetings as physical meetings and 1 as video conference
meeting. 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.
In 2024, the CEO, the CFO, and the Group General
Counsel, also acting as Secretary to the Board, attended
the meetings of the Board of Directors. Other members
of the Global Executive Committee attended meetings of
the Board of Directors as and when required. External
advisers were invited to attend the pertinent portions of
2 meetings of the Board of Directors.
3.6 Definition of areas of
responsibility
The Board of Directors is the ultimate management 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 responsibilities 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
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.
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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 sustainability strategy
as well as status updates from the Global Internal
Audit & Investigations 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 on any extraordinary
event and any change within the Company and within the
Avolta Group to the Executive Chairman.
Internal Audit
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. The results of the Global Internal Audit activ-
ities are communicated to the relevant members of senior
management, including the members of the Global Exec-
utive Committee, as well as the Audit Committee on a
regular basis.
Financial and environmental risk management
Detailed information on the financial risk management is
provided in Notes 34 to 38 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 organization is
provided in the TCFD (Task Force on Climate-Related
Financial Disclosures) Report and the Sustainability
Report Annex, which are both separate sections 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, 2024, the Global Executive
Committee comprised ten members. The Global Execu-
tive 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 Directors 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, 2024
Name
Position
Nationality
GEC Member since Year
Xavier Rossinyol
Chief Executive Officer (CEO)
Spanish
2022
Yves Gerster
Chief Financial Officer (CFO)
Swiss
2019
Freda Cheung
President & CEO Asia Pacific (APAC)
Canadian
2023
Steve Johnson
President & CEO North America (NA)
American
2023
Luis Marin
President & CEO Europe, Middle East and Africa (EMEA)
Spanish
2014
Enrique Urioste
President & CEO Latin America (LATAM)
Uruguayan / American
2023
Pascal C. Duclos
Group General Counsel
Swiss
2005
Camillo Rossotto
Chief Public Affairs & ESG Officer
Italian
2023
Vijay Talwar
Chief Commercial & Digital Officer
American
2023
Katrin Volery
Chief People, Culture & Organization Officer
Swiss
2023
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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
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.
4.2 Education, professional background, other activities and vested interests
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.
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Luis Marin
President & CEO Europe,
Middle East and Africa,
born 1971, Spanish
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 AG (then
named Dufry AG) 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.
Enrique Urioste
President & CEO Latin America,
born 1962, Uruguayan and
American
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.
Camillo Rossotto
Chief Public Affairs &
ESG Officer, born 1962,
Italian
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
Pascal C. Duclos
Group General Counsel,
born 1967,
Swiss
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.
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Katrin Volery
Chief People, Culture & Organi
zation Officer, born 1968, Swiss
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 & Organization Officer
at Avolta AG.
Vijay Talwar
Chief Commercial & Digital
Officer, born 1971, American
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 – October
2023 Chief Digital & Customer
Officer at Avolta AG, since
October 2023 Chief
Commercial & Digital Officer at
Avolta AG.
Current Board Mandates
Listed companies:
Dunelm Group PLC
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Changes in the Global Executive Committee
in fiscal year 2024
There were no changes in the members of the Global
Executive Committee in fiscal year 2024.
Diversity
As of December 31, 2024, the Global Executive
Committee has 80 % male and 20 % female members
(unchanged from December 31, 2023).
Other activities and vested interests
As of December 31, 2024, 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
with entities that have an economic purpose please refer
to the table in the Remuneration Report on page 324 of
this Annual Report.
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, 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 302 of this Corporate Governance Report.
4.4 Management contracts
Avolta AG does not have management contracts with
companies or natural persons not belonging to the
Group.
Diversity of the global Executive
Committee as of December 31, 2024
10 %
Canadian
30 % Swiss
10 %
Italian
80 % Male
20 % Spanish
20 % Female
20 % American
10 %
Uruguayan/American
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5.
Compensation, shareholdings
and loans
5.1 Content and method of
determining the compensation
and shareholding programs
Detailed information of compensation and shareholdings
of active and former members of the Board of Directors
and of the Global Executive Committee in fiscal year
2024 is included in the Remuneration Report on pages
303 to 328 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
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, section Investors – Corporate Gover-
nance – Governance Documents – Corporate Docu-
ments:
www.avoltaworld.com/en/investors/corporate-
governance
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.
6.1 Voting rights
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. For more details on
nominees, please refer to section 2.6 above.
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.
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 Article 12 para. 4 of the Articles of Incorpo-
ration, restrictions on the exercise of the right to vote and
the removal of such restrictions requires a resolution of
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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 15, 2024, 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 2025. 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
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.
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
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
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
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
corresponding quorum.
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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 at www.avoltaworld.com/en/investors/
corporate-governance, section Investors – Corporate
Governance – Governance Documents – Corporate
Documents.
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.
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-
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utory Auditors since 2021. Andreas Bodenmann has
been the Lead Auditor since 2021.
8.2 Auditing fee
The auditing fees for 2024 for the audit of the consoli-
dated and statutory financial statements of Avolta AG
and its subsidiaries are CHF 15.70 million (2023: CHF
8.22 million).
8.3 Additional fees
During 2024, 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 22.78 million and CHF 0.10 million, respectively
(2023: CHF 0.35 million, CHF 4.2 million and CHF 0.12
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.
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.
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.
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 2024.
During the fiscal year 2024, the Audit Committee held 4
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
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-
tors and participates in broker conferences and seminars
on a regular basis.
Details and information on the business activities,
Company structure, financial reports, media releases and
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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 (Corporatee Governance – Governance
Documents – Corporate Documents)
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 2025 please refer
to pages 329 and 330 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.
In fiscal year 2024, no exemptions were granted.
11.
The Business Combination
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, which expired in 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.
12. Matters after the Balance Sheet
Date
On January 27, 2025, Avolta launched a public share
buyback program for the repurchase of Avolta AG regis-
tered shares in an amount of up to CHF 200 million for the
purpose of a capital reduction. The program will end no
later than December 31, 2025. The Board of Directors
intends to use the capital range to cancel the registered
shares repurchased under this share buyback program.
The Strategy and Integration Committee of the Board of
Directors was discontinued as of January 1, 2025. Further,
the ESG Committee will be discontinued as of April 1,
2025 and the Nomination Committee will be reconfigured
as Nomination and Sustainability Committee as of the
same date.
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Remuneration
Report
On behalf of the Board of Directors
and the Remuneration Committee, I
am pleased to share our Remunera-
tion Report for fiscal year 2024.
Avolta’s compensation
system links strategic
and financial success
with sustainable
growth and long-term
value creation for our
shareholders.
The Remuneration Report describes
this system, offering overviews of our
remuneration framework and gover-
nance, and how compensation
awarded aligns with our core com-
pensation principles.
The Remuneration Committee per-
formed its regular activities in 2024,
including reviewing the remuneration
framework for the Board of Directors
and the Global Executive Committee,
as well as setting and assessing per-
formance objectives for short- and
long-term incentive plans, as well as
individual members’ remuneration.
For 2024, a strong emphasis on share-
holder value was reflected in the
Long-Term Incentive (LTI) targets,
which emphasize the importance of
Relative Total Shareholder Return
(TSR) and CORE Earnings Per Share
(EPS).
Further, three members of the Global
Executive Committee received base
salary increases and one member an
increase in the target percentage of
the short-term incentive in alignment
with compensation benchmarks and
the scope of their responsibility. At
Avolta, newly appointed Global Execu-
tive Committee members receive a
base salary at the lower end of the
market range with alignment occur-
ring over several years.
The Remuneration Committee equally
reviewed the structure of the STI and
LTI to further align our executive re-
muneration framework with share-
holder interest and to address feed-
back received. As a result, the target
KPI’s and weightings of the 2025 STI
and LTI plans have been adjusted ac-
cordingly. Starting with the STI 2025,
CORE EPS has been introduced as ad-
ditional KPI. The targets now consist of
25 % CORE Turnover, 20 % CORE
EBITDA, 20 % Equity Free Cash Flow
and 35 % CORE EPS. For the LTI 2025,
the targets are CORE EPS 30 % and
Sustainability 20 % while the weight
for relative TSR has increased from
25 % in 2024 to 50 %.
We are confident that our compensa-
tion framework supports our long-
term commitment to financial and
non-financial values and that it is well
aligned with our business Destination
2027 Strategy and our shareholders’
interests.
On behalf of the Board of Directors
and the Remuneration Committee, I
would like to thank you for your con-
tinued engagement and your confi-
dence in Avolta. We trust that you will
find this report informative.
Yours sincerely,
Luis Maroto Camino
Chairman of the
Remuneration Committee
Dear
Shareholders
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Summary of remuneration system
for the Global Executive Committee in 2024
The remuneration of the Global Executive Committee emphasizes pay-
for-performance and consists of fixed and variable elements. The base
salary and other benefits form the fixed remuneration.
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) relating to
Avolta AG shares.
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
Secure retention, drive and reward long-
term performance, align with shareholders’
interests, 3-year performance period
Remuneration for fiscal year 2024
Global Executive Committee
The remuneration awarded to the Global Executive Committee for
fiscal year 2024 is within the limits approved at the 2023 Annual General
Meeting of Shareholders.
Remuneration period
Approved
by AGM (TCHF)
Total compensation
(TCHF)
Fiscal year 2023
49,500.0
40,049.8
Fiscal year 2024
36,000.0
30,254.1
The total remuneration amount reflects compensation to 10 GEC members
active during fiscal year 2024.
Summary of remuneration system
for the Board of Directors in 2024
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)
(TCHF)
Chair of the Board 1
2,010.5
Honorary Chair / Vice-Chair
250.0
Lead Independent Director
350.0
Board member
250.0
Committee fees (gross)
(TCHF)
Chair Audit Committee
100.0
Chair other Committees 2
75.0
Committee member
50.0
1 The Chairman of the Board (chairing the Strategy and Integration Committee)
is not eligible for committee fees.
2 Chair other Committees: Chairs of Remuneration Committee, Nomination
Committee, ESG Committee.
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 133 ¹⁄₃ % of the target).
Remuneration policy and principles
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.
Remuneration governance
– 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.
Annual bonus for fiscal year 2024
The total combined achievement percentage for the three targets CORE
Turnover, CORE EBITDA and Equity Free Cash Flow was 108.4 %.
PSU grant and vesting in fiscal year 2024
The grant value of the PSU awarded in 2024 amounts to 31 % of the total
compensation for FY 2024 of members of the Global Executive Commit-
tee.
The PSU awarded in FY 2021 vested at a ratio of 2 shares per PSU, reflect-
ing a total value of CHF 4.1 million for active GEC members.
Remuneration
at a glance
Remuneration for fiscal year 2024
Board of Directors
The remuneration awarded to the Board of Directors for fiscal year 2024
is within the limits approved at the 2023 and 2024 General Meetings
of Shareholders.
Remuneration period
Approved
by AGM (TCHF)
Total compen-
sation* (TCHF)
AGM 2023 – AGM 2024
11,000.0
9,915.1
AGM 2024 – AGM 2025
11,000.0
9,229.1
* Reconciled between reported Board compensation for fiscal years 2023 and
2024 and corresponding compensation from one AGM to the next.
In the reconciliation for the time period January 1 to the AGM 2025 (on May 14)
the discontinuation of the Strategy and Integration Committee per January 1,
2025, and of the ESG Committee per April 1, 2025, is considered.
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Introduction
Avolta’s long-term success depends on our continued ability to attract, motivate and
retain outstanding individuals at all levels of the Company, who will ensure that we can
successfully execute our Destination 2027 strategy as well as further expand our market
position as a global leading travel experience player. We want to be known as a reliable
employer and offer a working environment where our team members feel respected
and valued. In order to achieve these goals, we provide appropriate and competitive
remuneration for our employees, supporting their development with a focus on their
career progression.
The current Remuneration Report describes our remuneration principles and programs,
as well as the governance 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 2024. 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 remuneration 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 Share-
holders on May 14, 2025 for a consultative vote.
Remuneration system for the Board of Directors
Remuneration of non-executive Board members
To safeguard their independence in supervisory duties, non-executive members of the
Board of Directors receive fixed cash remuneration only and do not participate in Avol-
ta’s employee benefit plans. Their remuneration is not tied to particular performance
targets, and comprises an annual Board fee and committee fees, paid quarterly. Fees
may be subject to social security contributions based on the citizenship and residence
of each Board member. The fees for non-executive Board members remained
unchanged compared to the previous year.
Remuneration of the Executive Chairman
Due to his intense involvement with the Company’s management, the Chairman of the
Board of Directors, Juan Carlos Torres Carretero, is considered an Executive Chairman.
In his executive role, a substantial amount of his time is devoted to the Company, where
he works very closely with the CEO to pursue value-enhancing initiatives including stra-
tegically important relationships, joint ventures and acquisitions, relationships with key
current or future shareholders, initiatives strengthening the Company’s partnerships
and capital markets transactions.
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
amounts to 150 % of his fixed remuneration, with a payout cap at 133 ¹⁄₃ % of target, and
is based on the same three metrics as the annual bonus for the members of the Global
Executive Committee.
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For details on the performance bonus design, please refer to the section on the annual
bonus of the Global Executive Committee. The fixed remuneration is paid quarterly, with
the performance bonus paid out during the second quarter of the following year.
Remuneration structure of the Board of Directors
Position / Responsibility
Annual Fee in 2024
in TCHF
Annual Fee in 2023
in TCHF
Chairman of the Board of Directors 1
2,010.5
2,010.5
Honorary Chair / Vice-Chair
250.0
250.0
Lead Independent Director 2
350.0
350.0
Member of the Board of Directors
250.0
250.0
Chair of the Audit Committee
100.0
100.0
Chair of other Committees 3
75.0
75.0
Member of Committee
50.0
50.0
Fees mentioned in the table are gross amounts.
1 The Chairman of the Board (also chairing the Strategy and Integration Committee) is not eligible to receive committee
fees.
2 The annual fee for the Lead Independent Director represents fee as Board member and position of Lead Independent
Director. The total fee remains unchanged compared to FY 2023.
3 Chair of other Committees: Chairs of Remuneration Committee, Nomination Committee, ESG Committee.
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Remuneration of the Board of Directors for fiscal year 2024
Audited
Remuneration of the Board of Directors
2024
2023
Name, Function
in thousands of CHF
Remuneration
Employer
mandatory
social security
contributions
Total
Remuneration
Employer
mandatory
social security
contributions
Total
Juan Carlos Torres Carretero, Chairman 1
5,279.5
–
5,279.5
5,709.0
–
5,709.0
Alessandro Benetton, Honorary Chairman 2
250.0
18.0
268.0
238.3
18.6
256.9
Sami Kahale, Vice-Chairman 3
400.0
28.7
428.7
258.7
19.6
278.3
Enrico Laghi, Vice-Chairman 2
400.0
28.7
428.7
378.8
28.7
407.5
Heekyung Jo Min, Lead Independent Director 4
539.4
–
539.4
537.5
–
537.5
Xavier Bouton, Director
250.0
16.8
266.8
250.0
16.8
266.8
Mary J. Steele Guilfoile, Director
400.0
–
400.0
387.5
–
387.5
Luis Maroto Camino, Director
375.0
–
375.0
375.0
–
375.0
Joaquín Moya-Angeler Cabrera, Director
410.6
28.3
438.8
400.0
27.5
427.5
Ranjan Sen, Director
250.0
–
250.0
250.0
–
250.0
Eugenia M. Ulasewicz, Director
350.0
–
350.0
350.0
–
350.0
Katia Walsh, Director 5
178.0
–
178.0
n/a
n/a
n/a
Subtotal for active members at Dec 31, 2024
9,082.5
120.5
9,203.0
9,134.8
111.2
9,246.0
Lynda Tyler-Cagni, Director 6
112.5
15.6
128.1
292.4
41.0
333.4
Total
9,195.1
136.0
9,331.1
9,427.2
152.2
9,579.4
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 3.27 million
(2023: CHF 2.01 million Board fee and CHF 3.70 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.
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, Chair/member of the Nomination
Committee, Chair of the ESG Committee and member of the Audit Committee.
5 Director since AGM on May 15, 2024.
6 Director until AGM on May 15, 2024.
Summary of remuneration in fiscal year 2024
The decrease in the total remuneration of the Board of Directors in 2024 by approxi-
mately 2.6 % compared with the previous year is mainly due to the lower cash bonus for
the Executive Chairman in 2024, partly off-set by the annualization effect of the newly
added Board members in February and May 2023.
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Reconciliation between the reported Board remuneration
for fiscal year 2024 and the remuneration amount
approved by the AGM for the period from AGM 2024
until AGM 2025
The AGM 2024 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 2024 to the AGM
2025 (CHF 11.0 million from AGM 2023 to AGM 2024) with 93.89 % of the votes repre-
sented. The graph below shows the reconciliation between the reported Board remu-
neration for fiscal year 2024 and the amount approved by the shareholders at the AGM
2024. The remuneration awarded for the 2024 period is within the approved maximum
aggregate amount.
January 1,
2024
-2,278.5
AGM May 15, 2024
AGM May 14, 2025
January 1,
2025
+2,176.6
9,331.1
Board compensation for FY 2024 as reported
Less Board compensation to be accrued for the period January 1, 2024
to the AGM 2024
Plus Board compensation to be accrued for the period January 1, 2025
to the AGM 2025
Total Board compensation for the period AGM 2024 to AGM 2025
Total maximum amount as approved by shareholders at the AGM 2024
for period of AGM 2024 to AGM 2025
9,229.1
11,000.0
Compen-
sation ratio
of: 83.9 %
In thousands of CHF
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Audited
Other remuneration, loans or credit facilities
For fiscal years 2024 and 2023, no additional remuneration beyond what is detailed
in the table on page 308 was paid, directly or indirectly, to current or former
members of the Board of Directors or their related parties. Furthermore, no loans
or credit facilities were granted to any current or former Board members or their
related parties during the reporting periods, and no such loans or credit facilities
were outstanding at the end of these years.
Shareholdings of the members of the Board of
Directors on December 31, 2024, and 2023
As of December 31, 2024 and 2023, the following members of the Board of Direc-
tors (including their related parties) directly or indirectly held shares of the
Company. Members not listed in the table did not hold any shares. No member of
the Board of Directors held any options.
Audited
December 31, 2024
December 31, 2023
in thousands
Shares
Participation
Shares
Participation
Members of Board of Directors
J. C. Torres Carretero, Chairman
637.1
0.43 %
637.1
0.42 %
H. Jo Min, Lead Independent Director
–
–
0.7
0.00 %
ADDITIONAL FORMER MEMBER OF THE BOARD OF DIRECTORS
L. Tyler-Cagni, Director
n/a
n/a
3.6
0.00 %
Total Board of Directors
637.1
0.43 %
641.4
0.42 %
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Remuneration system for the
Global Executive Committee
Remuneration principles
Avolta aims to offer internationally competitive remuneration to the members of the
Global Executive Committee, tailored to their experience and area of responsibility. The
remuneration system is designed to support the execution of the business strategy,
drive performance and enhance alignment with shareholder interests. It is built around
the following principles:
Pay-for-performance
Shareholder alignment
Competitiveness
Transparency
A significant portion of the remuneration is tied to
achieving short- and long-term performance targets.
A significant portion of remuneration is delivered in equity,
reinforcing the alignment of executives’ interests with those
of the shareholders.
Remuneration levels are competitive with the talent market
of Avolta.
The remuneration system and related decisions are communicated
transparently to internal and external stakeholders.
Method for determining remuneration and
benchmarking
Avolta regularly reviews the remuneration of the Global Executive Committee members
to ensure it remains competitive, enabling the company to attract and retain top talent
for its global operations. The most recent review, conducted in 2023, used third-party
remuneration survey data, including Mercer Executive Compensation and Willis Towers
Watson Executive Remuneration data, along with publicly disclosed information from
other listed companies.
The benchmarking peer group comprises SMI and SMIM companies, reflecting the
peers Avolta competes with for talent. The selection considers factors such as
geographic reach, employee base size, and industry complexity. The 2023 peer group
included ABB, Adecco, Barry Callebaut, Clariant, Ems-Chemie, Geberit, Georg Fischer,
Holcim, Lindt, Lonza, Nestlé, Novartis, Richemont, Roche, Sika, Sonova, Straumann,
Swatch Group and Swisscom. No peer group was used in 2024.
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Remuneration system
Our executive compensation system is closely aligned with our high-performance
culture, supporting both short-term and long-term business objectives. Compensation
is reviewed annually, considering, among other factors, internal and external require-
ments, compensation benchmarks, recruiting and retention considerations, the com-
plexity of the business, business performance, as well as the responsibilities and perfor-
mance of individual Global Executive Committee members.
The remuneration of the members of the Global Executive Committee includes the
elements shown in the overview below:
Remuneration components1
Component
Timeline
Instrument
Purpose
Influenced by
Performance objectives
in 2024
Base salary
- Recurring
- 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
- Recurring
- Allowances
- Social pension and
insurance benefits
- Attract and retain
- Protect against
risks
- Legal requirements
- Market practice
Annual bonus
- One-year
performance
period
- Annual bonus in
cash
- Pay-for-perform-
ance
- Financial perform-
ance of the Group
for the fiscal year
- CORE Turnover
- CORE EBITDA
- Equity Free Cash
Flow
Long-term share-
based incentives
(PSU)
- Three-year
performance /
vesting period
- Performance Share
Units (PSU)
- Talent retention
- Reward long-term
performance
- Align with
shareholder
interests
- Financial and
Sustainability
performance of the
Group over a three-
year period
- Share price
performance
relative to a peer
group over a three-
year period
- Cumulative CORE
EPS
- Relative TSR
- Sustainability
1 For a glossary of financial terms and alternative performance measures please see page 266 of this Annual Report.
Base salary
The annual base salary is a fixed component of remuneration that reflects the scope
and key responsibilities of the role, the required skills, and the individual’s experience
and competencies. It is reviewed annually and adjusted where appropriate. At Avolta,
newly appointed Global Executive Committee members receive a base salary at the
lower end of the market range with alignment occurring over several years in order to
reflect their performance and growing experience.
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Other benefits and post-employment benefits
Members of the Global Executive Committee participate in the benefit plans available
to our employees in their respective countries of employment, where applicable. These
benefits primarily include retirement, insurance, and healthcare plans, offering a
reasonable protection for team members and their dependents against risks such as
retirement, disability, death, and illness. Global Executive Committee members with a
Swiss employment contract participate in Avolta’s pension plans offered to all
employees in Switzerland. These include a basic pension fund, insuring base salaries up
to TCHF 308.7 per annum, and a supplementary plan covering salaries above this
threshold, up to the legal maximum. Avolta’s pension funds align with market practices.
Members under foreign employment contracts are insured according to local market
conditions and legal requirements, with plans varying based on competitive and regu-
latory environments.
Fringe benefits, such as company cars, schooling or housing allowances have been
granted to certain members of the Global Executive Committee based on local market
practices. The monetary value of these benefits is included in the remuneration tables.
Annual bonus
The annual bonus is a short-term variable incentive designed to align compensation
with the Group’s financial performance over a time horizon of one year. The target
bonus (assuming 100 % achievement of all performance objectives) is set annually for
each member of the Global Executive Committee and expressed as a percentage of the
annual base salary, as detailed in the table below.
The actual bonus paid out depends on the achievement of pre-defined Group financial
objectives and is capped at 133 ¹⁄₃ % of the target bonus for the CEO, 130 % of the target
bonus for most other members of the Global Executive Committee, and 100 % for one
member.
The financial objectives for the annual bonus are aligned with the Group’s mid-term
Destination 2027 strategy and are set annually by the Board of Directors upon recom-
mendation by the Remuneration Committee. A performance assessment and commen-
tary on the connection between pay and performance are provided retrospectively in
the table “performance achievements under the annual bonus in 2024”.
Overview of the target, minimum and maximum bonus
for the Global Executive Committee
Fiscal year 2024
Fiscal year 2023
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
100 % to 109 % of annual base salary
50 % to 109 % of annual base salary
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 ¹⁄³ % 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
Between 100 % and 130 % of target bonus
amount
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Performance objectives for annual bonus
Fiscal year 2024
Fiscal year 2023
Performance objectives and weighting
CORE Turnover (33 ¹⁄³ %)
CORE EBITDA (33 ¹⁄³ %)
Equity Free Cash Flow (33 ¹⁄³ %)
CORE Turnover (33 ¹⁄³ %)
CORE EBITDA (33 ¹⁄³ %)
Equity Free Cash Flow (33 ¹⁄³ %)
Share-based incentives (PSU)
Avolta’s Performance Share Unit (PSU) plan is designed to incentivize members of the
Global Executive Committee and selected Senior Management team members to make
significant contributions to the Group’s long-term performance and growth. The plan
aims to enhance shareholder value while strengthening Avolta’s ability to attract and
retain top talent.
The value of the PSU grants for Global Executive Committee members is defined annu-
ally as percentage of the base salary by the Board of Directors, based on recommenda-
tions from the Remuneration Committee. In fiscal year 2024, the PSU grant value was
200 % of the annual base salary for the CEO and ranged from 71 % to 101 % for the other
Global Executive Committee members (refer to the table below).
The PSU granted in fiscal year 2024 vest in June 2027 contingent on the achievement
of performance targets. Each PSU may provide between zero shares (less than 50 %
target achievement) and up to two shares (150 % or more target achievement).
Unvested PSUs are forfeited without compensation in cases of voluntary resignation or
termination for cause. They continue to vest in cases of termination by the employer
without cause, retirement, disability or death, and vest immediately in the event of a
change of control.
Economically, PSUs function as stock options with an exercise price of nil. Historically,
Avolta has always sourced share-based compensation from treasury shares, ensuring
no dilutive effect from the PSU plan.
Overview of PSU grants to the Global
Executive Committee
Grant at fair value in % of annual base salary
Fiscal year 2024
Fiscal year 2023
PSU grant to CEO
200 %
300 %
PSU grant to other members of the
Global Executive Committee
71 % to 101 %
78 % to 205 %
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Overview of the performance objectives
of the PSU plan 2024
Performance objectives
Cumulative CORE EPS
Relative TSR
Sustainability
Rationale
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 Sustainability and the
improvements regarding impact of
its operations on Sustainability.
Definition
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 316). 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 of Sustainability
weighting):
- People: Employee trainings
- Environment: Purchase volume
with retail suppliers under SBTi
Weighting
50 %
25 %
25 %
Performance period
2024 – 2026
2024 – 2026
2024 – 2026
Target (100 % vesting)
Cumulative CORE EPS of CHF 5.80.
Ranking at 50th percentile of the
peer group.
People: Trainings on compliance,
culture and engagement,
responsible operator and related
topics completed by 40 % of
Avolta’s combined 2023 FTE by
year-end 2026.
Environment: Avolta Group
suppliers (retail and F&B suppliers)
covering at least 45 % of the
Company’s 2023 purchase volume
(based on cost of goods sold) have
committed to the Science Based
Target initiative (SBTi) to reduce
emissions.
Share allocation
on vesting
At target 1 Avolta 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 302 of the Corporate Governance Report.
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Relative TSR – List of companies used for calculation 1
Peer group of 26 selected companies, mainly from the STOXX Europe 600 travel, leisure and retail industries
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.
Employment contracts
The members of our Global Executive Committee have employment agreements with
an indefinite term and are subject to a maximum notice period of twelve months in
accordance with our Articles of Incorporation.
Remuneration of the Global Executive Committee for
fiscal year 2024
Summary of remuneration for fiscal years 2024 and
2023
For fiscal year 2024, the remuneration of the Global Executive Committee includes the
remuneration of a total of 10 members, all active January 1 to December 31 (in fiscal year
2023 a total of 13 members: five members active January 1 to December 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 included contractual compensation
payments during notice periods)). The remuneration for fiscal years 2024 and 2023
covers the period between January 1 and December 31.
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Remuneration of the Global Executive Committee
Audited
2024
2023
Remuneration component
in thousands of CHF
GEC1
CEO2
GEC1
CEO2
Base salary
8,285.1
1,700.0
9,659.6
1,700.0
Bonus on specific financial targets 3
9,926.4
2,764.2
11,167.9
3,127.3
Post-employment benefits 4
2,130.5
630.5
2,554.1
769.8
Other benefits
523.1
–
609.9
–
Share-based compensation grant value
(3 years performance period) 5
9,388.9
3,392.4
16,058.3
5,204.7
Total compensation awarded
30,254.1
8,487.1
40,049.8
10,801.8
Number of performance share units awarded 5
300,927
108,730
429,581
132,502
Amounts mentioned in the table are gross amounts.
1
The remuneration of the Global Executive Committee for fiscal year 2024 includes compensation to 10 members in office from Jan 1 to Dec 31. For fiscal year
2023, it included 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).
2 The CEO has the highest compensation of the Global Executive Committee.
3 For fiscal year 2024, CORE Turnover, CORE EBITDA and Equity Free Cash Flow. For fiscal year 2023, the same performance objectives.
4 Amount includes employer social security contributions and pension contributions.
5 For valuation details of the Avolta performance share units see Note 24 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).
28 %
Share-Based
Compensation
9 %
Post-Employment Benefits,
other Benefits
30 % Base
Salary
20 % Base Salary
33 % Bonus CORE
Turnover, CORE EBITDA,
Equity Free Cash Flow
33 % Bonus CORE
Turnover, CORE EBITDA,
Equity Free Cash Flow
40 %
Share-Based
Compensation
7 %
Post-Employment
Benefits
CEO
Remuneration structure Global Executive
Committee in 2024
Other
GEC Members
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Explanatory comments to the remuneration table
The changes in the total remuneration awarded to the Global Executive Committee for
fiscal year 2024 compared with the previous year are mainly due to the following
factors:
–
Remuneration of all ten members of the Global Executive Committee covers the
entire 12-month period in 2024 compared to 13 members and different time spans
due to the changes that took place in the Global Executive Committee during 2023
(for details see footnotes to the remuneration table above);
–
Considering the review of total compensation packages, three members of the
Global Executive Committee received base salary increases in alignment with
compensation benchmarks and the scope of responsibility in their respective
functions;
–
The short-term incentive target achievement percentage was lower in 2024 than in
2023, resulting in a lower payout ratio for the short-term incentive in 2024;
–
The overall number of PSU grants is lower in 2024 compared to the previous year.
Performance under the annual bonus
For fiscal year 2024, the annual bonus amounts to 108.4 % of target for the CEO and to
between 100 % and 108.4 % of target for the other members of the Global Executive
Committee. This means that the annual accrued bonus is 163 % of the base salary for
the CEO and ranges from 100 % to 118 % of the base salary for the other members of the
Global Executive Committee (2023: CEO 184 %; other members 61 % to 134 %).
0 %
0 %
0 %
150 %
150 %
150 %
Performance achievements under the annual bonus
in fiscal year 2024
Performance objectives
Weight
Target
Results
Performance achievement
CORE Turnover
33 1⁄3 %
CHF 13,107
million
CHF 13,473 million, the predetermined target
was exceeded.
CORE EBITDA
33 1⁄3 %
CHF 1,204
million
CHF 1,267 million, the predetermined target was
exceeded.
Equity Free Cash
Flow
33 1⁄3 %
CHF 362
million
CHF 425 million, the predetermined target was
substantially exceeded.
Payout Percentage
Threshold
Target
Cap
Payout factor
The combined performance ratio amounts to
108.4 % of target. The payout is between 100 %
and 108.4 % of the target bonus amounts for
the members of the Global Executive
Committee (incl. the CEO).
75%
100%
130 % –
133 1⁄3 %
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PSU plan 2021 vested in 2024; PSU plan 2022 expected
to vest in 2025
The PSU Award 2021 vested on June 3, 2024, at the maximum payout ratio of two
shares per PSU Award 2021, as the performance objectives – Cumulative adjusted EPS
and Cumulative Equity Free Cash Flow – were substantially exceeded over the perfor-
mance period 2021-2023, with a combined performance achievement of well above
150 %. This resulted in the vesting of 109,818 shares for the members of the Global Exec-
utive Committee active in fiscal year 2024, with an underlying share price at the vesting
date of CHF 37.42. Notably, zero shares vested for the Group CEO, as he was not a
participant in the PSU 2021 plan.
It is anticipated that the PSU plan 2022 will vest in 2025, based on the results available
at the time of this Annual Report’s publication.
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 Management
team) would amount to the following: At target (100 %) 2,312,907 shares, representing a
total of 1.6 % of the outstanding shares as at December 31, 2024. At maximum (i.e. at 2
shares per vested PSU) 4,625,814 shares, representing a total of 3.2 % of the outstanding
shares as at December 31, 2024. Avolta has always sourced share-based compensation
from treasury shares, ensuring no dilutive effect from the PSU plan.
Year 2023
Year 2022
Year 2024
Year 2025
Year 2026
Grant
Assessment of
target achievements
Potential
Vesting
Vesting period
Timing of the PSU plans
Year 2021
Year 2027
Performance
targets reached
Potential
Vesting
Vesting period
Grant
2021 PSU plan
2022 PSU plan
2023 PSU plan
2024 PSU plan
Grant
Assessment of
target achievements
Potential
Vesting
Vesting period
Performance
targets reached
Vesting
Vesting period
Grant
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PSU outstanding at December 31, 2024
Plan
Grant
Performance period
Vesting
Number of PSU outstanding
LTI 2024
GEC (incl. CEO)
2024
2024-2026
June 2027
300,927
Senior Mgt
616,920
LTI 2023
GEC (incl. CEO)
2023
2023-2025
June 2026
429,581
422,020
Senior Mgt
LTI 2022
GEC (incl. CEO)
2022
2022-2024
June 2025
199,059
Senior Mgt
344,400
Reconciliation between the reported Global Executive
Committee remuneration for fiscal year 2024 and the
remuneration amount approved by the AGM 2023
The AGM 2023 approved a maximum aggregate amount of remuneration for the Global
Executive Committee of CHF 36.0 million for the fiscal year 2024. The ratio of the remu-
neration awarded to the members of the Global Executive Committee in fiscal year
2024 compared to the amount approved by the AGM is shown in the graph below. The
remuneration awarded for the 2024 period is within the approved maximum aggregate
amount.
For fiscal year 2025, the AGM 2024 approved a maximum aggregate amount of remu-
neration for the Global Executive Committee of CHF 37.0 million. The remuneration ratio
for 2025 will be disclosed in the Remuneration Report 2025.
In thousands of CHF
January 1,
2024
December 31,
2024
36,000.0
Total maximum amount for GEC compensation as approved
by Shareholders at the AGM 2023 for fiscal year 2024
GEC compensation for fiscal year 2024 as reported
30,254.1
Compen-
sation ratio
of: 84.0 %
Audited
Other remuneration, loans or credit facilities
In fiscal year 2024, in compliance with contractual obligations, the former CEO
received compensation of TCHF 553.6, including TCHF 32.6 of social security
costs (2023: in compliance with contractual obligations, the former CEO received
compensation of TCHF 2,111.7, including TCHF 159.4 of social security costs). No
other remuneration beyond what is detailed in the table on page 317 was paid,
directly or indirectly, to current or former members of the Global Executive
Committee or their related parties in 2024 and 2023. Furthermore, no loans or
credit facilities were granted to any current or former member of the Global Exec-
utive Committee or their related parties during the reporting years, and no loans
were outstanding at the end of either year.
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Shareholdings of the members of the Global Executive
Committee on December 31, 2024 and 2023
The following members of the Global Executive Committee of Avolta AG (including
related parties) directly or indirectly held shares or options (including PSU) of the
Company as at December 31, 2024 and 2023.
Audited
December 31, 2024
December 31, 2023
in thousands
Shares
Outstanding
unvested PSU 1
Particip.
Shares
Outstanding
unvested PSU 1
Particip.
Members of Global Executive Committee
X. Rossinyol, CEO
131.8
317.3
0.31 %
81.8
208.5
0.19 %
Y. Gerster, CFO
40.5
78.1
0.08 %
8.7
70.3
0.05 %
F. Cheung, President & CEO Asia Pacific
5.0
26.7
0.02 %
–
16.6
0.01 %
S. Johnson, President & CEO North America
–
57.3
0.04 %
–
26.4
0.02 %
L. Marin, President & CEO Europe, Middle East and Africa
37.6
75.5
0.08 %
10.8
68.8
0.05 %
E. Urioste, President & CEO Latin America
–
26.7
0.02 %
–
16.0
0.01 %
P. Duclos, Group General Counsel
–
84.7
0.06 %
–
74.7
0.05 %
C. Rossotto, Chief Public Affairs & ESG Officer
–
37.7
0.03 %
–
16.9
0.01 %
V. Talwar, Chief Commercial & Digital Officer
–
52.2
0.04 %
–
23.4
0.02 %
K. Volery, Chief People & Culture Officer
–
25.9
0.02 %
–
14.4
0.01 %
Total Global Executive Committee
214.9
781.9
0.68 %
101.3
535.9
0.42 %
1 Outstanding unvested Performance Share Units (PSU) at target level.
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Mandates outside of the Company
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 enti-
ties 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.
The rules in Avolta’s Articles of Incorporation regarding the number of additional
mandates outside the Company are published in the Corporate Governance Report: for
members of the Board of Directors in section 3.3 on page 287 and for the Global Exec-
utive Committee in section 4.3 on page 297, respectively.
The disclosure of mandates and positions in accordance with the SIX Corporate Gover-
nance Directive is included in the Corporate Governance Report: for members of the
Board of Directors in their Curricula Vitae on pages 282 to 284 and for the Global Exec-
utive Committee on pages 294 to 296, respectively.
The following table lists the different members and their mandates outside the Avolta
Group as of December 31, 2024.
Audited
Name
Listed companies
Not listed companies or organizations
Members of Board of Directors
Juan Carlos Torres
Carretero
None
Laguna Partners AG, Sole Director 1
Acamar S.r.l., Sole Director 1
Alessandro Benetton None
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., CEO
Saibot Srl Società Uninominale, Director
Fremantle Italy, Advisory Committee Member
Sami Kahale
None
Advent International, Operating Partner
IRCA S.p.A., Chairman of the Board
Bolton Group, Non-Executive Board Director
Bauli Group, Chairman, Innovation Advisory Board
Casa Di Cura Mater Dei S.p.A., Non-Executive Board Director 3
Casa di Cura Paideia S.p.A., Non-Executive Board Director 3
Immobiliare Mater Dei S.p.A., Non-Executive Board Director
Immobiliare Paideia S.r.l., Non-Executive Board Director
Enrico Laghi
None
Edizione S.p.A., Chief Executive Officer 4
Edizione Property S.p.A., Director 4
Abertis Infraestructuras SA, Board Member
Studio Laghi S.r.l., Chairman
Mundys S.p.A., Board Member
Heekyung Jo Min
CJ CheilJedang,
Executive Vice President, Corporate Social
Responsibility
None
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Audited
Name
Listed companies
Not listed companies or organizations
Members of Board of Directors (continued)
Xavier Bouton
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
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
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
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
Quantumacy, Member of the Advisory Board
Cybolt, Member of the Board
Inmoan SL, Chairman 5
Avalon Private Equity SCR, SA, Chairman 5
La Casa Grande de Salinas SL, Chairman 5
Explotaciones al Alba SL, Chairman 5
Explotaciones San Anton SL, Chairman 5
Red Tecnológica de Servicios de Asistencia Sanitaria SL, Chairman 5
Vocari Real Estate SL, Chairman 5
Neova SL, Chairman 5
Construcciones Inmobiliarias Moya-Angeler Cabrera SL, Chairman 5
Alcalá del Rio Solar 9 SC, Chairman 5
Ranjan Sen
InPost Poland, Member of the Supervisory
Board
Hermes Germany GmbH, Member of the Supervisory Board 6
Hermes Parcelnet Ltd (known under the brand name “Evri”), Board
Member 6
Al Mansart GP 1 S.à.r.l. (known under the brand name “Parfums de
Marly”), Board Member (Class A Manager)
Advent International LP, Managing Partner 7
Advent International GmbH, Managing Director 7
Advent Investment Advisory GmbH, Managing Director 7
Eugenia M.
Ulasewicz
Signet Jewelers Ltd., Member of the
Board of Directors
Vince Holding Corporation, Member of
the Board of Directors
None
Katia Walsh
None
Securian Financial Group, Inc., Member of the Board of Directors
1 Entities under the same control.
2 Entities under the same control.
3 Entities under the same control.
4 Entities under the same control.
5 Entities under the same control.
6 Entities under the same control.
7 Entities under the same control.
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Audited
Name
Listed companies
Not listed companies or organizations
Members of Global Executive Committee
Xavier Rossinyol
None
Sextant Initiatives AG, Member of the Board of Directors 1, 2
Yves Gerster
None
None
Freda Cheung
None
None
Steve Johnson
None
None
Luis Marin
None
None
Enrique Urioste
None
None
Pascal Duclos
None
Elite Consultoria Estrategica Ltda., Director 2
Moebius Investments Ltd., Director 2
Camillo Rossotto
Compagnia dei Caraibi, Member of the
Board of Directors
None
Vijay Talwar
Dunelm Group PLC, Member of the Board
of Directors
None
Katrin Volery
None
None
1
Sextant Initiatives AG is a non-active holding entity
2 Beneficially owned by the respective GEC member
Remuneration Governance
Articles of Incorporation and shareholders
Avolta’s Articles of Incorporation contain specific provisions on remuneration, as indi-
cated in the table below. The Articles of Incorporation, and any amendments thereof,
are subject to approval by the General Meeting of Shareholders. The Articles of Incor-
poration are available on the Company website under:
www.avoltaworld.com/en/investors/corporate-governance
Element
Article
Election, the constitution and the powers of the Remuneration Committee
17 and 18
Approval of remuneration by the General Meeting of Shareholders
20
Supplementary amount in case of changes in the Global Executive Committee
21
General remuneration principles
22
Agreements with members of the Board of Directors and the Global Executive Committee
23
Maximum number of mandates outside the Company that a member of the Board of Directors or the
Global Executive Committee may hold
24 and 25
Pursuant to Avolta’s Articles of Incorporation, the General Meeting of Shareholders shall
approve the proposal of the Board of Directors in relation to the maximum aggregate
amounts of remuneration for the Board of Directors for the period until the next Annual
General Meeting of Shareholders and for the Global Executive Committee for the
following fiscal year. The votes on these maximum aggregate amounts of remuneration
have a binding effect. In addition, the Remuneration Report is submitted to the Annual
General Meeting of Shareholders for an advisory vote on a yearly basis, so that share-
holders can express their opinion on the remuneration policy and programs.
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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 Execu-
tive 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 Shareholders. The Remuneration Committee supports the Board
of Directors in fulfilling all remuneration-related duties. The Remuneration Committee
has the following powers and duties:
Review of the remuneration strategy, policy and governance
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
Review and recommend to the Board of Directors the Remuneration Report
Remuneration of the Board of Directors
Make proposals in relation to the remuneration packages of the members of the Board of Directors
Remuneration of the Global Executive Committee
Make proposals in relation to the remuneration package of the CEO. The CEO’s remuneration is determined by the Remuneration Committee
and submitted to the full Board of Directors for approval
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
Make proposals on the grant of options or other securities under any management incentive plan of the Company
Decision authorities
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 par-
ticipate in these meetings without any voting rights, leaving the meeting when their own
compensation is being discussed. The Remuneration Committee submits its proposals
to the full Board of Directors annually, which then decides collectively on the remuner-
ation of its members with all Board members present during the discussion.
Levels of authority
CEO
Remuneration
Committee
Board of
Directors
AGM
Remuneration policy and principles
Proposes
Approves
Maximum aggregate remuneration amount
for the Board of Directors
Proposes
Reviews and
proposes
Approves
(binding vote)
Remuneration of the Board Chairman
Proposes
Approves*
Individual remuneration of the Board members
Proposes
Approves*
Maximum aggregate remuneration amount
for the Global Executive Committee
Proposes
Reviews and
proposes
Approves
(binding vote)
Remuneration of the CEO
Proposes
Approves*
Individual remuneration of the other members
of the Global Executive Committee
Proposes to
Remuneration
Committtee
Proposes
Approves*
Remuneration Report
Proposes
Approves
Consultative
vote
* Within the overall limits approved by the General Meeting of Shareholders.
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Composition of Remuneration Committee
The Remuneration Committee consists of four independent and non-executive
members of the Board of Directors that are elected by the Annual General Meeting for
a term of office until completion of the next AGM.
The Remuneration Committee meets as often as business requires, but at least four
times per year. The Chair of the Remuneration Committee reports to the Board of Direc-
tors after each meeting, providing an overview of the committee’s activities. Addition-
ally, the minutes of the committee meetings are made available to all Board members.
In the reporting year, the Remuneration Committee held 3 meetings. The duration of
the meetings ranged from 1 to 2 hours. The attendance ratio was 100 %.
For further details regarding the responsibilities of the Remuneration Committee and
the meetings held in fiscal year 2024 please refer to section 3.5 Internal Organizational
Structure of the Corporate Governance Report.
The following table sets forth the members of the Remuneration Committee, together
with the year of their first appointment to the Avolta AG Board of Directors and to the
Remuneration Committee, respectively.
Member of the Board of Directors
Board member since
In the Remuneration Committee since
Luis Maroto Camino, Chair
2019
2021
Enrico Laghi, Member
2023
2023
Joaquín Moya-Angeler Cabrera, Member
2021
2021
Eugenia M. Ulasewicz, Member
2021
2021
External advisors
The Remuneration Committee may decide to consult external advisors. In fiscal year
2024, Homburger AG, PricewaterhouseCoopers AG (PwC), Mercer LLC, Willis Towers
Watson plc and Obermatt AG were consulted for specific remuneration matters. PwC
provided services to the Group as Tax and HR advisor. WTW and Mercer were consulted
for benchmarking purposes and for other internal projects. Homburger also provided
additional services as legal advisors. Obermatt did not have any other mandate for
Avolta.
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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 of
Avolta AG, Basel
Basel, March 11, 2025
Report on the Audit of the Remuneration Report according to Art. 734a-734f CO
Opinion
We have audited the Remuneration Report of Avolta AG (the Company) for the year ended December 31, 2024. 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” (page 308) , “Other remuneration, loans or credit facilities” (page 310), “Shareholdings of the members of the Board of
Directors on December 31, 2024 and 2023” (page 310), “Remuneration of the Global Executive Committee” (page 317), “Other
remuneration, loans or credit facilities” (page 320), “Shareholdings of the members of the Global Executive Committee on
December 31, 2024 and 2023” (page 321), and “Mandates outside of the company” (page 322-324) of the remuneration report.
In our opinion, the information pursuant to Art. 734a-734f CO in the accompanying remuneration report complies with Swiss law
and the Company’s articles of incorporation.
Basis for Opinion
We 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 Information
The 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 required
to report that fact. We have nothing to report in this regard.
Board of Directors’ Responsibilities for the Remuneration Report
The 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
enable the preparation of a Remuneration Report that is free from material misstatement, whether due to fraud or error. It is also
responsible for designing the remuneration system and defining individual remuneration packages.
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Auditor’s Responsibilities for the Audit of the Remuneration Report
Our objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO is free from material
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 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 this remuner-
ation 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
requirements 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 Hell
Licensed audit expert
Licensed audit expert
Auditor in charge
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Information
for investors
and media
Registered shares
Issuer
Avolta AG
Listing
SIX Swiss Exchange
Type of security
Registered shares
Ticker symbol
AVOL
ISIN-No.
CH0023405456
Swiss Security-No.
2340545
Reuters
AVOL.S
Bloomberg
AVOL:SW
Key dates in 2025
March 12, 2025
Results Fiscal Year 2024
Publication of Annual Report
May 14, 2025
Annual General Meeting
May 15, 2025
Trading Statement
First Quarter 2025
July 31, 2025
Results First Half Year 2025
October 30, 2025
Trading Statement
Third Quarter 2025
Senior Notes
Issuer
Dufry One B.V.
Listing
The International Stock
Exchange (“TISE”)
Size of issue
CHF 300 million
Interest rate
3.625 p.a.,
paid semi-annually
Maturity
April 15, 2026
ISIN-No.
XS2333565815 (Serie REG S)
Issuer
Dufry One B.V.
Listing
The International Stock
Exchange (“TISE”)
Size of issue
EUR 750 million
Interest rate
2.0 p.a., paid semi-annually
Maturity
February 15, 2027
ISIN-No.
XS2079388828 (Serie REG S)
Issuer
Dufry One B.V.
Listing
The International Stock
Exchange (“TISE”)
Size of issue
EUR 725 million
Interest rate
3.375 p.a., paid semi-
annually
Maturity
April 15, 2028
ISIN-No.
XS2333564503 (Serie REG S)
Issuer
Dufry One B.V.
Listing
The International Stock
Exchange (“TISE”)
Size of issue
EUR 500 million
Interest rate
4.75 p.a., paid semi-
annually
Maturity
April 18, 2031
ISIN-No.
XS2802883731 (Serie REG S)
Senior convertible bonds
Issuer
Dufry One B.V.
Listing
SIX Swiss Exchange)
Size of issue
CHF 500 million
Interest rate
0.75 p.a., paid semi-
annually
Maturity
March 30, 2026
Convertible into
Registered shares Avolta AG
Conversion price
CHF 87.00
ISIN-No.
CH1105195684
Ticker symbol
DUF 21
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Media Contact
Cathy Jongens
Director Corporate Communications
cathy.jongens@avolta.net
Investor Relations Contact
Rebecca McClellan
Global Head Investor Relations
rebecca.mcclellan@avolta.net
Avolta AG
Brunngässlein 12
P.O. Box
4010 Basel
Switzerland
Phone +41 61 266 44 44
Address
Corporate
Headquarters
avoltaworld.com
Company’s website:
Latest news:
Articles of incorporation:
Financial reports:
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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 2025
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Sustainability
Report 2024
Annex
2/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
Sustainability Report 2024
Annex
About the Annex
Avolta publishes its Sustainability Report in accordance
with the Global Reporting Initiative Standards 2021 (GRI
Standards), an approach designed to facilitate trans-
parent and comparable disclosure and the tracking of
sustainability performance indicators.
The Sustainability Report 2024 Annex forms part of the
Sustainability Report, which, together with the 2024
TCFD Report, constitutes Avolta’s 2024 Non-Financial
Reporting in accordance with the requirements regarding
transparency on non-financial matters set out in Art.
964(a) et seqq. of the Swiss Code of Obligations, the
Ordinance on Climate Disclosures and the DDTrO. The
Sustainability Report is included in the Annual Report
2024 on page 333 ff.
The Sustainability Report 2024 Annex contains informa-
tion in tabular form, presenting quantitative and qualita-
tive indicators in alignment with GRI Standards as of, and
for the year ended December 31, 2024, with comparative
figures for 2023, where applicable.
The GRI Content Index 2024, also included in the Annex,
cross references indicators (GRI and SDGs) and page
numbers, serving as a comprehensive guide to where the
information on each topic may be found – either in the
Annual Report, the Sustainability Report, on the Compa-
ny’s website or in this Annex.
Scope
Avolta’s 2024 Sustainability Report includes information
from all 70 countries where Avolta operates. For the
general profile and most of the GRI indicators, the infor-
mation reported is global (i.e.: relevant to the whole
Group) unless stated otherwise.
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 geographical regions, with
a similar structure as 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 geographical region can be
found on pages 58 – 73 of the Annual Report 2024.
Should you have any comments about the content of the
Avolta’s 2024 Sustainability Report or want to know more
about Avolta’s sustainability engagement, please contact
us at: sustainability@avolta.net.
Material Matters, Related Impacts, Risks and Opportu-
nities, and Mitigation
The table below outlines Avolta’s material sustainability
matters. In accordance with the GRI Standards, for each
matter, we identify the actual and potential impacts
generated by the Company on the economy, environ-
ment and people, including human rights, which have
been assessed as significant according to our updated
materiality assessment (“Impact materiality”). Additionally,
for each material matter identified, we report the risks
and opportunities that may influence Avolta’s results and
performance, and deemed significant in the context of
our “Double Materiality” exercise (“Financial materiality”),
in compliance with the requirements regarding transpar-
ency on non-financial matters pursuant to article 964(a)
et seqq. of the Swiss Code of Obligations. This Double
Materiality assessment also draws on the European
Sustainability Reporting Standards (ESRS) foreseen by
the new Corporate Sustainability Reporting Directive
(CSRD). The overview considers impacts across Avolta’s
operations as well as its upstream and downstream value
chain, encompassing business relationships, products
and services, as detailed in the table below.
While beneficial impacts and opportunities are acknowl-
edged, priority has been given to the identification of
adverse impacts and risks, reflecting a precautionary
approach. In the Sustainability Report, we describe the
prevention and mitigation measures in place to manage
impacts, risks and opportunities. An exception is made
with respect to the “Supporting Communities” matter, for
which only beneficial impacts and opportunities have
been identified, reflecting the voluntary nature of our
initiatives to support and engage communities.
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Material Matters, Related Impacts,
Risks & Opportunities, and Mitigation
Material matter
Own operations
Value chain
Impacts
Risks and opportunities
Mitigation by Avolta
Sustainable
sourcing & traceability
Adopt responsible sourcing
practices aimed at both
improving the transparency
& traceability and increasing
the procurement of
sustainable and certified
products.
X
Potential negative impact on
environment, animal welfare
and people related to
harmful sourcing practices.
Potential risk on the
Company’s reputation
deriving from raw materials
limited traceability and
responsible sourcing
safeguards, and from the
violation of animal welfare
standards.
Potential risk on the
Company’s business
continuity due to raw
material scarcity.
See page 120
Supply chain management
Promote responsible and
ethical management of the
supply chain, also by
partnering with suppliers
attentive to their social and
environmental impacts.
X
Potential negative impact on
the 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 risk on the Group’s
reputation deriving from
suppliers’ socio-
environmental performance
not aligned with business
and stakeholders’
expectations.
See page 122
Healthy and
sustainable choice
Promote better travel
experiences offering a
wide range of healthy and
sustainable products,
good for both consumers’
and planet health.
X
X
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’s
financial results due to
the shift in customers’
preferences towards more
healthy and sustainable
choices.
See page 123
Product quality & safety
Provide high quality
& safety standards for the
products and ingredients
used in all the Company’s
channels.
X
X
Potential negative impact on
people related to damage to
customers health and safety.
Potential risk of non-
compliance with regulations
on product quality and
safety.
See page 127
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.
X
X
Potential negative impact
on the environment related
to the generation of
greenhouse gas emissions.
Potential risk on the
Company’s business
continuity deriving from
the exposure to physical
(extreme climatic events,
rising of mean temperatures,
etc.) and transition (evolving
regulation, reputational
damage, etc.) risks.
See page 131
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Material matter
Own operations
Value chain
Inside-out impacts
Outside-In risks and opportunities
Mitigation by Avolta
Waste and Packaging
Reduce and mitigate
environmental damage
caused by excessive
production and/or
inadequate disposal of
waste, including food waste.
Reduce the use of virgin
plastic in packaging.
X
X
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 risk of non-
compliance deriving from
evolving legislation related
to waste and product
packaging.
Potential risk on the
Company’s financial results
due to the scarcity of
packaging raw materials,
leading to price volatility.
See page 136
Water and Biodiversity
Implement processes to
monitor and reduce water
withdrawal in the operations
and purchase materials and
products preserving
biodiversity.
X
X
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 regulations
regarding water discharge,
deforestation and
biodiversity.
Potential risk on the
Company’s business
continuity deriving from
water scarcity.
Potential risks on the
Company’s reputation
deriving from the lack of
initiatives and/or safe-
guards aimed at
protecting biodiversity.
See page 140
Culture & Engagement
Support diversity by fostering
an inclusive working
environment and incorporate
culture and engagement
throughout the organization,
to develop a diverse,
inclusive leadership.
X
Potential negative impact on
people due to the perception
of a non-inclusive culture,
unable to recognize and
value any kind of diversity,
such as disability, gender,
age, race, minorities, etc.
Potential risk on the
Company’s reputation
deriving from the inability to
foster a diverse and inclusive
culture that stimulates
creativity and innovative
thinking.
See page 144
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.
X
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’s productivity
arising from the inability to
recruit and retain diverse
talent, considering also
factors such as disability,
gender, race, and other
backgrounds.
Potential risk on the Group’s
reputation due to a work-
place culture that does not
foster open dialogue and
engagement.
See page 147
Employee Training and
development
Provide best training and
performance development
opportunities in order to
foster employees personal
and professional growth.
X
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’s productivity
deriving from upskilling
and development programs
not in line with the business
strategy and goals.
See page 149
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Material matter
Own operations
Value chain
Inside-out impacts
Outside-In risks and opportunities
Mitigation by Avolta
Health and Well-being
Strengthening the culture
of health and safety in the
workplace through training
and prevention programs
designed to reduce
occupational injuries and
protect physical and mental
well-being.
X
Potential negative impact
on people in terms of
occupational illnesses and
injuries.
Potential negative impact on
people in terms of physical
and mental well-being
benefits and work-life
balance protection not
aligned with expectations.
Potential risk of non-
compliance caused by the
violation of workplace
health and safety regulations.
Potential risk on the
Company’s reputation and
productivity due to low
employee satisfaction.
See page 151
Human rights
Foster respect for human
rights and workers’ rights
along the entire value chain.
X
X
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’s reputation arising
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 153
Supporting communities
Contribute to the
development of local
communities through
occupation, wealth and
prosperity as well as with
dedicated community
engagement and
charitable initiatives.
X
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 economic
development at local level.
Potential opportunities
for positive impact on the
Company’s reputation arising
from the fulfillment of its
responsibilities as a
corporate citizen and its
ability to engage in strategic
connections with the
community.
See page 156
Non-Financial Risks & Opportunities
The factors listed below represent the main risks and opportunities for Avolta based on
its business model and the Company’s 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 – 57), the Sustain-
ability Report (pages 99 – 161), the Financial Report (pages 164 – 252), and the Corpo-
rate Governance Report (pages 274 – 302).
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 an integral part of the Annual Report 2024 or on the Avolta Group
website: www.avoltaworld.com.
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Risks
Risk Factors
Potential Impact
Our Response
Decrease in passenger & traveler traffic and
changes in customer behavior
– Any event outside our control that causes a
decrease in 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 geography, sectors and
channels to mitigate the impact of regional
or local phenomena.
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.
– Taking prompt action to protect the health and
safety of our employees and customers through
our Health & Safety Protocol, aligning it with
local regulations in the locations we operate.
– Processes and risk mitigation strategies being
in place already prior to the COVID-19 pandemic
enabling the Company to react quickly and
effectively.
– Resilience of the Company secured by the
definition of a new corporate strategy –
Destination 2027 – implementing a variety of
refinancing initiatives focusing on liquidity and
a strong financial position.
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.
– Failing to win or extend a concession can
prevent the Company from being present a
specific location until the concession comes up
again for renewal.
– The renewal of a concession on less favorable
terms, as well as the risk of revocation and
modification, can negatively affect the
Company’s financial position, and overall
performance.
– Diversification by geography, sectors and
channels to mitigate the impact of regional or
local phenomena. Information on sales split
by geography, sectors, channels and product
categories is available on pages 8 – 9 of the
Annual Report 2024.
– Concessions’ average duration of over 7 years
and well-balanced distribution throughout
emerging and developed markets avoiding
concentration; the largest concession accounts
for less than 4 % and the ten biggest
concessions for around 18 % of the Group’s
sales.
– Local presence in all key markets, allows Avolta
to monitor opportunities at global level to
compete for attractive contracts.
Market & political risks – Operating in a highly
regulated environment
– Travel Retail and F&B in general is a highly
regulated industry, as operators:
– are required 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.
– are required to follow product disclosure and
health legislation as well as security
requirements issued by the airline and airport
industry.
– Changes in the regulatory framework in
individual markets can positively or negatively
impact sales performance or profitability of the
Company at local or Group level.
– Diversification by geography and by customs
regime so as to reduce exposure to local
legislation level.
– 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
support the industry’s interests.
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Risk Factors
Potential Impact
Our Response
Customer data privacy
and cyber security
– Potential impact on both the operational
capability of the business as well as with respect
to potential legal liability and reputation in the
case of issues with customer data.
– 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
and is designed to fulfil the requirements of the
EU General Data Protection Regulation (GDPR)
and to comply with international data protection
laws such as among others the Payment Card
Industry Data Security Standard (PCI DSS).
– The Company regularly holds cyber security
trainings helping to sensitize employees and
increase their alertness for these topics. A
detailed description on cyber security is
available on page 129 of the Sustainability
Report.
– Avolta maintains a 24 / 7 global customer
service platform, where any issues can be
reported.
Availability and retention
of human capital
– Our team of more than 77,000 members across
70 countries is a key success factor in driving
sales and increasing customer satisfaction.
– The ability to employ and retain a skilled
workforce is a key success factor for the
Company.
– This is particularly true for our shop and
restaurant staff, who typically require distinct
skill sets compared to those in traditional
high-street retail and F&B operations.
– Attractive multinational and multicultural
working environment that takes into account
the specific skill set required of our employees
(e.g. foreign languages, shift work, security
requirements, etc.) and offers trainings and
mobility opportunities.
– Flexible retention strategies, balancing global
consistency with local adaptation, based on key
foundational practices such as feedback
culture, recognition and rewards scheme,
competitive compensation and work-life
balance programs.
– Avolta Global Culture & Engagement strategy,
supported by a dedicated Committee, fosters
an inclusive workplace culture that respects
and celebrates diversity in all its forms, combats
discrimination, and fosters a respectful and
supportive environment level.
Consumer behavior
– Avolta welcomes daily customers from different
countries and cultures, each with unique
purchasing habits, dining behaviors, and
product preferences.
– Changes in customer behavior as well as
the ability to provide the right products and
services in a timely manner, can influence sales
performance of our operations both locally and
globally.
– Avolta’s Global Customer Insight team regularly
performs customer experience tracking and
satisfaction surveys to early identify potential
changes in customer behavior and preferences
both at global and local level.
– In cooperation with our brand partners, our
procurement teams identify new trends and
customer needs to optimize our dining offerings
and product assortments.
– To drive innovation in F&B assortments, Avolta
maintains two EMEA Centers of Excellence:
Foodservice in Amsterdam, focused on global
concept development and brand portfolio
management, and Factory Food Designers in
Milan, focused on food and recipe development
according to new consumer trends.
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Risk Factors
Potential Impact
Our Response
Suppliers & product availability
– Avolta neither develops nor produces any
products or private labels. The large majority of
the products in Avolta’s retail stores are sourced
from third-party suppliers.
– The ability to maintain and develop relationships
to source products from global and local
brands and suppliers requested by customers is
a key success factor.
– Risks, including reputational risks, arising from
supplier’s non-compliance with regulations on
ethical standards, human and social rights, and
environmental protection.
– Avolta operates a centralized global
procurement department that 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.
– Avolta’s Supplier Code of Conduct outlines clear
standards and principles that all suppliers are
expected to adhere to, ensuring alignment with
the Company’s commitment to ethical
practices, sustainability, and social responsibility
across its retail and F&B partnerships.
See Page 122.
– Introduction of the use of Ecovadis for deeper
suppliers’ assessment on social and
environmental performance.
Legal & compliance
– In the ordinary course of its business, there is a
risk that the Company could breach laws and
regulations regarding business conduct,
including, among others, bribery, corruption,
fraud, discrimination, unauthorized use of
personal data,
– The Company could become involved in
lawsuits, claims of various natures,
investigations and other business-related legal
proceedings.
– Legal or compliance issues, especially incidents
of corruption, could result in penalties and
other legal liabilities, loss of concession or lease
agreements, black-listings as well as
reputational damage. These impacts could
occur locally but also affect the Company
globally.
– Increasing compliance requirements at both
global and local levels could lead to higher
compliance costs, further impacting the
Company’s operations and financial
performance.
– In its Code of Conduct, the Company stipulates
provisions on how it expects employees,
directors and officers to conduct business. The
dedicated Global Compliance department
monitors compliance with the relevant policies.
– In addition, a comprehensive risk management
is established, structured into three levels (see
page 116 of the Sustainability Report). For
corruption-related risks involving external
partners, the Company has a procedure in place
that requires due diligence and vetting of all
external partners, including joint venture
partners, consultants for business development
projects, and counterparties in M&A and other
transactions. In addition, regular reassessments
of existing external partners are conducted.
– Employees receive regular compliance trainings
and awareness-raising communications.
– Through the Avolta Supplier Code of Conduct,
the Company aims to promote compliance
within its supply chain.
Climate change & environmental risks
– The Company neither develops nor produce
own products, nor does it operate
manufacturing sites.
– Products are primarily sourced directly from
brand, suppliers and distributors and delivered
either to our Distribution Centers, wholesalers,
or directly to shops and restaurants.
– Products are primarily sourced directly from
brand, suppliers and distributors and delivered
either to our Distribution Centers, wholesalers,
or directly to shops and restaurants.
– Transportation of goods from supplier’s
production sites to the Company’s Distribution
Centers, wholesalers, or directly to shops and
restaurants is the responsibility of the suppliers.
– From an energy perspective, the Company’s
scope includes consumption at office buildings
and covers its supply chain from the
Distribution Center to the shops. These
premises are mostly rented, with limited ability
to influence construction.
– Avolta develops its own shop & restaurant
designs and respective guidelines.
– Environmental legislation and requirements can
affect cost of energy consumption for
transportation, as well as the operation of
shops, restaurants and office premises within
the Company.
– Legislation on use of packaging material (e.g.
single use plastics) and circular economy can
influence business procedures.
– The Company’s Sustainability Strategy covers
various aspects of sustainability, while its
Environmental Management guidelines
integrate environmentally conscious practices
into the Company’s operations, so as to
minimize the environmental footprint of its
business activities.
– The Company has defined emission reduction
goals (for the former Dufry business) and
discloses emissions on Scope 1, 2 and 3 for the
whole Group. 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 promote sustainability by
reducing energy consumption, incorporating
recyclable materials and applying circular
economy principles for refurbishments.
– Avolta is replacing its single-use plastic usage
with sustainable alternatives for both retail and
F&B operations (see details page 137 of the
Sustainability Report).
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Risk Factors
Potential Impact
Our Response
Health & safety risks
– Except for employees working in office-
buildings, the Company’s workforce primarily
operates in highly regulated environments,
such as airports, cruise ships & ferries, train
stations, motorways as well as seaports and
other similar locations. As a result, our
operations are expected to adhere to two levels
of health and safety provisions: our own and
those established by the respective concession
partner.
– Fire, health pandemics, terrorist attacks and
other external factors pose potential risks to our
employees and customers.
– Injury, illness or fatality can affect operational
readiness and cause reputational damage,
which can impact our financial and business
performance.
– The first level of health and safety provisions is
defined by concession partners’ health and
safety programs, which our employees must
adhere to and for which they receive specific
training.
– The Company’s own health and safety
regulations apply in addition to location-specific
requirements and include Group-wide
regulations and guidelines.
– The Company implements a Health & Safety
Protocol to protect both employees and
customers. This protocol incorporates our
internal guidelines while remaining flexible
enough to adapt to local regulations in the
countries and locations where we operate. A
detailed overview of our Health & Safety
management process is described on pages
151 – 152 of the Sustainability Report.
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Information on employees and other workers
(using GRI coding)
2-7 Employees
2024
Employees by employment contract and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
77
20,649
18,163
4,337
2,851
46,077
Permanent
73
17,288
18,155
3,951
1,510
40,977
Fixed-term
4
3,239
8
386
1,217
4,854
Non-guaranteed hours
0
122
n/a
0
124
246
Male
88
13,503
11,298
2,809
3,532
31,230
Permanent
88
11,063
11,292
2,567
1,242
26,252
Fixed-term
0
2,355
6
242
2,215
4,818
Non-guaranteed hours
0
85
n/a
0
75
160
Not disclosed
0
1
113
0
0
114
Permanent
0
1
113
0
0
114
Fixed-term
0
0
0
0
0
0
Non-guaranteed hours
0
0
n/a
0
0
0
Total
165
34,153
29,574
7,146
6,383
77,421
2023
Employees by employment contract and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
63
19,704
19,806
3,988
2,671
46,232
Permanent
61
16,551
19,709
3,632
1,146
41,099
Fixed-term
2
3,017
97
356
1,286
4,758
Non-guaranteed hours
0
136
n/a
0
239
375
Male
85
12,675
11,826
2,574
3,465
30,625
Permanent
84
10,551
11,806
2,337
899
25,677
Fixed-term
1
2,052
20
237
2,423
4,733
Non-guaranteed hours
0
72
n/a
0
143
215
Not disclosed
n/a
n/a
105
n/a
n/a
105
Permanent
n/a
n/a
105
n/a
n/a
105
Fixed-term
n/a
n/a
0
n/a
n/a
0
Non-guaranteed hours
n/a
n/a
n/a
n/a
n/a
n/a
Total
148
32,379
31,737
6,562
6,136
76,962
* In North America, data not tracked for non-guaranteed hours employees (both Retail and F&B business)
and fixed-term employees (F&B business).
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2024
Employees by employment type and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
77
20,649
18,163
4,337
2,851
46,077
Full-time
62
10,571
15,483
4,067
2,451
32,634
Part-time
15
10,078
2,680
270
400
13,443
Male
88
13,503
11,298
2,809
3,532
31,230
Full-time
82
9,020
9,989
2,743
3,112
24,946
Part-time
6
4,483
1,309
66
420
6,284
Not disclosed
0
1
113
0
0
114
Full-time
0
1
98
0
0
99
Part-time
0
0
15
0
0
15
Total
165
34,153
29,574
7,146
6,383
77,421
2023
Employees by employment type and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
63
19,704
19,806
3,988
2,671
46,232
Full-time
45
9,895
17,248
3,696
2,229
33,113
Part-time
18
9,809
2,558
292
442
13,119
Male
85
12,675
11,826
2,574
3,465
30,625
Full-time
82
8,579
10,638
2,515
3,067
24,881
Part-time
3
4,096
1,188
59
398
5,744
Not disclosed
n/a
n/a
105
n/a
n/a
105
Full-time
n/a
n/a
79
n/a
n/a
79
Part-time
n/a
n/a
26
n/a
n/a
26
Total
148
32,379
31,737
6,562
6,136
76,962
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Sustainability Report 2024 Annex
Avolta Annual Report 2024
2-8 Workers who are not employees
2024
Workers who are not employees by gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
4
1,416
8
296
103
1,827
Male
2
1,161
2
287
66
1,518
Not disclosed
0
0
13
0
10
23
Total
6
2,577
23
583
179
3,368
2023
Workers who are not employees by gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
4
1,757
n/a
254
112
2,127
Male
2
1,360
n/a
257
86
1,705
Not disclosed
n/a
n/a
n/a
n/a
n/a
n/a
Total
6
3,117
n/a
511
198
3,832
* For 2023, data not tracked in North America. For 2024, data not tracked in North America for the F&B business,
while a methodological improvement allowed to start monitoring data for the Retail business.
2-30 Collective bargaining agreements
2024
Employees covered by collective bargaining (%)
HQ
EMEA
North America
LATAM
APAC
Total
Percentage of employees covered by collective
bargaining agreements
96 %
66 %
57 %
62 %
22 %
59 %
2023
Employees covered by collective bargaining (%)
HQ
EMEA
North America
LATAM
APAC
Total
Percentage of employees covered by collective
bargaining agreements
100 %
66 %
55 %
65 %
23 %
58 %
13/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
202-2 Proportion of senior management hired from
the local community
2024
Full-time senior managers from local communities (%)
HQ
EMEA
North America
LATAM
APAC
Total
Percentage of senior managers from local
communities
24 %
90 %
n/a
73 %
82 %
43 %
2023
Full-time senior managers from local communities (%)
HQ
EMEA
North America
LATAM
APAC
Total
Percentage of senior managers from local
communities
26 %
84 %
n/a
77 %
94 %
40 %
* Data refers to individuals either born or who have the legal right to reside indefinitely (such as naturalized citizens or
permanent visa holders) in the same geographical market where operations take place. Data not tracked in North
America.
204-1 Proportion of spending on local suppliers
In 2024 Avolta’s global spent on local suppliers amounted to over 27 % of its global
consolidated COGS.
The spent on local suppliers for its retail business amounted to about 30 % of global
retail COGS, while for its F&B sector this covered over 24 % of global F&B COGS.
14/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
401-1 New employee hires and employee turnover
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.
2024
New hires by age and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
26
10,547
11,847
1,082
1,091
24,593
<30
4
6,005
7,378
660
762
14,809
30-50
17
3,368
3,615
379
309
7,688
>50
5
1,174
854
43
20
2,096
Male
17
7,927
7,938
762
1,529
18,173
<30
2
5,203
4,598
469
1,216
11,488
30-50
13
2,116
2,679
269
303
5,380
>50
2
608
661
24
10
1,305
Not disclosed
0
1
101
0
0
102
<30
0
1
63
0
0
64
30-50
0
0
33
0
0
33
>50
0
0
5
0
0
5
Total
43
18,475
19,886
1,844
2,620
42,868
2023
New hires by age and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
17
10,787
16,979
1,248
1,538
30,569
<30
6
6,381
10,674
756
1,076
18,893
30-50
10
3,308
5,013
442
405
9,178
>50
1
1,098
1,292
50
57
2,498
Male
9
8,191
10,363
862
2,225
21,650
<30
0
5,442
6,054
563
983
13,042
30-50
5
2,164
3,352
257
1,219
6,997
>50
4
585
957
42
23
1,611
Not disclosed
n/a
n/a
174
n/a
n/a
174
<30
n/a
n/a
105
n/a
n/a
105
30-50
n/a
n/a
59
n/a
n/a
59
>50
n/a
n/a
10
n/a
n/a
10
Total
26
18,978
27,342
2,110
3,763
52,393
15/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
2024
Ingoing turnover by age and gender (%)
HQ
EMEA
North America
LATAM
APAC
Total
Female
34%
51%
65%
25%
38%
53%
<30
50%
114%
125%
46%
50%
105%
30-50
34%
33%
49%
16%
27%
37%
>50
26%
22%
18%
8%
12%
19%
Male
19%
59%
70%
27%
43%
58%
<30
40%
122%
119%
54%
56%
103%
30-50
22%
33%
59%
17%
24%
39%
>50
8%
21%
23%
7%
10%
21%
Not disclosed
0%
100%
89%
0%
0%
89%
<30
0%
100%
124%
0%
0%
123%
30-50
0%
0%
62%
0%
0%
62%
>50
0%
0%
56%
0%
0%
56%
Total
26%
54%
67%
26%
41%
55%
2023
Ingoing turnover by age and gender (%)
HQ
EMEA
North America
LATAM
APAC
Total
Female
27%
55%
86%
31%
58%
66%
<30
150%
128%
158%
59%
71%
130%
30-50
26%
33%
64%
20%
41%
44%
>50
5%
23%
25%
10%
35%
23%
Male
11%
65%
88%
33%
64%
71%
<30
0%
139%
144%
70%
45%
117%
30-50
9%
36%
73%
18%
105%
52%
>50
15%
22%
32%
14%
61%
26%
Not disclosed
n/a
n/a
166%
n/a
n/a
166%
<30
n / a
n / a
223%
n / a
n / a
223%
30-50
n / a
n / a
113%
n / a
n / a
113%
>50
n / a
n / a
167%
n / a
n / a
167%
Total
18%
59%
87%
32%
61%
68%
16/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
2024
Employees who left by age and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
18
9,461
13,259
791
922
24,451
<30
1
5,336
7,733
424
615
14,109
30-50
12
2,911
4,155
320
277
7,675
>50
5
1,214
1,371
47
30
2,667
Male
12
7,036
8,333
622
1,547
17,550
<30
1
4,505
4,616
346
1,154
10,622
30-50
7
1,879
2,794
248
370
5,298
>50
4
653
923
28
23
1,631
Not disclosed
0
0
81
0
0
81
<30
0
0
53
0
0
53
30-50
0
0
24
0
0
24
>50
0
0
4
0
0
4
Total
30
16,497
21,673
1,413
2,469
42,082
2023
Employees who left by age and gender (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Female
19
9,699
16,180
724
1,110
27,732
<30
4
5,393
9,993
400
755
16,545
30-50
13
3,169
4,811
294
290
8,577
>50
2
1,137
1,376
30
65
2,610
Male
6
6,998
9,419
576
1,723
18,722
<30
1
4,460
5,270
298
1,335
11,364
30-50
3
1,871
3,088
246
361
5,569
>50
2
667
1,061
32
27
1,789
Not disclosed
n/a
n/a
123
n/a
n/a
123
<30
n/a
n/a
84
n/a
n/a
84
30-50
n/a
n/a
32
n/a
n/a
32
>50
n/a
n/a
7
n/a
n/a
7
Total
25
16,697
25,722
1,300
2,833
46,577
17/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
2024
Outgoing turnover by age and gender (%)
HQ
EMEA
North America
LATAM
APAC
Total
Female
23%
46%
73%
18%
32%
53%
<30
13%
101%
131%
29%
40%
100%
30-50
24%
29%
56%
14%
24%
36%
>50
26%
23%
28%
9%
18%
24%
Male
14%
52%
74%
22%
44%
56%
<30
20%
105%
119%
40%
53%
95%
30-50
12%
29%
61%
15%
30%
38%
>50
16%
23%
32%
9%
24%
26%
Not disclosed
0%
0%
72%
0%
0%
71%
<30
0%
0%
104%
0%
0%
102%
30-50
0%
0%
45%
0%
0%
45%
>50
0%
0%
44%
0%
0%
44%
Total
18%
48%
73%
20%
39%
54%
2023
Outgoing turnover by age and gender (%)
HQ
EMEA
North America
LATAM
APAC
Total
Female
30%
49%
82%
18%
42%
60%
<30
100%
109%
148%
31%
50%
114%
30-50
33%
32%
61%
13%
29%
41%
>50
10%
23%
27%
6%
40%
24%
Male
7%
55%
80%
22%
50%
61%
<30
100%
114%
125%
37%
61%
102%
30-50
5%
31%
67%
17%
31%
42%
>50
8%
25%
35%
11%
29%
29%
Not disclosed
n/a
n/a
117%
n/a
n/a
117%
<30
n/a
n/a
179%
n/a
n/a
179%
30-50
n/a
n/a
62%
n/a
n/a
62%
>50
n/a
n/a
117%
n/a
n/a
117%
Total
17%
52%
81%
20%
46%
61%
18/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
402-1 Minimum notice periods regarding
operational changes
2024
Minimum number of weeks (n)
HQ
EMEA
North America
LATAM
APAC
Total
Minimum number of weeks to provide notice for
operational changes
12
6
13
3
4
8
2023
Minimum number of weeks (n)
HQ
EMEA
North America
LATAM
APAC
Total
Minimum number of weeks to provide notice for
operational changes
12
6
13
3
4
8
* 2023 data related to EMEA has been restated following a refinement in the calculation methodology.
403-8 Workers covered by an occupational health
and safety management system
2024
Employees covered by an occupational H&S
management system (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Employees covered by an occupational H&S
system
165
31,909
29,574
5,203
1,895
68,746
Employees covered by an occupational H&S
system, that has been internally audited
0
18,453
0
2,782
858
22,093
Employees covered by an occupational H&S
system, that has been audited or certified by an
external party (e.g., ISO 45001)
0
11,915
0
2,755
0
14,670
Employees covered by an occupational H&S
management system (%)
Employees covered by an occupational H&S
system
100 %
93 %
100 %
73 %
30 %
89 %
Employees covered by an occupational H&S
system, that has been internally audited
0 %
54 %
0 %
39 %
13 %
29 %
Employees covered by an occupational H&S
system, that has been audited or certified by an
external party (e.g., ISO 45001)
0 %
35 %
0 %
39 %
0 %
19 %
2023
Employees covered by an occupational H&S
management system (HC)
HQ
EMEA
North America
LATAM
APAC
Total
Employees covered by an occupational H&S
system
148
29,500
31,737
4,601
1,212
67,198
Employees covered by an occupational H&S
system, that has been internally audited
0
15,327
0
2,319
1,368
19,014
Employees covered by an occupational H&S
system, that has been audited or certified by an
external party (e.g., ISO 45001)
0
4,721
0
2,313
132
7,166
19/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
Employees covered by an occupational H&S
management system (%)
2023
Employees covered by an occupational H&S
system
100 %
91 %
100 %
70 %
20 %
87 %
Employees covered by an occupational H&S
system, that has been internally audited
0 %
47 %
0 %
35 %
22 %
25 %
Employees covered by an occupational H&S
system, that has been audited or certified by an
external party (e.g., ISO 45001)
0 %
15 %
0 %
35 %
2 %
9 %
* For North America, data refers to employees covered by the Workers’ Compensation Policy. 2023 data related to
total employees (HC and %) covered by an occupational H&S management system has been restated following a
refinement in the calculation methodology.
403-9 Work-related injuries
2024
Injuries of employees by type of incident (n)
HQ
EMEA
North America
LATAM
APAC
Total
Work-related injuries
0
930
1,049
92
103
2,174
– of which high-consequence work-related
injuries (excluding fatalities)
0
10
0
0
0
10
Main types of work-related injury
Bruises and contusions, sprains and strains, cuts and wounds, burnings, and to a
minor extent fractures
Fatalities
n/a
0
0
0
0
0
Hours worked
272,404
53,296,423
40,889,153
13,820,089
12,178,938
120,457,008
Rate of recordable work-related injury
0.00
17.45
25.65
6.66
8.46
18.05
Rate of high-consequence work-related injuries
0.00
0.19
0.00
0.00
0.00
0.08
Rate of fatalities as a result of work-related injury
0.00
0.00
0.00
0.00
0.00
0.00
2023
Injuries of employees by type of incident (n)
HQ
EMEA
North America
LATAM
APAC
Total
Work-related injuries
0
960
1,452
93
53
2,558
– of which high-consequence work-related
injuries (excluding fatalities)
0
12
9
0
10
31
Main types of work-related injury
n/a
Bruises and contusions, sprains and strains, cuts and wounds, burnings, and to a
minor extent fractures
Fatalities
0
0
0
0
0
0
Hours worked
265,715
45,163,581
40,296,400
11,642,792
11,518,082
108,886,569
Rate of recordable work-related injury
0.00
21.26
36.03
7.99
4.60
23.49
Rate of high-consequence work-related injuries
0.00
0.27
0.22
0.00
0.87
0.28
Rate of fatalities as a result of work-related injury
0.00
0.00
0.00
0.00
0.00
0.00
* Rates are calculated over 1,000,000 hours worked. 2023 data of hours worked related to EMEA and LATAM has been
restated following a refinement in the calculation methodology.
20/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
404-1 Average hours of training per year per employee
2024
Average training hours by gender and employee category (n)
HQ
EMEA
North America
LATAM
APAC
Total
Female
n/a
9
31
91
13
32
Director / Management
n/a
8
2
7
5
6
Admin & Professionals
n/a
8
1
6
11
7
Sales & Ops Managers
n/a
15
54
67
22
43
Sales & Ops Staff
n/a
9
29
103
14
33
Male
n/a
8
32
71
12
27
Director / Management
n/a
5
2
9
6
4
Admin & Professionals
n/a
7
1
4
8
6
Sales & Ops Managers
n/a
14
52
65
16
38
Sales & Ops Staff
n/a
7
30
89
12
28
Not disclosed
n/a
0
3
0
0
3
Director / Management
n/a
0
0
0
0
0
Admin & Professionals
n/a
0
0
0
0
0
Sales & Ops Managers
n/a
0
7
0
0
7
Sales & Ops Staff
n/a
0
2
0
0
2
Total
n/a
8
31
83
13
30
2023
Average training hours by gender and employee category (n)
HQ
EMEA
North America
LATAM
APAC
Total
Female
n/a
7
33
17
10
19
Director / Management
n/a
5
3
9
7
5
Admin & Professionals
n/a
4
3
7
4
5
Sales & Ops Managers
n/a
22
31
21
13
27
Sales & Ops Staff
n/a
7
34
18
10
20
Male
n/a
8
34
13
7
18
Director / Management
n/a
3
2
10
3
3
Admin & Professionals
n/a
3
3
5
3
4
Sales & Ops Managers
n/a
24
35
17
10
28
Sales & Ops Staff
n/a
6
35
14
7
18
Not disclosed
n/a
n/a
0
n/a
n/a
0
Director / Management
n/a
n/a
0
n/a
n/a
0
Admin & Professionals
n/a
n/a
0
n/a
n/a
0
Sales & Ops Managers
n/a
n/a
0
n/a
n/a
0
Sales & Ops Staff
n/a
n/a
0
n/a
n/a
0
Total
n/a
8
33
15
8
19
21/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
2024
Average training hours by type (n)
HQ
EMEA
North America
LATAM
APAC
Total
Operative skills
n/a
2
24
10
4
16
Managerial skills
n/a
1
6
2
0
3
Technical skills
n/a
2
1
67
3
8
Health & Safety and Quality
n/a
3
0
2
4
2
Compliance
n/a
1
0
2
2
1
Other
n/a
1
0
0
0
0
Total
n/a
8
31
83
13
30
2023
Average training hours by type (n)
HQ
EMEA
North America
LATAM
APAC
Total
Operative skills
n/a
2
30
7
2
14
Managerial skills
n/a
1
2
1
1
2
Technical skills
n/a
2
1
3
1
1
Health & Safety and Quality
n/a
2
0
1
2
1
Compliance
n/a
1
0
1
2
0
Other
n/a
1
0
4
1
1
Total
n/a
8
33
15
8
19
* Training hours by type have been expressed in terms of average training hours per employee, with alignment of 2023
data as well to allow for better comparability. Data not tracked for Basel HQ.
22/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
405-1 Diversity of governance bodies and employees
2024
Employees by employee category, age and gender (%)
HQ
EMEA
North America
LATAM
APAC
Total
Female
47 %
60 %
61 %
61 %
45 %
60 %
Director / Management
33 %
45 %
47 %
47 %
43 %
45 %
<30
0 %
76 %
63 %
80 %
67 %
73 %
30-50
38 %
47 %
45 %
53 %
45 %
47 %
>50
21 %
39 %
48 %
38 %
34 %
41 %
Admin & Professionals
56 %
60 %
68 %
47 %
51 %
56 %
<30
62 %
60 %
50 %
46 %
53 %
54 %
30-50
53 %
61 %
71 %
47 %
50 %
56 %
>50
60 %
58 %
70 %
49 %
56 %
57 %
Sales & Ops Managers
0 %
48 %
57 %
52 %
31 %
53 %
<30
0 %
55 %
64 %
51 %
34 %
61 %
30-50
0 %
48 %
58 %
48 %
30 %
52 %
>50
0 %
48 %
49 %
69 %
40 %
49 %
Sales & Ops Staff
0 %
62 %
62 %
64 %
45 %
61 %
<30
0 %
55 %
60 %
64 %
40 %
55 %
30-50
0 %
63 %
63 %
63 %
51 %
62 %
>50
0 %
68 %
65 %
69 %
78 %
66 %
Male
53 %
40 %
38 %
39 %
55 %
40 %
Director / Management
67 %
55 %
53 %
53 %
57 %
55 %
<30
0 %
24 %
38 %
20 %
33 %
27 %
30-50
63 %
53 %
55 %
47 %
55 %
53 %
>50
79 %
61 %
52 %
62 %
66 %
59 %
Admin & Professionals
44 %
40 %
32 %
53 %
49 %
44 %
<30
38 %
40 %
50 %
54 %
47 %
46 %
30-50
47 %
39 %
29 %
53 %
50 %
44 %
>50
40 %
42 %
30 %
51 %
44 %
43 %
Sales & Ops Managers
0 %
52 %
43 %
48 %
69 %
47 %
<30
0 %
46 %
36 %
49 %
66 %
39 %
30-50
0 %
52 %
42 %
52 %
70 %
48 %
>50
0 %
52 %
51 %
31 %
60 %
51 %
Sales & Ops Staff
0 %
38 %
37 %
36 %
55 %
39 %
<30
0 %
45 %
40 %
36 %
60 %
44 %
30-50
0 %
37 %
37 %
37 %
49 %
38 %
>50
0 %
32 %
35 %
31 %
22 %
33 %
23/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
2024
Not disclosed
0 %
0 %
0 %
0 %
0 %
0 %
Director / Management
0 %
0 %
0 %
0 %
0 %
0 %
<30
0 %
0 %
0 %
0 %
0 %
0 %
30-50
0 %
0 %
0 %
0 %
0 %
0 %
>50
0 %
0 %
0 %
0 %
0 %
0 %
Admin & Professionals
0 %
0 %
0 %
0 %
0 %
0 %
<30
0 %
0 %
0 %
0 %
0 %
0 %
30-50
0 %
0 %
0 %
0 %
0 %
0 %
>50
0 %
0 %
0 %
0 %
0 %
0 %
Sales & Ops Managers
0 %
0 %
0 %
0 %
0 %
0 %
<30
0 %
0 %
0 %
0 %
0 %
0 %
30-50
0 %
0 %
0 %
0 %
0 %
0 %
>50
0 %
0 %
0 %
0 %
0 %
0 %
Sales & Ops Staff
0 %
0 %
0 %
0 %
0 %
0 %
<30
0 %
0 %
1 %
0 %
0 %
0 %
30-50
0%
0 %
1%
0 %
0 %
0 %
>50
0%
0 %
0 %
0 %
0 %
0 %
2023
Employees by employee category, age and gender (%)
HQ
EMEA
North America
LATAM
APAC
Total
Female
43%
61%
62%
61%
44%
60%
Director / Management
28 %
45 %
49 %
46 %
41 %
45 %
<30
0 %
81 %
54 %
50 %
100 %
70 %
30-50
31 %
49 %
49 %
50 %
41 %
47 %
>50
21 %
32 %
48 %
40 %
38 %
39 %
Admin & Professionals
66 %
60 %
61 %
45 %
51 %
55 %
<30
80 %
60 %
50 %
42 %
53 %
54 %
30-50
58 %
61 %
58 %
47 %
50 %
56 %
>50
78 %
58 %
69 %
45 %
50 %
57 %
Sales & Ops Managers
0 %
50 %
57 %
50 %
29 %
53 %
<30
0 %
49 %
63 %
54 %
37 %
58 %
30-50
0 %
51 %
59 %
45 %
26 %
53 %
>50
0 %
49 %
49 %
67 %
36 %
49 %
Sales & Ops Staff
0 %
62 %
63 %
64 %
44 %
61 %
<30
0 %
56 %
61 %
63 %
40 %
56 %
30-50
0 %
63 %
64 %
64 %
49 %
63 %
>50
0 %
67 %
65 %
69 %
78 %
66 %
24/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
2023
Male
57 %
39 %
37 %
39 %
56 %
40 %
Director / Management
72 %
55 %
51 %
54 %
59 %
55 %
<30
0 %
19 %
46 %
50 %
0 %
30 %
30-50
69 %
51 %
51 %
50 %
59 %
53 %
>50
79 %
68 %
52 %
60 %
62 %
61 %
Admin & Professionals
34 %
40 %
32 %
55 %
49 %
44 %
<30
20 %
40 %
50 %
58 %
47 %
46 %
30-50
42 %
39 %
31 %
53 %
50 %
44 %
>50
22 %
42 %
31 %
55 %
50 %
43 %
Sales & Ops Managers
0 %
50 %
43 %
50 %
71 %
47 %
<30
0 %
51 %
37 %
46 %
63 %
41 %
30-50
0 %
49 %
41 %
55 %
74 %
47 %
>50
0 %
51 %
51 %
33 %
64 %
51 %
Sales & Ops Staff
0 %
38 %
36 %
36 %
56 %
39 %
<30
0 %
44 %
38 %
37 %
60 %
43 %
30-50
0 %
37 %
36 %
36 %
51 %
37 %
>50
0 %
33 %
35 %
31 %
22 %
34 %
Not disclosed
n/a
n/a
0 %
n/a
n/a
0 %
Director / Management
n/a
n/a
0 %
n/a
n/a
0 %
<30
n/a
n/a
0 %
n/a
n/a
0 %
30-50
n/a
n/a
0 %
n/a
n/a
0 %
>50
n/a
n/a
0 %
n/a
n/a
0 %
Admin & Professionals
n/a
n/a
7 %
n/a
n/a
0 %
<30
n/a
n/a
0 %
n/a
n/a
0 %
30-50
n/a
n/a
12 %
n/a
n/a
1 %
>50
n/a
n/a
0 %
n/a
n/a
0 %
Sales & Ops Managers
n/a
n/a
0 %
n/a
n/a
0 %
<30
n/a
n/a
0 %
n/a
n/a
0 %
30-50
n/a
n/a
0 %
n/a
n/a
0 %
>50
n/a
n/a
0 %
n/a
n/a
0 %
Sales & Ops Staff
n/a
n/a
0 %
n/a
n/a
0 %
<30
n/a
n/a
0 %
n/a
n/a
0 %
30-50
n/a
n/a
0 %
n/a
n/a
0 %
>50
n/a
n/a
0 %
n/a
n/a
0 %
* The distribution of employees by employee category, age and gender has been expressed in percentage terms, with
alignment of 2023 data as well to allow for better comparability.
25/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
405-1 Diversity of governance bodies and employee
2024
Employees with disability by employee
category and gender (%)
HQ
EMEA
North America
LATAM
APAC
Total
Female
0 %
1 %
n/a
1 %
0 %
1 %
Director / Management
0 %
0 %
n/a
0 %
0 %
0 %
Admin & Professionals
0 %
1 %
n/a
1 %
0 %
1 %
Sales & Ops Managers
0 %
0 %
n/a
0 %
0 %
0 %
Sales & Ops Staff
0 %
1 %
n/a
1 %
0 %
1 %
Male
0 %
2 %
n/a
1 %
0 %
1 %
Director / Management
0 %
1 %
n/a
0 %
0 %
0 %
Admin & Professionals
0 %
1 %
n/a
2 %
0 %
1 %
Sales & Ops Managers
0 %
1 %
n/a
0 %
0 %
0 %
Sales & Ops Staff
0 %
2 %
n/a
1 %
0 %
1 %
Not disclosed
0 %
0 %
n/a
0 %
0 %
0 %
Director / Management
0 %
0 %
n/a
0 %
0 %
0 %
Admin & Professionals
0 %
0 %
n/a
0 %
0 %
0 %
Sales & Ops Managers
0 %
0 %
n/a
0 %
0 %
0 %
Sales & Ops Staff
0 %
0 %
n/a
0 %
0 %
0 %
Total
0 %
2 %
n/a
1 %
0 %
1 %
2023
Employees with disability by employee
category and gender (%)
HQ
EMEA
North America
LATAM
APAC
Total
Female
0 %
1 %
n/a
1 %
0 %
1 %
Director / Management
0 %
0 %
n/a
0 %
0 %
0 %
Admin & Professionals
0 %
1 %
n/a
1 %
0 %
1 %
Sales & Ops Managers
0 %
1 %
n/a
0 %
0 %
0 %
Sales & Ops Staff
0 %
1 %
n/a
1 %
0 %
1 %
Male
0 %
2 %
n/a
2 %
0 %
1 %
Director / Management
0 %
0 %
n/a
0 %
0 %
0 %
Admin & Professionals
0 %
1 %
n/a
3 %
0 %
1 %
Sales & Ops Managers
0 %
1 %
n/a
0 %
0 %
0 %
Sales & Ops Staff
0 %
2 %
n/a
2 %
0 %
1 %
Not disclosed
n/a
n/a
n/a
n/a
n/a
n/a
Director / Management
n/a
n/a
n/a
n/a
n/a
n/a
Admin & Professionals
n/a
n/a
n/a
n/a
n/a
n/a
Sales & Ops Managers
n/a
n/a
n/a
n/a
n/a
n/a
Sales & Ops Staff
n/a
n/a
n/a
n/a
n/a
n/a
Total
0 %
2 %
n/a
1 %
0 %
1 %
* The distribution of employees with disability by employee category and gender has been expressed in percentage
terms, to align to 2023 data as well to allow for better comparability. For some countries (North America: USA and
Canada; EMEA: UK, Ireland, Sweden), data on employees with disabilities is not tracked due to privacy laws.
26/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
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, where security 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 security 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, regu-
lated 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.
27/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
415-1 Public Policy
For Avolta it is important to engage in discussions with various stakeholders – from poli-
cymakers, 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 procure-
ment 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)
2024
2023
Incidents of non-compliance with regulations resulting in a fine or penalty
28
16
Incidents of non-compliance with regulations resulting in a warning
16
9
Incidents of non-compliance with voluntary codes
10
7
Total
54
32
* The incidents of non-compliance regarding the health and safety impacts of products and services reported in 2024
mainly concern minor accidents, all of which have been carefully handled by the employee in charge of Quality,
Health and Safety Management to tighten the company’s standards.
28/28
Sustainability Report 2024 Annex
Avolta Annual Report 2024
2024 Packaging and Water Consumption
Previous Year data is available only for water consumption.
Single-use packaging F&B
2024
Non-virgin plastics single-use packaging, by type (%)
EMEA
North America
LATAM
APAC
Total
Cups
87 %
62 %
-
88 %
80 %
Cutlery
98 %
61 %
-
85 %
81 %
Lids
58 %
49 %
-
57 %
56 %
Bowls and Plates
98 %
92 %
-
41 %
92 %
Straws
92 %
91 %
-
92 %
91 %
Shopping bags
99 %
38 %
-
99 %
88 %
Other
97 %
87 %
-
63 %
87 %
Total
88 %
68 %
-
77 %
81 %
* Data is referred to the following F&B countries: EMEA (Belgium, Denmark, Finland, France, Greece, Italy, Netherlands,
Norway, Sweden, Switzerland, Türkiye, United Arab Emirates, UK), APAC (India, Indonesia, Malaysia, Vietnam) and
North America (US, Canada). During 2024 Avolta had any F&B business activities in LATAM.
“Other” packaging includes: food boxes and bags, single-use carry trays, sauce containers, coffee stirrers,
wrappings, and placemats.
Water consumption
Water consumption data for 2023 and 2024 are not directly comparable, as the scope
of the analysis has changed, and the applied estimates are not equivalent.
2024
EMEA
North America
LATAM
APAC
Total
Water consumption (m³)
4,501,976
n/a
130,383
455,827
5,088,186
2023
EMEA
North America
LATAM
APAC
Total
Water consumption (m³)
3,739,786
n/a
68,347
453,682
4,261,814
* In F&B countries with no available data, water consumption was estimated through a comparative analysis, applying
a proportionality coefficient based on entities with similar positioning and revenue. For retail countries with no avail-
able data, water consumption was estimated using a statistical coefficient obtained from public databases (Statista
Research Department – 0.76 m³/m²). This coefficient is consistent with the average coefficient derived from the pro-
vided primary data, excluding any outliers or recorded anomalies. Data for North America is not available due to
missing reference parameters for accurate estimation.
GRI Content
Index 2024
2/11
GRI Content Index 2024
Avolta Annual Report 2024
GRI Content
Index 2024
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
General Disclosures
GRI 2:
General
Disclosures
2021
2-1 Organizational
details
21; 24-27; 58-77; 274-278
2-2 Entities included in
the organization’s
sustainability reporting
261-262
2-3 Reporting period,
frequency and contact
point
Pg. 2/28 Sustainability Report
2024 Annex
2-4 Restatements of
information
Any restatement made to 2023
data is clearly highlighted in the
Sustainability Report 2024
Annex.
2-5 External assurance
No
2-6 Activities, value
chain and other
business relationships
58-77; 103-104; 116-117
2-7 Employees
10.3
Pg. 10 Sustainability Report
2024 Annex
2-8 Workers who are
not employees
8.5
Pg. 12 Sustainability Report
2024 Annex
2-9 Governance
structure and
composition
281-292
2-10 Nomination and
selection of the highest
governance body
5.5;
16.7
274-302
2-11 Chair of the
highest governance
body
16.6
281-285
2-12 Role of the
highest governance
body in overseeing the
management of
impacts
5.5;
16.7
273-302; 290-291
Page indications in this Index refer to the 2024 Avolta Annual Report unless otherwise noted.
Avolta’s 2024 Sustainability 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 2024 to
31 December 2024.
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.
3/11
GRI Content Index 2024
Avolta Annual Report 2024
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
2-13 Delegation of
responsibility for
managing impacts
290
2-14 Role of the
highest governance
body in sustainability
reporting
Avolta´s Sustainability Report,
as well as the Sustainability
Report Annex, GRI Index, and
TCFD report are revised and
approved by the BoD
2-15 Conflicts of
interest
16.6
287
2-16 Communication
of critical concerns
114-116; 292
No critical issues raised.
2-17 Collective
knowledge of the
highest governance
body
292
Avolta´s Board is regularly
updated on new issues and
concerns that may have an
impact over the sustainable
development of the business.
2-18 Evaluation of the
performance of the
highest governance
body
303-326
2-19 Remuneration
policies
303-326
2-20 Process to
determine
remuneration
303-326
2-21 Annual total
compensation ratio
Headquartered in Switzer-
land, Avolta operates in 70
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.
4/11
GRI Content Index 2024
Avolta Annual Report 2024
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
2-22 Statement on
sustainable
development strategy
pages 28-33, 106-109
Sustainability Strategy at:
www.avoltaworld.com
2-23 Policy
commitments
102; 112-113, 114-118;
Sustainability Strategy, Code of
Conduct, Supplier Code of
Conduct, HR Policy at: www.
avoltaworld.com
2-24 Embedding
policy commitments
114-118
2-25 Processes to
remediate negative
impacts
Sustainability Strategy, Code of
Conduct, Supplier Code of
Conduct, HR Policy at:
www.avoltaworld.com
2-26 Mechanisms for
seeking advice and
raising concerns
146
Code of Conduct and HR Policy
at: www.avoltaworld.com
2-27 Compliance with
laws and regulations
In 2024 there were no
significant incidents of non-
compliance with laws and
regulations
2-28 Membership
associations
116-118
2-29 Approach to
stakeholder
engagement
103-104; 116-118
2-30 Collective
bargaining agreements
8.8
146; Pg. 12 Sustainability Report
2024 Annex
Material Topics
GRI 3:
Material
Topics 2021
3-1 Process to
determine material
topics
104
3-2 List of material
topics
105
Material matter: Water and Biodiversity
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
140-141
5/11
GRI Content Index 2024
Avolta Annual Report 2024
GRI 303:
Water and
effluents
2018
303-1 Interactions
with water as a shared
resource
6.4
140
303-3 Water
withdrawals
140, Pg. 28 Sustainability
Report 2024 Annex
Starting from 2024, Avolta
publishes data of water
withdrawn by region referred
to 2024 and 2023. Currently,
data is not available with the
level of detail required by GRI
303-3. However, Avolta is
committed to further
improve its management
and monitoring practices
related to water, aiming at
deepening the extensiveness
of quantitative performance
indicators in future reporting
years.
Material matter: Supporting communities
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
154-161
GRI 202:
Market
Presence
2016
202-2 Proportion of
senior management
hired from the local
community
8.5
Pg. 13 Sustainability Report
2024 Annex
GRI 204:
Procurement
Practices
2016
204-1 Proportion of
spending on local
suppliers
8.3
Pg. 13 Sustainability Report
2024 Annex
Material matter: Climate change, energy and emissions
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
131-136
GRI 302:
Energy 2016
302-1 Energy
consumption within
the organization
7.2
7.3
8.4
12.2
134
302-3 Energy intensity
13.1
Energy intensity will be
displayed together with the
other energy/emissions data in
the Sustainability Report
GRI 305:
Emissions
2016
305-1 Direct (Scope 1)
GHG emissions
12.4
13.1
14.3
15.2
134
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
6/11
GRI Content Index 2024
Avolta Annual Report 2024
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
305-2 Energy indirect
(Scope 2) GHG
emissions
134
305-3 Other indirect
(Scope 3) GHG
emissions
134
305-4 GHG emissions
Intensity
134
305-5 Reduction of
GHG emissions
134
Material matter: Waste and packaging
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
136-139
GRI 306:
Waste 2020
306-1 Waste
generation and
significant waste-
related impacts
6.6
11.6
12.4
12.5
136
306-2 Management
of significant waste-
related impacts
136-139
306-3 Waste
generated
15.1
136
306-4 Waste diverted
from disposal
136
Starting from 2024, Avolta
has expanded the perimeter
of waste related data,also
through the use of
estimates. Currently, data is
not available with the level
of detail required by GRI-
306-4 related to the
different recovery
operations. The data is
displayed in aggregate
under “of which recovered”.
306-5 Waste directed
to disposal
136
Starting from 2024, Avolta
has expanded the perimeter
of waste related data, also
through the use of
estimates. Currently, data is
not available with the level of
detail required by GRI-306-
5 related to the split among
incineration with or without
energy recovery. The data is
displayed in aggregate
under “of which disposed:
incineration”.
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GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
Material matter: Supply chain management
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
122-123
GRI 308:
Supplier
Environ-
mental
Assess-
ment 2016
308-1 New suppliers
that were screened
using environmental
criteria
122-123
GRI 414:
Supplier
Social
Assess-
ment 2016
414-1 New suppliers
that were screened
using social criteria
122-123
Material matter: Talent recruitment, engagement and retention
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
147-149
GRI 401:
Employment
2016
401-1 New employee
hires and employee
turnover
5.1
8.5
8.6
10.3
Pg. 14-17 Sustainability Report
2024 Annex
Material matter: Health and well-being
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
151-152
GRI 403:
Occupational
Health and
Safety 2018
403-1 Occupational
health and safety
management system
3.3
3.4
3.9
8.8
151-152
403-2 Hazard
identification, risk
assessment, and
incident investigation
8.8
151-152
403-3 Occupational
health services
8.8
151-152
403-4 Worker
participation,
consultation, and
communication on
occupational health
and safety
8.8
16.7
151-152
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GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
Material matter: Health and well-being
GRI 403:
Occupational
Health and
Safety 2018
403-5 Worker training
on occupational health
and safety
8.8
151-152
403-6 Promotion of
worker health
3.3
3.5
3.7
3.8
151-152
403-7 Prevention and
mitigation of
occupational health
and safety impacts
directly linked by
business relationships
8.8
151-152
403-8 Workers
covered by an
occupational health
and safety
management system
8.8
Pg. 18-19 Sustainability Report
2024 Annex
Data for workers who are not
employees is currently
unavailable.
403-9 Work-related
injuries
3.6
3.9
8.8
16.1
Pg. 19 Sustainability Report
2024 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
149-151
GRI 404:
Training and
Education
2016
404-1 Average hours
of training per year per
employee
4.3
4.4
4.5
5.1
8.2
8.5
10.3
Pg. 20-21 Sustainability Report
2024 Annex
Material matter: Diversity, Equity & Inclusion
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
144-147
GRI 405:
Diversity
and Equal
Opportunity
2016
405-1 Diversity of
governance bodies
and employees
5.1
5.5
8.5
Pg. 22-25 Sustainability Report
2024 Annex
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GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
GRI 406:
Non-discrim-
ination 2016
406-1 Incidents of
discrimination and
corrective actions
taken
5.1
8.8
In 2024, 148 complaints related
to incidents of discrimination
have been received through
formal reporting channels and
reviewed from the Group. Apart
from 25 complaints for which
the investigations were still
ongoing at the end of the
reporting period, only 19
complaints emerged as
confirmed incidents of discri-
mination, which the Group has
promptly managed by design-
ing and implementing the most
appropriate remediation plan -
when needed. On the basis of
the severity of the reported
episode, different disciplinary
actions have been implemen-
ted ranging from verbal or
written warning to termination.
All remediation plans imple-
mented during 2024 were
successfully completed by the
end of the reporting period.
Material matter: Human rights
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
153
GRI 402:
Labor/
Management
Relations
2016
402-1 Minimum notice
periods regarding
operational changes
8.8
Pg. 18 Sustainability Report
2024 Annex
GRI 407:
Freedom of
Association
and
Collective
Bargaining
2016
407-1 Operations and
suppliers in which the
right to freedom of
association and
collective bargaining
may be at risk
8.8
Pg. 26 Sustainability Report
2024 Annex
Material matter: Product quality and safety
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
127-129
GRI 416:
Customer
Health and
Safety 2016
416-1 Assessment of
the health and safety
impacts of product and
service categories
Pg. 27 Sustainability Report
2024 Annex
416-2 Incidents of
non-compliance
concerning H&S
impacts of products
and services
16.3
Pg. 27 Sustainability Report
2024 Annex
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GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
Material matter: Sustainable sourcing & traceability
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
120-122
Material matter: Healthy and sustainable choice
GRI 3:
Material
Topics 2021
3-3 Management of
material topics
123-126
Other GRI indicators beyond material matters
GRI 201:
Economic
Performance
2016
201-1 Direct economic
value generated and
distributed
8.1
8.2
9.1
9.4
9.5
155
201-2 Financial
implications and other
risks and opportunites
due to climate change
TCFD Report (Pg.5)
201-3 Defined benefit
plan obligations and
other retirement plans
181; 214-215; 226-232
201-4 Financial
assitence received
from governments
None
GRI 203:
Indirect
Economic
Impacts 2016
203-2 Significant
indirect economic
impacts
120-121
GRI 205:
Anti-
corruption
2016
205-3 Confirmed
incidents of corruption
and actions taken
During 2024, Avolta didn’t have
any confirmed incidents of
corruption
GRI 206:
Anti-
competitive
Behavior
2016
206-1 Legal actions for
anticompetitive
behavior, antitrust, and
monopoly practices
During 2024, Avolta didn’t have
any legal action for anti-
competitive behaviour, anti-
trust or monopoly practices
GRI 410:
Security
Practices
2016
410-1 Security
personnel trained in
human rights policies
or procedures
152;
Pg. 26 Sustainability Report
2024 Annex
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Avolta Annual Report 2024
GRI 411:
Rights of
Indegenous
People 2016
411-1 Incidents of
violations involving
rights of indigenous
peoples
During 2024, Avolta has not
been notified through the
available channels of any signi-
ficant incidents of violations
involving rights of indigenous
peoples.
GRI 415:
Public Policy
2016
415-1 Political
contributions
Pg. 27 Sustainability Report
2024 Annex
GRI 417:
Marketing
and Labeling
2016
417-1 Requirements for
product and service
information and
labeling
12.8
82-83;
120-126
GRI 418:
Customer
Privacy 2016
418-1 Sustantiated
complaints concerning
breaches of customer
privacy and losses of
customer data.
16.3
16.10
In 2024, 8 incidents occurred
that resulted in a data breach.
In all cases, the impact on
individuals was minimal due to
the prompt resolution of the
incidents.
GRI Standard/
other source
Disclosure
SDG
Page Number and/or URL
Omission
GRI Sector
Standard
Ref. No.
Requirement(s)
Omitted
Reason
Explanation
TCFD Report 2024
Avolta Annual Report 2024
TCFD Report
2024
2/12
TCFD Report 2024
Avolta Annual Report 2024
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
Organizational processes for identification
and management of CRRO
9
Integration in the organization’s overall
risk management
Targets & Metrics
10
10
Greenhouse gas emissions
11
CO2 reduction targets
11
Integrating sustainability- and climate-re-
lated metrics in remuneration
Task Force on
Climate-Related
Financial Disclosures
(TCFD) Report 2024
Content
3/12
TCFD Report 2024
Avolta Annual Report 2024
Avolta’s commitment to sustainability has been a
cornerstone of its overall strategy, reaffirmed in the
Company’s Destination 2027 strategy. Avolta’s Sustain-
ability strategy is built around 4 focus areas – Create
Sustainable Travel Experiences, Respect our Planet,
Empower our People, and Engage Local Communities.
Within the Respect our Planet focus area Avolta
addresses climate change as critical matter and
develops strategies and drives efforts to reduce carbon
emissions, enhance energy efficiency, and adopt
sustainable sourcing practices.
Avolta provides comprehensive updates on its sustain-
ability initiatives, commitments and achievements in its
Sustainability Report, which is an integrated part of the
Company’s Annual Report. The Sustainability Report
highlights the Company’s ongoing efforts to minimize
its environmental footprint while delivering positive
contributions for stakeholders.
To further enhance transparency and provide stake-
holders with key insights to assess climate-related risks
and opportunities (CRRO), Avolta began publishing in
2023 a report in accordance with TCFD (“Task Force on
Climate-related Financial Disclosures”). This report
complements Avolta’s Sustainability Report by detailing
how the company assesses and responds to climate-
related challenges.
The TCFD Report, together with the Sustainability
Report (including the Sustainability Report 2024
Annex), form Avolta’s 2024 Non-Financial Reporting,
which has been prepared in accordance with the trans-
parency requirements on non-financial matters outlined
in Art. 964(a) et seqq. of the Swiss Code of Obligations,
the Ordinance for Climate Disclosures and the DDTrO.
The Sustainability report is included on pages 99 – 161
of the Annual Report 2024.
1.
Governance
The following section provides an overview of Avolta’s
governance framework regarding sustainability matters
as of December 31, 2024.
1.1
Board oversight of climate risks
and opportunities
The Board of Directors is responsible for overseeing
Avolta’s Sustainability strategy and its effective imple-
mentation, including climate-related initiatives.
Within the Board, the ESG Committee – chaired by the
Lead Independent Director – drives the Company’s
sustainability agenda by approving the strategy and key
initiatives, monitoring progress against targets, and eval-
uating sustainability impact. Its core responsibilities
include assessing the Company’s position across key
sustainability dimensions (such as financial market
performance,
ratings,
and
sustainability
indices),
strengthening stakeholder engagement, and embedding
sustainability principles into the Group’s business model
and culture. The ESG Committee meets as often as busi-
ness requires – typically two to four times per year – with
meetings lasting approximately one hour.
The Lead Independent Director plays a central role in
overseeing the development and execution of Avolta’s
Sustainability strategy, ensuring alignment with business
objectives. Working closely with the other members of
the ESG Committee – whose members are experts in
corporate citizenship, sustainability, and governance –
the Lead Independent Director contributes to a compre-
hensive, holistic approach to sustainability. Climate-
related topics are a key focus of the committee’s regular
discussions, reflecting their relevance to the broader
sustainability agenda.
The Board of Directors receives periodic non-financial
updates at least quarterly, covering progress on Sustain-
ability strategy implementation and climate-related proj-
ects and initiatives.
1.2 Management’s role
The Chief Public Affairs & ESG Officer, reporting to the
Group CEO, represents sustainability at the Global Execu-
tive Committee level and leads the execution of Avolta’s
Sustainability strategy at the operational level. Overseeing
the Global Sustainability team, the Chief Public Affairs &
ESG Officer drives the day-to-day implementation of Avol-
ta’s Sustainability strategy in collaboration with global
functions, as well as regional and local Sustainability
teams, to support effective delivery.
Regular quarterly meetings facilitate collaboration
between the ESG Committee and executive leadership,
with additional discussions taking place as needed.
The Global Sustainability team also works with the Global
Enterprise Risk Management (ERM) team to develop
frameworks for identifying, assessing, monitoring, and
reporting climate-related risks and opportunities.
Since 2022, sustainability and climate-related perfor-
mance goals have been integrated into the compensation
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TCFD Report 2024
Avolta Annual Report 2024
schemes of the Global Executive Committee and senior
management. Further details are disclosed in the 2024
Remuneration Report on pages 314 – 317.
2.
Strategy
2.1 Avolta’s climate strategy
As a key player in the travel experience industry, Avolta
recognizes that addressing climate change is not only a
moral obligation but also a business imperative to ensure
long-term resilience. Given the unique nature of the
travel retail and F&B industry, Avolta actively works to
reduce its own footprint while closely collaborating with
third parties – particularly, concession partners, brand
suppliers and logistics providers – to mitigate the
broader environmental impacts of its business.
Avolta’s Sustainability strategy covers the different
aspects of environmental sustainability, including
climate-related risks and opportunities, which are
managed by the Global Sustainability team in collabora-
tion with the Global ERM team and other specific depart-
ments and functions. This TCFD Report provides an
update on the progress achieved to date.
Avolta has implemented an Environmental Management
System (EMS) to systematically assess its environmental
impact, set clear goals, and implement target actions to
reduce its footprint as well as to prevent or mitigate
climate related risks. However, as most shops and restau-
rants operate in third-party owned premises – such as
airports, train stations, and cruise ships – Avolta has
limited control over key operational factors, which are
typically determined by concession partners. Where it
holds greater influence, Avolta introduced energy-saving
initiatives and sustainable retail and F&B options. In areas
with less direct control, Avolta fosters collaboration with
stakeholders – airports, suppliers, and vendors – to
assess environmental impacts and explore ways to mini-
mize or offset them. Complementing the EMS, Avolta’s
Environmental Management Guidelines outline key prin-
ciples for addressing climate change, improving resource
efficiency, and designing sustainable stores.
Avolta has developed a dedicated Shop and Restaurant
Design Strategy to create sustainable shops and restau-
rants by reducing energy consumption, incorporating
recyclable materials and applying circular economy prin-
ciples in refurbishments. Avolta aligns with principles
established by leading green-building certification
systems, such as the Leadership in Energy and Environ-
mental Design (LEED). For more details on the Avolta’s
Environmental Management Guidelines and additional
information, please refer “Respect our Planet” section on
page 130 of the Sustainability Report 2024.
Amongst other sustainability initiatives, the Company
established an emission reduction strategy for Scope 1
and 2 emissions until 2025 (based on the Dufry retail
business scope 2022 with 2019 base data), which follows
the 1.5°C pathway.
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.
2.2 Climate related risks and
opportunities
Climate change is expected to impact Avolta’s business
in the short, medium and long-term. Physical risks, such
as extreme nature-related events, could affect Avolta’s
business operations and supply chain. In the F&B sector,
physical risks could also disrupt agricultural output,
potentially reducing crop yields and livestock production.
Avolta also faces transition risks as the global economy
moves toward a low-carbon future, driven by stringent
environmental regulations, carbon taxes, and rising
energy costs, including aviation fuel and gasoline prices.
Greater regulatory requirements and higher fuel prices
may raise operating expenses, influence pricing, and ulti-
mately impact consumer travel demand. In the F&B
segment, evolving customer preferences may require
adjustments in product offerings. Despite these chal-
lenges, climate change may also present opportunities
for Avolta.
Avolta can enhance its reputation among key stake-
holders and gain a competitive edge by developing a
distinctive decarbonization strategy. Additionally, incor-
porating sustainable, plant-based, and ethically sourced
products can boost sales, strengthen brand loyalty, and
align with evolving consumer preferences. Integrating
locally sourced, organic, and regenerative agriculture-
based products can also reduce supply chain risks from
extreme weather and promote greater operational resil-
ience.
The following table outlines the main climate-related
risks and opportunities identified and assessed by the
Company to date that may affect Avolta’s business and
operations.
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Type
Risk / opportunity factors
Potential impact
Avolta’s response
Transition Risks
(Policy & Legal)
– Regulations on CO2 taxation
for flights, cruise ships,
automobiles, and others,
causing prices increases
and leading to a reduction
in passenger traffic.
– Environmental legislation
and requirements related to
energy consumption,
transportation, packaging
materials (e.g., plastic tax)
affecting both the
Company’s operations and
the supply chain.
– Regulations on CO2 taxation
for direct emissions from
carbon intensive
agriculture, such as
livestock farming.
– A reduction in passenger
traffic could adversely
affect Avolta’s sales.
– Environmental legislation
may result in increased
compliance, energy and
transportation costs and
influence business
processes through
regulations on the use of
packaging materials (e.g.
single-use plastics).
– CO2 taxation on carbon-
intensive agriculture may
impact procurement and
increase raw material costs.
– Business diversification has always been and will
continue to be a key strategic element to mitigate
risks and drive Company growth.
– Diversification across geography, sectors, suppliers
and channels to mitigate the impact of regional or
local regulations on the business (see sales splits on
pages 8 – 9 of the Annual Report 2024).
– Continuous monitoring of sustainability-related
regulations by the Global Sustainability team, which
proactively alerts and coordinates with impacted
functions to support timely compliance and
adaptation.
– Collaboration with industry associations (e.g. ACI,
ETRC) airport authorities and other concession
partners to develop common solutions to regulatory
challenges within the industry.
– Emission reduction plan in place for Scope 1 and 2
emissions within retail operations.
– Transition to bio-based fuels for maritime and ground
transportation to cut emission in upstream logistic
and distribution.
– Enhancing technical monitoring and management
capabilities to reduce greenhouse gas emissions and
mitigate climate-related risks impacting the business.
– Engagement with suppliers and vendors to reduce
carbon emission along the value chain.
– Dedicated Shop and Restaurant Design Strategy
focused on green building practices, including energy
efficiency measures, the use of recyclable materials,
and the application of circular economy principles in
new construction and refurbishments. (see details
page 135 of the Sustainability Report 2024).
– Phasing out virgin plastic in single-use packaging by
adopting recycled materials or more sustainable
alternatives across retail and F&B (see details on page
137 of the Sustainability Report 2024).
Transition Risks
(Market)
– Changes in customer
behavior towards higher
ecological awareness
leading to reduced
passenger traffic at
airports, changes in travel
destinations, reductions or
changes in motorway and
railway station traffic or
shifts in purchasing
behaviors and product
preferences.
– Changes in customer
behavior towards higher
ecological awareness
leading to a reduction in
carbon-intensive food
product purchases.
– Growing ecological
awareness may impact
travel trends, customer
sentiment, and purchase
behavior, potentially
affecting the Company’s
sales performance at both
local and global levels.
– Shift in product preferences
may pose sales risks if
offerings do not align with
evolving customer
demands.
– Implementation of a diversification strategy across
geography, sectors, categories, and channels (see
sales splits on pages 8 – 9 of the Annual Report
2024) to mitigate the impact of regional or local
disruptions and shifts in travel patterns.
– Internal Global Customer Insight team regularly
performing customer experience tracking and
satisfaction surveys to timely identify potential
changes in customer behaviors and preferences,
both at global and local levels.
– Cooperation with brand partners to anticipate new
trends and customer needs and optimize the
Company’s dining offerings and product
assortments.
– Enhanced communication initiatives to assist
customers in making responsible product choices,
as initiated with Avolta’s global sustainable product
identification initiative.
– Expansion of sustainable product offerings, including
healthy, certified (organic, fair trade, etc.) and
environmentally responsible options in both retail and
F&B assortments.
– Two F&B Centers of Excellence at EMEA level focused
on driving innovation in restaurant concept and
product assortment: Foodservice in Amsterdam,
focused on global concept and brand portfolio
developments, and Factory Food Designers in Milan,
focused on food & recipe development according
to new consumer trends.
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Type
Risk / opportunity factors
Potential impact
Avolta’s response
– Collaboration with startups through Avolta Next to
drive innovation, enhance the customer journey, and
develop sustainable solutions for retail and F&B.
Physical Risks
(Acute and
Chronic)
– Extreme nature-related
events, including rise in sea
levels, heat waves and
natural disasters, such as
floods, storms and wildfires
could affect the supply
chain, production
processes and Avolta’s
operations.
– Acute and chronic physical
risks may adversely affect
the agricultural output,
leading to negative effects
on crop yields and livestock
production.
– Acute risks such as extreme
weather events and natural
disasters could result in
asset damage, disruption of
the supply chain and
production processes,
which could negatively
affect Avolta’s ability to sell
its products.
– Chronic risks such as rising
sea levels could adversely
affect locations where
Avolta operates leading to
a reassessment of the
Company’s operations,
which could result in
additional operational costs.
– Global warming effects
could lead passengers to
choose different holiday
destinations where Avolta
does not operate,
potentially impacting sales.
– Fluctuations in agricultural
output could negatively
affect the availability of
procured products,
purchasing costs and
planning security.
– Diversification strategy across geography, sectors,
categories and channels (see sales splits on pages
8 – 9 of the Annual Report 2024) to mitigate the
impact of regional or local phenomena and eventual
shift in travelers’ destinations. Going forward, this
strategy will continue to be a key element in
addressing risks and supporting Company growth.
– Development of insurance plans at both global and
local levels to mitigate the Company’s store network’s
exposure to extreme weather events and provide
compensation for asset damage and business
interruptions.
Transition
Opportunities
(Reputation)
– Trustworthy climate
strategy and
implementation.
– Avolta may strengthen its
reputation among key
stakeholders (e.g., landlords,
investors) and gain a
competitive advantage
through the development
of a comprehensive and
distinctive decarbonization
strategy.
– Sustainability strategy covering different aspects of
sustainability in a holistic approach. The Company
has set emission reduction goals and discloses
emissions on Scope 1, 2 and 3 (for its Dufry business
scope 2022 and 2019 base-line) and is going to
restate environmental targets for the full
Company scope in 2025.
– Sustainability strategy aligned with the core
sustainability objectives of airports, concession and
key brand partners.
– Key action areas defined to maintain seamless
integration alignment between sustainability and
business strategies, incorporating climate-related risk
management into critical decision-making.
– Support regulatory compliance, enhance oversight,
and foster open dialogue and stakeholder
engagement.
Transition
Opportunities
(Market)
- Increase the capability of
meeting the expectations of
climate-conscious
consumers.
- Opportunity to drive
revenue growth by
attracting climate-
conscious consumers,
leveraging market
diversification and evolving
customer needs.
- Collaboration with brand partners to anticipate
emerging trends and customer needs and optimize
the Company’s dining offerings and product
assortments.
- Expansion of healthy, sustainable, certified (organic,
fair trade, etc.) products across both retail and F&B
assortments.
- Enhanced communication initiatives to support
customer in making responsible product choices
as initiated with Avolta’s global sustainable product
identification initiative.
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2.3 Qualitative climate scenario
for Avolta
In 2023, Avolta initiated an assessment of climate-
scenario analysis to better understand potential future
impact, risks and opportunities, in the short, medium and
long term. While this work is still ongoing, we are
including in this report some of our findings to date.
Avolta has evaluated the most relevant climate scenarios
for its business. Within the travel retail and F&B indus-
tries, there is increasing alignment around the suitability
of scenarios developed by the Network for Greening the
Financial System (NGFS) to illustrate different future
pathways.
Although originally designed for central banks and regu-
lators, the NGFS framework is widely recognized as a
valuable reference for businesses. As part of this anal-
ysis, Avolta has begun examining its key risks through the
lens of three NGFS reference scenarios: Orderly Transi-
tion, Disorderly Transition, and Hot House World.
The Orderly Transition scenario assumes that climate
policies are introduced early and become progressively
more stringent. This leads to a gradual and predictable
transition to a low-carbon economy. Both physical and
transition risks remain relatively low. This scenario proj-
ects an increase in global warming ranging between
1.4°C and 1.7°C. Overall, in this scenario, a travel retail and
F&B firm would be able to plan and adapt to the changing
market and regulatory environment in a structured
manner, enabling a smoother shift to sustainable prac-
tices and aligning its business model with the goals of a
low-carbon economy.
The Disorderly Transition assumes no additional
climate policies are implemented until 2030. This
scenario envisions a situation where climate action is
delayed and then suddenly accelerated. In this scenario,
the delay in taking action leads to a more abrupt and
disruptive transition later on and to an increase of the
planet’s temperature above 1.7°C.
Overall, a disorderly transition to a low-carbon economy
would require swift and significant adaptations from
travel retail and F&B firms. While presenting certain risks
and challenges, it could also create new opportunities for
innovation and sustainability-focused business models.
The Hot House World scenario assumes that some
climate policies are implemented in certain jurisdictions,
but global efforts fail to halt significant global warming.
Critical temperature thresholds are exceeded, ranging
from 2.3°C to 3.0°C leading to severe physical risks and
irreversible impacts such as sea-level rise.
Travel retail and F&B firms, like many other businesses,
would need to adapt and innovate to navigate these chal-
lenges, potentially reshaping their business models,
supply chains, and product offerings to remain viable in
a drastically changed environment.
While each of the three climate scenarios – Orderly Tran-
sition, Disorderly Transition, and Hot House World – is
possible, the extent to which any of them will materialize
remains uncertain. For Avolta, it is key to take specific
measures to enhance business’ resilience and prepare
for the future.
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Area of business
potentially affected
Orderly Transition
Disorderly Transition
Hot House World
Own Operations
A focus on energy efficiency would
become increasingly important. Retail
stores, restaurants, warehouses, and
distribution 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
regulations.
Rising temperatures and extreme
weather conditions could affect the
physical operations of retail stores,
restaurants, warehouses, and
distribution centers. This may lead to
higher cooling costs, potential
infrastructure damage, and
disruptions in logistics.
Supply Chain
With a gradual shift, travel retail and
F&B firms would have more time to
adjust their supply chains to enhance
sustainability. This might involve
sourcing more eco-friendly materials,
working with greener suppliers, or
optimizing logistics to reduce
emissions.
A 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, such as storms,
floods, and droughts could disrupt
global supply chains. In this scenario,
travel retail and F&B firms mat
experience inconsistent product
supply, higher raw material costs, and
challenges in managing inventory
levels.
Changes in
Consumer
Behavior and
Brand Loyalty
Consumer awareness and demand
for environmentally friendly products
would be expected to increase
steadily, allowing travel retailers and
F&B operators to gradually expand
their range of sustainable products.
A rapid transition could lead to a swift
change in consumer awareness and
behavior, with a heightened demand
for sustainable and environmentally
friendly products.
Retailers and F&B operators that do
not already offer such products may
have difficulties in meeting this new
demand.
Consumer preferences and demands
may shift significantly in response to
environmental changes. This may
drive greater demand for sustainable,
eco-friendly products, or products
adapted to new climate realities (e.g.,
cooling products, weather-resistant
durable goods).
Policy Change
Travel retail and F&B firms would
be subject to increasingly stringent
environmental regulations. However,
these changes would likely be
introduced in a gradual, structured
manner, allowing companies time to
adapt effectively.
The abrupt implementation of
stringent environmental regulations
and policies could create significant
challenges for travel retail F&B
companies. These could include
sudden bans on certain materials,
unexpected changes in packaging
requirements, and sharp increases in
carbon taxes, forcing companies to
make rapid, large-scale adjustments
to business operations.
Even in a “Hot House World,” some
regions may still enforce stringent
environmental regulations. Retail
companies could face increased costs
related to compliance, packaging,
waste management, and carbon
footprint reduction, further increasing
operational complexities.
Market
Opportunities
and Innovation
The orderly transition could unlock
new market opportunities in the
green economy, encouraging
innovation in product development,
supply chain management, and
customer engagement.
Despite the challenges, this scenario
may 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.
Workforce
Travel retail and F&B operators would
likely have the opportunity to train and
develop their workforce in emerging
green technologies and practices,
aligning their skills with the evolving
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, processes,
or products that support 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.
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Key measures include:
Monitor policy adaptation. Stay informed about regula-
tory changes and proactively plan to meet evolving stan-
dards. Engage in policy discussions and advocacy efforts
to help 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. Upgrade 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 offer 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 to equip
employees with knowledge of sustainable practices and
green technologies. Foster a culture of environmental
responsibility within the organization.
Innovate and explore markets. Invest in research and
development to drive innovation in sustainable products
and services. Identify and explore new market opportu-
nities in the green economy.
2.4 Plans to expand scenario
analyses
To enhance climate scenario analysis and develop effec-
tive management and resilience measures, Avolta’s
Sustainability, Risk, and Strategy departments are
actively collaborating. These discussions have gained
increasing significance following the 2023 business
combination of Dufry and Autogrill, requiring updates to
the Company’s strategy and related initiatives.
In response to these developments, Avolta plans to refine
its approach and provide deeper and more detailed
insights in the 2025 TCFD Report, with a focus on
expanding scenario analysis, the assessment of climate
change’s financial impact and the definition of preven-
tion and mitigation measures to safeguard the Company
from climate-related risks.
3.
Risk Management
3.1 Organizational processes for
identification and management
of CRRO
Avolta’s risk management processes identify and
address risks across various levels of the organization,
with responsibilities distributed among different func-
tions and countries. The risk assessment process inte-
grates both bottom-up and top-down methodologies,
leveraging local-level inputs while consolidating insights
at the global level. Risk identification follows a structured,
questionnaire-based approach, gathering insights from
stakeholders across different regions. Risks are classified
into key categories, with sustainability serving as a key
pillar of Avolta’s risk management framework. This
includes the management of climate-related risks and
opportunities, supporting a proactive response to
sustainability challenges. Each risk is evaluated based on
a combination of quantitative (financial impact) and qual-
itative (strategic, reputational) criteria, allowing for a
comprehensive assessment of potential threats and
opportunities. The process prioritizes material sustain-
ability and climate-related risks, helping maintain align-
ment with evolving regulations and corporate sustain-
ability goals.
To support this approach, the Company utilizes the
Governance, Risk and Compliance (GRC) software, an
enterprise risk management tool that enables the
comprehensive identification and mitigation of potential
business risks.
3.2 Integration in the organization’s
overall risk management
Avolta’s overall risk management model is structured
around three key pillars:
1. Commitment to Integrity and Transparency: Avolta
and its subsidiaries uphold a strong commitment to
integrity and transparency, starting with the employ-
ee’s adherence to Avolta’s Code of Conduct.
2. Governance and Risk Oversight: Various governance
functions across the organization – including Compli-
ance, Legal, Finance, Sustainability and Human
Resources – are responsible for monitoring. These
departments establish controls, enforce policies, and
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oversee compliance with regulatory and internal stan-
dards.
3. Assurance and Independent Valuation: The Internal
Audit department provides independent and objec-
tive monitoring and consulting services designed to
add value and improve Avolta’s operations. This func-
tion covers all subsidiaries and applies a systematic
and disciplined approach to evaluate and improve the
effectiveness of governance processes as well as risk
management and control, including assessing risk
exposure, control effectiveness, and fraud prevention
measures across the organizations.
The main risks identified during internal audits are
reported to senior management and the Audit
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 matters are an integral part of Avolta’s
sustainability processes and infrastructure. Therefore,
the risk management processes explicitly include the
management of Avolta’s CRRO (Climate Related Risks
and Opportunities) as part of the sustainability engage-
ment.
Further information on the overall risk management
process is provided in the Corporate Governance Report
2024 on pages 290 – 294, including chapters “3.5
Internal Organizational Structure”, “3.6 Definition of areas
of responsibility” and “3.7 Information and Control Instru-
ments vis-a-vis the senior Management”, as well as in the
Sustainability Report 2024 on page 116 The Financial Risk
Management is disclosed in the Financial Report 2024
on pages 237 – 248.
4.
Targets & Metrics
4.1 Greenhouse gas emissions
The Greenhouse gas emissions for the years 2019-2024
as shown below are calculated in accordance with the
Greenhouse Gas Protocol (GHGP).
In the tables below, 2023 figures have been restated to re-
flect an expanded geographic scope, enhanced KPI track-
ing, and estimated missing data.
in tons of Co2-eq.
2024
2023
Scope 1 1
84,421
82,264
Scope 2 Location-based2
158,215
149,766
Scope 2 Market-based2
201,223
191,633
Scope 33,4
3,806,960
59,192
Category 1: Purchased goods
and services
3,708,121
n/a
Category 3: Fuel- and Energy-
Related Activities Not Included
in Scope 1 and 2
43,042
41,135
Category 4: Upstream
transportation and distribution
42,730
18,057
Categroy 5: Waste generated in
operations
13,067
n/a
Total Scope 1, 2 location-based
242,636
232,030
Total Scope 1, 2 market-based
285,644
273,897
Total Scope 1, 2 location-based, and 3
4,049,596
291,221
Total Scope 1, 2 market-based, and 3
4,092,604
333,088
Carbon Intensity
2024
2023
Tons of CO2-eq, / MCHF net sales (Scope 1,2)⁵
21,58
21,77
Tons of CO2-eq, / MCHF net sales (Scope 1,2,3)⁵
309,16
26,47
Greenhouse gas emissions
Carbon intensity
1 Scope 1 was calculated following the GHG protocol guidelines. The estimated
emissions were calculated with the emission factors provided by the “UK
Government GHG Conversion Factors for Company Reporting”,and pub-
lished by the Department for Environment, Food & Rural Affairs (DEFRA)
2024. Due to data unavailability, the missing fuel consumption of Australia,
and United Arab Emirates, were estimated through a comparative methodol-
ogy between net sales and fuel consumption to proportionally derive the
missing data.
2 Scope 2 emissions for year 2024 are reported under the “market-based” ap-
proach. For the “market-based” calculation, the residual mix factors pub-
lished bu the Association of Issuing Bodies (AIB) were used, where available.
When unavailable, the average emission factors IEA 2024 was used, trade-
adjusted for OECD countries. To obtain the total market-based scope 2 emis-
sons, the contribution of RECs (calculated with the location-based approach)
were subtracted from the locations that had acquired the certification (REC).
The total “location-based” scope 2 emissions, on the other hand, amounts to
158,215 tCO2e.”
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3 Scope 3 emissions include the most significant and relevant categories se-
lected based on Avolta’s business model, associated risks and opportunities,
and the feasibility of data acquisition. The calculations were all done in align-
ment with GHG Protocol guidelines.
4 Scope 3 emissions were calculated using both activity-based and spend-
based methods. The activity-based method was prioritized whenever suffi-
cient data was available. When activity data was lacking, the spend-based
method was used, leveraging expenditure data to calculate emissions. This
approach is aligned with the GHG Protocol guidelines.
5 Carbon intensity calculated over the total net sales of Avolta in tCO2e per
million CHF.
Further information on the management of the climate-
related risks associated with other key environmental
matters for Avolta – such as water usage, waste genera-
tion and disposal and biodiversity loss – along with their
related metrics, can be found, respectively, on pages 136-
141 of the Sustainability Report.
CO2 Reduction targets
In 2021, Avolta committed to define science-based emis-
sion reduction targets for the Company’s retail business
scope using 2019 baseline. Avolta’s current commitment
targets are as follows:
– Reduce absolute Scope 1 & 2 emissions by 94.2 % by
2030 from a 2019 base year.
– Increase annual sourcing of renewable electricity from
0 % in 2019 to 100 % by 2025 and to continue annually
sourcing 100% renewable electricity through 2030.
– Reach 74 % of the suppliers by emissions covering
purchased goods and services will have science-based
targets by 2027.
– Reduce absolute Scope 3 GHG emissions from
upstream transportation by 28 % by 2030.
These targets, validated by the Science Based Targets
initiative (SBTi) in early 2023, align with the Paris Agree-
ment’s decarbonization goals to limit global warming to
1.5°C.
Avolta’s Scope 1 & 2 emission reduction strategy follows
the SBTi 1.5°C pathway, while its Scope 3 strategy aligns
with the SBTi “well below 2°C” pathway. Measures to
achieve Scope 1 & 2 reductions include energy consump-
tion reductions and the procurement of renewable
energy certificates (RECs) at the company level. For
Scope 3, reduction initiatives focus on supplier engage-
ment programs, supplier and logistics partner tracking
aligned with SBTi commitments, and the development of
a green logistics plan (see page 134 of the Sustainability
Report).
2024 progress in achieving the targets
Scope 1 & 2 objective – During 2024, Avolta has further in-
creased its electricity sourcing of renewable energy from
40 % (48,000 MWh) in 2023 to 93 % (113,000 MWh) 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 Belgium,
Brazil, China, France, Germany, Greece, India, Spain, Swit-
zerland, Türkiye and the UK, and permit Avolta to compen-
sate over 39,000 tons of CO2-eq.
Scope 3 objective – Scope 3 objective – As of 31st Decem-
ber 2024, suppliers representing about 70 % of Avolta re-
tail COGS have committed to SBTI targets. Furthermore,
Avolta has consolidated its enlarged supplier landscape
and mapped the related logistics suppliers’ landscape as
a base to design its future emissions reduction plan for
our goods transportatio. In 2024, Scope 3 emissions from
upstream transportation and distribution increased by
21.8 %, rising from 17,002 in 2023 to 20,708 tons of CO2-eq
in 2024. This increase was primarily driven by the im-
proved accuracy in tracking CO2 emissions from logistics
partners, addressing data gaps compared to the previous
year. However, we remain confident in our ability to stay on
course toward our decarbonization targets. We will con-
tinue investing in sustainable solutions, including optimiz-
ing shipment planning, selecting lower-carbon transpor-
tation methods, and favoring lower-impact systems, such
as rail, whenever feasible. Additionally, we are prioritizing
the use of sustainable fuels, such as biodiesel, for our ma-
rine and road transport routes. Tests conducted in 2024
on four marine routes and across road routes in Italy have
shown promising results in this direction. For short-haul
road transportation, our focus will be on integrating elec-
tric vehicles and modernizing fleets with the latest low-
emission technologies.
Following the business combination of Dufry and
Autogrill, Avolta has been working throughout 2023 and
into 2024 to establish new company-wide baselines for
Scope 1 and 2 emissions. In 2024, the company also
expanded Scope 3 emissions calculations to include
additional key categories, such as Purchased Goods and
Services, Upstream Transportation and Distribution, and
Waste Generated in Operations, covering both retail and
F&B activities. This initiative aims to establish a compre-
hensive measurement of Scope 3 emissions, allowing for
a detailed assessment of the Company’s overall emis-
sions profile and develop a new emission reduction plan
for the full company’s scope. In light of these develop-
ments, Avolta plans to restate its Scope 1, 2, and 3 emis-
sion reduction targets in 2025.
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4.2 Integrating sustainability and
climate-related metrics in
remuneration
Since 2022, sustainability and climate-related perfor-
mance target metrics have been integrated into
the remuneration schemes of the Global Executive
Committee and senior management to align long-term
incentives (LTI) with the company’s sustainability objec-
tives. For more information, please also refer to pages
314 – 317 of the Remuneration Report 2024.
Additional
Regulatory
Disclosures
Disclosure in Accordance with
Art. 964j-l of the Swiss Code
of Obligations and the Swiss
Ordinance on Due Diligence
and Transparency in Relation
to Child Labor 1
Avolta is committed to high standards with respect to la-
bor practices and prohibits the use of child labor across
its operations and in its supply chain. The Company es-
pouses the Ten Principles of the United Nations Global
Compact, the Universal Declaration of Human Rights ad-
opted by the United Nations General Assembly and the
International Labour Organization (ILO) Declaration on
Fundamental Principles and Rights at Work.
We maintain a management system to identify and miti-
gate potential risks related to child labor within our travel
retail and food and beverage (“F&B”) businesses and their
respective supply chains, as detailed below.
Policies
Our commitment to the prevention of child labor is an-
chored in the Company’s corporate policy framework.
Avolta’s global Human Resources Policy prohibits the use
of child labor in violation of applicable legislation across
its business operations, as well as hazardous work by
those under the age of 18. Avolta supports the use of le-
gitimate workplace apprenticeship and similar programs
for youth that comply with all laws and regulations appli-
cable to such programs where hazardous work is not in-
volved. The Group’s Human Resources Policy is available
on Avolta’s website at www.avoltaworld.com/en/our-im-
pact (Download Section).
Avolta’s Supplier Code of Conduct (“Supplier Code”) pro-
hibits the company’s suppliers, their employees, agents
and sub-contractors from:
1. Supplying any products or services to Avolta that have
been manufactured, assembled or packaged in viola-
tion of internationally accepted human rights standards,
including child labor;
2. The employment of minors below the age of 16 or, if
higher, below the minimum age required by local law.
1 Ordinance on Due Diligence and Transparency in relation to Minerals and
Metals from Conflict-Affected Areas and Child Labor (DDTrO) of 3 Decem-
ber 2021.
In accordance with the Supplier Code, Avolta expects its
suppliers to duly perform third-party due diligence to-
wards their sub-tier suppliers and to implement monitor-
ing mechanisms, for example through audits. Suppliers
must be capable of tracing their source of supply at least
one tier back in the supply chain. These measures are de-
signed to ensure accountability, transparency, and a
commitment to upholding high standards throughout the
supply chain.
To promote compliance, Avolta asks key suppliers to ei-
ther sign the Supplier Code or undergo a certification
process of their own code of conduct by Avolta. As of De-
cember 31, 2024, 684 suppliers had signed the Supplier
Code or were certified, representing approximately 60 %
of the Group’s costs of goods sold in 2024 (2023: 49 %).
The Supplier Code is available on Avolta’s website at
www.avoltaworld.com/en/our-impact (Download Section)
and is further described on page 122 of the Sustainability
Report.
Risk Management
As part of its risk-based due diligence approach regard-
ing child labor, Avolta in 2024 undertook a comprehen-
sive risk assessment to assess potential child labor risks
across its supply chains, leveraging the Ecovadis sustain-
ability intelligence platform.
For products sold in our Retail operations, the assess-
ment focused on product categories with higher expo-
sure to the risk of child labor, as identified based on pub-
licly available reports and studies. These include Tobacco,
Food & Confectionery, Toys and Souvenirs, Textiles,
Leather, Luggage and Electronics. It considered various
criteria such as supplier location and the country of pro-
duction taking into account the UNICEF Child Labor
Country Risk Index, as well as financial materiality. Suppli-
ers accounting for approximately 90 % of purchase vol-
ume from global suppliers in each of the categories were
included. Beyond these higher-risk categories, we also
assessed our top 200 retail suppliers by purchase
volume.
In our F&B supply chain, the risk assessment was run ap-
plying the same criteria and covered suppliers in geo-
graphic markets which together accounted for more than
70 % of Avolta’s F&B turnover in 2024.
The suppliers with the highest risk exposure as identified
in the risk assessment are required to undergo a further
screening process facilitated by Ecovadis, including a fo-
cused questionnaire regarding the supplier’s labor prac-
tices. This enables Avolta to gain a deeper understanding
2
Additional Regulatory Disclosures
Avolta Annual Report 2024
of supplier compliance and to identify suppliers in need
of further assessment or corrective action.
Suppliers for whom a reasonable suspicion regarding
child labor is identified are subject to remedial action, in-
cluding corrective action plans, guidance on compliance
and trainings, with progress monitored by Avolta.
Of the more than 700 suppliers assessed, approximately
30 were identified as having the highest risk exposure
and were thus selected to undergo the further screening
process on child and forced labor facilitated by
Ecovadis.
Traceability
Avolta recognizes that transparency across the supply
chain is critical to maintaining trust, mitigating risks, and
upholding high standards of social accountability. To sup-
port these goals, Avolta has implemented a master data
approach designed to enable the systematic tracking of
critical product- and vendor-related information. Further,
as noted above, Avolta’s Supplier Code expects suppliers
to duly perform third-party due diligence towards their
sub-tier suppliers and to implement monitoring mecha-
nisms, for example through audits, and to have robust
systems in place to trace their sources of supply at least
one tier back in the supply chain.
Reporting Mechanisms
Avolta maintains several channels designed to allow its
employees and third party stakeholders, such as suppliers,
to report concerns regarding unethical practices or poten-
tial breaches of applicable laws or regulations, including
child labor. Reports can be made directly to Avolta’s Com-
pliance Department at compliance@avolta.net or through
the company’s reporting platform at www.avolta-compli-
ance.com using a secure web intake system or through
toll-free hotline numbers, each with the option of anonym-
ity. For further information on our Reporting channels,
please see page 146 of the Sustainability Report.
Further, Avolta’s suppliers are required to report breaches
of the Supplier Code of Conduct to Avolta, including with
respect to child labor.
In 2024, Avolta did not receive any alerts regarding child
labor through these channels.
3
Additional Regulatory Disclosures
Avolta Annual Report 2024
Avolta –
The leading global travel
experience player.
Avolta AG (SIX: AVOL) offers
a revolutionary travel
experience to consumers
worldwide addressing
2.5 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 70 countries
worldwide.
We make
travelers
happier