Dufry also refurbished 36,800sq m of retail space – including operations in Spain, Sweden, Jordan, Argentina, Macau, Morocco and Turkey. Firmenportrait. ACTION PLAN - FURTHER INITIATIVES IN PLACE. Alcon: Conf. Dufry saw turnover drop 21.4% in the first quarter of 2020, compared to the same period last year. Dufry is a global travel retailer with operations in 63 countries. Dufry Group has identified a 70% revenue decrease as the worst-case scenario for 2020 amid the ongoing coronavirus (Covid-19) crisis. Sie erhalten auf FinanzNachrichten.de kostenlose Realtime-Aktienkurse von. Turnover reached CHF 330.2 million compared to CHF 442.4 million in the first quarter of 2019. Organic growth was -24.0% in the period with a slowdown in both segments, but especially in duty-free, which is exposed to international and Chinese customers. Report: COVID-19 & retail. Furthermore, in April, we successfully implemented several financial initiatives to strengthen our capital structure and improve our liquidity position. Thus, sales stood at -94.1% in April periodic. Dufry's turnover reached CHF 1,438.7 million in the first quarter of 2020 equal to - 20.8% in constant FX versus the same period last year. In January, organic growth increased to +0.8%; in February a first sales slowdown started in Asia with organic growth decreasing to -2.3% year-to-date. Christina Lake: Reales 1.000% Szenario!? Organic growth for the period dropped 21.4%. Call 14.00 Uhr) Logitech: Ergebnis Q4 2019/20 (Conf. Turkey posted a positive performance in the quarter supported by a good passenger traffic in January and February, but declining significantly in March. Dufry Group has revealed organic growth of -32% in Asia Pacific and Middle East during the first quarter of 2020 as a result of the coronavirus (Covid-19) pandemic. Thu, Mar. Changes in Scope, which includes the positive contribution of the acquisitions of Vnukovo and Brookstone, amounted to 0.6%. Dufry well prepared to face a challenging year. In the first quarter 2020, organic growth amounted to -21.4%. As explained earlier in the FY 2019 results presentation, Dufry has immediately defined an action plan and implemented operational initiatives as of the end of January to drive sales, secure cash flow generation, save costs and safeguard liquidity. In February, the company started to see a gradual slowdown especially in Asia, with organic growth reaching -2.3% in the year. Dufry: Umsatzrückgang in Q1 von 22%, erste zwei Aprilwochen -90% - Dividende gestrichen - Aktienanalyse (Vontobel Research) | Aktien des Tages | aktiencheck.de. Ist dies die profitabelste Cannabis Aktie? Basel (awp) - Der unter der Corona-Pandemie leidende Reisedetailhändler Dufry hat die Übernahme seiner US-Tochter Hudson abgeschlossen. The action plan has adapted the company's structure to the current environment and considers different scenarios of full-year sales declines ranging from 40% to 70% and allowing us to flexibly adapt the measures to the business performance. Julián Díaz, CEO of Dufry Group, commented: "At the beginning of 2020, we first saw an acceleration of the business and an encouraging performance. Geographic diversification is a key element of the company’s strategy. Dufry’s Q1 2020 turnover reached CHF 1,438.7 million, a drop of 20.8% year-over-year in constant FX, driven by a significant reduction in passengers flow in airports, cruise lines and touristic destinations globally. Then the crisis started to impact the travel retail industry and our performance in several locations as of February, leading to a negative performance for the first quarter of 2020. In February, the company started to see a gradual slowdown especially in Asia, with organic growth reaching -2.3% in the year. The performance in the first quarter of 2020 developed differently month-by-month. Call 14.00 Uhr) Logitech: Ergebnis Q4 2019/20 (Conf. Organic growth in the division reached -20.3% in the period. Turnover was CHF 314.0 million in the first quarter of 2020 as compared to CHF 384.0 million one year earlier, with organic growth coming in at -16.3%. Turnover amounted to CHF 213.2 million in the first quarter of 2020, versus CHF 305.0 million in the same period in 2019. Nevertheless, shops in London, Athens, Macau, Los Angeles and Guayaquil were renewed. Wie bewerten Sie die aktuell angezeigte Seite? Dufry's Q1 2020 Trading Update Dufry's turnover reached CHF 1,438.7 million in the first quarter of 2020 equal to - 20.8% in constant FX versus the same period last year. Dufry AG 2019 Q4 - Results - Earnings Call Presentation. Alcon: Conf. Call 14.30 Uhr) Castle Private: GV Endress + Hauser AG: BMK 2019 (online) EFV/SNB: Eidgenössische Anleihe - Ankündigung 13.05. Performance in Africa was stable, with the growth in the first two months of the year being offset by the performance in March. We have immediately setup a special committee, who has developed and implemented a comprehensive action plan focused on driving sales, secure cash generation, reduce costs and safeguard our profitability. OUTLOOK Given the current context and the low visibility to provide business forecasts, the company had already withdrawn guidance for full-year 2020 in its Q1 Trading Update in May. The business performance in the first quarter 2020 was characterised by different developments in each of the three months, Dufry said. In the first quarter 2020, organic growth amounted to -21.4%. In the first quarter, this division was the less impacted - in particular Central America and the Caribbean - as most of restrictions started during March. Looking forward, Dufry has already developed a recovery plan on a location-by-location basis and is ready to resume operations as soon as travel restrictions are lifted. Organic growth reached -30.2% as the division was the most impacted during the whole quarter. In the month as a whole, sales slumped -94.1% compared to … Dufry AG (SIX: DUFN) is a leading global travel retailer operating over 2,400 duty-free and duty-paid shops in airports, cruise lines, seaports, railway stations and downtown tourist areas. The recovery plan is based on each locations' productivity and includes a whole set of global initiatives to drive sales through promotions and adapting the assortment focusing on new products and exclusivities. The main initiatives taken are: At a cash flow level, Dufry also implemented several measures to reduce cash outflows to a minimum, which are controlled tightly by a dedicated team at Group level. Furthermore, in April, we successfully implemented several financial initiatives to strengthen our capital structure and improve our liquidity position. The recovery plan is based on each locations' productivity and includes a whole set of global initiatives to drive sales through promotions and adapting the assortment focusing on new products and exclusivities. With respect to business development, Dufry slowed down its refurbishment program to reduce Capex. LafargeHolcim: GV Swiss Life: Zwischenmitteilung Q1 BEKB: GV Bell: GV BFW: GV Dufry: Ergebnis Q1 (Conf. The Company, headquartered in Basel, Switzerland, operates in 65 countries in all six continents. Dufry AG: Publication of Q1 2020 Results (bestätigt) 03.08.21: Dufry AG: Publication of Half Year Results (bestätigt) Mehr. The action plan has adapted the company's structure to the current environment and considers different scenarios of full-year sales declines ranging from 40% to 70% and allowing us to flexibly adapt the measures to the business performance. Performance during the first three months of 2020 was significantly impacted by an unprecedented reduction in passengers flows in airports, cruise lines and touristic destinations around the world due to the spread of the Covid-19 crises. Turnover amounted to CHF 213.2 million in the first quarter of 2020, versus CHF 305.0 million in the same period in 2019. SOS Children's Villages is an independent, non-political and non-demonstrational organization established for orphaned and destitute children all over the world. The Ordinary General Meeting of Dufry AG was held at the offices of Dufry AG at Brunngässlein 12, 4052 Basel, Switzerland, on May 18, 2020 at 14.00 hrs. In the first quarter, organic growth was -21.4% mainly impacted at like-for-like performance level due to lower passenger traffic across the majority of airports. Turnover reached CHF 330.2 million compared to CHF 442.4 million in the first quarter of 2019. Anzeige: Mo, 26. The performance in the first quarter of 2020 developed differently month-by-month. Call 14.30 Uhr) Castle Private: GV Endress + Hauser AG: BMK 2019 (online) EFV/SNB: Eidgenössische Anleihe - Ankündigung 13.05. var h=window.location.href;var ch=h.replace(/?/g, "/_q_/");ch=encodeURI(ch.replace(/x26/g, "/_a_/"));document.write(unescape("%3C")+"img alt='' src='http://r.newsbox.ch/wire/d60/c12082/__"+ch+"' border='0' /"+unescape("%3E")); New 12-month committed credit facility of CHF 425 million with two 6-months extensions; subject to final documentation, Successful placement of 5.5 million shares out of existing authorized capital generating gross proceeds of CHF 151.3 million, New convertible bond, which due to the strong demand, had its nominal amount of the issuance increased by CHF 50 million to a total size of CHF 350 million, Signed agreement with banks to waive the existing financial covenants until end of June 2021 and a higher leverage covenant for the September and December 2021 testing periods, Cancellation of the 2020 dividend, thus reducing short-term cash outflows, Dufry Jumps 6% on Completing Merger With Unit Hudson, Dufry AG successfully completes merger with Hudson Ltd, Hudson Announces “Celebrate Books and Booksellers”. ACTION PLAN - FURTHER INITIATIVES IN PLACE. Changes in Scope, which includes the positive contribution of the acquisitions of Vnukovo and Brookstone, amounted to 0.6%. Dufry AG: Publication of Q1 2020 Results (bestätigt) 03.08.21: Dufry AG: Publication of Half Year Results (bestätigt) Mehr. We have immediately setup a special committee, who has developed and implemented a comprehensive action plan focused on driving sales, secure cash generation, reduce costs and safeguard our profitability. In this context, the company has further expanded its initiatives and adapted its operating structure to reflect the current situation in the business environment and to leverage as much as possible it's traditionally flexible cost structure even beyond the levels possible under normal conditions. Organic growth in the division reached -20.3% in the period. Looking forward, Dufry noted that in the current crisis context and given the resultant low visibility to provide business forecasts, the company had already withdrawn guidance for full-year 2020 in its Q1 Trading Update in May. This is an important step and together with our cost cutting initiatives, it will allow us to continue operations until the next cash generation cycle starts. Then, in March, many countries started to implement travel restrictions, partially leading to airport closures and a further deterioration of the sales performance, reaching -55.9% in the month. The company opened new and expanded shops across several locations, including Helsinki, Perth, Indianapolis, Calgary and Florianopolis, in the South of Brazil. Turnover in the region was CHF 534.8 million in the first three months of 2020 from CHF 702.2 million one year ago. Dufry’s Q1 2020 Trading Update Dufry’s turnover reached CHF 1,438.7 million in the first quarter of 2020 equal to -20.8% in constant FX versus the same period last year. On December 1, 2020, Dufry successfully closed the previously announced merger with its subsidiary Hudson Ltd (“Hudson”). The closing of the transaction follows a special general meeting of Hudson’s shareholders held on November 30, 2020, where Hudson’s shareholders voted to approve and adopt the merger, by 98.59% of the votes cast at the meeting. Organic growth was -24.0% in the period with a slowdown in both segments, but especially in duty-free, which is exposed to international and Chinese customers. Performance in Africa was stable, with the growth in the first two months of the year being offset by the performance in March. The meeting was held in compliance with the provisions issued by the Swiss Federal Council on measures to combat the Coronavirus (COVID-19), validly convened and constituted, and shareholders duly registered in the … In the first quarter, this division was the less impacted - in particular Central America and the Caribbean - as most of restrictions started during March. In April, Dufry announced a comprehensive set of initiatives to strengthen its capital structure and liquidity position, which will support the company to sustain a prolonged period of significant disruptions and reinforce its competitive positioning in the longer term. The company opened new and expanded shops across several locations, including Helsinki, Perth, Indianapolis, Calgary and Florianopolis, in the South of Brazil. This is an important step and together with our cost cutting initiatives, it will allow us to continue operations until the next cash generation cycle starts. Despite the currently challenging environment, we are strongly convinced that the business will recover as we have seen in previous occasions and we are well prepared to serve customers as soon as circumstances allow.". Oktober 2020, 11:19 Uhr. The company also continued expanding its operations, with most space increases executed during January and the first weeks of February. The company also continued expanding its operations, with most space increases executed during January and the first weeks of February. Dufry has implemented several measures to reduce cash outflows to a minimum, which are tightly controlled by a dedicated team at Group level. In total, the new financing initiatives will improve Dufry's liquidity position from CHF 685.9 million as of March 31, 2020 to a pro-forma position of CHF 1,612 million. Looking forward, Dufry has already developed a recovery plan on a location-by-location basis and is ready to resume operations as soon as travel restrictions are lifted. Meanwhile, the management remains in negotiations with other lessors reviewing the lease terms, in order to accommodate these according to the market circumstances beyond June 30, 2020 created by Covid-19. DUFRY AG : Termine, Überblick zu den Ergebnisveröffentlichungen und Analystenschätzungen für das Unternehmen DUFRY AG | Bolsa de Valores de Sao Paulo Maintain level of gross profit margin in collaboration with brands, Renegotiate agreements with landlords to reduce rents and concessions, Personnel expense efficiency program implemented, reducing costs at all levels and making use of government support schemes whenever possible as well as implement voluntary salary reduction schemes, Reducing all operating expenses as much as possible and monitor payments at Group level with a dedicated team, New 12-month committed credit facility of CHF 425 million with two 6-months extensions; subject to final documentation, Successful placement of 5.5 million shares out of existing authorized capital generating gross proceeds of CHF 151.3 million, New convertible bond, which due to the strong demand, had its nominal amount of the issuance increased by CHF 50 million to a total size of CHF 350 million, Signed agreement with banks to waive the existing financial covenants until end of June 2021 and a higher leverage covenant for the September and December 2021 testing periods, Cancellation of the 2020 dividend, thus reducing short-term cash outflows. DUFRY AG : Termine, Überblick zu den Ergebnisveröffentlichungen und Analystenschätzungen für das Unternehmen DUFRY AG | Mexican Stock Exchange Giving the current context, and the low visibility to provide business forecasts, the company has withdrawn the full-year 2020 guidance previously disclosed on March 12, 2020. Performance during the first three months of 2020 was significantly impacted by an unprecedented reduction in passengers flows in airports, cruise lines and touristic destinations around the world due to the spread of the Covid … Performance during the first three months of 2020 was significantly impacted by an unprecedented reduction in passengers flows in airports, cruise lines and touristic destinations around the world due to the spread of the Covid-19 crises. IMPORTANT ACHIEVEMENTS POST Q1 2020: STRENGTHENED FINANCIAL STRUCTURE. Turnover in the first three months of 2020 reached CHF 1,438.7 million versus CHF 1,882.6 million in the same period in 2019, representing a decrease of -23.6%. Unternehmensbericht Neuemissionsbericht. Dufry has based the action plan on different scenarios with FY sales declines ranging from 40% to 70% and allowing to flexibly adapt measures to business performance. LafargeHolcim: GV Swiss Life: Zwischenmitteilung Q1 BEKB: GV Bell: GV BFW: GV Dufry: Trading Statement Q1 (Conf. Looking ahead, Dufry has already withdrawn guidance for full-year 2020 in its Q1 trading update and as mentioned, has implemented a series of measures to protect cash flow that it expects will generate CHF 1 billion in cost savings. Given the current context and the low visibility to provide business forecasts, the company had already withdrawn guidance for full-year 2020 in its Q1 Trading Update in May. Performance was negative across most locations in the division, and particularly in Italy, Switzerland, UK and Spain with negative double digit growth. In relation to these on-going negotiations, … Dufry's Q1 2020 Trading Update Dufry's turnover reached CHF 1,438.7 million in the first quarter of 2020 equal to - 20.8% in constant FX versus the same period last year. The Company, headquartered in Basel, Switzerland, operates in 65 countries in all six continents. In addition, actions are being taken at Capex and working capital level, with expected cash savings of around CHF 160m/$175m for the full-year 2020. Dufry cares for children and supports social projects from SOS Kinderdorf in Brazil, Cambodia, Mexico, Morocco and Ivory Coast. 11/10/20 : Q3 2020 Earnings Release (Projected) 03/09/21 : FY 2020 Earnings Release: 05/11/21 : Q1 2021 Earnings Release (Projected) 05/20/21 : Q1 2021 Sales and Revenue Release - Trading Statement (DUFRY) CEO Julian Díaz on Q1 2020 Results - Earnings Call Transcript. In this context, the company has further expanded its initiatives and adapted its operating structure to reflect the current situation in the business environment and to leverage as much as possible it's traditionally flexible cost structure even beyond the levels possible under normal conditions. Despite the currently challenging environment, we are strongly convinced that the business will recover as we have seen in previous occasions and we are well prepared to serve customers as soon as circumstances allow.". All divisions reported negative organic growth, in particular Asia-Pacific and the Middle East, followed by Europe & Africa; while North, Central and South America were influenced as of March. Turnover in the first three months of 2020 reached CHF 1,438.7 million versus CHF 1,882.6 million in the same period in 2019, representing a decrease of -23.6%. Dufry AG (SIX: DUFN) is a leading global travel retailer operating over 2,400 duty-free and duty-paid shops in airports, cruise lines, seaports, railway stations and downtown tourist areas. DUFRY AG : Termine, Überblick zu den Ergebnisveröffentlichungen und Analystenschätzungen für das Unternehmen DUFRY AG | Swiss Exchange Thus, sales stood at -94.1% in April periodic. Dufry started the year with a positive performance, posting an organic growth of +0.8% in January. Call 14.00 Uhr) Logitech: Ergebnis Q4 2019/20 (Conf. Performance was negative across most locations in the division, and particularly in Italy, Switzerland, UK and Spain with negative double digit growth. In addition to the achievements and initiatives above, Dufry's Board of Directors proposes to the upcoming Ordinary General Meeting on May 18, 2020, the creation of additional conditional share capital sufficient to enable the physical settlement of the new convertible bonds. 5 q1 2020 trading update presentation highlights turnover reaches chf 1,438.7 milion in q1 2020 dufry has implemented a comprehensive action plan with a full set of initiatives focussed on driving sales, reduce costs and secure cash generation, thus safeguarding liquidity and profitability several financial measures announced and implemented in Alcon: Conf. Up to June 30, 2020, Dufry was able to close several agreements releasing partially or totally about CHF 161.8 millions of MAG. News ReleaseBasel, November 03, 2020 Continued gradual improvements in Third Quarter 2020,with Dufry successfully implementing strategic initiatives and increased efficiencies Turnover The translational FX effect in the period was -2.8% as effect of the strengthening of the Swiss Franc versus the main currencies. Dufry cares for children and supports social projects from SOS Kinderdorf in Brazil, Cambodia, Mexico, Morocco and Ivory Coast. Turnover was CHF 314.0 million in the first quarter of 2020 as compared to CHF 384.0 million one year earlier, with organic growth coming in at -16.3%. Login . Organic growth reached -30.2% as the division was the most impacted during the whole quarter. As expected, the business environment remained tough during April, with travel restrictions in place in most locations. Then the crisis started to impact the travel retail industry and our performance in several locations as of February, leading to a negative performance for the first quarter of 2020. Dufry Extends Duty-Free Concession Contract at St. Petersburg Airport in Russ.. Dufry successfully extends concession contract at the St. Petersburg Pulkovo .. Dufry Opens New Duty-Paid Shop at Zurich Airport, Maintain level of gross profit margin in collaboration with brands, Renegotiate agreements with landlords to reduce rents and concessions, Personnel expense efficiency program implemented, reducing costs at all levels and making use of government support schemes whenever possible as well as implement voluntary salary reduction schemes, Reducing all operating expenses as much as possible and monitor payments at Group level with a dedicated team. Dufry's turnover reached CHF 1,438.7 million in the first quarter of 2020 equal to - 20.8% in constant FX versus the same period last year. These initiatives include actions at Capex and Net Working Capital level with expected cash savings of around CHF 160 million in the full-year 2020. SOS Children's Villages is an independent, non-political and non-demonstrational organization established for orphaned and destitute children all over the world. All divisions reported negative organic growth, in particular Asia-Pacific and the Middle East, followed by Europe & Africa; while North, Central and South America were influenced as of March. Then, in March, many countries started to implement travel restrictions, partially leading to airport closures and a further deterioration of the sales performance, reaching -55.9% in the month. As expected, the business environment remained tough during April, with travel restrictions in place in most locations. Unternehmensbericht Neuemissionsbericht. Giving the current context, and the low visibility to provide business forecasts, the company has withdrawn the full-year 2020 guidance previously disclosed on March 12, 2020. Call 14.30 Uhr) Castle Private: GV Endress + Hauser AG: BMK 2019 (online) EFV/SNB: Eidgenössische Anleihe - Ankündigung 13.05. Julián Díaz, CEO of Dufry Group, commented: "At the beginning of 2020, we first saw an acceleration of the business and an encouraging performance. DUFRY TO BE OPERATING HALF OF SHOPS BY END OF AUGUST IMPORTANT ACHIEVEMENTS POST Q1 2020: STRENGTHENED FINANCIAL STRUCTURE. In April, Dufry announced a comprehensive set of initiatives to strengthen its capital structure and liquidity position, which will support the company to sustain a prolonged period of significant disruptions and reinforce its competitive positioning in the longer term. DUFRY Termine - hier erhalten Sie eine Übersicht über alle anstehenden und vergangenen Termine wie Quartalszahlen und Hauptversammlung von DUFRY. Corporate Communications & Investor Relations, Dufry Group - A leading global travel retailer. As explained earlier in the FY 2019 results presentation, Dufry has immediately defined an action plan and implemented operational initiatives as of the end of January to drive sales, secure cash flow generation, save costs and safeguard liquidity. Fri, May 15 • 1 Comment. Dufry started the year with a positive performance, posting an organic growth of +0.8% in January. In the first quarter, organic growth was -21.4% mainly impacted at like-for-like performance level due to lower passenger traffic across the majority of airports. Turnover reached CHF 1,438.7 million, down 23.6% year-over-year. Trading update on Q1 2020 performance. LafargeHolcim: GV Swiss Life: Zwischenmitteilung Q1 BEKB: GV Bell: GV BFW: GV Dufry: Ergebnis Q1 (Conf. Dufry’s Q1 2020 Trading Update Dufry’s turnover reached CHF 1,438.7 million in the first quarter of 2020 equal to - 20.8% in constant FX versus the same period last year. With respect to business development, Dufry slowed down its refurbishment program to reduce Capex. Then the crisis started to impact the travel retail industry and our performance in several locations as of February, leading to a negative performance for the first quarter of 2020. The translational FX effect in the period was -2.8% as effect of the strengthening of the Swiss Franc versus the main currencies. Performance during the first three months of 2020 was significantly impacted by an unprecedented reduction in passengers flows in airports, cruise lines and touristic destinations around the world due to the spread of the Covid-19 crises. Corporate Communications & Investor Relations, Dufry Group - A leading global travel retailer. In total, the new financing initiatives will improve Dufry's liquidity position from CHF 685.9 million as of March 31, 2020 to a pro-forma position of CHF 1,612 million. DUFRY-Aktie komplett kostenlos handeln - auf Smartbroker.de, Reise-Detailhändler - Dufry schliesst Übernahme von US-Tochter Hudson ab, Duty Free Shops - Dufry verlängert Konzession am Flughafen Pulkovo in St. Petersburg, Dufry schliesst Übernahme von US-Tochter Hudson ab, Dufry AG: Dufry AG successfully completes merger with Hudson Ltd, Dufry AG: Dufry successfully extends concession contract at the St. Petersburg Pulkovo Airport for seven years, Impressum | AGB | Disclaimer | Datenschutz. Turkey posted a positive performance in the quarter supported by a good passenger traffic in January and February, but declining significantly in March. Sales in the first two weeks of April plummeted to around -90% year-on-year. 12. DUFRY AG : Termine, Überblick zu den Ergebnisveröffentlichungen und Analystenschätzungen für das Unternehmen DUFRY AG | MARKIT BOAT Releasing its Q1 results this morning, the company announced that despite a positive start in January, the global travel bans caused a deterioration in sales performance across the quarter, culminating in a 55.9% drop in organic growth in March. DUFRY AG : Termine, Überblick zu den Ergebnisveröffentlichungen und Analystenschätzungen für das Unternehmen DUFRY AG | OTC Bulletin Board - Other OTC The main initiatives taken are: At a cash flow level, Dufry also implemented several measures to reduce cash outflows to a minimum, which are controlled tightly by a dedicated team at Group level. Turnover in the region was CHF 534.8 million in the first three months of 2020 from CHF 702.2 million one year ago. Dufry has based the action plan on different scenarios with FY sales declines ranging from 40% to 70% and allowing to flexibly adapt measures to business performance. Dufry AG. Julián Díaz, CEO of Dufry Group, commented: “At the beginning of 2020, we first saw an acceleration of the business and an encouraging performance. As of today, Dufry expects to generate around CHF 1bn/$1.09bn in cost savings for full-year 2020, of which MAG relief 1 contributes CHF 299m. These initiatives include actions at Capex and Net Working Capital level with expected cash savings of around CHF 160 million in the full-year 2020. Firmenportrait. In addition to the achievements and initiatives above, Dufry's Board of Directors proposes to the upcoming Ordinary General Meeting on May 18, 2020, the creation of additional conditional share capital sufficient to enable the physical settlement of the new convertible bonds. Nevertheless, shops in London, Athens, Macau, Los Angeles and Guayaquil were renewed. 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