On April 3, the 2023 World Research Travel Conference co-sponsored by the Culture and Tourism Department of Henan province, the People's Government of Luoyang and the World Research Travel Organization (hereafter referred to as "WRTO") was inaugurated in Luoyang City, Henan Province, China. More than 200 experts and scholars in the field of research industry and tourism service providers attended the conference.

On the site, Huang Dongsheng, the head of the Culture and Tourism Department of Henan province and Yang Lin, the vice chairman of WRTO unveiled the nameplate of the Henan Representative Office of WRTO (Canada) together; Yang Zhenzhi, the executive chairman of WRTO made the Luoyang Declaration of promoting protection and inheritance of cultural heritages through Research Travel and declared that the 2024 World Research Travel Conference will be held in Kuala Lumpur, Malaysia and the Flag Handover Ceremony was held there.

In the conference, top 10 major exciting research travel routes in Henan Province were published. A three-dimensional and diversified research product system of "Henan, the cradle of China" was linked together from the aspects of tracing the Chinese civilization, poetic and pictorial splendor, martial art and hometown. Besides, the product-A Journey of Studying the Yellow River Culture was also launched in this conference.

In recent years, Henan has been deeply implementing the strategy of integration of culture, tourism, and creative industries, focusing on the Yellow River civilization and 487 research and travel bases have been built and 3,970 courses have been completed in the province at present. This conference will open up the overseas study market and promote the acceleration of research and the construction of research industry ancestry for Henan province under the background of cultural confidence.

Luoyang is a city with an abundance of cultural and historical relics, such as the "Five Sites of the Capital" including Erlitou Site of the Xia Capital, the Ancient Site of Shang Capital of Yanshi, the Site of the Capital of the Eastern Zhou Dynasty, the Site of Luoyang City from the Eastern Han and Northern Wei Dynasties, and Luoyang Ruins of Sui and Tang Dynasty (Sui-Tang Luoyang City National Archeological Site Park), as well as the Longmen Grottoes, White Horse Temple, Guanlin (Temple of Guanyu),indicating that the city has served as a capital for more than 1,500 years.

Dufry delivered on its expectations for full-year 2022, driven by robust demand for travel following the lifting of restrictions across most geographies. Turnover of CHF 6,878.4 million attained, resulting in an Organic Growth rate of more than 76.1% (in constant exchange rate CER) compared to FY 2021. CORE EBITDA margin reached 8.8%, while EFCF was CHF 305.2 million.

FURTHER HIGHLIGHTS:

- Gross Profit benefitted from robust consumer demand, reaching a 61.0% margin

- CORE EBITDA reached CHF 606.2 million with margin of 8.8%, and Operating Profit came in at CHF 502.4 million, driven by the strong H2 performance

- CORE EBITDA to EFCF conversion of 50.3%, above projections, supported by lower Capex

- Reduction of Net Debt to below pre Covid-19 level, standing now at CHF 2,810.7 million, meeting covenant thresholds well ahead of the required timing

- Available liquidity of CHF 2,343.0 million, supported by successful refinancing at attractive terms and strong cash position, significantly reducing risk of any upcoming financing requirements

- New strategy “Destination 2027” under implementation with fast start, supporting growth across all pillars, and aligned with Group organizational setup

- Consolidation of Autogrill as of February 2023, following successful transfer of Edizione stake, with full transaction closing including mandatory exchange offer settlement expected towards the end of Q2 2023

- Confirmation of mid-term outlook 2023-2027

- Considerable progress on implementing ESG strategy, including SBTi1 validation of emission reduction targets, publication of first TCFD2 Report and advancing on Diversity & Inclusion (D&I) and Community Engagement initiatives

Xavier Rossinyol, CEO of Dufry Group, commented: “I am delighted to be reporting on a successful year for the business and proud of the achievements the Dufry team has delivered. While Covid-19 related restrictions in most regions globally remained in place at the beginning of the year, the easing of travel-related requirements since Q2 have uplifted demand significantly. Most importantly, we have seen robustness in travel-related spending despite macro-economic and operational challenges within the travel industry. Our Turnover of CHF 6,878.4 million came in above of projections – all the more remarkable considering the ongoing macroeconomic headwinds of inflation, rising interest rates and travel disruptions.

With our focus on profitable growth and cash generation, we delivered a solid CORE EBITDA performance of CHF 606.2 million, resulting in a margin of 8.8%. EFCF came in at CHF 305.2 million – equal to a conversion of 50.3% from CORE EBITDA – significantly exceeding our expectations at the beginning of the year. We have maintained strong Capex discipline, especially during the first half of 2022, due to limited visibility on Covid-19 variants and the broader geo-political environment. We anticipate a more normalized environment in 2023, facilitating investment activity in line with our targets.

During 2022, we have not only delivered on our financial targets, but also set the cornerstone for a prosperous future of our company as the global leading Travel Experience player. Dufry’s new strategy “Destination 2027” sets out the path including our focus on geographical diversification, customer-centricity and digitalization, and a strong emphasis on our people and on ESG.

The transformative business combination with Autogrill is an integral part of our long-term strategy and essential to delivering on our ambition. We are on track to close the transaction towards the end of the second quarter whilst rapidly advancing on the implementation of “Destination 2027” – including the integration of both companies and delivery of related synergies. Dufry’s new organization reflects our strategic priorities, driven by talent from both companies.

In the name of the combined teams of Dufry and Autogrill, I would like to renew our sincere sympathy for the communities affected by the devastating earthquake in Turkey and Syria. Our thoughts are with these people and their families and I can confirm Dufry’s commitment to support them with combined initiatives on the part of both the company and our customers.

I want to thank our external business partners, including our concession partners, brand suppliers, the financial community and our share- and bondholders who continue to support the company. Our common vision is to further develop Dufry and drive the Travel Experience revolution. My thanks go to our Chairman, Juan Carlos Torres, and the Board of Directors for their trust and support in evolving our company. A special thanks to Edizione and its Chairman, Alessandro Benetton, for their support in combining the two companies.

Above all, I want to thank our employees for the extraordinary motivation and hard work they have given the company, demonstrating a great level of dedication and deserving my and our managements’ respect and gratitude.”

In 2022, Dufry saw improvements in nearly all its operations, with a significant traffic recovery in the second half of the year, complemented by strong internal performance of its retail operations focused on customer centricity. Turnover reached CHF 6,878.4 million, representing Organic Growth of 76.1% compared to 2021. The translational FX effect versus 2021 was -0.4%, mainly related to the effects of the stronger key currencies USD, EUR and GBP.

The category mix mirrors the continued normalization of travel including international routes. Duty-free accounted for 57.4% of net sales versus 42.6% duty-paid, close to historical levels; the airport channel contributed with 91.4%.

The RMS Titanic story is a legendary story- it has been told and retold countless times. It is among the most famous and tragic stories in history; today, the magnificent ship’s legacy lives on. The RMS Titanic was an architectural masterpiece that captivated the world when it first set sail in 1912. The sheer size and grandeur of the ship was an engineering marvel, with its nine decks and two grand staircases. It had state-of-the-art facilities such as a swimming pool, Turkish baths, electric elevators and even a squash court. Titanic was designed to be luxurious and comfortable for its passengers to enjoy their voyage in style. Yes, Titanic was much more than just a ship- it was an architectural masterpiece.

The huge ship featured lavish first-class cabins with private bathrooms and luxurious amenities like mahogany furniture. Its opulent dining saloons were designed to impress even the most discerning traveller with its ornate decor and fine cuisine. Titanic is remembered not only for its tragic end but also for its exquisite architecture. Its grandeur has been immortalized in film, literature, art, music and popular culture ever since it set sail on its fateful voyage over a century ago. Titanic is one of the most iconic ships in history, and it was also an architectural masterpiece. In its day, it was the largest ship afloat- its design was a marvel of the era.

From its grand staircase to its luxurious cabins, Titanic was an engineering and aesthetic triumph. The magnificent behemoth was built in Belfast, Ireland, in 1912. The ship was 882 feet in length and 92 feet in height. It had nine decks, four of which were above the waterline. There were a total of 2,208 people onboard the Titanic, including crew and passengers. The ship was constructed with a steel frame and featured a double bottom and double hull. This made it more buoyant and less likely to sink. The exterior was painted white, and the hull was fitted with a combination of rivets and bolts. This design provided the ship with strength and stability.

The ship was equipped with a system of watertight compartments that were designed to keep it afloat in the event of an accident or disaster. This system allowed the Titanic to remain afloat for a short period of time, even after it was struck by an iceberg. Titanic also featured an impressive array of amenities. There were two grand staircases, one on either side of the ship, and five luxurious dining salons. The first-class cabins were extremely luxurious; some even had their own private promenade decks.

Titanic was an engineering marvel and architectural masterpiece. The ship's designers paid close attention to detail to create a vessel that was both beautiful and functional. Titanic was a wonder to behold and a reminder of the grandeur of the Gilded Age. Titanic's legacy lives on today as a reminder of the incredible engineering and architecture of its era. Its grand staircase and luxurious cabins will always stand as a testament to the skill and creativity of its designers. Titanic will be remembered as one of the most famous ships in history.

Titanic was one of the first ocean liners that were large enough to make transatlantic crossings. It was an impressive engineering feat, with a hull made from the strongest steel available and a unique double-hull design that made it extremely buoyant. Actually, at 882.5 feet in length, Titanic was, perhaps, the largest passenger ship of its time; its sheer size was a testament to its grandeur.

Titanic also boasted some of the most advanced technology of its day. It was equipped with state-of-the-art safety features, like watertight compartments and lifeboats, as well as the latest navigation and communication equipment. It was also decorated with ornate interior design, including ornamental staircases, grand salons and luxurious cabins. Titanic was a true work of art- its design was a reflection of the wealth and opulence of its time. It was a symbol of prestige, of the power of human ingenuity, and of man's ability to overcome the limits of nature. Titanic may have ultimately ended in tragedy, but its legacy as an architectural masterpiece remains.

Today, Titanic is remembered for its grandeur and beauty- its impact on the world of architecture can still be seen in modern-day ships and buildings. While it was a symbol of strength, its legacy of innovation and ingenuity will continue to inspire generations to come.

During his state visit to Indonesia which marks the 10th anniversary of establishing a strategic partnership between Indonesia and Vietnam, the President of Vietnam, H.E Nguyen Xuan Phuc met with representatives from key Indonesian enterprises, including Traveloka.

During the meeting with President Nguyen Xuan Phuc, Albert, Co-Founder of Traveloka, affirmed his commitment to support more initiatives, technological developments and other solutions to aid the recovery of Vietnam's tourism industry and accelerate its digital transformation.

Albert also took the opportunity to congratulate the President on Vietnam's success in ensuring the recovery of the country's tourism industry. He also noted and expressed his gratitude to the Vietnamese government for its strategic business cooperation, partnership and support, which minimized the consequences and impact of the pandemic. As Southeast Asia's leading travel platform, Traveloka hopes to deepen collaboration with the Vietnamese government in projects to support the recovery of the tourism sector, accelerate digital adoption, as well as to further develop sustainable tourism.

The tourism industry needs to harness digital transformation to create breakthroughs and drive positive impact for the economy. As a technology company present in Vietnam since 2015, Traveloka has been, and remains ready to support tourism in Vietnam, as well as participate in the digitization of the tourism industry. Traveloka constantly adapts and responds to trends, as well as rapidly changing customer behavior, and engages intensively with the government. Traveloka Vietnam has worked with the Vietnam National Administration of Tourism (VNAT), the Ho Chi Minh City Department of Tourism, the Hai Phong City Department of Tourism, and the Da Nang City Tourism Board to support the digital transformation initiatives of these agencies, to promote local destinations and improve the experience of visitors to the country, furthering the development of local tourism.

"We believe in Vietnam's tourism potential and are committed to supporting the country, in promoting digital transformation and tourism to deliver social and economic impact," Albert emphasized.

This is testament to the growing trade relationship between Vietnam and Indonesia. The archipelago is Vietnam's third largest trading partner, while Vietnam is Indonesia's fourth largest partner. Bilateral trade in 2021 reached 11.5 billion USD, exceeding the target of 10 billion USD per year, set by the two countries for the first time. As of November 2022, the trade value of the two countries reached nearly 13 billion USD.

Indonesia is the first country in Southeast Asia to establish diplomatic relations with Vietnam, with Vietnam also being Indonesia's key strategic partner.