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BASEL , May 20 , 2021 NEWS RELEASE Dufry with continued gradual improvements in First Quarter 2021 , and successful execution of refinancing In a business environment characterized by gradual improvements , Dufry has reached a turnover of CHF 460.3 million with an organic growth of -73.9 % compared to 2019. The company is on track to achieve CHF 530-670 million savings compared to 2019 in personnel and other expenses for FY 2021 , and has signed MAG reliefs for 2021 of around CHF 300 million . Cash consumption in Q1 2021 was better than expected reaching CHF 219.3 million and reflecting normal business seasonality , thus allowing to confirm the 2021 scenarios provided to the market . DUFRY FURTHER Q1 HIGHLIGHTS : Encouraging and ongoing re - initiation of travel and travel retail demand in regions progressing with vaccination and implementation of travel protocols , especially in the US and in Central America & Caribbean ■ ▪ ■ Around 60 % of stores open , representing close to 70 % of sales capacity , including successful partnership - opening of strategically important duty - free operation in Hainan Successful execution of CHF 1,619.9 million refinancing with well - diversified product mix , no relevant maturities before 2024 , and extension of covenants holiday for another 12 months Strong liquidity position of CHF 2,213.7 million Introduction of The Americas segment , following successful Hudson re - integration and in alignment with centralized logistics platform , regional operations and decision - making process JULIÁN DÍAZ , CEO of Dufry Group , commented : " We are seeing encouraging signs for resuming travel trends and shop re - openings in the regions that have most progressed with vaccination campaigns and have established cross - border travel protocols accompanied by clear procedures and necessary documentation for travelers . Customer behavior indicates continued demand for travel and travel retail , and we are well positioned to accelerate sales with further re openings . The close relationship with our landlords , suppliers , employees and shareholders continues to be a valuable support during the recovery . We are confirming the scenarios we have laid out for 2021 , and are confident that we can achieve the targeted cost savings for the year . 1