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Hudson Ltd.
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By:
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/s/ Adrian
Bartella
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Name: Adrian
Bartella
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Title:
Chief
Financial Officer
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Exhibit No.
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Description
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Hudson Ltd. Interim Report (unaudited) for the six months ended
June 30, 2020
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
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2
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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2020
AND 2019 (UNAUDITED)
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|
Interim
Consolidated Statements of Comprehensive Income
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F-2
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Interim
Consolidated Statements of Financial Position
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F-3
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Interim
Consolidated Statements of Changes in Equity
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F-4
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Interim
Consolidated Statements of Cash Flows
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F-5
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Notes
to the Interim Consolidated Financial Statements
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F-6
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FOR THE QUARTER
ENDED JUNE 30
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PERCENTAGE
CHANGE
|
|
IN
MILLIONS OF USD
|
2020
|
2019
RESTATED1
|
in
%
|
Turnover
|
61.7
|
509.9
|
(87.9)
|
Cost of
sales
|
(23.7)
|
(182.4)
|
(87.0)
|
Gross
profit
|
38.0
|
327.5
|
(88.4)
|
Lease (expenses) /
income
|
32.2
|
(36.9)
|
(187.3)
|
Personnel
expenses
|
(42.0)
|
(108.6)
|
(61.3)
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Other
expenses
|
(20.0)
|
(42.1)
|
(52.5)
|
Other
income2
|
2.0
|
3.4
|
(41.2)
|
Depreciation,
amortization and impairment
|
(98.2)
|
(89.4)
|
9.8
|
Operating
profit / (loss)
|
(88.0)
|
53.9
|
(263.3)
|
Finance
income
|
0.1
|
1.3
|
(92.3)
|
Finance
expenses
|
(22.5)
|
(21.1)
|
6.6
|
Foreign exchange
gain / (loss)
|
(0.1)
|
(0.3)
|
(66.7)
|
Profit
/ (loss) before tax
|
(110.5)
|
33.8
|
(426.9)
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Income tax benefit
/ (expense)
|
22.5
|
(9.9)
|
(327.3)
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Net
profit / (loss)
|
(88.0)
|
23.9
|
(468.2)
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ATTRIBUTABLE
TO3
|
|
|
|
Non-controlling
interests
|
(9.0)
|
11.1
|
(181.1)
|
Equity holders of
the parent
|
(79.0)
|
12.8
|
(717.2)
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FOR
THE SIX MONTHS ENDED JUNE 30
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PERCENTAGE
CHANGE
|
|
IN
MILLIONS OF USD
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2020
|
2019
RESTATED1
|
in
%
|
Turnover
|
403.2
|
954.9
|
(57.8)
|
Cost of
sales
|
(151.9)
|
(343.6)
|
(55.8)
|
Gross
profit
|
251.3
|
611.3
|
(58.9)
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Lease (expenses) /
income
|
18.7
|
(64.6)
|
(128.9)
|
Personnel
expenses
|
(138.7)
|
(223.6)
|
(38.0)
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Other
expenses
|
(57.3)
|
(82.2)
|
(30.3)
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Other
income2
|
4.5
|
6.1
|
(26.2)
|
Depreciation,
amortization and impairment
|
(242.8)
|
(178.0)
|
36.4
|
Operating
profit / (loss)
|
(164.3)
|
69.0
|
(338.1)
|
Finance
income
|
1.1
|
2.4
|
(54.2)
|
Finance
expenses
|
(44.8)
|
(43.0)
|
4.2
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Foreign exchange
gain / (loss)
|
(0.1)
|
-
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N/A
|
Profit
/ (loss) before tax
|
(208.1)
|
28.4
|
(832.7)
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Income tax benefit
/ (expense)
|
41.4
|
(4.5)
|
(1,020.0)
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Net
profit / (loss)
|
(166.7)
|
23.9
|
(797.5)
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ATTRIBUTABLE
TO3
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Non-controlling
interests
|
(10.5)
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16.9
|
(162.1)
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Equity holders of
the parent
|
(156.2)
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7.0
|
(2,331.4)
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FOR
THE SIX MONTHS ENDED JUNE 30
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IN
MILLIONS OF USD
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2020
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2019
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Tangible capital
expenditures
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24.4
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32.8
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Intangible capital
expenditures
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2.8
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2.4
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Total
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27.2
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35.2
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FOR
THE SIX MONTHS ENDED JUNE 30
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CHANGE
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IN
MILLIONS OF USD
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2020
|
2019
RESTATED1
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Net cash flows from
operating activities
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13.9
|
274.6
|
(260.7)
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Net cash flows used
in investing activities
|
(25.6)
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(34.3)
|
8.7
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Net cash flows from
/ (used in) financing activities
|
(100.1)
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(173.4)
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73.3
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Currency
translation on cash
|
(1.7)
|
1.4
|
(3.1)
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Increase
/ (decrease) in cash and cash equivalents
|
(113.5)
|
68.3
|
(181.8)
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Cash at the
beginning of period
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318.0
|
234.2
|
83.8
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Cash at the end of
period
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204.5
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302.5
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(98.0)
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IN
MILLIONS OF USD (EXCEPT PER SHARE AMOUNTS)
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NOTE
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UNAUDITED
Q2
2020
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UNAUDITED
Q2
2019
RESTATED1
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
RESTATED1
|
Turnover
|
4
|
61.7
|
509.9
|
403.2
|
954.9
|
Cost of
sales
|
|
(23.7)
|
(182.4)
|
(151.9)
|
(343.6)
|
Gross
profit
|
|
38.0
|
327.5
|
251.3
|
611.3
|
Lease (expenses) /
income
|
7
|
32.2
|
(36.9)
|
18.7
|
(64.6)
|
Personnel
expenses
|
|
(42.0)
|
(108.6)
|
(138.7)
|
(223.6)
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Other
expenses
|
|
(20.0)
|
(42.1)
|
(57.3)
|
(82.2)
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Other
income2
|
8
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2.0
|
3.4
|
4.5
|
6.1
|
Depreciation,
amortization and impairment
|
9
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(98.2)
|
(89.4)
|
(242.8)
|
(178.0)
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Operating
profit / (loss)
|
|
(88.0)
|
53.9
|
(164.3)
|
69.0
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Finance
income
|
10
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0.1
|
1.3
|
1.1
|
2.4
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Finance
expenses
|
10
|
(22.5)
|
(21.1)
|
(44.8)
|
(43.0)
|
Foreign exchange
gain / (loss)
|
|
(0.1)
|
(0.3)
|
(0.1)
|
-
|
Profit
/ (loss) before tax
|
|
(110.5)
|
33.8
|
(208.1)
|
28.4
|
Income tax benefit
/ (expense)
|
11
|
22.5
|
(9.9)
|
41.4
|
(4.5)
|
Net
profit / (loss)
|
|
(88.0)
|
23.9
|
(166.7)
|
23.9
|
|
|
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OTHER
COMPREHENSIVE INCOME
|
|
|
|
|
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Exchange
differences on translating foreign operations
|
|
8.7
|
5.8
|
(14.5)
|
12.1
|
Total
other comprehensive income / (loss) that may be reclassified to
profit or loss in subsequent periods, net of tax
|
|
8.7
|
5.8
|
(14.5)
|
12.1
|
|
|
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Total
other comprehensive income / (loss), net of tax
|
|
8.7
|
5.8
|
(14.5)
|
12.1
|
|
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Total
comprehensive income / (loss), net of tax
|
|
(79.3)
|
29.7
|
(181.2)
|
36.0
|
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NET PROFIT /
(LOSS) ATTRIBUTABLE TO
|
|
|
|
|
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Non-controlling
interests
|
|
(9.0)
|
11.1
|
(10.5)
|
16.9
|
Equity holders of
the parent
|
|
(79.0)
|
12.8
|
(156.2)
|
7.0
|
|
|
|
|
|
|
TOTAL
COMPREHENSIVE INCOME / (LOSS) ATTRIBUTABLE TO
|
|
|
|
|
|
Non-controlling
interests
|
|
(9.0)
|
11.1
|
(10.5)
|
16.9
|
Equity holders of
the parent
|
|
(70.3)
|
18.6
|
(170.7)
|
19.1
|
|
|
|
|
|
|
EARNINGS PER SHARE
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
|
|
|
|
|
|
Basic earnings /
(loss) per share in USD
|
|
(0.85)
|
0.14
|
(1.69)
|
0.08
|
Diluted earnings /
(loss) per share in USD
|
|
(0.85)
|
0.14
|
(1.69)
|
0.08
|
IN
MILLIONS OF USD
|
NOTE
|
UNAUDITED
06.30.2020
|
12.31.2019
|
ASSETS
|
|
|
|
Property, plant and
equipment
|
12
|
200.7
|
227.3
|
Right-of-use
assets
|
13
|
1,266.4
|
1,330.2
|
Intangible
assets
|
14
|
258.4
|
283.9
|
Goodwill
|
14
|
262.7
|
324.7
|
Investments in
associates
|
|
6.0
|
6.5
|
Deferred tax
assets
|
|
113.9
|
79.9
|
Other non-current
assets
|
|
30.1
|
33.9
|
Non-current
assets
|
|
2,138.2
|
2,286.4
|
Inventories
|
15
|
167.0
|
185.2
|
Trade
receivables
|
|
1.5
|
0.5
|
Other accounts
receivable
|
|
50.2
|
54.0
|
Income tax
receivables
|
|
9.0
|
2.7
|
Cash and cash
equivalents
|
|
204.5
|
318.0
|
Current
assets
|
|
432.2
|
560.4
|
Total
assets
|
|
2,570.4
|
2,846.8
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY
|
|
|
|
Equity attributable
to equity holders of the parent
|
|
402.8
|
579.6
|
Non-controlling
interests
|
|
59.3
|
79.2
|
Total
equity
|
|
462.1
|
658.8
|
Borrowings
|
16
|
500.5
|
503.1
|
Lease
obligations
|
16
|
1,047.4
|
1,098.1
|
Deferred tax
liabilities
|
|
36.1
|
38.4
|
Post-employment
benefit obligations
|
|
1.6
|
1.5
|
Other non-current
liabilities
|
|
0.5
|
0.7
|
Non-current
liabilities
|
|
1,586.1
|
1,641.8
|
Trade
payables
|
|
90.5
|
124.6
|
Borrowings
|
16
|
44.1
|
45.9
|
Lease
obligations
|
16
|
258.9
|
245.8
|
Income tax
payables
|
|
0.6
|
1.4
|
Other
liabilities
|
|
128.1
|
128.5
|
Current
liabilities
|
|
522.2
|
546.2
|
Total
liabilities
|
|
2,108.3
|
2,188.0
|
Total
liabilities and shareholders’ equity
|
|
2,570.4
|
2,846.8
|
|
ATTRIBUTABLE TO
EQUITY HOLDERS OF THE PARENT
|
|
|
||||
UNAUDITED
2020
IN MILLIONS OF
USD
|
Share
capital
|
Treasury
shares
|
Trans-
lation
reserves
|
Retained
earnings
|
SHARE-
HOLDERS'
EQUITY
|
NON-CON-
TROLLING
INTERESTS
|
TOTAL
EQUITY
|
Balance at
January 1
|
0.1
|
(1.1)
|
15.0
|
565.6
|
579.6
|
79.2
|
658.8
|
Net profit /
(loss)
|
-
|
-
|
-
|
(156.2)
|
(156.2)
|
(10.5)
|
(166.7)
|
Other comprehensive income /
(loss)
|
-
|
-
|
(14.5)
|
-
|
(14.5)
|
-
|
(14.5)
|
Total
comprehensive income / (loss) for the period
|
-
|
-
|
(14.5)
|
(156.2)
|
(170.7)
|
(10.5)
|
(181.2)
|
TRANSACTIONS WITH OR DISTRIBUTIONS
TO SHAREHOLDERS
|
|
|
|
|
|
|
|
Dividends to non-controlling
interests
|
-
|
-
|
-
|
-
|
-
|
(11.6)
|
(11.6)
|
Purchase of treasury
shares
|
-
|
(2.3)
|
-
|
-
|
(2.3)
|
-
|
(2.3)
|
Assignment of share-based payment
plans
|
-
|
2.3
|
-
|
(2.9)
|
(0.6)
|
-
|
(0.6)
|
Share-based
payments
|
-
|
-
|
-
|
(2.9)
|
(2.9)
|
-
|
(2.9)
|
Income tax on equity
transactions
|
-
|
-
|
-
|
(0.3)
|
(0.3)
|
-
|
(0.3)
|
Total
transactions with or distributions to owners
|
-
|
-
|
-
|
(6.1)
|
(6.1)
|
(11.6)
|
(17.7)
|
CHANGES IN OWNERSHIP INTERESTS IN
SUBSIDIARIES
|
|
|
|
|
|
|
|
Changes in participation of
non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
2.2
|
2.2
|
Balance at June
30
|
0.1
|
(1.1)
|
0.5
|
403.3
|
402.8
|
59.3
|
462.1
|
|
ATTRIBUTABLE TO
EQUITY HOLDERS OF THE PARENT
|
|
|
||||
UNAUDITED
2019
RESTATED
IN MILLIONS OF
USD
|
Share
capital
|
Treasury
shares
|
Trans-
lation
reserves
|
Retained
earnings
|
SHARE-
HOLDERS'
EQUITY
|
NON-CON-
TROLLING
INTERESTS
|
TOTAL
EQUITY
|
Balance at
January 1
|
0.1
|
(2.0)
|
0.4
|
553.6
|
552.1
|
84.8
|
636.9
|
Net profit /
(loss)
|
-
|
-
|
-
|
7.0
|
7.0
|
16.9
|
23.9
|
Other comprehensive income /
(loss)
|
-
|
-
|
12.1
|
-
|
12.1
|
-
|
12.1
|
Total
comprehensive income / (loss) for the period
|
-
|
-
|
12.1
|
7.0
|
19.1
|
16.9
|
36.0
|
TRANSACTIONS WITH OR DISTRIBUTIONS
TO SHAREHOLDERS
|
|
|
|
|
|
|
|
Dividends to non-controlling
interests
|
-
|
-
|
-
|
-
|
-
|
(18.1)
|
(18.1)
|
Purchase of treasury
shares
|
-
|
(2.7)
|
-
|
-
|
(2.7)
|
-
|
(2.7)
|
Assignment of share-based payment
plans
|
-
|
2.7
|
-
|
(8.1)
|
(5.4)
|
-
|
(5.4)
|
Share-based
payments
|
-
|
-
|
-
|
3.2
|
3.2
|
-
|
3.2
|
Income tax on equity
transactions
|
-
|
-
|
-
|
(0.5)
|
(0.5)
|
-
|
(0.5)
|
Total
transactions with or distributions to owners
|
-
|
-
|
-
|
(5.4)
|
(5.4)
|
(18.1)
|
(23.5)
|
CHANGES IN OWNERSHIP INTERESTS IN
SUBSIDIARIES
|
|
|
|
|
|
|
|
Changes in participation of
non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
3.1
|
3.1
|
Balance at June
301
|
0.1
|
(2.0)
|
12.5
|
555.2
|
565.8
|
86.7
|
652.5
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
RESTATED1
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
Profit
/ (loss) before tax
|
(208.1)
|
28.4
|
ADJUSTMENTS
FOR
|
|
|
Depreciation,
amortization and impairment
|
242.8
|
178.0
|
Loss / (gain) on
sale of non-current assets
|
1.1
|
0.2
|
Increase /
(decrease) in allowances and provisions
|
8.0
|
4.4
|
Loss / (gain) on
foreign exchange differences
|
0.1
|
-
|
Rent
waivers
|
(40.6)
|
-
|
Other non-cash
items
|
0.3
|
2.7
|
Finance
income
|
(1.1)
|
(2.4)
|
Finance
expenses
|
44.8
|
43.0
|
Cash
flows before working capital changes
|
47.3
|
254.3
|
Decrease /
(increase) in trade and other accounts receivable
|
0.7
|
(10.0)
|
Decrease /
(increase) in inventories
|
7.7
|
(2.5)
|
Increase /
(decrease) in trade and other accounts payable
|
(40.9)
|
41.1
|
Cash
generated from operations
|
14.8
|
282.9
|
Income tax
paid
|
(0.9)
|
(8.3)
|
Net
cash flows from operating activities
|
13.9
|
274.6
|
CASH FLOWS USED IN
INVESTING ACTIVITIES
|
|
|
Purchase of
property, plant and equipment
|
(24.4)
|
(32.8)
|
Purchase of
intangible assets
|
(2.8)
|
(2.4)
|
Contributions to
associates
|
-
|
(2.1)
|
Proceeds from sale
of property, plant and equipment
|
-
|
0.4
|
Interest
received
|
0.4
|
1.0
|
Repayments of loans
receivable from non-controlling interest holders
|
-
|
0.3
|
Sublease receivable
payments
|
1.4
|
1.3
|
Business
combinations, net of cash
|
(0.2)
|
-
|
Net
cash flows used in investing activities
|
(25.6)
|
(34.3)
|
CASH FLOWS FROM /
(USED IN) FINANCING ACTIVITIES
|
|
|
Lease
payments2
|
(87.6)
|
(148.5)
|
Dividends paid to
non-controlling interests
|
(9.8)
|
(15.0)
|
Purchase of
treasury shares
|
(2.3)
|
(2.7)
|
Contributions from
/ (purchase of) non-controlling interests
|
-
|
0.4
|
Interest
paid
|
(0.4)
|
(7.6)
|
Net
cash flows from / (used in) financing activities
|
(100.1)
|
(173.4)
|
Currency
translation on cash
|
(1.7)
|
1.4
|
Increase
/ (decrease) in cash and cash equivalents
|
(113.5)
|
68.3
|
|
|
|
CASH AND CASH
EQUIVALENTS AT THE
|
|
|
- beginning of the
period
|
318.0
|
234.2
|
- end of the
period
|
204.5
|
302.5
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
|
Net
sales
|
57.7
|
499.1
|
390.5
|
933.7
|
Advertising
income
|
4.0
|
10.8
|
12.7
|
21.2
|
Turnover
|
61.7
|
509.9
|
403.2
|
954.9
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
|
Confectionery, Food
and Catering
|
28.9
|
201.3
|
167.2
|
371.3
|
Perfumes and
Cosmetics
|
9.8
|
68.4
|
59.1
|
133.7
|
Fashion, Leather
and Baggage
|
5.4
|
60.8
|
39.6
|
109.1
|
Literature and
Publications
|
2.6
|
39.9
|
27.2
|
75.6
|
Electronics
|
4.3
|
27.6
|
24.7
|
50.6
|
Wine and
Spirits
|
1.3
|
22.7
|
17.5
|
44.6
|
Watches, Jewelry
and Accessories
|
1.4
|
27.9
|
17.3
|
53.3
|
Tobacco
goods
|
0.6
|
13.3
|
11.3
|
27.5
|
Other product
categories
|
3.4
|
37.2
|
26.6
|
68.0
|
Total
|
57.7
|
499.1
|
390.5
|
933.7
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
|
Duty
paid
|
47.9
|
393.3
|
310.4
|
726.4
|
Duty
free
|
9.8
|
105.8
|
80.1
|
207.3
|
Total
|
57.7
|
499.1
|
390.5
|
933.7
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
|
Airports
|
57.0
|
473.1
|
374.4
|
886.0
|
Downtown and hotel
shops
|
-
|
13.0
|
6.7
|
23.8
|
Railway stations
and other
|
0.7
|
13.0
|
9.4
|
23.9
|
Total
|
57.7
|
499.1
|
390.5
|
933.7
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
|
U.S.
|
48.8
|
416.0
|
324.8
|
768.6
|
Canada
|
8.9
|
83.1
|
65.7
|
165.1
|
Total
|
57.7
|
499.1
|
390.5
|
933.7
|
IN
MILLIONS OF USD
|
UNAUDITED
06.30.2020
|
12.31.2019
|
U.S.
|
1,387.1
|
1,476.7
|
Canada
|
631.2
|
723.3
|
Total
|
2,018.3
|
2,200.0
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
RESTATED
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
RESTATED
|
Lease expenses
relating to variable lease payments1
|
-
|
(39.2)
|
(15.9)
|
(69.2)
|
Lease expenses
relating to rent waiver contracts (variable)
|
(5.3)
|
-
|
(7.0)
|
-
|
Lease expenses low
value contracts
|
(0.1)
|
-
|
(0.3)
|
-
|
Derecognition of
lease obligations as a result of rent waivers2
|
37.3
|
-
|
40.6
|
-
|
Sublease
income
|
0.3
|
2.3
|
1.3
|
4.6
|
Total
|
32.2
|
(36.9)
|
18.7
|
(64.6)
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
|
Sales-related
income
|
0.4
|
1.3
|
1.3
|
2.8
|
Franchise and
management fee income
|
0.2
|
0.9
|
0.8
|
1.8
|
Other operational
income
|
1.4
|
1.2
|
2.4
|
1.5
|
Total
|
2.0
|
3.4
|
4.5
|
6.1
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
RESTATED
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
RESTATED
|
Depreciation RoU
assets
|
(60.5)
|
(61.1)
|
(124.6)
|
(121.9)
|
Impairment RoU
assets
|
(3.7)
|
-
|
(3.7)
|
-
|
Subtotal
(Right-of-Use Assets, see note 13)
|
(64.2)
|
(61.1)
|
(128.3)
|
(121.9)
|
Depreciation
Property, Plant and Equipment
|
(16.8)
|
(16.7)
|
(33.6)
|
(33.2)
|
Impairment
Property, Plant and Equipment
|
(6.0)
|
(0.7)
|
(6.0)
|
(0.9)
|
Subtotal
(Property, Plant and Equipment)
|
(22.8)
|
(17.4)
|
(39.6)
|
(34.1)
|
Amortization
Intangible Assets
|
(11.2)
|
(10.9)
|
(22.6)
|
(22.0)
|
Subtotal
(Intangible Assets, see note 14)
|
(11.2)
|
(10.9)
|
(22.6)
|
(22.0)
|
Impairment
Goodwill
|
-
|
-
|
(52.3)
|
-
|
Subtotal
(Goodwill, see note 14)
|
-
|
-
|
(52.3)
|
-
|
Total
|
(98.2)
|
(89.4)
|
(242.8)
|
(178.0)
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
RESTATED
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
RESTATED
|
FINANCE
INCOME
|
|
|
|
|
Interest income on
bank deposits
|
-
|
0.8
|
0.9
|
1.6
|
Interest on
sublease receivables
|
0.1
|
0.1
|
0.2
|
0.2
|
Interest
income on financial assets
|
0.1
|
0.9
|
1.1
|
1.8
|
Share
of result of associates
|
-
|
0.4
|
-
|
0.6
|
Total
finance income
|
0.1
|
1.3
|
1.1
|
2.4
|
|
|
|
|
|
FINANCE
EXPENSES
|
|
|
|
|
Interest on
loans
|
(7.3)
|
(7.3)
|
(14.6)
|
(14.5)
|
Interest on lease
obligations
|
(13.3)
|
(13.4)
|
(27.6)
|
(27.3)
|
Other financial
expenses
|
(1.5)
|
(0.4)
|
(2.1)
|
(1.2)
|
Interest
expense on financial liabilities
|
(22.1)
|
(21.1)
|
(44.3)
|
(43.0)
|
Share
of result of associates
|
(0.4)
|
-
|
(0.5)
|
-
|
Total
finance expenses
|
(22.5)
|
(21.1)
|
(44.8)
|
(43.0)
|
|
|
|
|
|
Foreign
exchange gain / (loss)
|
(0.1)
|
(0.3)
|
(0.1)
|
-
|
|
|
|
|
|
Financial
result
|
(22.5)
|
(20.1)
|
(43.8)
|
(40.6)
|
IN
MILLIONS OF USD
|
UNAUDITED
Q2
2020
|
UNAUDITED
Q2
2019
RESTATED
|
UNAUDITED
6M
2020
|
UNAUDITED
6M
2019
RESTATED
|
Current income tax
benefit / (expense)
|
1.5
|
(2.9)
|
6.4
|
(5.4)
|
Deferred income tax
benefit / (expense)
|
21.0
|
(7.0)
|
35.0
|
0.9
|
Total
|
22.5
|
(9.9)
|
41.4
|
(4.5)
|
UNAUDITED
2020
IN
MILLIONS OF USD
|
BUILDINGS
&
LEASEHOLD
IMPROVEMENTS
|
FURNITURE
FIXTURES
|
COMPUTER
HARDWARE
|
VEHICLES
|
WORK
IN
PROGRESS
|
TOTAL
|
AT
COST
|
|
|
|
|
|
|
Balance
at January 1
|
277.6
|
210.7
|
53.9
|
4.8
|
16.4
|
563.4
|
Additions
|
3.1
|
2.1
|
1.5
|
-
|
12.2
|
18.9
|
Disposals
|
(11.8)
|
(9.8)
|
(0.5)
|
(0.2)
|
-
|
(22.3)
|
Reclassification
within classes
|
7.8
|
4.8
|
0.4
|
-
|
(13.0)
|
-
|
Reclassification to
intangible assets
|
-
|
-
|
-
|
-
|
(0.7)
|
(0.7)
|
Currency
translation adjustments
|
(1.9)
|
(1.0)
|
(0.4)
|
(0.1)
|
-
|
(3.4)
|
Balance
at June 30
|
274.8
|
206.8
|
54.9
|
4.5
|
14.9
|
555.9
|
|
|
|
|
|
|
|
ACCUMULATED
DEPRECIATION
|
|
|
|
|
|
|
Balance
at January 1
|
(150.6)
|
(134.2)
|
(34.6)
|
(3.5)
|
-
|
(322.9)
|
Additions (note
9)
|
(16.0)
|
(13.7)
|
(3.7)
|
(0.2)
|
-
|
(33.6)
|
Disposals
|
8.8
|
8.5
|
0.5
|
0.2
|
-
|
18.0
|
Reclassification
within classes
|
1.1
|
(1.1)
|
-
|
-
|
-
|
-
|
Currency
translation adjustments
|
1.5
|
0.8
|
0.2
|
-
|
-
|
2.5
|
Balance
at June 30
|
(155.2)
|
(139.7)
|
(37.6)
|
(3.5)
|
-
|
(336.0)
|
|
|
|
|
|
|
|
IMPAIRMENT
|
|
|
|
|
|
|
Balance
at January 1
|
(8.3)
|
(4.5)
|
(0.4)
|
-
|
-
|
(13.2)
|
Impairment (note
9)
|
(3.8)
|
(2.1)
|
(0.1)
|
-
|
-
|
(6.0)
|
Balance
at June 30
|
(12.1)
|
(6.6)
|
(0.5)
|
-
|
-
|
(19.2)
|
|
|
|
|
|
|
|
CARRYING
AMOUNT
|
|
|
|
|
|
|
At
June 30, 2020
|
107.5
|
60.5
|
16.8
|
1.0
|
14.9
|
200.7
|
UNAUDITED
2019
RESTATED
IN
MILLIONS OF USD
|
BUILDINGS
&
LEASEHOLD
IMPROVEMENTS
|
FURNITURE
FIXTURES
|
COMPUTER
HARDWARE
|
VEHICLES
|
WORK
IN
PROGRESS
|
TOTAL
|
AT
COST
|
|
|
|
|
|
|
Balance
at January 1
|
270.4
|
203.5
|
47.6
|
4.4
|
22.1
|
548.0
|
Additions
|
5.4
|
3.2
|
2.1
|
0.4
|
15.0
|
26.1
|
Disposals
|
(4.6)
|
(3.0)
|
(0.7)
|
(0.2)
|
-
|
(8.5)
|
Reclassification
within classes
|
15.5
|
6.9
|
1.3
|
-
|
(23.7)
|
-
|
Currency
translation adjustments
|
2.5
|
0.8
|
0.1
|
(0.1)
|
-
|
3.3
|
Balance
at June 30
|
289.2
|
211.4
|
50.4
|
4.5
|
13.4
|
568.9
|
|
|
|
|
|
|
|
ACCUMULATED
DEPRECIATION
|
|
|
|
|
|
|
Balance
at January 1
|
(138.1)
|
(115.8)
|
(28.6)
|
(3.1)
|
-
|
(285.6)
|
Additions (note
9)
|
(15.8)
|
(13.6)
|
(3.6)
|
(0.2)
|
-
|
(33.2)
|
Disposals
|
4.3
|
2.8
|
0.7
|
0.1
|
-
|
7.9
|
Currency
translation adjustments
|
(1.4)
|
(0.7)
|
(0.2)
|
-
|
-
|
(2.3)
|
Balance
at June 30
|
(151.0)
|
(127.3)
|
(31.7)
|
(3.2)
|
-
|
(313.2)
|
|
|
|
|
|
|
|
IMPAIRMENT
|
|
|
|
|
|
|
Balance
at January 1
|
(11.5)
|
(7.6)
|
(0.3)
|
-
|
-
|
(19.4)
|
Impairment (note
9)
|
(0.6)
|
(0.3)
|
-
|
-
|
-
|
(0.9)
|
Balance
at June 30
|
(12.1)
|
(7.9)
|
(0.3)
|
-
|
-
|
(20.3)
|
|
|
|
|
|
|
|
CARRYING
AMOUNT
|
|
|
|
|
|
|
At
June 30, 2019
|
126.1
|
76.2
|
18.4
|
1.3
|
13.4
|
235.4
|
UNAUDITED
2020
IN
MILLIONS OF USD
|
STORES
|
OTHER
BUILDINGS
|
VEHICLES
|
TOTAL
|
AT
COST
|
|
|
|
|
Balance
at January 1
|
1,511.8
|
67.6
|
0.1
|
1,579.5
|
Additions to
right-of-use assets
|
101.6
|
2.4
|
0.4
|
104.4
|
Decrease in
right-of-use assets
|
(62.2)
|
(0.7)
|
(0.1)
|
(63.0)
|
Currency
translation adjustments
|
(17.2)
|
(0.1)
|
-
|
(17.3)
|
Balance
at June 30
|
1,534.0
|
69.2
|
0.4
|
1,603.6
|
|
|
|
|
|
ACCUMULATED
DEPRECIATION
|
|
|
|
|
Balance
at January 1
|
(241.0)
|
(8.2)
|
(0.1)
|
(249.3)
|
Additions (note
9)
|
(120.5)
|
(4.0)
|
(0.1)
|
(124.6)
|
Disposals
|
37.5
|
0.7
|
0.1
|
38.3
|
Currency
translation adjustments
|
2.1
|
-
|
-
|
2.1
|
Balance
at June 30
|
(321.9)
|
(11.5)
|
(0.1)
|
(333.5)
|
|
|
|
|
|
IMPAIRMENT
|
|
|
|
|
Balance
at January 1
|
-
|
-
|
-
|
-
|
Impairment (note
9)
|
(3.7)
|
-
|
-
|
(3.7)
|
Balance
at June 30
|
(3.7)
|
-
|
-
|
(3.7)
|
|
|
|
|
|
CARRYING
AMOUNT
|
|
|
|
|
At
June 30, 2020
|
1,208.4
|
57.7
|
0.3
|
1,266.4
|
UNAUDITED
2019
RESTATED
IN
MILLIONS OF USD
|
STORES
|
OTHER
BUILDINGS
|
TOTAL
|
AT
COST
|
|
|
|
Balance
at January 1
|
1,206.0
|
55.3
|
1,261.3
|
Additions to
right-of-use assets
|
71.4
|
4.9
|
76.3
|
Decrease in
right-of-use assets
|
(26.5)
|
-
|
(26.5)
|
Currency
translation adjustments
|
6.3
|
0.1
|
6.4
|
Balance
at June 30
|
1,257.2
|
60.3
|
1,317.5
|
|
|
|
|
ACCUMULATED
DEPRECIATION
|
|
|
|
Balance
at January 1
|
-
|
-
|
-
|
Additions (note
9)
|
(117.8)
|
(4.1)
|
(121.9)
|
Currency
translation adjustments
|
(0.2)
|
-
|
(0.2)
|
Balance
at June 30
|
(118.0)
|
(4.1)
|
(122.1)
|
|
|
|
|
CARRYING
AMOUNT
|
|
|
|
At
June 30, 2019
|
1,139.2
|
56.2
|
1,195.4
|
UNAUDITED
2020
IN
MILLIONS OF USD
|
CONCESSION
RIGHTS1
|
OTHER
|
TOTAL
|
GOODWILL
|
AT
COST
|
|
|
|
|
Balance
at January 1
|
525.7
|
61.5
|
587.2
|
324.7
|
|
|
|
|
|
Additions
|
0.1
|
2.7
|
2.8
|
-
|
Disposals
|
(0.7)
|
(0.1)
|
(0.8)
|
-
|
Reclassification
from property, plant & equipment
|
-
|
0.7
|
0.7
|
-
|
Currency
translation adjustments
|
(10.0)
|
0.2
|
(9.8)
|
(8.8)
|
Balance
at June 30
|
515.1
|
65.0
|
580.1
|
315.9
|
|
|
|
|
|
ACCUMULATED
DEPRECIATION
|
|
|
|
|
Balance
at January 1
|
(261.9)
|
(41.4)
|
(303.3)
|
-
|
|
|
|
|
|
Additions (note
9)
|
(19.6)
|
(3.0)
|
(22.6)
|
-
|
Disposals
|
0.7
|
-
|
0.7
|
-
|
Currency
translation adjustments
|
3.4
|
0.1
|
3.5
|
-
|
Balance
at June 30
|
(277.4)
|
(44.3)
|
(321.7)
|
-
|
|
|
|
|
|
IMPAIRMENT
|
|
|
|
|
Balance
at January 1
|
-
|
-
|
-
|
-
|
|
|
|
|
|
Impairment (note
9)
|
-
|
-
|
-
|
(52.3)
|
Currency
translation adjustments
|
-
|
-
|
-
|
(0.9)
|
Balance
at June 30
|
-
|
-
|
-
|
(53.2)
|
|
|
|
|
|
CARRYING
AMOUNT
|
|
|
|
|
At
June 30, 2020
|
237.7
|
20.7
|
258.4
|
262.7
|
UNAUDITED
2019
IN
MILLIONS OF USD
|
CONCESSION
RIGHTS1
|
OTHER
|
TOTAL
|
GOODWILL
|
AT
COST
|
|
|
|
|
Balance
at January 1
|
509.2
|
46.0
|
555.2
|
315.0
|
|
|
|
|
|
Additions
|
-
|
2.4
|
2.4
|
-
|
Disposals
|
-
|
(0.2)
|
(0.2)
|
-
|
Currency
translation adjustments
|
9.2
|
-
|
9.2
|
8.0
|
Balance
at June 30
|
518.4
|
48.2
|
566.6
|
323.0
|
|
|
|
|
|
ACCUMULATED
DEPRECIATION
|
|
|
|
|
Balance
at January 1
|
(220.5)
|
(36.8)
|
(257.3)
|
-
|
|
|
|
|
|
Additions (note
9)
|
(19.1)
|
(2.9)
|
(22.0)
|
-
|
Disposals
|
-
|
0.2
|
0.2
|
-
|
Currency
translation adjustments
|
(2.6)
|
(0.1)
|
(2.7)
|
-
|
Balance
at June 30
|
(242.2)
|
(39.6)
|
(281.8)
|
-
|
|
|
|
|
|
CARRYING
AMOUNT
|
|
|
|
|
At
June 30, 2019
|
276.2
|
8.6
|
284.8
|
323.0
|
POST TAX DISCOUNT RATES
|
|
PRE TAX DISCOUNT RATES
|
|
GROWTH RATES FOR NET SALES
|
||||||
UNAUDITED
03.31.2020
|
|
12.31.2019
|
|
UNAUDITED
03.31.2020
|
|
12.31.2019
|
|
UNAUDITED
03.31.2020
|
|
12.31.2019
|
7.82
|
|
7.59
|
|
9.55
|
|
9.27
|
|
(52.4)
- 54.4
|
|
4.1
- 8.8
|
|
|
UNAUDITED
03.31.2020
|
|
12.31.2019
|
Beta
factor
|
|
1.07
|
|
0.88
|
IN
MILLIONS OF USD
|
UNAUDITED
06.30.2020
|
12.31.2019
|
Inventories at
cost
|
182.9
|
193.2
|
Inventory
allowance
|
(15.9)
|
(8.0)
|
Total
|
167.0
|
185.2
|
UNAUDITED
2020
IN
MILLIONS OF USD
|
CASH
AND CASH
EQUIVALENTS
|
LEASE
OBLIGATIONS
|
BORROWINGS,
CURRENT
|
BORROWINGS,
NON-CURRENT
|
BORROWINGS,
NET
|
Balance
at January 1
|
318.0
|
1,343.9
|
45.9
|
503.1
|
1,574.9
|
Cash flows from /
(used in) operating, financing and investing
activities
|
(111.8)
|
-
|
-
|
-
|
111.8
|
Lease
payments
|
-
|
(87.6)
|
-
|
-
|
(87.6)
|
Cash
flow
|
(111.8)
|
(87.6)
|
-
|
-
|
24.2
|
Additions to lease
obligations
|
-
|
104.6
|
-
|
-
|
104.6
|
Change in terms of
lease obligations
|
-
|
(25.5)
|
-
|
-
|
(25.5)
|
Interest on lease
obligations
|
-
|
27.6
|
-
|
-
|
27.6
|
Rent
waivers1
|
-
|
(42.0)
|
-
|
-
|
(42.0)
|
Currency
translation adjustments
|
(1.7)
|
(14.7)
|
(1.8)
|
(2.6)
|
(17.4)
|
Other
non-cash movements
|
(1.7)
|
50.0
|
(1.8)
|
(2.6)
|
47.3
|
Balance
at June 30
|
204.5
|
1,306.3
|
44.1
|
500.5
|
1,646.4
|
UNAUDITED
2019
RESTATED
IN
MILLIONS OF USD
|
CASH
AND CASH
EQUIVALENTS
|
LEASE
OBLIGATIONS
|
BORROWINGS,
CURRENT
|
BORROWINGS,
NON-CURRENT
|
BORROWINGS,
NET
|
Balance
at January 1
|
234.2
|
1,268.7
|
51.4
|
492.6
|
1,578.5
|
Cash flows from /
(used in) operating, financing and investing
activities
|
66.9
|
-
|
-
|
-
|
(66.9)
|
Lease
payments
|
-
|
(148.5)
|
-
|
-
|
(148.5)
|
Cash
flow
|
66.9
|
(148.5)
|
-
|
-
|
(215.4)
|
Additions to lease
obligations
|
-
|
77.3
|
-
|
-
|
77.3
|
Change in terms of
lease obligations
|
-
|
(26.7)
|
-
|
-
|
(26.7)
|
Interest on lease
obligations
|
-
|
27.3
|
-
|
-
|
27.3
|
Currency
translation adjustments
|
1.4
|
7.8
|
2.1
|
2.1
|
10.6
|
Other
non-cash movements
|
1.4
|
85.7
|
2.1
|
2.1
|
88.5
|
Balance
at June 30
|
302.5
|
1,205.9
|
53.5
|
494.7
|
1,451.6
|
|
AVERAGE RATES
|
CLOSING RATES
|
||
IN
USD
|
Q2 2020
|
6M 2020
|
06.30.2020
|
|
|
|
|
|
|
1
CAD
|
0.7217
|
0.7336
|
0.7368
|
|
IN USD
|
Q2 2019
|
6M 2019
|
06.30.2019
|
12.31.2019
|
|
|
|
|
|
1
CAD
|
0.7478
|
0.7501
|
0.7639
|
0.7701
|