– There’ve been a very nice shop, says investor Terje The play, which owns 26 percent of the company that runs most duty free shops at Norwegian airports.
The play was in 2013 at 158 Hegnar place on the list of Norway’s richest people.
The company, Travel Retail Norway AS, took over the duty free shops at Avinor’s airports in 2005 Until then, was the Powered by SAS Trading.
Since then, Travel Retail Norway (TRN) overall had a profit before tax of 2.07 billion.
The other owners of the TRN is the German tax free giant Heinemann (50 percent) and Norway group (24 percent). The latter also owns including Menu, Kiwi, Joker, Dolly Dimple’s and Kaffebrenneriet.
– We had clear expectations that we would be able to drive better store than the SAS had done 40 years before us. We are traders and are only concerned with store operations. We were reasonably confident that we would be able to offer a better selection and increase sales, says The play questions whether the profits of the tax-free shops have exceeded all expectations.
Server on arrival sale
At government allowed duty free on arrival has been a major reason for the good numbers, he stressed.
– This led to most travelers stopped to buy duty their goods at the airports they traveled from or on board the aircraft. It gave just a sales transfer from abroad to Norway. Sales on arrival make up a significant portion of our operating revenues, says the investor.
The play feels this is an argument that politicians should drop the idea of halting tax free sales.
Opened for cessation of duty
earliest last summer was this debate revived as Party deputy and former minister Ola Borten Moe opened to remove the tax-free scheme at Norwegian airports, because he believes it is Vinmonopolet who should be responsible for alcohol sales in the country.
– To believe that sales will be transferred to the Wine Monopoly is an illusion. It will only move abroad again. Norwegian consumers are very conscious of prices and selection, said piece.
– And you are welcome to greet Ola Borten Moe and say that Travel Retail Norway has paid nearly 600 million in corporation tax to the Norwegian Treasury since 2005, investor claims.
Seller’s more, earn less
Just last year earned the Norwegian-German company around a quarter of a billion dollars on Norwegians shopping at the airport.
The company sold goods for about 4.5 billion, an increase of almost ten percent from last year’s 4.1 billion.
But profit before tax was, however, approximately NOK 80 million lower than in 2012, when the company earned 330 million.
CEO In TRN, Håkon Fjeld-Hansen, told Aftenposten that they do not comment on their own accounts.
Co-owner Terje piece explains the decline in 2013 profit with charges related to the renegotiation of the agreement, with Avinor in 2012, which has given TRN license to operate taxfrebutikkene until 2021.
– In addition to increased operating costs due to increased sales, he said.
From 1 July the duty-free quota increased by two bottles of wine for those who do not purchase tobacco. Aftenposten has previously estimated that this will result in an increase in annual wine sales of more than 325 million.
– It’s a bit early to say how the quota change turns out, but so far we see a slight decline in tobacco sales and increase in wine sales, said piece.
Stable Torp and Rygge
Duty Free Shops at Torp and Rygge operated by Airport Retail Norway (ARN). Their revenues increased by nine percent in one year, while profit before tax in 2013 remained stable yoy at approximately 62 million.
CEO Hans Kristian Hov-Melbye says to Aftenposten that they do not comment on the financial statements in the media.
According to TV2 expect owners of duty-free shop on arrival at Oslo Airport that sales will more than double from 2013 to 2019.
Also read:
The passengers will no longer be channeled into a “liquor store”
– There are two extra bottles now
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