Financial Highlights

This section includes the main economic-financial and operative data of the Autogrill Group.

Interactive data

Highlights

  (m€)201520142013**2012**2011*
Revenue 4,369.2 3,930.2 3,894.8 4,075.6 5,844.6
Ebitda 376.2 316.2 314.0 327.6 617.0
Operating result (Ebit) 151.9 118.6 88.3 102.2 303.0
Net profit of Group 78.5 37.0 87.9 96.8 126.3
Net investments 211.6 196.4 162.6 252.6 209.4
Working capital (417.4) (394.7) (340.0) (420.0) (491.2)
Net capital invested 1,244.4 1,184.0 1,117.5 1,149.0 2,352.2
Net financial position 644.4 693.3 672.7 933.2 1,552.8
Euro-dollar exchange rate (end of period) €/$ 1.0887 1.2141 1.3791 1.3194 1.2939
Euro-dollar exchange rate (average) €/$ 1.1095 1.3285 1.3281 1.2848 1.3922
Results on revenue        
Ebitda on revenue % 8.6 8.0 7.9 8.0 10.6
Ebit on revenue % 3.5 3.0 2.2 2.5 5.2
Net profit on revenue % 1.8 0.9 0.2 0.2 2.2

**Post demerger

* The proportional partial demerger of Autogrill S.p.A in favour of World Duty Free S.p.A. came into effect on 1 October 2013. Consolidated figures and documentation prior to said date refer to the whole Autogrill Group prior to the demerger.

Income statement

 (m€)201520142013**2012**2011*
Revenue 4,369.2 3,930.2 3,984.8 4,075.6 5,844.6
Other operating proceeds 124.8 130.5 146.3 125.3 154
Total revenue and proceeds 4,494.0 4,060.8 4,131.1 4,200.9 5,998.6
Cost of raw, subsidiary materials and goods (1,384.9) (1,304.1) (1,331.4) (1,366.2) (2,139.6)
Cost of personnel (1,436.4) (1,296.6) (1,318.2) (1,331.8) (1,472.6)
Cost of leases, concessions and royalties on use of brands (755.0) (668.5) (677.4) (679.5) (1,193.9)
Other operating costs (541.5) (475.4) (490.2) (495.7) (575.5)
EBITDA 376.2 316.2 314.0 327.6 617.0
Depreciation and devaluation (224.3) (197.6) (225.8) (208.7) (314.0)
Impairment losses on goodwill (16.7) -
Operating result (EBIT) 151.9 118.6 88.3 102.2 303.0
Financial Proceeds (Charges) (37.9)  (44.4) (50.5) (71.1) (82.8)
Income (expenses) on investments (1.0) 3.0 (2.4) (2.2) (0.7)
Profit before taxes 113.0 77.2 35.4 28.9 219.4
Income taxes (34.4) (40.2) (27.1) (21.5) (80.3)
Net profit 78.5 37.0 99.4 110.3 139.1
of Group 64.2 25.1 87.9 96.8 126.3
of minority shareholders 14.4 11.9 11.5 13.5 12.8

** Post Demerger

* The proportional partial demerger of Autogrill S.p.A in favour of World Duty Free S.p.A. came into effect on 1 October 2013. Consolidated figures and documentation prior to said date refer to the whole Autogrill Group prior to the demerger.

Balance sheet 

 (m€)201520142013**2012**2011*
Assets 1,814.6 1,726.0 1,615.6 1,730.2 3,104.4
Intangible assets 921.3 868.3 811.1 845.0 2,154.5
Buildings, plants and machinery 876.0 834.9 782.5 870.7 923.4
Financial assets 17.3 22.8 22.0 14.5 26.5
Working capital (417.4) (394.7) (340.0) (420.0) (491.2)
Stock 136.4 123.5 106.1 114.6 266
Trade receivables 48.3 43.5 46.4 46.6 53.5
Other receivables 148.8 151.3 191.1 210.7 227.9
Trade payables (398.8) (377.1) (396.2) (440.1) (632.4)
Other debts (352.2) (335.0) (287.5) (351.9) (406.2)
Capital invested, minus period liabilities 1,397.2 1,331.3 1,275.6 1,310.2 2,613.2
Other non current, non financial assets and liabilities (152.7) (147.3) (158.1) (161.2) (261.1)
Assets intended for sale 0 0 598.2 0
Net capital invested 1,244.4 1,184.0 1,117.5 1,747.2 2,352.2
Group equity 600.0 490.7 444.8 814.0 799.4
Equity of Group 559.6 458.5 413.6 787.7 779.8
Third party equity 40.4 32.1 31.2 26.4 19.6
Non-current financial liabilities 743.4 752.7 737.0 808.0 1,568.6
Non-current financial assets (4.7) (4.9)
Non-current financial indebtedness 738.6 747.8
Net short term financial position (94.2) (54.5) (64.3) 125.2 (15.8)
Short term financial debts 97.3 150.0 128.2 277.9 214.2
Short term liquidity and financial credits (191.5) (204.5) (192.5) (152.7) (230.0)
Net financial position 644.4 693.3 672.7 933.2 1,552.8
Total 1,244.4 1,184.0 1,117.5 1,747.2 2,352.2

** Post Demerger

* The proportional partial demerger of Autogrill S.p.A in favour of World Duty Free S.p.A. came into effect on 1 October 2013. Consolidated figures and documentation prior to said date refer to the whole Autogrill Group prior to the demerger.

Statement of cash flow

(m€)2015201420132012**2011*
Opening net cash and cash equivalents 142.8 129.6 96.8 179.6 156.9
Pre-tax profit and net financial expense for the year 150.9 121.6 85.9 100.0 302.2
Amortization, depreciation and impairment losses on non-current assets,
net of reversals
224.3 197.6 225.8 225.4 314.0
Adjustment and (gains)/losses on disposal of financial assets 1.0 (3.0) 2.4 2.2 0.7
((Gain)/losses on disposal of non-current assets (4.8) (3.4) (2.3) (3.3) (2.5)
Other non-cash items (0.1) (1.1) 0.4 0.5   
Change in working capital 11.2 (4.4) (79.5) 9.0 (60.0)
Net change in non-current non-financial assets and liabilities 1.9 (30.8) (8.4) (26.3) (40.1)
Cash flow from operating activities 384.4 290.9 224.2 307.4 514.4
Taxes paid (51.6) (36.5) (33.9) (34.8) (87.4)
Interest paid (35.7) (30.8) (42.1) (42.0) (112.8)
Net cash flow from operating activities 297.2 209.1 148.1 230.7 314.1
Acquisition of property, plant and equipment and intangible assets (227.3) (179.5) (187.4) (254.5) (216.1)
Proceeds from sale of non-current assets (8.3) 3.6 2.5 3.7 7.9
Acquisition of consolidated equity investments (0.8) (1.3) (16.2) (0.6) (3.2)
Dividends from discontinued operations (demerger) - - 220.0 70.0   
Disposal of US Retail division 23.4 18.6 74.1  
Net change in non-current financial assets 3.2 0.0 0.2 (0.2) 1.3
Net cash flow from (used in) investing activities (193.3) (158.7) 93.3 (181.5) (210.1)
Issues of bond - - 252.0 0.0 (46.4)
Repayments of bond - - (192.9)  
Issue of new non-current loans 275.0 - 24.7 6.6 966.3
Repayments of non-current loans from discontinued operations (demerger) - - 70.0 116.6   
Repayments of current loans, net of new loans (336.1) (42.4) 402.2 - (894.4)
Repayments of current loans, net of new loans (68.7) 12.2 63.5 (148.0) (22.6)
Dividends paid - - - (71.0) (61.0)-
Exercise ok stock option 2.1 0.5
Other cash flows (11.5) (14.0) (6.2) (5.8) (24.9)
Net cash flow used in financing activities (139.2) (43.7) (191.2) (101.6) (83.0)
Cash flow for the year (35.3) 6.7 50.2 (52.5) 21.1
Net cash flow from (used in) operating activities - discontinued operations (demerger) - - (116.6) 188.6 -
Net cash flow used in investing activities - discontinued operations
(demerger)
- - (119.4) (29.9) -
Net cash flow from (used in) financing activities - discontinued operations
(demerger)
- - 232.3 (187.7) -
Cash flow for the period from discontinued operations (demerger) - - (3.7) (29.0) -
Effect of Demerger - - (11.7)  
Effect of exchange on net cash and cash equivalents 1.3 6.5 (2.1) (1.4) 1.6
 Closing net cash and cash equivalents 108.8 142.8 129.6 96.8 179.6
Reconciliation of net cash and cash equivalents        
Opening - net cash and cash equivalents 142.8 129.6 96.8 179.6 156.9
Cash and cash equivalents 183.2 171.5 154.6 212.4 176.1
Current account overdrafts (40.4) (41.9) 57.8 (32.8) (19.3)
Closing - net cash and cash equivalents 108.8 142.8 129.6 96.8 179.6
Cash and cash equivalents 161.8 183.2 171.5 154.6 212.4
Current account overdrafts (53.0) (40.4) (42.0) (57.8) (32.8)

** Post demerger

* The proportional partial demerger of Autogrill S.p.A in favour of World Duty Free S.p.A. came into effect on 1 October 2013. Consolidated figures and documentation prior to said date refer to the whole Autogrill Group prior to the demerger.

Data by geagraphical area/channel

Revenues by geographical area

(m€) Period 2015 Period 2014 Period 2013
North America 2,232.4   1,847.9 1916.8
North  Europe and Rest of the world 347.0 278.2    232.6
Italy 1,057.4 1,091.7  1,154.1
Other European countries 732.4 712.3 681.3
Total 4,369.2 3,930.2 3,984.8

Revenues by geographical area/channel

North America 

(m$) Period 2015 Period 2014Period 2013
Airports 1,978.9  1,904.6 2050.9
Motorways  455.6 445.5 440.4
Other 34.9 45.9 54.3
 Total 2,476.8  2,454.9  2,545.7

North Europe and Rest of the world

(m$) Period 2015Period 2014Period 2013
 Airports  347,0  396.6 309.0
 Total 347,0  396.6  309.0

Italy

(m€) Period 2015Period 2014Period 2013
Motorways 824.6 852.9 878.3
Airports 77.6 79.1 83.1
Railway Stations 36.7 35.1 32.8
Other 118.4 124.7 160.0
Total 1.057.4 1,091.7   1,154.1

Other European Countries

(m€) Period 2015Period 2014 Period 2013
Motorways 425.0 416.4 398.8
Airports 147.7 131.6 129.4
Railway Stations 122.1 126.3 112.1
Other 37.6 38.1 41.0
Total 732.4 712.3 681.3

EBITDA 

(m€) Period 2015Period 2014 Period 2013
North America  254.1 202.4 200
North Europe and Rest of the world 42.4 35.2 30.0
Italy 65.1 61.9 73.2
Other European countries 49.2 46.7 46.3 
European Headquarters (8.9) (9.0) (8.5)
Corporate Costs (25.7) (20.9) (27.1)
Total (376.2) 316.2 314.0

** Post demerger

Debt

PRIVATE PLACEMENT
Issued byAmount grantedOriginal durationExpiry dateInterest rateDrawn (as of 30/09/16)Covenants
May 2007 (Host Corp) $ 150m 10 years May-17 Fixed: 5.73% $ 150m Ebitda interest coverage ≥ 4.5x
Gross Debt /Ebitda ≤3.5x
January 2013 (Host Corp) $ 150m 10 years January-23 Fixed: 5.12% $ 150m Ebitda interest coverage ≥ 4.5x
Gross Debt /Ebitda ≤3.5x

March 2013 (Host Corp)

$ 25m 7,5 years September-20 Fixed: 4.75% $ 25m Ebitda interest coverage ≥ 4.5x
Gross Debt /Ebitda ≤3.5x
March 2013 (Host Corp) $ 40m 8,5 years September-21 Fixed: 4.97% $ 40m Ebitda interest coverage ≥ 4.5x
Gross Debt /Ebitda ≤3.5x
Marzo 2013 (Host Corp) $ 80m 11,5 years September-24 Fixed: 5.40% $ 80m Ebitda interest coverage ≥ 4.5x
Gross Debt /Ebitda ≤3.5x
Marzo 2013 (Host Corp) $ 55m 12,5 years September-25 Fixed: 5.45% $ 55m Ebitda interest coverage ≥ 4.5x
Gross Debt /Ebitda ≤3.5x

Issue of fixed rate bonds on domestic American market denominated in US$,placed with a limited number of institutional investors. These do not require attribution of a public rating and do not require reporting typical of public bond markets. They are generally kept in the portfolios of original investors. Three emissions involved (9 May 2007, 17 January 2013 and 14 March 2013) by HMSHost Corporation (100% Autogrill Group). Like bank financing, private placement regulations foresee that some economic-financial indicators be complied with, referred solely to the HMSHost Corporation corporate perimeter. The private placement has not been guaranteed by Autogrill Spa. since 22 April 2013.

 
CompanyTypeIssued byAmount grantedExpiry dateInterest rateDrawn (as of 30/09/16)Covenants
Autogrill S.p.A Amortized Term Loan March 2015 € 200m March 2020 Floating € 200m Ebitda interest coverage ≥ 4.5x
Revolving Credit Facility € 400m € 50m Net Debt /Ebitda ≤3.5x
Host Corp Credit Agreement March 2013  $ 250m March 2020 Floating $ 0m Ebitda interest coverage ≥ 4.5x
Gross Debt /Ebitda ≤3.5x

Autogrill S.p.A signed a credit facility agreeement worth a total of 600m€, divided into one amortized term loan facility and one revolving credit facility amounting respectively to 200m€ and 400m€, both with a final maturity in March 2020. HMSHost Corp amended the revolving credit facility agreement dated March 2013, extending the facility’s maturity to March 2020, for a total commitment equal to 250m$. It can be drawn only in US dollars. The facility is not guaranteed by Autogrill S.p.A.The loans pay a floating interest rate (Euribor/Libor) plus a spread and are subjected to maintenance of certain financial indices (covenants) referred to each area of influence.

Latest update: Thursday, November 10, 2016 - 17:58