Financial Highlights

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

Interactive data

Highlights

  (m€)2018201720162015***20142013**2012**2011*
Revenue 4,695.3 4,594.6 4,519.1 4,336.3 3,930.2 3,894.8 4,075.6 5,844.6
Ebitda 386.9 399.0 411.6 373.5 316.2 314.0 327.6 617.0
Operating result (Ebit) 150.0 185.2 201.0 151.9 118.6 88.3 102.2 303.0
Net profit of Group 68.7 96.2 98.2 64.2 37.0 87.9 96.8 126.3
Net investments 261.9 232.7 210.6 196.4 162.6 252.6 209.4
Working capital (430.7) (405.9) (442.5) (428.2) (394.7) (340.0) (420.0) (491.2)
Net capital invested 1,412.1 1,239.3 1,265.6 1,228.9 1,184.0 1,117.5 1,149.0 2,352.2
Net financial position 671.1 544.0 578.0 629.0 693.3 672.7 933.2 1,552.8
Euro-dollar exchange rate (end of period) €/$ - 1.1993 1.0541 1.0887 1.2141 1.3791 1.3194 1.2939
Euro-dollar exchange rate (average) €/$ 1.1810 1.1297 1.1069 1.1095 1.3285 1.3281 1.2848 1.3922
Results on revenue        
Ebitda on revenue % 8.9 8.68 9.1 8.6 8.0 7.9 8.0 10.6
Ebit on revenue % 3.8 4.03 4.4 3.5 3.0 2.2 2.5 5.2
Net profit on revenue % 1.8 2.46 2.6 1.8 0.9 0.2 0.2 2.2

**Restatement after the disposal of the Dutch motorway business 

**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€)201820172016201520142013**2012**2011*
Revenue 4,695.3 4.594,6 4,519.1 4,336.3 3,930.2 3,984.8 4,075.6 5,844.6
Other operating proceeds

131.1

116.4

123.6 123.7 130.5 146.3 125.3 154
Total revenue and proceeds 4,826.4 4.711,1 4,642.6 4,460.1 4,060.8 4,131.1 4,200.9 5,998.6
Cost of raw, subsidiary materials and goods (1,445.6) (1.421,4) (1,410.3) (1,379.0) (1,304.1) (1,331.4) (1,366.2) (2,139.6)
Cost of personnel (1,557.0) (1.519,8) (1,495.7) (1,423.9) (1,296.6) (1,318.2) (1,331.8) (1,472.6)
Cost of leases, concessions and royalties on use of brands (876.5) (828.2) (796.1) (751.4) (668.5) (677.4) (679.5) (1,193.9)
Other operating costs (560.4) (542.7) (543.5) (532,3) (475.4) (490.2) (495.7) (575.5)
EBITDA 386.9 399.0 411.6 373.5 316.2 314.0 327.6 617.0
Depreciation and devaluation (236.9) (213.7) (210.6) (221.6) (197.6) (225.8) (208.7) (314.0)
Impairment losses on goodwill (16.7) -
Operating result (EBIT) 150.0 185.2 201.0 151.9 118.6 88.3 102.2 303.0
Financial Proceeds (Charges) (29.1) (27.3) (31.6) (37.6)  (44.4) (50.5) (71.1) (82.8)
Income (expenses) on investments 0.0 0.8 0.9 (1.0) 3.0 (2.4) (2.2) (0.7)
Profit before taxes 121.0 158.7 170.3 113.3 77.2 35.4 28.9 219.4
Income taxes (34.5) (45.7) (54.6) (34.5) (40.2) (27.1) (21.5) (80.3)
Net profit 86.5 113.0 115.8 78.8 37.0 99.4 110.3 139.1
of Group 68.7 96.2 98.2 64.2 25.1 87.9 96.8 126.3
of minority shareholders 17.8 16.9 16.3 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€)201820172016201520142013**2012**2011*
Assets 1,972.9 1,776.9 - 1,814.6 1,726.0 1,615.6 1,730.2 3,104.4
Intangible assets 960.9 871.6 950.6 921.2 868.3 811.1 845.0 2,154.5
Buildings, plants and machinery 982.7 880.9 896.5 842.4 834.9 782.5 870.7 923.4
Financial assets 29.4 24.4 15.3 17.3 22.8 22.0 14.5 26.5
Working capital (430.7) (405.9) (442.5) (428.2) (394.7) (340.0) (420.0) (491.2)
Stock 121.6 116.2 - 136.4 123.5 106.1 114.6 266
Trade receivables 48.0 49.0 58.1 48.0 43.5 46.4 46.6 53.5
Other receivables 166.6 145.7 121.9 132.7 151.3 191.1 210.7 227.9
Trade payables (376.5) (351.2) (359.8) (396.4) (377.1) (396.2) (440.1) (632.4)
Other debts (390.4) (365.6) (382.1) (348.6) (335.0) (287.5) (351.9) (406.2)
Capital invested, minus period liabilities 1,542.2 1,371.0 - 1,397.2 1,331.3 1,275.6 1,310.2 2,613.2
Other non current, non financial assets and liabilities (130.1) (131.7) - (147.3) (158.1) (161.2) (261.1)
Assets intended for sale - (0.0) - 0 0 598.2 0
Net capital invested 1,412.1 1,239.3 1,265.6 1,228.9 1,184.0 1,117.5 1,747.2 2,352.2
Group equity 741.0 695.3 687.6 600.0 490.7 444.8 814.0 799.4
Equity of Group 685.9 649.9 643.6 559.6 458.5 413.6 787.7 779.8
Third party equity 55.2 45.4 44.0 40.4 32.1 31.2 26.4 19.6
Non-current financial liabilities 860.4 531.9 520.0 743.4 752.7 737.0 808.0 1,568.6
Non-current financial assets (15.5) (12.5) (7.7) (4.7) (4.9)
Non-current financial indebtedness 844.9 519.4 512.3 738.6 747.8
Net short term financial position (173.9) 24.6 65.6 (94.2) (54.5) (64.3) 125.2 (15.8)
Short term financial debts 77.3 225.4 262.9 97.3 150.0 128.2 277.9 214.2
Short term liquidity and financial credits (251.1) (200.8) (197.3) (206.9) (204.5) (192.5) (152.7) (230.0)
Net financial position 671.1 544.0 629 644.4 693.3 672.7 933.2 1,552.8
Total 1,412.1 1,239.3 1,265.6 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€)2018201720162015201420132012**2011*
Opening net cash and cash equivalents 141.7 128.7 108.8 142.8 129.6 96.8 179.6 156.9
Pre-tax profit and net financial expense for the year 150.1 186.0 201.9 150.9 121.6 85.9 100.0 302.2
Amortization, depreciation and impairment losses on non-current assets,
net of reversals
236.9 213.7 210.6 221,6 197.6 225.8 225.4 314.0
Adjustment and (gains)/losses on disposal of financial assets (0.0) (0.8) (0.9) 1.0 (3.0) 2.4 2.2 0.7
((Gain)/losses on disposal of non-current assets (5.0) (1.2) (3.6) (4.8) (3.4) (2.3) (3.3) (2.5)
Other non-cash items 1.9 - - (0.1) (1.1) 0.4 0.5   
Change in working capital 6.7 11.2 (9.5) 10.2 (4.4) (79.5) 9.0 (60.0)
Net change in non-current non-financial assets and liabilities (13.0) (11.7) 8.1 2.0 (30.8) (8.4) (26.3) (40.1)
Cash flow from operating activities 377.5 397.3 391.9 380.9 290.9 224.2 307.4 514.4
Taxes paid (30.3) (57.1) (45.4) (51.6) (36.5) (33.9) (34.8) (87.4)
Interest paid (23.4) (26.6) (28.1) (35.5) (30.8) (42.1) (42.0) (112.8)
Net cash flow from operating activities 323.7 313.6 318.4 293.9 209.1 148.1 230.7 314.1
Acquisition of property, plant and equipment and intangible assets (299.8) (278.1) (220.2) (226.3) (179.5) (187.4) (254.5) (216.1)
Proceeds from sale of non-current assets 9.5 4.2 5.6 (8.3) 3.6 2.5 3.7 7.9
Acquisition of consolidated equity investments (6.0) (6.5) (3.8) (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 (3.3) (6.9) 3.2 3.2 0.0 0.2 (0.2) 1.3
Net cash flow from (used in) investing activities (375.3) (285.4) (210.6) (193.3) (158.7) 93.3 (181.5) (210.1)
Issues of bond - - - - - 252.0 0.0 (46.4)
Repayments of bond - (132.8) - - - (192.9)  
Issue of new non-current loans 394.6 150.0 (0.0) 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 (247.1) (200.5) (39.3) (336.1) (42.4) 402.2 - (894.4)
Repayments of current loans, net of new loans (18.3) 17.0 (9.0) (68.7) 12.2 63.5 (148.0) (22.6)
Dividends paid (48.3) (40.7) (30.5) - - - (71.0) (61.0)-
Exercise ok stock option - 0.8 - 2.1 0.5
Other cash flows (5.9) (11.5) (7.7) (11.5) (14.0) (6.2) (5.8) (24.9)
Net cash flow used in financing activities 75.0 (15.3) (86.6) (136.4) (43.7) (191.2) (101.6) (83.0)
Cash flow for the year 23.4 12.9 21.3 (34.8) 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 1.2 0.1 (2.7) 1.3 6.5 (2.1) (1.4) 1.6
 Closing net cash and cash equivalents 166.3 141.7 128.7 108.8 142.8 129.6 96.8 179.6
Reconciliation of net cash and cash equivalents        
Opening - net cash and cash equivalents 141.7 128.7 108.8 142.8 129.6 96.8 179.6 156.9
Cash and cash equivalents 169.6 158.7 161.8 183.2 171.5 154.6 212.4 176.1
Current account overdrafts (27.9) (30.0) (53.0) (40.4) (41.9) 57.8 (32.8) (19.3)
Closing - net cash and cash equivalents 166.3 141.7 128.7 108.8 142.8 129.6 96.8 179.6
Cash and cash equivalents 214.7 169.6 158.7 161.8 183.2 171.5 154.6 212.4
Current account overdrafts (48.4) (27.9) (30.0) (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 geographical area


(m€) Period 2018Period 2017Period 2016Period 2015 Period 2014 Period 2013
North America 2,389.1 2,396.2 2,357.6 2,232.4   1,847.9 1916.8
International 584.6 512.3 437.0 347.0 278.2    232.6
Italy 1,023.6 1,029.0 1,042.0 1,057.4 1,091.7  1,154.1
Other European countries 698.0 657.0 682.5 732.4 712.3 681.3
Total 4,695.3 4,594.6 4,519.1 4,369.2 3,930.2 3,984.8

Debt

Borrowings - 2018 year-endInterest rateMaturity dateAvailable amountDrawnUndrawnCovenants
$150m private placement 5.12% Jan-23   $150m   EBITDA interest coverage ≥ 4.5x
Gross Debt / EBITDA
≤ 3.5x
$25m private placement 4.75% Sep-20   $25m  
$40m private placement 4.97% Sep-21   $40m  
$80m private placement 5.40% Sep-24   $80m  
$55m private placement 5.45% Sep-25   $55m  
US private placements       $350m  
Amortizing Term Loan Floating Jun-23 $200m $200m $0m
Revolving Credit Facility Floating Jun-23 $200m $0m $200m
Other loans       $200m  
Total - HMS Host Corp       $550m    
Term Loan Floating Aug-21 €150m €150m €0m EBITDA interest coverage ≥ 4.5x
Net Debt / EBITDA
≤ 3.5x
Amortizing Term Loan Floating Jan-23 €100m €100m €0m
Amortizing Revolving Credit Facility Floating Jan-23 €200m €52m €148m
Revolving Credit Facility Floating Jan-23 €100m €75m €25m
Other loans       €377m  
Total - Autogrill S.p.A.       €377m    

Based on nominal value of borrowings as at 31 December 2018.
Coupons shown are those at which the debt was issued. The Group deals with IRS to manage the effective interest rates. The chart includes committed lines facilities only.

Latest update: Friday, June 14, 2019 - 16:53