Autogrill: 31 August 2021 revenue of €1.5bn, +9.3% at constant exchange rates; improved free cash flow guidance for the year

31 August 2021 results YTD[1]

• Revenue: €1,500.1m (€1,414.1m recorded in the same period of 2020), +9.3% at constant exchange rates[2] (+6.1% at current exchange rates)

• Like for like performance of +11.5% in the first 8 months of 2021 with 71% of stores open as of 31 August 2021
• Revenue in the month of August 2021 up 58.9% vs. August 2020 at constant exchange rates
• Improving traffic trend at airports in the US and on motorways across all geographies on the back of the progress of the vaccination campaign

• Underlying EBIT of -€28.0m for the period (-€332.2m as of 31 August 2020)

• Benefitting from the actions implemented to offset the COVID-19 impact, including better product mix and an higher level of operating efficiency

• Free Cash Flow: +€63.2m, with a positive cash generation since May 2021, progressively improving over the summer period
• Net financial position excluding lease receivables and liabilities: €139.7m as of 31 August 2021 (€567.2m as of 30 June 2021), thanks to the disposal of US motorways business in July and benefitting from the positive cash generation during the summer period
• Liquidity: approximately €1.6bn in cash and available credit facilities as of 31 August 2021 (vs. €1.3bn as of 30 June 2021)

Trading update as of 19 September 2021¹

• Improving trend confirmed also in the first half of the current month, with Group revenue as of 19 September up by c.25% year to date at constant exchange rates vs. the same period of 2020, and the week ending on September 19 up by c.90% year-on-year at constant exchange rates

 2021 and 2024 Guidance

• FY2021 guidance improved on the back of the positive performance during the summer period:

• FCF for the year increased to a range between circa -€15m and circa +€30m from previous guidance between circa -€65m and circa -€15m
• The revised guidance for the year is based upon the assumption that the current level of traffic will sustain for the rest of the year
• To be reminded that the FCFindicator is before the net proceeds from the disposal of the US motorways business[3]

• FY2024 targets remain unchanged
  

Milan, 30 September 2021 – The Board of Directors of Autogrill S.p.A. (Milan: AGL IM), which convened today, reviewed and approved the consolidated revenue performance for the eight months ended 31 August 2021.