Autogrill: EBITDA up by over 60%

The Board of Directors approves the interim management report to 31 March 2016

Thursday, May 12, 2016 - 12:47

Results for 1st quarter 2016[1]

  • Consolidated revenues: €962m vs €893.5m in 1st quarter 2015, up 7.7% (7.4% at constant rates)
  • Consolidated EBITDA: €37m vs €22.5m in 1st quarter 2015, up 64.4% (61% at constant rates)
  • Net result: €-23,7m vs €-40.4m in 1st quarter 2015
  • Cash flow generation: €-37.1m vs €-55.9m in 1st quarter 2015
  • Financial indebtedness: €661.1m at 31 March 2016 against €644.4m at 31 December 2015


Milan, 12 May 2016 – Meeting today, the Board of Directors of Autogrill S.p.A. (Milan: AGL IM) examined and approved the consolidated results at 31 March 2016.

1st quarter 2016 saw revenues significantly up on the same period the previous year, reaching €962m, up 7.7% at current rates (up 7.4% at constant rates).

The quarter saw good revenue growth in airports, the most important channel for the Group, thanks to good performance in North America and new openings in North Europe and Asia. The positive traffic trend in the main markets sustained revenue growth in the motorway channel.

Good revenue performance translated into good growth in EBITDA, which rose to €37m from €22.5m in 1st quarter 2015, up 64.4% at current rates (up 61% at constant rates).

Outlook for 2016

In the first 17 weeks[2] the Group enjoyed 3.7% growth in sales compared to the reference period (up 4.4% at constant exchange rates).

In 2016, at a €/$ exchange rate of 1.10, the Group expects revenues of between €4,500m and €4,600m and EBITDA (including Corporate costs) of between €400m and €415m. Capital expenditure is expected to be around 5% of revenues, in line with the trend in recent years.

The forecast increase in Group sales reflects:

  • good growth in North America and the International area thanks to traffic trends and the opening of recently awarded points of sale;
  • substantial stability in Europe, where it is expected that any drop in sales following the current tender campaign in Italy and the forecast reduction in Belgium following the terrorist attacks will be offset by improvement in same-store sales.

The forecast EBITDA reflects the operating leverage afforded by growth in revenues and confirmation of the improvements recorded in terms of cost of sales.

[1] Average exchange rates used for converting amounts to the main non-euro currencies: 2016: €/$ 1.1020; 2015: €/$ 1.1261.

[2] Average exchange rates in 2015: €/$ 1.1101; 2015: €/$ 1.1153