Autogrill improves profit margins, net financial position and pre-tax earnings in first quarter

Milan, 14 May 2003 - At a meeting today chaired by Gilberto Benetton, the Autogrill Board of Directors approved the Report for the First Quarter of 2003. First-quarter performance. The highly seasonal nature of passenger traffic, which drops to a minimum in the first quarter and peaks in the third quarter, the fact that this year’s Easter holiday fell in the second quarter, together with losses on the translation to Euro of HMSHost net revenues denominated in US dollars, mean that sales for the first quarter of 2003 are not comparable with those of the year-earlier first quarter