Group results buoyed up by strong airport operations
Sales in the United States continue to grow faster than traffic. Business recovers in Europe, excluding Italian motorways. Travel Retail & Duty Free maintains solid performance.
Following the approval of the demerger project by the shareholders’ meeting on 6 June 2013, the net assets and profit of the Travel Retail & Duty Free sector are stated in accordance with IFRS 5 as a single line in the reclassified balance sheet and in the consolidated income statement. Unless otherwise indicated, the values given in this release therefore refer to the Food & Beverage business only.
Results for 1st half 2013
- Consolidated revenues: €1,837.8m vs €1,858.8m in 1st half 2012
- Consolidated Ebitda: €102.8m vs €104.2m in 1st half 2012 (+1.2% net of restructuring charges)
- Group net profits (Food & Beverage and Travel Retail & Duty Free): €4.3m vs €11.9m in 1st half 2012
- Net financial position: €815.4m at 30 June 2013, down €117.8m on €933.2m at 31 December 2012
Outlook for full-year 2013
- Food & Beverage revenues in 2013 are expected to be around €4,050m, with Ebitda between €315m and €325m and capital investments of around €180m.
- Travel Retail & Duty Free revenues in 2013 are expected to be around €2,050m, with Ebitda between €250m and €260m and capital investments in excess of €70m.
- In the first 29 weeks Food & Beverage sales were down 0.1% (-1.1% at current exchange rates) on the same period in 2012, while revenues in the Travel Retail & Duty Free business rose 3.4% (+1.2% at current exchange rates) on the reference period.
Milan , 31 July 2013 - Meeting today, the Board of Directors of Autogrill S.p.A. (Milan: AGL IM) examined and approved the consolidated results to 30 June 2013.
Autogrill’s consolidated revenues for the 1st half of the year were essentially stable at constant exchange rates. Sales in the United States continue to grow faster than traffic due mainly to the increase in the average spend. Business is picking up in Europe except for Italy, which is continuing to feel the impact of the economic crisis.
Regarding revenues in the various channels, the trend was positive in airports and railway stations. These results almost entirely offset the persistent difficulties on Italian motorways, where low spending, the contraction in traffic and a weaker propensity to break journeys are delaying a recovery in the business.
Ebitda in 1st half 2013 was stable with respect to the previous year in terms of Ebitda to sales, thanks to the substantial recovery of margins in North America, which offset the contraction recorded in Italy due to the high impact of fixed costs in the motorway channel. The slight dip in Ebitda (-0.3%; -1.3% at current exchange rates) relates to restructuring charges (€4.2m in the 1st half 2013), which amounted in the same period the previous year to €2.7m. Net of restructuring costs in both periods, the change in Ebitda would be a positive 1.2%.
Travel Retail & Duty Free’s economic performance is detailed under “Net result of business to be demerged”. In the 1st half 2013, the sector’s contribution to the Group was in line with the previous year (€42.6m), due to an increase in sales (mainly in the UK and airports outside Europe), a slight drop in Ebitda reflecting the higher impact of rents in Spain and a higher tax charge.
In the first six months, the Group carried forward its strategy for developing airport business in emerging economies by forming a company with a local partner to provide Food & Beverage services in the main airports in Vietnam.
“This half shows marked growth in the airport business. The trend in the United States was good, and beginning in the 2nd quarter Europe began to gain increasing solidity, with the exception of Italian motorways. Travel Retail continues to see excellent income results and strong cash flow generation.“ said Autogrill CEO Gianmario Tondato Da Ruos.