Financial Highlights

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

Financial Highlights

(m€)2022**2021**2020**2019**2018201720162015*
Revenue 4,148.3 2,596.8 1,983.7 4,996.8 4,695.3 4,594.6 4,519.1 4,336.3
Underlying EBITDA 652.6 529.9 155.3 849.5 416.7 418.8 411.6 373.5
Underlying EBIT 100.0 (7.0)  (515.8) 228.2 179.8 205.0 201.0 151.9
Underlying Group Net Profit (28.1) (105.8)  (485.7) 85.0 101.6 106.9 98.2 64.2
Net investments (216.0) (135.3)   (195.4)  (332.7)  (290.3)  (273.9)  (214.6)  (218.0)
Working capital (559.7) (409.2)  (310.8)  (474.5)  (430.7)  (405.9)  (442.5)  (428.2)
Net capital invested 2549.1 2,787.9 3,373.3 3,883.8 1,412.1 1,239.3 1,265.6 1,228.9
Net Financial Position excluding lease assets and lease liabilities 7.8 197.4 1,082.7 558.6 671.1 544.0 578.0 629.0
Euro-dollar exchange rate (end of period) €/$ 1.1 1.1 1.2 1.1 1.1 1.2 1.1 1.1
Euro-dollar exchange rate (average) €/$ 1.1 1.2 1.1 1.1 1.2 1.1 1.1 1.1
Results on revenue            
Ebitda on revenue % 15.7 20.4 7.8 17.0 8.9 9.1 9.1 8.6
Ebit on revenue % 2.4 -0.3 -26.0 4.6 3.8 4.5 4.4 3.5

*Restatement after the disposal of the Dutch motorway business

**Results reported under IFRS16 accounting principle

Income statement

 (m€)2022**2021**2020**2019**2018201720162015*
Revenue 4,148.3 2,596.8 1,983.7 4,996.8 4,695.3 4,594.6 4,519.1 4,336.3
Other operating proceeds 242.0 192.9 126.1 230.9 131.1 116.4 123.6 123.7
Total revenue and proceeds 4,390.4 2,789.7 2,109.8 5,227.7 4,826.4 4,711.1 4,642.6 4,460.1
Cost of raw, subsidiary materials and goods (1,347.6) (900.1)  (716.0)  (1,534.8)  (1,445.6)  (1,421.4)  (1,410.3)  (1,379.0)
Cost of personnel (1,370.9) (820.1)  (773.2)  (1,673.8)  (1,557.0)  (1,519.8)  (1,495.7)  (1,423.9)
Cost of leases, concessions and royalties on use of brands (470.0) (152.0)  (64.3)  (578.4)  (876.5)  (828.2)  (796.1)  (751.4)
Other operating costs (574.4) (391.5)  (416.0)  (607.8)  (560.4)  (542.7)  (543.5)  (532.3)
Gain on operating activity disposal (1.7) 129.5 19.2 127.6 0.0 0.0 14.6 0.0
EBITDA 625.7 655.6 159.5 960.6 386.9 399.0 411.6 373.5
Depreciation and devaluation (552.6) (537.0)  (671.1)  (624.0)  (236.9)  (213.7)  (210.6)  (221.6)
EBIT 73.1 118.6  (511.6) 336.6 150.0 185.2 201.0 151.9
Financial Proceeds (Charges) (59.2) (100.9)  (112.9)  (99.0)  (29.1)  (27.3)  (31.6)  (37.6)
Income (expenses) on investments (1.3) 1.8  (13.4) 36.4 0.0 0.8 0.9  (1.0)
Profit before taxes 12.6 19.5  (638.0) 273.9 121.0 158.7 170.3 113.3
Income taxes (32.5) (40.0) 134.1  (47.7)  (34.5)  (45.7)  (54.6)  (34.5)
Net profit (19.9) (20.5)  (503.9) 226.3 86.5 113.0 114.5 78.5
of Group (33.7) (37.8)  (479.9) 205.2 68.7 96.2 98.2 64.2
of minority shareholders (53.7) 17.3  (24.0) 21.1 17.8 16.9 16.3 14.4

*Restatement after the disposal of the Dutch motorway business

**Results reported under IFRS16 accounting principle

Balance sheet

(m€)2022**2021**2020*2019*2018201720162015
Non-current Assets 3,147.7 3,199.4 3,673.2 4,473.6 1,972.9 1,776.9 1,862.4 1,780.9
Intangible assets 933.3 909.9 925.2 985.8 960.9 871.6 950.6 921.2
Buildings, plants and machinery 800.1 778.2 967.9 1,090.9 982.7 880.9 896.5 842.4
Right of use 1,385.1 1,487.5 1,748.8 2,359.0 - - - -
Financial assets 29.2 23.9 31.3 38.0 29.4 24.4 15.3 17.3
Working capital (559.7) (409.2)  (310.8)  (474.5)  (430.7)  (405.9)  (442.5)  (428.2)
Stock 133.3 116.5 97.4 133.7 121.6 116.2 119.5 136.1
Trade receivables 50.7 45.8 36.7 55.4 48.0 49.0 58.1 48.0
Other receivables 89.9 187.2 141.9 125.1 166.6 145.7 121.9 132.7
Trade payables (416.2) (357.6)  (292.1)  (397.2)  (376.5)  (351.2)  (359.8)  (396.4)
Other debts (417.2) (401.0)  (294.8)  (391.5)  (390.4)  (365.6)  (382.1)  (348.6)
Capital invested (2,588.0) 2,790.2 3,362.4 3,999.2 1,542.2 1,371.0 1,419.9 1,352.7
Other non current, non financial assets and liabilities (38.9) (2.3) 10.9  (115.3)  (130.1)  (131.7)  (154.4)  (147.5)
Net invested capital from continuing operations (2,549.1) 2,787.9 3,373.3 3,883.8 1,412.1 1,239.3 1,265.6 1,205.2
Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23.7
Net invested capital 2,549.1 2,787.9 3,373.3 3,883.8 1,412.1 1,239.3 1,265.6 1,228.9
Group equity 967.9 974.2 399.7 935.9 741.0 695.3 687.6 600.0
Equity of Group 910.8 923.2 339.8 858.3 685.9 649.9 643.6 559.6
Third party equity 57.1 51.0 59.9 77.6 55.2 45.4 44.0 40.4
Non-current financial indebtedness 1,298.8 1,860.5 2,959.7 2,851.0 844.9 519.4 512.3 738.6
Non-current financial liabilities 1,368.3 1,928.3 3,028.5 2,924.6 860.4 531.9 520.0 743.4
Non-current financial assets (69.5) (67.9)  (68.7)  (73.6)  (15.5)  (12.5)  (7.7)  (4.7)
Net short term financial position 282.3 (46.7) 13.9 96.9  (173.9) 24.6 65.6  (109.7)
Short term financial debts 871.7 348.8 690.6 462.0 77.3 225.4 262.9 97.3
Short term liquidity and financial credits (589.4) (395.5)  (676.7)  (365.1)  (251.1)  (200.8)  (197.3)  (206.9)
Net financial position 1,581.1 1,813.8 2,973.6 2,947.9 671.1 544.0 578.0 629.0
Net Financial Lease Liabilities (1,573.3) (1,616.4)  (1,890.9)  (2,389.3) - - - -
Net Financial Position excluding finance lease assets and finance lease liabilities 7.8 197.4 1,082.7 558.6 671.1 544.0 578.0 629.0
Total 2,549.1
2,787.9 3,373.3 3,883.8 1,412.1 1,239.3 1,265.6 1,228.9

* 2019: Results reported under the new IFRS16 accounting principle

Statement of cash flow

(m€)2022*2021*2020**2019**2018201720162015
Opening net cash and cash equivalents 310.4 555.4 243.8 166.3 141.7 128.7 108.8 142.8
Pre-tax profit and net financial expense for the year 71.8 120.4  (525.1) 372.9 150.1 186.0 201.9 150.9
Amortization, depreciation and impairment losses on non-current assets, net of reversals 552.6 537.0 671.1 624.0 236.9 213.7 210.6 221.6
Income (expenses) from investments (0.7) (0.1) 0.2  (36.4) - - - -
Revaluation (write-down) of financial assets 1.9 (1.6) 13.2 0.0 0.0  (0.8)  (0.9) 1.0
Gain on disposal of investment in subsidiaries 1.7 (133.6)  (19.6)  (128.8) - -  (14.7) -
Gain on disposal of other non-current assets (4.0) (0.8)  (0.1)  (4.4)  (5.0)  (1.2)  (3.6)  (4.8)
Other non-cash items 2.2 1.3  (5.7) 3.5 1.9 - -  (0.1)
Change in working capital 68.0 120.1  (136.6) 2.1 6.7 11.2  (9.5) 10.2
Net change in non-current non-financial assets and liabilities 1.5 (0.6) 9.5  (11.8)  (13.0)  (11.7) 8.1 2.0
Cash flow from operating activities 695.1 642.0 7.0 821.1 377.5 397.3 391.9 380.9
Taxes paid 82.5 (51.4)  (2.0)  (27.1)  (30.3)  (57.1)  (45.4)  (51.6)
Interest paid (14.6) (72.9)  (31.5)  (24.7)  (23.4)  (26.6)  (28.1)  (35.5)
Net implicit interest in lease liabilities (38.8) (32.0)  (26.6)  (72.4) - - - -
Net cash flow from operating activities 724.3 485.7  (53.2) 697.0 323.7 313.6 318.4 293.9
Acquisition of property, plant and equipment and intangible assets (213.8) (150.4)  (183.9)  (343.6)  (299.8)  (278.1)  (220.2)  (226.3)
Proceeds from sale of non-current assets 7.2 8.3 2.0 10.9 9.5 4.2 5.6 8.3
Cash flow adsorbed by acquisition of investments (11.0) 0.0  (1.9)  (41.1)  (82.3)  (6.5)  (3.8)  (0.8)
Cash flow generated from disposal of investments (2.1) 322.7  (1.4) 173.6 0.7 1.8 4.6 23.4
Net change in non-current financial assets 0.1  (0.1) 0.8  (9.0)  (3.3)  (6.9) 3.2 3.2
Net cash flow from (used in) investing activities (219.7) 180.5  (184.5)  (209.2)  (375.3)  (285.4)  (210.6)  (192.2)
Repayments of bonds 0.0 (274.8)  (21.9) - -  (132.8) - -
Utilization of non-current credit lines (5.4) 493.2 737.1 - - 202.4 - -
Issue of new non-current loans - - - - 394.6 150.0 0.0 275.0
Repayments of non-current loans (8.9) (1,221.4) -  (22.0)  (247.1)  (200.5)  (39.3)  (336.1)
Issue of new current loans, net of repayments (2.1) (144.8) 135.5  (20.7)  (18.3) 17.0  (9.0)  (68.7)
Principal repayment of lease liabilities (235.7) (153.3)  (102.9)  (325.0) - - - -
Renegotiation for COVID-19 on lease liabilities (29.3) (174.7)  (182.6) - - - - -
Dividends paid (*) - - -  (50.8)  (48.3)  (40.7)  (30.5) -
Treasury share purchase - -  (12.3) - - - - -
Capital increase net of expenses associated with the Offering (1.0) 579.4 - - - - - -
Exercise of stock option - - - - - 0.8 - 2.1
Other cash flows (33.7) (24.5) 7.5 6.9  (5.9)  (11.5)  (7.7)  (8.7)
Net cash flow used in financing activities (316.1) (920.9) 560.4  (411.6) 75.0  (15.3)  (86.6)  (136.4)
Cash flow for the year 188.5 (254.7) 322.7 76.2 23.4 12.9 21.3  (34.8)
Effect of exchange on net cash and cash equivalents 6.7 9.7  (11.1) 1.3 1.2 0.1  (2.7) 1.3
 Closing net cash and cash equivalents 505.6 310.4 555.4 243.8 166.3 141.7 128.7 108.8
Reconciliation of net cash and cash equivalents      
Opening - net cash and cash equivalents 310.4 555.4 243.8 166.3 141.7 128.7 108.8 142.8
Cash and cash equivalents 343.2 613.5 284.1 214.7 169.6 158.7 161.8 183.2
Current account overdrafts (32.8)  (58.2)  (40.3)  (48.4)  (27.9)  (30.0)  (53.0)  (40.4)
Closing - net cash and cash equivalents 505.6 310.4 555.4 243.8 166.3 141.7 128.7 108.8
Cash and cash equivalents 531.9 343.2 613.5 284.1 214.7 169.6 158.7 161.8
Current account overdrafts (26.4) (32.8)  (58.2)  (40.3)  (48.4)  (27.9)  (30.0)  (53.0)

* Includes dividend paid to minority shareholders in subsidiaries, net of capital increase.

** Results reported under the IFRS16 accounting principle

Data by geographical area

(m€) FY2022FY2021FY2020FY2019FY2018FY2017FY2016FY2015
North America 2,150.1 1,302.6 855.8 2,635.6 2,389.1 2,396.2 2,357.6 2,232.4
International 502.9 190.9 230.0 647.1 584.6 512.3 437.0 347.0
Italy 959.0 766.5 573.9 1,021.7 1,023.6 1,029.0 1,042.0 1,057.4
Other European countries 536.3 336.9 324.0 692.4 698.0 657.0 682.5 732.4
Total 4,148.3 2,596.8 1,983.7 4,996.8 4,695.3 4,594.6 4,519.1 4,369.2

Debt

Borrowings - 31 December 2022Interest rateMaturity dateAvailable amountDrawnUndrawnCovenants
Amortizing Term Loan Floating Sep-23 $348m $348m $0m EBITDA
interest coverage adj
≥ 4.5x

 Net Debt / EBITDA adj
≤ 3.5x
Totale - HMS Host Corp       $348m  
Amortizing Term Loan Floating Sep-23 €200m €200m €0m
Revolving Credit Facility Floating Sep-23 €500m €0m €500m
Total - Autogrill S.p.A. €200m €500m

Based on the nominal value of borrowings as of 31 December 2022

The chart includes committed lines facilities only

On 3 December 2021 the Group completed the refinancing of its overall indebtedness through a 5-year multi-currency, medium-long term cash financing agreement for a maximum total principal amount of one billion euros with a pool of primary banks, and simultaneously early repaid through the full reimbursement (i) the bilateral financing contracts and the financing contract backed by SACE guarantee in place for Autogrill S.p.A. and (ii) the bank loan and the two bonds in place for the subsidiary HMSHost Corporation.

Latest update: Thursday, March 23, 2023 - 11:37