Financial Highlights

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

Interactive data

Highlights

  (m€)20192018201720162015***20142013**2012**2011*
Revenue 4,996.8 4,695.3 4,594.6 4,519.1 4,336.3 3,930.2 3,894.8 4,075.6 5,844.6
Ebitda 960.6 386.9 399.0 411.6 373.5 316.2 314.0 327.6 617.0
Operating result (Ebit) 336.6 150.0 185.2 201.0 151.9 118.6 88.3 102.2 303.0
Net profit of Group 205.2 68.7 96.2 98.2 64.2 37.0 87.9 96.8 126.3
Net investments (332.7) (290.3) 261.9 232.7 210.6 196.4 162.6 252.6 209.4
Working capital (474.5) (430.7) (405.9) (442.5) (428.2) (394.7) (340.0) (420.0) (491.2)
Net capital invested 3,883.8 1,412.1 1,239.3 1,265.6 1,228.9 1,184.0 1,117.5 1,149.0 2,352.2
Net financial position 2,947.9 671.1 544.0 578.0 629.0 693.3 672.7 933.2 1,552.8
Euro-dollar exchange rate (end of period) €/$ - - 1.1993 1.0541 1.0887 1.2141 1.3791 1.3194 1.2939
Euro-dollar exchange rate (average) €/$ 1.1195 1.1810 1.1297 1.1069 1.1095 1.3285 1.3281 1.2848 1.3922
Results on revenue        
Ebitda on revenue % 19.2 8.9 8.68 9.1 8.6 8.0 7.9 8.0 10.6
Ebit on revenue % 6.7 3.8 4.03 4.4 3.5 3.0 2.2 2.5 5.2
Net profit on revenue % 4.5 1.8 2.46 2.6 1.8 0.9 0.2 0.2 2.2

**Restatement after the disposal of the Dutch motorway business 

**Post demerger

* The proportional partial demerger of Autogrill S.p.A in favour of World Duty Free S.p.A. came into effect on 1 October 2013. Consolidated figures and documentation prior to said date refer to the whole Autogrill Group prior to the demerger.
 

Income statement

 (m€)2019201820172016201520142013**2012**2011*
Revenue 4,996.8 4,695.3 4.594,6 4,519.1 4,336.3 3,930.2 3,984.8 4,075.6 5,844.6
Other operating proceeds

230.9

131.1

116.4

123.6 123.7 130.5 146.3 125.3 154
Total revenue and proceeds 5,227.7 4,826.4 4.711,1 4,642.6 4,460.1 4,060.8 4,131.1 4,200.9 5,998.6
Cost of raw, subsidiary materials and goods (1,534.8) (1,445.6) (1.421,4) (1,410.3) (1,379.0) (1,304.1) (1,331.4) (1,366.2) (2,139.6)
Cost of personnel (1,673.8) (1,557.0) (1.519,8) (1,495.7) (1,423.9) (1,296.6) (1,318.2) (1,331.8) (1,472.6)
Cost of leases, concessions and royalties on use of brands (578.4) (876.5) (828.2) (796.1) (751.4) (668.5) (677.4) (679.5) (1,193.9)
Other operating costs (607.8) (560.4) (542.7) (543.5) (532,3) (475.4) (490.2) (495.7) (575.5)
Gain on operating activity disposal 127.6 - - - - - - - -
EBITDA 960.6 386.9 399.0 411.6 373.5 316.2 314.0 327.6 617.0
Depreciation and devaluation (624.0) (236.9) (213.7) (210.6) (221.6) (197.6) (225.8) (208.7) (314.0)
Operating result (EBIT) 336.6 150.0 185.2 201.0 151.9 118.6 88.3 102.2 303.0
Financial Proceeds (Charges) (99.0) (29.1) (27.3) (31.6) (37.6)  (44.4) (50.5) (71.1) (82.8)
Income (expenses) on investments 36.4 0.0 0.8 0.9 (1.0) 3.0 (2.4) (2.2) (0.7)
Profit before taxes 273.9 121.0 158.7 170.3 113.3 77.2 35.4 28.9 219.4
Income taxes (47.7) (34.5) (45.7) (54.6) (34.5) (40.2) (27.1) (21.5) (80.3)
Net profit 226.3 86.5 113.0 115.8 78.8 37.0 99.4 110.3 139.1
of Group 205.2 68.7 96.2 98.2 64.2 25.1 87.9 96.8 126.3
of minority shareholders 21.1 17.8 16.9 16.3 14.4 11.9 11.5 13.5 12.8

** Post Demerger

* The proportional partial demerger of Autogrill S.p.A in favour of World Duty Free S.p.A. came into effect on 1 October 2013. Consolidated figures and documentation prior to said date refer to the whole Autogrill Group prior to the demerger.

Balance sheet 

 (m€)2019201820172016201520142013**2012**2011*
Non-current Assets 4,473.6 1,972.9 1,776.9 - 1,814.6 1,726.0 1,615.6 1,730.2 3,104.4
Intangible assets 985.8 960.9 871.6 950.6 921.2 868.3 811.1 845.0 2,154.5
Buildings, plants and machinery 1,090.9 982.7 880.9 896.5 842.4 834.9 782.5 870.7 923.4
Right of use 2,359.0
Financial assets 38.0 29.4 24.4 15.3 17.3 22.8 22.0 14.5 26.5
Working capital (474.5) (430.7) (405.9) (442.5) (428.2) (394.7) (340.0) (420.0) (491.2)
Stock 133.7 121.6 116.2 - 136.4 123.5 106.1 114.6 266
Trade receivables 55.4 48.0 49.0 58.1 48.0 43.5 46.4 46.6 53.5
Other receivables 125.1 166.6 145.7 121.9 132.7 151.3 191.1 210.7 227.9
Trade payables (397.2) (376.5) (351.2) (359.8) (396.4) (377.1) (396.2) (440.1) (632.4)
Other debts (391.5) (390.4) (365.6) (382.1) (348.6) (335.0) (287.5) (351.9) (406.2)
Capital invested, minus period liabilities 3,999.2 1,542.2 1,371.0 - 1,397.2 1,331.3 1,275.6 1,310.2 2,613.2
Other non current, non financial assets and liabilities (115.3) (130.1) (131.7) - (147.3) (158.1) (161.2) (261.1)
Net capital invested 3,883.8 1,412.1 1,239.3 1,265.6 1,228.9 1,184.0 1,117.5 1,747.2 2,352.2
Group equity 935.9 741.0 695.3 687.6 600.0 490.7 444.8 814.0 799.4
Equity of Group 858.3 685.9 649.9 643.6 559.6 458.5 413.6 787.7 779.8
Third party equity 77.6 55.2 45.4 44.0 40.4 32.1 31.2 26.4 19.6
Non-current financial indebtedness 2,851.0 844.9 519.4 512.3 738.6 747.8
Non-current financial liabilities 2,924.6 860.4 531.9 520.0 743.4 752.7 737.0 808.0 1,568.6
Non-current financial assets (73.6) (15.5) (12.5) (7.7) (4.7) (4.9)
Net short term financial position 96.9 (173.9) 24.6 65.6 (94.2) (54.5) (64.3) 125.2 (15.8)
Short term financial debts 462.0 77.3 225.4 262.9 97.3 150.0 128.2 277.9 214.2
Short term liquidity and financial credits (365.1) (251.1) (200.8) (197.3) (206.9) (204.5) (192.5) (152.7) (230.0)
Net financial position 2,947.9 671.1 544.0 629 644.4 693.3 672.7 933.2 1,552.8
Net Financial Lease Liabilities (2,389.3) .
Net Financial Position 558.6 671,1
Total 3,883.8 1,412.1 1,239.3 1,265.6 1,244.4 1,184.0 1,117.5 1,747.2 2,352.2

** Post Demerger

* The proportional partial demerger of Autogrill S.p.A in favour of World Duty Free S.p.A. came into effect on 1 October 2013. Consolidated figures and documentation prior to said date refer to the whole Autogrill Group prior to the demerger.

Statement of cash flow

(m€)201920182017201620152014201320122011
Opening net cash and cash equivalents 106.9 141.7 128.7 108.8 142.8 129.6 96.8 179.6 156.9
Pre-tax profit and net financial expense for the year 249.6 150.1 186.0 201.9 150.9 121.6 85.9 100.0 302.2
Amortization, depreciation and impairment losses on non-current assets,
net of reversals
187.2 236.9 213.7 210.6 221,6 197.6 225.8 225.4 314.0
Adjustment and (gains)/losses on disposal of financial assets (36.4) (0.0) (0.8) (0.9) 1.0 (3.0) 2.4 2.2 0.7
Plusvalenze da realizzo cessione Autogrill Czech S.r.o. (8.0) - - - - - - -
Gain on disposal of Canadian Motorway Business (120.9) - - - - - - - -
(Gain)/losses on disposal of non-current assets (4.4) (5.0) (1.2) (3.6) (4.8) (3.4) (2.3) (3.3) (2.5)
Other non-cash items 3.5 1.9 - - (0.1) (1.1) 0.4 0.5   
Change in working capital 2.1 6.7 11.2 (9.5) 10.2 (4.4) (79.5) 9.0 (60.0)
Net change in non-current non-financial assets and liabilities (11.8) (13.0) (11.7) 8.1 2.0 (30.8) (8.4) (26.3) (40.1)
Cash flow from operating activities 311.3 377.5 397.3 391.9 380.9 290.9 224.2 307.4 514.4
Taxes paid (27.1) (30.3) (57.1) (45.4) (51.6) (36.5) (33.9) (34.8) (87.4)
Interest paid (24.7) (23.4) (26.6) (28.1) (35.5) (30.8) (42.1) (42.0) (112.8)
Implicit interest in lease liabilities (72.4) - - - - - - - -
Net cash flow from operating activities 311.3 323.7 313.6 318.4 293.9 209.1 148.1 230.7 314.1
Acquisition of property, plant and equipment and intangible assets (343.6) (299.8) (278.1) (220.2) (226.3) (179.5) (187.4) (254.5) (216.1)
Proceeds from sale of non-current assets 10.9 9.5 4.2 5.6 (8.3) 3.6 2.5 3.7 7.9
Acquisition of consolidated equity investments (2.9) (6.0) (6.5) (3.8) (0.8) (1.3) (16.2) (0.6) (3.2)
Cash flow absorbed by acquisition of consolidated equity investments - 0.7 - - 23.4 18.6 74.1 - -
Cash flow absorbed by acquisition LeCroBag (**) (6.0) (59.0) - - - - - - -
Cash flow generated from disposal of operation in Autogrill Czech S.r.o. (9.5) - - - - - - - -
Cash flow generated from disposal of Canadian Motorway Business (164.2) - - - - - - - -
Cash flow absorbed by acquisition of Pacific Gateway Concession, LLC (32.2) - - - - - - - -
Cash flow absorbed by acquisition of Avila -  (17.3) - - - - - - -
Net change in non-current financial assets (9.0) (3.3) (6.9) 3.2 3.2 0.0 0.2 (0.2) 1.3
Net cash flow from (used in) investing activities (209.2) (375.3) (285.4) (210.6) (193.3) (158.7) 93.3 (181.5) (210.1)
Issue of new non-current loans - 394.6 150.0 (0.0) 275.0 - 24.7 6.6 966.3
Repayments of current loans, net of new loans (22.0) (247.1) (200.5) (39.3) (336.1) (42.4) 402.2 - (894.4)
Repayments of current loans, net of new loans (20.7) (18.3) 17.0 (9.0) (68.7) 12.2 63.5 (148.0) (22.6)
Principal repayment of lease liabilities (325.0) - - - - - - - -
Dividends paid (50.8) (48.3) (40.7) (30.5) - - - (71.0) (61.0)-
Other cash flows(*) 6.9 (5.9) (11.5) (7.7) (11.5) (14.0) (6.2) (5.8) (24.9)
Net cash flow used in financing activities (411.6) 75.0 (15.3) (86.6) (136.4) (43.7) (191.2) (101.6) (83.0)
Cash flow for the year 76.2 23.4 12.9 21.3 (34.8) 6.7 50.2 (52.5) 21.1
Effect of exchange on net cash and cash equivalents 1.3 1.2 0.1 (2.7) 1.3 6.5 (2.1) (1.4) 1.6
 Closing net cash and cash equivalents 243.8 166.3 141.7 128.7 108.8 142.8 129.6 96.8 179.6
Reconciliation of net cash and cash equivalents        
Opening - net cash and cash equivalents 166.3 141.7 128.7 108.8 142.8 129.6 96.8 179.6 156.9
Cash and cash equivalents 214.7 169.6 158.7 161.8 183.2 171.5 154.6 212.4 176.1
Current account overdrafts (48.4) (27.9) (30.0) (53.0) (40.4) (41.9) 57.8 (32.8) (19.3)
Closing - net cash and cash equivalents 243.8 166.3 141.7 128.7 108.8 142.8 129.6 96.8 179.6
Cash and cash equivalents 284.1 214.7 169.6 158.7 161.8 183.2 171.5 154.6 212.4
Current account overdrafts (40.3) (48.4) (27.9) (30.0) (53.0) (40.4) (42.0) (57.8) (32.8)

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

**6m related to the deferred payment on the acquisition of 2018.

Data by geographical area


(m€) Period 2019Period 2018Period 2017Period 2016Period 2015 Period 2014 Period 2013
North America 2,635.6 2,389.1 2,396.2 2,357.6 2,232.4   1,847.9 1916.8
International 647.1 584.6 512.3 437.0 347.0 278.2    232.6
Italy 1,021.7 1,023.6 1,029.0 1,042.0 1,057.4 1,091.7  1,154.1
Other European countries 692.4 698.0 657.0 682.5 732.4 712.3 681.3
Total 4,996.8 4,695.3 4,594.6 4,519.1 4,369.2 3,930.2 3,984.8

Debt

Borrowings - 2018 year-endInterest rateMaturity dateAvailable amountDrawnUndrawnCovenants
$150m private placement 5.12% Jan-23   $150m   EBITDA interest coverage ≥ 4.5x
Gross Debt / EBITDA
≤ 3.5x
$25m private placement 4.75% Sep-20   $25m  
$40m private placement 4.97% Sep-21   $40m  
$80m private placement 5.40% Sep-24   $80m  
$55m private placement 5.45% Sep-25   $55m  
US private placements       $350m  
Amortizing Term Loan Floating Jun-23 $200m $200m $0m
Revolving Credit Facility Floating Jun-23 $200m $0m $200m
Other loans       $200m  
Total - HMS Host Corp       $550m    
Term Loan Floating Aug-21 €150m €150m €0m EBITDA interest coverage ≥ 4.5x
Net Debt / EBITDA
≤ 3.5x
Amortizing Term Loan Floating Jan-23 €100m €100m €0m
Amortizing Revolving Credit Facility Floating Jan-23 €200m €52m €148m
Revolving Credit Facility Floating Jan-23 €100m €75m €25m
Other loans       €377m  
Total - Autogrill S.p.A.       €377m    

Based on nominal value of borrowings as at 31 December 2018.
Coupons shown are those at which the debt was issued. The Group deals with IRS to manage the effective interest rates. The chart includes committed lines facilities only.

Latest update: Tuesday, March 17, 2020 - 12:23