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Highlights
| (m€) | 2019**** | 2018 | 2017 | 2016 | 2015*** | 2014 | 2013** | 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 |
* 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.
**Post demerger
**Restatement after the disposal of the Dutch motorway business
**** 2019: Results reported under the new IFRS16 accounting principle
Income statement
| (m€) | 2019**** | 2018 | 2017 | 2016 | 2015 | 2014 | 2013** | 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 |
* 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.
** Post Demerger
**** 2019: Results reported under the new IFRS16 accounting principle
Balance sheet
| (m€) | 2019**** | 2018 | 2017 | 2016 | 2015 | 2014 | 2013** | 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 |
* 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.
** Post Demerger
**** 2019: Results reported under the new IFRS16 accounting principle
Statement of cash flow
| (m€) | 2019**** | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|
| 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.
**** 2019: Results reported under the new IFRS16 accounting principle
Data by geographical area
| (m€) | Period 2019**** | Period 2018 | Period 2017 | Period 2016 | Period 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 |
**** 2019: Results reported under the new IFRS16 accounting principle
Debt
| Borrowings - 30 June 2020 | Interest rate | Maturity date | Available amount | Drawn | Undrawn | Covenants |
|---|---|---|---|---|---|---|
| $150m private placement | 5.12% | Jan-23 | $150m | EBITDA interest coverage ≥ 4.5x (1) Gross Debt / EBITDA ≤ 3.5x (1) |
||
| $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 | $350m | |||||
| Total - HMS Host Corp | $700m | |||||
| Revolving Credit Facility | Floating | Jan-23 | €100m | €100m | €0m |
EBITDA interest coverage ≥ 4.5x EBITDA interest coverage adj. ≥ 4.5x (2) |
| Amortizing Term Loan | Floating | Mar-25 | €150m | €150m | €0m | |
| Amortizing Term Loan | Floating | Jan-25 | €100m | €100m | €0m | |
| Amortizing Revolving Credit Facility | Floating | Jan-25 | €200m | €200m | €0m | |
| Amortizing Term Loan | Floating | Aug-24 | €50m | €50m | €0m | |
| Revolving Credit Facility | Floating | Aug-24 | €25m | €25m | €0m | |
| Other loans | €625m | |||||
| Total - Autogrill S.p.A. | €625m |
Based on nominal value of borrowings as at 30 June 2020
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
(*) On June 22nd Autogrill S.p.A. entered into an agreement with its lenders regarding the covenant holiday of the testing of the financial covenants (Leverage Ratio and Consolidated EBITDA/Consolidated Net Finance Charges) for a period of 15 months from 30 June 2020 (inclusive). Similar agreements were entered into by the US subsidiary HMSHost Corporation with its lenders, as well as with the subscribers of the outstanding USPP bonds
(1) Covenants calculation excluding the impact of IFRS16 application
(2) Covenants calculation after the impact of IFRS16 application