Financial Highlights

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

Financial Highlights

(m€)2020**2019**2018201720162015*
Revenue 1,983.7 4,996.8 4,695.3 4,594.6 4,519.1 4,336.3
Underlying EBITDA 155.3 849.5 416.7 418.8 411.6 373.5
Underlying EBIT  (515.8) 228.2 179.8 205.0 201.0 151.9
Underlying Group Net Profit  (485.7) 85.0 101.6 106.9 98.2 64.2
Net investments  (181.9)  (332.7)  (290.3)  (273.9)  (214.6)  (218.0)
Working capital  (310.8)  (474.5)  (430.7)  (405.9)  (442.5)  (428.2)
Net capital invested 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 1,082.7 558.6 671.1 544.0 578.0 629.0
Euro-dollar exchange rate (end of period) €/$ 1.2 1.1 1.1 1.2 1.1 1.1
Euro-dollar exchange rate (average) €/$ 1.1 1.1 1.2 1.1 1.1 1.1
Results on revenue            
Ebitda on revenue % 7.8 17.0 8.9 9.1 9.1 8.6
Ebit on revenue % -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€)2020**2019**2018201720162015*
Revenue 1,983.7 4,996.8 4,695.3 4,594.6 4,519.1 4,336.3
Other operating proceeds 126.1 230.9 131.1 116.4 123.6 123.7
Total revenue and proceeds 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  (716.0)  (1,534.8)  (1,445.6)  (1,421.4)  (1,410.3)  (1,379.0)
Cost of personnel  (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  (64.3)  (578.4)  (876.5)  (828.2)  (796.1)  (751.4)
Other operating costs  (416.0)  (607.8)  (560.4)  (542.7)  (543.5)  (532.3)
Gain on operating activity disposal 19.2 127.6 0.0 0.0 14.6 0.0
EBITDA 159.5 960.6 386.9 399.0 411.6 373.5
Depreciation and devaluation  (671.1)  (624.0)  (236.9)  (213.7)  (210.6)  (221.6)
EBIT  (511.6) 336.6 150.0 185.2 201.0 151.9
Financial Proceeds (Charges)  (112.9)  (99.0)  (29.1)  (27.3)  (31.6)  (37.6)
Income (expenses) on investments  (13.4) 36.4 0.0 0.8 0.9  (1.0)
Profit before taxes  (638.0) 273.9 121.0 158.7 170.3 113.3
Income taxes 134.1  (47.7)  (34.5)  (45.7)  (54.6)  (34.5)
Net profit  (503.9) 226.3 86.5 113.0 114.5 78.5
of Group  (479.9) 205.2 68.7 96.2 98.2 64.2
of minority shareholders  (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€)2020*2019*2018201720162015
Non-current Assets 3,673.2 4,473.6 1,972.9 1,776.9 1,862.4 1,780.9
Intangible assets 925.2 985.8 960.9 871.6 950.6 921.2
Buildings, plants and machinery 967.9 1,090.9 982.7 880.9 896.5 842.4
Right of use 1,748.8 2,359.0 - - - -
Financial assets 31.3 38.0 29.4 24.4 15.3 17.3
Working capital  (310.8)  (474.5)  (430.7)  (405.9)  (442.5)  (428.2)
Stock 97.4 133.7 121.6 116.2 119.5 136.1
Trade receivables 36.7 55.4 48.0 49.0 58.1 48.0
Other receivables 141.9 125.1 166.6 145.7 121.9 132.7
Trade payables  (292.1)  (397.2)  (376.5)  (351.2)  (359.8)  (396.4)
Other debts  (294.8)  (391.5)  (390.4)  (365.6)  (382.1)  (348.6)
Capital invested 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 10.9  (115.3)  (130.1)  (131.7)  (154.4)  (147.5)
Net invested capital from continuing operations 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 23.7
Net invested capital 3,373.3 3,883.8 1,412.1 1,239.3 1,265.6 1,228.9
Group equity 399.7 935.9 741.0 695.3 687.6 600.0
Equity of Group 339.8 858.3 685.9 649.9 643.6 559.6
Third party equity 59.9 77.6 55.2 45.4 44.0 40.4
Non-current financial indebtedness 2,959.7 2,851.0 844.9 519.4 512.3 738.6
Non-current financial liabilities 3,028.5 2,924.6 860.4 531.9 520.0 743.4
Non-current financial assets  (68.7)  (73.6)  (15.5)  (12.5)  (7.7)  (4.7)
Net short term financial position 13.9 96.9  (173.9) 24.6 65.6  (109.7)
Short term financial debts 690.6 462.0 77.3 225.4 262.9 97.3
Short term liquidity and financial credits  (676.7)  (365.1)  (251.1)  (200.8)  (197.3)  (206.9)
Net financial position 2,973.6 2,947.9 671.1 544.0 578.0 629.0
Net Financial Lease Liabilities  (1,890.9)  (2,389.3) - - - -
Net Financial Position excluding finance lease assets and finance lease liabilities 1,082.7 558.6 671.1 544.0 578.0 629.0
Total 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€)2020**2019**2018201720162015
Opening net cash and cash equivalents 243.8 166.3 141.7 128.7 108.8 142.8
Pre-tax profit and net financial expense for the year  (525.1) 372.9 150.1 186.0 201.9 150.9
Amortization, depreciation and impairment losses on non-current assets, net of reversals 671.1 624.0 236.9 213.7 210.6 221.6
Income (expenses) from investments 0.2  (36.4) - - - -
Revaluation (write-down) of financial assets 13.2 0.0 0.0  (0.8)  (0.9) 1.0
Gain on disposal of investment in subsidiaries  (19.6)  (128.8) - -  (14.7) -
Gain on disposal of other non-current assets  (0.1)  (4.4)  (5.0)  (1.2)  (3.6)  (4.8)
Other non-cash items  (5.7) 3.5 1.9 - -  (0.1)
Change in working capital  (136.6) 2.1 6.7 11.2  (9.5) 10.2
Net change in non-current non-financial assets and liabilities 9.5  (11.8)  (13.0)  (11.7) 8.1 2.0
Cash flow from operating activities 7.0 821.1 377.5 397.3 391.9 380.9
Taxes paid  (2.0)  (27.1)  (30.3)  (57.1)  (45.4)  (51.6)
Interest paid  (31.5)  (24.7)  (23.4)  (26.6)  (28.1)  (35.5)
Net implicit interest in lease liabilities  (26.6)  (72.4) - - - -
Net cash flow from operating activities  (53.2) 697.0 323.7 313.6 318.4 293.9
Acquisition of property, plant and equipment and intangible assets  (183.9)  (343.6)  (299.8)  (278.1)  (220.2)  (226.3)
Proceeds from sale of non-current assets 2.0 10.9 9.5 4.2 5.6 8.3
Cash flow adsorbed by acquisition of investments  (1.9)  (41.1)  (82.3)  (6.5)  (3.8)  (0.8)
Cash flow generated from disposal of investments  (1.4) 173.6 0.7 1.8 4.6 23.4
Net change in non-current financial assets 0.8  (9.0)  (3.3)  (6.9) 3.2 3.2
Net cash flow from (used in) investing activities  (184.5)  (209.2)  (375.3)  (285.4)  (210.6)  (192.2)
Repayments of bonds  (21.9) - -  (132.8) - -
Utilization of non-current credit lines 737.1 - - 202.4 - -
Issue of new non-current loans - - 394.6 150.0 0.0 275.0
Repayments of non-current loans -  (22.0)  (247.1)  (200.5)  (39.3)  (336.1)
Issue of new current loans, net of repayments 135.5  (20.7)  (18.3) 17.0  (9.0)  (68.7)
Principal repayment of lease liabilities  (102.9)  (325.0) - - - -
Renegotiation for COVID-19 on lease liabilities  (182.6) - - - - -
Dividends paid (*) -  (50.8)  (48.3)  (40.7)  (30.5) -
Treasury share purchase  (12.3) - - - - -
Exercise of stock option - - - 0.8 - 2.1
Other cash flows 7.5 6.9  (5.9)  (11.5)  (7.7)  (8.7)
Net cash flow used in financing activities 560.4  (411.6) 75.0  (15.3)  (86.6)  (136.4)
Cash flow for the year 322.7 76.2 23.4 12.9 21.3  (34.8)
Effect of exchange on net cash and cash equivalents  (11.1) 1.3 1.2 0.1  (2.7) 1.3
 Closing net cash and cash equivalents 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 243.8 166.3 141.7 128.7 108.8 142.8
Cash and cash equivalents 284.1 214.7 169.6 158.7 161.8 183.2
Current account overdrafts  (40.3)  (48.4)  (27.9)  (30.0)  (53.0)  (40.4)
Closing - net cash and cash equivalents 555.4 243.8 166.3 141.7 128.7 108.8
Cash and cash equivalents 613.5 284.1 214.7 169.6 158.7 161.8
Current account overdrafts  (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€) FY2020FY2019FY2018FY2017FY2016FY2015
North America 855.8 2,635.6 2,389.1 2,396.2 2,357.6 2,232.4
International 230.0 647.1 584.6 512.3 437.0 347.0
Italy 573.9 1,021.7 1,023.6 1,029.0 1,042.0 1,057.4
Other European countries 324.0 692.4 698.0 657.0 682.5 732.4
Total 1,983.7 4,996.8 4,695.3 4,594.6 4,519.1 4,369.2

Debt

Borrowings - 31 December 2020Interest rateMaturity dateAvailable amountDrawnUndrawnCovenants(*)
$150m private placement Fixed Jan-23   $150m   EBITDA interest coverage ≥ 4.5x (1) 
Gross Debt / EBITDA ≤ 3.5x (1)    
$40m private placement Fixed Sep-21   $40m  
$80m private placement Fixed Sep-24   $80m  
$55m private placement Fixed Sep-25   $55m  
US private placements       $325m  
Amortizing Term Loan Floating Jun-23 $150m $150m $0m
Revolving Credit Facility Floating Jun-23 $200m $200m $0m
Other loans       $350m  
Total - HMS Host Corp       $675m    
Revolving Credit Facility Floating Jan-23 €100m €100m €0m EBITDA interest coverage ≥ 4.5x (1)
Net Debt / EBITDA ≤ 3.5x (1)
Amortizing Term Loan Floating Mar-25 €150m €150m €0m EBITDA interest coverage adj. ≥ 4.5x (2)
Net Debt / EBITDA adj. ≤ 3.5x(2)

 
  
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 €25m €50m €0m
Revolving Credit Facility Floating Aug-24 €300m €25m €0m
Amortizing Term Loan Floating Jun-25   €300m €0m
Other loans       €925m    
Total - Autogrill S.p.A.       €925m    

Based on nominal value of borrowings as at 31 December 2020

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. The agreement was further extended for additional 12 months through 31 December 2022, assuming the positive outcome of a covenant test in September 2022 at HMSHost Corp. level and obtained a “covenant holiday” until 31 December 2022 in relation to the new SACE Facility Agreement.

(1) Covenants calculation excluding the impact of IFRS16 accounting principle

(2) Covenants calculation after the impact of IFRS16 accounting principle

Latest update: Tuesday, April 6, 2021 - 10:34