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Financial Highlights
| (m€) | 2020** | 2019** | 2018 | 2017 | 2016 | 2015* |
|---|---|---|---|---|---|---|
| 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** | 2018 | 2017 | 2016 | 2015* |
|---|---|---|---|---|---|---|
| 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* | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|
| 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** | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|
| 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€) | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|
| 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 2020 | Interest rate | Maturity date | Available amount | Drawn | Undrawn | Covenants(*) |
|---|---|---|---|---|---|---|
| $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