Financial Highlights

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

Financial Highlights

(m€)2021**2020**2019**2018201720162015*
Revenue 2,596.8 1,983.7 4,996.8 4,695.3 4,594.6 4,519.1 4,336.3
Underlying EBITDA 529.9 155.3 849.5 416.7 418.8 411.6 373.5
Underlying EBIT (7.0)  (515.8) 228.2 179.8 205.0 201.0 151.9
Underlying Group Net Profit (105.8)  (485.7) 85.0 101.6 106.9 98.2 64.2
Net investments (135.3)   (195.4)  (332.7)  (290.3)  (273.9)  (214.6)  (218.0)
Working capital (409.2)  (310.8)  (474.5)  (430.7)  (405.9)  (442.5)  (428.2)
Net capital invested 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 197.4 1,082.7 558.6 671.1 544.0 578.0 629.0
Euro-dollar exchange rate (end of period) €/$ 1.1 1.2 1.1 1.1 1.2 1.1 1.1
Euro-dollar exchange rate (average) €/$ 1.2 1.1 1.1 1.2 1.1 1.1 1.1
Results on revenue            
Ebitda on revenue % 20.4 7.8 17.0 8.9 9.1 9.1 8.6
Ebit on revenue % -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€)2021**2020**2019**2018201720162015*
Revenue 2,596.8 1,983.7 4,996.8 4,695.3 4,594.6 4,519.1 4,336.3
Other operating proceeds 192.9 126.1 230.9 131.1 116.4 123.6 123.7
Total revenue and proceeds 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 (900.1)  (716.0)  (1,534.8)  (1,445.6)  (1,421.4)  (1,410.3)  (1,379.0)
Cost of personnel (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 (152.0)  (64.3)  (578.4)  (876.5)  (828.2)  (796.1)  (751.4)
Other operating costs (391.5)  (416.0)  (607.8)  (560.4)  (542.7)  (543.5)  (532.3)
Gain on operating activity disposal 129.5 19.2 127.6 0.0 0.0 14.6 0.0
EBITDA 655.6 159.5 960.6 386.9 399.0 411.6 373.5
Depreciation and devaluation (537.0)  (671.1)  (624.0)  (236.9)  (213.7)  (210.6)  (221.6)
EBIT 118.6  (511.6) 336.6 150.0 185.2 201.0 151.9
Financial Proceeds (Charges) (100.9)  (112.9)  (99.0)  (29.1)  (27.3)  (31.6)  (37.6)
Income (expenses) on investments 1.8  (13.4) 36.4 0.0 0.8 0.9  (1.0)
Profit before taxes 19.5  (638.0) 273.9 121.0 158.7 170.3 113.3
Income taxes (40.0) 134.1  (47.7)  (34.5)  (45.7)  (54.6)  (34.5)
Net profit (20.5)  (503.9) 226.3 86.5 113.0 114.5 78.5
of Group (37.8)  (479.9) 205.2 68.7 96.2 98.2 64.2
of minority shareholders 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€)2021**2020*2019*2018201720162015
Non-current Assets 3,199.4 3,673.2 4,473.6 1,972.9 1,776.9 1,862.4 1,780.9
Intangible assets 909.9 925.2 985.8 960.9 871.6 950.6 921.2
Buildings, plants and machinery 778.2 967.9 1,090.9 982.7 880.9 896.5 842.4
Right of use 1,487.5 1,748.8 2,359.0 - - - -
Financial assets 23.9 31.3 38.0 29.4 24.4 15.3 17.3
Working capital (409.2)  (310.8)  (474.5)  (430.7)  (405.9)  (442.5)  (428.2)
Stock 116.5 97.4 133.7 121.6 116.2 119.5 136.1
Trade receivables 45.8 36.7 55.4 48.0 49.0 58.1 48.0
Other receivables 187.2 141.9 125.1 166.6 145.7 121.9 132.7
Trade payables (357.6)  (292.1)  (397.2)  (376.5)  (351.2)  (359.8)  (396.4)
Other debts (401.0)  (294.8)  (391.5)  (390.4)  (365.6)  (382.1)  (348.6)
Capital invested 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 (2.3) 10.9  (115.3)  (130.1)  (131.7)  (154.4)  (147.5)
Net invested capital from continuing operations 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 23.7
Net invested capital 2,787.9 3,373.3 3,883.8 1,412.1 1,239.3 1,265.6 1,228.9
Group equity 974.2 399.7 935.9 741.0 695.3 687.6 600.0
Equity of Group 923.2 339.8 858.3 685.9 649.9 643.6 559.6
Third party equity 51.0 59.9 77.6 55.2 45.4 44.0 40.4
Non-current financial indebtedness 1,860.5 2,959.7 2,851.0 844.9 519.4 512.3 738.6
Non-current financial liabilities 1,928.3 3,028.5 2,924.6 860.4 531.9 520.0 743.4
Non-current financial assets (67.9)  (68.7)  (73.6)  (15.5)  (12.5)  (7.7)  (4.7)
Net short term financial position (46.7) 13.9 96.9  (173.9) 24.6 65.6  (109.7)
Short term financial debts 348.8 690.6 462.0 77.3 225.4 262.9 97.3
Short term liquidity and financial credits (395.5)  (676.7)  (365.1)  (251.1)  (200.8)  (197.3)  (206.9)
Net financial position 1,813.8 2,973.6 2,947.9 671.1 544.0 578.0 629.0
Net Financial Lease Liabilities (1,616.4)  (1,890.9)  (2,389.3) - - - -
Net Financial Position excluding finance lease assets and finance lease liabilities 197.4 1,082.7 558.6 671.1 544.0 578.0 629.0
Total 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€)2021*2020**2019**2018201720162015
Opening net cash and cash equivalents 555.4 243.8 166.3 141.7 128.7 108.8 142.8
Pre-tax profit and net financial expense for the year 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 537.0 671.1 624.0 236.9 213.7 210.6 221.6
Income (expenses) from investments (0.1) 0.2  (36.4) - - - -
Revaluation (write-down) of financial assets (1.6) 13.2 0.0 0.0  (0.8)  (0.9) 1.0
Gain on disposal of investment in subsidiaries (133.6)  (19.6)  (128.8) - -  (14.7) -
Gain on disposal of other non-current assets (0.8)  (0.1)  (4.4)  (5.0)  (1.2)  (3.6)  (4.8)
Other non-cash items 1.3  (5.7) 3.5 1.9 - -  (0.1)
Change in working capital 120.1  (136.6) 2.1 6.7 11.2  (9.5) 10.2
Net change in non-current non-financial assets and liabilities (0.6) 9.5  (11.8)  (13.0)  (11.7) 8.1 2.0
Cash flow from operating activities 642.0 7.0 821.1 377.5 397.3 391.9 380.9
Taxes paid (51.4)  (2.0)  (27.1)  (30.3)  (57.1)  (45.4)  (51.6)
Interest paid (72.9)  (31.5)  (24.7)  (23.4)  (26.6)  (28.1)  (35.5)
Net implicit interest in lease liabilities (32.0)  (26.6)  (72.4) - - - -
Net cash flow from operating activities 485.7  (53.2) 697.0 323.7 313.6 318.4 293.9
Acquisition of property, plant and equipment and intangible assets (150.4)  (183.9)  (343.6)  (299.8)  (278.1)  (220.2)  (226.3)
Proceeds from sale of non-current assets 8.3 2.0 10.9 9.5 4.2 5.6 8.3
Cash flow adsorbed by acquisition of investments 0.0  (1.9)  (41.1)  (82.3)  (6.5)  (3.8)  (0.8)
Cash flow generated from disposal of investments 322.7  (1.4) 173.6 0.7 1.8 4.6 23.4
Net change in non-current financial assets  (0.1) 0.8  (9.0)  (3.3)  (6.9) 3.2 3.2
Net cash flow from (used in) investing activities 180.5  (184.5)  (209.2)  (375.3)  (285.4)  (210.6)  (192.2)
Repayments of bonds (274.8)  (21.9) - -  (132.8) - -
Utilization of non-current credit lines 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 (1,221.4) -  (22.0)  (247.1)  (200.5)  (39.3)  (336.1)
Issue of new current loans, net of repayments (144.8) 135.5  (20.7)  (18.3) 17.0  (9.0)  (68.7)
Principal repayment of lease liabilities (153.3)  (102.9)  (325.0) - - - -
Renegotiation for COVID-19 on lease liabilities (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 579.4 - - - - - -
Exercise of stock option - - - - 0.8 - 2.1
Other cash flows (24.5) 7.5 6.9  (5.9)  (11.5)  (7.7)  (8.7)
Net cash flow used in financing activities (920.9) 560.4  (411.6) 75.0  (15.3)  (86.6)  (136.4)
Cash flow for the year (254.7) 322.7 76.2 23.4 12.9 21.3  (34.8)
Effect of exchange on net cash and cash equivalents 9.7  (11.1) 1.3 1.2 0.1  (2.7) 1.3
 Closing net cash and cash equivalents 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 555.4 243.8 166.3 141.7 128.7 108.8 142.8
Cash and cash equivalents 613.5 284.1 214.7 169.6 158.7 161.8 183.2
Current account overdrafts  (58.2)  (40.3)  (48.4)  (27.9)  (30.0)  (53.0)  (40.4)
Closing - net cash and cash equivalents 310.4 555.4 243.8 166.3 141.7 128.7 108.8
Cash and cash equivalents 343.2 613.5 284.1 214.7 169.6 158.7 161.8
Current account overdrafts (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€) FY2021FY2020FY2019FY2018FY2017FY2016FY2015
North America 1,302.6 855.8 2,635.6 2,389.1 2,396.2 2,357.6 2,232.4
International 190.9 230.0 647.1 584.6 512.3 437.0 347.0
Italy 766.5 573.9 1,021.7 1,023.6 1,029.0 1,042.0 1,057.4
Other European countries 336.9 324.0 692.4 698.0 657.0 682.5 732.4
Total 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 2021Interest rateMaturity dateAvailable amountDrawnUndrawnCovenants
Amortizing Term Loan Floating Oct-26 $348m $348m $0m EBITDA
interest coverage
≥ 4.5x
 
Total - HMS Host Corp       $348m  
Amortizing Term Loan Floating Oct-26 €200m €200m €0m
Revolving Credit Facility Floating Oct-26 €500m €0m €500m Net Debt / EBITDA
≤ 3.5x
Total - Autogrill S.p.A.       €925m    

Based on nominal value of borrowings as at 31 December 2021

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: Tuesday, April 12, 2022 - 14:49