Financial Highlights
|
(m€) |
2022** |
2021** |
2020** |
2019** |
2018 |
2017 |
2016 |
2015* |
|---|---|---|---|---|---|---|---|---|
|
Revenue |
4,148.3 |
2,596.8 |
1,983.7 |
4,996.8 |
4,695.3 |
4,594.6 |
4,519.1 |
4,336.3 |
|
Underlying EBITDA |
652.6 |
529.9 |
155.3 |
849.5 |
416.7 |
418.8 |
411.6 |
373.5 |
|
Underlying EBIT |
100.0 |
(7.0) |
(515.8) |
228.2 |
179.8 |
205.0 |
201.0 |
151.9 |
|
Underlying Group Net Profit |
(28.1) |
(105.8) |
(485.7) |
85.0 |
101.6 |
106.9 |
98.2 |
64.2 |
|
Net investments |
(216.0) |
(135.3) |
(195.4) |
(332.7) |
(290.3) |
(273.9) |
(214.6) |
(218.0) |
|
Working capital |
(559.7) |
(409.2) |
(310.8) |
(474.5) |
(430.7) |
(405.9) |
(442.5) |
(428.2) |
|
Net capital invested |
2549.1 |
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 |
7.8 |
197.4 |
1,082.7 |
558.6 |
671.1 |
544.0 |
578.0 |
629.0 |
|
Euro-dollar exchange rate (end of period) €/$ |
1.1 |
1.1 |
1.2 |
1.1 |
1.1 |
1.2 |
1.1 |
1.1 |
|
Euro-dollar exchange rate (average) €/$ |
1.1 |
1.2 |
1.1 |
1.1 |
1.2 |
1.1 |
1.1 |
1.1 |
|
Results on revenue |
||||||||
|
:Ebitda on revenue % |
15.7 |
20.4 |
7.8 |
17.0 |
8.9 |
9.1 |
9.1 |
8.6 |
|
:Ebit on revenue % |
2.4 |
-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€) |
2022** |
2021** |
2020** |
2019** |
2018 |
2017 |
2016 |
2015* |
|---|---|---|---|---|---|---|---|---|
|
Revenue |
4,148.3 |
2,596.8 |
1,983.7 |
4,996.8 |
4,695.3 |
4,594.6 |
4,519.1 |
4,336.3 |
|
Other operating proceeds |
242.0 |
192.9 |
126.1 |
230.9 |
131.1 |
116.4 |
123.6 |
123.7 |
|
Total revenue and proceeds |
4,390.4 |
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 |
(1,347.6) |
(900.1) |
(716.0) |
(1,534.8) |
(1,445.6) |
(1,421.4) |
(1,410.3) |
(1,379.0) |
|
Cost of personnel |
(1,370.9) |
(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 |
(470.0) |
(152.0) |
(64.3) |
(578.4) |
(876.5) |
(828.2) |
(796.1) |
(751.4) |
|
Other operating costs |
(574.4) |
(391.5) |
(416.0) |
(607.8) |
(560.4) |
(542.7) |
(543.5) |
(532.3) |
|
Gain on operating activity disposal |
(1.7) |
129.5 |
19.2 |
127.6 |
0.0 |
0.0 |
14.6 |
0.0 |
|
EBITDA |
625.7 |
655.6 |
159.5 |
960.6 |
386.9 |
399.0 |
411.6 |
373.5 |
|
Depreciation and devaluation |
(552.6) |
(537.0) |
(671.1) |
(624.0) |
(236.9) |
(213.7) |
(210.6) |
(221.6) |
|
EBIT |
73.1 |
118.6 |
(511.6) |
336.6 |
150.0 |
185.2 |
201.0 |
151.9 |
|
Financial Proceeds (Charges) |
(59.2) |
(100.9) |
(112.9) |
(99.0) |
(29.1) |
(27.3) |
(31.6) |
(37.6) |
|
Income (expenses) on investments |
(1.3) |
1.8 |
(13.4) |
36.4 |
0.0 |
0.8 |
0.9 |
(1.0) |
|
Profit before taxes |
12.6 |
19.5 |
(638.0) |
273.9 |
121.0 |
158.7 |
170.3 |
113.3 |
|
Income taxes |
(32.5) |
(40.0) |
134.1 |
(47.7) |
(34.5) |
(45.7) |
(54.6) |
(34.5) |
|
Net profit |
(19.9) |
(20.5) |
(503.9) |
226.3 |
86.5 |
113.0 |
114.5 |
78.5 |
|
:of Group |
(33.7) |
(37.8) |
(479.9) |
205.2 |
68.7 |
96.2 |
98.2 |
64.2 |
|
:of minority shareholders |
(53.7) |
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€) |
2022** |
2021** |
2020* |
2019* |
2018 |
2017 |
2016 |
2015 |
|---|---|---|---|---|---|---|---|---|
|
Non-current Assets |
3,147.7 |
3,199.4 |
3,673.2 |
4,473.6 |
1,972.9 |
1,776.9 |
1,862.4 |
1,780.9 |
|
:Intangible assets |
933.3 |
909.9 |
925.2 |
985.8 |
960.9 |
871.6 |
950.6 |
921.2 |
|
:Buildings, plants and machinery |
800.1 |
778.2 |
967.9 |
1,090.9 |
982.7 |
880.9 |
896.5 |
842.4 |
|
:Right of use |
1,385.1 |
1,487.5 |
1,748.8 |
2,359.0 |
- |
- |
- |
- |
|
:Financial assets |
29.2 |
23.9 |
31.3 |
38.0 |
29.4 |
24.4 |
15.3 |
17.3 |
|
Working capital |
(559.7) |
(409.2) |
(310.8) |
(474.5) |
(430.7) |
(405.9) |
(442.5) |
(428.2) |
|
:Stock |
133.3 |
116.5 |
97.4 |
133.7 |
121.6 |
116.2 |
119.5 |
136.1 |
|
:Trade receivables |
50.7 |
45.8 |
36.7 |
55.4 |
48.0 |
49.0 |
58.1 |
48.0 |
|
:Other receivables |
89.9 |
187.2 |
141.9 |
125.1 |
166.6 |
145.7 |
121.9 |
132.7 |
|
:Trade payables |
(416.2) |
(357.6) |
(292.1) |
(397.2) |
(376.5) |
(351.2) |
(359.8) |
(396.4) |
|
:Other debts |
(417.2) |
(401.0) |
(294.8) |
(391.5) |
(390.4) |
(365.6) |
(382.1) |
(348.6) |
|
Capital invested |
(2,588.0) |
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 |
(38.9) |
(2.3) |
10.9 |
(115.3) |
(130.1) |
(131.7) |
(154.4) |
(147.5) |
|
Net invested capital from continuing operations |
(2,549.1) |
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 |
0.0 |
23.7 |
|
Net invested capital |
2,549.1 |
2,787.9 |
3,373.3 |
3,883.8 |
1,412.1 |
1,239.3 |
1,265.6 |
1,228.9 |
|
Group equity |
967.9 |
974.2 |
399.7 |
935.9 |
741.0 |
695.3 |
687.6 |
600.0 |
|
:Equity of Group |
910.8 |
923.2 |
339.8 |
858.3 |
685.9 |
649.9 |
643.6 |
559.6 |
|
:Third party equity |
57.1 |
51.0 |
59.9 |
77.6 |
55.2 |
45.4 |
44.0 |
40.4 |
|
Non-current financial indebtedness |
1,298.8 |
1,860.5 |
2,959.7 |
2,851.0 |
844.9 |
519.4 |
512.3 |
738.6 |
|
Non-current financial liabilities |
1,368.3 |
1,928.3 |
3,028.5 |
2,924.6 |
860.4 |
531.9 |
520.0 |
743.4 |
|
Non-current financial assets |
(69.5) |
(67.9) |
(68.7) |
(73.6) |
(15.5) |
(12.5) |
(7.7) |
(4.7) |
|
Net short term financial position |
282.3 |
(46.7) |
13.9 |
96.9 |
(173.9) |
24.6 |
65.6 |
(109.7) |
|
:Short term financial debts |
871.7 |
348.8 |
690.6 |
462.0 |
77.3 |
225.4 |
262.9 |
97.3 |
|
:Short term liquidity and financial credits |
(589.4) |
(395.5) |
(676.7) |
(365.1) |
(251.1) |
(200.8) |
(197.3) |
(206.9) |
|
Net financial position |
1,581.1 |
1,813.8 |
2,973.6 |
2,947.9 |
671.1 |
544.0 |
578.0 |
629.0 |
|
Net Financial Lease Liabilities |
(1,573.3) |
(1,616.4) |
(1,890.9) |
(2,389.3) |
- |
- |
- |
- |
|
Net Financial Position excluding finance lease assets and finance lease liabilities |
7.8 |
197.4 |
1,082.7 |
558.6 |
671.1 |
544.0 |
578.0 |
629.0 |
|
Total |
2,549.1 |
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€) |
2022* |
2021* |
2020** |
2019** |
2018 |
2017 |
2016 |
2015 |
|---|---|---|---|---|---|---|---|---|
|
Opening net cash and cash equivalents |
310.4 |
555.4 |
243.8 |
166.3 |
141.7 |
128.7 |
108.8 |
142.8 |
|
:Pre-tax profit and net financial expense for the year |
71.8 |
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 |
552.6 |
537.0 |
671.1 |
624.0 |
236.9 |
213.7 |
210.6 |
221.6 |
|
:Income (expenses) from investments |
(0.7) |
(0.1) |
0.2 |
(36.4) |
- |
- |
- |
- |
|
:Revaluation (write-down) of financial assets |
1.9 |
(1.6) |
13.2 |
0.0 |
0.0 |
(0.8) |
(0.9) |
1.0 |
|
:Gain on disposal of investment in subsidiaries |
1.7 |
(133.6) |
(19.6) |
(128.8) |
- |
- |
(14.7) |
- |
|
:Gain on disposal of other non-current assets |
(4.0) |
(0.8) |
(0.1) |
(4.4) |
(5.0) |
(1.2) |
(3.6) |
(4.8) |
|
:Other non-cash items |
2.2 |
1.3 |
(5.7) |
3.5 |
1.9 |
- |
- |
(0.1) |
|
:Change in working capital |
68.0 |
120.1 |
(136.6) |
2.1 |
6.7 |
11.2 |
(9.5) |
10.2 |
|
:Net change in non-current non-financial assets and liabilities |
1.5 |
(0.6) |
9.5 |
(11.8) |
(13.0) |
(11.7) |
8.1 |
2.0 |
|
Cash flow from operating activities |
695.1 |
642.0 |
7.0 |
821.1 |
377.5 |
397.3 |
391.9 |
380.9 |
|
:Taxes paid |
82.5 |
(51.4) |
(2.0) |
(27.1) |
(30.3) |
(57.1) |
(45.4) |
(51.6) |
|
:Interest paid |
(14.6) |
(72.9) |
(31.5) |
(24.7) |
(23.4) |
(26.6) |
(28.1) |
(35.5) |
|
:Net implicit interest in lease liabilities |
(38.8) |
(32.0) |
(26.6) |
(72.4) |
- |
- |
- |
- |
|
Net cash flow from operating activities |
724.3 |
485.7 |
(53.2) |
697.0 |
323.7 |
313.6 |
318.4 |
293.9 |
|
:Acquisition of property, plant and equipment and intangible assets |
(213.8) |
(150.4) |
(183.9) |
(343.6) |
(299.8) |
(278.1) |
(220.2) |
(226.3) |
|
:Proceeds from sale of non-current assets |
7.2 |
8.3 |
2.0 |
10.9 |
9.5 |
4.2 |
5.6 |
8.3 |
|
:Cash flow adsorbed by acquisition of investments |
(11.0) |
0.0 |
(1.9) |
(41.1) |
(82.3) |
(6.5) |
(3.8) |
(0.8) |
|
:Cash flow generated from disposal of investments |
(2.1) |
322.7 |
(1.4) |
173.6 |
0.7 |
1.8 |
4.6 |
23.4 |
|
:Net change in non-current financial assets |
0.1 |
(0.1) |
0.8 |
(9.0) |
(3.3) |
(6.9) |
3.2 |
3.2 |
|
Net cash flow from (used in) investing activities |
(219.7) |
180.5 |
(184.5) |
(209.2) |
(375.3) |
(285.4) |
(210.6) |
(192.2) |
|
:Repayments of bonds |
0.0 |
(274.8) |
(21.9) |
- |
- |
(132.8) |
- |
- |
|
:Utilization of non-current credit lines |
(5.4) |
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 |
(8.9) |
(1,221.4) |
- |
(22.0) |
(247.1) |
(200.5) |
(39.3) |
(336.1) |
|
:Issue of new current loans, net of repayments |
(2.1) |
(144.8) |
135.5 |
(20.7) |
(18.3) |
17.0 |
(9.0) |
(68.7) |
|
:Principal repayment of lease liabilities |
(235.7) |
(153.3) |
(102.9) |
(325.0) |
- |
- |
- |
- |
|
:Renegotiation for COVID-19 on lease liabilities |
(29.3) |
(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 |
(1.0) |
579.4 |
- |
- |
- |
- |
- |
- |
|
:Exercise of stock option |
- |
- |
- |
- |
- |
0.8 |
- |
2.1 |
|
:Other cash flows |
(33.7) |
(24.5) |
7.5 |
6.9 |
(5.9) |
(11.5) |
(7.7) |
(8.7) |
|
Net cash flow used in financing activities |
(316.1) |
(920.9) |
560.4 |
(411.6) |
75.0 |
(15.3) |
(86.6) |
(136.4) |
|
Cash flow for the year |
188.5 |
(254.7) |
322.7 |
76.2 |
23.4 |
12.9 |
21.3 |
(34.8) |
|
Effect of exchange on net cash and cash equivalents |
6.7 |
9.7 |
(11.1) |
1.3 |
1.2 |
0.1 |
(2.7) |
1.3 |
|
Closing net cash and cash equivalents |
505.6 |
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 |
310.4 |
555.4 |
243.8 |
166.3 |
141.7 |
128.7 |
108.8 |
142.8 |
|
::Cash and cash equivalents |
343.2 |
613.5 |
284.1 |
214.7 |
169.6 |
158.7 |
161.8 |
183.2 |
|
::Current account overdrafts |
(32.8) |
(58.2) |
(40.3) |
(48.4) |
(27.9) |
(30.0) |
(53.0) |
(40.4) |
|
::Closing - net cash and cash equivalents |
505.6 |
310.4 |
555.4 |
243.8 |
166.3 |
141.7 |
128.7 |
108.8 |
|
::Cash and cash equivalents |
531.9 |
343.2 |
613.5 |
284.1 |
214.7 |
169.6 |
158.7 |
161.8 |
|
::Current account overdrafts |
(26.4) |
(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€) |
FY2022 |
FY2021 |
FY2020 |
FY2019 |
FY2018 |
FY2017 |
FY2016 |
FY2015 |
|---|---|---|---|---|---|---|---|---|
|
North America |
2,150.1 |
1,302.6 |
855.8 |
2,635.6 |
2,389.1 |
2,396.2 |
2,357.6 |
2,232.4 |
|
International |
502.9 |
190.9 |
230.0 |
647.1 |
584.6 |
512.3 |
437.0 |
347.0 |
|
Italy |
959.0 |
766.5 |
573.9 |
1,021.7 |
1,023.6 |
1,029.0 |
1,042.0 |
1,057.4 |
|
Other European countries |
536.3 |
336.9 |
324.0 |
692.4 |
698.0 |
657.0 |
682.5 |
732.4 |
|
Total |
4,148.3 |
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 2022 |
Interest rate |
Maturity date |
Available amount |
Drawn |
Undrawn |
Covenants |
|---|---|---|---|---|---|---|
|
Amortizing Term Loan |
Floating |
Sep-23 |
$348m |
$348m |
$0m |
EBITDA |
|
Totale - HMS Host Corp |
$348m |
|||||
|
Amortizing Term Loan |
Floating |
Sep-23 |
€200m |
€200m |
€0m |
|
|
Revolving Credit Facility |
Floating |
Sep-23 |
€500m |
€0m |
€500m |
|
|
Total - Autogrill S.p.A. |
€200m |
€500m |
Based on the nominal value of borrowings as of 31 December 2022
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.