Meeting today, the board of directors of Autogrill S.p.A. (Milan: AGL IM) examined and approved the consolidated results to 30 June 2015.
1st half 2015 saw improvements in the main economic-financial indicators. There were notably positive results for revenues (up 10%) and Ebitda (up 19.9%), with margins net of re-organization charges, up 6.7% (6% in 1st half 2014).
In the first months of the year, the Group carried forward its strategy of expansion in the airport channel, both in countries where it already has extensive operations and in fast growing economies.
In the geographical areas enjoying rapid expansion, the Group secured 8 new points of sale at Antalya Airport in Turkey, in addition to the 16 it already operates at Istanbul’s Sabiha Gokcen International Airport. According to the estimates, these new operations will generate total revenues of around €110m. In April, the Group won two contracts in China, where it will open 10 points of sale in the international airports of Beijing and Sanya, which are expected to generate overall revenues of around €50m over the entire duration of the contracts.
In markets where the Group is consolidated, it secured four contracts to operate di 40 points of sale in the airports of Houston (USA) and Montreal (Canada), which will generate estimated overall sales of around $790m over the period of the contracts.
Regarding its leading edge brands in the period, Autogrill opened new points of sale under the Bistrot label in international airports of Montreal, Helsinki and Roma Fiumicino and in the new flagship store, “Il Mercato del Duomo”, in Milan. These openings follow those in Milano Centrale railway station in 2013 and in Düsseldorf railway station in 2014.
Outlook for 2015
In the first 30 weeks of the year sales were up 1.8% (up 12.5% at current exchange rates) compared to 1st half 2014.
The Group confirms the guidance it issued on announcing its figures for the 1st quarter. For full-year 2015 the Group expects revenues of between €4,300m and €4,400m, Ebitda (including Corporate costs) of between €370m and €380m and capital expenditure of around €240m.