Financial target
2021E:5xvs. 20182
1) Free cash flow = cash flow before Dividends, Acquisitions and Disposals
2) FY2018 Free Cash Flow = €33m
Figures pre-application of IFRS16. Assuming €/$ FX of 1.15
REVENUE
Like-for-Like performance
Steady growth in traffic globally, coupled with increasing spend per passenger
L-f-L growth driven by airports
Airports Net openings & bolt-ons
New contract wins
Convenience Retail in North America as a new source of growth
Motorways Net closings
Further rationalization
Railways Net openings
Further expansion
Other channels Net closings
Progressive exit from noncore locations
Each 0.01 movement in Euros to the US Dollars exchange rate has a +/- €20-30m annualized impact on 2019–2021 revenue
Revenue growth will be mainly driven by the like-for-like performance
Assuming €/$ FX of 1.15 for 2019 onwards. 2018 revenue rebased for:
- The disposal of Canadian motorways and Czech Republic occurred in 1H2019
- The expiration of T&R motorway agreement occurred in 1H2019
- €/$ FX of 1.15
PROFITABILITY ENHANCEMENT
North America: slight margin improvement
International: completion of the start-up phase of recently opened locations
Europe: strong margin expansion driven by self-help initiatives
Figures pre-application of IFRS 16. Assuming €/$ FX of 1.15 for 2019 onwards
CAPEX
Assuming €/$ FX of 1.15 for 2019 onwards