- Revenue of €938.3m, a decrease of 14.4% at current exchange rate (-10.6% at constant exchange rate[1])
- Like for like performance of -9.5% in 1H2021[2]
- Improving traffic trend at airports in the US and on motorways across all geographies on the back of the progress of the vaccination campaign
- Underlying EBIT of -€88.8m in 1H2021 (-€297.0m in 1H2020)
- Benefitting from the actions implemented to offset the COVID-19 impact, including better product mix, labor cost optimizations and rent renegotiations
- Net result of -€148.3m in 1H2021 (-€271.0m in 1H2020)
- Free Cash Flow: -€55.9m (vs. -€397.2m in 1H20203), with a progressive improvement of Free Cash Flow since April 2021
- Net financial position excluding lease receivables and liabilities: €567.2m as of 30 June 2021 (€1,082.7m as of 31 December 2020), in line with its pre-pandemic level, thanks to the equity raising together with all the cash preservation initiatives implemented so far across the Group
- Liquidity: approximately €1.3bn in cash and available credit facilities at the end of the period
- New wins and renewals: approximately €1.0bn[3], mainly related to extension of existing contracts
- FY2021 revised guidance:
- Revenue range for the year narrowed between €2.3bn and €2.6bn
- FCF for the year increased by €55m to circa -€65m and circa -€15m from previous guidance of circa -€120m and circa -€70m, on the back of the improvement of the operating performance in 2Q2021
- The revised guidance for the year is based upon the assumption that the current level of traffic will sustain for the rest of the year
- To be reminded that the FCF indicator is before the net proceeds from the disposal of the US motorways business and that the Underlying KPIs exclude any capital gain from disposals
- FY2024 targets remain unchanged:
- Revenue: €4.5bn
- Underlying EBIT margin: around 6%, about 140bps more compared to FY2019
- Capex as a percentage of revenue: between 4.8% and 5.4%
- FCF: between €130m and €160m
- Capital increase:
- Successfully completed with a final take-up of 99.16% achieved during the option period concluded on June 29th 2021
- Total amount of new shares subscribed: 130,633,542 for an aggregate amount of €599.6m
- Autogrill share price up 66% from January 21st (announcement of the resolution to propose mandate for capital increase to approval of the Shareholders’ Meeting) to completion date of rights offering
- Disposal of US motorways business:
- Successful completion of the sale of US motorways business on July 23rd to a consortium that is majority owned and led by Blackstone Infrastructure Partners, which includes Applegreen Limited and B&J Holdings, having obtained necessary governmental approvals and consent from landlords
- Total sale price of c.$381m, after post-closing price adjustments and subject to potential increase through a earn-out mechanism on 2022 and 2023 revenues. Estimated capital gain of approximately $150m
- ESG:
- ESG topics have always been a part of Autogrill’s way of doing business, with a 15-year long history of commitments and initiatives
- For this reason the Group has started a new journey launching a new ESG strategy based on three strategic pillars:
- We nurture people
- We offer sustainable food experiences
- We care for the planet
- In the coming months Autogrill will be setting clear and focused commitments to drive the Group’s action in this journey, with the ambition of further enhancing its ability to impact and shaping a better future
[1] At constant exchange rates. Average €/$ FX rates:
- 1H2021: 1.2053
- 1H2020: 1.1020
[2] The change in like for like revenue is calculated by excluding from revenue at constant exchange rates the impact of new openings, closings, acquisitions, disposals and calendar effect. Please refer to “Definitions” for the detailed calculation
[3] Overall value of the contracts calculated as the sum of expected sales of each contract for its entire duration, converted to € at 1H2021 current exchange rates