Autogrill: 2022 revenue of €4.1bn (+50.2%), underlying EBIT of €100m, approaching zero net debt

The Board of Directors approves consolidated results at 31 December 2022, including the consolidated Non Financial Information Declaration 2022 and the annual report in ESEF format

  • Revenue of €4.1bn, an increase of 50.2% at constant[1] exchange rate (+59.7% at current exchange rate)

−       Like-for-like[2] performance of +53% in FY2022, driven by the recovery of international airport traffic in all the core geographies of the Group and by the implementation of adequate commercial actions to fuel organic growth

−       Revenue in FY 2022 represents approximately 88% of those reported in 2019 at constant exchange rates and excluding the disposals made in the period

  • Underlying[3] EBIT of €100.0m in FY2022 (-€7.0m in FY2021)

−        Mainly driven by operating leverage, renewed commercial offer and continued focus on pricing management and operational efficiency

  • Underlying3 net result of -€28.1m in FY2022 (-€105.8m in FY2021)
  • Free cash flow[4] of €255.8m in FY2022 (€117.0m in FY2021), excluding the impact of US motorways business disposal, make-whole on financing and other non recurring items[5]
  • Equity free cash flow[6] of €220.0 in FY2022 (€94.3m in FY2021), after the cash-out to minority partners. Equity free cash flow benefitted from the following items:

−        €90m positive contribution related to a tax refund in the US cashed-in in the month of April

−        Around €35m of subsidies, rent credits related to covid and other one-off items

−        The postponement of some committed capex with a positive impact of about €20m

−        After deducting these items, the FY2022 Equity free cash flow would amount to approximately €75m

  • Net financial indebtedness excluding lease receivables and liabilities of €7.8m as of 31 December 2022 (€197.4m as of 31 December 2021)
  • New wins and renewals: approximately €3.4bn[7]
[1]At constant exchange rates. Average €/$ FX rates:
  • FY2022: 1.0530
  • FY2021: 1.1827

[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] Underlying: an alternative performance measure calculated by excluding certain revenue or cost items in order to improve the interpretation of the Group's normalized profitability for the period. Please refer to “Definitions” for the detailed calculation.

[4] FCF = free cash flow is the cash from the normal business operations after subtracting any money spent on capex, and excluding the cash flows relating to extraordinary operations (e.g. acquisitions, disposals, equity raisings, debt refinancing). Free cash flow is calculated as follows: EBITDA +/- change in net working capital +/- non-cash costs and revenues already included in the EBITDA – MAG paid +/- financial income and charges (excluding costs paid in connection with early repayment of debt) +/- net tax – capital expenditures.

[5] Non recurring effect related to US motorways business disposal (-€83.9m in FY2021), make-whole net of derivatives (-€17.5m in FY2021), and Integration of Autogrill S.p.A. in Dufry (-€3.1m in FY2022).

[6] EFCF = FCF after the liquidity generated (adsorbed) by the relationship with minority partners

[7] Overall value of the contracts calculated as the sum of expected sales of each contract for its entire duration, converted  to € at 2022 current exchange rates. Contracts signed by subsidiaries consolidated using the equity methods are included. 

Thursday, March 9, 2023 - 13:50

Milan, 9 March 2023 – The Board of Directors of Autogrill S.p.A. (Milan: AGL IM), which convened today, has reviewed and approved the consolidated results at 31 December 2022, including the consolidated Non Financial Information Declaration 2022 and the annual report in ESEF format.

Paolo Roverato, Group CEO, said: “2022 was a year of transformation, marked by key achievements: first of all, we posted strong results thanks to the resilience of our business model, implemented our renewed ESG strategy and, lastly, the announced industrial combination with Dufry that will create a new global player, leader in food & beverage and retail services for travellers. 2022 closes a long chapter in which the Group has become the world leader in food & beverage for travellers; a new phase of expansion is now starting, taking the Group to a new dimension and to compete effectively and successfully in the global market, with a renewed focus on the generation of sustainable value”.