Autogrill: 1H2019 revenue of €2.3 bn, + 4.3%; net result of €115m

Thursday, August 1, 2019 - 14:22
  • Revenue up 4.3% to €2.3 billion1
    • Robust like for like revenue growth of 3.0%, driven by North America and International2
    • Strong performance at airports, with revenue up 8.0%1 (+5.0% like for like)
  • Underlying3 EBITDA of €335.9m in 1H2019 (14.8% margin on revenue)
    • Underlying3 EBITDA excluding the impact of IFRS16 (“excluding IFRS16”) of €158.7m in 1H2019, 7.0% margin on revenue (€139.5m in 1H2018, 6.6% margin on revenue), mainly driven by strong margin expansion in Europe
  • Net result of €115.0m in 1H2019
    • Net result excluding IFRS16 of €130.2m in 1H2019, benefitting from the net capital gain from the disposal of the Canadian motorway business and the Czech Republic business4 (-€3.4m in 1H2018)
  • In 1H2019 new contracts and renewals worth €1.5 billion5 overall and acquisition of Pacific Gateway with 51 points of sale in 10 US airports

[1] At constant exchange rates. Average €/$ FX rates:

  • 1H2019: 1.1298
  • 1H2018: 1.2104

[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 and disposals. 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] The change in net result excluding IFRS16 is mainly relating to the following items of 1H2019: capital gains net of transaction costs of €125.5m, capital gain on Canadian equity investment of €37.4m, a negative tax effect of €30.5m (whilst in 1H2018 the tax effect was +€2.2m)

[5]  Total value of contracts calculated as the sum of expected revenue from each throughout its duration. Also includes contracts held by equity-consolidated Group companies