Autogrill: 1H2020 revenue of €1.1bn (-52% compared to 1H2019) and underlying EBITDA of €56m

Thursday, July 30, 2020 - 15:22
  • 1H2020 results reflect the exceptional adverse impact of the ongoing global pandemic, as well as the strong resilience of the Group, the quality of our operations, the diversification across our business and the extraordinary efforts of all our employees. Continued focus on execution of COVID-19 mitigation plan
  • 1H results with a drop through of 24% on Underlying EBITDA of 52% revenue loss year-over-year
  • Autogrill’s 2021 guidance provided during our Capital Markets Day in June 2019 is withdrawn due to uncertainty around the impact of COVID-19 on financial and operating results


  • The Board of Directors appointed Maria Pierdicchi as Lead Independent Director 


  • Revenue of €1.1bn1, a decrease of 51.7% at current exchange rate (-52.3% at constant exchange rate)
    • Like for like performance of -52.7% year-to-date2
    • Revenue in the month of June 2020 down 78% at constant exchange rate
  • Underlying3 EBITDA of €55.5m in 1H2020 (€335.9m in 1H2019) and Underlying3 EBIT of -€297.0m for the period (€48.8m in 1H2019)
  • Drop through4 of 24% at underlying EBITDA level, and 29% drop through at underlying EBIT level, confirming the effectiveness of the mitigation initiatives implemented so far
  • Net result of -€271.0m in 1H20205 (€115.0m in 1H2019)
  • Liquidity: circa €500m in cash and available facilities

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

  • 1H2020: 1.1020
  • 1H2019: 1.1298

[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] Drop through = EBITDA / EBIT variation (positive or negative) driven by the revenue variation (positive or negative)

[5] The change in net result is mainly relating to the following items: capital gains net of transaction costs of €125.5m in 1H2019 (nil. in 1H2020), capital gain on Canadian equity investment of €37.4m in 1H2019 (nil. in 1H2020), efficiency costs for €5.0m in 1H2020 (nil. in 1H2019), acquisition costs in 1H2019 of €0.8m (nil in 1H2020) and a positive tax effect for €0.9m in 1H2020 (whilst in 1H2019 the tax effect was -€30.5m)