Autogrill: 2021 revenue of €2.6bn, free cash flow of €117m

The Board of Directors approves consolidated results at 31 December 2021, including the consolidated Non Financial Information Declaration 2021 and the annual report in ESEF format

  • Revenue of €2.6bn, an increase of 32.8% at constant[1] exchange rate (+30.9% at current exchange rate)

- Like for like[2] performance of +39.0% in FY2021, with continuous improvement during the year

  • Underlying[3] EBIT of -€7.0m in FY2021 (-€515.8m in FY2020)

- Benefitting from initiatives implemented over the year, including better product mix, higher operating efficiency and rent renegotiation

  • Net result of -€37.8m in FY2021[4] (-€479.9m in FY2020)
  • Free cash flow[5] of €117.0m in FY2021 (-€500.9m in FY2020) excluding the impact of non-recurring transactions in North America, well above initial expectations thanks to continued cost efficiency, capex reduction and positive net working capital evolution
  • Net financial indebtedness excluding lease receivables and liabilities of €197.4m as of 31 December 2021 (€1,082.7m as of 31 December 2020)
  • Liquidity: approximately €1.0bn in cash and available credit facilities at the end of the year
  • New wins and renewals: approximately €4.3bn[6], mainly related to the extension of existing contracts
  • Trading update: revenue increase of about 100% YoY at constant exchange rates at the end of February YTD; about -30% compared with the first two months of 2019[7]
  • FY2022 guidance

- Given the unfolding geopolitical events and related economic uncertainty, Autogrill temporarily refrains from providing guidance for FY2022

  • FY2024 targets remain unchanged 
  • Make It Happen – Autogrill takes to the next level its ESG strategy and reveals future targets:

- Strategic framework building on 3 key pillars:

  • We nurture People
  • We offer sustainable Food Experiences
  • We care for the Planet

- Clear commitment through 3 main target identified, one for each pillar:

  • 40-50% women representation in leadership roles[8] by the end of 2030
  • 98% sustainable coffee sourced for proprietary brands by the end of 2025
  • 20-30% reduction of GHG emissions from electricity consumption along motorways business by the end of 2030
  • Autogrill is strongly committed to continually reviewing and developing approaches and targets, knowing that ESG is a journey and not a destination
Thursday, March 10, 2022 - 14:28

Milan, 10 March 2022 – 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 2021, including the consolidated Non Financial Information Declaration 2021 and the annual report in ESEF format.

Gianmario Tondato Da Ruos, Group CEO, said: “2021 has been a year of fundamental importance in our history. We significantly improved our operating efficiency and our cash generation capability exceeded the same expectations we had at the beginning of the year. Thanks also to the strengthening of the capital structure, obtained through the equity raising and the disposal of the motorway business in the US, we are now in the best conditions to grow by taking advantage of all the opportunities that market recovery will offer us”.