Autogrill Group 30 April 2022 trading update and FY2022 guidance

30 April 2022 performance YTD1

  • Revenue: €1,037.4m (€530.7m as of the same period of 2021), +87.3% at constant exchange rates (+95.5% at current exchange rates2)

− Performance driven by the solid traffic trend in North America and Italy (revenue up respectively +97.9% and +40.1% compared to 2021 at constant exchange rates) and initial signs of recovery of international air passenger traffic

−  Solid performance in Europe, particularly in Italy, on motorways during the Easter period

  • Like for like performance of +87.9%3 year-to-date

− 89% of total stores open as of 30 April 2022

  • Underlying4 EBIT of -€34m for the period (-€103m as of 30 April 2021)

− Strong improvement due to the significant revenue increase, improved mix and continued tight cost control

− About 6% drop-through5 on revenue loss compared to the first four months of 2019

  • Free Cash Flow6 of +€7m (-€128m in the same period of 2021)

− Free Cash Flow benefitted from continued focus on cost efficiency and cash control measures and from a +€90m tax refund in the US cashed-in in April 2022

  • Net financial position excluding lease receivables and liabilities: €221m as of 30 April 2022 (broadly in line with €197m as of 31 December 2021)
  • FY2022 guidance:

Revenue for the year of around €3.7bn7

FCF for the year in between +€160m and +€180m (this range includes the above-mentioned +€90m US tax refund cashed-in in April 2022)

  • FY2024 targets remain unchanged

1 Unaudited figures.

2 Average €/$ FX rates:

  • April 2022 YTD: 1.1126
  • April 2021 YTD: 1.2032

3 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.

4 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.

5 Drop-through = underlying EBIT variation between two given periods divided by the revenue variation between the same periods.

6 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.

7 Assuming €/$ FX of 1.10 for 2022. Each 0.01 movement in Euros to the US Dollars exchange rate has a +/-€20m annualized impact on 2022 revenue

Thursday, May 26, 2022 - 13:21

The Board of Directors of Autogrill S.p.A. (Milan: AGL IM), which convened today, reviewed and approved the consolidated revenue performance for the four months ended 30 April 2022.