Autogrill Group confirms strong results in 2019

The Board of Directors approves consolidated financial statements and draft of separate financial statements at 31 December 2019

  • Net result excluding IFRS16 of €237m (€69m in 2018)
  • The Board of Directors has taken a prudent approach and proposed not to distribute a dividend
  • €60m capex in 2020 to revamp points of sale on Italian motorways
  • Autogrill Group has taken significant measures to safeguard employees' health and safety and to ensure operational activity of an essential service for the collectivity, pursuant to the provisions from time to time in force
  • The Group remains committed to build value in the long term
Thursday, March 12, 2020 - 14:54
  • Revenue up 6.4%[1] to €5.0 billion 
    • Robust like for like revenue growth of 3.1%, driven by North America[2]
    •  Strong performance at airports, with revenue up by 12.3%1 (+4.6% like for like)
  • Underlying[3] EBITDA of €849.5m in FY2019 (17.0% margin on revenue)
    •  Underlying3 EBITDA excluding the impact of IFRS16 (from now on “excluding IFRS16”) of €462.9m in FY2019, 9.3% margin on revenue (€416.7m in FY2018, 8.9% margin on revenue), mainly driven by strong margin expansion in Europe
  • Underlying3 EBIT of €228.2m in FY2019 (4.6% margin on revenue)
    •  Underlying3 EBIT excluding IFRS16 of €198.0m in FY2019, 4.0% margin on revenue (€179.8m in FY2018, 3.8% margin on revenue), up by 10.1%1 despite increasing D&A
  • Net result of €205.2m in FY2019
    • Net result excluding IFRS16 of €236.8m in FY2019, benefitting from the net capital gain from the disposal of the Canadian motorway business and the Czech Republic business[4] (€68.7m in FY2018)
  • FY2019 guidance fully met
  • New contract wins and renewals worth €2.8 billion[5] overall in FY2019
  • Acquisition of Pacific Gateway with 51 points of sale in 10 US airports

Milan, 12 March 2020 – The Board of Directors of Autogrill S.p.A. (Milan: AGL IM) has reviewed and approved the consolidated results at 31 December 2019, including the consolidated Non Financial Information Declaration 2019

Gianmario Tondato Da Ruos, Group CEO, said: “In 2019 we delivered strong results: we met all of our targets, with revenue, underlying EBITDA and reported EPS all in line with the full year guidance we provided  to the market, and we registered improvements across all key metrics. Turning to 2020, considering the Coronavirus outbreak, first of all, we have launched measures to safeguard the health and safety of our employees. With regard to this challenging macro environment, we put in place several initiatives to counteract the impact of this outbreak on revenues and profitability, including management of opening hours, store labor optimization and G&A control. This is not the first time our Group has faced external factors impacting travel demand: we know that travel is fundamental to people, and we believe the travel industry will rebound again as soon as the emergency is over. For this reason we remain committed to drive the business in a way that builds value for the long term”.   

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

  • FY 2019: 1.1195
  • FY 2018: 1.1810

[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] The change in net result excluding IFRS16 is mainly relating to the following items of FY2019: capital gains net of transaction costs of €127.6, capital gain on Canadian equity investment of €38.0m, other efficiency costs for -€8.7m (whilst in FY2018 the amount of Cross-generational deal in Italy was -€25.3m), acquisition costs for -€0.9m (-€3.0m in FY2018), a negative tax effect of €26.1m (whilst in FY2018 the tax effect, including the impact of US tax reform was negative for €3.2m)

[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