Autogrill Group: FY2021 guidance upgrade

Milan, 21 December 2021 – Autogrill S.p.A. announces the upgrade of its Group FY2021 guidance based on the results of the effective cost management initiatives over the year, as follows:

FY2021 revised guidance (September 2021)

FY 2021 revised guidance
(December 2021)

Revenue (in billions of Euro)

Between
2.3 and 2.6

Between
2.3 and 2.6

Underlying EBIT Margin

Between
~ -4.0%
and ~ -2.0%

Between
~ -2.5%
and ~ -1.5%

Underlying net result
(in millions of Euro)

Between
~ -200
and ~ -160

Between
~ -170
and ~ -150

Capex / revenue

Not above 6.0%

Not above 6.0%

Free Cash Flow* (in millions of Euro)

Between
~ -15 and ~ +30

Between
~ +35
and ~ +50

*FCF = 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.

Free Cash Flow excludes acquisitions, disposals and related costs and expenses, non-recurring costs related to the early repayment of debts, dividends paid to Group shareholders and minority partners of the subsidiaries, and other equity movements.

FY2024 targets[1] remain unchanged:

  • Revenue: €4.5bn
  • Underlying EBIT margin: around 6%, about 140bps more compared to FY2019
  • Capex as a percentage of revenue: between 4.8% and 5.4%
  • FCF: between €130m and €160m
[1] €/$ FX rate: 1.22

The table of updates below shows how the Group’s Guidance evolved in 2021:

FY2021 guidance (March 2021)

FY2021 revised guidance (July 2021)

FY2021 revised guidance (September 2021)

FY 2021 revised guidance
(December 2021)

Revenue (in billions of Euro)

Between
2.3 and 2.7

Between
2.3 and 2.6

Between
2.3 and 2.6

Between
2.3 and 2.6

Underlying EBIT Margin

Between
~ -13.0% and ~ -6.0%

Between
~ -5.0% and ~ -2.0%

Between
~ -4.0%
and ~ -2.0%

Between
~ -2.5%
and ~ -1.5%

Underlying net result
(in millions of Euro)

Between
~ -300 and ~ -200

Between
~ -220 and ~ -160

Between
~ -200
and ~ -160

Between
~ -170
and ~ -150

Capex / revenue

Not above 6.0%

Not above 6.0%

Not above 6.0%

Not above 6.0%

Free Cash Flow* (in millions of Euro)

Between
~ -120 and ~ -70

Between
~ -65 and ~ -15

Between
~ -15 and ~ +30

Between
~ +35
and ~ +50

Tuesday, December 21, 2021 - 12:09