Autogrill: profits and cash flow generation double

The board of directors approves the consolidated financial statements as of 31 December 2015

Profitability improves in North America and Europe

  • Consolidated revenues: €4,369.2m, up 11.2% on €3,930.2m in 2014 (up 2.0% at constant rates)
  • Consolidated Ebitda: €376.2m, up 19% on €316.2m in 2014 (up 6.0% at constant rates)
  • Net result: €64.2m against €25.1 m in 2014 (up 99,1% at constant rates)
  • Net cash flow generation: €101.5m against €51.8m in 2014
  • Net financial indebtedness: €644.4m against €693.3m in 2014
  • Proposed dividend of €0,12 per share, ex-dividend date 6 June 2016 and payment from 8 June 2016 

Outlook for 2016

Sales in the first eight weeks of 2016 were up 4.9% at constant exchange rates compared to the same period of the previous year (up 6.5% at current rates).

Thursday, March 10, 2016 - 12:56
Meeting today, the Board of Directors of Autogrill S.p.A. (Milan: AGL IM) examined and approved the consolidated financial statements and the Company’s draft financial statements for 2015.
2015 saw strong growth in passenger traffic (6.1%) in the world’s airports, the highest rate since 2010. Passenger traffic in North America and Europe was up 5.6% and 5,0%4 respectively. 

In the motorway channel there was sustained growth in the United States (4.3%5) on 2014 compared to. In Italy too, 2015 saw good growth in traffic (3.2%6) thanks to initial signs of a recovery of the domestic economy and falling fuel costs.
Over the year, Autogrill made further, marked progress with its growth strategy in the airport channel by strengthening its leadership in the United States, by expanding in certain European markets, such as Germany and the UK, and by entering new markets like Norway, at Oslo and Bergen airports (the latter awarded in 2016) and China, at Beijing and Sanya airports.

Sales in the airport channel were up 20.2% (up 5.3% at constant rates) driven mainly by the increase in US airport revenues, new openings and entry to new markets.
Revenues in the motorway channel were up 3.4% (down 0.4% at constant rates) compared to the previous year thanks to excellent performance on US motorways, which offset lower sales in Italy following selective renewals in the 2013/2014 tender season.

Autogrill posted excellent results in 2015.We further strengthened our concessions portfolio and stepped up our operations in the airport and railway station channels. In particular, we took up significant growth opportunities in North Europe and Asia, where we opened over 100 new stores. Profitability rose in all our operating areas: North America, Europe and International[4],said Autogrill CEO Gianmario Tondato Da Ruos. “They’re results that enable us to look at the future with optimism, a future we’re working hard for by widening our contracts portfolio and by developing powerful and innovative house brands – Bistrot is a good example – that are appreciated and competitive in Italy and have been successfully exported to international markets," concluded Tondato.

 Outlook 2016

Sales in the first eight weeks of 2016 were up 4.9% at constant rates8 compared to the same period the previous year (up 6.5% at current rates).
Revenues in North America rose 3.8% overall. 
Excellent performance was seen in the International area, with growth of 23%, partly due to new openings.
In Europe, the trend towards recovery continued, with revenues growing both in Italy (2.4%) and Other European countries (3.9%).
In 2016, the Group will aim to boost sales and profitability in North America by leveraging favourable traffic trends, commercial initiatives and efficient resources management programmes.
In the International area, the focus will be on achieving capacity operation in the numerous contracts awarded in 2014 and 2015, as well as following up further development opportunities in countries in where the Group is already active.
In Italy, Autogrill aims to increase sales and margins through optimum exploitation of the signs of recovery in traffic and spending seen in 2015.
The Group’s strategy in Other European countries is similarly geared to a possible recovery in spending and to maintaining a selective approach to evaluating investment opportunities.

[1] Source: ACI - Airports Council International – Flash December 2015

[2] Source: Group estimates based on official figures.

[3] Source: AISCAT, January-September 2015.

[4] The area includes a series of locations in North Europe (Schiphol Airport in Amsterdam, Dutch railway stations, the UK, Ireland, Sweden, Denmark and Finland) and the Rest of the world (Arab Emirates, Turkey, Russia, India, Indonesia, Malaysia, Vietnam, Australia and New Zealand)..

[5] Average exchange rates used for converting amounts to the main non-euro currency: 2016 €/$ 1.0981;  2015: €/$1.1514. The changes commented on are stated at constant rates to give a clearer picture of trends.