Autogrill: robust like for like revenue growth of 3.9% in the fist half of 2018

The Board of Directors approves the consolidated results at 30 June 2018

  • Revenue up 5.2% to €2.1 billion[1] 

−        All regions contributing to the strong like for like growth[2]

−        Strong performance at airports: +5.3% like for like growth

  • Underlying[3] EBITDA of €139.5m (€154.7m in 1H2017, -1.3%1), margins impacted mainly by cost pressure in North America and the costs of the ongoing projects to improve the operating model
  • Underlying3 net result of €7.0m (1H2017: €15.4m)
  • Net result: -€3.4m (1H2017: €6.0m)
  • New contracts and renewals worth €1.6 billion[4] in 1H2018, average duration of 7.6 years
  • The project relating to the "Cross-generational deal" in Italy is on track, with benefits starting to materialise from the beginning of 2019
  • Acquisition of Le CroBag in February 2018, with over 100 points of sale at German railway stations

Outlook

  • In 2018 Autogrill is working on a series of projects that are focused on making the operating model more efficient. The results of the first half of 2018 reflect the costs incurred as part of these efficiency programmes, the benefits of which are expected to occur starting from the second half of 2018
  • On the basis of the performance in the first half of 2018 and the planned strategic investments in the operating model, the outlook for 2018 is expected to be:

−        Revenue of about €4,700m

−        Underlying3 EBITDA of between €410m and €420m

−        Underlying3 EPS of between €0.38 and €0.42

  • Medium-term objectives confirmed: revenue and EPS guidance for 2019 is reiterated

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

  • 1H2018: 1.2104
  • 1H2017: 1.0830

[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 and disposals. 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]  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.

Friday, July 27, 2018 - 13:27

The Board of Directors of Autogrill S.p.A. (Milan: AGL IM) has reviewed and approved the consolidated results at 30 June 2018

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