- Revenue of €1,761.1m, an increase of 78.0% at constant 1 exchange rate (+87.7% at current exchange rate)
− Like for like2 revenue growth of +77.4% in 1H2022, with all regions contributing to this performance and benefitting from the strong momentum of both domestic and international travel
− Revenue in the first half of 2022 represents approximately 83% of those reported in the first half of 2019, excluding the disposals made in the period. This is an acceleration compared to the revenue of the first 4 months of 2022 which represented approximately 77%.
- Underlying 3 EBIT of €22.5m in 1H2022 (-€88.8m in 1H2021)
− About €111m improvement compared to 1H2021, thanks to effective management of prices, product mix and costs in the context of strong revenue growth
- Net result of -€37.4m in 1H2022 (-€148.3m in 1H2021)
- Free cash flow4 of €103.3m in 1H2022 (-€55.9m in 1H2021)
− Cash flow from operating activities5 2.5 times bigger than 1H2021 (€129.5m in 1H2022, €50.5m in 1H2021), reflecting the strong business performance
− €90.1m US tax refund cashed-in in April 2022
- Net financial position excluding lease receivables and liabilities of €131.0m as of 30 June 2022 (€197.4m as of 31 December 2021)
- New wins and renewals: approximately €1.8bn6
- FY2022 guidance upgraded, on the back of the solid results achieved during the first half of the year:
− Revenue: approximately €3.8bn7 (compared with initial guidance of approximately €3.7bn)
− Free cash flow: approximately €200m (compared with initial guidance of a range between €160m and €180m)
- FY2024 targets remain unchanged
1 At constant exchange rates. Average €/$ FX rates:
- 1H2022: 1.0934
- 1H2021: 1.2053
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 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.
5 Cash Flow from operating activities = free cash flow excluding taxes paid, net interest paid, implicit interest in lease liabilities and net capex paid
6Overall value of the contracts calculated as the sum of expected sales of each contract for its entire duration, converted to € at average 1H2022 FX rates. Contracts signed by subsidiaries consolidated using the equity methods are included.
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