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− Like for like growth[3] of 3.3%, with a positive contribution from all regions
− Strong performance at airports: +5.0% like for like
- Underlying[4] EBITDA of €418.8m (€403.7m in 2016, +5.3%1), driven by revenue growth and efficiencies throughout the organization
- Underlying4 net profit of €106.9m (+21.5%1 on €89.8m in 2016)
- Net profit: €96.2m (2016: €98.2m)
- Total portfolio[5] of €36 billion with average duration of >7 years
− New contracts and renewals worth €9.8 billion[6] in 2017, average duration 15 years
- Proposed dividend of €0.19 per share (€0.16 in 2016, +19%) with 50% payout
Outlook
- In 2018 the Group is maintaining its focus on increasing revenue and on operational excellence, in order to deliver profitable growth, consistent with the three-year guidance
- The U.S. tax reform approved in December 2017 should have a positive impact, with the Group's tax rate expected to decrease to around 25% [7]
- The 2016-2019 guidance presented to the market in March 2017 has been updated to reflect the changes in the €/$ exchange rate and the effects of the U.S. tax reform:
− Revenue guidance is confirmed: changes in the compound annual growth rate (CAGR)[8] refer solely to the different €/$ exchange rate
− EPS guidance has been upgraded: forecast CAGR for 2016-2019 up from 15% to 20%
[1] At constant exchange rates.
[2] In early November 2016 the Group finalized the disposal of Dutch motorway operations. In accordance with IFRS 5 ("Non-current assets held for sale and discontinued operations"), the effects on profit/loss and on the statement of financial position have been classified separately for the first half of 2016 as the assets constituted a cash generating unit..
[3] 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.
[4] 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 year. Specifically, it excludes the cost of the phantom stock option plan, capital gains from the disposal of operating activities, corporate reorganization costs, and the non-recurring benefit stemming from the 2017 U.S. tax reform.
[5] The total Group portfolio is the sum of all existing contracts defined as the actual sales of each contract for the reference year multiplied by its residual duration
[6] 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.
[7] Estimate may change, even significantly, as a result of future regulations, changing interpretations of the assumptions underlying the estimate or the fine-tuning of computations.
[8] The compound annual growth rate (CAGR) is an index representing average growth for the period of time considered.
The Board of Directors of Autogrill S.p.A. (Milan: AGL IM) has reviewed and approved the consolidated results at 31 December 2017, included consolidated Non Financial Information Declaration 2017.
During the Board meeting, Group CEO Gianmario Tondato Da Ruos commented as follows: “2017 was another good year: the Group continued to grow, with a solid like for like performance in all regions. The contracts portfolio rose to €36 billion, with a €10 billion awarded and renewed in 2017 alone. Efficiency gains allowed for significant improvement in margins.”
“For 2018, we expect to be well positioned to take advantage of this favorable momentum in the market,” added Tondato. “We will continue to pursue profitable growth by improving margins further, so we can deliver on our commitments to our shareholders.”