1st half net profits of €39m against €23.5m in 1st half 2010
Consolidated 2nd quarter revenues and Ebitda up, respectively, by 2% (6% at constant exchange rates) and 7.6% (12% at constant exchange rates)
- Consolidated revenues: €2,655.8m (up 2.8%) vs €2,582.2m in 1st half 2010 (up 4.2% at constant exchange rates )
- Consolidated Ebitda: €250.8m (up 1.7%) vs €246.7m in the same period in 2010 (up 3.6% at constant exchange rates)
- Net financial indebtedness: €1,551.8m at 30 June 2011 vs €1,575.5m at 31 December 2010
- Investments: €83.9m vs €83m in the same period 2010
Outlook for 2011
In the first 29 weeks of the year, revenues were up 4.4% at constant exchange rates with respect to the same period in 2010.
The guidance for 2011 is confirmed.
Milan , 29 July 2011 - Meeting today, the board of directors of Autogrill S.p.A. (Milan: AGL IM) approved the 1st half 2011 financial report.
1st half 2011 was a period of growth for the Company, which enjoyed the benefit of increased air traffic compared to the same period in 2010. Autogrill saw an increase in sales of 8.5% (8.8% at constant exchange rates) in Travel Retail & Duty Free, which is entirely in airports. Strong growth in the Food & Beverage business in the United States was held back by the depreciation of the dollar against the euro, which curbed growth in this sector from 2.2% at constant exchange rates to 0.6% at current exchange rates.
The airport channel drove revenues in all the Group’s geographical regions in the 1st half. In the United States, business grew 5.6% on a comparable basis against 2.6% growth in traffic, with a marked increase in the 2nd quarter. Still with the Food & Beverage, in Europe there was good sales performance in Amsterdam (up 15.4%) and Brussels (up 11.8%). In Travel Retail there were significant sales in the UK (up 12.4%) and Spain (up 8.6%).
Sales performance in the motorways was less satisfactory due to sluggish traffic, partly the result of petrol prices in the United States, where sales dropped 2.9% on a comparable basis, and in Europe also because of the more selective criteria the Company now adopts when renewing contracts or bidding in new tenders. In Italy, 1st half revenues were up 4.2%, whereas in January-April the change on a like for like basis would have been a negative 1.2% due to the contraction in light vehicles traffic , which has a greater impact on sales potential.
Consolidated Ebitda in the 1st half was up 1.7% (up 3.6% at constant exchange rates) due above all to the increase in margins in the 2nd quarter (up 7.6%; up 12% at constant exchange rates). Travel Retail’s excellent 1st half performance produced an increase in Ebitda higher than the growth in sales. Food & Beverage margins improved in the 2nd half, especially in North America (where higher sales boosted productivity), while Retail sales grew more than enough to repair the negative effects of the volcano in 2010.
"The Group’s prospects are positive and tied to continuation of the favourable trend in airport traffic in Europe and the United States,” said Autogrill CEO Gianmario Tondato Da Ruos. “We are working intensively on product innovation and aiming at higher penetration of our traveller public by our brands.”