Milan / IT. (aspa) The Board of Directors of Italy’s Autogrill S.P.A. examined and approved the consolidated results as of 30 September 2016. Overview:
Results for first nine months of 2016 (1)
Results for third quarter 2016 (2)
Outlook for 2016
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The Group achieved significant growth in sales in the first nine months of 2016 thanks to excellent performance in the airport channel in North America and the International area. Consolidated revenues were up 4.3 percent (4.9 percent at constant rates) compared to the same period the previous year, at nearly 3.3 billion EUR, with Ebitda at 320.2 million EUR (1) up 11.4 percent (up 12.1 percent at constant rates).
The Ebitda margin moved up from 9.1 percent in the first nine months of 2015 to 9.8 percent (2) in 2016 thanks to the significant improvement in Europe. The net result reached 97.6 million EUR, up by over 70 percent.
Net cash flow generation after investments amounted to 149.1 million EUR, up 36.3 percent on the same period the previous year. A dividend pay-out of over 30 million EUR was made to shareholders in June 2016.
Over the period, the Group closed a series of operations that brought about a further improvement to its portfolio. In North America, it strengthened its leadership in the concession foodservice sector with new contracts and renewals and the acquisition of CMS (3), and entered the airport convenience sector by completing its acquisition of Stellar Partners in October. In the International area, the Group secured a number of new contracts in the airport channel. In Europe, it continued to optimize its business by disposing of its French railway station operations and starting to negotiate the sale (completed in November) of its motorway service areas in The Netherlands, which included important hotel business which was «non-core» for Autogrill. In Italy, lastly, it continued its renewal of motorway sub-concessions and recorded a retention rate, with renewals and new contracts to date, of over 80 percent of sales with respect to contracts up for tender and already re-assigned by concessionaires.
Outlook for 2016
In the first 43 weeks (4) of the year sales (5) were up 4.3 percent (up 4.9 percent at constant rates) on the same period in 2015. In October 2016, in the United States the Group finalized its acquisition of Stellar Partners, an operator of retail points of sale in various US airports, while at the beginning of November it completed the disposal of Autogrill Nederland BV, the company that managed its operations on Dutch motorways. The Group confirms the guidance issued to the market. Assuming a EUR/USD rate of 1.10, it expects revenues for full-year 2016 to be between 4’465 million EUR and 4’565 million EUR, Ebitda (6) between 411 million EUR and 426 million EUR and capital expenditure of around 5 percent of revenues.
- The figure includes the capital gain made on the disposal of the French railway station business in the 2nd quarter of the year.
- The figure includes the capital gain made on the disposal of the French railway station business in the 2nd quarter of the year.
- Operator of 16 points of sale at Los Angeles and Las Vegas airports.
- Average exchange rates in 2016: EUR/USD 1.1149; 2015: EUR/USD 1.1156
- The figure excludes, for both 2016 and 2015, revenues relating to the Dutch motorway operations (disposed in November 2016), revenues from French railway stations from June on both years and Business to Business (franchisees and wholesale retail), which account for around 2 percent of total Group revenues.
- Including Corporate costs.
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