AUTOGRILL The Board of Directors approves consolidated results at 30 June 2022
Autogrill: strong 1H2022 results and FY2022 guidance upgrade
- Revenue of €1,761.1m, an increase of 78.0% at constant1 exchange rate (+87.7% at current exchange rate)
- Like for like 2 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%.
- Underlying3 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 activities 5 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)
- At constant exchange rates. Average €/$ FX rates:
- 1H2022: 1.0934
- 1H2021: 1.2053
- 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
- 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
- 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.
- Cash Flow from operating activities = free cash flow excluding taxes paid, net interest paid, implicit interest in lease liabilities and net capex paid
- Overall 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.
- 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
1
- FY2024 targets remain unchanged
Milan, 29 July 2022 - The Board of Directors of Autogrill S.p.A. (Milan: AGL IM), which convened today, has reviewed and approved the consolidated results at 30 June 2022.
"Despite a scenario still characterized by high uncertainty, Autogrill Group sustained its momentum from last year also in the first half of 2022, demonstrating the great resilience of its business model" said Gianmario Tondato Da Ruos, Group CEO. "Thanks to the excellent work carried out on all the commercial levers at our disposal, in a context of a general recovery in traffic, we were able to record an excellent performance in terms of revenues, EBIT and cash generation across the board, and particularly in North America, which posted in the first half an 80 percent increase in revenues and underlying EBIT more than doubled" he concluded.
1H 2022 Results | ||||
€m | 1H 2022 | 1H 2021 | Change | |
Current FX | Constant FX | |||
Revenue | 1,761.1 | 938.3 | 87.7% | 78.0% |
Underlying3 EBITDA | 284.2 | 166.3 | 70.9% | 57.1% |
Underlying3 EBITDA margin | 16.1% | 17.7% | ||
EBITDA | 280.6 | 164.2 | 70.9% | 57.0% |
Underlying3 EBIT | 22.5 | (88.8) | n.s. | n.s. |
Underlying3 EBIT margin | 1.3% | -9.5% | ||
EBIT | 18.9 | (90.9) | n.s. | n.s. |
Underlying3 net result | (34.5) | (146.3) | 76.4% | 77.1% |
Net result | (37.4) | (148.3) | 74.8% | 75.5% |
FY2022 priorities and guidance
- While building on the recovery, the priorities for Autogrill in FY2022 are:
- Enhancing the core business
- Focusing on cash conversion
- Executing on the ESG strategy
- The FY2022 guidance has been upgraded on the back of the solid results achieved during the first half of the year
- The FY2022 guidance for the Group is
- Revenue for the year of approximately €3.8bn7 (compared with initial guidance of approximately €3.7bn)
- FCF4 for the year of approximately €200m (compared with initial guidance of a range between €160m and €180m)
- FCF4 guidance includes +€90.1m US tax refund cashed-in in April 2022
2
- This guidance does not assume a spreading of COVID-19 variants resistant to the current therapies or a resurgence of COVID-19 generally. It also doesn't assume further potential escalations of the Ukraine conflict which may negatively impact worldwide traffic
FY2024 targets8 remain unchanged
- Revenue: €4.5bn
- Underlying3 EBIT margin: around 6%, about 140bps more compared to FY2019
- Capex as a percentage of revenue: between 4.8% and 5.4%
- FCF4: between €130m and €160m
DETAILED 1H2022 RESULTS
Consolidated revenue: strong revenue momentum across the board
Revenue by region
Organic growth | ||||||||||
€m | 1H 2022 | 1H 2021 | FX | Like for Like | Openings | Closings | Acquisitions | Disposals | Reporting | |
calendar9 | ||||||||||
North America (*) | 951.3 | 479.0 | 48.9 | 400.4 | 77.2% | 32.0 | (0.6) | - | (86.3) | 77.9 |
International | 174.6 | 55.8 | 0.7 | 113.8 | 201.4% | 4.4 | (0.1) | - | - | - |
Europe | 635.3 | 403.4 | 1.7 | 233.7 | 59.9% | 11.0 | (14.6) | - | - | - |
Italy | 405.8 | 292.6 | - | 120.8 | 43.4% | 6.5 | (14.2) | - | - | - |
Other European | 229.4 | 110.7 | 1.7 | 112.9 | 100.7% | 4.5 | (0.4) | - | - | - |
countries | ||||||||||
Total REVENUE | 1,761.1 | 938.3 | 51.3 | 747.9 | 77.4% | 47.4 | (15.3) | - | (86.3) | 77.9 |
(*)North America - m$ | ||||||||||
1,040.1 | 577.4 | (0.1) | 437.8 | 77.2% | 35.0 | (0.7) | - | (94.4) | 85.2 |
€m | 1H 2022 | 1H 2021 | Change | |
Current FX | Constant FX | |||
North America | 951.3 | 479.0 | 98.6% | 80.2% |
International | 174.6 | 55.8 | 212.6% | 208.7% |
Europe | 635.3 | 403.4 | 57.5% | 56.8% |
Italy | 405.8 | 292.6 | 38.7% | 38.7% |
Other European | 229.4 | 110.7 | 107.2% | 104.1% |
countries | ||||
Total Revenue | 1,761.1 | 938.3 | 87.7% | 78.0% |
Consolidated revenue of €1,761.1m in 1H2022, an increase of 78.0% at constant exchange rate (+87.7% at current exchange rate) compared to 1H2021 (€938.3m)
- Excluding the disposals of the last two years, the revenue for the first six months of 2022 is still 17% below the same period of 2019 at constant exchange rates
- Like for like revenue performance: +77.4%, showing a steady recovery trend across all regions and channels
8 €/$ FX rate: 1.22
3
- New openings and closings: the new openings at airports in North America (Salt Lake City, Charlotte, San Jose and Memphis) were partially offset by the footprint rationalization across all geographies
- Disposals: disposals of the motorways business in North America in July 2021 (-€86.3m)
- Reporting calendar 9 : positive impact of €77.9m due to the change in reporting calendar in North America compared to the same period of 2021
- Currency: positive impact of €51.3m, mainly due to the depreciation of the Euro against the US Dollar
Revenue by channel
Organic growth
€m | 1H 2022 | 1H 2021 | FX | Like for Like | Openings | Closings | Acquisitions | Disposals | Reporting | |
calendar9 | ||||||||||
Airports | 1,179.0 | 457.9 | 41.3 | 568.4 | 98.9% | 35.9 | (1.7) | - | - | 77.2 |
Motorways | 458.2 | 429.2 | 9.1 | 110.0 | 32.4% | 9.0 | (12.7) | - | (86.3) | - |
Other Channels | 123.9 | 51.2 | 0.9 | 69.6 | 134.2% | 2.6 | (0.9) | - | - | 0.7 |
Total REVENUE | 1,761.1 | 938.3 | 51.3 | 747.9 | 77.4% | 47.4 | (15.3) | - | (86.3) | 77.9 |
Change | ||||
€m | 1H 2022 | 1H 2021 | Current FX | Constant FX |
Airports | 1,179.0 | 457.9 | 157.5% | 136.2% |
Motorways | 458.2 | 429.2 | 6.8% | 4.5% |
Other channels | 123.9 | 51.2 | 142.2% | 138.1% |
Total Revenue | 1,761.1 | 938.3 | 87.7% | 78.0% |
EBIT and underlying3 EBIT
- Underlying3 EBIT of €22.5m in 1H2022, compared to -€88.8m in 1H2021.
- Underlying EBIT improved by approximately €111m, mainly driven by:
- Operating leverage
- Improved product mix and adequate price management
- Continued focus on labor productivity and cost control
- EBIT of €18.9m in 1H2022 compared to -€90.9m in 1H2021.
- Depreciation, amortization and impairment losses amounted to €261.7m in 1H2022 (vs. €255.1m in 1H2021), mainly reflecting the increase of right-of-use assets depreciation and impairments
9 Change in reporting calendar in North America. Please refer to the "Note on reporting calendar" for additional details
4
EBIT and underlying3 EBIT
€m | 1H 2022 | 1H 2021 | Change | |
Current FX | Constant FX | |||
Underlying3 EBIT | 22.5 | (88.8) | n.s. | n.s. |
Underlying3 EBIT margin | 1.3% | -9.5% |
Stock-based management incentive plans
Gain (loss) on operating activities disposal, net of transaction costs
Efficiency costs
EBIT
EBIT margin
(2.0)(1.8)
(1.7)-
-(0.3)
18.9 | (90.9) | n.s. | n.s. |
1.1% | -9.7% |
Net financial expense
- Net financial expense of €30.2m in 1H2022, decreased from €49.9m in 1H2021 mainly due to the lower amount of gross debt (excluding lease receivables and lease liabilities) and the lower cost of debt
- Average cost of gross debt: decreased from 3.3% in 1H2021 to 3.1% in 1H2022, benefitting from the improved terms obtained with the refinancing executed in December 2021
- Net finance expenses on lease liabilities of €19.9m in 1H2022 (€22.7m in 1H2021)
- Other income and charges, impairments and revaluations of financial assets: -€0.6m in 1H2022, compared to +€0.7m in 1H2021
Income tax
- Income tax of -€9.7m in 1H2022 compared to -€4.6m in 1H2021
Net result and underlying3 net result
- Underlying3 net result of -€34.5m in 1H2022 (-€146.3m in 1H2021)
- Net result of -€37.4m in 1H2022 (-€148.3m in 1H2021)
- Non-controllinginterests of +€15.7m in 1H2022 (+€3.4m in 1H2021)
Net result and underlying3 net result
Change | |||
€m | 1H 2022 | 1H 2021 | Current FX Constant FX |
Underlying3 net result (attributable to shareholders of the parent)
Stock-based management incentive plans
Gain (loss) on operating activities disposal, net of transaction costs
Efficiency costs
Tax effect
Net result (attributable to shareholders of the parent)
(34.5) | (146.3) | 76.4% | 77.1% |
(2.0)(1.8)
(1.7)-
- (0.3)
0.70.2
(37.4) | (148.3) | 74.8% | 75.5% |
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Autogrill S.p.A. published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 11:57:03 UTC.
