Milan / IT. (aspa) The Board of Directors of Italy’s Autogrill S.P.A. examined and approved the consolidated results as of 30 June 2017. Overview:
- Revenue of over 2.1 billion EUR, up 2.8 percent[1][2] (up 4.1 percent like-for-like[3])
- Ebitda of 144.3 million EUR (153.7 million EUR in 1H2016)
- Underlying[4] Ebitda of 154.7 million EUR (+8.5 percent[1] against the 139.4 million EUR posted in 1H2016)
- Net result: 6.0 million EUR (16.8 million EUR in 1H2016)
- Underlying[4] net result of 15.4 million EUR (2.6 million EUR in 1H2016)
Revenue: solid like-for-like growth
- Like-for-like growth, coupled with new openings, offsets disposals and closings
- Very good performance at airports: +6.5 percent like-for-like
Ebitda: strong operational performance
- Efficiencies across the board drive further improvement in margins
- Underlying[4] Ebitda margin, of 7.3 percent, up by over 40bps, period on period, thanks to continuous improvement in profitability in Europe which more than offsets labour cost pressures in North America
Contract portfolio
- New contracts and renewals worth 1.5 billion EUR[5] year-to-date, with an average duration of 7.9 years (new awards total around 1 billion EUR and renewals around 500 million EUR)
Progressing on 3-year guidance
- Key focus remained on the execution of our organic growth strategy of leveraging our leadership position in North America; growing in new geographies; and focusing on efficiency in Europe
- The expected results for 2017 confirm our expectations for the three-year guidance we announced to the market in March
The half-year financial report as of June 30, 2017 together with the independent auditors’ report on the abbreviated interim financial statements, is available to the Shareholders and the public at the Company’s registered office and secondary headquarters and on the Company’s website.
- At constant exchange rates.
- At the beginning of November 2016, the Group finalized the disposal of its operations on Dutch motorways, which constitute a Cash Generating Unit. The relative income and financial results for the first half 2016 have therefore been stated separately, in accordance with accounting standard IFRS 5, under «Non current assets held for sale and discontinued operating assets».
- The change in «like for like» sales is the change at constant exchange rates excluding the effects of new openings and closing and acquisitions and disposals.
- Underlying: alternative performance measurement calculated excluding the impact of the management incentive plan («Phantom Stock Option Plan») and gain on operating activity disposal.
- Overall value of the contracts calculated as the sum of expected revenue of each contract for its entire duration. The amount also includes contracts signed by participated companies consolidated with the equity method.
