Autogrill: Revenues up 4.6% in the first half 2016

Milan / IT. (aspa) The Board of Directors of Italy’s Autogrill S.P.A. examined and approved the consolidated results as of 30 June 2016. Overview:

Results for first half 2016 Consolidated revenues: 2’056.6 million EUR versus 1’966.6 million EUR in first half 2015, up 4.6 percent (up 5.4 percent at constant rates) Consolidated Ebitda excluding capital gain on disposal: 140.2 million EUR versus 124.1 million EUR in first half 2015, up 13.0 percent (up 13.8 percent at constant rates) Net result: 16.8 million EUR versus -15.6 million EUR in first half 2015 Net cash flow generation gross of dividend: 31.6 million EUR versus 5.5 million EUR in first half 2015 Net financial position: 639.7 million EUR at 30 June 2016 versus 644.4 million EUR at 31 December 2015 Outlook for 2016 In the first 28 weeks of the year sales were up 3.8 percent (up 4.6 percent at constant rates) on the same period in 2015 The Group confirms the guidance it issued in May, the sole adjustment being for the effects of the disposal of the French railway station business announced in June

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First half 2016 saw significant improvements in all the main economic and financial indicators. Group consolidated revenues were up 4.6 percent (up 5.4 percent at constant rates) on first half 2015. There was even stronger improvement in Ebitda, which grew 13 percent (13.8 percent at constant rates) net of capital gain on the disposal of business in French railway stations and pushed up the margin from 6.3 percent to 6.8 percent.

Improved operating profitability and the capital gain on the disposal of business in French railway stations (14’9 million EUR) made it possible to post profits of 16.8 million EUR against losses of 15.6 million EUR in first half 2015.

Net cash flow generation gross of the dividend pay-out was 31.6 million EUR compared to 5.5 million EUR in first half 2015.

The Group continued to strengthen its portfolio in the first half of the year. In North America, where Autogrill leads the market through the subsidiary HMSHost, the first half saw the winning of new contracts and expansion at Los Angeles and Las Vegas airports through the agreement reached with Concession Management Services Inc. (CMS) to acquire its f+b business in those airports. In the International area, the Group secured further points of sale in Beijing International Airport, entered the new international airport of Doha in Qatar and consolidated in the United Arab Emirates by expanding in Abu Dhabi International Airport. In Europe, the Group continued to rationalize its operations and to redefine the offering by disposing of its railway station business in France and opening its first Bistrot on the motorway in the Fiorenzuola D’Arda service area and the new «Eataly x Autogrill» in the Secchia Ovest service area (Modena).

Outlook for 2016

Sales in the first 28 weeks of the year were up 3.8 percent (up 4.6 percent at constant rates) on the same period in 2015.

Performance in the first six months and the first weeks of July bears out the Group’s guidance for 2016 issued in May, adjusted solely to reflect the effects of the disposal of the French railway station business completed in June.

The disposal of the French railway station business entailed: revenues lower by around 35 million EUR, Ebitda higher by 11 million EUR, being the amount of capital gain realized through the disposal (14.9 million EUR) net of the forecast sales margin of the transferred business (estimated at around 4 million EUR); no material effect on the ratio of Group capital expenditure to sales.

It is not yet possible to quantify the impact on 2016 of the consolidation of CMS’s business, since completion of the acquisition is still in progress.

Given the effects described above, the objectives for the year, at a EUR/USD exchange rate of 1.10, are therefore updated as follows: revenues in a range of 4’465-4’565 million EUR; the range forecast for Ebitda moves up to 411-426 million EUR; capital expenditure at around 5 percent of revenues for the year.