Meeting on May 12, 2015, the Board of Directors of Autogrill S.p.A. examined and approved the consolidated results at 31 March 2015. 1st quarter 2015 closed with sales of €893.5m, up 9.9% on the €813m posted for the same period the previous year (down 0.1% at constant rates).
The result was obtained thanks to the positive trend in business in the United States and the strengthening of the US dollar against the euro.
The period was characterized by good sales performance at airports, the Group’s main channel, with 20.7%[1] growth on 1st quarter 2014. The positive trend in airports offset substantially stable revenues[2] in the motorway channel, where growth in North America and the Other European countries was balanced by the contraction in Italy following redefinition of commercial operations through selective renewals in the motorway channel tender campaigns in the last two years.
Growth in Ebitda was particularly strong, rising €22.5m (48.7%) from €15.1m in 1st quarter 2014. At constant rates too Ebitda grew significantly (7.4%) thanks to results in the United States and improved economic performance in Italy.
Events after the close of the quarter
In the first months of the year, in line with its business development strategy, the Group continued to expand in fast growing economies – especially in Asia – and strengthen its commercial operations in markets where it has a strong presence, such as North America.
In April, Autogrill announced its entry to China, where in 2015 it will open 10 points of sale at the international airports of Beijing and Sanya, which are expected to generate total revenues of around €50m over the period of the two contracts.
In North America, the Company strengthened its position in the airport channel by winning four contracts to operate 40 points of sale at Houston Airport in the United States and Montreal Airport in Canada. According to estimates, the two operations will produce accumulated sales of around $790m in the overall duration of the contracts.
Outlook for 2015
In the first 18 weeks[3] the Group saw its sales rise 11.3% on the reference period (up 0.3% at constant rates).
The Group’s forecast results for 2015 were calculated on an average €/$ exchange rate of 1.10, which compared to the average €/$ rate in 2014 (1.3285) produces a significant appreciation in the euro conversion of results generated in US dollars. The effects of the different €/$ rate on the main economic indicators of forecast performance are also indicated.
The Group is expecting to see revenues in 2015 between €4,300m and €4,400m compared to €3,930m in 2014. The effect of the different exchange rate used is an increase of around €335m in sales.
Forecast Ebitda (including Corporate costs) for 2015 is between €370m and €380m, with a margin over expected revenues of around 8.6%. In 2014 the Group posted Ebitda of €316.2m (with an Ebitda margin of 8%). The effect of the different exchange rate used is an increase of around €37m in Ebitda.
LastIy, the Group expects its net capital expenditure to be around €240m against €196.4m in 2014. The effect of the different exchange rate used is an increase of around €14m in investments.
Results for 1st quarter 2015:
• Consolidated revenues: €893.5m vs €813m in 1st quarter 2014
• Consolidated Ebitda: €22.5m vs €15.1m in 1st quarter 2014
• Net result: €-40.4m vs €-37.1m in 1st quarter 2014
• Cash flow generation: €-16.1m vs €-24.2m in 1st quarter 2014
• Net financial position: €807.7m at 31 March 2015 against €693.3m at 31 December 2014
[1] Up 3.8% at constant rates.
[2] Down 3.5% at constant rates.
[3] Average rates in 2015: €/$ 1.1145; 2014: €/$ 1.3726
