MILAN, Italy – The Board of Directors of Autogrill S.p.A., which convened today, has reviewed and approved the consolidated results at 31 December 2022, including the consolidated Non Financial Information Declaration 2022 and the annual report in ESEF format.
Paolo Roverato, Group CEO, said: “2022 was a year of transformation, marked by key achievements: first of all, we posted strong results thanks to the resilience of our business model, implemented our renewed ESG strategy and, lastly, the announced industrial combination with Dufry that will create a new global player, leader in food & beverage and retail services for travellers.
2022 closes a long chapter in which the Group has become the world leader in food & beverage for travellers; a new phase of expansion is now starting, taking the Group to a new dimension and to compete effectively and successfully in the global market, with a renewed focus on the generation of sustainable value”.
Autogrill reported the following results:
- Revenue of €4.1bn, an increase of 50.2% at constant1 exchange rate (+59.7% at current exchange rate)
− Like-for-like performance of +53% in FY2022, driven by the recovery of international airport traffic in all the core geographies of the Group and by the implementation of adequate commercial actions to fuel organic growth
− Revenue in FY 2022 represents approximately 88% of those reported in 2019 at constant exchange rates and excluding the disposals made in the period
- Underlying EBIT of €100.0m in FY2022 (-€7.0m in FY2021)
− Mainly driven by operating leverage, renewed commercial offer and continued focus on pricing management and operational efficiency
- Underlying net result of -€28.1m in FY2022 (-€105.8m in FY2021)
- Free cash flow of €255.8m in FY2022 (€117.0m in FY2021), excluding the impact of US motorways business disposal, make-whole on financing and other non recurring items
- Equity free cash flow6 of €220.0 in FY2022 (€94.3m in FY2021), after the cash-out to minority partners.
Equity free cash flow benefitted from the following items:
− €90m positive contribution related to a tax refund in the US cashed-in in the month of April
− Around €35m of subsidies, rent credits related to covid and other one-off items
− The postponement of some committed capex with a positive impact of about €20m
− After deducting these items, the FY2022 Equity free cash flow would amount to approximately €75m
- Net financial indebtedness excluding lease receivables and liabilities of €7.8m as of 31 December 2022 (€197.4m as of 31 December 2021)
- New wins and renewals: approximately €3.4bn
