Autogrill: 31 August 2020 revenue of €1.4bn (-55.7%); €0.5bn in cash and available credit facilities

Eight months ended 31 August 20201

  • Revenue: €1,414m (€3,190m for the eight months ended 31 August 2019), -55.7% at current exchange rates (-55.8% at constant exchange rates2), as COVID-19 continues to impact the travel industry
  • Motorways proving more resilient than other channels, with steadily improving trends
    • Airport performance still depressed, with a number of countries remaining closed or imposing quarantines
    • Other channels taking longer to recover, mainly as a consequence of increasing work-from- home trends
  • Like for like performance of -56.0%year-to-date3
  • Revenue down 61.2% at constant exchange rates in the month of August 2020
    • 45% of total stores closed as of 31 August 2020
  • Liquidity: circa €0.5bn in cash and available credit facilities at the end of the period, in line with the end of June 2020

Milan, 24 September 2020 - The Board of Directors of Autogrill S.p.A. (Milan: AGL IM) today reviewed and approved the consolidated revenue performance for the eight months ended 31 August 2020.

Group revenue for the eight months ended 31 August 2020

Organic growth

€m

August 2020

August 2019

FX

Like for Like

Openings

Closings

Acquisitions

Disposals

Calendar

YTD

YTD

North America

607.7

1,604.9

9.3

(981.5)

-63.9%

44.4

(46.2)

7.6

(30.8)

0.0

International

185.7

422.5

(6.1)

(221.2)

-56.1%

6.2

(23.6)

6.4

0.0

1.6

Europe

620.7

1,162.3

5.2

(510.8)

-45.3%

3.9

(40.6)

-

(3.0)

3.5

Italy

385.3

689.3

-

(293.2)

-43.2%

(0.0)

(12.4)

-

-

1.5

Other European countries

235.4

473.0

5.2

(217.6)

-48.5%

3.9

(28.2)

-

(3.0)

2.0

Total REVENUE

1,414.1

3,189.7

8.4

(1,713.3)

-56.0%

54.6

(110.3)

14.0

(33.8)

5.0

(*) North America - m$

679.4

1,807.9

(3.2)

(1,097.3)

-63.9%

49.7

(51.6)

8.5

(34.5)

-

  1. Preliminary and non-audited data
  2. Average €/$ FX rates:
    • August 2020 YTD: 1.1180
    • August 2019 YTD: 1.1265
  3. 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

1

  • Consolidated revenue of €1,414.1m in the first eight months of 2020, a decrease of 55.7% at current exchange rates (-55.8% at constant exchange rates) compared to €3,189.7m recorded in the same period of 2019
  • Like for like revenue performance: -56.0%year-to-date
  • Revenue down 61.2% at constant exchange rates in the month of August 2020
    • 45% of total stores closed as of 31 August 2020
  • New openings and closings: the footprint rationalization of the Group's presence in Europe was partially offset by the new openings at airports in North America (Denver, Fort Lauderdale, Las Vegas and Seattle)
  • Acquisitions and disposals: the disposals of the Canadian motorway business and the business in the Czech Republic were partially offset by the acquisition of Pacific Gateway in North America and the consolidation of the JVs in Qatar, UAE and Malaysia
  • Currency: positive impact of €8.4m, mainly due to the depreciation of the Euro against the US Dollar
  • Calendar: positive impact of €5.0m due to the fact that 2020 is a leap year
  • North America: like for like performance of -63.9%year-to-date
    • Revenue down 78.8% at constant exchange rates in the month of August 2020
    • 60% of total stores closed as of 31 August 2020
  • International: like for like performance of -56.1%year-to-date
    • Revenue down 82.2% at constant exchange rates in the month of August 2020
    • 53% of total stores closed as of 31 August 2020
  • Europe: like for like performance of -45.3%year-to-date
    • Revenue down 33.4% at constant exchange rates in the month of August 2020
    • 13% of total stores closed as of 31 August 2020 (Italy: 9%; Other European countries: 20%)

Group revenue by channel

Organic growth

€m

August 2020

August 2019

FX

Like for Like

Openings

Closings

Acquisitions

Disposals

Calendar

YTD

YTD

Airports

729.7

1,910.0

4.1

(1,180.7)

-63.8%

46.2

(65.8)

14.0

0.0

2.0

Motorways

574.5

1,022.1

3.4

(395.4)

-41.0%

6.3

(33.3)

-

(30.8)

2.2

Others Channels

109.9

257.6

0.7

(137.2)

-56.0%

2.1

(11.2)

-

(3.0)

0.9

Total REVENUE

1,414.1

3,189.7

8.4

(1,713.3)

-56.0%

54.6

(110.3)

14.0

(33.8)

5.0

August 2020

August 2019

Change

€m

YTD

YTD

Current FX

Constant FX

Airports

729.7

1,910.0

-61.8%

-61.9%

Motorways

574.5

1,022.1

-43.8%

-44.0%

Other channels

109.9

257.6

-57.4%

-57.5%

Total Revenue

1,414.1

3,189.7

-55.7%

-55.8%

2

Revenue by geography

North America

Revenue by geography

$m

August 2020

August 2019

Change

YTD

YTD

Current FX

Constant FX

US

641.1

1,650.5

-61.2%

-61.2%

Canada

38.3

157.4

-75.7%

-75.2%

Total Revenue

679.4

1,807.9

-62.4%

-62.4%

Revenue by channel

$m

August 2020

August 2019

Change

YTD

YTD

Current FX

Constant FX

Airports

579.2

1,540.7

-62.4%

-62.3%

Motorways

96.6

255.2

-62.1%

-62.0%

Other channels

3.6

12.0

-70.2%

-70.2%

Total Revenue

679.4

1,807.9

-62.4%

-62.4%

3

International

Revenue by geography

€m

August 2020

August 2019

Change

YTD

YTD

Current FX

Constant FX

Northern Europe

119.5

295.2

-59.5%

-59.2%

Rest of the World

66.2

127.4

-48.0%

-46.4%

Total Revenue

185.7

422.5

-56.0%

-55.4%

Revenue by channel

€m

August 2020

August 2019

Change

YTD

YTD

Current FX

Constant FX

Airports

154.1

358.8

-57.1%

-56.3%

Other channels

31.7

63.7

-50.3%

-50.2%

Total Revenue

185.7

422.5

-56.0%

-55.4%

4

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Autogrill S.p.A. published this content on 24 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2020 10:19:00 UTC