Autogrill S p A : Group 30 April 2022 trading update and FY2022 guidance

Autogrill Group 30 April 2022 trading update and FY2022 guidance

30 April 2022 performance YTD1

• Revenue: €1,037.4m (€530.7m as of the same period of 2021), +87.3% at constant exchange rates (+95.5% at current exchange rates2)
• • Performance driven by the solid traffic trend in North America and Italy (revenue up respectively +97.9% and +40.1% compared to 2021 at constant exchange rates) and initial signs of recovery of international air passenger traffic
  • Solid performance in Europe, particularly in Italy, on motorways during the Easter period
• Like for like performance of +87.9%3 year-to-date
• • 89% of total stores open as of 30 April 2022
• Underlying4 EBIT of -€34m for the period (-€103m as of 30 April 2021)
• • Strong improvement due to the significant revenue increase, improved mix and continued tight cost control
  • About 6% drop-through5 on revenue loss compared to the first four months of 2019
• Free Cash Flow6 of +€7m (-€128m in the same period of 2021)
• • Free Cash Flow benefitted from continued focus on cost efficiency and cash control measures and from a +€90m tax refund in the US cashed-in in April 2022
• Net financial position excluding lease receivables and liabilities: €221m as of 30 April 2022 (broadly in line with €197m as of 31 December 2021)
• FY2022 guidance:
• • Revenue for the year of around €3.7bn7
  • FCF for the year in between +€160m and +€180m (this range includes the above- mentioned +€90m US tax refund cashed-in in April 2022)
• FY2024 targets remain unchanged

1. Unaudited figures.
2. Average €/$ FX rates:
3. • April 2022 YTD: 1.1126
   • April 2021 YTD: 1.2032
4. 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.
5. Underlying: an alternative performance measure calculated by excluding certain revenue or cost items in order to improve the interpretation of the Group's normalized profitability for the period. Please refer to "Definitions" for the detailed calculation.
6. Drop-through= underlying EBIT variation between two given periods divided by the revenue variation between the same periods.
7. FCF = free cash flow is the cash from the normal business operations after subtracting any money spent on capex, and excluding the cash flows relating to extraordinary operations (e.g. acquisitions, disposals, equity raisings, debt refinancing). Free cash flow is calculated as follows: EBITDA +/- change in net working capital +/- non-cash costs and revenues already included in the EBITDA - MAG paid +/- financial income and charges (excluding costs paid in connection with early repayment of debt) +/- net tax - capital expenditures.
8. Assuming €/$ FX of 1.10 for 2022. Each 0.01 movement in Euros to the US Dollars exchange rate has a +/-€20m annualized impact on 2022 revenue

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Milan, 26 May 2022 - The Board of Directors of Autogrill S.p.A. (Milan: AGL IM), which convened today, reviewed and approved the consolidated revenue performance for the four months ended 30 April 2022.

Group revenue for the four months ended 30 April 2022

Revenue growth by region

					Organic growth
€m	April 2022	April 2021								Reporting
FX	Like for Like	Openings Closings	Acquisitions Disposals
YTD	YTD	calendar8
North America (*)	572.2	267.3	21.8	271.9	95.3%	15.1	(1.2)	-	(47.6)	45.0
International	97.0	35.5	0.3	61.0	169.9%	0.1	(0.0)	-	-	-
Europe	368.3	227.8	1.0	142.9	65.1%	5.9	(9.1)	-	-	-
Italy	232.5	166.0	-	72.2	46.0%	3.1	(8.8)	-	-	-
Other European	135.8	61.8	1.0	70.7	113.2%	2.8	(0.3)	-	-	-
countries
Total REVENUE	1,037.4	530.7	23.1	475.6	87.9%	21.1	(10.4)	-	(47.6)	45.0
(*)North America - m$
636.6	321.7	(0.0)	302.5	95.3%	16.8	(1.4)	-	(53.0)	50.1

€m	April 2022	April 2021	Change
YTD	YTD	Current FX	Constant FX
North America	572.2	267.3	114.0%	97.9%
International	97.0	35.5	173.0%	170.4%
Europe	368.3	227.8	61.7%	61.0%
Italy	232.5	166.0	40.1%	40.1%
Other European	135.8	61.8	119.6%	116.2%
countries
Total Revenue	1,037.4	530.7	95.5%	87.3%

• Consolidated revenue of €1,037.4m as of 30 April 2022 year to date, an increase of 87.3% at constant exchange rates (95.5% at current exchange rates) compared to €530.7m recorded in the same period of 2021
• Excluding the disposals done over the last two years, the revenue for the first four months of 2022 decreased by approximately 23% at constant exchange rates compared with the same period of 2019
• Like for like revenue performance: +87.9%
• • 89% of total stores open as of 30 April 2022
• New openings and closings: new openings at airports in North America (Salt Lake City, Charlotte and San Jose) were partially offset by ongoing exit from non-core locations in all geographies
• Acquisitions and disposals: disposals of the US motorways business in 2021 (-€47.6m)
• Reporting calendar8: positive impact of €45m due to the change in reporting calendar in North America compared to the previous year
• Currency: positive impact of €23.1m, mainly due to the depreciation of the Euro against US Dollar

8 Change in reporting calendar in North America. Please refer to the "Note on reporting calendar" for additional details.

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• North America: like for like performance of +95.3% year-to-date
• • 92% of total stores open as of 30 April 2022
• International: like for like performance of +169.9% year-to-date
• • 71% of total stores open as of 30 April 2022
• Europe: like for like performance of +65.1% year-to-date
• • 99% of total stores open as of 30 April 2022 (of which: Italy 98%, other European countries 100%)

Revenue by channel

					Organic growth
	April 2022 April 2021								Reporting
€m	FX	Like for Like	Openings	Closings	Acquisitions Disposals
YTD	YTD	calendar8
Airports	695.2	257.7	18.4	361.0	113.2%	15.2	(1.7)	-	-	44.6
Motorways	271.1	245.6	4.2	72.2	37.2%	4.5	(7.8)	-	(47.6)	-
Other Channels	71.2	27.4	0.5	42.4	154.6%	1.4	(0.8)	-	-	0.4
Total REVENUE	1,037.4	530.7	23.1	475.6	87.9%	21.1	(10.4)	-	(47.6)	45.0

	April 2022	April 2022	Change
€m		Constant
YTD	YTD	Current FX
	FX
Airports	695.2	257.7	169.8%	151.8%
Motorways	271.1	245.6	10.4%	8.5%
Other channels	71.2	27.4	159.9%	155.6%
Total Revenue	1,037.4	530.7	95.5%	87.3%

FY2022 priorities and guidance

• While building on the recovery, the priorities for Autogrill in FY2022 are:
• • Enhancing the core business and the leadership position
  • Focusing continually on cash conversion
  • Executing on the ESG strategy
• The FY2022 guidance for the Group is:
• • Revenue for the year of around €3.7bn7
  • FCF for the year in between +€160m and +€180m
  • • FCF guidance includes +€90m US tax refund cashed-in in April 2022
  • This guidance does not assume a spreading of COVID-19 variants resistant to the current therapies or a resurgence of COVID-19 generally. It also doesn't assume further potential escalations of the Ukraine conflict which may negatively impact worldwide traffic.

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FY2024 targets9 remain unchanged

• Revenue: €4.5bn
• Underlying3 EBIT margin: around 6%, about 140bps more compared to FY2019
• Capex as a percentage of revenue: between 4.8% and 5.4%
• FCF6: between €130m and €160m

9 €/$ FX rate: 1.22

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Revenue by geography

North America

• Revenue of $636.6m as of 30 April 2022 YTD, an increase of 97.9% at constant exchange rates and current exchange rates, compared to $321.7m in the same period of 2021
• • Like for like revenue performance of +95.3%, benefitting from the recovery of domestic air traffic in the US
  • 92% of total stores open as of 30 April 2022
  • Sale of the US motorways business in July 2021
  • Positive effect of $50m due to the change in the reporting calendar8 compared to the previous year

Revenue bridge
700							+95.3%
650
600
550
500							302
450							$637m
	50
400				17
350
300	$322m			(53)		(1)
250
200
	April 2021	FX/ Reporting	Acquisitions	Disposals	Openings	Closings	Like for like	April 2022
	YTD	calendar						YTD

Revenue by geography

	April 2022	April 2021	Change
$m
YTD	YTD
	Current FX	Constant FX
US	604.0	317.3	90.4%	90.4%
Canada	32.6	4.4	647.5%	648.1%
Total Revenue	636.6	321.7	97.9%	97.9%
		Revenue by channel
	April 2022	April 2021	Change
$m
YTD	YTD
	Current FX	Constant FX
Airports	631.8	265.4	138.0%	138.0%
Motorways	-	53.0	n.s.	n.s.
Other channels	4.8	3.2	48.8%	48.8%
Total Revenue	636.6	321.7	97.9%	97.9%

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