Autogrill updates the FY2021 guidance
The Group's losses will be reduced between -170 and -150 million euros
Autogrill Group, world leader in the sector of catering services for travelers, has updated the numbers of its guidance for the financial year 2021. This is a better financial position than the guidance released in September, which predicted losses between -200 and -160 million euros. In fact, according to the new estimates, losses will fall between -170 and -150 million euros. The company attributed this improvement to effective cost management initiatives implemented during the year.
The total turnover of the Group remains stable at 2.3-2.6 billion euros. The capex / revenue guidance does not exceed 6%, but the company changed the guidance of the underlying Ebit margin declared in September, from -4% and -2% to -2.5% and -1.5% in the December guidance. There is also a positive change in the guidance for Free Cash Flow (FCF), which goes from a value between -15 and +30 million Euros declared in September, to a value between -35 and +50 million Euros. .
Autogrill's FY2024 targets remain unchanged in the December guidance update. The expected revenues remain at 4.5 billion euros; according to estimates, the underlying EBIT margin of the Group will reach approximately + 6%, approximately 140bps more than in FY2019; the capex as a percentage of revenues will be between 4.8% and 5.4%; and the FCF between 130 and 160 million euros.
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