The Board of Directors of Autogrill SpA today reviewed and approved the preliminary consolidated revenue performance for the twelve months ended 31 December 2021. 

Preliminary figures as of 31 December 2021

Revenue: €2,596.8m (€1,983.7m in FY2020), +32.8% at constant exchange rates (+30.9% at current exchange rates)

Like for like performance of +39.0%, with continuous improvement during the year

74% of stores open as of 31 December 2021

Revenue in the month of December 2021 up 112% vs. December 2020 at constant exchange rates

Performance driven by North America and Italy (respectively +57.1% and +33.6% compared to FY2020 at constant exchange rates)

New wins and renewals: approximately €4.3bn, mainly related to the extension of existing contracts

2021 preliminary figures further improved compared to guidance:

FY2021 Free Cash Flow guidance in excess of +€100m from previous guidance between +€35m and +€50m 

Net financial indebtedness excluding lease receivables and lease liabilities at the end of 2021 of around €200m; liquidity (cash and available credit facilities) of around €1bn 

FY2021 Underlying EBIT margin of around -0.5% from previous guidance between -2.5% and -1.5% FY2021 

Underlying Net Result of around -€110m from previous guidance between -€170m and -€150m

FY2021 Capex/revenue of around 5.5% from previous guidance of not above 6.0%

Revenue of €2.6bn in FY2021 resulted in the high-end of the range of the previous guidance between €2.3bn and €2.6bn

FY2024 targets remain unchanged.

The integral version of the report (ten pages) is attached to this EFA News.