Autogrill, first signs of recovery in the half year
The group expects to close 2021 better than expected
Autogrill records signs of recovery, with the half year ending with a loss almost halved compared to the same period of 2020. The group recorded revenues of € 938.3 million in the first half of 2021 (€ 1,096.5 million in the first half of 2020 ), a negative underlying EBIT of 88.8 million euros in the first half of 2021 (with a strong recovery from -297 in the first half of 2020) and a net result of -148.3 million euros (they were -271 million euros of first six months of last year).
Free Cash Flow was negative for 55.9 million euros in the first half of 2021 (-397.2 million in 2020), and the Net Financial Position - excluding assets and liabilities for leased assets - amounted to 567.2 million euro (1,082.7 million at 31 December 2020) and in line with the pre-pandemic level. Total liquidity was approximately € 1.3 billion as at 30 June 2021 (€ 0.6 billion as at 31 December 2020) thanks to the capital increase and measures to preserve liquidity implemented at the group level.
The group has revised the guidance for the whole of 2021 (based on the assumption that the current level of traffic will be maintained for the remainder of the year). The range of revenues for the year was refined to 2.3-2.6 billion euros (previous estimate of 2.3-2.7), the Free Cash Flow increased by 55 million euros in a range between approximately -65 and approximately -15 million euros (previous guidance between -120 and -70 million) thanks to the progress made in operations, particularly in the second quarter of 2021. The net result is seen in the red between 220 and 160 million euro against the -300 / -200 million of the previous estimate.
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