The Board of Directors approves the consolidated financial
statements[1] at 31 December 2013
Autogrill: the demerger launches a new course for the
Food & Beverage sector
- Consolidated revenues: €3,984.8m vs €4,075.6m in 2012 (down
0.3% at constant rates; down 2.2% at current rates)
- Consolidated Ebitda: €314m vs €327.6m in 2012 (down 1.9% at
constant rates; down 4.1% at current rates)
- Net result from ongoing operations (F&B): €8.3m vs €7.4m in
2012 (up 58.7% at constant rates; up 12.1% at current rates)
- Consolidated net result[2]: €87.9m vs €96.8m in 2012 (down 4.4%
at constant rates; down 9.2% at current rates)
- Net financial position: €672.7m improving against €933.2m in
2012
Outlook for 2014
In the first 9 weeks[3] of 2014 the Group saw a
3.7% increase in sales compared to the same period the previous
year[4].
Milan, 13 March 2014 - Meeting today, the Board
of Directors of Autogrill S.p.A. (Milan: AGL IM) examined and
approved the consolidated financial statements and the Company's
draft financial statements for 2013[5].
Over the year, passenger traffic in airports
grew 3.9% worldwide, mainly due to the increase in flights to and
from Asia and the Middle East. European motorway traffic, on the
other hand, continued to contract, in general, with signs of
stabilization occurring only towards the end of year. In Italy, the
Group's biggest motorway market, traffic dwindled a further 1.7% in
2013, thus reflecting the structural nature of the scaling down in
progress.
Consolidated revenues amounted to €3,984.8m,
slightly down (0.3%) from €4,075.6m in the previous year. Sales at
current exchange rates (down 2.2%) were penalized by the weakness
of the dollar against the euro. The increase in revenues in
airports (up 1.5%[6]) and railway stations (up 3.3%[7]) offset the
negative trend in the motorway business, which was down
1.3%[8].
From a strategic viewpoint, 2013 saw the Group
focus on the Food & Beverage sector, as a result of the
proportional partial demerger of Autogrill S.p.A. in favour of WDF
S.p.A., and launch a significant renewal of the offering whilst
continuing to strategically reposition itself in terms of channels
and geographical regions for the purpose of launching a new phase
of growth and upgrading.
On one hand, the Group started to redefine its
commercial offering with the development of new concepts and the
stipulation of agreements with the brands most innovative and in
line with consumer needs.
On the other hand, it continued to pursue its
strategy of developing in countries with high growth rates and
channels with higher potential, like airports and railways
stations. In the course of the year, fresh impetus was given to the
expansion of the Group's presence in Asia, with start ups in
Vietnam and Indonesia, and a strengthening of the Group's presence
in Northern Europe and the Middle East. The strategy on motorways,
on the other hand, was and will continue to be more selective,
given the limited growth potential of this channel in the developed
countries and the high investments needed to penetrate new
markets.
"2013 was a year of great transformation for us,
starting with the separation of our two businesses, which was
completed in just nine months and led to the formation of two
distinct entities, both leaders in their respective sectors," said
Autogrill CEO Gianmario Tondato Da Ruos.
Events after 31 December 2013
Expansion proceeded in the first nine weeks of 2014 with the
adjudication of important new contracts. In January, the Group
announced its entry to Fort Lauderdale International Airport in
Florida, where it will provide f&b services through 25 points
of sale. In the same month it entered an agreement with a Russian
partner, Rosneft, to develop the Acafè proprietary brand under
franchising in seven service areas around Sochi. In February,
Autogrill extended its concession at Copenhagen Airport and at the
beginning of March made its entry to Abu Dhabi International
Airport.
Outlook for 2014
Group sales in the first 9 weeks of 2014 were up 3.7% on the
same period the previous year[9].
Business in North America and the
Pacific Area grew 4.9%, a particularly
good result considering the bad weather conditions on the North
American Atlantic seaboard. Revenues in the airport channel rose
6.3% despite the fact that over 50,000 flights were cancelled in
January alone against 10,000 cancelled in the same period in 2013.
Widespread bad weather had a bigger effect on motorways, where
sales were down 0.6%.
Total revenues in Italy were
down 1.3%, mainly due to the closing of a number of locations in
the previous year. Performance on motorways, on the other hand, was
positive (up 0.9%), a trend that the first figures available for
the current year show to be continuing.
Revenues in the other European countries were
significantly (up 8.5%) due to both new openings in 2013 and a
recovery in consumer spending more marked than in Italy.
In 2014 the Group will aim to increase its sales
and margins in North America by exploiting the new commercial
offerings to increase the capture rate and the efficiency
initiatives in progress, first of all in terms of procurement
costs. In Italy it will continue to adopt a strategy designed to
rationalize its operations and develop new commercial offerings and
initiatives to contain running costs.
The Company will provide a more detailed view of
its expectations for the current year on presenting its results for
1st quarter 2014.
Consolidated income results
[10] at 31 December 2013
Revenues
The Group closed the year with consolidated revenues of
€3,984.8m, down 0.3% on €4,075.6m in 2012 (down 2.2% at current
rates). Growth in North America (up 1.1%), generated by the
increase in traffic and in the number of transactions and the
average spend, was offset by a contraction in sales in Italy. There
were positive results in certain European countries, notably
Belgium, Germany and the UK. Growth in revenues in the airport
channel (up 1.5%)[11] was limited by the reduction of commercial
spaces operated in certain American airports (following tenders in
previous years) and, in the 4th quarter, by the transfer of the
airport retail business (hereafter the "US Retail business") to
World Duty Free Group as part of the proportional partial demerger
of Autogrill S.p.A. Growth in airports and railway stations (up
3.3%[12]) offset the negative performance of the motorway business,
which recorded a dip of 1.3%[13] reflecting the persistent
contraction in traffic and consumer spending, especially in Italy,
and the withdrawal from a number of contracts in Europe and the
United States.
Ebitda
Consolidated Ebitda amounted to €314m, down 1.9% (down 4.1% at
current rates) on €327.6m in 2012. The ratio to revenues was
substantially stable, moving from 8% in 2012 to 7.9% in 2013.
Excluding non-recurring items[14] and the contribution to the
results of 4th quarter 2012 made by the US Retail business
(transferred in September 2013), Ebitda would have been down 3.1%
(down 5.3% at current rates), with the ratio to revenues unchanged
at 7.9%.
Ebit
The operating result was €88.3m, down 10.3%
(down 13.7% at current rates) on €102.2m in 2012. Amortization,
depreciation and impairment in 2013 amounted to €225.8m, up 10.1%
(up 8.2% at current rates) on €208.7m in 2012. The increase in this
item reflects not only the effect of higher investments on
amortization and depreciation but also an €8.3m increase in
impairment of intangible and tangible fixed assets (from €7.4m in
2012 to €15.7m).
Net result from ongoing operations (Food
& Beverage)
The net result was €8.3m up 58.7% (up 12.1% at
current rates) on €7.4m in 2012 despite the increase in income tax,
which in 2013 was €27.1m against €21.5m in 2012, which had the
benefit of a non-recurring positive component of €12.5m relative to
an application for corporation tax (IRES) rebates due in Italy
following the recognition of the deductibility of regional tax on
productive actives (IRAP) relating to personnel costs for the
periods 2007 to 2011. The net result was favoured by the reduction
in financial charges, from €71.1m in 2012 to €50.5m, due to both
the reduction in indebtedness and, above all, the cessation in 2013
of amortization of interest rate hedging contracts extinguished in
advance as part of bank debt refinancing measures in 2011.
Net result from demerged operations
(Travel Retail & Duty Free)
Following the demerger on 1 October 2013, the
Travel Retail & Duty Free sector contributed to the Group's
2013 result for only nine months as against 12 months in the
previous year. The net result of the Travel Retail & Duty Free
sector in the first nine months of 2013 was €91.1m.
Net result for the
Group
Net profits attributable to the shareholders of
the parent company amounted to €87.9m against €96.8m in 2012,
mainly due to the Travel Retail & Duty Free sector's shorter
period of contribution to the Group's result. Minority interests
amounted to €11.5m (€13.5m in 2012).
Consolidated balance sheet
results [15] at 31 December 2013
Net capital expenditure
Net capital expenditure in 2013, most of which
in the airport channel, amounted to €162.6m against €252.6m in
2012. The change reflects the high level of investment in the
previous year as a result of numerous new contracts in US
airports.
Net financial position
Net financial position at 31 December 2013 moved
to €672.7m, improving of €260.4m on €933.2m at 31 December 2012,
mainly due to the collection of a €220m extraordinary dividend paid
by World Duty Free Group SAU to Autogrill S.p.A. (in relation to
the performance of the demerger operation) and to HMSHost Corp.'s
transfer of the US Retail business to the group headed by WDF
S.p.A. for €74.1m.
The Group's net cash generation in 2013 amounted
to €21.4m against a cash absorption of €20.2m the previous year.
The result was affected by the above mentioned transfer of the US
Retail business and the acquisition made in Vietnam, which involved
an outlay of €16m.
***
Consolidated income
results[16] for 4th
quarter 2013
Consolidated revenues in 4th
quarter 2013 amounted to €1,040m (up 0.1%; down 2.8% at current
rates) against €1,070.3m in the same period in 2012. Without the
contribution of the transferred US Retail business to revenues in
2012, revenues in 4th quarter 2013 would have been up 4.4% (up 1.3%
at current rates).
Sales in the North America and Pacific Area were
down 0.2% compared to the same period in 2012 but up 11% on a
comparable basis. The overall performance was affected by the
transfer of the US Retail business to World Duty Free Group and the
reduction in commercial space in certain airports following
renewals in the previous two years. Revenues in US airports were up
13.2%[17] on a comparable basis against a 2.2% increase in
passenger traffic[18].
Compared to the previous quarters, the decrease
in revenues on Italian motorways, on a same-store basis, was
limited to 4.3% against a 0.5% contraction in traffic.
Ebitda moved to €62m, down
11.9% (down 15.4% at current rates) on €73.3m in the same quarter
in 2012. The decrease compared to the same period in 2012 reflects
in part the transfer of the US Retail business, deconsolidation of
which cut its contribution to Group Ebitda by $4.3m. Net of such
effect and of a €2.3m demerger charge, the result would have been
down 4.2%[19]. Good performance in the other European countries and
benefits arising from the restructuring of the Swiss pension fund
offset the effects of the reduction in commercial spaces in certain
American airports and the contraction in sales in Italy. The Ebitda
margin for the quarter was 6.0% against 6.9% in the same period the
previous year.
***
Income results by geographical
region
Revenues
Business in North America and the
Pacific Area[20] (managed by the subsidiary HMSHost) grew
1.1% to reach $2,759.3m against $2,730m in 2012. Sales in
US airports grew 8.9% on a comparable basis and
significantly outpaced the trend in passenger traffic (up 1.5%[21])
thanks to increases in both the number of transactions and the
average spend. Growth in the airport channel as a whole was limited
to 1.2%, mainly due to a reduction in the commercial spaces
operated in certain airports and the transfer of the US Retail
business to World Duty Free Group in the 4th quarter. Revenues on
North American motorways were up 1.7%, a result reflecting the
discontinuation of business on the Maryland Turnpike, which was
only partially offset by the opening of newly renovated locations
along the Ontario Turnpike. Revenues from the motorway channel on a
comparable basis were up 7.2% against a 0.2% contraction in
traffic[22].
Overall revenues in Italy
amounted to €1,154.1m, down 6% on €1,227.8m in 2012. Same-store
motorway sales were down 6% due to a 1.7% contraction in
traffic[23] and travellers' lower propensity and capacity to spend.
Revenues in railway stations, on the other hand, rose 3.9% thanks
to the start up of new points of sale in the stations of Florence
Santa Maria Novella and Venice Santa Lucia, and the opening of the
new Bistrot Milano Centrale. Airport sales (down 5.7%) and sales in
highstreets and shopping centres were penalized by the closure of a
number of unprofitable points of sale in the rationalization
process operated in certain areas.
In the other European
countries, sales rose 4.7% (4.2% at current rates) to
reach €753m (€723m in 2012). Results in airports (up 5.9%; up 5.2%
at current rates) were driven by performance in Northern Europe and
new openings in Marseille and in the UK, while railway station
business (up 3%; up 2.5% at current rates) benefited from the new
points of sale at Gare de l'Est and Gare Saint Lazare in Paris.
Growth was also seen on motorways (up 5.9%; up 5.5% at current
rates), where recent openings in Germany and Belgium more than
offset the contraction in revenues in Spain and the closing of a
number of locations in France.
Ebitda
In North America and the Pacific
Area, Ebitda grew 2.7% to reach $299.5m against $291.5m in
2012, the ratio to revenues moving up from 10.7% to 10.9%, mainly
because of the reduction in general and administrative expenses.
The result also reflects non recurring items[24] and the transfer
of the US Retail business, net of which growth would have been of
3.7%.
In Italy, Ebitda amounted to
€73.2m (€87.8m in 2012) down 16.6%, the ratio to revenues moving
from 7.1% to 6.3%. The result was affected by €9.1m in net
non-recurring income[25] (against charges of €3.5m in 2012).
Excluding such items, Ebitda would have been down 30%. The marked
drop in sales reduced the capacity to absorb fixed costs, as well
as causing a loss of margins.
Ebitda in the other European
countries amounted to €49m, up 18.5% on €41.4m in 2012 (up
18.1% at current rates). The Ebitda margin moved from 5.7% to 6.5%
due to the positive effects of re-organization in certain countries
(Greece, Spain and Switzerland) in previous years, good business
performance in Northern Europe and non-recurring income (€2.7m)
arising from the restructuring of the Swiss pension fund.
***
Income results of parent
company
The full-year 2013 income results of the parent
company, Autogrill S.p.A., are detailed in the tables attached
hereto.
***
Proposed appropriation of result
The board of directors will put a motion before the
shareholders' assembly to write profits for the year to reserves to
strengthen the Group's financial solidity.
***
Authorization to purchase
shares
The Board will ask the Shareholders to authorize
the acquisition and eventual subsequent disposal of up to
12,720,000 ordinary shares (5% of the share capital), subject to
revocation of the resolution voted by the Shareholders on 6 June
2013. Such authorization is required so that the Company can make
investments and directly or through intermediaries build a
portfolio of securities within the bounds of current legislation.
It may also serve capital or other types of operation for which the
swapping or transfer of share packages is necessary or in any case
advisable and, lastly, for stock option plans for executive
directors and/or employees of the Company and/or its subsidiaries
(stock option and stock grant plans). The Company currently holds
1,004,934 Autogrill S.p.A. shares, representing around 0.395% of
the share capital. Authorization will be requested for a period of
18 months from the date on which the Shareholders vote the relevant
resolution.
***
The results for 2013 will be illustrated by the
top management in a meeting with the financial community starting
at 4.30 pm today. The presentation will also be available in the
Investor Relations section of www.autogrill.com from 4.15 pm
onwards. The event can also be followed in a live webcast on the
Group's website or in a conference call using the following phone
numbers:
- from Italy: 800 40 80 88
- from outside Italy: +39 06 33 48 68 68
- enter pin *0
***
The executive responsible for the drafting of
the company's accounting documents, Alberto De Vecchi, hereby
declares pursuant to clause 2, art.154 bis, legislative decree
58/1998, that the accounting information in this release is in line
with the Company's accounting records and registers.
***
Disclaimer This press release contains
forecasts and estimates that reflect the opinions of the management
("forward-looking statements"), especially regarding future
business performance, new investments and developments in the cash
flow and financial situation. Such forward-looking statements have
by their very nature an element of risk and uncertainty as they
depend on the occurrence of future events. Actual results may
differ significantly from the forecast figures and for a number of
reasons, including by way of example: traffic trends in the
countries and business channels where the Group operates; the
outcome of procedures for the renewal of existing concession
contracts and for the award of new concessions; changes in the
competitive scenario; exchange rates between the main currencies
and the euro, esp. the US dollar and UK sterling; interest rate
movements; future developments in demand; changing oil and other
raw material (food) prices; general global economic conditions;
geopolitical factors and new legislation in the countries where the
Group operates and other changes in business conditions.
The Group's business is correlated to traffic
flows. The 1 st and 3 rd quarters usually represent the high and
low points, respectively, in the business year. Major investment
programmes are thus scheduled in the 1 st and 4 th quarters and are
usually suspended in the summer period. Quarterly operating results
and changes in net financial indebtedness may not, therefore, be
directly compared or extrapolated to obtain forecasts of year-end
results.
For further information:
Rosalba
Benedetto |
Antonella
Pinto |
Elisabetta
Cugnasca |
Group
Corporate Communications Manager |
Corporate
Communications Specialist |
Investor
Relations Manager |
T: +39 02
4826 3209 |
T: +39 02
4826 3499 |
T: +39 02
4826 3246 |
rosalba.benedetto@autogrill.net |
antonella.pinto@autogrill.net |
elisabetta.cugnasca@autogrill.net |
[1] Following the proportional partial demerger of Autogrill
S.p.A. in favour of World Duty Free S.p.A., which came into effect
on 1 October 2013, the net result and cash flow of the Travel
Retail & Duty Free sector are stated, in accordance with IFRS
5, on a single line in the reclassified consolidated income
statement consolidated cash flow statement. The values indicated in
this release therefore refer only to the Food & Beverage
business (ongoing operations) unless expressly indicated.
[2] As a result of the demerger on 1 October 2013, the net
result of the Travel Retail & Duty Free sector contributed to
the Group result for only nine months compared to the full 12 in
the previous year.
[3] Average exchange rates used for converting amounts to the
main non-euro currency: 2014: €/$ 1.3633; 2013: €/$ 1.3314.
[4] The comparison excludes from 2013 the sales of the US Retail
business transferred in September 2013 to World Duty Free
Group.
[5] The consolidated results and the Company's draft financial
statements are currently under audit.
[6] Down 1.5% at current rates.
[7] Up 3.0% at current rates.
[8] Down 2.2% at current rates.
[9] The comparison excludes from 2013 the sales of the US Retail
business transferred in September 2013 to World Duty Free
Group.
[10] Average exchange rates at 31 December 2013: €/$ 1.3281; €/£
0.8493.
Average rates at 31 December 2012: €/$ 1.2848; €/£ 0.8109.
[11] Down 1.5% at current rates.
[12] Up 3.0% at current rates.
[13] Down 2.2% at current rates.
[14] In 2013, net charges of €2.3m (re-organization charges of
€11.6m, demerging cost of € 4.5m and non-recurring income of €13.8m
in Italy). In 2012, re-organization charges of €9.6m.
[15] €/$ exchange rates: 1.3791 at 31 December 2013; 1.3194 at
31 December 2012.
€/£ rates: 0.8337 at 31 December 2013; 0.8161 at 31 December
2012.
[16] Average exchange rates at 31 December 2013: €/$ 1.3281; €/£
0.8493.
[17] 4th quarter 2013 also had the benefit of an extra week by
virtue of the calendar compared to the previous year, in that
HMSHost's business year was of 53 weeks against the 52 weeks of
2012.
[18] Source: Airlines for America, October-December 2013.
[19] Down 8% at current rates.
[20] Results in this area also include business at Amsterdam
Schiphol Airport, in Australia, Canada, India, Malaysia, United
Arab Emirates, Turkey, New Zealand, Singapore and Vietnam.
[21] Source: Airlines for America, January-December 2013.
[22] Source: Federal Highway Administration, January-December
2013 (sections on which the Group operates).
[23] Source: Aiscat, January-December 2013.
[24] Re-organization charges of $3.9m in 2013 and of $5.3m in
2012.
[25] 2013: €13.8m of non-recurring income arising from the
waiving of pre-emption rights for the renewal of sub-concessions in
expiry and a €4.7m re-organization charge (in 2012: a €3.5m
re-organization charge).
Press release (PDF)
http://hugin.info/156734/R/1768661/601285.pdf
HUG#1768661
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