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 1st and 3rd quarters usually represent
the high and low points, respectively, in the business year. Major
investment programmes are thus scheduled in the 1st and 4th 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)
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Autogrill via Globenewswire
HUG#1768661
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