INTERNATIONAL. Autogrill Group today reported full-year results for 2021, with losses narrowing to €37.8 million from €479.9 million in 2020. As reported previously, revenue reached €2,596.8 million, up by +30.9% year-on-year at current exchange rates (+32.8% at constant exchange rates). This compares to consolidated revenues of just under €5 billion for the year to 31 December 2019.
Like-for-like sales performance rose +39%, with continuous improvement during the year. Across the group, 74% of stores were open as of 31 December 2021.
Underlying EBIT of negative €7 million in 2021 compared favourably with the negative €515.8 million in FY2020. The group said this was due to an improved product mix, higher operating efficiency and rent renegotiation.
In a trading update on performance in 2022, Autogrill said that revenue had doubled at constant exchange rates year to date (end of February) and was down about -30% compared with the first two months of 2019. The 2022 performance so far has been mainly driven by North America, due to the resilience of domestic airport traffic despite Omicron, along with the motorway business in Europe.
The company said it has “temporarily refrained” from providing guidance for FY2022, “given the unfolding geopolitical events and related economic uncertainty”. It added in a statement: “Despite its negligible exposure to Russia, Autogrill is closely monitoring the evolution of the conflict in Ukraine, and will promptly adapt its business strategy and risk assessment to evolving circumstances.”
Group CEO Gianmario Tondato Da Ruos said: “2021 has been a year of fundamental importance in our history. We significantly improved our operating efficiency and our cash generation capability exceeded the same expectations we had at the beginning of the year. Thanks also to the strengthening of the capital structure, obtained through the equity raising and the disposal of the motorway business in the US, we are now in the best conditions to grow by taking advantage of all the opportunities that market recovery will offer us.”
Autogrill also reported a combined €4.3 billion in renewed contracts and fresh gains through the year, with an average duration of three years.
Company targets for FY 2024 remain unchanged, with forecasts of €4.5 billion in revenue, underlying EBIT margin of around 6% (about 140bps more compared to FY2019) and free cash flow of between €130 million and €160 million.
Updated ESG strategy
Autogrill also revealed an updated ESG (environmental, social and governance) strategy. Its three key pillars are:
- We nurture people
- We offer sustainable food experiences
- We care for the planet
Within these pillars, key targets include:
- 40-50% women representation in leadership roles by the end of 2030
- 98% sustainable coffee sourced for proprietary brands by the end of 2025
- 20-30% reduction of GHG emissions from electricity consumption in the motorway business by the end of 2030.
The company stated: “Autogrill is strongly committed to continually reviewing and developing approaches and targets, knowing that ESG is a journey and not a destination.”
