INTERNATIONAL. Autogrill Group today reported preliminary results for the year ended 31 December 2021, with revenue reaching €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; revenue in December climbed +112% compared to the same month in 2020.
Sales growth was driven by North America and Italy (respectively +57.1% and +33.6% compared to FY2020 at constant exchange rates). Across the group, 74% of stores were open as of 31 December 2021.
Preliminary figures show an underlying net loss for the year of around €110 million, ahead of previous guidance of between €170 million and €150 million. Free Cash Flow is estimated at over €100 million for the year, compared to previous guidance between €35 million and €50 million. The underlying EBIT margin was around -0.5% compared to earlier guidance of between -2.5% and -1.5%.
By key region, North America had revenue of US$1,540.6 million in 2021, an increase of +57.1% at constant exchange rates (+57.6% at current exchange rates), with a strong end to the year (+132% in December). Like-for-like sales climbed by +66.9% in 2021. Some 71% of stores were trading in the region by year-end.
In the International business, Autogrill reported revenue of €190.9 million in 2021, a decrease of -16.6% at constant exchange rates (-17.0% at current exchange rates), with revenue up +150% at constant exchange rates in December. Like-for-like sales fell by -14% in 2021. In the region, 57% of stores were open as of 31 December.
In Europe, revenue hit €1,103.3 million in 2021, an increase of +23% at constant exchange rates (+22.9% at current exchange rates) with December sales up +69%.
Like-for-like sales performance showed an increase of +27.8% in 2021. Some 92% of total stores were open as of 31 December (Italy: 96%; Other European countries: 87%).
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.
