ITALY. Autogrill has reported consolidated revenues of €4,369.2 million for 2015, up +11.2% on 2014, or +2.0% at constant rates.
The company said it had seen significant growth in North Europe and Asia, with more than 100 store openings, while profitability had risen in all operating areas (North America, Europe and International).
Sales in North America were up +4.9% (+3.1% at current rates) to US$2,469.4 million, net of the change to the operating boundary due to the transfer of the last four US Retail Division contracts.
The International division generated revenues of €347 million, an increase of +21.9% (+24.7% at current rates) on the €278.2 million posted the previous year. Sales in North Europe grew strongly at +17.1% overall (+18.9% at current rates) with Amsterdam Schiphol Airport singled out as a strong performer. Autogrill entered Finland for the first time, at Helsinki Airport, posting revenues of €10.6 million.
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Revenues in Italy were down -3.1% to €1,057.4 million, but were up +0.3% (+2.8% at current rates) in Other European countries, amounting to €732.4 million.
Consolidated Ebitda was €376.2 million, a +19% increase compared to 2014 (+6.0% at constant rates). Autogrill said the transferred US Retail division generated Ebitda of US$5.7 million in 2014. The ratio to revenues was 8.6%, up on the 8% recorded in 2014.
Margins improved in all the group’s geographical areas largely because of the lower impact of cost of sales “brought about by a more favourable sales mix and lower procurement costs for certain food categories”, it reported.
Autogrill CEO Gianmario Tondato Da Ruos commented: “The results enable us to look at the future with optimism, a future we’re working hard for by widening our contracts portfolio and by developing powerful and innovative owned brands – Bistrot is a good example – that are appreciated and competitive in Italy and have been successfully exported to international markets.”
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Sales by channel
Sales in the airport channel were up +20.2% (+5.3% at constant rates) driven mainly by higher revenues in US airports, new openings and entry to new markets in North Europe and Asia. Net of the change to the operating boundary from the transfer of the last four US Retail Division contracts, sales growth was +2.6% (+1.7% at current rates). Group revenues in the airport channel increased by +22.6% (+7.6% at constant rates).
In North America, sales in the airport channel rose by +5.5% overall (+3.9% at current rates). The growth reflected the “marked increase in business in US airports, where comparable sales grew at +6.7% against +5.1% growth in traffic, with increases in both number of transactions and average spend, thanks to the introduction of concepts with richer offerings”.
Revenues in the motorway channel increased by +3.4% (-0.4% at constant rates), which Autogrill attributed to “excellent performance on US motorways, which offset lower sales in Italy following selective renewals in the 2013/2014 tender season”. Net of the change to the operating boundary in Italy, revenues in the motorway channel rose +5.3% (+1.4% at constant rates).
Sales in the railway station channel were down -0.8% (-2.9% at constant rates). The company said openings in Spain in 2014 and a good performance at Milano Centrale partly offset the effects of temporary closures of certain locations and exits from a number of contracts in French stations.
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2016 outlook
Sales in the first eight weeks of 2016 were up +4.9% at constant rates compared to the same period the previous year (+6.5% at current rates).
Revenues in North America rose +3.8% overall, while Autogrill noted “excellent performance” in its International business, with growth of +23%, partly due to new openings.
In Europe, the trend towards recovery continued, with revenues increasing both in Italy (+2.4%) and Other European countries (+3.9%).
Autogrill stated: “In 2016, the group will aim to boost sales and profitability in North America by leveraging favourable traffic trends, commercial initiatives and efficient resources management programmes.
“In the International area, the focus will be on achieving capacity operation in the numerous contracts awarded in 2014 and 2015, as well as following up further development opportunities in countries in where the group is already active.
“In Italy, Autogrill aims to increase sales and margins through optimum exploitation of the signs of recovery in traffic and spending seen in 2015.
“The group’s strategy in Other European countries is similarly geared to a possible recovery in spending and to maintaining a selective approach to evaluating investment opportunities.”
