“Significant improvement”. Here are the results of the first half of Autogrill

“Significant improvement”. Here are the results of the first half of Autogrill
“Significant improvement”. Here are the results of the first half of Autogrill

In the first half of 2021 underlying EBIT1 and Free Cash Flow2 significantly improved, the NFP returns to the pre-pandemic level at € 567 million and the guidance on Free Cash Flow for 2021 is revised upwards. Autogrill approved the consolidated results as at 30 June 2021, or those relating to the first half of the year.

The press release shows an overall decrease in revenues compared to the previous year: from 1,096.5 million to 938.3 million euros, with a negative underlying Ebit of 88.8 million euros (better than the -297 of the first half of 2020) and a net result that settles at -148.3 million euros (slightly down compared to -271 million euros in the first six months of last year).

Free Cash Flow recorded a negative trend of 55.9 million euros (compared to -397.2 million for the first half of 2020), while the Net financial position, excluding the assets and liabilities related to leased assets , amounting to 567.2 million euros (1,082.7 million euros were recorded on 31 December 2020), of the data defined by Autogrill in line with the pre-pandemic level. At the conclusion of the first semester the current year, the total liquidity is instead equal to 1.3 billion euros (compared to the 0.6 billion recorded at the end of 2020), mainly thanks to the capital increase and the measures to preserve liquidity implemented at group level .

Autogrill also announced that it has revised the Guidance for the whole of 2021, adjusting the data on the basis of the consideration that the current level of traffic will be maintained for the remainder of the year. The range of revenues for the year was refined to 2.3 – 2.6 billion euros; Free cash flow for the year increased by 55 million in a range between approximately -65 million and approximately -15 million compared to the previous Guidance of approximately – 120 million and approximately -70 million, thanks to the progress made in operational management, in particular in the second quarter 2021.

On the other hand, the 2024 objectives should remain unchanged: € 4.5 billion in revenues, underlying EBIT margin at 6% (approximately 140 basis points higher than in 2019), incidence of investments on revenues between 4.8% and 5.4% and Free cash flow between € 130 million and € 160 million. There is also talk of 130,633,542 new shares subscribed, for a total amount of 599.6 million and an increase in the Autogrill stock of 66% since last January 21st.

Source

Significant improvement results Autogrill

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