The most significant economic-financial events

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In 2010 Autogrill posted positive financial and economic results, improving against the previous year in an economic scenario that showed recovery with positive trends both in terms of global trade and mobility. Though with an irregular pattern, the period was characterized by traffic recovery in the airports, which showed swifter growth than that registered in the highway sector. This trend favoured the performance of, above all, Travel Retail & Duty-Free, exclusively concentrated in airports, compared to Food &Beverage, which also includes highways.

Despite the partial recovery, particularly in relation to consumption, the Group’s geographical and business diversification enabled it to generate consolidated revenues totaling € 5,703.5m, up 7.1% (+4.5% under comparable terms) against the previous year and, in any case, higher than traffic figures in the main countries and channels of reference.

EBITDA grew 7.3% (+4.4% under comparable terms) against 2009, in line with revenues, thanks particularly to the contribution of Travel Retail & Duty-Free, which benefited from a better sales mix, also supported by the increase in long-haul flights and the consolidation of synergies deriving from the integration process. Persistent traffic volatility led to lower productivity in the Food & Beverage sector, though the sector’s contribution proved significant.

2010 was a positive year also from a financial standpoint. The transfer of the Flight sector to Dnata was completed at year end. The transfer contributed to a reduction of the Group’s net debt by approximately € 165.4m and freed up both financial and managerial resources to be re-routed in the two strategic sectors.

Capex amounted to € 224.9m, in line with the development activities deriving from the renewals and the stipulation of new contracts and mainly concentrated in Italy and the United States.

The management and financial results also led to a significant increase in net profits for the period, equal to € 103.4m against € 37m of the previous year.

Revenues