In light of the results of the cost management initiatives implemented during the year, Autogrill announced the review al upside of the 2021 Group guidance. A result that satisfies the top management of Autogrill, which now expects to close the year with a negative underlying net result between 170 and 150 million euros, an improvement compared to the estimate made three months ago, in September, when a result was expected. net negative between 200 and 160 million euros.
In the latest estimate of December 2021, the forecast estimates of the ‘underlying’ margin on the operating result were also improved, i.e.ebit margin underlying. Now the margin is estimated between (approximately) -2.5% and -1.5% while in September it was expected between -4% and -2%. Estimates on free cash flows have also been improved, ie free cash flow, now expected to be between 35 and 50 million euros. A sharp rise compared to the previous forecast, which placed free cash flow between -15 and +30 million. The estimates on revenues, which remain unchanged with respect to previous estimates, which envisage a range between 2.3 and 2.6 billion euros. The estimate on the capex / revenue ratio does not change either, which remains no more than 6%.
Autogrill announced that the targets to 2024, which forecast revenues of € 2.4 billion, an underlying margin on operating income of approximately 6%, ie approximately 140 basis points higher than in 2019. Furthermore, the incidence of investments on revenues also remains unchanged, which is expected between 4.8% and 5.4% and free cash flow which is estimated between 130 and 160 million euros.
In its note, Autogrill underlines that free cash flow excludes acquisitions, disposals and related non-recurring costs and charges, linked to the early repayment of debts, as well as any dividends paid to group shareholders and minority shareholders of subsidiaries, and other changes in the net assets. Furthermore, in the entry “revenues“, revenues from the sale of fuel are not included, which are excluded from the managerial approach, in line with the methodology applied by management for the analysis of the Group’s data. The percentage ratios refer to these data.
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