Results from operations


In 2013 the Group's consolidated revenues totaled € 3,984.8 million, down 0.3% (-2.2% on a likefor- like basis) against € 4,075.6 million of the previous year. The Group posted revenues showing a growing trend in North America, supported by increased traffic, which also translated into a higher number of transactions and average receipt.

Conversely, revenues in Europe decreased, with a negative performance in Italy, still strongly penalized by the adverse economic scenario, which had an impact on consumer spending and mobility. This negative performance annulled the positive performance of other European countries, in particular Belgium, Germany and Great Britain.

The positive consumer flow trend supported the positive performance of the airports, with revenues up 1.5%4. Though limited compared to that calculated on a like-for-like basis, due to the transfer of the airport retail business in North America, completed in the fourth quarter of 2013, and the transfer of a few stores in the United States, the overall growth in this channel and the development in the railway stations compensated for the weakness registered in the highway channel, as well as the sharp decline in sales in other channels (city centers, exhibition grounds and malls), mainly resulting from the shutting down of several stores.


In 2013 Autogrill posted consolidated EBITDA at € 314.0 million, down 1.9% (-4.1% on a like-for-like basis) against € 327.6 million in 2012, with an incidence on revenues decreasing from 8% in 2012 to 7.9% in 2013.

When excluding non-recurring items5 and the contribution to the results of the last quarter of 2012 resulting from the transfer of the US retail business, completed in September 2013, the drop in EBITDA would have totaled 3.1% (-5.3% on a like-for-like basis) and the incidence on the margin of revenues in 2013 would have been equal to 7.9%. The change mainly reflects the rigidity of the fixed costs - rents and labor - vis-à-vis the significant reduction in sales registered in Europe.


Revenues by geographic area

North America and the Pacific

In 2013 North America and the Pacific* generated revenues from sales totaling $ 2,759,3 million, up 1.1% against $ 2,730.0 million in 2012. Below are details relative to the performance broken down by channel: 

(m$)FY 2013FY 20122012
Airports 2,264.6 2,237.1 1.2%
Highways 440.4 4.33,2 1.7%
Others 54.3 598 (9.1%)
Total 2,759.3 2,730.0 1.1%


In 2013 revenues generated in Italy were equal to € 1,154.1 million, down 6.0% against € 1,227.8 million in 2012. In Italy, sales performance was strongly penalized for the second consecutive year by the difficult economic scenario, which resulted in reduced traffic flow on highways and reduced consumption and consumer spending. The drop also reflected the shutting down of several nonprofitable stores in city centers, malls and exhibition grounds.

Here below are details regarding sales broken down by channel: 

 (m€)  FY 2013  FY 2012  2012 
 Highways   878.3    929.6    (5.5%) 
 Airports    83.1    88.1    (5.7%) 
 Railway stations    45.4    43.7    3.9% 
 Others*    147.3    166.3    (11.4%) 
 Total    1,154.1    1,227.8    (6.0%) 

* Includes sales to affiliates

Other European countries

In 2013 revenues generated in the other European countries equaled € 753.0 million, up 4.7% against € 723.0 million of the previous year (+4.2% at current exchange rates).

Here below are details regarding sales broken down by channel: 

 (m€)  FY 2013  FY 2012  2012  Like-for like  
 Highways   402.1   381.2   5.5%   5.9% 
 Airports   201.2   191.3   5.2%   5.9% 
 Railway stations    112.2   109.4   2.5%   3.0% 
 Others   37.6   41.1   (8.5%)   (7.4%) 
 Total   753.0   723.0   4.2%   4.7% 

Investments by geographic area

Below are the details regarding investments made in the period broken down by geographic area: 

 (m€)  FY 2013  FY 2012  2012  Like-for like  
 North America and the Pacific area    89.8    156.0    (42.4%)   (39.8%) 
 Italy    29.8    55.2    (46.0%)   (46.0%) 
 Other European countries    37.8    35.1    7.4%   8.0% 
 Corporate and non-allocated    5.2    6.2    (15.8%)   (15.8%) 
 Food & Beverage    162.6   252.6   (35.6%)   (33.8%) 

Investments mainly referred to the airports of Los Angeles, San Diego, Atlanta, Amsterdam, Saint Petersburg and Marseille, the gas stations on the Pennsylvania Turnpike in the United States and Villoresi Est in Italy, as well as a number of railway stations in France (Paris) and Italy (Milan).

Good corporate reporting is based on the principles of responsibility and transparency.
In 2013 Autogrill won the Reporting Award for the category “Listed companies and large businesses” 

All complete and detailed information relative to the Autogrill Group Corporate Governance are included in the Report on Corporate Governance and Ownership Structure, drafted pursuant to article 123 bis of the Italian Consolidated Finance Act and article 89 bis of Consob Issuer Regulation published on the Group's website (
The following documents are also available on the Group's website (
- Autogrill By-Laws
- Code of Ethics
- Group consolidated report on operations and financial statements
- Parent Company report on operations and financial statements
- Report on remuneration 

4. -1.5% on a like-for-like basis
5. 2013: non-recurring costs totalling € 2.3 million (re-organization costs of € 11.6 million, spin off costs for € 4.5 million and nonrecurring revenues equal to € 13.8 million); 2012: re-organization costs totalling € 9.6 million