Autogrill — Investor Presentation 2020

Jul 30, 2020

Autogrill Group 1H2020 Financial Results

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Milan, 30 July 2020

DISCLAIMER

This presentation is of a purely informative nature and does not constitute an offer to sell, exchange or buy securities issued by Autogrill S.p.A. or any advice or recommendation with respect to such securities or other financial instruments, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. The statements contained herein does not purport to be comprehensive and have not been independently verified.

The statements contained in this presentation regard the intent, belief or current expectations of future growth in the different business lines and the global business, financial results and other aspects of the activities and situation relating to the Autogrill Group and cannot be interpreted as a promise or guarantee of whatsoever nature. Such forward-looking statements are based upon various estimates and assumptions, as well as information known to the Autogrill Group as of the date hereof and have by their very nature an element of risk and uncertainty as they depend on the occurrence of future events, including uncertainties on the duration and severity of the Coronavirus (COVID-19) outbreak and from the restrictive measures taken by each country to face it. Actual results may differ significantly from the forecast figures predicted or implied by such forward-looking statements and for a number of reasons, including by way of example: traffic trends in the countries and business channels where the Group operates; the outcome of negotiations on renewals of existing concession contracts and future tenders; changes in the competitive scenario; exchange rates between the main currencies and the euro; interest rate movements; future developments in demand; changing oil and other raw material (food) prices; general global economic conditions; geopolitical factors and new legislation in the countries where the Group operates; other changes in business conditions. Consequently, Autogrill S.p.A. makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward looking statements. Analysts and investors are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Autogrill S.p.A. undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation.

Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Autogrill S.p.A. makes no representation or warranty, whether expressed or implied, and no reliance should be placed on the fairness, accuracy, completeness, correctness or reliability of the information contained herein and/or discussed verbally. Neither Autogrill S.p.A. nor any of its representatives shall assume any responsibility or accept any liability whatsoever (whether arising in tort, contract or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation.

This presentation has to be accompanied by a verbal explanation. A simple reading of this presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding.

By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations.

Highlights

1H2020 results reflect the exceptional adverse impact of the ongoing global pandemic, as well as the strong resilience of the Group, the quality of our operations, the diversification across our business and the extraordinary efforts of all our employees

Continued focus on execution of COVID-19 mitigation plan

1H2020 results with a drop through of 24% on Underlying EBITDA of 52% revenue loss YoY

Cash burn progressively reduced over the 2Q2020 despite an extremely challenging environment

24% drop through on EBITDA and 29% on EBIT from a 52% revenue loss

• Acquisition fees: nil. in 1H2020; -€0.8m in 1H2019
• Efficiency costs: -€5.0m in 1H2020; nil. In 1H2019
• Capital gain net of transaction costs: nil. in 1H2020; €125.5m in 1H2019
• Capital gain on Canadian equity investment: nil. in 1H2020; €37.4m in 1H2019
• Tax effect: €0.9m in 1H2020; -€30.5m in 1H2019

Performance impacted by the revenue loss

€m	1H2020	1H2019	Change
			Current FX	FX (1) Constant
Revenue	1,096	2,272	-51.7%	-52.3%
EBITDA (2)	52	454	-88.6%	-88.7%
% on revenue	4.7%	20.0%
EBIT	(300)	167	n.s.	n.s.
% on revenue	n.s.	7.4%
Pre-tax result	(357)	157	n.s.	n.s.
Net result	(286)	123	n.s.	n.s.
Net result after minorities	(271)	115	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €9m in 1H2020 and of €16m in 1H2019

Performance impacted by the revenue loss

	1H2020	1H2019	Change
€m			Current FX	FX (1) Constant
Revenue	1,096	2,272	-51.7%	-52.3%
Underlying EBITDA (2)	56	336	-83.5%	-83.6%
% on revenue	5.1%	14.8%
Underlying EBIT	(297)	49	n.s.	n.s.
% on revenue	n.s.	2.1%
Underlying pre-tax profit	(354)	1	n.s.	n.s.
Underlying net profit	(283)	(3)	n.s.	n.s.
UNDERLYING NET RESULT AFTER MINORITIES	(268)	(10)	n.s.	n.s.
Stock option plans	2	(6)
Capital gain net of transaction costs	-	125
Acquisition fees	-	(1)
Efficiency costs	(5)	-
Capital gain on equity participation	-	37
Tax effect	1	(31)
Net reported result after minorities	(271)	115	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €10m in 1H2020 and of €12m in 1H2019

Free cash flow severely impacted, but a number of measures to reduce cash burn have been implemented

€m	1H2020	1H2019
EBITDA	52	454
Capital gains net of transaction costs	-	(125)
Change in net working capital and net change in non-current non-financial assets and liabilities	(174)	(69)
Net repayment of lease liabilities	(76)	(147)
Lease liabilities abatement for COVID-19 renegotiations	(70)	-
OPERATING CASH FLOW	(269)	113
Taxes paid	(18)	(9)
Net interest paid	(11)	(12)
Net implicit interest on lease liabilities	(29)	(34)
FREE CASH FLOW FROM OPERATIONS, BEFORE CAPEX	(327)	58
(1) Net capex	(92)	(162)
FREE CASH FLOW as reported	(420)	(104)
Taxes paid on Canadian motorways disposal	23	-
FREE CASH FLOW excluding impact from taxes paid on Canadian motorways disposals	(397)	(104)

• Working capital
  • Negatively impacted the reduction of trading activity occurred in 1H2020
• Capex
  • Significantly reduced compared to 1H2019 as part of the COVID-19 mitigation plan. 80% of capex paid in 1Q2020

(1) 1H2020: capex paid -€92m net of fixed asset disposal €1m ; 1H2019 : capex paid -€162m net of fixed asset disposal €4m

NFP of €1.0bn at the end of 1H2020

€m	1H2020	1H2019
FREE CASH FLOW excluding impact from taxes paid on Canadian motorways disposals	(397)	(104)
(1) Acquisitions/disposals	(2)	132
Taxes paid on Canadian motorways disposal	(23)	-
NET CASH FLOW BEFORE DIVIDENDS	(422)	28
Dividends(2)	3	(49)
Shares buy-back	(12)	-
NET CASH FLOW	(431)	(21)
OPENING NET FINANCIAL POSITION	559	671
Net cash flow	431	21
FX and other movements	11	7
CLOSING NET FINANCIAL POSITION	1,000	699
Net Lease Liabilities	2,295	2,477
CLOSING NET FINANCIAL POSITION including Lease Liabilities	3,295	3,177

(1) Acquisitions: Consolidation of JV partners in Qatar, UAE and Malaysia in 1Q 2020 (€2.1m in 1H2020); Pacific Gateway acquired in May 2019 (-€0.2m in 1H2020; -€32.1m in 1H2019) and Le CroBag acquired in March 2018 (-€5,9 in 1H2019); Disposals: Canadian motorways (€162.8m) and Czech Republic (€7.0m) in 1H2019

(2) Dividends include dividends paid to Group shareholders (zero in 1H2020; -€50.8m in 1H2019) and dividends paid to minority partners net of capital increase (+€3.5m in 1H2020; +€1.5m in 1H2019)

Motorways proving more resilient than other channels

(1) Acquisitions: Pacific Gateway Concession in Airports in May 2019 (€7.7m of revenue contribution in 1H2020); consolidation of JV partners in Qatar, UAE and Malaysia in Airports in 1Q 2020 (€4.8m of revenue contribution in 1H2020)

(2) Disposals: Canadian motorways in May 2019 (€30.6m of revenue contribution in 1H2019); Czech Republic in Other Channels in May 2019 (€3.0m of revenue contribution in 1H2019)

(3) Autogrill Group FX: €28.4m; Autogrill Group Calendar: €5.0m; Airport FX: €22.5m; Airport Calendar: €2.0m; Motorways FX: €5.3m; Motorways Calendar: €2.2m; Other Channels FX: €0.5m; Other Channels Calendar: €0.9m

Performance driven by the level of lockdown in respective geographies

(1) Acquisitions: Pacific Gateway Concession in North America in May 2019 (€7.7m of revenue contribution in 1H2020); consolidation of JV partners in Qatar, UAE and Malaysia in 1Q 2020 (€4.8m of revenue contribution in 1H2020)

(2) Disposals: Canadian motorways in May 2019 (€30.6m of revenue contribution in 1H2019); Czech Republic in Other Channels in May 2019 (€3.0m of revenue contribution in 1H2019)

(3) Autogrill Group FX: €28.4m; Autogrill Group Calendar: €5.0m; International FX: -€3.0m; International Calendar: €1.6m; Europe FX: €4.5m; Europe Calendar: €3.5m

Over the course of two weeks closed 75% of stores, now gradually reopening

North America – Underlying EBITDA margin drop-through of 26%

International – Underlying EBITDA margin drop-through of 20%

Europe – Underlying EBITDA margin drop-through of 22%

(1) Underlying = excluding the impact of the stock option plans and capital gain on disposal of Czech Republic activities

COVID-19 action plan

Kebaya, Amsterdam airport Schiphol (NL)

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COVID-19 action plan

• Over the past months Autogrill implemented a comprehensive set of measures to adapt its business operations and mitigate the impacts of the COVID-19 pandemic
• The Group took all the necessary measures to protect the health and safety of its workers and customers and focused on quickly reducing expenses, pro-actively managing financial position as well as maintaining the continuity of its operations where allowed
• Key areas of focus:
  • Labor cost: continued reduction of working hours in line with traffic decline, as well as use of relevant government initiatives in relation to social welfare
  • Rents:
    • reached agreements with a significant number of landlords worldwide to abate or defer rents and ongoing discussions for further relief
    • ongoing talks with the remaining landlords
  • Debt and liquidity:
    • Since the start of the COVID-19 crisis, Autogrill's focus has been on preserving cash and reaching cash flow break even. Thanks to a strong set of initiatives across the board, the cash burn has been progressively reduced over the 2Q2020
    • Autogrill S.p.A. entered into an agreement with lenders regarding the covenant holiday of the testing of the financial covenants for a period of 15 months from 30 June 2020 (inclusive), which can be extended to 31 December 2021 upon specific conditions being met. Similar agreements were entered into by the US subsidiary HMSHost Corporation with its lenders as well as with the subscribers of the outstanding USPP bonds
  • Capex: investment spending plan currently under review, with all capex being reduced to the minimum necessary for the effective operation of locations
  • Additional measures, including negotiating temporary and permanent brand royalty reductions, cutting discretionary spend, hiring freeze and voluntary salary reduction as well as assessing all available options of government support to manage the lockdown period

Trading update and outlook

Autogrill, Scaligera (IT)

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The reopening phase

• The Group has designed stringent health and safety protocols and is taking steps to protect employees and customers in reopened stores. These steps include:
  • training employees on safety protocols
  • requiring employees to wear masks and other PPEs
  • providing hand sanitizer for customer and employee use
  • enhanced cleaning and sanitation protocols
  • reconfigured layouts to promote social distancing
  • modified employee and customer interactions to limit contact
  • temporary menus: very limited menus designed specifically to facilitate social distancing of employees and to maximize profitability as we reopen and ramp up operations
  • roll-out of contactless QR code order/pay menus, also using software developed in-house
  • roll-out of contactless self scan and pay solutions
• Autogrill will continue its phased approach to reopen stores on a case-by-case basis and when the following conditions are met:
  • local governments have allowed stores to operate
  • we believe we can ensure the safety of our employees and customers
  • we believe we can ensure good level of labor productivity and positive store cash flow

The reopening phase – North America

The reopening phase – International

The reopening phase – Europe

July trading – Performance driven by channel mix and local dynamics

Group	• Performance driven by channel mix and progress of the pandemic / level of lockdown in respective geographies • Sequential improvements across the board despite the continued challenging global environment • 50% stores closed and revenue down about 68%(1) YoY at constant exchange rates in the week from 13 to 19 July
North America	• Airports: slightly improving; performance remains subdued, as virus cases continue to rise in the US hotspots • Motorways: steadily recovering
International	• Airports: slightly improving; continued weak performance due to the exposure to international hubs • Railway stations: heavily impacted by a strong increase in work-from-home trends
Europe	• Motorways: encouraging signs of recovery and continued growth after the progressive lifting of the lockdown measures • Other channels: continued poor performance with early signs of recovery

(1) Figure based on solar calendar and not accounting calendar

2020 traffic outlook

General comments	• The expected evolution of this healthcare crisis remains uncertain because its shape and magnitude are yet to be fully understood
Airports	• Passenger volumes will remain materially below 2019 for the remainder of 2020 • Domestic air travel sector is expected to recover more quickly than the international segment
Motorways	• The motorways segment has been the most resilient in the pandemic • Motorways are expected to recover more quickly than air traffic due to a shift in personal car use and reluctance to return to mass transit
Other channels	• COVID-19 hitting hard railway stations and malls

Autogrill outlook and sensitivity

Key priorities	• Ensure health and safety of Autogrill's employees and customers • Protect the core business • Focus on margins and cash conversion
2020 outlook	• For the remainder of 2020 Autogrill expects global economic uncertainty to be high and that the Group top line will be significantly impacted by the traffic disruption caused by COVID-19 • Autogrill currently expects a slow recovery for the second half of 2020; how the situation develops is, however, extremely uncertain at this point in time
2020 sensitivity scenario	• Key assumptions: 2H2020 revenue down 50%-55% YoY, €/\$ FX of 1.10 • Key impacts on FY2020: • drop through of revenue lost on underlying EBITDA (IFRS16) of ca. 25% • cash burn(1) in 2H2020 of ca. €150-200m
2021 guidance	• Precise statements on the future development of revenue and earnings cannot be made at present, given the ongoing lack of visibility in particular on the air traffic recovery • As a consequence, Autogrill's 2021 guidance provided during our Capital Markets Day in June 2019 is withdrawn due to uncertainty around the impact of COVID-19 on financial and operating results • Long-term fundamentals and strategy remain unchanged: • top line growth in the channels at the core of Autogrill's strategy, whilst also expanding footprint in adjacent market segments • profitability enhancement through new concepts, innovation and targeted actions on all the P&L lines • disciplined capital allocation focused on strategic priorities

(1) Cash burn is defined as Net Cash Flow (FCF + acquisitions, disposals and dividends). Proceeds from the issuance of new debt / cash-out for debt repayment are not included in this figure

Final remarks

Continued focus on cash preservation and cost control across the board

€0.5bn of cash and available facilities at the end of June 2020 and cash burn progressively reduced over the 2Q2020

2020 outlook still highly uncertain, but 1H2020 results prove the resilience and quality of our operations

2021 guidance provided in June 2019 is withdrawn due to uncertainty around the impact of COVID-19

Long-term fundamentals and strategy remain unchanged

The global leader in F&B concessions

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Within F&B, travel concession is a very attractive space

Concession F&B benefits from supportive macro trends

Source: Euromonitor, DKMA, GIRA, company estimates (1) Food service market 2017-23 CAGR (2) Air Passengers 2017-23 CAGR

Autogrill's strengths reflect excellence in the travel space

(1) "Other" includes: railway stations, shopping malls, downtown, fair exhibitions

Large and resilient contracts portfolio

Stable portfolio despite disposal of Canadian motorway business (€3.0bn, 35-year avg. maturity)

(1) Actual FX

(2) 0-2 years (2019-2020-2021) includes "expired" and "rolling" contracts; 3-5 years (2022-2023-2024); >5 years (>2024) includes also "indefinite" contracts

(1) Source: Airport Experience Fact Book (2018), company estimates (2) Source: Girà, company estimates

Figures refer to FY2019 revenue

(1) "Other" includes railway stations and shopping malls

(2) "Other" includes: railway stations, shopping malls, downtown, fair exhibitions

Best Airport & Concessionaire Awards

(1) Best Innovative Consumer Experience Concept, Best New F&B (Full-Service Concept), Best New F&B (Quick-Service Concept), Best New National Brand Concept - (2) Best New Local Concept for Kapnos Taverna at Ronald Reagan Washington National Airport , Best New National Brand for P.F. Chang's at Tampa International Airport. (3) Best New F&B Concept (Full-Service) – Book & Bourbon Southern Kitchen at Louisville International Airport, Best Green Concession Practice or Concept – Bistrot at Montréal-Trudeau International Airport, Best New National Brand Concept, 2nd Place – Shake Shack at Los Angeles International Airport (4) Best "Green" Concessions Practice or Concept – HMSHost's Food Donation program,Best Innovative Consumer Experience Concept or Practice – Eat Well. Travel Further; Best New Food & Beverage Full-Service Concept – Whisky River at Raleigh-Durham International Airport, Best "Green" Concessions Practice or Concept – #NoStraws campaign; Best New National Brand Concept – Starbucks at Minneapolis-St. Paul International Airport;(5) Bistrot's website recognized as Best F&B website at the Moodie Davitt Digital Awards. Bistrot recognized for its Creative Carbohydrates offering and as Best F&B marketing & promotions campaign of the year at FAB awards -

Appendix

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Puro Gusto, Linate airport Milano (IT)

Definitions

• EBITDA	Earnings before Depreciation, Amortization and Impairment Loss, Net Financial Income (Charges) and Income Taxes
• EBIT	Earnings before Net Financial Income (Charges) and Income Taxes
• UNDERLYING EBITDA / EBIT / NET RESULT	Underlying = performance indicator calculated by adjusting the reported results of some non-operational components, such as: i) costs related to stock option plans (1H2019 and 1H2020), ii) efficiency costs (1H2020), iii) Acquisition fees (1H2019), iv) Tax effect (1H2019 and 1H2020), v) Capital gains net of transaction costs (1H2019), vi) Capital gains on equity participation (1H2019)
• NET CAPEX	Capital Expenditure, net of asset disposals, excluding Investments in Financial Fixed Assets and Equity Investments
• NET INVESTED CAPITAL	Non-Current Assets plus Current Assets less Current Liabilities less Other Non-Current non Financial Assets and Liabilities

Some figures may have been rounded to the nearest million / billion. Changes and ratios have been calculated using figures in thousands and not the figures rounded to the nearest million as shown.

Definitions

•	FREE CASH FLOW	Cash generated by the company after deducting capital expenditures from its operating cash flow. Free cash flow does not include the following items: acquisitions, disposals, dividends (both dividends paid to Group shareholders and dividends paid to minority partners)
•	CONSTANT EXCHANGE RATES CHANGE	Constant currency basis restates the prior year results to the current year's average exchange rates
•	LIKE FOR LIKE REVENUE GROWTH	Like for like revenue growth is calculated by adjusting organic revenue growth for new openings and closings and for any calendar effect. Like for like growth (%) = like for like change / revenue of the previous year adjusted to exclude i) revenue relating to those points of sales that are no longer active in the current year (closings and disposals), ii) exchange rate movements and iii) any calendar effect
•	NEW WINS AND RENEWALS	Total revenue per region is calculated as the sum of the total sales of each contract included in the cluster. Total revenue per contract is calculated as the sum of estimated revenue during the contract length. Average duration is calculated as weighted average on total revenue of duration for each signed contract. "New" refers to new spaces not previously managed by the Group. "Renewal" refers to the extension of existing contracts. Mixed new/renewal contracts are counted as new or renewal based on prevalence in terms of revenue. Contracts consolidated with the equity method are included
•	CONTRACT PORTFOLIO VALUE	The Group's contract portfolio value, for a reference year, is the sum of all contracts' portfolio values defined as the contracts' actual sales during the reference year multiplied by the residual duration of the contracts at the end of the reference year. An adjustment to the actual sales is made for those contracts that did not operate at full regime during the reference year. The Group's contract portfolio value for a reference year includes all the Group's signed contracts at the end of the month after the end of the reference year

Some figures may have been rounded to the nearest million / billion. Changes and ratios have been calculated using figures in thousands and not the figures rounded to the nearest million as shown.

Consolidated P&L

€m	1H2020	% on revenue	1H2019	% on	Change
				revenue	Current FX	FX (1) Constant
Revenue	1,096.5	100.0%	2,271.6	100.0%	-51.7%	-52.3%
Other operating income	62.0	5.7%	92.2	4.1%	-32.8%	-31.4%
Total revenue and other operating income	1,158.5	105.7%	2,363.9	104.1%	-51.0%	-51.5%
Raw materials, supplies and goods	(373.5)	34.1%	(696.1)	30.6%	-46.3%	-46.9%
Personnel expense	(449.6)	41.0%	(782.3)	34.4%	-42.5%	-43.3%
Leases, rentals, concessions and royalties	(56.3)	5.1%	(263.2)	11.6%	-78.6%	-78.8%
Other operating expense	(227.1)	20.7%	(293.4)	12.9%	-22.6%	-23.6%
Capital gain on asset disposal	-	0.0%	125.5	5.5%	n.s.	n.s.
EBITDA (2)	52.0	4.7%	454.3	20.0%	-88.6%	-88.7%
Depreciation, amortization and impairment losses	(352.5)	32.1%	(287.1)	12.6%	22.8%	21.4%
EBIT	(300.5)	-27.4%	167.2	7.4%	n.s.	n.s.
Net financial charges	(56.5)	5.2%	(47.5)	2.1%	19.0%	16.7%
Net Income (expenses) from investments	(0.2)	0.0%	37.5	1.7%	n.s.	n.s.
Pre-tax Profit	(357.2)	-32.6%	157.2	6.9%	n.s.	n.s.
Income tax	71.5	6.5%	(34.4)	1.5%	n.s.	n.s.
Net Profit	(285.7)	-26.1%	122.8	5.4%	n.s.	n.s.
Minorities	14.7	-1.3%	(7.8)	0.3%	n.s.	n.s.
Net Profit after minorities	(271.0)	-24.7%	115.0	5.1%	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €9m in 1H2020 and of €16m in 1H2019

Consolidated P&L – Detailed revenue growth

Revenue by geographies		Organic growth
€m	1H2020	1H2019	FX (1)	Like for Like		Openings	Closings	(2) Acquisitions	(3) Disposals	Calendar
North America	530	1,168	27	(640)	-57.3%	45	(47)	8	(31)	-
International	171	301	(3)	(123)	-43.8%	8	(18)	5	-	2
Europe Italy Other European countries	396 240 157	803 474 329	5 - 5	(382) (227) (155)	-49.2% -48.7% -50.0%	2 (0) 2	(32) (9) (23)	- - -	(3) - (3)	3 2 2
Total REVENUE	1,096	2,272	28	(1,145)	-52.7%	55	(97)	12	(34)	5

Revenue by channel						Organic growth
€m	1H2020	1H2019	FX (1)	Like for Like		Openings	Closings	Acquisitions	Disposals	Calendar
Airport	656	1,383	23	(751)	-55.8%	48	(61)	12	-	2
Motorways	355	697	5	(295)	-45.7%	5	(28)	-	(31)	2
Others Channels	85	191	1	(98)	-54.2%	2	(8)	-	(3)	1
Total REVENUE	1,096	2,272	28	(1,145)	-52.7%	55	(97)	12	(34)	5

(1) Data converted using average FX rates

(2) Acquisitions: Pacific Gateway in North America in May 2019; consolidation of JV partners in Qatar, UAE and Malaysia in 1Q 2020

(3) Disposals: Canadian motorways in May 2019; Czech Republic in May 2019

Consolidated P&L – Revenue & EBITDA by region

€m		% on revenue		% on revenue	Change
	1H2020		1H2019		Current FX	Constant FX (1)
North America	530		1,168		-54.6%	-55.7%
International	171		301		-43.3%	-42.7%
Europe	396		803		-50.7%	-50.9%
Total REVENUE	1.096		2,272		-51.7%	-52.3%
North America	22	4.2%	190	16.2%	-88.2%	-88.3%
International	17	9.8%	42	14.0%	-60.5%	-60.3%
Europe	26	6.6%	117	14.5%	-77.5%	-77.7%
Corporate costs	(10)	-	(12)	-	21.3%	21.3%
Underlying EBITDA	56	5.1%	336	14.8%	-83.5%	-83.6%
North America	(158)	-29.8%	58	5.0%	n.s.	n.s.
International	(30)	-17.8%	5	1.6%	n.s.	n.s.
Europe	(98)	-24.7%	(1)	-0.1%	n.s.	n.s.
Corporate costs	(11)	-	(13)	-	18.7%	18.7%
Underlying EBIT	(297)	-27.1%	49	2.1%	n.s.	n.s.

(1) Data converted using average FX rates

1H2020 – Accrued capex

• About 60% of capex accrued in 1Q2020

(1) Accrued capex (2) Including Corporate capex

Consolidated balance sheet

			Change
€m	30/06/2020	31/12/2019	Current FX	FX (1) Constant
Intangible assets	986	986	0	(3)
Property, plant and equipment	1,101	1,091	10	10
Right of Use	2,180	2,359	(179)	(176)
Financial assets	37	38	(1)	(1)
A) Non-current assets	4,304	4,474	(170)	(169)
Inventories	109	134	(25)	(25)
Trade receivables	32	55	(24)	(23)
Other receivables	181	125	56	57
Trade payables	(298)	(397)	99	99
Other payables	(325)	(392)	67	67
B) Working capital	(301)	(474)	173	174
Invested capital (A+B)	4,003	3,999	3	5
C) Other non-current non-financial assets and liabilities	(61)	(115)	55	55
D) Net invested capital from continuing operations (A+B+C)	3,942	3,884	58	60
E) Asset held for sale and discontinued	(0)	(0)	0	0
F) Net invested capital (A+B+C+E)	3,942	3,884	58	60
Equity attributable to owners of the parent	577	858	(281)	(276)
Equity attributable to non-controlling interests	70	78	(7)	(8)
G) Equity	647	936	(289)	(284)
Non-current financial liabilities	3,225	2,925	301	300
Non-current financial assets	(74)	(74)	(1)	(0)
H) Non-current net financial indebtedness	3,151	2,851	300	300
Current financial liabilities	682	462	220	221
Cash and cash equivalents and current financial assets	(539)	(365)	(173)	(176)
I) Current net financial indebtedness	144	97	47	45
Total net financial position including lease liabilities (H+I)	3,295	2,948	347	345
Net financial liabilities for leased assets	(2,295)	(2,389)	95	95
Net financial position	1,000	559	441	439
J) Total (G+H+I), as in F)	3,942	3,884	58	60

(1) FX €/\$ 30 June 2020 of 1.1198 and 31 December 2019 of 1.1234

Debt overview – Outstanding gross debt (excl. lease liabilities)

Borrowings - 30 June 2020	Interest rate	Maturity date	Available amount	Drawn	Undrawn	Covenants( ) *
\$150m private placement	5.12%	Jan-23		\$150m
\$25m private placement	4.75%	Sep-20		\$25m
\$40m private placement	4.97%	Sep-21		\$40m
\$80m private placement	5.40%	Sep-24		\$80m
\$55m private placement	5.45%	Sep-25		\$55m		EBITDA interest coverage ≥ 4.5x (1) Gross Debt / EBITDA ≤ 3.5x (1)
US private placements				\$350m
Amortizing Term Loan	Floating	Jun-23	\$150m	\$150m	\$0m
Revolving Credit Facility	Floating	Jun-23	\$200m	\$200m	\$0m
Other loans				\$150m
Total - HMS Host Corp				\$700m
Revolving Credit Facility	Floating	Jan-23	€100m	€100m	€0m	EBITDA interest coverage ≥ 4.5x (1) Net Debt / EBITDA ≤ 3.5x (1)
Amortizing Term Loan	Floating	Mar-25	€150m	€150m	€0m
Amortizing Term Loan	Floating	Jan-25	€100m	€100m	€0m
Amortizing Revolving Credit Facility	Floating	Jan-25	€200m	€200m	€0m	EBITDA interest coverage adj. ≥ 4.5x (2) Net Debt / EBITDA adj. ≤ 3.5x (2)
Amortizing Term Loan	Floating	Aug-24	€50m	€50m	€0m
Revolving Credit Facility	Floating	Aug-24	€25m	€25m	€0m
Other loans				€625m
Total - Autogrill S.p.A.				€625m

Based on nominal value of borrowings as at 30 June 2020

Coupons shown are those at which the debt was issued. The Group deals with IRS to manage the effective interest rates. The chart includes committed lines facilities only

( * ) On June 22nd Autogrill S.p.A. entered into an agreement with its lenders regarding the covenant holiday of the testing of the financial covenants (Leverage Ratio and Consolidated EBITDA/Consolidated Net Finance Charges) for a period of 15 months from 30 June 2020 (inclusive). Similar agreements were entered into by the US subsidiary HMSHost Corporation with its lenders, as well as with the subscribers of the outstanding USPP bonds

(1) Covenants calculation excluding the impact of IFRS16 application

(2) Covenants calculation after the impact of IFRS16 application

Debt overview – Net financial position (excl. lease liabilities)

(1) Average cost of debt is calculated on average gross debt less cash at banks & deposits

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Calendar

August 2020 YTD revenue

September 24th 2020

IR Contacts

Lorenza Rivabene

Group Corporate Development, M&A and Investor Relations Director +39 02 4826 3525 lorenza.rivabene@autogrill.net

Emanuele Isella

Investor Relations Manager +39 02 4826 3617 emanuele.isella@autogrill.net

Arthur Targon Investor Relations Manager +39 02 4826 3664 arthur.targon@autogrill.net

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Motta Caffè Bar Milano 1928 (IT)