Autogrill

Investor Presentation • Mar 12, 2020

Autogrill Group FY2019 Financial Results

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Milan, 12 March 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 have by their very nature an element of risk and uncertainty as they depend on the occurrence of future events. Actual results may differ significantly from the forecast figures 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.

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FY2019 financial results

Motta Caffè Bar Milano 1928 (IT)

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IMPORTANT NOTE

• The new accounting standard, IFRS 16 Leases, is effective as from 1 January 2019
• For the sake of comparability with 2018 figures, Autogrill is providing the key performance indicators that it would have recognized, had it not adopted the new standard, under the heading "FY2019 excluding IFRS16"
• "Constant FX" and "Current FX" changes in this document are always calculated as the delta between "FY2019 excluding IFRS16" and "FY2018" results, unless otherwise indicated

FY2019 – Highlights

Strong revenue growth, driven by airports

Europe driving underlying EBITDA margin expansion(1)

Successful disposal of the Canadian motorway business (selling price c.20x 2018 EBITDA)

€2.8bn of new wins and renewals

(1) Excluding the impact of IFRS16

FY2019 – Guidance met

(1) FY2019 guidance with actual 2019 average FX €/\$ (1.1195):

• Revenue: €5.0bn-€5.05bn
• Underlying EBITDA (IAS17): €458m to €478m
• Reported EPS (IAS17): €0.91-€0.96

FY2019 – A strong set of results

(1) • Revenue		+3.5%	• North America and International driving the top line
YoY L-f-L growth −		+3.1%	• Strong performance at airports
(1) • Underlying EBITDA (IAS17)		+7.6%	• Performance driven by strong margin expansion in
EBITDA margin −		+40bps	Europe
Underlying EBIT (IAS17) (1) •		+6.1%	• Increasing D&A due to the higher investments incurred over the last years
FCF (2) •		+72%	• Almost doubled 2018 FCF, despite an acceleration of investments on US motorways
Reported EPS (IAS17) (1) •		+3.4x	• Reflecting the capital gain arising from the disposal of the Canadian motorway business
Underlying EPS (IAS17) (1) •		+11.7%	• Reflecting good operational performance

(1) YoY percentage changes at constant FX – Data converted using average FX rates: FX €/\$ FY2019 avg. 1.1195 and FY2018 avg. 1.1810 (2) YoY change at actual FX

FY2019 – Results impacted by IFRS16

Data converted using average FX rates: FX €/\$ FY2019 1.1195 and FY2018 1.1810 YoY percentage changes are at constant FX. See ANNEX for further details

(1) Underlying = excluding the following impacts:

• Stock option plans: -€10m in FY2019 and FY2019 excluding IFRS16; -€1m in FY2018
• Cross-generational deal (Italy), other efficiency projects and other items: -€9m in FY2019 and FY2019 excluding IFRS16; -€25m in FY2018
• Acquisition fees: -€1m in FY2019 and FY2019 excluding IFRS16; -€3m in FY2018
• Capital gain net of transaction costs: €128m in FY2019 and FY2019 excluding IFRS16; nil. in FY2018
• Capital gain on Canadian equity investment: €38m in FY2019 and FY2019 excluding IFRS16; nil. in FY2018
• Tax effect: -€26m in FY2019 and FY2019 excluding IFRS16; -€3m in FY2018

FY2019 – 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

FY2019 – €2.8bn of new contract wins and renewals (1)

(1) Total contract value. See ANNEX for definitions

FY2019 – New wins and renewals in 16 countries

FY2019 – Disposal of motorway business in Canada

(1) Average EUR/USD FX rate in FY2018 of 1.1810 (2) Autogrill's share. Average EUR/USD FX rate of 1.1195

FY2019 – Acquisition of Pacific Gateway Concessions

Complementary geographic footprint

Strategic rationale

• Provides ability to capture a larger share of consumer spending, participate in additional growth opportunities and compete more effectively
• Consistent with the Group strategy of seeking opportunities within the attractive capex light airport retail concessions
• Exploit trend of converging airport retail and F&B through convenience offerings which are becoming a relevant part of airport RFPs

(1) Average EUR/USD FX rate of 1.1195

FY2019 – Group reported net result benefitting from capital gains

€m	FY2019	FY2019	FY2018		Change
		excluding IFRS16		Current FX	Constant FX (1)
Revenue	4,997	4,997	4,695	6.4%	3.5%
EBITDA (2)	961	574	387	48.4%	43.4%
% on revenue	19.2%	11.5%	8.2%
EBIT	337	306	150	104.1%	95.7%
% on revenue	6.7%	6.1%	3.2%
Pre-tax result	274	316	121	161.0%	150.5%
Net result	226	260	86	200.1%	189.0%
Net result after minorities	205	237	69	244.9%	233.4%

(1) Data converted using average FX rates

(2) Net of Corporate costs of €30m in FY2019, €31m in FY2019 excluding IFRS16 and €24m in FY2018

FY2019 – Underlying EBIT up by 6.1% at constant FX (excl. IFRS16)

		FY2019		Change
€m	FY2019	excluding IFRS16	FY2018	Current FX	FX (1) Constant
Revenue	4,997	4,997	4,695	6.4%	3.5%
Underlying EBITDA (2)	849	463	417	11.1%	7.6%
% on revenue	17.0%	9.3%	8.9%
Underlying EBIT	228	198	180	10.1%	6.1%
% on revenue	4.6%	4.0%	3.8%
Underlying pre-tax result	128	169	151	12.4%	8.6%
Underlying net result	106	139	119	16.6%	13.2%
UNDERLYING NET RESULT AFTER MINORITIES	85	117	102	14.8%	11.7%
Stock option plans	(10)	(10)	(1)
Capital gain net of transaction costs	128	128	-
Acquisition fees	(1)	(1)	(3)
Capital gain on equity participation	38	38	-
Cross-generational deal and other efficiency costs	(9)	(9)	(25)
Tax effect (3)	(26)	(26)	(3)
Net Reported Result after minorities	205	237	69	244.9%	233.4%

(1) Data converted using average FX rates

(2) Net of Corporate costs of €25m in FY2019, €26m in FY2019 excluding IFRS16 and €23m in FY2018

(3) Including US tax reform impact of -€4m in FY2018, nil in FY2019 and FY2019 excluding IFRS16

FY2019 – Strong revenue growth at airports

(1) Acquisitions: Le CroBag in Other Channels at the end of February 2018 (€7m of sales contribution in FY2019); Avila in Airports in Q3 2018 (c.€21m of sales contribution in FY2019); Pacific Gateway Concession in Airports in May 2019 (c.€26m of sales contribution in FY2019)

(2) Disposals: Canadian motorways in May 2019 (€60m of sales contribution in FY2018); Czech Republic in Other Channels in May 2019 (€4m of sales contribution in FY2018) (3) FX: €133m; Calendar €51m

FY2019 – Good like for like revenue growth globally

(1) Acquisitions: Le CroBag in Europe at the end of February 2018 (€7m of sales contribution in FY2019); Avila in North America in Q3 2018 (c.€21m of sales contribution in FY2019); Pacific Gateway Concession in North America in May 2019 (€26m of sales contribution in FY2019)

• (2) Disposals: Canadian motorways in May 2019 (€60m of sales contribution in FY2018); Czech Republic in May 2019 (€4m of sales contribution in FY2018)
• (3) Group FX: €133m; Group Calendar: €51m

(4) North America FX: €125m; North America Calendar: €51m

FY2019 – Different dynamics across the regions

(1) Excluding IFRS16

FY2019 – North America: strong revenue at airports

(1) "Other" includes shopping malls

(2) Underlying = excluding the impact of the stock option plans, capital gain on Canadian motorway business disposal, acquisition fees and other items

FY2019 – International: revenue growth with EBITDA impacted by start-up costs

(1) Underlying = excluding the impact of the stock option plans, and other items

FY2019 – Europe: strong execution and significant profitability

FY2019 – Capex (1) focused in North America

• Investing to support future growth at airports
  • North America: New Orleans, Minneapolis, Seattle and Boston
  • International: Istanbul, India and Dubai
  • Europe: Zurich
• Refurbishment works following a major motorway concessions renewal season in 2016 and 2017
  • Europe: Italy and France
  • North America: ramped up the pace of investment on the New Jersey Turnpike and Garden State Parkway
• 80% development capex, 20% maintenance and ICT

(1) Accrued capex (2) Including Corporate capex

FY2019 – Free cash flow up by 72%

€m	FY2019	FY2019 excluding IFRS16	FY2018
EBITDA	961	574	387
Capital gains net of transaction costs	(128)	(128)	-
Change in net working capital and net change in non-current non-financial assets and liabilities	(10)	(17)	(6)
Net repayment of lease liabilities	(325)	-	-
Other non-cash items	(2)	(6)	(3)
OPERATING CASH FLOW	496	424	377
Taxes paid	(27)	(27)	(30)
Net interest paid	(25)	(25)	(23)
Net implicit interest on lease liabilities	(72)	-	-
FREE CASH FLOW FROM OPERATIONS, BEFORE CAPEX	372	372	324
Net capex (1)	(333)	(333)	(290)
FREE CASH FLOW as reported	39	39	33
Taxes paid on Canadian motorways disposal	10	10	-
Capex committed as part of transaction for the acquisition of Pacific Gateway Concession	8	8	-
FREE CASH FLOW excluding the impact of North American acquisitions/disposals	57	57	33

(1) FY2019 and FY2019 excluding IFRS16: capex paid -€343m net of asset disposal €11m – FY2018: capex paid -€300m net of fixed asset disposal €10m

FY2019 – Net cash flow of €175m before dividends

€m	FY2019	FY2019 excluding IFRS16	FY2018
FREE CASH FLOW excluding impact from North American acquisitions/disposals	57	57	33
(1) Acquisitions/disposals	135	135	(76)
Taxes paid on Canadian motorways disposal	(10)	(10)	-
Capex committed as part of transaction for the acquisition of Pacific Gateway Concession	(8)	(8)	-
NET CASH FLOW BEFORE DIVIDENDS	175	175	(43)
Dividends (2)	(44)	(44)	(56)
NET CASH FLOW	131	131	(99)
OPENING NET FINANCIAL POSITION	671	671	544
Net cash flow	(131)	(131)	99
FX and other movements	19	19	28
CLOSING NET FINANCIAL POSITION before IFRS16 impact	559	559	671
Net Lease Liabilities	2,389

CLOSING NET FINANCIAL POSITION after IFRS16 impact	2,948

(1) Acquisitions: Pacific Gateway acquired in May 2019 (-€32m) and Le CroBag acquired in March 2018 (-€6m in FY2019 and FY2019 excluding IFRS16; -€59m in FY2018); Disposals: Canadian motorways in May 2019 (€164m) and Czech Republic in May 2019 (€9m)

(2) Dividends include dividends paid to Group shareholders (€51m in FY2019 and FY2019 excluding IFRS16; €48m in FY2018) and dividends paid to minority partners net of capital increase (-€7m in FY2019 and FY2019 excluding IFRS16; €8m in FY2018)

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COVID-19 – Update

• The COVID-19 has developed since the second half of January, leading to a rapid deterioration worldwide in February, affecting air travel as well as broadening to specific countries where the impact has been more acute
• This outbreak is evolving rapidly and the potential developments are extremely hard to predict

Trading update at the end of the first week of March 2020

• International (13% of Group revenue): sharp decline in traffic in China and Vietnam (1.5% of Group revenue) since late January. During the first week of March, the outbreak resulted in a general weakness of the air traffic
  • Negative impact on revenue of approximately €5-10m, mainly in China and Vietnam
• Italy (20% of Group revenue):
  • Before 22nd February 2020: strong revenue performance
  • After 22nd February 2020: revenue impacted by severe traffic drop, store closures in a few locations and restrictions on high-margin bar counter service as well as on the overall network
  • Negative impact on revenue of approximately €10-15m
• North America (53% of Group revenue): limited impact so far mostly due to a reduction in international flights. In case of additional traffic restrictions, local management is already defining an action plan to deal with the situation and protect profitability
  • Negative impact on revenue of approximately €5m, concentrated mostly in the last two weeks
• Rest of Europe (14% of Group revenue): minor impact so far
• The consolidated negative impact on Group revenue caused by COVID-19 is estimated to be of approximately €25-30m at the end of the first week of March 2020

COVID-19 – Update

• Autogrill Group has taken significant measures to safeguard employees' health and safety and to ensure operational activity of an essential service for the collectivity, pursuant to the provisions from time to time in force
• In response to the slowdown in revenue, a number of specific actions to mitigate the COVID-19 impact (including opening hours, PoS management and optimization, G&A cost control) have been implemented or started in the countries in which the Group operates
• A task force is in place to monitor and react to the evolving situation on a daily basis
• Given the ongoing uncertainty on the potential impact and duration of COVID-19, Autogrill Group FY2020 guidance will be released once there will be more clarity on the situation
• In view of this uncertainty, the Board of Directors has taken a prudent approach and proposed not to distribute a dividend, and to allocate the net profit for the year as retained earnings

In Italy, Autogrill rolled out new formats based on premiumization of product offering

Ristorante La Fucina Autogrill Più

Autogrill Più & La Fucina Bottega

New stores posted a relevant revenue and margin uplift, with a quick payback

Examples of some PoS revenue performances with new formats (1)

Given this strong results, a set of 50 motorway stores will be upgraded in 2020, absorbing ~ €60m capex with an average payback period of ~ 3 years

(1) Performances since opening until 2019 year-end; all the stores have at least 6 months of track record

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

(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 -

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Definitions

• "FY2019 excluding IFRS16" / "31/12/2019 excluding IFRS16" Autogrill Group has applied the IFRS16 accounting standard since the 1st of January 2019. To allow a better understanding of the operations and a better comparison of the data, it was felt appropriate to adjust the numbers to the 31st of December 2019, by applying the new accounting principle, to make the numbers coherent with criteria for the preparation of financial results which did not require application of the new principle (the criteria for the preparation of the financial results are illustrated in the Group consolidated financial statement to the 31st of December 2018 and the abbreviated financial statement to the 30st of December 2019). From financial year 2020, it will no longer be necessary to present historical numbers adjusted for the application of IFRS16, as the numbers will be immediately comparable to the current financial year

• 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 (FY2019 & FY2019 excluding IFRS16 and FY2018), ii) Cross-generational deal (Italy) and other efficiency projects (FY2019 & FY2019 excluding IFRS16 and FY2018), iii) Tax effect (FY2019 & FY2019 excluding IFRS16 and FY2018), iv) Capital gains net of transaction costs (FY2019 & FY2019 excluding IFRS16), v) Capital gains on equity participation (FY2019 & FY2019 excluding IFRS16), vi) Acquisition fees (FY2019 & FY2019 excluding IFRS16 and 2018)

• 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 (including IFRS 16 impacts on all these sections)

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

		% on	FY2019	% on		% on	Change*
€m	FY2019	revenue	excluding IFRS16	revenue	FY2018	revenue	Current FX	Constant FX (1)
Revenue	4,996.8	100.0%	4,996.8	100.0%	4,695.3	100.0%	6.4%	3.5%
Other operating income	231.0	4.6%	249.3	5.0%	131.1	2.8%	90.2%	89.4%
Total revenue and other operating income	5,227.7	104.6%	5,246.1	105.0%	4,826.4	102.8%	8.7%	5.8%
Raw materials, supplies and goods	(1,534.8)	30.7%	(1,534.8)	30.7%	(1,445.6)	30.8%	6.2%	3.7%
Personnel expense	(1,673.8)	33.5%	(1,673.8)	33.5%	(1,557.0)	33.2%	7.5%	4.4%
Leases, rentals, concessions and royalties	(578.4)	11.6%	(983.4)	19.7%	(876.5)	18.7%	12.2%	9.2%
Other operating expense	(607.8)	12.2%	(607.7)	12.2%	(560.4)	11.9%	8.5%	5.4%
Capital gain on asset disposal	127.6	2.6%	127.6	2.6%	-	0.0%	0.0%	0.0%
EBITDA (2)	960.6	19.2%	574.0	11.5%	386.9	8.2%	48.4%	43.4%
Depreciation, amortisation and impairment losses	(624.0)	12.5%	(267.7)	5.4%	(236.9)	5.0%	13.0%	9.9%
EBIT	336.6	6.7%	306.3	6.1%	150.0	3.2%	104.1%	95.7%
Net financial charges	(99.0)	2.0%	(26.9)	0.5%	(29.1)	0.6%	-7.6%	-11.6%
Income (expenses) from investments	36.4	0.7%	36.4	0.7%	0.0	0.0%	n.s.	n.s.
Pre-tax result	273.9	5.5%	315.8	6.3%	121.0	2.6%	161.0%	150.5%
Income tax	(47.7)	1.0%	(56.3)	1.1%	(34.5)	0.7%	63.1%	55.0%
Net Result	226.3	4.5%	259.5	5.2%	86.5	1.8%	200.1%	189.0%
Minorities	21.1	0.4%	22.7	0.5%	17.8	0.4%	27.5%	21.1%
Net Result after minorities	205.2	4.1%	236.8	4.7%	68.7	1.5%	244.9%	233.4%

(1) Data converted using average FX rates

(2) ) Net of Corporate costs of €30m in FY2019, €31m in FY2019 excluding IFRS16 and €24m in FY2018

Consolidated P&L – Detailed revenue growth

Revenue by geography			Organic growth
€m	FY 2019	FY 2018	FX (1)	Like	for Like	Openings	Closings	Acquisitions(2)	(3) Disposals	Calendar
North America	2,635.6	2,389.1	125.0	87.5	3.9%	266.4	(269.2)	45.6	(59.7)	50.9
International	647.1	584.6	1.8	22.6	4.1%	66.7	(28.7)	-	-	-
Europe Italy Other European	1,714.1 1,021.7	1,721.6 1,023.6	5.8	26.1 12.1	1.6% 1.2%	41.3 17.2	(83.3) (31.3)	7.1	(4.5)	-
countries Total Revenue	692.4 4,996.8	698.0 4,695.3	5.8 132.6	13.9 136.2	2.2% 3.1%	24.1 374.5	(52.0) (381.2)	7.1 52.7	(4.5) (64.1)	- 50.9
Revenue by channel						Organic growth
€m	FY 2019	FY 2018	FX (1)	Like	for Like	Openings	Closings	Acquisitions(2)	(3) Disposals	Calendar
Airports	3,080.8	2,742.2	108.3	119.4	4.6%	301.2	(279.8)	45.6	-	44.0
Motorways	1,521.6	1,588.6	22.2	15.5	1.1%	34.2	(85.3)	-	(59.7)	6.4
Other Channels	394.3	364.5	2.1	1.4	0.4%	39.1	(16.0)	7.1	(4.5)	0.5
Total Revenue	4,996.8	4,695.3	132.6	136.2	3.1%	374.5	(381.2)	52.7	(64.1)	50.9

(1) Data converted using average FX rates

(2) Acquisitions: Le CroBag in Europe in February 2018; Avila in North America in Q3 2018; Pacific Gateway in North America in May 2019

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

Consolidated P&L – Detailed revenue, underlying EBITDA, underlying EBIT

		% on revenue	FY2019	% on		% on	Change
€m	FY2019		excluding IFRS16	revenue	FY2018	revenue	Current FX	Constant FX (1)
North America	2,636		2,636		2,389		10.3%	4.8%
International	647		647		585		10.7%	10.3%
Europe	1,714		1,714		1,722		-0.4%	-0.8%
Total REVENUE	4,997		4,997		4,695		6.4%	3.5%
North America	471	17.9%	293	11.1%	266	11.1%	10.2%	4.6%
International	110	17.0%	62	9.5%	60	10.3%	2.1%	3.1%
Europe	294	17.2%	134	7.8%	114	6.6%	18.1%	17.4%
Corporate costs	(25)		(26)		(23)		11.1%	8.3%
Underlying EBITDA	849	17.0%	463	9.3%	417	8.9%	11.1%	7.6%
North America	170	6.5%	150	5.7%	148	6.2%	1.1%	-3.9%
International	31	4.8%	27	4.2%	25	4.3%	9.3%	13.4%
Europe	54	3.1%	48	2.8%	32	1.9%	50.2%	48.3%
Corporate costs	(27)		(27)		(25)		8.0%	5.5%
Underlying EBIT	228	4.6%	198	4.0%	180	3.8%	10.1%	6.1%

(1) Data converted using average FX rates

Consolidated balance sheet

		31/12/2019		Change
€m	31/12/2019	excluding IFRS16	31/12/2018	Current FX	Constant FX (1)
Intangible assets	986	986	961	25	9
Property, plant and equipment	1,091	1,093	983	110	96
Right of Use	2,359	-	-	-	-
Financial assets	38	38	29	9	8
A) Non-current assets	4,474	2,116	1,973	143	113
Inventories	134	134	122	12	11
Trade receivables	55	55	48	7	6
Other receivables	125	153	167	(14)	(14)
Trade payables	(397)	(411)	(376)	(34)	(31)
Other payables	(392)	(396)	(390)	(6)	(1)
B) Working capital	(474)	(465)	(431)	(34)	(29)
Invested capital (A+B)	3,999	1,652	1,542	109	85
C) Other non-current non-financial assets and liabilities	(115)	(124)	(130)	6	8
D) Net invested capital of continuing operations (A+B+C)	3,884	1,528	1,412	116	93
E) Asset held for sale and discontinued	(0)	(0)	(0)	0	0
F) Net invested capital (A+B+C+E)	3,884	1,528	1,412	116	93
Equity attributable to owners of the parent	858	890	686	204	189
Equity attributable to non-controlling interests	78	79	55	24	24
G) Equity	936	969	741	228	213
Non-current financial liabilities	2,925	826	860	(34)	(42)
Non-current financial assets	(74)	(8)	(15)	8	9
H) Non-current net financial indebtedness	2,851	819	845	(26)	(33)
Current financial liabilities	462	88	77	11	7
Cash and cash equivalents and current financial assets	(365)	(348)	(251)	(97)	(93)
I) Current net financial indebtedness	97	(260)	(174)	(86)	(86)
Total net financial position (H+I)	2,948	559	671	(112)	(120)
Net Finance Lease Liabilities	(2,389)	-	-	-	-
Net Financial Position	559	559	671	(112)	(120)
J) Total (G+H+I), as in F)	3,884	1,528	1,412	116	93

(1) FX €/\$ 31 December 2019 of 1.1234 and 31 December 2018 of 1.1450

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

Borrowings - 31 December 2019	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)
US private placements				\$350m		Gross Debt / EBITDA ≤ 3.5x (1)
Amortizing Term Loan	Floating	Jun-23	\$150m	\$150m	\$0m
Revolving Credit Facility	Floating	Jun-23	\$200m	\$0m	\$200m
Other loans				\$150m
Total - HMS Host Corp				\$500m
Term Loan	Floating	Aug-21	€150m	€150m	€0m
Amortizing Term Loan	Floating	Jan-23	€100m	€100m	€0m	EBITDA interest coverage ≥ 4.5x (1)
Amortizing Revolving Credit Facility	Floating	Jan-23	€200m	€0m	€200m	Net Debt / EBITDA ≤ 3.5x (1)
Revolving Credit Facility	Floating	Jan-23	€100m	€100m	€0m
Amortizing Term Loan	Floating	Aug-24	€50m	€50m	€0m	EBITDA interest coverage ≥ 4.5x (2)
Revolving Credit Facility	Floating	Aug-24	€25m	€0m	€25m	Net Debt / EBITDA ≤ 3.5x (2)
Other loans				€400m
Total - Autogrill S.p.A.				€400m

Based on nominal value of borrowings as at 31 December 2019

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

(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

Calendar

21 May 2020

• Shareholders' meeting to approve 2019 financial statements
• Revenue performance as of 30 April 2020

30 July 2020

• Financial report on 1st Half period to 30 June 2020

24 September 2020

• Revenue performance as of 31 August 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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