Autogrill's chief executive has said that he is upbeat about the company's long-term prospects even though the Italian caterer booked a €480 million loss last year when the pandemic emptied bars and restaurants that it runs in airports and motorways.
The group, which is controlled by the Benetton family, said that its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 82% year-on-year to €155 million.
Sales came in at €2 billion, more than halved from 2019.
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The Milan-based group said that its revenue fell by approximately 65% year-on-year at constant exchange rates in January and February this year.
Despite a weak start to the year, it expects its revenue to come in at between €2.4 billion and €2.8 billion this year and reach €4.7 billion in 2024.
Underlying operating margin, a measure of profitability, is seen touching 6.0% in 2024.
"In the long term, we will unleash Autogrill's full potential and achieve again significant profitable growth, with even higher margins compared to pre-COVID-19," chief executive Gianmario Tondato Da Ruos said in a statement.
Covenant Waiver Period Extension
Autogrill, which plans to launch a rights issue of up to €600 million later this year, said that it extended the covenant waiver period on some of its credit facilities through December 31, 2022, assuming the positive outcome of a covenant test in September of 2022.