No surprises in the accounts of Rest. The first operator in the world in retail for travellers, recorded in 2011 a net profit up 26,7% to 126,3 million euro, in line with consensus expectations which expected 126 million. Revenues, as expected, increased 4% to $5,84 billion, EBITDA rose 3,8% to $617 million. The growth was mainly driven by good performance in airports, where results increased by 7,1%. Food & Beverage revenues increased slightly (+1,5%), which was weighed down by the contraction in traffic on the motorways also due to the sharp increase in the price of petrol, at historic highs in many European countries. Net financial debt amounted to 1.552,8 million euros, slightly down on the 1.575,5 million of the previous year. The BoD will propose to the shareholders a dividend of 0,28 euro per share, equal to 56% of the group's net profit, over the 0,24 euro of 2010.
In 2012 Autogrill expects to confirm the results of 2011 with revenues in the Travel Retail division which will offset the results of the Food & Beverage in Europe. In this sector, in the first 2 months of 2012, overall sales recorded a -9,3% compared to the first 2 months of 2011. However, revenues in airports grew by 4,1%.
The board of directors has decided to submit to the shareholders' meeting the proposal for the purchase and sale of treasury shares up to a maximum of 12.720.000 equal to 5% of the share capital. To date, the company owns 0,395% of the capital in treasury shares. The duration of the requested authorization is 18 months from the date on which the shareholders' meeting adopts the resolution. In the end Massimo Fasanella d'Amore di Ruffano has been appointed as the new non-executive director of the Group.
Two hours after the closing of the Stock Exchange, the Autogrill stock loses 3,01% to 7,41 euros, after almost touching 8 euros after the accounts were released.
