Rest closes the first quarter with a loss of 31,2 million, further worsening compared to the negative of 18,4 million in the same quarter of 2012. Consolidated revenues amounted to 1.239,6 million (+0,5% on an annual basis, but -0,2% at current exchange rates). Sales at airports increased by 3,4%, supported by the good traffic performance and the increase in the average receipt in both business sectors. On the motorways, on the other hand, there was a drop of 5,7%. Sales increased by 0,5% compared to the same period in 2012.
Consolidated Ebitda amounted to 61,6 million, down by 8,4% (-9,3% at current exchange rates) compared to 67,9 million in the first quarter of 2012, with the margin on revenues falling from 5,5% to 5%. The operating result was negative by 9,7 million, against -4,1 million in the first quarter of 2012, after depreciation, amortization and write-downs of 71,3 million, a slight decrease compared to 72 million in the same period last year.
“The year has yet to express the trends that will determine the annual results – explains the company -. It is therefore premature to give quantitative indications on the expected results for the current year. However, the group is confident of limiting the weakness of the results in Italy thanks to the good performance and prospects in North America and the resilience of Travel Retail”.
The managing director Gianmario Tondato Da Ruos reiterates that “the growth in North America and the positive results of the Travel Retail have guaranteed the group a good hold even in these first months of the year. In parallel, we are proceeding with the separation of the two business areas, Food & Beverage and Travel Retail & Duty Free. I am convinced that the creation of two distinct autonomous and independent groups will free up new energies, allow for better pursuit of the objectives, leveraging on the strengths of each sector, allowing the financial markets to have a greater understanding and evaluation of the different strategies implemented and of the value generated by possible industrial aggregation operations”.
Also in the first quarter, Autogrill's net investments, mainly aimed at the airport channel, amounted to €33,3 million, against €59,2 million in the first quarter of 2012. The change reflects the high level of investments made in the previous year , especially at US airports, after contract renewals.
At the beginning of the afternoon, Autogrill's stock gained 1,4%.
