Letter from the CEO

Gianmario Tondato Da Ruos - lettera agli stakeholder

Dear Stakeholders,

Last year was not an easy one. The world economy was weak and Europe, and especially Italy, continued to be afflicted by stagnation and a contraction in motorway traffic that is now clearly structural in nature.

In this context, Autogrill’s year was one characterized by essential stability. The Group’s internationalization and the positive trend in its airport business mitigated the effects of the persistent economic crisis, thereby guaranteeing a growth in revenues.

The Company’s solidity and the dynamism of its management have enabled us to implement operating efficiencies without losing our ability to see beyond short-term concerns. I refer here specifically to the approaching separation of our principal business areas that will lead to the formation of two distinct and independent groups, making it easier to build on the strengths of each, including through possible future business combinations.

Similarly emblematic of our capacity to weather crises and to look to the future by deploying our ability to innovate was the opening of new points of sale worldwide that combine the concepts of cost efficiency, qualitative excellence and eco-compatibility: from Villoresi Est in Italy to the Delaware Welcome Center in the United States. The Company’s dynamism, especially in the airport channel, was also highlighted by the early renewal of Food & Beverage contracts at Amsterdam and Atlanta airports and in the securing of Travel Retail concessions for “core category” products in all Spanish airports until 2020. We thus strengthened our portfolio of long-term contracts, which already included concessions in UK airports until 2023.

Our capacity to seize important opportunities even in a time of crisis is rooted in our conviction that mobility is growing, globally, across the various channels and geographical regions. The UNWTO estimates that the number of tourists worldwide will grow at an annual rate of 3.3% from now until 2030. This trend is partly down to the newly emerging travel possibilities in developing economies which in turn require the appropriate response in terms of infrastructure. This is where Autogrill is keen and ready to play its part by promoting a food culture in line with new modes of travel and capable of providing the services and products that meet consumers’ increasingly diverse needs.

Gianmario Tondato Da Ruos