Italy's Autogrill cut losses last year, skips 2022 guidance (updated)
10/03/2022 15:30
(Recasts, adds CEO comment, details and stock reaction)
MILAN, March 10 (Reuters) - Italy's Autogrill AGL.MI did
not provide specific financial guidance for the current year
"given the unfolding geopolitical events" but said on Thursday
its longer-term targets for 2024 remained unchanged.
The Italian motorway and airport caterer added that it had a
more positive outlook after improving its operating efficiency,
completing a 600 million euro ($660 million) capital increase
and selling its U.S. motorway business last year.
The group posted a reduced net loss of 38 million euros and
an improved adjusted free cashflow of 117 million euros last
year after cutting costs and investments.
"We are now in the best conditions to grow by taking
advantage of all the opportunities that the market recovery will
offer us," Chief Executive Gianmario Tondato Da Ruos said in a
statement, commenting on 2021 results.
In the first two months of the year, the company doubled its
sales compared with 2021, supported by domestic airport traffic
in North America.
Despite its negligible exposure to Russia, Autogrill said it
was "closely monitoring the evolution of the conflict in
Ukraine, and would promptly adapt its business strategy and risk
assessment to evolving circumstances".
The company had posted a 480 million euros net loss in 2020
as restrictions imposed during the pandemic reduced travel by
car and by plane.
Shares in Autogrill's pared the losses after results and
were down 3.6% at 1515 GMT, just below the performance of
Milan's all-share index .FTITLMS .
($1 = 0.9083 euros)
(Reporting by Francesco Zecchini, editing by Maria Pia Quaglia)
((Francesco.Zecchini@thomsonreuters.com;))