CEO’s letter

Gianmario TondatoDear Stakeholders,

As a result of the demerger we are now totally focussed on the Food & Beverage business and have defined our growth strategy along three lines: renewal of the offering, expansion into new geographies and repositioning of business channels.

With respect to the renewal of the offering, we are concentrating on the design of new commercial concepts and the stipulation of agreements with the brands that are most innovative and in line with the increasingly diversified needs of our customers. These actions have helped further raise international awareness of our Group. In the near future our points of sale will be rolling out commercial formats widely different in design, types of products and service. This process, which begun only recently, is already bearing fruit.

Regarding the geographical diversification of our business, we have continued to develop in countries with high growth rates by entering Vietnam and Indonesia and extending operations in the Middle East, thanks also to securing a concession at Abu Dhabi Airport.

We are convinced that these developments will contribute to the overall growth of our business in the airport channel. The Group is also looking with interest at significant opportunities in railway stations, revitalized by the spreading of high-speed networks, where travellers exhibit spending patterns more similar to those found at airports.