Chairman’s letter

Gilberto Benetton

Dear Shareholders,

We achieved important objectives of various kinds in 2013, the foremost regarding the main strategic event of the year: the proportional partial demerger of Autogrill S.p.A. in favour of WDF S.p.A. 

The demerger enabled us to offer the stock market two distinct investment opportunities, both leaders in their sectors, Travel Retail and Food & Beverage.

The shareholders have valued our decision, which has on the one hand made for the better understanding and independent assessment of the strategies adopted by the two businesses and, on the other, prepared the ground for possible industrial mergers in the businesses’ respective markets.

Mobility at a global level continues to show interesting trends, especially in the airport channel, which is seeing constant growth in passenger numbers worldwide. This is therefore the most promising channel for the Group, which will concentrate its efforts here to exploit the best growth opportunities.

Our ambition is to look to the future respecting all cultures, and generating a constant stream of new formulas to add value by reconciling quality and efficiency, tradition and innovation, development and environmental sustainability.

Satisfying travellers’ needs is the mission with which our Company started out over 35 years ago, a mission that’s always in line with the times and that now more than ever is at the heart of our business.