Notes to the consolidated financial statements

Group operations

The Autogrill Group operates in the food & beverage and retail sectors at airports, motorway rest stops and railway stations, under contracts known as concessions.

Significant events during the year – Demerger of Autogrill S.p.A. to World Duty Free S.p.A.

On 1 October 2013 the proportional partial demerger of Autogrill S.p.A. to World Duty Free S.p.A. (“WDF S.p.A.”), defined the “Demerger”, became effective, as approved by the companies’ shareholders’ meetings of shareholders on 6 June 2013.

The demerger plan was written jointly by the Boards of Directors of Autogrill S.p.A. and WDF S.p.A. pursuant to and for the purposes of arts.

2506-bis and 2501-ter of the Italian Civil Code, and approved by those boards on 3 May 2013.

The plan was published on Autogrill’s website on 4 May 2013. The demerger act was signed on 26 September 2013 and filed with the Novara Companies Register on 27 September 2013.

The demerger had the predominantly industrial purpose of separating the two sectors in which the Autogrill Group operated, Food & Beverage and Travel Retail & Duty Free, given that they are substantially different in terms of both market and competitive landscape and management and development strategies. Also, the two sectors were managed independently and no significant synergies connect one to the other. These characteristics are reflected in the different past and projected results of the two sectors, and in the development strategies that they will pursue in the foreseeable future.

The demerger created two distinct groups, each focused on its own business, allowing both of them discontinued operations (demerger).” Section 2.2.2 explains the content of the items relating to the demerger as presented in the consolidated income statement and statement of cash flows for 2012 and 2013 and in the statement of financial position at 31 December 2012.