Due to the proportional partial demerger of Autogrill S.p.A. to World Duty Free S.p.A., effective 1 October 2013, the income trend of the fourth quarter refers solely to the Food & Beverage and Corporate sector.
Fourth quarter revenue amounted to € 1,040.0m, an increase at constant exchange rates of 0.1% with respect to the € 1,070.3m grossed in the last quarter of 2012 (-2.8% at current exchange rates).
Adjusting 2012 revenue to account for the sale of the US Travel Retail business, revenue for the fourth quarter would have grown by 4.4% (+1.3% at current exchange rates).
Sales by channel are detailed below:
|Fourth quarter||Fourth quarter||Change|
|(€m)||2013||2012||2012||At constant exchange rates|
In the final quarter of 2013 26, total revenue in North America and the Pacific Area came to $ 804.1m, compared with $ 806.1m in the corresponding period of the previous year (-0.2%), but rose by 11.0% on a comparable basis. Overall performance was affected by the sale to World Duty Free Group of the North American Travel Retail operations, the reduction in retail space at the airports of San Diego, Los Angeles, Atlanta, Phoenix and New York JFK (following two years of renewals), and the lapse of the Maryland Turnpike contract. Revenue at US airports rose by 13.2% on a comparable basis, against a 2.2% increase in passenger traffic 27. During the same period, revenue from American motorways grew by 11.1% on a comparable basis, versus traffic growth of 0.7% 28.
Fourth quarter revenue in Italy amounted to € 271.0m, down from € 283.7m in the fourth quarter of 2012 (-4.5%). The Italian motorway channel grossed € 203.9m, down by 3.6% (-4.3% on a like-for-like basis) on the fourth quarter of 2012 (€ 211.5m), showing a smaller decline than those suffered in the previous quarters. Traffic remained weak in the final quarter (-0.5% 29), as did consumer confidence, continuing a now two-year trend.
Other European countries in the fourth quarter of 2013 earned revenue of € 175.8m, up from € 163.9m in the corresponding period of the previous year (+8.0% or +7.3% at current exchange rates), thanks to new openings in Belgium, Germany and the United Kingdom.
Fourth quarter EBITDA fell from E 73.3m in 2012 to € 62.0m, for a decrease of 11.9% (-15.4% at current exchange rates). The decrease is due partly to the sale of the US Travel Retail business, which in the final quarter of 2012 contributed EBITDA of $ 4.3m. Net of that effect and of € 2.3m in demerger costs, the decrease would have amounted to 4.2% (-8.0% at current exchange rates). The EBITDA margin was 6.0%, down from 6.9% in the fourth quarter of 2012.
EBITDA in North America and the Pacific Area totaled $ 77.6m for the final quarter, compared with $ 82m the previous year (-5.4%); as a percentage of revenue it declined from 10.2% to 9.6%. The decrease in EBITDA for the period is due almost entirely to the sale of the North American Travel Retail operations. Excluding that factor, EBITDA would have fallen by 0.2%, reflecting performance at the airports where the Group’s retail space has been reduced.
Fourth quarter EBITDA in Italy came to € 5.4m, down 46.0% with respect to the previous year’s € 10.1m and falling from 3.6% to 2.0% of revenue, due chiefly to the decrease in sales.
In the Other European countries, EBITDA for the fourth quarter climbed from € 2.5m in 2012 to € 8.8m and from 1.5% to 5.0% of revenue, thanks to improved profitability (due in part to restructuring in previous years) and to non-recurring income of € 2.7m relating to the reorganization of the Swiss pension fund.
Net capex in the fourth quarter came to € 69.4m (€ 78.2m in the corresponding period of the previous year) and mostly concerned airports in the United States.