Strategy

The Group’s strategy in the Food & Beverage business is to ensure steady growth in value through expansion and diversification into different geographical areas and channels, constant product and concept innovation, and the improvement of service with a view to increasing the satisfaction of customers and concession grantors.

In the airport and railway station channel, growth will be pursued in countries where the Group is already active, as well as in new ones with good potential for an increase in traffic. In the motorway channel, efforts will be more selective, given the limited growth potential in developed countries and the extensive investments needed to penetrate new markets.

The Group judges how well it is achieving its objectives by monitoring the growth of sales and cash generation, both current and prospective, earned through the acquisition and management of a broad, diversified portfolio of concessions with strategically balanced durations.

Menus are kept up-to-date through the development of new concepts and the ongoing review of partner brands, so that the most innovative and attractive brands the market has to offer are always in the Group’s portfolio.

The Group is committed to simplifying organizational charts and business processes and to enhancing operating efficiency and investments, efforts that are constantly monitored so as to free up financial and managerial resources that can better be devoted to growth.

Maintaining a well-balanced financial structure is crucial to the Group’s objectives. Any opportunities for growth by accretion will be assessed for consistency with strategic objectives (in terms of areas and channels served) and financial sustainability.