Annual Report 2011


Dear Shareholders,

2011 was characterised by ongoing economic difficulties: recession in OECD countries, slower growth in emerging economies and a weakening of global demand.
In this context, Autogrill posted income and financial results that improved on the previous year, despite a marked contraction in traffic and inflationary pressure on energy and raw material costs of food. The Group's geographical spread and diversified businesses limited the effects of the crisis and made it possible to achieve satisfactory growth in consolidated revenues.
Travel Retail recorded excellent performance in terms of both sales and, even more so, margins. The airport channel posted positive results in Food & Beverage as well, where revenues grew at a faster rate than traffic. The situation was more complicated on motorways, where falling traffic levels also reflected rising fuel costs.

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Net profits up 26.7% to € 126.3m
Consolidated revenues : € 5,844.6m, up 4% on 2010
Consolidated Ebitda: € 617m, up 3.8% on 2010
Dividend of € 0.28 per share