Revenue is broken down below by geographical area: North America and the Pacific Area Italy Other European countries

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Alexander Ryan
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2 Revenue by geographical area Revenue is broken down below by geographical area: (Em) North America and the Pacific Area exchange rates 2, ,124.9 (2.2%) 1.3% Italy 1, ,227.8 (6.0%) (6.0%) Other European countries % 4.7% Total 3, ,075.6 (2.2%) (0.3%) And here as a percentage of total revenue: % 52.1% 17.8% 52.1% 29.0% 30.1% North America and the Pacific Area Italy Other European countries EBITDA by geographical area Below are the details of EBITDA by geographical area: (Em) 2013 % of revenue 2012 % of revenue 2012 exchange rates North America and the Pacific Area % % (0.6%) 2.7% Italy % % (16.6%) (16.6%) Other European countries % % 18.1% 18.5% Total before Corporate costs % % (2.4%) (0.3%) Corporate costs (33.7) - (28.5) % 18.1% Total % % (4.1%) (1.9%) segments 29

3 North America and the Pacific Area In 2013, North America and the Pacific Area 17 generated sales revenue of $ 2,759.3m, up from $ 2,730.0m the previous year (+1.1), with the following performance by channel: ($m) Airports 2, , % Motorways % Others (9.1%) Total 2, , % On a comparable basis 18, revenue at US airports 19 increased by 8.9%, outperforming a 1.5% rise in traffic 20. This excellent performance with respect to traffic reflects a greater number of transactions and especially an increase in the average purchase per customer, thanks to the addition of new concepts with broader menu options and to targeted marketing initiatives. The overall increase in airport sales was 1.2%, significantly lower than growth on a comparable basis due to the sale of the North American travel retail business in the fourth quarter of 2013, the Group s exit from various locations, and the reduction in retail space at the airports of San Diego, Los Angeles, Atlanta, Phoenix and New York JFK after renewals in prior years. US motorway revenue was up by 7.2% on a comparable basis despite a 0.2% decline 21 in traffic, while overall revenue growth in this channel came to 1.7%, due to the lapse of the Maryland Turnpike contract that was only partially offset by openings on the Ontario Turnpike in Canada. Sales in the other channels were down by 9.1% for the year, because of the Group s exit from certain shopping centre locations. In North America and the Pacific, EBITDA amounted to $ 299.5m, an increase of 2,7% on the $ 291.5m in 2012, and rose from 10.7% to 10.9% of revenue. The improved profitability stems mainly from the reduction in general and administrative costs. The figure includes restructuring expenses of $ 3.9m ($ 5.3m in 2012). Excluding those non-recurring expense and the sale of the US travel retail business, EBITDA grew by 3.7% and came to 11% of revenue in Results for this geographical area also include the business at Schiphol Airport in Amsterdam and operations in Australia, Canada, India, Malaysia, United Arab Emirates, Turkey, New Zealand, Singapore and Vietnam 18. Same locations and menus 19. Accounting for around 80% of the channel s revenue 20. Source: A4A, number of passengers, January-December Source: Federal Highway Administration, January-December 2013 (stretches of road served by the Group) 30

4 Italy Revenue generated in Italy in 2013 came to E 1,154.1m, a decrease of 6.0% on the previous year s E 1,227.8m. For the second year in a row, sales in Italy were sharply curbed by the difficult economy, which caused motorway traffic to decrease along with consumer confidence and travelers purchasing power. The decline also reflects the closure of several unprofitable outlets on high streets, at shopping centres and at trade fairs. Sales by channel are detailed below: (Em) Motorways (5.5%) Airports (5.7%) Railway stations % Other * (11.4%) Total 1, ,227.8 (6.0%) * Including sales to franchisees The influence of macroeconomic factors is especially evident in the motorway channel, which closed the year with revenue of E 878.3m, down from E 929.6m in 2012 (-5.5%). Compared with a 1.7% decrease in traffic 22, sales on a like-for-like basis were down by 6.0% on the previous year. In part, the underperformance with respect to traffic reflects a shift toward lower spending per customer. Thanks also to the many promotional initiatives, sales of served foods & beverages (-5.5%) and of groceries (+1.1%) fared better than non-food market products and complementary items, which decreased by 9.1% and 8.3%, respectively. On a like-for-like basis, sales in the airport channel showed an uptick (+0.4%) despite a 2.1% reduction in traffic 23, while overall revenue decreased by 5.7% for the year, due mainly to the closure of the locations at Catania and Bari airports and of one outlet at Rome Fiumicino. Sales at railway stations increased by 3.9% with respect to 2012, thanks to the acquisition of contracts at new stations (Florence Santa Maria Novella, Venice Santa Lucia and Verona Porta Nuova) and the opening of new concepts at stations already served, such as Bistrot at Milano Centrale. The negative sales performance on high streets, at shopping centres and at trade fairs (-11.4% for the year) reflects the closure of several outlets in Verona, Cantù, Brescia, Rome and Milan. In Italy EBITDA came to E 73.2m, down from E 87.8m the previous year (-16.6%), and fell from 7.1% to 6.3% of revenue. The 2013 figure includes net non-recurring income 24 of E 9.1m (in 2012 there were net non-recurring charges of E 3.5m). Excluding those elements, EBITDA would have declined by 30%. The decrease on the previous year was caused by the steep reduction in sales, which in addition to hurting margins allowed less absorption of fixed costs (rent and labor), especially in the motorway channel. 22. Source: AISCAT, January-December Source: Group estimates on AssoAirports data, January-December 2013 (airports served by the Group) : non-recurring income of E 13.8m from the waiver of pre-emption rights on the renewal of expiring subconcessions and reorganization costs of E 4.7m; 2012: reorganization costs of E 3.5m 31

5 Other European countries Revenue from other European countries in 2013 came to E 753.0m, an increase of 4.7% on the previous year s E 723.0m (+4.2% at current exchange rates). Sales by channel are detailed below: (Em) exchange rates Motorways % 5.9% Airports % 5.9% Railway stations % 3.0% Other (8.5%) (7.4%) Total % 4.7% The motorway channel, showing overall growth of 5.9% (+5.5% at current exchange rates), experienced diverse trends from one country to another: 10 new openings in Germany and the acquisition of contracts at 10 rest stops in Belgium more than offset the ongoing crisis in Spain and the closure of 11 locations in France. The airport channel performed well (+5.9% or +5.2% at current exchange rates), thanks to new openings in Marseille and the United Kingdom, revised menus at some Zurich airport locations, and sales growth in Northern Europe. Sales at railway stations were up by 3.0% (+2.5% at current exchange rates), mostly on the strength of new openings at Gare de l Est and Gare Saint- Lazare in Paris. EBITDA in other European countries amounted to E 49.0m, an increase of 18.5% on the previous year s E 41.4m (+18.1% at current exchange rates). The 2013 figure includes net non-recurring charges 25 of E 0.5m (E 1.9m in 2012). Excluding non-recurring items, EBITDA would have grown by 14.5% (14.1% at current exchange rates) thanks to the positive impact of the reorganizations carried out in prior years in Greece, Spain and Switzerland; the contribution of new locations in Belgium; and the increased revenue in Northern Europe. As a result of these improvements, the EBITDA margin rose from 5.7% to 6.5% : non-recurring income of E 2.7m from restructuring of the Swiss pension fund; reorganization costs of E 3.2m; 2012: reorganization costs of E 1.9m 32

6 Capital expenditure by geographical area Details of net capital expenditure by geographical area are shown below: (Em) exchange rates North America (42.4%) (39.8%) and the Pacific Area Italy (46.0%) (46.0%) Other European countries % 8.0% Corporate and unallocated costs (15.8%) (15.8%) Total Food & Beverage (35.6%) (33.8%) Most capital expenditure concerned the airports of Los Angeles, San Diego, Atlanta, Amsterdam, St. Petersburg and Marseille, rest stops on the Pennsylvania Turnpike in the US and Villoresi Est in Italy and various railway stations in France (Paris) and Italy (Milan). 33

FY revenue on target, with growth of 6.5% (3.9% organic)

FY revenue on target, with growth of 6.5% (3.9% organic) Paris, November 14, 2014 FY revenue on target, with of 6.5% (3.9% organic) Contract Catering & Support Services revenue up 8.2%, reflecting solid 3.4% organic for French and international operations combined,