AUTOGRILL GROUP Annual Report 2019

AUTOGRILL GROUP

Annual Report 2019

(Translation from the original version issued in Italian) Annual Report 2019 Autogrill Group

2 Annual Report 2019 Annual Report

LETTER TO SHAREHOLDERS

Dear Shareholders,

Looking to 2019, we have achieved very satisfactory results and we are convinced this is fundamental to face the future that awaits us. We have achieved all the targets we set ourselves: revenue, EBITDA and earnings per share are in line with the forecasts we had provided in mid-2019. More importantly, we have continued to strengthen our three strategic pillars based on growth, improved margins and capital allocation with a view to long-term value creation.

In terms of growth, we achieved revenues of 5 billion euros, in particular thanks to excellent like-for- like growth in the airport channel, new openings and targeted acquisitions over the last two years.

Secondly, margins were up, thanks to our ongoing commitment to product innovation and focus on cost efficiencies, mainly in Italy.

Finally, the capital allocation strategy: on the one hand, we generated significant cash flows thanks to the sale of the motorway business in Canada and, on the other hand, we acquired Pacific Gateway Concessions, a US-based airport retail concession company. We also speeded up investments in the motorway business, specifically in the New Jersey Turnpike, North America, where we see significant potential for value creation.

In 2019 we also reached levels of excellence in renewals and winnings of new contracts worth 3 billion euros, in 16 different countries around the world. In particular I would like to mention the renewals in Salt Lake City, Nashville, Indianapolis, Calgary, Las Vegas and Zurich, and the start of business in Langkawi (Malaysia), Mumbai (India) and Myrtle Beach (North America) airports. Today the value of our portfolio is around 35 billion euros.

We also want to reaffirm the Group’s commitment to a business sustainability culture that takes into account all social and environmental aspects. We keep focusing on experimenting with innovative solutions within the circular economy, for example with the further development of the WASCOFFEE® project. These issues are and will be an increasingly important part of our way of doing business.

Today, talking to you about 2019 is like talking about a long time ago, since in recent months the whole world has been subjected to an economic and social shock difficult to imagine even at the beginning of this year, due to the pandemic caused by the COVID-19 virus.

Starting in February, first Italy and then all the other main countries in which the Group operates were strongly impacted by the pandemic.

The COVID-19 pandemic is an emergency that we are taking very seriously and we are constantly monitoring its development, so we have taken all the necessary measures to deal with it and, first and foremost, to make all our employees and consumers safe.

The proposal that we have made to Shareholders not to pay dividends is an important signal: we want to prepare ourselves in the best possible way to face the coming months while safeguarding the Group’s liquidity as much as we can.

We believe that it is still too early to make a reliable forecast of the Group’s performance for the year 2020, in a context that is constantly evolving and strongly negative for global traffic. Our presence in over 30 countries and, above all, the commitment, determination and unity that all Autogrill’s employees are showing, and to whom I offer my sincere thanks, are the best guarantee that the Group is able to react adequately even in this very difficult context.

Gianmario Tondato Da Ruos

CEO

3 Annual Report 2019 Autogrill Group

4 Annual Report 2019 Annual Report BOARDS AND OFFICERS

BOARD OF DIRECTORS 1

Chairman 2, 3 Paolo Zannoni E CEO 4 Gianmario Tondato Da Ruos E

Directors Alessandro Benetton Franca Bertagnin Benetton Ernesto Albanese 7, I Francesco Umile Chiappetta 6, 7, I Cristina De Benetti 6, I Massimo Di Fasanella D’Amore di Ruffano 5, 8, I, L Catherine Gérardin‑Vautrin 5, I Marco Patuano 12 Maria Pierdicchi 8, I Elisabetta Ripa 5, 7, I Paolo Roverato 5, 6, 8 Barbara Cominelli 13

Secretary Paola Bottero

BOARD OF STATUTORY AUDITORS 9

Chairman Marco Rigotti 10 Standing auditor Antonella Carù 10 Massimo Catullo 10 Alternate auditor Roberto Miccù 10 Patrizia Paleologo Oriundi 10

Independent auditors 11 Deloitte & Touche S.p.A.

1 Appointed during the annual general meeting of 25 May 2017; in office 9 elected by the annual general meeting of 24 May 2018; in office until until approval of the 2019 financial statements approval of the 2020 financial statements 2 Appointed to the Board of Directors and named chairman of the board, 10 Chartered accountant/auditor to replace Gilberto Benetton, per board resolution of 7 February 2019. 11 Assignment granted by the annual general meeting of 28 May 2015, Confirmed as board member until approval of the 2019 financial to expire on approval of the 2023 financial statements statements, per shareholders’ resolution of 23 May 2019 and as chairman 12 Member of the Strategies and Investments Committee until resignation per board resolution of the same date. from the Board of Directors on 24 June 2019 3 powers of ordinary administration, with individual signing authority, per 13 Appointed to the Board of Directors per board resolution of 19 December board resolutions of 7 February 2019 and 23 May 2019 2019, in office until the next shareholders’ meeting 4 powers of ordinary administration, with individual signing authority, per e executive director board resolution of 25 May 2017 assigning the position of CEO I Independent director as defined by the Corporate Governance Code for 5 Member of the Strategies and Investments Committee Listed Companies (version approved in July 2018 by the Corporate 6 Member of the Internal Control, Risks and Corporate Governance Governance Committee and endorsed by Borsa Italiana, ABI, Ania, Committee Assogestioni, Assonime and Confindustria) and pursuant to Articles 147‑ter 7 Member of the Related Party Transactions Committee (4) and 148 (3) of Legislative Decree 58/1998 8 Member of the Human Resources Committee l lead Independent Director

5 Annual Report 2019 Autogrill Group

6 Annual Report 2019 9 33 23 85 57 71 54 87 24 24 88 50 67 76 96 99 115 113 118 116 15 114 37 47 201 49 23 107 107 99 108 108 108 108 207 208 109 109 109 109 111 121 T EN M E TS TS TS EN EN EN M M M E CIAL STAT NCIAL A N E CIAL STAT E CIAL STAT CIAL STAT ‑FI N N TS N N financial risk management A A ‑ NCE A EN recurring and transactions events N N ‑ N GM D FI D NON D D FI EPORT E E FI E RFORMA G S FORMATIO E N S N E TS Reconciliation between parent and consolidated equityReconciliation and consolidated between parent Information pursuant Arts. to and 71 70 Consob of Regulation 11971/1999 no. Atypical unusual or transactions Significant non Treasury shares Research and development and Research Independent auditors’ report Statement pursuant Art. to Statement 2.6.2 the of Regulations (8) Organized Markets for and Managed by Borsa Italiana S.p.A. GRI content index Statement of changes in of equityStatement cash flows of Statement Intercompany and related party and related Intercompany transactions Reconciliation of GRI/Material topics Statement of comprehensive income Management and coordination Autogrill social Group and environmental data Preparation criteria Product: quality product and safety and focus the on customer Corporate governance Income statement Planet: environmental protection financial of Statement position Introduction A‑Company: the Autogrill Group the the of Autogrill people People: Group Financial and non General business context Change in scope consolidation of Group performance Financial position X S TO TH S TO R I E SOLIDAT SOLIDAT E SOLIDAT CTORS’ R CTORS’ E E RATI AUTOGRILL GROUP AUTOGRILL E

N N E E OT TEN NNE 1.6.11 1.6.10 1.6.9 1.6.8 1.6.7 1.6.6 1.5.10 1.6.5 1.5.9 2.1.4 2.1.5 1.6.4 OUTLOOK N CO 1.5.8 2.1.3 1.6.3 CO A 1.5.6 1.5.7 1.5.5 1.6.2 2.1.2 N GROUP P GROUP CO OTH TH OP DIR List of consolidated companies and other investments List consolidated of 1.5.4 2.1.1 Attestation by the CEO and manager in financial charge of reporting Independent auditors’ report 1.6.1 1.5.1 1.5.2 1.5.3 1.2.1 1.2.2 1.2.3 1.2.4 N 1.4 1.5 2.1 2.2 1.2 2. 1.6 1.1 1.3 CO 1.

DIRECTORS’ REPORT 1 10 1. Directors’ Report COMPARABILITY OF FIGURES, ALTERNATIVE PERFORMANCE MEASURES AND DEFINITIONS

COMPARABILITY OF FIGURES

As mentioned in the notes to the consolidated financial statements for the year ended 31 December 2019, estimation and measurement criteria are the same as those used the previous year, except for the adoption of the accounting standard IFRS 16 “Leases”.

IFRS 16 provides a comprehensive model for the accounting of lease arrangements which requires the lessee to recognize, on the assets side, the right of use of the leased asset, and on the liabilities side, the lease liability determined on the basis of the net present value of future minimum guaranteed lease payments. Subsequently, the right‑of‑use asset is depreciated, while the lease liability accrues the corresponding financial charges.

This accounting model therefore entails a reduction in operating costs (lease and concession payments) and an increase in depreciation and financial charges. Based on the standard, the variable component of leases and concessions is still recognized in operating expense in the reporting period.

In the statement of cash flows, the repayment of the financial liability is shown in cash flow from financing activities, resulting in an increase of the same amount in net cash flow from operating activities.

The new standard has had a significant impact on the representation of operating leases, which for the Group consist mainly of concession and sublease agreements, but no material impact on finance leases.

The Autogrill Group has opted to apply IFRS 16 using the modified retrospective approach, whereby the right‑of‑use at 1 January 2019 is recognized in the same amount as the residual financial liability at that date, without restating comparative figures for the previous year. Therefore, the balances shown in the consolidated financial statements at 31 December 2019 are not comparable with the figures shown for 2018.

As in previous years, more than half of the Group’s operations are located in countries which use a non‑euro currency, primarily the United States of America, Canada, Switzerland and the largest number of countries in the International division. Due to the local nature of the business, in each country revenue is generally expressed in the same currency as costs and investments. The Group also has a currency risk policy, financing a portion of its net assets in the principal non‑euro currencies with debt in the same currency, or entering into currency hedges that achieve the same effect. However, this does not entirely neutralize the impact of exchange rate fluctuations when translating individual financial statement items. Comparability could, therefore, also be affected by exchange rate trends.

ALTERNATIVE PERFORMANCE MEASURES AND DEFINITIONS

The Directors’ Report and the consolidated financial statements include the consolidated financial and economic measures used by management to monitor the Autogrill Group’s performance. These measures are not defined or specified in the applicable regulations for financial reporting. As the composition of these measures is not governed by the accounting standards, the criteria used by the Autogrill Group to determine them could be different from those used by other groups, so they may not be comparable.

11 Autogrill Group Annual Report 2019 12 • Report: Directors’ this in were used measures performance alternative following The 2015. of 3December no. 92543 Communication Consob per 2015 5October on (2015/1415) as ESMA by issued Indicators Performance Alternative for Guidelines the with accordance in determined are and figures financial historical Group’s of the basis solely the on calculated are measures performance alternative The • • • • • • • • • represent prior to necessary no longer be 2020 it will in Starting for year’s last used figures. criteria measurement the with consistent them have to make adjusted been standard, new the using 2019, December determined at statements 31 financial consolidated the in figures the of data, comparability better and of performance view clearer 2019. For a 1January from effect 16 with IFRS standard accounting the applied has Group Autogrill 16: the 31/12/2019 IFRS 16 and excluding 2019 IFRS excluding • • follows: as grouped be can Report, Directors’ of the 1.2.3 Section in elements, These specified 1. IAS with accordance in statement prepared income consolidated comparative the and Group’s the statement in provided income consolidated condensed comparative information of the value the limit would which periods, future or year previous for the figure normalized it to the when comparing Group’s profit normalized Change “at constant exchange rates”: in comparisons with prior with rates”: “at exchange comparisons constant Change in be directly comparable. comparable. directly be inconsistent, non inconsistent, Group’s the an impact in over time results significantly which operations to normal unrelated or unusual may include are elements that periods other with comparison their and year for the results measures: performance alternative Underlying statement. income consolidated the from directly gleaned profit” “Operating the tax): before and interest (earnings EBIT of revenue. apercentage as expressed EBITDA margin: EBITDA companies. other by reported EBITDA with comparable therefore not be and from differ it could IFRS, in it not defined is Because notes thereto. supplemented the as by statements, financial consolidated the from directly gleaned be can and losses, impairment and amortization depreciation, and tax) before and interest (earnings of EBIT sum the is this EBITDA: rates. exchange separately. Like shown are which differences calendar well as as portfolio, the no longer in are that stores by period revenue comparison the the generated and in of new openings store impact the Like current at the sales prior translating rates (by exchange and disposals of acquisitions, effect the for years two for the sales adjusting by calculated is this revenue growth: Organic income”. operating “Other under cost corresponding net of the classified are sales Fuel basis. this on of revenue apercentage calculated as are Costs sales. fuel revenues, excluding refers to operating this Report Directors’ the Revenue: in year. previous for the figure corresponding the and 16 IFRS excluding 2019 rates) exchange between figure constant and (at current and/or absolute terms in apercentage as difference the measures 2018: vs. Change Organic revenue growth is expressed at constant exchange rates. rates. exchange at constant expressed is revenue growth Organic statements. year’s financial previous rates employed consolidated the in exchange same at the calculated been euro the than other currencies functional with companies of consolidated figures comparative the had have occurred would that decrease or increase the rates” signifies “at exchange phrase constant not penalize consolidated results; results; consolidated not penalize do that costs transaction as treated acquisitions, for successful incurred costs expenses; ancillary relative the with of businesses, sale the from losses capital and gains capital ‑ for ‑ like revenue growth: calculated by adjusting organic revenue growth for revenue growth organic adjusting by calculated revenuelike growth: ‑ year figures adjusted for the effects of IFRS 16, as the amounts will will amounts the as 16, of IFRS effects for adjusted the figures year ‑ systematic way. This could hinder a correct interpretation of the of the interpretation acorrect way. hinder could systematic This ‑ year exchange rate) and then comparing the two figures. figures. two the comparing rate) then exchange and year ‑ for ‑ like revenue growth is expressed at constant at constant expressed is revenuelike growth ‑ year figures, the the figures, year ‑ year year 1. Directors’ Report 13 k and $k). current and current E ‑ bearing sums with third parties”; ‑ recurring corporate reorganization and efficiency ‑ m) or millionsEm) US In of dollars the the to ($m). notes financial statements, current “Finance and “Other lease financial receivables” excluding assets”, ‑ costs stock option for plans (“PhantomStock Options” and “Performance Share Units”). The estimated cost the of “Phantom Stock Option” plan is heavily impactedby the performance Autogrill of shares and their fluctuation; the costs strategic, for non Underlying EBITDA: determined by excluding the impact the of above mentioned unusualor unrelated from EBITDA. elements are These elements identified separately and described in specific reconciliation; statements of Underlying EBITDA margin: underlying EBITDA expressed as a percentage of revenue; Underlying Operating Profit (EBIT): determined by excluding the impact the of mentioned unusualabove are These or unrelated from elements EBIT. elements identified separately and described in specific reconciliation; statements of Underlying Operating Profit (EBIT) margin: underlying EBIT expressed as a percentage of revenue; Underlying net profit: determined by excluding the impact of the above mentioned unusual or unrelated from profit. net elements are These elements identified separately and described in specific reconciliation; statements of Underlying basic earnings per share: underlying net profit per share. projects which temporarily penalize the performance measures gleaned from the consolidated income prepared statement in accordance with IAS 1. • • • • • • • These elements areThese identified elements separately and described in specific statements of reconciliation and result in the following underlying alternative performance measures: • “Security and deposits” “Interest Capital expenditure: the investments in to referred the “Property, notes plant and equipment” and “Other intangible assets” the to consolidated financial statements; financialnet Total position: the sum determined debt, net of in accordance with Consob Communication 28 of July 2006 and the ESMA/2011/81 Guidelines, non finance lease assets and liabilities recognized following the introduction IFRS of 16. Net financialNet position: the total financial net positionless non In the Directors’ Report the following definitions are also used: • • Unless otherwise specified, amounts in the Directors’ Report are expressed in millions of euros ( unless otherwise specified, amounts are expressed in thousands ( Where figures been rounded have the to nearest million, sums, changes and ratios are calculated using figures thousands to extended the for sake greater of accuracy. • Annual Report 2019 Autogrill Group

14 1. Directors’ Report THE AUTOGRILL 1.1 GROUP

OPERATIONS

Autogrill is the world’s largest provider of food & beverage services for travellers and the recognized leader of the North American and Italian markets.

Present in 31 countries with a workforce of more than 60,000, it manages about 4,000 establishments in approximately 1,000 locations. It operates mainly through concessions and sub concessions: at airports, along motorways and in railway stations, as well as on high streets and at shopping centers, trade fairs and cultural attractions.

The Group manages a portfolio of over 300 brands, both international and local, and offers a highly varied selection including proprietary brands and concepts (including Ciao, Bistrot, Puro Gusto, Motta, Bubbles, Beaudevin, Burger Federation and Le CroBag) and others owned by third parties. The latter include international household names (Starbucks Coffee, Burger King, Prêt à Manger, etc.) as well as emerging national brands (such as Shake Shack, Chick‑fil‑A, Panera, Leon and Panda Express).

STRATEGY

Over the next few years, Autogrill aims to strengthen its global leadership by leveraging a clear, targeted strategy of: • boosting revenue in traditional strategic channels (airports and railway stations) through both internal growth and extraordinary operations, while expanding its presence in adjacent markets (convenience retail); • improving profitability through new concepts, innovations and actions targeting all components of the income statement; • allocating funds in a disciplined manner, in light of strategic priorities; among these, Autogrill will evaluate new opportunities to capitalize on its long‑term concessions in the motorway channel, as it did with the sale of its motorway travel center operations in Canada in the first half of the year, while also considering action in adjacent business areas (such as convenience retail) on the strength of its internal capacities and extensive network.

15 THE AUTOGRILL GROUP HAS OPERATIONS IN 31 COUNTRIES Australia, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Greece, India, Indonesia, Ireland, Italy, Malaysia, Maldives, New Zealand, Norway, Poland, Qatar,

990LOCATIONS IN THE WORLD 1. Directors’ Report States, Vietnam. United Kingdom, UnitedUnited Kingdom, mirates Arab E United etherlands, Turkey, Turkey, etherlands, The N Sweden, Switzerland,Sweden, Russia, Slovenia, Spain, Slovenia, Russia, 990 NORTH AMERICA 87 INTERNATIONAL AIRPORTS

42AIRPORTS

EUROPE

490MOTORWAY AREAS 1. Directors’ Report LOCATION BY CHANNEL

CHANNEL OF ACTIVITY NORTH AMERICA INTERNATIONAL EUROPE TOTAL

Airport 87 42 21 150

Motorways 82 ‑ 490 572

Railway stations ‑ 34 151 185

Other 1 7 75 83

TOTAL 170 83 737 990

PROPRIETARY BRANDS LICENSED BRANDS

19 SIMPLIFIED GROUP STRUCTURE1‑2 Annual Report 2019

AUTOGRILL S.P.A.

AUTOGRILL ITALY AUTOGRILL ADVANCED AUTOGRILL HMSHOST CORP. S.P.A. BUSINESS SERVICE S.P.A. EUROPE S.P.A.

NUOVA SIDAP S.R.L. AUTOGRILL AUSTRIA AUTOGRILL HELLAS HOST GMBH SINGLE MEMBER LLC INTERNATIONAL. INC.

AUTOGRILL D.O.O. AUTOGRILL POLSKA (SLOVENIA) SP.ZO.O.3 HMSHOST INTERNATIONAL B.V.

AUTOGRILL IBERIA AUTOGRILL BELGIE S.L.U. N.V.

HOLDING DE AUTOGRILL SCHWEIZ PARTICIPATIONS A.G. AUTOGRILL S.A.S.

AUTOGRILL AUTOGRILL CÔTÉ DEUTSCHLAND GMBH FRANCE S.A.S.

LE CROBAG GMBH & CO KG

1. Where not otherwise specified, all companies are wholly owned. See the annexes to the consolidated financial statements for a complete list of equity investments 2. Company names and the Group structure are up‑to‑date as of March 2020

Autogrill Group 3. placed in liquidation in 2019

20 1. Directors’ Report ORGANIZATIONAL STRUCTURE AS OF 12 MARCH 2020

BOARD OF DIRECTORS

GROUP INTERNAL AUDIT DIRECTOR

GROUP CHIEF EXECUTIVE OFFICER

CORPORATE GENERAL GROUP GENERAL MANAGER & GROUP CFO COUNSEL (FINANCIAL REPORTING OFFICER LEGGE 262)

GROUP CHIEF GROUP CHIEF HR & MARKETING OFFICER ORGANIZATION OFFICER

HEAD OF GROUP GROUP PUBLIC AFFAIRS CORPORATE DIRECTOR COMMUNICATION

CEO BU NORTH AMERICA4 CEO BU INTERNATIONAL5 CEO BU EUROPE6

4. uSA and Canada 5. northern Europe (Denmark, Finland, Ireland, Norway, Netherlands, United Kingdom and Sweden) and Rest of the World (Australia, China, United Arab Emirates, India, Indonesia, Malaysia, Maldives, New Zealand, Qatar, Russia, Turkey and Vietnam) 6. Italy and Other European Countries (Austria, Belgium, France, Germany, Greece, Poland, Slovenia, Spain and Switzerland)

21 Annual Report 2019 Autogrill Group

22 1. Directors’ Report GROUP 1.2 PERFORMANCE7

1.2.1 GENERAL BUSINESS CONTEXT

1.2.1.1 THE TREND IN AIRPORT TRAFFIC8

Airports are the Group’s primary channel and generate around 62% of total revenue, with a widespread presence in North America, Europe, Asia and the Pacific.

In North America, the Group’s largest airport market, passengers increased by 3.2% over the previous year with similar growth rates for domestic and international traffic. In the United States, traffic in 2019 was up by 3.6%.9

In Europe there was a 4.4% increase in passengers with respect to 2018. Asia‑Pacific saw traffic expand by 4.0%, while growth in the Middle East came to 3.7%.

1.2.1.2 THE TREND IN MOTORWAY TRAFFIC

In the motorway channel the Group operates mainly in Europe, with a strong presence in Italy, France, Belgium, Switzerland and Spain.

In Italy, the Group’s largest motorway market, traffic in 2019 increased by 0.5%.10 The growth was driven by heavy vehicles (+2.2%), while light vehicle traffic was stable.

In North America, Autogrill’s presence in the motorway channel is concentrated in the eastern United States. Traffic in the USA showed an increase of 0.3%11 with respect to 2018.

7 As discussed in the section “Comparability of data; alternative performance measures and definitions”, the results for 2019 are influenced by the adoption of IFRS 16. Because Autogrill has applied the new standard using the modified retrospective approach, 2019 figures are not immediately comparable with those for the year ended 31 December 2018. Therefore, the financial statement tables in this report include an extra column for 2019 figures excluding IFRS 16 that factor out the effects of the new accounting standard (specified separately in the comments), giving readers a more precise representation of its impact on the Group’s results and facilitating the comparison from year to year 8 Source: ACI ‑ Airports Council International 9 Source: Bureau of Transportation Statistics (cumulative traffic data through November 2019) 10 Source: AISCAT Statistics (cumulative traffic data through September 2019) 11 Source: Federal Highway Administration (cumulative traffic data through November 2019)

23 Autogrill Group Annual Report 2019 2.8 billion. of E 2.8 atotal worth renewals contract and new contracts 2019 obtained Group In the years. of 6.6 average duration an end of 2019at the with 24 12 to expand continued portfolio contracts the year the During above. mentioned performance operating improvement in the reflects also Republic, Czech the in businesses concession and Canada in travel center operations motorway of the sale the from gains includes capital year, for the which net The profit 2018. in E 68.7m with compared E 236.8m, was 16 IFRS excluding company parent to shareholders of the attributable netThe profit year. previous the 3.8% from up of 4.0%, rates) amargin and rates (+10.1% exchange of 6.1% exchange at constant increase for at an current 2018, in E 179.8m with compared 2019 to E 198m, 16 in came IFRS excluding EBIT Underlying newer markets. its in operations support to costs and Netherlands the and Europe Northern in traffic airport static faced with was hand, other the on division, of 2019. International The half second the in especially profitability in notable increase led to a management good and concepts upgraded Italy, innovation, where product in channel motorway the in especially Europe, improvement in significant and airports American at North performance to strong rates) exchange rates (+11.1% thanks at current 7.6% up was exchange year 16 for the at constant IFRS excluding EBITDA Underlying like in rise a3.1% rates), exchange with at current (+6.4% 2019 3.5% by In revenue increased 1.2.3 GROUP P respectively. August, and February in were acquired they as year of the for part contributed only they 2018 in year, the while revenue throughout Group for the earned LLC Management Development & Retail Avila KG GmbH and &Co CroBag 2019, in Le Note that year. previous entire the E 8.0m to revenue 2019, with in compared E 3.1m contributed operations these were before sold, they months For five the of E 8.0m. E 9.5m gain was for acapital price sale The Republic. Czech the in at one outlet and stations railway Prague’s two at operates which S.r.o., Czech Autogrill in interest sold its May Group 2019, in the Also ( to $ 176.4m amounted costs net of transaction gain capital The 2018. ( ( placetook for $ 183.6m sales These HMSHost. by controlled Travel SMSI Inc., by operated and Centres, owned stops rest Canadian at three businesses concession its with L.P., along Motorways HMSHost and Inc. Motorways HMSHost subsidiaries Canadian the in interests its selling by Canada in operations of motorway its of all disposed May Group 2019,In the to revenue 2019. in ( $ 29.0m contributed Gateway Concessions Pacific contract. to under agreed ( $ 8.8m additional an spending ( for $ 35.9m acquisition, The States. United the in at 10 airports locations 51 operates which Gateway Concessions, Pacific acquiring by sector convenience retail airport the in presence its May 2019expanded Group In the 1.2.2 CHA 30.6m) to the Group’s to the E 30.6m) $ 103m ( revenue 2019, with in compared t contracts held Group by companies equity‑consolidated otal value of contracts calculated as the sum of expected revenue from each throughout its duration. Also includes includes Also duration. its throughout each from revenue expected of sum the as calculated contracts of value otal ‑ for ‑ like sales, driven by airports which are the Group’s primary business channel. business Group’s the are which primary airports by driven sales, like N G E I 34.3m $ 34.3m contributed were they sold, they Until E 164.0m). ERFORMA N SCOP 7.8m) to carry out investments the seller had already already had seller the out investments E 7.8m) to carry E OFCON NC 32.2m), also commits the Group to Group the commits also E 32.2m), E SOLIDATION 12 34.8 billion billion E 34.8 , reaching E 87.3m) of for all E 157.6m). 25.9m) E 25.9m) 1. Directors’ Report 25 118 689 965 1,773 Renewed 57 262 692 New 1,012 orth America N International Europe Total (Em) Below areBelow the details by geographical area. Organic growth most strategically was concentrated on the significant Group’s channel: contracts and new of 79% renewed pertain in 2019 the to airport channel. theIn 2019, subsidiary May Corporation HMSHost announced was it signing an agreement with American Airlines provider food of be to & beverage its exclusive services airport at lounges throughout North America, a total for 51 of lounges in airports25 (24 in the USA and 1 in the Canada). for Revenue year came 74.1m $ to and is included under “Other operating income”. ENEWED CONTRACTS NEW AND R Autogrill Group Annual Report 2019 26 (Em) CO 13 15 14 ‑ non‑controlling non‑controlling ‑ ‑ basic ( share Earnings per ‑ diluted Income tax Result attributable to: attributable Result Pre‑tax profit Pre‑tax from investments Income (expense) (expense) N EBIT impairment losses and amortisation Depreciation, Revenue activity disposal activity operating on Gains P supplies and goods materials, Raw income other operating and revenue Total income O expense O EBITDA royalties concessions and L E cents.): eases, rentals, rentals, eases, ersonnel expense

owners of the parent the of owners interests et financial income ther operating operating ther ther operating operating ther E 397m 2019 in T ( figures. Group of analysis the for protocol management’s with accordance in income” “ as operating classified is which of amount net the sales, fuel from costs and revenue include not do they because primarily statement income consolidated the in shown amounts the from differ goods” and supplies materials, “Raw and “Revenue” Adjusted excluding the effects of the first‑time adoption of IFRS 16, namely: an increase of E 18.3m of “ in increase an 16, IFRS of namely: adoption first‑time the of effects the excluding Adjusted 1.2m in transaction costs E 1.2m of net transaction are in disposal activity operating on Gains E 1.6m by profit net the in interests E 31.6m by non‑controlling and shareholders company parent to attributable profit net the reduced which tax”, of all “Income in E 8.6m of increase an and (expense)”; income financial E 72.1m of losses”; adecrease “ in impairment and amortization E 356.3m “Depreciation, in of adecrease expense”; “ in E 405m of and income” N D EN S 15 E E 417.9m E 376.6m 2018) to in cost ( the and

D CO D L eases, rentals, concessions and royalties”; a decrease of E 0.1m of royalties”; “ in adecrease and concessions rentals, eases, (1,534.8) (1,673.8) Full year N 4,996.8 (578.4) 7 27. 2 5, (624.0) .8) 8 7. 0 6 ( 205.2 230.9 (99.0) .7) 7 7. 4 ( 336.6 226.3 960.6 27 6 7. 12 273.9 2019 SOLIDATE 80.7 80.7 36.4 21.1 100.0% revenue 104.6% 30.7% 33.5% 12.5% 12.2% 11.6% 19.2% 0.7% 0.4% 2.0% 4.6% 2.6% 1.0% 4.5% 6.7% 5.5% 4.1% % of D I D N IFRS 16 excluding (1,534.8) (1,673.8) E 397.6m year) previous the Full year COM 4,996.8 5,246.1 (983.4) .7) 7 7. 0 6 ( .7) 7 7. 6 2 ( 236.8 (56.3) 249.3 (26.9) 306.3 259.5 27 6 7. 12 574.0 315.8 2019 36.4 22.7 93.1 93.1 14

E STATE 100.0% revenue 105.0% 30.7% 33.5% 12.2% 19.7% 1 5% 11. 4.7% 0.7% 0.5% 0.5% 5.4% 5.0% 2.6% 5.2% 6.3% 1.1% 6.1% % of M EN (1,445.6) O 1 .0) 0 7. 5 5 (1, his revenue came to to came revenue his Full year 4,695.3 4,826.4 (560.4) (236.9) ther operating operating ther (876.5) (34.5) T 386.9 150.0 (29.1) 131.1 121.0 2018 68.7 86.5 .0 7. 2 0 7. 2 7 8 17. 13 O ther operating operating ther ‑ ‑ O ther ther 100.0% revenue 102.8% 30.8% 33.2% 18.7% 19% 11.9 N 0.7% 0.4% 0.0% 5.0% 2.8% 1.5% 0.6% 8.2% 3.2% 2.6% 1.8% % of et et ‑ At current exchange Change vs.2018 200.1% 104.1% 161.0% 90.2% 12.2% 13.0% .5% 5 7. 2 48.4% 63.1% .6% 7. ‑ 8.5% 6.2% 6.4% 8.7% .5% 5 7. rates n.s. n.s. ‑ At constant exchange 150.5% 189.0% 55.0% ‑11.6% 89.4% 43.4% 95.7% 21.1% 3.7% 4.4% 3.5% 5.4% 9.2% 9.9% 5.8% rates n.s. n.s. ‑ 1. Directors’ Report ‑ ‑ ‑ ‑ 27 57.0 50.9 50.9 Calendar ‑ ‑ (4.5) (4.5) (59.7) (66.8) (64.1) Disposals ‑ ‑ 7.1 7.1 51.0 52.7 45.6 Acquisitions like revenue (+3.1%). (+3.1%). like revenue ‑ (31.3) (52.0) (83.3) (28.7) (301.3) year consolidation Le of CroBag, (381.2) Closings for (269.2) ‑ ‑ 17. 2 41.3 24.1 66.7 298.3 374.5 266.4 like increase 1.6%. of Openings ‑ for ‑ 3.9% 3.1% 4.1% 1.6% 1.2% 3.9% 2.2% Organic growth E 59.7m); 97.9 Like‑for‑like 12.1 8 7. 5 50.9m third E 50.9m of revenue which in generated week 2018), 13.9 26.1 22.6 ‑ 136.2 ‑ FX 1.8 5.8 5.8 (7.0 ) 132.6 125.0 like growth 3.9% of and 4.1%, while respectively, the more ‑ for ‑ dependent Europedependent a like saw ‑ 2018 E like growth was especially strong in the airport less so in channel the (+4.6%), 698.0 584.6 2,821.5 ‑ U Full year 4,695.3 2,389.1 1,721.6 1,023.6 for EN ‑ E 4.5m). which in had 2018 contributed starting in March. This than more compensated for the impact the of sale businesses of in the Czech Republic as from 2019 May ( Europe: increased from the of E 7.1m revenue full North America: increased of E 45.6m revenue from Avila Retail & Development Management, LLC since (consolidated September and 2018) Pacific Gateway Concessions, LLC This extra (acquired was than in more 2019). May late revenue offset by the impact the of sale motorway of operations, center travel as from the in Canada 2019, May of end ( EV 2019 The increase mainly is due the to solid growth in like Like R The Group earned E 4,996.8m of consolidated revenue an in increase 2019, 3.5% of at constant exchange (+6.4% rates current at on the exchange previous rates) year’s of E 4,695.3m. revenue Thedifference betweenmotorway the channel two channels (+1.1%). affected revenue growth by region: North America and International, airports where predominate, like enjoyed motorway • In 2019 revenue was boosted revenue In by openings new 2019 in North America LaGuardia, (New York Dallas Worth, Charlotte Fort Orlando, and Denver, San José airports), North Europe (Netherlands and Asia Norway), (Vietnam and India) and the Middle East (United Arab Emirates). Closures reflect the streamlining process underway in Europe (and particularly gradual exit in from as Italy), as the well & Rast the Tank Group’s motorway business in Germany. The extra from acquisitions revenue minus disposals to the due lostrevenue produced a negative balance E 11.4m, of as a result the of following: • that growthNote revenue benefited in 2019 from the existence 53 week of in North America was (there fifty no and from exchange gains E 132.6m of caused primarily by the depreciation the of euro against the US dollar. 6 4 7.1 692.4 2,950.6 Full year 4,996.8 1,021.7 1,714.1 2,635.6 orth America * Other European Other European countries of which: Italy North America ($m) Europe Total Revenue Total N International * (Em) Autogrill Group Annual Report 2019 Czech Republic were sold ( Republic Czech the in policy, operations streamlining of the part As February. previous the acquisition ( full the and Netherlands the in of outlets performance strong the channel, railway the in of new openings rates), because mostly channels other Revenue in year. the during growth traffic modest reflecting 1.1%, by improved performance implicit interest on leased goods ( goods leased on interest implicit ( of right depreciation the recognize did Group the 2019, in while acost as 28 to E 386.7m) (amounting portion fixed this new standard the with accordance in notes, the in explained better As expenses. operating under classified fees concession no longer is and of lease portion fixed the since measure, performance alternative of this significance the 2019 limits 1January 16 from of IFRS adoption The of revenue. 19.2% or 2019 to E 960.6m in came EBITDA E ( Germany in business Tank &Rast the from exit gradual ( operations of Canadian disposal to the rates), due mainly channel motorway the In revenue total. to the added E 44.0m America North Week in strategy. 53 allocation Group’s the reflect capital that acquisitions States, United the in Concessions Gateway Pacific Development and &Management Retail Avila from E 45.6m included Revenue channel. this in closures the offset more than of new openings contribution Group. The the by served regions to all rates), exchange thanks (+12.3% at current channel airport revenue the in Overall (Em) (Em) REVENU BYCHANNEL 16 7.1m), which in 2018 contributed to revenue from the month of March only after its its after only of March month to revenueE 7.1m), the from 2018 contributed in which 356.3m), other operating expenses ( expenses operating other E 356.3m), Total Revenue O Total Revenue Airports O Airports Motorways Motorways BITDA t ther channels ther ther channels ther 18.3m in lower income from sublease contracts included under “ under included contracts sublease from E 18.3m by income lower in offset partially fees, concession and leases of components fixed the of recognition the in E 386.7m: adecrease for E 405m he difference in “ in difference he L eases, rentals, concessions and royalties” between 2019 to 2019 16 IFRS and between comes royalties” excluding and concessions rentals, eases, 3,080.8 1,521.6 4,996.8 Full year 394.3 2019 ‑ , revenue was down by 5.5% ( , revenue by down was E 4.5m). showed a net increase of 7.5% (+8.2% at current exchange of 7.5% exchange showed anet increase at current (+8.2% 1,588.6 2,742.2 4,695.3 E 72.1m). Full year 364.5 2018 0.1m) and financial expense in the form of form the in expense financial and E 0.1m) increased by 8.1% at constant exchange rates exchange at 8.1% constant by increased ‑ year consolidation of Le CroBag GmbH CroBag of Le consolidation year 108.3 132.6 22.2 2.1 FX Full year2019 136.2 1.4 119. 3,080.8 1,521.6 4,996.8 15.5 Like‑for‑like 1.4 394.3 O ‑ ther operating income” operating ther ‑ 4.2% at current exchange exchange at current 4.2% 38.9m). Like E 38.9m). ‑ 59.7m) and the Group’s the E 59.7m) and Organic growth 0.4% 4.6% 1.1% 3.1% 16 Full year2018 was not recognized not recognized was Openings 1,588.6 2,742.2 301.2 4,695.3 374.5 34.2 ‑ 364.5 39.1 ‑ of for use assets assets ‑use ‑ like like (279.8) Closings (381.2) (85.3) (16.0) exchange rates Acquisitions At current Change vs.2018 12.3% ‑4.2% 45.6 52.7 8.2% 6.4% 7.1 ‑ Disposals (59.7) (64.1) (4.5) exchange rates ‑ At constant Calendar ‑5.5% 3.5% .5% 5 7. 44.0 8.1% 50.9 6.4 0.5 1. Directors’ Report ‑ ‑ ‑ ‑ 29 0.6 0.5 4.3 1.6 0.9 2.0 0.3 0.7 0.5 0.4 29.7 24.3 (0.0) 23.4 Full year 2018 ‑ ‑ ‑ 4.8 2.2 2.9 0.9 1.3 0.9 0.2 4.8 4.8 0.7 (7.1) (8.0) (111.1) (111.0) (119.6) Full year 2019 excluding IFRS 16 E 386.9m or 11.5% in of 2018), ‑ ‑ ‑ 4.8 2.2 2.9 0.9 1.3 0.9 0.2 4.8 4.8 0.7 (7.1) (8.0) (111.1) (111.0) (119.6) 18 Full year 2019 nited States and the streamlining of channels in China recurring that elements affected orthe previous 2019 year are as follows: ‑ 17 his initiative gave employees close toretirement the chance to enjoy an early and guaranteed pension while maintaining for bothfor years, costs stock option for plans (“Phantom Stock Options” and “Performance Share Units”). The estimated cost the of “Phantom Stock Option” plan is heavily impacted by the performance Autogrill of shares and their fluctuation; the capital gains realized from in the 2019 sale motorway of operations in Canada and all businesses operated by the Group in the Czech Republic, transaction of net costs; the costs incurred the for acquisitions Pacific of Concessions, Gateway LLC (in and Le CroBag (in2019) GmbH 2018); the costs incurred efficiency for in 2019 programs in the United States, China and Italy; early retirement costs and other expenses associated with the “intergenerational agreement” launched in Italy in 2018. the company’s momentum through the hiring of talented young workers Mostly for robot automation in the U t

EBITDA 2019 excluding EBITDA IFRS 2019 came 16 574.0m E to ( revenue, up fromrevenue, 8.2% the figure previous This year. year’s washeavily influenced by the capital gains from the sale operations of on Canadian motorways and in the Czech Republic, which totalled transaction of net 127.6m E costs. Unusual, non • • • • 17 18 The impact these of by business elements down segment below. is broken • fficiency projects costs fficiency projects costs fficiency projects costs E Europe plans incentive Stock‑based management Acquisition fees Total Cross‑generational deal and other efficiency project costs Corporate plans incentive Stock‑based management E Cross‑generational deal and other efficiency project costs Acquisition fees Stock‑based management incentive plans incentive Stock‑based management Gain on operating activity disposal net of transaction costs International plans incentive Stock‑based management E Gain on operating activity disposal net of transaction costs North America (Em) Autogrill Group Annual Report 2019 30 CHANGE IUDRLYING EBITDAMARGI 336.6m for the year, for of revenue. the 6.7% or at E 336.6m stood EBIT E reflected. been centers has at shopping outlets for loss various impairment where an ( E 11.7m 2019 to in came losses 2019. 2018 and Impairment in acquired of assets of depreciation start the rates); reflects rates (+13.0% exchange trend exchange the at current constant of 9.9% at increase for an 2018, to E 267.7m, in E 236.9m amount with compared losses impairment and amortization depreciation, 16, IFRS excluding basis the On 16. IFRS standard new accounting the with accordance in assets of right for depreciation E 356.3m 2019, in including to E 624.0m came These D (Em) performance at North American airports. American at North performance strong and Europe in profitability improvement due is of the toMost increased year. previous the rates), 8.9% exchange 9.3% or of revenue with compared current ( E 462.9m to 16 amounts IFRS excluding EBITDA elements, underlying out these factoring After EBITDA margin underlying Stock‑based managementStock‑based incentive plans EBITDA underlying costs project Cross‑generational deal and other efficiency fees Acquisition costs of transaction net disposal activity operating on Gain EBITDA margin margin EBITDA EBITDA BIT EPR FY 2018 8.9% E CIATION 9.1m 2018) and were concentrated in the United States, Spain and China, China, and Spain States, United the were in 2018) concentrated and E 9.1m 0.3% 416.7m in 2018), an increase of rates (+11.1% 7.6% exchange 2018), increase at at in constant an E 416.7m Exchange rate difference , AMORTIZATION 2.3% Other operating income

Raw materials, 0.1% supplies and goods 0.3%

A Personnel

N expense Full year2019 D IMPAIRM 1.0% Leases, rentals, (127.6) 19.2% 70% 17.0 960.6 concessions 849.5 0.9 5.9 9.6 0.1% excluding IFRS 16

EN Other operating costs Full year2019 T LOSS (127.6) 1 5% 11. 462.9 Full Year 2019 574.0 9.3% 0.9 5.9 excluding IFRS 16 9.3% 9.6

E impacts S Full year2018 .7% 7 7. IFRS 16 impacts ‑ of 386.9 416.7 8.2% 8.9% 25.3 use ‑use 3.0 1.5

FY 2019 17.0 % ‑ exchange rates At current Change vs.2018 48.4% 11.1%

exchange rates At constant 43.4% 7.6%

1. Directors’ Report

31 6.1% 95.7% 3.1m in At constant E exchange rates

QUITY QUITY 4.5m ( 16.4m in Italy: 10.1% 104.1% Change vs. 2018 At current exchange rates 8.6m in tax deferred ) FROM E E S ‑ 1.5 3.0 EN 25.3 3.8% 179.8 150.0 XP recurring charge E 4.4m. of ‑ E 150.0m in and 2018) roseE 150.0m from 3.2% E ( Full year 2018 COM 9.6 0.9 34.5m the figure previous The 2019 year). 8.7 4.0% N E 198.0 306.3 (127.6) D I N Full year 2019 E A excluding IFRS 16 S year losses offset to taxable income the for year and ‑ 9.6 0.9 8.7 29.6m for the 29.6m for capital gains tax on the sale the of motorway EN 4.6% 228.2 336.6 year losses and the impact the of U.S. tax reform in 2018, was (127.6) ‑ 47.7m in 2019 ( in 2019 47.7m XP Full year 2019 TS CIAL E N EN TAX A E N STM T FI COM 12.9m in tax deferred assets on previously unused losses, in light the of improved 3.5m for the 3.5m for use prior of N NVE 21.7% compared in with 2019 22.3% the previous year. The adoption IFRS of the to led 16 recognition E of in 2019 assets. E earnings projections the for next five years. This taxes includes item charged on operating profit (IRAP in Italy and CVAE in amounting France), E to 2018). thanNote in the 2018 U.S. tax a non to reform led The average taxThe average rate, excluding IRAP, CVAE, the tax deferred assets recognized by the on priorparent in 2019 EBIT excluding IFRS ( amounted 16 E 306.3m to last year 6.1%, in to revenue of due large part the to capital gains on the sale of operations. Underlying EBIT excluding IFRS came 16 E 198.0m, to up from 179.8mE in 2018, an current at increase This constant at exchange 6.1% of rates). exchange (+10.1% rates puts 4.0% at it an on the 3.8% improvement revenue, of previous the year’s despite increased depreciation in connection with greater capital expenditure the over past two years. I Income tax came E to a provisionincludes E of business in Canada. The total tax liability by is benefits reduced E of E NE financial net 2019, For expense E 99.0m of E 72.1m includes in implicit interest on leased assets in accordance with IFRS 16. financialNet expense excluding IFRS E 26.9m, comes to 16 down from E 29.1m in was2018. essentially cost debt of The average unchanged 3.4%. at incomeNet from equity investments, amounting E 36.4m to mostly in 2019, reflects the 38.0m E from the sale joint of ventures as part the of disposal Canadian of motorway business. I Acquisition fees Cross‑generational deal and other efficiency efficiency other and deal Cross‑generational project costs underlying (EBIT) profit Operating Gain on operating activity disposal net of transaction costs Operating profit (EBIT) profit Operating plans incentive Stock‑based management underlying margin EBIT (Em) Autogrill Group Annual Report 2019 32 21 20 19 (Em) non and parent of the to owners attributable net profit 16 reduced the of IFRS adoption time first The 2018). Non ( to E 205.2m amounted parent of the to owners attributable 2019The profit TH FOR PROFIT 14.8% at current exchange rates. exchange at current 14.8% E 116.6mwas ( 16 IFRS excluding parent of the to owners attributable net profit 2019The underlying above. discussed as performance operating improvement in an reflects also Republic, Czech the in businesses and Canada in travel center operations of motorway sale the on gains capital the by influenced heavily is which 2019 The 2018. net profit, in E 68.7m with compared to E 236.8m, 16 came IFRS excluding parent of the to owners attributable netThe profit standard. previous the under have recognized would been fees concession that and of lease portion fixed the than greater is sum whose goods, leased on charges financial implicit to right relating depreciation increased the is reduction this for reason The followed 2018. in standard accounting the applying by obtained been Gain on interest in Canadian JV sold JV Canadian in interest on Gain costs project Cross‑generational deal and other efficiency managementStock‑based incentive plans Acquisition fees Acquisition costs transaction of net disposal activity operating on Gain of the parent) Net profit (attributable to shareholders U T Earnings per share underlying – basic ( –basic underlying share per Earnings ( –basic share per Earnings shareholders of the parent) to (attributable underlying profit Net ax effect t t t S reform tax impact tax S reform existence of tax losses tax of existence statements and the theoretical tax charge tax theoretical financial the and consolidated statements the in recognized taxes between areconciliation for XXXVII note See year. previous the for estimate T 2017 downward. in adjusted was estimated 2018 in rules, benefit new the the about clarifications 2016. to later of light In respect with liability tax the lowered his refers to the disposal of the Canadian motorway travel center operations, for equity‑measured investments only investments equity‑measured for operations, center travel motorway Canadian the of disposal the to refers his he tax effect was not calculated in 2018 for non‑recurring components concerning the Italian companies, due to the the to due companies, Italian the concerning components 2018 in non‑recurring for calculated not was effect tax he he tax charge for 2017 was calculated using the rules and rate in force as a result of the 2017 the of aresult U as force in rate and rules the using 2017 for calculated charge was tax he 20 ‑ 21.1m ( to E 21.1m came interests controlling 101.6m in 2018), an increase of 11.7% at constant exchange rates and rates and exchange at constant of 11.7% 2018), increase in E 101.6m an ‑ 33.2m compared to the result that would have would that result to the compared E 33.2m by interests controlling 21 E Y E E cent.) AR 19

E cent.) he tax charge for 2018 was estimated on the same basis as the revised revised the as basis same the on 2018 for estimated charge was tax he Full year2019 (127.6) (38.0) 205.2 17.8m the previous year).E 17.8m previous the 26.1 33.4 80.7 85.0 8.7 0.9 9.6 ‑ excluding IFRS 16 Full year2019 ‑ of use assets and the the and assets ‑use (127.6) (38.0) 236.8 116.6 26.1 45.9 93.1 8.7 0.9 9.6 ‑ .S. tax reform, which which reform, tax .S. Full year2018 68.7m in in E 68.7m 101.6 25.3 68.7 40.0 (1.2) 27.0 4.4 3.0 1.5 ‑ ‑ exchange rates At current Change vs.2018 14.8% n.s.

exchange rates At constant 17% 11.7 n.s.

1. Directors’ Report

33 8.3 6.1 6.8 8.2 8.7 8.7 11.1 93.0 93.0 84.7 23.8 (0.5) 96.4 113.3 212.6 (41.9) (33.2) (28.6) (86.4) (31.0) (14.3) 188.8 (93.2) (119.6) (119.6) CIAL CIAL At constant N exchange rates A N

6.1 7. 5 8.0 8.6 12.1 10.9 (5.6) 24.1 24.9 ( 9 7.1) 115. 5 115. 5 109.5 (86.3) (26.2) 143.5 (34.0) 228.0 109.9 (13.7) (34.2) (34.3) 204.0 ther non‑current non‑financial (112 . 5) (112 . 5) roperty, plant and equipment” Change vs. 2018 P O At current T OF FI exchange rates time adoption IFRS of 16, as ‑ ‑ ‑ EN M 7 7. 3 29.4 ther an increase receivables” in of E 27.8m; 55.2 48.0 741.0 671.1 671.1 121.6 844.9 (15.5) 685.9 960.9 166.6 982.7 E 860.4 O (130.1) (173.9) (251.1) (430.7) 1,412.1 (376.5) 1,412.1 1,972.9 (390.4) 1,542.2 31.12.2018 ‑ D STAT ‑ 23 E ( 7. 5 ) 79.2 38.0 55.4 88.2 969.1 818.7 558.6 558.6 152.9 889.8 133.7 826.2 985.8 on‑current financial liabilities” a decrease of E 2,098.4m; in (124.1) (260.1) (464.7) 2,116. 4 (410.7) 1, 527.6 1, 527.6 1,651.7 (396.0) (348.3) ther payables” of E 4.5m; a decrease in “ 1,092.6 N IFRS 16 excluding O 31.12.2019 SOLIDAT N 96.9 7 7. 6 38.0 55.4 935.9 558.6 125.1 133.7 (73.6) 985.8 462.0 858.3 (115.3) (474.5) (397.2) (365.1) 2,947.9 (391.5) 2,851.0 3,999.2 4,473.6 3,883.8 3,883.8 2,359.0 1,090.9 2,924.6 (2,389.3) N POSITIO NCIAL 31.12.2019 D CO A E 22 N E 5m) classified as non‑current financial receivables in the net financial position and included in other N ‑use goods of operated under lease or concession contracts. These of ‑ ‑use assets, amounting E 2,359.0m to measured 31 at were December 2019, for of on‑current financial a decrease assets” in of “Current E 66.1m; financial a decrease liabilities” of E 373.8; in “Cash ‑ rade payables” an increase of E 13.5m; in “ he figures in the reclassified consolidated statement of financial position are directly derived from the consolidated T N CLASSIFI financial statements and notes, with the exception of “Financial which assets”, do not include “Financial receivables fromthird parties” ( financial assets (non‑current) in the consolidated statement of financial position Adjusted excluding the effects of the first‑time adoption namely: of IFRS 16, an increase in “ 1.7m; a decrease an increaseof E 1.7m; in “Right of use” in of “ E 2,359.0m, “ assets and liabilities” a decrease of E 8.8m; in “ “ and cash equivalents and current financial entirely assets” of E 16.8m, attributable to current financial assets E t

As discussed length at in the the to notes financial statements, withthe adoption of IFRS the 16 financial of statement position asset a new representing includes now item the right right 22 23 1.2.4 FI 1.2.4 R Comments on changes in the consolidated financial of statement position can be found in the the to notes financial statements. These changes are compounded by the effects the of first shown in the following and table by the impact the of acquisitions and disposals reflected in the cash of statement flows below. POSITIO Non‑current assets Equity Net invested capital (A + B + C) Working capitalWorking Current net financial indebtedness financial net Current Other non‑current non‑financial assets assets non‑financial Other non‑current and liabilities Non‑current financial indebtedness Total (E + F + G), as in D) Total (E + F + G), ther receivables ther ther payables ther on‑current financial liabilities on‑current financial assets on‑current financial quity attributable to non‑controlling interests non‑controlling to attributable quity quity attributable to owners of the parent roperty, plant and equipment rade receivables rade rade payables rade Intangible assets Intangible P Right of use assets assets Financial A) E) N D) Inventories T O T O B) E G) C) E N Cash and cash equivalents and current financial assets Invested capital (A + B) F) Current financial liabilities Total net financial position (F + G) Net finance lease liabilities Net financial position H) (Em) Autogrill Group Annual Report 2019 34 24 (Em) FLOW CASH (Em) follows: broken as be down can liabilities” lease itemTherefore, “Net the finance “Non in E 2,098.4m and liabilities” financial “Current in of E 373.8m recognition led to the also 16 has of IFRS adoption The “Non in E 66.1m and assets” financial current and equivalents “Cash &cash in E 16.8m recognized it has accordingly, rights of these some transferred it has which through America, North in mostly sublet agreements, to various aparty also is Group The were acquired. new contracts as year the during revised date and that of as existing leases and due contracts concession under payments fixed substantively or fixed future of the present value of the 2019 basis the on 1January on time first the of transaction costs of transaction net disposal activity operating on Gain N liabilities financial Current P Change in net working capital E liabilities lease finance Net N assets financial current and equivalents cash and Cash Free operating cash flow cash operating Free O N T Cash flow from operating activities Implicit interest in lease liabilities lease in interest Implicit travel center operations in Canada in operations center travel motorway of sale the from generated flow Cash investment operating after flow cash Net N activities operating from flow cash Net of P of acquisition the by absorbed flow Cash of Autogrill Czech S.r.o. Autogrill of sale the from generated flow Cash Dividend payment Free operating cash flow pre dividend LL Avila, of acquisition the by absorbed flow Cash L of acquisition the by absorbed flow Cash ax paid ax rincipal repayment of lease liabilities lease of repayment rincipal BI

on‑current financial liabilities financial on‑current on‑current financialon‑current assets et interest paid interest et et operating investment ther non cash items Including dividends paid to non‑controlling shareholders, net of capital increases capital of net shareholders, non‑controlling to paid dividends Including T e CroBag GmbH e CroBag acific Gateway Concessions, LL Concessions, Gateway acific DA 24 C ‑ current financial assets”. financial current C ‑ current financial liabilities”. financial current Full year2019 ‑ of (332.7) (325.0) (127.6) (24.7) 960.6 (43.5) (72.4) 164.2 (32.2) 372.0 .0) 0 7. 2 ( 496.1 174.7 131.2 use to third parties; parties; to third ‑use (6.0) (2.2) (9.7) 39.3 9.5 ‑ excluding IFRS 16 Full year2019 (332.7) (127.6) (24.7) (43.5) 164.2 (32.2) 574.0 423.7 372.0 .0) 0 7. 2 ( (16.9) 174.7 131.2 (6.0) (5.9) 39.3 9.5 Full year2019 ‑ ‑ ‑ (2,098.4) (2,389.3) (373.8) 66.1 16.8 Full year2018 (290.3) (30.3) 386.9 (23.4) (55.8) (59.0) 323.7 (98.7) (42.9) 77 4 7. 37 1.3) 3 (17. (6.4) 33.4 (3.1) ‑ ‑ ‑ ‑ ‑ ‑ Change (127.6) 164.2 (42.4) (32.2) (10.5) 229.9 87.1 18 217.6 53.0 (2.8) 12.3 46.3 48.3 (1.3) 7 3 17. 3.3 9.5 5.9 ‑ ‑ 1. Directors’ Report ‑ ‑ ‑ ‑ ‑ 35 33.4 33.4 rate byrate ‑ Full year 2018 Full year 2018 76.3m because recurring ‑ 57. 4 39.3 ( 7. 8 ) (18.1) (10.3) (18.1) (10.3) Full year 2019 Full year 2019 E 48.3m the previous The balance year). C for nited States controlling and shareholders dividends paid to rate debt, including debt, rate converted fixed to debt ‑ ‑ 135.5m), due particularly due 135.5m), the to disposal the of Canadian E dividends, while in absorbed it 2018 E 42.9m. ‑ recurring transactions in the United States. ‑ acific Gateway Concessions, LL N POSITIO NCIAL A N T FI T et cashflow after operating investment relating to ax paid on the capital gain from the disposal of the motorway Net cash flow after operating investment relating to non‑recurring transactions carried out in the United States which the seller had agreed to under contract Net cash flow from operating activities relating to non‑recurring transactions carried out in the United States Investments made following the commitment entered into as part of the purchase of P (for details see next table) next see details (for N non‑recurring transactions carried out in the U Net cash flow after operating investment excluding the effect relating to non‑recurring transactions carried out in the United States T travel center operations in Canada Net cash flow after operating investment them by the consolidated compared companies with cash E 7.3m, of generated the in 2018.absorption E 7.5m of The following summarizes table cash flow “Net after operating excluding investment”, the impact the of non NE The total financial net position amounted 31 at December 2019 E 2,947.9m, to E 2,389.3m in lease net liabilities.including As the of same date, the financial Group net position stood E 558.6m, at down from E 671.1m 31 at December 2018. The reduction is explained by the cash generation of net thefor year. was denominatedAt debt net the of in 50% US close 2019, of a year dollars (63% earlier) and the rest in euros. Fixed of theof acquisitions Le of CroBag and GmbH Avila Retail & Development Management, LLC. The combined effect the of components above means that the in Group 2019 generated pre cashnet E 174.7m of theIn Group 2019 paid E 50.8m in dividends ( (Em) The balance between the proceeds disposals of and outlays acquisitions for was strongly positive (+ in 2019 motorway operations. center travel In this 2018 figure was a negative E between capital increases from non Cash flow from operating activities increased by E 46.3m, with strong cash generation partially offset by a negative change in working net capital. cashNet flow after operating investment came E 39.3m, to in due part an to increase of E 42.4m in investment associated with the expansion the of contract portfolio. cashNet flow after operating investments stemming from the non transactions in the United States was a negative E 18.1m, as detailed below: (Em) Autogrill Group Annual Report 2019 36 2023. June until valid amount, same of the facility arevolving and $200.0m original of an facility term amortizing of an consists loan 2020. This June due in originally Corp., HMSHost subsidiary the 2018 by June 26 on contracted loan term made the on was payment $50.0m 2019 first In the • • lines: new credit two obtained S.p.A. 2019, Autogrill August In 2018. December 31 at 8months and 3years with compared 10 months, and 2years of about life remaining of long and banks from lines non of committed primarily consists bondholders and toDebt banks of 2018. close at the E 1.7m anegative with compared E 2.8m, 2019 December apositive at 31 was derivatives rate hedging of interest value fair The 2018. end of at the 33% with compared total of the 40% was rate swaps, of interest means 25.0m will be settled at that time. at that settled be will E 25.0m of commitment credit revolving entire The 2024. August in maturing of E 25.0m line credit a revolving remaining maturity; on E 12.5m of the reimbursement with 2021, August in starting of E 12.5m payments annual three involving 2024, August in of maturing E 50.0m loan term amortizing an ‑ term bonds (private placements). Loans have an average have placements). an (private Loans bonds term ‑ current credit credit current 1. Directors’ Report OPERATING 1.3 SEGMENTS

REVENUE BY GEOGRAPHICAL AREA

Change vs. 2018

At current At constant (Em) Full year 2019 Full year 2018 exchange rates exchange rates

North America 2,635.6 2,389.1 10.3% 4.8%

International 6 4 7.1 584.6 10.7% 10.3%

Italy 1,021.7 1,023.6 ‑0.2% ‑0.2%

Other European countries 692.4 698.0 ‑0.8% ‑1.6%

Total Europe 1,714.1 1,721.6 ‑0.4% ‑0.8%

Total Revenue 4,996.8 4,695.3 6.4% 3.5%

EBITDA BY GEOGRAPHICAL AREA

Change vs. 2018 Full Year 2019 At current At constant Full year % on excluding % on Full year % on exchange exchange (Em) 2019 revenue IFRS 16 revenue 2018 revenue rates rates

North America 581.6 22.1% 403.8 15.3% 261.6 10.9% 54.4% 46.6%

International 10 7. 6 16.6% 59.5 9.2% 60.0 10.3% ‑0.8% 0.2%

Europe 301.2 17. 6% 141.4 8.2% 89.5 5.2% 58.1% 56.9%

Corporate costs (29.8) ‑ (30.7) ‑ (24.1) ‑ ‑27.6% ‑24.3%

Total EBITDA 960.6 19.2% 574.0 11. 5% 386.9 8.2% 48.4% 43.4%

EBIT BY GEOGRAPHICAL AREA

Change vs. 2018 Full Year 2019 At current At constant Full year % on excluding % on Full year % on exchange exchange (Em) 2019 revenue IFRS 16 revenue 2018 revenue rates rates

North America 281.2 10.7% 260.5 9.9% 143.6 6.0% 81.4% 72.3%

International 26.4 4.1% 22.4 3.5% 24.5 4.2% ‑8.9% ‑5.3%

Europe 60.6 3.5% 55.4 3.2% 7.9 0.5% 604.8% 568.6%

Corporate costs (31.7) ‑ (32.0) ‑ (26.0) ‑ ‑23.4% ‑20.4%

Total EBITDA 336.6 6.7% 306.3 6.1% 150.0 3.2% 104.1% 95.7%

CAPITAL EXPENDITURE BY GEOGRAPHICAL AREA

Change vs. 2018

At current At constant (Em) Full year 2019 Full year 2018 exchange rates exchange rates

North America 2 0 7. 5 153.7 35.1% 28.2%

International 29.3 35.7 ‑18.1% ‑18.6%

Europe 104.6 106.8 ‑2.0% ‑4.8%

Corporate 2.0 4.7 ‑58.4% ‑58.4%

Total Capital expenditure 343.4 300.9 14.1% 9.9%

37 Autogrill Group Annual Report 2019 weeks, as opposed to 52 in 2018. in to 52 opposed as weeks, 53 had 2019 added $ 57.0m the calendar that factor that fact to revenue the Another was 66.8m. of $ May 2019 in impact anegative had operations motorway of Canadian disposal the 2019), while June revenue from of $ 51.0m, effect contributed (with LLC Concessions, Gateway Pacific 2018) and September (consolidated since LLC & Management, Development Retail Avila operators, convenience retail airport of two acquisition The turnover. contract normal by caused closures offset José, San Denver, and Charlotte Orlando, Fort Worth, Dallas at New York including LaGuardia, openings, New airport traffic. in saw amore increase States modest United the in channel (+4.5%), motorway channel the while airport the in (+3.9%), especially Revenue growth in North America was driven by strong like strong by driven was America North in Revenue growth 38 26 t 25 ($m) REVENU BYGOGRAPHY dollar US the vs. Canadian rates of the exchange at rates (+4.6% current exchange constant at of 4.8% increase generated an revenue of $2,950.6m, America 2019In North REVENU NORTH AM Total Revenue Canada US t he change at current exchange rates includes the impact of the appreciation of the U the of appreciation the of impact the includes rates exchange current at change he his division includes operations in the U the in operations includes division his FY 2018 $ 2,822m 26 ), compared with $ 2,821.5m the previous year. previous the $2,821.5m with ), compared 50 FX/Calendar ERICA 51 Acquisitions 25 nited States and Canada and States nited (67) Disposals 298 Openings Full year2019 2,719.1 2,719.1 2,950.6 (301) 231.4 231.4 Closings ‑ for S dollar against the Canadian dollar Canadian the against S dollar (+3.9%) ‑ like performance performance like 98 Full year2018 Like‑for‑like 2,520.2 2,520.2 2,821.5 2,821.5 301.4 301.4

FY 2019 $ 2,951m exchange rates At current Change vs.2018 ‑23.2% 4.6% . % 7.9 exchange rates At constant ‑21.4% 4.8% . % 7.9 1. Directors’ Report

39 4.6% 4.8% 8.6% 2.7% 46.6% ‑14.0% At constant At constant

exchange rates exchange rates 4.4% 46.3% Change vs. 2018 4.6% 8.4% 2.7% At current ‑14.4% Change vs. 2018 At current exchange rates exchange rates boostingmeasures essentially ‑ 314.0 308.9 11.1% 10.9% 21.1 469.6 Full year 2018 2,821.5 21.4% constant at fully exchange rates) 2,330.9 ‑ Full year 2018 327.9 like growth 4.5%. of The solid performance in 452.1 11.1% 15.3% ‑ to ‑ Full year 2019 21.7 excluding IFRS 16 401.8 2,950.6 2,950.6 2,527.1 2,527.1 week calendar, the calendar, week acquisition Avila of Retail Development 651.1 ‑ 526.9 17.9% 22.1% Full year 2019 14.4% current at mostly due the to exchange disposal rates), in May Full year 2019 ‑ Revenue inRevenue the United States increased thanks by 7.9%, inparticular theto airport channel. The decline in in Canada revenue ( reflects the disposal the of motorway operationscenter travel in 2019. May EBITDA in North America amounted $ 651.1m, to or 22.1% revenue. of EBITDA excluding IFRS came 16 $ 452.1m. to As EBITDA a percentage revenue, of excluding IFRS rose The profit in 16 in from 15.3% to 2018 the 2019. 10.9% for year was heavily influenced by the capital gain on the sale motorway of operations center travel in Canada, which came ancillary of $ 133.9m to net costs. Underlying EBITDA excluding IFRS 314m ($ $ 327.9m of 16 in increased 2018) by 4.6% constantat exchange (+4.4% rates current at and exchange remained rates) at steady airport Greater 11.1% revenue. of and efficiency revenue Airport grew by 8.6% revenue constant at exchange (+8.4% rates current at sustainedexchange rates), by like offset the pressure on personnel expense. this channel is explained bynumber a factors: of increased passenger traffic, higher receipts,average the 53 & Management, LLC and Pacific Concessions, Gateway LLC and openings new at LaGuardia, York New Dallas Worth, Charlotte Fort Orlando, and Denver, San José airports. in the revenue motorway channelConversely, was down by 14.0% constant at exchange ( rates the of motorway2019 operations in Canada, as as well various temporary closures during the locations at renovations year (e.g. and on for the the Jersey New Turnpike Garden State Parkway) and the modest rise in traffic. ther channels % on revenue % on revenue Total Revenue Total O Motorways EBITDA Airports underlyingEBITDA ($m) EBITDA ($m) NNEL REVENUE BY CHA Autogrill Group Annual Report 2019 exchange rates) and a margin of 5.7%, down from 6.2% the previous year. previous the 6.2% from down of 5.7%, rates) amargin exchange and 40 Austin. and José San Newark, Detroit, Lauderdale, Fort Boston, Seattle, Minneapolis, New Orleans, serving airports the toward mostly went investments remaining The Parkway. Garden State TurnpikeJersey the and New the on of renovation locations the concerns increase of the portion significant year. A previous the on sharply up to $232.3m, 2019 in amounted expenditure Capital ($m) CAPITAL EXPENDITUR rates ( exchange at constant of 3.9% for adecrease E 174.6m 2018, in with 2019 to E 167.4m, 16 compared in came IFRS excluding EBIT Underlying year. previous the 6.0% from up of 9.9%, 2018), in for ($ $291.7m 16 was amargin 169.6m IFRS excluding EBIT 10.7% or of revenue. 2019 to $314.8m, in came EBIT ($m) EBIT Capex EBIT EBIT underlying % on revenue % on revenue % on % on revenue % on Full year2019 Full year2019 10.7% 190.5 314.8 6.5% 232.3 232.3 excluding IFRS 16 7.9% Full year2019 291.7 6.4 167. 5.7% 9.9% Full year2018 ‑ 4.1% at current at current 4.1% Full year2018 181.5 181.5 6.4% 169.6 174.6 6.0% 6.2% exchange rates exchange rates At current Change vs.2018 28.0% At current Change vs.2018 72.0% ‑4.1%

exchange rates exchange rates At constant At constant 28.2% 72.3% ‑3.9%

1. Directors’ Report 41

8.4% 6.0%

10.3% 10.3% 15.0% 43.8%

FY 2019 FY At constant At constant 647m E nited Arab

exchange rates exchange rates

ike‑for‑like L 23 8.1% 6.3% 17. 0 % 10.7% 10.7% 44.3% (+4.1%) Change vs. 2018 Change vs. 2018

ew Zealand and China) At current At current Closings exchange rates exchange rates orway) and other countries ( (29)

6 7. 8

penings O 516.9 415.7 584.6 584.6 168.9 67

Full year 2018 Full year 2018 Disposals

9 7. 8 urope (Schiphol Airport in Amsterdam; railwaystations and outlets in the

6 47.1 6 47.1 19 7. 7 549.3 449.4 Acquisitions

27 orthern E Full year 2019 Full year 2019 AL

N FX/Calendar nited Kingdom, Ireland, Sweden, Denmark, Finland and N 2 ATIO urkey, Russia,urkey, India, Indonesia, Malaysia, Maldives, Vietnam, Australia, N like revenue growthlike revenue was 4.1% thanks the to airport channel, with a N ‑

R FY 2018 FY 585m E for ‑ etherlands, the U mirates, T his area covers locations in N TE N E t N By geographical area, growth revenue was strong in Northern Europe (+8.4% at constant exchange rates, +8.1% current at and exchange the rates) Rest the of world current at constant at exchange exchange rates). and rates (+15.0% +17.0% Revenue inRevenue the International area amounted in compared 2019 E 647.1m, with to E 584.6m in 2018, an for at increase constant at 10.3% of exchange (+10.7% rates current exchange rates). Like particularly strong performance in the Middle East and Asia, partially offset by weaker traffic trends at airports in Northern Europe and the Netherlands. A significant contribution was by openings, new made particularly airports at in Norway and Vietnam (Oslo Stavanger), (Cam Ranh), India (NewDelhi) and the United Arab Emirates, as as well Dutch railway stations. 27 I REVENUE urope ther channels orthern E Rest of the world Revenue Total Total Revenue Total Airports N O REVENUE BY CHANNEL (Em) REVENUE BY GEOGRAPHY (Em) Autogrill Group Annual Report 2019 42 stations. railway at Dutch new openings well as as Dubai, and India in airports the 2018 and in of work completion forbegun the Istanbul in Gokcen airport Sabiha awarded contracts, of newly aresult as airport Beijing concerned area this in investments largest The (Em) CAPITAL EXPENDITUR 2018. in to 4.3% compared of 4.2%, rates) amargin and exchange rates (+9.3% at exchange current at constant of 13.4% increase for an 2018, in E 25.0m 2019 to E 27.3m, 16 in came with compared IFRS excluding EBIT Underlying year. previous the 4.2% from ( E 22.4m 16 was IFRS excluding EBIT year, of for revenue. the 4.1% or at E 26.4m stood EBIT (Em) EBIT to 9.5% 2019. year 10.3% in of revenue previous the rates) moved rates (+2.1% from exchange and exchange at at constant current 3.1% ( 16 of E 61.7m IFRS excluding EBITDA Underlying 2019. in 10.3% 2018 to 9.2% from in decreased 16 margin IFRS excluding Group’s the in operations EBITDA The newer markets. to support incurred costs rates ( exchange at constant 0.2% of increase 2018 to E 59.5m, an in E 60.0m from 16 decreased IFRS excluding EBITDA to E 107.6m, came area of revenue. 16.6% or for this EBITDA (Em) EBITDA Netherlands. the in outlets at performance improved and stations railway at Dutch new openings reflects growth channels, other the In new openings. as well as India and Vietnam in rates), performance exchange by driven (+6.3% at current rates exchange at constant of 6.0% enjoyed revenue channel growth airport The Capex EBIT underlying EBIT EBITDA EBITDA underlying % on revenue % on % on revenue % on % on revenue % on % on revenue % on revenue % on ‑ 0.8% at current exchange rates). This reflects the the rates). reflects exchange This at current 0.8% 24.5m in 2018), for a margin of 3.5%, down down of 3.5%, 2018), in for amargin E 24.5m Full year2019 Full year2019 Full year2019 16.6% 70% 17.0 109.8 107.6 4.8% 4.1% 26.4 31.4 60.4m in 2018) increased by by 2018) increased in E 60.4m excluding IFRS 16 excluding IFRS 16 4.5% 29.3 Full year2019 Full year2019 4.2% 3.5% 9.5% 9.2% 22.4 59.5 61.7 27.3 Full year2018 Full year2018 Full year2018 35.7 35.7 6.1% 10.3% 10.3% 4.2% 4.3% 24.5 60.4 60.0 25.0 exchange rates exchange rates exchange rates At current Change vs.2018 ‑18.1% At current At current Change vs.2018 Change vs.2018 ‑0.8% ‑8.9%

9.3% 2.1% exchange rates exchange rates exchange rates At constant At constant At constant ‑18.6% 13.4% ‑5.3% 0.2% 3.1%

1. Directors’ Report 43

‑1.6% ‑0.8% ‑0.2%

FY 2019 FY At constant 1,714m E

exchange rates

ike‑for‑like L like performance ‑ 26 ‑0.4% ‑0.8% ‑0.2% (+1.6%) Change vs. 2018 for ‑ At current

year consolidation Le of Closings exchange rates ‑

(83)

penings O 698.0 1,721.6 1,023.6 41 and the gradual exit & Rast from Tank 28

E 1,721.6mthe previous falling year), by 0.4% Full year 2018 Disposals E 38.9m), as as well the leave to decision ‑ (4) E 4.5m) caused by the disposal operations of in the ‑ 692.4

1,714.1 1,021.7 Acquisitions 7

Full year 2019 FX/Calendar 6 E

like revenue increasedlike revenue by 1.6% thanks outstanding to performance in the

‑

FY 2018 FY 1,722m E for strategic businesses. ‑ ‑ Including a negative impact of E 2.5m for temporary extraordinary closures in Italy

UROP 0.8% constant at exchange rates). ‑ The slight downturn in in Italy revenue reflects the streamlining the of motorway channel, partially offset by openings new and the positive like Revenue inRevenue Europe came E 1,714.1m to ( ( Like airport channel (especially in Germany Italy, and Belgium). In the motorway channel in product innovation, Italy, upgraded concepts and good management also a to led increasenotable especially in revenue, in the second likewise half were There 2019. of signs in improvement France of and in Belgium in the second part the of year. Closures and openings new decrease E 42m of revenue produced a net selective to due renewals in the Italian motorway channel 28 E REVENUE motorway operations in Germany ( especially in the second half the of year. non Acquisitions had a positive with impact E 7.1m of the full CroBag which GmbH, in had 2018 contributed from the revenue month March. of This thanmore offset the decrease ( Czech Republic with effect from 2019. May uropean countries ther E Italy O Total Revenue Total (Em) REVENUE BY GEOGRAPHY Autogrill Group Annual Report 2019 44 prior the rates) with compared of 17.4% rates (+18.1% exchange exchange increase at at an current constant E 134.3m, 2019 16 in was IFRS excluding EBITDA underlying above trends, of the aresult As Italy. in agreement” a non in factored expense 2018 personnel in Also, Republic. Czech the in of operations sale the from E 8.0m gain included acapital also net profit the results, operating these Beyond 2018. in GmbH, acquired CroBag of Le contribution the and channel airport to the chiefly well, thanks as countries European other the in improved Profitability productivity. labour on focus astrong sold and of goods cost the improvement in an Italy, with in management good and concepts upgraded innovation, product by explained mostly is performance improvement in significant The rates). exchange at current +58.1% rates and exchange (+56.9% at constant year previous the on E 51.9m by improved 16 of E 141.4m IFRS excluding EBITDA 17.6% or 2019 of to sales. E 301.2m, in came Europe in EBITDA (Em) EBITDA non in closures selective by offset more than was this stations, were at up railway sales while channels, other the In Spain. in locations additional and Italy in growth solid Germany, in and Belgium in revenue growth include significant channel airport the in performance strong the Factors behind France. and above for Italy, Germany described situations the reflects mostly channel motorway revenue the in Decreased (Em) REVENU BYCHANNEL half. second the in traffic French motorway in upturn an by and airports Belgian and at German results strong by lessened was of which year, effect of the the half first the during France in delicate economy, the unrest Germany, and in business motorway Tank &Rast the from exit gradual the by mainly were limited sales countries, European other In EBITDA underlying EBITDA Motorways Airports Total Revenue O % on revenue % on % on revenue % on ther channels ther ‑ 23.4m for early retirement and the “intergenerational “intergenerational the and retirement for early of E 23.4m charge recurring ‑ strategic businesses. strategic ‑ 113.8m. As a percentage of revenue, apercentage As of E 113.8m. figure year Full year2019 Full year2019 7 2% 17. 7 6% 17. 294.1 301.2 1,162.7 1,714.1 excluding IFRS 16 .2 7. 7 2 274.1 Full year2019 134.3 141.4 8.2% .8% 7. Full year2018 1,191.0 1,721.6 Full year2018 278.9 251.7 113.8 6.6% 5.2% 89.5 exchange rates exchange rates At current Change vs.2018 At current ‑0.4% ‑0.6% ‑2.4% 8.9% Change vs.2018 58.1% 18.1% exchange rates exchange rates At constant At constant 56.9% 7 4% 17. ‑0.8% ‑2.6% ‑1.0% 8.0% 1. Directors’ Report 45 ‑4.8% 48.3% 568.6% At constant At constant exchange rates exchange rates 50.2% Change vs. 2018 604.8% ‑2.0% At current Change vs. 2018 At current exchange rates E 24.1m an in 2018), exchange rates 7.9 32.2 1.9% 0.5% 6.2% 106.8 Full year 2018 Full year 2018 55.4 48.4 2.8% 3.2% 7.9m in 2018), for a margin for in 2018), 3.2%, of E 7.9m up from Full year 2019 6.1% 104.6 excluding IFRS 16 53.6 60.6 3.1% 3.5% Full year 2019 COSTS Full year 2019 underlying EBITDA excluding IFRS also 16 rosesignificantly, from 6.6% in to 2018 this7.8% year. CORPORATE centralizedIn 2019, corporate costs amounted E 30.7m to ( Most capital expenditure concerned Zurich airport, railway stations in Brussels and rest stops on Italian and motorways, French including some large in taken ones over recent bidding. increase reflecting of 27.6% reinforcement of governance the functions. Group’s Underlying corporate costs rose from E 23.4m in E 26.0m to 2018 in 2019. EBIT stood E 60.6m at or 3.5% the revenue. of for year, EBIT excluding IFRS was 16 E 55.4m ( 0.5% the0.5% previous year. Underlying EBIT excluding IFRS came in 16 E 48.4m, to 2019 compared with E 32.2m in 2018, an for increase 48.3% of constant at exchange(+50.2% current rates at andexchange a margin rates) 2.8%, of compared 1.9% to in 2018. % on revenue % on revenue % on revenue EBIT underlyingEBIT Capex (Em) EBIT (Em) CAPITAL EXPENDITURE CAPITAL Autogrill Group Annual Report 2019 46 1. Directors’ Report 47 he Group’s he Group’s 19 crisis19 had impacted Group ‑ S dollar and British pound; the trend in interest term developments withterm developments any ‑

29 term uncertainty the of situation, the Board Directors of is ‑ 19) crisis. ‑30m. ‑

ENTS V

EN E T 19, the guidance19, Autogrill the for year will 2020 Group’s be announced when 19 in19 the countries operates it (modifying where business hours, managing 19 began19 spread to in the second half January, of worldwide by rapid followed ‑ ‑ ‑

EQU his section includes forecasts and estimates that reflect management’s current thinking (forward‑looking statements), rates on those currencies; future demand; the price of oil and food raw materials; general macroeconomic conditions;geopolitical factors and regulatory changes in the countries served; and trends other travel with changescorrelate volumes in businessbusiness conditions. T especially as regards future performance, capital expenditure, cash flow and changes in the financialforward‑looking structure. By nature, statements have an element of risk and uncertainty because they dependevents. on Actual the occurrence results may of future differ, even significantly, as a result of various factors competition the how such concessions; as travel new for bids and trends renewals incontract the concession countries of outcome the served; channels and develops; thetrend in exchange rates against the euro, especially of the U revenue by about E 25 revenue In light persistent of uncertainty as the to potential overall impact and duration of COVID the situation is stable. more Considering the short taking a prudent approach and proposing the to that shareholders the profit net for be carried2019 forward insteadpaying of a dividend this year. its commitment reiterates managing to The however, Group, operations with a view to creating value in the medium/long term and confirms the investment pipeline. SUBS occurredSince have 31 events no December 2019, that entailed would have an adjustment the to figures reported or required additional disclosures. 29 t reliability. The Autogrill Group has taken significant measures protect to the health and safety and customers, its workers of while continuing provide to an essential public service in accordance with issued order by each the authorities. competent With declining, revenue the Group has steps taken the stem to a few impact of COVID and optimizing locations, limiting and administrative overheads costs, and etc.) has set up a task stay to abreast the of force changing situation all at times. As the of the of end first March of week the 2020, COVID Since early the 2020 Autogrill Group has been dealing with the impact the of coronavirus (COVID COVID contagion in February, affecting as as, well motorway, air traffic and leading more to serious consequences in a number countries. of is evolving The epidemic rapidly and at isthe extremely it moment difficult predict to short OUTLOOK 1.4 Autogrill Group Annual Report 2019 48 1.5 Consolidated non-financial statement CONSOLIDATED 1.5 NON‑FINANCIAL STATEMENT PURSUANT TO ARTS. 3 AND 4 OF LEGISLATIVE DECREE 254/2016

CONTENTS

1.5.1 INTRODUCTION 50 Required disclosures (decree 254/2016) and where to find them 51 Socio‑environmental policies and guidelines of the Autogrill Group 51

1.5.2 A‑COMPANY: THE AUTOGRILL GROUP 54 Creating and distributing economic value 54 Governance and compliance 54 Anti‑corruption 55 Sustainability for the Autogrill Group 55 Stakeholder engagement 56 Materiality analysis 56

1.5.3 PEOPLE: THE PEOPLE OF THE AUTOGRILL GROUP 57 Human resource development, training and appraisal 60 Remuneration and benefits 62 Diversity, equal opportunities and inclusion 63 labor relations 63 occupational health and safety 64 protection of human rights 65 Community development and engagement 65

1.5.4 PLANET: ENVIRONMENTAL PROTECTION 67 energy and emissions management 67 Waste management and packaging 69 Food waste 70

1.5.5 PRODUCT: PRODUCT QUALITY AND SAFETY AND FOCUS ON THE CUSTOMER 71 Focus on the customer 71 Accessibility and quality of services 71 product quality and safety 72 Healthy, balanced menus 73 product labeling and marketing 73 Responsible supply chain management 74

1.5.6 AUTOGRILL GROUP SOCIAL AND ENVIRONMENTAL DATA 76 1.5.7 PREPARATION CRITERIA 85 1.5.8 RECONCILIATION OF GRI/MATERIAL TOPICS 87 1.5.9 GRI CONTENT INDEX 88 1.5.10 INDEPENDENT AUDITORS’ REPORT 96

49 Autogrill Group Annual Report 2019 as material) with the corporate documents that provide those disclosures. those provide that documents corporate the with material) as (where identified Decree the by required disclosures the table reconciles following The • • • In particular: therein. contained is information the if Report) Ownership and Governance Corporate the and Statements Financial and Report Annual law Consolidated (the the with compliance in up drawn documents corporate referencing other by sometimes “Decree”), 254/2016 Decree (the Legislative by required disclosures the provides NFS The engagement. stakeholder model and management sustainability the on chapters by introduced is document The waste. and of energy, emissions management covers the and environment Planet: Autogrill of services. quality and accessibility management, chain supply marketing, and labeling safety, product and quality It covers product experience. content customer add and to the value that products Product: Autogrill opportunity. equal and diversity relations, union safety, labor and health occupational development resource training, and It covers employee human relations, community. local the and to customers service quality to provide aposition in team its put People: Autogrill practices. of decision transparency A‑Company: to business. its material as identified areas sustainability four following to the 50 Group’sAutogrill non consolidated 1.5.1 I reported in the sections below. sections the in reported are indicators performance environmental and social and Group policies risk management risk model organizational and management the Directors’ Report under “Financial and non and “Financial under Report Directors’ performance”; Group” “Group and Autogrill “The sections the in Report, Directors’ the in N it covers the creation of economic value, the effectiveness and and effectiveness the value, of economic creation it covers the TRODUCTION it represents the Group’s policies and initiatives for protecting the the Group’s for protecting it the represents initiatives and policies it expresses the Group’s employee care policies and initiatives that Group’s that the it expresses initiatives and employee policies care it describes the Group’s commitment to offering safe, high Group’s safe, the it describes to offering commitment , including with regard to non regard with , including ‑ making processes, anti processes, making ‑ financial statement (NFS) is structured according according structured is statement (NFS) financial ‑ financial risk management” section; management” risk financial ‑ corruption measures and competitive competitive and measures corruption on corporate liability is presented is liability corporate on ‑ financial risks, is described in the the in described is risks, financial ‑ quality quality 1.5 Consolidated non-financial statement 51 AUTOGRILL AUTOGRILL E term goals that ‑ Corruption Policy and ‑ S OF TH OF S M NE E lanet: environmental protection environmental lanet: roduct: responsible supply chain lanet: environmental protection environmental lanet: roduct: product quality and safety and eople: protection of human rights roduct: product quality and safety and chain supply responsible roduct: eople: occupational health and safety eople: the people of theAutogrill Group eople: the people of theAutogrill Group eople: community development and and development community eople: Anti‑corruption P P management P P customer the on focus P management P engagement P P p. 99‑107 Socio‑environmental policies and and policies Socio‑environmental guidelines of the Autogrill Group Anti‑corruption P P P customer the on focus pp. 15‑47 13‑14 Sections 6‑10, 4, 2, and policies Socio‑environmental guidelines of the Autogrill Group ELI D TH FS FS FS FS FS FS FS FS N N N N N N N DR N DR CGR N 2019 documents containing the disclosures 2019 documents D GUID D N E TO FI R S A S on‑financial statement on‑financial E E environmental policies and guidelines that start ‑ egislative D WH N FS: Consolidated N Consolidated FS: TAL POLICI TAL EN NM VIRO 254/2016) A EE 254/2016) EN CR E S (D E with the Group’s Code Ethics of with and the the Sustainability Group’s by Autogrill Policy (approved BoardS.p.A.’s Directors of in December and 2018) are also detailed in the Corporate Liability Policy and protocols pursuant the Anti Law 231/01, to SOCIO‑ Autogrill Group has a system socio of the Supply Chain Sustainability Guidelines Autogrill of S.p.A (hereinafter also mentioned as “the Parent company” or “the Company”). in its The Parent company, own Corporate Liability Policypursuant Legislative to has also Decree 231/01, established environmental a protocol for compliance specifying the principles be to withfollowed respect the to environment and natural resources. The Sustainability Policy defines social and environmental standards and provide the business units with guidelines defining for a sustainable approach their to operations. is the It foundation “Afuture” sustainability theof Group’s framework, which takes the the outcome of materiality analysis as a launching define to pad — consistently with the Code Ethics of and the Corporate Liability Policy pursuant — the long Law 231/01 to create sharedhelp all value for stakeholders. GROUP se of distinguishing energy, between renewable and Art 3.2(f) Disclosures on countering active and passive corruption Art 3.2(e) Information on respect for human rights and measures taken to prevent violations and discrimination Art 3.2(a)(b)(c) U non‑renewable sources; water consumption; emissions of greenhouse gases and pollutants; impact on the environment Art 3.2(d) Information on social aspects Art 3.2(c) Health and safety disclosures Art 3.2(d) Information on human resource management, including gender equality, adoption of international organization conventions and dialogue with workers’ rights groups Art. 3.1(b) Description of the main risks generated by or incurred in business operations Art. 3.1(b) Description of corporate policies, including due diligence Art. 3.1(a) Description of the business management and organizational model, including any corporate liability policies pursuant to L Decree 231/2001 Disclosures required by Decree 254/2016 Disclosures required D DISCLOSUR E 103‑2, 103‑3 Standard QUIR nvironment olicies E Anti‑corruption Human rights E Social People Risk management P Business model model Business Area covered by Area covered Decree 254/2016 GRI Key: N report; ownership and governance Corporate CGR: report; Directors’ DR: R Autogrill Group Annual Report 2019 Since early 2020, Autogrill Group has been dealing with the impact of the coronavirus (COVID coronavirus of the impact the with dealing been has Group 2020, Autogrill early Since regulations. laws and local and business of the specificities to the relation in units business individual the by managed are procedures and policies Environmental responsibilities. roles and procedures, processes, necessary the define which units, business individual the by enforced are guidelines and policies The served. countries laws of the the with compliance full and setting local for consideration the with balanced is principles Group’s of the level, where observance founding procedural at the reflected is This affairs. local strongly are for operations everyday responsibility of and management The management. business responsible on standards and guidelines international main the with keeping in it does, all in Group the characterize that integrity and honesty transparency, of fairness, principles the by inspired are guidelines and Policies included in the Consolidated Non Consolidated the in included be will disclosure appropriate An Report. of Directors’ 1.4 section the in disclosed are details Further authorities. competent the each by order issued with accordance in service public essential an to provide continuing while of workers its customers, and safety and health the to protect measures significant taken has Group 52 ‑key content Policy Group Sustainability Autogrill operates. anti with complies and counterparties) private and public to both respect (with exception without corruption prohibits and repudiates Group Autogrill The DISCRIMIN distinction without diversity enhancing in believes and each individual of dignity and personality the respects Autogrill DIVE community. local the to and customers to services valuable provide can they that so employees our of We take care want to PE AUTOGRILL A AUTOGRILL workers. of exploitation to any opposed is Autogrill FORC standards. international by defined as labour tolerate child nor will structures its inside labour of child use the rejects Autogrill CHILD LABOUR laws national with accordance in freedoms, of these importance undeniable the recognizing bargaining, collective and of association to freedom right the protects Autogrill FR career paths. along and process hiring the during including abuse, and of discrimination forms all rejects Autogrill OPL EEDOM OF ASSOCIATION ‑ corruption laws in all the countries in which it which in countries the all laws in corruption RSITY ED LABOUR E ATIO N D TH N E A N TI‑CORRUPTIO Financial Statement 2020. Statement ‑Financial N included in the Anti the included in rules of the follow, application enforce the and apply law, the must and with compliance full in well as as lawfully, and honestly transparently, correctly, ethically, activities out their to carrying committed employees Group strongly are Autogrill All carrying out their duties. out their carrying human rights. of protection the laws regarding international and national local, current all with complies Autogrill COMPLIA culture. corporate of asuccessful growth to the contributes multiculturalism, enhancing and respecting that believes firmly Autogrill LOCAL CULTUR wage. minimum of local respect the guarantees Autogrill MI levels. company all employees at all by behavior promotes responsible and safety and health of workplace protection for the adequatestandards guarantees Autogrill H knowhow. of sharing the and expertise each individual’s development the of support and to enhance seeks and capital of human value the in believes Autogrill D EV E N ALTH AN ELOPM IMUM WAG IMUM N EN C D SAF E T E S E ‑ Corruption Policy when Policy Corruption E TY ‑ 19) crisis. The The 19) crisis.

1.5 Consolidated non-financial statement 53

term ‑ G N N E E E CYCLI E C C N N E & R The Group carry its out activities in full compliance with all current local, national and international laws. WAST programsThe Group and promotes develops focused on reducing waste and responsible waste management, including projects support to circular practiceseconomy in food chain. WAST FOOD Autogrill is also committed ensuring to that consumption result not does in waste, adopting solutions that food waste keep a minimum to and supporting initiatives that support local communities. COMPLIA Autogrill in works accordance with local and laws foodapproved safety standards. SUPPLY CHAI SUPPLY Autogrill favours the creation stable, of long relationships with suppliers create to in order reciprocal value. It, therefore, acts with transparency, integrity, impartiality and contractual fairness. In addition, the fosters it adoption of socially responsible behaviour by suppliers, privileging commercial relationships with entities that with comply international regulations and principles relating individual to dignity, working conditions, health, safety and the environment. Recognizing important how the supply chain is, as a increasing to whole, the commitment to sustainability best practices, the Autogrill Group has released the Supply Chain Sustainability Guidelines that define the general standards be to used when assessing suppliers and the principles key approach sustainable to underlying the Group’s management its supply of chain. COMPLIA The following sections disclose the practices and procedures the of the of Group, business units and, relevant, where the of individual countries. TY E D SAF N N SUMPTIO RS E T R how acquired in the promotion and ‑ E NE Autogrill responsible promotes use water. of Autogrill and leads contributes reducing to energy consumption, the promotes use natural of resources, as as well the use and clean of energy, researches strategies aimed reducing at environmental impacts, improving its performance and defining commercial concepts and innovative solutions according the to principles energy of efficiency. WAT PLA to want protectWe the environment engaging by our partners, suppliers and with the contribution of our employees and customers. N CO ENERGY PRODUCT to want thinkWe innovatively in order to offer our customers productswhich guarantee safety and qualitycriteria and which allow themto enjoy and away take a positive memory of their experience inour points of sale. FOOD QUALITY A The Group listens the to needs and expectations of its customers, and is constantly looking new for consumer trends in to understand order how to innovate and increase the of excellence of the level food experience across all channels. Autogrill works with landlords and brand partners share to the know Autogrill guaranteesevery the day safety and quality the of products served from the raw materials the to finished product, following appropriate standards as as well using quality ingredients. requires It products be to prepared in sanitary, hygienic conditions which ensure protection from any and all risks andstrives to theinvolve entire staff in activities designed to increase awareness and understanding the of regulations and conditions established by the Group. CUSTOM management the of concession relationships. Autogrill Group Annual Report 2019 32 54 31 30 up drawn Report Ownership and Governance Corporate the see matters, governance corporate on information For stakeholders. the all with of trust arelationship create that practices behavioral on and decisions managerial in transparency toward geared is Group The of business. its particularities the and practices best international between balance proper the on based system governance adopted atraditional has Autogrill GOV Group. the within retained was 14% remaining the while stakeholders, external and internal to the distributed was 86% created, value all Of billion. E 4.9 more than distributed and value economic in E 5.7 billion more than created Group 2019, In the stakeholders. the among it spread and to generate wealth ability the is value economic distributing and Creating EATICR N everyday. us guide which values the keep reliable it are and simple be pace, the set open, be passionate, Be wellbeing. customers’ their and own their objective: same the world, over has the all locations employs, in Group the person Every OUR VA experience to their value adding more comfortable, journey their and more effective time We their make services. to our thanks happier, safer, destination more satisfied their move to reach the on people we want shopping, or it’s drinking Whether eating, about OU world. the in company travel food&beverage trustful and traveler centric To undisputed the be OU 1.5.2 Impairment losses Impairment losses on receivables Economic value distributed value Economic Economic value created by the Group by the created value Economic Adjustment to the value of financial assets financial of value the to Adjustment Financial income income operating other and Revenue Statement ofeconomicvalue(kE) Economic value retained by the Group by the retained value Economic Donations Remuneration of public institutions Reclassified operating costs operating Reclassified Reserves Provisions amortization and Depreciation Remuneration of lenders and shareholders and lenders of Remuneration Remuneration of personnel n t

net profit for 2019 be carried forward instead of paying a dividend this year this adividend paying of instead forward 2019 for carried profit be net to due C the uncertainty short‑term the Considering Directors. of Board the by meeting general annual the to proposed year, as Including profit/loss from discontinued operations R MISSION R VISION he remuneration of shareholders consists of the share of profits of the year that will be paid as dividends in the following following the in dividends as paid be will that year the of profits of share the of consists shareholders of remuneration he et of any capital gains from the disposal of operations of disposal the from gains capital any of et ER O VID‑19 emergency, the Board of Directors is taking a prudent approach and proposing to the shareholders that the the that shareholders the to proposing and approach aprudent taking is Directors of Board the emergency, VID‑19 N LUE G A A A‑COMPA or shopping. or S NC N 31 E D DISTRIBUTIN A N D COMPLIA N Y: TH 30 32 G E NC CO E E AUTOGRILL GROUP N OMIC VALU 5,604,364 5,604,364 3,075,627 3,075,627 1,652,876 1,652,876 4,933,000 5,761,530 205,188 612,367 612,367 125,215 828,530 1,58 117,15 36,357 36,357 75,522 75,522 (1,496) 10,975 10,975 3,760 3,760 5,147 5,147 2019 E 3,253,606 1,538,525 5,223,912 4,956,642 5,215,052 ,807 7 0 8 7, 2 2 258,410 258,410 99,840 12,823 (1,859) 7 0 8 7 17, (9,075) 61,119 3,552 2,061 2018 13 5,086,559 1,501,661 5,085,423 3,140,167 ,1, 49 4,811,2 212,662 274,174 93,822 13,672 ,840 4 8 7, 4 71,691 (1,079) (2,170) 3,909 1,316 2017 797 Stakeholder Consumers Lenders and shareholders Community Government P L andlords, suppliers and brand partners brand and suppliers andlords, ersonnel BE PASSIONATE KEEP ITSIMPLE GRI GRI Standard

103‑2, 103‑3 102‑43, 201‑1 Standard 103‑2,103‑3, SET THPACE BE RLIABL BE OPEN 1.5 Consolidated non-financial statement 55 risk), training in ‑ board commitment ‑ the ‑ corruption in laws every country ‑ 33 corruption by approved the Policy, Board of ‑ future Framework, Autogrill has also named a of Legislative of Decree58 24 of February 1998 and future Framework, the instrument the Group has created ‑ E AUTOGRILL GROUP ‑ future Roadmap, considering analyses materiality of and the ‑ related topics andrelated set priorities them for within operational and ‑ N ABILITY FOR TH N corruption and ethics, as as well targeted instruction on individual of pieces ‑ corruption whistleblowing laws, using system. the Group’s ‑ TI‑CORRUPTIO A legal corpus with rules to prevent American companies from bribing foreign public officials relationships in order business to createmaintain or

N in accordance with Art. 123 bis approved by approved theBoard Directors of together with the Directors’ Report (with reference Legislativeto in Decree particular, 254/2016 see Section 4 “Board Directors,” of Section 6 “Internal Board committees,” Section Committee,” Section 7 “Appointment 8 “Human Resources Committee,” Section “Control, Risk 10 and Corporate Governance Committee,” Section Statutory of “Appointment and 13 Section Auditors,” 14, “ Composition and operation the of Board Statutory of Auditors “). 33 the Corrupt Foreign Practices Act (FCPA). SUSTAI The Autogrill Group is committed doing to business in a climate dialogue of and openness with all and stakeholders fostering to respect individuals, for their fundamental rights and the specifics their of local context. Over the years, Autogrill projectshas developed regarding various aspects sustainability, of placing them conceptually within Operations and “Product”. three “Planet,” areas: broad “People,” are defined within the A international context as as well the United Nations Sustainable Goals. Development The Roadmap is part the of A legislation. This latter includes, in training Italy, every three years in the Corporate Liability Policy governed by Legislative (in this Decree 2019 231/01 was part the of “School program Excellence” of managers new for and future store managers) and in North America and the International positions area at (for considered A In addition the to Corporate Liability Policy Autogrill of S.p.A. and its Italian subsidiaries, the Group has an Anti Directors, which formalizes obligations and rules conduct of applying throughout the ThroughGroup. this document, the Group confirms its across served. Group General Counsel is in charge monitoring of the of proper enforcement whilepolicy, the local Legal Counsels monitor its implementation by and enforcement Internalother companies Audit in department the The Group’s Group. independently reviews and evaluates the internal control system make to sure the policy provisions are duly observed, on the basis the of annual program audit by approved the Board of Directors, while Group General Counsel the goes over policy periodically ensure to its effective Group companies enforcement. and their individual personnel must report any infringement reasonable suspicion infringement) of (or the of policy and/or anti All hires, new during the induction or onboarding phase, are informed the of standards on the be conductof to in followed job accordance with the Code Ethics of or Code of Conduct. In some countriesthe Group offers specificcourses and information sessions on anti to defineto sustainability to rejectto and corruption prohibit under all circumstances, with public officials and private parties alike and its promise observe to anti activities. reporting In this context, the the CSR of role Autogrill department is a shared promote to Group’s philosophy sustainable of and facilitate to engagement. For stakeholder development every identified topic in the A sustainability implementing responsible for and monitoring leader, the pertinent initiatives. 103‑2, 103‑3 103‑2, 103‑3, 205‑3 Standard Standard GRI GRI Autogrill Group Annual Report 2019 56 34 MATERIAL TOPICSOFTHAUTOGRILLGROUP COVID of the effects related to the assessments further any following 2020, also completed in be will process The interactions. scheduled specially through team management entire the involving aprocess through market, the in changes and context external of the assessment an with starting analysis, materiality its to revise 2019began Group In the below. reported are Group Autogrill for the material as 254/2016. topicsidentified The Decree of Legislative relevant aspects the topics and (GRI) Initiative Reporting Global of the consideration in including to Autogrill, “material” are of topics that list a is output The perspective). stakeholders (external the by to given them importance the and perspective) (internal company for relevance the of their of view point the self amanagement Through activities. outcome of stakeholder engagement the on and of results discussion and analysis the in management’s on participation based active identified topics are Material MAT stakeholders. its with partnerships and cooperation for lasting conditions the sets and dialogue fosters ongoing Group The of conduct. forms and principles priorities, applicable the of stakeholder and each kind for with relations guidelines sets which Ethics, of Code the Group’sThe in down laid values the on for stakeholders based its is care STAKEHOLD environment the for Autogrill community the for Autogrill community financial and the Autogrill for shareholders partners and brand Autogrill for landlords suppliers for Autogrill consumers for Autogrill employees for Autogrill Stakeholders A‑Planet A‑Product A‑People &Governance Business

In alphabetical order for each strategic area strategic each for order alphabetical In E RIALITY AN RIALITY ‑ 19 pandemic and will give rise to a new materiality matrix. to anew materiality rise give will 19 and pandemic ER EN ALYSIS GAG P services of quality and Accessibility appraisal and development resource Human workplace the in safety and Health opportunity equal and Diversity value economic of Creation Waste management emissions) and efficiency (energy change Climate Anti‑corruption roduct labeling and marketing non‑profits and participation in trade events/multi‑stakeholder roundtables events/multi‑stakeholder trade in participation and non‑profits with meetings engagement; employee and partners with collaboration projects; engagement and Support and conferences meetings; andSupport engagement projects; participation in one‑on‑one national and international events Autogrill of management the and Directors of Board the of members non‑executive and executive the meet to shareholders the for and shareholders the with interact to chance T consumers. of service the in out day and in day work who people the with contact direct in investors put and does it what of understanding an foster to program T results. periodic its present to and opportunities and risks T meetings; participation inone‑on‑one socio‑environmental surveys events; trade at participation services; and concepts projects, hoc ad of development the for Collaboration Assessment and development process for new products/concepts, meetings quality audits, one‑on‑one research market activities, CRM survey, satisfaction customer good?" "Feel Annual E Feedback andengagement op executives meet regularly with investors and financial analysts to discuss the Group’s strategy, objectives, Group’s objectives, the strategy, discuss to analysts financial and investors with regularly meet executives op mail address for reporting problems, SA8000 mailbox, Aconnect intranet portal, open line open portal, intranet Aconnect mailbox, SA8000 problems, reporting for address mail E M EN T ‑ assessment survey, topics are analyzed from from analyzed topics are survey, assessment 34 Supply chain management P relations employee of Quality Labour union relations E Competitive practices roduct quality and safety and quality roduct ffectiveness and transparency of decision‑making of transparency and ffectiveness he annual general meeting of Autogrill S.p.A. isa S.p.A. Autogrill of meeting general annual he he Group also pursues an active Investor Relations Relations Investor active an pursues also Group he GRI GRI Standard Standard 103‑1 102‑11, 102‑47, 102‑43, 102‑44 102‑40, 102‑42,

Stakeholder engagement 1.5 Consolidated non-financial statement 57 AUTOGRILL E AUTOGRILL urope OF TH E OF . 36 OPL E seven percent of the workforce is employed at the at the of percent seven is workforce employed ‑ e Crobag GmbH in E E P ank & Rast business on motorways in Germany, operations in the Czech Republic : TH E orth America and L OPL E , net of discontinued of , net operations P GROUP 35 artners Inc. in N 3 Stellar P Motorway operations in Canada, T

35 36 Autogrill company that is a “people” offers products and services the to public: the centrality the of human beingis the foundation all of its policies concerning customers employees, and the community. Be passionate, be open, set the pace, be simple and are it reliable keep the values the Group in promotes the management of activities and people. Human resourcemanagement, based on principles laid down in the Code Ethics of and Sustainability Policy the of Group and in accordance with local and laws collective contracts,employment lets the Group instill good relationships with and its employees their themhelp develop skills and abilities so that individuals can grow professionally and share what they The human know. is touch a distinctive factor in Autogrill’s relations: throughoutemployee the hiring process and along the entire career path, Autogrill conduct promotes shaped by dignity, protection and respect the of rights of individual.each The resulting corporate culture reflects this concern individuals, for theywherever are assigned and translates into a safe, healthy workplace free from discrimination. The Group recognizes that valuing a diverse, multicultural is workforce a core trait a of successful business, that one makes the most human of capital the to benefit the of company climate. In every country operates, it where Autogrill the welcomes individuality its people of with interest and respect, fostering open, ongoing dialogue and building trust and mutual respect. As expands it internationally and its to adds human capital, the Group has only not grown in quantity but also diversified in terms nationalities,of cultures and skill sets. About 60% the of than more thousand 62 the for people Group who work are women, demonstrating balance, a proper gender thanks progressive to policies especially the at middle Ninety management level. 1.5. approximately 4,000 locations, while the remaining in 3% work headquarters. The 3% growth in personnel throughout the Group reflects increases in all regions, in due part theto addition stores through of organic expansion and the integration acquired of companies 102‑43, 102‑44, 102‑44, 102‑43, 103‑2, 103‑3, 102‑8, 405‑1 Standard GRI Autogrill Group Annual Report 2019 58 12,028 33,113 40% 50% 67% 62% women under 30 years old employees women under 30 years old employees N International orth America orth 1.5 Consolidated non-financial statement 59 employees old years 30 under women Europe 63% 22% 16,920 World employees in the Group the in employees old years 30 under women 40% 60% 62,061 Autogrill Group Annual Report 2019 60 37 and behavioral technical, to provide It used reached. is milestones professional the to according opportunities learning specific of each employee offering by abilities the to develop designed program training Academy, European the is for example, learning. interactive and social online, on emphasis increasing an also but lessons classroom of traditional form the takes involvement. Training proactive direct, through growth professional role in active an takes who person, the around development built plans through evolving constantly is employee training moves Group forward, Autogrill As HUMA channel. motorway Italian the in especially factors, seasonal and traffic in peaks its with business of the of part proportion (84%) women (89%). and for part As men for ones, both temporary outnumbered contracts 2019, in permanent again Once PART‑TIME VS.FULL‑TIMANDPRMANENTMPORARY EMPLOYEES APPRAISAL 10,000 20,000 30,000 10,000 15,000 5,000 t by which both parties can terminate employment at any time (“at‑will employment”) (“at‑will time any at employment terminate can parties both which by he “ he 0 0 T emporary” category does not apply to workers in N in workers to apply not does category emporary” America North N Europe R 1 E 1 2017 SOURCE ‑ time employees in Europe (59%), due to the intrinsic characteristics characteristics intrinsic due to the (59%), employees Europe in time Europe 2017 International 1 D International E V E ‑ 11 time versus full versus time LOPM Europe orth America, who are classified according to current legislation legislation current to according classified are who America, orth America North EN 1 2018 1 T, TRAI International ‑ time contracts, there is a higher ahigher is there contracts, time Europe 2018 NI N International G A 37

Europe ND 1 1 1 America 2019 North International 1 Europe 2019 GRI GRI Standard Standard 404‑3 404‑1, 404‑2, 103‑2, 103‑3, 102‑8, 405‑1 Permanent (no.) Permanent Temporary (no.) International Full-time (no.) (no.) Part-time 1.5 Consolidated non-financial statement 61 17.9 21.0 2 7. 7 29.0 35.9 2017

31.8 35.1 15.3 18.0 32.2 2018 e Crobag GmbH job coachingjob ensure to ‑ line managers. Both these of ‑ the artners Inc. and L ‑ person storytelling, element, ‑ 38 3 7. 5 21.6 41.7 38.3 30.4 2019 to ‑ to develop a commercial develop to project for and are taught internally via coaching or in partnership with outside trainers. There are also team building activities strengthen to the soft skills store managers of in training. At the end theof program, future store managers are challenged their store, making them genuine managers future. the of job trainingjob them their help do to and jobs improve their ‑ the ‑

quality learning on an ongoing basis. ‑ job training,job like the “Salt new Academy” in the Netherlands, only not improve ‑ year programs provide instruction in skills, leadership the chance on work to the ‑ he figures available as of this writing are partially estimated on the basis of the individual training plan for newhey hires. do not include the newly or recently acquired companies, Stellar P ‑ T t Crew membersCrew Area managers Store managers Managers Service supervisors (hours) service and product preparation skills. ranges Content from brand philosophy to customer relations, with a focus on the person Autogrill’s rules golden service of and individual on concrete, high interdepartmentalprojects, mentoringa system and the possibility and work to interact with higher management. of levels Sales personnel on receive managerial training; ease the business through change management processes; and “businessdevelop partner” who act in employees constant synergy with the company’s operational and organizational needs. There are numerous programs, leadership development offered internally through coaching arrangements or in collaboration withinstitutes the outside as Group, as well induction and training programs hires new for in the form group of orientation days and online courses. In North America, example, for the “Unlocking Engagement” workshop has been years taught so a few now managers for can learn create to a how programs working other development leadership addressfavorable environment. Two Corporate senior Leadership for directors Development and vice and presidents Operations future Leadership for Development front two 38 On individuals’ skills and qualifications attract but help the very best talent. hires New go through induction and onboarding programs, in the form group of or individual orientation and days online courses, designed a sense foster to inclusion of and team spirit. ES NETWORK TRAINING HOURS: STOR PER CAPITA , it lasts for 25 weeks, 10 of them of weeks, lasts 10 , it 25 for on store concept training to ‑ centric managerial and administrative ‑ skills. The managerial courses address people management, leadership and team working, School of excellence of School AutogrillIn 2019 Italy has been a new developing training program store managers. for Called the Scuola Eccellenza di in the classroom and the rest on the Topics job. range from hands customer Autogrill Group Annual Report 2019 their teams. their employee development models for feedback virtuous create and constructive give data, the how to interpret to determine board on were invited managers project, of this phase second the In America. North in conducted was survey 2019, workplace In alarge résumé. standard to the addition in it to add interviews possible video making also while process application online the involved simplifying has This new generations. accessible to the and more visible employment offers to make designed system recruitment anew online November 2019 Since sites. using been major job it search has the and networks social job on boards, campaigns of employer anumber branding and communication online to effective thanks markets, various its in visibility greater it give that strategies attraction developing talent gradually been has Group the few last years level. the Over local and global at the activities employer branding E needs. internal with line in to and render updated it more effective being is program Competent” “Be the area, Year”. the International Throughout the Succeed In 2019: in “Helping Others included anew slogan system management performance the improving and of revising process the America, North of 2020. In course the tailor high for each plan of these career a to define and potential and needs of training map 2020, athorough by achieve, to aims project the for 2018, results appraisal performance from Starting country. the throughout operating managers store best the and managers area involving aprocess in talent store to map started Italy 2019 In Autogrill skills. managerial role well as as to the specific capacities technical the assessing objectives, of assigned pursuit in applied skills the measures that system appraisal aperformance uses Autogrill growth, professional to fostering aview With attracts and develops talented people, through team develops through people, and talented attracts that environment aworking to create Group’sThe work constantly units HR 62 including form, every in diversity and opportunity order in to foster equal equality gender for empowerment and action taken and followed has policies Autogrill For stability. mentioned years, employment the levels and to ensure conditions economic studies laws and local with complies Autogrill wage, minimum alocal with countries pay. all In of discriminatory avoid risk and the principle opportunity equal the reinforce which component, avariable and afixed through development targets, and to performance tied likewise are that adjustments include salary policies Remuneration laws. local and employment agreements collective with compliance ensuring and benchmarks external and data market with constantly level), working role and description, (job qualifications and to skills pay according differentiate employee to and retention and of growth objectives its with line in market labor the in competitiveness to ensure designed are policies remuneration Autogrill’s R H system. reporting the improvements in constant by 2017 from to 2019 explained changes are employee. per 39.7 The hours average of to more an than amounted programs training locations, beverage and at food education of continuing mostly Consisting of training. hours million 2.4 more than 2019 provided Group In the M U E MA PLO MU ‑ made development plans for best performers that can be implemented during implemented be during can that made development performers for best plans N RE YEE EN RATIONE N SOU GAG RC E D E M E ENT A A V ELOP N D B N M D T ENT A ‑ performing store employees. The goal is to create is employees. store goal The performing FITSENE A A LENT N D A TT PP RAC RAISA T I ON ‑ L building initiatives and initiatives building

GRI Standard 401‑2 103‑2, 103‑3, 1.5 Consolidated non-financial statement 63 ‑ and N CLUSIO N level wages are establishedlevel in D I ND ‑ S A S E 39 S life balance and zero discrimination or based on gender ‑ N NITI OPPORTU QUAL based compensation & benefit system that ensures fair and equal ‑ ELATIO ine is currently available in Italy, Spain, France, Switzerland, Belgium, Germany and Greece and under RSITY, E RSITY, E time but vary workers, by geographical region, depending that on laws or include discrimination. In Spain, example, for the Management Committee is tasked with pen L ‑ ‑ development in the International area International the in development o through a merit titletreatment in andterms seniority. gender, of Entry accordance with the local and laws collective bargaining agreements in the various countries. Regarding benefits, too, the Group insists on treating with employees clarity and transparency and ensuring their welfare by promoting education and healthcare. Benefits are roughly the same temporaryfor and permanent contracts and full for part certainexclude social benefits and/or security and insurance (health coverage insurance, insurance, accident maternity and paternity disability leave, payments, healthcare, include They may etc.). life insurance, and disability accident insurance, cultural for parental vouchers leave, or sports events and discounts on public transportation. In some countries, there are retirement benefits such as the 401K Retirement Plan in the United States. Over the years the Group has maintained an open dialogue with the labor unions in the various countries served, can so it find help the best solutions reconcile to its needs with those its people. of All a transparent enjoy employees working relationship and full protection their of rights, regardless the of contracts typical their of countries. Autogrill protects their right freedom to association of and collective bargaining, recognizing the paramount importance these of freedoms, in accordance with national governinglaws collective agreements, individual bargaining and freedom of association. 39 Many initiatives are in a culture promote to place tolerance of and respect: targeted training and awareness programs, contractual provisions sometimes reflecting laws and regulations and participation in external initiatives parity that gender foster and non enforcing the Equality Plan signed in 2009, which calls equal for treatment women of and men, a healthy work sexual orientation. In North America, Leadership network a program called Women’s (WLN) with provides women opportunities networking for and improved leadership skills enhance to their personal and professional growth. LABOR R DIV As policy defined documents in like the the Group’s Code Ethics of and the Sustainability in keeping Policy, with the highest standards the of International Labour Organization, respect diversity for and equal opportunity and the all of prevention forms discrimination of are the principles which to Autogrill is committed every at stage the of relationship: employment recruitment and selection, the salary growth offer, opportunities and the eventual parting ways. of This commitment is also recognized externally: in Italy Autogrill has had SA8000 certification since 2009. In an ongoing effort encourage to transparency and a sense individual of and collective responsibility, the Group has equipped its withemployees various platforms (including “Open Line”) as a means reporting of any conduct inconsistent with the Code Ethics, of and also reporting of virtuous behavior in the workplace, while ensuring the confidentiality information of and the privacy individuals. of 102‑41, 103‑2, 103‑3, 402‑1 102‑13, 103‑2, 103‑3, 102‑16 Standard Standard GRI GRI Autogrill Group Annual Report 2019 of accidents and promotes a safer workplace. Occupational health and safety is safety and health Occupational workplace. promotes asafer of accidents and frequency reduces itself, the which audit procedure the during measures corrective self Tool automates Safety Data Mobile monthly that called app an also There is front Teams and Safety made of managers up own have their locations individual America, North Group’s In the values. and standards reflects that behavior virtuous on and accident illness and preventing on manuals and policies as well as certification) 45001 ISO worldwide operators to obtain airport first of the one was Italy, Autogrill for example, (in systems management wayby of certified risks, of occupational monitoring and measurement the on based are principles Operating regulations. laws and local with compliance strict in workplace, the in safety and of health standards employees high all assures Group The Group. the by served countries main the in of injuries type and number place the to monitor in is safety, asystem and health on initiatives and insights share and effective are efforts To these sure make to aminimum. of injuries risk to reduce the solutions best of the search in issues safety and health on findings review committees The laws. applicable with to workers’ compliance monitor who policies), executives from representatives, local on (depending positions include various and have up set been committees safety 41 64 40 day and training progress, technological of preventive measures, means by emphasis places maximum Autogrill which on standard of workers its afundamental is safety and health The OCCUPATIO countries. different in legislation the reflect figures These agreements. negotiated and/or company by to individually location, agreements to collective bargaining collective national from of contract: forms of various management to the translates to transparency commitment This environment. working beneficial amutually workers’ maintaining and representatives feedback from to hearing a view with dialogue promote constructive law and the with accordance strict in dealing, fair and of transparency standards highest follow the talks and relations Labor one to 16 weeks. from ranges laws and local and national depends on thus changes of organizational case in period notice minimum The talks. in where applicable, them, involving and unions the informing by bargaining collective of laws and provisions all with complies Autogrill changes, organizational collective bargaining Employees coveredby t

covered by collective bargaining agreements. T agreements. bargaining collective by covered U the and in bargaining collective by covered not workers of rights the protects Council Works the Britain Great in Act, Standards Stellar P Stellar Countries have their own worker protection policies and regulations. For example, Canada has the P the has Canada example, For regulations. and policies protection worker own their have Countries ‑ he percentage is partly estimated from the prior‑year figure and refers to the countries where Group employees are are employees Group where countries the to refers and figure prior‑year the from estimated partly is percentage he assessments on in on assessments ‑ line personnel, who conduct audits to map the most frequent causes of injuries. of injuries. causes frequent most the to map audits conduct who personnel, line nited States disputes are resolved by arbitration committees arbitration by resolved are disputes States nited artners Inc. and L and Inc. artners 41 ‑ to N ‑ AL H day monitoring. In all of the main countries served, health and and health served, countries main of the all In day monitoring. e Crobag GmbH; in Canada it is net of the employees of the now‑disposed motorway operations motorway now‑disposed the of employees the of net is it Canada in GmbH; e Crobag Canada America ‑ U States North North store safety issues. This tool makes it possible to take it to take possible makes tool This issues. safety store nited nited 49% 69% E

ALTH AN 2019 Europe 99% he 2019 figure does not include the newly or recently acquired companies companies acquired recently or newly the include not 2019he does figure International D SAF 93% E TY 40 Canada America When it to When make needs U States North North nited nited 39% 39% 48%

2018 Europe 97% International rovincial E rovincial

91%

mployment mployment

Canada America U States North North nited nited 39% 39% 48% GRI

Standard 403‑2 103‑2, 103‑3, 2017 Europe 98% International 82% 1.5 Consolidated non-financial statement 65 2 7.1 Total 0.30 1,888

artners Inc. 162 0.10 25.1 tional Interna‑ T 2017 592 26.4 0.60 EN Europe M profits serving the

E ‑ 2 7. 8 0.10 1,134 North e Crobag GmbH and Stellar P America GAG Total 26.3 0.20 1,968 D EN D etherlands

N 291 0.10 22.9 tional Interna‑ T A T 2018 RIGHTS EN 555 25.0 0.50 N Europe

28.1 0.20 1,122 North ELOPM America EV 2 7. 6 Total 0.27 OF HUMA 2,113 N ITY D

N 307 0.12 22.2 tional CTIO Interna‑ 2019 630 29.4 0.62 Injury do rates not include for 2019 the newly or recently acquired companies L and as in 2018 they alsoand exclude as in 2018 Canada, Germany and the N

Europe further assured courses, of byway audits and initiativesphysical workers’ foster to and mental wellbeing. Autogrill believes firmly in respecting and valuing local cultures and protect to works traditions, customs, and environmental and cultural assets, thereby contributing to the economic wellbeing and growth the of communities serves. it its Under concession arrangements, the Group sometimes deals directly with local institutions and its widespread presence often the makes of one it leading in the employers region. Autogrill is increasingly in involved projects developing consistent with its own business, such as the donation food of and meals non to 42 COMMU In addition respecting to and protectingthe rights itsown of Autogrill employees, acknowledges and its role responsibilities as an international that leader does business around the promoting world, rights all of people. Following its Code of Ethics all at times and embracing the highest international standards, Autogrill instill to works a responsible business culture in everything and does it along the entire value chain, by building trust and mutual satisfaction with its trading partners andand observing employees all local, national and supranational the for laws protection human of rights. Autogrill rejects the exploitation children of throughout its organization and not does use or support child as defined labor, by the ILO. In addition, Autogrill opposes all including labor, forced child and all labor, other forms exploitation, of abuse or psychological along or physical coercion employed its own of and workers of employees the production chain and strongly condemns human trafficking and exploitation in any form. In the materiality analysis, this issue as did being emerge not highly inrelevant, due part the to fact that most operations take under place concession arrangements inside airports that are highly regulated and supervised by airport authorities. One aspect that is very the to relevant Group is the evaluation and monitoring suppliers, of governed by the Autogrill Group Supply Chain Sustainability Guidelines, which set the standards a sustainable for supply chain management approach. needy. The trend in thenumber injuries, of especially in Europe, should in be considered light theof overall increase in the population in 2019. E PROT H&S rates include workplace injuries only (not commuting accidents) Injury rate: ((total number injuries + total number of deaths) / total hours worked) x 1,000,000 Severity rate: (total number of days lost due to injuries / total hours worked) x 1,000

0.14 28.5 1,176 North America 42 102‑13, 102‑43, 102‑44, 201‑1 103‑2, 103‑3, 414‑1 Standard Standard Severity rate Injury rate H&S Rates Workplace injuries (no.) injuries Workplace GRI GRI Autogrill Group Annual Report 2019 66 volunteering. of corporate hours 1,500 donated more than area 2019, International In employees the in customers. employees from and to contributions part in to year, year from thanks supports Group the to associations addition in are These developing countries. water in to clean access ensure that projects with water businesses by of fresh use the offsets which Made Blue program, the supports International HMSHost subsidiary Dutch The jobs. to find help development them and initiatives training with generations new to the aboost gives and communities local in poverty fights Foundation HMSHost America, North In trust. on built relationships lasting it builds which with relief, poverty and famine and welfare, child research, medical and healthcare in involved foundations and associations works with world, Autogrill the Around food. of servings million 5.6 2019 in received more than that over 100 associations with working program, the in part take malls and stops rest at airports, locations 121 About need. it in to people distribute agencies that service social local and food surplus donating in interested companies service restaurants/food between liaison the as serves which Connection, Food Donation works with Group the America North In donated. are where provisions excess Alimentare), (Banco bank afood of work with resumption the from benefitted Europe in kind in of donations amount The America. North in mainly banks, food national 2019 and in went of local to anumber kind in Donations kind). in 81% and 2019 Group’s 13%In indirect the (6% direct, exceeded E 4million donations GROUP DONATIONS BYTYPE 1 1    Donationinkind Indirectcontributions Directcontributions 1.5 Consolidated non-financial statement n 67

efficient ‑ N CTIO E T generation tools for thegeneration tools for ‑ EN generation plants and ‑ M TAL PROT TAL year plan activities of and targets E ‑ EN AG 43 M N S MAS business unit participates in Origin Green, the

N VIRO T: EN T: N MISSIO NE D E D N PLA 4 Given these circumstances, the footprint Group’s depends strictly on the infrastructure where it operates airports). (e.g. O motorways, efforts are made to improve the overall efficiency of stores. For further informationcreates on the impact or suffers the Group in terms of climate change, see of the Section Directors’ Report 1.6.1

channels and consumption developing to curtailment plans in every country served. These efforts take several forms, such as equipment optimization (changing set point temperatures, using alarms), energy audits, training and information programs for monitoring and reduction waste, of especially in the motorway and similar in Sustainable Sourcing, Operations (environmental impact), Health & Nutrition and Social Sustainability. 43 RGY A ENERGY Autogrill all does can it eliminate to energy waste. At locationsnew the where Group handles energy resources directly, installs it the latest Autogrill is committed creating to stores with the latest monitoring systems oversee efficiency to and take corrective measures. Where utilities are managed by the concession grantor, as they are many at airport and railway locations, the access Group always consumption not does to have details. This reduces although considerably, in leverage years, recent concession grantors have the Group’s become increasingly attentive the to subject. 1.5. The AutogrillGroup is fully aware that the environment is a global priority involving people, organizations and institutions around the which takes world, is it why responsibility energy helping reduce to for consumption and the use natural of resources recycled clean materials of energy, in favor and a lesser environmental impact. In practical terms, this means strategies promotes it its impact reduce to by improving environmental performance and finding innovative, energy concepts and solutions, while strictly complying with environmental and laws regulations in all parts the of Autogrill world. supports programs and develops the for reduction and correct management waste, of including circular initiatives economy along the food chain. At locations is directly not it where procuring responsible for energy and services, related virtuous, the Group develop to works cooperative relationships with landlords and business partners find to in order areas for improvement and greater efficiency. In addition improving to its own performance, Autogrill the promotes responsible use resources of through internal awareness campaigns and imaginative of ways involving in stakeholders a philosophy sustainability of and care the for natural environment. “Startsomewhere” is a program in in place North America that aims to convince the of importance employees their of own contribution environmental to sustainability. The International sustainability program Bord of Bia (Irish Board), promoted by Food Irish Government, through which has it devised a four 103‑2. 103‑3. 302‑1 103‑2, 103‑3 103‑2, Standard Standard GRI GRI Autogrill Group Annual Report 2019 1,000,000 1,500,000 46 45 various countries. Indirect energy Indirect countries. various in systems heating for gas the of natural consumption the vehiclescompany and German motorway operations. In North America, data is available for motorway for available motorway is data America, North In operations. motorway German of disposals due to the of locations number smaller the reflects also figure European region’s for of the 66% accounts (which The Italy consumption). in Plan Saving Energy to the part in thanks Europe, in especially decreased, consumption energy Indirect for foods customers. preparing and cooking and (e.g. refrigeration) maintenance quality conditioning), (e.g. air comfort interior 68 44 energy Direct GROUP ENERGYCONSUMPTIO(EUROPADORTHAMRICA) consumption. monitor and ways to measure accurate development employeesstore the and of increasingly 500,000

technology (e.g. with LED lighting), installing installing lighting), LED (e.g. with technology obsolete replacing by to reduce consumption aims plan investment renovated, to an be not scheduled For locations locations. sensitive environmentally of more energy creation for the guidelines management and construction, design, with printed been has Book Saving Energy an renovations, major undergoing be will that or future, the in opened to be at locations consumption energy limit self of implementation the and awareness conservation solutions, technological efficient pillars: three on based is developed Italy in Plan Saving Energy The Italia’s E Autogrill Indirect energy is purchased externally, like electricity and generates emissions indirectly emissions generates and electricity like externally, purchased is energy Indirect directly emissions generate which gasoline, and diesel gas, natural like sources energy of use the is energy Direct P (section note methodological the See location. each for data available on based are figures these channels other the directly In Group. the by managed are utilities where locations motorway to mainly refer consumption energy indirect and direct for Figures ‑ produced energy from renewable sources. To renewable from sources. energy produced 0 reparation criteria) for further details further for criteria) reparation 45 2017 use consists of the primary consumption of diesel and gasoline for gasoline and of diesel consumption primary of the consists use 1 nergy Saving Plan Saving nergy 46 consumption refers mainly to electricity, used for used to electricity, refers mainly consumption 2018 1 1 ‑ efficient, efficient, 2019 further improve our carbon footprint. carbon our improve further 2019 in we so panels can solar of installed number the in averitable boom was there renewable sources, self pillar, third for the As patterns. consumption about awareness helped raise also reporting Periodic waste. reduce careless and behavior virtuous to encourage locations Italian for employees designed was at all (“Green Win”) quiz energy an 2018, in As technologies. control and of remote monitoring use the and conditioning) air and of lighting regulation temperatures, (e.g. point set settings equipment optimal choosing high ‑

11 1 44 tech solutions like quality power systems, power systems, quality like solutions tech ‑GJ Indirect energy(GJ) Direct energy(GJ) ‑ produced energy from from energy produced 1.5 Consolidated non-financial statement 69 &S, &S, ochères, erche aris, L st, Brianzast, Sud st, Brianzast, Sud and for laza orte de la Drôme N st st uova Sidap: HQ ravel P G urin, N os Angeles International Airport N I Venizelos” E country program monitoring for the ‑ by ‑ D PACKAGI quipment at locations N SA – HMSHost: Bethesda HQ SA – HMSHost: Delaware House T SA – HMSHost: locations at L SA – E laines de Beauce, Chartres Gasville, Chartres Bois P ON T A I Applies to: Greece – Athens Airport “ Italy – Autogrill Italia S.p.A.: HQ, Villoresi E Italy – Autogrill Italia S.p.A.: Rozzano headquarters and Sebino France – Autogrill Côté France: Canaver, Ambrussum Italy– Autogrill Italia S.p.A.: Villoresi E U U Italy – Autogrill Italia S.p.A.: Villoresi E Italy – Autogrill Italia S.p.A.: HQ, Villoresi E locations at Caselle Airport in T France – Autogrill Côté France: Ambrussum, Manoirs du P P Miramas, JdArbres, Villeroy, Wancourt, P Granier U U T EN IFICA M T E R E nergy C AG L A N ENT M E MA ON VIR ote also that the Adda Sud location in Italy has obtained energy rating A1. locations only, where performancelocations where only, is linked the to smaller reporting boundary (from the to due disposal stores in 81 to 2018 stores in107 2019) the of motorway business in Canada. In the International area data is onlycertain available for locations, total2019 a of for 21,511 direct of GJ energy and 141,823 indirect of GJ energy make consumption. data To comparablemore from year one the to next, this area is in included not the overall figures. EN volume of wastevolume of produced, based on local and laws the characteristics location, each of including the collection system. On motorways, Autogrill takes care waste of collection and disposal directly, using the public service and private collectors. At malls, railway stations and airports, is almost it always the infrastructure operator that takes care of collecting and disposing waste. of waste management ethos is illustratedThe Group’s by its policies around the globe. An increasing number locations of separate frying the oil production (for biodiesel of and green energy), plastic and paper customers and have separate plastic and glass bottles possible. are There wherever numerous initiatives the reduce to quantity waste: of from initiativeswith external partners, awareness programs employee to that decrease help the amount packaging of that will up being end discarded. The Group is always seeking N WAST is produced duringWaste food preparation and service: preparation requires the disposal scraps of and packaging, and once customers are served, there might be or disposableleftovers tableware. The right these of approach each to phases is a fundamental aspect Autogrill’s of commitment environmentally to sound practices. business units a country have The Group’s One natural consequence Autogrill’s of care the for environment is the chance to obtain important certifications. nvironmental Quality) ow Consumption Building) L 103‑2, 103‑3 50001: 2015 14001: 2015 E (High E Standard D® Gold D® Silver 14064 GHGO 14064 O O MAS 2012 ( T 2012 nergy Star nergy IS LEE LEE IS Certification E HQ R IS E California Green Building Code ‑ level I and California E Standard ‑ title 24 GRI Autogrill Group Annual Report 2019 go to waste. does not food helps ensure to Go” “Too that app the Good with partnered has Autogrill countries, at day’s European sold or at some adiscount In end. donated banks to food are inevitable remain leftovers that the mentioned, already as and possible Where organizations. external with partnering and for consumers incentives creating planning, production improving by example for waste, down ways of cutting better newer and to find it strives possible, as efficient 70 back its making While fronts. several on works constantly Autogrill year. To to aminimum, reduce waste food ready be to welcome should each on day each of location the that of people number the of error arelatively low margin with it to calculate allow technology, and to experience thanks years over the developed refined and systems, management internal Autogrill’s WASTFOOD more. recycling while general in waste produceless and out food less throw for &beverage, food technologies to implement green partners trading all encourages Scheme Recognition Management to eat good perfectly still are that scraps food made from dishes serves which Netherlands, the in Verspillingsfabriek De by concept &Bakery Soup the and peels, orange and SOOP,are grounds coffee made from asoap Two for new products. ingredients or examples energy into waste food transforming new ways of to find and materials other rate of raw and recycling the ideas to maximize new testing is Group the airports, Together various with grounds. coffee of recycled out furnishings making by philosophy ecodesign an applies that project WASCOFFEE® to the similar economy partnerships, new circular weighing also is Autogrill recycling. and adequaterates of reuse guarantee can that plants disposal and collectors to select working is Group the directly, handled is management end waste of 2020. Where the by policy straws a no plastic implementing be will Autogrill America, water, North and In etc. drinks for soft bottles single multi on emphasis ageneral with more efficient, solutions existing making and of plastic instead recyclable materials using on 2019 afocus was In there solutions. scalable effective, to find landlords and suppliers partners, brand works with model and consumption sustainable amore responsible, toward new ways of evolving use through the installation of water distributors, the reduced use of plastic of plastic reduced use the of water distributors, installation the through ‑use E ‑ end processes (recipe design, product preparation, etc.) as etc.) as preparation, product design, (recipe end processes In Malaysia, the Environmental Environmental the Malaysia, . In use rather than than rather ‑use 1.5 Consolidated non-financial statement 71 TY TY E D SAF N ER S term horizon. The new E ‑ RVIC E E CUSTOM R E D QUALITY OF S N E CUSTOM D FOCUS ON TH D FOCUS N N TH PRODUCT: PRODUCT QUALITY A QUALITY PRODUCT PRODUCT: A SSIBILITY A 5 E ACC The Group hard works its services keep to dedicated services and up date to develops and special formulas the meet to and them needs its diverse of help select clientele and order items more conveniently. FOCUS O FOCUS Autogrill encourages innovative of customer and the feedback products development and services that will the demands society’s meet over long consumption patterns seek constantly we increasing for ideas to lead the of excellence the food travel experience and pursuing the utmost satisfaction customers of and all other stakeholders. In every country served, the Group has set up customer survey and feedback mechanisms and systems handling for complaints; are suitably store employees trained in this respect and learn handle to the situations most delicate promptly and in accordance with protocols. The annual customer satisfaction survey good?” switched a new to “Feel methodology that in provides 2019 accurate a more measure the of strength of customer relations, guide to in order strategic decisions and integrate the diverse customerapproaches to understanding in different developed countries. In Europe, programa new uses called an voice” “Customer interactive platform where customers can share their experiences food at & beverage locations, providing the Group with information and tips improvement. In for North America customer satisfaction is tracked through a partnership with the Global Response agency and through sentiment analysis on social media. the In International 2019 area change on a major embarked management project, “Return on Attention,” designed store personnel lead to through a process improved of quality service of and customer retention. Autogrill Group is committed ensuring to the safety and quality serves, what of it afterday day: from materials raw the to finished product, following the right preparation standards and using quality ingredients in accordance with all local regulations and food safety standards. The Group requires its foods be to prepared under the strictest hygiene and sanitary conditions and actively its involves in understandingemployees and appreciating these rules. Autogrill, For serving quality products also means assuring food safety throughout the procurement and production chain. In this concepts, the vein Group develops and menus recipes frommade safe, nutritious ingredients that different meet dietary needs and preferences. 1.5. 103‑2, 103‑3 102‑43, 102‑44, 103‑2, 103‑3 Standard Standard GRI GRI Autogrill Group Annual Report 2019 of HACCP of out on carried procedures coordinated of centrally of aset consisting countries, various the 72 48 47 aself is controls and assessments to these addition In audits. annual and checks spot gathering, information indirect or direct way by of questionnaires, screened periodically are To end, suppliers that partners. trading its and Group the by shared strongly are that objectives and values on based is and process selection supplier the with begins that system amanagement by guaranteed is served products of the safety and quality The standards. safety food and regulations local all with accordance in ingredients quality using and standards preparation right the following product, finished to the raw materials from day: day after it of what serves, quality and safety the to ensure responsibility aprimary has Autogrill PRODUCT QUALITY AN locations. at most offered services wi for the experience customer best the and payments for electronic of security level highest the Center, to ensure anew system Operation Network the launched also has Autogrill States United the In phase. purchasing the enhanced have likewise kiosks digital and payment of virtual day. apps, time Dedicated and target the on depending customized be can content messages video show photo and and screens tool: amarketing as serving also while experience ordering the improved has Digitalization collaboration with external providers. external with collaboration in or internally given may be and regulations local with accordance in organized is Group’s completes the Training processes HACCP program. oversight and standards safety food in training Staff grantors. concession well as as partners brand by to audits subject is itself Group the licensee, abrand As approach. assessment to arisk according established at intervals chain, supply entire the along analyses chemical/physical content and microbiological, for strict call which Group’s the standards, with HACCP apre go through also suppliers Direct managers. store the by proposed improvement plans the of implementation oversees and audits the reviews department Assurance Quality the and ayear attwice least notice without inspected is location Each Canada. in Act Food for Safe Canadians the and States United the in Food Code Administration Drug Food outside and company, the on an by based administered program safety food and control aquality has Group the America, North In for managers. store

HACC MB O ‑ : Management by O by : Management site to ensure compliance with all hygiene and sanitary standards. The results results The standards. sanitary and hygiene all with compliance site to ensure P : Hazard Analysis and Critical Control P Control Critical and Analysis : Hazard 47 audits on individual locations count towards the MBO the towards count locations individual on audits ‑ screening program falling within the management system used in in used system management the within falling program screening bjectives D SAF oints ‑ approval process to test their level of compliance level of compliance their to test process approval E TY 48 system followed followed system ‑ fi fi GRI Standard 416‑1 103‑2. 103‑3. 1.5 Consolidated non-financial statement 73 go productsgo are ‑ free eggs by 2025. In and ‑ ‑ impact organic farm that ‑ G N free and organic foods. Many ‑ packaged,grab TI free products are marked with their ‑ ‑ E calorie lifestyle. concepts New like Leon ‑ US D MARKD EN D M D balanced menus, while existing at locations solutions are G AN G E ‑ C N grown hens, which in the 2009 it won Good Egg award from ‑ LI E E FAR EL L W free hens. was the In of it one Italy, first companies in the industry promise to not ‑ ALTHY, BALA N ALTHY, IMA E N labelled for allergenslabelled for and their for nutritional and calorie Thiscontent. also applies to northern Europe, on top the of allergen information required Every by law. International location detailed keeps pamphlets on allergens, including and gluten dairy and some products for the information can be viewed directly with a barcode reader. PRODUCT LABPRODUCT Laws on disclosing the ingredients food of products scrupulously are followed in all countries served. In particular, information on allergens is a top priority every at location. In addition local to laws, country each its own develops initiatives for promoting a healthy lifestyle and a balanced diet. In the United States, in accordance with and Food Drug Administration rules, all pre H Offering quality also menus means demanding and ensuring food safety along the entire production chain,from farm The table. Autogrill to Group develops concepts, menus, and recipes from made safe, nutritious ingredients that a meet variety dietary of indicate do that consumers needs and Trends preferences. around the are showing world a growing balanced healthy, for lifestyles, preference starting with what they eat. Autogrill interprets needs can so travellers’ it quickly respond the to complexity these of changes and translate them into innovative menus. In all countries served, there are many different options vegan and for vegetarian diners and low those a healthy, who prefer and La focus Place on well developed from simple,developed genuine ingredients and balanced are menus created with input from nutritionists and popular scientists, define who help recipes new and categories consistent withmenu a healthy lifestyle. External partnerships are guarantee to developed a supply quality of gluten Compassion Farming, in World the largest international farm animal welfare organization. In North America and Europe has it committed using to only cage The Group acknowledges its responsibility animal promote to welfare element as a key in ensuring the safety and qualityits menus. of Carefully considering its different markets and their cultures, Autogrill is committed sustainable, to responsible purchasing that protects animal welfare in accordance with laws, regulations and international best practices. itsdirectly In for Italy, managed locations and proprietary brands, Autogrill only uses shell eggs and egg mixes sourced, a minimum, at from cage useto eggs from battery options are available throughout the those Group for who choose a vegan diet, and in some markets, relevant, where halal and gluten own sticker. A the Netherlands, an agreementhas been struck with a zero guarantees the highest animal welfare standards. 103‑2, 103‑3 103‑2, 103‑3 103‑2, Standard Standard GRI GRI Autogrill Group Annual Report 2019 models and as encouragement to strive for constant improvement. for constant to strive encouragement as models and business of successful its proof as obtained it has certifications the views Group The 74 approach. management Group’s the chain supply sustainable reflecting principles basic the and of suppliers evaluation for the standards general defines which Foundation, Italy Network Compact Global the from input developed with Guidelines, Sustainability Chain Supply Group adopted the has Autogrill reason For this products. of safety and quality for the also and plane ethical the on important is providers long of a sake for the of suppliers suitability the to verify interest Autogrill’s It in is partners. of brand chains supply the well as brokers as specialized from support with sometimes countries, different the in offices at head working specialists by and units Procurement the by guided are suppliers with arrangements partnership and processes procurement The cleaning. and maintenance as such services, and goods of technical of providers number asmall also There is countries. different in to contracts enter supply into dimension multinational of its advantage takes Group the for categories general while local, mostly are vendors: beverage they foods for and of food fresh made chiefly is up chain supply economy. each country’s Autogrill’s wherever away as of supporting possible suppliers domestic favoring fairness, contractual and impartiality, integrity, transparency, with long stable, to create strives Group The expectations. meet customers’ that services and excellent quality of consistently products key to obtaining are suppliers with Relations RE MAI alcohol. purchase when they to present identification customers all asking message “We ID” includes the locations at U.S. Marketing beverages. of alcoholic serving correct the employees in trains program Alcohol® ServSafe the America, North In products. of these consumption responsible to the committed is and tobacco sales, and alcohol regarding each country laws in the with complies strictly Autogrill N India) of Authority Standards and Safety (Food FSSAI program Safety Food Diverse IS BS O BS IS E M from certification Halal IS Certification IQA Irish Food Safety Quality Awards Quality Safety Food Irish IQA 22000 on Food Safety Management Safety Food on O 22000 9001:2015 (provision of technical project management services) O 9001:2015 management project technical of (provision O 9001:2015 Systems Management Quality on VWA ( SPO N ‑ ‑ HSAS 18001:2007,HSAS UN term relationships where both partners share the same values and therefore acts therefore acts and values same the share partners where both relationships term term relationship. The care it takes in building solid relationships with with relationships solid building in it takes care The relationship. term C N E etherlands Food and Consumer P Consumer and Food etherlands N R TIFICA SIBL TI E ON SUPPLY CHAIN U I (Majelis U I (Majelis S I EN I IS O 450001 lama Indonesia) lama roduct Safety Authority) Safety roduct MA N AG E Greece: Autogrill Hellas Ep Hellas Autogrill Greece: S.p.A. Italia Autogrill Italy: Ep Hellas Autogrill Greece: MA and (HQ S.p.A. Italia Autogrill Italy: International) (HMSHost Hyderabad and Bangalore at locations Airport L L International) (HMSHost Hyderabad and Bangalore at locations airport Jakarta, (China), P Sumai Majia International), P HMSHost Ireland Italy: Autogrill Italia S.p.A. and N and S.p.A. Italia Autogrill Italy: L locations airport and –HQ S.p.A. Italia Autogrill Italy: Applies to: M ocations at Schiphol airport (HMSHost International) (HMSHost airport Schiphol at ocations inocations International) Bali (HMSHost ocations at Schiphol airport (HMSHost International) (HMSHost airport Schiphol at ocations izza Hut at Bali airport, locations at Bangalore airport (HMSHost EN T

E E

uova Sidap Sidap uova izza Hut and Burger King in in King Burger and Hut izza O GRI ) Standard 308‑1, 414‑1 103‑2, 103‑3, 102‑9, 102‑12, 1.5 Consolidated non-financial statement 75 All Code Ethics, of suppliers sign or a specific the Group’s Supplier Code Conduct of in North America, as part the of qualification process. This applies suppliers to the Group contracts directly and any to intermediaries that manage it help the procurement process. The International area has the made Supply Chain Sustainability Guidelines part and parcel all of contracts. vendor new In suppliers Italy, are bound the to certification standards SA8000. of is important It to thatnote especially in countries supplier where quality cannot be audited, supply chain risk is managed by giving priority large to companies that are already certified and subject to external audits. Autogrill Group Annual Report 2019 76 consistency and harmonization throughout the Group. the throughout harmonization and consistency of better sake for categories the of professional classification the in changes reflect 2019 2018 and between differences the America, North in personnel For Headquarters EMPLOYEES BYAG,GENDRANPROFSSIOALCATEGORY 1.5.6 Top managers Headquarters TOTAL EMPLOYEES (no.) Women O < 30 years < 30 < 30 years < 30 30‑50 years 30‑50 Women Senior managers > 50 years > 50 years 30‑50 years 30‑50 Managers Women < 30 years < 30 White collars White < 30 years < 30 Women > 50 years years 30‑50 > 50 years years 30‑50 f which: women EN AUTOGRILL GROUP SOCIAL A VIRON America 20,575 33,113 North North 62% 206 108 180 603 330 177 115 27 35 36 62 14 77 81 41 19 7 5 7 ‑ ‑ 10,637 16,920 Europe M 63% 234 269 137 682 423 166 113 46 22 20 35 83 52 14 16 42 51 2019 8 2 7 EN ‑ Interna‑ 12,028 6,021 TAL DATA tional 50% 206 230 241 459 118 151 711 45 22 28 23 70 46 18 21 12 55 9 2 8 ‑

,233 3 2 7, 3 62,061 1,996 1,212 60% Total 644 293 234 339 275 120 716 107 494 183 116 65 24 63 54 53 35 4 ‑ America 32,030 19,581 North North 61% 108 604 149 128 172 112 218 77 34 48 55 54 50 38 35 71 10 86 74 1 ‑ 10,417 16,624 Europe 63% 260 233 402 121 651 162 115 84 48 39 32 40 18 19 21 13 47 2018 5 2 8 N ‑ D Interna‑ 11,398 5,699 tional 50% 207 233 237 134 491 731 111 64 24 48 16 15 31 21 47 59 7 2 9 8 ‑

35,697 60,052 1,986 1,111 59% Total 222 334 582 157 468 234 101 213 316 616 173 46 85 88 97 72 33 5 ‑ America 18,813 30,988 North North 61% 108 129 202 578 164 130 111 45 43 50 56 35 39 79 28 58 73 82 11 1 ‑ GRI 10,912 Europe 7 67 4 17, 62% 242 269 120 164 671 114 417 Standard 43 55 82 10 16 38 21 17 41 52 102‑8, 405‑1 2017 5 1 7 ‑ Interna‑ 5,205 tional 9,957 52% 282 729 194 535 318 103 45 25 56 27 23 13 70 74 21 11 5 8 3 2 ‑

34,930 58,412 1,978 1,154 60% Total 200 408 680 547 296 199 252 176 431 141 45 99 90 38 72 69 71 5 ‑ 1.5 Consolidated non-financial statement 11 89 65 77 686 248 172 758 148 289 493 556 906 Total 1,112 1,818 1,957 1,153 5,650 1,998 8,767 2,746 1,047 3,492 46,761 17, 6 0 2 56,434 28,551 20,392

8 1 9 72 15 15 83 22 48 63 418 106 574 205 171 178 844 148 232 235 255 400 tional 7, 6 8 9 9,228 1,413 4,165 6,041 Interna‑ 3 2017 11 18 60 23 34 655 537 580 361 158 127 394 134 147 165 370 377 1,852 1,100 7, 5 4 9 1,328 8,894 3,287 2,856 Europe 16,796 13,692 ‑ 51 32 65 116 n.a. 514 510 884 140 326 106 258 499 486 644 1,076 North 1,163 2,954 5,676 1,992 1,277 8,640 30,410 25,380 11,0 6 4 15,492 America 8 93 66 596 273 172 962 238 536 504 305 846 Total 1,979 1,872 9,021 6,550 3,160 1,031 1,237 1,040 2,350 4,082 47, 3 9 2 17,481 58,066 28,760 20,890

8 2 61 11 21 19 80 15 91 70 64 481 191 274 243 168 651 451 536 260 200 1,121 tional 8,742 6,746 1,722 4,564 10,667 Interna‑ ‑ 2018 56 19 91 10 36 20 517 535 533 137 178 361 120 322 270 297 445 2,118 6,911 2,811 1,376 1,309 8,283 3,027 Europe 15,973 12,749 ‑ 41 71 66 137 n.a. 858 576 155 501 164 708 356 577 449 245 3,311 1,219 North 1,333 5,936 2,237 1,402 8,848 11,117 31,426 25,901 15,913 America 8 72 561 295 918 810 910 187 957 507 100 279 392 290 Total 6,518 1,600 2,093 1,307 9,277 3,253 2,308 4,046 49,559 21,701 60,065 18,581 30,356

6 8 74 95 73 81 15 18 14 51 111 131 336 290 201 130 192 324 852 703 892 tional 8,950 1,646 1,959 6,667 4,567 11,317 Interna‑ ‑ 2019 14 64 26 38 83 22 117 520 549 488 421 154 373 283 320 272 203 1,999 7, 0 5 9 3,316 2,731 1,228 1,306 8,533 13,106 Europe 16,238 For NorthFor America, information in protected on employees categories is available not because privacy of laws. ‑ 68 68 40 744 136 n.a. 159 179 183 596 396 733 338 485 406 North 1,254 2,873 1,144 1,966 9,563 1,244 6,222 2 7, 5 0 3 32,510 11, 718 17,256 America

30‑50 years > 50 years> 50 managers Store Crew members Crew Women 30‑50 years Women Managers Women < 30 years < 30 years categories/ Protected < 30 years > 50 years> 50 Service supervisor years> 50 > 50 years> 50 years> 50 Women 30‑50 years (no.) employees with disabilities < 30 years LOCATIONS 30‑50 years < 30 years Women 30‑50 years Area managers Area Autogrill Group Annual Report 2019 78 49 PER CAPITA TRAINIGHOURSBYEMPLOYEECAT EGORY EMPLOYEES BYTYPOFCONTRACT t 50 Men Women collars White Men Women Managers Senior managers Full time O Permanent Total employees (no.) Men Women Men Women Top managers HEADQUARTERS Group (hours) O O O Temporary O Part time t f which: women f which: women f which: women f which: women f which: women employment at any time (“at companies, Stellar P Stellar companies, he “ he he figures available as of this writing are partially estimated on the basis of the individual training plan. Data does not include the newly or recently acquired acquired recently or newly the include not does Data plan. training individual the of basis the on estimated partially are writing this of as available figures he T emporary” category does not apply to workers in N in workers to apply not does category emporary” artners, Inc. and L and Inc. artners, America 16,438 20,575 20,575 26,791 33,113 33,113 4,137 6,322 North 62% n/a n/a - will employment”)

10,637 14,503 16,920 Europe 1,456 2019 3,624 6,942 25.0 2,417 10.0 ,013 7, 9,181 9,978 14.4 11.9 63% e Crobag GmbH e Crobag 6.2 6.3 8.3 6.9 6.9 6.7 8.0 7.2 2019 49 Interna‑ 12,028 3,407 2,847 6,021 2,614 6,356 4,475 5,672 3,174 ,5 3 55 7, tional 50% 2018 10.7 15.3 10.2 11.2 11.0 12.9

8.9 9.7 9.7 8.3 9.3 .3 7. orth America, who are classified according to current legislation by which both parties can terminate terminate can parties both which by legislation current to according classified are who America, orth 23,236 13,997 33,163 ,233 3 2 7, 3 20,775 53,972 62,061 41,286 4,070 8,089 60% Total 2017 22.4 25.3 16.3 24.3 21.0 12.4 18.5 1 4 11. 7 5 17. America 15,455 8.4 8.2 32,030 32,030 19,581 19,581 8.3 25,410 4,126 6,620 North 61% n/a n/a 50

Women Area managers LOCATIONS Group (hours) Service Supervisors Service Men Women Managers Men Women Men Crew members Men Women Store managers Men Women 10,417 16,624 13,720 Europe 6,646 3,771 8,736 1,681 2,904 9,228 7,396 63% 2018 Interna‑ 11,398 3,003 2,649 5,699 3,050 2,696 5,692 5,706 4,276 tional ,22 7,12 50%

35,697 22,276 13,421 31,320 60,052 51,442 39,928 20,124 4,377 8,610 Total 59% America 14,706 24,397 18,813 18,813 30,988 30,988 4,107 North 6,591 61% n/a n/a 2019 43.4 30.3 30.6 33.4 23.4 36.9 42.1 30.4 38.3 15.1 39.1 21.6 7.9 3 41.7 7 5 37.

GRI GRI 10,912 Europe 15,074 7 67 4 17, 3,869 1,297 ,043 4 0 7, 2,393 9,615 9,878 ,589 8 5 7, 62% Standard Standard 404‑1 102‑8, 405‑1 2017 2018 34.3 28.5 35.0 18.4 35.1 32.2 .5 7. 2 18.0 15.3 35.1 7 3 17. 7 8 17. 31.8 7.1 3 8.8 Interna‑ 2,592 2,690 5,205 2,515 4,798 5,847 2,613 tional 9,957 5,159 4,110 52%

34,930 30,943 50,860 13,742 20,579 21,188 58,412 7 3 3 8 37, 2017 3,987 24.4 30.5 25.2 35.2 29.4 ,552 7, 15.0 18.9 18.9 .7 7. 2 .2 7. 3 35.9 29.0 21.0 7 7 27. 17.9 60% Total 1.5 Consolidated non-financial statement 79 15% 81% 91% 91% 16% 84% 38% 89% 14% 90% 87% 35% 85% 43% 90% 2017 81% 15% 81% 42% 79% 79% 14% 17% 79% 79% 79% 47% 80% 40% 80% 2018 9% 8% 11% 41% 76% 71% 72% 44% 69% 77% 78% 70% 68% 48% 77% 2019 urope and China and the Maldives in the e Crobag GmbH. Some figures are 51 artners Inc. and L HQ employees who received performance who received employees HQ ‑ year period shouldalso be viewed in light with an ‑ Group LOCATIONS managers Area Women Men Store managers Store Men members Crew Women Men Women Men Managers Women ServiceSupervisors Men Women

81% 78% 82% 88% 78% 87% 84% 89% 77% 2017 MBO MBO

86% 89% 90% 84% 88% 88% 90% 90% 90% 2018 MBO MBO mployees who received a performance employees review/no. December at 31 in countries with a performance review system. Does not include some smaller payrolls such as Austria and Slovenia in E International area, or the newly acquired companies, Stellar P estimates 91% 73% 87% 90% 75% 86% 88% 69% 89% 2019 MBO MBO e At headquarters, (especially top managers) professional for often development takes inplace the form workshops, of and conferences seminars which are subject not to reporting and are in included not therefore the numbers. above The change in per capita training hours the over three on data collectionimprovement and the expanded reporting boundary. 51 Most the of change inthe percentage non of reviews reflects turnover trends, especially in countries that only give reviews once an has been workingemployee six for months. top managers Data for is included not a managementbecause to by objectives refers it approach that differs from the performance review programs other in See for place employees. the Remuneration Report further for information. G REGULAR PERFORMANCE REVIEWS EMPLOYEES RECEIVIN 404‑3 Standard Women Group HEADQUARTERS managers Top Men managers Senior Women Men White collars Men Women Men Managers Women GRI Autogrill Group Annual Report 2019 80 countries have followed years. over the countries development different activities the and market labor American of the mobility greater the by explained is regions rates across turnover in differences The range. of employees gender number for age each and area, total to the relation in calculated are and outgoing) and rates (incoming Percentages represent new employee turnover 52 EMPLOYEE TURNOVR > 50 years < 30 years < 30 Men Women years 30‑50 (no.) Hires

> 50 years years 30‑50 < 30 years < 30 Departures (no.) Departures Men Women Turnover, (%) incoming Women > 50 years

Men 30‑50 years 30‑50 years < 30 Men Turnover, outgoing (%) Turnover, outgoing 30‑50 years 30‑50 years < 30 > 50 years Women t systems, in order to harmonize data across the different regions different the across data harmonize to order in systems, he 2018 figures for E 2018he for figures

urope have been restated following an improvement to the turnover rate reporting and calculation calculation and reporting rate turnover the to improvement an following restated been have urope America 16,242 18,906 15,524 7 5 3 8 17, 24,415 27,692 6,863 8,891 9,857 1,923 6,160 143% 2,013 122% North North 27% 79% 50% 87% 56% 75% 26% 84% 71% 74%

Europe 5,435 3,479 4,058 5,688 3,597 5,765 4,102 145% 5,874 154% 9,746 9,976 65% 65% 55% 37% 38% 53% 26% 14% 59% 58% 502 944 2019

Interna‑ 4,406 4,607 6,395 1,635 1,521 8,056 3,941 4,115 ,86 7,18 tional 9,013 77% 90% 80% 30% 65% 69% 43% 46% 73% 67% 75% 41% 140 192

25,339 18,522 28,072 31,857 42,447 , 9 2 7,9 2 1278 11,2 46,451 19 7 11,97 71 8 17,10 3,097 127% 2,617 1 % 112 27% 44% 47% 22% 69% 68% Total 75% 75% 68% 75%

America 14,325 15,057 24,256 15,976 17,177 23,173 5,486 5,602 8,848 1,477 132% North North ,711 1, 9,199 123% 77% 20% 47% 48% 73% 23% 71% 72% 74% 76%

Europe 4,060 4,029 3,424 3,588 5,702 5,838 5,326 5,761 167% 153% 9,821 9,731 65% 65% 55% 55% 38% 24% 36% 13% 59% 59% 469 907 52 2018

Interna‑ 4,393 4,358 3,785 6,078 1,395 ,204 0 2 7, 3,612 8,751 1,181 ,397 9 3 7, tional 77% 77% 40% 45% 63% 38% 34% 66% 77% 65% 76% 91% 152 131

10,255 16,520 23,871 10,421 30,219 ,380 8 3 7, 2 25,152 42,738 7 6 8 5 17, 40,391 2,098 2,749 124% 1 % 112 43% 68% 67% 70% 72% 42% 24% Total 18% 67% 71%

America 14,057 16,032 16,714 22,884 13,831 22,715 4,808 8,884 8,827 4,998 1,685 1,362 North North 126% 131% 44% 20% 42% 73% 24% 73% 75% 73% 74% 74%

GRI Europe 4,092 4,473 2,806 3,290 3,725 2,583 5,027 4,016 138% ,306 0 3 7, 8,198 1 % 112 50% 57% 37% 28% 10% 17% 26% 47% 42% 41% 365 631

Standard 401‑1 2017

Interna‑ 3,240 4,037 5,494 4,166 6,434 8,203 6,919 3,194 1,194 tional 80% 49% 85% 20% 67% 28% 62% 36% 96% 82% 65% 76% 875 90 65

28,660 22,696 16,589 15,368 21,087 25,618 36,455 39,285 8,456 8,808 2,381 109% 122% 1,817 60% 65% 65% 22% 35% 37% Total 17% 71% 67% 62%

1.5 Consolidated non-financial statement 81 694 27.1 0.01 Total Total 0.30 23.1 0.01 0.02 0.20 0.30 30.2 1,194 1,888 here 419,582 171,267 4,328,101 3,737,253

97 65 162 he recently 0.10 25.1 0.03 0.10 0.10 39.7 16.2 151 0.08 0.00 tional tional he change has also 59,787 Interna‑ 23, 511 36,125 Interna‑ 2017 2017 374 218 592 2 7.9 0.03 0.60 26.4 0.02 0.03 0.70 0.50 24.3 etherlands. T 2,042 Europe Europe 298,174 155,917 140,215

orth America has been restated. For 54 24 411 723 27.8 0.10 7, 5 41 0.10 0.00 North 0.20 0.00 0.00 30.5 1,134 North 381,415 America 3,970,140 America 3,581,185 729 Total Total 0.04 26.3 0.20 29.3 0.04 0.04 0.20 0.30 22.5 1,968 1,239 267,326 499,653 4,051,464 3,284,486

291 127 164 0.16 0.10 0.11 22.9 0.10 0.10 0.21 18.2 28.8 orth America the figures do not cover the newly acquired tional tional etherlands where, although the reporting system has been Interna‑ 86,936 3 7, 5 4 2 15,950 33,444 Interna‑ 2018 2018 555 360 183 372 25.0 0.04 0.50 28.1 0.03 0.04 20.5 0.50 0.40 Europe Europe 23,968 2 47, 5 8 3 223,255

419 703 28.1 0.10 0.20 0.00 30.1 North 0.20 25.4 0.00 0.00 1,122 North 10,627 438,142 America America 3,716,946 3,268,177 806 27.6 0.01 Total Total 0.27 0.21 0.33 0.02 30.0 0.00 24.4 2,113 1,307 e Crobag GmbH is not included. In N 551,306 243,996 4,311, 471 3,516,169 artners Inc. or operations in Canada, where information is handled locally by the individual provinces.

307 172 135 17.1 0.12 0.18 0.10 0.04 22.2 28.9 0.07 0.00 tional tional Interna‑ 19,541 30,526 56,544 10 6,611 Interna‑ ‑ 2019 2019 he reporting area does not include Germany and the N he Group is refining its injury monitoring softwareso it will report absences caused by injuries, which are partly 630 391 239 29.4 0.62 0.02 0.71 30.0 0.03 28.5 0.00 implemented, it is not yet possible to extrapolate all the information needed to calculate injury there injuriesthat were rates. and 47 note in 2019 31 in these We in any case countries, respectively, consisting primarily of cuts and burns. T were also 3 commuting accidents in Germany cases and 10 of occupational disease in the N acquired company L company Stellar P T estimated Due to improvements in the reporting figure system, for the direct 2017 donations in N data published previously, consolidated see the 2017 non‑financial statement, at www.autogrill.com. T affected the items “Reclassified operating costs” and “Donations” in the Statement of economic value. 0.48

t Europe Europe 10 9, 411 296,225 186,814 53 NS BY TYPE AND REGION DONATIO ES RAT INJURY Because the reporting system in North America count not does commuting accidents, these from are the excluded injury all of rates regions shown. In any case, that note we there 147 were commuting in accidents Europe (128 while in 2018), the International area reported commuting 23 and accidents 1 traffic death, compared with 22 accidents and 2 deaths the previous year. 54

638 74 4 432 0.14 0.13 0.16 0.00 28.5 North 25.8 0.00 0.00 30.4 1,176 North America 520,780 America 3,387,217 3,908,635 ) ) Standard 403‑2 Standard

ccupational disease rate: number of cases of occupational disease/total hours worked) x 200,000 Men Women Men Women Donations in kind Indirect donations Indirect Women Women Severity rate Occupational disease rate Total Men Men Injury rate (IR) Donations ( Direct donations Direct Workplace injuries (no) injuries Workplace GRI H&S rates include workplace injuries only (not commuting accidents). Injury rate: ((total number injuries + total number of deaths) total / hours worked) * 1,000,000 Severity rate: (total number of days lost due to injuries / total hours worked) * 1,000 O Autogrill Group Annual Report 2019 82 55 ENVIRONMT –ENERGYCOSUMPTIOADEMISSIOS Total indirect emissions indirect Total By vehicle fleet: By vehicle From non‑renewable sources: By vehicle fleet: By vehicle From non‑renewable sources: emissions direct Total From non‑renewable sources: Total direct emissions direct Total Total consumption energy direct HQ + LOCATIONS E emissions indirect Total From non‑renewable sources: Total consumption energy direct HQ + LOCATIONS E Emissions By vehicle fleet: By vehicle By vehicle fleet: By vehicle From renewable resources renewable From From non‑renewable sources Emissions resources renewable From From non‑renewable sources Total consumption energy indirect Total consumption energy indirect lectricity lectricity e country level, the Group refers to the corresponding market mix market corresponding the to refers Group the level, country T he “market‑based” calculation method is not applicable because for electricity contracts, managed at the individual individual the at managed contracts, electricity for because applicable not is method calculation “market‑based” he N Diesel Diesel P N P LP Gasoline LP Gasoline Diesel Diesel nvironmental data does not include the newly or recently acquired companies, L companies, acquired recently or newly the include not does data nvironmental ropane ropane atural gas atural atural gas atural G G t CO t m GJ t CO t m GJ l l t CO t kg l l kg MWh MWh l t CO t MWh MWh l GJ l GJ l 3 3 55 2eq 2 2eq 2 e Crobag GmbH and Stellar P Stellar and GmbH e Crobag 1,036,066 4,121,667 1,591,106 643,392 223,599 808,899 ,278 7 2 7, 3 2 249,792 163,923 133,591 34,586 71,470 69,387 34,586 79,430 42,955 71,470 6,279 8,369 1,095 5,241 1,681 8,369 , 0 6 7,9 2019 2019 n.a. n.a. ‑ ‑ ‑ ‑ ‑ ‑ artners Inc. Inc. artners North America North Europe 5,560,750 1,659,503 236,323 ,039 3 0 7, 7 9 298,612 222,677 639,128 851,044 135,940 357,598 99,333 86,046 49,512 , 0 7 7,9 7 11,379 60,891 , 70 7,9 7 11,379 49,512 6,385 5,598 1,691 8,076 2018 2018 GRI n.a. n.a. 78 Standard ‑ ‑ ‑ ‑ ‑ ‑ 305‑2 302‑1, 305‑1, 6,091,829 1,816,721 1,151,972 284,798 658,939 ,539 3 5 7, 3 2 348,997 855,873 249,682 150,982 48,322 12,793 96,944 79,330 79,330 48,322 88,265 12,793 79,330 79,330 61,114 1,717 1,717 6,614 8,934 8,934 ,27 217 7, 2017 2017 203 828 n.a. n.a. ‑ ‑ ‑ ‑ ‑ 1.5 Consolidated non-financial statement 83 828 203 2017 6,614 1,717 21,727 20,010 127,652 149,379 12 7, 6 5 2 400,664 658,939 284,798 334,483 1,151,972 1,204,870 7,9 0 8 , 5 5 0 ‑ 78 2018 1,691 5,598 19,455 17, 76 4 12 7, 4 82 358,617 146,937 639,128 12 7, 4 8 2 298,612 9 7 7, 0 3 9 335,656 1,208,642 7,220,253 Total ‑ 2019 1,681 5,241 1,095 16,330 14,649 2 9 7, 514 106,055 122,385 2 3 7, 2 7 8 292,986 106,055 643,392 1,058,691 5,712,773 1,036,066 56 2eq 2 3 l GJ MWh MWh t CO l GJ m l l kg t CO Consumption by the International is not comparable area in 2018 because of the different reporting boundaries in theyears two 56 The factors used compute indirect to emissions published were by the Department for Business, Energy & Industrial Strategy with (BEIS) (complete emissions in factors 2015 by country), while direct for emissions, the Group used the document recent more published in 2019. Data on direct and indirect energy consumption mainly refers headquarters to and motorway locations, utilities where are contracted directly by the The Group Group. will continue build to awareness and expand the reporting area, the to extentsuch data becomes possible. available, At wherever locations utilities where are in included the is always not rent, it possible know to is consumed; much how these locations, therefore, will continuefrom be to reporting. excluded This limitation applies mainly airportsto and shopping in centers North America. In North America, therefore, data is limited motorway to locations, which decreased in number infrom 81 to 2018 due 107 disposal Canadian of theto Group’s operations. In the International area, consumption data is a limited available for number of locations and direct shows energy consumption 21,511 of and GJ indirect energy consumption 141,823 of in GJ 2019. G atural gas ropane Diesel N Gasoline LP Diesel P lectricity Total indirect energy consumptionTotal sources non‑renewable From From renewable resources Emissions HQ + LOCATIONS + HQ direct energy consumptionTotal sources: non‑renewable From By vehicleBy fleet: Total direct emissions sources: non‑renewable From E By vehicleBy fleet: Total indirect emissions Autogrill Group Annual Report 2019 84 57 three over the performance in change The entities. public by collected is waste where all Spain and Switzerland in do not include locations and estimated partially thus are figures The operators. public local by collected waste for channel motorway Italian the in mostly estimates, some provided has Group the 2018 since area, To reporting of the amore complete give picture firm. management waste aprivate uses Group where the cover locations only can data disposal waste to note that Group’s of the it important is business, particularities of the Because ENVIRONMT –WAST E DISPOSAL management is primarily handled by the infrastructure operators. infrastructure the by handled primarily is management waste not included because are locations American North and International method. calculation the improvement in constant of the light in interpreted Disposal method(t) Non‑hazardous waste waste Hazardous

containing hazardous substances (produced by the oil business) oil the by (produced substances hazardous packaging and containing materials absorbent filters, oil oils, waste batteries, devices, electronic includes waste Hazardous L L Incinerator Recycled Incinerator Recycled andfill andfill 57 ‑ year period should therefore be therefore be should period year 35,793.6 8,77.1 ,17 18 9,661.7 , 8 . 4 5 7,9 2019 17.6 8.3 9.3 ‑ Europe 14,079.5 30,608.0 9,470.9 ,057 6 7. 5 0 7, 2018 17.0 9.5 .5 7. GRI ‑

Standard 306‑2 19,464.0 6,566.5 ,235.6 . 5 3 2 7, 5,661.9 2017 16.5 8.5 0.2 .8 7. 1.5 Consolidated non-financial statement 85

owned financial ‑ ‑ financial Statement ‑ ERIA financial disclosures consists the of companies ‑ DARY DARDS line basis in the consolidated financial Autogrill Group’s ‑ N financial risk management” section the of Directors’ Report. N financial (hereinafter Statement also mentioned as ‑ ‑ by ‑ N CRIT EPARATIO G BOU G G STA G PR corruption the to topics ensure to extent needed a full understanding of financial disclosures in this reflect Statement the principle materiality of ‑ ‑ financial reporting been and chosen by have Autogrill standards as its reference ‑ N PORTI N PORTI RE The qualitative and quantitative disclosures in the Consolidated non the to Autogrill refer Statement the Group for 31 As year December ended 2019. required by Art. Decree 4 of the 254/2016, Consolidated non This Statement, by approved the Board Directors of on 12 March will 2020, be published annually and hasbeen prepared according the to GRI Sustainability Reporting Standards (“In accordance –Core” option) defined in by the 2016 Global Reporting Initiative. The GRI Standards are the in most the followed widely for world non locate information readers compliancefor help with within Decree To 254/2016. the document, the GRI Index is Content provided below. The non the dataincludes for Parent company (Autogrill S.p.A.) and its wholly the dormantstatements for 31 except year for December ended companies, 2019, those in liquidation and acquisitions finalized during the Since year. the previous reporting thecycle Group has disposed operations of in the Czech Republic and on Canadian motorways, through the sale investments of by the held Canadian companies “Statement”), the of Autogrill Group prepared in accordance with Arts. 3 and 4 of Legislative amended and hereinafter (as Decree 254/2016 also mentioned as “Decree”), contains disclosures on environmental, social, personnel, human rights, and anti what the Autogrill Group (hereinafter also mentioned as “the does, it how Group”) has performed and the impact its operations. of The main risks or incurred generated in connection with these topics and arising from business activities are described in the “Financial and non and as by law provided featured for in(relevance), the GRI standards: the issues discussed are those which, following a materiality analysis, found be to were relevant as they social reflect and environmental the Group’s impact or influence the decisions operations, the materiality the its stakeholders.of Given Group’s analysis did find not consumptionwater a significant have to environmental impact, is so a topic not it addressed in this Statement. The issue human of rights as did material, emerge not but is still highly important the to especially Group, in theselection and evaluation of suppliers and relations with and the employees community. These aspects are governed by policies and procedures such as the Group Sustainability the Policy, Code Ethicsof and the Supply Chain Sustainability Guidelines. Materiality is reviewed with a frequency and according a methodology to defined on the basis developments of within and the outside The document Group. highlights the in ways which the Group’s actions are connected with the United Nations Sustainable Goals Development (UN SDGs). subsidiaries, unless otherwise specified, and breaks down results the for Group’s three business segments (North America, International and Europe, including Italy) The boundary income figures for statement 2019 is the same as that the for Group’s Annual Report. The boundary non for consolidated on a line 1.5.7 RE The Consolidatednon 102‑4, 102‑10, 102‑4, 102‑13, 102‑46, 102‑48, 102‑49, 102‑50, 102‑51, 102‑52, 102‑54, 103‑2, 103‑3 Standard GRI Autogrill Group Annual Report 2019 • • • 86 • entailing: process reporting astructured on based was Group’s Autogrill non of 2019 the Consolidated preparation The RE indicators. performance were other excluded which the from Inc., Partners Stellar GmbH and Crobag year to integrate possible 2019 In also it was document. the within stated are limitations boundary other Any noted. duly as and where necessary estimates using area, International the and Europe in of locations number a larger to data for environmental perimeter the to expand managed has and process collection data complete the and to improve units business different the to work with continued has Group the years, two previous the Since BUs. International and America North concerns primarily limitation This figures. environmental on reporting the included in not always airports—are and stations railway at malls, data—mostly consumption no precise therefore has and directly utilities does not contract Group where the locations and headquarters that Note, additionally, Germany. in Tank &Rast business motorway the L.P., well as as Motorways HMSHost and Inc. Motorways HMSHost for consultation by all interested stakeholders. interested all by for consultation website company Parent www.autogrill.com, Statement the on of the publication inspection; alimited following independent by &Touche, Deloitte auditors assessment of aconformity issuance Committee; Governance Corporate and Control Internal the by reviewed being after statements, financial 2019 to approve the called of Directors, Board Statement the by of the approval statements; 2019 financial the consolidated from taken was liabilities and assets performance, economic on Data development appraisal). and resource Human on section (see, the for example, used were also estimates noted, where specifically calculations; through run and extracted were then points data Individual Standards. GRI 254/2016 the Decree and with of compliance sake from anon from and Group’s the Statement derive from accounting and for management system IT this in disclosures the More specifically, reported. information the validate and check and relevant data the consolidate and asked to help was analyze and area own for responsible was Each its disclosures. pertinent the and report the included in topics material for responsible the units/departments involvementthe of all PORTIN ‑ financial reporting system (data collection forms) implemented for (data the system collection reporting financial G PROC E SS ‑ end staffing figures for Le for Le figures end staffing ‑ financial Statement financial 1.5 Consolidated non-financial statement 87 Direct and indirect Direct and indirect Direct and indirect Direct and indirect Direct Direct Direct Type of impact Type Direct Direct Direct Direct Direct Direct Direct and indirect Direct Applies to: Autogrill Group, chain supply Autogrill Group, consumers, community Autogrill Group, supply chain, consumers Autogrill Group, supply chain, consumers Autogrill Group Autogrill Group Autogrill Group Where Autogrill Group Autogrill Group employees Autogrill Group Autogrill Group, consumers Autogrill Group Autogrill Group Autogrill Group, chain supply Autogrill Group

nvironmental RIAL TOPICS ERIAL missions, E ccupational health and safety on‑discrimination ffluent and waste nergy, E nergy, mployment conomic performanceconomic raining and education compliance n.a. safety and health Customer E E n.a. E Anti‑corruption GRI disclosure O Anti‑competitive behaviour, compliance Socioeconomic E Marketing and labeling and Marketing T Supplier environmental assessment, assessment, environmental Supplier assessment social Supplier abor/management relations Labor/management Diversity and equal opportunity, N ffectiveness and transparency of decision‑making” and “Accessibility and quality of services,” not E N CILIATIO N CO E OF GRI/MAT 58 For the material topics “ directly associated with GRI Standards, Autogrill reports its management approach

58 1.5.8 R 58 ccupational health and safety ffectiveness and transparency of nergy efficiency and emissions and efficiency nergy roduct quality and safety roduct labeling and marketing and labeling roduct E management Waste Quality of employee relations Anti‑corruption Topic P O Competitive practicesCompetitive Creation of economic value Human resource development and appraisal E decision‑making P management chain Supply abor union relations union Labor Accessibility and quality of services Diversity and equal opportunity Standard 103‑1 Standard

conomic & roduct Planet People E Governance Area P GRI Autogrill Group Annual Report 2019 88 UNIVERSAL STANDARDS 2019. and to 2017, 2018 pertaining and analysis materiality reference to Autogrill’s with Initiative, Reporting Global the by 2016 in published Standards GRI the on based table The below disclosures shows Group option. Core Standards: Group’s Autogrill nonThe consolidated 1.5.9 102‑2 102‑1 Organizational profile Disclosures 102: General GRI GRI Standard 102‑10 102‑9 102‑8 102‑7 102‑6 102‑5 102‑4 102‑3 02‑11 10 0‑41 102‑ 102‑40 Stakeholder engagement 102‑18 Governance 102‑16 E 102‑15 102‑14 Strategy 102‑13 102‑12 102‑42 thics and integrity and thics GRI CON DR, T DR, p. 20 structure, Group Simplified DR, Page no. actions, p. 12;actions, P corporate other and consolidation of scope in Change DR, p. 74‑75 management, chain supply Responsible p. 76 data, environmental and social Group P p. 22 position, financial of statement consolidated p. 14; p. 15; Revenue, statement, DR, income Reclassified DR, T DR, p. 23, O DR, p. 9, world, performance, the Group DR, around Autogrill DR, 12 of as 2020, p. 21 March structure p. 10, O DR, structure, Group Simplified DR, 85‑86 p. p. 9; world, P the around Autogrill DR, –Italy (MI) Rozzano P Milanofiori, Direzionale Centro analysis, p. 56 analysis, p. 55, Group, Materiality Autogrill the for Sustainability p. 99‑107; management, risk non‑financial and Financial DR, L Stakeholder engagement, p. 56 21, pp. CGR, 51, 53, 55, 63 modello‑organizzativo‑e‑codice‑etico E p. of 63; Code inclusion, and opportunity equal Diversity, p. 99‑107 management, risk non‑financial and Financial DR, DR ‑ to Letter the shareholders p. 85‑86 p. 65; P engagement, and development p. 63; Community inclusion, and opportunity equal Diversity, Responsible supply chain management, p. 74‑75 management, chain supply Responsible Stakeholder engagement, p. 56 abor relations, p. 63 relations, abor eople: the people of the Autogrill Group, p. 57‑60; Autogrill p. 57‑60; Group, Autogrill Autogrill the of people the eople: thics, www.autogrill.com/it/governance/ he Autogrill Group, p. 15 Group, Autogrill he he Autogrill Group, p. 8; DR, Condensed consolidated consolidated p. 8; Group, Condensed DR, Autogrill he perating segments, p. 37 segments, perating reparation criteria, p. 85‑86 criteria, reparation T EN - 64 T I N ‑ alazzo Z, Strada 5, 20089 Z, Strada alazzo financial statement has been prepared in accordance with the GRI GRI the with accordance in prepared been statement has financial D E reparation criteria, criteria, reparation X reparation criteria, criteria, reparation - rganizational rganizational 77 N Disclosure Description of the organization’s supply chain supply organization’s the of Description workers other and employees on Information organization the of Scale O report the in covered topics the to relevant and/or are that operations significant has it where countries of names the N L served, types of customer and beneficiaries) and customer of types served, Markets (including served geographic locations, sectors services and products brands, Activities, P chain supply its and organization the to changes Significant L Governance structure behavior of norms and standards principles, Values, opportunities and risks Key impacts, Statement from senior decision‑maker Memberships of associations endorses it which or subscribes, organization the which to initiatives other or principles, charters, social and environmental E Identifying and selecting stakeholders and selecting Identifying bargaining agreements bargaining P ist of stakeholder groups engaged by the organization the by engaged groups stakeholder of ist ocation of headquarters ercentage of total employees covered by collective collective by covered employees total of ercentage recautionary P recautionary xternal initiatives: list of externally‑developed economic, economic, externally‑developed of list initiatives: xternal umber of countries where the organization operates and and operates organization the where countries of umber ame of the organization the of ame wnership and legal form legal and wnership rinciple or approach or rinciple GRI Standard 102‑54, 102‑55 1.5 Consolidated non-financial statement 89 xplanation of the material topic and its xplanation of the material topic and its valuation of the management management the of valuation management the of valuation he management approach and its he management approach and its Disclosure E Boundary T components E approach Direct economic value generated and distributed E Boundary T components E approach he stakeholder groups that raised each of the xternal assurance ffect of any restatements of information given in previous ntities included in the consolidatedfinancial statements or ist of material topicsidentified in the process for defining Claims of reporting in accordance with the GRI Standards GRI content index E Reporting cycle (annual, biennal) Contact point for questions regarding the report Date of most recent report applicable) (if Reporting period Reporting Significant changes from previous reporting periods in the list of material topics and topic boundaries E reports and the reasons for such restatements Defining report content and topic boundaries L report content Disclosure frequency including engagement stakeholder to Approach of engagement by type and by stakeholder group and an was engagement the of any whether of indication undertaken specifically as part of the report preparation process topicsKey and concerns raised through stakeholder engagement and how the organization has responded to those topics key and concerns, including through its reporting. T topicskey and concerns E equivalent documents Omission eople: thepeople of the eople: thepeople of the 87; GRI content index,87; 88‑95 p. - el. (+39) 0248263490 el. (+39) S RIE E OMIC S OMIC reparation criteria, 85 p. reparation criteria, 85‑86 p. reparation criteria, 85‑86 p. reparation criteria, 85‑86 p. reparation criteria, 85‑86 p. reparation criteria, 85‑86 p. reparation criteria, p.85‑86 GRI content index, 88‑95 p. Independent auditors’ report, 96‑98 p. RM&CSR department. T P P P P P Materiality analysis, 56 p. P Creating and distributing economic value 54; p. Stakeholder engagement, P 56; p. CommunityAutogrill Group, development 57; p. and 71 p. customer, the on focus Consumers: 66; p. engagement, Stakeholder engagement, P 56; p. Consumers:Autogrill focus Group, 57; p. on the customer, p. 71 Consolidated financial statements, list of consolidated companies and other investments, 210‑215 p. P Page no. N olicies and guidelines of the Autogrill Group, Materiality analysis, Reconciliation p. 56; of GRIs/ material topics, p. 87 Page no. Creating and distributing economic value, p. 54 Creating and distributing economic value, Communityp. 54; development and engagement, p. 66 Creating and distributing economic value, p. 54; p. 66 engagement, and development Community Materiality analysis, Reconciliation p. 56; of GRIs/ material topics, p. 87 guidelines and policies Socio‑environmental of the Anti‑corruption, Autogrill Group, p. 51‑53; p. 55 P Anti‑corruption,p. 51‑53; p. 55 CO conomic Performance conomic performance conomic 102‑55 102‑56 102‑53 102‑54 102‑52 102‑51 102‑50 102‑49 102‑47 102‑48 GRI Management 103: Approach 103‑1 GRI Standard E GRI 200: E 200: GRI 103‑2 103‑3 E GRI 201: 201‑1 Anti‑corruption GRI Management 103: Approach 103‑1 103‑2 103‑3 102‑43 102‑44 Reporting practice 102‑45 102‑46 GRI Standard NDARDS TOPIC‑SPECIFIC STA Autogrill Group Annual Report 2019 90 GRI 300: EN 206‑1 GRI 206: Anti‑competitive behavior 103‑3 103‑3 103‑2 103‑1 Approach 103: Management GRI Energy 103‑2 103‑1 Approach 103: Management GRI Anti‑competitive behaviour 205‑3 GRI 205: Anti‑corruption Standard GRI 103‑3 103‑2 103‑1 Approach 103: Management GRI E 302‑1 E 302: GRI 305‑1 E 305: GRI 305‑2 103‑2 103‑1 GRI 103: Management Approach Effluent and waste missions missions missions nergy nergy issues monopoly and antitrust behavior, anti‑competitive for Group the against taken 2019 was In action legal no p. 54 p. 99‑107; compliance, and Governance management, risk non‑financial and Financial DR, environmental data, p. 82 data, environmental and social Group p. 67‑69; Autogrill management, p. 51‑53; Group, Autogrill E the of guidelines and policies Socio‑environmental p. 85‑86 p. 67‑69; P management, emissions p. 51‑53; Group, Autogrill E the of Socio‑environmental policies and guidelines p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality p. 54 p. 99‑107; compliance, and Governance management, risk non‑financial and Financial DR, p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality corruption passive or active concerning employees against rulings 2019In definitive no were there Page no. environmental data, p. 82 data, environmental and social Group p. 67‑69; Autogrill management, p. 51‑53; Group, Autogrill E the of guidelines and policies Socio‑environmental p. 67‑69; P management, p. 51‑53; Group, Autogrill E the of guidelines and policies Socio‑environmental p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality p. 82 data, environmental and social Group E p. 85‑86 p. 82 data, environmental and social Group Autogrill p. 85‑86 p. 82 data, environmental and social Group Autogrill packaging, p. 69 packaging, and p. 51‑53; Group, Autogrill management Waste the of guidelines and policies Socio‑environmental p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality VIRO nergy and emissions management, p. 67‑69; Autogrill p. 67‑69; Autogrill management, emissions and nergy - - 83 83 NM EN TAL S - 70; P E RIE reparation criteria, p. 85‑86 criteria, reparation reparation criteria, p. 85‑86 criteria, reparation S - - 83; P 83; P nergy and emissions emissions and nergy nergy and emissions emissions and nergy emissions and nergy reparation criteria, criteria, reparation reparation criteria, criteria, reparation nergy and and nergy reparation criteria, criteria, reparation - 83 - - 55 55 Omission approach E practices monopoly and antitrust behavior, L components T components T Boundary E Boundary E actions taken and corruption of incidents Confirmed Disclosure Boundary E approach E components T organization E approach E Direct (Scope 1) GHG emissions 1) emissions GHG (Scope Direct components T Boundary E emissions E egal actions for anti‑competitive actions anti‑competitive egal for he management approach and its its and approach management he he management approach and its its and approach management he he management approach and its its and approach management he he management approach and its its and approach management he nergy consumption within the the within consumption nergy nergy indirect (Scope 2) GHG 2) GHG (Scope indirect nergy valuation of the management valuation of the management valuation of the management xplanation of the material topic and its its and topic material the of xplanation its and topic material the of xplanation xplanation of the material topic and its its and topic material the of xplanation xplanation of the material topic and its its and topic material the of xplanation 1.5 Consolidated non-financial statement 91 ew suppliers that were screened using on‑compliance with environmental environmental on‑compliance with xplanation of the material topic and its xplanation of the material topic and its xplanation of the material topic and its valuation of the management management the of valuation management the of valuation management the of valuation he management approach and its he management approach and its Disclosure E approach Waste by type and disposal method E Boundary T components E approach N regulations and laws E Boundary T components E approach E Boundary N criteria environmental , nce the thics urchasing he Group he Code of orth America. O Omission Supplier selection and and selection Supplier assessment are based on specific policies applied at the regional level; all suppliers strictly must comply with local laws and regulations as well as established quality control procedures. T sign to suppliers requires onto its Code of E and General P the Conditions. In 2018, process implementation began for the Autogrill Group Chain Supply Sustainability Guidelines general set which standards for supplier assessment. T Conduct Business Supplier has been published in N guidelines are implemented locally, it will be possible to report the exact number of suppliers assessed lanet: environmental lanet: environmental 70; Social70; and environmental data, - S E RI E reparation criteria, p. 85‑86 o significant fines or non‑monetary sanctions were non‑monetary or were fines sanctions significant o lanet: environmental Responsible protection, p. 67; lanet: environmental Responsible protection, p. 67; Page no. Page Socio‑environmental policies and guidelines of the Waste managementAutogrill Group, p. 51‑53; and packaging, p. 69 P p. 63; Autogrill Group social and environmental data, p. 84 Materiality analysis, Reconciliation p. 56; of GRIs/ material topics, p. 87 Socio‑environmental policies and guidelines of the P Autogrill Group, p. 51‑53; protection, p. 67 Socio‑environmental policies and guidelines of the P Autogrill Group, p. 51‑53; protection, p. 67 N received in 2019. Materiality analysis, Reconciliation p. 56; of GRIs/ material topics, p. 87 P supply chain management, p. 74 P supply chain management, p. 74 Responsible supply chain management, p. 74 Materiality analysis, Reconciliation p. 56; of GRIs/ material topics, p. 87 ffluents and waste nvironmental compliance nvironmental compliance mployment GRI Standard 103‑3 GRI 306: E 306‑2 E GRI Management 103: Approach 103‑1 103‑2 103‑3 E GRI 307: 307‑1 assessment environmental Supplier GRI Management 103: Approach 103‑1 103‑2 103‑3 assessment environmental Supplier 308: GRI 308‑1 E GRI Management 103: Approach 103‑1 GRI 400: SOCIAL S Autogrill Group Annual Report 2019 92 103‑2 Standard GRI 402‑1 GRI 402: Labor/management relations 103‑3 103‑2 103‑1 Approach 103: Management GRI Labor/management relations 401‑2 401‑1 401:GRI E 103‑3 403‑2 safety and health Occupational 403: GRI 103‑3 103‑2 103‑1 GRI 103: Management Approach safety and health Occupational 103‑1 Approach 103: Management GRI Training and education mployment mployment of the Autogrill Group, p. 51‑53; Group, Autogrill P the of Socio‑environmental policies and guidelines Page no. L p. 57; Group, Autogrill L p. 51‑53; Group, Autogrill P the of guidelines and policies Socio‑environmental p. 57; Group, Autogrill L p. 51‑53; Group, Autogrill P the of guidelines and policies Socio‑environmental p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality p. 62 benefits, and Remuneration p. 80 data, environmental and social Group Autogrill p. 67 data, environmental and social Group p. 62; Autogrill benefits, and p. 63; Remuneration inclusion, and opportunity equal p. 60; Diversity, appraisal, and training development, p. 57; Group, resource Autogrill Human p. 51‑53; Group, Autogrill P Socio‑environmental policies and guidelines of the p. 62 benefits, and p. 63; Remuneration inclusion, and opportunity equal p. 60; Diversity, appraisal, and training development, p. 57; Group, resource Autogrill Human the of people O p. 64 safety, p. 57; Group, Autogrill O p. 51‑53; Group, Autogrill P the of guidelines and policies Socio‑environmental p. 64 safety, p. 57; Group, Autogrill O p. 51‑53; Group, Autogrill P the of guidelines and policies Socio‑environmental p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality material topics, p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality p. 81 data, environmental and social Group abor relations, p. 63 relations, abor ccupational health and safety, p. 64 safety, and health ccupational - - 65 65 - 64 abor relations, p. 63 relations, abor p. 63 relations, abor ccupational health and and health ccupational and health ccupational eople: the people of the the of people the eople: the of people the eople: eople: the people of the the of people the eople: the of people the eople: eople: the people of the the of people the eople: eople: the the eople: - 65; Autogrill 65; Autogrill - -

64 64 Omission currently unavailable is personnel external for 2020. Data year information by reporting that gather will that asystem on working T available. not are hours workable because reported not are rates Absentee he Group is Group he Disclosure approach E components T boundary E part‑time employees or temporary to provided not are that employees full‑time to provided Benefits turnover. N approach E components T operational changes regarding periods notice Minimum approach E components T boundary E Boundary E work‑related fatalities of number and absenteeism and days lost diseases, occupational T ypes of injury and rates of injury, of rates and injury of ypes he management approach and its its and approach management he its and approach management he he management approach and its its and approach management he valuation of the management valuation of the management valuation of the management xplanation of the material topic and its its and topic material the of xplanation xplanation of the material topic and its its and topic material the of xplanation xplanation of the material topic and its its and topic material the of xplanation ew employee hires and employee employee and hires employee ew 1.5 Consolidated non-financial statement 93 xplanation of the material topic and its xplanation of the material topic and its xplanation of the material topic and its valuation of the management management the of valuation management the of valuation management the of valuation management the of valuation rograms for upgrading employee skills ercentage of employees receiving he management approach and its he management approach and its he management approach and its he management approach and its Disclosure T components E approach Average hoursof training per year per employee P and transition assistance programs P regular performance and career development reviews E Boundary T components E approach Diversity of governance bodies and employees E Boundary T components E approach Incidents of discrimination and corrective actions taken E boundary T components E approach Omission eople: thepeople of the eople: the people of the eople: the people of the eople: the people of the eople: the people of the eople: the people of the rotection of human rights, p. 49 rotection of human rights, p. 65 ducation rotection of human rights, p. 65 rotection of human rights, p. 65 eople: the people of the Autogrill Group, p. 57; Page no. Page Socio‑environmental policies and guidelines of the P Autogrill Group, p. 51‑53; HumanAutogrill resource Group, p. 57; development, training and appraisal, p. 60 Socio‑environmental policies and guidelines of the P Autogrill Group, p. 51‑53; HumanAutogrill resource Group, p. 57; development, training and appraisal,p. 46‑47; Autogrill Group social and environmental data, p. 76 Human resource development, training and appraisal, Autogrillp. 60; Group social and environmental data, p. 78 Human resource development, training and appraisal, p. 60 Autogrill Group social and environmental data, p. 79 Materiality analysis, Reconciliation p. 56; of GRIs/ material topics, p. 87 Socio‑environmental policies and guidelines of the P Autogrill Group, p. 51‑53; Diversity,Autogrill equal Group, opportunity p. 57; and inclusion, p. 63 Socio‑environmental policies and guidelines of the P Autogrill Group, p. 51‑53; Diversity,Autogrill equal Group, opportunity p. 57; and inclusion, p. 63 P Autogrill Group social and environmental data, p. 76; 95‑101 CGR, pp. 24‑41, Materiality analysis, Reconciliation p. 56; of GRIs/ material topics, p. 87 Socio‑environmental policies and guidelines of the P Autogrill Group, p. 51‑53; Diversity,Autogrill equal Group, opportunity p. 57; and inclusion, P p. 48; Socio‑environmental policies and guidelines of the P Autogrill Group, p. 51‑53; Diversity,Autogrill equal Group, opportunity p. 57; and inclusion, P p. 63; there were no significantIn 2019 incidents of discrimination. Any complaints received through the dedicated channels were handled promptly by the units in charge Materiality analysis, Reconciliation p. 56; of GRIs/ material topics, p. 87 Responsible supply chain management, p. 74; P Responsible supply chain management, p. 74; P on‑discrimination on‑discrimination on‑discrimination GRI Standard 103‑2 103‑3 GRI 404: Training and E 404‑2 404‑3 opportunity equal and Diversity GRI Management 103: Approach 103‑1 103‑2 103‑3 GRI 405: Diversity and equal opportunity 405‑1 N GRI Management 103: Approach 103‑1 103‑2 103‑3 N 406: GRI 406‑1 assessment social Supplier GRI Management 103: Approach 103‑1 103‑2 103‑3 404‑1 Autogrill Group Annual Report 2019 94 103‑2 103‑1 Approach 103: Management GRI complianceSocioeconomic 417‑3 417:GRI Marketing and labelling 103‑3 1 ‑1 414 assessment 414: social GRI Supplier Standard GRI 103‑2 103‑1 GRI 103: Management Approach Marketing and labelling ‑1 416 safety and 416: health GRI Customer 103‑3 103‑2 103‑1 Approach 103: Management GRI safety and health Customer risk management, p.76‑84 management, risk compliance, p. 54 compliance, p. 51‑53; and Group, Autogrill Governance the of guidelines and policies Socio‑environmental p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality non‑compliance of incidents 2019In significant no were there marketing, p. 73 marketing, p. 51‑53; Group, Autogrill P the of guidelines and policies Socio‑environmental Responsible supply chain management, p. 74 management, chain supply Responsible Page no. marketing, p. 73 marketing, p. 51‑53; Group, Autogrill P the of guidelines and policies Socio‑environmental p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality P p. 72 p. 51‑53; Group, Autogrill P the of guidelines and policies Socio‑environmental p. 72 p. 51‑53; Group, Autogrill P the of guidelines and policies Socio‑environmental p. 87 topics, material GRIs/ of p. 56; Reconciliation analysis, Materiality roduct quality and safety, p. 72 safety, and quality roduct - - 74 74 - 55; DR, Financial and non‑financial non‑financial and 55; Financial DR, roduct labeling and and labeling roduct roduct labeling and and labeling roduct safety, and quality roduct safety, and quality roduct N in published been has Supplier Business Conduct T assessment. supplier for standards which set general Guidelines, Sustainability Chain Supply Group Autogrill the for began implementation process 2018, In Conditions. the P General and E of Code its onto requires suppliers to sign T procedures. control quality established as well as regulations and laws local with comply must strictly suppliers all level; regional the at applied policies specific on based are assessment Supplier selection and Omission assessed suppliers of number exact the report to possible be will it locally, implemented are guidelines orth America. O America. orth he Code of of Code he he Group Group he urchasing urchasing thics thics nce the the nce components T boundary E marketing communications Incidents concerning of non‑compliance approach E components T Disclosure boundary E categories service and product of impacts safety and health the of Assessment approach E components T Boundary E criteria social N he management approach and its its and approach management he he management approach and its its and approach management he he management approach and its its and approach management he valuation of the management valuation of the management xplanation of the material topic and its its and topic material the of xplanation xplanation of the material topic and its its and topic material the of xplanation its and topic material the of xplanation ew suppliers that were screened using using screened were that suppliers ew 1.5 Consolidated non-financial statement 95 on‑compliance with laws and xplanation of the material topic and its xplanation of the material topic and its valuation of the management management the of valuation valuation of the management management the of valuation valuation of the management management the of valuation he management approach and its he management approach and its Disclosure E approach N regulations in the social and economic area E Boundary T components E approach E Boundary T components E approach Omission 55; DR, Financial55; and non‑financial 55; DR, Financial55; and non‑financial DR,55 Financial and non‑financial - - - roduct labeling and marketing, roduct labeling and marketing, 74 74 - - Page no. 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1.6.1 FI NANCIAL AND NON‑FINANCIAL RISK MANAGEMENT

The Autogrill Group is exposed to external risks and uncertainties arising from general economic conditions or those specific to its industry, from the financial markets and from frequent changes in legislation, as well as to risks generated by strategic decisions and operating procedures.

The Group’s Enterprise Risk Management department ensures the uniform handling of risks across the different organizational units. Autogrill has developed a model based on the systematic identification, analysis and assessment of the risk areas that may hinder the achievement of strategic goals. The model helps evaluate the Group’s overall exposure to risks, orient the necessary mitigation efforts and reduce the volatility of business objectives.

The main risk areas — strategic, internal and external — are presented below. External risks include risks relating to social responsibility that are addressed in greater detail in Section 1.5 of the Directors’ Report, in compliance with Arts. 3 and 4 of Legislative Decree 254/2016 on non‑financial reporting.

Strategic risks Mitigating factors

BUSINESS AND MARKET CONTEXT

The Group’s operations are influenced by exogenous This risk is mitigated by the Group’s diversified (hence uncontrollable) factors that may affect traffic presence in terms of channels (airports, flows, travellers’ propensity to consume and the ways they motorways and railway stations) and geographical do so. These include: regions. • the general macroeconomic situation and its contributing trends: consumer confidence, The Group also has a system for the constant unemployment and cost‑push inflation monitoring of performance, the market and when it cannot be transferred to prices consumer behavior so that it can react quickly to (mitigation); signs of changes in exogenous factors by updating • rising transportation costs and consumers’ growing its menus or service propositions. awareness of social and environmental issues , which may affect their means of travel;

99 Strategic risks Mitigating factors

• social and environmental concerns that change tastes and steer consumers toward healthier, more Earth‑friendly choices (organic foods, locally sourced

Annual Report 2019 products, etc.); • climate change, which is not expected to significantly affect the business and its finances in the short to medium term, based on today’s knowledge of how these issues affect traffic flows and investments already in the pipeline. However, it is possible that in the medium to long term, the concession business could be exposed to new risks relating to both extreme climate events and regulatory changes in response to climate change, whose impact on operations and financial data will be examined as soon as it can be reasonably understood; • legislative or regulatory changes affecting the channels served by the Group or the concession system; • in the airport business, the introduction of more restrictive procedures, regulations and controls that could influence consumers’ propensity to buy; • competitive developments in the air traffic industry and changes in airline policies.

CONCESSION CONTRACTS

Most of the Group’s operations are conducted under The Group mitigates these risks by following an long‑term contracts, awarded through competitive approach aimed at building and maintaining a bidding, that grant it the right to operate in designated collaborative partnership with concession areas of airports, motorways and railway stations. grantors, based in part on the constant Concessions are therefore fundamental to the Group for development of innovative concepts and achieving its strategic goals. commercial solutions that aim to improve infrastructure efficiency and reduce its Risks in this area concern: environmental impact, in the interests of both • the Group’s ability to renew concessions or win new parties and also of the public. ones; • the risk that contracts will be less profitable than expected at the time they were awarded, which would reduce the return on investment given that many contracts include an obligation to pay minimum guaranteed rent regardless of the revenue earned; • the possibility that contracts will be terminated or otherwise cease to be valid for various reasons — some of them beyond the Group’s control — such as cancellation by the authorities or the courts, the loss of permits, licenses or certificates required by national laws, or counterparties’ failure to obtain approval in the case of extraordinary operations; • any clauses that place limits on Autogrill’s management of local operations and prevent it, for example, from adapting menus or commercial practices to customers’ changing needs and preferences; • the option generally given to concession grantors, even

Autogrill Group without breach of contract by the operator, to change

100 1. Directors’ Report Strategic risks Mitigating factors

certain conditions unilaterally (and sometimes without compensation for the operator) by invoking public interest or safety.

BRANDS AND CONCEPTS

The Group operates through proprietary brands and The main mitigation factor is the breadth of the concepts as well as many owned by third parties, which Group’s portfolio, which limits its dependence on range from local favorites to international household any third‑party brand. names. There are teams dedicated to keeping menus The main risks concern: up‑to‑date through the development of new • the loss of significant partnerships or the inability to concepts consistent with emerging trends, the strike up new ones allowing the Group to attract monitoring of up‑and‑coming brands and the customers with concepts and brands; ongoing review of partner brands, so that the • the decreased attractiveness of concepts or brands in most innovative and attractive brands the the portfolio, both of which could affect the ability to market has to offer are always in the Group’s compete for new contracts and therefore attain portfolio. development goals. Finally, this risk is mitigated by the Group’s emphasis on building and maintaining good relationships with its partners and with licensors of the most popular brands.

COMPETITION

The food and beverage industry is growing and becoming Autogrill has a solid reputation with concession ever more attractive to both long‑standing operators and grantors, an important factor in the tendering and newer, smaller ones. renewal process. In addition, the Group’s broad range of proprietary and third‑party brands, both The growing demand for local as opposed to international local and international, enable it to compete brands also tilts the playing field towards local operators, successfully for commercially viable and profitable which now have a better chance of closing deals and locations. In any case, the Group has a system for setting up in locations once reserved to globally analyzing industry and channel trends so it can recognized brands. monitor its position at all times.

These factors increase competition, both real and potential and could therefore hamper the Group’s growth and/or profitability.

INNOVATION The Group mitigates this risk by: The Group’s ability to maintain a constant process of • monitoring performance (quality of service, innovation for its products, concepts and services allows it positioning, attractiveness of menus and of the to react promptly to changes in the consumption habits brand and concept portfolio); and tastes of its clientele and is therefore key to increasing • constantly revising menus in terms of products, the satisfaction of customers and concession grantors. concepts and services, while adapting to the latest technologies and the digital world; The risk is that this ability would be diminished, • reviewing the portfolio of partner brands to especially given the greater speed with which new trends offer the most attractive, innovative names take root, including in light of the increasing focus on available on the market; healthy food choices that are also ecologically sound. • developing customer retention initiatives and client satisfaction analyses; • training workers periodically to ensure high standards of service.

101 Strategic risks Mitigating factors

REPUTATION

It is important to protect our reputation with The Group constantly monitors its quality of

Annual Report 2019 all stakeholders: customers, concession grantors, service with respect to customers (perceived and licensors. An operator’s reputation is an satisfaction and product safety), concession important factor in the tendering and renewal of grantors (quantitative and qualitative parameters concessions. set out in the contract) and licensors (observance of operating and development standards); for the Serious reputation damage entails the risk of: largest and most sensitive brands, this includes • making the brand less attractive to customers; brand champions hired by headquarters and • harming relationships with grantors and licensors; assigned to support local teams. In addition, • threatening contract renewals. suitable brand protection measures are taken in Italy if unpleasant experiences are wrongly The causes stem primarily from the perceived attributed to Autogrill. deterioration of service, an inability to satisfy contractual commitments with grantors and licensors and an inability The Group’s commitment to social and to let the business model evolve in response to environmental sustainability is clear from the stakeholders’ expectations of social and environmental values espoused in its Code of Ethics. sustainability On environmental issues in particular, it works to Loss of reputation can also have indirect causes promote responsible behavior in the conviction beyond Autogrill’s control. In Italy, the fact that many that protecting our environment is a global priority travelers use the Group’s name to refer to highway for people, businesses and institutions all over the rest stops in general (“let’s stop at the autogrill”) may world. expose its operations in the motorway channel to reputation risk caused by any shortcomings in To protect its web reputation, Autogrill has competitors’ services that are mistakenly attributed to implemented specific policies designed to regulate the Group. interaction with the web community and to govern crisis management procedures. Likewise, for operations involving the sale of third‑party brands under license or commercial partnerships (a model used widely in emerging markets), any reputation damage suffered by the licensor or partner may expose Autogrill to a potential loss of business due to factors beyond its control.

The widespread and ever growing use of online channels (websites, social media, etc.) is a powerful communications tool because large numbers of people are reached very quickly, but it also means that false or defamatory news can be magnified.

DEVELOPMENT IN EMERGING MARKETS

The Group operates in various emerging markets through The Group pursues and favors contracts that leave partnerships with local operators that in some cases it in control of operations and commercial aspects. require their active participation in store management; it In any case, Autogrill is entitled by contract to hopes to expand into others. perform audits ensuring compliance with service and quality standards. In addition to the typical risks of such markets, it is possible that local partners will fail to meet their contractual obligations including in terms of the operating standards needed to ensure satisfactory quality and service, which could affect the Group’s profitability

Autogrill Group and reputation.

102 1. Directors’ Report Strategic risks Mitigating factors

HUMAN CAPITAL

Autogrill believes that a transparent policy of To mitigate these risks, the Group: responsibility toward its employees gives it a competitive • uses bonus systems designed to reward edge, because employees are the Group’s human capital: employee dedication and success, thereby the wealth of skills, competencies and qualifications that fostering a sense of belonging, and follows make it stand out. salary policies that ensure constant comparison with multinational and Italian Therefore, any lessening of the Group’s ability to attract, companies in the consumer goods industry motivate and retain key employees would make it whose complexity, distribution intensity and vulnerable to losing personnel with crucial expertise. capital expenditure are comparable to Autogrill’s. To foster fairer treatment among Furthermore, although Autogrill promotes behaviors that its companies, the Group distributes value the dignity and protect the rights of all individuals international guidelines on various aspects of from the selection process throughout their careers, it compensation, while fully respecting national cannot rule out the risk of discriminatory conduct in the laws and local differences. workplace, which could damage the working It also adopts policies and initiatives designed environment, affect employee retention and harm its to motivate and retain talent; reputation. • has set up dedicated phone lines or email addresses in most of the countries where it operates, to receive any complaints of behavior that does not live up to its standards of fairness, integrity, transparency, honesty, ethics and legality. It has also created a European platform as a direct means of drawing attention to any conduct inconsistent with the Group’s Code of Ethics, but also of signaling excellent behavior, while ensuring the confidentiality of information and the privacy of individuals; • has designed a human resource management policy based on principles laid down in the Code of Ethics, which encourages the Group to instill good relationships with its employees and help them develop their skills and abilities; • is committed, as enshrined in the Code of Ethics, to promoting a safe, healthy and non‑discriminatory workplace that lets everyone reach their potential.

External risks Mitigating factors

COUNTRY‑SPECIFIC

Business may be interrupted briefly or for longer periods, To mitigate this kind of risk, the Group has generally as a result of uncontrollable events such as: security and prevention systems and emergency • natural disasters and weather emergencies; management plans specific to each type of • acts or threats of terrorism; event. • pandemics; • hostilities or wars; The “Outlook” paragraph of this report describes • strikes; actions taken in connection with the coronavirus • political instability. epidemic (COVID‑19).

103 External risks Mitigating factors

Such events could: Autogrill has Group‑wide and local policies with • involve Autogrill locations directly and force them to major insurers, which include coverage for close; material damage and interruption of business and

Annual Report 2019 • halt or significantly reduce traffic; for third‑party liability. • hurt critical points of the supply chain (suppliers or partners interdependent with Autogrill); In addition, many concession agreements protect • damage or affect the functioning of IT systems and the Group against infrastructure closures (and network infrastructures that support key business therefore lost business) caused by force majeure. processes.

In the case of IT systems, this can also take the form of cyber attacks.

FINANCIAL

Regarding the management of financial risks, consisting Autogrill manages its financial risks by defining mostly of interest rate, exchange rate and liquidity risk, Group‑wide guidelines that inform financial see the financial risk management section of the notes. management of its operating units, as part of an overall policy of financial independence.

The Finance department ensures that the financial risk management policies are harmonized, identifying the most suitable financial instruments and monitoring the effectiveness of the policies followed.

The Autogrill Group does not allow the use of speculative derivative instruments.

The Group also strives for a certain financial flexibility, maintaining enough cash and committed credit lines to constantly cover its refinancing needs for at least 12 to 18 months.

CORRUPTION

Violations of the Code of Ethics or of anti‑corruption and The Group has adopted: other laws by Autogrill, its commercial partners, agents or • its own Code of Ethics, which requires all other parties acting in its name or on its behalf may Group companies along with their top expose the Group and its employees to criminal or civil executives, managers and employees to penalties and damage Autogrill’s reputation. conduct themselves according to the principles of legality, fairness and integrity; • an Anti‑Corruption Policy that instructs all directors, managers, employees, and internal auditors of Group companies, and everyone who works in Italy or abroad in Autogrill’s name or on its behalf, what principles and rules they must follow to ensure compliance with applicable anti‑corruption laws. Through this policy, the Group formalizes its across‑the‑board commitment to reject and prohibit corruption under all circumstances, with public officials and private parties alike and its promise to observe anti‑corruption laws

Autogrill Group in every country served.

104 1. Directors’ Report Internal risks Mitigating factors

DATA SECURITY

Cyber risks are exacerbated by the growing enjoyment The Group conducts periodic training programs on and distribution of goods and services over expanding the risks of using internet, social media and global networks and the use of information technologies e‑mail, as well as a graduated system for to communicate and transfer data in real time with people evaluating threats and the resiliency of existing all over the world. protections to cyber attacks, including through the use of vulnerability tests. The main cyber risks consist of: • cyber attacks through the use of malware or ransomware; • the hacking or counterfeiting of a company’s e‑mail in order to steal information or order payments to non‑entitled parties.

The impact may extend to: • reputation damage caused by an attack designed to steal sensitive data or identities; • the loss of customer data and violation of customer privacy; • difficulty with standard operations if the attack aims to thwart access to necessary computer systems by authorized users (e.g. supply chain management); • fines, in the event that sensitive data has not been protected in accordance with the latest international directives.

LABOR

Labor is a significant factor for the Group, whose business The human resource management policy is based has a strong customer service component. The need to on principles laid down in the Code of Ethics, keep service quality up to customers’ and concession which encourages the Group to instill good grantors’ standards, and the complexity of regulations in relationships with its employees and help them the many countries served by the Group, give it less enhancement their skills and abilities. flexibility to manage its workforce. The risks in question are mitigated through the The main risk is a significant increase in the cost per constant review of operating procedures, including employee, as a result of labor market trends caused by the the incorporation of digital technologies, to make economy or government regulations, with a consequent the best, most efficient use of labor by matching decline in productivity. For example, the recent “living wage skills to the tasks at hand. laws” enacted in some states of the U.S. increase minimum wages and will be gradually extended to other states.

QUALITY, HEALTH, SAFETY AND ENVIRONMENT

Autogrill’s industry is highly regulated in terms of The Group has set up region‑wide quality assurance operating practices and worker and customer health and systems to ensure high standards for all its products safety. This applies to personal protections and product and services. These are based on risk assessment quality, from raw materials to the finished product, processes for raw materials, products and their through the use of proper food preparation processes and suppliers to measure compliance with quality quality ingredients in compliance with all local standards defined by the company following an regulations and accepted standards of food and HACCP approach; on systematic monitoring and environmental safety. control using specific KPIs; and on verifying the effectiveness of these measures through different Any violation of or non‑compliance with these complex kinds of specialized audits conducted periodically norms at the local, national or supranational level, as they by internal and external industry professionals.

105 Internal risks Mitigating factors

apply to concession operators or companies in the oil The Group is committed to the highest standards business, would not only expose the Group to lawsuits and of health and safety for its employees, primarily civil or criminal penalties but could also diminish its through the ongoing review of policies and

Annual Report 2019 reputation. procedures, but also through technical improvements, constant technology upgrades, personal protective equipment and training on the job.

In almost all countries served, the Group has set up health and safety committees involving management and workers’ representatives (depending on each country’s policies), to monitor compliance with laws and regulations and take steps to reduce, if not eliminate, the risk of accidents.

On the environmental front, the Group has adopted high safety standards and solid, reliable practices to ensure compliance with laws and regulations and the proper handling of potential environmental emergencies, with a view to protecting people, natural settings, operations, property and the affected communities.

The Group is always on the lookout for ways to reduce its environmental impact by improving its energy performance and basing new commercial concepts on innovative solutions, inspired by energy efficiency and sustainability and the consequent lowering of emissions, in accordance with the legislation in force in all countries served.

In addition to improving its own performance, Autogrill promotes the responsible use of resources through internal awareness campaigns. The internal units, with assistance from experts on the various topics, thus stay constantly abreast of legal developments and adapt their procedures and control systems accordingly while bringing personnel up to date.

There is also a monitoring system that constantly audits the quality of service with respect to customers’ expectations and contractual/legal requirements, as well as the controls in place with regard to reducing accidents in the workplace.

SUPPLY CHAIN

There are two main risks associated with the supply chain: To counter procurement risks, the Group has • events that might interfere with the proper functioning continuity plans as mentioned in the “business and continuity of the supply and logistics chain, interruption” section. hindering the Group’s ability to provide a complete, balanced and effective assortment that meets the As for raw material prices, specialized internal

Autogrill Group expectations of customers; units constantly strive to meet efficiency targets

106 1. Directors’ Report Internal risks Mitigating factors

• an increase in the cost of raw materials. by negotiating agreements with key suppliers; for strategic materials, prices may be indexed to Any circumstance that hurts a main supplier’s ability to protect the Group, at least temporarily, from produce and/or distribute its products could result in spikes. Autogrill locations that are missing necessary ingredients or goods. The impact could be magnified if such problems On the topic of sustainability and human rights, affect suppliers of products that are not easily replaced, the Group expects its suppliers to comply with the logistical service providers, or vendors to which the Group principles laid down in its Code of Ethics. is highly exposed. In addition to supplier selection procedures based Likewise, events interfering with the Group’s internal on a risk assessment approach, the Group has distribution system could leave locations short on adopted the “Autogrill Group Supply Chain ingredients or goods. Sustainability Guidelines” that set general standards for the evaluation of vendors and Rising globalization has also raised the risk that suppliers instruct Group companies to work with suppliers will not adopt socially responsible behavior in their that share its sustainability principles and run their commercial dealings or will ignore international businesses ethically and responsibly with respect standards and principles on matters of personal dignity, to people and the environment. The Guidelines set working conditions and health, safety and the supplier qualifications that are based on the most environment. important international agreements, conventions and standards and are in line with Autogrill’s Code of Ethics.

1.6.2 CORPORATE GOVERNANCE

All information on this subject is included in the Corporate Governance Report, prepared in accordance with Art. 123 bis of Legislative Decree 58 of 24 February 1998 and approved by the Board of Directors along with the annual report. It is available at Autogrill’s headquarters and secondary office, at the online market storage site www.1info.it and on the Group’s website, www.autogrill.com (Governance section).

1.6.3 MANAGEMENT AND COORDINATION

At its meeting of 18 January 2007, the Board of Directors had decided that there were no conditions whereby Autogrill would be subject to the management and coordination of the parent, Schematrentaquattro S.r.l. (Schematrentaquattro S.p.A. since 18 November 2013), pursuant to Art. 2497 bis and following articles of the Italian Civil Code.

In 2017, Autogrill S.p.A. began a process to evaluate whether the reasons for its decision of 18 January 2007 still applied. In a resolution of 28 September 2017, the Board of Directors confirmed the absence of elements that would suggest management and coordination by the direct parent, Schematrentaquattro S.p.A., or by the ultimate parent, Edizione S.r.l., including in light of the following: 1. the Company defines its own budgets and/or strategic, business and financial plans and carries them out independently; 2. the Company does not receive, and is not in any way subject to, directives or instructions in matters of finance or lending and borrowing; 3. commercial strategies are freely and independently assessed by the board of directors of the Company, which negotiates in full autonomy with customers and suppliers;

107 4. the Company is not subject to group policies for the purchase of goods or services in the market; 5. the Company does not receive directives or instructions with regarding to acquisitions and disposals; 6. the Company is not a party to any cash pooling agreement or other support or

Annual Report 2019 coordination arrangements of a financial nature; 7. the Company does not receive, and is in no way subject to, directives concerning extraordinary operations and/or investment initiatives; 8. the Company has independently drawn up and approved the organizational chart of Autogrill S.p.A. and the Autogrill Group; and 9. the Company has no obligation to comply with codes of conduct or policies imposed by Schematrentaquattro or other companies in the group headed up by Edizione S.r.l.

1.6.4 I NTERCOMPANY AND RELATED PARTY TRANSACTIONS

Transactions with the related parties, including intercompany transactions, do not qualify as atypical or unusual and fall within the normal sphere of operations. They are conducted in the interests of Group companies on an arm’s length basis.

See the section “Other information” in the Notes for further information on related party transactions, including the specific disclosures required by Consob Resolution 17221 of 12 March 2010, as amended. Autogrill S.p.A.’s procedures for related party transactions can be consulted on its website (www.autogrill.com – Governance/ Related Parties section).

1.6.5 STAT EMENT PURSUANT TO ART. 2.6.2 (8) OF THE REGULATIONS FOR MARKETS ORGANIZED AND MANAGED BY BORSA ITALIANA S.P.A.

In respect of Art. 15 of Consob Regulation no. 20249 of 28 December 2017 on conditions for the listing of companies that control entities formed or governed under the laws of countries outside the European Union that are of material significance to the consolidated financial statements, we report that two companies fall under these provisions (HMSHost Corp. and Host International Inc.), that suitable procedures have been adopted to ensure total compliance with said rules and that the conditions stated in Art. 15 have been satisfied.

1.6.6 RESEARCH AND DEVELOPMENT

In relation to the nature of its activities, the Group invests in innovation, product development, improvements to the quality of service and operating systems.

It does not conduct technological research as such.

1.6.7 TREASURY SHARES

The annual general meeting of 23 May 2019, after revoking the authorization granted

Autogrill Group on 24 May 2018 and pursuant to Arts. 2357 et seq. of the Italian Civil Code, authorized

108 1. Directors’ Report the purchase and subsequent disposal of ordinary stock up to a maximum of 12,720,000 shares.

At 31 December 2019 Autogrill S.p.A. owned 181,641 treasury shares (unchanged since the end of 2018), with a carrying amount of E 720k and an average carrying amount of E 3.96 per share. No treasury shares were purchased or disposed of in 2019.

Autogrill S.p.A. does not own equities or other securities representing the share capital of the ultimate parents, and did not at any time during the year, either directly or through subsidiaries, trust companies or other intermediaries.

1.6.8 SIGNIFICANT NON‑RECURRING EVENTS AND TRANSACTIONS

In 2019, there were no significant non‑recurring events or transactions as defined by Consob Resolution 15519 of 27 July 2006 and Consob Communication DEM/6064293 of 28 July 2006.

1.6.9 ATYPICAL OR UNUSUAL TRANSACTIONS

In 2019 there were no atypical and/or unusual transactions as defined by Consob Communication DEM/6064293 of 28 July 2006.

1.6.10 I NFORMATION PURSUANT TO ARTS. 70 AND 71 OF CONSOB REGULATION NO. 11971/1999

On 24 January 2013 the Board of Directors of Autogrill S.p.A. voted to take the option provided for by Consob Resolution 18079 of 20 January 2012 that exempts companies from issuing the public disclosure documents required by Arts. 70 and 71 of the Listing Rules (Consob Regulation 11971/1999) in the case of significant mergers, demergers, increases in share capital through contributions in kind, acquisitions and transfers.

1.6.11 R ECONCILIATION BETWEEN PARENT AND CONSOLIDATED EQUITY

Equity at Changes Profit for the Equity at (Ek) 31.12.2018 in the equity year 2019 59 31.12.2019

Autogrill S.p.A. separate financial statements 60 469,545 ( 4 7, 5 5 4 ) 35,447 4 5 7, 4 3 8

Effect of the consolidation of subsidiaries’ financial 180,670 (405) 169,741 350,006 statements and related deferred taxation

Translation reserve 35,662 15,198 ‑ 50,860

Group consolidated financial statements 685,876 (32,760) 205,188 858,304

Equity attributable to non‑controlling interests 55,159 1,367 21,094 7 7, 6 2 0

Total consolidated equity 741,035 (31,393) 226,282 935,924

59 net profit includes the combined effect of the contribution of subsidiaries (E 221,268k) and the reversal of dividends distributed by various subsidiaries to Autogrill S.p.A. (E 51,527k) 60 Changes in equity include dividends distributed by Autogrill S.p.A. (E 50,844k)

109

CONSOLIDATED FINANCIAL STATEMENTS 2 Annual Report 2019 Autogrill Group

112 2. Consolidated financial statements CONSOLIDATED FINANCIAL 2.1 STATEMENTS

2.1.1 STATEMENT OF FINANCIAL POSITION

Of which Of which Notes (Ek) 31.12.2019 * related parties 31.12.2018 related parties

ASSETS Current assets 679,338 587,290 I Cash and cash equivalents 284,091 214,699 XII Finance lease receivables 16,842 ‑ II Other financial assets 64,181 36,424 III Tax assets 3,051 19,572 IV Other receivables 121,999 19,678 14 7, 013 18,405 V Trade receivables 55,424 565 4 7,9 7 1 1,526 VI Inventories 133,750 121,611 Non current assets 4,611, 458 2,049,337 VII Property, plant and equipment 1,090,913 982,682 VIII Right of use assets 2,358,973 ‑ IX Goodwill 854,976 839,666 X Other intangible assets 130,816 121,221 XI Investments 3,708 1,891 XII Finance lease receivables 66,083 ‑ XIII Other financial assets 41,775 7, 5 91 42,949 7, 2 7 2 XIV Deferred tax assets 61,204 51,050 XV Other receivables 3,010 9,878 Assets for discontinued operation ‑ ‑ TOTAL ASSETS 5,290,796 2,636,627

LIABILITIES AND EQUITY LIABILITIES 4,354,872 1,895,592 Current liabilities 1,250,735 844,130 XVI Trade payables 3 9 7,18 3 24,196 376,460 32,043 XVII Tax liabilities 14,070 4,726 XVIII Other payables 362,790 4,089 369,425 4,568 XXI Bank loans and borrowings 56,333 68,968 XXII Finance lease liabilities 373,966 48,173 303 XIX Other financial liabilities ** 9,479 7,9 91 XXIV Bonds 22,254 ‑ XXVI Provision for risks and charges 14,660 16,257 Non‑current liabilities 3,104,137 1,051,462 XVII Tax liabilities 6,584 8,541 XX Other payables 17, 4 4 0 29,495 XXI Loans, net of current portion 532,090 549,912 XXII Finance lease liabilities 2,100,406 248,797 4,069 XXIII Other financial liabilities ** 925 3,409 XXIV Bonds 291,181 303,026 XIV Deferred tax liabilities 48,257 43,728 XXV Defined benefit plans 68,001 71,036 XXVI Provision for risks and charges 39,253 38,246 Liabilities for discontinued operation ‑ ‑ XXVII EQUITY 935,924 741,035 – attributable to owners of the parent 858,304 685,876 – attributable to non‑controlling interests 7 7, 6 2 0 55,159 TOTAL LIABILITIES AND EQUITY 5,290,796 2,636,627

* Refer to Note 2.2.1 “New accounting standard IFRS 16” for the information on impacts of the first application of the new accounting standard IFRS 16 ** please note that with respect to the consolidated financial statements published in 2018 the items “Other current financial liabilities” and “Other non‑current financial liabilities” have been partially reclassified in the new items provided by the new accounting standard IFRS16 “Finance lease liabilities - current” and “Finance lease liabilities - non‑current”. The reclassification had no impact on shareholders’ equity and the profit for the year approved by the Board

113 Autogrill Group Annual Report 2019 114 * 2.1.2 XXXVIII XXXVII XXXVI XI XXXVI XXXV XXXIV XXXIV XXXIII XXIX Notes XXXII XXXI XXX XXVIII Refer to N to Refer – diluted – basic €cents) (in share per Earnings – Profit for the year the for Profit – P P Income tax Financial expense Income (expense) from investments Pre‑tax profit Pre‑tax Financial income Operating profit Gain on operating activity disposal activity operating on Gain right of use assets use of right and assets intangible equipment, and Impairment losses on property, plant amortization and Depreciation O O (Ek) Leases, rentals, concessions and royalties P Raw materials, supplies and goods Total revenue and other operating income Revenue ersonnel expense

rofit for the year attributable to: attributable year the for rofit operations discontinued for (loss) rofit ote 2.2.1ote “ ther operating expense ther operating income non‑controlling interests non‑controlling owners of the parent the of owners I NCOM N ew accounting standard IFRS 16” for the information on impacts of the first application of the new accounting standard IFRS 16 standard accounting new the of application first the of impacts on information IFRS 16” the for standard accounting ew E STAT E M EN T Full year2019 5,393,753 ,7,00 1,674,80 5,604,364 1,911,394 (104,121) 578,422 205,188 ,654) 4 5 6 7, 4 ( 612,367 , 6 8 7,9 0 6 336,553 226,282 273,936 128,811 210,611 36,357 21,094 1653 11,6 5,147 80.7 80.7 ‑ related parties related parties Of which 36,881 19 7 11,97 ,08) 8 7,10 ( 3,957 9,118 171 114 Full year2018 1,556,983 , 3,114 4 1,8 5,113,140 5,223,912 560,364 876,522 (34,501) 1,772 7 110, ,807 0 8 7, 2 2 (31,145) 150,047 120,976 68,660 86,475 17,815 2,061 9,075 .0 7. 2 0 7. 2 13 ‑ ‑ related parties related parties Of which 10,388 78,986 3,807 2,154 128 101 59 2. Consolidated financial statements 347 (32) 115 423 703 (106) (356) 16,249 86,475 21,286 81,785 15,964 103,071 Full year 2018 49 20 (81) 287 (176) (463) 19,901 14,005 14,017 2 40,111 226,282 220,210 Full year 2019 E NCOM E I SIV EN EH T OF COMPR T OF EN M E STAT attributable to non‑controlling interests non‑controlling to attributable attributable to owners of the parent quity‑accounted investee ‑ share of other comprehensive income comprehensive other of share quity‑accounted ‑ investee

ax effect on items that may be subsequently reclassified to profit or loss ax effect on items that will never be reclassified to profit or loss T – Foreign currency translation differences for foreign operations Gain (loss) on net investment hedge Total other comprehensive income for the year the for income comprehensive other Total – T Items that will never be reclassified to profit or loss asset (liabilities) benefit defined the of Remeasurements Items that may be subsequently reclassified to profit or loss E (Ek) Profit for the year XXVII XXVII XXVII XXVII XXVII XXVII Notes 2.1.3 Autogrill Group Annual Report 2019 116 2.1.4 interests non‑controlling of Acquisition parent the of owners to distributions Total by contributions and distribution Dividend Total transactions with owners owners with transactions Total Capital increase Capital reserves 2018 of to Allocation profit Stock options Stock parent the of owners to Contributions by and distributions equity in directly recognised parent, the of owners with Transaction year the for Total other comprehensive income tax effect effect tax the of net asset, (liabilities) benefit Remeasurements of the defined of other comprehensive income E differences for foreign operations foreign for differences translation currency Foreign hedge, net of the tax effect tax the of net hedge, investment net on (loss) Gain P year the for Total other comprehensive income 31.12.2018 (Ek) 31.12.2019 of the parent rofit for the year the for rofit quity‑accounted investee – share –share investee quity‑accounted (N STAT OT E E M

XXVII) EN Share capital T OFCHA 68,688 68,688 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Legal reserve 13,738 13,738 N ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ G Translation E reserve 50,860 15,210 35,662 15,198 S I (61) 49 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ N E Other reserve Other reserve and retained (50,844) earnings 520,550 499,848 68,660 20,878 21,110 QUITY 3,294 (232) (176) (176) ‑ ‑ ‑ ‑ ‑ Treasury shares

(720) (720) ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ for theperiod Profit (loss) (68,660) 205,188 (68,660) (68,660) 205,188 205,188 68,660 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ attributable to owners ofthe (50,844) 205,188 858,304 220,210 685,876 7 50) 0 55 47, ( (47,782) 15,210 parent 3,294 Equity (232) (176) (61) 49 ‑ ‑ non‑controlling attributable to (40,546) interests 42,800 21,094 (1,193) ,6 0 62 7, 7 55,159 19,901 Equity 2,560 2,254 306 ‑ ‑ ‑ ‑ ‑ 2. Consolidated financial statements ‑ ‑ ‑ ‑ ‑ 77 117 Equity 3,471 55,159 17,815 21,286 45,371 21,589 (11, 575) (11, 498) interests (33,164) attributable to non‑controlling ‑ ‑ 317 (32) 595 347 Equity 1,903 parent 81,785 12,493 68,660 685,876 649,894 (45,802) (46,397) (48,300) owners of the attributable to ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 96,176 68,660 68,660 68,660 (96,176) (96,176) (96,176) Profit (loss) for the period ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (720) (720) shares Treasury Treasury ‑ ‑ ‑ ‑ ‑ 347 595 347 1,903 50,374 49,779 96,176 449,127 499,848 earnings (48,300) and retained Other reserve ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 317 (32) 35,662 12,777 22,885 reserve 12,493 Translation Translation ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 13,738 13,738 Legal reserve ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 68,688 68,688

Share capital

quity‑accounted investee – share rofit for the year of the parent the of (Ek) 31.12.2018 31.12.2017 Total other comprehensive income income comprehensive other Total for the year P Foreign currency translation differences for foreign operations Capital increase Allocation of 2017 profitAllocation to of 2017 reserves Transaction with owners of the parent, recognised directly in equity distributions and by Contributions to owners of the parent Stock options Gain (loss) on net investment hedge, net of the tax effect Dividend distribution E income comprehensive other of income comprehensive other Total for the year Total contributions by and and contributions by Total distributions to owners of the parent Remeasurements of the defined defined the of Remeasurements benefit (liabilities) asset, net of the tax effect Sale of non‑controlling interests Total transactions with owners Autogrill Group Annual Report 2019 118 **** *** ** * 2.1.5 Net cash flow from operating activities operating from flow cash Net liabilities lease in interest Implicit Interest paid Acquisition of property, plant and equipment and intangible assets paid assets intangible and equipment and plant property, of Acquisition N reversals of net assets, non‑current on losses impairment and depreciation Amortisation, P P equivalents cash and cash net Opening (Ek) Cash flow from operating activities Change in working capital Cash flow absorbed by acquisition L acquisition by absorbed flow Cash investments equity consolidated of disposal form generated flow Cash investments equity consolidated of acquisition by absorbed flow Cash T O Cash flow absorbed by acquisition of P of acquisition by absorbed flow Cash ** Business Motorway Canadian of disposal from generated flow Cash S.r.o. Czech ** Autogrill in operation of disposal from generated flow Cash assets non‑current of disposal on Gain Business Motorway Canadian of disposal on Gain S.r.o. Czech Autogrill of disposal on Gain assets financial of disposal on gains and Adjustment N LL Avila, of acquisition by absorbed flow Cash Net cash flow used in investing activities investing in used flow cash Net Net cash flow used in financing activities financing in used flow cash Net O paid Dividends Closing net cash and cash equivalents cash and cash net Closing E year the for flow Cash P repayments of net loans, current new of Issue Repayments loans of non‑current Issue of new non‑current loans non‑current new of Issue axes paid axes re‑tax profit and net financial expense for the year the for expense financial net and profit re‑tax roceeds from sale of non‑current assets non‑current of sale from roceeds rincipal repayment of lease liabilities lease of repayment rincipal ffect of exchange on net cash and cash equivalents cash and cash net on exchange of ffect et change in non‑current non‑financial assets and liabilities and assets non‑financial non‑current in change et et change in financial non‑current assets ther non cash items ther cash flows * flows cash ther

6m are related to the deferred payment on the acquisition of 2018 of acquisition the on payment deferred the to related are € 6m 2.2.3 Acquisitions section See 2.2.4 Disposals section See increase capital of net subsidiaries, in shareholders minority to paid dividend Includes STAT E M EN T OFCASH FLOWS e CroBag GmbH **** GmbH e CroBag acific Gateway Concession, LL Concession, Gateway acific C C *** XXXIV Notes XXXV XXXV XI Full year2019 (343,587) (325,027) (120,853) (209,159) (411,642) (72,409) (50,844) 624,020 (20,677) (36,357) (24,670) 372,909 164,193 243,783 (21,963) ,051) 0 7, 2 ( (32,176) 97 8 0 0 7, 69 166,315 821,138 761) (11, (6,022) 10,893 (2,869) 90 4) (9,04 (4,418) , ) 8 5 7,9 ( 76,207 2,084 3,472 6,869 9,453 1,261 ‑ ‑ ‑ Full year2018 (299,847) (247,078) (375,260) (48,300) 394,602 236,882 150,060 (23,424) (30,326) (18,347) (59,026) (13,033) 7 1) 7 2 17, ( 166,315 323,711 77 61 4 7, 37 141,693 (3,335) (5,907) (5,989) (5,019) 23,421 74,970 6,681 9,536 1,903 1,201 672 (13) ‑ ‑ ‑ ‑ ‑ ‑ ‑ 2. Consolidated financial statements 119 141,693 166,315 ( 2 7, 8 9 7 ) 169,590 214,699 (48,384) Full year 2018 166,315 243,783 214,699 284,091 (48,384) (40,308) Full year 2019 January 2019 January 2019 st January 2018 st Cash and cash equivalents Current account overdrafts Closing — net cash and cash equivalents — balance December as of 31 2019 Decemberand as of 31 2018 (Ek) Opening — net cash and cash equivalents — balance as of 1 and as of 1 Cash and cash equivalents Current account overdrafts TS EN EQUIVAL D CASH AN NET CASH N OF NCILIATIO RECO Annual Report 2019 Autogrill Group

120 2. Consolidated financial statements nOTES TO THE 2.2 FINANCIAL STATEMENTS

GROUP OPERATIONS

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

2.2.1 neW ACCOUNTING STANDARD IFRS 16

BACKGROUND

In January 2016, the IASB issued the new accounting principle IFRS 16 – Leases that will replace the previous standard IAS 17 – Leasing, as well as the interpretations IFRIC 4 ‑ Determining whether an arrangement contains a lease, SIC 15 – Operating leases – Incentives and SIC 27 – Evaluating the substance of transactions in the legal form of a lease.

The new standard has introduced a new definition of lease based on the right to use an identified asset substantially obtaining all the economic benefits from the control and the direction of the use of the underlying asset, for a period of time in exchange for consideration. Therefore, IFRS 16 is not applicable to service contracts, but only to lease contracts or arrangements including lease components (for the Group, mainly concession contracts).

The new standard provides a comprehensive model for the accounting of lease arrangements which requires the lessee to recognize, on the assets side, the right‑of‑use of the lease assets (“right‑of‑use assets”), and on the liabilities side, the liability representing the financial obligation (“finance lease liabilities”), determined on the basis of the present value of future minimum annual guaranteed lease payments, thus eliminating the accounting distinction between operating and financial leases (from the lessee’s side) as previously required under IAS 17. Therefore, the adoption of the new standard does not impact those arrangements previously qualified as finance leases, and the net assets and liabilities deriving from finance lease contracts already recognized at 31 December 2018 in accordance with IAS 17 are reclassified as right‑of‑use assets and finance lease liabilities, respectively, without any adjustment. The new standard does not entail significant changes for the lessor.

IFRS 16 is effective for annual periods beginning on or after 1 January 2019.

The Group has opted to apply IFRS 16 using the modified retrospective approach. Therefore, on first‑time application, Autogrill has reported the cumulative effect of applying the new standard to equity at 1 January 2019, without restating comparative figures for the previous year.

121 Autogrill Group Annual Report 2019 122 lease. date of the commencement of the as begins Depreciation term. contractual out over the carried is depreciation therefore and asset underlying the of ownership of transfer for the provide do not contracts shorter. Typically, Group, lease whichever is life, the in useful residual right The liability. lease finance of the remeasurement for adjusted any and losses impairment and depreciation accumulated right The direct cost. initial other any commencement made and before payments at or the lease the liability, right The • • • reasons: following for the payments, lease minimum future to event the the of changes in adjusted) right (and the remeasured is liability lease finance The made. payments lease the reduced to reflect and of interest accrual for the increased subsequently is liability lease finance The rate. discount rate as borrowing incremental the uses Group rate easily, the this to it determine not possible is If contract. lease rate of the interest implicit the using determined is present The value certain. reasonably to be estimated is option of that exercise the and contract lease of the termination early for the option for provides the term lease the event the that in penalties any well as as contract), of the commencement date index rate or at the the using valued index rate or (initially of an basis the on determined those commencement including date, due of the as payments lease minimum of the present value to the corresponds liability lease finance The commences. lease date the right the recognizes Group The astraight on loss or to profit instalments lease the to recognize continue will Group the contracts lease Therefore, for those value”). when new (“low E 10,000 than less worth assets underlying with those or term”) (“short months 12 of than less duration right the However, lessee. not as to recognize elected has Group it serves which the in contracts right statement the financial items of consolidated its separate in recognizes Group the 16, to IFRS According ownership. related to rewards the and risk the if depending leases finance or leases operating as leases its classified Group the lessee, As ACCOU in place at the date of the change. date of the place at the in rate discount at the payments lease new minimum the discounting by remeasured is liability lease finance well, the as cases these of anew in lease: recognition separate for the reasons of the any under do not fall that changes contractual change; date of the place at the rate in discount at the payments lease new minimum the discounting by remeasured is liability lease finance the cases such in option: termination early or extension, purchase, of of the exercise likelihood the in or term lease the in change rate; discount initial at the payments lease new minimum the discounting by remeasured is liability lease finance the cases such in payments: lease the to determine index rate or used the in changes ‑ ‑ ‑ ‑ of of of of N use asset and the finance lease liability in case of lease contracts with a with contracts of lease case in liability lease finance the and asset ‑use use asset is depreciated over the lease term of the contract or the asset’s the or contract of the term lease over depreciated is the asset ‑use any less at cost subsequently and at cost measured initially is asset ‑use lease finance of the measurement initial include the shall asset ‑use TI N G MOD ‑ E of L FOR TH ‑ use assets and the finance lease liabilities for all lease lease for all liabilities lease finance the and assets ‑use of use asset and the finance lease liability as of the of the as liability lease finance the and asset ‑use ‑ line basis over the lease term. lease over basis the line E L SS EE ‑ of use asset is consequently consequently is asset ‑use 2. Consolidated financial statements 123 current ‑

E DAT ‑use asset under N of leases are classified with ‑ ‑ SITIO N SSOR off lease payments or before at made ‑ ‑use assets been initially have set as of ‑ lessor, the sublessor, ‑ TRA ‑use assets by any provision onerous for E LE E of ‑ entry, classified under current and non ‑ term” leases,term” namely those expiring within 12 ‑ ‑use in the asset amount attributed the to cash of ‑ ‑use amount leased assets for and recognized a AT TH AT ‑use assets 1 January at the 2019, assessment was of ‑ of N L FOR TH L FOR ‑ E leases typically a duration have equal the to principal lease, ‑ ‑use asset arising from the principal lease, the not underlying ‑use asset and finance lease liability and the payments related of of ‑ ‑ leases (mostly in the granting United States) third parties the right ‑ G MOD ADOPTIO N E TI N tax result, consistently with the previous year. UARY 2019) UARY ‑ value” assets,value” but also “short ‑ N the from Group has the elected exclude to IFRS perimeter 16 only not leases on “low based on the rules envisaged in IAS 37 ‑ Provisions, contingent liabilities and contingent assets, thus adjusting right contracts outstanding 31 at December 2018; the contractual perimeter falling within the scope IFRS of (lease 16 contracts or contracts containing was lease identified components) based on the conclusions the inGroup reached the past, pursuant IAS to and IFRIC 17 4; therefore, the definition leaseof in included IFRS has 16 been applied only or revised new to contracts signed on 1 January or later; 2019 thefor purposes onerous of contracts accounting, and in alternative the to impairment testing right of (1 JA (1 generating units the for purposes impairment of testing (IAS 36). lease payments,Variable which are determined not basis, or on rate index are not inincluded the right shall the be to “Leases, recorded item rentals, concessions and royalties” the of income statement, in accordance with the accrual approach. In the consolidated cash of statement flows, the minimum lease payments are made down into principalbroken (recognized in cash flow from financing activities) and interest (recognized in cash flowfrom operating activities). are rents included Variable in the pre The Group applies IAS 37Onerous – contractsidentify to any impairment losses and theincludes total value the of right • • equal the to lease liabilities, any adjusted for one the and date commencement any charges deferred already in included the of statement financial position 31 at December 2018, as as well any lease incentives obtained before 1 January 2019. At the transition date, the make to use Group decided some of the of practical expedients envisaged under the transitional provisions the of standard. new Specifically: • At the transition leases classified date, for as operating under IAS the finance 17, lease liabilities been measured have the at value present future of minimum lease payments paid that yet not at date, discounted with the Group incremental borrowing at rate 1 January described The right (as below). 2019 FIRST‑TIM ACCOU The Group has sub useto leased assets, generally the for same length time of as the principal lease. accounting policies in asThe Group’s its lessor role are essentially unchanged from the when Group acts as sub IAS However, 17. financial assets. “Finance as a counter leasereceivable” IFRS and 16 that the sub reference to the to rightreference assets. this For reason, considering the recognitionright a of the Group has the reduced right Autogrill Group Annual Report 2019 • • • • decided Group follows: as the regard, this In estimates. and of assumptions use the and policies accounting of some definition the made, including to be judgments professional certain 16 required to IFRS transition The • 124 right deducted from been has lease principal to the equal is life residual States) United whose the in (most of them right in increase an shown 2019 has at 1January Group’s position out above, the set assumptions statement of financial the with line In 16. new IFRS of the scope the within areas to critical oversee used processes control and administrative of the updating 2019 the and ended year 1January forstatements the Group’s the on impact the financial consolidated to determine used to be systems reporting and accounting of local integration and implementation completed the also It 16. has of IFRS purposes relevant forclauses the main the order in to understand therein, contained clauses the leases) and commercial and leases business in an 2019),(1 through January of first impacts the assessing finished has Group The IMPACTS FIRST‑TIM OF to future minimum lease payments a discount rate equal to the risk to the rate equal adiscount payments lease minimum to future applying by Group’s the liabilities lease for not available rate all is interest implicit to determine the leases, as “nonthe each one’s define and as agreements term lease all to analyze term, lease the of determining purpose for the users; and/or to motorway beverages lubricants and food and fuel to sell commitment the with grantor, concession the with rights access negotiates and motorway the along buildings and land the owns already S.p.A. Italia where Autogrill contracts 16 Italian to some not to IFRS apply asset; intangible an have underlying as 16 that to leases not to IFRS apply right money,” “key expenses, legal etc.) from (consulting, costs direct to exclude elected Group initial its the 2019 2.99%. is of 1January as liabilities lease to the rate applied average The discounted weighted referable subsidiary. to the plus acountry leases of the duration the with line in maturities up, with were drawn end of 2020; the of right determination the on impacts does not foresee Group significant the while Decision, Agenda contents of the of the light of leasehold In improvements. life useful the on and contracts of lease its term of the estimation accurate may have the on interpretation that impacts the evaluating is Group the writing, of this of charge).free As transferred of to leasehold be improvements life (as assets well as useful the and term lease the concerning Decision Agenda to an relating conclusions its published Committee Interpretation IFRS 2019,December the date. in transition at the available information the using deemed certain is reasonably of these exercise term; lease over basis the line astraight on loss or profit in instalments lease the recognize right corresponding and liability lease finance the recognized not has Group the 2019); December contracts for therefore, date (31 those transition the from months ‑ of use assets, which are also adjusted to reflect the practical expedients mentioned above. mentioned expedients practical the to reflect adjusted also are which assets, ‑use ‑ of use assets, therefore no reclassifications were made first on therefore no reclassifications assets, ‑use ‑ cancellable” period, together with the effects of any extension or early termination option if the the if option termination early or extension of any effects the with together cancellable” period, ‑ ‑ of of use assets and finance lease liabilities/assets, it expects to complete its analysis by by to complete analysis its it expects liabilities/assets, lease finance and assets ‑use use assets and also in finance lease liabilities. The amount of third party sub party of third amount The liabilities. lease finance in also and assets ‑use ‑ depth analysis of the contracts potentially eligible as leases (area concessions, (area leases concessions, as eligible potentially contracts of the analysis depth E ADOPTIO OF IFRS 16N OF ‑ time adoption of the standard at the transition date transition at the standard of the adoption time ‑ of use asset at 1 January, but will continue to continue will but at 1January, asset ‑use ‑ free rate of each country where the leases leases where the rate of each country free ‑ time application. time ‑ specific credit spread spread credit specific ‑ leases leases 2. Consolidated financial statements ‑ ‑ ‑ 125 (105) 14,156 (1,624) (9,760) 15,780 33,667 (11,116) 309,148 309,148 (33,064) (28,427) 2,919,412 2,195,120 2, 49 0,112 2,980,903 (454,726) 2,504,268 2,504,268 2,504,268 2 , 4 6 7, 5 61 2,464,686 2,204,985 reconciliation lease payment January 2019) Future minimum st Transition impacts Transition (1 current) of net ‑ term leases (with a residual duration ‑ current), arising from the adoption of ‑ orth America and in Italy, according to the contracts with the January 2019 st January 2019 * January 2019 st time adoption IFRS of 16, the Group has recognized E 2,358,973k in ‑ G IMPACTS NG attributable to owners of the parent interests non‑controlling to attributable ther payables ther ther receivables ther ther receivables ther ‑use assets, E 82,925k in finance and lease E 2,474,372k receivables in finance rovision for risks and charges

(Ek) O Finance lease liabilities Finance lease liabilities Non current liabilities ASSETS Current assets ASSETS TOTAL EQUITY AND LIABILITIES LIABILITIES Current liabilities Finance lease receivables O Non current assets EQUITY – – EQUITY AND LIABILITIES TOTAL P O Finance lease receivables Right of use assets of ‑ It includes the portion related to subleases, mainly in N landlords NGOI ther changes ther Finance lease liabilities not discounted as of 1 Net future minimum lease payment * December as of 31 2018 Finance lease liabilities for “short term” leases O (Ek) Note Discount effect Net finance lease liabilities as of 1 XXI XXIII XXIII XII IV XXVIII XXVII XV XII VIII IFRS 1 January at 16 and the 2019, operating lease commitments pursuant IAS to as 17 reported in 2.2.11 note the of the to notes financial 31 statements at December — 2018 amounting E 2,981m to — is mainly attributable the to effect discounting of these commitments, as as well the to short of exclusion of less thanof 12 as months) permitted by the practical expedients and mentioned above “Otherto changes” mostly relating the to access rights in included not the IFRS 16 perimeter, as mentioned above: “Finance (current and lease receivables” non O With the first * right lease liabilities 31 at December 2019. In addition, leases recognized for according IFRS to 16, the Group has recognized depreciation and interest instead costs of operating for leases. Specifically, the in 2019, Group recognized depreciation E 356,171k of and interest E 72,410k, of as as well taxdeferred assets E 8,604k. of The difference between “Finance lease liabilities” (current and non Autogrill Group Annual Report 2019 126 • • • 2019 follows: as are 1January on beginning years for statements financial in adoption for Union mandatory European the endorsed by and IASB the by issued interpretations and amendments standards, accounting The ( of euros thousands in notes are and statements financial the in figures the specified, otherwise Unless currency. functional the as euro the using agoing on were statements prepared 2019The financial consolidated reporting. financial on regulations Consob other the 38/2005 with and Decree 9of Legislative Art. with accordance in adopted Consob by formats reporting on rules the with compliant also are statements financial The (SIC). Committee Interpretations Standing the called previously (IFRIC), Committee Interpretations Reporting Financial International the by issued interpretations supplemented the by (IAS), Standards Accounting International including Standards Reporting Financial International means IFRS Union. European the endorsed by and (IASB) Board Standards Accounting International the by published (IFRS) Standards Reporting Financial International the with accordance in were statements prepared financial These G 2.2.2 rules. new tax to the according calculated was effect tax 2019, December the attherefore, 31 purposes; IRAP and for IRES income taxable for determining rules the 16 and IFRS between coordination 2019 governs that of 5August decree Ministry Economy the on 16 based is of IFRS adoption the from deriving effect tax of the calculation Italy, the In store. by flow cash future on based contracts of onerous existence of the to analyses further losses impairment year of the new item “right the on testing Impairment calculations. these involved in statement figures income sheet and balance main the on impact its reducing by or new standard of the effects made net of the are covenants existing with compliance to assess calculations lenders, the with agreed As year’s prior the data. for reporting criteria the with consistent them havestatements to make adjusted been first of the effects the report directors’ the in of figures, comparison the to facilitate and performance Group’s of the Therefore, items. understanding for abetter various presenting and measuring of both terms Group’s in to the changes reporting important brought has new standard the as compromised, statement seriously is income sheet and balance year’s previous the 2019 ended December year 31 with for statements the financial the of comparability 16 the of IFRS adoption the above, with the from gleaned be can As statements. financial notes to the these of 2.2.10 Section see reporting, 16 segment on of IFRS impact the on For information ENE Prepayment Features with with Features ‑Prepayment Instruments 9 -Financial to IFRS Amendments Tax over Income Treatments; 23 -Uncertainty IFRIC 16 -Leases; IFRS RAL STARAL N ‑ OF CON ACCOU end financial statements, did not result in the recognition of significant of significant recognition the in not result did statements, end financial ‑ 16 in the 2019 consolidated financial 2019 financial the consolidated 16 in of IFRS adoption time DARDS N SOLIDATION TI N G POLICI ‑ of use assets,” carried out for the purposes purposes out for the assets,” carried ‑use E S A N D BASIS E k). ‑ concern basis basis concern 2. Consolidated financial statements 127 19 19 ‑ TS EN M

T T EN T E CIAL STAT N N A 2017. ‑ N D CO N term Interests in Associates and Joint Ventures; ‑ D FI E SOLIDAT , FORMAT A N E CO E current items; ‑ Negative Compensation; Amendments IAS to 28 - Long Statement of financial of Statement position, with assets and liabilities split between current and non Income statement, with costs classified by nature; Statement of comprehensive income; changes of Statement in equity; cash of Statement flows, using the indirect methoddetermine to cash flow from activities. operating Amendments IAS to - Plan 19 Amendment, Curtailment or Settlement; Annual IFRS to improvements 2015 Amendments the to References to Conceptual Framework in IFRS; Amendments IAS to 1 and IAS 8: definition material; of Amendments IFRS to 9, IAS 39 and IFRS 7 – Interest benchmark rate reform. • STRUCTUR The financial statements are clearly and presented give a true and fair view the of financialGroup’s position, results and cash flows. Formats and standards are constant time,over with the exception previous of comments regarding IFRS 16. Considering the capitalization the levels, cash generation capacity and the available credit lines the of companies in included the consolidationarea, in addition the to expected implementation measures of contain to the effectsthe of COVID OF TH pandemic on the profitability the of financial 2020 pursuant year, IAS to 24 1 par. and is confirmed it 25 that the consolidated financial been prepared statements have using operating accounting principles since the Parent Company and the Group operate on a going concern basis. In accordance with IAS 1 and IAS the formats used 7, in consolidated the financial 2019 statements are as follows: • • • • • The financial company each statements of the included scope consolidation of are prepared in the currency its primary of location (functional currency). the purposesFor theof consolidated financial statements,the assets and liabilities foreign of subsidiaries with a functional currency other than the euro, including goodwill and fair value adjustments by the generated acquisition a foreign of business, are translated at the prevailing rates year at end. Income and expense are converted average at exchange which the approximate for rates year, those the in when force corresponding transactions took Exchange place. differences are recognized in the of statement income andcomprehensive shown under “translation reserve” in the of statement changes in equity. Exchange gains and losses arising with or payables from receivables foreign operations, the collection or payment which of is neither planned likely nor in future,the foreseeable are treated as part the of investmentnet in foreign operations • • • • The application the of amendments listed is expected not above influence to the consolidated financial an statements to extent requiring mention in these notes. With the exception IFRS of 16, whose impacts are explained in the previous section, the applicationthe of standards and interpretations listed did above influence not the financialGroup’s an statements to extent requiring mention in these notes. areBelow the accounting standards, amendments and interpretations issued by the IASB and by endorsed the European mandatory Union for adoption in years beginning on or after 1 January that 2020 the Group did choose not apply early to in the 2019 financial statements: • Autogrill Group Annual Report 2019 on the basis of the non of the basis the on determined are They parent. of the owners to the attributable equity from separately Non of equity. relative share the against parent held the by investments equity consolidated of the amount carrying the eliminating and maintained was control which during year of the portion for or year the entire for the expenses and income their and year of the close at the liabilities and assets of their amount full the recognizing 128 to non attributable equity in changes of and combinations”) (see “Business date of acquisition at the recognized liabilities aline on consolidated are of statements subsidiaries financial The of Autogrill. management the under business their puts that agreement an of a50% lower or and basis stake the on controlled are which investments”), other and companies of consolidated “List annex (see the Corporation HMSHost subsidiary U.S. to the belonging others and owned not wholly is that includes aFrench company also of consolidation year. scope The the during controlled or controls indirectly or it directly companies all and S.p.A. Autogrill of statements 2019 include statements the financial financial consolidated The notes. to these annexed is companies of consolidated list The investees. power over these through returns those able is to affect and returns to variable rights to has or 10, exposed is IFRS to Group, pursuant the for which includes subsidiaries of consolidation scope The BASIS OF CO subsidiaries with a functional currency other than the euro: main of statements the financial the to translate rates used exchange the Below are equity. in statement of changes the in reserve” “translation under shown comprehensive and other income in recognized are and subsidiaries. Gain or loss resulting from loss of control is recognized in profit or loss. loss. or profit in recognized is of control loss from resulting loss or Gain subsidiaries. non liabilities, and assets eliminates Group the lost, is of asubsidiary control If Group. of the those with line into policies accounting their to statements bring financial subsidiaries’ made to are adjustments necessary, If dates. accounting monthly with coincide dates do not where these adjustments timing slight with date of disposal, actual to or the date of acquisition actual the statement from income consolidated the in included are year the sold or during acquired of subsidiaries expense and income The effects. deferred tax of any account take adjustments, consolidation other the like adjustments, These companies. Group between expenses and income payables, receivables, significant all are as eliminated, are companies consolidated between out of transactions arising losses and gains unrealized material Any Canadian Dollar U Swiss Franc Swiss S Dollar ‑ ‑ controlling interests and other components of equity relating to the former former to the relating of equity components other and interests controlling controlling interests in the net assets of consolidated subsidiaries are identified identified are subsidiaries of consolidated net assets the in interests controlling N SOLIDATIO ‑ controlling investors’ share of the fair value of the assets and and assets of the value fair of the investors’ share controlling ‑ controlling interests after that date. that after interests controlling N 31 December 1.4593 1.0854 1.1234 Rate on 2019

‑ for theperiod by Average rate ‑ line basis, i.e. by by i.e. basis, line 1.4851 1.1124 1.1195

31 December 1.5442 1.1450 Rate on 1.1269 2018

for theperiod Average rate 1.5457 1.1550 1.1810

2. Consolidated financial statements 129 week quartersweek ‑ market price theof ARY 2008 ARY ‑ NU E 1 JA C N week quarterweek the weeks (16 in 2019 ‑ S D OUT SI E N S E date fairdate values. ‑ based payments recognized by the acquiree that to have ‑ ATIO S CARRI N week periods,week which in turn are grouped into 12 ON ‑ I T A N G POLICI N MBI TI O N speaking countries, close their fiscal year on the Friday closest 31to December SS C ‑ NE COMBISS NE existing relationship between the Group and the acquiree, the lesser the of ‑ SI U Any interest retained in the former subsidiary is measured fair at value on the of date loss control. of is subsequently It valued using the equity net method, or as a financial asset depending on the degree influence of retained. HMSHost Corporation and its subsidiaries, following common practice in English BUSI B ACCOU theThe Groupfollows historical cost principle, that items except for in accordance with IFRS are measured fair at value, as specified in the individual accounting policies below. and four divide into 13 it with the exception the of last, which was a 17 Since 1 January 2008, the the Group has followed rules IFRS of 3 (2008) ‑ Business combinations. The Group accounts all for business combinations using the acquisition method. The consideration transferred in a business combination the includes fair value, as the of acquisition the date, of assets and liabilities transferred and the of interests issued by the as Group, as well the fair value any of contingent consideration and the of incentives in included share previous meaning year), that the 53 income covers as statement weeks compared 52 to in 2018. As a result,the accounts in included consolidated the financial 2019 thestatements cover period December January 3 29 to 2018 while 2020, the previous accounts the covered periodyear’s 28 to 30 December December 2018. 2017 This has had significant no impact on the financial of statement position or 31 at December 2019 on results the for year. As discussed in greater detail since 31 December below, the 2018 scope of consolidation has undergone not significant changes the except for disposal some of motorway companies in Canada and a subsidiary of in the Czech Republic and the acquisition Pacific of Concessions Gateway (PGC). All these of transactions took The liquidation inplace 2019. May a company of in Poland, as mentioned in the directors’ report, a material did have not impact on performance as the subsidiary was already dormant in 2018. furtherFor information see Sections 2.2.3 (Business combinations) and 2.2.4 (Disposals), as as well the below, directors’ report. settlement provision, as established by contract and the off be in replaced the business combination. If the business combination settles a pre is from deducted theelement consideration transferred and recognized under other costs. The identifiable assets acquired and the identifiable liabilities assumed are measured theirat respective acquisition A contingent liability the of acquiree is assumed in a business combination only if this liability represents a current obligation deriving from and past its events fair when Autogrill Group Annual Report 2019 impairment losses. impairment of any recognition and to measurement subject GAAP, Italian under determined value previous at the maintained been date has to that made prior acquisitions on arising goodwill 2004). Consequently, (1 January to IFRS date of changeover to the made prior acquisitions to the retroactively Combinations 3 ‑Business IFRS first On TO 31 D 130 B on acquisition. recognized liabilities contingent and liabilities assets, of the value fair the in interest percentage Non acquisition. on recognized liabilities contingent and liabilities assets, identifiable of the value fair Group’s the exceeds cost the acquisition in interest the which by amount the i.e., cost, at initially valued and asset an as recognized is acquisition the from arising Goodwill date of acquisition. the on value fair at their posted are Combinations 3 ‑Business IFRS under recognized be can that liabilities contingent and liabilities assets, acquiree’sThe identifiable overall cost. of its part form also combination to abusiness attributable directly costs Any acquiree. for of the control exchange in Group the by issued instruments equity and assumed or incurred liabilities given, of assets date of exchange, at the values, fair of the aggregate the as determined is of each combination cost The method. acquisition the using combinations business for all accounts Group The B equity. in recognized is transferred net assets of the value the and price disposal the between difference the of consolidation) scope the in remains entity (whereof control the loss without for disposals while loss, or to profit taken is of consolidation) scope the in change to the (corresponding transferred net assets of the value the and price disposal the between difference entity, the of an leads control to lost Conversely, adisposal if equities. or debt securities of issuing cost for is the sole exception received; the services the and incurred are costs the which in years the in loss or profit in recognized are acquisition to the relating costs The loss. or profit in recognized at acquisition its remeasured is acquiree held the in previously interest the stages, in achieved combination of abusiness case In assumed. liabilities acquisition the and transferred consideration the between excess the as measured initially is and asset an as recognized is acquisition the from arising Goodwill assets. acquiree’s of the net identifiable share minority to the proportion in or value fair at measured is acquiree the in interest minority any For combination, each business measured. reliably be can value U U SI SI ‑ NE NE controlling interests in the acquiree are initially measured according to their to their according measured initially are acquiree the in interests controlling ‑ SS C SS C SS E (1 January 2005), the Group decided Group 2005), not to apply the (1 January of IFRS adoption time C ‑ E date net amount of the identifiable assets acquired and the identifiable identifiable the and acquired assets identifiable of the date net amount MB O O MBI MBI E R 2007 N N A A T T I I ON ON S CARRI S CARRI E E B D OUT FR D OUT ‑ date fair value and any resulting gain or loss is is loss or gain resulting any and value date fair E O F O M 1JA RE 1JA NU NU ARY 2004 ARY 2004

2. Consolidated financial statements 131 S E TUR EN T V OL N R S T ONT S D JOI RE eminence economic of substance is ‑ N Orientamenti Preliminari Assirevi in ON C NTE S A MM G I E O N I R C OLL E R D ONT S UN ‑C ON I N ASSOCIAT T A F NON N TS I TS S O MBI EN O ON I T SS C STM ISI E U NE controlling interest in a subsidiary the represented excess cost the of additional controlling investments are based on a proportional amount the of subsidiary’s ‑ ‑ V SI U N B I An associate is which a company over the Group has a significant influence, but not control or joint control, through participation in decisions regarding the associate’s financial and operational policies; a joint venture is an agreement through which the Group has rights assets, net to rather than rights assets to and obligations liabilities. for The income, expenses, assets and liabilities associates of and joint ventures are recognized in the consolidated financial statements using the equity method, except thewhere investment is classified sale. for as held Accordingly, investments in associates and joint ventures are initially recognized cost. at The cost the of investment transaction includes costs. The consolidated financial share the of profits investees’ or losses, thestatements include Group’s recognized using the equity method, up has the to longer no significant it date influence or joint control. A business combination in which the combining entities or businesses are ultimately controlled by the same party or parties both and before after the business combination, thatwhen control is transitory, not qualifies asa combination common “under Businesscontrol”. combinations under common controlare the outside scope IFRS of 3 “Business Combinations” and other of IFRS. In the absence an of accounting principle that deals specifically with these transactions, the most suitable accounting principle beto chosen should the meet general object IAS of 8, that is, faithful and reliable presentation the of transaction. Furthermore, the accounting treatment business of combinations under common control should reflect the economic substance the of transaction, regardless its legal of form. The pre therefore thetherefore factor guiding key the method chosen account to these for business combinations. Economic substance the to must creation value refer that added of translates into significant changes in the cash flows the of assets net transferred. The accounting treatment the of transaction should also take account current of interpretations and trends, in particular 1 ( OPI tema IFRS di ‑ Preliminary Orientations on IFRSby the Italian Association of “Accounting treatmentAuditors), business of combinations entities of under common control in separate and consolidated financial statements”. The Autogrill Group recognizes the assets net transferred the at carrying amounts inpresented the consolidated financial the statements of common parent and treats the resulting difference between the acquisition price and the value the of assets net transferred as an adjustment equity net of reserves attributable the to Group. in theConversely, case discontinued of operations, the difference between the disposal price and the value the of assets net transferred is treated as an adjustment the of share equity net Autogrill of reserves. Group’s ACQ investment with respect the to book value the of interest in the assets net acquired on the transaction date. net assets.net Previously, the recognition goodwill of from the acquisition a of non The Group applies IFRS all to 10 acquisitions carried after out control is assumed. On that basis, such acquisitions are treated as transactions carried with out shareholders in their capacity as owners and give not rise do goodwill. to Adjustments to non Autogrill Group Annual Report 2019 132 income. comprehensive other in recognized previously of net losses reclassification the and loss or profit in recognized instruments receivables), trade hedging on (other losses than assets financial on losses impairment consideration, contingent in and loss or profit in recognized assets financial in changes value fair for available sale, assets financial of transfer the from losses deferred income, and provisions on release of discounting the liabilities, lease finance on expense loans, on includes interest expense Financial Group’swhen the established. to is receive them right recognized are Dividends method. interest effective the using basis accruals an on recognized is income comprehensive Interest other income. in recognized previously of net gains reclassification the and loss or profit in recognized instruments hedging on held, gains already interest of the value at fair remeasurement due to the combination abusiness from arising income loss, or profit in recognized assets financial in changes value fair for available sale, assets of financial transfer the from proceeds approved, receivables, dividends lease for finance available sale), from income assets financial (including liquidity invested on includes interest income Financial R related cost. the from adeduction as recognized are parties of third behalf on borne of costs Recoveries Group’s of the net amount commission. the or is premium revenue recognized the transaction, asales in aprincipal not as agent and an as acting is Group the When value. relative fair of the basis the on provided broken service by be down will consideration the years, different in provided are contract covered asingle under services the When performed. work of the to measurements according determined is of completion Stage end. at of completion year stage to the according recognized are revenue costs and Service client’s the in warehouse. products of the arrival the with coincides usually transfer the transactions, of wholesale instance the In asked. consideration the paid has consumer delivered the are and goods place when the takes generally transfer the sale, of aretail case the In to reap benefits. its and used is decide asset how an to ability the meaning control, acquires customer when the transferred are Goods recognized. is sale of revenue areduction when as the charged is reliably, discount measured the be can amount the and granted be will discounts it probable is If that measured. accurately be revenue of the can amount the buyer and to the transferred are goods of the ownership to connected benefits the and risks as) the when (or gradually recognized Revenue is year and discounts rebates, sales received or net paid of returns, price the i.e., value, at fair of title transfer on recognized are of goods purchase for the revenue costs sales and context, this In • • • • • revenue: new model for recognizing following out the sets standard The Customers. with 15 Contracts –Revenue from IFRS published IASB the May 2014, 28 On R E E revenue is recognized when the entity satisfies each performance obligation. each performance satisfies entity when the revenue recognized is contract; the in obligations performance to the price transaction the allocate price; transaction the determine contract; the in obligations performance the identify acustomer; with contract the identify COG COG NITIO N ITIO ‑ N N end bonuses. end bonuses. OF FI R OF E N V A EN N CIAL I U E A N N D COSTSD COM E A ND EXP EN S E 2. Consolidated financial statements 133 trattamento fine di employment benefitsemployment ( employment benefitemployment plans under which the Group ‑ ‑ TS employment benefitemployment plans other than defined EN ‑ based payment transactions settled with equity instruments of ‑ D PAYM D ENEFITS B employment benefitsemployment The manner employees. or more one to in which ‑ EE E ‑BAS contribution plans are post determined contributions a separate to entity fund) (a and will legal no have or TFR) brought about by Law December 296 27 of 2006 and by the decrees ‑ ‑ E employment benefitemployment plans are formalized agreements the whereby Group ‑ TFR Italian accrued 31 companies at December the of 2006 is Group’s by employees treated as a defined benefit plan in accordance with IAS The benefits 19. promised in the employees to form TFR, of which are paid upon termination service, of are recognized in the period in which the right vests; TFR accrued from 1 January is 2007 treated as a defined contribution plan, so contributions accrued during the period are fully recognized as costs. The portion paid yet not into the funds is listed under current liabilities payables). (other MPLOY Net foreignNet exchange gains or losses on financial assets/liabilities are shown under financial income and expense on the basis the of gain net or loss produced by foreign currency transactions. SHAR In the case share of and regulations issued in early 2007 (the “Social security reform”): • • rapporto pays pre pays or constructive obligation further pay to contributions should the fund have insufficient assets all pay to benefits employees. to Defined benefit plans are post contribution plans. Defined benefit plans be may unfunded or entirely or partly funded by contributions and sometimes paid by the bya company the employer, to employee, or fund which is legally separate from the company that the pays benefits. The amount accrued is projected forward estimate to the amount on payable termination and employment of is then discounted using the projected unit credit method, which determines the liability on the basis conditions employment of in effect on the is measured. it date The liability is recognized in the accounts the of net fair value any of plan assets. If the calculation a benefit generates the for the Group, amount the of asset recognized is limited the to sum any of unrecognized previous cost for and employment the present value economic of benefits available in the form refunds of from the plan or reductions in future contributions the to plan. An economic benefit is available the to Group when canit be realized throughout the duration the of plan or upon settlement the of plan liabilities. Actuarial valuations are by actuaries made the outside Actuarial Group. gains and losses from experience adjustments and changes in actuarial assumptions are recognized in the statement of comprehensive income. Due changes to in the system post of E All benefits employee are recognized and disclosed on an accruals basis. Group companies provide defined benefit and defined contribution plans. Post provides post these benefits are provided varies according legal, to fiscal and economic conditions in the countries in which the Group operates and are normally based on compensation and years service. of Defined Autogrill Group Annual Report 2019 benefits). (employee expense personnel under loss or profit in recognized are liability of the value fair the in changes Any rights. option of the value fair of the remeasurement the on at each year measured is liability The payment. to receive right employees unconditional the have which the during period the over entry acontra as liabilities in increase an with acost, as employees recognized is payable to amount of the value fair the Group’s plans, Option Stock Phantom include the which entity), adifferent by issued instruments financial other or equity 134 payables”. receivables” “Other under but “Other or liabilities or assets tax under shown therefore not is and areceivable as S.r.l. payable or due from/to Edizione recognized only, therefore is of IRES year, respect for the in liability or asset tax netThe current • • • for: provide regulations The S.p.A. Autogrill company parent receivable the payable or of accounts with settlement involves the only, purposes tax) income (corporate for IRES which subsidiaries, Italian other the with subconsolidation fiscal of the part also is Company the regulations, Under those TaxIncome Act. Consolidated the by permitted as S.r.l., Edizione parent ultimate of the regulations For three operates. Group where the countries the date in reporting deor basis) facto the on (on official effect an rates in tax the using determined are liabilities tax Current taxed. never deducted or be will items well that as as years, other in deducted taxed or be will that income it excludes and statement because costs income the in reported result the from year. for Taxable the income differs income taxable on calculated is tax Current income. comprehensive other in or equity in directly recognized of those exception the year,for the with loss or profit the in recognized deferred taxes and of current sum Tax the is year for the I of cash case the In noThere true is conditions. non and conditions service both to reflect adjusted is cost the vest, actually will that of options number the on based is amount final the that so Also, indexes. market and shares of Autogrill performance the as such conditions, vesting market of all basis the on estimated is of options value fair The awards. to the entitled employees unconditionally the become which in period over the earnings”), retained and reserves (“Other equity in increase acorresponding with expense personnel in to employees recognized is granted options of the value fair grant the plan, Units Share new Performance company, include the the which N Edizione S.r.l. S.r.l. Edizione with transactions defining regulations the in acknowledged as subsidiaries, Italian all including subgroup to the respect with also assets, tax of any transfer the S.r.l.; Edizione by whenrate, utilized IRES the times loss transferred to the corresponding amount of the full in payment rate; IRES the times profit transferred to the corresponding amount of the full in payment COM ‑ year period 2019 period year E TAX up for differences between expected and actual conditions. actual and expected between for‑up differences ‑ settled share settled ‑ 2021, Autogrill S.p.A. is following the tax consolidation consolidation tax the following is S.p.A. Autogrill 2021, ‑ based payment transactions (or those settled with with settled (or those transactions payment based ‑ end and at the settlement date, based based date, settlement at the end and ‑ based ‑ market ‑ date 2. Consolidated financial statements 135 TS E S ET T ASS T LE ASS EN GIB N A LL NT ‑CURR DWI R I N E H O OO Deferredtax liabilities are generally recognized all for taxable temporary differences, while tax deferred assets, arising from temporary deductible differences and losses carried forward, arerecognized and maintained in the financial the statements to extent that future taxable income is likely be to earned allowing use those of assets. Specifically, the carrying amount tax deferred of assets is reporting reviewed each at baseddate on the forecasts latest as future to taxable income, also with respect the to subgroup including all Italian subsidiaries, as acknowledged in the regulations defining transactions with Edizione S.r.l. Deferred tax assets and liabilities are recognized not if the temporary differences arise from the initial recognition goodwill of transactions for or, other than business combinations, other of assets or liabilities in transactions that influence no have either on accounting profit or on taxable income. Deferred tax liabilities are recognized on taxable temporary differences relating equity to investments in subsidiaries, associates or joint ventures, unless the monitor to the Group is able reversal the of temporary differences and they are unlikely be to reversed in future. the foreseeable Deferred tax assets and liabilities are measured usingthe tax that rate will the apply at time the asset is realized or the liability is settled, taking account the of tax in rates the at the of force end year. Current and tax deferred assets and liabilities are offset there when is a legal right do to so and they when pertain the to same tax authorities. thatNote coordination between the standard new IFRS and 16 calculation the of tax effect in Italy is governed by an Economy Ministry decree 5 August dated 2019. “Other intangible assets” are recognized purchase at price or production cost, including ancillary charges and amortized their over useful life is likely it when that use the of asset will future generate economic benefits. The Group reviews the estimated useful life and amortization method these of assets there year and each at end is whenever evidence a change of in the asset’s expected future profitability. If impairment losses arise — determined in accordance with the section “Impairment losses and reversals” — the asset is written down accordingly. The following are the amortization periods used the for various kinds intangible of asset: N G Goodwill arising from the acquisition subsidiaries of is shown separately in the financial of statement position. Goodwill is amortized, not but is subject impairment to testing on a yearly basisor specificwhen or changed events circumstances indicatethe possibility a loss of in value. After its initial recognition, goodwill is measured cost at any of net accumulated impairment losses. Upon the sale a company of or part a company of whose previous acquisition rise gave goodwill,to account is taken the of residual value the of goodwill in determining the capital gain or loss from the sale. OT Autogrill Group Annual Report 2019 136 non on reversals and losses “Impairment section the in described criteria to the according determined value in aloss is recorded, there already of depreciation regardless event the that, In life. useful its change materially replacements or that involved enhancements has year the work during when maintenance changed is and annually reviewed is life asset’s useful An contract. concession of the term to the corresponding those replaced by are higher, of charge”, if free For rates, these “Assets transferred to be not depreciated. is Land PR the type of cost incurred. They are depreciated over the asset’s residual useful life or or life asset’s over depreciated useful the are They residual incurred. of cost type the of basis the on equipment and plant property, included in improvements are Leasehold statement. income the to directly taken are costs maintenance Routine life. asset’s over the useful amortized and capitalized are life useful its extend or safety or productivity its in increase tangible and produceamaterial that asset an maintain and to enhance incurred Costs equipment: and plant for property, used periods depreciation the are following The depreciation. when determining considered component belongs) separately are the E of excess (in value of significant frequency. Components usual the with and properly out carried to be continue will maintenance that assuming condition, agreed contractually to the asset to restore the relevant contract of the expiry on incurred to be likely are 37) that IAS compatible with (if expenses estimated includes reasonably Cost end. year at every of each asset life useful the reviews Group The lives. useful estimated their reflect astraight on depreciated are equipment and plant Property, 1. IFRS with consistent are they as statements financial the in laws were maintained revaluation monetary with accordance out in carried revaluations any to IFRS, transition On asset. to the attributed be reasonably can that share to the according costs indirect or direct and charges ancillary including cost, production or price at purchase stated are They reliably determined. be can asset of the cost when the and benefits generate future will asset of the when use it probable is that recognized are equipment and plant Property, O Industrial and commercial equipment O commission on Software Other: rights Contractual L Software licenses Software rights: similar and Concessions, licenses, brands P buildings Industrial Property, plantandequipment icense to sell state monopoly goods monopoly state sell to icense lant and machinery and lant 500k) or with a different useful life (50% longer or shorter than that of the asset to which to which asset of the that than longer shorter or (50% life useful adifferent with or 500k) ther ther costs to be amortized be to costs ther OPE R T Y, PL A NT ‑ current assets”, the asset is written down accordingly. accordingly. down written is assets”, asset the current A N D E D Q U I P M ENT 3‑6 years 3‑6 T T license 2‑10 of term or years contract underlying 2‑10 of term or years erm of the rights the of erm license of erm ‑ line basis at rates deemed basis to line Useful life(year) 5‑50 3‑33 3‑23 3‑14 2. Consolidated financial statements 137 ‑use assets of ‑ S ET ‑use assets is of ‑ generating unit which to ‑ ASS RRENT U ‑C ‑use assets in the sales network, this time adoption IFRS of 16. ‑use assets, with the to total reference ‑ of ‑ of time adoption IFRS of 16, right ‑ ‑ S ON NON L generating units expected benefit to from the ‑ RSA E V D RE generating unit is a group assets of that cash generates ‑ N S S A ET E SS E ASS S U LO ENT F‑ ‑use assets are initially valuedcost at and the include initial measurement of ‑use assets are systematically the depreciated over lease term or the asset’s O ‑ of of ‑ ‑ T AIRM P the asset belongs; a cash flows from broadly independent other assets or groups assets. of With regard to property, plant and equipment and right minimum aggregation unit is the by a single store or stores covered concession agreement. Goodwill and are assets impairment tested for under development year and each at end any time there is evidence possible of impairment. The cash generating units which to goodwill has been allocated are grouped so that the detection of impairment of level reflects greatest of the detail level which at goodwill is internalmonitored for reporting purposes. Goodwill acquired in a business combination is allocated the to cash synergies the of combination. amountThe recoverable is the higher market of value (fair value less costs sell) to and the term the of concession contract, is whichever shorter. The gain or lossfrom the sale property, of plant or equipment is the difference between the proceeds net the of sale and carrying the asset’s amount and is recognized under “Other operating income” or “Other operating expense”. RIGH amount such of assets allocated per cash generating unit. If so, the recoverable amount the of assets is estimated determine to any impairment loss or reversal. isWhere possible not estimate it to amount the recoverable an of individual asset, the Group estimates amount the recoverable the of cash IM discussed in Section 2.2.1 on the above, first At balance each date, the sheet Group tests whether there are internal or external indicators impairment of or reversal impairment of its property, for plant and equipment, intangible assets, and right As mentioned in Section 2.2.1 on thefirst are as the of recorded the of date commencement lease contract, namely the when date the lessor makes the underlying asset available the to lessee. In some circumstances, the lease contract contain may different lease components and consequently the effective shall date be determined lease by each component. Right the finance lease liability, the lease the or at payments before made commencement the of date lease contract and any other initial direct cost. They can then be further adjusted reflect to any remeasurement finance of lease receivables/liabilities. Right residual useful in the life, is whichever lease Group, Typically, shorter. contracts not do provide the for transfer of ownership of the underlying asset and therefore depreciation is carried the over out contractual term. Depreciation begins as the of commencement the of date lease. Regardless depreciation of already recognized, if there are impairment losses (determined as described onerous contracts), the for asset is written down accordingly. The use estimates of in connection with the recognition right of Autogrill Group Annual Report 2019 LIABILITI Impairment losses on cash on losses Impairment statement. income the in recognized are losses Impairment it reduced is to recoverable amount. amount, carrying cash or asset of an recoverable amount the If asset. to the specific risks the of money and value time of the assessments 138 of value carrying the When FIFO. approximate that criteria with or method FIFO the using calculated is and suppliers from contributions similar and bonuses rebates, annual net of discounts, expenses, attributable includes directly cost production or Purchase value. market and cost production or lower at the of purchase recognized are Inventories I CURREN right including unit, of the assets other the deducted from is remainder any unit; to the attributed goodwill of any amount apre using value current to their discounted are flows cash future estimated the use, in value determining In use. in value If the reason for the impairment loss no longer exists, the asset or cash or asset the no longer loss exists, impairment for the reason the If amount. ASS statement. income to the taken is impairment of reversal The charged. not been had loss impairment the have would if had asset the that net of depreciation/amortization amount carrying may not the exceed which of goodwill), case (except of the recoverable in amount new estimate to reversed the is • • statements: financial the In to sell. net of costs value fair and value lower at the of carrying recognized held it as is for sale, classified is asset/liability an Once use. continued through not and sale their through recovered be mainly will or been has value carrying their if held as for sale classified are discontinued being of operations liabilities and assets The of comparison. year of the beginning the of as discontinued been had operation the if as redetermined comprehensive is income statement of comparative the discontinued, as listed is operation an When for “held sale”, as first. whichever comes classified being for conditions when it sold when or the it is meets discontinued as listed is operation An • • • which: and group of rest the the from distinguishable clearly are flows financial and activities whose of agroup part is operation A discontinued N V not offset. not are and assets/liabilities other from separately position statement of financial the in shown are operations discontinued held and for sale liabilities and assets financial of comparison; sake for the reclassified are year prior the from amounts corresponding the sale; the with realized loss or gain capital any with sold), along (if costs transfer and effects net of tax statement, income the in separately shown is operations of discontinued loss or net profit the it. of reselling sole purpose for the acquired asubsidiary is or of business, area geographical or of amajor independent branch to dispose plan coordinated of asingle part is of business, area geographical or amajor independent branch constitutes ENTO ET S/ L IABI RI T ASS E E S S L I T I E S H E TS A EL D F ‑ N generating units are first deducted from the carrying carrying the deducted from first are units generating O R SA D CURREN A LE ‑ ‑ N generating unit is estimated to be less than its its lessthan to be estimated is unit generating of D DISC use assets, in proportion to their carrying carrying to their proportion in assets, ‑use ‑ T & N tax rate that reflects current market market current reflects rate that tax ONT O I NUE N EN ‑CURR D OPE RA T I ON T ‑ generating unit unit generating S 2. Consolidated financial statements 139 current ‑ ‑use asset deriving from of ‑ ‑use asset and recognizes as a of ‑ time adoption IFRS of 16, in as its role ‑ S LE S LE IVAB E 9, factored receivables are 9,eliminated factored receivables from the accounts if the leases typically a duration have coinciding with the principal ‑ C IVAB E C R RE E H E RE AS D OT N E LE leases are determined with the to right reference ‑ entry a finance classified lease receivable, under current and non C ‑ E A N lessor, the Grouplessor, recognizes finance as the of lease receivables commencement A ‑ changes in the used or rate index determine to thelease receipts: in such cases the finance are lease remeasured receivables by discounting the minimum new lease receipts the at initial discount rate; change in the lease term or in the likelihood exercise the of of purchase, extension, or early termination option: in such cases the finance is remeasured lease receivable by discounting the minimum new lease receipts the at discount in rate the at place the of date change; contractual changes that fall not do under any the of reasons the for separate recognition lease: in a new of these cases as the well, finance is lease receivable remeasured by discounting the minimum new lease payments the at discount rate in the at place the of date change. N RAD inventories is higher thantheir realizable net value, they are written down and an impairment loss is charged the to income statement. The recoverability inventories is of verifiedreporting each at If date. the reasons the for impairment they loss cease apply, to are an reversed to amount exceeding not purchase orproduction cost. T Trade receivables and are other receivables initially receivables Trade recognized fair at value and subsequently amortized at cost using the effective interest method. They are reduced by estimated impairment losses, determined according procedures to that involve may both writedowns individual of positions, if material, the are where receivables objectively uncollectable in or in whole part, impairment or generic calculated on the basis historical of and statistical data. Inaccordance with IFRS contract entails the full transfer the of associated risks and rewards (contractual rights cash flows receive to from the The asset). differencebetween the carrying value the of asset transferred and the amount is recognized received in the income under statement financial expense. FI As mentioned in Section 2.2.1 on the first sub date of the of date lease. The sub financial assets. The finance corresponds lease receivable the to value present the of minimum lease payments as the of due date, including commencement those determined on the basis anof (initially or rate index valued using the the at or rate index date commencement theof contract), as as well any penalties in that the event the lease term the provides for option the for early termination the of lease contract and the exercise that of option is estimated be to reasonably certain. value The present is determined using the implicit interest the of rate lease contract. If is possible not determine it to this the easily, rate Group uses the incremental borrowing as rate discount rate. The finance lease is subsequentlyreceivable increased by the interest accrued and decreased by the the for receipts lease. received Finance are lease remeasured receivables in changes of the event in the future minimum receipts expected the for lease, as result of: • • • the principal lease contract, rather than the underlying asset. that reason, For considering that the sub lease, the the Group reduces value the of right contra Autogrill Group Annual Report 2019 FI material. is deferral of payment effect financial the if cost, at amortized subsequently and adjustments, billing and returns net of discounts, face value) as same the (normally value at fair recognized Trade payables initially are T method. interest effective the using cost at amortized measured subsequently are and costs received, net of transaction amounts of the account taking value fair Interest 140 made. payments lease the reduced to reflect and of interest accrual for the increased subsequently is liability lease finance The rate. discount rate as borrowing incremental the uses Group rate easily, the this to it determine not possible is If contract. lease of the rate interest implicit the using determined is present The value certain. reasonably to be estimated is option of that exercise the and contract lease of the termination early for the option for provides the term lease the event the that in penalties any well as as contract), commencement date of the index rate or at the the using valued index rate or (initially an of basis the on determined those commencement including date, due of the as payments lease minimum of the present value to the corresponds liability lease finance The lease. commencement date of the of the as liabilities lease finance recognizes first the on 2.2.1 Section in mentioned As first above, the on 2.2.1 Section in discussed receivables lease is of finance recognition the with connection in of estimates use The OT LO risk. impairment to significant not subject are they at as face value stated are they to cash; convertible immediately date) are that acquisition the on less or months three short liquid highly other and deposits, demand offices, post and banks with accounts current and include cash equivalents cash and Cash A CASH expense. and income financial under year’s that statement in income recognized are changes value fair from arising losses and gains while value, end at each at year fair measured are and foravailable sale or held as for trading classified are held to maturity those than other assets Financial year. for the (loss) to profit income comprehensive other from reclassified is gain or loss cumulative the derecognized, is asset afinancial When reserve. value fair the presented in comprehensive and income other as recognized are losses, impairment than other value, fair in changes any and first After costs. transaction attributable directly plusany value at fair recognized initially are for available sale assets Financial losses. impairment net of cost at amortised measured are investments) to maturity (held to maturity to hold capacity and intention the has Group the that assets financial Subsequently, the costs. transaction direct including value, at fair measured initially are date and transaction the on derecognized or recognized are assets” financial “Other RAD NA A H N E E R FI S, BA P C ‑ bearing bank loans, bonds and account overdrafts are initially recognized at recognized initially are overdrafts account and bonds loans, bank bearing N AYABLE E N LE D CASH E D CASH A N AS N K LO CIA E S LIABI A L ASS N Q S, B LI U T IVA ET I E ON S S LENT DS A S N D O ‑ ‑ time recognition they are carried at fair value, value, at fair carried are they recognition time 16, the Group Group the 16, of IFRS adoption time V E ‑ RDRAF 16. 16. of IFRS adoption time ‑ term financial investments (maturity of of (maturity investments financial term T S 2. Consolidated financial statements 141 G N I OUNT free interest (based rate on ‑ E ACC DG E D H time adoption IFRS of 16. ‑ N S A ENT M U R T S N L I CIA N A N E FI IV T end market interest comparableend of rates instruments. ‑ Fair value if hedge: a derivative financial instrument is designated as a hedge against changes in the fair value a recognized of asset or liability attributable a to particular risk that affect may profit or loss, the gain or loss arising from subsequent fair value accounting the of is hedge recognized in the income statement. The gain changes inthe used or rate index determine to the lease payments: in such cases the finance lease liability is remeasured by discounting the minimum new lease payments the at initial discount rate; change in the lease term or in the likelihood exercise the of of purchase, extension, or early termination option: in such cases the finance lease liability is remeasured by discounting the minimum new lease payments the at discount in rate the at place the of date change; contractual changes that fall not do under any the of reasons the for separate recognition lease: in a new of these cases as the well, finance lease liability is remeasured by discounting the minimum new lease payments the at discount rate in the at place the of date change. RIVA E The Group’s liabilities are exposedThe Group’s primarily financial to risks changes to due in manageinterest and theseexchange rates. risks To the Group uses financial derivatives, mainly in the form interest of swaps, rate forward agreements, rate interest optionsrate and combinations these. of The use derivatives of is governed by the “Financial Management and Financial Risks Policy” and the “Annual Financial Strategy” by approved Autogrill Board S.p.A.’s Directors, of which set standards and financialguidelines the for Group’s risk hedging strategy. Derivative contracts have into withbeen entered counterparties be to financially deemed solid, with the aim of reducing risk default a minimum. to Group companies use not do purely derivatives for trading purposes, but rather identified hedge to risks. furtherFor information see the policy described in Section 2.2.8.2 “Financial risk management”. In accordance with IAS 39, derivative financial instruments qualify hedge for accounting only if: (i) the at inception the of there hedge is formal designation and documentation the of hedging relationship and the is hedge assumed be to effective; (ii) effectiveness can be measured; reliably (iii) the is hedge effective throughout the financial reporting periods which was for it designated. All derivative financial instruments are initially measured fair at value in accordance with IFRS and IAS 13 39, with the transaction related costs recognized in profit or loss incurred.when They are subsequently carried fair at value. specifically, More the fair value forward of exchange contracts is based on the listed market price, where available. If a listed market price is available, not then fair value is estimated by discounting the difference between the contractual forward price and the current spot the for rate residual maturity the of contract using a risk government securities) the of country/currency the of instrument’s user. interest swaps, rate For fair value is determined using the cash flows estimated on the basis the of conditions and remaining life contract each of and according the to year When financial instruments qualify accounting, hedge for the following rules apply: • D The finance lease liability is remeasured in changes of the the event to future minimum lease payments, to: due • • • The use estimates of in connection with the recognition finance of lease liabilities is discussed in Section 2.2.1 on the above, first Autogrill Group Annual Report 2019 discounting the right the discounting right net of the recognized are for contracts onerous provisions 16, of IFRS adoption the 2019, with 1January from As present value. their to discounted are material, is effect when the and date, reporting of the as obligation the of fulfilling cost of the estimate best the on based are Provisions determined. reliably be can obligation of the amount when the and obligation that satisfy that order benefits in to produceeconomic resources have likely to use event will and of apast aresult as apresent obligation has Group when the recognized are Provisions P statement. income the in recognized immediately are derivative financial of the value fair at measurement from arising losses or does not apply, gains the hedge accounting If • • 142 effects. tax net of the net equity, from deducted are shares of ordinary issue to the attributable directly costs Incremental of equity. part form which shares, of ordinary wholly comprised is capital share The SHAR publicly announced. Future operating costs are not provided for. not provided are costs operating Future announced. publicly been or commenced either has restructuring the and plan restructuring formal and approved adetailed has Group when the recognized is for restructuring A provision contract. the with associated assets the on losses impairment any recognizes Group the established, is Before aprovision contract. the with of continuing net cost the and contract the of terminating cost of the lower of the present value at the measured is provision The therefrom. to obtain expect can Group the benefits economic the than greater are of acontract obligations the to fulfil necessary unavoidable made costs is when the for contracts onerous provision R O cumulatively recognized in the translation reserve is also taken to profit or loss. or to profit taken also is reserve translation the in recognized cumulatively been has hedge that of the portion effective the on loss or gain the operation, foreign of the disposal On loss. or to profit taken is portion ineffective the while equity, under reserve” “translation the presented in comprehensive and income in recognized hedge is the on loss or gain of the portion company, effective the holding intermediary an through indirectly or held directly operation, aforeign in ahedge of anet investment as designated is aderivative if Hedge of net investment: loss; or to profit immediately reclassified are income comprehensive have included in been that not yet realized losses or gains place, the to take no longer is expected transaction the If occurs. transaction the as soon as loss or to profit reclassified statement of comprehensive are the income in time to that up accrued losses or gains not place, the yet taken has transaction hedged the but terminated, is relationship ahedgehedging or statement If immediately. income the in recognized are ineffective of become ahedge) has which part ahedge (or with associated losses and gains value Fair recognized. is transaction hedged of the effect economic the which in year same the in loss or profit in recognized comprehensive and from income reclassified is loss or gain cumulative The equity. under reserve” “hedging the presented in comprehensive and income in recognized is instrument financial the on loss or gain of the portion effective the loss, or profit affect probable could and highly is that transaction forecast a or liability or asset of arecognized flows cash future the in to variations exposure ahedge against as designated is instrument afinancial hedge: if flow Cash amount and is recognized in profit or loss; or profit in recognized is and amount carrying its adjusts risk hedged to the item hedged attributable the on loss or VISI ON E CAPITAL A S F O R RISKS A ‑ of use assets corresponding to each onerous lease contract. A contract. to lease each onerous corresponding assets ‑use N N D PURCHAS D CHARG ‑ of use asset pertaining to the individual store, by by store, individual to the pertaining asset ‑use E S OF TR E OF E ASURY SHAR E S 2. Consolidated financial statements 143 S S N S N N ATIO 19 pandemic has19 impact no on the use of ‑ N SACTIO SSIO N CE N CY TRACY S end exchangeend rate. Exchange gains and losses arising from ‑ E SS COMBI SS end date. Actual date. end results differ. may Estimates are used to E SHAR R ‑ WAY CO WAY NE E E EN CURR STIMAT GS P GS N IN IG E OF E estimates in made the financial pursuant 31 statements at December 2019 IAS to 10. If treasury shares are purchased, the amount paid ‑ including directly attributable expenses and tax of net effects ‑ is from deducted equity. The shares thus purchased are classified as treasury shares and the reduce amount equity. The shareholders’ of amount from received the subsequent disposal the of treasury shares to back is added equity. Any positive or negative difference from the transaction is transferred or to earnings. retained from 2.2.3 BUSI 2.2.3 GAT PACIFIC expansionOn as part 31 in 2019, May the North the of Group’s American airport retail channel, the indirect US subsidiary Stellar Partners Inc. — already active in the airport retail business — finalized the acquisition Pacific of Concessions Gateway (PGC), which the at time operated 51 locations airports 10 at in the United States. Transactions in foreign currencies are converted into the functional currency the at exchange in rate effect on the transaction currency date. Foreign assets and liabilities are converted the at year US The preparation the of consolidated financial statements and requires notes management make to estimates and assumptions that affect the carrying amounts of assets, liabilities, costs and income and the disclosure about contingent assets and liabilities the at year determine the effects business of combinations, asset impairment the losses/reversals, fair value financial of instruments, provisions and debts bad inventory for obsolescence, amortization and depreciation, benefits, employee taxes and provisions risksfor and charges. Estimates and assumptions are periodically reviewed and the effect any of change is taken the to income the of statement current year and the years whichto the changes pertain. The estimation criteria used these for financial statements are the same as those the followed previous unless year, otherwise specified. With the adoption IFRS of 16, the Group has certain made professional judgments involving the definition some of accounting policies and the use estimates of and assumptions, as mentioned earlier in these notes. Finally, should it be that noted the COVID Autogrill presents basic and diluted earnings per share its ordinary for shares. Basic earnings per share is calculated by dividing the profit or loss attributable the to ordinarycompany’s by the shareholders number weighted average ordinary of shares outstanding during the period, treasury adjusted for shares Diluted held. earnings per share is determined by adjusting the profit or loss attributable ordinary to and shareholders the number weighted average ordinary of shares outstanding, as defined the for above, effects all of dilutive potential ordinary sharesand stock options granted employees. to E FOR N EAR the are conversion recognized in the income under financial statement income and expense. Autogrill Group Annual Report 2019 144 date. that on holdings sold its also ventures, three the in HMSHost’s partner L.P. (KDLP), Infrastructure KD Corporation. of HMSHost subsidiary indirect Travel an SMSI by Inc., operated and Centres owned entirely stops rest at three plusconcessions partnerships, separate L.P. three in Motorways HMSHost and Inc. Motorways HMSHost subsidiaries Canadian held the of interests by consisted These Canada. in operations motorway its of all disposal the finalized S.p.A. Autogrill (“HMSHost”), Corporation HMSHost subsidiary US the May 26 2019,On through CA 2.2.4 DISPOSALS liabilities: and assets consolidated on acquisition of the impact tableThe below shows the provisional. are provided figures the acquisition, of the time emerge at applicable the as should items that further any of date, acquisition of the months 12 within recognition, the 3 allows version of IFRS revised the Because assets. intangible in of $ 24.5m increase led to an This acquisitions. employed generally in techniques measurement using determined was value fair whose liabilities, and of PGC’s assets acquisition involved the transaction The terms. contractual the under ( $ 8.8m additional ( for $ 35.9m acquisition, The 29.0m ( $ 29.0m contributed Gateway Concessions Pacific ($m) A) O Right of use assets use of Right P O T O T Inventory B) C) D) F) Current net financial indebtedness N E) Equity E E G) Goodwill Acquisition costs rade payables rade receivables roperty, plant and equipment and plant roperty, quity attributable to non parent the of owners to attributable quity on ther intangible assets intangible ther ther payables ther receivables N - Non current assets current Non Working capital Working Other non Other Net invested capital from continuing operation (A +BC) (A operation continuing from capital invested Net Net financial indebtedness financial Net Total as D) as Total current net financial indebtedness ADIA - current non current N MOTORWAY OP 7.8m) to carry out investments the seller had already agreed to agreed already had seller the out investments E 7.8m) to carry - controlling interests - financial assets and liabilities and assets financial 32.2m), also commits the buyer to spending an an buyer to spending the commits also E 32.2m), ERATION E 25.9m) to revenue 2019. in S 64.6 25.5 (4.0) 53.2 64.5 (9.3) 1 4 11. 80.9 80.9 16.3 11.3 90.1 (9.2) PGC 0.5 0.2 3.3 5.0 ‑ - Allocation adjustments Purchase Price 24.5 24.5 24.5 24.5 24.5 24.5 ‑ ‑ ‑

PGC Adjusted 105.4 105.4 114.6 64.6 24.5 25.5 (4.0) 53.2 35.9 35.9 64.5 40.8 (9.3) 11.3 (9.2) 0.5 0.2 3.3 5.0 ‑ ‑ 2. Consolidated financial statements 145 69,392 (5,186) 74,578 Change CIAL NCIAL E 120.8m)was A E 38.0m) under N E 87.3m). 53,309 214,699 161,390 31.12.2018 T OF FI EN E 158.8m), $ 135.3m ( M TS E PUBLIC 48,123 284,091 235,968 E 31.12.2019 CH R E ups for deposit,‑ups for which are generally handled by E STAT EN QUIVAL E CZ TS N TH S TO TH S TO E S I party carriers. D CASH E ‑ N N E ASS T 30.6m), whileE 30.6m), all for they 2018 of contributed ( $ 103m N POSITIO EN RATIO E CASH A Cash and equivalents on hand Total Bank and post officeBank and deposits (Ek) E 164.0m). Of the overall capital gain ( $ 177.8m of The operations — a total rest 23 stops of with concessions valid until 2060 sold were — a consortiumto by Arjun led Infrastructure Partners Capital Ltd. and Fengate Management Ltd., a price for which of share HMSHost’s $ 183.6m comes to ( recognized under “Gain on operating activity disposal” and $ 42.5m ( the the latter from for “Income sale (expense) investments”, interests of in the Canadian companies previously valued using the equity method, which operated some theof concessions sold. In the first from five these revenue months 2019, discontinued of operations amounted $ 34.3mto ( I. and“Cash equivalents on hand” cash include floats stores and at amounts in the process being of credited bank to accounts. The amount vary may substantially depending on the frequency pick of specialized third The significant increase in“Bank and post office mostly deposits” reflects the proceeds the of sale the of Canadian motorway business. cash of The statement flows presents the various sources and uses cash of that contributed the to change in this along item, with the balance current of account overdrafts. nOT 2.2.5 CURR OP On through 31 2019, May its subsidiary Autogrill Europe S.p.A., Autogrill S.p.A. finalized the sale the to Lagardère Group its entire of investment inAutogrill Czech S.r.o., which operates two at train stations in Prague and outlet one mall. The sale price produced a capitalof E 9.5m gain E 8.0m, of recognized under “Gain on operating activity disposal”. In the first from five these revenue months 2019, discontinued of operations amounted to E 3.1m, while all for they 2018 of contributed E 8.0m. Autogrill Group Annual Report 2019 146 operations. American North and to Italian attributable is decrease the of received. Most to be for advances services well as as settlement, awaiting bonuses supplier and contributions receivable for refers promotional to amounts “Suppliers” IV. liabilities. tax current 2019 in with were offset which dividends, foreign on reform tax American of the aresult as States United the in year previous the paid advances the concerns decrease of the Most operations. for European mostly credits, and advances ( to E 3,051k amount These III. dividends. and loans of intercompany risk the to mitigate and/or of currency purchase sale forward to the particular in rate risk, entered derivatives to hedge exchange into of the measurement value derivatives” refers fair to the rate hedging of exchange value “Fair of $ 100m. value notional acombined 2019, December with at 31 outstanding of derivatives measurement value fair of the portion current derivatives” includes the rate hedging of interest value “Fair factors. to seasonal part in due 2019 2018, in and payments card for credit of settlements concentration different the by explained is companies” card credit “Receivables from in netThe increase 2020. back in paid to be unit, business anon due from item refers amount to the this in increase Much of the earnings. future back with sums to pay the ability their non and subsidiaries American non due the advances back from capital of portion current of the primarily consist parties” receivables third from “Financial II. Sub‑concessionaires (Ek) Receivables from the parent for tax consolidation tax for parent the from Receivables investments for grantors from Receivables (Ek) Total derivatives hedging rate exchange of Fair value companies card credit from Receivables parties third from receivables Financial Inland revenues and government agencies L Suppliers derivatives hedging rate interest of Fair value Total O P ease/concession and royalties advance payment ersonnel ther

OTH OTH TAX ASS E E R FI R R N E E C TS A E N IVABL CIAL ASS CIAL 19,572k at 31 December 2018) and refer to income tax refer 2018) tax and December to income at 31 E 19,572k ‑ subsidiary companies; the amount takes account of account takes amount the companies; subsidiary E S E ‑ controlling shareholders of some North shareholders North of some controlling TS ‑ controlling shareholder of the International International shareholder of the controlling 31.12.2019 31.12.2019 121,999 50,452 14,727 10,229 49,230 18 0 11,89 25,162 13,215 64,181 4,553 4,983 1,225 342 172 31.12.2018 31.12.2018 4,013 147, 55,224 34,287 12,437 24,513 20,975 36,424 1 471 11, 16,914 3,458 2,591 1,127 440 ‑ (16,422) (25,014) Change Change (2,208) 25,939 (5,994) (2,187) (9,125) ,757 7, 2 9,299 1,525 ,44 1,74 (268) 342 98 2. Consolidated financial statements 147 177 (884) 8,113 (660) 7, 4 5 3 5,708 6,368 1,367 Change use assets”, as ‑use assets”, of ‑ 47,9 71 53,679 (5,708) 31.12.2018 55,424 61,792 (6,368) 31.12.2019 off advances on minimum guaranteed paid rent ‑ S E concessionaires” businesses to refer others to sublet and ‑ IVABL E C E R E TRAD

ther movements and exchange rate differences tilizations hird parties Bad debt reserve debt Bad T Total U (Ek) Bad debt reserve December at 31 2018 Allowances, net of use O Bad debt reserve December at 31 2019 (Ek) “Lease/concession and royalties advance payment”“Lease/concession consist lease of instalments paid in advance, as required by contract. The decrease mainly is due the to adoption of IFRS 16, which moving involved one consist mainly under lease due contracts receivables of with variable rents. from“Receivables the tax parent for consolidation” concern the amount from due Edizione S.r.l. the to Italian companies in the Group that participate in the domestic tax consolidation Section (see scheme 2.2.13 ‑ Other information ‑ Related party transactions). “Other” consists mainly prepayments of maintenance for fees, insurance policies and reimbursements, as as well advances on local taxes chiefly and refer North to America. the for The decrease sale received in money includes a hotel of Belgium in 2018. The item “ThirdThe item parties” mainly refers catering to service agreements and accounts with affiliated companies. The increase the for year is essentially explained by the new North American business under the agreement with American Airlines, as mentioned in the directors’ report. As in previous years, reserve the debt bad has been estimated on the on the basis the due of reporting yet risk not general default receivables of date as inferred from past performance, in keeping with IFRS 9 which took effect on 1 January 2018. in reserve theMovements debt bad are shown below: V. discussedin Section 2.2.1 these of notes. Receivables from “Inland mostly and relate government indirect to agencies” revenues taxes. The decrease the for year essentially is due the to tax French credit for competitiveness which and (CICE), was employment recognized in France in but 2018 abolished as 1 January of and by replaced a reduction 2019 in social security charges for employers. The increase in from “Receivables grantors greater to investments” relates for commercial investments on behalf made concession of grantors in North America in accordance with contractual provisions. Amounts from due “Sub before thebefore the of date commencement contract the to “right item Autogrill Group Annual Report 2019 148 monopoly. government under sold goods and products packaged drinks, raw of food materials, chiefly consist and slow of value of the estimates recoverability revised considering 2018), determined write net of the shown is amount The Gateway Concessions. of Pacific acquisition of the because States United the in and Italy, due in purchasing concentrated to greater is year. increase The previous the in E 121,611k 2019, with to E 133,750k December compared at 31 amounted Inventories VI. past. the made in been had bad debt which provisions against year the during of disputes settlement to the refer particularly to E 884k, amounting Utilizations, States. United the in of business expansion to the relates primarily increase The to applicable receivables default general not risk yet receivables due. the and disputed of recoverability to the as estimates revised 2019 of E 1,367k in reflect Net allowances IN ‑ moving goods. Inventories are concentrated mostly in Italy and the United States States United the and Italy in mostly concentrated are Inventories goods. moving V EN TORIE S ‑ 2,347k ( of E 2,347k provision down 1,527k at 31 December December at 31 E 1,527k 2. Consolidated financial statements ‑ ‑ 149 488 Total 5,006 ( 7, 2 41) (9,945) 2 7, 6 51 3 7, 0 3 5 55,212 (1,684) 16,708 (3,554) 54,897 (8,477) 13 7,151 982,682 (23,721) (29,838) 285,341 (40,920) 326,732 (34,043) 208,220 (143,748) (212,383) 1,090,913 (202,451) 3,226,940 (226,439) 3,084,984 2,834,966 (1,954,050) (2,136,027) (2,102,302) ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 39 77 and (77) (77) (269) (905) 1,894 4,009 account 12,513 (1,299) 116,178 157, 0 87 157, 0 87 136,770 136,847 221,364 254,297 (203,838) (246,896) construction Assets under payments on ‑ ‑ ‑ ‑ ‑ ‑ 7 (7) (7) 22 (17) (59) 475 627 780 900 Other (536) (424) (786) 4,818 4,775 1,331 1,322 1,432 1,243 54,611 52,627 56,258 T (1,488) (2,654) (2,449) (51,483) ( 47, 5 6 4 ) (49,793) EN ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (33) 396 7,16 3 free of 4,066 charge 11,617 74,501 13,126 76,649 (1,478) 16,945 18,939 (4,070) (11,621) 3 37, 3 4 0 325,956 (16,616) 340,670 (16,959) (15,280) (264,021) (262,839) (255,502) transferred Assets to be QUIPM ‑ ‑ D E 2,490 (1,211) (9,815) 7 7,16 3 10,167 N (7,365) 6 7, 4 2 4 (1,423) (1,432) 24,135 (3,752) 10,237 13,667 73,997 28,337 (2,092) 50,322 50,304 215,332 989,752 2 2 7, 8 0 5 ( 7 7, 3 31) ( 8 4,311) 956,657 842,201 (14,188) ( 6 7, 7 0 8 ) (50,831) (40,920) (761,947) (741,325) (660,260) equipment commercial Industrial and T A ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ TS N E (13) 1,709 8,283 3,247 2,797 4,324 8,863 4,347 40,241 (9,515) 43,886 11,0 4 0 (9,798) (3,296) (8,553) (3,483) 24,966 199,803 200,143 209,262 Plant and (25,443) (169,021) (155,917) (165,732) machinery T ASS T

‑ ‑ ‑ EN RTY, PLA RTY, ments 1,027 6,471 2,205 4,536 17,94 9 8 7,9 61 (2,114 ) 52,164 25,819 30,185 E (3,930) 12,640 14,854 (4,643) 461,824 improve- (11,0 55) 153,017 534,445 (15,380) (18,503) (95,037) 108,080 (88,497) (52,500) (811,954) ( 747, 675) Leasehold (111, 752) (844,881) 1,168,623 1,379,326 1,273,778 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑CURR PROP 283 562 9,415 1,026 1,902 2,226 N 2,377 4,235 49,196 (1,581) 46,267 (1,706) (2,553) (2,556) 14,003 (4,708) ( 7 7, 317 ) (67,293) 116, 489 (57,777) 129,238 ( 17, 5 9 0 ) buildings 104,044 (10,989) Land and O N VII. The following in property, movements show tables plant and equipment and in 2019 2018. ote XXXIV) N ote XXXIV) N ther movements ther ther movements ther ther movements ther ther movements ther xchange rate gains (losses) gains rate xchange xchange rate gains (losses) gains rate xchange xchange rate gains (losses) gains rate xchange xchange rate gains (losses) gains rate xchange 31 December31 2019 Carrying amount December31 2018 Impairment losses ( Balance December at 31 2019 O Decrease E Increase ( Disposals Balance December at 31 2018 Acquisitions O Acquisitions Impairment losses Impairment Decrease Disposals Acquisitions Balance December at 31 2019 losses Depreciation/Impairment Balance at 1 January 2018 Disposals Increase E Acquisitions Balance December at 31 2018 Disposals Increase Decrease O E E Increase Decrease O (Ek) carryingGross amount Balance at 1 January 2018 Autogrill Group Annual Report 2019 150 ( Gateway Concessions ( contracts new to reflect year the during revised was amount date.The of that as existing leases and due contracts concession under payments fixed substantively or fixed future of the present value of the 2019 basis the on 1January on time first for the measured “Right right the representing item now includes anew asset position statement of financial the standard of this adoption the with 16, of IFRS impact the on 2.2.1 Section in mentioned As VIII. non and current non ( liabilities” financial “Other current between split formerly was 2018 ( of payables December at 31 for goods balance leased the Likewise, “right to table below have reclassified the been in 2018 shown December at 31 balances the 16, IFRS with 2019, accordance in 1January 2018). December Since 31 until effect (in 17 IAS by mandated method financial the under leases, held finance equipment under and plant, of property, value contractual item included the 2018 this in Note that renewals. contract and for new openings include investments and States United the in mostly concentrated are account on payments and construction under Assets locations. motorway at several and America North centers in at shopping airports, at development for managed the includes costs of locations This concessions. and premises leased adapt or up to set incurred improvements referLeasehold to expenses to E 8,477k. amounted losses impairment net 2018, In each country. with associated risk business specific the money and of cost the reflects which average of capital, cost at the discounted gains), efficiency assumed any incorporating (without for each location flows cash future estimated the on based was testing contract making loss statements, 2018 financial followed the in for non no longer exist provision a for date) recognizing reversal reasons where of the the as cost amortized historical (up to years previous in charged of losses reversal the including of E 9,945k, losses of net recognition in resulted locations individual on testing contract making Loss ( year for the to E 226,439k came Depreciation report. directors’ the in provided are locations principal and channel by expenditure of capital 2019. in Details Switzerland of ahotel in sale for the mostly E 4,418k, of gains net produced capital disposals The Republic. Czech the in operations the and Canada in business motorway to the relating net disposals E 13,130k in to addition in E 4,163k was of disposals amount net carrying the while of PGC, acquisition the from plusadditions to E 326,732k, 2019 in amounted expenditure Capital L (Ek) Industrial and commercial equipment Total and and buildings and and ‑ current “Other financial liabilities” ( liabilities” financial “Other current ‑

of ‑ of RIGHT‑OF‑US ‑ use assets”: use assets”, amounting to E assets”,‑use amounting E 184,117k), prevalently in the United States and the acquisition of Pacific of Pacific acquisition the and States United the in prevalently 184,117k), ‑ current entries for “Finance lease liabilities” (see Note XXII). liabilities” lease for “Finance entries current ‑ of E use of goods operated under lease or concession contracts. contracts. concession or lease under operated of goods ‑use 57,705k). Disposals during the year concerned the sale of sale the concerned year the 57,705k). during Disposals E ASS ‑ material amounts. Consistently with the method method the with Consistently amounts. material E TS 2,358,973k at 31 December 2019, December were at 31 2,358,973k Gross amount 4,069k) has been reclassified to the to the reclassified been has E 4,069k) 202,451k in 2018). in E 202,451k 5,536 6,352 816 impairment losses impairment depreciation and 31.12.2018 Accumulated (3,872) (3,872) (4,439) 303k) and and E 303k) (567) (567) 4,372k) that that E 4,372k) Carrying amount Carrying 1,664 1,913 249 2. Consolidated financial statements ‑ ‑ 151 259 Total (210) (984) 6,231 3,878 (1,154) 2 7, 6 7 0 5 7, 7 0 5 (4,464) 18 4,117 (25,466) (357,692) (356,171) 2 , 4 67, 5 62 2 , 4 67, 5 62 2,358,973 2,716,665 ‑ ‑ ‑ ‑ ‑ ‑ 1 17 (14) 719 (84) Other (509) 3,747 3,747 1,310 5,693 3,326 (1,861) (2,367) ‑ ‑ 259 (210) (970) 5,512 3,861 (1,154) 5 7, 7 0 5 2 7, 6 6 9 (3,955) ( 17, 3 5 3 ) Buildings 174,7 78 (355,325) (354,310) 2,710,972 2,463,815 2,463,815 2,355,647 ote XXXIV) N ote XXXIV) N assigns individual each service a number to additional of specialized firms. ‑ area concessions are contracts with which the infrastructure operator (motorway or airport) grants a concession a specialized to entity arrange to and provide food & fuel services,beverage and/or authorizing (i) it build to and install, on land owned by the grantor, buildings, plant, furnishings and fittings designed the for sale of food and drink, complementary products and the for groceries distribution and/or fuel,of and (ii) carry to on this business against based payment a fee of on turnover, with certain stipulations regarding the means and continuity service of provision during the business hours established by the grantor. frequentlyIt occurs that the subconcession all for the services an of entire motorway service area or airport terminal is assigned a single to which entity, then sub Usually, on expiry the of contract, the assets built the for provision motorway of services must be transferred free charge of the to grantor, while this is almost never the case airport for terminals; ther movements ther ther movements ther xchange rate gains (losses) gains rate xchange xchange rate gains (losses) gains rate xchange Impairment losses ( Balance December at 31 2019 E Increase ( Decrease O Carrying amount 1 January 2019 (Ek) carryingGross amount Balance at 1 January 2019 Disposals 31 December31 2019 Acquisitions Acquisitions Disposals Increase losses Depreciation/Impairment Balance at 1 January 2019 E Decrease O Balance December at 31 2019 Canadian motorwayoperations, namely specific one concession with future minimum guaranteed payments. All the other concessions called sold variable for payments only. Depreciation on this came item E 356,171k to the for year. “Buildings” essentially refers area to concessions, business leases and commercial leases, while “Other assets” consist mainly leased of vehicles. In particular: In • Autogrill Group Annual Report 2019 country of operation (consistently with medium (consistently with of operation country (“g”), long do not the exceed which rates growth nominal applying and forecasts those from information normalizing by have projected been 2022 beyond flows Cash 36. of IAS provisions the with compliance for 2021 projections and budget 2020 of the basis the on have They estimated been of Directors. Board the by reviewed and CFO and CEO the by have validated been recoverable amount, determine 152 2020 period for ofthe each CGU flows cash future estimated The market. the in observable variables and indicators on model, based pricing assets capital the using set rate was discount date.The measurement at the CGUs individual of the risks specific the reflecting area geographical by at arate differentiated discounted flows cash future of estimated present value the as defined use, in value its estimating by tested is to each CGU allocated goodwill of the recoverability recorded, the of goodwill amount of the significance of the consideration In due differences. solely are to year exchange previous the since changes The E to E amounted 2019 December 31 goodwill At IX. property. of the owner of the objectives business to the according centers, shopping and stations railway cities, in caterer, (ii) and sub service or area are where there motorways, along (i) common are of concession types two latter These • • The carrying amounts of goodwill by geographical CGU are as follows: as are CGU geographical by of goodwill amounts carrying The purposes. management for monitored is internal level goodwill at which minimum the with consistently logic, ageographical/operational following segment, of business basis the on (Ek) N Europe International Total 839,666k the previous year. cash The previous the 839,666k Italy O orth Americaorth the lease expires. lease the when premises operator, the clear of the must who expense at the and specifications to the according furnished and equipped are premises The of rent. payment against activity for business buildings uses operator the lease, acommercial in company; petrol due the by royalties of the payment operator, entails motorway it also a and company apetrol between contracts concession of afee;payment for primary and of service continuity to ensure obligation the entails business concession the in acompany Leasing equipment. and buildings necessary the and authorization the of both consisting acompany leases afirm cases, other In service. the provides and expenditure capital necessary the incurs operator the case which in licenses, of administrative and to operate authorization of an consists business the cases some In products. beverage and food to serve organized etc. equipment buildings, and/or rights to use operator an allows branches business or abusiness leasing ther E ther GOODWILL uropean countries uropean ‑ concessions assigned to a petrol company, which then turns to a turns company, then to which apetrol assigned concessions ‑ 2022 (explicit forecast period) and adjusted for adjusted and period) (explicit forecast 2022 ‑ term growth estimates of each CGU’s and sector estimates growth term ‑ generating units (CGUs) were identified units generating 31.12.2019 450,578 260,201 854,976 60,566 83,631 854,976k, compared with with compared 854,976k, ‑ to long ‑ term inflation forecasts by the the by forecasts inflation term 31.12.2018 255,255 441,025 839,666 83,631 59,755 ‑ 2022, used to used 2022,

Change 15,310 4,946 9,553 811

‑ 2. Consolidated financial statements 153 5.8% 5.7% 4.4% 6.7% Discount rate financial assets ‑ 1.7% 0.8% 2.3% 0.5% growth rate “g” Forecast nominal ‑use assets” are non of ‑ 2022, management has several made ‑ uropean countries North America: annual average sales are expected rise to consistently with traffic growth in the airport channel (based on estimates by the Aviation Federal Administration). The renewal existing of rate contracts was estimated on the basis historicalof trends. Higher sales and targeted efficiency measures are expected to absorb an increasing share operating of costs. International: growth is suggested by traffic forecasts from Airport Council International and, available, not where by estimated performance GDP in the individual countries. The assumed growth outpaces rate the in average Autogrill’s markets, but is consistent with the past performance these of operations. The rise in sales than more offsets the cost expanding of operations and starting up new projects, under new and renewed contracts. Italy: based on internal projections, there should be a modest increase in motorway traffic, in line with past performance. The introduction concepts, new of along with improved offerings and targeted efficiency measures, is expected make up help to lost margins.for Other European countries: sales projections on the been developed basis have of motorway and airport traffic estimates that differ from country country, to based on forecasts provided by Airport Council International and,available, not where on estimated growth GDP in the individual countries. Operating costs are expected down go to as a share thanks revenue, of targeted to efficiency measures. The renewal existing of rate contracts was estimated on the basis of historical trends. ther E orth America N International Italy O International Monetary Fund) and byusing the perpetuity method calculate to terminal value. These considerations are also supported byfairness a opinion from an advisorindependent confirming the adequacy and reasonableness the of adopted methodology. thatNote with the adoption IFRS of 16, “right that be to in included have the calculations impairment CGU. each Therefore, for testing was the conducted at including 2019 CGU for level the effects IFRS of the for 16 purposes the of consolidated financial statements. areBelow the main assumptions used impairment for testing. To estimate cash flowsTo the for period 2020 • • • allFor CGUs, growth investments are correlated with the expiration contracts, of while maintenance investments are assumed be to consistent with historical trends. On the basis these of assumptions, the amount goodwill of attributed CGU each to was found be to fully recoverable. assumptions, most importantly air of and motorway traffic volumes, future sales, operating costs and capital expenditure. The main assumptions used estimate to cash flows down are by business below broken segment: • Autogrill Group Annual Report 2019 154 time. of this as knowledge available best the on based process, impairment the on impacts change Climate of predictability for the on considerations report directors’ of the 1.6.1 Section See of goodwill. recoverability full the confirmed also analyses These • • included: simulations Additional 2019. December 31 COVID short despite and the variables, for exogenous endogenous and expectations current on based that above, it clear is rates shown test stress the and rates used discount the between spreads wide Given the test”). stress (“Impairment value book and CGU’s use the in value between agap no longer be would there rates at which discount table shows the following The N O Italy International orth Americaorth ther E ther a comparison between the CGUs’ value in use for 2019 and 2018 with gap analysis. gap for 2019 use 2018 with in and value CGUs’ the between a comparison grate; rate and discount the in changes well as as CGUs, and countries different the in to plans inherent factors risk specific considering analysis, a sensitivity uropean countries uropean ‑ 19 pandemic, there is no need to write down the amounts recognized as of as recognized amounts the down to no need write is there 19 pandemic, ‑ term uncertainty connected to the evolution of the evolution of the to the connected uncertainty term rate aftertaxes Discount 7 % 0 17. 6.4% 8.2% 9.9% 2. Consolidated financial statements ‑ 74 (28) 155 Total (598) (968) (279) 1,985 1,996 2,232 2,440 51,196 (1,164) 11,20 2 (1,498) 14,510 (1,677) (4,924) 23,297 16,460 22,479 121,221 269,136 130,816 335,601 (11,6 4 6) 364,708 (14,839) (29,757) (25,356) (214,380) (193,457) (233,892)

‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (99) (331) 8,150 8,150 7, 8 81 6,059 5,608 5,608 5,260 ( 7, 7 0 3 ) (5,459) on account Assets under development and payments and payments ‑ ‑ ‑ ‑ ‑ 9 21 82 410 947 (46) (30) (330) (465) Other 7, 5 6 2 6,155 1,758 5,334 6,733 2,550 22,122 20,085 98,084 (9,293) (1,854) (4,924) 110,155 (80,115) (90,070) 122,548 (10,466) (100,426) TS E

‑ ‑ 74 (28) (598) (922) 2,015 9,264 2,358 3,202 9,444 5,045 6,508 (1,173) (1,168) (9,461) 92,986 (1,698) 14,100 (2,829) 23,297 43,634 217,296 licenses, (19,291) 164,993 103,086 236,552 (14,275) (16,063) (113,3 42) (124,310) (133,466) GIBLE ASS Concessions, similar rights N trademarks and trademarks and TA N R I E OTH Investments came in E 16,460k, to 2019 mostly business for software and concession rights, while amortization totalled E 29,757k. X. The following in other movements show tables intangible assets and in 2018. 2019 ther movements ther ther movements ther ther movements ther ther movements ther xchange rate gains (losses) gains rate xchange xchange rate gains (losses) gains rate xchange xchange rate gains (losses) gains rate xchange xchange rate gains (losses) gains rate xchange Balance December at 31 2018 Disposals O E Increase Impairment losses Impairment Decrease O Balance December at 31 2019 E Increase Decrease Carrying amount December31 2018 31 December31 2019 Acquisitions Amortization/Impairment losses Balance at 1 January 2018 losses Impairment E Increase Balance December at 31 2019 Balance December at 31 2018 O Decrease Acquisitions Disposals Decrease O Gross carryingGross amount Balance at 1 January 2018 Acquisitions E Increase (Ek) Disposals Autogrill Group Annual Report 2019 156 below: detailed 2018 are December 2019 31 December at 31 and Investments • • method: equity the with accordance in were recognized following the that we report For of thoroughness, sake the investment. the in inherent profitability future represents over equity rata pro amount investment’s of an carrying surplus Any Group’s losses. the and and effect of profits share exchange the by therefore explained is year for the net The increase method. equity the using measured ventures, joint and of associates comprised item mainly is This XI. year. for the of E 1,498k losses impairment asset led to intangible Note VII, in mentioned testing equipment and plant property, the with conjunction out in carried locations, of individual testing Impairment lives. useful have assets” finite intangible “Other All construction. under of assets completion upon reclassification of the movements”“Other mainly consist ($ Gateway Concessions of Pacific acquisition the with in taken net assets of the value fair the and paid amount the between difference the reflects 2019 in mostly rights” similar and trademarks licenses, “Concessions, in increase further the 3, IFRS with combinations”, accordance “Business on in 2.2.3 Section in discussed As 31 December 201931 December of as Total O Caresquick N Caresquick D LL Services, for Host Arab Autogrill Middle E Middle Autogrill Name Dewina Host Sdn. Bhd. Bhd. Sdn. Host Dewina L 24.5m). ther V‑WS the statement of comprehensive income. income. comprehensive of statement the year) in previous the ofE 32k losses of E 49k net (vs. exchange gains net exchange of E 37,951k (see Note 2.2.4); amount the in partnerships Canadian of the disposal the on gain capital to the due mostly investments”, (expense) “Income from under of E 36,357k adjustments net positive I NVE E , LL , C .V. STM ast, LL ast, EN C C TS Antwerp Doha Abu Dhabi California Kuala Lumpur office Registered Belgium Qatar E U U Malaysia Countries mirates SA nited Arab Arab nited % held 50% 50% 50% 50% 49% 49% 49% 49%

Currency Aed Aed Qar Qar Myr Usd ur Eur 31.12.2019 Revenues 36,536 30,259 15,841 15,841 2,435 8,082 8,082 Currency/000 123,7 74 74 123,7 32,892 32,892 14,741 2,103 2,103 assets Total 324 liabilities 86,763 86,763 89,990 5,648 Total 260 215 215 for theyear Profit (loss) (2,425) (2,425) (1,527) Eur/000 565 103 197 33 ‑ Carrying Carrying amount 2,699 3,708 944 65 ‑ ‑ ‑ 2. Consolidated financial statements ‑ 13 21 157 872 646 (911) 1,891 4,184 1,249 2,608 2,430 (1,174) 82,925 amount 16,842 Change Change 66,083 Carrying (10,396) ‑ ‑ current ‑ 13 21 138 275 Eur/000 1,021 (1,441) current assets. ‑ Profit (loss) for the year ‑ ‑ ‑ ‑ 7,17 7 42,949 15,488 20,284 131 830 Total Total 1,842 3,588 31.12.2018 31.12.2018 56,615 50,415 liabilities 199 Total Total assets 3,134 3,609 15,710 controlling some of shareholders 75,924 22,933 ‑ S Currency/000 E 5,092 2,430 41,775 11,361 82,925 16,842 68 22,892 66,083 TS 7, 2 4 7 9,845 11,615 E 31.12.2019 31.12.2019 25,482 33,438 Revenues subsidiary companies; the amount takes IVABL ‑ 31.12.2018 E Eur Myr Qar Aed Cad Cad C Currency RE CIAL ASS CIAL E 49% 49% 49% 49% 50% 50% N % held A EAS L E C N FI R E N A nited Arab mirates Malaysia Countries Belgium U E Canada Canada Qatar bearing sums with third parties” consist security of deposits on which the ‑ OTH N FI

controlling the of shareholder International business unit. ‑ North American subsidiaries and non account their of ability the pay to sums with back future earnings. Most the of decrease in this the to reclassification refers item current to assets the of amount from due a non portion capital of from back advances the due non For furtherFor details see Section 2.2.1 these of notes. “Interest interest.Group receives The increase essentially concerns security deposits in the United States and in particular the for reconstruction the of Pennsylvania Turnpike. Most the of increase in the to “Guarantee relates acquisition deposits” Pacific of ConcessionsGateway in 2019. “Other financial from third receivables parties” consist primarily the of non The recognition finance of from the stems exclusively lease adoption receivables of IFRS and rights 16 represents the transfer use of third to some of the of Group’s parties agreementsunder sublet (mostly in North America). On the transition this date item amounted E 15,780k to under current assets and E 33,667k under non XIII. XII. Kuala Lumpur Kuala Registered office Antwerp Abu Dhabi Abu Winnipeg Winnipeg Doha C C . P . ast, LL . P . .V. pco L ther financial receivables from third parties ther Total Finance lease receivables – non current Total Fair valueFair of interest rate hedging derivatives Finance lease receivables – current Interests‑bearing sums with third parties Guarantee deposits O (Ek) (Ek) Total as of December31 2018 Dewina Host Sdn. Bhd. Name O Autogrill Middle E N Caresquick HKSC Developments L Developments HKSC HSCK O Arab Host for Services, LL Autogrill Group Annual Report 2019 158 2019 2018. in and movements deferred taxes in tables show gross following The follows: broken as are down assets deferred tax and liabilities tax Deferred year). to E 48,257k amounted for available offset, assets ( deferred tax net of shown liabilities, tax Deferred details). notes for further of these 2.2.1 Section (see operates Group where the jurisdictions some in taxes of calculating purpose the for not recognized are effects tax 16 whose of IFRS application the from arising taxes item 2018). includes December deferred This at 31 (E 51,050k to E 61,204k amounted liabilities deferred tax against not offsettable assets end of 2019, the deferredAt tax XIV. $ 100m. of value notional acombined 2019, December with at 31 outstanding derivatives non derivatives” includes the rate hedging of interest value “Fair Deferred tax assets non available for offset for available non assets tax Deferred Deferred tax assets available for offset Deferred tax liabilities liabilities tax Deferred O T T assets use of Right (Ek) O assets intangible and P assets tax Deferred (Ek) gross liabilities tax Deferred O earnings O T P Right of use assets use of Right tax losses Carry‑forward Total P Total and intangible assets intangible and P liabilities tax Deferred O rade receivables FR and other employee benefit FR and other employee benefit roperty, plant and equipment equipment and plant roperty, rovision for risks and charges and risks for rovision rovision for risks and charges and risks for rovision roperty, plant and equipment equipment and plant roperty, ther assets ther assets ther liabilities ther retained and reserves ther ther liabilities ther D E F E RR E D TAX ASS 31.12.2018 30,436 25,296 26,333 82,399 7977 7 17,9 89,720 ,87 7,18 5 1,504 2,394 1,236 1,872 3,186 4,137 151 E 411 TS A ‑ ‑ in profitandloss N Recognised D LIABILITI (2,678) 10,640 7 2 9 3 17, 1,388 9,290 9,757 , 4 0 7,9 1,146 1,374 (904) (764) 685 293 295 153 93 ‑

comprehensive 31.12.2019 Recognised (45,929) E in other 43,728k the previous previous the E 43,728k income 94,187 48,257 61,204 ‑ S 287 current portion of portion current 308 21 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑

Exchange rate gains (losses) 31.12.2018 1,145 555 285 285 (20) 776 (38,671) 883 82,399 20 70 59 (8) (2) 43,728 51,050 1 6 ‑ ‑ ‑ Consolidation perimeter variation (1,172) (1,169) 3 3 3 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 31.12.2019 0,34 107,13 22,789 26,291 59,340 26,166 40,196 94,187 3,303 4,333 1,650 1,858 1,329 9,270 1,791 2,165 683 157 2. Consolidated financial statements 411 151 159 4,137 3,186 1,872 1,236 2,394 1,504 5 7,18 7 89,720 17,9 7 7 82,399 26,333 25,296 30,436 E 9,878k 31.12.2018 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 30 30 4,924 4,924 variation perimeter Consolidation Consolidation 7 3 47 (41) 756 935 602 (212) (935) (350) 1,203 1,337 (1,703) (1,058) (1,592) gains (losses) Exchange rate Exchange rate

‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (462) (106) (356) income in other in other S Recognised Recognised E comprehensive comprehensive ‑use assets” on adoption IFRS of 16.

of ‑ 416 231 221 353 IVABL (161) (113) (853) (934) 2,217 5,716 3,179 2,362 3,683 5,246 E (5,696) Recognised EC in profit and loss R R E current as amounted 31 of December receivables 2019 E 3,010k to ( ‑ 288 257 7, 0 4 2 1,041 3,947 1,571 4,036 2,455 84,746 75,449 19,822 53,715 14,828 25,651 25,540 OTH

31.12.2017 at the end of 2018). Most the of theat 2018). of decrease end concerns the reclassification paid in rent of advance the to “Right item XV. Other non Tax losses existingTax on 31 which at tax December deferred 2019 assets been not have recognized amount E 139,296k. to The corresponding unrecognized tax benefit would be E 34,908k. As mentioned in the section on accounting standards, tax deferred assets on tax losses are recognized prudently up the to amount that is certain be to recovered. ther liabilities assets ther ther reserves and retained ther liabilities ther assets ther roperty, plant and equipment rovision for risks and charges rovision for risks and charges roperty, plant and equipment FR andFR other employee FR and other employee benefit employee other and FR rade receivables rade O Carry‑forward losses tax Total O Deferred tax liabilities P and intangible assets P T benefit O earnings Total O P Deferred tax assets P and intangible assets (Ek) T O T Autogrill Group Annual Report 2019 160 programs. contribution due defined under payments and institutions security social due to local amount to the refers2018 and chiefly with consistent is plans” contribution defined and security due for “Social amount The year. of the quarter fourth the in concentrated typically are Group for the which of investments, pattern seasonal of the because changed mainly expenditure” of capital for additions to suppliers “Due Amounts 2019. in salaries and wages in increase an by offset year, were partially which previous the launched agreement” “intergenerational the and benefits for retirement early outlays the for 2018 and bonuses of manager payment the reflects expense” “Personnel in reduction of the Most XVIII. nonThe IV). (Note assets receivables”“Other current in under recognized is S.r.l., Edizione parent, ultimate scheme of the consolidation tax domestic the in participating companies Italian of the balance tax income The 2019 taxes. against offset were States United the 2018 in in Conversely, paid advances of E 29.6m. the liability tax acurrent produced which operations, motorway Canadian of the disposal to the due is primarily increase The credits. net of offsettable year the during accrued to taxes ( to E 14,070k amount liabilities tax Current XVII. States. United the in especially of products, procurement seasonal for the strategies different and suppliers to of payments timing to the due is primarily year’s of E 376,460k previous balance the to respect “Trade with payables” 2019 to E 397,183k. December increase The at 31 came XVI. CURREN HMSHost Corp. since 1986. 1986. since Corp. HMSHost one re the from results This reform. tax of the aresult as subsidiary U.S. for provided the by liability tax (Ek) O Withholding taxes taxes Indirect plans contribution defined and security Social expenditure capital of additions for suppliers to Due P Total ersonnel expense ther ‑ time tax on profits earned outside the United States by the subsidiaries of subsidiaries the by States United outside the earned profits on tax time

TRAD ‑

TAX LIABILITI E 6,584k ( of E 6,584k portion current OTH ‑ measurement, on the basis of the final tax law published in 2018, of the of the 2018, in law published tax final of the basis the on measurement, T LIABILITI E E PAYABLE E R PAYABL S S S E S 8,541k at the close of 2018) refers to the income of 2018) close refers income at the to the E 8,541k 4,726k at 31 December 2018) and refer 2018) and December at 31 E 4,726k 31.12.2019 138,212 362,790 89,577 38,962 41,288 ,511 3, 4 12 0 11,24 31.12.2018 154,422 369,425 43,922 13,459 32,269 44,190 81,163 (16,210) Change (4,960) (2,219) (6,635) 8,414 9,019 (679) 2. Consolidated financial statements 29 161 907 (410) (307) 1,488 1,269 Change controlling ‑ ‑ ‑ 410 310 7,9 91 7, 2 7 1 31.12.2018 ‑ S 3 E 29 9,479 8,178 1,269 31.12.2019 CIAL LIABILITI N A N R FI E OTH

Most the of change in “Indirect taxes”concerns tax/sales tax. value added The increase reflects sales growth, especially in theUnited States. The heading “Other” amounts includes directors to due and statutory auditors as well promotionalas deferred contributions from suppliers and accrued liabilities for insurance, utilities and maintenance pertaining the to year. “Fair value interest of hedging rate the includes derivatives” current portion the of fair value measurement derivatives of with a combined notional value $ 100m. of expenses“Accrued and income interest on deferred loans” consists for mainly of interest on the American bond loan contracted by the subsidiaryHMSHost Corporation. “Liabilities mainly others” to refer due financial to the to non payables certain of shareholders subsidiaries. “Fair value exchange of hedging rate the to fair refers derivatives” value measurement theof into currency hedge to derivatives entered risk, in particular the to forward sale purchase currency of and/or mitigate to the risks intercompany of loans and dividends. XIX. ther financial accrued expense and deferred income deferred and accrued expense financial ther iabilities due to others to due iabilities Fair valueFair of interest rate hedging derivatives Accrued expense and deferred income for interest on loans L valueFair of exchange rate hedging derivatives O (Ek) Total Autogrill Group Annual Report 2019 162 *** o ** * below: of 2019 close presented 2018 is at the and loans bank of unsecured breakdown The XXI. item “right the have deducted from been 2019 before 1January obtained incentives lease 16, of IFRS adoption the with Note that 2018. in CroBag of Le acquisition deferred of for E 6m payment the the settled Group the for long personnel ( to E 17,440k amount These XX. N Total non‑current loans on Commissions (Ek) HMSHost Corporation ** T 2018 Line *** S.p.A. Autogrill ‑ Facility Revolving Total U Total current U overdrafts account Current HMSHost Corporation ** ‑ Facility Amortizing Revolving T 2018 Lines *** S.p.A. Autogrill ‑ Facility Amortizing Revolving *** S.p.A. Autogrill T 2018 Lines Autogrill S.p.A. Autogrill ‑ Facility Revolving 2019 Line 2019 Line S.p.A. Autogrill ‑ Facility Revolving 2017 Line S.p.A. Autogrill Total of current portion net credit of lines Total of which current portion erm Amortizing Facility ‑ Facility Amortizing erm erm L erm ‑ Facility Amortizing erm nsecured bank loans bank nsecured nsecured bank loans bank nsecured O Credit line, obtained in January 2018 and used to repay in advance the Revolving Facility of € 400m of Facility Revolving the advance in 2018 repay to used and January in obtained line, Credit 2019 2018 31 31 at and December rates December exchange on based measured are currency in Drawdowns original deadline of March 2020 March of deadline original n 26 June 2018 HMSHost Corp. obtained a new credit facility of $ 400m used to repay the loan of $ 300m, with with $ 300m, of loan the repay to used $ 400m of facility credit anew obtained 2018 Corp. n 26 June HMSHost N oan Facility ‑ Facility oan LOA OTH EN ‑CURR E N R PAYABLE S ‑ term incentives and for defined contribution plans. During the year year the During plans. contribution for defined and incentives term T LIABILITI E June 2023 June Expiry January 2023 January June 2023 June January 2023 January 2023 January August 2024August August 2024August 2021August 29,495k at 31 December 2018) and include the liability to liability include the 2018) and December at 31 E 29,495k S S ‑ of use assets” in the amount of E 9,760k. amount the in assets” ‑use 200,000 100,000 100,000 150,000 133,523 300,000 178,031 100,000 936,554 936,554 150,000 1,554 311, 50,000 25,000 Amount 50,000 25,000 31.12.2019 (Ek) ‑ Drawdowns 31.12.2019 100,000 100,000 150,000 133,523 100,000 100,000 533,523 533,523 150,000 133,523 533,523 50,000 532,090 588,423 50,000 in Ek* 40,308 16,025 (1,433) 56,333 ‑ ‑ ‑ ‑ ‑ 31.12.2018 200,000 100,000 100,000 150,000 551,672 300,000 174,672 174,672 100,000 899,344 899,344 150,000 349,344 618,880 549,912 Amount 48,384 20,584 (1,760) 68,968 31.12.2018 (Ek) ‑ ‑ ‑ ‑ ‑ Drawdowns 100,000 150,000 174,672 (30,457) 150,000 152,000 (18,149) (12,635) 551,672 551,672 174,672 1,8 ) 2 82 (17, 52,000 75,000 (4,559) Change (8,076) 75,000 in Ek* 327 ‑ ‑ ‑ ‑ ‑ ‑ 2. Consolidated financial statements 163 listed bank loan agreements grant the bank, as is customary this for kind of ‑ an amortizing term loan and E 100m of a revolving credit lineE 200m, of packaged into a single facility maturing in January 2023. The amortizing term loan involves two annual payments E 25m of starting in January 2021, with reimbursement the of on maturity. E 50m the revolving For line,remaining the commitment will be throughreduced two annual payments as E 62.5m from of January 2021 and the E 75m will of be settled on maturity; commitment remaining a revolving facility maturing E 100m of in January 2023. At 31 December 2019 the Group’s committed creditAt facilities the 31 December Group’s 2019 had been drawn down by about 57%. AutogrillIn August S.p.A. 2017, obtained term loan a E 150m maturingin August2021, used the prepay to partially drawn down amortizing term loan nominal of E 200m that mature to was due in 2020. In January 2018, Autogrill S.p.A. obtained two credit new facilities: • • The two credit in lines February used were prepay, to 2018, the partially drawn down revolving credit line nominal of E 400m that mature to was due in March 2020. In August Autogrill 2019 S.p.A. contracted amortizing E 50m a new term loan and E 25m revolving credit line, maturing in August 2024. The amortizing term loan three involves annual payments E 12.5m of starting in August 2021, with reimbursement of the remaining E 12.5m on maturity. The entire revolving credit commitment of E 25m will be settled that at time. contractsThe above require the certain Group uphold to financial ratios: a leverage debt/EBITDA)ratio or and less 3.5 (net of an interest ratio coverage (EBITDA/net financial expense) least 4.5, at of referring the to Group as At a whole. 31 December these2019 satisfied. covenants were The above agreements, the right cancel to the existing loan agreements, with the consequent obligation the for borrower all repay to the funds drawn down in advance in case a of change the purposes control of For the of company. said of agreements, the of “change control” would take entities or more one when place — other than current reference Edizione of Shareholders S.r.l. (“Edizione”) — acting individually acquire or jointly, the control the of Company pursuant art. to 2359, paragraph 1, points 1 and 2, the of Civil Code. On 26 June the 2018 subsidiary HMSHost Corp. obtained loan a new maturing in June 2023, comprised a term of loan and a revolving credit facility, both in the amount of $ 200m. The term two loan involves annual payments starting $ 50m of in January 2020, with reimbursement the of remaining on maturity. $ 50m The two lines been used have the prepay to revolving loan nominal of which $ 300m $ 200m has (of been drawn down) ahead its original of maturity. This contract a change includes control of clause. theIn in payment 2019, due $ 50m June was 2020 settled in advance, using cash from the sale the of Canadian motorway operations. The contract the for facility contracted by HMSHost Corporation requires a uphold to it ratioleverage (gross debt/EBITDA) or less and 3.5 of interest ratio coverage (EBITDA/ financialnet expense) least at 4.5, of calculated the for companies up by headed HMSHost Corporation. At all 31 December 2019 such satisfied. covenants were the calculationFor these of ratios, and net gross EBITDA debt, and financial charges are measured according contractual to definitions and differ therefore from the amounts valid financial for reporting purposes. Thus, the final ratios are readily not apparent from the financial statements. Autogrill Group Annual Report 2019 164 • • Corporation: itemThe “Bonds” HMSHost refers by placements to issued private XIV. X subsidiaries. shareholders of certain payables non to the to financial due refer to others” mainly “Liabilities of $ 100m. value notional acombined with of derivatives measurement value fair non derivatives” includes the rate hedging of interest value “Fair XXIII. ( payments ( of new leases recognition the of 2019. Movements 2019 essentially in consisted of 1January as outstanding payments lease guaranteed minimum of future discounting the from liabilities in E 2,514,133k of recognition consequent the 16 and of IFRS adoption due to the item increased This XXII. calculation. covenant to the subject balances the on impacts economic and financial main the 16 reducing or IFRS new standard of the adoption the from deriving impacts net of the determined is covenants of existing calculation lenders, the with agreed As Commissions on bond issues bond on Commissions Bonds (non‑current) Total (Ek) Total current (Ek) (Ek) Total current Total non‑current Finance lease liabilities –current liabilities lease Finance Bonds (current) Bonds L derivatives hedging rate interest of Fair value current –non liabilities lease Finance Total iabilities due to others 200m, paying interest half interest 2013 paying of March $ 200m, forin atotal half interest paying 2023 and January in 2013 of $ 150m, for maturing atotal January in tranches as summarized in the table below: table below: the in summarized as tranches Nominal amount($m) 55 80 40 25 ‑

yearly at a fixed annual rate of 5.12%; rate of 5.12%; annual atyearly afixed BO

FIN OTH 416,411k). For further details see Section 2.2.1 of these notes. of these 2.2.1 Section see details For further E 416,411k). A N N E DS R FI N C E L EAS A N 225,937k), implicit interest ( interest implicit E 225,937k), E CIAL LIABILITIE LIABILITIE S S ‑ yearly and split into into split and yearly 74,451k) and lease lease and E 74,451k) ‑ current portion of the of the portion current March 2013March 2013March March 2013March 2013March 31.12.2019 31.12.2019 31.12.2019 2,100,406 2,474,372 Issue date 292,006 ‑ 373,966 313,435 controlling controlling 291,181 22,254 22,254 (825) 925 925 ‑ Annual fixedrate 31.12.2018 31.12.2018 31.12.2018 304,055 303,026 303,026 (1,029) 5.40% 5.45% 4.75% 4.97% 4,069 2,042 1,367 3,409 4,372 303 ‑ ‑ September 2024 September 2025 September 2020 September September 2021 2,096,337 2,470,000 373,663 (12,049) 1, 45) (11,8 Change Change 22,254 Change (1,367) (2,484) 22,254 10,409 117) (1,117 Expiry 204 2. Consolidated financial statements 165 (1,151) (3,035) (1,884) Change E 71,036k the at 71,036 44,173 26,863 31.12.2018 68,001 25,712 42,289 S employment benefitsemployment (trattamento di fine 31.12.2019 ‑ N FIT PLA ENEFIT D B NED EFI D

ther defined benefit plans benefit defined ther ost‑employment benefit Total O Defined benefit plans: benefit Defined P (Ek) At 31 bonds December as amounted a whole 2019, E 313,435k, to up from E 303,026k of the previous The increase year. E 10,409k of reflects fair value changes and an exchange effect E 5,888k. of Regarding the interest a notional of hedges rate covering $ 100m the bonds issued in a loss E 3,571k of 2013, and 31 at was recorded December a gain 2019 similar of amount was recognized on the hedging instrument, a substantially for zero effect on the income statement. The fair value the of bonds outstanding is measured using valuation techniques based on parameters other than price that can be observed in the open market. They can betherefore classified the 2 of in fair level value hierarchy defined (as by IFRS with 7), changeno on the previous year. The regulations these for bonds require the maintenance certain of financial ratios: a ratioleverage debt/EBITDA) (Gross or less and 3.5 of interest ratio coverage (EBITDA/Net financial expense) least 4.5, at of calculated with respect HMSHost to Corporation and the its subgroup. calculation For these of ratios, gross EBITDA debt, and financial charges aremeasured according contractual to definitions and therefore differ from the amounts valid financial for reporting purposes. Thus, they are not readily apparent from the financial statements. At these 31 December 2019 contractual requirements satisfied. were As agreed with thelenders, calculation existing of covenants is determined the of net impacts deriving from the adoption the of standard new IFRS or reducing 16 the main financial and economic impacts on the balances subject the to covenant calculation. Consequently any to change in the control HMSHost, of these loans provide each withbondholder the right obtain to the early repayment the of bonds held. rapporto or “TFR”) is E 37,895k, compared withE 42,289k determined on an actuarial basis. XXV. At defined 31 December 2019 benefit plans amounted E 68,001k to ( close the of previous year). details shows below benefitsThe table employee of recognized as defined benefit plans. The legal obligation Italian for post Autogrill Group Annual Report 2019 expense”. post the while assets, plan on net income of interest expense” “Financial under recognized is expense Interest plans: benefit statement for income defined the in recognized amounts the Below are statements. financial date of these at the standing of high bonds of corporate yield the on based rates were determined discount The 166 table: following the in summarized are plans benefit defined to calculate used assumptions actuarial The recognized: liability the against of assets value fair the and obligation of the present value of the areconciliation is following The Total Net liabilitiesNet recognised P Fair value of the plan assets plan the of Fair value (Ek) N P (Ek) Inflation rate Inflation P costs service Current Discount rate Discount Salary increase rate increase Salary P Yield on assets ast service costs ast service ension increase rate increase ension resent value of the unfunded plans unfunded the of value resent resent value of the funded plans funded the of value resent et interest expense interest et ‑ employment benefit cost is recognized under “Personnel “Personnel under recognized is cost employment benefit 31.12.2019 2019 0.4% 2.4% 1.2% (80,103) 101,714 46,390 Italy 68,001 ‑ ‑ 21,611 2018 1.5% 2.6% 1.1% 31.12.2018 ‑ ‑ (71,695) 47,990 23,046 94,741 71,036 Full year2019 2019 0.0% 0.3% 0.6% 1.0% Switzerland 2,395 2,974 31.12.2017 579 ‑ (69,430) ‑ 92,547 56,993 80,110 23,117 2018 1.0% 1.0% 1.0% 1.0% Full year2018 ‑ 31.12.2016 (1,709) 2,388 1,310 (70,457) 0.6%‑1.4% 631 .%‑1.1% 0.6% 62,216 99,076 90,835 28,619 1.0%‑2% 2019 1.9% Other plans ‑ 31.12.2015 1.0%‑2.5% 1.3%‑1.9% %‑1.5% 1% (82,313) 116,001 100,195 66,507 Change 33,688 1,709 1,663 2018 1.9% (52) 7 ‑ 2. Consolidated financial statements ‑ 188 795 (73) 167 Total 1,126 3,376 2,574 3,531 2,698 2,850 2,388 2,395 1,346 (5,170) (1,709) (1,244) 12,877 (6,870) (11, 795) (10,717) 148,105 142,731 149,540 ‑ ‑ 7 6 (9) 48 311 (17) 716 136 124 107 (38) 756 677 (116) (359) (100) (223) 9,261 8,944 8,032 (1,709) Other plans ‑ ‑ ‑ ‑ ‑ 549 889 1,717 1,632 2,966 3,370 2,526 2,698 3,524 88,693 (3,815) 90,527 96,554 (4,145) (1,250) 10,363 (6,433) (6,730) Switzerland employment benefitemployment obligations are as follows: ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 321 (34) 106 205 Italy 484 453 (545) 1,798 51,903 44,173 (1,016) 42,289 ( 7, 75 7 ) (3,628) Movements in theMovements value present post of experience adjustments experience demographic assumptions assumptions financial adjustments experience demographic assumptions assumptions financial ther ther xchange rate losses (gains) losses rate xchange xchange rate losses (gains) losses rate xchange mployees’ share of contributions mployees’ share of contributions

ast service cost ast service cost E Present value of the obligation December at 31 2019 Present value of the obligation December at 31 2017 Current service costs P – paid Benefit O (Ek) Interest expense Interest Actuarial losses (gains) due to: – – – E paid Benefit E O Present value of the obligation December at 31 2018 P expense Interest Actuarial losses (gains) due to: – – E Current service costs Autogrill Group Annual Report 2019 168 31 of rate as applicable discount the in decrease the reflects change significant of E net impact the E by decreased plans benefit for defined liability the estimate, revised of the aresult As table. the in quantified as obligation benefit defined the have would affected year of the end at the assumptions actuarial in variations possible of reasonably occurrence The prices. market have bonds official and instruments Equity are: assets of plan categories main The assets: of plan present value table shows movements the This in E (Ek) Discount rate Discount equivalents cash and Cash Salary increase rate increase Salary Real estate Bonds Benefits paid Group’s contributions of share E income E Interest income 2017 31 at assets December the of value Fair P O O E Fair value of the assets at 31 December 2018 31 at assets December the of value Fair Inflation rate Inflation E Interest income income E Fair value of the assets at 31 December 2019 31 at assets December the of value Fair E Benefits paid Group’s contributions of share ension increase rate increase ension quity instruments mployees’ share of contributions of share mployees’ mployees’ share of contributions of share mployees’ stimated yield on plan assets, except interest stimated yield on plan assets, except interest xchange rate gains (losses) xchange rate gains (losses) December 2019. December ther ther securities 463k gross of the tax effect; after E after effect; tax of the gross 463k 176k was recognized in comprehensive The in income. recognized 176k was +0.25% (727) 460 Italy ‑ ‑ ‑0.25% (453) 750 287k in taxes (Note XXVII) XXVII) (Note taxes in 287k ‑ ‑ Italy ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ - ‑ ‑ ‑ ‑ ‑ ‑ Switzerland +0.25% (3,613) 23.4% 22.6% .8% 8 7. 4 4.9% 1.3% Switzerland 486 Switzerland ‑ ‑ (6,730) (2,880) (3,815) 75,097 65,749 7 97 59 67, 2,704 3,302 3,085 4,839 2,698 2,526 2,510 688 422

- ‑0.25% 3,866 100.0% n.a. Belgium 0.0% 0.0% 0.0% 0.0%

‑ ‑ Other plans 5,006 4,098 3,681 (182) 380 368 (90) 631 48 79 73 18 +0.5% (457) ‑ ‑ ‑ ‑ Belgium ‑ ‑ ‑ 69,430 80,103 71,695 (3,905) (2,862) (6,913) 2,510 3,453 2,704 5,472 2,698 3,681 2,574 ‑0.5% Total 472 766 495 ‑ ‑ ‑ ‑ 2. Consolidated financial statements ‑ 192 169 1,197 1,416 2,319 7, 5 0 0 1,836 3,051 2,028 8,238 8,325 2,723 2,408 39,253 16,257 14,660 38,246 26,975 29,724 10,483 31.12.2019 31.12.2018 ‑ ‑ ‑ ‑ (42) (30) current (116) (194) (674) (598) (302) (640) ‑ (1,006) (2,475) (1,684) (2,908) (13,581) (16,242) (13,218) (12,899) S Utilizations Utilizations E ‑ ‑ ‑ ‑ ‑ (43) (725) (618) (625) (956) (473) (702) (683) (806) (4,136) (1,091) (3,640) (2,277) (3,512) (1,270) Reversals Reversals D CHARG ‑ ‑ ‑ ‑ N 63 insurance” provision covering the 183 192 893 556 999 ‑ 2,214 4,653 1,051 1,595 1,709 1,450 16,015 12,883 11, 4 32 15,640 Allocations Allocations ‑ ‑ ‑ 8 36 rate rate 170 146 104 334 (558) (106) Other Other (808) 4,061 2,767 4,907 1,416 3,691 5,922 4,843 (4,580) movements movements and exchange and exchange ‑ ‑ S FOR RISKSS FOR A N 952 15,703k was allocated 15,703k the to current and non 1,197 1,852 2,081 1,836 3,051 8,238 2,723 S 3,630 6,493 32,815 18,241 16,257 38,246 26,975 12,758 10,483 23,290 E party liability contained in insurance plans, settled on an ‑ S AX 31.12.2017 31.12.2018 ON R T VISI FO PROVISIO O R ON R P R E VISI 14,639k. E O annual basis. E In 2019, portions this of US provision, determined appraisers by independent on the basis of track records and forecasts regarding accidents, while settlements the for year came to deductibles on thirddeductibles These consist primarily a United of States “self The current portion primarily relates disputes to US companies’ over indirect tax obligations and reflect tax advisors the advice (Note the of XXXIII). Group’s No allocations during made were the year. H OT PR XXVI. The change normal to is due allocations and utilizations the for year and the to release provisionsof as described below. ther provisions ther provisions ther provisions ther provisions nerous contracts provision nerous contracts provision nerous contracts provision rovision for taxes rovision for investments rovision for taxes rovision for legal disputes rovision for legal disputes rovision for the refurbishment of third party assets rovision for legal disputes rovision for legal disputes rovision for the refurbishment of third party assets (Ek) (Ek) Total provisions for non‑current risks and charges P P P O P O P P P O Total provisions for current risks and charges O O O P P O Total provisions for non‑current risks and charges Total provisions for current risks and charges Autogrill Group Annual Report 2019 OT effect. tax net of the hedges, net investment as designated of instruments value fair the in change for E 61k by the offset XI), (Note method equity the using valued of comprehensive for investments income portion E 49k refers and to the currencies foreign in statements of financial translation the from rate differences exchange concerns E 15,210k increase, the Of hedges. investment net as designated of instruments value fair net of the method, equity the using set aside in connection with the recognized costs of the stock option plans. plans. option stock of the costs recognized the with connection asideset in amount the and dividends as not distributed of subsidiaries profits include the These aline on consolidated of statements companies financial currency foreign of the euros into translation generated the by are Translation differences T Code. Civil Italian of the 2430 Art. with accordance in dividends, out as paid be cannot ( reserve legal The LE held capital. 50.1% share of the S.r.l., Edizione by owned wholly S.p.A., 2019 December 31 Schematrentaquattro At value. nominal of their no indication with shares ordinary of 254,400,000 consists and to E 68,688k amounts in, paid and subscribed fully S.p.A., of Autogrill capital end of 2019 share the At the 170 SHAR equity. shareholders’ in statement of changes the in detailed are year the items during Movements equity in XXVII. P P E of anet by amount allocations were than greater estimates, risk for revised account year, the to during Reversals forecasts. with line in payments, actual concern Group’s of the Utilizations opinions of the advisors. account legal takes and companies Group against brought lawsuits of losing risk covers the provision This year due to the reclassification, as of 1 January 2019, item “right to the of 1January as reclassification, dueyear to the end of the at of zero the It rent. shows abalance to cover the enough not profitable are referred to long This ONE condition. agreed contractually the in returned are assets leased that for ensuring liability estimated the represents This ‑ long on losses for year future the were made during No provisions 16. IFRS with accordance RA R R 2,540k. GA O O H N VISI VISI E term contracts. contracts. term R L RE E R E SL OU CAP F ON F ON A S T E S C S I E ON E RV I T RV QUITY ONT AL O O E R E R LE R T S A E SE RAC H E GA N ‑ E R 13,738k) is the portion of Autogrill S.p.A. profits that that profits S.p.A. of Autogrill portion the is 13,738k) RVE term leases or concession agreements on commercial units that that units commercial on agreements concession or leases term D RET T L DIS S P F U R RBISHM AI PUTE O NE VISI D E S ON ENT O AR N I N F T GS HIRD P HIRD AR T Y ASS ET S ‑ by ‑ ‑ line basis or or basis line of use assets” in in assets” ‑use

2. Consolidated financial statements 317 347 (32) 171 347 16,596 16,249 15,964 Net amount ‑ ‑ (106) E 21,094k) and (356) (462) (106) (356) (expense) Tax benefit Tax Full year 2018 703 (32) 423 703 E 40,546k). 720k and an carrying average 17, 0 5 8 16,355 15,964 Gross amount 49 (61) (176) (176) 13,829 14,005 14,017 E M S Net amount T O S C E R N ‑ ‑ E I 20 20 287 307 287 NTE SIV G I G (expense) EN N Tax benefit Tax S E 42,800k), dividends of net paid ( H Full year 2019 RE OLLI P 3.96 per share. treasury No shares purchased were or disposed in of M 49 (81) O (463) (463) ONTR RY SHARE RY 13,985 13,522 14,017 U ‑C R C controlling interests amount compared with E 77,620k, to E 55,159k at E ‑ AS H Gross amount RE Other reservesand retained earnings also unrealized include actuarial gains and the of losses (net tax effect) arising from the remeasurement defined benefit plan assets and liabilities. The change in this was caused item mainly by the allocation reserves to the of 2018 profit on the basis the meeting of shareholders’ and by the resolution 2019 May 23 of payment of E 50,844k in dividends. T The annual general meeting after 2019, May 23 of revoking the authorization granted on 24 and 2018 May pursuant Arts. to 2357 seq. et the of Italian Civil Code, authorized the purchase and subsequent disposal ordinary of stock up a maximum to of 12,720,000 shares. At Autogrill 31 December 2019 S.p.A. owned 181,641 treasury shares (unchanged since with the 2018), of end a carrying amount E of amount E of 2019. NON Non 31 December 2018. Most the of increase the to is due profit the year ( capital injections ( The change in the “Remeasurements item the of defined benefit (liabilities) asset” the to significantrefers decrease in the discount applicable as rate 31 of December 2019 (Note XXV). OT The following the shows income table and components comprehensive of the relative tax effect: quity‑accounted investee – Remeasurements Remeasurements benefit defined the of (liabilities) asset Items that will never be loss or profit to reclassified comprehensive other Total income E share of other income comprehensive Foreign currency translation differences for foreign operations Gain (loss) on net hedge investment (Ek) Items that may be reclassified subsequently to profit or loss Autogrill Group Annual Report 2019 172 ($ 74m), lounges exclusive five an under airport Airlines at American revenue” “Other &beverage of food in refers sale to the increase of the Most Belgium. ahotel in in and Italy in of awarehouse sale the 2018 it reflected In Switzerland. of ahotel in sale the concerns item mostly 2019 this In 2018. with line in essentially are equipment” and plant of property, sales on “Gain locations. for franchised its CroBag Le company to the mostly fees” pertain “Affiliation royalties”. and concessions rentals, item cost “leases, net of the shown previously was which arrangements, leases” rent refers received such to variable under business from “Income suppliers. strategic with contracts of some year the during renegotiation to the thanks E by increased suppliers” from “Bonuses XXIX. performance. of sales review for adetailed report directors’ the See region. every in traffic reduced by motorway explained is decrease the Switzerland; and Italy in at stops rest place primarily takes of fuel sale The channel. principal its at airports, Group’s to the mainly performance 2019, thanks In Food revenue &Beverage increased below: detailed is Revenue XXVIII. nOT 2.2.6 reimbursements from third parties and insurance payments. insurance and parties third from reimbursements services, from includes income It also tickets. lottery and fuel telephone cards, mostly agent: an as acts Group the for which services and of goods sale the from commissions ( revenue” includes E 17,898m “Other The heading Corporation. HMSHost subsidiary the (since May 2019) through airline the with contract O Total Gain on sales of property, plant and equipment and plant property, of sales on Gain Affiliation fees (Ek) (Ek) Total O Income from business leases Food & Beverage sales &Beverage Food Bonus from suppliers il sales il ther revenue

OTH RE V E EN R OP E S TO TH U E E RATI NG I E I NCOM N 3,001k, mostly at Autogrill Italia S.p.A., S.p.A., Italia at Autogrill mostly 3,001k, COME E STAT 20,896m the previous year) in year) in previous the E 20,896m E M Full year2019 Full year2019 EN 4,996,787 5,393,753 104,840 396,966 210,611 48,709 46,754 ‑ T 5,234 5,074 year

Full year2018 Full year2018 4,695,271 5,113,140 1,869 6 8 417, 110,772 43,753 15,950 41,128 4,757 5,184 (20,903) 301,516 280,613 Change Change 32,759 63,712 99,839 3,001 317 50 2. Consolidated financial statements S 173 E 9,731 3,973 (9,111) 7 7, 3 91 68,280 (3,217) 117,817 Change Change Change 117, 0 61 (298,100) ( 3 0 7, 8 31) value leases ‑ D ROYALTI (557) N 3 7,18 9 876,522 120,128 756,394 128,545 time was employees, 1,8 43,114 ‑ 1,556,983 1,391,249 1,843,671 S A Full year 2018 Full year 2018 Full year 2018 N D GOODS E 73,595k), low N SSIO 363,139k), theE 363,139k), balance at S A E E C 41,162 (9,668) 578,422 129,859 125,328 448,563 1,911,394 N 1,674,800 1,921,062 term leases ( 1,508,310 ‑ E Full year 2019 Full year 2019 Full year 2019 S E 4,775k). The significant decrease in this is item ‑use assets and implicit finance lease liabilities. For EN of ‑ XP TALS, CO TALS, EN RIALS, SUPPLI E S, R S, E AS L E NNEL ERSO LE P RAW MAT RAW

7,185k) and fees for access and rights for fees E 7,185k) ( In addition variable to lease and ( concession fees ( The increasein personnel expenseis associated withthe growth and in otherrevenue operating income and with upward pressure on wages, especially in the United States. “Other costs” the include portion the of stock option plans pertaining the to year and paid thefees to Board Directors, of as detailed in Section 2.2.13 below. headcount,The average expressed in terms equivalent of full 41,514 (42,353 in 2018). XXXII. consists31 December 2019 mainly short of The increase in this correlates mainly item with the growth in revenue. XXXI. XXX. further details see Section 2.2.1 these of notes. due primarilydue the to application IFRS of 16, which the has fixed excluded portion of lease and as concession from fees 1 January Those costs, 2019. starting are in 2019, classified as depreciation right of ther costs ther mployee benefits mployee urchases eases, rentals and concessions and rentals eases, Total Change in inventories in Change Wages and socialsecurity contribution E O L Royalties P Total (Ek) Total (Ek) (Ek) Autogrill Group Annual Report 2019 174 automation. process robotic for States, United the in mainly programs, of efficiency cost includes the year for the change The training. and recruitment personnel and services general relations, public check medical items as such includes miscellaneous services” “Other heading The materials. advertising and supplies office uniforms, as such consumables to various and equipment of inexpensive refer purchase to the materials” “Sundry arrangements. lease or concession of under stores operation for refers the to costs “Maintenance” disposals. and acquisitions with connection in including States, United the in mostly were incurred services” professional and for “Consulting Costs sales. to boost initiatives of greater aresult as increased expense “Advertising” of business. growth the reflects costs in rise the general, In XXXIII. segment. International the and States United the in Group’s of the particularly expansion the operations, reflects royalties in increase The Other operating expense Indirect and local taxes XXVI) (Note risks for provisions to Allocation risks other For disputes legal For taxes For For onerous contracts onerous For Total Impairment losses on receivables on losses Impairment services and materials for Costs O Sundry materials Sundry Surveillance Insurance T T transport and Storage Banking services payments card credit on Commissions Consulting and professional services T Advertising (Ek) Cleaning and disinfestations and Cleaning Maintenance U ransport of valuables of ransport ravel expenses ravel elephone and postal charges postal and elephone tilities ther services

OTH E R OP E RATIN G E XP EN S E Full year2019 553,327 7986 8 07,9 6 56,847 (2,540) 42,656 65,909 32,222 18,592 15,230 43,147 89,967 53,618 21,378 89,213 (1,091) 19,217 14,321 ,868 6 8 7, 2 10,974 6,646 3,636 4,461 5,818 1,496 (625) ups, ‑ups, Full year2018 560,364 06,711 50 44,272 40,772 56,770 88,299 53,432 30,559 39,734 19,283 1 729 11, 79,819 7 7 9 3 17, 12,353 12,823 26,618 17,151 4,737 1,502 5,907 5,416 3,163 1,859 (683) 275 Change (4,042) (1,366) 16,075 (1,616) 46,616 (1,849) 7 22 62 47, 2,066 2,095 1,663 1,668 3,501 3,413 9,394 1,250 1,195 9,139 1,968 (276) (363) 402 473 739 186 58 2. Consolidated financial statements T T 210 175 900 EN 2,578 1,861 T, T, 1,336 4,061 4,401 (2,593) Change Change 22,652 TS 356,171 356,171 384,560 354,310 11,653k E EN Full year 2019 E ASS ‑ ‑ QUIPM 598 D IMPAIRM 9,075 4,070 4,407 15,280 25,356 N D E 18 7,17 1 2 2 7, 8 07 E 120,853k) and the of N Full year 2018 Full year 2018 N A T A N 210 D RIGHT‑OF‑US 1,498 1,477 8,468 11,653 16,616 29,757 N 612,367 356,171 current assets. 209,823 ‑ 7,958k). For further For E 7,958k). details see Section G ACTIVITY DISPOSAL Full year 2019 Full year 2019 RTY, PLA RTY, N TS A TS E E , AMORTIZATIO RATI N E N PROP ‑use assets. further For details see Section 2.2.1 these of notes. N OP GIBLE ASS of CIATIO S O ‑ E E N N O PR TA E N D I LOSS GAI 9,075k in 2018), following 9,075k in 2018), tests the of recoverability carrying of amounts on the basis ther intangible assets ther intangible assets ther roperty, plant and equipment roperty, plant andequipment Assets to be transferred free of charge P Right of use assets O P Total O Total Assets to be transferred free of charge Buildings O (Ek) Right of use assets (Ek) (Ek) Total E Below is theBelow breakdown by type asset: of The increase in “Commissions on credit revenue card parallels payments” the Group’s growth the for year. See VII, notes VIII and details X for the of assumptions and criteria used measure to the recoverability these of categories non of XXXV. the to This sale refers item Canadian of motorway operations ( entire investment in Autogrill Czech S.r.o. ( 2.2.4 these of notes. The increase “Property, for plant and equipment” the to is due rise in capital expenditure with respect the to previous year. Also, impairment in 2019, recognized were reversals) of losses (net a total for E of Most the of increase reflects the adoption IFRS of and 16 the consequent recognition of depreciation on right ( theof projected cash flows food each of & beverage location. Most impairment losses in charged were in2019 the United States, Spain and China, assets where various at shopping locations written center were down as a result efficiency of measures. The following provides table a breakdown by type asset: of XXXIV. The following summarizes table this by asset item category: Autogrill Group Annual Report 2019 176 of E balance The XXXVII. 2.2.1). (see royalties” Section and concessions rentals, “Leases, included under previously liabilities, lease finance on interest of implicit recognition led to the has which 16, of IFRS adoption the reflects mostly expense net financial in increase The XXXVI. assets in 2019 (see Section 2.2.1). 2.2.1). 2019 in (see Section assets deferred tax in of E 8,604k recognition 16 led to the of IFRS adoption the Finally, Canada. in business motorway of the sale the on tax gains capital for the of E 29,565k includes aprovision also 2019The figure Corp. of HMSHost subsidiaries the by 1986 since States United one of the reform, tax US the with connection in year of the course the during law published tax final of the basis the on recalculation, included anon taxes For current 2018, years. five next for the projections earnings improved of the light in losses, unused previously on assets prior of use forE 3.5m the Italy: in of E 16.4m reduced benefits is by liability tax total The added. of revenue value basis and the on calculated and French on 2018), operations charged of E includes 2018). IRAP in It also liabilities deferred tax ( EBIT plus personnel expense for fixed expense pluspersonnel EBIT essentially is basis whose and operations Italian on year), charged is which previous (Ek) (Ek) Fees paid on loans and bonds and loans on paid Fees liabilities lease finance on expense Interest Interest expense Interest income Total expense financial O Ineffective portion ofIneffective hedging instruments liabilities long‑term of Discounting Interest differential on exchange rate hedges rate exchange on differential Interest E Total income financial Interest income on finance lease receivables E O Total expense net financial E xchange rate losses xchange rate income ther financial expense ther financial income 27,879k the previous year) and E year) and 27,879k previous the ‑ 12.9m in deferred tax deferred tax in E 12.9m and year for the income taxable to offset losses year

FI IN N COM 47,654k ( 47,654k A N CIAL I CIAL E TAX E 34,501k in 2018) includes E in 34,501k N COM 6,752k in net deferred tax assets ( assets net deferred tax in 6,752k ‑ 4,431k from the the from of E 4,431k charge recurring ‑ term labor, of E CVAE term and E A N ‑ D E time tax on profits earned outside the outside the earned profits on tax time XP EN 49,913k in current taxes taxes 49,913k current in 3,241k ( 3,241k S E Full year2019 Full year2019 E 1,252k ( 1,252k 1,902k the the 1,902k E (98,974) 104,121 4451 74,4 27,696 1,429 3,498k in net in 3,498k 1,272 2,041 5,147 405 390 553 895 122 E 14 1,222k in ‑ Full year2018 Full year2018 (29,084) 25,549 31,145 2,477 1,106 2,061 388 907 279 867 955 678 ‑ ‑ ‑ (69,890) (2,477) Change Change 74,063 72,976 2,041 2,147 3,086 7 5) (74 (125) 405 166 474 (12) 111 14 2. Consolidated financial statements ‑ % 177 27.0 27.0 25.1% 25.9% 28.5% 68,660 68,660 254,218 254,218 254,218 Full year 2018 Full year 2018 ‑ ‑ E SHAR R 80.7 80.7 (185) E 3,124 9,859 4,431 31,377 34,501 30,327 (8,701) (4,354) 205,188 205,188 254,218 254,218 254,218 GS P GS Full year 2018 Full year 2019 Full year 2019 IN % 17. 4% 15.8% 20.8% N EAR D E ‑ D DILUT D 1,035 1,636 4,492 43,162 47, 6 5 4 56,933 (2,179) (9,954) (4,310) N /cents.) E Full year 2019 /cents.) E BASIC A BASIC k) k)

E nited rofit (loss) for the year attributable to owners rofit (loss) for the year attributable to owners Diluted earnings per share ( Weighted average of no. ordinary shares outstanding, after dilution (no./000) Basic earnings per share ( Weighted average of no. outstanding shares (no./000) Dilution effect of shares included in stock option plans (no./000) P of the parent ( P of the parent (€ Weighted average of no. outstanding shares (no./000) Basic Diluted Below is theBelow reconciliation between theoretical income tax and recognized incometax: XXXVIII. Basic earnings per share share is calculated profit net of divided as by the the Group’s numberweighted average ordinary of Autogrill S.p.A. shares outstanding during the year; treasury shares by the held from Group are the excluded therefore denominator. Diluted earnings per share takes account dilutive of potential shares deriving from stock option plans determining when the number shares of outstanding. The PerformanceShare Units plan launched in entail not does 2018 the issue shares new of and has therefore dilutive no effect. S joint ventures E P and CVA ther permanent differences permanent ther et effect of unrecognised tax losses, of utilization S tax reform impact tantum”) (“una ax concession on the labour cost in the U Adjustment of deferred taxes in Belgium following the change to 25% in the ratefrom 29.6% Theoretical income tax income Theoretical Reduced tax due to the direct taxation of minority partners in fully consolidated U N of unrecognised prior‑year tax losses and the revision of estimates on the taxability/deductibility of temporary differences U T (Ek) Income tax, excluding IRAP and CVAE IRAP and excluding tax, Income Recognised income tax States O IRA Autogrill Group Annual Report 2019 **** *** ** * 178 p * follows: as 16, of IFRS effects of the 2019 purged December been at 31 has position net financial total the situation, year the making position, net financial total the increased significantly has liabilities lease finance of right recognition consequent the 16 and of IFRS adoption The 1 follows: as 2018 are December 2019 31 December at 31 and position net financial of the Details ne 2.2.7 XII Note Note **** XXII I I XII * XXII XXIV XXI XXI ** XXIV *** attributable to the item included in the Statement of financial position financial of Statement the in included item the to attributable easily not is it IFRS16 therefore and standard accounting new the of application the before existing leases financial .5m 5 E 7. for assets” financial It includes the following non current assets lines: N lines: assets current non following the includes It O N lines: liabilities current non following the includes It E 9.5m for liabilities” financial N lines: liabilities current following the includes It E 64.2m for assets” financial N lines: assets current following the includes It As defined by Consob communication 28 July 2006 and E and 2006 28 July communication Consob by defined As lease note that the item “Finance lease liabilities non‑current” does not include the amount of the liability related to the the to related liability the of amount the include not does non‑current” liabilities lease “Finance item the that note lease ther financial liabilities” for E 0.9m for liabilities” financial ther Finance lease receivables (B) receivables lease Finance current –non receivables lease Finance (Em) (Em) P) Finance lease liabilities (C) liabilities lease Finance C) Finance lease liabilities –current liabilities lease Finance B) A) Finance lease receivables –current receivables lease Finance (A) –Total position financial Net E) D) Finance lease liabilities – non current * current –non liabilities lease Finance Net financial position (A +BC) (A position financial Net G) F) K) J) I) H) L) N) M) O) Net financial position –Total position financial Net assets financial Non‑current Securities held for trading for held Securities Cash equivalents hand on Cash Current assets financial +BC) (A equivalent cash and Cash Bond issued Bond and loans Bank borrowings, current Bank loans and borrowings, net of current portion current of net borrowings, and loans Bank Net current financial indebtedness (I +ED) (I indebtedness financial current Net +GH) (F indebtedness financial Current O Bond issued Bond Non‑current financial indebtedness (K +LM) (K indebtedness financial Non‑current Due to others Net financial indebtedness (J + N) +N) (J indebtedness financial Net ther financial liabilities financial ther T FI ‑ end figures for 2019 and 2018 less comparable. To rectify the the for To 2019 2018 comparable. less and rectify end figures N A NCIAL POSITION ote “XII ‑ Finance lease receivables” for E 16.8m N for and receivables” lease ‑Finance “XII ote ote “XXII ‑ Finance lease liabilities” for E 373.9m for N and liabilities” lease ‑Finance “XXII ote 1 ote “XII. Finance lease receivables” for E 66.1m for N and receivables” lease Finance “XII. ote ote “XXII ‑ Finance lease liabilities” for E 2.100,4m for N and liabilities” lease ‑Finance “XXII ote SMA/2011/81 ‑ of use assets and and assets ‑use 31.12.2019 31.12.2019 (2,924.6) (2,101.3) (3,021.5) (2,947.9) (2,947.9) 2,098.4 2,472.3 (383.4) (291.2) (532.1) (462.0) (558.6) 236.0 (56.3) (22.3) 373.9 (16.8) (66.1) 284.1 (82.9) (96.9) 48.1 ote “II. O “II. ote 73.6 81.0 ote “XIX. O “XIX. ote ote “XIII. O “XIII. ote ‑ ther ther ote “XXIII. “XXIII. ote ther ther ther ther 31.12.2018 31.12.2018 (303.0) (549.9) (860.4) (686.6) (671.1) (671.1) (671.1) (69.0) 161.4 214.7 173.9 (77.3) 53.3 (8.3) 36.4 .5) 5 7. ( 15.5 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (2,093.9) (2,064.2) (2,335.0) (2,276.8) (2,276.8) 2,098.4 2,472.3 Change Change (375.2) (384.8) (270.8) (22.3) 373.9 (16.8) (66.1) (82.9) 1 5 . 112 (5.2) 12.6 44.6 74.6 69.4 11.8 58.1 7 8 17. ‑ 2. Consolidated financial statements ote 179 319.8 549.9 (151.4) 3,195.0 ote 2,476.6 ote 31.12.2019 S E I T 4.7 Total Total 10.5 IVI 260.0 (51.5) 296.3 current” for € 66m (0 at T - movements ther financial liabilities” for G AC 6 N 1.4 4.6 CI Other 2 6 7. 2 (49.2) 224.0 N € 3.4m at net 1 January of interest 2019), 42.9m at 1 January net of€ 42.9m bearing 2019) ote “XIX. O A movements N ote “XII. Finance lease receivables current” for € 48.4m at 1 January 2019) 4 M FI 5.9 3.3 36.0 29.0 Non monetary movements (2.3) ote “XXII. Finance lease liabilities” for € 2,100.4m O (losses) 6.2m at€ 6.2m 1 January 2019) Exchange rate gains ote ”XII Finance lease receivables non G FR N ‑ 3 0.9 (342) (26.3) 0.3m at€ 0.3m 1 January , N 2019) (3 67. 7 ) current liabilities: N - ther financial liabilities” include the items listed in the current liabilities: N ther financial assets” include the items listed in the current assets: N S ARISI O O E ther financial liabilities” ( for € 0.9m Cash flow I current assets: N € 36.4m at N 1 January 2019), - current financial ( assets” for € 41.7m - T I L 7.2m at 1 January and reclassified 2019) € 7.2m among “Bank loans and borrowings” for ‑ ‑ IABI ther non 27.5m at 1 January and the fair€ 27.5m value 2019) of hedging derivativesinstruments for € 3m (49.4) ote “XXIII. O 2,514.1 2,464.7 F L IFRS16 effect ote “XII. O ON O I 8.5 T 838.0 (51.3) 571.5 309.3 IA monetary changes. L ‑ 7.9m at 1 January and non 2019) € 7.9m 1m at 1 January and€ 1m “Bonds” for ( € 6.3m 2019) CI ther movements” column includes the provision for accrued interest for the year oans, net of current portion” net of bank overdrafts of ( € 40.3m 01.01.2019 ther financial assets” ( for € 64.1m O ON he amounts December of “ as of 31 2019 he change is mainly to the currency translation on the financial leases he amounts December of “ as of 31 2019 he amounts December of the as of 31 item “Bank 2019 loans and borrowings” include the items shown in the N he “ € 4m at N 1 January 2019), € 0.4m at 1 January 2019) “XXII. Finance lease liabilities” ( for € 373.9m 9.4m ( € 9.4m ( Cash flows from the Statements of cash flows and cash and cash equivalent payments on loans ( totaling € 8.1m 1.8m ( € 1.8m “XXI. L “II. O 16.8m (0 at 1 January and€ 16.8m non 2019) ( 1 January , N 2019) escrow accounts for ( € 34.2m C As required by IAS 7 (§44A), the following reconciles table changes in liabilities arising from financing activities, distinguishing between those arising from cash flows and other non The net financialThe net position adjusted the of effects IFRS of a decrease shows 16 as a result cash of flow from operating activities capital of net expenditure, plus cash received from disposals, which than more offset the dividends outlay for and the acquisition of PGC. furtherFor comments, see the indicated notes item. each for At the close this of and the previous there financial were year, assets from due related parties; see Section 2.2.13 these of details. for notes RE 1 t 3 4 t 5 t 2 t 6 t 1 2 1 5 1 ther financial assets ther financial liabilities (Em) Total Bond issued O Bank loans and borrowings borrowings Bank loans and O Autogrill Group Annual Report 2019 180 adopted. was standard the time at the circumstances and facts on based sell), and to collect comprehensive (hold other income through value fair or collect) to (hold cost of amortized use model for test the business to the according assets first of the light In 3– Level 2– Level liabilities; or assets for identical markets active in (unadjusted) prices 1–quoted Level follows: as levels defined are different The method. valuation by value at fair measured instruments financial 2018 and and 2019 December at 31 category by liabilities and assets down tables break following The 2.2.8.1 2.2.8 * T Due to suppliers for investments Total Bonds Bonds Financial liabilities due to others to due liabilities Financial leases Finance U Bank overdrafts Bank value fair at measured not liabilities Financial

Fair value of exchange rate hedging derivatives hedging rate exchange of Fair value Fair value of interest rate hedging derivatives hedging rate interest of Fair value value fair at measured liabilities Financial O O O O T Fair value of interest rate hedging derivatives hedging rate interest of Fair value value fair at measured assets Financial Cash and cash equivalent cash and Cash value fair at measured not assets Financial Fair value of exchange rate hedging derivatives hedging rate exchange of Fair value (Ek) rade payables rade receivables nsecured bank loans * loans bank nsecured ther financial assets (non‑current) ther financial assets (current) assets financial ther receivables current non ther ther current receivables 400.000k at 31 December 2019 31 at December E 400.000k for down drawn lines, credit S.p.A. Autogrill to refers value Fair (unobservable inputs). (unobservable data market observable on not based are that liabilities and for assets inputs prices); (derived from indirectly or (prices) directly either liabilities and assets the for observable are 1that Level included within prices quoted than other inputs A FI FAIR VALU N N D RISK MA RISK D A ‑ 9, the company has recognized financial financial recognized has company the 9, of IFRS adoption time NCIAL I E HI N E RARCHY NAG STRUM instruments hedging FVTPL ‑ 2,772 2,944 936 172 936 3 3 E ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ M 2,474,372 3,865,185 Amortised Amortised 105,429 284,091 EN 313,435 8,115 4 5 606,970 ,85 7,18 9 3 40,308 78,499 55,424 89,577 80,518 Carrying amount Carrying EN 3,010 2,194 cost TS –FAIR VALU ‑ ‑ ‑ ‑ ‑ ‑ T FVTOCI ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 2,474,372 3,865,185 105,429 313,435 8,115 4 5 ,85 7,18 9 3 284,091 7906 0 07,9 6 40,308 89,577 79,435 80,518 55,424 2,772 3,010 2,944 2,194 Total 31.12.2019 172 3 3 ‑ Level 1 E

‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 400,825 ,545 4 5 7, 3 3 Level 2 2,772 Fair value 49 3 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Level 3 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 400,825 ,545 4 5 7, 3 3 2,772 Total 49 3 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 2. Consolidated financial statements ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Total 410 181 440 1,677 377,826 318,695 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Level 3 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Fair value 410 440 Level 2 1,677 377,826 318,695 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Level 1 31.12.2018 Total 410 440 440 9,878 2,087 1,677 2,042 4,372 4 7, 9 7 1 81,755 81,163 42,949 35,984 48,384 433,236 214,699 376,460 570,496 303,026 1,385,943 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ FVTOCI ‑ ‑ ‑ ‑ ‑ Carrying amount 9,878 2,042 4,372 81,163 4 7,9 7 1 81,755 42,949 35,984 48,384 433,236 214,699 376,460 570,496 303,026 1,385,943 Amortised cost ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ counter is determined derivatives) using valuation techniques that maximize 440 440 410 ‑ 2,087 FVTPL ‑ 1,677 hedging the instruments ‑ the use observable of market data and as little rely as possible on entity specific estimates. If all significant inputs required fair to value an instrument are observable, the instrument 2. is in included If level the of or more one significant inputs is not based on observable market data, the instrument 3. is in included level Information on thefair value assets of and liabilities the is when included not carrying amount isreasonable a approximation fair of value. transfers there no In were 2019 between different hierarchical levels. Level 1 financial(a) instruments The fair value a financial of instrument traded in an active market is based on quoted market prices the at reporting date. A market is regarded as active if quoted prices are readily and regularlyindustry available from an broker, exchange, group, dealer, pricing service or regulatory agency and those prices actual represent and regularly occurring market transactions length on an arm’s basis. The quoted market price used thefor financial assets by the held Group is the current price. bid Level(b) 2 financial instruments The fair value financial of instruments traded not in an active example, market (for over

current receivables current - Fair value refers to Autogrill S.p.A. credit lines, drawn December down at 31 for E 377.000k 2018 ther non ther ther financial assets (current) ther current receivables current ther ther financial assets (non‑current) assets financial ther nsecured bank loans * rade receivables rade rade payables rade Fair valueFair of exchange rate hedging derivatives Financial liabilities not measured not liabilities Financial at fair value Bank overdrafts at fair value valueFair of interest rate hedging derivatives at fair value valueFair of exchange rate hedging derivatives at fair value Cash and cash equivalent Financial assets measured T Financial assets not measured not assets Financial measured liabilities Financial U Finance leases O T O O Due to suppliers for investments for suppliers to Due O Financial liabilities due to others Bonds Total (Ek) * Autogrill Group Annual Report 2019 182 and structure capital with line in be must turn in of debt, which structure the with keeping in horizon out to atime expense of financial of aportion predetermination of fixed amix through entails, This volatility. its and expense financial to control is management rate risk of interest aim The I profile. international its Group’s and ofextent the borrowings the given rates, exchange rates and to interest respect with particular in risk, market of control and management the on emphasis places astrong policy financial Autogrill’s position. financial and results Group’s the on impact potential their with levels, acceptable along within keep them and risks these to monitor is management risk of market aim The prices. instrument rates equity or interest rates, exchange in due to changes may fluctuate instrument afinancial from flows cash future or value fair the that risk the is risk Market MARK asub formed has which of Directors, S.p.A.’s Board Autogrill with lies system management risk of aGroup supervision and creation for the responsibility overall The • • • risks: following to the exposed is Group The 2.2.8.2 • • follows: as are techniques valuation For specific level the 2, objectives and policies and its means of managing and assessing these risks. these assessing and of managing means its and policies and objectives risk above, its listed Group’s the risks to each of the describes section exposure This of Directors. Board to the results reporting and procedures management risk and controls of the checks spot and reviews periodic conducting activities, sub complements the unit Audit Internal The responsibilities. roles and their employees its of aware which are in environment constructive and adisciplined create to aims Group the procedures, official and standards training, Through operations. Group’s the and conditions market in changes any to reflect regularly revised are systems corresponding the and policies These limits. those with compliance and risks the monitor and controls and limits appropriate establish exposed, is Group the which to risks the analyze and Group’sThe to identify designed are policies management risk issues. these on decisions reach informed of Directors Board the helping and system management risk and control Autogrill’s concerning matters into looking sub The Governance. Corporate and Risk for Control, NTE Group’s credit risk, financial ratios and benchmarking. and ratios Group’s financial risk, credit liquidity risk. liquidity risk; credit risk; market a risk at flows cash future discounting by estimated was bonds and of loans value fair the 2019; December at 31 considered not significant are risks aforementioned to the adjustments The benchmarking. and ratios financial other and of credit basis the on Group, calculated of the risk credit the account into takes It also data. market observable on based determined counterparty of the risk credit the account into takes value fair This curves. yield observable on based flows cash of future value present the considering estimated been has rate swaps of interest value fair the ‑ committee for Control, Risk and Corporate Governance in its monitoring monitoring its in Governance Corporate and Risk for Control, committee RE S ‑ T RA E free market interest rate gross of a spread determined on the basis of the of the basis the on determined of aspread rate gross interest market free T RISK FI RISK TE N A N CIAL RISK MA RISK CIAL N and floating ‑ and AG E M ‑ committee is responsible for responsible is committee EN T ‑ rate liabilities, the the rate liabilities, ‑ committee committee 2. Consolidated financial statements Chf 183 379 (Ek) 7, 3 5 2 1,091 1,297 35,560 Fair value rate byrate means ‑ 100m $ 100m of debt rate Cad ‑ 84,064 Floating 208,141 rate received ibor 6 months ibor 6 months ibor 6 months SD L SD L SD L U U U Usd 2.24% 2.38% 2.44% 62,028 571,454 rate received Average fixed Average Expiry euro currencies. these Under circumstances, the objective rate debt, including debt, rate converted fixed to debt ‑ ‑ January 2023 September 2025 September September 2024 September RISK point unfavorable change in the interest assets applicable to rates and TE ‑ RA E G floating interest swaps $ 100m, rate classified for as fair value hedges. ‑ to 25,000 30,000 45,000 ‑ N XCHA future cash flows. is Where possiblenot obtain it to the desired risk profile in the capital markets or through banks, is achieved by it using derivatives amounts of and maturities in line with those the of liabilities The derivatives used which to they refer. are mainly interest swaps rate (IRS). Hedging instruments are allocated companies to with significant exposure interest to risk,rate through charging debt a floating (thus rate exposing the Grouphigher to finance costsif interest rise) rates or a fixed (which rate means that or higher lower bring not interest do rates about reduction a or an increase in the amount payable). Interest hedging rate instruments are accounted as cash for flow in hedges the financial Group statements of companies exposed this to risk. They are recognized under financial assets or liabilities, on a separate line the of of statement income andcomprehensive in the “Hedging reserve” in equity. net Financial instruments hedging the risk changes of in the fair value liabilities of are accounted as fair for value in hedges the financial Group statements of companies exposed this to risk and recognized as financial assets or liabilities with a balancing entryin the income statement. At 31 fixed December 2019, interestof swaps, rate was 40% the of total compared with 33% the at 2018. of end denominatedGross debt in US dollars amounted $ 2,166.7m to the at close the of year, including $ 352m in bond loans. Part the of interest risk rate is hedged by fixed A hypothetical 1 The Group operates in various countries with functional currencies other than the euro. In these countries, the procurement policy dictates that material raw purchases and other operating expense be conducted in the same currencies, thereby minimizing exchange risk. rate Such a risk remains with respect intragroup to loans, granted when subsidiariesto that use non currencyof risk management is neutralize to some this of risk in respect payables of inand foreign receivables currency arising from lending transactions in currencies other than the euro. exposure currency to The Group’s translation risk is in detailed local below, currency: liabilities and interest to outstanding hedges rate would 31 at increase December 2019 financialnet expense by E 6.7m. E Below areBelow the details financial of instruments used fixed hedge to at theat close the of year: $k $k $k Notional amount rofit Bond issue Bond issue Equity (Currency/000) Bond issue Underlying P Autogrill Group Annual Report 2019 The fair value of exchange rate hedges outstanding at 31 December 2019 is shown below: 2019 December shown at 31 is rate hedges outstanding of exchange value fair The liabilities. and assets hedged of the amount the in change corresponding the is as loss, or to profit taken are liabilities or assets financial currency of hedges of foreign value fair the in Fluctuations liabilities. or assets financial under value at fair recognized are transactions These currency. reporting the than other acurrency in liabilities or assets financial or currency) foreign in denominated investments of equity accounts company’s subsidiaries’ its or parent the in conversion euros into attending risk the (i.e., risk of translation terms in risk to currency exposure significant with to companies allocated are instruments Hedging unchanged. remain rates, interest especially variables, other the that assumption the on based was analysis This 184 follows: as 2018 was December 2019 31 December at 31 and Exposure 2.2.12. Section in detailed as parties, of third commitments or borrowings for given the of guarantees face value to the addition in risk, credit to Group’s exposure the is assets maximum financial of the amount carrying The investments. Group’s receivables financial trade and to the relation in principally It arises obligation. an on defaulting by loss a financial may cause counterparty instrument afinancial or acustomer that risk the is risk Credit E CR of euros): thousands table (in following the in shown have as altered would been year for the profit and 2019 equity December at 31 above currencies, the 10% by against fallen or risen had euro the If P Chf (currency/000) Notional amount Equity (Ek) Financial assets(Ek) Usd O Derivative instruments Derivative O T deposits andBank office post O Usd O N Total Sek rade receivables rofit ok ther non‑current financialther non‑current assets ther current receivables ther current financial assets financial current ther ther non‑current receivablesther non‑current DIT RISK 14,500 48,059 88,618 ,512 7, 500 January 2020 January January 2020 January January 2020 January January 2020 January 2020 January (46,244) (5,037) +10% 1.1234 Expiry Usd

56,520 6,156 ‑10% Forward rate Forward 10.56 1.095 10.14 1.10 1.10 (12,738) (5,237) +10% 1.4593 31.12.2019 Cad 105,429 235,968 562,728

55,424 79,435 80,518 2,944 3,010 15,569 6,401 Fair value ‑10% (Ek) 124 28 12 0 9 31.12.2018 161,390 380,367 35,984 42,949 81,755 , 1 7 7,9 4 9,878 440 (2,978) (601) +10% 1.0854 Chf

182,361 44,534 62,480 Change (6,868) (2,320) 74,578 2,504 3,640 ,453 5 4 7, ‑10% 734 2. Consolidated financial statements 185 Total Total 4,812 2,817 4,676 4,583 4,506 47,9 71 11,255 13,641 21,009 15,666 55,424 20,429 ‑ ‑ 615 981 708 435 977 408 2,926 5,026 2,359 1,468 Over 1 year Over 1 year 161 171 981 125 188 271 268 2,611 1,107 2,750 1,049 1,040 1 year 1 year 6 months– 6 months– 97 114 312 129 801 362 339 349 350 438 31.12.2019 31.12.2018 1,276 2,016 current) consist mainly amounts of from due Expired not impaired Expired not impaired ‑ 3–6 months 3–6 months 113 356 1,122 1,921 5,218 4,106 1,364 5,496 2,559 5,545 12,352 15,449 1–3 months 1–3 months 1,741 5,194 1,768 1,520 2,371 3,551 4,240 11, 787 36,259 22,730 13,985 12,830 Not expired Not expired Exposure credit to risk is modest because the Group serves consumers in who pay cash card; this meansor by credit/debit that and trade thus receivables the degree relative of risk is limited of significance in relation total to financial assets. from stem trade catering receivables In most cases, service the Group’s agreements affiliations.and commercial Other (current receivables and non Inland and Revenue other government agencies, paid fees in advance, and advances servicesfor or commercial investments on behalf made concession of grantors, for which the degree credit of risk is low. Financial assets are recognized impairment of net losses calculated on the basis of the counterparty’s risk default. Impairment of is determined according localto procedures, which require may impairment individual of positions, if material, where there is evidence an of objective condition uncollectability of part of or all the of amount impairment or generic due, calculated on the basis historical of and statistical data. There is significantThere no concentration credit of risk: the largest ten clients account for total of 16.9% and trade the receivables largest one, Beijing Capital Airport Catering Management Co. Ltd., accounts 3.66%. for LIQUIDITY RISK Liquidity risk arises difficult proves it when the meet to obligations relating to financial liabilities. The Group manages liquidity by ensuring that the to extent possible, always it has sufficient funds its meet obligations to on time, without incurring charges excessive or risking damage its reputation. to ther ther O Total Motorway partners Franchises services agreements Catering Catering services agreements Catering Airlines Airlines Franchises Total Motorway partners Trade receivables (Ek) Trade Trade receivables (Ek) Trade O Autogrill Group Annual Report 2019 186 of 2019 close 2018 were follows: at the as and data maturity and Exposure conditions. market financial and investments of financial its liquidity of debt, its the characteristics the activities, investing and operating by absorbed generated or resources the are elements Group’s of the situation defining The liquidity Total Total for investments Due to suppliers Total U L Interest rate swap swap rate Interest Interest rate swap swap rate Interest Bonds L T Total Current account overdrafts account Current derivatives Forward foreign exchange for investments Due to suppliers Bonds U overdrafts account Current derivatives Forward foreign exchange liabilities (Ek) Non‑derivative financial liabilities (Ek) Derivative financial L T L liabilities (Ek) Non‑derivative financial liabilities (Ek) Derivative financial iabilities due to others iabilities due to others ease payments due to others to due payments ease ease payments due to others to due payments ease rade payables rade payables nsecured bank loans bank nsecured nsecured bank loans bank nsecured 2,474,372 1,388,732 3,867,442 304,055 572,256 376,460 549,548 Carrying Carrying Carrying Carrying Carrying Carrying Carrying Carrying 314,260 ,83 7,18 9 3 40,308 48,384 89,577 amount amount amount amount 81,163 4,372 2,042 1,677 2,087 2,194 410 3 3 ‑ 1,388,732 2,474,372 3,867,442 304,055 572,256 549,548 376,460 314,260 ,83 7,18 9 3 40,308 48,384 89,577 81,163 1,677 2,042 2,087 4,372 2,194 Total Total Total Total 410 3 3 ‑ 1–3 months 1–3 months 1–3 months 1–months 376,460 153,943 698,208 526,053 ,83 7,18 9 3 20,000 40,308 48,384 89,577 16,025 81,158 1,172 720 310 410 51 3 3 ‑ ‑ ‑ ‑ 3–6 months 3–6 months 3–6 months 3–6 months 73,586 73,683 31.12.2019 31.12.2019 31.12.2018 31.12.2018 Contractual cashflows Contractual cashflows Contractual cashflows Contractual cashflows 97 51 51 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 6 months– 6 months– 6 months– 6 months– 146,438 168,692 22,254 1 year 1 year 1 year 1 year 584 201 785 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 1–2 years 1–2 years 1–2 years 1–2 years 232,508 666,433 ,715 7 7, 9 3 35,606 21,834 23,788 1,733 604 221 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 1,441,807 2–5 years 2–5 years 2‑5 years 2‑5 years 206,377 934,094 165,547 551,672 301,015 718,406 1,367 1,367 309 879 321 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Over 5years Over 5years Over 5years Over 5years 768,597 116,674 818,620 1, 48 119,6 50,023 2,969 5 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 2. Consolidated financial statements 187 party brands G G ‑ N TROLLI controlling interests in ‑ ‑CON G N EPORTI E OF NON T R STS EN RE GM E E T S DISCLOSUR IN controlling mainly interests refer investments to in U.S. subsidiaries by held ‑ With regard exposure to creditors, to there is significant no concentration suppliers, of whom theof largest account 15.69% ten for the of total and the leading supplier (Starbucks) accounts 4.57%. for The bond regulations call compliance for with certain financialratios, calculated solely with respect the to companies up by HMSHost headed Corporation. They are not guaranteed by Autogrill S.p.A. are There also limits on the distribution dividends of by HMSHost Corporation theto parent, Autogrill S.p.A., if the ratio leverage the of HMSHost subgroup exceeds a certain amount. The loans (Note XXI) and bonds (Note XXIV) outstanding 31 at December 2019 require the satisfaction certain of financial specifically, ratios (covenants), the leverage debt/EBITDA)ratio (net and interest ratio coverage (EBITDA/net financial expense). These are measured with different criteria and different for groupings companies of depending on the loan and the beneficiary. In particular, Autogrill S.p.A. has outstanding loans which for the ratios above are calculated on figures pertaining the to Autogrill Group as a whole. At all 31 December 2019 such satisfied. covenants were termThe weighted average bank of loans and bonds 31 at including December 2019, unutilized credit lines, is approximately 2 years and months 10 (3 years and 3 months at the 2018). of end under license. The operational are levers typically assigned local to organizations and coordinated, the at European by central level, facilities. Performance is monitored the of separately each for three business units: Europe, North America and International (the latter covering Northern Europe, the Middle East and Asia). Because the of distinct characteristics the of Italian market, “Europe” accredited Disadvantaged Business Enterprises whose participation (DBE), in the operation concessions of is regulated The Group maintains by state and law. federal control these of companies and is principally theto responsible for due concession fees the grantor. At 31 these December 2019, companies assets had net 206m 31 at ($ $ 310m of the $ 1,198.3m for of yearDecember they 934.5m revenue 2018); ($ generated in 2018) and profit net the 56m $ 89m of ($ previous Non year). equityshareholders’ amount 49.1m ($ 31 at $ 79.9m to December and 2018) in net 18.8mprofit ($ $ 19.7m to the previous year). 2.2.10 The Group operates in the food & beverage industry, mainly airports, at motorway rest stops and railway stations, serving a local and international The business clientele. is conducted in Italy by Autogrill S.p.A.; in France, Switzerland, Germany, Belgium, Spain, Austria, and Greece by Autogrill Europe S.p.A. through its own direct subsidiaries; and in North America, the Netherlands, the United Kingdom, Ireland, Scandinavian countries, the Middle East and Asia by HMSHost Corporation and its subsidiaries. The Group serves its own proprietary brands as as well third 2.2.9 Non Autogrill Group Annual Report 2019 188 prior the with comparable them 16 to make of IFRS effects of the purged are amounts tableadjusted where the an also is 16 there IFRS standard new accounting the with accordance in determined statements 2019 the financial from to figures addition in position, financial statement statement of and income consolidated of the discussion report directors’ the in as of figures, comparison the to facilitate and of performance understanding For segment. abetter by tables statementThe below figures present income statements. financial consolidated the to applicable those as same the are reporting for segment used policies accounting The awhole. as Group for the organization and resources human audit, internal systems, IT marketing, communications, management, risk enterprise affairs, corporate and legal planning, strategic relations, investor control, and finance of administration, charge in units centralized include the which functions, for “Corporate” separately shown are Costs overall. CGUs therefore four are there units; generating cash countries” “other European and “Italy” the between distinguishes 16, as the amounts will be directly comparable. directly be will amounts the as 16, of IFRS effects for adjusted the figures to represent prior necessary no longer be 2020 it will in Starting 2018. December ended year 31 for statements the financial consolidated the in described policies Operating profit (loss) Result for the year the for Result Income tax profit Pre‑tax assets financial of value the to Adjustment N Operating profit (loss) Result for the year the for Result Income tax profit Pre‑tax assets financial of value the to Adjustment intangible assets and equipment plant, property, on losses impairment and amortisation Depreciation, N Total Revenue and other operating income operating other Revenue and Total assets use of right and assets intangible equipment, plant, property, on losses impairment and amortisation Depreciation, income operating other and Revenue Total Profit &Loss(Ek) Profit &Loss(Ek) et financial expense financial et et financial expense financial et ‑ year results, which were calculating according to the to the according were calculating which results, year North America North America North (300,430) 27 0 4 6 7, 72 , 2 (143,295) 2,742,941 260,539 281,177 International International 656,969 (81,212) ,45) 5 7,14 3 ( 7 016 57, 6 22,352 26,394 Full Year 2019excludingIFRS 16 Full Year 2019 (240,540) 2,223,756 2,219,592 (85,967) 60,646 55,429 Europe Europe ‑ year year Corporate Corporate (32,033) (31,666) (1,837) (1,317) (959) 116 Consolidated Consolidated 5,604,364 5,622,707 (624,020) 7 24) 4 72 67, 2 ( 306,287 336,553 226,282 (26,883) (56,256) 259,504 273,936 7 ) 4 5 6 47, ( 315,760 (98,974) 36,357 36,357 2. Consolidated financial statements 13 189 37,9 62 37,9 62 86,475 120,976 130,816 130,816 (34,501) 854,976 854,976 (29,084) 150,047 (115,321) (124,058) (464,676) (474,480) (236,882) 2,116,378 1,090,913 5,223,912 1, 52 7, 6 4 3 2,358,973 1,092,624 4,473,639 3,883,838 Consolidated Consolidated Consolidated ‑ ‑ 334 845 845 8,793 2,312 2,312 5,636 5,636 4,271 87, 673 59,395 59,408 13,064 (1,896) 92,025 19,472 19,566 (25,994) Corporate Corporate Corporate 7, 8 8 9 8,678 8,678 Europe Europe Europe 61,438 61,438 525,479 783,634 (51,032) (81,579) 368,105 (55,879) 369,686 343,832 343,832 984,794 ( 2 07,12 3 ) (196,475) 1,514,494 1,766,847 2,238,879 31.12.2019 Full Year 2018 Full Year 822 31.12.2019 excluding IFRS 16 (118 ) 88,914 24,542 15,842 15,842 16,338 16,338 88,653 60,566 60,566 (54,175) 5 87, 74 0 428,976 181,660 (59,027) 374,683 123,456 2 4 7, 5 7 8 (35,427) International International International 12,101 12,101 51,224 51,224 791,036 143,609 628,519 (93,320) 628,388 (78,890) 450,578 450,578 ( 2 57,9 3 5) ( 117,9 7 9 ) (283,226) 1,142,291 2,396,959 1,902,637 1,122,331 2,264,753 North America North America North America The directors’ report highlights, by segment, the impact that elements are of unusual in terms amount of or likelihood recurrence of which, in the directors’ opinion, condition the perception the of normalized profitability the of Group and its segments. The corresponding adjusted figures are expressed as underlying operating profit (EBIT) and underlying net profit. ther intangible assets ther intangible assets ther non‑current non financial assets ther non‑current non financial assets et financial expense roperty, plant and equipment roperty, plant and equipment Non‑current assets Net working capital O P Non‑current assets Net working capital O P Right of use assets Adjustment to the value of financial assets Pre‑tax profit tax Income Result for the year O and liabilities O and liabilities Goodwill assets Financial Net invested capital (Ek) Net invested capital (Ek) assets Financial Net invested capital Profit & Loss (Ek) Profit & Loss Total Revenue and other operating income Depreciation, amortisationand impairment losses onproperty, plant, equipment and assets intangible (loss) profit Operating N Goodwill Net invested capital Autogrill Group Annual Report 2019 190 counterparties. business and favor in of grantors issued guarantees personal other and bonds E to amounted Group Autogrill the by given 2019 guarantees December 31 the At N GUARA 2.2.12 course. in year the on advances as and year previous the in accrued of amounts fees),(namely concession settlement as both half first the with flows, cash by magnified further are trends seasonal Indeed, of generation cash. the or results to predict used not be should and only indications general are shown percentages The * holidays. summer due to the stronger is year, of the when business months six second the in concentrated mostly are volumes shows that quarter by of 2019 results Abreakdown results. consolidated affects turn in this and businesses some in seasonal highly Group’sThe is which of travelers, flow closely related are to volumes the 2.2.11 O P Goodwill P year full % of Net investedcapital(Ek) P (mE) Net invested capital capital invested Net Financial assets % of full year full % of Revenue * Revenue % of full year full % of O year full % of and liabilities and O Non‑current assets Non‑current Net working capital working Net roperty, plant and equipment and plant roperty, rofit (loss) attributable to owners of the parent the of owners to attributable (loss) rofit re‑tax profit (loss) profit re‑tax 449,775k ( 449,775k ther intangible assets intangible ther perating profit (loss) profit perating ther non‑current non financial assets assets financial non non‑current ther made primarily in Swiss and Italian motorway service areas service motorway Italian and Swiss in sales primarily fuel made include not does revenue operations, on report Directors’ the in shown figures the with data compare to order In S E GUARA A T 434,138k at the close of 2018) and referred mainly to performance to performance referred mainly of 2018) close and at the 434,138k EE E N ASON S D CO N ‑ year usually seeing a concentration of annual payments payments of annual aconcentration seeing usually year N AL PATT T TI EE N S GIV G EN ER North America North T LIABILITI EN N 1,021,471 (228,515) 534,526 (83,070) 441,025 709,886 36,786 S 9,134 , COMMITM First quarter 1,052.5 (44.2) (44.2) 21.1% (21.4) n.s. n.s. n.s. International 180,533 (56,827) 126,410 92,333 E 59,755 7 1 7 3 17, 11,074 2,704 S First 6months EN 2,271.6 31.12.2018 45.5% 49.7% 7 4% 57. Full year2019 57 2 7. 15 115.0 67 2 7. 16 n.s. TS 1 ,655) 6 7, (19 350,587 338,886 505,790 (58,761) 762,206 64,460 Europe 8,273 First 9months 3,602.5 86.8% 88.1% Corporate 180.7 72.1% 272.9 81.1% 7.9 3 2 52,296 70,016 2,604 5,236 , 09 9,0 8,711 871 ‑ Consolidated 1,972,921 1,412,102 (430,701) (130,118) 982,682 Full year 839,666 4,996.8 100.0% 100.0% 100.0% 100.0% 121,221 29,352 205.2 336.6 273.9 2. Consolidated financial statements 191 E 5,754k); E 16,213k). E 12,769k); term leases ( ‑ E 71,693k); S E 20,737k); E value and short ‑ TS T LIABILITI EN EN G N TI N E 2,272k be to paid the for purchase two of commercial properties; the value the of assets leased of businesses ( the value goods of on consignment Group locations at held ( commitments service for contracts ( commitments access rights for ( commitments under low CO At 31 contingent there no December were 2019, liabilities as described in IAS 37. • COMMITM thatNote with the adoption IFRS of 16, as from 1 January commitments 2019 for minimum future lease payments are under included “Finance lease liabilities” and are reported longer no therefore in this section. further For details see Section 2.2.1 of these notes. Commitments outstanding concern: 31 at December2019 • • • • • An access concession exists ownership when the of land and buildings along the motorway is in the hands a private of firm (like Autogrill), which negotiates access rights with the motorway Company with the commitment sell to fuel and lubricants food and beverages motorway to and/or users. The firm accepts the obligation pay to the to rent motorway as as well certain stipulations regarding the the way services are beto provided and the hours operation. of Autogrill Group Annual Report 2019 192 t * S.p.A. Schematrentaquattro parent, direct the with no transactions conducted subsidiaries its and S.p.A. 2019In Autogrill length. related All S.r.l. awholly is S.p.A. Schematrentaquattro shares. ordinary 50.1% of its owns which S.p.A., Schematrentaquattro by controlled is S.p.A. Autogrill R 2.2.13 Benetton Group S.r.l. Group Benetton Incidence Total Group parties Total related O E E group Atlantia parties: related Other E Parent: Statement offinancialposition(Ek) O E E S.p.A. Verde Sport group Atlantia parties: related Other E Parent: Income statement(Ek) Incidence Total Group parties Total related quity investments P dizione S.r.l. dizione quity investments P dizione S.r.l. dizione E ther related parties * ther related parties * LATE he O he ther related parties refer to transactions with directors and executives with strategic responsibilities strategic with executives and directors with transactions to refer parties related ther roperty S.p.A. roperty S.p.A. roperty D PARTYD TRA ‑ party transactions are carried out in the Company’s interest and at Company’s arm’s and interest the out in carried are transactions party OTH ER I N N FORMATION SACTIO Full year2019 5,393,753 31.12.2019 55,424 Trade receivables 0.0% 1.0% 554 565 Revenue 11 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ N S Full year2018 31.12.2018 5,113,140 7971 47,9 1,502 1,526 3.2% 0.0% 58 59 11 ‑ 8 1 5 ‑ ‑ ‑ ‑ ‑ ‑ owned subsidiary of Edizione of Edizione subsidiary owned Full year2019 31.12.2019 Other operatingincome 121,999 210,611 10,229 19,678 Other receivables 2,455 2,597 1,343 6,995 16.1% 3,957 1.9% 17 ‑ ‑ ‑ ‑ ‑ ‑ Full year2018 31.12.2018 110,772 4,013 147, 12,437 18,405 12.5% 4,035 1,636 1,933 2,154 1.9% 479 29 10 ‑ ‑ ‑ ‑ ‑ Raw materials,suppliesandgoods Full year2019 31.12.2019 1,911,394 ,83 7,18 9 3 24,187 24,196 Trade payables 0.0% 6.1% 171 171 8 1 ‑ ‑ ‑ ‑ ‑ ‑ ‑ Full year2018 31.12.2018 , 43,114 1,8 376,460 32,038 32,043 8.5% 0.0% 128 128 5 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Full year2019 31.12.2019 concessions androyalties 362,790 578,422 38,465 (1,584) 36,881 2,993 4,089 Other payables Leases, rentals, 6.4% 1.1% 993 102 ‑ ‑ ‑ ‑ ‑ ‑ ‑ Full year2018 31.12.2018

369,425 876,522 80,383 (1,397) 78,986 3,549 4,568 1.2% 9.0% 104 915 ‑ ‑ ‑ ‑ ‑ ‑ ‑ Other financialassets‑Noncurrent Full year2019 31.12.2019 Other operatingexpense 7986 8 07,9 6 1 769 11, 41,775 11,977 18.2% ,591 5 7, ,591 7, (375) 2.0% 525 45 13 ‑ ‑ ‑ ‑ ‑ ‑ Full year2018 31.12.2018 560,364 42,949 16.9% 3,759 ,272 7 2 7, 3,807 ,272 2 7, (386) 0.7% 373 45 16 ‑ ‑ ‑ ‑ ‑ ‑ Finance leaseliabilities‑Current Full year2019 1,674,800 31.12.2019 373,966 48,173 48,173 Personnel expense 12.9% 9,018 9,118 0.5% 100 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Full year2018 1,556,983 31.12.2018 10,288 10,388 0.7% 0.0% 100 303 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Finance leaseliabilities‑Noncurrent Full year2019 2,100,406 Financial (expense)income 31.12.2019 248,797 248,797 (98,974) ,08) 8 7,10 ( (6,994) 11.8% 7.1% 114 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Full year2018 31.12.2018 (29,084) 4,069 ‑0.3% 0.0% 101 101 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 2. Consolidated financial statements ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 101 101 193 0.0% ‑0.3% 4,069 (29,084) 31.12.2018 Full year 2018 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 114 7.1% 11.8% (6,994) ( 7,10 8 ) (98,974) 248,797 248,797 31.12.2019 Financial (expense) income 2,100,406 Full year 2019 Finance lease liabilities ‑ Non current ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 303 100 0.0% 0.7% 10,388 10,288 31.12.2018 1,556,983 Full year 2018 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 100 0.5% 9,118 9,018 12.9% Personnel expense 48,173 48,173 373,966 31.12.2019 1,674,800 Full year 2019 Finance lease liabilities ‑ Current ‑ ‑ ‑ ‑ ‑ ‑ 16 45 373 0.7% (386) 7, 2 72 3,807 7, 2 7 2 3,759 16.9% 42,949 560,364 31.12.2018 Full year 2018 ‑ ‑ ‑ ‑ ‑ ‑ 13 45 525 2.0% (375) 7, 591 7, 5 91 18.2% 11,977 41,775 11, 769 6 07,9 8 6 Other operating expense 31.12.2019 Full year 2019 Other financial assets ‑ Non current ‑ ‑ ‑ ‑ ‑ ‑ ‑ 915 104 9.0% 1.2% 4,568 3,549 78,986 (1,397) 80,383 876,522 369,425

31.12.2018 Full year 2018 ‑ ‑ ‑ ‑ ‑ ‑ ‑ 102 993 1.1% 6.4% Leases, rentals, Other payables 4,089 2,993 36,881 (1,584) 38,465 578,422 362,790 concessions and royalties 31.12.2019 Full year 2019 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 5 128 128 0.0% 8.5% 32,043 32,038 376,460 1,8 43,114 31.12.2018 Full year 2018 ‑ ‑ ‑ ‑ ‑ ‑ ‑ 1 8 171 171 6.1% 0.0% Trade payables Trade 24,196 24,187 3 9 7,18 3 1,911,394 31.12.2019 Full year 2019 Raw materials, supplies and goods ‑ ‑ ‑ ‑ ‑ 10 29 479 1.9% 2,154 1,933 1,636 4,035 12.5% 18,405 12,437 147, 013 110,772 31.12.2018 Full year 2018 ‑ ‑ ‑ ‑ ‑ ‑ 17 1.9% 3,957 16.1% 6,995 1,343 2,597 2,455 Other receivables 19,678 10,229 210,611 121,999 Other operating income 31.12.2019 Full year 2019 owned subsidiary Edizione of ‑ ‑ ‑ ‑ ‑ ‑ 5 1 8 ‑ 11 59 58 0.0% 3.2% 1,526 1,502 47,9 71 5,113,140 31.12.2018 Full year 2018 S N ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 11 Revenue 565 554 1.0% 0.0% Trade receivables Trade 55,424 31.12.2019 5,393,753 Full year 2019 SACTIO N party transactions arecarried in out the interest and arm’s Company’s at ‑ D PARTY TRAD PARTY roperty S.p.A. roperty S.p.A. E LAT ther related parties * parties related ther * parties related ther E dizione S.r.l. dizione P investments quity dizione S.r.l. dizione P investments quity Total Group Total Incidence O relatedTotal parties Group Total Incidence Statement of financial position (Ek) Parent: E Other related parties: Atlantia group Benetton Group S.r.l. E E O relatedTotal parties Income statement (Ek) Parent: E Other related parties: Atlantia group SportVerde S.p.A. E E R Autogrill S.p.A. is controlled by Schematrentaquattro S.p.A., which owns its of 50.1% ordinary shares. Schematrentaquattro S.p.A. is a wholly S.r.l. All related length. AutogrillIn 2019 S.p.A. and its subsidiaries conducted transactions no with the direct parent, Schematrentaquattro S.p.A. Autogrill Group Annual Report 2019 194 dello Sport”. ‑Città Ghirada at “La housed facilities at the sports of youth sponsorship commercial the concerns expense operating Other Verde S.p.A. Sport services. fees well as for as cleaning stop rest S.p.A., l’Italia per Autostrade received notes to be from to credit receivables”“Other refers mainly 2019. December at 31 outstanding payments lease minimum future fixed substantively or of fixed discounting for E 296,929k of the recognition consequent the 16 and of IFRS adoption the reflects liabilities” lease “Finance transactions. “Trade same receivables” the “Trade from and payables” originate royalties”.and concessions rentals, “Leases, included under previously interest of implicit recognition the requires which 16, of IFRS adoption the concerns also expense” “Financial 2019. 1January on item starting this fees from concession and of lease portion fixed the eliminated which 16, of IFRS adoption the by primarily caused was reduction year. significant The to the pertaining costs accessory fees refer concession and royalties” to and variable concessions rentals, “Leases, locations. of motorway management to the refers expense” chiefly operating “Other received.contributions of amount higher the reflects cards). increase The (automatic collection toll Viacards of sales on to commissions and locations of motorway management for the S.p.A. l’Italia per Autostrade received from income” refers to amounts operating “Other Group Atlantia 185/2008). (Law 2008 in paid expense personnel concerning of IRAP portion of the income taxable from deduction for the refund IRES the from 2019 December refers receipt of in E 2,208k year for to the the decrease The 2007 years for the expense to personnel pertaining tax) (regional of IRAP deductibility of the recognition retroactive of the due aresult as for Nuova E 14k, S.r.l. Sidap and S.p.A. of Autogrill behalf on S.r.l., Edizione company consolidating the by requested refund tax) income (corporate receivables”“Other IRES for include the E 10,215k transactions. same the from payables” originate “Other mostly manager. executive as where he serves S.r.l. back to Edizione paid and S.p.A. of Autogrill adirector by refers expense” to fees“Personnel earned 2019. in were terminated which offices, Rome at the premises of equipped use the concerning parent rendered the by income” refers to services operating “Other S.r.l. Edizione ‑ 2011 (Art. 2of 201/2011). Law (Art. 2011 2. Consolidated financial statements (E) fees 195 Other 25,000 25,000 453,297 542,216 403,297 3,503,582 2,508,069 (E) 15,423 21,589 15,423 benefits 287,214 324,226 Non‑monetary (E) Bonuses 8 07, 8 3 9 807,839 636,085 incentives and other 3,371,945 1,928,021

(E) 2,137 38,356 70,000 80,000 90,000 80,000 80,000 60,000 90,000 60,000 4 4 7, 5 0 7 520,000 100,000 100,000 1,818,000 1,818,000 NNEL ERSO opted after the death Gilberto of Benetton and Remuneration ‑ CTORS CTORS E

T P T from since since since EN to 2019 to 2019 to 2019 to 2019 to 2019 M E 12.11.2018 2017/2019 2017/2019 2017/2019 2017/2019 2017/2019 2017/2019 19.12.2019 07.02.2019 26.01.2017 Term of office Term OF DIR OF to 24.06.2019 from 25.5.2017 from 25.5.2017 from 25.5.2017 from 25.5.2017 from 25.5.2017 AG N N RATIO urope S.p.A. and Autogrill Italia S.p.A., respectively, since 15.01.2018 Y MAEY K D NE MU N EO E Director Director Director Corporate General Manager Director Director Director Director Director Director Director Office held Director C Director Chairman On 7 February on the 2019, advice the of Human Resources Committee and with input from the Board Statutory of Auditors, the Board Directors of Paolo pay to decided Zannoni — chairman the of board, co elected chairmanlater this for — a set fee position in addition the to annual remuneration as the of is a member he due Board Directors. of A significant portion the of variable compensation by the received CEO, the Corporate General and Manager, the management key personnel seven is tied the to achievement specificof targets established in advance by the Board Directors, of by virtue their of participation in management incentive plans. In particular, the CEO, the Corporate General and Manager, managers key participated during the year in an annual bonus system involving earnings and financial targets and other strategic objectives the for the business relevant Group and/or unit, as as well individual objectives. Should the officeCEO leave any for reason, shall he retain the right variable to under the pay R The following remuneration accrued the members of to Board Directors of and key to management personnel in 2019: A Vautrin - ondato Da Ruos atuano ther fees are for serving as director at Autogrill E ther fees are for serving as sole director of Autogrill Advanced Business Service S.p.A. since 19.11.2018 rnesto Albanese rnesto aolo Roverato aolo aolo Zannoni aolo Barbara Cominelli Elisabetta Ripa * DirectorsTotal Maria Pierdicchi Camillo Rossotto ** Catherine Gérardin Total Key managersKey with strategic responsibilities Cristina De Benetti Franca Bertagnin Benetton Bertagnin Franca Marco P E Massimo Fasanella D’Amore D’Amore Massimo Fasanella di Ruffano * FrancescoChiappetta Name P Alessandro BenettonAlessandro P Gianmario T * o ** o Autogrill Group Annual Report 2019 196 o ** o * 2019: in Auditors of Statutory Board to of members the fees accrued following The STATUTORY AUDITORS’ F anon by Company, bound he is the CEO’s role the given at strategic Also, amount. that sector, when lessthan commercial for the contract managers’ collective national the for provided in compensation leaving or indemnity other any and of notice lieu in indemnity standard the to E 2m up top will Company the cause, just without Company the by dismissed is or cause just with 2017,29 June resigns CEO’s CEO the the governs if which employment, of resolution of Directors Board remuneration”. to “Other the under shown According is which S.p.A., Autogrill from salary CEO’sThe executive includes his remuneration force. in plans of the description for a personnel” key management and for directors plans “Incentive section the See statements. financial consolidated 2018 the incentives”in other and “Bonuses included under were already indemnities termination The S.p.A. employment of Autogrill the 2019 left In one key manager plans. the under pro the does not lose (“goodretirement leavers”), beneficiary the or cause justified for objective event leavers”). the of termination In (“bad resignation voluntary or cause, justified subjective cause, for just eventthe of termination void and in null be shall options) (including plans incentive under acquired rights any responsibilities, strategic with key managers and Manager General For Corporate the time. of relevant period the rendered during service to the proportional amount an in and program or regulation, each plan, in stated condition other of any satisfaction the and achievement targets to of the the subject abeneficiary, he is of which plans incentive with key managers with strategic responsibilities. strategic with key managers with Non for breach thereof. penalty a entails that agreement aspecific under for months, 18 personnel Group Autogrill Total Statutory Auditors Statutory Total Antonella Carù ** Catullo Massimo E Rigotti Maria Giuseppe Marco Name ugenio Colucci * Colucci ugenio ther fees are for serving as auditor at Autogrill Advanced Business Service S.p.A. Service Business Advanced Autogrill at auditor as serving for are fees ther Autogrill at Auditors Statutory of Board the of chairman as serving for are fees ther ‑ compete agreements are also in place with the Corporate General Manager and and Manager General Corporate the place with in also are agreements compete Standing auditor Standing auditor Standing auditor Chairman held Office ‑ compete agreement and a ban on poaching poaching on aban and agreement compete EE S 24.05.2018‑31.12.2020 15.01.2018‑31.12.2020 01.01.2018‑31.12.2020 01.01.2018‑31.12.2020 E urope S.p.A. and Autogrill Italia S.p.A. Italia Autogrill and S.p.A. urope ‑ rata rights acquired acquired rights rata Term ofoffice Remuneration 175,000 50,000 50,000 75,000 (E) ‑ Other fees 40,000 15,000 55,000 (E) ‑ ‑ 2. Consolidated financial statements 91 90 (Ek) 418 718 267 197 2,274 Fees

D D N Y Y plans or “Waves” which plans or “Waves” E ‑ D K N N Recipient Parent Subsidiaries Subsidiaries Parent Subsidiaries Subsidiaries N PLA S FOR AUDIT A AUDIT FOR S CTORS A EE E S FOR DIRS FOR NNEL ERSO S N E T P T T AUDITORS’ F AUDITORS’ T TOM STOCK OPTIOTOM EN EN N E PLA M D ERVIC E TIV arent’s auditorsarent’s network auditors arent’s auditorsarent’s network auditors arent’s arent’s auditorsarent’s auditorsarent’s EN Service provider P P P P P P AG R S ER EP EN N D C N N OTH MA I On 28 2014, May the general meeting incentive a new approved shareholders of plan as to referred the The options “2014 phantom arestock assigned option plan”. free of charge executive to directors with and employees strategic responsibilities the of its subsidiariescompany and/or the members of or to management team as named, on occasions, or more one by the Board Directors. of This plan, which expires on 30 June 2021, is split into three sub I grant beneficiary each the right option each for exercised, receive, to a gross cash amount equal the to difference between the terminal value and the allocation value of the Autogrill shares (the “Bonus”), subject certain to conditions and in any case not exceeding Specifically, a given cap. the terminal value the of shares is defined as the officialaverage closing price shares the of the at trading each of company’s end session theof Italian Stock Exchange in the month prior and to inclusive the of exercise date, plus dividends paid from the grant until date the exercise. of date The allocation value is defined as the official average closing price shares the of the at of company’s end tradingeach session the of Italian Stock Exchange in the month prior and to inclusive theof allocation date. On July 16 2014, the plan and was implemented the terms 1 and and conditions Wave of 1 (vesting defined. period 2 were Wave from July Under 16 Wave July 2014 2016), a 15 to total 3,268,995 of options assigned. were A total 2,835,967 of options assigned were 2 (vesting periodunder Wave In from July 16 2018, July 2014 all 2017). 15 to options 1 optionsoutstanding and 2 options) 924,150 Wave (37,700 31 at December Wave 2017 were exercised. On 12 3 (vesting February period under Wave from 2015, 12 February to 2015 11 February a total 2018), 2,752,656 of options assigned. were All the of remaining 518,306 3 options exercised in were 2019. Wave the 2014Under Phantom Stock Option Plan, the CEO 883,495 received options in Wave 1, 565,217 2 and options 505,556 in 3. Wave options In in exercised he 2018 all Wave of 2 options and 1 and 395,652 Wave his Wave 3 options granted the of Wave under that plan. the In CEO 2019 exercised the remaining 3 options. Wave 109,904 2014 PHA 2014 Type of service Type Auditing Attestation Autogrill Group Annual Report 2019 198 Wave of his 1options. 543,283 exercised 2019 CEO In the Report. Remuneration the in detailed as commitment holding Wave aminimum 679,104 in with options 1, assigned been has below, CEO the described Plan Option Under 2016 Stock Phantom the cancelled. were 39,923 were and exercised options 2019, In 3,181,810 were assigned. options 4,825,428 May 26 2016 of 2019, from to 25 July atotal period avesting With were defined. of Wave conditions and 1 terms the implemented was and plan 2016, the July 26 On date. allocation of the inclusive to and prior month the in Exchange Stock Italian of the session each trading end company’s of at the of the shares price closing average official the as defined is value allocation The date of exercise. the date until grant the from paid plus dividends date, exercise of the inclusive to and prior month the in Exchange Stock Italian of the session end company’s of each trading at the of the shares price closing average official the as defined is shares of the value terminal the cap. agiven Specifically, exceeding not case any in and conditions to certain subject “Bonus”), (the shares Autogrill the of value allocation the and value terminal the between difference to the equal amount cash agross to receive, exercised, for each option right the each beneficiary grant sub three into split is 2024, June 30 on expires which plan, This of Directors. Board the by one more or occasions, on named, as team management to or of members the and/orcompany subsidiaries its of the responsibilities strategic employees and with directors to executive charge of free plan”. “2016 option assigned the stock referred to as are phantom options The plan of shareholders approved anew incentive meeting general May 26 2016, the On 2016 meeting). (/Governance/Shareholders’ www.autogrill.com at public to the available is which 11971/1999, Regulation 7) of Consob (Schedule bis 84 Art. with accordance in prepared Document Disclosure the in provided is Plan Option Stock Phantom 2014 the on information Thorough risk the and plan of the term the payments, dividend estimated volatility, date, reporting the date and grant the on of shares value the on based options, stock phantom of the value fair the calculated advisor plan’s independent the external an Throughout duration, below: 2019 shown 2018 and are in Movements options in O 2018 31 at December Options Options at 31 December 2019 31 at December Options O O O Options at 31 December 2017 31 at December Options ptions cancelled in 2019 in cancelled ptions ptions exercised in 2019 in exercised ptions ptions cancelled in 2018 in cancelled ptions ptions exercised in 2018 in exercised ptions ‑ free rate of return. The calculation was performed using the binomial method. method. binomial the using performed was calculation The rate of return. free PHA N TOM OPTIO STOCK ,700) 0 0 7 7, 3 ( Wave 1 7 00 70 37, N PLA ‑ ‑ ‑ ‑ ‑ N Options (924,510) (1) and Annex 3A 3A (1) Annex and 924,510 ‑ Wave 2 plans or “Waves” or plans which ‑ ‑ ‑ ‑ ‑ (1,849,038) 2,474,594 (518,306) (107,250) 518,306 Wave 3 ‑ ‑ 2. Consolidated financial statements ‑ 199 Options 795,474 (39,923) 4, 017, 2 07 (385,696) 4,402,903 (3,181,810) free return. of rate The ‑ (1) and Annex (1) 3A N ITS PLA UNITS E SHAR CE N 0.4m in and 2018) mainly stem from the adjustment of E ‑ RFORMA E P

ptions exercised in 2018 ptions cancelled in 2018 ptions exercised in 2019 ptions cancelled in 2019 Options December at 31 2017 O O Options December at 31 2018 O O Options December at 31 2019 Movements in optionsMovements in are and 2018 shown 2019 below: 2018 On 24 2018, May the general meeting incentive a new approved shareholders of plan as to referred performance the “2018 The options share are units assigned plan”. free of charge executive to directors with and employees strategicresponsibilities the of its subsidiariescompany and/or the members of or to management team as named, on occasions, or more one by the Board Directors. of whichThe grant plan is split into beneficiary or cycles “Waves” each the right to exchange options Autogrill for stock market performance shares if the and Group’s financial results both satisfy givenconditions. On 24 2018, May the plan and was implemented the terms 1 and conditions Wave of 1 (vesting period defined. 2 were Wave from 24 and For Wave 2020) May 23 to 2018 May a total 866,032 of options assigned. were A total 789,906 of options assigned were for 2 (vesting periodWave from 24 2021). May 23 to 2018 May the Performance 2018 Under Share Units Plan, options the in CEO 136,701 received 1 and 122,830Wave 2. options in Wave the 3 of plan was rolledOn out. Wave June 27 The vesting 2019, period runs from 27 26 to JuneJune 2022 2019 and a total 956,206 of options assigned, were which of 153,632 theto CEO. An external independent advisor has been hired calculate to the fair value the of phantom stock options,based on the value shares of on the grant date, volatility, estimated dividend payments, the term the of plan and the risk calculation was performed using the binomial method. Thorough information on the Phantom Stock 2016 Option Plan is provided in the DisclosureDocument prepared in accordance with Art. 84 bis (Schedule Consob of 7) Regulation 11971/1999, which is available the to public at www.autogrill.com (/Governance/Shareholders’ meeting). The costs incurred the for 2014 in 2019 Phantom and Stock 2016 Option Plans amounted E 6.3m to ( estimates with respect the to provisions 31 at made December on the 2018 basis the of stock market performance Autogrill of shares. Autogrill Group Annual Report 2019 Wave were cancelled. 3options Wave 29,864 and 2options Wave 145,659 of 2019, 135,311 1options, course the During consolidated financial statements at its meeting of 12 March 2020. March of 12 at statements meeting its financial consolidated and report annual of this publication the authorized of Directors Board The 2.2.17 2020. during analyzed be will statement figures financial estimated COVID of the impact 10, the to IAS earlier, mentioned pursuant As Notes. these in disclosures additional or statement figures financial to the adjustment an require would that no events have occurred period, reporting of the close the Since 2.2.16 2006. July of 28 DEM/6064293 Communication Consob by defined as transactions and/or unusual 2019 wereIn no there atypical 2.2.15 2006. July of 28 DEM/6064293 Communication Consob and 15519 2006 of 27 July Resolution Consob non 2019, were noIn there significant 2.2.14 2019 in ( to E 3.3m amounted plan for this Costs meeting). (/Governance/Shareholders’ www.autogrill.com at public to the available is which 11971/1999, Regulation 7) of Consob (Schedule bis 84 Art. with accordance in prepared Document Disclosure the in provided is Plan Units Share 2018 Performance the on information Thorough method. binomial the using performed risk the and plan of the term the payments, dividend estimated volatility, date, grant the on of shares value the on based options, of the value fair the to calculate hired been has advisor independent external An 200 O O O 2018 31 at December outstanding Options Options outstanding at 31 December 2019 31 at December outstanding Options ptions cancelled in 2019 in cancelled ptions 2019 in exercised ptions ptions assigned in 2019 in assigned ptions AUTHORIZATION FOR PUBLICATION ATYPICAL ORU A SIG SUBS N D TRA D N E IFICA QU NSACTIO EN N T NO T EV ‑ recurring events or transactions as defined by by defined as events transactions or recurring N EN ‑ USUAL TRA free rate of return. The calculation was was calculation The rate of return. free (135,311) 866,032 NS 730,721 Wave 1 ‑R TS 1.9m the previous year). previous the E 1.9m E ‑ ‑ CURRI Options (145,659) (1) and Annex 3A 3A (1) Annex and 644,247 789,906 N Wave 2 N G EV SACTION ‑ 19 on pandemic ‑ ‑ EN 956,206 TS (29,864) 926,342 Wave 3 S ‑ ‑ 2. Consolidated financial statements .V. 201 R ER euhauser D OTH .V. N articipations Autogrill articipations Autogrill S.a.s. urope S.p.A. urope S.p.A. urope S.p.A. urope S.p.A. urope S.p.A. urope S.p.A. urope S.p.A. urope S.p.A. urope S.p.A. S A E I e Fournil de Frédéric N e CroBag GmbH & Co KG HMSHost Corporation HMSHost Autogrill S.p.A. Autogrill Coté France S.a.s. Autogrill Coté France S.a.s. Autogrill Restauration Carrousel S.a.s. HMSHost Corporation HMSHost HMSHost Corporation HMSHost Autogrill E Holding de P S.a.s. Autogrill Schweiz A.G. Holding de P Autogrill Coté France S.a.s. Host International, Inc. International, Host HMSHost Corporation HMSHost Autogrill Schweiz A.G. Autogrill Belgie N Autogrill E Autogrill E Ac Restaurants & Hotels Beheer N Autogrill DeutschlandAutogrill GmbH Shareholders S.p.A. Schematrentaquattro Autogrill DeutschlandAutogrill GmbH L GmbH L Autogrill E Autogrill E Autogrill Italia S.p.A. Autogrill S.p.A. Autogrill S.p.A. Autogrill S.p.A. Autogrill E Autogrill E Autogrill E Autogrill E N 1.1300% % held at 0.0100% 50.1000% 99.9900% 99.9900% 98.8700% 54.3300% 73.0000% 50.0000% 31.12.2019 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% ‑ ‑ ‑ ‑ ‑ 40 1,000 8,000 26,192 10,226 ED COMPA 894,761 375,000 375,000 100,000 205,000 1,050,144 2,337,000 1,342,670 7,000,000 7,500,000 3,696,450 3,250,000 1,500,000 1,000,000 6,700,000 2,000,000 31,579,526 84,581,920 23,183,000 68,688,000 68,688,000 50,000,000 Share capital SOLIDAT Usd Eur Eur Usd Usd Usd Eur Eur Eur Eur Eur Chf Usd Usd Chf Chf Eur Eur Eur Currency Pln Eur Eur Eur Eur Eur Eur Eur Eur Pln Eur Eur Eur TS EN goz O STM lten ovara ovara ovara ovara ovara ont‑en‑ E Delaware Marseille Marseille Delaware Delaware Delaware Marseille Marseille Marseille Marseille Champs Delaware Delaware P O Bavois Antwerpen Antwerpen N Registered office Warsaw Hamburg N N Gottlesbrunn Lubjana Avlonas N N Katowice Madrid Munich Hamburg V N ES X ANNE N OF CO LIST I .V. imited euhauser GmbH étrolière Autogrill . U . .V. C erminal Services, Inc. articipations Autogrill S.a.s. olska Sp. Z.o.o. SA, LL A) ollroads, Inc. ollroads, urope S.p.A. P olska Sp. z.o.o. olska Sp. z.o.o. uova Sidap S.r.l. e CroBag P e Fournil de Frédéric N e CroBag GmbH & Co KG iability Company HMSHost U HMSHost International, Inc. Inc. International, HMSHost Autogrill Autoroutes FFH S.àr.l. Autogrill Centres FFH Villes S.àr.l. Corporation HMSHost HMSHost T Host International, Inc. International, Host Société de Gestion P (SG S.àr.l. Holding de P Autogrill Côté France S.a.s. Autogrill Restauration Carrousel S.a.s. Volcarest S.a.s. HMS Airport T Restoroute de la Gruyère S.A. Gruyère la de Restoroute Autogrill Schweiz A.G. Restoroute de Bavois S.A. Autogrill Belgie N Ac Restaurants & Hotels Beheer N Parent Autogrill S.p.A. Companies consolidated line line by N Company L L L Autogrill E Autogrill Italia S.p.A. AdvancedAutogrill Service Business S.p.A. Autogrill Austria GmbH Autogrill D.o.o. Autogrill Hellas Single Member L Autogrill P (in liquidation) Autogrill IberiaL S. Autogrill DeutschlandAutogrill GmbH L % held at Company Registered office Currency Share capital 31.12.2019 Shareholders

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Annual Report 2019 Host International of Kansas, Inc. Kansas Usd 1,000 100.0000% Host International, Inc.

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Anton Airfood of Cincinnati, Inc. Kentucky Usd ‑ 100.0000% Anton Airfood, Inc.

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Anton Airfood of Newark, Inc. New Jersey Usd ‑ 100.0000% Anton Airfood, Inc.

Anton Airfood of JFK, Inc. New York Usd ‑ 100.0000% Anton Airfood, Inc.

Anton Airfood of Minnesota, Inc. Minnesota Usd ‑ 100.0000% Anton Airfood, Inc.

Palm Springs AAI, Inc. California Usd ‑ 100.0000% Anton Airfood, Inc.

Fresno AAI, Inc. California Usd ‑ 100.0000% Anton Airfood, Inc.

Anton Airfood of Seattle, Inc. Washington Usd ‑ 100.0000% Anton Airfood, Inc.

Anton Airfood of Tulsa, Inc. Oklahoma Usd ‑ 100.0000% Anton Airfood, Inc.

Islip AAI, Inc. New York Usd ‑ 100.0000% Anton Airfood, Inc.

Stellar Partners, Inc. Florida Usd 25,500 100.0000% Host International, Inc.

Host International (Poland) Sp.zo.o. Warsaw Usd ‑ 100.0000% Host International, Inc. (in liquidation)

Shenzhen Host Catering Company, Ltd. Shenzhen Usd ‑ 100.0000% Host International, Inc. (in liquidation)

Host Services Pty, Ltd. North Cairns Aud 11,289,360 100.0000% Host International, Inc.

Host International of Canada, Ltd. Vancouver Cad 31,351,237 100.0000% Host International, Inc.

Horeca Exploitatie Maatschappij Haarlemmermeer Eur 45,400 100.0000% HMSHost International B.V. Schiphol. B.V.

Marriott Airport Concessions Pty, Ltd. North Cairns Aud 3,910,104 100.0000% Host International, Inc.

HMSHost Services India Private, Ltd. Bangalore Inr 668,441,680 99.0000% Host International, Inc.

1.000% HMSHost International, Inc.

HMSHost Singapore Private, Ltd. Singapore Sgd 8,470,896 100.0000% Host International, Inc.

Host (Malaysia) Sdn. Bhd. Kuala Lumpur Myr 2 100.0000% Host International, Inc.

HMSHost New Zealand Ltd. Auckland Nzd 1,520,048 100.0000% Host International, Inc.

HMSHost (Shanghai) Enterprise Shanghai Cny ‑ 100.0000% Host International, Inc. Management Consulting Co., Ltd. (in liquidation)

HMSHost International B.V. Haarlemmermeer Eur 18,090 100.0000% Host International, Inc.

HMSHost Hospitality Services Bharath Karnataka Inr 100,000,000 99.0000% HMSHost Services India Private Ltd Private, Ltd. 1.0000% HMSHost International, Inc.

NAG B.V. Haarlemmermeer Eur ‑ 60.0000% HMSHost International B.V.

HMSHost Finland Oy Helsinki Eur 2,500 100.0000% HMSHost International B.V.

Host‑Chelsea Joint Venture #3 Texas Usd ‑ 63.8000% Host International, Inc.

Host Bush Lubbock Airport Joint Venture Texas Usd ‑ 90.0000% Host International, Inc.

HSI Kahului Joint Venture Company Hawaii Usd ‑ 90.0000% Host Services, Inc.

HSI Southwest Florida Airport Joint Florida Usd ‑ 78.0000% Host Services, Inc. Venture

HSI Honolulu Joint Venture Company Hawaii Usd ‑ 90.0000% Host Services, Inc.

HMS/Blue Ginger Joint Venture Texas Usd ‑ 55.0000% Host International, Inc.

Host‑Chelsea Joint Venture #1 Texas Usd ‑ 65.0000% Host International, Inc.

HSI‑Tinsley Joint Venture Florida Usd ‑ 84.0000% Host Services, Inc.

HSI/Tarra Enterprises Joint Venture Florida Usd ‑ 75.0000% Host Services, Inc.

HSI D&D STL FB, LLC Missouri Usd ‑ 75.0000% Host Services, Inc.

HSI/LJA Joint Venture Missouri Usd ‑ 85.0000% Host Services, Inc.

Autogrill Group Seattle Restaurant Associates Olympia Usd ‑ 70.0000% Host International, Inc.

202 2. Consolidated financial statements 203 C AX LL F&B, Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Inc. International, Host Host Services, Inc. Host International, Inc. International, Host Host International, Inc. International, Host Host Services, Inc. Host International, Inc. International, Host Host International, Inc. International, Host Shareholders Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host Services, Inc. Host International, Inc. International, Host Host International, Inc. International, Host Host Services, Inc. Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host HSI Havana L Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Inc. International, Host Host International, Inc. International, Host Host Services, Inc. Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host % held at % held 50.0100% 51.0000% 51.0000% 51.0000% 51.0000% 49.0000% 71.0000% 76.0000% 75.0000% 75.0000% 95.0000% 70.0000% 70.0000% 70.0000% 70.0000% 70.0000% 70.0000% 55.0000% 55.0000% 85.0000% 85.0000% 63.0000% 85.0000% 65.0000% 65.0000% 65.0000% 80.0000% 90.0000% 90.0000% 60.0000% 80.0000% 80.0000% 60.0000% 80.0000% 90.0000% 80.0000% 90.0000% 60.0000% 80.0000% 80.0000% 90.0000% 60.0000% 60.0000% 84.0000% 31.12.2019 100.0000% 100.0000% ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Share capital Share Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Currency Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd evada orth Carolina Delaware Delaware Delaware Delaware Delaware Delaware Texas N Colorado Florida Florida N Delaware Delaware Delaware Delaware Delaware California Registered officeRegistered Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware C C C C FB, LL E FB, C C C C C C C C C C C artners Joint erminal LL A FB, C C C C C C C C C erminal LL B, A, LL C C C C C C FB, LL T FB, T C T T C C C , LL C C BI F&B, LL T F&B, T C AX, LL C artners LL I, BI FB, LL O FB, rime, LL FB, LL T FB, I AX LL F&B, AX T erminal LL A F&B, F&B, LL N F&B, RD FB, LLRD FB, U P C AX LL F&B, U Joint Venture AX T AX SB, LL RF F&B, LLRF F&B, HX F&B, LLHX F&B, FB, LLLL FB, F&B S F&B EN IH F&B, LLIH F&B, F&B II, F&B EN LL HX F&B, LLHX F&B, A FB, LL A FB, DX FB, LL FB, DX HM GS Chefs LL JV 5, Chefs LL JV 3, L L I Jacksonville Joint Venture CI O I Denver Airport Joint Venture I D E RD CVG FB, LL E CVG FB, E RSI L I D O P T T T E TL TL L TP FC SDF LL FB, ee JAX LL FB, ove Field P rue Flavors SA G B L T T E JV, LL TL JV, T O S S Cole’s L L Cole’s O O Host‑ Host L Host GR Host‑CMS SA Host‑ Host A A LTL Host P Fox Host O FDY Host ‑Chelsea Joint Venture #4 Host/JQ RD Host C Host D HSI MiamiAirport P FB Venture Host/JV Ventures Host/JV McCarran Joint Venture Host Houston 8 IAH T HSI Havana L Host A Bay Area Restaurant Group Company Host MGV DCA LL FB, Host MGV IAD LL FB, HH HSI Havana L Host L Host‑C Host C Host Aranza Howell DFW B& Host MCA LL SRQ FB, H HSI MCA F Host Howell T Host JQ Host CMS L Host/DFW AF, LL Host/DFW AF, HSI T Host BGV IAH LL FB, Host MBA L Host H8 IAH LL I, FB Host MGV DCA K Host JQ Host MBA CMS L Host JQ H Host CMH VDV LL FB Host T Host JVI P Autogrill Group Annual Report 2019 204 Host H Host Stellar Retail P Retail Stellar Stellar RSH DFW, RSH LL Stellar Host C Host Host MCA A MCA Host Stellar Retail Group A Group Retail Stellar HMSHost Motorways, Inc. L Motorways HMSHost Hizmetleri A.S. Hizmetleri Ve Içecek Yiyecek Antalya HMSHost HMSHost Family Restaurants, LL Restaurants, Family HMSHost HMSHost Vietnam Company L Company Vietnam HMSHost A.S. Hizmetleri Ve Icecek Yiyecek HMSHost PT L VFS F&B Co, L Autogrill (Autogrill T ‑U HMSHost SMSI T SMSI Host VDV D Host HMSHost Family Restaurants, Inc. Restaurants, Family HMSHost VDV D Host MC Management Co., L HMSHost Huicheng (Beijing) Catering N HMSHost E PT Host SMI SF SMI Host Host D Host Host Chen A Chen Host Host SCR SA SCR Host Host SCR S SCR Host Host DII GRR FB, LL GRR DII Host L Stellar Host SHI P SHI Host MG DFW Java Host HMSHost Ireland L U HMSHost HMSHost Sweden A.B. Sweden HMSHost Host L Host P Stellar Host SCR SAV SCR FB,Host LL MH BGI Host Host JQ Host Company imited L imited Autogrill Indonesia Services Retail P O Retail MA I MA B O T E ravel Centres, Inc. Inc. Centres, ravel L B D E RD AM SA AM I KS artners T artners iability Company Autogrill Rus Autogrill Company iability G L NT AX T AX H opas Indonesia) N EN FB, LL T T K, L K, L MSY, LL I MI ederland B.V.ederland O FB, LL L FB LL AS FB,AS LL FB,TL LL U C N W SB, LL W SB, W 3 SB, LL W 3SB, N FB, LL M A FB, LL T FB, LL artners, LL artners, artners DFW, LL artners 2 FB, LL C FB LL F&B Company AS F&B Company OE N td. T ON ampa, LL ampa, RA , LL C td. C

td. C O C C C C D, LL C C C C C C C C C TL , LL C . td. C , LL P C . C C C C C imited C Delaware T T Delaware Delaware Winnipeg Delaware T Antalya Vancouver City Chi Minh Ho Jakarta Istanbul Saint P Saint City Chi Minh Ho Vancouver Jakarta Delaware Haarlemmermeer Beijing Bærum Delaware Delaware Delaware Delaware Maryland Cork Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Florida L Stockholm Delaware Delaware Florida Registered office ondon ampa ampa ampa etersburg Usd Usd Usd Usd Usd Usd Cad Usd T Cad Vnd Idr T Vnd Cad Idr Rub Usd Eur Cny N Usd Usd Usd Usd Usd Eur Usd Usd Usd Usd Usd Usd Usd Usd Usd Sek Gbp Usd Usd Usd Currency rl rl ok 104,462,000,000 46,600,000,000 ,782,77 014 7, ,17 2 8 7 9, 9 1,134,205,500 Share capital 89,000,000 13,600,000 35,271,734 10,800,100 2,500,000 2,140,000 150,000 1,065 6 0 217, 10,000 2,000 100 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 100.0000% 31.12.2019 64.0000% 90.0000% 90.0000% 80.0000% 90.0000% 90.0000% 80.0000% 80.0000% 65.0000% 80.0000% 65.0000% 63.0000% 65.0000% 88.0000% 55.0000% 55.0000% 70.0000% 70.0000% 75.0000% 75.0000% 75.0000% 79.0000% 59.0000% 51.0000% 51.0000% 99.9999% 67.0000% 99.6670% 50.0100% 0.3330% 0.0001% % heldat Host International, Inc. Stellar P Stellar Stellar P Stellar Host International, Inc. Stellar P Stellar Host International, Inc. HMSHost Motorways, Inc. T SMSI Hizmetleri A.S. Hizmetleri Ve Icecek Yiyecek HMSHost Inc. Restaurants, Family HMSHost SMSI T SMSI HMSHost International B.V. International HMSHost HMSHost N HMSHost B.V. International HMSHost HMSHost International B.V. International HMSHost L Canada, of International Host HMSHost International B.V. International HMSHost N HMSHost International B.V. International HMSHost HMSHost International B.V. International HMSHost Host International, Inc. Host International, Inc. Host International, Inc. P Stellar HMSHost International B.V. International HMSHost B.V. International HMSHost HMSHost International B.V. International HMSHost Host International, Inc. Host International, Inc. Host International, Inc. Host International, Inc. Host International, Inc. Host International, Inc. Host International, Inc. Host International, Inc. P Stellar Host International, Inc. HMSHost International B.V. International HMSHost HMSHost International B.V. International HMSHost Host International, Inc. Host International, Inc. Host International, Inc. P Stellar Shareholders AG B.V. AG ravel Centres, Inc. Centres, ravel ravel Centres, Inc. Centres, ravel artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. ederland B.V.ederland td. 2. Consolidated financial statements 205 td ederland B.V. ederland B.V. artners, Inc. artners, Inc. artners, artners, Inc. artners, artners, Inc. artners, artners, Inc. artners, artners, Inc. artners, artners, Inc. artners, Inc. artners, Shareholders Host International, Inc. International, Host Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host HMSHost International B.V. HMSHost International B.V. HMSHost N HMSHost N Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host HMSHost Huicheng (Beijing) Catering Catering (Beijing) Huicheng HMSHost L Co., Management HMSHost International B.V. Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Stellar P Stellar P Host Services, Inc. Stellar P Host International, Inc. International, Host Host Services, Inc. Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Host International, Inc. International, Host Stellar P Host International, Inc. International, Host Inc. International, Host Stellar P Host International, Inc. International, Host Host Services, Inc. Stellar P Host Services, Inc. Host Services, Inc. Stellar P Stellar P Host Services, Inc. Host International, Inc. International, Host Host International, Inc. International, Host Host Services, Inc. % held at % held 1.0000% 50.0100% 50.0100% 67.0000% 50.0100% 51.0000% 59.0000% 51.0000% 51.0000% 49.0000% 99.0000% 75.0000% 75.0000% 75.0000% 75.0000% 75.0000% 75.0000% 10.0000% 70.0000% 70.0000% 70.0000% 70.0000% 55.0000% 70.0000% 70.0000% 70.0000% 55.0000% 55.0000% 70.0000% 65.0000% 65.0000% 90.0000% 80.0000% 80.0000% 65.0000% 80.0000% 80.0000% 90.0000% 80.0000% 80.0000% 80.0000% 60.0000% 90.0000% 60.0000% 80.0000% 84.0000% 31.12.2019 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 10,000 1,182,464 30,900,000 Share capital Share Currency Usd Usd Usd Usd Usd Usd Rub Usd Usd Usd Usd Cny Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd ampa Registered officeRegistered Delaware Delaware Delaware Delaware Delaware Delaware Russia Delaware Delaware Delaware Republic of Maldives China Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware T Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware C C C C C , LL C C , LL C C C C C T td C EN C C C iability Company BI C T HX, LL C vt L C C C C C C C C C C C C A, LL , LL C C td. C C 6‑ C P C C C 3, LL HX T3, N FB, LLTL FB, A FB, LL A FB, FB, LL O FB, C A FB, LL A FB, T T A, LL GA FB, LL FB, GA imited L AX T A B , LL S FB, LL S FB, N L M A C HX, LL S FB, LL S FB, L L FB, LL O FB, A S A FB, LL A FB, FB, LL O FB, WR SB, LL E L FB, LL O FB, U TL SB, LL L L L MC I B BK, LL 3KG FB, LL FB, TL 3KG A FB, LL A FB, DMV P DMV O L N N FB, LL FB, EN FB, LL E FB, B RD FB, LLRD FB, A FB, LL A FB, A FB, LL A FB, GD LLEN FB, S EN D , LL C1 DCGG D C1 WR FB, LLWR FB, I E L E E E SJC LL FB, L DFW LL Bar, L DFW SB, LL O H D E G KS L D E L AM P L MC BWI FB, LL FB, L BWI L S I S MG E G A E H RA B RA B N GI D GI D D D E Host DS Company Host MC Host DCG A Host MC Host T Host MCA H Host D&D S Host T HMSHost (Shanghai) Catering L Co., Management Host BGB ARG MS HMSHost L Rus Host IBC MC Host JAVA DFW SBC‑GAB,Host JAVA LL Host C HMSHost Maldives P Host T HSI BFF S Host T Stellar Retail Group P Stellar L Stellar P Host N Host WS Host L HSI MCA L Host AAC SF Host P Host L Stellar D Host LP Host IBC P HSI HC Stellar LL MGV BWI, HSI MCA MIA SB, LL Stellar BDI P HSI KI Host DCG A HSI MCA B Stellar DCA B Stellar DCA S Host E IAV HSI C Host ETL O Autogrill Group Annual Report 2019 206 Caresquick N method: equity the using consolidated Companies Autogrill Middle E Middle Autogrill D Stellar D Stellar Dewina Host Sdn. Bhd. Sdn. Host Dewina Arab Host Services LL Services Host Arab Host D Host Host KI Host F, JAVA DFW Host Howell LL D Host Stellar CGS L Stellar HSI BGI B BGI HSI Host MBC L MBC Host WS Host P P Adastra Brands, Inc. Brands, Adastra P Stellar H Stellar P L AIR Stellar Host SMI H SMI Host E AJA Host VMW SF AIM Stellar Stellar P Stellar P Stellar Bambuza S Bambuza Stellar P P Host L Host Company Stellar St. Croix IAH ‑TLL IAH Croix St. Stellar E RSH Stellar uro Gusto N Gusto uro GC‑SC MS GC‑SC L Croix St. GC GC‑SC MS GC‑SC GC‑St. Croix IAH, LL IAH, Croix GC‑St. GC MS GC MS GC‑SC L V‑WS B N O O N E CG PE O MSY Venture, LL Venture, MSY LL G L C1 E Venture, LL P Venture, SJC, LL E SJC, , LL , D O MG MK MG C1 D DCGG I D P AS FB,AS LL S SB, LL S SB, AX I, LL AX C AS FB,AS LL P P P H L O WR, LL WR, GA, LL GA, ‑305, LL ‑305, ‑G, LL ‑G, ‑304, LL ‑304, A, LL A, DMV D .V. T A IAH, LL A IAH, C1 D W FB, LL GA, LL GA, AX FB, LL AX C E FB, LL ast, LL ast, C E C C C A, LL A, C C EN FB,LL C EN FB,LL O C C C C C C C , LL II, LL EN II, C C C C C LL C C C C C C C C C Brussels Delaware Abu Dhabi California Qatar Delaware Kuala Lumpur Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Minnesota Minnesota California Delaware California Delaware California L Minnesota Minnesota Delaware California California California Minnesota Delaware Registered office California ouisiana Eur Usd Aed Usd Qar Usd Myr Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Usd Currency Usd Share capital 1,020,000 200,000 350,000 100,000 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 100.0000% 100.0000% 31.12.2019 80.0000% 60.0000% 80.0000% 80.0000% 60.0000% 90.0000% 80.0000% 66.7000% 85.0000% 55.0000% 70.0000% 70.0000% 70.0000% 75.0000% 75.0000% 75.0000% 74.0000% 49.0000% 49.0000% 51.0000% 51.0000% 51.0000% 51.0000% 67.0000% 50.0100% 50.000% 50.000% 49.000% 49.000% 49.000% % heldat Stellar P Stellar Autogrill Belgie N Belgie Autogrill Host International, Inc. Autogrill Middle E Middle Autogrill Host International, Inc. HMSHost International B.V. International HMSHost Host International, Inc. Host International, Inc. Host International, Inc. Host International, Inc. Stellar P Stellar Host International, Inc. Adastra Brands, Inc. Brands, Adastra Host International, Inc. Inc. Services, Host Stellar P Stellar Stellar P Stellar Host International, Inc. HMSHost Corporation Stellar P Stellar P Stellar Stellar P Stellar Host International, Inc. P Stellar P Stellar Stellar P Stellar P Stellar P Stellar P Stellar Stellar P Stellar Shareholders Host International, Inc. Stellar P Stellar GC‑St. Croix IAH, LL IAH, Croix GC‑St. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. artners, Inc. .V. ast, LL ast, C C 2. Consolidated financial statements 207 of

ter N ER I AG N G (3) and (4) Legislative of N D MA N EPORTI Camillo Rossotto Manager in charge Financial of Reporting O A E E C CIAL R NCIAL A N E OF FI provide a true and fair view the of financial position and results of operations Autogrill of S.p.A. and companies of in included the consolidation; have been preparedhave in accordance with the applicable International Financial Reporting Standards by endorsed the European Union pursuant Regulationto the of 1606/2002/EC European Parliament and the Council July 19 of 2002; correspond the to and ledgers accounting entries;

BY TH N BY STATIO b) c) the consolidated financial statements: a) the directors’ report descriptiona reliable includes the of performance and financial position the of issuer and the entitiesin the scope consolidation, of along with themain risks and uncertainties which to theyare exposed. the in adequacy relation the to of, characteristics the of business; and compliancedue with the administrative and accounting procedures the for preparation the of consolidated financial statements during the course 2019. of E We, theWe, undersigned, Gianmario Da Ruos as Chief Executive Tondato Officer and Camillo Rossotto as Manager in charge Financial of Reporting Autogrill of S.p.A., declare, includinghereby in accordance withArt. bis 154 Decree 58 24 of February 1998: • • No significantNo findings light come to have in this respect. alsoWe confirm that: 3.1 3.2 ATT Attestation of the consolidated financial statements pursuant Art. to 81‑ Consob Regulation 11971 of 14 1999, May as amended 1. 2. 3. CHARG Milan, 12 March 2020 Gianmario Da Ruos Tondato Chief Executive Officer Autogrill Group Annual Report 2019 208 I QRWSURYLGHDVHSDUDWHRSLQLRQRQWKHVHPDWWHUVDFF RXUDXGLWRIWKHFRQVROLGDWHGILQDQFLDOVWDWHPHQWV RIWKHFRQVROLGDWHGILQDQFLDOVWDWHPHQWVRIWKHFXUU .H\DXGLWPDWWHUVDUHWKRVHPDWWHUVWKDWLQRXUSURI .H\$XGLW0DWWHUV DSSURSULDWHWRSURYLGHDEDVLVIRURXURSLQLRQ RVOGWG LDFDVDHHW H HLYWDW WKDW EHOLHYH :H VWDWHPHQWV ILQDQFLDO FRQVROLGDWHG UHTXLUHPHQW HWKLFDO WKH ZLWK DFFRUGDQFH LQ ³&RPSDQ\´ QHWZRUNHOHHQWLWjDHVVHFRUUHODWH'77/HFLDVFX H RGFHRU XLLDFUDFZW,QWHUQDWL 6WDWHPHQWV )LQDQFLDO &RQVROLGDWHG ZLWK WKH DFFRUGDQFH LQ DXGLW UHVSRQVLELOLWLHVXQGHUWKRVHVWDQGDUGVDUHIXUWKHU RXU FRQGXFWHG :H %DVLVIRU2SLQLRQ SXUVXDQWWRDUWRI,WDOLDQ/HJLVODWLYH'HFUHHQR 5HSRUWLQJ6WDQGDUGVDVDGRSWHGE\WKH(XURSHDQ8QLR QRQIRUQLVFHVHUYL]LDLFOLHQWL6LLQYLWDDOHJJHU ,OQRPH'HOLRWWHVLULIHULVFHDXQDRSLGHOOHVHJ DOO¶LQGLUL]]RZZZGHORLWWHFRPDERXW 'HORLWWH 7RXFKH6S$ &RGLFH)LVFDOH5HJLVWURGHOOH,PSUHVH0LODQRQ 6HGH/HJDOH9LD7RUWRQD±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’ R $1'$57,&/(2)7+((85(*8/$7,21 HO¶LQIRUPDWLYDFRPSOHWDUHODWLYDDOODGHVFUL]LRQH XHQWLHQWLWj'HORLWWH7RXFKH7RKPDWVX/LPLWHGXQD QDGHOOHVXHPHPEHUILUPVRQRHQWLWjJLXULGLFDPHQWH LUHQ]H*HQRYD0LODQR1DSROL3DGRYD3DUPD5RP ) ±5($0LODQRQ_3DUWLWD,9$ DOH6RFLDOH(XURLY ,1'(3(1'(17$8',725¶65(3257 HWRRRU HRW:DH QHHGQR$XWRJ RI LQGHSHQGHQW DUH :H UHSRUW RXU RI VHFWLRQ DVDZKROHDQGLQIRUPLQJRXURSLQLRQWKHUHRQDQG GHVFULEHGLQWKH 'HFHPEHUWKHFRQVROLGDWHGLQFRPHVWDWHPHQW HQW\HDU7KHVHPDWWHUVZHUHDGGUHVVHGLQWKHFRQWH[ EPORT \HDUWKHQHQGHGLQDFFRUGDQFHZLWK,QWHUQDWLRQDO)L HVVLRQDOMXGJPHQWZHUHRIPRVWVLJQLILFDQFHLQRXUD RUGLQJO\ HHEU QRLV RVOGWG ILQDQFLDO FRQVROLGDWHG LWV RI DQG 'HFHPEHU QWLQJSROLFLHV H XLHLHFZKYRWLHLVILLQDQ VXIILFLHQW LV REWDLQHG KDYH ZH HYLGHQFH DXGLW KH VRI$XWRJULOO*URXS WKH³*URXS´ ZKLFKFRPSULVHW QHGGDG KQWV R KFQRLDHILQDQFL FRQVROLGDWHG WKH WR QRWHV WKH DQG HQHQGHG QDQGWKHUHTXLUHPHQWVRIQDWLRQDOUHJXODWLRQVLVVXH GHOODVWUXWWXUDOHJDOHGL'HORLWWH7RXFKH7RKPDWVX LDOVWDWHPHQWVJLYHDWUXHDQGIDLUYLHZRIWKH HFRQVROLGDWHGVWDWHPHQWRIFKDQJHVLQHTXLW\WKH VDSSOLFDEOHXQGHU,WDOLDQODZWRWKHDXGLWRIWKH RQDO6WDQGDUGVRQ$XGLWLQJ ,6$,WDOLD 2XU VRFLHWjLQJOHVHDUHVSRQVDELOLWjOLPLWDWD ³'77/´ VHSDUDWHHLQGLSHQGHQWLWUDORUR'77/ GHQRPLQDWD ,7 D7RULQR7UHYLVR8GLQH9HURQD $XGLWRU¶V5HVSRQVLELOLWLHVIRUWKH$XGLWRI 7$7(0(176 2)-$18$5< /LPLWHGHGHOOHVXHPHPEHUILUP ZZZGHORLWWHLW )D[ 7HO ,WDOLD 0LODQR 9LD7RUWRQD 'HORLWWH 7RXFKH6S$ OHPHPEHUILUPDGHUHQWLDOVXR DFH'OLW *RDO´ *ORED ³'HORLWWH DQFKH LO WKH 6S$ ULOO

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AUTOGRILL S.P.A.

REGISTERED OFFICE Via Luigi Giulietti 9 28100 Novara ‑ Italy

Share capital: E 68,688,000 fully paid-in Tax code/Novara Registrar of Companies: 03091940266 VAT number: 01630730032

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