Autogrill Group 1H2011 Financial Results

Milan, 29 July 2011

FORWARD LOOKING STATEMENTS

This presentation is of a purely informative nature and does not constitute an offer to sell, exchange or buy securities issued by Autogrill. It contains forward-looking statements, which have by their very nature an element of risk and uncertainty as they depend on the occurrence of future events. Actual results may differ significantly from the forecast figures and for a number of reasons, including by way of example: traffic trends in the countries and business channels where the Group operates; the outcome of negotiations on renewals of existing concession contracts and future tenders; changes in the competitive scenario; exchange rates between the main currencies and the euro, esp. the US dollar and UK sterling; interest rate movements; future developments in demand; changing oil and other raw material (food) prices; general global economic conditions; geopolitical factors and new legislation in the countries where the Group operates; other changes in business conditions.

DEFINITIONS

EBITDA EBIT NET CASH FLOW from OPERATIONS CAPEX FREE OPERATIN G CASH FLOW GROUP NET PROFIT NET INVESTED CAPITAL CONSTANT EXCHANGE RATES CHAN GE LIKE FOR LIKE GROW TH COMPAR ABLE GROWTH

Earnings before Deprecation, Amortization and impairment loss, Net Financial Income (Expense) and Income Taxes Earnings before Net Financial Income (Expense) and Income Taxes EBIT plus Depreciation, Amortization and impairment loss less Proceeds from Asset Disposal plus Change in Working Capital plus change in Non-Current Asset and liabilities less Interests and Taxes paid Capital Expenditure excluding Investments in Financial Fixed Assets and Equity Investments Net C ash Flow from Operations less Capex, plus Fixed Asset disposal proceeds Profit after Tax and Minorities Interests Non-Current Assets plus Current Assets less Current Liabilities less Other N on-Current non Financial Assets and Liabilities The variation that would have been reported had the comparative figures of consolidated companies with functional currencies other than euro been converted at the same exchange rates employed this year Same stores change in revenues Revenue generated only by those stores which have been up and running for periods reported with the same offer

Some figures may have been rounded to the nearest million. Changes and ratios have been calculated using figures in thousands and not the figures rounded to the nearest million as shown.

Following the disposal of the Flight business at the end of 2010, the results of the sector are stated separately, and only for 2010, according to IFRS 5 as follows: - Net result from Flight operation is condensed and presented on a single income statement line for 1Q2010 only, below the Result from continuing operation, in the line Net result from discontinued operation; - Cash Flow for the period of Flight business is presented separately in the Cash flow statement for 1Q2010 only, below the line Cash flows for the period from continuing operation, in the line Cash flows for the period from discontinued operation

Much better 2nd Quarter

Airport traffic recovering, driving growth in Group sales Strong sales - F&B: North America - TR&DF: everywhere Profitability improving in both sectors - F&B: 2Q closing the gap - TR&DF: still going strong

2010-11YTD QUARTERLY TRAFFIC EVOLUTION (1) 1Q2010 AIRPORTS U.S. U.K. Spain MOTORWAYS (1,0%) (1,6%) 3,4% 2Q2010 1,1% (9,2%) (0,6%) 1H2010 0,1% (5,9%) 1,0% 3Q2010 1,8% (0,2%) 4,2% 9M2010 0,7% (3,6%) 2,3% 4Q2010 5,0% (1,5%) 4,3% FY2010 1,9% (3,1%) 2,7% 1Q2011 2,9% 2,2% 4,9% 2Q2011 2,3% 13,4% 10,6% 2011 YTD (2) 2,6% 8,2% 8,1% 1H2011 2,6% 8,2% 8,1%

U.S. Italy

(0,7%) 2,2%

0,6% 0,3%

(0,0%) 1,1%

1,2% 0,5%

0,4% 0,9%

1,6% (1,0%)

0,7% 0,4%

(0,1%) (0,4%)

(1,0%) (0,5%)

(1)

Source: A.T.A. for U.S. airports - B.A.A., Manchester and Gatwick airports for U.K. airports A.E.N.A. for Spanish airports F.H.W.A. for U.S. motorways A.I.S.C.A.T. for Italian motorways (2) U.S. motorways as of May 2011 Italian Motorways as of April 2011

North America - Capitalising on traffic recovery

U.S. airports - 2Q: sales up by 7.1% (1) , traffic up by 2.3% (2) Positive flow-through limited by inflationary pressure

10%

U.S. AIRPORTS SALES (1) vs. TRAFFIC (2) EVOLUTION 1H2011 sales: +5,6% 7,4% 7,6%

5,5% 5%
Difference in %

2,0x 4,1x 3,8%

6,1%

3,0% 2,9%

3,6% 3,4%

2,1x

4,1x

2,4% 1,8% 1H2011 traffic : +2,6% May

1,5%

0% Jan Feb March April June

(1)

B-t-B sales excluded - Comparable basis

(2)

Source: A.T.A.

North America Increase in raw material prices

Manageable in the short term - change of offer - price adjustment - improvement of labour productivity to protect margin Absorbed in the long term - historical track-record

1980-2010 U.S. FOOD RAW MATERIAL P.P.I. vs. U.S. C.P.I. EVOLUTION (1)
300

C.P.I. 1980-2010 CAGR: +3,3%

Index (Month 1 1980 = 100)

200

100

FOOD RAW MATERIAL P.P.I. 1980-2010 CAGR: +2,3%

1980

1990

2000

2010

(1)

Finished Consumer Food for Food Raw Material Price and Consumer Price Index for all urban consumers (All items) for C.P.I. Source: U.S. Bureau of Labor Statistics

Europe - A different story

In Europe - economic recovery is lagging - airports traffic strong, motorways traffic still weak

Group airports recorded strong results - TR&DF sales up by 10.9% (1) - F&B airport sales up by 7.1% (1-2)

1H2010 EUROPEAN F&B SALES BREAKDOWN by CHANNEL 13%

Group motorways activities influenced by macro-economic scenario, fuel price and changes in Group network - sales flat (+0.2%) (1)

10%

7%

70%

Airports Railway Stations

Motorways Others

(1) (2)

On constant FX (data converted using 2011 FX rates) Amsterdam Schipol airport sales consolidated in HMS Host

Europe - A different story - Italy

2010-11 YTD ITALIAN MOTORWAYS TRAFFIC BREAKDOWN (1)

% on total
(2)

1Q2010 2,9% 0,0% 2,2%

2Q2010 (0,1%) 1,2% 0,2%

3Q2010 (0,1%) 2,6% 0,4%

4Q2010 (2,6%) 4,1% (1,0%)

FY2010 (0,1%) 2,2% 0,4%

1Q2011 (1,8%) 3,8% (0,4%)

April 2011 (1,6%) 2,6% (0,6%)

2011 YTD (1,7%) 3,5% (0,5%)

Light Traffic Heavy Traffic Total Traffic

77% 23% 100%

ITALIAN TOLL MOTORWAYS SALES 6%

(3)

vs. TRAFFIC

(1)

EVOLUTION

3,9% 1,7% 0,7% 0%

Difference in %

(0,2%)

April YTD sales: (1,2%) (0,6%) (0,6%) (1,6%) (2,9%) April YTD traffic: (0,5%) (5,5%) May June

(2,6%)

-6% Jan Feb

March

April

(1)

Source: A.I.S.C.A.T. - (2) Percentage calculated on FY2010 data -

(3)

B-t-B sales excluded - Like-for-like basis

Europe A different story 2 solutions

1. Italy: fine-tuning of the business model to increase penetration - New Focus on F&B

2. Rest of Europe: restructuring - redefinition of the European organisation - strengthen Group know-how and best practice - delivery of the Other European countries action plan

Aiming for one F&B organisation for the all of Europe

1H2011 Highlights

2nd QUARTER
Million % Change Million

1st HALF
% Change

2011 NET SALES F&B TR&DF EBITDA % on sales F&B

% on sales
(2)

2010 1.424,3 1.000,9 423,4 153,3

10,8%

Current FX Constant FX(1) 2,0% (1,1%) 9,4% 7,6% (2,0%) 31,6% 25,9% 33,2% 12,7% (8,9%) 2,8% 6,0% 3,2% 12,5% 12,0% 3,2% 32,9% 31,7% 39,3%

2011 2.655,8 1.845,4 810,5 250,8

9,4%

2010 2.582,2 1.835,0 747,2 246,7

9,6%

Current FX Constant FX(1) 2,8% 0,6% 8,5% 1,7% (11,3%) 25,8% 11,0% 66,3% (46,0%) 1,1% 9,9% 4,2% 2,2% 8,8% 3,6% (8,9%) 25,7% 14,2% 75,8%

1.453,0 989,9 463,0 165,0

11,4%

107,7
10,9%

109,9
11,0%

158,9
8,6%

179,2
9,8%

TR&DF
% on sales

64,0
13,8%

48,6
11,5%

96,6
11,9%

76,8
10,3%

EBIT
% on sales

94,2
6,5%

74,8
5,3%

108,2
4,1%

97,5
3,8%

GROUP NET RESULT

% on sales

43,4
3,0%

32,6
2,3%

39,0
1,5%

23,5
0,9%

NET CASH FLOW FROM OPERATIONS

% on sales

173,2
11,9%

153,7
10,8%

104,4
3,9%

193,5
7,5%

CAPEX
% on sales

47,1
3,2%

51,7
3,6%

83,9
3,2%

83,0
3,2%

FREE OPERATING CASH FLOW

% on sales

127,9
8,8%

102,6
7,2%

26,6
1,0%

112,5
4,4%

(1)

10

Data converted using FX 2011 rates: - FX /$ 1H2011 average 1:1.4032 and 1H2010 average 1:1.3268; - FX / 1H2011 average 1:0.8682 and 1H2010 average 1:0.8700 (2) Net of corporate cost (see please slide 29)

Business performance

11

Food & Beverage Improving 2nd Quarter

2nd QUARTER
Million Change Million
(1)

1st HALF
Change Constant FX 7,2% 3,2% (2,4%) 3,2%

2011
HMSHost Italy Other European Countries 441,3 353,9 194,7 989,9

2010
462,5 343,0 195,4 1.000,9

Current FX (4,6%) 3,2% (0,3%) (1,1%)

2011
849,1 648,2 348,0 1.845,4

2010
855,0 628,7 351,3 1.835,0

Current FX (0,7%) 3,1% (0,9%) 0,6%

Constant FX 5,0% 3,1% (3,4%) 2,2%

(1)

Total SALES
HMSHost
% on net sales

54,5 12,3% 33,2 9,4% 20,0 10,3% 107,7 10,9% 39,3 4,0%

58,8 12,7% 36,3 10,6% 14,8 7,6% 109,9 11,0% 46,4 4,6%

(7,3%)

3,1%

93,6 11,0% 51,6 8,0%

100,4 11,7% 66,7 10,6% 12,1 3,4% 179,2 9,8% 73,0 4,0%

(6,8%)

(1,5%)

Italy
% on net sales

(8,6%)

(8,6%)

(22,6%)

(22,6%)

Other European Countries (2)

% on net sales

35,2%

31,9%

13,7 3,9%

13,4%

7,0%

Total EBITDA
% on sales

(2,0%)

3,2%

158,9 8,6% 70,9 3,8%

(11,3%)

(8,9%)

CAPEX
% on sales

(15,3%)

(3,8%)

(2,8%)

6,4%

12

(1)

Data converted using FX 2011 rates -

(2)

Includes 2.4m of one-off income

Food & Beverage Better labour productivity

2Q2011 F&B EBITDA MARGIN BRIDGE

14%

11,0%

11,0% 0,0% (0,7%) (0,2%) (0,2%) 1,0%

10,9%

7%
% on sales

0% 2Q2010 FX Impact 2Q2010 at constant FX COGS Labour Cost R&R Other Costs 2Q2011

14%

1H2011 F&B EBITDA MARGIN BRIDGE

9,8%

(0,1%)

9,7%

(0,6%) (0,6%) (0,2%) 0,3%

8,6%

7%
% on sales

0% 1H2010 FX Impact 1H2010 at constant FX COGS Labour Cost R&R Other Costs 1H2011

13

TR&DF Benefitting of the luxury trend

2nd QUARTER
Million 2011 Spain U.K. Europe Rest of the World Airports Other (2) 142,1 219,4 361,6 92,6 454,2 8,9 463,0 64,0 13,8% 6,5 1,4% 2010 128,6 191,8 320,5 92,6 413,1 10,3 423,4 48,6 11,5% 4,5 1,1% Change
Current FX Constant FX (1)

1st HALF
Million 2011 234,2 382,5 616,7 176,3 793,0 17,5 810,5 96,6 11,9% 11,3 1,4% 2010 215,7 339,6 555,3 174,3 729,5 17,7 747,2 76,8 10,3% 9,1 1,2% Change
Current FX Constant FX
(1)

10,5% 14,4% 12,8% (0,0%) 9,9% (13,8%) 9,4% 31,6%

10,5% 17,4% 14,7% (3,8%) 13,2% (13,9%) 12,5% 32,9%

8,6% 12,6% 11,1% 1,2% 8,7% (1,2%) 8,5% 25,8%

8,6% 12,4% 10,9% 3,0% 9,0% (0,9%) 8,8% 25,7%

Total SALES EBITDA

% on sales

+12,4% on a like-for-like basis

CAPEX
% on sales

42,3%

54,7%

24,9%

29,9%

(1)

Data converted using 2011 FX rates Includes P&M and B-t-B sales

14

(2)

TR&DF Quality sales

1H2011 TR&DF EUROPEAN SALES BREAKDOWN by PASSENGERS

1H2011 TR&DF TOTAL AIRPORTS SALES BREAKDOWN by PRODUCT CATEGORY

NON-EU 49%

EU 51%

OTHER 14% FOOD 11% TOBACCO 14%

COSMETICS 43%

LIQUORS 18%

Sales growth 1H11 vs. 1H10 EU NON-EU 7,0% 14,5%

Cosmetics Liquors Tobacco

Sales growth 1H11 vs.1H10 12,4% 5,3% -0,5% Food Other categories

Sales growth 1H11 vs.1H10 10,3% 13,6%

15

TR&DF Margin increase driven by sales mix

16%

2Q2011 TR&DF EBITDA MARGIN BRIDGE 0,6% (1,2%) 0,3% 2,6%

0,0% 11,5%

13,8%

11,5%

8%

0%
2Q2010 FX Impact 2Q2010 at constant FX COGS Labour Cost R&R Other Costs 2Q2011

% on sales

16%

1H2011 TR&DF EBITDA MARGIN BRIDGE

2,1% 10,3% 0,0% 10,3%

(0,1%)

0,5%

(0,9%)

11,9%

8%
% on sales

0% 1H2010 FX Impact 1H2010 at constant FX COGS Labour Cost R&R Other Costs 1H2011

16

Cash generation

17

Cash Flow Statement Improving 2nd Quarter

Million EBITDA Change in working capital and net change in non-current non-financial assets and liabilities Other non cash items CASH FLOW FROM OPERATION Tax paid Net interest paid NET CASH FLOW FROM OPERATION Net CAPEX
(2)

1H2011 250,8 (85,4) (1,6) 163,8 (22,8) (36,7) 104,4 (77,8) 26,6

2Q2011 165,0 40,5 0,3 205,8 (12,5) (20,0) 173,2 (45,4) 127,9

1Q2011 85,9 (125,9) (1,9) (41,9) (10,2) (16,6) (68,8) (32,5) (101,3)

1H2010 246,7 5,9 (0,2) 252,5 (22,5) (36,5) 193,5 (81,0) 112,5

(1)

2Q2010 153,3 44,1 (0,1) 197,3 (22,4) (21,3) 153,7 (51,1) 102,6

(1)

1Q2010 93,4 (38,2) (0,1) 55,1 (0,2) (15,2) 39,8 (29,9) 9,9

(1)

FREE OPERATING CASH FLOW

(1)

Following the disposal of the Flight business, 2010 Cash Flow is related to continuing operation only (F&B and TR&DF) 1H2011 - Capex 83,9m less Fixed Asset disposal 6,1m; 1H2010 Capex 83,0 m less Fixed Asset disposal 2,0 m

18

(2)

2011 Group refinancing Main targets and achievements

Extension of the average duration of Group debt Gradual transition towards financial independence of the business sector within the Group Maintained a balance debt both in terms of currency and interest rates

Two 5-years credit facilities signed - residual duration of Group debt increases from around 2 years to more than 4 years (1) Credit lines allocated to the two business sectors - 700 for Autogrill S.p.A. and U.S. subsidiaries - 650 for Autogrill Espaa and retail subsidiaries Average cost of debt for the Group from 4.80% (2) to 5.69% (3)
(1)

19

(2) (3)

As of 30 June 2011 - FX /$ 1:1.4453 - FX / 1:0.9026 FX /$ 1:1.42- FX / 1:0.86 - 2011 full year pro-forma average cost of debt excluding refinancing FX /$ 1:1.42- FX / 1:0.86 - 2011 full year pro-forma average cost of debt including refinancing since January 2011

2011 Group refinancing - Gross debt maturity profile

GROUP GROSS DEBT MATURITY PROFILE as of 30 JUNE 2011

2.000

As of 30.06.2011

Million

AVERAGE DEBT MATURITY as of 30 June 2011: ~2 years

1.000

0 2012 2013 2014 2015 2016 2017

GROUP GROSS DEBT MATURITY PROFILE PRO FORMA

2.000

Pro-forma after refinancing

Million

AVERAGE DEBT MATURITY PRO FORMA: ~4 years

1.000

0 2012 2013
F&B

2014

2015
TR&DF

2016

2017

20

FX /$ 1:1.4453 - FX / 1:0.9026

2011 Group refinancing - Main features

F&B REVOLVING CREDIT FACILITES
Amount: 700m - I tranche: 124m - II tranche: 576m Length and repayment: - 5 years for both tranches - both tranches bullet Currency: - I tranche: - II tranche: , $, Borrower - I tranche: Autogrill S.p.A. - II tranche: Autogrill S.p.A., Autogrill Group Inc. Host International Covenants: - leverage ratio: 3.5x - interest cover : 4x

TR&DF REVOLVING CREDIT FACILITES

Amount: 650m - I tranche: 400m - II tranche: 250m Length and repayment: - 5 years for both tranches - tranche I amortising, II tranche bullet Currency: - I tranche: , - II tranche: , $, Borrower - for both tranches: Autogrill Espaa, Aldeasa, WDF and Autogrill Retail UK

Covenants: - leverage ratio: 3.5x - interest cover : 4x

21

Outlook

22

2011 Guidance confirmed

Group weekly store sales (1), up to week 29, are up 4.4% on a constant FX basis (2) - Travel Retail ahead of the pack - strong N.A. performance balanced still weak European motorways

Guidance confirmed

BLUSTERY

BREEZE

TRAFFIC ASSUMPTIONS

US Airports Italian Motorways UK Airports Spanish Airports

Million

1,5% 0,0% 2,0% 2,0%

FX /$ 1:1.35 FX / 1:0.86

3,0% 0,5% 3,0% 3,0%

Sales Ebitda
% on net sales

5.800 610
10,5%

5.900 640
10,8%

Capex
% on net sales

250
4,3%

250
4,2%

(1)

23

(2)

Figures refer solely to sales made in the stores managed by the Group, excluding B-t-B activities FX 2011: $/: 1.41; /: 0.87

Autogrill Group 1H2011 Financial Results

Appendix

24

Index

CONDENSED CONSOLIDATED FIGURES - P&L 1H2011 & 2Q2011 - Balance Sheet - Cash Flow Statements and F.C.F. evolution - Net Debt evolution BUSINESS PERFORMANCE - F&B (Sales and Traffic evolution, Countries details) - TR&DF (Condensed Income Statement, Sales and Traffic evolution) MARKET DATA - Traffic data MARKET DATA - U.S. labor cost and raw material price MARKET DATA - Oil and Petrol prices

slides 26 to 42

slides 43 to 52

slides 54 to 59

slides 60 to 63

slides 64 to 66

25

Condensed consolidated figures

26

Condensed consolidated P&L - 1H2011

Million

1H2011 2.655,8 74,8 2.730,6 (979,2) (694,3) (547,0) (259,2) 250,8 (142,6) 108,2 (40,9) 0,8 68,1 (23,8) 44,2 44,2 39,0 5,2

% on Net sales 100,0% 2,8% 102,8% 36,9% 26,1% 20,6% 9,8% 9,4% 5,4% 4,1% 1,5% 0,0% 2,6% 0,9% 1,7% 1,7% 1,5% 0,2%

1H2010 (1) 2.582,2 59,9 2.642,1 (950,1) (670,4) (526,2) (248,7) 246,7 (149,2) 97,5 (37,2) (4,7) 55,7 (31,0) 24,7 6,7 31,4 23,5 7,9

% on Net sales 100,0% 2,3% 102,3% 36,8% 26,0% 20,4% 9,6% 9,6% 5,8% 3,8% 1,4% 0,2% 2,2% 1,2% 1,0% 0,3% 1,2% 0,9% 0,3%

CHANGE Current FX
2,8% 25,0% 3,4% 3,1% 3,6% 4,0% 4,2% 1,7% (4,4%) 11,0% 10,1% n.s. 22,3% (23,0%) 79,2% 40,8% 66,3% (34,5%)

Constant FX (2)
4,2% 24,1% 4,6% 4,0% 5,5% 5,4% 5,9% 3,6% (3,2%) 14,2% 11,5% n.s. 26,9% (21,8%) 90,8% 47,8% 75,8% (32,7%)

Revenue Other operating income Total revenue and other operating income Raw materials, supplies and goods Personnel expense Leases, rentals, concessiones and royalties Other operating costs EBITDA Depreciation, amortisation and impairment losses EBIT Net financial expense Impairment losses on financial assets Pre tax profit Income tax Profit from continuing operations Profit from discontinued operations Profit attributable to: - owners of the parent - non-controlling interests

(1)

27

Following the disposal of the Flight business, Net result from Flight operation is condensed and presented, for 1H2010 only in the line Net result from discontinued operations (2) Data converted using 2011 FX average rates: - /$ 1H2011 - 1:1.4032; 1H2010 - 1:1.3268; - / 1H2011 - 1:0.8682; 1H2010 - 1:0.8700

Condensed consolidated P&L 2Q2011

Million

2Q2011(1) 1.453,0 37,8 1.490,8 (533,1) (354,5) (301,3) (137,0) 165,0 (70,8) 94,2 (22,0) 0,5 72,7 (26,1) 46,5 46,5 43,4 3,2

% on Net sales 100,0% 2,6% 102,6% 36,7% 24,4% 20,7% 9,4% 11,4% 4,9% 6,5% 1,5% 0,0% 5,0% 1,8% 3,2% 3,2% 3,0% 0,2%

2Q2010 (1-2) 1.424,3 29,8 1.454,1 (524,2) (351,0) (292,2) (133,4) 153,3 (78,5) 74,8 (17,7) (4,8) 52,3 (22,0) 30,4 7,4 37,8 32,6 5,2

% on Net sales 100,0% 2,1% 102,1% 36,8% 24,6% 20,5% 9,4% 10,8% 5,5% 5,3% 1,2% (0,3%) 3,7% 1,5% 2,1% 0,5% 2,7% 2,3% 0,4%

CHANGE Current FX
2,0% 26,9% 2,5% 1,7% 1,0% 3,1% 2,7% 7,6% (9,9%) 25,9% 24,8% n.s. 38,9% 18,9% 53,3% 23,3% 33,2% (39,0%)

Constant FX
6,0% 26,3% 6,4% 4,5% 5,8% 6,9% 6,9% 12,0% (6,6%) 31,7% 29,3% n.s. 45,5% 22,2% 62,9% 26,2% 39,3% (45,1%)

Revenue Other operating income Total revenue and other operating income Raw materials, supplies and goods Personnel expense Leases, rentals, concessiones and royalties Other operating costs EBITDA Depreciation, amortisation and impairment losses EBIT Net financial expense Impairment losses on financial assets Pre tax profit Income tax Profit from continuing operations Profit from discontinued operations Profit attributable to: - owners of the parent - non-controlling interests

(1) (2)

2Q2011 and 2Q2010 figures are calculated as difference between 1H and 1Q figures Following the disposal of the Flight business, Net result from Flight operation is condensed and presented, for 2Q2010 only in the line Net result from discontinued operations

28

Condensed consolidated P&L Ebitda Unallocated items

Million Corporate and Not Allocated G&A Not Allocated Flight Total

2Q2011 (6,7) (6,7) (0,0) 0,0 (6,7)

2Q2010 (5,2) (5,2) (0,0) 0,0 (5,2)

1H2011 (12,7) (12,6) (0,1) 8,0 (4,6)

1H2010 (9,3) (9,2) (0,1) 0,0 (9,3)

29

Condensed consolidated P&L Financial charges

2Q2011
Million Million

1H2011

15,5
3,9 11,6

Interest Expense On Debt

Bonds Bank Debt

31,5
8,2 23,3

Interest Expense On Debt

Bonds Bank Debt

(0,2) 0,7 16,0 6,0

2,7 3,3

Interest Income Other Interest Expense, net Charges

Fees Other Charges

(0,5) 1,5 32,6 8,4

3,4 5,0

Interest Income Other Interest Expense, net Charges

Fees Other Charges

22,0

Net Financial Charges

40,9

Net Financial Charges

30

Condensed consolidated P&L Income tax

Million

1H2011 2.655,8 74,8 2.730,6 (979,2) (694,3) (547,0) (259,2) 250,8 (142,6) 108,2 (40,9) 0,8 68,1 (23,8) 44,2 39,0 5,2

% on Net sales 100,0% 2,8% 102,8% 36,9% 26,1% 20,6% 9,8% 9,4% 5,4% 4,1% 1,5% 0,0% 2,6%
(23.8)
Reported Income Tax

Revenue Other operating income Total revenue and other operating income Raw materials, supplies and goods Personnel expense Leases, rentals, concessiones and royalties Other operating costs EBITDA Depreciation, amortisation and impairment losses EBIT Net financial expense Impairment losses on financial assets Pre tax profit Income tax Profit attributable to: - owners of the parent - non-controlling interests

68.1 36% (24.5) 1.6

PROFIT BEFORE TAX THEORETICAL TAX RATE THEORETICAL TAX Reduced tax due to direct taxation of minority partners in fully consolidated US joint venture (Use of unvalued tax losses carried forward) / Unvalued tax losses Effect of UK tax rate reduction on Deferred Tax Liabilities Other Permanent differences Effective tax excluding IRAP IRAP

0.4 3.2 1.3 (18.1) (5.7)

0,9% 1,7% 1,5% 0,2%

31

Condensed Consolidated Balance Sheet

CHANGE Million

30.06.2011
2.076,5 879,1 23,2 2.978,8 239,9 67,7 206,6 (659,0) (366,2) (511,0) 2.467,9 (260,0) 0,0 2.207,9 637,6 18,5 656,1 1.143,3 (2,7) 1.140,6 567,9 (156,7) 411,2 1.551,8 2.207,9

31.12.2010
2.196,0 925,1 26,9 3.147,9 246,3 59,7 185,1 (674,6) (392,4) (575,9) 2.572,0 (286,1) 1,0 2.286,9 690,0 21,3 711,4 1.511,7 (3,1) 1.508,6 258,1 (191,1) 66,9 1.575,5 2.286,9

Current FX

Constant FX

Intangible assets Property, plants and equipment Financial assets A) Non-current assets Inventories Trade receivables Other receivables Trade payables Other payables B) Working capital C) Invested capital, less current liabilities D) Other non-current non-financial assets and liabilities E) Assets held for sale F) Net invested capital Equity attributable to owners of the parent Equity attributable to non-controlling interests G) Equity Non-current financial liabilities Non-current financial assets H) Non-current financial indebtedness Current financial liabilities Cash and cash equivalents and current financial assets I) Current net financial indebtedness Net financial indebtedness (H+I) L) Total as in F)

(119,5) (45,9) (3,6) (169,1) (6,4) 8,0 21,6 15,6 26,2 65,0 (104,1) 26,1 (1,0) (79,0) (52,4) (2,8) (55,3) (368,4) 0,4 (368,0) 309,9 34,4 344,3 (23,7) (79,0)

(40,4) (15,8) (1,8) (58,0) (0,1) 8,5 26,2 6,1 13,8 54,5 (3,5) 15,8 (1,0) 11,3 (25,4) (2,0) (27,4) (315,7) 0,2 (315,5) 316,5 37,7 354,2 38,7 11,3

32

Consolidated Cash Flow Statements

Million Opening - net cash and cash equivalents Cash flow from continuing operations Pretax profit and net financial expense for the period Amortisation, depreciation and impairment losses on non-current assets, net of reversals Adjustment and (gains)/losses on disposal of financial assets (Gain)/losses on disposal of non-current assets Change in working capital in the year Net change in non-current non-financial assets and liabilities Cash flow from operating activities Taxes paid Interest paid Net cash flow from operating activities Acquisition on property, plant and equipment and intangible assets Proceeds from sale of non-current assets Disposal of consolidated equity investments Net change in non-current financial assets Net cash flow used from investing activities (Repayments)/issues of bond Repayments of medium/long-term loans, net of new loans Repayments of short-term loans, net of new loans Dividend payments Other cash flows Net cash flow used in financing activities Cash flow for the period from continuing operations Cash flow from discontinued operations Net cash flow from operating activities of discontinued operations Cash flow used in investing activities from disocntinued operations Cash flow from financing activities from discontinued operation Cash flow for the period from discontinued operations
(3) (2)

1H2011 156,9

1H2010 (1) 179,7

109,0 142,6 (0,8) (1,6) (65,0) (20,3) 163,8 (22,8) (36,7) 104,4 (83,9) 6,1 (2,2) 3,6 (76,4) (41,4) 136,7 (87,9) (61,0) (5,8) (59,4) (31,4) (2,4) 123,1

92,8 149,2 4,7 (0,2) 21,4 (15,4) 252,5 (22,5) (36,5) 193,5 (83,0) 2,0 (4,0) (85,0) (35,7) 5,4 (78,3) (6,2) (114,9) (6,4) 13,7 (2,7) (4,2) 6,8 9,7 189,8

Effect of exchange on net cash and cash equivalents Closing - net cash and cash equivalents
(1)

33

Following the disposal of the Flight business, Cash flow of the period of the Flight business is presented separately, for 1H2010, in the line Cash flows for the period from discontinued operations (2) Includes the exchange rate gains (losses) on income statements components (3) Includes dividend paid to minority shareholders in subsidiaries

Consolidated Cash Flow Statements - F.C.F. evolution 1H2011

1H2011 EVOLUTION (1)
300

140

(65)

200

(20) (23)

Million

(37) 109 104 (84)

100

6
0

27

EBIT

D&A and other no cash items (2)

Change Working Capital

Net change in non current and non financial asset

Cash taxes

Cash Interest

NET CASH FLOW from OPERATIONS

Capex

Disposals

FREE CASH FLOW (before acquisitions and dividends)

(1)

34

(2)

Figures rounded Amortisation, depreciation and impairment losses, +/- Capital (gains)/ losses on the disposal of financial assets

Consolidated Cash Flow Statements - F.C.F. evolution 2Q2011

2Q2011 EVOLUTION (1)
300

42
200

(1)

(13) (20) 173 (47)

71
Million

2 95

128

100

EBIT

D&A and other no cash items (2)

Change Working Capital

Net change in non current and non financial asset

Cash taxes

Cash Interest

NET CASH FLOW from OPERATIONS

Capex

Disposals

FREE CASH FLOW (before acquisitions and dividends)

(1)

35

(2)

Figures rounded Amortisation, depreciation and impairment losses, +/- Capital (gains)/ losses on the disposal of financial assets

Net debt evolution 1H2011

1H2011 NET DEBT EVOLUTION

2.000

1.576
1.500

(62) (104) 78 61 4 1.552

1.000
Million

Free Operating Cash Flow 26m

500

0
31.12.2010 FX Difference Net Cash Flow from Operations Net Capex (1) Other movements Other non cash items (2) 30.06.2011

FX /$ 30.06.2011 1:1.4453 vs. 31.12.2010 1:1.3362 - FX/ 30.06.2011 1: 0.9026 vs. 31.12.2010 1:0.8608

36

(1)

Capex of 83.9m less disposal of 6.1m

(2)

Includes the change in fair value of hedging instruments

Net debt evolution 2Q2011

2Q2011 NET DEBT EVOLUTION

2.000

1.628
1.500

(18) (173) 45 61 9 1.552

1.000
Million

Free Operating Cash Flow 128m

500

0
31.03.2011 FX Difference Net Cash Flow from Operations Net Capex (1) Other movements Other non cash items (2) 30.06.2011

FX /$ 30.06.2011 1:1.4453 vs. 31.03.2011 1:1.4207 - FX/ 30.06.2011 1: 0. 9026 vs. 31.03.2011 1:0.8837

37

(1)

Capex of 47.1m less disposal of 1.7m

(2)

Includes the change in fair value of hedging instruments

Net debt evolution Main Gross Debt Components

AUTOGRILL GROUP MAIN GROSS DEBT COMPONENTS as of 30 JUNE 2011

Instrument

Inception Jan 2003

Available Amount 266 m$

Final maturity January 2013

Rate (1) Fixed : 6,01%

Drawn 266 m$

Undrawn

Covenants

May 2007 Term Loan Syndicated Revolving Credit Facility Bilateral Revolving Credit Facility Term Loan (Aldeasa acquisition) Term Loan (WDF acquisition) Syndicated Revolving Credit Facility June 2005 June 2005 Dec. 2010 March 2008 March 2008 March 2008

150 m$ 200 m 300 m 300 m 275 m 318,3 mGBP 125 m

May 2017 June 2015 June 2012 Jun 2012 March 2013 March 2013 March 2013

Fixed : 5,73% Floating Floating Floating Floating Floating Floating

150 m$ 200 m 165 m 290m$ 275 m 318,3 mGBP 85 mGBP 31 m 135m 99m

38

FX /$ 1:1.4453 - FX / 1:0.9026
(1)

For floating bank loans interest partially hedged with Interest Rate Swap

Net Debt/Ebitda < 3,5x

Private Placement

Ebitda interest coverage > 4,5x

Net debt evolution Maturity profile

GROUP DEBT AND BANK COMMITMENTS MATURITY PROFILE

(Committed lines as of 30.06.2011) 1.000

750

Million

500

250

0 2011 2012 2013 2014 2015 and after

39

FX /$ 1:1.4453 - FX / 1:0.9026

Net debt evolution Group Hedging Policy

Foreign Currency Hedging Policy: - matching assets and liabilities in currencies different from the Euro, so minimising the FX translation risk - as of June 2011, after hedging, around 31% of the debt is denominated in USD and 27% in GBP Interest Rate Hedging policy: - Group has a dual objective of minimising net interest expense while limiting the P&L volatility - as of June 2011, after hedging, Group has around 61% of fixed rate debt
GROUP NET DEBT by CURRENCY(1)
(FX EUR/USD 30.06.2011)

GROUP NET DEBT BREAKDOWN by COUPON(1)

(FX EUR/USD 30.06.2011)

EURO 42%

USD 31%

FLOATING 39%

FIXED 61%

GBP 27%

40

FX /$ 1:1.4453 - FX / 1:0.9026
(1)

Including Hedging

Net debt evolution Financial ratios

FINANCIAL COVENANTS as of 30 JUNE 2011

Million USPP Net Financial Position Hedging Instruments Fair Value + Other fin.assets and liabilities NET DEBT for covenants calculation Reported EBITDA Provisions EBITDA for covenants calculation NET INTEREST CHARGES for covenants calculation 1 COVENANT (Net Debt / Pro-forma Ebitda)
(2)

Bank Facilities (1) 1.551,8 (42,9) 1.508,9 609,5 (1,2) 608,2 75,6 2,48x 8,05x

1.551,8 (42,9) 1.508,9 609,5 609,5 73,6 2,48x

2 COVENANT (Ebitda / Net financial charges)

(2)

8,28x

(1)

41

(2)

Referred to Term Loan and Syndicated revolving Leverage ratio shall stay below (or equal) 3.5 times Interest cover shall stay above (or equal) 4.5 times

Capex

2Q2011
Million

2Q2010
Total 39,3 6,5 1,3 47,1 Development Maintenance ICT & Others 37,1 4,5 0,0 41,6
80,5%

Development Maintenance ICT & Others Food&Beverage Travel Retail Others Total
% on Total

Total 46,4 4,5 0,8 51,7

31,1 6,5 0,0 37,6

79,8%

6,7 0,0 0,0 6,7

14,3%

1,4 0,0 1,3 2,8

5,9%

6,1 0,0 0,0 6,1

11,8%

3,2 0,0 0,8 4,0

7,7%

1H2011
Million

1H2010
Total 70,9 11,3 1,6 83,9 Development Maintenance ICT & Others 59,7 9,0 0,0 68,7
82,7%

Development Maintenance ICT & Others Food&Beverage Travel Retail Others Total
% on Total

Total 73,0 9,1 1,0 83,0

55,1 11,3 0,0 66,5

79,2%

12,9 0,0 0,0 12,9

15,3%

2,9 0,0 1,6 4,5

5,4%

9,9 0,1 0,0 10,0

12,0%

3,4 0,0 1,0 4,4

5,3%

42

Business Performance

43

Business performance F&B Sales and traffic evolution

U.S. AIRPORT TRAFFIC and SALES EVOLUTION
1H2011 sales: +5.6% 1H2011 traffic: +2.6% 10%

Difference in %

0% 2Q2011 sales: +7.1% 2Q2011 traffic: +2.3%

-10% 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011

U.S. traffic

U.S. airports comp. sales

U.S. MOTORWAYS and SALES EVOLUTION

5%
10%

ITALIAN TOLL MOTORWAYS and SALES EVOLUTION

Difference in %

Difference in %

0%

0%

May YTD traffic: -0.8% May YTD sales: -2.5% -10% 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 Apr-May

April YTD traffic: -0.5% April YTD sales: -1.2% -5% 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 April

U.S. motorways traffic

U.S. motorways comp. sales

Italian motorways traffic

Italian LfL motorways sales

44

Source: A.T.A. for U.S. airports, A.I.S.C.A.T. for Italian motorways and F.H.W.A. for U.S. motorways (Group motorways)

Business performance F&B - HMSHost

2nd QUARTER
Million $ 2011 Airports Motorways Other Total SALES EBITDA % on sales CAPEX % on sales 525,6 93,4 14,5 633,6 77,8 12,3% 29,5 4,7% 2010 488,2 87,1 16,4 591,6 75,7 12,8% 31,2 5,3% Change 7,7% 7,3% (11,1%) 7,1% 2,9% (5,5%) 2011 1004,4 157,9 29,2 1.191,5 131,3 11,0% 52,9 4,4%

1st HALF
Million $ 2010 951,8 148,9 33,8 1.134,4 133,3 11,7% 52,2 4,6% Change 5,5% 6,1% (13,7%) 5,0% (1,5%) 1,3%

45

Business performance F&B - Italy

2nd QUARTER
Million 2011 Airports Motorways Railway & maritime station Other Sales to end consumer Other sales (1) Total SALES EBITDA
% on sales

1st HALF
Million Change 7,1% 3,4% (0,1%) 3,7% 3,6% (17,3%) 3,2% (8,6%) (32,1%) 2011 45,4 494,6 18,3 79,3 637,6 10,7 648,3 51,6
8,0%

2010 23,6 262,5 10,7 39,3 336,1 7,0 343,1 36,3

10,6%

2010 42,6 474,7 16,8 80,7 614,8 14,0 628,8 66,7

10,6%

Change 6,6% 4,2% 9,0% (1,8%) 3,7% (23,5%) 3,1% (22,6%) (13,7%)

25,2 271,5 10,6 40,8 348,2 5,8 353,9 33,2

9,4%

CAPEX
% on sales

10,5
3,0%

15,5
4,5%

19,8
3,1%

23,0
3,7%

(1)

46

Including sales to franchisees

Business performance F&B Italy - Sales breakdown by product

2Q2011
Million
% on Net Sales 54,6% 43,7% 15,6% 28,1% 1,7% 100,0%

2Q2010
Million
% on Net Sales 54,3% 43,6% 16,0% 27,6% 2,1% 100,0%

Growth

Catering Market
Market Ancillary

193,2 154,7
55,1 99,6

186,3 149,6
54,9 94,7

Other

6,1 353,9

7,1 343,1

3,7% 3,4% 0,3% 5,2% (14,4%) 3,2%

1H2011
Million
% on Net Sales 52,8% 45,5% 15,6% 29,9% 1,7% 100,0%

1H2010
Million
% on Net Sales 53,1% 44,7% 15,8% 28,9% 2,2% 100,0%

Growth

Catering Market
Market Ancillary

342,3 295,0
101,4 193,6

333,9 280,8
99,1 181,7

Other

11,0 648,3

14,1 628,8

2,5% 5,1% 2,4% 6,6% (21,8%) 3,1%

47

Business performance F&B Other European Countries

2nd QUARTER
Million 2010 2009 Change
Current FX Constant FX (1)

1st HALF
Million 2011 2010 Change
Current FX Constant FX (1)

Airports Motorways Railway station Other Total SALES EBITDA (2)

% on sales

49,0 108,5 27,2 10,1 194,7 20,0

10,3%

41,7 116,5 25,9 11,3 195,4 14,8

7,6%

17,4% (6,9%) 5,0% (10,4%) (0,3%) 35,2%

14,7% (8,6%) 3,6% (15,6%) (2,4%) 31,9%

86,7 188,5 51,6 21,2 348,0 13,7

3,9%

78,3 200,9 49,6 22,6 351,3 12,1

3,4%

10,8% (6,2%) 4,1% (6,2%) (0,9%) 13,4%

7,3% (8,0%) 1,4% (8,3%) (3,4%) 7,0%

CAPEX
% on sales

8,6
4,4%

3,9
2,0%

n.s.

n.s.

14,5
4,2%

7,5
2,1%

n.s.

n.s.

(1) (2)

Data converted using FX 2011 rates 1H2011 includes 2.4m of one-off income; 1H2010 includes a different classification of French taxe professionnel (Reclassification done from 4Q2010)

48

Business performance TR&DF Reclassified P&L

Million

1H2011 (1) 810,5 10,9 821,4 (341,0) (88,4) (248,0) (47,4) 96,6 (55,5) 41,1 (16,0) 0,4 25,5 (1,0) 24,5 23,3 1,2

% on Net sales 100,0% 1,3% 101,3% 42,1% 10,9% 30,6% 5,8% 11,9% 6,9% 5,1% 0,5% 0,0% 4,6% 0,5% 5,1% 4,9% 0,1%

Revenue Other operating income Total revenue and other operating income Raw materials, supplies and goods Personnel expense Leases, rentals, concessiones and royalties Other operating costs EBITDA Depreciation, amortisation and impairment losses EBIT Net financial expense Impairment losses on financial assets Pre tax profit Income tax Profit attributable to: - owners of the parent - non-controlling interests

(1)

49

Data converted using 2011 FX average rates: - /$ 1H2011 - 1:1.4032; - / 1H2011 - 1:0.8682.

Business performance TR&DF Sales and traffic evolution

U.K. SALES and TRAFFIC EVOLUTION
2Q2011 sales: +17.4% 2Q2011 traffic: +13.4%
20%

Difference in %

0%

1H2011 sales: +12.4% 1H2011 traffic: +8.2%

-20% 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011

SPANISH SALES and TRAFFIC EVOLUTION

U.K. airports traffic U.K. airports sales

20%

2Q2011 traffic: +10.6% 2Q2011 sales: +10.5%

Difference in %

0% 1H2011 sales: +8.6% 1H2011 traffic: +8.1%

-20% 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011

Spanish airports traffic

Spanish airports sales

50

Source: B.A.A., Manchester and Gatwick airports for U.K. airports and A.E.N.A. for Spanish airports

Business performance TR&DF Reclassified Balance Sheet

CHANGE Million

30.06.2011
1.258,6 105,2 8,5 1.372,3 124,2 20,0 35,3 (214,9) (79,2) (114,5) 1.257,8 (101,5) 1.156,2 500,9 1,8 502,7 653,5 1.156,2

31.12.2010
1.344,8 114,9 8,3 1.468,0 121,1 19,1 22,9 (200,5) (78,9) (116,3) 1.351,7 (128,5) 1.223,1 497,2 1,1 498,4 724,8 1.223,1

Current FX

Intangible assets Property, plants and equipment Financial assets A) Non-current assets Inventories Trade receivables Other receivables Trade payables Other payables B) Working capital C) Invested capital, less current liabilities D) Other non-current non-financial assets and liabilities F) Net invested capital Equity attributable to owners of the parent Equity attributable to non-controlling interests G) Equity Net financial indebtedness (H+I) L) Total as in F)

(86,1) (9,7) 0,1 (95,7) 3,1 0,9 12,4 (14,3) (0,2) 1,8 (93,9) 27,0 (66,9) 3,7 0,7 4,3 (71,3) (66,9)

51

Business performance TR&DF Reclassified Cash Flow Statements

Million Opening - net cash and cash equivalents Pretax profit and net financial expense for the period Amortisation, depreciation and impairment losses on non-current assets, net of reversals Adjustment and (gains)/losses on disposal of financial assets (Gain)/losses on disposal of non-current assets Change in working capital in the period (1) Net change in non-current non-financial assets and liabilities Cash flow from operating activities Taxes paid Interest paid Net cash flow from operating activities Acquisition on property, plant and equipment and intangible assets Proceeds from sale of non-current assets Net change in non-current financial assets Net cash flow used from investing activities Repayments of medium/long-term loans, net of new loans Repayments of short-term loans, net of new loans Other cash flows (2) Net cash flow used in financing activities Cash flow for the period from continuing operations Effect of exchange on net cash and cash equivalents Closing - net cash and cash equivalents 1H2011 55,7 49,5 55,5 (0,4) 0,2 0,6 (11,5) 93,9 (14,0) (15,8) 64,1 (11,3) 0,5 0,8 (10,0) (44,3) (38,0) 2,2 (80,1) (26,0) (1,0) 28,6

(1)

52

(2)

Includes the exchange rate gains (losses) on income statements components Includes dividend paid to minority shareholders in subsidiaries

Market data
- Traffic data - U.S. labour cost and raw material prices - Oil and petrol prices

The following slides have been prepared using data from a variety of public sources. All due care and attention has been used, however, under no circumstances shall Autogrill be liable for any errors, omissions or misrepresentations.

53

Market data - Traffic data

Source used: - U.S. airport traffic: Air Transport Association (A.T.A.) - U.S. motorways traffic: Federal Highway Administration (F.H.W.A.) - Italian motorways: Associazione Italiana Societ Concessionarie Autostrade e Trafori (A.I.S.C.A.T.) - U.K. airports: British Airports Authority (B.A.A.) , Manchester and Gatwick airports - Spanish airports: Aeropuertos Espaoles y Navegatin Area (A.E.N.A.)

54

Traffic data U.S. airports

Difference in %

0,8%

0,4%

2,3% 2,5%

5,7% 6,1% 4,8% 3,2% 1,2%

3,6%

3,0%

2,4%1,8% 1,5% 3,8%

(2,5%)

(1,6%)

(0%)

Jan 10

Feb 10

Mar 10

Apr 10

May 10

Jun 10

Jul 10

Aug 10

Sep 10

Oct 10

Nov 10

Dec 10

Jan Jan 11 11

Feb Feb 11 11

Mar Mar 11 11

Apr May June Apr May June 11 11 11 11 11 11

Traffic data US Airports (million passengers)

% difference vs. PY

2007 558,5
1,4%

2008 557,2
(0,2%)

2009 518,8
(6,9%)

2010 528,5
1,9%

January February 2011 2011 39,9

3,0%

March 2011 46,7

2,4%

1Q2011 123,5
2,9%

April 2011 44,5

1,8%

May 2011 46,6

3,8%

June 2011 48,5

1,5%

2Q2011 139,6
2,3%

1H2011 263,1
2,6%

36,9
3,6%

Source: A.T.A. - Please note that Delta has reclassified some routes from the Domestic region to the Latin region

55

with impacts on the Domestic and Latin regions back to Jan-10.

Traffic data U.S. motorways

Difference in %

1,3% (1,7%) (2,0%) (2,8%)

Jan 10 Feb 10 Mar 10 Apr 10 May 10

1,1% 0,7% (0,1%)

1,6% 2,0%

1,1% 0,6%

0,6% (1,9%) (1,3%) (2,4%)

Apr 11
May May 11 11

(0,1%)

0,5%

Jun Jul 10 Aug 10 10

Sep 10

Oct 10

Nov 10

Dec 10

Jan Jan 11 11

Feb Feb 11 11

Mar 11

Traffic data US Motorways (billion vehicles per mile)

% difference vs. PY

2007 3.029,8
0,5%

2008 2.925,7
(3,4%)

2009 2.979,2
1,8%

2010 2.999,6
0,7%

January 2011 224,1

0,5%

February 2011 214,1

0,6%

March 2011 250,5

(1,3%)

1Q2011 688,7
(0,1%)

April 2011 250,5

(2,4%)

May 2011 254,0

(1,9%)

2011 YTD 1.193,6

(1,0%)

56

Source: F.H.W.A. Data refer to whole U.S. network (last available data April 2011)

Traffic data Italian motorways

3,6%
Difference in %

2,1% 1,9%

1,5% 0,3% (1,2%)

1,5% 0,3% (0,5%) (0,4%) (0,8%)

0,7% (0,2%) (2,0%)

Dec 10 Jan Jan 11 11 Feb Feb 11 11

(0,6%) (1,6%)
Mar 11 Apr 11
May May 11 11

Jan 10

Feb 10

Mar 10

Apr 10

May 10

Jun Jul 10 Aug 10 10

Sep 10

Oct 10

Nov 10

Traffic data Italian Motorways (billion vehicles per km)

% difference vs. PY

2007 83,7
2,4%

2008 83,1
(0,8%)

2009 82,9
(0,2%)

2010 83,2
0,4%

January 2011 5,8

0,7%

February 2011 5,6

(0,2%)

March 2011 6,4

(1,6%)

1Q2011 17,9
(0,4%)

April 2011 7,0

(0,6%)

2011 YTD 24,9

(0,5%)

57

Source: A.I.S.C.A.T. (last available data April 2011)

Traffic data U.K. airports

31,9%
Difference in %

1,1% (4,7%) (1,2%)

Jan 10 Feb 10 Mar 10

1,3% 2,7% 1,4% 5,4% 0,8% (4,9%) (1,4%)(0,7%)(1%) (9,6%)

Oct 10 Nov 10 Dec 10 Jan 11

0,5%

8,8% 4,5%

(22,6%)
Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10

Feb Feb 11 11

Mar Apr May June Mar Apr May June 11 11 11 1111 11 11 11

Traffic data UK Airports (million passengers)

% difference vs. PY

2007 168,0

2008 162,8
(3,1%)

2009 154,4
(5,2%)

2010 149,8
(3,0%)

January February 2011 2011 10,7

5,4%

March 2011 11,9

0,5%

1Q2011 32,9
2,2%

April 2011 13,3

31,9%

May 2011 14,0

8,8%

June 2011 15,0

4,5%

2Q2011 42,3
13,4%

1H2011 75,2
8,2%

10,3
0,8%

58

Source: B.A.A., Manchester and Gatwick airports

Traffic data Spanish airports

20,3% 6,8% 5,6% 8,6% 4,9% 6% 4,4% 3,2% 3,6% 3,7% 2,9% 4,5% 6,4% (8,6%)
Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10

Difference in %

2,8% 1%

5%

(2,5%)
Nov 10 Dec 10

Jan 11

Feb 11

Mar Apr May June Mar Apr May June 11 11 11 1111 11 11 11

Traffic data Spanish Airports (million passengers)

% difference vs. PY

2007 210,5

2008 203,8
(3,2%)

2009 187,3
(8,1%)

2010 192,8
2,9%

January 2011 12,1

6,0%

February 2011 12,3

4,4%

March 2011 15,3

4,5%

1Q2011 39,7
4,9%

April 2011 17,4

20,3%

May 2011 17,9

6,4%

June 2011 19,5

6,8%

2Q2011 54,7
12,3%

1H2011 94,5
8,1%

59

Source: A.E.N.A.

Market data - U.S. labour cost and raw material prices

Source used: - U.S. Bureau of Labor Statistics (B.L.S.)

60

U.S. labour cost and raw material prices U.S. labour cost

2008-11 U.S. AVERAGE HOURLY EARNINGS FOOD SERVICES AND DRINKING PLACES
15

2009
USD

2011

2010 2008

10

5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

61

Source: BUREAU of LABOR STATISTICS (May 2011 preliminary data)

U.S. labour cost and raw material prices U.S. raw material prices

2007-2011 U.S. PROCESSED FOOD AND FEEDS PRICE EVOLUTION

200

2011
Index

2008 2010 2009

180

160 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

62

Source: BUREAU of LABOR STATISTICS (March-June 2011 preliminary data)

U.S. labour cost and raw material prices U.S. raw material prices
2007-2011 U.S. FATS & OIL PRICE EVOLUTION
400
210

2007-2011 U.S. DAIRY PRICE EVOLUTION

2011
300
Index

2011

2008

2008
180
Index

2010 2009

2010 2009

200

150

100

120

2007-2011 U.S. MEAT PRICE EVOLUTION

180

2007-2011 U.S. CHICKEN PRICE EVOLUTION

160

2011
Index

160
Index

2010 2008

2009 2010

140

2011
140

2008

2009

120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

63

Source: BUREAU of LABOR STATISTICS (March-June 2011 preliminary data)

Market data - Oil and petrol prices

Source used: - Bloomberg West Texas Intermediate Crude Oil - U.S. Energy Information Administration - Confcommercio

64

Oil and petrol prices

2007-11 YTD OIL and FUEL PRICE EVOLUTION

200
% difference

OIL BARREL

150

US FUEL

100

ITALIAN FUEL

50 2007 2008 2009 2010 2011YTD

65

Source Bloomberg Crude West Texas Intermediate for Oil Barrel - U.S. Energy Information Administration for retail fuel in US and Confcommercio for retail fuel in Italy

Oil and petrol prices

2007-2011YTD OIL BARREL PRICE EVOLUTION
150
$ per barrel

MAX: 132,5 USD (July 2008)

100

OIL BARREL

MIN: 60,5 USD (Feb. 2009)

50 2007 2008 2009 2010 2011YTD

2007-2011YTD ITALIAN FUEL PRICE EVOLUTION

2,0

2007-2011YTD U.S. FUEL PRICE EVOLUTION

4,5
$ per gallon

per litre

MAX: 3,907 USD (May 2011)

MAX: 1,583 EUR (Apr. 2011)

1,5

ITALIAN FUEL

3,0

US FUEL

MIN: 1,137 EUR (Dec. 2008)

1,0

MIN: 1,59 USD (Dic. 2008)

2010 2011YTD 1,5 2007 2008 2009 2010 2011YTD

2007

2008

2009

66

Source Bloomberg Crude West Texas Intermediate for Oil Barrel - U.S. Energy Information Administration for retail fuel in US and Confcommercio for retail fuel in Italy