Chairman's Letter

Gilberto Benetton - PresidenteDear Shareholders,

Last year saw significant results in terms of growth and the strengthening of our international reach through Autogrill’s strong strategic focus over the last three years, which has enabled our Group to consolidate and to capitalise on new development opportunities.

In 2016, the Group grew strongly in the airport channel by further strengthening its leadership in the United States, by entering new markets with promising growth prospects, such as China, and by expanding its operations in important countries like Germany, the UK and Scandinavia.

In the motorway channel we continued to adopt a policy of selective investments in certain key markets.

Strongly positive results were also obtained on the innovation front, where Autogrill introduced new products and formats addressing customers’ changing tastes and needs.

The strengthening of the Group’s position is clearly reflected in its portfolio of concessions, which grew significantly in size and with an excellent average contract length. In line with the Group’s strategic goals, we grew strongly in the airport and railway station channels, while stability was maintained in the motorway channel.

Such progress confirms Autogrill’s global leadership, which we intend to continue consolidating in countries where we are well established and build in those countries that we are now entering with determination, at the same time as evaluating external growth opportunities that may arise, that meet our criteria.

Gilberto Benetton