2.2.16 Information pursuant to Arts. 70 and 71 of Consob Regulation no. 11971/1999

2.2.16 Information 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 removes the obligation to make available to the public the 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.

   
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2.2.12 Other information

2.2.12 Other information

Related party transactions

Autogrill S.p.A. is controlled by Schematrentaquattro S.p.A., which owns 50.1% of its ordinary shares. Schematrentaquattro S.p.A. is a wholly-owned subsidiary of Edizione S.r.l.

All related-party transactions are carried out in the Company’s interest and at arm’s length.

In 2015 Autogrill S.p.A. had no transactions with its direct parent, Schematrentaquattro S.p.A.

  Revenue   Other operating income   Leases, rentals, concessions and royalties   Other operating expense   Personnel expense   Financial (expense)/income
Income statement (Ek)   2015 2014     2015 2014     2015 2014     2015 2014     2015 2014     2015 2014
Parent:                                  
Edizione S.r.l. - -   41 92   - -   120 100   106 114   - -
Other related parties:                                  
Gruppo Atlantia 35 39   600 582   75,318 78,412   3,307 2,982   - -   (851) (1,384)
Benetton Group S.r.l. - -   394 393   - -   - -   - -   - -
Verde Sport S.p.A. 5 11   8 -   - -   45 45   - -   - -
Olimpias Group S.r.l. - -   - -   - -   35 80   - -   - -
World Duty Free Group * - -   2,378 5,247   - -   - 28   - -   23 90
Edizione Property S.p.A. - -   8 5   - -   - -   - -   - -
Other related parties ** - -   - -   - -   212 240   5,424 6,754   - -
Total Related parties 40 50   3,429 6,319   75,318 78,412   3,719 3,475   5,530 6,868   (828) (1,294)
Total Group 4,838,777 4,461,466   103,064 108,853   755,012 668,466   541,502 475,363   1,436,352 1,296,618   (37,926) (44,393)
Incidence 0.0% 0.0%   3.3% 5.8%   10.0% 11.7%   0.7% 0.7%   0.4% 0.5%   2.2% 2.9%
 
  Trade receivables   Other receivables   Trade payables   Other payables
Statement of financial position (Ek)   31.12.2015 31.12.2014     31.12.2015 31.12.2014     31.12.2015 31.12.2014     31.12.2015 31.12.2014
Parent:                      
Edizione S.r.l. - -   14,492 14,647   - -   563 126
Other related parties:                      
Gruppo Atlantia 1,242 1,032   1,247 1,058   32,630 34,217   - -
Benetton Group S.r.l. 222 329   - -   - -   - -
Verde Sport S.p.A. - 1   - -   - -   - -
Olimpias Group S.r.l. - -   - -   18 66   - -
World Duty Free Group * - -   - 2,617   - -   - -
Edizione Property S.p.A. 8 5   - -   - -   - -
Other related parties ** - -   - -   - -   1,407 1,438
Total Related parties 1,473 1,367   15,738 18,322   32,648 34,283   1,970 1,564
Total Group 48,314 42,509   137,615 147,987   398,802 377,115   326,655 315,361
Incidence 3.0% 3.2%   11.4% 12.4%   8.2% 9.1%   0.6% 0.5%
   

*Income and costs of World Duty Free Group for 2015 are shown until the date osf sale by Schematrentaquattro S.p.A. in August 2015

**The other related parties refer to transactions with directors and executives with strategic responsabilities

 

Edizione S.r.l.: “Other operating income” refers to services rendered by the parent concerning the use of equipped premises at the Rome offices.

“Other operating expense” consists mainly of the cost of meetings and conferences.

“Personnel expense” refers to the accrual at 31 December 2015 for fees due to a director of Autogrill S.p.A., to be recharged to Edizione S.r.l. where he serves as executive manager.

“Other payables” originate from the same transaction for E 139k and also include E 424k in IRES (corporate income tax) due by the subsidiary Nuova Sidap S.r.l. for 2015.

“Other receivables” consist of:

E 12,481k for IRES refunds due to Autogrill S.p.A. (E 12,467k) and Nuova Sidap S.r.l. (E 14k), thanks to the retroactive recognition of the deductibility of IRAP (regional tax) pertaining to personnel expense for the years 2007-2011 (Art. 2 of Law 201/2011);

E 1,704k for the IRES refund due to the consolidating company Edizione S.r.l. on behalf of Autogrill S.p.A., for the deduction from taxable income of the portion of IRAP concerning personnel expense paid from 2004 to 2007 (Law 185/2008). The net decrease for the year concerns the partial refund received in July 2015 (E 503k) and receipt of E 184k in interest. The remaining amount due was received in January 2016;

 

E 288k for taxes withheld in 2014 and transferred to the consolidating company Edizione S.r.l. In accordance with the regulations, the amount will be reimbursed after its use.

Atlantia group: “Other operating income” refers mainly to the recovery of extraordinary maintenance costs incurred at a rest area and commissions on sales of Viacards (automatic toll collection cards).

“Other operating expense” refers chiefly to the management of motorway locations.

“Leases, rentals, concessions and royalties” refer to concession fees and accessory costs pertaining to the year.

“Financial expense” reflects interest accrued at the annual rate of 5.05% in relation to the revised payment schedule for concession fees.

“Other receivables” consist mainly of fees for cleaning services at rest stops and co-marketing fees for customer discounts and promotions.

“Trade payables” originate from the same transactions.

Olimpias Group S.r.l.: costs refer to the purchase of uniforms for sales personnel and the purchase of sundry materials.

Verde Sport S.p.A.: “Other operating expense” concerns the commercial sponsorship of youth sports at the facilities housed at “La Ghirada – Città dello Sport”.

“Revenue” refers to the sale of products relating to the commercial affiliation contract for the operation of an outlet at those facilities.

Benetton Group (formerly Bencom S.r.l.): “Other operating income” refers to rent and related charges for the sublet of premises in Milan.

All liabilities are current; the receivable from Benetton Group S.r.l. will be settled in installments until the sub–lease expires in April 2017.

World Duty Free Group: “Other operating income” stems from contracts for the provision of administrative, IT and legal advisory services by HMSHost Corporation. Income statement figures for 2015 represent the period up to the company’s sale to third parties in August.

Remuneration of directors and executives with strategic responsibilities

The following remuneration accrued to members of the Board of Directors and to executives with strategic responsibilities in 2015:

Name Office held Term of office Remuneration (E) Bonus and other incentives (E) Non-monetarybenefits (E) Other fees (E)
Gilberto Benetton Chairman 2014–2016 57,200      
Tondato Da Ruos Gianmario CEO 2014–2016 517,200 200,000 38,819 401,099
Alessandro Benetton Director 2014–2016 56,000      
Paolo Roverato Director 2014–2016 105,600      
Gianni Mion Director 2014–2016 83,200      
Tommaso Barracco Director 2014–2016 84,400      
Stefano Orlando Director 2014–2016 93,200      
Massimo Fasanella d’Amore di Ruffano Director 2014–2016 106,800      
Carolyn Dittmeier Director 2014–2016 96,800      
Neriman Ülsever Director from 28.5.2014 to 2016 56,000      
Francesco Chiappetta Director from 28.5.2014 to 2016 82,000      
Ernesto Albanese Director from 28.5.2014 to 2016 56,600      
Giorgina Gallo Director from 28.5.2014 to 2016 95,600      
Total directors     1,490,600 200,000 38,819 401,099
Key managers with strategic responsibilities (8 people)     572,347 234,356 2,486,885
Total     1,490,600 772,347 273,175 2,887,984
 

The CEO’s remuneration includes his executive salary from Autogrill S.p.A., which is shown under “Other fees”.

The CEO’s contract states that if he resigns with just cause or is dismissed by the Company without just cause, the Company will top up to E 2m the standard indemnity in lieu of notice provided for in the national collective managers’ contract for the commercial sector, when less than this amount.

In 2010, the CEO received 425,000 options under the 2010 Stock Option Plan; 330,073 of the options vested on 20 April 2014. In addition, under the 2014 phantom Stock Option Plan described below, he received 883,495 options in Wave 1, 565,217 options in Wave 2 and 505,556 options in Wave 3.

A significant portion of the variable compensation received by the CEO and by the 8 executives with strategic responsibilities is tied to the achievement of specific targets established in advance by the Board, by virtue of their participation in management incentive plans. In particular, the CEO and top managers participated during the year in an annual bonus system involving earnings and financial targets and other strategic objectives for the Group and/or the relevant business unit, as well as individual objectives.

See the section “Incentive plans for directors and executives with strategic responsibilities” for a description of the plans in force.

Statutory Auditors’ fees

The following fees accrued to members of the Board of Statutory Auditors in 2015:

Name Office held Term of office Fees (E) Other fees(E)
Marco Giuseppe Maria Rigotti Chairman 01.01.2015–31.12.2017 81,973 -
Luigi Biscozzi Standing auditor 01.01.2015–28.05.2015 23,360 18,741
Eugenio Colucci Standing auditor 01.01.2015–31.12.2017 52,014 6,082
Antonella Carù Standing auditor 28.05.2015–31.12.2017 29,863 -
Total Statutory Auditors     187,210 24,823
 

“Other fees” refer to those accrued for standing auditor duties at the subsidiary Nuova Sidap S.r.l.

 

Independent auditors’ fees for audit and other services

Type of service Service provider Recipient Fees (Ek)
Auditing Parent's auditors Parent 269
  Parent's auditors Subsidiaries 43
  Parent's auditors network Subsidiaries 1,475
Attestation Parent's auditors Parent 50
  Parent's auditors Subsidiaries 25
Other services Parent's auditors Parent 25
  Parent's auditors network Parent 180
  Parent's auditors network Subsidiaries 344
 

Incentive plans for directors and executives with strategic responsibilities

 

2010 Stock Option Plan

On 20 April 2010, the Annual General Meeting approved a Stock Option Plan entitling executive directors and employees with strategic responsibilities of Autogrill S.p.A. and/or its subsidiaries to subscribe to or purchase ordinary Autogrill shares at the ratio of one share per option granted. The options are granted to beneficiaries free of charge and once the vesting period has elapsed, may be exercised between 20 April 2014 and 30 April 2015 (later extended to 30 April 2018, as explained below) at a strike price calculated as the average stock market price for the month preceding the grant date.

The extraordinary Annual General Meeting of 20 April 2010 also approved a capital increase against payment to service the plan, valid whether subscribed in full or in part, and excluding subscription rights pursuant to art. 2441 (5) and (8) of the Italian Civil Code and art. 134 (2) of Legislative Decree 58 of 24 February 1998, by a maximum par value of E 1,040,000 (plus share premium), to be carried out no later than 30 May 2015 through the issue of up to 2,000,000 ordinary Autogrill shares in one or more tranches. The capital increase did not take place.

The Stock Option Plan approved by the Annual General Meeting states that the options assigned only vest if, at the end of the vesting period, the terminal value of Autogrill shares is E 11 or higher. The terminal value is defined as the average official price of Autogrill S.p.A. ordinary shares during the three months prior to the last day of the vesting period, plus the dividends paid during the period lasting from the grant date until the end of the vesting period.

 

The number of options vested then corresponds to a percentage of the options assigned, ranging from 30% for a terminal value of E 11 per share to 100% for a terminal value of E 17 per share or higher. For each beneficiary there is also a “theoretical maximum capital gain” by virtue of which, regardless of other estimates, the number of options exercisable is limited to the ratio “theoretical maximum capital gain”/(fair value – strike price)*. The plan does not allow beneficiaries to request cash payments in alternative to the assignment of shares.

On 10 November 2010, the Board of Directors granted 1,261,000 options, out of the 2,000,000 available, to 11 beneficiaries meeting the requirements of the plan. The options are exercisable at a strike price of E 9.34 per share. On 29 July 2011 the Board of Directors assigned an additional 188,000 options to two other beneficiaries meeting the plan requirements; these can be exercised at a strike price of E 8.91.

On 16 February 2012, the Board of Directors assigned 120,000 options to a new beneficiary at a strike price of E 8.19 per share.

Changes to the 2010 Stock Option Plan

On 6 June 2013 the Annual General Meeting approved the proportional partial demerger of Autogrill S.p.A., and as a result made some changes to the Stock Option Plan approved on 20 April 2010. In accordance with these changes:

the plan’s beneficiaries are entitled to receive one ordinary Autogrill share and one ordinary World Duty Free S.p.A. share for every vested option against payment of the strike price;

terminal value, the condition allowing the options to be converted into Autogrill and World Duty Free shares, has been redefined as the sum of the average official price of the two shares (Autogrill and WDF) during the three months preceding the last day of the vesting period, plus the dividends paid between the date the options were assigned and the end of the vesting period;

the strike price is split proportionally between the Autogrill S.p.A. share price and the World Duty Free S.p.A. share price on the basis of the average official stock market price of the two securities during the first 30 days following the listing of World Duty Free S.p.A. The strike price of Autogrill shares is between E 3.50 and E 4.17, while the strike price for World Duty Free shares is between E 4.33 and E 5.17, depending on the beneficiary and the strike price originally set for each;

the deadline for exercising the options has been extended from 30 April 2015 to 30 April 2018, without altering the start date of 20 April 2014.

An independent external advisor has been hired to calculate the fair value of the stock options, based on the value of shares on the grant date, volatility, estimated dividend payments, the term of the plan and the risk-free rate of return. The calculation was performed using the binomial method.

As a result of the demerger and the changes made to the Plan, the average fair value of the options outstanding at 31 December 2015 was E 0.96 for Autogrill shares.

On 20 April 2014, in accordance with the Stock Option Plan regulations, the vesting period ended and 1,209,294 assigned options were converted into 823,293 “vested options”.

Between 1 April 2015 and 31 December 2015, 505,806 Autogrill S.p.A. options and 532,324 World Duty Free S.p.A. options were exercised by various beneficiaries.

The CEO exercised 330,073 Autogrill S.p.A. options during the period.

Movements in options during the period are shown below:

  Autogrill shares   World Duty Free shares
  Numberof options Fair value existing options(E)   Numberof options Fair value existing options(E)
Vested options at 20 April 2014 823,293 0.96   823,293 3.99
Options exercized in 2014 (134,136) -   (290,969) -
Options at 31 December 2014 689,157 0.96   532,324 3.23
Options exercized in 2015 (505,586) -   (532,324) -
Options at 31 December 2015 183,571 0.96   - -
 

Thorough information on the 2010 Stock Option Plan is provided in the Disclosure Document prepared in accordance with Art. 84–bis (1) and Annex 3A (Schedule 7) of Consob Regulation 11971/1999, which is available to the public at www.autogrill.com.

2014 Phantom Stock Option Plan

On 28 May 2014, the general meeting of shareholders approved a new incentive plan referred to as the “2014 Phantom Stock Option Plan”. The options will be assigned free of charge to executive directors and employees with strategic responsibilities of the company and/or its subsidiaries or to members of the management team as named, on one or more occasions, by the Board of Directors.

This plan, which expires on 30 June 2021, is split into three sub-plans or “Waves” which grant each beneficiary the right to receive, for each option exercised, a gross cash amount equal to the difference between the terminal value and the allocation value of the Autogrill shares (the “Bonus”), subject to certain conditions and in any case not exceeding a given cap. Specifically, the terminal value of the shares is defined as the average official closing price of the company’s shares at the end of each trading session of the Italian Stock Exchange in the month prior to and inclusive of the exercise date, plus dividends paid from the grant date until the date of exercise. The allocation value is defined as the average official closing price of the company’s shares at the end of each trading session of the Italian Stock Exchange in the month prior to and inclusive of the allocation date.

On 16 July 2014, the plan was implemented and the terms and conditions of Wave 1 and Wave 2 were defined. Under Wave 1 (vesting period from 16 July 2014 to 15 July 2016), a total of 3,268,995 options were assigned, 883,495 of which to the chief executive officer. Under Wave 2 (vesting period from 16 July 2014 to 15 July 2017), a total of 2,835,967 options were assigned, 565,217 of which to the chief executive officer.

Again under Wave 2, in 2015 an additional 144,504 options were assigned and 30,400 options were cancelled.

On 12 February 2015, under Wave 3 (vesting period from 12 February 2015 to 11 February 2018), a total of 2,752,656 options were assigned, 505,556 of which to the chief executive officer. During the year 27,270 options were cancelled under Wave 3.

An independent external advisor has been hired to calculate the fair value of the phantom stock options, based on the value of shares on the grant date, volatility, estimated dividend payments, the term of the plan and the risk-free rate of return. The calculation was performed using the binomial method.

For 2015, the total costs recognized for this plan amounted to E 7,775k.

Thorough information on the 2014 phantom Stock Option Plan is provided in the Disclosure Document prepared in accordance with Art. 84–bis (1) and Annex 3A (Schedule 7) of Consob Regulation 11971/1999, which is available to the public at www.autogrill.com.

 
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2.2.11 Operating leases

2.2.11 Operating leases

For the purposes of these financial statements, operating leases are defined as the various kinds of contract through which Group companies carry on their core business.

The management and provision of catering services along motorways or in airports are assigned by the motorway or airport operator to specialized companies under sub-concession arrangements.

In railway stations, in addition to this kind of contract, there are also commercial leases.

It frequently occurs that a subconcession for all the services of an entire motorway service area or airport terminal is assigned to a single entity, which then sub-assigns each individual service to a number of specialized firms.

The most common forms of agreement are commercially described as follows.

 

Access concession

An access concession exists when ownership of the land and buildings along the motorway is in the hands of a private firm (like the Autogrill Group), which negotiates access rights with the motorway company with the commitment to sell fuel and lubricants and/or food and beverages to motorway users. The firm accepts the obligation to pay rent to the motorway as well as certain stipulations regarding the way the services are to be provided and the hours of operation.

 

Area concession

The motorway company authorizes an entity (i) to build a service station and/or shop/restaurant on land which it owns and (ii) to carry on this business against payment of

a fee based on turnover, with certain stipulations regarding the way the services are to be provided and the hours of operation.

On expiry of the contract, the assets built for provision of services are to be transferred free of charge to the motorway company.

Usually the holder of an area concession is a petrol company, which in turn can assign management of restaurant services to a specialized firm, generally through a business lease.

 

Service concession

The motorway operator authorizes separate contractors by means of separate independent contracts to (i) build a service station and/or shop/restaurant on land which it owns and (ii) carry out this business against payment of a fee based on turnover, with certain stipulations regarding the way the services are to be provided and the hours of operation. On expiry of the contract, the assets built for this purpose are to be transferred free of charge to the motorway company.

Service concessions are also used in airport terminals where the contractor is authorized to sell food and beverages after installing the necessary equipment and furnishings at its own expense, against payment of a fee - usually based on turnover - and an agreement to guarantee service during the opening hours specified by the grantor. The contractor may have to transfer the assets free of charge when the concession expires, although this is fairly uncommon.

 

Business lease and commercial lease

Leasing a business or parts thereof allows an operator to use rights and/or buildings, equipment etc. organized to serve food and beverage products. In some cases the business consists of an authorization to operate and of administrative licenses. In these cases the operator incurs the necessary capital expenditure and provides the service. In other cases, a firm leases a company consisting of both the authorization and the necessary buildings and equipment. Leasing a company in the concession business entails the obligation to ensure continuity of service and payment of a comprehensive fee which includes all amounts due to the concession grantor.

In a commercial lease, the operator uses buildings for business activity against payment of rent. The premises are equipped and furnished according to the specifications and at the expense of the operator, who must clear the premises when the lease expires.

These kinds of concession are common (i) along motorways, where there are area or service sub-concessions assigned to a petrol company, which then turns to a caterer, and (ii) in cities, railway stations and shopping centers, according to the business objectives of the owner of the property.

 

Sub-contract

The operator prepares and serves food and beverages using its own equipment and staff, and receives payment based on turnover (sales to the consumer). The party awarding the contract owns the property and has title to all the takings.

The table below gives details by due date of the Group’s future minimum operating lease payments at 31 December 2015:

Year (Ek) Total future minimum lease payments Future minimum sub-lease payment * Net future minimum lease payments
2016 385,982 20,236 365,746
2017 353,324 17,006 336,318
2018 325,978 15,496 310,482
2019 282,624 14,086 268,538
2020 238,323 12,274 226,049
After 2020 920,023 22,022 898,001
Total 2,506,254 101,120 2,405,134
   

*Refers to part of the sub-concessions granted mainly in the USA and Italy, as agreed with the grantor

 

In 2015, the fees recognized in the income statement amount to E 649,040k (Note XXIX) for operating leases (including E 425,893k in guaranteed minimums), net of E 49,941k for sub-leases (including E 21,800k in guaranteed minimums).

 
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2.2.10 Guarantees given, commitments and contingent liabilities

2.2.10 Guarantees given, commitments and contingent liabilities

Guarantees

At 31 December 2015 the guarantees given by the Autogrill Group amounted to E 253,828k (E 264,509k at the close of 2014) and referred to performance bonds and other personal guarantees issued in favor of grantors and business counterparties.

Commitments

Commitments outstanding at 31 December 2015, essentially unchanged from the previous year, concern:

E 2,272k to be paid for the purchase of two commercial properties;

the value of third-party assets in use (E 1,357k);

the value of the assets of leased businesses (E 12,769k);

the value of goods on consignment held at Group locations (E 4,799k).

The Group has also agreed to minimum future payments under operating leases, as detailed in section 2.2.11.

Contingent liabilities

At 31 December 2015, there were no contingent liabilities as described in IAS 37.

 
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2.2.9 Seasonal patterns

2.2.9 Seasonal patterns

The Group’s volumes are closely related to the flow of travelers, which is highly seasonal in some businesses, and this in turn affects consolidated results. A breakdown of 2015 results by quarter shows that volumes are concentrated in the second half of the year, and particularly in the third quarter, when business is at a peak due to summer holidays.

    2015
(Em) First quarter First half First nine months Full year
Revenue 893.5 1,966.6 3,173.0 4,369.2
% of full year 20.4% 45.0% 72.6% 100.0%
Operating profit/(loss) (26.0) 21.6 135.2 151.9
% of full year n,s, 14.2% 89.0% 100.0%
Pre-tax profit/(loss) (45.6) 3.0 102.4 113.0
% of full year n,s, n,s, 90.6% 100.0%
Profit/(loss) attributable to owners of the parent (46.8) (15.6) 56.2 64.2
% of full year n,s, n,s, 87.6% 100.0%
     

Note:

–In order to compare data with the figures shown in the Report on operations, revenue does not include fuel sales made primarily in Swiss and Italian motorway service areas

The percentages shown are general indications only and should not be used to predict results or the generation of cash. Indeed, seasonal trends are further magnified by cash flows, with the first quarter seeing a concentration of annual payments (namely concession fees), both as settlement of amounts accrued in the previous year and as advances on the year in course.

 
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2.2.8 Segment reporting

2.2.8 Segment reporting

The Group operates in the food & beverage industry at airports, motorway rest stops and railway stations, serving a local and international clientele. The business is conducted in Europe by Autogrill S.p.A. (directly in Italy and through subsidiaries in other European countries), and in North America, Scandinavia, the Middle East and Asia by HMSHost Corporation and its subsidiaries. The Group serves its own proprietary brands as well as third-party brands under license. The operational levers are typically assigned to local organizations and coordinated, at the European level, by central facilities.

Performance is monitored separately for each organization, which corresponds to the country served. “Italy,” “HMSHost North America,” and “HMSHost International” (its own operating segment since the fourth quarter of 2014) are presented on their own, while the

remaining European entities (each of them quite small) are grouped together under the heading “Other European countries”.

Costs are shown separately for “European Support,” which mostly takes care of marketing, purchasing, engineering, human resources, organization, and ICT regarding operations in Europe, and for “Corporate” functions, which include the centralized units in charge of administration, finance and control, strategic planning, legal and corporate affairs, communications, human resources and organization for the Group as a whole.

Key information on operating segments is presented below. The accounting policies used for segment reporting are the same as those applicable to the consolidated financial statements.

Segment (Ek)   2015
  HMSHost   Europe   Corporate Consolidated
  North America International   Italy Other European Countries European central structure      
Total revenue and other operating income 2,237,662 349,918   1,567,569 786,255 437   - 4,941,841
Depreciation, amortisation and impairment losses on property, plant, equipment and intangible assets (110,159) (19,912)   (52,472) (39,149) (2,461)   (169) (224,322)
Operating profit/(loss) 143,930 22,509   12,669 10,031 (11,384)   (25,831) 151,924
Net financial expense                 (37,926)
Adjustment to the value of financial assets                 (1,003)
Pre-tax profit                 112,995
Income tax                 (34,448)
Profit for the year                 78,547
 
Segment (Ek)   31.12.2015
  HMSHost   Europe   Corporate Consolidated
  North America International   Italy Other European Countries European central structure      
Goodwill 463,487 63,506   83,631 253,845 -   - 864,469
Other intangible assets 11,757 10,118   12,702 14,418 7,802   80 56,877
Property, plant and equipment 458,477 80,030   162,160 174,287 762   268 875,984
Financial assets 9,998 1,868   22 3,727 1,649   - 17,264
Non-current assets 943,719 155,522   258,515 446,277 10,213   348 1,814,594
Net working capital (273,288) (43,209)   (89,624) (90,626) (1,638)   80,947 (417,438)
Other non-current non financial assetsand liabilities (62,731) (1,646)   (45,106) (31,124) (4,238)   (7,894) (152,739)
Net invested capital 607,700 110,667   123,785 324,527 4,337   73,401 1,244,417
 
Segment (Ek) 2014
  HMSHost   Europe   Corporate Consolidated
  North America International   Italy Other European Countries European central structure      
Total revenue and other operating income 1,855,913 280,953   1,665,420 767,680 -   353 4,570,319
Depreciation, amortisation and impairment losses on property, plant, equipment and intangible assets (90,030) (16,274)   (47,577) (40,772) (2,600)   (346) (197,600)
Operating profit/(loss) 112,343 18,890   14,300 5,911 (11,577)   (21,228) 118,639
Net financial expense                 (44,393)
Adjustment to the value of financial assets                 2,977
Pre-tax profit                 77,222
Income tax                 (40,244)
Profit for the year                 36,978
 
Segment (Ek) 31.12.2014
  HMSHost   Europe   Corporate Consolidated
  North America International   Italy Other European Countries European central structure      
Goodwill 421,720 58,654   83,631 240,538 -   - 804,544
Other intangible assets 12,313 13,038   13,537 16,922 7,935   7 63,752
Property, plant and equipment 422,973 59,607   176,066 175,224 754   280 834,903
Financial assets 9,818 1,353   22 3,357 8,292   - 22,843
Non-current assets 866,825 132,652   273,256 436,042 16,981   286 1,726,042
Net working capital (149,486) (39,480)   (109,189) (90,054) (1,360)   (5,161) (394,730)
Other non-current non financial assetsand liabilities (56,957) (1,005)   (51,588) (28,303) (3,594)   (5,887) (147,333)
Net invested capital 660,381 92,168   112,479 317,684 12,028   (10,761) 1,183,979
 
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