Outlook

In the first eight weeks of 2011, revenue was up by 2.7% at constant exchange rates1 compared to the same period in 2010.

The new year began by confirming some emergent trends. In general, sales growth was stronger for Travel Retail & Duty-Free than for Food & Beverage, which suffered sharp volatility in weekly sales due to a less favourable holiday calendar and the impact of bad weather on mobility.

In addition, oil prices may affect traffic scenarios, the prices of other raw materials, and consumer confidence, which would influence business performance.

We have therefore designed two possible scenarios:

“Best case” would mean an upturn in traffic growth, especially in the airport channel, made possible by a recovery in economic conditions and consumption in the major countries served by the Group and assisted by the stabilisation of oil prices;

“Worst case” indicates a less favourable trend in traffic, should the recovery take longer to coalesce or should oil prices remain as volatile as they have been in this initial glimpse of 2011.


Worst case Best case
Traffic US airports 1.5% 3.0%
Traffic Italian motorways 0.0% 0.5%
Traffic Spanish airports 2.0% 3.0%
Traffic United Kingdom airports 2.0% 3.0%

As a result, figures for the year2 are projected to lie within the following ranges:

(€m) Worst case Best case
Revenue 5,800 5,900
EBITDA 610 640
Capital expenditure 250 250

Significant subsequent events

Since 31 December 2010, no events have occurred that if known in advance would have entailed an adjustment to the
figures reported or required additional disclosures.

1 Average exchange rates: €/$ 1.35, €/£ 0.85
2 Average exchange rates: €/$ 1.35, €/£ 0.86