Revenue

The Autogrill Group closed 2008 with consolidated revenue of €5,794.5m, an increase of 19.2% at current exchange rates (+24.6% at constant exchange rates) on the 2007 figure of €4,861.3m. The result at current exchange rates was influenced by the consolidation of Alpha Group for the entire year (from 1 June in 2007), the line-by-line consolidation of Aldeasa (from 1 April 2008) due to acquisition of full control, and the purchase of 100% of World Duty Free Europe Ltd. (from 1 May 2008). These acquisitions contributed €1,029.5m to revenue.

Organic growth amounted to 2.5%, an impressive figure given the macroeconomic context.

Change in revenue - 2008

Revenues

Fourth quarter revenue came to €1,556.1m, an increase of 15.7% at actual exchange rates (+16.0% at constant exchange rates) on the €1,344.5m earned in the fourth quarter of 2007, due to the changes in the scope of consolidation. Negative organic growth of 2.5% reflects the steep decline in traffic, especially by air, in the Group's main markets during the final quarter. Food & beverage revenue in 2008 totalled €3,924.6m, compared with €3,877.6m in 2007 (+1.2% at actual exchange rates and +4.7% at constant rates), with only marginal changes in the scope of consolidation. Organic growth for this segment was 4.3%. Travel retail & duty-free closed the year with sales of €1,438.7m, an increase of 116.9% at actual exchange rates (+129.0% at constant exchange rates) with respect to the previous year's €663.3m.

The boom in revenue as a result of the new acquisitions (which in some cases contributed for less than 12 months in 2008) demonstrates the importance this segment has attained. On an organic basis, sales were down by 5.1% due to reduced operations in Spain and to travel retail & duty-free's exit from the news & magazine business in the United Kingdom, with Alpha Group's sale of its World News operations.

The disposal of World News caused a decrease of £40m in revenue with respect to the previous year. In-Flight earned revenue of €431.2m, compared with €320.4m in 2007 (+34.6% at actual exchange rates and +56.7% at constant rates). In this segment, the change in the scope of consolidation concerns the full-year consolidation of Alpha Group (since June in 2007).

On a like-for-like basis, sales decreased by 5.2% due to the reduction in less profitable domestic operations, which were offset by a higher volume abroad where margins are greater. Fourth quarter revenue are discussed in the commentary on business segments.