AmRest Holdings SE · GPW:EAT
AmRest — H1 2013 Earnings Presentation
24 slides from AmRest's earnings presentation, Aug 23, 2013
Slide 1: AmRest Holdings SE H1 2013 Presentation for Investors
AmRest Holdings SE H1 2013 Presentation for Investors August 23rd, 2013
Slide 2: Teleconference Details
Teleconference Details • AmRest H1 2013 results are included in the H1 2013 Financial Report which is available to download from Investor Relations section at: http://www.amrest.eu • The recording of this Teleconference will be available at our website within 24 hours The AmRest participants: Henry
Slide 3: Executive Summary Q1 2013
Executive Summary Q1 2013 • Group margin pressure continued in Q2 with improvement in smaller CEE brands • Fast pace of new store openings continues • La Tagliatella International test will take longer than expected • Exercise of Put Option by minority shareholders of Restauravia • Successful new bo
Slide 4: Our Restaurants
Our Restaurants * * Total: 698 4
Slide 5: New Restaurant Openings
New Restaurant Openings • 41 stores opened YTD (19 CEE, 6 Russia, 15 TAG, 1 Stubb’s) • 16 openings since the last call (7 CEE, 3 Russia, 6 TAG) • Solid pipeline for 2013 with ca. +100 stores to be opened in total 5
Slide 6: Continued growth in the number of restaurants
Continued growth in the number of restaurants # of Restaurants 698 1 Stubb’s 662 11 11 577 161 145 [+23%] 122 & [1] 360 334 348 364 301 310 247 239 191 223 202 166 37 34 127 35 27 58 12 21 39 53 4 13 24 8 64 77 79 77 70 71 68 69 2006 2007 2008 2009 2010 2011 2012 2013-08-23 • Countries of operation
Slide 7: Financial Highlights Q2 2013
Financial Highlights Q2 2013 • Second Quarter Net Sales grew in 2013 by 17% • Sales increased across all business segments • Q2 Adjusted EBITDA fell by PLN 9.4m or 13% to PLN 62m • Net Profit Attributable to Shareholders rose to PLN 52m • One time gain of PLN 66m resulting from settlement of the PUT
Slide 8: H1 2013 Financials by Segments (PLN '000)
H1 2013 Financials by Segments (PLN ’000) +6.7% 754 811 707 526 +5.3% +26.8% 257 744 271 320 +>100% 186 655 147 201 61 481 295 Sales 6 7 8 5 2 3 4 2012 2013 2012 2013 2012 2013 2012 2013 EBITDA 10.9% CEE 9.3% 12.3% Russia 11.1% New - 21.9% Spain 19.1% - Margin Markets 8
Slide 9: H1 2013 Financials – Key Figures
H1 2013 Financials – Key Figures Q2 2012 Thousand PLN Q1 2012 [1] Q3 2012 [1] Q4 2012 [1] Q1 2013 Q2 2013 TTM [2] Sales 544 891 567 875 602 735 637 852 609 116 665 151 2 514 854 Sales growth [3] -9.5% 4.2% 13.0% 5.9% 11.8% 17.1% 11.8% EBITDA 68 353 68 767 81 901 147 026 52 099 54 756 335 782 EBITDA
Slide 10: Outlook
Outlook • Signs of an upswing in the macro environment • La Tagliatella international test to continue and weigh on 2013 results • ROIC focused growth agenda 10
Slide 11: IR contact
IR contact: Maciej Mausch maciej.mausch@amrest.eu mobile +48 519 19 12 64 tel. +48 71 386 12 64 11
Slide 12: Backup slides
Backup slides
Slide 13: AmRest Strategy
AmRest Strategy Scope Leverage our WJM culture, international capability, and superior brand portfolio to grow scalable, highly profitable restaurants globally. Our unique value proposition Through our WJM culture we will deliver delicious taste and exceptional service at affordable prices. 13
Slide 14: AmRest Growth Agenda
AmRest Growth Agenda Deliver 20/20+ Growth DEVELOP NEW EXPAND OUR CORE GROWTH DRIVERS La Tagliatella CE Russia Spain M&A International Performance Drivers Achieve full market penetration Launch La Tagliatella globally Extend reach in dayparts & formats Build factory and support infrastrcuture Establ
Slide 15: Brand Portfolio
Brand Portfolio #1 in Chicken 15,000 restaurants in over 109 countries #1 and the fastest growing QSR brand in the Emerging Markets Over 700 restaurants added in 2011 #1 CDR in the World Over 13,000 restaurants in over 100 countries #1 Coffee in the World 19 000 stores in over 60 countries #2 in #1
Slide 16: Long Runway For Growth
Long Runway For Growth Population Nominal GDP # of KFC (m) per Capita ($) Stores KFCs per 1M people Australia 23 65,908 610 27,1 Canada 34 50,596 700 20,4 US 312 48,409 4,750 15,2 UK 63 38,739 752 12,0 Total DM Benchmarks 431 48,091 6,812 15,8 Poland 38 13,450 170 4,0 Long-term Czech 11 20,416 63 5,
Slide 17: Spain / Tagliatella Snapshot
Spain / Tagliatella Snapshot Spain +16 +20 +15 136 120 30 32 32 31 100 26 85 89 96 85 73 65 35 47 48 20 27 2009 2010 2011 2012 2013-08-23 2009 2010 2011 2012 2013-08-23 Equity Franchise International Significant international opportunity... Currently 1 equity and 4 franchise stores in France 2 equit
Slide 18: Guidance next 3 years
Guidance next 3 years Sales growth • Organic growth 20% CAGR • Potential M&A activity EBITDA • 15% margin CAPEX • Average capex per store below PLN 3 million • 80 restaurants p.a + PLN 50 million maintenance capex NET Debt • Bank covenants at 3.5x EBITDA • Target of 2.5-3.0x EBITDA 18 8/28/2013
Slide 19: EAT Factsheet
EAT Factsheet Ticker EAT (AmRest) Listing WSE Free Float 27.04% Unicredit, Wood&Co, Trigon, Analyst Raiffeisen Centrobank AG, Coverage KBC Securities, IPOPEMA, ERSTE, DM PKO BP, DM Banku BPS Number of 17,200 Employees Number of 21.2 million Shares Number of 698 Restaurants [1] Including 100 restaura
Slide 20: H1 2013 – Segment reporting
H1 2013 – Segment reporting H1 2013 H1 2012 share in sales margin share in sales margin Sales 1 274 267 1 112 766 Poland 520 445 40.8% 492 406 44.3% Czech Republic 164 554 12.9% 158 578 14.2% Other CEE 69 812 5.5% 56 542 5.1% Total CEE 754 811 59.2% 707 526 63.6% Russia 186 655 14.7% 147 201 13.2% S
Slide 21: Q2 2013 – Segment reporting
Q2 2013 – Segment reporting 2013 2012 share in sales margin share in sales margin Sales 665 151 567 875 Poland 272 502 41.0% 248 410 43.7% Czech Republic 85 616 12.9% 81 852 14.4% Other CEE 36 859 5.5% 28 844 5.1% Total CEE 394 977 59.4% 359 106 63.2% Russia 98 289 14.8% 79 957 14.1% Spain 136 512 2
Slide 22: Q2 2013 – Consolidated P&L
Q2 2013 – Consolidated P&L Thousand PLN Q2 2013 % of sales Q2 2012 % of sales Restaurant sales 619 680 530 852 Franchise and other sales 45 471 37 023 Total sales 665 151 567 875 Company operated restaurant expenses: Food and material -201 898 -30.4% -174 915 -30.8% Payroll and employee benefits -13
Slide 23: EBITDA and Net profit reconciliation
EBITDA and Net profit reconciliation % of % of Q2oQ2 % of Thousand PLN Q2.2013 Q2.2012 sales sales change change Restaurant sales 619 680 93.2% 530 852 93.5% 88 828 16.7% Franchise and other sales 45 471 6.8% 37 023 6.5% 8 448 22.8% Total sales 665 151 567 875 97 276 17.1% Net Profit for the period
Slide 24: AmRest Portfolio
AmRest Portfolio Countries Brands 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-08-23 Poland 131 139 158 188 206 256 279 286 KFC 79 85 94 110 121 150 163 170 BK 4 9 17 19 27 28 26 SBX 3 9 21 32 33 PH 52 50 55 58 57 58 56 57 Czech 43 44 62 67 75 73 83 86 KFC 43 44