Amrest Holdings Se · GPW:EAT
Amrest — Q1 2019 Earnings Presentation
23 slides from Amrest's earnings presentation, May 10, 2019
Slide 1: AmRest Holdings SE Q1 2019 Presentation for Investors
AmRest Holdings SE Q1 2019 Presentation for Investors May 10th, 2019
Slide 2: Teleconference details
Teleconference details • AmRest Q1 2019 results are included in the Q1 2019 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 AmRest participants: Henry Form
Slide 3: Executive summary
Executive summary • Dynamic growth of scale continued in Q1 2019 with +28% top-line increase with core business double-digit growth in place. • Full quarter contribution from the Sushi Shop Group’s results. • Buyout of 49% stake in Pizza Portal to become the sole owner of the fast- growing delivery
Slide 4: Our restaurants (as at March 31st, 2019)
Our restaurants (as at March 31st, 2019) Total: 2 138 106 9 China: 63
Slide 5: New restaurant openings
New restaurant openings* 25 stores opened in Q1 2019 YTD: 281 stores opened TTM: Russia China China Russia 5 0 17 CE 41 11 CE 144 WE WE 79 9 • 236 restaurants added through acquisitions in the last 12 months: • 40 Pizza Hut restaurants in Russia, 2 in Armenia and 2 in Azerbaijan • 17 KFC restaurants
Slide 6: Continued growth in the number of restaurants
Continued growth in the number of restaurants 171 171 7 8 3 67 3 67 60 61 4 341 345 45 54 301 20% 449 448 4 32 45 330 275 4 25 249 249 3 41 2 17 40 100 92 236 1 11 35 67 77 10 37 61 70 214 35 53 70 193 39 68 172 71 170 145 779 786 21 27 24 122 669 12 13 4 8 77 70 519 77 79 428 464 64 310 348 383 166
Slide 7: Financial highlights Q1 2019
Financial highlights Q1 2019 • Total sales at EUR 445m (+28% vs LY) • CEE EUR 186m (+14%) • Russia EUR 44m (+11%) • Western Europe EUR 191m (+52%) • China EUR 20m (+29%) • Reported EBITDA at EUR 77m or 17.3% of sales. • Non-IFRS 16 EBITDA at EUR 42m (+25% vs LY) with margin at 9.5% (-0.2pp vs LY) •
Slide 8: Q1 2019 financials by segments
Q1 2019 financials by segments 13.6% 52.3% SALES [mEUR] 185.8 190.7 163.6 125.2 11.5% 28.6% 39.4 43.9 15.3 19.7 CE Russia Western Europe China Adjusted EBITDA 13.2% 13.6% 11.7% 9.5% 10.2% 8.6% 5.8% 7.8% margin
Slide 9: Q1 2019 financials – key figures
Q1 2019 financials – key figures Q1 2019 TTM [1] mEUR Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 non IFRS16 IFRS16 non IFRS16 Sales 318.5 359.1 347.4 364.3 392.3 442.9 444.9 444.9 1 644.4 Sales growth [2] 19.4% 29.4% 30.8% 23.6% 23.2% 23.3% 28.1% 28.1% 24.6% Adjusted EBITDA [3] 49.2 46.5 35.7 4
Slide 10: Outlook
Outlook • Expected dynamic pace of organic growth • Focus on integration of acquired businesses • Future growth founded on 4 pillars: • Operating Restaurants • Leveraging Supply and Food Procurement platforms • Expansion of Franchise network • Digital and delivery • Long-term vision of becoming #1 r
Slide 11: IR contact
IR contact Robert Patrzykąt robert.patrzykat@amrest.eu mobile: +48 573 446 653 Dorota Surowiec dorota.surowiec@amrest.eu tel. +48 71 3861 235 mobile: +48 519 191 235
Slide 12: Backup
Backup
Slide 13: AmRest strategy
AmRest strategy Leverage our WJM culture, international capability and superior brand portfolio to grow scalable, highly profitable restaurants globally BRAND Superior brand portfolio PEOPLE WJM culture Scalable and highly profitable restaurants (20% ROIC) SCALE International capability Our unique p
Slide 14: Superior BRAND portfolio
Superior BRAND portfolio Franchised brands • Global #1 in chicken category • Fresh chicken, genuine food, craveable taste • Innovative design and order system • Delivery platform and mobile restaurants • Entered Germany, Austria, France and Slovenia in 2017 786 restaurants 12 countries AmRest since
Slide 15: Superior BRAND portfolio
Superior BRAND portfolio Franchised brands • Global #1 in coffee category • Personalized customer service • Fresh food offer, locally developed • Starbucks Reserve • Substantial white space in CE 345 coffee shops 7 countries AmRest since 2008 • Global #2 in burger category • Better burger – 100% bee
Slide 16: Superior BRAND portfolio
Superior BRAND portfolio Proprietary brands • High-end casual dining concept • American cuisine with Asian touch • Fresh, craveable food served in a relaxed atmosphere 67 restaurants • Distinctive restaurant concept poised for China, Spain, Poland expansion AmRest since 2013 • AUV leader in our port
Slide 17: Superior BRAND portfolio
Superior BRAND portfolio Proprietary brands • High-quality value-for-money gourmet burger experience in a cool and trendy environment • Early stage, yet proven concept, with very good 8 restaurants economics of recent openings Spain AmRest since 2018 • Equipped with central kitchen, facilitating pla
Slide 18: EAT factsheet
EAT factsheet Ticker EAT (AmRest) Listing WSE, BME Free float 20,10% Free float 20.10% Aviva OFE 3,19% Artal International Unicredit, mBank, Wood&Co, FCapital Dutch 4,78% Trigon, Raiffeisen Centrobank Nationale-Nederlanden B.V.[2] Analyst 56,38% AG, Noble Securities, IPOPEMA, 4,88% Coverage ERSTE, D
Slide 19: Q1 2019 Segment reporting – revenue
Q1 2019 Segment reporting – revenue 3 months ended 31 March 2019 3 months ended mEUR 31 March 2018 with IFRS16 impact IFRS16 impact excluded Amount % of sales Amount % of sales Amount % of sales Revenue 444.9 444.9 347.4 Poland 104.6 23.5% 104.6 23.5% 95.3 27.4% Czechia 43.8 9.8% 43.8 9.8% 37.5 10.8
Slide 20: Q1 2019 Segment reporting - profitability
Q1 2019 Segment reporting - profitability 3 months ended 31 March 2019 3 months ended mEUR 31 March 2018 with IFRS16 impact IFRS16 impact excluded Amount Margin Amount Margin Amount Margin EBITDA 76.8 17.3% 42.1 9.5% 33.7 9.7% Poland 19.0 18.1% 10.9 10.4% 9.3 9.8% 3 months ended 31 March 2019 3 mont
Slide 21: Q1 2019 Consolidated P&L
Q1 2019 Consolidated P&L IFRS 16 Non-IFRS 16 mEUR Q1 2019 % of sales Q1 2019 % of sales Q1 2018 % of sales Restaurant sales 422.6 95.0% 422.6 95.0% 328.2 94.5% Franchise and other sales 22.3 5.0% 22.3 5.0% 19.2 5.5% Total revenue 444.9 100.0% 444.9 100.0% 347.4 100.0% Restaurant expenses: Food and m
Slide 22: Net profit and adjusted EBITDA reconciliation
Net profit and adjusted EBITDA reconciliation Q1 2019 Q1/Q1 mEUR Q1 2018 with IFRS16 IFRS16 impact with IFRS16 impact IFRS16 impact excluded impact excluded Amount % of sales Amount % of sales Amount % of sales % of change % of change Restaurant sales 422.6 95.0% 422.6 95.0% 328.2 94.5% 28.8% 28.8%
Slide 23: AmRest portfolio
AmRest portfolio Countries Brands 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 2012.03.31 2012.06.30 2012.09.30 31.12.2012 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.12.2017 31.03.2018 30.06.2018 30.09.2018 31.12.2018 31.03.2019 Poland 131 139 158 188 206 256 257 266 269 279