AmRest Holdings SE · GPW:EAT
AmRest — Q1 2020 Earnings Presentation
19 slides from AmRest's earnings presentation, May 18, 2020
Slide 1: AmRest Investor Presentation 1Q20
AmRest | Investor Presentation 1Q20 18 May 2020
Slide 2: Speakers
Speakers 2 Mark Chandler Eduardo Zamarripa Peter Kaineder Chief Executive Officer Chief Financial Officer Chief Strategy Officer Aleksandra Tajak Dorota Surowiec Robert Patrzykąt Global Controller IR Manager IR Manager AmRest Q1 2020 results are available for download at: http://www.amrest.eu The re
Slide 3: 1Q20 Highlights
1Q20 Highlights 3 1 411.9m EUR 1Q20 sales (-7.4% yoy); Sales +13.8% YTD Feb., -45.0% March yoy 2 42.6m EUR 1Q20 EBITDA (-44.5% yoy); 3 19 gross openings in 1Q, (total of 2,346 stores), FY20 guidance suspended 4 Leverage ND/EBITDA* at 3.6x, agreement on 1Q covenant waiver signed 5 2Q Outlook: Markets
Slide 4: 1Q20 financial highlights
1Q20 financial highlights 4 Highlights Executive Summary Date 1Q 2020 1Q 2019 Y/Y 4Q 2019 • Group’s revenue in Q1’20 reached EUR 411.9 million, representing a decline of 7.4% over the year. Strong months of January and Restaurants 2 346 2 148 198 2 337 February in Europe (sales growth in mid-teens Y
Slide 5: Segment breakdown | CEE
Segment breakdown | CEE 5 General Summary Segment sales [EURm] EBITDA [EURm] & EBITDA Margin 184.8 • 6 stores opened in 1Q’20 vs. 11 last year. 839.3 835.4 175.5 22.0% 21.0% 20.5% • 997 restaurants at the end of 1Q’20 with ca. 55% 15.8% opened and allowed for delivery and take- away/drive-thru only.
Slide 6: Segment breakdown | WE
Segment breakdown | WE 6 General Summary Segment sales [EURm] EBITDA [EURm] & EBITDA Margin 127.0 • 8 stores opened in 1Q’20 vs. 10 last year. 796.6 770.8 109.0 15.3% 15.9% • 996 restaurants at the end of 1Q’20 with ca. 28% 14.1% opened and allowed for delivery and take- away/drive-thru only. 6.7% 1
Slide 7: Segment breakdown | Russia
Segment breakdown | Russia 7 General Summary Segment sales [EURm] EBITDA [EURm] & EBITDA Margin • 3 stores opened in 1Q’20 vs. 5 last year. 206.6 211.8 39.8 39.1 • 279 restaurants at the end of 1Q’20 with ca. 64% 19.3% 18.7% 18.5% opened and allowed for delivery and take- 15.3% away/drive-thru only.
Slide 8: Segment breakdown | China
Segment breakdown | China 8 General Summary Segment sales [EURm] EBITDA [EURm] & EBITDA Margin 26.8% • 2 stores opened in 1Q’20 vs. no openings last 89.6 23.8% 23.9% 79.8 year. 24.0 19.1 • 74 restaurants in total as of end of March with ca. 93% operational and opened for delivery and starting dine-i
Slide 9: Business update | Covid-19
Business update | Covid-19 9 Some of the measures taken: • SPAIN: ERTE program launched in Spain covers 3 288 employees. Under the ERTE, the employees remain employed with AmRest with suspended salary and at the same time receive unemployment benefits from social authorities of up to 70% of their no
Slide 10: Appendix
Appendix Investor Presentation Q1’20 18.05.2020 10
Slide 11: Restaurants portfolio
Restaurants portfolio 11 Period 2016-YTD Bacoa, Sushi Shop, Pokai, Lepieje, • New brands oi’ Poke Slovakia, Portugal, Armenia, Azerbaijan, Slovenia, Austria, • New markets Belgium, Italy, Swiss, Luxembourg, UK, UAE, Saudi, Netherlands • Net new added 1 442 Period 2011-2015 26 26 • New brands La Tagl
Slide 12: AmRest footprint
AmRest footprint 12 Europe + ME Russia + China 274 5 1 559 11 280 191 2 3 2 14 74 7 2 130 325 1 8 55 13 3 24 UAE & SA 6 342 3 11 # Equity | # Franchise # Equity | # Franchise Virtual Country Total Country Brands Total China -|- -|- -|- -|- -|- -|- 68 | 4 -|- 2|- 70 | 4 Poland 283 | - 155 | - 45 | -
Slide 13: Key figures
Key figures 13 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 TTM [4] mEUR Q3 2018 Q4 2018 non IFRS16 IFRS16 non IFRS16 IFRS16 non IFRS16 IFRS16 non IFRS16 IFRS16 IFRS16 IFRS16 Revenue 392.3 442.9 444.9 444.9 482.8 482.8 504.8 504.8 529.0 529.0 411.9 1 928.5 Revenue growth [1] 23.2% 23.3% 28.1% 28.1% 32.5%
Slide 14: Financial statement
Financial statement 14 Segment breakdown Q1 % % % % Q1 2020 2019 Q1 2020 2019 of sales of sales of sales of sales Margin Margin SALES 411.9 444.9 Adj. EBITDA** 43.6 10.6% 78.4 17.6% Poland 100.8 24.5% 104.6 23.5% Poland 14.3 14.2% 19.4 18.5% Czech Republic 42.0 10.2% 43.8 9.8% Czech Republic 8.4 20.
Slide 15: Financial statement
Financial statement 15 EBITDA bridge Q1 3 months ended 31 March 2020 3 months ended YoY EBITDA BRIDGE Q1 IFRS16 impact with IFRS16 impact 31 March 2019 excluded Amount % of sales Amount % of sales % of change Profit/(loss) for the period (42.3) (10.3%) 3.8 0.9% - + Finance costs 24.6 6.0% 10.7 2.4%
Slide 16: Financial statement
Financial statement 16 Balance sheet Assets 31-Mar-20 31-Dec-19 Diff Equity and liabilities 31-Mar-20 31-Dec-19 Diff PPE 555.0 584.9 (29.9) Total equity 410.4 476.7 (66.3) Right-of-use 821.3 852.7 (31.4) Loans 101 656 (555.0) Goodwill 342.2 350.2 (8.0) Lease 703.5 719.4 (15.9) Intangible 249.4 253.5
Slide 17: Financial statement
Financial statement 17 Cash flow Q1 Operating and investing 31-Mar-20 31-Mar-19 Financing 31-Mar-20 31-Mar-19 Shares-based transactions - (0.4) Profit/(loss) before tax (48.0) 7.1 Proceeds from loans 81.6 34.2 D&A 64.5 58.8 Repayments of loans (21.8) (12.6) Net interest 11.0 9.7 Lease payments (43.4
Slide 18: Factsheet
Factsheet 18 Shareholder structure** Listing details Warsaw (since 2005) Listing venues: Madrid (since 2018) ISIN: ES010537500 Shares issued: 219.6m Other free float; 23.66% Analyst coverage Aviva OFE; 3.10% Berenberg Raiffeisen Bank Nationale- FCapital Dutch B.V.*; WOOD&CO Noble Netherlanden OFE; 6
Slide 19: Disclaimer
DISCLAIMER 19 Disclaimer This Presentation regarding AMREST HOLDINGS, SE (“AmRest” or the “Company”) has been prepared for information purposes only and it is not regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission.