AmRest Holdings SE · GPW:EAT
AmRest — Q3 2015 Earnings Presentation
25 slides from AmRest's earnings presentation, Nov 6, 2015
Slide 1: AmRest Holdings SE Q3 2015 Presentation for Investors
AmRest Holdings SE Q3 2015 Presentation for Investors November 6th, 2015
Slide 2: Teleconference details
Teleconference details • AmRest Q3 2015 results are included in the Q3 2015 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 Foun
Slide 3: Executive summary Q3 2015
Executive summary Q3 2015 • Extremely strong quarter • Significant growth of scale (dynamic pace of new builds, solid top line growth and maintained positive LFL trends) • Breakthrough EBITDA of PLN 123m and PLN 65m net profit • Further enhancement of margins in all divisions • Central Europe & Spai
Slide 4: Our restaurants
Our restaurants Total: 880 USA: 1 China: 28 4
Slide 5: New restaurants openings
New restaurants openings* • 22 stores opened in Q3 2015: 13 CE, 2 Russia, 5 TAG and 1 KFC in Spain, 1 Blue Frog, • 70 stores opened in 2015 YTD (till November 6th, 2014): 33 CE, 8 Russia, 18 TAG (16 Spain, 2 France), 3 KFC in Spain, 7 Blue Frog and 1 KABB • 28 openings since the last call (August 13
Slide 6: Continued growth in the number of restaurants
Continued growth in the number of restaurants 4 24 42 3 17 40 100 2 11 35 67 1 10 77 61 70 20% 37 53 70 35 68 186 39 175 71 169 145 122 21 27 12 24 13 8 70 4 77 79 447 77 428 383 64 348 310 [1] 223 239 202 166 127 2006 2007 2008 2009 2010 2011 2012 2013 2014 06.11.2015 Total: 191 247 301 334 360 577
Slide 7: Financial highlights Q3 2015
Financial highlights Q3 2015 • Sales at PLN 861m (+13% vs LY) • CE PLN 517m (+15%) • Russia PLN 98m (-10%; +31% in RUB) • Spain PLN 182m (+14%) • New Markets PLN 64m (+31%) • EBITDA at PLN 123m (+23% vs LY) • EBITDA margin at 14.3% (+1.2pp vs LY) • Adjusted EBITDA at PLN 130m (+20% vs LY) • Adjusted
Slide 8: Q3 2015 financials by segments
Q3 2015 financials by segments 15.3% 517 SALES [mPLN] 448 14.1% -9.5% 182 30.8% 160 109 98 64 49 CE Russia Spain New Markets Adjusted EBITDA 14.9% 15.4% 12.5% 13.3% 21.9% 21.8% - 2.6% margin 8
Slide 9: Q3 2015 YTD financials by segments
Q3 2015 YTD financials by segments 13.7% 1 430 SALES [mPLN] 1 257 12.3% -1.9% 507 33.4% 452 308 302 183 137 Adjusted EBITDA 14.0% 14.8% 12.5% 12.7% 20.8% 21.1% - 1.7% margin 9
Slide 10: Q3 2015 financials – key figures
Q3 2015 financials – key figures Thousand PLN Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 TTM [1] Sales 713 646 765 295 799 592 750 351 809 324 861 191 3 220 458 Sales growth [2] 7.3% 9.9% 9.5% 11.3% 13.4% 12.5% 11.7% Adjusted EBITDA [3] 86 840 108 059 109 722 99 247 116 801 129 725 455 495 Adju
Slide 11: Outlook
Outlook • Positive trends for end of 2015 and 2016 • Continuation of good sales trends in all markets • Expected further improvement in margins • AmRest 2.0 guidance on track, with 20%+ EBITDA growth • Option to accelerate development pace in CE and Russia • Strong pipeline of new openings secured •
Slide 12: 3 years guidance
3 years guidance Sales growth •Double-digit organic growth •Potential M&A activity EBITDA • Strong EBITDA growth driven by sales and margin improvement • EBITDA above Capex 20%+ ROIC on expansion Capex • Improved ROIC on existing investments through growing margins, • Prudent capital allocation (80/
Slide 13: IR contact
IR contact Michał Serwatka michal.serwatka@amrest.eu tel. +48 71 3861 246 mobile: +48 519 191 246 Dorota Surowiec dorota.surowiec@amrest.eu tel. +48 71 3861 235 mobile: +48 519 191 235 13
Slide 14: Backup
Backup
Slide 15: Our unique proposition
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 16: Franchised brands – Superior brand portfolio
Franchised Superior BRAND portfolio – AmRest unique approach brands Global # 1 in Chicken Category 42 restaurants Fresh chicken and genuine food 3 countries 447 restaurants Craveable taste Within AmRest since 2007 8 countries Innovative design and order system Global # 2 in Burger Category Within Am
Slide 17: Proprietary brands – Superior brand portfolio
Proprietary Superior BRAND portfolio – AmRest unique approach brands # 1 in Italian category in Spain Authentic Italian cuisine Best quality ingredients sourced in Italy 186 restaurants Almost 30 years expertise 4 countries Fine dining experience at casual dining price Within AmRest since 2011 Uniqu
Slide 18: EAT factsheet
EAT factsheet Ticker EAT (AmRest) Listing WSE Free float 33.32% FCapital Free float Dutch B. V. 33.32% 31.71% Unicredit, DI I nv estors, Wood&Co, Trigon, Raiffeisen Analyst Centrobank AG, KBC Nationale- Cov erage Securities, I POPEMA, ERSTE, AVIVA OFE Nederlanden OFE DM PKO BP, DM Banku BPS 9.90% PZ
Slide 19: Q3 2015 segment reporting
Q3 2015 segment reporting Q3 2015 Q3 2014 PLN '000 Share Margin Share Margin Sales 861 191 765 295 Poland 341 981 39.7% 312 701 40.9% Czech Republic 106 216 12.3% 91 174 11.9% Other CE 68 596 8.0% 44 310 5.8% Total CE 516 793 60.0% 448 185 58.6% Russia 98 223 11.4% 108 539 14.2% Spain 182 171 21.2%
Slide 20: Q3 2015 YTD segment reporting
Q3 2015 YTD segment reporting Q3 YTD 2015 Q3 YTD 2014 PLN '000 Share Margin Share Margin Sales 2 420 866 2 153 059 Poland 972 573 40.2% 875 024 40.6% Czech Republic 295 593 12.2% 258 930 12.0% Other CE 161 370 6.7% 123 020 5.7% Total CE 1 429 536 59.1% 1 256 974 58.4% Russia 301 739 12.5% 307 669 14
Slide 21: Q3 2015 consolidated P&L
Q3 2015 consolidated P&L [ PLN '000] Q3 2015 % of sales Q3 2014 % of sales Restaurant sales 804 252 719 403 Franchise and other sales 56 939 45 892 Total sales 861 191 765 295 Company operated restaurant expenses: Food and material (248 051) -28.8% (231 043) -30.2% Payroll and employee benefits (175
Slide 22: Q3 2015 YTD consolidated P&L
Q3 2015 YTD consolidated P&L [ PLN '000] Q3 2015 YTD % of sales Q3 2014 YTD % of sales Restaurant sales 2 266 574 2 019 775 Franchise and other sales 154 292 133 284 Total sales 2 420 866 2 153 059 Company operated restaurant expenses: Food and material (705 138) -29.1% (650 774) -30.2% Payroll and
Slide 23: Q3 2015 net profit and adjusted EBITDA reconciliation
Q3 2015 net profit and adjusted EBITDA reconciliation [ PLN '000] Q3 2015 % of sales Q3 2014 % of sales Q3 vs Q3 % of change Restaurant sales 804 252 93.4% 719 403 94.0% 84 849 11.8% Franchise and other sales 56 939 6.6% 45 892 6.0% 11 047 24.1% Total sales 861 191 765 295 95 896 12.5% Net Profit fo
Slide 24: Q3 YTD 2015 net profit and adjusted EBITDA reconciliation
Q3 YTD 2015 net profit and adjusted EBITDA reconciliation [ PLN '000] Q3 YTD 2015 % of sales Q3 YTD 2014 % of sales Q3 vs Q3 (YTD) % of change Restaurant sales 2 266 574 93.6% 2 019 775 93.8% 246 799 12.2% Franchise and other sales 154 292 6.4% 133 284 6.2% 21 008 15.8% Total sales 2 420 866 2 153 0
Slide 25: 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 2013-12-31 2014-12-31 2015-09-30 2015-11-06 Poland 131 139 158 188 206 256 279 299 320 335 339 KFC 79 85 94 110 121 150 163 179 191 197 198 BK 4 9 17 19 27 28 27 32 33 34 SBX 3 9 21 32 35 3