AmRest Holdings SE · GPW:EAT
AmRest — H1 2012 Earnings Presentation
23 slides from AmRest's earnings presentation, Aug 31, 2012
Slide 1: AmRest Holdings SE 2012 H1 Presentation for Investors
AmRest Holdings SE 2012 H1 Presentation for Investors August 31st 2012
Slide 2: Teleconference Details
Teleconference Details • AmRest H1 2012 results are included in the H1 2012 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 H1 2012
Executive Summary H1 2012 • In H1 Sales increased by 41.6% to PLN 1 112.8 MM with over 50% growth in both EBITDA and EBIT • In Q2 Sales went up by 27%, while EBITDA margin increased by 26% • Positive SSS performance across most regions in both local currencies and PLN • Profit margins improved at bo
Slide 4: Our Restaurants
Our Restaurants * * 4 *including102 restaurants of the US business being divested
Slide 5: New Restaurant Openings
New Restaurant Openings • 43 sites opened YTD (26 CEE and Russia, 17 TAG) • Pipeline on track +30 in CEE and Russia for balance of the year, • New market development as planned +10 equity TAG sites to be opened this year in China, USA, Germany and India 5
Slide 6: Continued New Restaurant Openings
Continued New Restaurant Openings # of Restaurants 719 683 130 [1] 122 [1] [+27%] 102 103 463 437 405 103 103 104 322 310 247 239 223 191 202 166 35 37 127 12 21 27 39 50 4 13 24 8 64 77 79 77 70 70 71 2006 2007 2008 2009 2010 2011 31.08.2012 6 • Countries of operation include Poland, the Czech Repu
Slide 7: Financial Highlights – 2012 H1
Financial Highlights – 2012 H1 Significant growth in both EBITDA and EBIT versus LY • EBITDA +50.4% to PLN 140.8 mil; margin at 12.7% – Positive effect of Restauravia acquisition (PLN +46.9 mil) • Western Europe and EM margin of 19.3% excluding PLN 2,9 MM loss generated by new markets – CEE margin s
Slide 8: Q2 2012 Financials – Key Figures
Q2 2012 Financials – Key Figures Thousand PLN Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 TTM [2] Sales 446 717 533 607 602 146 544 891 567 875 2 248 519 Sales growth [1] 19.5% 12.8% -9.5% 4.2% EBITDA 56 073 80 092 77 787 70 138 70 628 298 645 EBITDA (%) 12.6% 15.0% 12.9% 12.9% 12.4% 13.3% EBIT 21 825 4
Slide 9: Q2 2012 Financials by Segments (PLN ’000)
Q2 2012 Financials by Segments (PLN ’000) +12% 359 320 74% +51% 129 80 74 53 Sales 6 7 2011 8 2012 5 2011 2 2011 2012 2012 EBITDA 10.5% CEE 10.4% 17.7% Russia 12.3% 21.1% Western Europe 18.6% Margin and EM 9
Slide 10: Outlook
Outlook • 2Q sales trends expected to continue during remainder of 2012 • Food cost pressures to be offset by long-term supply contracts • Spanish economy remains uncertain potentially affecting sales and capex • Opening of 4 test markets for La Tagliatella, China, USA, Germany and India • Solid pip
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 (short version)
AmRest Growth Agenda (short version) 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 infru
Slide 15: Brand Portfolio
Brand Portfolio #1 in Chicken 16,000 restaurants in over 100 countries #1 and the fastest growing QSR brand in the Emerging Markets Over 700 restaurants added in 2010 #1 CDR in the World Over 13,000 restaurants in over 100 countries #1 Coffee in the World 17 000 stores in over 50 countries #2 in #1
Slide 16: Long Runway For Growth
Long Runway For Growth Population Nominal GDP # of KFC (m) per Capita ($) Stores KFCs per 1M people Australia 23 65,908 610 27,1 Canada 34 50,596 700 20,4 US 312 48,409 4,750 15,2 UK 63 38,739 752 12,0 Total DM Benchmarks 431 48,091 6,812 15,8 Poland 38 13,450 152 4,0 Long-term Czech 11 20,416 56 5,
Slide 17: CEE and REM Snapshot
CEE and REM Snapshot Macro Statistics LTM AmRest Sales Market Population GDP / capita ($) PLN y/y growth SSS Growth Overview Poland 38 13,450 997,608 18.9% Czech 11 20,416 337,593 11.5% Hungary 10 13,986 91,180 34.2% Total CEE 59 14,792 1,426,381 17.9% ~ +3-5 % REM 164 12,601 266,357 44.4% ~ +20% EO
Slide 18: Spain / Tagliatella Snapshot
Spain / Tagliatella Snapshot Spain +14 +20 +15 134 120 32 32 30 100 26 85 88 85 73 65 35 46 20 27 2009 2010 2011 sie-12 2009 2010 2011 sie-12 Equity Franchise International Significant international opportunity... Currently 3 franchise stores in France Further potential in China, India, US and Germa
Slide 19: 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 19 8/31/2012
Slide 20: EAT Factsheet
EAT Factsheet Henry Ticker EAT (AmRest) McGovern [2]; 3,22% Free float; WP 20,62% Holdings; Listing WSE 32,99% Free Float 20.62% PZU ING OFE; UniCredit. Wood&Co. ERSTE. PTE; 19,33% Analyst 7,29% Deutsche Bank. BDM. DM PKO BP. Coverage KBC. IPOPEMA AVIVA OFE; BZ WBK Number of 7,54% AM[1]; 15,000 Empl
Slide 21: Q2 2012 – Consolidated P&L
Q2 2012 – Consolidated P&L Thousand PLN Q2 2012 % of sales Q2 2011 % of sales Restaurant sales 530 852 422 154 Franchise and other sales 37 023 24 563 Total sales 567 875 446 717 Company operated restaurant expenses: Food and material -174 915 -30.8% -140 317 -31.4% Payroll and employee benefits -11
Slide 22: Q2 2012 – Segment reporting
Q2 2012 – Segment reporting Share of Share of PLN th Q2 2012 revenues Margin % Q2 2011 revenues Margin % Sales 567 875 27.1% 446 717 Poland 248 410 43.7% 218 248 48.9% Czech Republic 81 852 14.4% 78 720 17.6% Other CEE 28 844 5.1% 23 073 5.2% Total CEE 359 106 63.2% 320 041 71.6% Russia 79 957 14.1%
Slide 23: AmRest Portfolio
AmRest Portfolio Countries Brands 2011-06-30 06-30-2011 9-30-2011 12-31-2011 03-30-2012 6-30-2012 8-31-2012 Poland 223 223 242 256 258 266 272 KFC 133 133 142 150 151 154 157 BK 22 22 26 27 27 27 28 SBX 11 11 16 21 23 27 29 PH 57 57 58 57 57 58 58 Czech 75 75 74 73 77 77 78 KFC 58 58 57 56 57 57 57