AmRest Holdings SE · GPW:EAT
AmRest — FY2018 Earnings Presentation
23 slides from AmRest's earnings presentation, Mar 1, 2019
Slide 1: AmRest Holdings SE FY 2018 Presentation for Investors
AmRest Holdings SE FY 2018 Presentation for Investors March 1st, 2019
Slide 2: Teleconference details
Teleconference details • AmRest FY 2018 results are included in the 2018 Annual 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
Slide 3: Executive summary
Executive summary • Dynamic trends continued in 2018: SALES +25%, EBITDA +17% vs LY • Positive LFL trends in major markets • Dynamic growth of delivery business • Accelerated organic growth: 280 restaurants opened in 2018, 2,126 restaurants at the year end • 5 M&A projects finalized • 239 restaurant
Slide 4: Our restaurants (as at December 31st, 2018)
Our restaurants (as at December 31st, 2018) 104 9 China: 63
Slide 5: New restaurant openings
New restaurant openings* 125 stores opened in Q4 2018 YTD: 280 stores opened in FY 2018: China China Russia 8 Russia 17 22 42 CE CE 55 140 WE WE 81 40 • 239 restaurants added through acquisitions in FY 2018: • 40 Pizza Hut restaurants in Russia, 2 in Armenia and 2 in Azerbaijan • 2 Pizza Hut restaur
Slide 6: Continued growth in the number of restaurants
Continued growth in the number of restaurants 171 7 3 67 60 4 45 341 54 301 22% 449 4 32 45 330 275 4 25 249 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 21 27 24 122 669 12 13 4 8 77 70 519 77 79 428 464 64 310 348 383 166 202 223 239 127 2006 2007 200
Slide 7: Financial highlights FY 2018
Financial highlights FY 2018 • Sales at EUR 1 547m (+25% vs LY) • CEE EUR 718m (+16%) • Russia EUR 169m (+18%) • Western Europe EUR 570m (+42%) • China EUR 74m (+18%) • EBITDA at EUR 173m (+17% vs LY) • EBITDA margin at 11.2% (-0.8pp vs LY) • Net profit* at EUR 43m (+0.3% vs LY) • Net debt at EUR 54
Slide 8: FY 2018 financials by segments
FY 2018 financials by segments 15.9% SALES [mEUR] 717.6 42.3% 619.2 569.8 400.4 18.4% 18.1% 168.6 142.4 62.3 73.6 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 CE Russia Western Europe China Adjusted EBITDA 15.8% 15.3% 12.6% 13.4% 12.2% 11.3% 10.5% 11.0% margin 8
Slide 9: Q4 2018 financials by segments
Q4 2018 financials by segments 11.0% SALES [mEUR] 195.4 47.5% 176.2 179.5 121.7 5.5% 23.2% 41.8 44.1 15.3 18.8 Q4 2017 Q4 2018 Q4 2017 Q4 2018 Q4 2017 Q4 2018 Q4 2017 Q4 2018 CE Russia Western Europe China Adjusted EBITDA 16.2% 15.7% 12.6% 13.7% 13.1% 13.4% 6.7% 8.2% margin
Slide 10: Q4 2018 financials – key figures
Q4 2018 financials – key figures mEUR Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 TTM [1] Sales 318.5 359.1 347.4 364.3 392.3 442.9 1 546.9 Sales growth [2] 19.4% 29.4% 30.8% 23.6% 23.2% 23.3% 25.0% Adjusted EBITDA [3] 49.2 46.5 35.7 44.1 51.6 56.4 187.8 Adjusted EBI TDA (%) 15.5% 13.0% 10.3% 12
Slide 11: 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 12: 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
Slide 13: Backup
Backup
Slide 14: 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 15: 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 779 restaurants 12 countries AmRest since
Slide 16: 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 341 coffee shops 7 countries AmRest since 2008 • Global #2 in burger category • Better burger – 100% bee
Slide 17: 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 18: 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 7 restaurants economics of recent openings Spain AmRest since 2018 • Equipped with central kitchen, facilitating pla
Slide 19: EAT factsheet
EAT factsheet Ticker EAT (AmRest) Listing WSE Free float 20,10% Free float 20.10% Aviva OFE 3,19% Unicredit, mBank, Wood&Co, Artal International 4,78% FCapital Dutch Trigon, Raiffeisen Centrobank B.V.[2] Analyst Nationale-Nederlanden AG, Noble Securities, IPOPEMA, 4,88% 56,38% Coverage ERSTE, DM PKO
Slide 20: Segment reporting
Segment reporting Q4 2018 Q4 2017 2018 2017 mEUR mEUR Amount Share Margin Amount Share Margin Amount Share Margin Amount Share Margin Revenue 442.9 359.1 Revenue 1 546.9 1 237.9 Poland 108.6 24.5% 102.2 28.5% Poland 409.4 26.5% 370.2 29.9% Czechia 48 10.8% 41.6 11.6% Czechia 169.6 11.0% 139.0 11.2%
Slide 21: Consolidated P&L
Consolidated P&L mEUR Q4 2018 % of sales Q4 2017 % of sales mEUR 2018 % of sales 2017 % of sales Restaurant sales 418.3 336.8 Restaurant sales 1 460.6 1 162.3 Franchise and other sales 24.6 22.4 Franchise and other sales 86.3 75.6 Total sales 442.9 359.1 Total sales 1 546.9 1 237.9 Company operated
Slide 22: Net profit and adjusted EBITDA reconciliation
Net profit and adjusted EBITDA reconciliation mEUR Q4 2018 % of sales Q4 2017 % of sales change% of change mEUR 2018 % of sales 2017 % of sales change% of change Restaurant sales 418.3 94.4% 336.7 93.8% 81.6 24.2% Restaurant sales 1 460.6 94.4% 1 162.3 93.9% 298.3 25.7% Franchise and other sales 24.
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 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 Poland 131 139 158 188 206 256 279 299 320 346 389 454 456 470 478 515 KFC 79 85 94 110 12