Amrest Holdings Se · GPW:EAT
Amrest — Q3 2019 Earnings Presentation
19 slides from Amrest's earnings presentation, Nov 8, 2019
Slide 1: AmRest Investor Presentation 3Q'19
AmRest | Investor Presentation 3Q’19 8 November 2019
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 3Q 2019 results are available for download at: http://www.amrest.eu The re
Slide 3: Highlights
Highlights 3 1 Strong top line (+28.7% yoy) and non-IFRS EBITDA margin (12.5% in 3Q, 11.0% YTD); re-iterating FY margin guidance 2 Solid mid-single digit same-store-sales growth; top performers KFC, PH, BK (especially in CEE) and China 3 Year-to-date 131 store openings; slower than anticipated roll-
Slide 4: 3Q19 financial highlights
3Q19 financial highlights 4 Highlights QTD (excluding the impact from IFRS16) Executive Summary Date 3Q 2019 2Q 2019 3Q 2018 YoY • Revenue growth of 28.7% in 3Q’19 vs. last year to EUR 504.8m. Core sales (w/o M&A’s from the last 12 months) Restaurants 2 211 2 179 1 804 +407 increased by 16.9% YoY to
Slide 5: YTD'19 financial highlights
YTD’19 financial highlights 5 Highlights YTD (excluding the impact from IFRS16) Executive Summary YTD 2018 Date YTD 2019 YTD 2018** YoY** • Top-line growth of 29.8% in YTD vs. last year to EUR (restated) 1 432.5m driven by strong core sales dynamics (w/o M&A’s Restaurants 2 211 1 804 1 804 +407 from
Slide 6: Segment breakdown | CEE
Segment breakdown | CEE 6 General Summary Store-count Segment capex** [EURm] • +26 new openings in 3Q’19 and +55 in YTD, 47,5 52,5 mainly in KFC, SBX and PH. • Solid growth in segment sales in 3Q’19 at 17.1% 923 YoY driven by mid-to-high single digit LFL in CEE 873 882 899 16,2 17,8 markets and new
Slide 7: Segment breakdown | WE
Segment breakdown | WE 7 General Summary Store-count Segment capex** [EURm] • +10 new openings in 3Q’19 and +43 YTD driven 50,2 46,4 by KFC Spain and France and SSG. • In 3Q’19 sales grew by 42.6% with non-IFRS 16 511 515 528 536 368 23,3 EBITDA margin at 10.6%, 0.3pp higher than LY. 17,3 • Increase
Slide 8: Segment breakdown | Russia
Segment breakdown | Russia 8 General Summary Store-count Segment capex** [EURm] • +6 new openings in 3Q’19 and +24 YTD. 16,2 14,1 • Revenue in 3Q’19 increased by 28.8% on the back of mid single-digit LFL, solid new roll-outs 217 218 221 227 7,2 and good economics of the new openings. 200 5,7 • Non-I
Slide 9: Segment breakdown | China
Segment breakdown | China 9 General Summary Store-count Segment capex** [EURm] • +5 new openings in 3Q’19, including Blue Frog’s 4,8 5,0 first franchise store and +9 YTD’19. • In 3Q’19 sales increased by 21.6% over the year 68 2,0 2,2 to EUR 23.6m. Growth was driven by strong LFL 57 63 62 64 figures
Slide 10: Outlook FY 2019
Outlook FY 2019 10 KPI Target Previously Store openings (gross) 260-270 Ca. 300 Top-line growth YoY Mid to High Twenties Reiterated EBITDA vs. LY Flat margin Reiterated Capex 2019 w/o M&A Ca. EUR 220m Ca. EUR 250m
Slide 11: Appendix
Appendix Investor Presentation 3Q 2019 08.11.2019 11
Slide 12: Restaurants portfolio
Restaurants portfolio 12 Period 2016-YTD • New brands Bacoa, Sushi Shop, Pokai Slovakia, Portugal, Armenia, Azerbaijan, Slovenia, Austria, • New markets Belgium, Italy, Swiss, Luxembourg, UK, UAE, Saudi, Netherlands • Net new added 1 307 Period 2011-2015 26 25 • New brands La Tagliatella, Blue Frog
Slide 13: AmRest footprint
AmRest footprint 13 Europe + ME Russia + China 253 5 1 530 10 257 2 177 2 2 12 69 6 2 112 325 1 8 47 11 3 23 UAE & SA 5 335 3 10 # Equity | # Franchise # Equity | # Franchise Country Total Country Total Poland 273 | - 144 | - 42 | - 71 | - -|- -|- -|- -|- -|- 530 | 0 China -|- -|- -|- -|- -|- -|- 65
Slide 14: Key figures
Key figures 14 Q1 2019 Q2 2019 Q3 2019 TTM [5] [4] mEUR Q1 2018 Q2 2018 Q3 2018 Q4 2018 non IFRS16 IFRS16 non IFRS16 IFRS16 non IFRS16 IFRS16 non IFRS16 Revenue 347.4 364.3 392.3 442.9 444.9 444.9 482.8 482.8 504.8 504.8 1,875.4 Revenue growth [1] 30.8% 23.6% 23.2% 23.3% 28.1% 28.1% 32.5% 32.5% 28.7
Slide 15: Financial statement: Segment breakdown 3Q 2019
Financial statement 15 Segment breakdown – 3Q 2019 2019 with % 2019 w/o % % 2019 with % 2019 w/o % % 3Q 2019 2018 3Q 2019 2018 IFRS 16 of sales IFRS 16 of sales of sales IFRS 16 of sales IFRS 16 of sales of sales Margin Margin Margin SALES 504.8 504.8 392.4 Adj. EBITDA** 102.9 20.4% 66.1 13.1% 51.6
Slide 16: Financial statement: Segment breakdown YTD 2019
Financial statement 16 Segment breakdown – YTD 2019 2019 with % 2019 w/o % 2018 % 2019 with % 2019 w/o % 2018 % YTD 2019 YTD 2019 IFRS 16 of sales IFRS 16 of sales (restated) of sales IFRS 16 of sales IFRS 16 of sales (restated) of sales Margin Margin Margin SALES 1,432.5 1,432.5 1,104.0 Adj. EBITDA
Slide 17: Financial statement: EBITDA bridge 3Q 2019
Financial statement 17 3 months ended 30 September 2019 3 months ended YoY EBITDA BRIDGE 3Q 2019 IFRS16 impact with IFRS16 impact IFRS16 impact excluded 30 September 2018 excluded Amount % of sales Amount % of sales Amount % of sales % of change Profit/(loss) for the period 17.3 3.4% 23.6 4.7% 18.1
Slide 18: Factsheet
Factsheet 18 Shareholder structure (September 30th 2019) Listing details Warsaw (since 2005) Listing venues: Madrid (since 2018) ISIN: ES010537500 Shares issued: 219.6m Market Cap.: EUR 2.4bn Other free float; 20,10% Aviva OFE; 3,19% Analyst coverage Artal International Berenberg Ipopema S.C.A; 4,78
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.