AmRest Holdings SE · GPW:EAT
AmRest — Q3 2018 Earnings Presentation
23 slides from AmRest's earnings presentation, Nov 16, 2018
Slide 1: AmRest Holdings SE Q3 2018 Presentation for Investors
AmRest Holdings SE Q3 2018 Presentation for Investors November 16th, 2018
Slide 2: Teleconference details
Teleconference details • AmRest Q3 2018 results are included in the 2018 Q3 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 Exec
Slide 3: Executive summary
Executive summary • Celebration of 25th anniversary of AmRest • Nearly 30% growth over the past 25 years • Milestone of 2,000 restaurants achieved • Continued double-digit growth with a 23% sales increase in Q3 2018 • Positive LFL trends in major markets • Dynamic growth of delivery business • Multi
Slide 4: Our restaurants
Our restaurants Total: 2 015 94 5 5 China: 55
Slide 5: New restaurant openings
New restaurant openings* 125 stores opened in Q3 2018 YTD: 164 stores opened in 2018 YTD (till November 15th, 2018): China China Russia 8 Russia 9 22 28 CE CE 55 76 WE WE 51 40 • 238 restaurants added through acquisitions: • Expected opening of ca. 300 restaurants in 2018. • 40 Pizza Hut restaurants
Slide 6: Continued growth in the number of restaurants
Continued growth in the number of restaurants 168 6 3 57 56 4 45 54 325 301 4 416 22% 32 45 330 275 4 25 3 41 246 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 21 27 24 122 669 738 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 Q3 2018
Financial highlights Q3 2018 • Sales at EUR 392m (+23% vs LY) • CE EUR 186m (+16%) • Russia EUR 43m (+29%) • Western Europe EUR 140m (+33%) • China EUR 19m (+22%) • EBITDA at EUR 50m (+6% vs LY) • EBITDA margin at 12.7% (-2.1pp vs LY) • Net profit* at EUR 18m (-10% vs LY) • Net debt at EUR 379m, lev
Slide 8: Q3 2018 financials by segments
Q3 2018 financials by segments 15.5% 186.3 SALES [mEUR] 161.3 33.3% 140.0 105.0 29.0% 22.0% 42.7 33.1 15.9 19.4 Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 CE Russia Western Europe China Adjusted EBITDA 17.4% 16.4% 16.0% 13.6% 16.1% 11.4% 9.1% 9.7% margin 8
Slide 9: Q3 2018 YTD financials by segments
Q3 2018 YTD financials by segments 17.9% 522.2 SALES [mEUR] 40.0% 443.0 390.3 278.7 23.8% 16.4% 124.5 100.6 47.0 54.7 9M 2017 9M 2018 9M 2017 9M 2018 9M 2017 9M 2018 9M 2017 9M 2018 CE Russia Western Europe China Adjusted EBITDA 15.6% 15.1% 12.6% 13.4% 11.8% 10.4% 11.8% 12.0% margin
Slide 10: Q3 2018 financials – key figures
Q3 2018 financials – key figures mEUR Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 TTM [1] Sales 294.8 318.5 359.1 347.4 364.3 392.3 1 463.0 Sales growth [2] 31.9% 19.4% 29.4% 30.8% 23.6% 23.2% 26.5% Adjusted EBITDA [3] 38.4 49.2 46.5 35.7 44.1 51.6 177.9 Adjusted EBITDA (%) 13.0% 15.5% 13.0% 10.
Slide 11: Outlook
Outlook • Positive like-for-like sales trends continued • Accellerated organic growth ahead Ca. 400 openings in 2019, ca. 500 openings in 2020 • Continued investments in digital and delivery • Finalization of ongoing M&A processes and focus on integration • Further leverage on the supply and food pr
Slide 12: IR contact
IR contact Michał Serwatka [email protected] tel. +48 71 3861 246 mobile: +48 519 191 246 Dorota Surowiec [email protected] 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 738 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 325 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 57 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 6 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 19.94% Free float 19.94% Aviva OFE 3.19% Artal International Unicredit, mBank, Wood&Co, 4.78% FCapital Dutch Trigon, Raiffeisen Centrobank Nationale-Nederlanden B.V.[2] Analyst 5.03% 56.38% AG, Noble Securities, IPOPEMA, Coverage ERSTE, DM PKO
Slide 20: Segment reporting
Segment reporting 3 months ended 3 months ended 9 months ended 9 months ended 30 September 2018 30 September 2017 30 September 2018 30 September 2017 m EUR Shar e Mar gin m EUR Shar e Mar gin m EUR Shar e Mar gin m EUR Shar e Mar gin Sales 392.3 318.5 Sales 1 104.0 878.7 Poland 107.3 27.4% 96.8 30.4
Slide 21: Consolidated P&L
Consolidated P&L mEUR Q3 2018 % of sales Q3 2017 % of sales mEUR Q3 YTD 2018 % of sales Q3 YTD 2017 % of sales Restaurant sales 370.6 298.1 Restaurant sales 1 042.3 825.5 Franchise and other sales 21.7 20.4 Franchise and other sales 61.7 53.2 Total sales 392.3 318.5 Total sales 1 103.9 878.8 Company
Slide 22: Net profit and adjusted EBITDA reconciliation
Net profit and adjusted EBITDA reconciliation change % of Q3 YTD Q3 YTD change % of mEUR mEUR Q3 2018 % of sales Q3 2017 % of sales [mEUR] change 2018 % of sales 2017 % of sales [mEUR] change Restaurant sales 370.6 94.5% 298.1 93.6% 72.4 24.3% Restaurant sales 1 042.3 94.4% 825.5 93.9% 216.7 26.3% F
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 15.11.2018 Poland 131 139 158 188 206 256 279 299 320 346 389 454 456 470 478 486 KFC 79 85 94 110 12