AmRest Holdings SE · GPW:EAT
AmRest — FY2014 Earnings Presentation
25 slides from AmRest's earnings presentation, Mar 18, 2015
Slide 1: AmRest Holdings SE FY 2014 Presentation for Investors
AmRest Holdings SE FY 2014 Presentation for Investors March 18th, 2015
Slide 2: Teleconference details
Teleconference details • AmRest FY 2014 results are included in the FY 2014 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: Hen
Slide 3: Executive summary FY 2014
Executive summary FY 2014 • Breakthrough results • Solid top line growth in all divisions and 30% increase of EBITDA • Transition from rapid expansion to reaping the benefits of scale • Focus on core business and solid margin improvement in CEE • Positive momentum in Spain maintained • Dynamic expan
Slide 4: Our restaurants
Our restaurants Total: 808 USA: 1 China: 23 4
Slide 5: New restaurants openings
New restaurants openings • 36 stores opened in Q4 2014: 14 CEE, 13 Russia, 8 TAG & 1 KFC in Spain, • 84 stores opened in 2014: 33 CEE, 25 Russia, 17 TAG (15 Spain, 1 USA & 1 France), 2 KFC in Spain, 6 blue frog, 1 Kabb • 33 openings since the last call (November 7th,2014): 12 CEE, 12 Russia, 7 TAG i
Slide 6: Continued growth in the number of restaurants
Continued growth in the number of restaurants 3 3 18 17 40 40 2 11 35 67 67 1 10 61 70 73 20% 37 53 70 35 39 68 175 175 71 169 145 122 21 27 12 24 13 8 70 4 77 79 77 428 432 383 64 348 310 239 [1] 202 223 166 127 2006 2007 2008 2009 2010 2011 2012 2013 2014 18.03.2015 Total: 191 247 301 334 360 577
Slide 7: Financial highlights FY 2014
Financial highlights FY 2014 • Sales at PLN 2 952m (+9% vs LY) • CEE + 7.3% (+7% in Q4 2014) • Russia +5.8% (flat in Q4 2014) • Spain +9.2% (+13% in Q4 2014) • New Markets +44.1 % (+52% in Q4 2014) • EBITDA at PLN 356m (+30% vs LY) • EBITDA margin at 12.1% (+1.9pp vs LY) • Adjusted EBITDA at PLN 382
Slide 8: Q4 2014 financials by segments
Q4 2014 financials by segments 7.0% 471 440 SALES [mPLN] 13.0% const. 170 150 52.2% 103 103 56 37 CEE Russia Spain New markets q4 2013 q4 2014 q4 2013 q4 2014 q4 2013 q4 2014 q4 2013 q4 2014 Adjusted EBITDA 12.7% 14.0% 12.8% 12.2% 20.9% 24.2% - - margin 8
Slide 9: FY 2014 financials by segments
FY 2014 financials by segments 7.3% SALES [mPLN] 1 728 1 610 9.2% 5.8% 622 569 388 411 44.1% 193 134 CEE Russia Spain New markets 2013 2014 2013 2014 2013 2014 2013 2014 Adjusted EBITDA 11.6% 14.0% 12.4% 12.5% 20.6% 21.7% - - margin 9
Slide 10: Q4 2014 financials – key figures
Q4 2014 financials – key figures Thousand PLN Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 TTM [1] Sales 696 432 730 197 674 118 713 646 765 295 799 592 2 952 651 Sales growth [2] 15.5% 14.0% 10.7% 7.3% 9.9% 9.5% 9.3% Adjusted EBITDA [3] 87 611 93 040 77 360 86 840 108 059 109 722 381 981 Adjuste
Slide 11: Outlook
Outlook • Positive trends continue in 2015 • All divisions and brands with strong positive LFL • Healthy core and improving incubator businesses • Russian division resilient to external factors. However investments limited until situation stabilizes • Solid improvement in La Tagliatella Internationa
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 [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 13
Slide 14: Backup slides
Backup slides Backup slides
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 40 restaurants Fresh chicken and genuine food 3 countries 432 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 175 restaurants Almost 30 years expertise 5 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 WP Holdings Free float 25.35% 25.35% VII B.V. 31.71% Unicredit, DI I nv estors, Wood&Co, Trigon, Raiffeisen Analyst AVIVA OFE Centrobank AG, KBC 9.95% Cov erage Securities, I POPEMA, ERSTE, DM PKO BP, DM Banku BPS PZU PTE ING OFE 14.14% 18.86%
Slide 19: Q4 2014 segment reporting
Q4 2014 segment reporting Q4 2014 Q4 2013 PLN '000 Share Margin Share Margin Sales 799 592 730 197 Poland 318 682 39.9% 301 147 41.2% Czech Republic 99 989 12.5% 95 016 13.0% Other CE 52 078 6.5% 43 884 6.0% Total CE 470 749 58.9% 440 047 60.3% Russia 103 189 12.9% 103 169 14.1% Spain 170 019 21.3%
Slide 20: FY 2014 segment reporting
FY 2014 segment reporting 2014 2013 PLN '000 Share Margin Share Margin Sales 2 952 651 2 700 898 Poland 1 193 706 40.4% 1 106 752 41.0% Czech Republic 358 919 12.2% 350 393 13.0% Other CE 175 098 5.9% 152 794 5.7% Total CE 1 727 723 58.5% 1 609 939 59.6% Russia 410 858 13.9% 388 205 14.4% Spain 621
Slide 21: Q4 2014 consolidated P&L
Q4 2014 consolidated P&L [ PLN '000] Q4 2014 % of sales Q4 2013 % of sales Restaurant sales 750 754 683 988 Franchise and other sales 48 838 46 211 Total sales 799 592 730 199 Company operated restaurant expenses: Food and material -236 064 -29.5% -219 250 -30.0% Payroll and employee benefits -162 4
Slide 22: FY 2014 consolidated P&L
FY 2014 consolidated P&L [ PLN '000] 2014 % of sales 2013 % of sales Restaurant sales 2 770 529 2 522 119 Franchise and other sales 182 122 178 779 Total sales 2 952 651 2 700 898 Company operated restaurant expenses: Food and material -886 838 -30.0% -819 199 -30.3% Payroll and employee benefits -6
Slide 23: Q4 2014 net profit and adjusted EBITDA reconciliation
Q4 2014 net profit and adjusted EBITDA reconciliation [ PLN '000] Q4 2014 % of sales Q4 2013 % of sales Q4 vs Q4 % of change Restaurant sales 750 754 93.9% 683 988 93.7% 66 766 9.8% Franchise and other sales 48 838 6.1% 46 211 6.3% 2 627 5.7% Total sales 799 592 730 199 69 393 9.5% Net Profit for th
Slide 24: FY 2014 net profit and adjusted EBITDA reconciliation
FY 2014 net profit and adjusted EBITDA reconciliation [ PLN '000] 2014 % of sales 2013 % of sales 2014 vs 2013 % of change Restaurant sales 2 770 529 93.8% 2 522 119 93.4% 248 410 9.8% Franchise and other sales 182 122 6.2% 178 779 6.6% 3 343 1.9% Total sales 2 952 651 2 700 898 251 753 9.3% Net Pro
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 2015-03-18 Poland 131 139 158 188 206 256 279 299 320 323 KFC 79 85 94 110 121 150 163 179 191 191 BK 4 9 17 19 27 28 27 32 32 SBX 3 9 21 32 35 38 38 PH 52 50 55 58 57