AmRest Holdings SE · GPW:EAT
AmRest — FY2015 Earnings Presentation
25 slides from AmRest's earnings presentation, Mar 11, 2016
Slide 1: AmRest Holdings SE FY 2015 Presentation for Investors
AmRest Holdings SE FY 2015 Presentation for Investors March 11th, 2016
Slide 2: Teleconference details
Teleconference details • AmRest FY 2015 results are included in the 2015 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 FY 2015
Executive summary FY 2015 • Record high results for the year • Solid top line growth with positive LFL across the board and dynamic organic growth • 8 consequtive quarters of double-digit EBITDA growth • Tripled net profit • Continued focus on CE & Spain • Successful acquisition of Starbucks in Roma
Slide 4: Our restaurants
Our restaurants Total: 908 USA: 1 China: 30 4
Slide 5: New restaurants openings
New restaurants openings* • 42 stores opened in Q4 2015: 20 CE, 6 Russia, 11 TAG (10 in Spain and 1 in France), 3 KFC in Spain, 1 Blue Frog and 1 Kabb, • 99 stores opened in 2015 YTD: 47 CE, 12 Russia, 26 TAG (24 Spain, 2 France), 5 KFC in Spain, 8 Blue Frog, 1 Kabb • 28 openings since the last call
Slide 6: Continued growth in the number of restaurants
Continued growth in the number of restaurants 34 25 23 41 3 317 41 17 100 22 40 11 11 35 40 67 77 11 35 10 10 61 95 70 19% 37 37 53 70 67 35 61 193 35 39 68 175 53 71 170 75 39 70 145 70 122 68 21 27 24 71 12 13 8 70 77 4 79 464 77 12 21 27 428 383 175 180 8 13 24 348 169 64 4 310 145 [1] 202 223 23
Slide 7: Financial highlights FY 2015
Financial highlights FY 2015 • Sales at PLN 3 339m (+13% vs LY) • CE PLN 1 988m (+15%) • Russia PLN 403 (-2%; +30% in RUB) • Spain PLN 704m (+13%) • New Markets PLN 244m (+27%) • EBITDA at PLN 436m (+22% vs LY) • EBITDA margin at 13.1% (+1pp vs LY) • Adjusted EBITDA at PLN 467m (+22% vs LY) • Adjust
Slide 8: Q4 2015 financials by segments
Q4 2015 financials by segments 18.6% 558 254 SALES (PLN '000) 470 749 16.1% -2.0% 197 390 170 019 9.9% 103 189 101 099 55 635 61 131 CE Russia Spain New markets Q4 2014 Q4 2015 Q4 2014 Q4 2015 Q4 2014 Q4 2015 Q4 2014 Q4 2015 Adjusted EBITDA 14.0% 14.5% 12.2% 11.2% 24.2% 21.3% - - margin 8
Slide 9: FY 2015 financials by segments
FY 2015 financials by segments 15.1% SALES (PLN '000) 1 987 790 1 727 723 13.3% -2.0% 704 412 621 559 26.6% 410 858 402 838 192 511 243 700 CE Russia Spain New markets 2014 2015 2014 2015 2014 2015 2014 2015 Adjusted EBITDA 14.0% 14.7% 12.5% 12.3% 21.7% 21.1% - 0.7% margin 9
Slide 10: Q4 2015 financials – key figures
Q4 2015 financials – key figures Thousand PLN Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 TTM [1] Sales 765 295 799 592 750 351 809 324 861 191 917 874 3 338 740 Sales growth [2] 9.9% 9.5% 11.3% 13.4% 12.5% 14.8% 13.1% Adjusted EBITDA [3] 108 059 109 722 99 247 116 801 129 725 121 122 466 895 Ad
Slide 11: Outlook
Outlook • AmRest 2.0 guidance on track • Continued dynamic growth in sales and profitability • Operating cash flow above Capex • Accelerated organic growth: 140+ openings. Strong pipeline already secured • Another milestones in development expected: • Opening of flagship Blue Frog in Shanghai Disney
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
Backup
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 41 restaurants Fresh chicken and genuine food 3 countries 465 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 194 restaurants Almost 30 years expertise 3 countries Fine dining experience at casual dining price Within AmRest since 2011 Uniqu
Slide 18: EAT factsheet
EAT factsheet Ticker EAT (AmRest) Listing WSE FCapital Dutch Free float 36.42% Free float B.V.[2] 36.42% 31.71% Unicredit, DI I nv estors, Analyst Wood&Co, Trigon, Raiffeisen Cov erage Centrobank AG, I POPEMA, Nationale- Nederlanden ERSTE, DM PKO BP, DM mBank AVIVA OFE OFE 9.90% PZU PTE 11.97% Numbe
Slide 19: Q4 2015 segment reporting
Q4 2015 segment reporting Q4 2015 Q4 2014 PLN '000 Share Margin Share Margin S ales 917 874 799 592 Poland 358 583 39.1% 318 682 39.9% Czech Republic 120 255 13.1% 99 989 12.5% Other CE 79 416 8.7% 52 078 6.5% Total CE 558 254 60.8% 470 749 58.9% Russia 101 099 11.0% 103 189 12.9% Spain 197 390 21.5
Slide 20: FY 2015 segment reporting
FY 2015 segment reporting 2015 2014 PLN '000 Share Margin Share Margin S ales 3 338 740 2 952 651 Poland 1 331 156 39.9% 1 193 706 40.4% Czech Republic 415 848 12.5% 358 919 12.2% Other CE 240 786 7.2% 175 098 5.9% Total CE 1 987 790 59.5% 1 727 723 58.5% Russia 402 838 12.1% 410 858 13.9% Spain 704
Slide 21: Q4 2015 consolidated P&L
Q4 2015 consolidated P&L [ PLN '000] Q4 2015 % of sales Q4 2014 % of sales Restaurant sales 857 199 750 754 Franchise and other sales 60 675 48 838 Total sales 917 874 799 592 Company operated restaurant expenses: Food and material -267 042 -29.1% -236 064 -29.5% Payroll and employee benefits -183 9
Slide 22: FY 2015 consolidated P&L
FY 2015 consolidated P&L [ PLN '000] 2015 % of sales 2014 % of sales Restaurant sales 3 123 773 2 770 529 Franchise and other sales 214 967 182 122 Total sales 3 338 740 2 952 651 Company operated restaurant expenses: Food and material -972 180 -29.1% -886 838 -30.0% Payroll and employee benefits -6
Slide 23: Q4 2015 net profit and adjusted EBITDA reconciliation
Q4 2015 net profit and adjusted EBITDA reconciliation [ PLN '000] Q4 2015 % of sales Q4 2014 % of sales Q4 vs Q4 % of change Restaurant sales 857 199 93.4% 750 754 93.9% 106 445 14.2% Franchise and other sales 60 675 6.6% 48 838 6.1% 11 837 24.2% Total sales 917 874 799 592 118 282 14.8% Net Profit
Slide 24: FY 2015 net profit and adjusted EBITDA reconciliation
FY 2015 net profit and adjusted EBITDA reconciliation [ PLN '000] 2015 % of sales 2014 % of sales 2015 vs 2014 % of change Restaurant sales 3 123 773 93.6% 2 770 529 93.8% 353 244 12.8% Franchise and other sales 214 967 6.4% 182 122 6.2% 32 845 18.0% Total sales 3 338 740 2 952 651 386 089 13.1% Net
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 2015-03-31 2015-06-30 2015-09-30 2015-12-31 2016-03-11 Poland 131 139 158 188 206 256 279 299 320 323 328 335 346 346 KFC 79 85 94 110 121 150 163 179 191 190 193 197