AmRest Holdings SE · GPW:EAT
AmRest — Q1 2013 Earnings Presentation
24 slides from AmRest's earnings presentation, Apr 30, 2013
Slide 1: AmRest Holdings SE Q1 2013 Presentation for Investors
AmRest Holdings SE Q1 2013 Presentation for Investors April 30th, 2013
Slide 2: Teleconference Details
Teleconference Details • AmRest Q1 2013 results are included in the Q1 2013 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 The AmRest participants: Henry
Slide 3: Executive Summary Q1 2013
Executive Summary Q1 2013 • Sales growth on track – up by 11.8% • Margin under pressure; drop from 12.5% to 8.6% - expansion costs and SSS declines in PL and CZ • Ongoing La Tagliatella international test 3
Slide 4: Our Restaurants
Our Restaurants * * Total: 682 4
Slide 5: New Restaurant Openings
New Restaurant Openings • 24 stores opened YTD (10 CEE, 4 REM, 9 TAG, 1 Stubb’s) • 10 openings since the last call (6 CEE, 2 REM, 2 TAG) • Solid pipeline for the rest of 2013 with ca. +100 stores to be opened; – 30 TAGs and 15 new stores in Russia 5
Slide 6: Continued growth in the number of restaurants
Continued growth in the number of restaurants # of Restaurants 682 1 Stubb’s 662 11 11 577 154 145 [+23%] 122 & [1] 360 334 348 357 301 310 247 239 191 223 202 166 37 35 127 35 27 12 21 39 53 55 4 13 24 8 64 77 79 77 70 71 68 69 2006 2007 2008 2009 2010 2011 2012 2013-04-30 • Countries of operation
Slide 7: Financial Highlights – Q1 2013
Financial Highlights – Q1 2013 20/20+ Growth Agenda on track • Sales growth of 11.8% to PLN 609m • Russia up by 31.4%; strongly positive SSS • Western Europe and New Markets 24.5% rise to PLN 161m; negative SSS • CEE 3.3%; negative SSS • Adjusted EBITDA at PLN 58.8m, down by 19.5% • PLN 13.3m loss c
Slide 8: Q1 2013 Financials by Segments (PLN '000)
Q1 2013 Financials by Segments (PLN ’000) +3.3% 360 348 +24.5% 161 +31.4% 129 88 67 Sales 6 7 2012 8 2013 5 2012 2 2012 2013 2013 EBITDA 11.3% CEE 9.0% 12.3% Russia 10.7% 17.8% Western Europe 8.5% Margin and NM 8
Slide 9: Q1 2013 Financials – Key Figures
Q1 2013 Financials – Key Figures Thousand PLN Q4 2011 Q1 2012 Q2 2012 [1] Q3 2012 [1] Q4 2012 [1] Q1 2013 TTM [2] Sales 602 146 544 891 567 875 602 735 637 852 609 116 2 417 578 Sales growth [3] 12.8% -9.5% 4.2% 13.0% 5.9% 11.8% 13.6% EBITDA 77 843 68 353 68 767 81 901 147 026 52 099 349 793 EBITDA
Slide 10: Outlook
Outlook • Economic uncertainty with some hope • Value and innovation • La Tagliatella international test • La Tagliatella expansion cost to impact 2013 results • Growth will prevail 10
Slide 11: IR contact
IR contact: Maciej Mausch [email protected] mobile +48 519 19 12 64 tel. +48 71 386 12 64 11
Slide 12: Backup slides
Backup slides
Slide 13: AmRest Strategy
AmRest Strategy Scope Leverage our WJM culture, international capability, and superior brand portfolio to grow scalable, highly profitable restaurants globally. Our unique value proposition Through our WJM culture we will deliver delicious taste and exceptional service at affordable prices. 13
Slide 14: AmRest Growth Agenda
AmRest Growth Agenda Deliver 20/20+ Growth DEVELOP NEW EXPAND OUR CORE GROWTH DRIVERS La Tagliatella CE Russia Spain M&A International Performance Drivers Achieve full market penetration Launch La Tagliatella globally Extend reach in dayparts & formats Build factory and support infrastrcuture Establ
Slide 15: Brand Portfolio
Brand Portfolio #1 in Chicken 16,000 restaurants in over 100 countries #1 and the fastest growing QSR brand in the Emerging Markets Over 700 restaurants added in 2010 #1 CDR in the World Over 13,000 restaurants in over 100 countries #1 Coffee in the World 17 000 stores in over 50 countries #2 in #1
Slide 16: Long Runway For Growth
Long Runway For Growth Population Nominal GDP # of KFC (m) per Capita ($) Stores KFCs per 1M people Australia 23 65,908 610 27,1 Canada 34 50,596 700 20,4 US 312 48,409 4,750 15,2 UK 63 38,739 752 12,0 Total DM Benchmarks 431 48,091 6,812 15,8 Poland 38 13,450 168 4,0 Long-term Czech 11 20,416 62 5,
Slide 17: CEE and REM Snapshot
CEE and REM Snapshot [1] Macro Statistics LTM AmRest Sales Market Population GDP / capita ($) PLN y/y growth SSS Growth Overview Poland 38 13,450 997,608 18.9% Czech 11 20,416 337,593 11.5% Hungary 10 13,986 91,180 34.2% Total CEE 59 14,792 1,426,381 17.9% ~ +3-5 % REM 164 12,601 266,357 44.4% ~ +20
Slide 18: Spain / Tagliatella Snapshot
Spain / Tagliatella Snapshot Spain +16 +20 +15 136 120 30 32 32 31 100 26 85 89 91 85 73 65 35 47 48 20 27 2009 2010 2011 2012 2013-04-30 2009 2010 2011 2012 2013-04-30 Equity Franchise International Significant international opportunity... Currently 1 equity and 4 franchise stores in France 2 equit
Slide 19: Guidance next 3 years
Guidance next 3 years Sales growth • Organic growth 20% CAGR • Potential M&A activity EBITDA • 15% margin CAPEX • Average capex per store below PLN 3 million • 80 restaurants p.a + PLN 50 million maintenance capex NET Debt • Bank covenants at 3.5x EBITDA • Target of 2.5-3.0x EBITDA 19 4/30/2013
Slide 20: EAT Factsheet
EAT Factsheet Ticker EAT (AmRest) Listing WSE Free Float 27.04% Unicredit, Wood&Co, Trigon, Analyst Raiffeisen Centrobank AG, Coverage KBC Securities, IPOPEMA, ERSTE, DM PKO BP, DM Banku BPS Number of 16,300 Employees Number of 21.2 million Shares Number of 682 Restaurants [1] Including 95 restauran
Slide 21: Q1 2013 – Segment reporting
Q1 2013 – Segment reporting Q1 2013 Q1 2012 % of sales margin % % of sales margin % Sales 609 116 544 891 Poland 247 943 40.7% 243 996 44.8% Czech Republic 78 938 13.0% 76 726 14.1% Other CEE 32 953 5.4% 27 698 5.1% Total CEE 359 834 59.1% 348 420 63.9% Russia 88 366 14.5% 67 244 12.3% Western Europ
Slide 22: Q1 2012 – Consolidated P&L
Q1 2012 – Consolidated P&L Thousand PLN Q1 2013 % of sales Q1 2012 % of sales Restaurant sales 567 938 505 500 Franchise and other sales 41 178 39 391 Total sales 609 116 544 891 Company operated restaurant expenses: Food and material -185 387 -30.4% -159 285 -29.2% Payroll and employee benefits -12
Slide 23: EBITDA and Net profit reconciliation
EBITDA and Net profit reconciliation % of % of Thousand PLN Q1.2013 Q1.2012 change % of change sales sales Restaurant sales 567 938 93,2% 505 500 92,8% 62 438 12,4% Franchise and other sales 41 178 6,8% 39 391 7,2% 1 787 4,5% Total sales 609 116 544 891 64 225 11,8% Net Profit for the period -9 734
Slide 24: 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 2013-04-30 Poland 131 139 158 188 206 256 279 285 KFC 79 85 94 110 121 150 163 168 BK 4 9 17 19 27 28 27 SBX 3 9 21 32 33 PH 52 50 55 58 57 58 56 57 Czech 43 44 62 67 75 73 83 84 KFC 43 44