AmRest assumes the achievement of a high single-digit increase in revenues (excluding M&A acquisition) in 2024 and a double-digit growth of EBITDA, according to the presentation. The Group also assumes that capex in 2024 will amount to over 200 million euros compared to EUR 214.9 million in 2023, and the number of new openeds is to be similar to that of last year, as of that, date.
In 2023, AmRest opened 114 restaurants against 109 completed in 2022, the company achieved its goal by increasing the number of openings y/y. At the same time, as part of the portfolio optimization strategy, 54 units were closed, which translated into a net increase of 60 restaurants compared to 47 restaurants in the previous year.
AmRest is extremely well positioning to meet the future challenges of our exciting industry, the company announced.
The presentation also states that at the end of 2023, the group managed 2,188 restaurants in 21 countries under 8 brands.
Earlier, the company reported that it recorded a consolidated net profit from continued operations in 2023 against a profit of EUR 40.8 million a year earlier. The net profit attributable to the shareholders of the parent entity (taking the discontinued activity) reached its last year. 44.9 million euros compared to EUR 1.3 million in profit a year earlier. Operating profit amounted to EUR 103.52 million compared to EUR 103.04 million profit a year earlier. EBITDA amounted to EUR 379.2 million compared to EUR 325.8 million in profit in this year earlier. Consolidated sales revenue reached 2,431.33 million euros in 2023 (an increase of 14.3% y/y) compared to EUR 2,126.73 million a year earlier.
In 2023, the Group’s capital investment outlays amounted to EUR 214.9 million, an increase of 44.5% y/y.
“In 2023 we celebrated 30 years of our company’s activity. During this period, we have faced numerous challenges many times, but once again our results confirmed the strength and resilience of the AmRest business model. The excellent sales dynamics are the result of our culture focused on exceptional service, service excellence and listening to the opinions of our guests, combined with a strong human factor, which is a highly experienced management team and teams of professionals full of passion, working with the mission to win the hearts of our customers. We intend to continue to focus on the efficiency, innovation and delivery of high-quality products to ensure further profitable and sustainable development of the company,” said AmRest Luis Comas, CEO of AmRest.
The company also reported that in 2023, with the signing of a new loan agreement for the amount of 800 million euros, as well as by increasing the generation of cash and accumulation of own funds, AmRest improved its financial risk profile. Thanks to solid financial results, AmRest equity increased by EUR 70 million to EUR 401.2 million, with an increase of 21.1% over the year. In turn, the Group’s net debt amounted to 397.4 million euros at the end of 2023. The Group’s leverage ratio was 1.8x. In addition, AmRest’s liquidity remains at a healthy level of EUR 227.5 million, virtually unchanged since 2022. However, additional resources of EUR 254.5 million are held on unused credit lines, it reported.
Source: AmRest and ISBnews
