AmRest recorded EUR 35.6mn of consolidated net loss attributable to shareholders of the parent company in Q2 2022 vs. EUR 21.9mn profit a year earlier, the company said in the report.
The operating loss was EUR 13.9mn vs. EUR 37.6mn profit a year earlier. The EBITDA profit was EUR 100.8mn vs. EUR 104mn profit a year earlier, and adjusted EBITDA was EUR 101.7mn vs. EUR 104.9mn a year earlier.
Consolidated sales revenues amounted to EUR 605.7 million in Q2 2022 compared with EUR 464.4 million a year earlier.
The AmRest Group, the leading multibrand operator of franchise restaurants in Europe with a portfolio of global brands, continues the positive trend, reaching a new sales record of EUR 605.7 million in the second quarter of 2022, an increase of 30.4% year on year. For the first time in the history of the group, the threshold of EUR 600 million in quarterly revenues has been exceeded. The comparable sales rate in restaurants was 123%, the company announced.
In the first half of In 2022, the company had EUR 35.5 million of consolidated net loss attributable to shareholders of the parent company compared to EUR 1.9 million in profit a year earlier, with sales revenues of EUR 1,112.7 million compared to EUR 844.3 million a year earlier.
“The dynamics of growth is still strongly related to the lifting of pandemic restrictions in the regions in which the group operates. The exception is China, where restrictions related to the ‘Zero Covid’ policy still apply. As a result, the group’s consolidated revenues for the first half of 2022 amounted to 1.112, EUR 7 million, 31% more than in the same period last year, “we read on.
The EBITDA profit was in the first half of br. EUR 176.1mn vs. EUR 153.7mn profit a year earlier, and adjusted EBITDA of EUR 177.6mn vs. EUR 156mn a year earlier.
AmRest’s strong position in the QSR sector (restaurants with fast service), along with a proven business model adapted to new trends and consumer behavior, allowed to achieve an EBITDA result of EUR 100.8 million with a margin of 16.6%. On the other hand, EBITDA for the first H1 was 176.1 million euros with a margin of 15.8%, thus exceeding the levels achieved in the first half of 2021 by more than 22 million euros (these, however, included 28 million euros from Covid’s support measures approved by various governments). of support measures, the EBITDA margin in the first half of 2022 increased by 1 percentage point, despite the continued cost pressure, the company announced.
The group’s equity increased by 3.8% in the second quarter and by 15.8% in the last year, despite a significant loss in the value of KFC’s business assets in Russia of EUR 52.9 million. However, the total number of write-downs was partially offset by a restaurant-level reversal where, for the first time since the start of the pandemic, the number of restaurants reversing net asset write-downs (121) exceeded the number of restaurants requiring additional write-downs (84), thus causing a reversal net of EUR 2.3 million, the company also announced.
Net debt was € 433.7m, down € 196m since the start of the pandemic and € 33.9m last year. The cash position increased by EUR 61 million to EUR 240.5 million.
“The results achieved in both the second quarter and the first half of 2022 once again prove the resilience of the AmRest business model. The group’s sales dynamics, strengthened by the gradual lifting of Covid restrictions in most of the regions where we operate, additionally confirms our ability to adapt to the new consumer trends and an attractive offer that customers of our brands use,” commented financial director Eduardo Zamarripa.
Due to the transfer of all Pizza Hut restaurants in Russia to the local operator, the number of restaurants in the group’s portfolio has been adjusted. Thus, at the end of the first half of 2022, AmRest operated 2,382 restaurants (compared to 2,440 at the end of 2021).
The company is successively implementing its plan of openings – 18 new restaurants were opened in the second quarter, while 29 new ones were commissioned in the first half of the year. The Group continues to achieve its goal of portfolio optimization, focusing on profitability and managing restaurants, regions and brands in line with the perspective strategic company, the company reported.
On a standalone basis, the net loss in H1 In 2022, it amounted to EUR 1.92mn vs. EUR 5.04mn loss a year earlier.
Source: AmRest and ISBnews
