|By PR Newswire||
|August 31, 2012 02:45 AM EDT||
WROCLAW, Poland, August 31, 2012 /PRNewswire/ --
Solid performance despite challenging macro
AmRest (WSE: EAT), the largest publicly listed restaurant group in CEE with a variety of brands and growing international presence, reports today financial results for its first half ended 30st June 2012.
- Positive same store sales across most geographies in both local currencies and the Polish zloty
- Total revenues increased by 41.6% to PLN 1 112.8 million (€ 261.1 million)
- EBITDA increased by 50.4 % to PLN 140.8 million (€ 33.0 million)
- Group EBITDA margin increase from 11.9% to 12.7%
- Group EBIT increased by 56.3% to PLN 53.4 million (€ 12.5 million)
- Net profit increased 11.5% to PLN 24.6 million (€ 5.8 million)
Henry McGovern, Chairman of Supervisory Board of AmRest, commented:
"I am proud to announce that the first half of 2012 was very good for our company. Again we improved our overall performance despite challenging macro headwinds across all the markets we operate. Not only did we continue our fast paced development with 43 new restaurants but we also managed to drive our SSS performance. For the balance of the year we will continue our dynamic new store openings including La Tagliatella launch in new markets."
Sales trends for the remainder of the year are expected to be in-line with the first half. Facing GDP slowdowns across all markets where we operate we continue to focus our initiatives on enhancing our profitability and sales with new menu offers and stronger value positioning.
With the imminent food cost inflation we are very cautious about our profitability but given our long term food supply contracts we do not expect the current supply and price pressures to be affecting our P&L in the coming months.
AmRest plans to open over 40 restaurants during the rest of the year including 10 La Tagliatella stores in the new markets, China being the first one. We will be adding about 80 stores in total in 2012. The annual capex is expected not to exceed PLN 350 million.
1. Attributable to equity holders and adjusted for the PLN 6.0 million one-off costs related to the Put Option
The full H1 results can be found on http://www.amrest.eu
The teleconference with investors will be held on 31st August 2012 at 2:00pm CET, to attend the conference and for any other enquiries please contact: