DGAP-News: VAPIANO SE / Key word(s): Half Year Results
Vapiano publishes figures for the first six months of 2018
By contrast, like-for-like Group sales fell short of expectations, declining by 0.8%. Like-for-like sales growth in the Germany (+0.4%) and Rest of World (+0.1%) segments was unable to compensate for the negative trend in the Rest of Europe segment (-2.2%). The latter was caused by the poor development of our Swedish joint venture, the long period of very hot weather in Europe, and the 2018 soccer world cup, which resulted in lower footfall frequency in European city centers in the second quarter. Excluding Sweden, Vapiano Group would have achieved like-for-like sales growth of 0.4%.
Although reported earnings before interest, taxes, depreciation and amortization (EBITDA) improved in the first half of 2018 by EUR 1.9 million to EUR 8.4 million and, accordingly, the reported EBITDA margin increased by 0.6 percentage points to 4.8%, EBITDA adjusted primarily for pre-opening costs was down year-on-year, at EUR 14.0 million (H1/2017: EUR 15.9 million). Accordingly, the adjusted EBITDA margin decreased by 2.3 percentage points to 8.0%. Even though the ongoing roll-out of the operational excellence program OPEX and our take-away and home delivery services led to additional earnings contributions, they were unable to compensate for the above described sales dip.
Depreciation and amortization rose in the first half of 2018 by EUR 3.7 million to EUR 21.4 million (H1/2017: EUR 17.7 million) and were largely attributable to scheduled write-downs of property, plant and equipment relating to capital expenditure on opening new restaurants, as well as acquisitions.
As a result of the effects outlined above Vapiano generated a reported result of EUR -17.9 million in the first six months of 2018 (H1/2017: EUR -14.7 million). The adjusted result for the period - based on adjusted EBITDA and revised to reflect depreciation, amortization and tax effects relating to franchise rights acquired through company acquisitions - was EUR -8.1 million (H1/2017: EUR -1.1 million). Accordingly, adjusted earnings per share decreased to EUR -0.34 (H1/2017: EUR -0.05).
Cash flow from operating activities was up year-on-year by 8.8 % at EUR 7.4 million in the first six months (H1/2017: EUR 6.8 million). Cash outflow from investing activities totaled EUR 33.9 million (H1/2017: EUR -35.9 million), reflecting the further growth of Vapiano. Accordingly, free cash flow was EUR -26.5 million compared to EUR -29.1 million in the previous year.
In the first six months of 2018, Vapiano opened nine restaurants around the globe. Until the date of this report, a further eight restaurants have been opened, bringing our international presence to 219 restaurants in 33 countries. Vapiano is meanwhile offering its take-away and delivery services at 108 locations in 17 countries.
Jochen Halfmann, CEO of Vapiano SE: "The first half of 2018 was overall a difficult period for Vapiano SE. Significantly weaker performance in Sweden and declining footfall frequency in European town and city centers due to the unusually long and hot summer and the soccer world cup have prompted us to adapt our outlook for fiscal year 2018. In the remaining months of 2018 we will be focusing strictly on turning our Swedish joint venture around in order to achieve a positive development here again. We will continue to digitalize our business to further optimize the Vapiano guest experience. At the same time, we confirm our long-term plans and the associated target of a positive net income by 2020."
As the Management Board disclosed on September 4, 2018, it now expects a year-on-year sales growth between 19% and 23% in fiscal year 2018 to between EUR 385 million and EUR 400 million (previously: EUR 390 million to EUR 420 million) and like-for-like sales to increase by between 0% and 1% (previously: between 1% and 3%). Adjusted EBITDA is expected to grow by between 8% and 21% to between EUR 42 million and EUR 47 million (previously: EUR 48 million to EUR 54 million).
The half-year report and presentation for analysts and investors are available on the Investor Relations website (http://ir.vapiano.com) under the heading "Reports & Presentations".
In 2002, Italian lifestyle brand Vapiano created a new category in system gastronomy with its innovative "fresh casual dining" concept combining elements from "fast casual" and "casual dining". The restaurant concept is based on quality, uncompromisingly fresh ingredients, and transparency. Pasta, pizza dough, sauces, dressings and desserts are handmade each day in every Vapiano. The dishes are prepared in front of the guests "à la minute" and "customized" to the guests' requirements. The recipe for success also includes the cosmopolitan ambiance. Long oak tables invite communication, a fully grown olive tree and a cozy bar and lounge area characterize the feel-good atmosphere found in every Vapiano. Vapiano also represents autonomy and individuality, so guests can choose between different "Guest Journeys". Guests decide whether they will order their food from the Vapianisti, at the terminal or via the Vapiano app, and whether they will pay via chip card or app. The company has also successfully been offering take away and delivery services in a growing number of restaurants so guests can enjoy Vapiano "anytime, anyplace, anywhere". The successful concept has quickly spread from Hamburg all over the world. As of June 30, 2018, there were 212 restaurants in 33 countries on five continents in the Vapiano network. Vapiano shares (ISIN: DE000A0WMNK9) have been traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 27, 2017. Further information can be found at ir.vapiano.com.
|Im Zollhafen 2-4|
|Phone:||+49 (0) 221 67001-0|
|Fax:||+49 (0) 221 67001-205|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|