Q2 2024 Amrest Holdings SE Earnings Call Transcript
Key Points
- Amrest Holdings SE (XMAD:EAT) reported a revenue growth of 5.3% in the first half of 2024, reaching EUR1.2 billion.
- EBITDA increased by nearly 13% compared to the same period in 2023, with a margin expansion to 15.7%.
- The company opened 40 new restaurants and renovated 140 units in the first half of the year.
- Digital sales channels accounted for 57% of total sales, indicating strong digital engagement.
- Amrest's financial risk profile remains stable with a leverage of 2 times, at the low end of their target range.
- The company faced negative business development in France and Germany, impacting overall performance.
- A goodwill impairment of EUR41 million was recorded for Sushi Shop, affecting operating profit.
- The same-store sales growth was flat, indicating challenges in increasing customer traffic.
- The macroeconomic situation in China led to a 6% decline in sales in euro terms.
- The company is still undergoing restructuring, particularly with the transfer of Pizza Hut operations in France.
Hello, everyone, and welcome to the AmRest First Half and Second Quarter 2024 Investor Webcast. My name is Lydia, and I will be your operator today. (Operator Instructions)
I'll now hand you over to your host, Lukasz Wachelko, to begin. Please go ahead.
Good afternoon, ladies and gentlemen. My name is Lukasz Wachelko. I'm presenting WOOD & Company, and I'm unusual moderator of quarterly results call with AmRest. Today, the company is represented by Eduardo Zamarripa, Chief Financial Officer; and Santiago Aguilera, Chief of Strategy and IR and I won't take too much of time of yours. Ed, mic is yours.
Thank you, Lukasz. Good afternoon, and thank you for joining us today in second quarter 2024 AmRest results presentation. It is my pleasure to share with you an update of AmRest situation at the end of the quarter.
In this period, the major European
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