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AmRest: Board member interview (negative)

AmRest: Board member interview (negative)

07.01.2013 9:15

AmRest’s board member Wojciech Mroczynski gave an interview with the Polish Press Agency (PAP) yesterday. Below we give the main highlights and our views:

Same-store sales in 4Q12: The firm enjoyed strong same-store sales growth y/y in Russia in 4Q12, ahead of the improvement in Czech Republic and Hungary in the period. However same-store sales declined by singledigit per cent y/y in Poland and Spain in 4Q12 due to challenging economic conditions. Starbucks has also underperformed in 4Q12 and the performance might deteriorate even further if 15pp VAT hike for black coffee is introduced this year.

Outlook for 2013: The firm expects both stable same-store sales and EBITDA margins in general this year. It is likely total revenues might increase by 20% y/y in 2013 due to new openings. The latter might exceed 100 restaurants in 2013.

Investments: AmRest intends to open over 100 stores in 2013, while total capital expenditure should exceed PLN 400m. The openings include more than new La Tagliatella restaurants to be added on such markets as China, USA, Germany and India this year. Mr Mroczynski eyes seven locations in China including combination of three brands i.e. La Tagliatella, and recently acquired Blue Frogg and KABB. He believes after the acquisition in China, AmRest gained credibility as well as increased expertize in the country. The firm might consider another acquisition related to La Tagliatella, KFC or an own brand if the chances occur. AmRest has been seeking acquisition targets in Russia however it is not easy to find them.

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