AmRest Holdings, SE (“AmRest” or the “Company”), in accordance with Article 227 of the Securities Markets Law, hereby announces that:
In relation to the CoVid-19 outbreak, AmRest is conscious of primarily ensuring staff and customer safety, considering at all times the interests of its stakeholders whilst complying with all government directives.
Thanks to our business geographical diversification, being present in 26 countries, as of 30 March there remain operative 1,019 own and franchise stores (44% of our total network), most of them offering delivery services thus mitigating the adverse impact we face on our dine-in business.
We are particularly pleased with the recovery of our China business where we now have all but just one of our stores operational and SSS have more than quadrupled since our earnings call.
As a result of the above-mentioned developments, we are suspending the FY 2020 guidance previously communicated during the announcement of our 2019 results.
AmRest has established global and country coronavirus crisis committees to protect customers and staff, safeguard operations, preserve cash flow and ensure improved results, taking advantage of the different governmental aid programs across markets targeted at reducing the economic impact of the CoVid-19 outbreak.
The adverse impact of the temporary closures on this year’s trading results will be significant. Nevertheless, AmRest remains well funded with a cash position of 134m EUR and expects to be able to ride out any disruption to the business, and at the same time maintains close communication with its financing banks.
AmRest is committed to its customers, employees and other stakeholders and is taking all necessary measures to operate with the highest quality and safety standards and will update the market as soon as possible on further developments.