AmRest 2022 financial results – the Group achieves an all-time revenues record for a year with EUR 2.422mn
• Consolidated revenues reached EUR 2.422mn corresponding to FY2022, 26.3% growth YOY, and the company recorded revenues of EUR 651.1mn during Q4 2022, up to 20.8%
• The Group’s EBITDA in the year amounted to EUR 384.4mn, a YOY increase of 7%
• The Group opened 109 new restaurants during 2022, ending the year with 2.340 restaurants
AmRest Group, a leading European multi-brand restaurant operator with a portfolio of world-known brands across 23 countries, closed the financial year 2022 with a growth by achieving record sales amounted to EUR 2.422mn, representing an increase of 26.3% compared to 2021. The profit attributable to shareholders amounted to EUR 1.3mn. Moreover, in 4Q 2022 revenues reached EUR 651.1mn, a YOY increase of 20.8% related to the same period of 2021, with a comparable same-store sales of +117%.
In 2022 the geopolitical situation in Europe exacerbated inflation pressures around the world with higher and more persistent impacts than expected. Thus, in order to control growing costs and enable AmRest to expand margins, the Company launched an ambitious value-added program aimed at savings in key areas. The main pillars of work focused on energy efficiency, waste reduction, packaging management, supply chain management and delivery model. In this scenario, AmRest generated an EBITDA of EUR 384.4mn in 2022, up 7% compared to 2021 - the highest figure in AmRest history excluding the extraordinary contribution of EUR 37mn generated by the sale of Pizza Portal in 2019.
According to Luis Comas, CEO of AmRest, “2022 has been a challenging but also a positive year for the Company. The gradual easing of sanitary restrictions boosted the mobility in most countries, which, combined with AmRest's omnichannel positioning, resulted in a significant increase in the Group's commercial activity. We maintained our focus on people and technology - the two fundamental pillars underpinning AmRest's value proposition based on service excellence and a compelling customer experience. We are committed to build on these areas to ensure further profitable and sustainable growth.”
Performance in the different business regions
All major regions where AmRest operates noted the upward trend during 2022. Central and Eastern Europe stand out for posting the biggest improvement, with sales that reached EUR 1.133.8mn, representing 46.9% of Group sales and a YoY growth of 29.9%. EBITDA generated was EUR 215mn, EUR 18.8mn higher than in 2021, representing an EBITDA margin of 19%. These figures represent record sales and EBITDA generation. The commercial activity has been gaining momentum throughout the year, as a result of the gradual recovery of dine-in channel, following the sanitary normalisation, and by the increasing use of take away channel by our customers.
As for Western Europe, the revenues in 2022 amounted to EUR 829.2mn, which was 15% higher compared to 2021. The EBITDA generated amounted to EUR 107.5mn with an EBITDA margin of 13%. Once more, sales were accelerating throughout the year, mostly due to the easing of restrictions that supported a gradual recovery of the dine in channel.
Regarding China, revenues generated during the year stood at EUR 82.6mn. The EBITDA generated EUR 15.6mn, representing a margin of 18.8%. The business performance during the year was conditioned by the evolution of the Covid restrictions. Once they were lifted the infections spiked resulting in a significant business disruption. However, a strong recovery of activity was observed as January progressed and Covid infections decreased. As of today, all AmRest restaurants in the country are open and fully operational.