AmRest achieves record first-quarter sales of EUR 621.2 million in Q1’23 and a net profit of EUR 3.1 million
- Revenues for the first quarter reaching EUR 621.2 million, being the best first quarter figure in the Group's history, up 22.5% compared to the same quarter in 2022
- The net profit generated during the first quarter of 2023 reached EUR 3.1 million
- An all-time high consolidated EBITDA for a first quarter of the year, amounting to EUR 79.8 million, an increase of 6% compared to Q1 ‘22
- 17 new restaurants were opened in the quarter, adding up to a total of 2,346 restaurants currently in the Company’s portfolio
AmRest Group, a leading European multi-brand restaurant operator, continued a growth trend by achieving an all-time high consolidated sales for a first quarter amounting to EUR 621.2 million in Q1’23, an increase of 22.5% compared to the same quarter in 2022. In terms of the comparable same-store sales index, the level stood at 117. The sales performance was driven by further progress in the number of transactions and active revenue management.
The strong sales during the first quarter of 2023 contributed to generating a net profit of EUR 3.1 million, and the profit attributable to equity holders of the parent company reached EUR 1.7 million.
AmRest’s EBITDA reached EUR 79.8 million, a new all-time high for a first quarter, representing a 6% growth compared to Q1’22. In terms of operating profit (EBIT), EUR 17.0 million were generated, up 22.1% vs. Q1’22, resulting in an EBIT margin of 2.7%. Net financial debt reached EUR 437.3 million with cash levels at 248.7 million EUR after increasing by EUR 19.1 million in the quarter. It is worth to remark the generation of net cash from operating activities, which amounted to EUR 82.2 million, compared to EUR 53.3 million in Q1’22. In addition, new loans were granted totalling EUR 56.5 million: during the quarter EUR 30 million were provided, and subsequently, in April 2023, AmRest received EUR 26.5 million.
All major regions where AmRest operates continued with an upward trend. Central and Eastern Europe stood out for the best performance, with revenues amounting to EUR 304.1 million in Q1 2023, representing 49.0% of the Group sales and a YoY growth of 24.6%. The EBITDA generated was EUR 47.8 million, EUR 1.5 million higher than in the same period of 2022, which represents an EBITDA margin of 15.7%. As for Western Europe, the revenues in Q1’23 amounted to EUR 212.6 million, 13.9% higher than in Q1’22. The EBITDA generated amounted to EUR 23.8 million, a 4.8% growth with respect to the same period of 2022.
Regarding business in China, after Covid restrictions were lifted, AmRest´s restaurants in the country experienced a strong recovery of activity. Revenues generated during the first quarter of the year stood at EUR 24.9 million, 15.5% higher than in Q1’22. The EBITDA generated EUR 5.6 million, represents a margin of 22.6%, and shows an increase of 31.4% with respect to Q1’22.
According to Eduardo Zamarripa, Chief Financial Officer for AmRest Holdings SE, “the figures we achieved in Q1’23 further demonstrate the value of the progress we made in technology and digitalization, as well as the importance of investing in new capabilities. During the first quarter of 2023, for the first time, sales generated through digital channels were higher than those coming from other channels. We also continued to grow organically by adding 17 new restaurants to our portfolio in line with our strategy to build our business in a profitable and sustainable way”.