RB 2/2021 Q4 2020 Preliminary sales results

AmRest Holdings SE („AmRest“ or the „Group“) hereby provides a business update on fourth quarter preliminary sales, comparable sales trends and the status of restaurants operating.

During the fourth quarter of 2020, given the emergence of a ‘second wave’ of COVID19 cases visible across most of our geographies, restrictions have again been put in place affecting our industry’s ability to open restaurants and the sales channels we are allowed to operate. As a reflection of those measures, the share of open stores has been declining to approximately 92% at the end of December, down from 98% at the end of the previous quarter.

The group’s preliminary sales in the respective period amounted to EUR 397.5m, implying a 24.9% decrease compared to the same period last year, while quarter-to-quarter sales were 9.9% lower compared to Q3 2020. Full year 2020 sales reached EUR 1,522.9m, a 22.4% decline versus 2019 sales.

On same-store-sales basis excluding F/X and adjusting for temporarily closed stores, the index reached 78.8% in Q4 2020, down from 86.6% during Q3 2020.

Preliminary sales of the CEE division amounted to EUR 171.6m in Q4 2020 and were 26.0% lower compared to Q4 2019 and 13.6% lower compared to the previous quarter. Full year 2020 figures stood at 685.5m, a 18.3% decline compared to the previous year.

The Russian segment generated revenues of EUR 38.3m in Q4 2020, 31.3% lower compared to the corresponding period in 2019 and 10.6% less than the Q3 2020. Full year sales reached 152.5m, 26.2% less versus 2019.

Sales in the Western Europe division in Q4 2020 amounted to EUR 158.2m, which was lower by 24.8% compared to Q4 2019 and 5.4% lower than in the quarter before. From a full year perspective, sales amounted to EUR 582.8m, a 26.8% decline versus the previous year.

In China, sales amounted to EUR 22.6m in Q4 2020, an increase of 2.9% compared to Q4 2019 and a 8.3% decline compared to the previous quarter. Full year 2020 sales performance at EUR 76.4m was 14.7% lower than 2019.

Revenues reported under segment “Other” reached EUR 6.8m and were 22.8% lower than year ago and 15.5% lower than in the quarter before. On a full year basis, EUR 25.7m were generated, representing a 12.7% decline versus 2019.

“Our teams have entered the second wave of the pandemic and the re-emergence of restrictions well prepared. We have taken the learnings from events unfolding earlier in the year, fully focused at being close to the customer, offering a safe, convenient and reliable service, while at the same time optimizing revenues and profitability from sales channels still available to us.

As a result of our efforts, we managed to keep well over 90% of our stores operating even during the final weeks of the year, when regulatory headwinds have been most intense. It’s an outcome significantly better than during last spring and an achievement I am very proud of.

The same applies to same store sales and the number you see is a reflection of the efforts and initiatives executed. Naturally those steps we are taking are aimed at mitigating short term headwinds presented to our industry, but we are convinced that resulting benefits will last well beyond the end of the crisis. The combination of people, brands and scale is powerful, and we know how to leverage off those strengths, also and especially in times of disruption.” - says Mark Chandler, CEO of AmRest.

Legal act: Art. 17 Sec. 1 of Regulation (EU) No 596/2014 of The European Parliament and of The Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC