Notes to the Annual AccountsAmRestHoldingsSE(“TheCompany”.“AmRest”)wasincorporatedintheNetherlandsinOctober2000and since2008theCompanyoperatesasEuropeanCompany(SocietasEuropaea.SE).TheCompany’sregistered office was changed to Paseo de la Castellana, 163 28046 Madrid, Spain.
ThemainactivityoftheCompanyisthesubscription,possession,managementandtransferofsecurities and shares of other companies, with the exemption of those subject to specific regulations.
TheCompanyistheparentofagroupinthetermsestablishedinarticle42section2oftheCommercial CodeandpreparesitsconsolidatedfinancialstatementsunderIFRS.TheGroupoperatesKentuckyFried Chicken(“KFC”),PizzaHut,BurgerKingandStarbucksrestaurantsthroughitssubsidiariesinPoland,the CzechRepublic(hereinafterCzechia),Hungary,Slovakia,Russia,Serbia,Croatia,Bulgaria,Romania, Germany,France,Austria,Slovenia,andSpain,onthebasisoffranchisesgranted.Startingfrom1October 2016theGroupasamaster-franchiseehastherighttograntalicensetothirdpartiestooperatePizzaHut ExpressandPizzaHutDeliveryrestaurants(sub-franchise)incountriesofCentralandEasternEurope,while ensuringacertainshareofrestaurantsoperateddirectlybyAmRestPizzaHutrestaurantsacquiredin FranceinMay2017,inGermanyinJuly2017andinRussiainJune2018areoperatedbothbyAmRestand its sub-franchisees based on master-franchise agreements.
InSpain,France,Germany,andPortugaltheGroupoperatesitsownbrandsLaTagliatella.Thisbusinessis basedonownrestaurantsandthefranchiseagreementssignedwithnon-relatedcompanies.Itissupported byacentralkitchenwhichproducesanddeliversproductstothewholenetworkofownbrands.Also,the Group operates its own brands Blue Frog (in China. Spain) and KABB (in China).
TheGroupalsooperatesotherownandfranchiserestaurantsinSpainwithBacoaandownandfranchise restaurantswiththeSushiShopbrandinFrance,Belgium,Spain,UnitedArabEmirates,SaudiArabia, Switzerland,UnitedKingdom,Luxembourg,Italy,Germany,Portugal,theNetherlandsandothers.Bacoais aSpanishpremiumburgerchain,andSushiShopistheoperatoroftheleadingEuropeanchainofJapanese cuisine restaurants. Additionally,amongownbrandstheGroupoperatesvirtualbrandsPokaï,Lepieje,‘OiPoke,MoyaMisa Ramen,PierwszeiDrugie,VivaSalad!,SushiTone,Eat’sFine,Cremontano.Theofferofvirtualbrandsin PolandisavailablealsounderFoodAboutconceptthatenablesorderingdifferentvirtualbranddishes within one order.
On27April2005,thesharesofAmRestHoldingsSEwerequotedforthefirsttimeontheWarsawStock Exchange(“WSE”)andon21November2018werequotedontheMadrid,Barcelona,Bilbao,andValencia StockExchanges,throughtheSpanishAutomatedQuotationSystem(SistemadeInterconexiónBursátil- SIBE). Since21November2018Armrest’sshareshavebeenquotedsimultaneouslyonbothabovestock exchanges (dual listing).
Asat31December2020,FCapitalDutchB.V.isthelargestshareholderofAmRestHoldingsandheld67.05% of its shares and voting rights. The parent entity of the Group on the top level is Grupo Finaccess.
TheseannualaccountshavebeenpreparedandapprovedbytheCompany’sBoardofDirectorson24 February2021.TheBoardofDirectorsconsidersthattheannualaccountsfor2020willbeapprovedwith no changes by the shareholders at their annual general meeting.
Simultaneously,theBoardofDirectorshasformulatedtheconsolidatedfinancialstatementsofAmRest HoldingsSEanditsSubsidiariesforthefinancialyear2020,whichshowconsolidatedlossesofEuros183.7 millionandconsolidatedEquityofEuros264.7million(ProfitsofEuros66.9millionand476.7million, respectively for the financial year 2019).