Post on 24-Aug-2020
1
Berenberg and Goldman Sachs German Corporate Conference
September 25-26, 2018
2
The Vapiano customized food experience
Gluten-free Vegetarian Vegan Lactose-free
3
Menu Innovations
Gluten-free
Vegetarian Vegan Lactose-free
Specials change five times a year; currently „urban garden“
Introduction of gluten-free, vegetarian, vegan and lactose-freeproducts
Outlook FY 2018: low carb and sugarreduction major topics; f.e. offering courgette pasta („zoodles) as of March 2018 with higher prices per dish compared to pasta
The Vapiano atmosphere
4
The Vapiano guest journey
5
Vapiano –a continuous success story for 15 yearsStockholm
Shanghai
Koblenz
Dubai The Hague
London
Berlin Graz
Vienna
Paris Bercy
6
Paris Disney
New York
Grafik aus HV-Präsentation mit der Lupe
Three models to create flexibility on capital allocation between franchise and full ownershipRisk diversification per model in light of regionally different market / execution risk
Powerful unit growth and international expansion
5 11 12 17 22 30 33 40 42 51 54 64
58 12
1721
18 2123 26
3243
54
712
19
3444
5668
7684
8382
87
17 31
43
68
87
104
122
139 152
166 179
205
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e
CorporateJoint VentureFranchise
# of restaurants as of December 31, 2017
(41) (79)
(85)
7
238 - 243
Restaurant base has increased more than tenfold in the last 11 years
Germany39%
Rest of Europe
41%
Rest of World20%
Restaurants by region
8
27 openings in 2017; market entry with two restaurants in Denmark and one in Spain
Outlook for FY 2018: Majority of openings in 2018 in Europe with focus on France
Ten corporate, nine joint venture and eight franchise restaurants opened in FY 17
Vapianos key investment highlights
Unique lifestyle brand addressing key consumer trends1
Internationally proven growth concept in the ‘Fast Casual Dining’ sweetspot of the restaurant industry2
Impressive financial track record driven by strong international unit growth, sales and EBITDA growth5
Strong heritage and rich pipeline of innovations and initiatives enhancing guest experience4
Significant international whitespace opportunity delivering future growth and returns3
9
10
Three major tailwinds support the Vapiano concept
Fast casual has one of the highest long-term
growth potentials(1)Italian is the cuisine
of the world(1)European Fcd still in
its infancy
(1) Based on Vapiano’s focus markets including Germany, Austria, UK, France, Sweden, Netherlands, and US. (2) Based on Germany, Austria, France, Netherlands, Sweden and the UKNotes: Fast Casual Dining (FCD), Quick Service Restaurants (QSR), Quick Service Restaurants Plus (QSR+), Casual Dining (CD), Fine Dining (FD)Source: OC&C market model
10% 10%
6%
4%
2%
FCD QSR+ QSR CD FD
Industry growth by segment’15-’20E CAGR
9%
6% 6%
5% 5%
3%
Italian Sand-wich
Asian Chicken VariedMenu
Burger
Industry growth by cuisine’15-’20E CAGR
2020E nominal spend by market, €bn
54 161 283 23 177 84 139 252 181 3321,119
6
27
11
43
Market size in €bn
’15 ’20E ’15 ’20E
Western Europe(2) US
13%
10%
’15-’20E CAGR
11
~6% ~5%
~4%
Other chains~18%
Independent restaurants
~68%
Vapiano was amongst the first to enter the FCD market
Share of chain Fast Casual Dining restaurants: ~32%
(1) Based on Germany, Austria, France, Netherlands, Sweden and UK (2) Combined market share for Germany and AustriaSource: OC&C market model, expert interviews
“Found an underserved segment and tapped into it”
HENRY MCGOVERN (CEO AMREST;FRANCHISEE OF YUM & STARBUCKS)
“Vapiano’s success in Europe is a tremendous accomplishment”MICHAEL KARK (HEAD OF INTERNATIONAL,
SHAKE SHACK, FORMER CHIPOTLE MANAGER)
“Vapiano stands alone; it operates a category by itself”
GRETEL WEISS(EDITOR OF FOODSERVICE)
#1
Top 3
#2
#1
#1
~6%
~1%
~13%
~13%(2)
Existing Presence
Market Entry 2017
Market Share
Top 3
<1%
~13%(2)
12
Market shares selected Western European countries(1) (2015)
Market share /positioning in selected Western European countries(1) (2015)
(1) Includes corporate restaurants and franchises based on respective official company information from January 2017 (Vapiano as of June 2017)Source: Annual reports, company websites, OC&C analysis
33
2221
13
8
54
Vapiano concept successfully travelled abroad
Highest coverage of international markets(1)
Highest share of units outside home market(1)
# of countries
59%
38%
31%
26%
16%
7%
1%
% of units outside home market
13
International reach is unmatched in the industry
Long-term growth opportunity with
established presence in selected regions
Existing Presence
Significant international whitespace opportunity
Market Entries 2017: Spain, Denmark
Develop restaurant base in medium-sized to large cities and roll-out of new formats
Key area of growth –expand leading position
across European countries
Unit growth to approximately 330 in 2020
53
26
79
533083
1231
43# of restaurants Dec 17
14 Corporate / JV Franchise
Germany Rest of Europe Rest of World
Opportunity to deliver future growth and returns
15
16
Enhances market potential/roll-out flexibility in saturated regions Low capex
Pilot Ingolstadt constant growing EBITDA margin / Pilot Vienna developing well on track
Outlook FY 2018: Opening of a Mini Vapiano in Berlin, Chicago and Toulon;further pilots with HSMHostin progress
17
Joint opening with HSM Host in major airports and train stations as a franchise model
Product offering tailored to travellers, with eat in and takeaway options
Pilots foreseen in UK, Scandinavia, Germany and the Netherlands on base of the Mini Vapiano
Asset light model supporting operating income and free cash flows
Enhancement of brand awareness
Outlook FY 2018: First pilot to be opened in 2nd
half of 2018
18
First Freestander in Fürth well on track
Outlook for 2018: Opening of 2nd freestander in Toulouse/France
Outlook for 2019: Opening of 3rd freestander at Centro Oberhausen/Ger.
Innovations and initiatives
Target: drive lfl sales growth and increase profitability
Terminal ordering Vapiano People App
Takeaway & home delivery
19
Operational excellence
Menu innovations
Gluten-free
Vegetarian Vegan Lactose-free
New formats
Reflected in business plan
+ Low carb
All innovations and initiatives on track
20
Business
highlights 2018
21
22
Dedicated area of 25 sqm/unit (majority with own entrance) and dedicated staff
Average additional sales of €350k p.a. Attractive average EBITDA margin
~ 25 %
Outlook FY 2018: Service availability will be expanded consequently
23
Mitigates queuing and waiting times at cooking stations and enables groups to eat together via synchronized cooking
Terminals including payment function will start in 2018
End of H1 2018, order terminals available in 17 restaurants in 4 countries
Outlook FY 2018: Expand pilot to US; piloting further terminals in an increasing number of restaurants
24
Outlook FY 2018: Rollout in more European markets; full menu ordering in test phase as of now in Berlin with positive first results
New unit model to consistently grow profitability
% Restaurant EBITDA margin
~€3.3m
CurrentEconomic
Model
TakeAway/
Delivery
OperationalExcellence
VapianoPeople
App (CRM)
TerminalOrdering (Pilot)
NewEconomic
Model
Average unit volume
(AUV)
Restaurant contri-bution
Currenteconomic
model
Neweconomic
modelTerminal
Ordering (Pilot)Vapiano People
App (CRM)Take Away/
Delivery
Initiatives
~€0.6m
CurrentEconomic
Model
TakeAway/
Delivery
OperationalExcellence
VapianoPeople
App (CRM)
TerminalOrdering (Pilot)
NewEconomic
Model
~17%
Initial capex ~€2-2.5m
Operational Excellence
25
Reflected in business plan
Restaurant EBITDA contribution margin supposed to reach 20% in FY 2020
26
Development H1 2018
Vapiano takeaways Q2/H1 2018
Reported EBITDA reached €1.6m in Q2; ytd growth by 29.2% to €8.4m (margin up 0.6 pp to 4.8%)
27 (1) Excluding pre-opening costs
Adjusted EBITDA(1) reached €4.8m in Q2, YTD €14.0m (margin down by 2.3 pp to 8.0%)
LfL trading below expectations mainly driven by Rest of Europe due to Swedish JV and outstanding summer heat in Central Europe
Lfl sales declined by 2.2% in Q2; adjusted for Swedish JV - 0.7% in Q2;ytd lfl sales down by 0.8%; adjusted for Swedish JV + 0.4% in H1
Group sales increased by 14.0% to € 175.1m
Financial and operating summary
9 restaurant openings in H1 2018 (ytd 17 openings)
Outlook FY 2018 adjusted
Sales and lfl growth by segment in Q2 2018
Net sales
LfL growth
Rest of EuropeGermanyGroup
Rest of World
28
78,288,8
Q2 17 Q2 18
13,6%
36,4 36,9
Q2 18Q2 17
1,4%
7,4%
-1,4%Q2 18Q2 17
37,844,4
Q2 18 Q2 18
17,3%
3,8
6,7
Q2 17 Q2 18
75,6%
6,3%
-2,2%Q2 18Q2 17
5,4%
-3,2%Q2 17 Q2 18
€m
in %
4,4%
-0,7%Q2 17 Q2 18
Sales and lfl growth by segment in YTD June 2018
Net sales
LfL growth
Rest of EuropeGermanyGroup
Rest of World
29
153,6175,1
H1 17 H1 18
14,0%
71,2 74,4
H1 18H1 17
4,6%
5,9%
0,4%
H1 17 H1 18
72,488,6
H1 17 H1 18
22,3%
7,9
10,5
H1 17 H1 18
33,4%
5,8%
-0,8%H1 17 H1 18
5,5%
-2,2%H1 17 H1 18
€m
in %
6,8%
0,1%
H1 17 H1 18
1.448
1.785
1.369
1.5761.449
1.740
1.354
1.557
Germany RoE RoW Group
LfL sales development impacted by Swedish Joint Venture
AUV(1)
LfL Growth(1) (2) (3)
(1) RoE excludes London 1 and Marseille 2,RoW excludes NYC restaurant due to remodeling in 2017; (2) Based on restaurants that have been open for at least 12 months and not closed for more than seven business days during the current period and previous year 3) based on information from POS system (4) Average net amount pre VAT (5) Defined as increase in guest count assuming hypothetical guest count for take-away
€m
H1 18H1 17
Ticket Sizes(4) and Transaction Growth(5)
Germany RoE RoW
5,9%
0,4%
HY1 17 HY1 18
Germany RoE RoW
5,5%
(2,2%)
HY1 17 HY1 18
6,8%
0,1%
HY1 17 HY1 18
HY1’17
€10.3
HY1’18
€10.6+2.6%
HY1’17
€12.5
HY1’18
€12.7+1.7%
HY1’17
€14.0
HY1’18
€14.46+4.1%
Group
Group
HY1’17
€11.5
HY1’18
€11.7+2.2%
5,8%
(0,8%)
HY1 17 HY1 18
(2,1%)
HY1 18(3,8%)HY1 18
(3,8%)HY1 18
(2,9%)
HY1 18
30
Summary financial performance Q2 2018
€m €m
System sales Net sales
Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA margin
Restaurant EBITDA€m
Restaurant contribution
Adjusted Restaurant EBITDA Adjusted margin
€m €m
10,89,5
Q2 18Q2 17
-12,0%
78,288,8
Q2 17 Q2 18
13,6%
8,9
4,7
Q2 17 Q2 18
-47,2%
14.4%
€7.4m
11.2%11.4% 5.3%
31
122,7 132,2
Q2 17 Q2 18
7,7%
€10.5m
6,75,0
Q2 17 Q2 18
Segment EBITDA Overview – Q2 2018Adjusted
segment EBITDAFranchise EBITDAAdjusted restaurant
contribution
Germany
Rest of Europe
Rest of World
€m
Adjusted EBITDA MarginAdjusted EBITDA
35,4 36.1
36.6 43.0
3.1 6.3
€m
€m
1,0 0.9
1.2 1.4
0.7 0.4
36,4 36,9
37.8 44.4
3.8 6.7
Net Sales LfL EBITDA margin
32
4,6 4,2
Q2 18Q2 17
-0,3
-0,2
Q2 17 Q2 18
12.9% 11.5%
0,3 0,3
Q2 17 Q2 18
4,9 4,5
Q2 17 Q2 18
0,2
0,7
Q2 17 Q2 18
6,95,7
Q2 17 Q2 18
0,6
0,2
Q2 17 Q2 18
0,3
0,0
Q2 17 Q2 18
33.3% 39.8% 13.5% 12.1%
18.2%11.6%
20.4%
48.2% 18.1% 12.8%
-3.0%77.9%
55.8%
7.4%
0.0%
-9,7%
Summary financial performance YTD June 2018
€m €m
System sales Net sales
Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA margin
Restaurant EBITDA€m
Restaurant contribution
Adjusted Restaurant EBITDA Adjusted margin
€m €m
21,8 21,6
H1 17 H1 18
-0,9%
153,6175,1
H1 17 H1 18
14,0%
15,914,0
H1 17 H1 18
-11,9%
15.0%
€17.0m
13.4%
10.4%8.0%
33
241,8262,1
H1 17 H1 18
8,4%
€19.4m
0,7 0,7
H1 17 H1 18
0,8 0,7
H1 17 H1 18-0,1
-0,1
H1 18H1 17
12,9 12,0
H1 17 H1 18
0,7
1,2
H1 17 H1 18
0,9 0,9
H1 17 H1 18
Segment EBITDA Overview – YTD June 2018Adjusted
segment EBITDAFranchise EBITDAAdjusted restaurant
contribution
Germany
Rest of Europe
Rest of World
€m
Adjusted EBITDA MarginAdjusted EBITDA
69.2 72.5
70.0 86.0
6.5 9.4
€m
€m
2.0 1.9
2.4 2.6
1.4 1.2
71.2 74.4
72.4 88.6
8.0 10.5
Net Sales
13.0% 13.2%
15.8% 14.7%
11.8% 10.5%
LfL EBITDA margin
34
9,2 9,5
H1 17 H1 18
13.3% 13.6%
10,1 10,8
H1 17 H1 18
13,6 13,3
H1 17 H1 18
42.6% 49.8% 14.1% 14.5%
18.4% 14.2%27.5%
45.0% 18.7% 15.1%
-0.6%
57.1% 63.1% 8.3% 6.3%-2,3%
Shown lfl EBIDTA margin for 2017 cannot be compared with prospectus due to different lfl cohort in 2017.
Reconciliation of adjusted EBITDA
35
Comments
1
2
3
• Includes group level overhead costs such as general and administrative expenses and group marketing
Adjusted central costs amount to €10.7m in YTD June 18 (6.1% of net sales) compared to €8.0m in YTD June 2017 (5.3%)
Adjustments• One time effects comprise of prior year costs (€2.8m), and
Bad debt accruals (€0.8m)
• Expenses / Income with respect to acquisitions
• €1.4m positive consolidation impact of Australia and Darmstadt
• €0.1m costs regarding M&A transactions
• Pre-opening costs in line with expectations
1
2
3
Pre-Opening Costs content: training costs (e.g. cooking, processes); restaurant labour costs; broker-fees for new premises; rent costs before opening; opening event and local communication costs for opening; legal fees for incorporation if necessary
44
P&L Items in €m H1 17 H1 18Restaurant Contribution 19,4 17,0Franchise EBITDA 1,9 2,8Central Costs -14,8 -11,4% of net sales 6,1% 6,6%
Reported EBITDA 6,5 8,4Adjustments:Foreign exchange gains or losses 1,5 -0,4Loss from sale of assets 1,0 0,2Rent guarantee expenditures 0,0 0,1One time effects 1,4 4,2Costs/Losses related to the acquisition or sale of assets 0,0 -1,3Costs related to capital market transactions 3,9 0,0
Total adjustments 7,8 2,8Adjusted EBITDA 14,4 11,2Pre-opening cost 1,5 2,8Adjusted EBITDA(excl. pre-opening costs) 15,9 14,0
32,6 32,7
H1 17 H1 18
36
Net financial debt and Capex
Net financial debt development Capex
(1) Net debt includes €153.7m long-term financial liabilities, € 32.9m short-term financial liabilities (including minority liabilities of €2.5m, less €17.2m cash and cash equivalents and €10.5m financial receivables
(1)
• Net financial debt position increased due to further investments in new restaurants and weaker operating cash flow in Q2
• Vapiano is currently in dialogue with syndicate banks, shareholders and other capital providers in order to adjust the terms of existing loans and raise additional funds
116,2
156,2
28,3
32,6 25,7
Net financial debt Dec17
Changes in financial liabilities
Net financial debt Mar18
Capex Other Cash Flow
Net Debt impact
acquisitions
4,9
€m €m
>30mCapex fixed assets
37
Outlook FY 2018
New outlook financial year 2018
38
Restaurant openings 33-38
Group net sales €385m - €400m
Group lfl sales growth 0% - 1%
Adjusted EBITDA (excl. pre-opening costs) €42m - €47m
33-38
€390m - €420m
1% - 3%
€48m - €54m
New outlookOld outlook
Sweden turnaround plan 9 restaurants, 7 in Stockholm, 1 in Malmö, 1 in Goteborg
Q3
39
Q2 Q1
• New Managing Director hired• 3 restaurant manager
released from their duties
• New Head of finance hired
• Start of traffic to the restaurant marketing
campaigns (CRM, Digital, LSM)
• Increase of internal and external audits
Q4
• New Head of Marketing in place
• Market in transition, lack of operational excellence and outstanding hot summer led to double digit lfl decrease. • Most profitable market (20% Restaurant Contribution Margin); therefore over-proportional EBITDA impact
STATUS
• Key issues identified, operations and support center teams have been restructured• Close monitoring by new COO • Additional audits to secure sustainable operational excellence• New and additional marketing campaigns for 2nd half of the year in place to drive lfl performance
NEXT STEPS
Opening Stockholm 7 18th of April
• New Managing Director in place• 3 restaurant manager in place• Overhead structure replaced (Marketing, purchasing, finance)• Operational excellence restored
40
Appendix
Consolidated Income Statement H1 2018(€m) H1 17 H1 18
Net sales 153.6 175.1% growth 14.0%
Cost of materials (39.0) (44.4)
Gross profit 114.6 130.7% margin 74.6% 74.6%
Other operating income 4.5 8.0
Capitalized development costs 0.3 0.5
Personnel expenses (65.6) (76.4)
Other operating expenses (47.3) (54.4)
Reported EBITDA 6.5 8.4% margin 4.2% 4.8%
Depreciation and amortization (17.7) (21.4)
Reported EBIT (11.2) (13.0)% margin (7.3%) (7.4%)
Financial result (3.0) (3.7)
Equity income (0.1) (0.2)
EBT (14.3) (16.9)Income taxes (0.4) (1.0)
Net income for the period (14.7) (17.9)of which attributable to the shareholders of Vapiano SE (14.5) (16.1)
of which attributable to non-controlling interests 0.2 (1.8 )
41
Consolidated Statement of Financial Position June 18
€m Dec 2017 June 2018 €m Dec 2017 June 2018
Intangible assets 110.7 114.4 Equity attributable to the 111.1 92.6Property, plant and equipment 164.1 191.0 shareholders of Vapiano SE
Investments accounted for 4.1 1.4 Non-controlling interest 20.0 17.4using the equity method Total equity 131.1 110.0
Other non current assets 14.9 16.3 Non-current provisions 5.9 6.9Non-current assets 293.8 323.1 Non-current financial liabilities 114.9 153.7Inventories 6.9 7.1 Other liabilities 17.9 23.4Trade receivables 7.6 6.7 Non-current liabilities 138.7 184.0Other current assets 27.0 28.4 Trade payables 28.4 29.6Cash and cash equivalents 14.9 17.2 Current provisions 0.7 0.6Current assets 56.4 59.4 Current financial liabilities 30.5 32.9
Other current liabilities 20.8 25.4Current liabilities 80.4 88.5
Total liabilities 219.1 272.5
Total assets 350.2 382.5 Total equity and liabilities 350.2 382.5
Assets Equity & liabilities
42
Consolidated Statement of Cash Flows H1 2018
(€m) H1 17 H1 18
Earnings before taxes (EBT) (14.3) (17.0)Depreciation and amortization 17.7 21.4Other non-cash items 0.2 (1.5)Net finance cost 3.1 3.7 Share of profit of equity-accounted investees, net of tax 0.1 0.2Gain/loss on the disposal of fixed assets 1.1 0.2Changes in trade working capital (0.7) (0.4)Changes in other provisions and employee benefits (0.4) 0.8Cash generated from operating activities (1) 6.8 7.4Interest paid (2.3) (2.8)Income taxes paid (1.9) (1.5)Net cash from operating activities 2.6 3.1Purchases of fixed assets (32.6) (32.7)Other investments (3.3) (1.2)Net cash used in investing activities (35.9) (33.9)Proceeds from IPO 83.4 0.0Payments from shareholders 10.0 0.0Change of financial liabilities 22.8 33.2Dividends paid 0.0 0.0Net cash from financing activities 116.2 33.2Change in cash 82.9 2.4 Exchange rate effects 0.0 0.0
43
Vapiano delivered what it promised for FY 2017
44
Restaurant openings 27 (1)
Group net sales €324.7m
Group lfl sales growth 4.8%
Adjusted EBITDA (excl. pre-opening costs) €38.8m
(1) 3 openings delayed to H1 2018 due to external reasons
27 – 28 (1)
€315m - €335m
4% - 5%
€38m - €40m
Performance 2017 Guidance 2017
Guidance fulfilled completely
45
+8.1%System sales
249325
2016 2017
Net sales in €m
+30.6%Net sales
460498
2016 2017
System sales in €m
+4.8%Lfl sales
28,6
38,8
2016 2017
Adjusted EBITDA in €m
+35.8%Adjusted EBITDA
(excl. pre-opening costs)
Lfl sales in %
Vapiano reaches targets in FY 2017Overproportionate increase in adjusted EBITDA
46
Strong lfl sales growth in all segmentsGermany and France with strong development
+4.6%Strong growth
in Germany
-5,6%
4,6%
Germany
+5.0%France is the growth
driver in Europe
4,3% 5,0%
Rest of Europe
+3.9%U.S.A. is stable;
pilot in China needsadjustments
7,8%
3,9%
Rest of World
+4.8%Strongest lfl sales
increase since 5 years
-0,3%
4,8%
Group
47
Vapiano shows strong profitability increase in 2017
+30.6%Net sales
33,5
49,7
2016 2017
Restaurant EBITDA in €m
+48.5%Restaurant EBITDA
249
325
2016 2017
Net sales in €m
28,638,8
2016 2017
Adjusted EBITDA in €m
+35.8%Adjusted EBITDA
(excl. pre-opening costs)
48
Dedicated area of 25 sqm/unit (majority with own entrance)
Dedicated in-store staff Additional net sales of ~ €350k p.a. Attractive average EBITDA margin of
20-25 % 76 locations include TA & HD at end of
FY 2017, majority in Germany and France
49
Opex led to productivity gains of up to 15% (UK) in FY
Implementation of train-the-trainer concept to scale up international roll out
Introduction of training/opening handbook and implementation of a regional training program
Digital personel planning system (Atoss) tested in Germany
Outlook FY 2018: All corporate and joint venture countries will be fully “OpEx’ed” by end of 2018
Segment EBITDA Overview – FY 2017
50
Adj. segment EBITDA
Adj. franchise EBITDA
Adj. restaurant contribution
Germany
Rest of Europe
Rest of World
€m
Adjusted EBITDA MarginAdjusted EBITDA
129.0 143.9
89.2 151.5
13.8 13.5
€m
€m
4.2 4.4
7.7 5
2.2 2.9
133.2 148.3
97.0 156.4
16.0 16.3
Net Sales
14.3% 17.1%
18.1% 17.6%
2.0% 2.2%
LfL EBITDA margin
20,616,8
FY 16 FY 17
29,3
16,9
FY 17FY 16
-0,2-0,2
FY 16
FY 17
13.0% 14.3%
2,21,8
FY 16 FY 17
22,918,6
FY 16 FY 17
1,7
3,5
FY 16 FY 17
30,920,5
FY 17FY 16
1,81,4
FY 17FY 16
1,61,3
FY 16 FY 17
42.6% 50.9% 13.9% 15.4%
19.0% 19.3%45.8%
34.2%23.2% 19.8%
-1.2%64.3% 63.1% 7.9%
10.0%-1.7%
LfL sales growth with very positive momentum in 2017Lfl growth(1) (2) (3)
(1) AUVs and LfL growth rates in Rest of Europe include acquisitions in France and Sweden in all years, RoW excludes NYC restaurant due to remodeling in 2017 (2) Based on restaurants that have been open for at least 12 months and not closed for more than seven business days during the current period and previous year 3) based on information from POS system (4) Average net amount pre VAT (figures for 2016 aligned with cohort 2017). (5) Defined as increase in guest count assuming hypothetical guest count for take-away
€m
Ticket sizes(4) and transaction growth(5)
Germany RoE RoW
(5,6%)
4,6%
2016 2017
Germany RoE RoW
4,3%5,0%
2016 2017
7,8%3,9%
2016 2017
2016
€9.9+2,0%
2017
€10.3+4.4%
2016
€12.0+3,9%
2017
€12.2+2.1%
2016
€12.1+6,1%
2017
€12.6+4.2%
Group
Group
2016
€10.8+3,5%
2017
€11.2+3.5%
(0,3%)
4,8%
2016 2017
51
(7,4%)
0,2%
2016 2017
0,4% 2,9%
2016 2017
1,6%
(0,3%)
2016 2017
(3,7%)
1,2%
2016 2017
3,0
3,6
2,7
3,2
2,9
3,7
2,9
3,3
3,0
3,5
2,4
3,2
Germany RoE RoW Group
Average unit volume (AUV) (1)
€m
201720162015
Note: AUV 2017 excluding major restaurants(London1: €5.7m; Marseille2: €5.5m and NYC: €5.1m)
(2,9)
(3,3)
(3,0)
(2,4)
Financial Calendar / Reporting dates 2018 / Contact details
52
Nov 28, 2018 Publication Q3 results 2018
Dr. Andrea RolveringHead of Investor RelationsMobile: +49 151 5445 9750Email: a.rolvering@vapiano.eu
25-26 Sept 2018 Goldman Sachs / Berenberg Corporate Conference, Munich
1 Oct 2018 Berenberg Seminar Milan/Lugano, Mailand
3-4 Dec 2018 Berenberg European Conference, Surrey, UK
10-11 Jan 2019 Oddo BHF Forum, Lyon, France
22-23 Jan 2019 Kepler Cheuvreux German Corporate Conference, Frankfurt
19-20 Feb 2019 Oddo BHF German Conference, Frankfurt
Disclaimer
53
THIS COMMUNICATION IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IS SUBJECT TO CHANGE. IT IS INDICATIVE, NOT BINDING AND WILL NOT BE UPDATED.
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