- WKN: A0WMNK
- ISIN: DE000A0WMNK9
- Land: Deutschland
Nachricht vom 11.09.2019 | 07:30
VAPIANO SE publishes figures for the first half of 2019
DGAP-News: VAPIANO SE
/ Key word(s): Half Year Results/Interim Report
Vapiano publishes figures for the first half of 2019
Taking into account the amended accounting rules under IFRS 16, the adjusted EBITDA amounted to EUR 28.5 million and the adjusted EBITDA margin to 14.5% during the reporting period. Before IFRS 16, the adjusted EBITDA in the first half of 2019 fell from EUR 14.0 million to EUR 7.6 million and the adjusted EBITDA margin from 8.0% to 3.9%. In the second quarter of 2019 an adjusted EBITDA of EUR 4.4 million was generated before IFRS 16, similar to prior year (Q2/2018: EUR 4.7 million). Therefore, the decline in the first half of 2019 compared with the previous year was in particular due to the results in the first quarter of 2019. The reported EBITDA and the reported EBITDA margin amounted to EUR 22.8 million and EUR 11.6% respectively in the first half of 2019 after IFRS 16. Before IFRS 16, the reported EBITDA fell from EUR 8.4 million to EUR 1.9 million and the reported EBITDA margin from 4.8% to 1.0%.
The adjusted result for the period in the first half of 2019 amounts to EUR -18.0 million (H1/2019 before IFRS 16: EUR -13.7 million, H1/2018: EUR -8.1 million). In the adjusted result for the period, one-time effects for restructuring of EUR 5.8 million and non-scheduled depreciation of EUR 8.4 million were adjusted. The reported result for the period amounted to EUR -34.3 million (H1/2019 before IFRS 16: EUR -29.1 million, H1/2018: EUR -17.9 million).
Equity decreased in the first half of the year from EUR 46.9 million to EUR 11.9 million (including a one-time IFRS 16 effect of EUR 5.2 million), mainly due to the negative result for the period. The consolidated equity ratio fell from 13.3% on 31 December 2018 to 5.0% (before taking into account the effects of IFRS 16) or 2.0% (including effects from IFRS 16). Net debt on 30 June 2019 increased to EUR 470.0 million. Ignoring leasing liabilities reported in accordance with IFRS 16, net debt would stand at EUR 199.8 million, an increase of 15.0% compared with 31 December 2018 (31 December 2018: EUR 173.7 million).
Cash flow from operating activities before tax and interest reached EUR 24.2 million in the first half of the year (before IFRS 16: EUR 3.2 million, H1/2018: EUR 7.4 million). The net cash flow from investment activities decreased significantly to EUR -21.7 million (H1/2018: EUR -33.9 million), reflecting the continuing, but slower, growth of Vapiano. The opening of five corporate or joint venture restaurants and two franchisee restaurants contrasted with the closure of a total of three restaurant locations (two corporate or joint venture restaurants and one operated by a franchisee). Vapiano is currently represented in 33 countries with 235 restaurants.
For the 2019 financial year, the Management Board continues to expect Group sales in the range of EUR 390 and 420 million as well as a continuing decline in the development of like-for-like sales (-2% to -4%). The adjusted EBITDA (before IFRS 16) is expected to be between EUR 20 million and EUR 25 million.
The Interim Financial Report and the presentation for analysts and investors are available on the Investor Relations pages (http://ir.vapiano.com) under the "Reports & Presentations" tab.
 Adjusted for the effects described in the transition to the adjusted EBITDA, for amortisation on reacquired franchise rights and associated deferred tax revenues and special write-offs as well as for effects from the revaluation of severance pay liabilities to non-controlling shareholders measured at fair value and recorded in the financial result.
Financial and business press:
VAPIANO SE -Key financials (in EUR million)
|Im Zollhafen 2-4|
|Phone:||+49 (0) 221 67001-0|
|Fax:||+49 (0) 221 67001-205|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||871591|
|End of News||DGAP News Service|
MBH Corporation. Hohes Kurspotenzial
Die MBH Corporation plc hat in den vergangenen Berichtsperioden eine sehr hohe M&A-Aktivität aufgezeigt. Unter Anwendung der so genannten Agglomeration Methodology hat die Beteiligungsgesellschaft branchenübergreifend seit 2018 11 Beteiligungen erworben. Bei einem Pro-Forma-Umsatz der Beteiligungsgesellschaften von über 120 Mio. GBP und einem Pro-Forma-EBITDA in Höhe von über 11 Mio. GBP weist die MBH derzeit eine Marktkapitalisierung von umgerechnet gerade einmal 19,8 Mio. GBP auf. Ausgehend vom aktuellen Aktienkurs liegt zu unserem Kursziel in Höhe von 1,95 € ein hohes Kurspotenzial vor
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