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SPHERA FRANCHISE GROUP - SFG

Half-year financial results H1-2018

Release Date: 8/14/2018 8:00:11 AM

IRIS Code: 6A6DE

Interim Financial Report

For the six-month period ended 30 June 2018 (H1-2018)

 

Sales of Sphera reached RON 350.1 million in the first half of 2018, up 21.6% compared to the pro forma sales of the previous year. The main driver for this performance were the growth in the sales of KFC Romania (up 21.2% Y/Y), which had a contribution of 16.4pp in the pro forma sales growth rate. ARS sales advanced 9.1% compared to the previous year and had a contribution of 1.7pp to the pro forma sales growth rate. At the same time, KFC Italy operations contributed 2.3pp, while Taco Bell operations contributed another 1.6pp in the pro forma sales growth rate.

Pro forma operational expenses reached RON 303.5 million in the first half of 2018, representing an increase of 28.0% compared to the previous year. As percentage of sales, operational expenses increased by 4.3pp year-on-year to 86.7% in the first half of 2018, driven mainly by a 1.6pp increase in cost of labour, a 0.9pp increase in the cost of food and materials and 1.1pp increase in other operating expenses.

Restaurant operating profit reached RON 46.6 million in the first half of 2018 (13.3% of sales), down 8.3% compared with the previous year (17.6% of sales), of which RON 42.9 million was accounted for by USFN Romania operations (4.1% below previous year) and another RON 2.9 million by ARS Romania (62% below previous year).

Normalized EBITDA reached RON 32.5 million in the first half of 2018, down 15.9% than in the previous year, EBITDA reached RON 31.4 million in the first half of 2018, down 18.3% than in the previous year, while operating profit reached RON 21.3 million in the first half of 2018, down 30.3% lower than in the previous year. The drop in the EBITDA margin (by 4.4pp to 9.0% in the first half of 2018) and operating profit margin (by 4.5pp to 6.1% in the first half of 2018) was due to the decrease in the restaurant operating profit (down 4.6pp), as described above.

Net profit reached RON 18.8 million in the first half of 2018, being 33.8% lower than in the previous year. The reduction in the net profit margin, by 4.5pp to 5.4% of sales in the first half of 2018, was driven by the 4.5pp decrease in the operating profit margin.

 

Please access the link below to view the full report.



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