Rosinter Reports 2013 Audited Financial Results
OREANDA-NEWS. OJSC Rosinter Restaurants Holding (Rosinter), the leading casual dining restaurants chain in Russia and CIS (Moscow Exchange MICEX-RTS ticker: ROST), announced today its audited financial results for 2013 prepared in accordance with IFRS.
Consolidated net revenue stood at RUB 9 851 mln
Revenue from restaurants decreased by (2.3)% to RUB 9 402 mln compared with 2012
Operating profit before impairment amounted to RUB 49 mln for an operating margin before impairment of 0.5% compared with a margin of 3.3% in 2012
EBITDA111 before impairment and write-offs amounted to RUB 445 mln for a margin of 4.5%
EBITDA amounted to RUB 239 mln and EBITDA margin stood at 2.4% compared with a margin of
5.0% in 2012
Loss for the period from continuing operations amounted to RUB 248 mln and loss for the period from continuing operations margin stood at (2.5)% compared with loss for the period from continuing operations margin of (1.3)% in 2012
As at December 31, 2013 gross debt was RUB 1 554 mln, including RUB 1 520 mln long-term debt that represented 97.8% of total gross debt
Net debt stood at RUB 1 458 mln, leading to a Net debt/EBITDA[21 before impairment and writeoffs of 3.2x as at December 31, 2013 in comparison with 1.2x as at December 31, 2012
Sergey Zaytsev, President and Chief Executive Officer, commented:
"In 2013, the company has successfully implemented a number of its strategic initiatives, the most important of which was the expansion of our activities in transport hubs. During the year we opened 6 restaurants and coffee shops in Kazanskiy, Belorusskiy, Paveletskiy and Leningradskiy Moscow railway stations, as well as 11 outlets located both in the new building of Kazan international airport in the Republic of Tatarstan and in the new international terminal at Pulkovo airport in St. Petersburg. The openings in Pulkovo airport include McDonald's restaurant that is also the first McDonald's restaurant in a Russian airport.
During 2013, we pursued a strategy of portfolio optimization and focused business development throughout all territories of our presence. As a part of the strategy we transferred our operations in Hungary, the Czech Republic and Ukraine to a franchisee.
Last year we successfully launched a marketing campaign to celebrate the 20th anniversary of IL Patio restaurant chain. This year we are pleased to celebrate the 15th anniversary of another key brand - Planet Sushi - by offering guests a peculiar promotional menu, special discount for all dishes of the main menu and other interesting offers.
We have also made progress in the revitalization of our brands. To date, 11 revitalized IL Patio and Planet Sushi restaurants are operating in Moscow, Novosibirsk, Kazakhstan and Belarus, and they are all showing a positive trend.
This year we will be building on the progress already achieved, while making some adjustments to our strategy to address the challenges we face, including those associated to the current economic slowdown. From an organizational perspective we are targeting a leaner and more flexible organization with an empowered team and we will be focusing only on the core processes throughout the business. This includes a change in the frequency of our reporting to a half year basis since 2014."
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