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AmRest

AmRest's net profit rose 118% yoy to EUR 32.9 mil in 2021

By Helgi Analytics - May 8, 2022

AmRest made a net profit of EUR 32.9 mil with revenues of EUR 1,917 mil in 2021, up by 118% and up by 25.9%, respec...

AmRest's employees rose 3.80% yoy to 46,480 in 2021

By Helgi Analytics - May 9, 2022

AmRest employed 46,480 employees in 2021, up 3.8% compared to the previous year. Historically, between 2007 and 2021, ...

AmRest's price/earnings (P/E) rose 638% yoy to 38.9 in 2021

By Helgi Analytics - May 9, 2022

AmRest stock traded at EUR 5.82 per share at the end 2021 translating into a market capitalization of USD 1,455 mil. Since the en...

Profit Statement 2019 2020 2021
Sales EUR mil 1,962 1,523 1,917
Gross Profit EUR mil 1,364 1,055 1,342
EBITDA EUR mil 355 111 340
EBIT EUR mil 106 -143 103
Financing Cost EUR mil 43.5 47.1 40.8
Pre-Tax Profit EUR mil 93.4 -201 57.9
Net Profit EUR mil 65.1 -182 32.9
Dividends EUR mil 0 0 0
Balance Sheet 2019 2020 2021
Total Assets EUR mil 2,435 2,114 2,175
Non-Current Assets EUR mil 2,170 1,803 1,859
Current Assets EUR mil 265 312 316
Working Capital EUR mil 23.1 0.700 11.6
Shareholders' Equity EUR mil 477 265 308
Liabilities EUR mil 1,958 1,850 1,867
Total Debt EUR mil 1,584 1,532 1,488
Net Debt EUR mil 1,478 1,327 1,289
Ratios 2019 2020 2021
ROE % 14.4 -49.1 11.5
ROCE % 3.86 -9.11 1.79
Gross Margin % 69.5 69.3 70.0
EBITDA Margin % 18.1 7.28 17.7
EBIT Margin % 5.38 -9.36 5.38
Net Margin % 3.32 -12.0 1.72
Net Debt/EBITDA 4.16 12.0 3.79
Net Debt/Equity % 310 501 419
Cost of Financing % 3.87 3.02 2.70
Valuation 2019 2020 2021
Market Capitalisation USD mil 2,565 1,608 1,455
Enterprise Value (EV) USD mil 4,222 3,230 2,921
Number Of Shares mil 221 219 220
Share Price EUR 10.3 6.00 5.82
EV/EBITDA 10.5 24.9 7.17
EV/Sales 1.90 1.81 1.27
Price/Earnings (P/E) 35.1 -7.23 38.9
Price/Book Value (P/BV) 4.80 4.97 4.16
Dividend Yield % 0 0 0

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overview Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                            
Sales EUR mil ...                       965 1,237 1,547 1,962 1,523          
Gross Profit EUR mil ... ...                     694 899 634 1,364 1,055          
EBIT EUR mil ...                       61.5 62.7 71.6 106 -143          
Net Profit EUR mil ...                       43.7 42.8 43.0 65.1 -182          
                                               
ROE % ...                       15.3 13.5 11.4 14.4 -49.1          
EBIT Margin % ...                       6.37 5.07 4.63 5.38 -9.36          
Net Margin % ...                       4.53 3.46 2.78 3.32 -12.0          
Employees ... ... ...                   28,771 38,273 48,846 51,804 44,780   ... ... ... ...
balance sheet                                            
Total Assets EUR mil ...                       785 1,034 1,442 2,435 2,114          
Non-Current Assets EUR mil ... ...   ... ...               651 812 1,200 2,170 1,803          
Current Assets EUR mil ...                       134 223 242 265 312          
                                               
Shareholders' Equity EUR mil ...                       312 322 431 477 265          
Liabilities EUR mil ...                       472 712 1,011 1,958 1,850          
Non-Current Liabilities EUR mil ...                       280 481 751 1,459 1,372          
Current Liabilities EUR mil ...                       192 231 260 499 478          
                                               
Net Debt/EBITDA ...                       1.80 2.44 3.33 4.16 12.0          
Net Debt/Equity % ...                       71.2 106 127 310 501          
Cost of Financing % ... ...                     3.06 2.86 2.39 3.87 3.02          
cash flow                                            
Total Cash From Operations EUR mil ...                       105 142 151 308 160          
Total Cash From Investing EUR mil ...                       -124 -230 -421 -220 11.7          
Total Cash From Financing EUR mil ...                       15.2 146 255 -99.7 -76.4          
Net Change In Cash EUR mil ...                       -6.01 60.3 -12.8 -12.2 98.6          
valuation                                            
Market Capitalisation USD mil                         1,497 2,502 2,337 2,565 1,608          
Enterprise Value (EV) USD mil ...                       1,731 2,913 2,962 4,222 3,230          
Number Of Shares mil                         212 212 214 221 219          
Share Price EUR                         6.71 9.82 9.29 10.3 6.00          
Price/Earnings (P/E) ...                       32.6 48.7 46.5 35.1 -7.23          
Price/Cash Earnings (P/CE) ...     ... ...               14.5 18.8 16.1 7.61 22.6          
EV/EBITDA ...                       13.1 18.5 15.5 10.5 24.9          
Price/Book Value (P/BV) ...                       4.55 6.47 4.61 4.80 4.97          
Dividend Yield % ... ... ... ...                 0 0 0 0 0          
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                            
Sales EUR mil ...                       965 1,237 1,547 1,962 1,523          
Cost of Goods & Services EUR mil ... ...                     271 338 913 598 468          
Gross Profit EUR mil ... ...                     694 899 634 1,364 1,055          
Selling, General & Admin EUR mil ... ... ... ...                 98.4 133 108 135 131   ... ... ... ...
Research & Development EUR mil ... ... ... ... ...               0 0 0 0 0   ... ... ... ...
Other Operating Expense EUR mil ... ... ... ... ...               477 972 1,274 1,468 1,275   ... ... ... ...
Staff Cost EUR mil ...                       208 282 357 470 410   ... ... ... ...
Other Operating Cost (Income) EUR mil ...                       5.12 9.60 ... ... ... ... ... ... ... ...
EBITDA EUR mil ...                       124 140 164 355 111          
Depreciation EUR mil ...     ... ...               54.5 67.8 80.3 235 240          
EBIT EUR mil ...                       61.5 62.7 71.6 106 -143          
Net Financing Cost EUR mil ... ... ... ...                 7.76 10.1 12.8 9.70 45.0          
Financing Cost EUR mil ... ...                     8.47 10.9 13.6 43.5 47.1          
Financing Income EUR mil ... ...   ...                 0.707 0.772 0.800 33.8 2.10          
FX (Gain) Loss EUR mil ... ...   ...                 0.666 0.834 0.900 0 0.300   ... ... ... ...
(Income) / Loss from Affiliates EUR mil ... ...                     -0.014 0 0 0 0   ... ... ... ...
Extraordinary Cost EUR mil ...                       0 0 0 0 0   ... ... ... ...
Pre-Tax Profit EUR mil ...                       51.2 49.5 57.5 93.4 -201          
Tax EUR mil ...                       7.50 6.89 16.2 26.5 -17.7          
Minorities EUR mil ...                       0.041 -0.224 -1.70 1.80 -1.70          
Net Profit EUR mil ...                       43.7 42.8 43.0 65.1 -182          
Net Profit Avail. to Common EUR mil ...                       43.7 42.8 43.0 65.1 -182          
Dividends EUR mil ... ... ... ...                 0 0 0 0 0          
growth rates                                            
Total Revenue Growth % ... ...                     20.8 28.3 25.0 26.8 -22.4          
Operating Cost Growth % ... ...                     21.4 85.7 24.6 25.8 -10.3   ... ... ... ...
Staff Cost Growth % ... ...                     27.0 35.3 26.7 31.5 -12.8   ... ... ... ...
EBITDA Growth % ... ...                     23.2 13.5 16.6 117 -68.8          
EBIT Growth % ... ...                     31.4 1.99 14.2 47.5 -235          
Pre-Tax Profit Growth % ... ...                     32.0 -3.40 16.2 62.4 -316          
Net Profit Growth % ... ...                     14.2 -1.97 0.401 51.4 -380          
ratios                                            
ROE % ...                       15.3 13.5 11.4 14.4 -49.1          
ROA % ...                       6.02 4.71 3.47 3.36 -8.00          
ROCE % ... ... ... ... ... ...             7.69 6.15 4.41 3.86 -9.11          
Gross Margin % ... ...                     71.9 72.7 41.0 69.5 69.3          
EBITDA Margin % ...                       12.8 11.3 10.6 18.1 7.28          
EBIT Margin % ...                       6.37 5.07 4.63 5.38 -9.36          
Net Margin % ...                       4.53 3.46 2.78 3.32 -12.0          
Payout Ratio % ... ... ... ...                 0 0 0 0 0          
Cost of Financing % ... ...                     3.06 2.86 2.39 3.87 3.02          
Net Debt/EBITDA ...                       1.80 2.44 3.33 4.16 12.0          
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
balance sheet                                            
Cash & Cash Equivalents EUR mil ... ... ... ... ...               66.2 131 118 106 205          
Receivables EUR mil ...                       12.9 18.8 55.5 105 60.4          
Inventories EUR mil ...                       18.6 22.4 25.7 29.9 26.5          
Other ST Assets EUR mil ...                       35.9 50.1 42.2 24.1 19.9          
Current Assets EUR mil ...                       134 223 242 265 312          
Property, Plant & Equipment EUR mil ...                       305 405 501 1,438 1,185          
LT Investments & Receivables EUR mil ... ...   ... ...               5.03 5.31 32.1 81.4 4.90          
Intangible Assets EUR mil ...                       317 365 618 604 553          
Goodwill EUR mil ... ...                     176 218 357 350 312          
Non-Current Assets EUR mil ... ...   ... ...               651 812 1,200 2,170 1,803          
Total Assets EUR mil ...                       785 1,034 1,442 2,435 2,114          
                                               
Trade Payables EUR mil ...                       61.4 82.3 100 111 86.2          
Short-Term Debt EUR mil ...                       51.1 38.2 6.60 209 239          
Other ST Liabilities EUR mil ...                       5.11 4.69 11.2 11.8 16.4          
Current Liabilities EUR mil ...                       192 231 260 499 478          
Long-Term Debt EUR mil ...                       238 436 658 1,375 1,293          
Other LT Liabilities EUR mil ...                       42.8 45.7 93.7 84.0 78.5          
Non-Current Liabilities EUR mil ...                       280 481 751 1,459 1,372          
Liabilities EUR mil ...                       472 712 1,011 1,958 1,850          
Preferred Equity and Hybrid Capital EUR mil ...                       0 0 0 0 0          
Share Capital EUR mil ...                       172 181 258 258 258          
Treasury Stock EUR mil ... ... ... ...                 2.52 10.8 15.2 7.50 6.50          
Equity Before Minority Interest EUR mil ...                       297 314 421 467 258          
Minority Interest EUR mil ...                       15.3 8.43 9.90 9.50 6.90          
Equity EUR mil ...                       312 322 431 477 265          
growth rates                                            
Total Asset Growth % ... ...                     17.6 31.8 39.4 68.9 -13.2          
Shareholders' Equity Growth % ... ...                     20.8 3.14 33.6 10.7 -44.5          
Net Debt Growth % ... ...                     16.3 54.0 59.3 171 -10.2          
Total Debt Growth % ... ...                     8.62 64.2 40.2 139 -3.28          
ratios                                            
Total Debt EUR mil ...                       289 474 664 1,584 1,532          
Net Debt EUR mil ...                       222 343 546 1,478 1,327          
Working Capital EUR mil ...                       -29.8 -41.1 -19.1 23.1 0.700          
Capital Employed EUR mil ... ...   ... ...               621 771 1,181 2,193 1,804          
Net Debt/Equity % ...                       71.2 106 127 310 501          
Current Ratio ...                       0.696 0.965 0.930 0.531 0.652          
Quick Ratio ... ... ... ... ...               0.412 0.651 0.669 0.423 0.555          
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
cash flow                                            
Net Profit EUR mil ...                       43.7 42.8 43.0 65.1 -182          
Depreciation EUR mil ...     ... ...               54.5 67.8 80.3 235 240          
Non-Cash Items EUR mil ...                       10.1 19.4 8.30 -10.8 75.2          
Change in Working Capital EUR mil ...                       -11.2 1.78 7.40 4.70 13.6          
Total Cash From Operations EUR mil ...                       105 142 151 308 160          
                                               
Capital Expenditures EUR mil ... ... ... ... ...               -91.3 -137 -150 -196 -83.8          
Net Change in LT Investment EUR mil ...                       0 0 -25.0 0 95.5   ... ... ... ...
Net Cash From Acquisitions EUR mil ... ... ... ... ...               -32.3 -93.6 -247 -24.1 0   ... ... ... ...
Other Investing Activities EUR mil ...                       0 0 0 0 0          
Total Cash From Investing EUR mil ...                       -124 -230 -421 -220 11.7          
                                               
Dividends Paid EUR mil ...                       0 0 0 -1.40 -0.800          
Issuance Of Shares EUR mil ...                       -8.95 -17.6 59.7 0 0.600          
Issuance Of Debt EUR mil ...                       25.3 179 193 -92.5 -76.2          
Other Financing Activities EUR mil ...                       -1.20 -16.1 2.10 -5.80 0   ... ... ... ...
Total Cash From Financing EUR mil ...                       15.2 146 255 -99.7 -76.4          
                                               
Effect of FX Rates EUR mil ... ... ... ... ...               -2.33 3.23 2.50 -0.800 3.10   ... ... ... ...
Net Change In Cash EUR mil ...                       -6.01 60.3 -12.8 -12.2 98.6          
ratios                                            
Days Sales Outstanding days ...                       4.88 5.56 13.1 19.5 14.5          
Days Sales Of Inventory days ... ...                     25.1 24.2 10.3 18.3 20.7          
Days Payable Outstanding days ... ...                     82.7 88.9 40.1 68.1 67.3          
Cash Conversion Cycle days ... ...                     -52.7 -59.1 -16.7 -30.3 -32.1          
Cash Earnings EUR mil ...     ... ...               98.2 111 123 301 58.3          
Free Cash Flow EUR mil ...                       -18.9 -88.6 -270 88.3 172          
Capital Expenditures (As % of Sales) % ... ... ... ... ...               9.47 11.0 9.66 9.99 5.50          
other ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                             
Employees ... ... ...                   28,771 38,273 48,846 51,804 44,780   ... ... ... ...
Cost Per Employee USD per month ... ... ...                   647 689 714 856 892   ... ... ... ...
Cost Per Employee (Local Currency) EUR per month ... ... ...                   603 614 609 755 762   ... ... ... ...
Operating Cost (As % of Sales) % ...                       66.1 95.7 95.4 94.6 109   ... ... ... ...
Research & Development (As % of Sales) % ... ... ... ... ...               0 0 0 0 0   ... ... ... ...
Staff Cost (As % of Sales) % ...                       21.6 22.8 23.1 23.9 26.9   ... ... ... ...
Effective Tax Rate % ...                       14.6 13.9 28.2 28.4 8.79          
Total Revenue Growth (5-year average) % ... ... ... ... ... ...             15.6 17.0 19.2 22.7 13.8          
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... ...   19.6 18.5 14.4 15.5 11.6          
valuation Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                             
Market Capitalisation USD mil                         1,497 2,502 2,337 2,565 1,608          
Enterprise Value (EV) USD mil ...                       1,731 2,913 2,962 4,222 3,230          
Number Of Shares mil                         212 212 214 221 219          
Share Price EUR                         6.71 9.82 9.29 10.3 6.00          
EV/EBITDA ...                       13.1 18.5 15.5 10.5 24.9          
Price/Earnings (P/E) ...                       32.6 48.7 46.5 35.1 -7.23          
Price/Cash Earnings (P/CE) ...     ... ...               14.5 18.8 16.1 7.61 22.6          
P/FCF ...                       -75.5 -23.5 -7.35 25.9 7.66          
Price/Book Value (P/BV) ...                       4.55 6.47 4.61 4.80 4.97          
Dividend Yield % ... ... ... ...                 0 0 0 0 0          
Free Cash Flow Yield % ...                       -1.35 -3.97 -13.5 3.90 12.5          
Earnings Per Share (EPS) EUR ...                       0.206 0.202 0.200 0.294 -0.830          
Cash Earnings Per Share EUR ...     ... ...               0.463 0.521 0.577 1.36 0.266          
Free Cash Flow Per Share EUR ...                       -0.089 -0.418 -1.26 0.399 0.784          
Book Value Per Share EUR ...                       1.47 1.52 2.01 2.15 1.21          
Dividend Per Share EUR ... ... ... ...                 0 0 0 0 0          
EV/Sales ...                       1.67 2.10 1.64 1.90 1.81          
EV/EBIT ...                       26.3 41.4 35.3 35.3 -19.4          
EV/Free Cash Flow ...                       -85.6 -29.3 -9.36 42.2 16.1          
EV/Capital Employed ... ...   ... ...               2.65 3.15 2.19 1.72 1.47          
Earnings Per Share Growth % ... ...                     14.2 -1.97 -0.935 47.0 -382          
Cash Earnings Per Share Growth % ... ...   ... ... ...             15.1 12.6 10.7 135 -80.4          
Book Value Per Share Growth % ... ...                     20.8 3.14 32.6 6.82 -43.9          

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AmRest's Capital Expenditures fell 15.3% yoy to EUR 96.6 mil in 2021

By Helgi Analytics - May 8, 2022

AmRest invested a total of EUR 96.6 mil in 2021, up 15.3% compared to the previous year. Historically, between 2009 - 2021, the company's investments stood at a high of EUR 196 mil in 2019 and a low of EUR 9.05 mil in 2012. As a perce...

AmRest's P/FCF fell 30.8% yoy to 5.30 in 2021

By Helgi Analytics - May 8, 2022

AmRest stock traded at EUR 5.82 per share at the end 2021 translating into a market capitalization of USD 1,455 mil. Since the end of 2016, the stock has depreciated by 13.2% representing an annual average growth of -2.80%. At the end of 2021, the firm t...

AmRest's Net Margin rose 114% yoy to 1.72% in 2021

By Helgi Analytics - May 8, 2022

AmRest made a net profit of EUR 32.9 mil with revenues of EUR 1,917 mil in 2021, up by 118% and up by 25.9%, respectively, compared to the previous year. This translates into a net margin of 1.72%. Historically, between 2005 and 2021, the firm’s n...

AmRest's Share Price fell 3.03% yoy to EUR 5.82 in 2021

By Helgi Analytics - May 8, 2022

AmRest stock traded at EUR 5.82 per share at the end 2021 implying a market capitalization of USD 1,455 mil. Since the end of 2016, stock has appreciated by -13.2% implying an annual average growth of -2.80% In absolute terms, the value of the company fe...

AmRest's Net Debt/EBITDA fell 68.3% yoy to 3.79 in 2021

By Helgi Analytics - May 8, 2022

AmRest's net debt stood at EUR 1,289 mil and accounted for 419% of equity at the end of 2021. The ratio is down 82.4 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 501% in 2020 and a low of 18....

AmRest's ROCE rose 120% yoy to 1.79% in 2021

By Helgi Analytics - May 8, 2022

AmRest made a net profit of EUR 32.9 mil in 2021, up 118% compared to the previous year. Historically, between 2005 and 2021, the company's net profit reached a high of EUR 65.1 mil in 2019 and a low of EUR -182 mil in 2020. The result implies a return on...

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Finance

AmRest has been growing its sales by 9.36% a year on average in the last 5 years. EBITDA has grown on average by 32.9% a year during that time to total of EUR 461 mil in 2025, or 19.3% of sales. That’s compared to 18.4% average margin seen in last five years.

The company netted EUR 92.1 mil in 2025 implying ROE of 18.1% and ROCE of 3.82%. Again, the average figures were 14.1% and 2.57%, respectively when looking at the previous 5 years.

AmRest’s net debt amounted to EUR 1,304 mil at the end of 2025, or 234% of equity. When compared to EBITDA, net debt was 2.83x, down when compared to average of 3.25x seen in the last 5 years.

Valuation

AmRest stock traded at EUR 3.68 per share at the end of 2025 resulting in a market capitalization of USD 948 mil. Over the previous five years, stock price fell by 38.8% or -9.34% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.59x and price to earnings (PE) of 8.78x as of 2025.

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