News Detail

Vapiano SE underperforms forecast for 2018 and makes unscheduled write-downs with earnings effect

Cologne, 15 February 2019 - On the basis of unaudited figures, Vapiano SE (ISIN: DE000A0WMNK9, stock exchange symbol: VAO) expects sales for the 2018 financial year to range around 370 million euros, organic growth of minus 1% and adjusted EBITDA of around 29 to 31 million euros (this includes an effect of 2.6 million euros for the signed sale of the US business, see Ad-hoc release dated January 3, 2019). The forecast for fiscal 2018 announced on November 27, 2018 (sales: 375 to 385 million euros, like-for-like sales growth: -0.5% to +0.5%, adjusted EBITDA: 34 to 38 million euros) will therefore not be achieved.

The decisive factors for this development are the unsatisfactory operating performance in the fourth quarter of 2018 as well as the weak performance of some newly opened restaurants.

Furthermore, the Management Board of Vapiano SE announces that, on the basis of impairment tests, unscheduled write-downs and further risk provisions totalling around 33 million euros are expected for the past fiscal year 2018, which will have a negative impact accordingly on the net result. The net result will be significantly lower than previous year (previous year: -29.6 million euros).

Against the background of the unsatisfactory business development, the Management Board of Vapiano SE has developed a program of measures to focus on a consistent evaluation of the existing portfolio and on securing sustainable growth.

The aforementioned consolidated annual figures for the 2018 financial year are preliminary and subject to audit by the Company's auditors and Supervisory Board. The audited financial figures for 2018 will be published on April 30, 2019. As in the previous year, the outlook for 2019 will be published with the audited financial figures for 2018.

Investor Relations contact:

Dafne Sanac
Mobil: +49 151 6283 2511
Telefon: +49 221 67001 303
E-Mail: d.sanac@vapiano.eu