• ISIN: DE000A0WMNK9
  • Country: Germany

News Detail

Vapiano publishes figures for the first six months of 2018

DGAP-News: VAPIANO SE / Key word(s): Half Year Results

12.09.2018 / 07:30
The issuer is solely responsible for the content of this announcement.

Vapiano publishes figures for the first six months of 2018

  • Group sales increase by 14.0% to EUR 175.1 million
  • Like-for-like sales decline by 0.8% due to weak development in Sweden and the unusually long period of very hot weather in Europe; excluding Sweden, like-for-like sales increased by 0.4%
  • Reported EBITDA increases by 29.2% to EUR 8.4 million, while the reported EBITDA margin is 4.8% (H1/2017: 4.2%)
  • Adjusted EBITDA totals EUR 14.0 million (H1/2017: EUR 15.9 million) and adjusted EBITDA margin reaches 8.0% (H1/2017: 10.3%)
  • Nine restaurants opened in the first half of 2018 plus eight more in the third quarter of 2018 (H1/2017: eight openings plus a further four as of the previous year's reporting date)
  • Outlook for fiscal year 2018 adapted

Cologne, September 12, 2018 - Vapiano SE (ISIN: DE000A0WMNK9, ticker symbol: VAO) has published its results for the first six months of 2018. Group sales (corporate and consolidated joint venture restaurants) increased by 14.0% compared to the same period of the previous year to EUR 175.1 million in the first half of 2018 (H1/2017: EUR 153.6 million). The growth in sales was primarily attributable to contributions from restaurants opened in the second half of 2017 and the first half of 2018, as well as to the first-time consolidation of restaurants in Australia that were previously managed as franchises. Performance by all three geographical segments - Germany (+4.6%), Rest of Europe (+22.3%) and Rest of World (+33.4%) - was positive.

By contrast, like-for-like Group sales fell short of expectations, declining by 0.8%. Like-for-like sales growth in the Germany (+0.4%) and Rest of World (+0.1%) segments was unable to compensate for the negative trend in the Rest of Europe segment (-2.2%). The latter was caused by the poor development of our Swedish joint venture, the long period of very hot weather in Europe, and the 2018 soccer world cup, which resulted in lower footfall frequency in European city centers in the second quarter. Excluding Sweden, Vapiano Group would have achieved like-for-like sales growth of 0.4%.

Although reported earnings before interest, taxes, depreciation and amortization (EBITDA) improved in the first half of 2018 by EUR 1.9 million to EUR 8.4 million and, accordingly, the reported EBITDA margin increased by 0.6 percentage points to 4.8%, EBITDA[1] adjusted primarily for pre-opening costs was down year-on-year, at EUR 14.0 million (H1/2017: EUR 15.9 million). Accordingly, the adjusted EBITDA margin decreased by 2.3 percentage points to 8.0%. Even though the ongoing roll-out of the operational excellence program OPEX and our take-away and home delivery services led to additional earnings contributions, they were unable to compensate for the above described sales dip.

Depreciation and amortization rose in the first half of 2018 by EUR 3.7 million to EUR 21.4 million (H1/2017: EUR 17.7 million) and were largely attributable to scheduled write-downs of property, plant and equipment relating to capital expenditure on opening new restaurants, as well as acquisitions.

As a result of the effects outlined above Vapiano generated a reported result of EUR -17.9 million in the first six months of 2018 (H1/2017: EUR -14.7 million). The adjusted result for the period - based on adjusted EBITDA and revised to reflect depreciation, amortization and tax effects relating to franchise rights acquired through company acquisitions - was EUR -8.1 million (H1/2017: EUR -1.1 million). Accordingly, adjusted earnings per share decreased to EUR -0.34 (H1/2017: EUR -0.05).

As of the end of June 2018, Vapiano SE held total equity of EUR 110.0 million, which is equivalent to an equity ratio of 28.8% compared to 37.4% as of December 31, 2017. As a result of expansion, net debt rose to EUR 156.2 million as of June 30, 2018, compared to EUR 116.2 million as of year-end 2017.

Cash flow from operating activities was up year-on-year by 8.8 % at EUR 7.4 million in the first six months (H1/2017: EUR 6.8 million). Cash outflow from investing activities totaled EUR 33.9 million (H1/2017: EUR -35.9 million), reflecting the further growth of Vapiano. Accordingly, free cash flow was EUR -26.5 million compared to EUR -29.1 million in the previous year.

In the first six months of 2018, Vapiano opened nine restaurants around the globe. Until the date of this report, a further eight restaurants have been opened, bringing our international presence to 219 restaurants in 33 countries. Vapiano is meanwhile offering its take-away and delivery services at 108 locations in 17 countries.

Jochen Halfmann, CEO of Vapiano SE: "The first half of 2018 was overall a difficult period for Vapiano SE. Significantly weaker performance in Sweden and declining footfall frequency in European town and city centers due to the unusually long and hot summer and the soccer world cup have prompted us to adapt our outlook for fiscal year 2018. In the remaining months of 2018 we will be focusing strictly on turning our Swedish joint venture around in order to achieve a positive development here again. We will continue to digitalize our business to further optimize the Vapiano guest experience. At the same time, we confirm our long-term plans and the associated target of a positive net income by 2020."

As the Management Board disclosed on September 4, 2018, it now expects a year-on-year sales growth between 19% and 23% in fiscal year 2018 to between EUR 385 million and EUR 400 million (previously: EUR 390 million to EUR 420 million) and like-for-like sales to increase by between 0% and 1% (previously: between 1% and 3%). Adjusted EBITDA is expected to grow by between 8% and 21% to between EUR 42 million and EUR 47 million (previously: EUR 48 million to EUR 54 million).

The half-year report and presentation for analysts and investors are available on the Investor Relations website ( under the heading "Reports & Presentations".

[1] Adjusted for upfront costs associated with opening new restaurants as well as other non-recurring effects, e.g. currency fluctuations, and - in the previous year - extraordinary effects of the IPO. Adjusted EBITDA is the key metric for measuring operating performance at Vapiano as a growing company, as the adjustments increase transparency and make the figures easier to compare over time.

VAPIANO SE - Performance Indicators (in EUR million)

  H1 2018 H1 2017 Change Q2 2018 Q2 2017 Change
System sales

(Corporate, joint venture and franchise restaurants)
262.1 241.8 8.4% 132.2 122.7 7.7%
Group sales

(Corporate and consolidated joint venture restaurants)
175.1 153.6 14.0% 88.8 78.2 13.6%
Like-for-like Group sales -0.8% 5.8% - -2.2% 6.3% -
Average sales per guest (in EUR) 11.72 11.47 2.2% 11.71 11.49 1.9%
Adjusted EBITDA 14.0 15.9 -11.9% 4.8 8.9 -46.6%
Adjusted EBITDA margin 8.0% 10.3% - 5.3% 11.4% -
Reported EBITDA 8.4 6.5 29.2% 1.6 2.9 -44.8%
Reported EBITDA margin 4.8% 4.2% - 1.8% 3.7% -
Adjusted result for the period* -8.1 -1.1 > -100% -8.5 0.2 > -100%
Adjusted earnings per share (in EUR) -0.34 -0.05 > -100% -0.35 0.01 > -100%
Reported result for the period -17.9 -14.7 -21.8% -13.8 -7.7 -79.2%
Reported earnings per share (in EUR) -0.67 -0.71 5.6% -0.54 -0.37 -45.9%
Cash flow from operating activities, before taxes and interest 7.4 6.8 8.8% 4.4 0.4 > 100%
Investment in tangible and intangible assets -32.7 -32.6 -0.3% -18.3 -16.4 -11.6%
Investment for acquisitions
(less acquired cash)
-0.9 -2.6 65.4% -0.9 -2.6 65.4%
Cash flow from investing activities -33.9 -35.9 5.6% -19.5 -19.7 1.0%
Cash flow from financing activities 33.2 116.2 -71.4% 19.3 104.8 -81.6%

* Result for the period adjusted to consider EBITDA adjustments plus correction for depreciation, amortization and tax effects from company acquisitions


  6/30/2018 12/31/2017 Change
Balance sheet total 382.4 350.3 9.2%
Equity 110.0 131.1 -16.1%
Equity ratio 28.8% 37.4% -
Net debt 156.2 116.2 34.5%
Net debt/adjusted EBITDA (in years) 4.12 2.99 37.8%

  6/30/2018 12/31/2017 Change
Number of restaurants 212 205 7*

* Net change (incl. closure of two restaurants)


About Vapiano

In 2002, Italian lifestyle brand Vapiano created a new category in system gastronomy with its innovative "fresh casual dining" concept combining elements from "fast casual" and "casual dining". The restaurant concept is based on quality, uncompromisingly fresh ingredients, and transparency. Pasta, pizza dough, sauces, dressings and desserts are handmade each day in every Vapiano. The dishes are prepared in front of the guests "à la minute" and "customized" to the guests' requirements. The recipe for success also includes the cosmopolitan ambiance. Long oak tables invite communication, a fully grown olive tree and a cozy bar and lounge area characterize the feel-good atmosphere found in every Vapiano. Vapiano also represents autonomy and individuality, so guests can choose between different "Guest Journeys". Guests decide whether they will order their food from the Vapianisti, at the terminal or via the Vapiano app, and whether they will pay via chip card or app. The company has also successfully been offering take away and delivery services in a growing number of restaurants so guests can enjoy Vapiano "anytime, anyplace, anywhere". The successful concept has quickly spread from Hamburg all over the world. As of June 30, 2018, there were 212 restaurants in 33 countries on five continents in the Vapiano network. Vapiano shares (ISIN: DE000A0WMNK9) have been traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 27, 2017. Further information can be found at

Investor Relations contact: 
Dr. Andrea Rolvering 
Mobile: +49 151 5445 9750 
Phone: +49 221 67001 301 

Financial and business press:
Dariusch Manssuri, IR on AG
Mobile: +49 173 566 2776
Phone: +49 221 9140 975

12.09.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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