Rosinter Reports 1Q 2012 IFRS Financial Results
OREANDA-NEWS. June 27, 2012. Rosinter reports 1Q 2012 IFRS financial results.
1Q 2012 HIGHLIGHTS
Consolidated Net Revenue increased by 3.9% compared to prior year and amounted to RUB 2,571 mln
Gross profit amounted to RUB 490.8 mln in 1Q 2012, for a gross margin of 19.1% vs. 16.8% in 1Q 2011
Operating profit (after impairment) amounted to RUB 70.9 mln in 1Q 2012 vs. operating loss of RUB 92.9 mln in 1Q 2011
EBITDA amounted to RUB 165.6 mln in 1Q 2012 vs. RUB 9.6 mln in 1Q 2011
Net loss reduced to RUB 35.7 mln in 1Q 2012 compared to losses of RUB 146.4 mln in 1Q 2011
Net debt decreased by 5.9% to RUB 1,192 mln with Net debt/EBITDA (12M Rolling) of 2.4x reflecting EBITDA growth in 1Q 2012
"Our consolidated sales increased by 3.9% reflecting flat like-for-like sales and increased contribution of new openings. Our like-for-like traffic improved to -5.1% in Q1 2012 from -8.3% in Q4 2011 but remained under pressure during the quarter, however the effect of price increases and average check growth fully offset the transactions decline.
In the first quarter of 2012 we managed to deliver good operating margins. They were supported by the decrease of food and beverage and payroll expenses resulting from new initiatives implemented in the second half of 2011. Gross profit margin increased to 19.1% as compared to 16.8% for the same period of prior year. Lower selling, general and administrative expenses have also contributed to EBITDA recovery with EBITDA margin increasing to 6.4% in the first quarter of 2012 from 0.4% in the first quarter of 2011.
During the first quarter of 2012 we have opened 3 corporate and 9 franchise outlets.
Going forward we will focus on providing high quality guest experience and implementing new strategic initiatives that will help us further improve operating performance and sales trends. We will also continue our strategy of selecting top-quality locations for both corporate and franchise development."