Vapiano expects no profit in 2019
Author: Osman Cetinkaya
Profit not predicted until 2021
The ailing restaurant chain has now presented the business figures of the annual financial statements much later than planned. The company expects a loss for the current year as well. According to the figures, a positive result is not expected until 2021.
The Management Board believes that “the Group’s overall result for the 2019 financial year will be significantly better than in the previous year, but will still be negative in the mid double-digit million range”.
Sales of 390 to 420 million euros were forecast for the current financial year. The report states that 10 to 15 new stores will be opened in 2019, a significant slowdown in the pace of expansion.
Thanks to new openings, Vapiano increased its sales last year by 14.4 percent to 371.5 million euros. However, the restaurant chain had to accept a decline in adjusted EBITDA from just under 39 to 29 million euros. The reason for this was the sale of the US business.
Vapiano has already postponed the publication of its 2018 financial statements three times. This was justified by the negotiations of an urgently needed loan of 30 million euros. About four weeks ago, the investors agreed.