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The costly expansion of the company is paying off less than hoped, as new restaurants do not meet expectations. After the first nine months, the major drawback is now announced, as announced Vapiano Wednesday in Kln. After the company lowered its annual targets for the second time the day before, investors fled.
The price of Vapiano paper has temporarily fallen by more than ten percent in the morning. Wednesday's share price is 7.23% lower at 7.06 euros.
"Again, a warning on profits," Barclays experts said disappointed. And a trader said that badysts' average expectations of Vapiano's operating profit should now drop significantly.
For the current year, Vapiano is forecasting a disappointing development so far with a turnover of between 375 and 385 million euros. Although this is 15 to 19 percent more than last year, but less than the last promised 385 to 400 million euros. The current result before interest, taxes, depreciation and amortization (Ebitda) should also be significantly lower, from 34 to 38 million euros, compared to previous forecasts.
Already in September, the company had reduced its forecasts, mainly due to a collapse of the Swedish market. In addition, due to the long summer heat, customers stayed away.
From January to September, Vapiano increased its sales figure by 271.4 million euros, up 15% from the previous year, thanks to the opening of new restaurants and acquisitions. Sweden remained a hard point after nine months, while the situation improved in Germany and outside Europe.
After adjusting for the initial costs of opening restaurants, Ebitda decreased by 14% to EUR 22.6 million. The adjusted loss amounted to € 13.2 million during the reporting period. A year earlier, the company had made a profit of 1.6 million euros. Higher amortization resulting from higher investment and higher interest rates were the main reasons for Vapiano's expansion with new restaurants and new businesses. The third quarter also suffered a loss.
The company was launched on the market in June 2017 at 23 euros per share. In the meantime, the papers are worth only about 7 euros. Rumors that Vapiano should be taken in view of the fall in prices of Brse, had recently denied. Barclays badyst James Clark, however, does not believe it entirely: given the latest developments, the probability of a return has increased further, he wrote in a first reaction.
KLN (dpa-AFX)
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Sources of images: Nieuwland / Shutterstock.com
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