DGAP-Ad-hoc: VAPIANO SE / Key word(s): Development of Sales/Liquidity Problem
Vapiano SE: Occurrence of cash flow insolvency ('Zahlungsunfähigkeit'), further drastic decline in sales and earnings due to COVID-19 crisis
Cologne, 20 March 2020 - Vapiano SE (ISIN: DE000A0WMNK9, "Vapiano" or the "Company") is, due to the current COVID-19 crisis facing further dramatic losses in net sales and expects a further decline in results. Due to the restrictions imposed by COVID-19, meanwhile almost all of the more than 230 restaurants worldwide had to be closed. In Germany, all 55 restaurants operated by the Vapiano group have been closed indefinitely since yesterday evening. Following the status quo described in the ad hoc announcement of 16 March 2020, the situation of the Company has deteriorated as Vapiano currently generates almost no turnover, while salaries, rents and operating costs continue to accrue. This means a decline in sales of over 20 percent (Q1 2020 compared with the respective same period last year), a further significant increase in liquidity needs and a decrease in adjusted EBITDA and Group net income in the first and second quarters of 2020 compared with the respective same periods last year.
Due to the drastic decline in net sales and revenues, an insolvency reason in the form of cash flow insolvency ('Insolvenzgrund der Zahlungsunfähigkeit') for Vapiano SE has occurred as of today. Under the currently prevailing law, the Management Board is obliged to file a request for the opening of insolvency proceedings without undue delay, but at the latest within 3 weeks.
The Management Board will now, against this background, continuously and carefully examine whether initiation of insolvency proceedings for the Company can be averted within the aforementioned period. In particular, Vapiano will apply at short notice for support under the financial assistance programs announced by various governments in Europe regarding the COVID-19 crisis. Only in case that sufficient government funding can be provided in time, the developed comprehensive financing solution, the key points of which have already been agreed upon before the COVID-19 crisis, can be concluded and implemented with the major shareholders and the financing banks (cf. ad hoc announcement of 16 March 2020). Otherwise, Vapiano will immediately ('unverzüglich') file a request for the opening of insolvency proceedings for Vapiano SE and, if necessary, for certain of its major subsidiaries.
20-March-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Im Zollhafen 2-4|
|Phone:||+49 (0) 221 67001-0|
|Fax:||+49 (0) 221 67001-205|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1002771|
|End of Announcement||DGAP News Service|
1002771 20-March-2020 CET/CEST