Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,490.83 -10.82 -0.07%
S&P 500 1,877.76 2.37 0.13%
NASDAQ 4,142.74 15.77 0.38%
Ticker Volume Price Price Delta
STOXX 50 3,189.81 13.84 0.44%
FTSE 100 6,703.00 28.26 0.42%
DAX 9,548.68 4.49 0.05%
Ticker Volume Price Price Delta
NIKKEI 14,404.99 -141.28 -0.97%
TOPIX 1,164.90 -8.91 -0.76%
HANG SENG 22,562.80 53.16 0.24%

Arcos Dorados Reports First Quarter 2013 Financial Results



  Arcos Dorados Reports First Quarter 2013 Financial Results

Achieved double-digit organic revenue growth and high single-digit comparable
          sales expansion on solid contribution from largest regions

Business Wire

BUENOS AIRES, Argentina -- April 30, 2013

Arcos Dorados Holdings, Inc.(NYSE: ARCO) (“Arcos Dorados” or the “Company”),
Latin America’s largest restaurant chain and the world’s largest McDonald’s
franchisee, today reported its unaudited results for the first quarter ended
March 31, 2013.

First Quarter 2013 Highlights

  * Revenues increased by 6.0% year-over-year to $976.9 million or by 15.7% on
    an organic basis, as high single-digit comparable sales growth and
    revenues from new restaurants partly offset reported revenues lowered by
    the depreciation of local currencies versus the US dollar
  * Systemwide comparable sales increased by 9.9% year-over-year, primarily
    driven by average check growth
  * Adjusted EBITDA decreased by 12.0% to $68.7 million. Excluding currency
    translation and special items, Adjusted EBITDA grew 1.7% in comparison
    with 1Q12, mainly impacted by higher dollar denominated costs
  * The Company reported a net loss of $6.6 million compared to a gain of
    $25.4 million the previous year, mainly due to lower operating income and
    higher non-operating charges related to the official devaluation in
    Venezuela

“Our first quarter performance demonstrates Arcos Dorados’ ability to
consistently grow sales and achieve market share gains even in challenging
markets. A strong marketing calendar and access to the largest product
portfolio resulted in double-digit organic revenue growth and a high
single-digit increase in comparable sales versus the prior-year period.”

“The introduction of the highly successful and globally recognized Monopoly
promotion in Brazil in April is driving consumption in a soft market. While we
remain cautious on the outlook in markets such as Venezuela, our solid first
quarter results are on target with our full year expectations and will benefit
from easing comparable sales and cost containment initiatives in coming
quarters,” said Woods Staton, Chairman and Chief Executive Officer of Arcos
Dorados.

First Quarter 2013 Results
Consolidated
                      
                     Financial Highlights (Million US$)
                         1Q12          Special       Currency          Organic       1Q13            % As           %
                         (a)           Items         Translation       Growth        (a+b+c+d)       Reported       Organic    
                                       (b)           (c)               (d)
Total                    1,843                                                       1,959                                   
Restaurants
Sales by
Company-operated         882.8                       (84.9)            136.1         934.1           5.8%           15.4%
Restaurants
Revenues from
franchised               38.8                        (4.2)             8.2           42.8            10.5%          21.3%      
restaurants
Total Revenues           921.6                       (89.1)            144.4         976.9           6.0%           15.7%      
Comparable Sales                                                                                     9.9%                      
Adjusted EBITDA          78.1          (3.8)         (6.9)             1.3           68.7            -12.0%         1.7%       
Adjusted EBITDA          8.5%                                                        7.0%            -17.0%
Margin
Net Income
attributable to          25.4          (19.2)        (5.7)             (7.1)         (6.6)           -126.0%        -28.1%
AD
No. of shares
outstanding              209,529                                                     209,529                                   
('000)
EPS ($ per               0.12                                                        (0.03)                                    
share)
(1Q13 = 1Q12 + Special items + Currency translation + Organic growth) Please refer to “Definitions” section for further detail
 

Arcos Dorados’ first quarter revenues increased by 6.0% to $976.9 million, as
organic revenue growth of 15.7% was partly offset by depreciation of local
currencies. Strong organic revenues were driven by systemwide comparable sales
growth of 9.9%, despite the negative impact of an extra day in the month of
February 2012. The net addition of 116 restaurants during the last 12-month
period contributed $57.2 million in constant currency to revenues.
Additionally, our three largest divisions achieved double-digit growth.

Systemwide comparable sales growth was mainly driven by average check growth.
The Quality campaign “Mas allá de la Cocina”, which commenced in the quarter,
strengthened the brand by bringing our customers closer to the true origin of
our food and highlighting the quality of our ingredients. This campaign,
together with successful product launches and the introduction of new flavors
such as Thai Sweet Chili sauce in a number of markets, form part of a strong
2013 marketing calendar designed to strengthen the brand over the long term
and drive sales.

Adjusted EBITDA

Adjusted EBITDA for the first quarter was $68.7 million, a 12.0% decrease
compared to the same period of 2012. Adjusting for special items and currency
impact, organic Adjusted EBITDA grew by 1.7%.

Adjusted EBITDA comparisons were affected by special items in both periods
consisting of higher corporate G&A of $3.8 million explained by a net gain of
$0.3 million in 1Q13 and of $4.1 million in 1Q12 related to the CAD incentive
plan (including the impact of hedging).

The Adjusted EBITDA margin as a percentage of total revenues decreased by 144
basis points to 7.0% compared to the year ago period. The decline mainly
reflects the impact of currency devaluation over dollar-denominated costs in
various countries, which offset an improved Adjusted EBITDA margin in NOLAD.

The Company reported a net loss of $6.6 million in the first quarter of 2013,
compared to net income of $25.4 million in the same period of 2012. The result
reflects lower operating results along with higher non-operating losses
recognized in the quarter, which were partly offset by lower income taxes.

Non-operating Results

Non-operating results for the quarter reflected (i) a 12% increase in overall
funding costs (interest expense plus results from derivative instruments),
mainly due to higher debt levels related to the restructuring process carried
out during the last twelve month period (please refer to prior releases), and
(ii) a special item of $15.4 million from a foreign currency exchange loss in
the first quarter of 2013 resulting from the impact of the devaluation of the
Venezuelan Bolivar over net monetary assets, as previously announced.

Income tax expense for the quarter totaled $5.9 million, compared to $12.1
million in the year-ago period. The resulting increase in the effective tax
rate primarily reflected the negative impact of the Venezuelan currency
devaluation impacting the quarter, as the Company recorded a valuation
allowance over the related tax benefits.

The Company reported a basic net loss per share of $0.03 in the first quarter
of 2013, compared to earnings of $0.12 in the previous corresponding period.

Analysis by Division:

Beginning January 2013, the Company reorganized its SLAD and Caribbean
division. The Venezuela and Colombia operations are now part of the Caribbean
division. For comparison purposes, prior year information reflects these
changes.

 
Brazil Division
               
              Financial Highlights (Million US$)
              1Q12    Special   Currency      Organic   1Q13        % As       %
              (a)     Items     Translation   Growth    (a+b+c+d)   Reported   Organic
                      (b)       (c)           (d)
Total         666                                       735         10.4%     
Restaurants
Comparable                                                          9.1%
Sales
Revenues      450.0             (60.6)        71.5      460.9       2.4%       15.9%
Adjusted      62.3              (7.2)         (0.0)     55.1        -11.6%     -0.1%
EBITDA

Brazil revenues grew by 2.4% and were impacted by a higher average exchange
rate when compared to the previous year’s first quarter. Excluding the 13%
average devaluation of the Real, organic revenues grew 15.9%. Systemwide
comparable sales growth was 9.1% in the quarter, mainly driven by increased
average check resulting from the product mix shift along with higher prices
over the past twelve months. The overall Brazilian consumption environment
remained slow. In response, the Company launched marketing activities to drive
sales, including the nationwide roll-out of wraps and the Triple Cheeseburger
in the Affordability platform, among others.

The net addition of 69 restaurants during the last 12-month period contributed
$31.3 million to revenues in constant currency during the quarter. The
openings brought the restaurant count to a total of 735.

Adjusted EBITDA decreased by 11.6% in the first quarter of 2013. Organic
Adjusted EBITDA remained stable as increased revenues and G&A leverage were
offset by (i) higher payroll as a percentage of sales; (ii) higher food and
paper costs as a percentage of sales due to the impact of the year-on-year
Real devaluation over dollar denominated costs; and (iii) higher operating
costs Adjusted EBITDA margin for the quarter reached 12.0%.

 
NOLAD
               
              Financial Highlights (Million US$)
              1Q12   Special   Currency      Organic   1Q13        % As       %
              (a)    Items     Translation   Growth    (a+b+c+d)   Reported   Organic
                     (b)       (c)           (d)
Total         490                                      503         2.7%      
Restaurants
Comparable                                                         1.5%
Sales
Revenues      89.4             2.3           6.3       98.0        9.6%       7.0%
Adjusted      3.1              0.1           1.6       4.7         53.8%      51.7%
EBITDA

NOLAD’s (Mexico, Panama and Costa Rica) revenues grew by 9.6% or 7.0% on an
organic basis, year-over-year. Systemwide comparable sales grew by 1.5% in the
quarter, mainly driven by new products and Happy Meals. Comparable sales also
benefitted from the Easter holiday shift in March. Additionally, the net
addition of 13 restaurants during the last 12-month period contributed $ 5.7
million to revenues in constant currency.

Adjusted EBITDA grew by 53.8% to $4.7 million from $3.1 million in the prior
year. On an organic basis, Adjusted EBITDA grew by 51.7% mainly due to the
leveraging of F&P costs. As a result, margin improved 139 basis points to 4.8%
in the quarter.

 
SLAD
               
              Financial Highlights (Million US$)
              1Q12    Special   Currency      Organic   1Q13        % As       %
              (a)     Items     Translation   Growth    (a+b+c+d)   Reported   Organic
                      (b)       (c)           (d)
Total         343                                       366         6.7%      
Restaurants
Comparable                                                          14.6%
Sales
Revenues      206.0             (21.6)        42.2      226.5       10.0%      20.5%
Adjusted      20.4              (2.0)         2.0       20.4        0.0%       9.8%
EBITDA

SLAD’s (Argentina, Chile, Peru, Ecuador, and Uruguay) revenues grew by 10.0%
and 20.5% on an organic basis compared to the first quarter of 2012. Value
Meals and the inclusion of the Triple-Bacon sandwich in the affordability
platform in Argentina contributed strongly to a systemwide comparable sales
increase of 14.6% in the quarter. The net addition of 23 restaurants during
the last 12-month period contributed $12.6 million to revenues in constant
currency in the quarter.

Adjusted EBITDA remained stable versus the prior year, resulting in a margin
of 9.0%. Adjusted EBITDA rose by 9.8% on an organic basis driven by higher
revenues, which were partly offset by higher payroll as a percentage of sales
and higher occupancy and other operating expenses (primarily energy costs).

 
Caribbean Division
               
              Financial Highlights (Million US$)
              1Q12    Special   Currency      Organic   1Q13        % As       %
              (a)     Items     Translation   Growth    (a+b+c+d)   Reported   Organic
                      (b)       (c)           (d)
Total         344                                       355         3.2%      
Restaurants
Comparable                                                          12.1%
Sales
Revenues      176.2             (9.2)         24.4      191.5       8.7%       13.9%
Adjusted      13.0              (1.0)         0.2       12.2        -6.3%      1.4%
EBITDA

The Caribbean division (Colombia, Venezuela, Puerto Rico, Martinique,
Guadeloupe, Aruba, Curaçao, French Guiana, Trinidad & Tobago, and the US
Virgin Islands of St. Thomas and St. Croix) reported revenue growth of 8.7%
despite the negative impact of the official devaluation of the Venezuelan
Bolivar Fuerte in February 2013. On an organic basis, revenues increased by
13.9% compared to the first quarter of 2012, driven by systemwide comparable
sales growth of 12.1%. Despite challenging conditions in markets such as
Venezuela, brand preference remains strong. The Company’s superior product
offering and successful regional and local marketing campaigns, such as Fish
McBites in Puerto Rico and “Arepas” in Venezuela, have helped mitigate traffic
declines. The net addition of 11 restaurants during the last 12-month period
contributed $7.6 million to revenues in constant currency during the quarter.

Adjusted EBITDA declined by 6.3% and amounted to $12.2 million in 1Q13. On an
organic basis, Adjusted EBITDA increased by 1.4% compared to one year ago,
mainly due to the higher cost of dollar-denominated inputs in Venezuela. This
factor more than offset revenue growth and improvements in payroll and G&A as
a percentage of sales.

As a result, Adjusted EBITDA margin decreased by 102 basis points to 6.4% of
revenues.

 
New Unit Development
                         
Total Restaurants       Mar. ‘13     Dec. ‘12     Sept.      June       Mar.
(eop)                                             ‘12        ‘12        ‘12
Brazil                  735          731          691        677        666
NOLAD                   503          503          496        492        490
SLAD                    366          361          350        346        343
Caribbean               355          353          343        343        344
TOTAL                   1,959        1,948        1,880      1,858      1,843
LTM Net Openings        116          108          103        91         86
                                                                         
*Considers company-operated and franchised restaurants at period-end
Note: Information for SLAD and Caribbean reflect new division reorganization

Gross openings of 133 restaurants over the twelve month period ended March 31,
2013, resulted in a total of 1,959 restaurants, 1,997 Dessert Centers, and 339
McCafe’s. The Company’s openings plan remains on-track, and more than 75% of
full year 2013 openings were secured as of period end.

Balance Sheet & Cash Flow Highlights

Cash and cash equivalents were $145.0 million at March 31, 2013. The Company’s
total financial debt (including derivative instruments) was $682.9 million,
which included $306.9 million corresponding to the accounting balance of the
2019 USD Notes and R$ 675 million (equivalent to $336.6 million) related to
the BRL 2016 Notes. Net debt was $537.9 million and the Net Debt/Adjusted
EBITDA ratio was 1.6 at March 31, 2013.

Net cash used by operating activities was $14.2 million in the first quarter
of 2013. During the quarter, capital expenditures amounted to $37 million.

Quarter Highlights & Recent Developments

Venezuela Royalty Waiver

The Company obtained a temporary royalty waiver from McDonald’s Corporation
for Venezuela of $5 million for the full year 2013 and a proportionate amount
was registered in 1Q13. Subsequently, the amount was increased, resulting in a
total royalty relief for the year 2013 of $8 million, which will be recorded
in the 2Q13 on an accumulated pro-rata basis.

Dividend

On April 5, 2013, the Company paid the first installment of its 2013
Dividends. The total amount paid was $12.5 million or $0.0597 per share on
outstanding Class A and Class B shares.

Annual General Shareholders Meeting

The Company held its Annual Shareholders’ Meeting on April 25, 2013. All
matters proposed were approved. Further information can be found in the
investors section of the Company’s website.

Definitions:

Systemwide comparable sales growth refers to the change, measured in constant
currency, in our Company-operated and franchised restaurant sales in one
period from a comparable period for restaurants that have been open for
thirteen months or longer. While sales by our franchisees are not recorded as
revenues by us, we believe the information is important in understanding our
financial performance because these sales are the basis on which we calculate
and record franchised revenues, and are indicative of the financial health of
our franchisee base.

Constant currency basis refers to amounts calculated using the same exchange
rate over the periods under comparison to remove the effects of currency
fluctuations from this trend analysis.

Organic: To better discern underlying business trends, this release uses
non-GAAP financial measures that segregate year-over-year growth into three
categories: (i) currency translation, (ii) special items and (iii) organic
growth. (i) Currency translation reflects the impact on growth of the
appreciation or depreciation of the local currencies in which we conduct our
business against the US dollar (the currency in which our financial statements
are prepared). (ii) Special items include the impact of events that management
does not consider part of the underlying performance of the business. (iii)
Organic growth reflects the underlying growth of the business excluding the
effect from currency translation and special items.

About Arcos Dorados

Arcos Dorados is the world’s largest McDonald’s franchisee in terms of
systemwide sales and number of restaurants, operating the largest quick
service restaurant (“QSR”) chain in Latin America and the Caribbean. It has
the exclusive right to own, operate and grant franchises of McDonald’s
restaurants in 20 Latin American and Caribbean countries and territories,
including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curaçao,
Ecuador, French Guyana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto
Rico, St. Croix, St. Thomas, Trinidad & Tobago, Uruguay and Venezuela. The
Company operates or franchises 1,948 McDonald’s-branded restaurants with over
90,000 employees serving approximately 4.3 million customers a day, as of
December 2012. Recognized as one of the best companies to work for in Latin
America, Arcos Dorados is traded on the New York Stock Exchange (NYSE: ARCO).
To learn more about the Company, please visit the Investors section of our
website: www.arcosdorados.com

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements. The forward-looking
statements contained herein include statements about the Company’s business
prospects, its ability to attract customers, its affordable platform, its
expectation for revenue generation and its outlook for 2013. These statements
are subject to the general risks inherent in Arcos Dorados' business. These
expectations may or may not be realized. Some of these expectations may be
based upon assumptions or judgments that prove to be incorrect. In addition,
Arcos Dorados' business and operations involve numerous risks and
uncertainties, many of which are beyond the control of Arcos Dorados, which
could result in Arcos Dorados' expectations not being realized or otherwise
materially affect the financial condition, results of operations and cash
flows of Arcos Dorados. Additional information relating to the uncertainties
affecting Arcos Dorados' business is contained in its filings with the
Securities and Exchange Commission. The forward-looking statements are made
only as of the date hereof, and Arcos Dorados does not undertake any
obligation to (and expressly disclaims any obligation to) update any
forward-looking statements to reflect events or circumstances after the date
such statements were made, or to reflect the occurrence of unanticipated
events.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with the general
accepted accounting principles (GAAP), within this press release and the
accompanying tables, we use a financial measure titled ‘Adjusted EBITDA’. We
use Adjusted EBITDA to facilitate operating performance comparisons from
period to period. Adjusted EBITDA is defined as our operating income plus
depreciation and amortization plus/minus the following losses/gains included
within other operating expenses, net and within general and administrative
expenses in our statement of income: compensation expense related to a special
award granted to our chief executive officer, incremental compensation expense
related to our 2008 long-term incentive plan, gains from sale of property and
equipment, write-off of property and equipment, contract termination losses,
and impairment of long-lived assets and goodwill, and stock-based compensation
and bonuses incurred in connection with the Company’s initial public listing.

 
                                                                            
First Quarter 2013 Consolidated Results
(In thousands of U.S. dollars, except per share data)
                                
                               For Three-Months ended
                               March 31,
                               2013                    2012
REVENUES
Sales by
Company-operated               934,063                 882,839
restaurants
Revenues from                  42,847                  38,759
franchised restaurants
Total Revenues                 976,910                 921,598
                                                                              
OPERATING COSTS AND
EXPENSES
Company-operated
restaurant expenses:
Food and paper                 (331,247)               (304,660)
Payroll and employee           (200,408)               (187,303)
benefits
Occupancy and other            (262,462)               (236,999)
operating expenses
Royalty fees                   (46,442)                (43,993)
Franchised restaurants         (15,708)                (14,104)
- occupancy expenses
General and
administrative                 (80,333)                (77,629)
expenses
Other operating                (3,093)                 (1,694)
expenses, net
Total operating costs          (939,693)               (866,382)
and expenses
Operating income               37,217                  55,216
Net interest expense           (14,965)                (11,979)
Gain (loss) from               231                     (1,163)
derivative instruments
Foreign currency               (22,912)                (3,887)
exchange results
Other non-operating            (316)                   (553)
expenses, net
Income before income           (745)                   37,634
taxes
Income tax expense             (5,852)                 (12,146)
Net (loss) income              (6,597)                 25,488
Less: Net income
attributable to                (5)                     (93)
non-controlling
interests
Net (loss) income
attributable to Arcos          (6,602)                 25,395
Dorados Holdings Inc.
                                                                              
Earnings per share
information ($ per                                      
share):
Basic net (loss)
income per common              $(-0.03)                $ 0.12
share
Weighted-average
number of common                   209,529,412             209,529,412
shares
outstanding-Basic
                                                                              
Adjusted EBITDA
Reconciliation
Operating income               37,217                  55,216
Depreciation and               29,121                  20,129
amortization
Other operating items
excluded from EBITDA           2,355                   2,735
computation
Adjusted EBITDA                68,693                  78,080
Adjusted EBITDA Margin         7.0%                    8.5%
as % of total revenues

                                                                
First quarter 2013 Results by Division
(In thousands of U.S. dollars)
                                
                               1Q
                               Three-Months ended    % Incr.     Constant
                               March 31,             /           Curr.
                               2013       2012       (Decr.)     Incr/(Decr) %
Revenues
Brazil                         460,922    449,969    2.4%        15.9%
Caribbean                      191,460    176,198    8.7%        13.9%
NOLAD                          98,014     89,443     9.6%        7.0%
SLAD                           226,514    205,988    10.0%       20.5%
TOTAL                          976,910    921,598    6.0%        15.7%
                                                                  
Operating Income
Brazil                         38,747     50,496     -23.3%      -13.3%
Caribbean                      5,610      6,918      -18.9%      -7.0%
NOLAD                          (2,478)    (3,560)    -30.4%      -33.2%
SLAD                           14,715     16,088     -8.5%       1.6%
Corporate and Other            (19,377)   (14,726)   31.6%       51.5%
TOTAL                          37,217     55,216     -32.6%      -24.2%
                                                                  
Adjusted EBITDA
Brazil                         55,104     62,310     -11.6%      -0.1%
Caribbean                      12,222     13,037     -6.3%       1.4%
NOLAD                          4,721      3,069      53.8%       51.7%
SLAD                           20,405     20,414     0.0%        9.8%
Corporate and Other            (23,759)   (20,750)   14.5%       30.0%
TOTAL                          68,693     78,080     -12.0%      -3.2%
                                                                  
                                                                  
                                                                  
Average Exchange Rate per
Quarter
 
                               Brazil     Mexico     Argentina
1Q13                           2.00       12.62      5.02
1Q12                           1.77       12.97      4.34
                                                                  
Local $ per 1 US$

                                                            
Summarized Consolidated Balance Sheet
(In thousands of U.S. dollars)
                                             
                                            March 31, 2013   December 31, 2012
ASSETS
Current assets
Cash and cash equivalents                   145,000          184,851
Accounts and notes receivable, net          99,576           105,019
Other current assets (1)                    308,408          311,628
Total current assets                        552,984          601,498
Non-current assets
Property and equipment, net                 1,192,180        1,176,350
Net intangible assets and goodwill          65,921           67,271
Deferred income taxes                       135,903          133,708
Other non-current assets (2)                75,495           70,336
Total non-current assets                    1,469,499        1,447,665
Total assets                                2,022,483        2,049,163
LIABILITIES AND EQUITY
Current liabilities
Accounts payable                            216,844          244,365
Taxes payable (3)                           118,329          125,713
Accrued payroll and other liabilities       190,120          150,690
Other current liabilities (4)               46,387           50,845
Provision for contingencies                 103              507
Financial debt (5)                          25,011           6,154
Total current liabilities                   596,794          578,274
Non-current liabilities
Accrued payroll and other liabilities       38,515           40,115
Provision for contingencies                 20,054           20,092
Financial debt (5)                          659,525          655,365
Deferred income taxes                       7,764            9,007
Total non-current liabilities               725,858          724,579
Total liabilities                           1,322,652        1,302,853
Equity
Class A shares of common stock              351,654          351,654
Class B shares of common stock              132,915          132,915
Additional paid-in capital                  21,998           18,634
Retained earnings                           343,831          400,761
Accumulated other comprehensive loss        (151,711)        (158,821)
Total Arcos Dorados Holdings Inc            698,687          745,143
shareholders’ equity
Non-controlling interest in subsidiaries    1,144            1,167
Total equity                                699,831          746,310
Total liabilities and equity                2,022,483        2,049,163
 

(1) Includes "Other receivables", "Inventories", "Prepaid expenses and other
current assets", "Derivative instruments" and "Deferred income taxes".
(2) Includes "Miscellaneous", "Collateral deposits" and "McDonald´s
Corporation´ indemnification for contingencies".
(3) Includes "Income taxes payable" and "Other taxes payable".
(4) Includes "Royalties payable to McDonald´s Corporation" and "Interest
payable".
(5) Includes "Short-term debt" (only within current portion), "Long-term debt"
and "Derivative instruments"

                                                                 
 
Consolidated Financial Ratios
(In thousands of U.S. dollars, except ratios)
                                                                   
                                                      As of       As of
                                                      March 31,   December 31,
                                                      2013        2012
Cash & cash equivalents                               145,000     184,851
Total FinancialDebt (i)                               682,935     659,788
Net FinancialDebt (ii)                                537,935     474,937
Total FinancialDebt / LTM Adjusted EBITDA ratio       2.1         1.9
Net Financial Debt / LTM Adjusted EBITDA ratio        1.6         1.4
 

     Total financial debt includes short-term debt, long-term debt and
(i)  derivative instruments (including the asset portion of derivatives
     amounting to $1,601 as a reduction of financial debt as of March 2013).
(ii) Total financial debt less cash and cash equivalents.

Contact:

Investor Relations Contact
Arcos Dorados
Sofia Chellew, Director, Investor Relations, (+5411) 4711-2515
sofia.chellew@ar.mcd.com
www.arcosdorados.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement