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Financial results of the Agora Group in the 3Q2021

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Financial results of the Agora Group in the 3Q2021

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AGORA S.A.
Czerska 8/10 Street
00-732 Warszawa

AGO 0%
mWIG40 0,37%
WIG-MEDIA 0,59%

Regon: 11559486
Numer KRS: 59944
NIP: 526-030-56-44

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March 6, 2018 / 17:43

The Agora Group enters the restaurant market

45 fast casual restaurants in 4 years - this is the objective of the restaurant business established by Helios from the Agora Group and its business partners. The new company will open its first restaurant in the second half of 2018. Thanks to this project, the Agora Group is starting to operate in a completely new market segment and it is following the growing interest of Poles in the restaurant offer and the growth in value of the Polish food market.

 

On March 6th this year Helios S.A. concluded an investment agreement with business partners Piotr Komór and Piotr Grajewski in order to establish a company which will operate on the restaurant market.

Observing market trends, such as the growing spending of Poles on eating out and an increase in the frequency of eating out, we decided to engage in a project consisting in creating a chain of our own restaurants in the fast casual segment. In our opinion, it is a natural supplement to the Agora Group's offer in the area of leisure time and an extension of Helios' involvement in the entertainment segment - says Tomasz Jagiełło, President of the Helios cinema chain and Member of the Management Board of Agora. – We want to use the excellent relations that Helios has with shopping centers to develop the restaurant chain. This will translate into negotiating power in terms of both rent and choice of location. Our restaurants are independent of cinema operations - they will operate mainly in separate restaurant zones in shopping malls, although we do not exclude locations on the main streets of cities, popular promenades or in places frequented by tourists.

In the first stage of the project, the company's task is to open about 45 restaurants within the next 4 years. The first restaurant is to be opened in the second half of this year. The restaurants will offer their customers dishes at affordable prices, with a simple menu, taking into account local specificity and served in a friendly, casual atmosphere. According to the assumptions of the project, the guests of the new restaurant chain will be mainly 20-35 year olds, for whom price, product quality and locality are of great importance when choosing a restaurant.

According to the available data, approximately 49% of Poles over 15 years of age used food services in 2017. The average number of visits to restaurants is 3.7 per month, and the average value of a restaurant bill is 35 PLN. Currently, spending on food outside the home accounts for about 3% of Polish budgets, and in other European countries this share is as high as 10%, which shows how much growth potential the restaurant market has.

– From Agora's point of view, the project of creating a restaurant chain is of significant importance as it is related to the growing affluence of Poles and changes in their consumer spending, and not to the advertising market. We hope that thanks to this project, in the long run the share of the Agora Group's revenues from outside the advertising market will grow - adds Anna Kryńska-Godlewska from the Management Board of Agora, responsible for new ventures of the Group.

The investment of Helios S.A. in the new business line will amount to about PLN 10 million, of which PLN 5 million will be contributed at the beginning of the project, and the share of Helios in the share capital of the new company is 90%. The Agora Group's business partners in this project are Piotr Grajewski and Piotr Komór.

Piotr Grajewski was previously associated for many years with casual restaurant brands: Blue Cactus and Iguana Lounge in Warsaw, where he held the position of the President of the Management Board. He is a member of the Ethics Council of the Event Industry Association, and a financial specialist by education.

– Today we can see very clearly how the way we use restaurants is changing. Dining outside the home is becoming quite common in both large and small cities. The Polish restaurant market is characterized by a high rationality of guest choices. They expect the best possible food quality at a reasonable price. This provides huge space for development in the fast casual segment - says Piotr Grajewski.

Piotr Komór gained his experience in managing chain restaurants during his cooperation with Hard Rock Cafe in Warsaw and Oslo. In his career, he also co-founded popular restaurants and managed, among others, Blue Cactus, Iguana Lounge and KOM restaurants in Warsaw, as well as the Brovaria mini-brewery in Poznań. He was actively involved in training and advisory activities in the HoReCa segment. By education, he is a nutrition technician.

On the restaurant market around the world, there is a growing interest in simple solutions that allow for flexible adaptation to the dynamically changing needs of consumers and are not burdened with a high level of fixed costs. This is the concept that we want to develop with Helios - adds Piotr Komór.

Helios is Poland's largest multi-screen cinema chain - it owns 44 cinemas with 241 screens and over 49,000 seats. All Helios cinemas are fully equipped with digital projection technology. The company concentrates its operations mainly in medium-sized cities, but its cinemas are also present in the largest Polish agglomerations, such as Łódź, Tricity, Wrocław and Poznań. Additionally, Helios, through its subsidiary established in 2012 - NEXT FILM - is involved in distribution and production of films.

Helios is appreciated by thousands of cinema fans - it received the title of Superbrands Created in Poland in the category of “Free Time” and is a laureate of the TERAZ POLSKA competition.

Since 2010 Helios S.A. is part of the Agora Group, one of the largest media groups in Poland.

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