2009.08.30 06:52 PlasmaWhore Pictures of things that look like other things.
2010.02.03 15:03 ipit2007 Discussion of nutritious food
2008.01.25 08:33 Welcome to /r/Food on Reddit!
2024.05.14 14:37 TheElementOfFyre [Possible Trigger Warning]For those in the Scandinavian/ Northern Europe region, can y’all shed some light on this culture clash?
2024.05.14 14:31 TimesBlogger Exploring Rishikesh on a Budget: A Thrifty Traveler's Guide
2024.05.14 14:16 BeginningSome5930 A Desert Nomad Culture. Feedback is appreciated!
2024.05.14 14:10 ApprehensivePeace305 Did the War of the Five Kings matter in the face of the Others?
2024.05.14 13:50 DueAstronaut1325 My girlfriend (25F) moved in with me and my family (34M) and now everything is a disaster.
2024.05.14 13:24 _BreadBoy 2 month in China(s) tips, tricks and answers
2024.05.14 13:20 Altruistic_Arm_2777 Opinion on Persianisation of North Indian Culture.
2024.05.14 13:07 Omologist Delicious Double Quarter Pounder Burger
Delicious Double Quarter Pounder Burger If you’re a fan of juicy, delicious burgers, you’ll love this recipe for a double quarter pounder. This burger has been a mainstay at McDonald’s for many years and is a typical example of a fast food dish. It has lettuce, tomato, onion, American cheese, two quarter-pound meat patties, and a special sauce. This recipe will show you how to make a mouthwatering double quarter pounder burger that will tickle your taste buds and compete with (or perhaps outdo!) those sold in fast food restaurants. Starting with forming the patties and ending with assembling the burger with your chosen toppings,… Recipe in the first comment submitted by Omologist to mincerecipes [link] [comments] |
2024.05.14 13:05 VanillaDayZExpPlus Vanilla DayZ Experience Plus US Xbox Chernarus Vanilla+ Survival PvE/PvP, 1PP, Dark Nights, More Infected, Unique Custom POIs, Gas Zone Bunker, Lovecraftian Survival Horror Experience, and more! Strive to survive on VDEP.
Do you have what it take to survive the Zompocalypse? Can you scavenge the supplies you need to make it to the next day? Will you fight off the infected, or die trying? Nothing is given, everything is earned. Join VDEP, The Vanilla DayZ Experience Plus Xbox Server and find out! Lone wolves, Squads, and Factions welcomed! Make this server your server! Be what you want! Play how you want to play as long as you’re not toxic! Are you a Bandit, a Hero, a Survivor? Every life is a story, what’s yours? submitted by VanillaDayZExpPlus to DayZServersPlusPlus [link] [comments] VDEP is a Vanilla+ Survival server with Dark Nights and MORE INFECTED. We offer a fresh take on the Vanilla Survival Experience, with a few QoL changes as well as some additions. We are a First Person (1PP) PvE/PvP server with 3 hour Days and 40 minute DARK nights, restarting every 3 hours. We only wipe every 3 months, providing a home for long term base building and extended survival game play. VDEP also features hand crafted lore and POIs unique to our server. These make up a new and different story for those who want a more immersive and optional lore driven experience. We look to create a unique, immersive, and diverse server while staying true to the Vanilla feel of DayZ. The VDEP team works to make the best possible Vanilla+ Survival server available! We are constantly working to improve our servers, offering our survivors an ever evolving VDEP. We are a fun, friendly, and interactive community for all types of players who are looking for that true Vanilla+ DayZ Survival Experience. We want to populate the server with mature people who like to have a good time and have fun! 32 slots can increase to more! Admin/Coder always looking to improve and update! Active Admin and Mod Team Mature Rated community There is no kill feed, There is no safe zone, There is no admin backed trader. Raid 24/7. Here's a few things VDEP offer: +Vehicles spawn fully built - just find water to fill the radiator! +Loot is vanilla condition - badly damaged to pristine loot to be found +Custom Loot Economy and Tiers - A unique CLE offers a progressive journey and balanced Vanilla and Hardcore survival gameplay. Slightly less food, military guns, and slightly more civilian guns, building supplies for example! +Unique Custom POIs - New locations exclusive to VDEP. Military, Civilian, and Horror Inspired locations to explore and discover! +Unique Server Lore - A unique and custom backstory to the server incorporating the custom POIs, offering details and insight to the secrets of the map. For those who enjoy a more immersive play. +VDEP Exclusive Survival Horror Experience 1 & 2 - In “Relics of the Old Ones” fight the cult, find the relics, save humanity! In the ALL NEW “Return of Akivasha” it’s up to you once again to save the world and your own soul! NOT FOR THE WEAK WILLED OR FAINT OF HEART! +Gas Zone Bunker - VDEP Exclusive Bunker Facility 237 has been exposed by artillery fire. Grab your NBC suit, find the keycard at Rify or Pavlovo MB, and discovered what Weyland-Yutani is trying to cover up. +More Zombies - Zombies are abundant. Where there’s one, there’s more. No easily running through towns. +More Animals - As food dwindles, you’ll need to hunt the ever growing animal population to survive. Be warned tho; with more prey, come more predators. +Dark Nights - Afraid of the dark? You should be! +Stashed items dont affect the loot economy - Find it, stash it, find another! +Added Unreleased Items - Gun Attachments, Melee Weapons, Colored Gun Variants, and more! For a full list, as well as the Rules, join our discord! It’s not required but will help you enjoy everything VDEP has to offer! We have Punch and Pie! Search VDEP to find Vanilla DayZ Experience Plus https://discord.gg/SATQXKf75c |
2024.05.14 13:04 VanillaDayZExpPlus Vanilla DayZ Experience Plus US Xbox Chernarus Vanilla+ Survival PvE/PvP, 1PP, Dark Nights, More Infected, Unique Custom POIs, Gas Zone Bunker, Lovecraftian Survival Horror Experience, and more! Strive to survive on VDEP.
Do you have what it take to survive the Zompocalypse? Can you scavenge the supplies you need to make it to the next day? Will you fight off the infected, or die trying? Nothing is given, everything is earned. Join VDEP, The Vanilla DayZ Experience Plus Xbox Server and find out! Lone wolves, Squads, and Factions welcomed! Make this server your server! Be what you want! Play how you want to play as long as you’re not toxic! Are you a Bandit, a Hero, a Survivor? Every life is a story, what’s yours? submitted by VanillaDayZExpPlus to DayZ_Community [link] [comments] VDEP is a Vanilla+ Survival server with Dark Nights and MORE INFECTED. We offer a fresh take on the Vanilla Survival Experience, with a few QoL changes as well as some additions. We are a First Person (1PP) PvE/PvP server with 3 hour Days and 40 minute DARK nights, restarting every 3 hours. We only wipe every 3 months, providing a home for long term base building and extended survival game play. VDEP also features hand crafted lore and POIs unique to our server. These make up a new and different story for those who want a more immersive and optional lore driven experience. We look to create a unique, immersive, and diverse server while staying true to the Vanilla feel of DayZ. The VDEP team works to make the best possible Vanilla+ Survival server available! We are constantly working to improve our servers, offering our survivors an ever evolving VDEP. We are a fun, friendly, and interactive community for all types of players who are looking for that true Vanilla+ DayZ Survival Experience. We want to populate the server with mature people who like to have a good time and have fun! 32 slots can increase to more! Admin/Coder always looking to improve and update! Active Admin and Mod Team Mature Rated community There is no kill feed, There is no safe zone, There is no admin backed trader. Raid 24/7. Here's a few things VDEP offer: +Vehicles spawn fully built - just find water to fill the radiator! +Loot is vanilla condition - badly damaged to pristine loot to be found +Custom Loot Economy and Tiers - A unique CLE offers a progressive journey and balanced Vanilla and Hardcore survival gameplay. Slightly less food, military guns, and slightly more civilian guns, building supplies for example! +Unique Custom POIs - New locations exclusive to VDEP. Military, Civilian, and Horror Inspired locations to explore and discover! +Unique Server Lore - A unique and custom backstory to the server incorporating the custom POIs, offering details and insight to the secrets of the map. For those who enjoy a more immersive play. +VDEP Exclusive Survival Horror Experience 1 & 2 - In “Relics of the Old Ones” fight the cult, find the relics, save humanity! In the ALL NEW “Return of Akivasha” it’s up to you once again to save the world and your own soul! NOT FOR THE WEAK WILLED OR FAINT OF HEART! +Gas Zone Bunker - VDEP Exclusive Bunker Facility 237 has been exposed by artillery fire. Grab your NBC suit, find the keycard at Rify or Pavlovo MB, and discovered what Weyland-Yutani is trying to cover up. +More Zombies - Zombies are abundant. Where there’s one, there’s more. No easily running through towns. +More Animals - As food dwindles, you’ll need to hunt the ever growing animal population to survive. Be warned tho; with more prey, come more predators. +Dark Nights - Afraid of the dark? You should be! +Stashed items dont affect the loot economy - Find it, stash it, find another! +Added Unreleased Items - Gun Attachments, Melee Weapons, Colored Gun Variants, and more! For a full list, as well as the Rules, join our discord! It’s not required but will help you enjoy everything VDEP has to offer! We have Punch and Pie! Search VDEP to find Vanilla DayZ Experience Plus https://discord.gg/SATQXKf75c |
2024.05.14 13:02 VanillaDayZExpPlus Vanilla DayZ Experience Plus US Xbox Chernarus Vanilla+ Survival PvE/PvP, 1PP, Dark Nights, More Infected, Unique Custom POIs, Gas Zone Bunker, Lovecraftian Survival Horror Experience, and more! Strive to survive on VDEP.
Do you have what it take to survive the Zompocalypse? Can you scavenge the supplies you need to make it to the next day? Will you fight off the infected, or die trying? Nothing is given, everything is earned. Join VDEP, The Vanilla DayZ Experience Plus Xbox Server and find out! Lone wolves, Squads, and Factions welcomed! Make this server your server! Be what you want! Play how you want to play as long as you’re not toxic! Are you a Bandit, a Hero, a Survivor? Every life is a story, what’s yours? submitted by VanillaDayZExpPlus to DayZServers [link] [comments] VDEP is a Vanilla+ Survival server with Dark Nights and MORE INFECTED. We offer a fresh take on the Vanilla Survival Experience, with a few QoL changes as well as some additions. We are a First Person (1PP) PvE/PvP server with 3 hour Days and 40 minute DARK nights, restarting every 3 hours. We only wipe every 3 months, providing a home for long term base building and extended survival game play. VDEP also features hand crafted lore and POIs unique to our server. These make up a new and different story for those who want a more immersive and optional lore driven experience. We look to create a unique, immersive, and diverse server while staying true to the Vanilla feel of DayZ. The VDEP team works to make the best possible Vanilla+ Survival server available! We are constantly working to improve our servers, offering our survivors an ever evolving VDEP. We are a fun, friendly, and interactive community for all types of players who are looking for that true Vanilla+ DayZ Survival Experience. We want to populate the server with mature people who like to have a good time and have fun! 32 slots can increase to more! Admin/Coder always looking to improve and update! Active Admin and Mod Team Mature Rated community There is no kill feed, There is no safe zone, There is no admin backed trader. Raid 24/7. Here's a few things VDEP offer: +Vehicles spawn fully built - just find water to fill the radiator! +Loot is vanilla condition - badly damaged to pristine loot to be found +Custom Loot Economy and Tiers - A unique CLE offers a progressive journey and balanced Vanilla and Hardcore survival gameplay. Slightly less food, military guns, and slightly more civilian guns, building supplies for example! +Unique Custom POIs - New locations exclusive to VDEP. Military, Civilian, and Horror Inspired locations to explore and discover! +Unique Server Lore - A unique and custom backstory to the server incorporating the custom POIs, offering details and insight to the secrets of the map. For those who enjoy a more immersive play. +VDEP Exclusive Survival Horror Experience 1 & 2 - In “Relics of the Old Ones” fight the cult, find the relics, save humanity! In the ALL NEW “Return of Akivasha” it’s up to you once again to save the world and your own soul! NOT FOR THE WEAK WILLED OR FAINT OF HEART! +Gas Zone Bunker - VDEP Exclusive Bunker Facility 237 has been exposed by artillery fire. Grab your NBC suit, find the keycard at Rify or Pavlovo MB, and discovered what Weyland-Yutani is trying to cover up. +More Zombies - Zombies are abundant. Where there’s one, there’s more. No easily running through towns. +More Animals - As food dwindles, you’ll need to hunt the ever growing animal population to survive. Be warned tho; with more prey, come more predators. +Dark Nights - Afraid of the dark? You should be! +Stashed items dont affect the loot economy - Find it, stash it, find another! +Added Unreleased Items - Gun Attachments, Melee Weapons, Colored Gun Variants, and more! For a full list, as well as the Rules, join our discord! It’s not required but will help you enjoy everything VDEP has to offer! We have Punch and Pie! Search VDEP to find Vanilla DayZ Experience Plus https://discord.gg/SATQXKf75c |
2024.05.14 13:00 Wauwaiiiiiii You get a new wish every day woth a 50% chance of backfiring and shitting yourself.
2024.05.14 12:54 Thin-Experience4984 Pub Licensing review - anyone experienced it
2024.05.14 12:40 Specialist_Bake6514 Vapiano P3: Italian Food Made in Germany
The kitchen is on fire. Welcome to the final part of the Vapiano story where the tables are turning. In the first two episodes we followed Mark Korzilius' journey from setbacks to founding Vapiano, a groundbreaking restaurant concept, highlighting its fresh ingredients, dynamic atmosphere, and data-driven operations that drove rapid success. While achieving initial profitability and garnering attention from industry giants like McDonald's, Vapiano's global expansion has led to stellar revenue growth. However, it has also resulted in the emergence of numerous side projects (or distractions), operational challenges, increased costs, significant investments, and a notable accumulation of debt. This underscores the prioritization of top-line growth over profitable growth. We will continue on this thread and see how the story ends, but I would encourage you to read part one and two for better context. Vapiano P1: Italian Food Made in Germany (substack.com). Let's dig in. submitted by Specialist_Bake6514 to unpackbusinesses [link] [comments] Before Going Public We are now in 2015 and the year is a disaster for Vapiano's PR department. Employee time stamps are being manipulated, endless overtime for employees and high turnover in managerial roles are reported; mice in the kitchen and even rotten food allegedly found. The company is confronted with allegations of exceeding working hours among trainees in an article published by Welt am Sonntag, while the same outlet accuses Vapiano of manipulating punch times. The auditing firm PwC is commissioned to investigate the allegations and finds that there is no systematic approach but rather misconduct by individual employees, a mistake that’s being corrected. Internal however, investigations into stamp times are carried out regularly now and beyond its obvious reputational impact, this sucks up valuable management time and attention. In the summer of 2015 CEO, co-founder and investor Gregor Gerlach, who has been running the group since 2011 is stepping down and Jochen Halfmann is taking over. A new Vapiano People Program with an App is being developed with the aim to better interact with customers that will incorporate innovate features such as mobile pay. The German website sees a launch of new magazine to further promote the brand and there is now a full inhouse blogger and Instagram team being installed. In October the company buys seven restaurants from original co-founder, former co-investor and ex-president previously responsible for internation expansion Kent Hahne (2x Bonn, 3x Cologne, 1x Koblenz and one in Cologne that’s under construction). This package of Vapiano restaurants is very successful and generates net sales of more than 20 million euros in 2014. Hahne opened his first Vapiano restaurant in Cologne in August 2006 and in 2015 with his company apeiron AG, Hahne operates six L'Osteria franchise restaurants, a direct Vapiano competitor, and two self-owned restaurants GinYuu. Then in November of 2015, the next public relations bomb goes off with allegations regarding the company's quality standards. The company immediately investigates the issue through internal and external specialists but finds no evidence of any quality issues. Nevertheless, knowing that the group is now being closely watched, the company’s already in place hygiene standards are being reinforced. Additional audits and inspections are performed nationally. Further, all Vapianos worldwide are being audited twice by the partners SGS Institut Fresenius and SAI Global. Auditing software is purchased to simplify the implementation of the audits and the resulting measures. Apart from the external examinations, there is a food sampling plan in place being performed continuously. Again, all of this sucks up costs, management time and attention. With all these tumultuous developments the company’s growth engine is undeterred. Revenue grows by a whopping 50 million euros to 202 million euros, an increase of 33%. Impressive. While average spent per customer increases in all countries, the number of customers per day in Germany decreases by 3.3% partially due to the negative press towards the end of the year. Five own, four JV and 19 new franchise restaurants are added that year to the group, the total number of own managed restaurants grows to 51, there are 31 JVs and 84 franchises which bringing the total to 166 Vapiano restaurants. Global restaurant sales are now above 400 million euros. But while revenue grows by an astronomical 50 million euros, operating profits, alarmingly, shrink again. Gross margins are staying perfectly healthy above 75% but operating costs keep growing disproportionately fast. The Company’s outstanding debt jumps by almost 30 million, close to 85 million euros by the end of the year. With operating profits at 9.5 million euros, alarm bells should be going off right now. In Q4 of 2015, new CEO Jochen Halfmann introduces Strategy 2020. The new strategy includes five essential points. One, profitable growth in the newly defined core markets of Germany and Austria as well as in the UK, Netherlands, France and USA. Two, operational excellence through strict “best practice” management. Three, further development and digitalization of the concept considering guest feedback. Four, greater focus on long-term employee retention and five, building a modern and sustainable IT landscape. Sound’s good on paper but let’s see how things pan out. Vapiano's investments (capital expenditures) that year are primarily directed towards new restaurant openings, renovations of existing establishments, and share acquisitions in other Vapiano restaurants from franchisees or JV partners. A significant portion of funds is allocated to the digitalization of the guest experience, including the development of a new app scheduled for market release in 2016 and the implementation of a time recording system across all group restaurants. The world's first standalone Vapiano restaurant with a delivery service that year is built in Fürth, Germany. The company keeps expanding its presence in both inner-city locations and international markets, such as Shanghai, China. To finance all of this, the group has its own operating cash flow which comes in at 18 million while capital expenditures are 26 million euros plus 14 million for acquisitions. The funding gab is filled with 26 million euros of new debt and a seven-million-euro equity raise. At that end of the year and after the equity raise Gregor Gerlach (through his AP Leipzig GmbH & Co. KG entity) holds 30.1%, Hans-Joachim and Gisa Sander through their Exchange Bio GmbH hold 25.5% and the Tchibo heirs, Herz through their Mayfair Beteiligungsfonds II GmbH & Co. KG hold 44,4%. But for the first time the restaurant’s concept that was so successful to date is being questioned. Some customers are starting to mislike the operational flow of the concept itself. If you want pasta, you must queue for pasta. If you want pizza you stand in a different queue. A small side salad, yet another queue. "You spend more time carrying trays than an actress in Berlin-Mitte. The audience in the pasta limbo can only consist of people who have worked for an insurance company for a long time and, like Stockholm syndrome, they can no longer get away from the industrial canteen feeling," writes TV host Beisenherz provocatively. While overly harsh in his assessment he's not entirely wrong judging by customers venting their frustrations in forums and social media channels. It isn’t uncommon for those who ordered pizza to have already finished eating while there is little movement in the pasta queue. Long term that doesn't go down well, QSRs competitors like L’Osteria are handling this process differently, with much success. https://preview.redd.it/6cas01oked0d1.png?width=1200&format=png&auto=webp&s=2da6e0b4bc0e07dbee558de412feb414cd598d4a Tipping PointWhere are now in the year 2016 and things start to deteriorate visibility. Perhaps not for the leman’s eye but any business minded observer can see that there are problems under the hood. Yes, revenue grows yet another whopping 50 million to almost 250 million euros but half of that growth, comes from acquisitions of restaurants that the group didn’t already own 100%, which is now being fully consolidated within the group’s accounts. Here is a concrete example. In the past, Vapiano SE, the group’s top holding company held an indirect 50% stake in a French subgroup via the subsidiary VAP Restaurants SA, based in Luxembourg, and included this as an associated company in the Vapiano SE consolidated financial statements using the equity method. Due to the acquisition of additional shares in September of 2016, Vapiano SE's indirect share in the French subgroup increased to 75%. This means that Vapiano SE takes control of the French subgroup, which is therefore included in the group’s financial statements as part of the full consolidation. The revenue from the acquired subsidiary now recorded in the consolidated income statement amounts to 12.8 million euros. While that’s great for the top line, the loss of the fully consolidated entity equates to 0.2 million euros. Yes, you are buying revenue, but there are losses attached to them, not profits. A similar case is the Swedish entity that runs eight restaurants with revenue of 11.5 million euros but has losses of 235 thousand euros. So much for Strategy 2020 and “profitable” growth.That year the group’s operating profits are absolutely tanking, halving to 3.5 million euros. Operating profits are now a mere 1,4% of revenue. Remember original founder Mark Korzilius who talked about operating margins of 25% to 28% at the restaurant level? Yes, there are overhead costs for the organization that sits above the chain of restaurants, but operating margins that low indicates a course correction is needed. What’s telling is that in the annual report, in the management discussion section, the company starts talking about EBITDA as a proxy measure of profitability, rather than operating profit or net income. This wasn’t the case in the years before. Is this window dressing for an upcoming IPO? EBITDA is short for earnings before interest, tax, depreciation, and amortization. How can you measure profitability of a restaurant chain that absolutely and unequivocally needs capital investment to maintain its restaurant operations, the very source of cash generation, by simply excluding this maintenance charge (depreciation in the income statement)? Vapiano’s own annual report talks about the fact that existing restaurants must be rejuvenated from time to time and that new interior designs have to be implemented every few years. These things wear and tear, they go out of style, kitchen equipment breaks and needs replacement. This business absolutely needs maintenance capital expenditure, why anyone talks of profits before these maintenance costs is beyond me. Fun fact: in the previous annual report EBITDA is mentioned seven times, mostly around restaurant acquisitions and financing, not however as a profit indication for the group. In the new annual report, EBITDA is mentioned 28 times. Maybe it’s just me but belated Charlie Munger liked to call EBITDA: bullsh*t earnings. When in doubt I stick with Charlie. Interestingly, EBITDA for Vapiano keeps growing while operating and net profits keep falling. Operating cashflow for the group that year is about 21 million euros, but capital expenditure is 30 million and acquisitions for subsidiaries another 20 million. To finance these expenditures another 28 million euros of debt and 16 million of equity is raised. Net debt rises above 130 million euro. The operating cashflow of the group before any capital expenditures is 21 million euros. I am not sure free cash flow would be significantly positive after maintenance capex is paid out; it’s not broken out so we can’t be sure. Granted, I am not on the ground during this time, and I am not in the board room, I am simply reading what’s in front of me, but to me this is starting to look like a distressed situation. Regardless, the following year the company goes public. IPOWhere are now in the year 2017 and its Vapiano’s first year as public company. The company’s annual report reads the following “Sales revenue, like-for-like growth (LfL) and the earnings figures EBITDA and adjusted EBITDA are used as the most important financial performance indicators for controlling operational business activities.” The very same report however also says: “The majority of the group's investments regularly go towards opening new restaurant locations and modernizing existing restaurants. The latter are differentiated into regular replacement investments that occur during ongoing operations (Maintenance CAPEX) and fundamental investments in the renovation of a restaurant (Remodeling CAPEX). On average, a restaurant remodeling takes place nine years after opening.” It says it right there in their own report; every nine years a remodeling is taking place. Remodeling and updating is not cost free, so why exclude depreciation charges which reflect capital expenditures? I understand that perhaps you would want to strip out one-off opening costs, that’s fine and fair, but don’t go overboard.The number of restaurants increases by 26 (previous year: 13) to a total of 205. The increase consists of 27 new openings and one closure. Group revenue grows to an astonishing 325 million euros but here comes the shocker, operating profits turn negative to 25 million. Fine, strip out foreign exchange losses of 3 million, IPO costs of 5.8 million and new opening costs of 6.1 million and you still have 10 million euros of operational losses. All the while the debt load of almost 130 million hasn’t materially changed, so those operating losses are before a six-million-euro interest payment. 184 million euros are raised through the IPO of which 85 million go to the company. This money is earmarked for further expansion as the group has ambitions to almost double the footprint to 330 restaurants by the end of 2020. The company is currently not profitable on an operating basis, and still wants to expand aggressively? I don’t get it. The remaining 100 million euros of the IPO money raised is distributed to co-founder Gregor Gerlach and Wella heirs Hans-Joachim and Gisa Sander. The family office of the former Tchibo owners Günter and Daniela Herz with a 44% stake, don’t sell a single share. After the IPO, 32% of all the company’s shares are now in free float. One year later, in 2018, things get even worse. Revenue grows to 371 million, but operating losses mount to 85 million euros, that’s before interest expenses of 9 million. Even the beloved EBITDA figure turns negative, meaning the operating business before any expansionary or even maintenance capital expenditures is loss making. All regions are experiencing significant deterioration in their earnings profiles. Like for like sales are down 1% across the board. That’s revenue, not profitability. The question naturally arises: is the Group approaching its natural saturation point here or this operational by nature? The operating cash flow is now 9 million while financing cost are close to 7 million. That leaves 2 million for maintenance capital for 74 own restaurants and 76 joint ventures ones. Describing this as financially tight, would be an understatement. Things are not looking good at this point. Yet the company still grows restaurants by 26 new sites. 64 million euros are spent on acquisitions, new openings, and maintenance costs, financed through a 20 million-euro equity raise and 72 million of new debt. The Company now has net debt outstanding of over 160 million euros. After the equity raise and by the end of the year 2018, Mayfair owns 47.4%, VAP Leipzig, Gregor Gerlach’s entity owns 18.9% and the Sander couple own 15.5% of the company. Yes, the Sanders and Gerlach may have taken 100 million euros off the table, but they still have substantial skin in the game. Plus, Mayfair hasn’t sold a single share and instead injects more money into the company through the equity round. The stock has now fallen from its IPO price of 23 euros per share to under 6 euros by the end of 2018. Something must be done here. And indeed, there is pivot in strategy and a hard push for change. At last, the management team abandons its aggressive growth plan and curtails new openings significantly. Additionally, the team wants to run a thorough analysis of weak locations to then either discontinue or sell sites. In Europe, the operating focus will be put on corporate restaurants and joint ventures in major cities to ensure the ideal size and location to match the respective demographic target group. Outside of Europe, the franchising business is being expanded and at the same time a consolidation of the existing corporate and joint venture markets is being sought. All future investments will be reviewed to achieve higher rates of returns on new openings. Investments are also being made in the renovation of older restaurants. The goal in the future is to also open smaller formats, like Mini-Vapianos (less than 400 square meters) or Freestander at prominent transportation hubs outside city centers (currently in Fürth and Toulouse) to cater to individual location requirements, and to enter new partnerships. I am not sure why management hasn’t stopped all expansion altogether, bringing the ship in order first, getting profitable, clean up, all hands-on deck before considering any further expansions whatsoever. But again, it’s easy to comment from the sidelines; maybe they saw white spaces that would be covered by competing concepts if they weren’t moving fast and aggressively enough. Although pushing internationally means competing with local players such as Jamie's Italian, Prezzo, Pizza Express, Wagamama, Nando's and many more which brings in its own dynamic. Management also aims to enhance guest satisfaction. This involves refining operational processes, reorganizing the support center, and refocusing on the core offering: providing fresh and high-quality Italian food at affordable prices for a broad audience. The group also aims to reduce waiting times, especially during lunch, while also improving the evening atmosphere. There is even what I would call an evolution, away from Vapiano’s original concept, reorientating the customer journey. The ordering flow is being changed, offering guests synchronized preparations of all dishes while eliminating wait times at the cooking stations. The open show kitchen remains, staying true to original mantra of freshness and transparency but now guests can choose their preferred method of ordering through a mobile app, using a digital order point (kiosk), or by personally placing an order with a waiter. Guests can still freely choose their table and are then informed about the complete preparation of their order through a pager or their smartphone. This is a substantial deviation from the original concept, but a needed one. The group is also exploring and implementing the expansion of take-away and home delivery services but only at suitable locations, not universally across new openings. I am not sure why home delivery is even a priority here; it adds operational complexity. It’s better to clean up shop first and get back to the basics before adding new complexities. To be fair management does try to simplify. There are 49 different permanent dishes on the menu and additional 10 seasonal ones. Customers can choose from eleven different types of pasta. There is simply too much choice, and it makes orders complicated. The company announced to slim the menu down to its most popular and typical Vapiano dishes. There’s no need for an Asian salad at an Italian restaurant. "We have to go back to the roots, i.e. classic, honest Italian cuisine" says COO Everke. Regardless, in November of 2018, the supervisory board pulls the plug on CEO Jochen Halfmann and replaces him with Cornelius Everke. Everke himself has just become COO five months ago. Since 2017 he was responsible for international expansion. From 2011 to 2017 that role was filled by Mario Bauer – put a pin in that name, he’ll play a key role in the groups fate later. Then nine months later, in the middle of 2019, Cornelius Everke quits. He essentially concludes that his skillset and experience in the areas of internation expansion is no longer needed in the foreseeable future. To put it differently: Vapiano has moved from a growth story and has become a restructuring case, and other skills are required for that job. In June of 2019 Everke says the following “(we’ve) made a bit of a mistake when it came to foreign expansion”. No sh#t. Vapiano postpones the presentation of the 2018 annual financial statements three times in the spring of 2019, citing negotiations over an urgently needed loan of 30 million euros. It’s not until the end of May that a binding loan commitment comes through from the financing banks and major shareholders. We are now in August of 2019 and the corona pandemic is just around the corner. Supervisory board chief Vanessa Hall takes over as interim-CEO and things are unravelling. Visitor numbers are declining; originally, it was planned to sell the US business but halfway through the year the buyer cannot come up with the money. But not all restaurants are performing poorly. The group's poor figures contrast starkly as an example with the experiences of the Swiss-German franchisee, who runs six restaurants. The Sodano family in Switzerland pays Vapiano a royalty of 6% of sales for the use of the brand. Enrico Sodano explains in an interview that they operate largely autonomously from the licensor. If an “accident” were to occur, he could immediately replace the Vapiano sign with Sodano, he says. The family concluded the rents and contracts with employees and suppliers independently. The Sodano family have six locations in Bern, Basel and Zurich, around one million guests every year and 350 employees. Things are going well on the ground. The delivery service they’ve built is offering them a second income stream. Expansion into Winterthur, St. Gallen and Lucerne are being planned; small locations with 150 to 250 square meters and an attached delivery service. Originally, Vapiano restaurants used to be huge but for such a large restaurant to be profitable, 800 to 1,000 guests per day are needed. That’s possible in medium-sized cities, but not in smaller towns which is why the Vapiano group now also supports smaller formats. Back to our corporate drama. The 2019 annual report would be the last report the group files. By the end 2019 the outstanding debt of the company is at an astronomical 450 million euros. Revenue has grown by another 7%, produced by four net new openings through two JVs and two franchise restaurants but operating losses come in at 317 million euros. That sound like an absolute shocker at first but depreciation and amortization charges are 345 million, so that operating cash flow is actually positive but unfortunately capital expenditures and interest payments are so large that they are eating up all of the company’s operating cash flow. Then in the beginning of 2020 Corona hits with full force and the world shuts down. As a result of the measures to prevent further spreading of the virus, the group is forced to cease all global business operations (except in Sweden). While all these shutdowns are happening, the group is the middle of negotiating with its lending banks and main shareholders. There are additional financing needs for restructuring measures, even without a pandemic happening in the background. The situation is so dire that the company starts pleading to the German government to roll out the package of financial help more quickly. Unfortunately, it’s to no end. The rapid closure of restaurants and the resulting lack of operating cash inflows in conjunction with the additional financing requirements, lead to the company’s final knockout punch. In April of 2020, the Vapiano group officially files for insolvency proceedings. The end of an era. New BeginningsBecause of the pandemic, the majority of the group's subsidiaries in Austria, the Netherlands, Denmark, the United States, Sweden, and China also file for insolvency or seek liquidation. The US business never gets sold in the end and is wound down. In the summer of 2020, significant group divestments occur, including the sale of 75% shares in the group's French subsidiaries, shares in franchisor companies, Australian subsidiaries, German subsidiaries, associated companies, self-managed restaurants in Germany, and insolvency-related sales in the Netherlands, Great Britain, and Sweden. The buyer of the Vapiano brand and one of these bundles of Vapiano restaurants is company named Love & Food Restaurant Holding, a consortium led by Mario C. Bauer – a name I told you to remember. Bauer was a former Vapiano board member and led the national and international expansion, opening 200 sites in 33 countries from 2011 to 2017 until he was succeeded by Cornelius Everke. Bauer didn’t feel comfortable with the IPO at the time but clearly has a lot of managerial and entrepreneurial talent.The buyer consortium is an absolute A-Team comprised of European QSR top league hitters, including the founder of the Pret A Manger chain Sinclair Beecham; Henry McGovern, the founder and Ex-CEO of the giant international restaurant and foodservice operator AmRest; the Van der Valk Family that runs hotels and Vapiano restaurants in the Netherlands, and co-founder and ex-CEO Gregor Gerlach. The acquisition value is 15 million euros and entails 30 Vapiano restaurants in Germany, albeit that’s just the purchase price which comes on top of any capital investment needed to refresh and return the sites to its former glory. Nevertheless, just as a thought experiment, if you can get each site to 2 million euros of revenue and 400,000 euros in operating profit on average, which wouldn’t be an overly aggressively assumption given the company’s history, you’ve got yourself a package that can deliver restaurant-level operating profits of 12 million euros or more. It’s not disclosed how much capex was needed to refresh the operations, just that fact that the overall investment plus purchase price was a middle double-digit million-euro figure. Stil, it probably was a decent purchase. The same consortium buys Vapiano’s French business for 25 million euros just two weeks prior. After the transaction concludes, the master franchise is given to Delf Neumann and his Gastro & Soul GmbH. Neumann is an experienced operator, and he is ambitious to revitalise the brand with new services and products. For example, instead of pizza, the restaurants will be serving pinsa - a flatbread made from sourdough, wheat and rice flour, topped similarly to a pizza. It targets a more health-oriented customer base looking for a less calory heavy option. The menu overall is expanded by including a variety of vegan and vegetarian dishes. https://preview.redd.it/kpt7ea6red0d1.png?width=1242&format=png&auto=webp&s=c9930ced85ee364e9df414547cae06b47a03fc19 Today Neumann’s Gastro & Soul GmbH operates 18 Vapianos on its own account and has 29 franchise sites, amongst other brands. By the year 2021, Vapiano operates 191 restaurants in 34 countries. This is around 50 fewer sites than before the bankruptcy. The number of branches is particularly thinned out in Germany – from 80 to 55. Nevertheless, Vapiano's home country remains by far the largest market, followed by France with 35 restaurants and Austria with 15 locations. “We have shrunk ourselves to health,” says Bauer in the aftermath and there is no further shrinking planned. Quite the opposite, the smell of expansion is in the air again – pun intended. Not as aggressively as before and with a new menu and ordering process. Overall, the team around Bauer is filled with industry experts with knowledge and networks gained over decades who have a great track record, a long-term view, and the staying power to let Vapiano breath and finds its way back to success. The pressure of being a public company with all the associated quarterly, half-year and yearly disincentives have been removed. The menu is changed and extended with new types of pasta and sauces with significantly more vegetarian and vegan dishes available. Guests can order with restaurant staff, at terminals or on their phones and there are barcodes attached to the tables identify the respective seat. The food is brought to your table, all at the same time if you are in a group, no more annoyances with waiting in line. There is a plan for smaller, 350 square meter locations, with half the number of guests and significantly fewer staff and less set-up costs required to make the economics work. Locations that capitalize on remote work and increased demand for local lunch options, higher population density with shorter delivery routes and therefore cost-effective in house delivery services are targeted. And Bauer is testing the concept of ghost kitchens, which operate without a dining room or service staff, focusing solely on preparing food for delivery services, which for obvious reasons have a very different operational set up and footprint. Original founder Mark Korzilius however is not entirely convinced. He is not a fan of the pinsa for instance and he considers Vapiano's pizza as its cash cow, flagship product and believes that the core Vapiano proposition of Pizza, Pasta, Bar that has given the company its original success is being diluted. He instead admires the competitor L'Osteria, saying they’ve done a better job by focusing on Italian classics, especially the impressively large pizzas that sticks out beyond the plate is leaving every customer in awe. The guys who run L’Osteria are the same guys who have built Vapiano with him in the first place. Bauer on the other hand, like a true business leader, remains undeterred, stating that he is frequently asked whether Vapiano's restart was bold or foolish. He believes in entrepreneurship, franchising, in his experienced fellow partners and importantly the Vapiano concept. By the year 2024 you can find over 140 Vapiano branded restaurant in 27 countries across the globe, including locations far away from its birthplace like Australia, USA, Columbia, Chile, Bahrain, and Saudi Arabia. And why not? Italian food is, and will remain to be, incredibly popular. Vapiano offers fresh and tasty food at affordable prices in a good atmosphere. This combination of attributes should attract a lot of customers. It certainly has in the past. For more stories: WIP Thomas Weitzendoerfer Substack |
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2024.05.14 11:47 digital_bijoy This Mindset Shift Was Key To Finally Building Muscle And Strength
Women's Health submitted by digital_bijoy to GuidetoGoodHealth [link] [comments] Growing up in Puerto Rico, I was an active child and fell in love with volleyball. When I was 10, my mother and I picked up and moved to New York. While adjusting to my new home and my mom's long work hours, I had to take care of myself more. As a result, I started gaining weight. By age 21, I was dealing with lower back pain from a car accident and became pregnant with my daughter. I weighed 250 pounds, which caused sciatica pain and made carrying my pregnancy harder. At one point, it was even difficult to walk. My self-image took a hit, I was depressed, and I felt like I lost myself. My daughter inspired me to make major changes in my health and start a fitness routine.After I gave birth to my daughter, I hit a turning point.In 2018, I decided to sign up for XSport, a local gym facility, and started using YouTube to teach myself different workouts. I also worked with a personal trainer for a month to learn the basics of equipment and exercises in the gym and get a meal plan started. My mom was always big on working out, so we would go together as well. I started seeing results, but at that point, I was only focused on losing weight, not strength or building muscle. I did cardio-heavy workouts seven days a week. It was mostly the treadmill and elliptical. Promoted:- [Are You Searchig for an Easy way to lose your weight. Use Puravive the BEst Solution Ever. Click here to buy Puravive from Puravive Official Website at Discounted Rate + Get FREE Shipping + Get 2 FREE Bonuses][Read Puravive Review Here] When I saw the number on the scale continue to drop, it sparked my curiosity for the machines and weights.Luckily, my boyfriend at the time was a bodybuilder and taught me a lot. He gave me the tools I needed to build muscle and challenge myself on my own.Transitioning out of cardio-focused workouts and light weights and into a new routine was challenging. It was exciting to know that I was taking the right steps to see the results I wanted. Learning so many new things at once and then putting it into action was also intimidating. I felt overwhelmed. Between early morning gym sessions, measuring my meals, creating enough time to stretch, and hitting my water goals, it was a lot. I knew I had a foundation of fitness, but I needed to put the pieces together in a way that worked for me and for my goals. Things didn't start to click for me until waking up at 4 a.m. for cardio became second nature. Now, I approach my training like a bodybuilder and often do two workouts a day.I currently train at a bodybuilding gym (Xtreme Fitness) six days a week and do cardio about seven days a week. Generally, I do my cardio in the morning and go back to the gym in the evening to strength train. I used to have push and pull days, but now I have four leg days and one upper-body day once a week. On my rest days, I'm usually working, so it’s more of an active recovery day.Some of my go-to exercises include Bulgarian split squats, goblet squats, leg curls, and leg extensions. I try to stay away from squatting because of my sciatica. For upper body, I’ll do side and front lateral raises, lat pulldowns, and seated cable rows. I usually do four sets of 15 to 20 reps for every exercise. Each week, I’ll try to up the weights and test myself, and if I feel like I can’t hit my usual goal, then I’ll max out at 12 reps instead. I’m preparing to compete in my first bodybuilding competition later this year in the women’s wellness division, which focuses on bigger legs and glutes and a leaner upper body. I’m also in the process of becoming a certified personal trainer. Bodybuilding is less about numbers and PR’s, but a few years ago I was able to leg press 675 pounds for 12 reps. We call that “ego lifting,” because it’s not necessary. While I still lift heavy from time to time, I’d rather avoid injuring myself. For example, for leg extensions, I’ll stick to around 135 pounds for 20 reps. And for an RDL, I won’t go heavier than 115 pounds. Promoted:- [Are You Searchig for an Easy way to lose your weight. Use Puravive the BEst Solution Ever. Click here to buy Puravive from Puravive Official Website at Discounted Rate + Get FREE Shipping + Get 2 FREE Bonuses][Read Puravive Review Here] I learned what worked and what didn't trying different diets until I found a sustainable plan and started measuring out my meals.Before I started hitting the gym, I tried Herbalife and lost 25 pounds. Eventually, it got expensive, so I had to stop. I ended up gaining the weight back. Once I started training, I tried the keto diet for about five months and lost 50 pounds. With that, I hit 170 pounds.I didn't realize it at the time, but I was actually doing dirty keto, which I found out thanks to my ex-boyfriend. With his help, we restructured my meals, and I got off keto. Not long after making the switch, I had better energy levels, improved focus, and noticeable progress in the gym. Now, my new bodybuilding coach has me eat 1,400 calories a day. (Reminder: That's what works for me, but you should always work with an expert before making big calorie or diet changes.) For breakfast, I have two whole eggs with lean brown beef and some pineapple. For lunch, I’ll have grilled chicken with any green vegetable. My pre-workout is 30 grams of cashews, and my post-workout is 30 grams of cream of rice with one scoop of protein and water mixed together. For dinner, I usually eat salmon and sweet potato. I measure all my meals beforehand and drink a gallon of water a day. I had to reframe my mindset around changes in my weight to enable muscle gain.One of the biggest blocks I had to overcome was accepting that building muscle also came with gaining weight. People explained the science to me, but I still wasn't processing it. I was so focused on losing weight for so long that I found myself frustrated about working hard at the gym and not seeing more weight coming off.At the same time, I started to finally see my muscles coming through. That's when I began to understand weight in a new way. It was challenging to think of gaining weight as my new goal. I even had to give myself pep talks to help myself lean into what was needed in order to see progress. Once I let the fear go, everything started falling into place. Learning the importance of discipline made a huge difference in and out of the gym.Of all my goals, I’m most proud of my ability to stay disciplined. There are still days I wake up and don’t want to train or eat the same foods. But I feel like I’ve mastered the discipline that was needed to get me to where I’m at. I learned that motivation comes and goes—it’s not consistent. But it’s about showing up for yourself. Discipline has had a positive affect on my work life and at-home life as a mom. I can apply it to everything.I want women to know how important mindset is. You really have to think about what you're getting into before an attempt at your goal is even made. You have to be willing to dedicate the time and remind yourself that this for you and nobody else. Get comfortable being uncomfortable, and in the end, it will always be worth it. Promoted:- [Are You Searchig for an Easy way to lose your weight. Use Puravive the BEst Solution Ever. Click here to buy Puravive from Puravive Official Website at Discounted Rate + Get FREE Shipping + Get 2 FREE Bonuses][Read Puravive Review Here] |