Key figures
TURNOVER AND INCOME
JANUARY–JUNE 2020 IN BRIEF
Group (continuing and discontinued operations):
- Turnover declined by 42.8% to MEUR 69.1 (MEUR 120.9).
- EBIT fell by 211.9% to MEUR -15.0 (MEUR 13.4).
- The EBIT percentage was -21.8% (11.1%), a decrease of 295.7%.
- The result for the financial period was MEUR -18.0 (MEUR 7.6), a decrease of 337.0%.
- Earnings per share were EUR -0.91 (EUR 0.69), a decrease of 231.6%.
- The gearing ratio excluding the impact of IFRS 16 liabilities was 158.5%. Interest-bearing net liabilities excluding the IFRS 16 effect amounted to MEUR 149.5. IFRS 16 liabilities totalled MEUR 154.6. The gearing ratio including the effect of IFRS 16 was 326.3%.
Restaurant business (comparable continuing operations):
- Turnover declined by 42.9% to MEUR 69.1 (MEUR 121.0).
- EBIT fell by 360.6% to MEUR -14.8 (MEUR 5.7).
- The EBIT percentage was -21.4% (4.7%), a decrease of 556.2%.
- Result of the review period attributable to the parent company’s shareholders was MEUR -17.4 (MEUR 5.4), a decrease of 423.6%.
- Earnings per share were EUR -0.95 (EUR 0.28), a decrease of 432.5%.
- Operating cash flow fell by 129.5% to MEUR -3.5 (MEUR 11.8).
- The result for the financial period was affected by write-offs of approximately MEUR 4.6 allocated to discontinued units and units whose revenue generating capacity is estimated to decline in the future. The result for the financial period was also affected by MEUR 0.8 in costs associated with the closure and reopening of restaurants.
- Government support in January–June 2020 totalled approximately MEUR 8.4.
- Reductions in rent amounted to approximately MEUR 3.5 in April–May 2020, representing some 70% of the Group’s leases in Finland.
APRIL–JUNE 2020 IN BRIEF
Group (continuing and discontinued operations):
- Turnover declined by 71.9% to MEUR 19.0 (MEUR 67.7).
- EBIT fell by 200.6% to MEUR -8.4 (MEUR 8.4).
- The EBIT percentage was -44.3% (12.4%), a decrease of 457.7%.
- The result for the financial period was MEUR -9.2 (MEUR 4.8), a decrease of 291.8%.
- Earnings per share were EUR -0.46 (EUR 0.41), a decrease of 214.1%.
Restaurant business (comparable continuing operations):
- Turnover declined by 71.9% to MEUR 19.0 (MEUR 67.7).
- EBIT fell by 308.1% to MEUR -8.1 (MEUR 3.9).
- The EBIT percentage was -42.7% (5.8%), a decrease of 840.0%.
- Result of the review period attributable to the parent company’s shareholders was MEUR -8.5 (MEUR 3.2), a decrease of 366.6%.
- Earnings per share were EUR -0.45 (EUR 0.17), a decrease of 364.4%.
- Operating cash flow fell by 103.0% to MEUR -0.2 (MEUR 6.4).
- The result for the financial period was affected by write-offs of approximately MEUR 4.6 allocated to discontinued units and units whose revenue generating capacity is estimated to decline in the future. The result for the financial period was also affected by MEUR 0.8 in costs associated with the closure and reopening of restaurants.
- Government support in April–June 2020 totalled approximately MEUR 7.4.
- Reductions in rent amounted to approximately MEUR 3.5 in April–May 2020, representing some 70% of the Group’s leases in Finland.
Figures in parentheses refer to the same period last year, unless otherwise stated.
The Half-year Report Q2/2020 is available at here.
Key figures
| EUR 000´s | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019* |
|---|---|---|---|---|---|---|---|---|
| Net sales | 60 773 | 65 033 | 86 653 | 113 618 | 130 072 | 185 856 | 323 158 | 272 820 |
| Annual growth, % | 28.5 % | 7.0 % | 33.2 % | 31.3 % | 14.5 % | 42.9 % | 73.9 % | 30.1% |
| EBITDA** | 9 939t | 9 146 | 12 008 | 16 536t | 19 399t | 22 404t | 28 410 | - |
| EBITDA-%** | 16.4 % | 14.1 % | 13.9 % | 14.6 % | 14.9 % | 12.1 % | 8.8 % | - |
| EBIT | 5 719 | 4 051 | 5 265 | 7 266 | 8 998 | 10 767 | 7 190 | 30 551 |
| EBIT-% | 9.4 % | 6.2 % | 6.1 % | 6.4 % | 6.9 % | 5.8 % | 2.2 % | 11.2% |
| Net profit | 3 788t | 2 908 | 3 334t | 4 809 | 5 864t | 5 492t | 4 231 | 46 128 |
| Shareholders of the parent | 3 076t | 2 565t | 3 451t | 5 050t | 5 608t | 5 058t | 3 494 | 22 300 |
| Non-controlling interests | 712 | 344 | -117t | -241 | 256 | 434 | 737 | 1 547 |
| Interest-bearing net debt | 5 982 | 6 184t | 18 944t | 29 313 | 30 377t | 43 649t | 138 500 | 105 391 (excluding the IFRS 16 effect) |
| Net gearing | 43.8 % | 21.9 %t | 48.1 %t | 73.2 %t | 69.1 %t | 93.1 %t | 184.3 % | 194.6% |
| Equity ratio | 38.1 %t | 60.9 %t | 47.2 %t | 44.4 %t | 45.2 %t | 35.3 %t | 24.6 % | 29.1% |
| Main operating metrics | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019* |
|---|---|---|---|---|---|---|---|---|
| Materials margin-% | 74.3 % | 73.9 % | 74.0 % | * | * | * | 73.9 % | 74.3% |
| Personnel expenses-%
(incl. external services) |
29.6 % | 30.1 % | 29.6 % | * | * | * | * | 30.5% |
| ROIC-% | 24.2 % | 10.7 % | 10.5 % | 10.8 % | 11.9 % | 10.7 %t | 5.2 % | 8.4% |
| No. restaurants, net change | 10 | 0 | 32 | 11 | 9 | 20 | 69 | 10 |
| *The figures stated below according to the new segment structure. Starting from September 2019, the Group only has one segment: the restaurant business. |
|---|
| **The company has given up commenting on EBITDA. |
| Restaurant business (EUR thousand) |
2014 | 2015 | 2016 | 2017 | 2018 | 2019* |
|---|---|---|---|---|---|---|
| Turnover | 83 666t | 100 315t | 107 544t | 122 174t | 209 725 | 272 912 |
| EBITDA** | 11 444t | 14 801t | 16 475t | 16 325t | 19 643 | - |
| EBITDA, %** | 13.7 %t | 14.8 %t | 15.3 %t | 13.4 %t | 9.4 % | - |
| Operating profit | 4 957t | 6 492t | 7 401t | 6 920t | 2 206 | 18 389 |
| Operating profit, % | 5.9 %t | 6.5 %t | 6.9 %t | 5.7 %t | 1.1 % | 6.7% |
| Key figures | ||||||
| Material margin, % | 74.0 % | 74.3 %t | 74.6 %t | 74.1 %t | 73.9 % | 74.3% |
| Staff expenses, % | 29.6 %t | 28.5 %t | 28.1 %t | 28.0 %t | 32.1 % | 30.5% |
| Labour hire business (EUR thousand) |
2014 | 2015 | 2016 | 2017 | 2018 | 2019* |
|---|---|---|---|---|---|---|
| Turnover | 6 833t | 24 151t | 34 129t | 75 612t | 127 090 | - |
| EBITDA | 696 | 2 161t | 3 441t | 6 603t | 8 753 | - |
| EBITDA, % | 10.2 %t | 8.9 %t | 10.1 %t | 8.7 %t | 6.9 % | - |
| Operating profit | 308 | 775 | 1 597t | 3 834t | 4 970 | - |
| Operating profit, % | 4.5 %t | 3.2 %t | 4.7 %t | 5.1 %t | 3.9 % | - |
| Key figures | ||||||
| Staff expenses, % | 84.0 %t | 85.2 %t | 85.5 %t | 83.7 %t | 82.4 % | - |
*Description of accounting principles
• The Group’s labour hire business ended on 23 August 2019, when the subsidiary Smile Henkilöstöpalvelut Oyj was merged with VMP Plc and the combined company Eezy Plc became an associated company of the Group. Starting from September 2019, the Group only has one segment: the restaurant business.
• The labour hire segment is treated as a discontinued operation and a separate item in the income statement. Comparative information has been adjusted accordingly. For more detailed information, see Interim Report 2019, Note 3.
• Due to the labour hire business transaction, the Group is starting to present alternative performance measures that improve comparability. It is believed that these alternative performance measures improve the understanding prevailing on the market regarding the development and financial situation of the restaurant business. The most significant item added to the comparable result is the Group’s internal staffing service purchases that took place before the transaction. In the future, these will be presented as outsourced services. The calculation principles of the key figures that improve comparability are presented in more detail in Interim Report 2019, Note 3.
• In the Interim Report 2019, the Group’s continuing and discontinued operations as well as the comparable continuing operations of the restaurant business are presented separately.
• NoHo Partners adopted the IFRS 16 Leases standard as of 1 January 2019. The figures of the reference period 2018 have not been adjusted. More information about the application of the IFRS 16 standard and other significant interim report accounting principles can be found in the notes to the Interim Report 2019.
• Unless otherwise stated, figures in parentheses refer to the corresponding period last year.