Key figures
JANUARY–MARCH 2022 IN BRIEF
Entire Group
- Turnover increased by 140.6% to MEUR 48.5 (MEUR 20.2).
- EBIT increased by 86.6% to MEUR -1.3 (MEUR -9.7).
- The EBIT percentage was -2.7% (-48.3%).
- The result for the financial period was MEUR -3.6 (MEUR -10.8), an increase of 66.9%.
- Earnings per share were EUR -0.18 (EUR -0.49), an increase of 63.4%.
- The operational EBITDA* increased by 116.0% to MEUR 1.1 (MEUR -6.7).
Finnish operations
- Turnover increased by 86.2% to MEUR 37.3 (MEUR 20.1).
- EBIT increased by 69.1% to MEUR -2.4 (MEUR -7.6).
- The EBIT percentage was -6.3% (-38.1%).
- Operational EBITDA* increased by 85.6% to MEUR -0.8 (MEUR -5.5).
International business
- Turnover increased by 8,014.6% to MEUR 2 (MEUR 0.1).
- EBIT increased by 150.1% to MEUR 1.1 (MEUR -2.1).
- The EBIT percentage was 9.4% (-1,517.4%).
- Operational EBITDA* increased by 250.6% to MEUR 1.9 (MEUR -1.2).
Unless otherwise stated, figures in parentheses refer to the corresponding period last year.
| KEY FIGURES | ||||
| NoHo Partners Group, total | ||||
| (MEUR) | 1 Jan.–31 Mar. 2022 | 1 Jan.–31 Mar. 2021 | Change | 1 Jan.–31 Dec. 2021 |
| Turnover | 48.5 | 20.2 | 140.6% | 186.1 |
| Operational EBITDA* | 1.1 | -6.7 | 116.0% | 11.3 |
| EBIT | -1.3 | -9.7 | 86.6% | -0.9 |
| EBIT, % | -2.7% | -48.3% | -0.5% | |
| Result of the financial period | -3.6 | -10.8 | 66.9% | -10.3 |
| Earnings per share (EUR) for the review period attributable to the owners of the company | -0.18 | -0.49 | 63.4% | -0.55 |
| Interest-bearing net liabilities excluding IFRS 16 impact | 148.7 | 169.9 | -12.5% | 151.9 |
| Gearing ratio excluding IFRS 16 impact, % | 208.0% | 227.4% | 203.1% | |
| Material margin, % | 74.1% | 70.8% | 74.4% | |
| Personnel expenses, % | 37.8% | 48.3% | 36.0% |
| Finnish operations | ||||
| (MEUR) | 1 Jan.–31 Mar. 2022 | 1 Jan.–31 Mar. 2021 | Change | 1 Jan.–31 Dec. 2021 |
| Turnover | 37.3 | 20.1 | 86.2% | 158.1 |
| Operational EBITDA* | -0.8 | -5.5 | 85.6% | 9.3 |
| EBIT | -2.4 | -7.6 | 69.1% | 1.0 |
| EBIT, % | -6.3% | -38.1% | 0.6% | |
| Material margin, % | 73.5% | 72.2% | 74.6% | |
| Personnel expenses, % | 36.3% | 42.2% | 34.7% |
| International business | ||||
| (MEUR) | 1 Jan.–31 Mar. 2022 | 1 Jan.–31 Mar. 2021 | Change | 1 Jan.–31 Dec. 2021 |
| Turnover | 11.2 | 0.1 | 8,014.6% | 28.0 |
| Operational EBITDA* | 1.9 | -1.2 | 250.6% | 2.0 |
| EBIT | 1.1 | -2.1 | 150.1% | -1.9 |
| EBIT, % | 9.4% | -1,517.4% | 100.6% | -6.6% |
| Material margin, % | 76.3% | -128.0% | 73.4% | |
| Personnel expenses, % | 42.5% | 945.0% | 43.7% |
*The company will use the term operational EBITDA for the operating cash flow in the future. The calculation formula is shown in the section “Calculation formulas for key figures” at the end of the interim report.
BUSINESS SEGMENTS
As of 1 January 2022, NoHo Partners’ business consists of two business segments, which will be reported separately:
• Finnish operations
• International business
NoHo Partners reports its financial result for the first quarter of 2022 in accordance with the new segment structure.
The Interim Report Q1/2022 available here.
Key figures
| EUR 000´s | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019* | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 60 773 | 65 033 | 86 653 | 113 618 | 130 072 | 185 856 | 323 158 | 272 820 | 156 771 | 186 069 |
| Annual growth, % | 28.5 % | 7.0 % | 33.2 % | 31.3 % | 14.5 % | 42.9 % | 73.9 % | 30.1 % | -42.5 % | 18.7 % |
| EBITDA** | 9 939t | 9 146 | 12 008 | 16 536 | 19 399 | 22 404 | 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 | -23 880 | -898 |
| EBIT-% | 9.4 % | 6.2 % | 6.1 % | 6.4 % | 6.9 % | 5.8 % | 2.2 % | 11.2% | -15.2 % | -0.5 % |
| Net profit | 3 788 | 2 908 | 3 334 | 4 809 | 5 864 | 5 492 | 4 231 | 46 128 | -29 469 | -10 338 |
| Shareholders of the parent | 3 076 | 2 565 | 3 451 | 5 050 | 5 608 | 5 058 | 3 494 | 22 300 | -26 825 | -10 635 |
| Non-controlling interests | 712 | 344 | -117t | -241 | 256 | 434 | 737 | 1 547 | -2 644 | 298 |
| Interest-bearing net liabilities excluding IFRS 16 impact, EUR | 105 391 | 163 431 | 151 916 | |||||||
| Gearing ratio excluding IFRS 16 impact, % | 75.9 % | 192.0 % | 203.1 % | |||||||
| Interest-bearing net debt | 5 982 | 6 184 | 18 944 | 29 313 | 30 377 | 43 649 | 138 500 | 266 691 | 316 621 | 320 877 |
| Net gearing | 43.8 % | 21.9 %t | 48.1 %t | 73.2 %t | 69.1 %t | 93.1 %t | 184.3 % | 194.6 % | 391.0 % | 462.4 % |
| Equity ratio | 38.1 %t | 60.9 %t | 47.2 %t | 44.4 %t | 45.2 %t | 35.3 %t | 24.6 % | 29.1 % | 18.1 % | 15.1 % |
| Main operating metrics | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019* | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Materials margin-% | 74.3 % | 73.9 % | 74.0 % | * | * | * | 73.9 % | 74.3 % | 72.0 % | 74.4 % |
| Personnel expenses-%
(incl. external services) |
29.6 % | 30.1 % | 29.6 % | * | * | * | * | 30.5 % | 38.0 % | 36.0 % |
| ROIC-% | 24.2 % | 10.7 % | 10.5 % | 10.8 % | 11.9 % | 10.7 % | 5.2 % | 8.4 % | -5.9 % | 0.0 % |
| No. restaurants, net change | 10 | 0 | 32 | 11 | 9 | 20 | 69 | 10 | 7 | 21 |
| *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* | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|
| Turnover | 83 666t | 100 315 | 107 544 | 122 174 | 209 725 | 272 912 | 156 771 | 186 069 |
| EBITDA** | 11 444 | 14 801 | 16 475 | 16 325 | 19 643 | - | - | - |
| EBITDA, %** | 13.7 % | 14.8 % | 15.3 % | 13.4 % | 9.4 % | - | - | - |
| Operating profit | 4 957 | 6 492 | 7 401 | 6 920 | 2 206 | 18 389 | -24 488 | -898 |
| Operating profit, % | 5.9 %t | 6.5 %t | 6.9 %t | 5.7 %t | 1.1 % | 6.7 % | -15.6 % | -0.5 % |
| Key figures | ||||||||
| Material margin, % | 74.0 % | 74.3 % | 74.6 % | 74.1 % | 73.9 % | 74.3 % | 72.0 % | 74.4 % |
| Staff expenses, % | 29.6 %t | 28.5 %t | 28.1 %t | 28.0 %t | 32.1 % | 30.5 % | 38.0 % | 36.0 % |
| 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 2020, Note 3.
• Due to the labour hire business transaction, the Group started 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 2020, Note 3.
• In the Interim Report 2020, 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 2020.
• Unless otherwise stated, figures in parentheses refer to the corresponding period last year.