Key figures
JANUARY–MARCH 2020 IN BRIEF:
Group (continuing and discontinued operations):
• Turnover declined by 5.9 per cent to MEUR 50.1 (MEUR 53.2).
• EBIT fell by 230.6 per cent to MEUR -6.6 (MEUR 5.0).
• The EBIT percentage was -13.2 per cent (9.5 per cent), a decrease of 238.8 per cent.
• The result for the financial period was MEUR -8.9 (MEUR 2.8), a decrease of 413.7 per cent.
• Earnings per share were EUR -0.45 (EUR 0.15), a decrease of 403.6 per cent.
• The gearing ratio excluding the impact of IFRS 16 liabilities was 138.2 per cent. Interest-bearing net liabilities excluding the IFRS 16 effect amounted to MEUR 139.9. IFRS 16 liabilities totalled MEUR 148.9. The gearing ratio including the effect of IFRS 16 was 286.8 per cent.
Restaurant business (comparable continuing operations):
• Turnover fell by 6.0 per cent to MEUR 50.1 (MEUR 53.3).
• EBIT fell by 477.1 per cent to MEUR -6.7 (MEUR 1.8).
• The EBIT percentage was -13.3 per cent (3.3 per cent), a decrease of 501.1 per cent.
• The result for the review period attributable to the owners of the parent company was MEUR -8.0 (MEUR 2.2), a decrease of 466.0 per cent.
• Earnings per share were EUR -0.46 (EUR 0.12), a decrease of 493.9 per cent.
• The review period’s comparison figures for earnings per share in 2019 include a price adjustment of MEUR 2.1 in the Group’s operations in Denmark, recognised in the financial income.
Figures in parentheses refer to the same period last year, unless otherwise stated.
The Interim Report Q1/2020 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.