Key figures
JANUARY–DECEMBER 2020 IN BRIEF
Group (continuing and discontinued operations):
• Turnover declined by 42.5% to MEUR 156.8 (MEUR 272.8).
• EBIT fell by 178.2% to MEUR -23.9 (MEUR 30.6).
• The EBIT percentage was -15.2% (11.2%), a decrease of 236.0%.
• The result for the financial period was MEUR -29.5 (MEUR 47.7), a decrease of 161.8%.
• Earnings per share were EUR -1.44 (EUR 2.36), a decrease of 160.9%.
• The gearing ratio excluding the impact of IFRS 16 liabilities was 192.0%. Interest-bearing net liabilities excluding the impact of IFRS 16 amounted to MEUR 163.4. IFRS 16 liabilities totalled MEUR 153.2. The gearing ratio including the impact of IFRS 16 was 391.0%.
Restaurant business (comparable continuing operations):
• Turnover declined by 42.6% to MEUR 156.8 (MEUR 272.9).
• EBIT fell by 233.2% to MEUR -24.5 (MEUR 18.4).
• The EBIT percentage was -15.6% (6.7%), a decrease of 331.8%.
• The result for the financial period was MEUR -30.1 (MEUR 11.7), a decrease of 356.4%.
• Earnings per share were EUR -1.44 (EUR 0.47), a decrease of 408.6%.
• Operating cash flow fell by 116.9% to MEUR -5.1 (MEUR 30.4).
• The operating cash flow includes approximately MEUR 1.6 of non-recurring items comprised of salary expenses from redundancies resulting from the cooperation negotiations, expenses relating to expiring leases and credit losses recognised during the financial period 2020. In addition, the operating cash flow includes more than MEUR 1 of costs associated with the closure and reopening of business functions.
• The result for the review period includes approximately MEUR 6.5 of one-off depreciation and amortisation and impairment comprised of discontinued units and units whose revenue generating capacity is estimated to decline in the future as well as IFRS 16 impacts of expiring leases.
• Government grants across all of the countries in which the company operates totalled approximately MEUR 12.5 for January–December 2020.
Key figures
| EUR 000´s | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019* | 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 60 773 | 65 033 | 86 653 | 113 618 | 130 072 | 185 856 | 323 158 | 272 820 | 156 771 |
| Annual growth, % | 28.5 % | 7.0 % | 33.2 % | 31.3 % | 14.5 % | 42.9 % | 73.9 % | 30.1 % | -42,5 % |
| 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 | -23 880 |
| EBIT-% | 9.4 % | 6.2 % | 6.1 % | 6.4 % | 6.9 % | 5.8 % | 2.2 % | 11.2% | -15,2 % |
| Net profit | 3 788t | 2 908 | 3 334t | 4 809 | 5 864t | 5 492t | 4 231 | 46 128 | -29 469 |
| Shareholders of the parent | 3 076t | 2 565t | 3 451t | 5 050t | 5 608t | 5 058t | 3 494 | 22 300 | -26 825 |
| Non-controlling interests | 712 | 344 | -117t | -241 | 256 | 434 | 737 | 1 547 | -2 644 |
| 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) | 163 431 |
| Net gearing | 43.8 % | 21.9 %t | 48.1 %t | 73.2 %t | 69.1 %t | 93.1 %t | 184.3 % | 194.6 % | 192,0 % |
| 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 % |
| Main operating metrics | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019* | 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Materials margin-% | 74.3 % | 73.9 % | 74.0 % | * | * | * | 73.9 % | 74.3 % | 72,0 % |
| Personnel expenses-%
(incl. external services) |
29.6 % | 30.1 % | 29.6 % | * | * | * | * | 30.5 % | 38,0 % |
| ROIC-% | 24.2 % | 10.7 % | 10.5 % | 10.8 % | 11.9 % | 10.7 %t | 5.2 % | 8.4 % | -5,9 % |
| No. restaurants, net change | 10 | 0 | 32 | 11 | 9 | 20 | 69 | 10 | 7 |
| *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 |
|---|---|---|---|---|---|---|---|
| Turnover | 83 666t | 100 315t | 107 544t | 122 174t | 209 725 | 272 912 | 156 771 |
| 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 | -24 488 |
| Operating profit, % | 5.9 %t | 6.5 %t | 6.9 %t | 5.7 %t | 1.1 % | 6.7 % | -15,6 % |
| Key figures | |||||||
| Material margin, % | 74.0 % | 74.3 %t | 74.6 %t | 74.1 %t | 73.9 % | 74.3 % | 72,0 % |
| Staff expenses, % | 29.6 %t | 28.5 %t | 28.1 %t | 28.0 %t | 32.1 % | 30.5 % | 38,0 % |
| 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 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.