Key figures

APRIL–JUNE 2022 IN BRIEF

Entire Group

  • Turnover increased by 161.5% to MEUR 90.2 (MEUR 34.5).
  • EBIT increased by 991.2% to MEUR 16.1 (MEUR -1.8).
  • The EBIT percentage was 17.9% (-5.2%)
  • The result for the financial period was MEUR 10.5 (MEUR -4.3), an increase of 347.4%.
  • Earnings per share were EUR 0.45 (EUR -0.18), an increase of 349.0%.
  • Operational EBITDA increased by 2,533.4% to MEUR 18.3 (MEUR 0.7).

JANUARY–JUNE 2022 IN BRIEF

Entire Group

  • Turnover increased by 153.8% to MEUR 138.7 (MEUR 54.7).
  • EBIT increased by 228.4% to MEUR 14.8 (MEUR -11.5).
  • The EBIT percentage was 10.7% (-21.1%)
  • The result for the financial period was MEUR 7.0 (MEUR -15.0), an increase of 146.5%.
  • Earnings per share were EUR 0.27 (EUR -0.67), an increase of 140.8%.
  • Operational EBITDA increased by 422.7% to MEUR 19.4 (MEUR -6.0).

Unless otherwise stated, figures in parentheses refer to the corresponding period last year.

KEY FIGURES
NoHo Partners Group, total
(MEUR)

1 Apr.-30
Jun. 2022

1 Apr.-30 Jun. 2021 Change 1 Jan.-30 Jun. 2022 1 Jan.-30 Jun. 2021 Change

1 Jan.-31 Dec. 2021

Turnover 90.2 34.5 161.5% 138.7 54.7 153.8% 186.1
Operational EBITDA 18.3 0.7 2,533.4% 19.4 -6.0 422.7% 11.3
EBIT 16.1 -1.8 991.2% 14.8 -11.5 228.4% -0.9
EBIT, % 17.9% -5.2% 10.7% -21.1% -0.5%
Result of the financial period 10.5 -4.3 347.4% 7.0 -15.0 146.5% -10.3
Earnings per share (EUR) for the review period attributable to the owners of the company 0.45 -0.18 349.0% 0.27        -0.67 140.8% -0.55
Interest-bearing net liabilities excluding IFRS 16 impact 126.9 163.7 -22.5% 151.9
Gearing ratio excluding IFRS 16 impact, % 138.7% 231.3% 203.1%
Material margin, % 75.1% 74.0% 74.8% 72.8% 74.4%
Personnel expenses, % 31.9% 37.0% 34.0% 41.2% 36.0%
KEY FIGURES, FINNISH OPERATIONS
(MEUR)

1 Apr.-30 Jun. 2022

1 Apr.-30 Jun. 2021 Change 1 Jan.-30 Jun. 2022 1 Jan.-30 Jun. 2021 Change

1 Jan.-31
Dec. 2021

Turnover 72.9 29.9 144.0% 110.2 49.9 120.8% 158.1
Operational EBITDA 15.9 1.3 1,162.9% 15.1 -4.2 458.4% 9.3
EBIT 14.6 -0.2 8,655.1% 12.2 -7.8 256.6% 1.0
EBIT, % 20.0% -0.6% 11.1% -15.6% 0.6%
Material margin, % 75.1% 73.7% 74.6% 73.1% 74.6%
Personnel expenses, % 31.5% 35.4% 33.2% 38.1% 34.7%
KEY FIGURES, INTERNATIONAL BUSINESS
(MEUR)

1 Apr.-30 Jun. 2022

1 Apr.-30 Jun. 2021 Change 1 Jan.-30 Jun. 2022 1 Jan.- 30 Jun. 2021 Change

1 Jan.- 31 Dec. 2021

Turnover 17.3 4.6 274.9% 28.5 4.8 500.0% 28.0
Operational EBITDA 2.4 -0.6 534.2% 4.3 -1.8 339.2% 2.0
EBIT 1.5 -1.6 194.4% 2.6 -3.7 169.5% -1.9
EBIT, % 8.9% -35.5% 9.1% -78.6% -6.6%
Material margin, % 75.1% 76.1% 75.6% 70.1% 73.4%
Personnel expenses, % 33.5% 47.6% 37.1% 73.7% 43.7%

BUSINESS SEGMENTS

As of 1 January 2022, NoHo Partners’ business consists of two business segments, which will be reported separately:

• Finnish operations
• International business

The Half-year Report Q2/2022 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.