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2016-11-08

RESTAMAX PLC INTERIM REPORT FOR 1 JANUARY-30 SEPTEMBER 2016: Turnover increased by 16.5 per cent and profitability improved

Restamax Plc
INTERIM REPORT 8 Nov 2016 at 8:00 a.m.
RESTAMAX PLC INTERIM REPORT FOR 1 JANUARY-30 SEPTEMBER 2016

Turnover increased by 16.5 per cent and profitability improved in
January-September 2016

TURNOVER AND INCOME

Group's result for July-September 2016
Entire Group:
The Group's turnover was MEUR 36.6 (MEUR 31.3), growth of 16.9 per cent.
EBITDA was MEUR 6.4 (MEUR 5.4), growth of 19.5 per cent. Operating profit was
MEUR 3.8 (MEUR 3.0), growth of 26.8 per cent.

Restaurant business:

The turnover of the restaurant business segment was MEUR 29.4 (MEUR 26.6),
growth of 10.4 per cent. EBITDA was MEUR 5.5 (MEUR 4.7), growth of 17.5 per
cent. Operating profit was MEUR 3.1 (MEUR 2.5), growth of 20.1 per cent.

Labour hire business:

The turnover of the labour hire business was MEUR 10.5 (MEUR 7.8), growth of
34.6 per cent. EBITDA was MEUR 1.1 (MEUR 0.8), growth of 31.4 per cent.
Operating profit was MEUR 0.7 (MEUR 0.4), growth of 64.9 per cent.

Group's result for
January-September 2016
Entire Group:
The Group's turnover was MEUR 95.7 (MEUR 82.1), growth of 16.5 per cent.
EBITDA was MEUR 13.5 (MEUR 11.0), growth of 22.5 per cent. Operating profit
was MEUR 5.5 (MEUR 4.3), growth of 27.6 per cent.

Restaurant business:

The turnover of the restaurant business segment was MEUR 79.1 (MEUR 72.8),
growth of 8.6 per cent. EBITDA was MEUR 11.3 (MEUR 9.5), growth of 19.5 per
cent. Operating profit was MEUR 4.4 (MEUR 3.5), growth of 25.2 per cent.

Labour hire business:

The turnover of the labour hire business was MEUR 25.5 (MEUR 17.5), growth of
45.8 per cent. EBITDA was MEUR 2.5 (MEUR 1.8), growth of 34.9 per cent.
Operating profit was MEUR 1.1 (MEUR 0.8), growth of 38.6 per cent.

Figures in parentheses refer to the same period last year, unless otherwise
stated.

Weather conditions have a significant impact on the business of the Restamax
Group. Although the weather in late summer was not very good, the Group's
result for January to September 2016 is considerably better than the previous
year. The turnover of the entire Group increased by 16.5 per cent from the
previous year, EBITDA by 22.5 per cent and operating profit by almost 28 per
cent.
Due to the seasonal nature of both the restaurant and labour hire businesses,
most of the profits are made at the end of the year.

PROSPECTS FOR 2016

Result management (as of 23 February 2016):

Restamax expects the Group's turnover to increase and profitability to remain
on a good level in the 2016 financial year.

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| KEY FIGURES |
| Restamax Group in total |
| (EUR thousand) 7-9/2016 7-9/2015 1-9/2016 1-9/2015 1-12/2015 |
| KEY FIGURES, entire Group |
| Turnover 36,559 31,279 95,717 82,148 113,618 |
| EBITDA 6,405 5,360 13,458 10,988 16,536 |
| EBITDA, % 17.5 % 17.1% 14.1 % 13.4 % 14.6 % |
| Operating profit 3,798 2,995 5,476 4,292 7,266 |
| Operating profit, % 10.4 % 9.6 % 5.7 % 5.2 % 6.4 % |
| Review period result 2,534 2,204 3,243 2,760 4,809 |
| To shareholders of the parent company 2,378 2,178 3,123 3,031 5,050 |
| To minority shareholders 156 26 120 -271 -241 |
| Earnings per share (euros) to the shareholders of the parent company 0.15 0.13 0.19 0.19 0.31 |
| Interest-bearing net liabilities 35,256 26,869 29,313 |
| Gearing ratio, % 91.6 % 71.3 % 73.2 % |
| Equity ratio, % 41.2 % 43.9 % 44.4 % |
| Return on investment, % (p.a.) 9.7 % 8.8 % 10.8 % |
| Net financial expenses 630 860 1,195 |
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| Restaurant business |
| (EUR thousand) 7-9/2016 7-9/2015 1-9/2016 1-9/2015 1-12/15 |
| Turnover 29,423 26,648 79,070 72,799 100,315 |
| EBITDA 5,464 4,651 11,344 9,490 14,801 |
| EBITDA, % 18.6 % 17.5 % 14.3 % 13.0 % 14.8 % |
| Operating profit 3,059 2,547 4,421 3,531 6,492 |
| Operating profit, % 10.4 % 9.6 % 5.6 % 4.9 % 6.5 % |
| |
| KEY FIGURES |
| Material margin, % 74.0 % 73.3 % 73.8 % 73.6 % 74.3 % |
| Staff expenses, % 25.8 % 27.5 % 28.2 % 29.2 % 28.5 % |
------------------------------------------------------------------------

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| Labour hire business |
| (TEUR) 7-9/2016 7-9/2015 1-9/2016 1-9/2015 1-12/15 |
| Turnover 10,465 7,775 25,516 17,504 24,151 |
| EBITDA 1,080 822 2,454 1,819 2,161 |
| EBITDA, % 10.3 % 10.6 % 9.6 % 10.4 % 8.9 % |
| Operating profit 739 448 1,054 761 775 |
| Operating profit, % 7.1 % 5.8 % 4.1 % 4.3 % 3.2 % |
| |
| KEY FIGURES |
| Staff expenses, % 85.3 % 83.9 % 86.0 % 84.9 % 85.2 % |
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CEO MARKKU VIRTANEN
A strong result in the third quar
ter

As expected, the third-quarter result for our Group was strong. Between
January and September 2016, turnover increased by 16.5 per cent, EBITDA by
22.5 per cent and operating profit by almost 28 per cent from the
corresponding period the previous year.

In spite of unsettled weather conditions in late summer, the growth in our
turnover and increase in profit were strong. We were able to respond to
consumer demand thanks to a comprehensive range of summer restaurants and our
diverse restaurant portfolio. Our main market area had many successful summer
events, which not only boosted our summer sales but also provided plenty of
employment for our staff. According to a forecast by the Finnish Hospitality
Association (MaRa), the summer was better than the previous year for
festivals.

The adaptability and quick reactions of our staff to changes in demand for
sales during the summer season demonstrated a commendable flexibility from
our employees.

According to a forecast by MaRa, in the third quarter the number of visitors
to and increase in sales of amusement parks suffered from unsettled weather
and smaller average purchases. The results of our restaurants located at the
Linnanmäki and Särkänniemi amusement parks were, however, good, although no
general increase in sales was evident at these units.

During the period under review, we opened a Georgian restaurant in Helsinki in
cooperation with actor-presenter Ville Haapasalo. In addition to this, we
also renovated several of our restaurants. The first Viihdemaailma Ilona
Nightclub opened in Seinäjoki in 2010 underwent complete renovation in
September. In Tampere, two restaurants that have achieved legendary status,
Wanha Posti that has been serving since 1993 and Henry's Pub operating since
1997, were also renovated from floor to ceiling. Mexican restaurant Cholo in
Helsinki was also renovated and expanded.

Partner business - one of the cornerstones of growth

From the perspective of the development of our restaurant concepts, the role
of partners in our subsidiaries is very important and cooperation with them
is close. The commitment brought by their ownership and their investments in
the planning and implementation of business ideas and the diversification of
operations are significant. Each one of our partners puts a strong and
individual mark on our restaurant business. Restamax's role on the other hand
is focused on operational management, financing and expertise in the
restaurant business.

Examples of the subsidiaries that we operate with our partners are the
Georgian restaurant opened with Ville Haapasalo, the Mexican restaurant run
with Mehdi Younes, the restaurant business engaged in with Hans Välimäki,
Hernesaaren Ranta and the nightclub business operated with Seppo Koskinen,
Stefan Richter's Stefan's Steakhouse restaurants, the pubs managed with Louie
So, the gaming restaurant business engaged in with Hannu Lahtinen and the
restaurant business in Rauma operated with Riku Räsänen.

Facelessness is traditionally associated with the restaurant chains in
Finland. Our operations, however, are not characterised by traditional chain
thinking. Our company has more than 60 different and unique concepts, and new
ones are constantly being developed to suit different market areas. The
richness of ideas and creativity of our partners combined with the support of
a large company and solid management experience create good prerequisites for
successful and high-quality restaurant business. Without such activity,
Finnish restaurant culture would be considerably more homogeneous.

The owner-operators responsible for managing our subsidiaries create special
added value for our business. We believe in domestic entrepreneurship and we
also encourage our staff to engage in entrepreneurial activity. For us,
growth based on the joint venture model together with our subsidiaries is
quite a nice way to grow. In the future, the importance of partner activity
to growth will become increasingly accentuated.

Författare Hugin

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