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2016-02-23

RESTAMAX PLC INTERIM REPORT FOR 1 JANUARY-31 DECEMBER 2015: Turnover increased by over 31 per cent and profitability improved

Restamax Plc
INTERIM REPORT 23/02/2016 at 08:00 am
RESTAMAX PLC INTERIM REPORT FOR 1 JANUARY-31 DECEMBER 2015:

Turnover increased by over 31 per cent and profitability improved

TURNOVER AND RESULT

Group's result for October-December 2015

Entire Group:
The Group's turnover was MEUR 31.5 (MEUR 26.4), growth of 19.4 per cent.
EBITDA was MEUR 5.5 (MEUR 4.5), growth of 22.8 per cent. Operating profit was
MEUR 3.0 (MEUR 2.3), growth of 28.9 per cent.

Restaurant business:

The turnover of the restaurant business segment was MEUR 27.5 (MEUR 24.6),
growth of 12.0 per cent. EBITDA was MEUR 5.3 (MEUR 4.1), growth of 28.8 per
cent. Operating profit was MEUR 3.0 (MEUR 2.2), growth of 37.6 per cent.

Labour hire business:

The turnover of the labour hire business was MEUR 6.6 (MEUR 4.2), growth of
58.3 per cent. EBITDA was MEUR 0.3 (MEUR 0.5), decrease 35.5 per cent.
Operating profit was MEUR 0.0 (MEUR 0.2), decrease 91.1 per cent.

Labour hire became part of the Group on 1 August 2014.
In the labour hire business segment, the development of turnover was affected
by the bankruptcy of a customer company of our labour hire subsidiary Smile
Henkilöstöpalvelut Oy, as a result of which our company suffered a write-off
totalling €700,000.

Group's result for January-December 2015

Entire Group:

The Group's turnover was MEUR 113.6 (MEUR 86.7), growth of 31.1 per cent.
EBITDA was MEUR 16.5 (MEUR 12.0), growth of 37.7 per cent. Operating profit
was MEUR 7.3 (MEUR 5.3), growth of 38.0 per cent.

Restaurant business:

The turnover of the restaurant business segment was MEUR 100.3 (MEUR 83.7),
growth of 19.9 per cent. EBITDA was MEUR 14.8 (MEUR 11.4), growth of 29.3 per
cent. Operating profit was MEUR 6.5 (MEUR 5.0), growth of 31.0 per cent.

Labour hire business:

The turnover of the labour hire business was MEUR 24.2 (MEUR 6.8), growth of
253.4 per cent. EBITDA was MEUR 2.2 (MEUR 0.7), growth of 210.4 per cent.
Operating profit was MEUR 0.8 (MEUR 0.3), growth of 151.4 per cent.

Labour hire became part of the Group on 1 August 2014.

Restamax Group's result for 2015 is significantly better than that of the
previous year. The turnover of the entire Group increased by over 31 per cent
from the previous year, EBITDA by nearly 38 per cent and operating profit by
38 per cent. The increase in turnover was fuelled by the investments made and
corporate acquisitions completed in 2014, which have been fully available to
the company in 2015. The development of operating profit was hindered by a
write-off of €700,000 caused by the bankruptcy of a customer company of our
subsidiary engaged in the labour hire business.
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.

The company's goal is to reach a turnover of MEUR 180 by the end of 2018.

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| KEY FIGURES |
| |
| Restamax Group in total |
| (EUR thousand) 10-12/2015 10-12/2014 1-12/2015 1-12/2014 |
| KEY FIGURES, entire Group |
| Turnover 31,470 26,358 113,618 86,653 |
| EBITDA 5,548 4,520 16,536 12,008 |
| EBITDA, % 17.6% 17.1% 14.6% 13.9% |
| Operating profit 2,975 2,308 7,266 5,265 |
| Operating profit, % 9.5% 8.8% 6.4% 6.1% |
| Review period result 2,049 1,554 4,809 3,334 |
| To shareholders of the parent company 2,019 1,499 5,050 3,451 |
| To minority shareholders 30 55 -241 -117 |
| Earnings per share (euros) to the shareholders of the parent company 0.12 0.09 0.31 0.22 |
| Interest-bearing net liabilities 29,313 18,944 |
| Gearing ratio, % 73.2% 48.1% |
| Equity ratio, % 44.4% 47.2% |
| Return on investment, % (p.a.) 10.8% 10.5% |
| Net financial expenses 1,195 548 |
| |
| Restaurant business |
| (EUR thousand) 10-12/2015 10-12/2014 1-12/2015 1-12/2014 |
| Turnover 27,516 24,565 100,315 83,666 |
| EBITDA 5,311 4,122 14,801 11,444 |
| EBITDA, % 19.3% 16.8% 14.8% 13.7% |
| Operating profit 2,961 2,151 6,492 4,957 |
| Operating profit, % 10.8% 8.8% 6.5% 5.9% |
| |
| KEY FIGURES |
| Material margin, % 76.1% 74.7% 74.3% 74.0% |
| Staff expenses, % 26.7% 28.5% 28.5% 29.6% |
| |
| Labour hire business |
| (EUR thousand) 10-12/2015 10-12/2014 1-12/2015 1-12/2014 |
| Turnover 6,647 4,199 24,151 6,833 |
| EBITDA 342 530 2,161 696 |
| EBITDA, % 5.1% 12.6% 8.9% 10.2% |
| Operating profit 14 157 775 308 |
| Operating profit, % 0.2% 3.7% 3.2% 4.5% |
| |
| KEY FIGURES |
| Staff expenses, % 86.0% 84.3% 85.2% 84.0% |
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CEO MARKKU VIRTANEN
2015 went as planned

In January-December 2015, the turnover of our Group increased by more than 31
per cent, EBITDA by nearly 38 per cent and operating profit by 38 per cent in
comparison with the previous financial period.
The last quarter of 2015 positively exceeded our expectations. In November we
specified our profit forecast and increased our turnover estimate from MEUR
100 to some MEUR 110. Our expectations were fulfilled and our turnover for
the 2015 financial year was MEUR 113.6. We also forecast that EBITDA and
operating profit would improve relatively in comparison to the previous
financial period. Our profitability improved significantly, which is evident
in the EBITDA, and there was also improvement in operating profit.
In the restaurant business segment, the pre-Christmas party season was rather
successful and the consumption of our company's restaurant services was
creditable at the end of the year. The good result was made possible by our
wide and diverse restaurant portfolio, which offered customers plenty of
choice from food restaurants to game and entertainment centres.
In October-December, we opened the Hollywood Bowling&Billiards entertainment
centre in Jyväskylä, as well as the Academy 32 nightclub targeted at young
adults. We strengthened our position in Tampere by acquiring a majority
shareholding in the popular restaurant Hook. In Oulu, we opened the
Viihdemaailma Ilona nightclub and the Sticky Wingers chicken wings
restaurant, and in Ruka the Alpine-spirited Les Alpes restaurant. We also
bought a majority shareholding in Hernesaarenranta Oy, which engages in the
restaurant business at Hernesaari in Helsinki, and we acquired a minority
shareholding in SuperPark Oy, which operates indoor activity parks.
In the labour hire business segment, the result of a successful pre-Christmas
party season was affected by the bankruptcy of a customer company of our
labour hire subsidiary Smile Henkilöstöpalvelut Oy, as a result of which our
company suffered a write-off totalling €700,000 in the review period. In
spite of this write-off, we were able to stick to the statement we had given,
even though the write-down hindered the development of our operating profit.

New strategic goals guiding operations

During the past financial period, we achieved a turnover of MEUR 100, which
our Board of Directors had set as our long-term target in 2013.
In December 2015, we published the new long-term financial targets set by our
company's Board for the strategy period 2016-2018. It is our intention to
expand our restaurant business abroad, both through company acquisitions and
organically. At the same time, we will also continue our profitable growth in
Finland in the restaurant and labour hire businesses. Our turnover target for
2018 is MEUR 180. EBITDA and operating profit are expected to remain on a
good level.
Many...

Författare WKR

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