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  • NOHO PARTNERS PLC’S INTERIM REPORT 1 JANUARY–31 MARCH 2022: Restaurant demand recovery faster than expected – the company expects its turnover to increase to approximately MEUR 300 already this year

NOHO PARTNERS PLC’S INTERIM REPORT 1 JANUARY–31 MARCH 2022: Restaurant demand recovery faster than expected – the company expects its turnover to increase to approximately MEUR 300 already this year

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NoHo Partners Plc

INTERIM REPORT 10 May 2022 at 8:15 a.m.


Restaurant demand recovery faster than expected – the company expects its turnover to increase to approximately MEUR 300 already this year


Entire Group

  • Turnover increased by 140.6% to MEUR 48.5 (MEUR 20.2). 
  • EBIT increased by 86.6% to MEUR -1.3 (MEUR -9.7). 
  • The EBIT percentage was -2.7% (-48.3%).
  • The result for the financial period was MEUR -3.6 (MEUR -10.8), an increase of 66.9%. 
  • Earnings per share were EUR -0.18 (EUR -0.49), an increase of 63.4%. 
  • The operational EBITDA* increased by 116.0% to MEUR 1.1 (MEUR -6.7). 

Finnish operations

  • Turnover increased by 86.2% to MEUR 37.3 (MEUR 20.1). 
  • EBIT increased by 69.1% to MEUR -2.4 (MEUR -7.6). 
  • The EBIT percentage was -6.3% (-38.1%).
  • Operational EBITDA* increased by 85.6% to MEUR -0.8 (MEUR -5.5). 

International business

  • Turnover increased by 8,014.6% to MEUR 11.2 (MEUR 0.1). 
  • EBIT increased by 150.1% to MEUR 1.1 (MEUR -2.1). 
  • The EBIT percentage was 9.4% (-1,517.4%).
  • Operational EBITDA* increased by 250.6% to MEUR 1.9 (MEUR -1.2).

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

NoHo Partners Group, total     
(MEUR) 1 Jan.-31 Mar. 2022 1 Jan.-31 Mar. 2021 Change 1 Jan.-31 Dec. 2021 
Turnover 48.5 20.2 140.6% 186.1 
Operational EBITDA* 1.1 -6.7 116.0% 11.3 
EBIT -1.3 -9.7 86.6% -0.9 
EBIT, % -2.7% -48.3%  -0.5% 
Result of the financial period -3.6 -10.8 66.9% -10.3 
Earnings per share (EUR) for the review period attributable to the owners of the company -0.18 -0.49 63.4% -0.55 
Interest-bearing net liabilities excluding IFRS 16 impact 148.7 169.9 -12.5% 151.9 
Gearing ratio excluding IFRS 16 impact, % 208.0% 227.4%  203.1% 
Material margin, % 74.1% 70.8%  74.4% 
Personnel expenses, % 37.8% 48.3%  36.0% 

*The company will use the term operational EBITDA for the operating cash flow in the future. The calculation formula is shown in the section “Calculation formulas for key figures” at the end of the interim report.


Profit guidance as of 10 May 2022:

NoHo Partners estimates that, during the financial period 2022, it will achieve a total turnover of approximately MEUR 300 and an EBIT margin of approximately 7% in the restaurant business.

The Group aims to achieve a turnover of approximately MEUR 400 and an EBIT margin of approximately 10% during 2024. The company aims for the ratio of net debt to operational EBITDA, adjusted for IFRS 16 lease liability, to be under 3 and for dividends to be paid during the strategy period 2022–2024.

The Group will update the estimate for the next financial period on an annual basis in conjunction with the publication of the financial statements release. The company will also provide monthly reports on the development of its business during the second quarter of 2022.

Previous profit guidance (as of 17 February 2022):

The company will issue its turnover and profitability forecast for 2022 at the latest in connection with the January–March 2022 interim report.

The company will also provide monthly reports on the development of its business under these exceptional circumstances until further notice.

The market

The COVID-19 pandemic has had a considerable impact on the company’s market and the restaurant industry as a whole, and it has significantly affected the company’s operations. In the first quarter of 2022, the company operated in a strictly restricted or closed business environment in all of its operating countries. Following the lifting of the restrictions, private consumption recovered rapidly and demand has been strong, exceeding the level of the year before the pandemic.

The business outlook for the tourism and catering sector has clearly improved as the pandemic eased. However, consumer confidence in financial development has been undermined by the tightening geopolitical situation and the general rise in costs. The company expects consumer demand to remain at a good level during the financial period 2022, business and event sales to gradually recover and the market to return to normal during the second quarter of 2022.


The beginning of 2022 was overshadowed by strict restaurant restrictions in all of our operating countries. However, as the restrictions were gradually lifted, our business was already cash flow positive in mid-February, and in March, when the market opened up, we were already making a good profit. It did not save the result for the first quarter, but this provides a good starting point for the recovery, which was further strengthened by April’s sales and operational EBITDA.

On the whole, I look at the rest of the year with confidence, even though the uncertainty in the general economic situation created by the crisis in Ukraine, cost increases and staff availability put pressure on our business. However, compared to the limited business environment of the past two years, these are ordinary operational challenges in business operations, to which our scale benefits and pricing power offer clear security and competitive advantage.

In line with our growth strategy 2024, we aim to achieve a turnover of approximately MEUR 400. This year, we are seeking a turnover of approximately MEUR 300 and, therefore, the objective for the next two years is to continue to grow by approximately MEUR 100. Growth comes mainly from three strategic priorities: 1. From Norway, 2. From the scaling of the Friends & Brgrs chain and 3. From major flagship projects, such as Nokia Arena in Tampere. In the future, we will report more accurately on the progress of our profitable growth strategy and also publish the key figures of our international business on a quarterly basis. With this, we want to better serve our investors and open up our growth rate towards a turnover of MEUR 400 and 10% EBIT margin.

Our profitable growth is fuelled mainly by strong cash flow and negative working capital fed by growth. Over the next 12 months, the focus in terms of cash flow will be on the framework we have set for the normalisation of our loan level (net debt to EBITDA ratio), and already next year, we will be able to invest even more strongly in financing growth with our free cash flow. In addition, we still aim to divest Eezy Plc’s ownership once we feel that the company’s valuation is at a sufficient level. From the point of view of our company’s value creation, we see the reinvestment of this asset in our international growth as a sensible strategy.

For this year, we expect the market to accelerate in the second quarter and believe that our portfolio will be relatively resilient to weakening purchasing power of domestic consumption. After two difficult years, Finnish restaurant culture has started to flourish, but it is clear that only excellent customer experience and good price-performance ratio can guarantee success in competition. We will invest in customer-oriented training of our personnel, immediate supervisor work and remuneration structures. It is estimated that this year’s turnover will be approximately MEUR 300 and the EBIT will be approximately 7%. For the rest of the year, this represents a turnover of more than MEUR 250 and EBIT of approximately 9%.

Aku Vikström
CEO, NoHo Partners


When the restrictions were lifted in February–March 2022, the company turned its attention back to implementing its profitable growth strategy.

Strategic priorities:

  • Profitable growth in the Norwegian restaurant market through acquisitions
  • Scaling up the Friends & Brgrs chain to a national level
  • Large and profitable urban projects

The return of the Norwegian business to a strong profit performance following the lifting of the restrictions provides a strong starting point for future growth in the Norwegian restaurant market. The company’s goal is to accelerate growth in Norway through acquisitions, and in order to enable this, the company has been actively identifying potential acquisitions.

In accordance with its strategy, the company has continued to scale the Friends & Brgrs chain by opening four new restaurants during the first half of the year 2022. The company’s goal is to scale around 10 new restaurants in the chain on an annual basis.

For large and profitable urban projects, the full capacity of Nokia Arena in Tampere, Finland, was utilised in the lively spring of the ice hockey playoffs, which creates an excellent starting point for the upcoming Ice Hockey World Championship in May.


January–March 2022

The Group’s turnover in January–March 2022 was MEUR 48.5, representing growth of 140.6 per cent compared to the corresponding period in 2021 and amounting to roughly 91 per cent of the turnover in the corresponding period in 2019, before the COVID-19 pandemic. In January–February, the operations took place in a partially restricted business environment during both the review period and the comparison period. In March 2022, restaurant restrictions were lifted completely, which was reflected in strong customer demand and growth in turnover. In March, the turnover was stronger than expected, especially in the company’s strategic growth areas in Norway, and the Nokia Arena and Friends & Brgrs launches. In March, the turnover grew by approximately 515 per cent from the previous year and accounted for 77 per cent of the total January–March turnover growth.

The operational EBITDA turned positive in February after the partial lifting of the restrictions, and after the total lifting of the restrictions in March, it was EUR 3.5 million positive. The operational EBITDA for the whole review period was EUR 1.1 million, an increase of 116 per cent compared to the same period last year.

In a normal operating environment in the restaurant business, most of the profits are made during the second half of the year due to the seasonal nature of the business. The second quarter of 2022 is expected to be stronger than usual due to the pent-up demand and the Ice Hockey World Championship to be played in the company’s main domestic markets, Helsinki and Tampere.

April 2022 in brief

The Group’s turnover for April 2022 was MEUR 28.9, which represents an increase of 608 per cent from the reference month of 2021 and 36 per cent from the reference month of 2019 prior to the pandemic. The operational EBITDA in April was approximately MEUR 4.5.

Outlook for May–June 2022

Turnover in May 2022 is expected to be MEUR 29–32 and operational EBITDA is expected to be MEUR 4.5–5.5. Turnover in June 2022 is expected to be MEUR 27–30 and operational EBITDA is expected to be MEUR 3.5–4.5.


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

  • Finnish operations
  • International business

NoHo Partners reports its financial result for the first quarter of 2022 in accordance with the new segment structure.


FINNISH OPERATIONS 1 Jan.-31 Mar. 2022 1 Jan.-31 Mar. 2021 1 Jan.-31 Dec. 2021 
Turnover (MEUR) 15.3 8.7 68.7 
Percentage of the total turnover31.6% 43.2% 36.9% 
Change in turnover 76.8%   
Units, number 76 80 75 
Entertainment venues    
Turnover (MEUR) 11.4 3.1 49.5 
Percentage of the total turnover 23.6% 15.3% 26.6% 
Change in turnover 263.2%   
Units, number 72 64 72 
Fast casual restaurants    
Turnover (MEUR) 10.5 8.2 39.9 
Percentage of the total turnover 21.7% 40.9% 21.4% 
Change in turnover 28.1%   
Units, number 64 50 66 
INTERNATIONAL BUSINESS 1 Jan.-31 Mar. 2022 1 Jan.-31 Mar. 2021 1 Jan.-31 Dec. 2021 
Turnover (MEUR) 11.2 0.1 28.0 
Percentage of the total turnover 23.1% 0.7% 15.1% 
Change in turnover 8,014.6%   
Units, number 38 39 40 


In Finland, business was severely restricted from January to mid-February. The operations of the restaurants and entertainment venues were restricted while the turnover was mainly formed by the fast casual business area and the take-away sales. After the easing of the restrictions in the middle of February, the positive operational EBITDA was sufficient to turn the EBITDA for the whole month positive. In March, following the lifting of the restrictions, consumer demand recovered strongly and has continued strong, with a further focus on weekends. The strong EBIT for March was not enough to turn the EBIT for the entire review period positive, totalling MEUR 2.4 negative.

No grants from the Finnish state were recorded in the review period. Support for the period during which business was restricted or completely blocked as a result of the orders of the authorities is still under consideration by the Finnish parliament.

Finnish operations     
(MEUR) 1 Jan.-31 Mar. 2022 1 Jan.-31 Mar. 2021 Change 1 Jan.-31 Dec. 2021 
Turnover 37.3 20.1 86.2% 158.1 
Operational EBITDA-0.8 -5.5 85.6% 9.3 
EBIT -2.4 -7.6 69.1% 1.0 
EBIT, % -6.3% -38.1%  0.6% 
Material margin, % 73.5% 72.2%  74.6% 
Personnel expenses, % 36.3% 42.2%  34.7% 


In January, international business activities were limited both in Norway and Denmark. Business recovered quickly at the beginning of February after the restrictions were lifted. In March, demand was strong and business returned to pre-pandemic levels. The government support continued for the duration of the restrictions and totalled approximately MEUR 2.1 during the review period. With the strong recovery in demand and the existing state support mechanisms, the operational EBITDA and EBIT for the review period were strongly positive.

International business     
(MEUR) 1 Jan.-31 Mar. 2022 1 Jan.-31 Mar. 2021 Change 1 Jan.-31 Dec. 2021 
Turnover 11.2 0.1 8,014.6% 28.0 
Operational EBITDA1.9 -1.2 250.6% 2.0 
EBIT 1.1 -2.1 150.1% -1.9 
EBIT, % 9.4% -1,517.4% 100.6% -6.6% 
Material margin, % 76.3% -128.0%  73.4% 
Personnel expenses, % 42.5% 945.0%  43.7% 


The COVID-19 pandemic has had a significant impact on the Group’s business since March 2020. The restrictions imposed on the restaurant industry by governments in order to mitigate the pandemic and the impacts of the pandemic on customer demand have had a highly negative effect on NoHo Partners’ business operations and financial results. The company has taken determined action to reduce the pandemic’s impacts, uncertainties and risks and to secure the Group’s financial position and sufficient financing.

In Finland, strict restaurant restrictions were in force in January. Alcohol service ended at 5 p.m. and the opening hours of restaurants primarily serving alcohol at 6 p.m. Restaurants were allowed to be open until 8 p.m. for those who had a COVID-19 passport. As of 12 January 2022, all restaurants in the country had to be closed at 6 p.m. with alcohol service ending at 5 p.m. After the beginning of February, alcohol service hours of restaurants were extended until 8 p.m. and opening hours until 9 p.m. while the restrictions of the restaurants primary serving alcohol remained unchanged. The restrictions continued until 14 February 2022, after which alcohol service ended at 11 p.m. and opening hours ended at midnight for all restaurants. At the same time, restrictions on assembly were lifted. The restaurant restrictions were lifted completely on 1 March 2022.

In Denmark, restaurants had to close at 11 p.m., with alcohol service ending at 10 p.m. in January. Customer capacity was restricted to half of normal and the nightclubs were closed. All restaurant restrictions were lifted as of 1 February 2022.

In Norway, the ban on the sale of alcohol lasted one month and ended on 14 January 2022, after which all restaurants were allowed to serve alcohol until 11 p.m. and stay open until midnight. The customer capacity was limited to 50 per cent and only table service was allowed. The restaurant restrictions, with the exception of the prohibition on dancing and of the one-metre safe distance, were lifted in Norway on 1 February 2022. The remaining restrictions were lifted on 12 February 2022.

A report on the impacts of the pandemic and changes in restaurant restrictions for the comparison period 2021 is presented in the section Accounting principles, Note 1 of the Financial statements release 2021.

Government assistance during the state of emergency

The company did not receive government grants from the Finnish state during the review period. On 7 April 2022, the Finnish Government proposed to extend the uncovered fixed expense support under the Act on Support for Business Costs. The aid is intended primarily for medium-sized and large enterprises for the period from December 2021 to February 2022, during which business activities were restricted or completely blocked by government orders. The proposal is currently debated in committees. Possible support may have a positive one-off effect on the company’s second quarter results.

The support received from the Danish state in January–March 2022 amounted to approximately MEUR 0.7 and the support received from the Norwegian state amounted to MEUR 1.3. The financial support received by the Group totalled approximately MEUR 2.1.

A more detailed account of government assistance and the distribution thereof is presented in Note 4 Government grants in the interim report.


The Group’s operating net cash flow in January–March 2022 was MEUR 8.7 (MEUR 0.3). There was no significant change in working capital when comparing the situation between the beginning and the end of the review period, although an exceptionally large change occurred when restaurants reopened during the review period.

The investment net cash flow in January–March 2022 was MEUR 1.8 (MEUR -0.2) including MEUR 4.2 of positive cash flow from the sale of Eezy Plc’s shares, which were classified as held for sale. The investment net cash flow included the opening of two new Friends & Brgrs restaurants and the acquisition of the restaurant Origo in Hanko, Finland. Financial cash flow amounted to MEUR -14.8 (MEUR -0.3), including MEUR 2.0 in amortisation of financial institution loans under the amortisation programme that started in February and a prepaid amortisation of MEUR 4.0.

The Group’s interest-bearing net liabilities, excluding the impact of IFRS 16 liabilities, continued to decline to MEUR 148.7 and, when adjusted by the market value of Eezy’s holding at the end of the review period, to less than MEUR 120. IFRS 16 liabilities totalled MEUR 170.3. The Group’s gearing ratio excluding the impact of IFRS 16 liabilities was 208.0%. Adjusted net finance costs in January–March were MEUR 3.4 (MEUR 3.0), of which the share of IFRS 16 interest expenses was MEUR 1.8 (MEUR 1.4).


A briefing for the media, analysts and investors will be organised today, Tuesday 10 May 2022 at 10:00 a.m. at Vanha Ylioppilastalo, Helsinki. In the briefing, NoHo Partners CEO Aku Vikström and CFO Jarno Vilponen will review NoHo Partners Plc's Q1/2022 financial performance, key events, the current state of business and the outlook.

The briefing is available as a live webcast at https://noho.videosync.fi/2022-q1-tulos. The briefing will be held in Finnish. The presentation materials and a recording of the briefing will be available on the company’s website later today.

NoHo Partners’ full Interim Report for January–March 2022 is attached to this release as a PDF file. The Interim Report is also available at www.noho.fi.

Tampere, 10 May 2022


Board of Directors

ATTACHMENT: NoHo Partners Plc Interim Report Q1/2022

More information available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 235 7817
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655

NoHo Partners Plc
Hatanpään valtatie 1 B
FI-33100 Tampere


NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and which became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs, Campingen and Cock’s & Cows. Depending on the season, the Group employs approximately 2,100 people converted into full-time employees. The Group aims to achieve turnover of MEUR 400 by the end of 2024. The company’s vision is to be the leading restaurant company in Northern Europe.