RESTAMAX OYJ INTERIM REPORT 1 November 2013
RESTAMAX OYJ INTERIM REPORT BETWEEN 1 JANUARY AND 30 SEPTEMBER 2013
Turnover grew 11.9 per cent in January-September 2013
Turnover and income
The income of the group's third quarter of 2013
Restamax's turnover for the third quarter was MEUR 16.7 (MEUR 16.5), which is slightly more than last year. The operating margin was MEUR 2.9 (MEUR 3.3). The group's profit was MEUR 1.6 (MEUR 2.2).
The group's income for January-September 2013
Restamax's turnover for the period of nine months was MEUR 47.1 (MEUR 42.1), an increase of 11.9 per cent over last year. The operating margin was MEUR 5.8 (MEUR 6.3). The group's profit was MEUR 2.0 (MEUR 3.3).
The growth is mostly explained by the restaurant investments made at the end of 2012, and also demand was good over the past summer. The company's growth rate has been somewhat slower than during the previous years, as during this review period the company has focused on a stock listing project, and have therefore not completed any significant new investments.
Operating margin decreased slightly from the same period last year. One of the factors explaining the decrease of the operating margin is the unsuccessful theatre restaurant concept the company launched in January 2013. Without this launch, our operating margin would have been on a par with last year. In addition, profitability has been slightly affected by the investments made in preparation for the company's stock listing.
Prospects for 2013
Restamax estimated that the 2013 turnover would grow approximately 10 per cent from the previous year. The 2012 turnover was MEUR 60.8. The company estimated that the operating margin for 2013 would remain at the same level as during the previous year. The 2012 operating margin was MEUR 9.9.
| Key figures: | |||||
| (TEUR) | |||||
| Jul-Sep/13 | Jul-Sep/12 | Jan-Sep/13 | Jan-Sep/12 | Jan-Dec/12 | |
| Turnover | 16,667 | 16,488 | 47,086 | 42,094 | 60,773 |
| Operating margin | 2,931 | 3,324 | 5,807 | 6,328 | 9,939 |
| Operating margin % | 17.6% | 20.2% | 12.3% | 15.0% | 16.4% |
| Profit | 1,627 | 2,226 | 2,010 | 3,261 | 5,719 |
| Profit % | 9.8% | 13.5% | 4.3% | 7.7% | 9.4% |
| Income of the | |||||
| review period | 1,121 | 1,776 | 1,181 | 2,056 | 3,788 |
| For parent company | |||||
| shareholders | 1,040 | 1,452 | 1,009 | 1,596 | 3,076 |
| For minority | |||||
| shareholders | 82 | 323 | 172 | 460 | 712 |
| Earnings per share | |||||
| for parent company | |||||
| shareholders (EUR) | 0.10 | 0.15 | 0.09 | 0.16 | 0.31 |
| Interest-bearing | |||||
| net liabilities | 8,512 | 8,319 | 5,982 | ||
| Gearing ratio | 61.6% | 69.2% | 43.8% | ||
| Equity ratio | 42.0% | 37.1% | 38.1% | ||
| Key figures: | |||||
| Material margin % | 73.3% | 73.7% | 74.3% | ||
| Staff expenses % | 31.7% | 30.8% | 29.6% | ||
| (incl. rented workforce) | |||||
| Return on investment % | 11.0% | 18.5% | 24.2% |
Managing Director Markku Virtanen:
The nine first months of 2013 have been an extremely interesting time for Restamax. During this time, we have launched preparations that aim at taking the company to the next level. Earlier in the autumn, we announced that we were investigating different strategic options, one of them being listing on the Helsinki Stock Exchange. Restamax is a growing company, and an equity issue and listing on the stock exchange would enable us to complete our growth strategy in accordance with our plans. The final decision regarding the listing will be made during the autumn.
This year our operating environment has been very challenging, particularly at the beginning of the year. Over the last years, the Finnish restaurant business has grown approximately 3-4 per cent, in other words, slightly more than GDP, but this year the overall turnover of the restaurant business has been predicted to remain at last year's level.
Although the general financial situation in Finland continued to be unstable and costs continued to climb, their effects on the company's products and their demand were relatively small. Restamax's turnover between 1 January and 30 September 2013 was MEUR 47.1, which means it has grown 11.9 per cent in comparison to the same period last year.
Restamax was able to maintain its profitability at a good level in comparison to the average level of the field and despite the challenging general financial situation. Our operating margin during the period 1 January-30 September 2013 was MEUR 5.8, which means that the operating margin decreased slightly from the same period last year.
We predict our turnover for the entire financial period will grow approximately 10 per cent from last year. The last quarter of the year is clearly the most important, both in terms of sales and particularly from the viewpoint of making profit. In 2012, the last quarter's share of the entire year's turnover was 30.7 per cent, of the operating margin 36.3 per cent and of the total profit 43.0 per cent.
The full Restamax interim report for January-September 2013 is appended to this bulletin in PDF format. The interim report is also available on the company's website at www.restamax.fi.
RESTAMAX OYJ
Board of Directors
Markku Virtanen
Managing Director
Appendix: Restamax's interim report January-September 2013-10-30
Additional information:
Managing Director Markku Virtanen, tel. +358 400 836 477
Financial Manager Jarno Suominen, tel. +358 40 721 5655
Restamax Oyj is a Finnish restaurant business group established in 1996. The company has continued to grow steadily throughout its history. The group companies include approximately 60 restaurants, cafés, pubs and nightclubs all over Finland. Well-known restaurant concepts of the group include, among others, Ristorante Bella Roma, Gringos Locos, Viihdemaailma Ilona, Daddy's Diner and Stefan's Steakhouse. Wayne's Coffee is also a part of the company's portfolio. Restamax Oyj employs approximately 700 people, the group's turnover in 2012 was approximately MEUR 60 and its operating margin about MEUR 10.
Restamax company website: www.restamax.fi
Restamax consumer website: www.ravintola.fi
