Restamax Plc
STOCK EXCHANGE RELEASE 20 DECEMBER 2013, 08.00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, SOUTH AFRICA, HONG KONG, JAPAN, CANADA OR SINGAPORE OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
PROFIT WARNING: RESTAMAX LOWERS ITS PROFIT GUIDANCE FOR ITS 2013 TURNOVER AND EBITDA
Restamax Oyj is lowering its profit guidance for the 2013 turnover and EBITDA. The general financial situation has been weaker than anticipated and this has had an impact particularly on the company's December sales. For this reason, the company estimates that this December will be weaker than that of last year. The company previously estimated that its 2013 turnover would grow by approximately 10 percent in comparison to that of last year (2012 MEUR 60.8), but due to December sales being lower than expected, the company now forecasts that the 2013 turnover will grow by 5-8 percent in comparison to 2012. The company previously estimated that its 2013 EBITDA would stay on a par with that of 2012 (2012 MEUR 9.9). Due to December's sales being weaker than expected and because of the losses accumulated by the theatre restaurant business, which were previously reported by the company, the company now expects that the 2013 EBITDA will fall 6-10 percent below the original estimate. The EBITDA still continues to be at an excellent level and is clearly above the restaurant business average.
Previous profit guidance for 2013 (11 November 2013):
The 2013 turnover is estimated to grow by approximately 10 percent in comparison to last year (2012 turnover: MEUR 60.8). The 2013 EBITDA is expected to stay on a par with last year (2012 EBITDA: MEUR 9.9).
Updated profit guidance for 2013:
The 2013 turnover is expected to grow by approximately 5-8 percent in comparison to that of last year (2012 turnover: MEUR 60.8). The 2013 EBITDA is expected to be approximately 6-10 percent lower than that of last year (2012 EBITDA: MEUR 9.9).
For additional information, please contact:
Markku Virtanen, CEO, tel. +358-400 836 477
Jarno Suominen, CFO, tel. +358-40 721 5655
Distribution:
NASDAQ OMX Helsinki
Major media
www.restamax.fi
Restamax Plc is a Finnish restaurant group established in 1996. The company has grown rapidly throughout its operating history. The group operates circa 60 restaurants, bars and night clubs across Finland. The company's well-known restaurant concepts include 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 Plc has circa 700 employees and the turnover for 2012 amounted to approximately EUR 60 million and EBITDA to approximately EUR 10 million. www.restamax.fi.
NOTICE
This release is not a prospectus, and thus, is not an offer for securities. No offer is being made in jurisdictions in which either the offer or the participation in it would be prohibited our would require the drafting of a prospectus, registration or other measures in addition to measures in accordance with Finnish legislation. Investors must make their investment decisions concerning subscription for shares based only on the information presented in the Listing Prospectus for the shares approved by the Finnish Financial Supervisory Authority. This release is not an offer to sell securities in the United States of America nor in any country of the European Economic Area.
Shares cannot be offered or sold in the United States without registration in accordance with the US Securities Act of 1933 (as amended) or in reliance on an exemption from the registration requirements of the US Securities Act of 1933. Restamax has not registered, and does not intend to register, any part of a possible offer in the United States, nor does it intend to offer securities to the public in the United States.
The Company's shares are not, and will not be, registered in accordance with the securities market legislation of Australia, Canada, Hong Kong, South Africa, Singapore or Japan, nor will the Company's shares be offered or sold to or on behalf of residents or citizens of Australia, Hong Kong, South Africa, Singapore, Canada or Japan other than in special cases in accordance with the provisions and orders of the authorities of the jurisdictions in question in force from time to time.
The Company is offering Shares to certain experienced investors in the European Economic Area for subscription under certain preconditions. To date, no actions that would require the publication of a prospectus for the offering of the Shares have been taken in any European Economic Area country other than Finland. Shares can be offered in Member States only in the situations that do not require the publication of a prospectus as provided for in Directive 2003/71/EC (as amended, including Directive 2010/73/EU).
This release may include forward-looking statements. These forward-looking statements include factors that are not historical facts, statements on, among other things, Restamax's results, financial position, solvency, opportunities, growth, strategies and Restamax's intentions, beliefs and current expectations concerning its industry. By nature, forward-looking statements involve risks and uncertainties, because they relate to events or are due to circumstances that may or may not occur in the future and, thus, express only the circumstances at the time they are given. Restamax gives notice that forward-looking statements are no assurance of future performance, and that its actual results, financial position and solvency as well as the development of its industry could significantly differ from what has been stated or proposed in the forward-looking statements herein. In addition, even if Restamax's results, financial position and solvency as well as the development of its industry correspond to the forward-looking statements herein, such results or development are no indication of future results or developments. Restamax does not undertake to verify expectations or estimates or to publish corrections to forward-looking statements reflecting events or circumstances subsequent to the publication of this release.