NOHO PARTNERS PLC HALF-YEAR REPORT 1 JANUARY–30 JUNE 2021: Demand recovered quickly as restrictions were eased and operating cash flow turned positive

NoHo Partners Plc

HALF-YEAR REPORT 10 August 2021 at 8:15 a.m.

NOHO PARTNERSPLC HALF-YEAR REPORT 1 JANUARY–30 JUNE 2021

Demand recovered quickly as restrictions were eased and operating cash flow turned positive

NoHo Partners’ business was subject to strict restrictions in the second quarter of 2021. At the beginning of the quarter, restaurant operations in all the company's operating countries were subject to closures. As the restrictions were eased in the run-up to summer, demand recovered quickly and operating cash flow turned positive by a clear margin in June. The improved efficiency of operations that has come about as a result from the COVID-19 pandemic, along with determined adaptation measures and permanent cost savings, were reflected in improved relative profitability.

During the second quarter, the company's net debt excluding the IFRS 16 standard effect started to decline and stood at less than MEUR 160 at the end of July. Turnover in July was nearly on a par with the pre-pandemic levels of July 2019, with relative profitability being clearly better than in reference periods 2019 and 2020. In June, NoHo Partners published its financial targets for the strategy period 2022–2024. The company aims to achieve a turnover of approximately MEUR 400 and an EBIT margin of approximately 10% by the end of 2024.

APRIL–JUNE 2021 IN BRIEF

• Turnover increased by 81.1% to MEUR 34.5 (MEUR 19.0).
• EBIT increased by 78.6% to MEUR -1.8 (MEUR -8.4).
• The EBIT percentage was -5.2% (-44.3%), an increase of 88.2%.
• The result for the financial period was MEUR -4.3 (MEUR -9.2), an increase of 53.6%.
• Earnings per share were EUR -0.18 (EUR -0.46), an increase of 60.4%.
• Operating cash flow increased by 465.7% to MEUR 0.7 (MEUR -0.2).
• Unless otherwise stated, figures in parentheses refer to the corresponding period last year.

JANUARY–JUNE 2021 IN BRIEF

• Turnover declined by 20.9% to MEUR 54.7 (MEUR 69.1).
• EBIT increased by 23.3% to MEUR -11.5 (MEUR -15.0).
• The EBIT percentage was -21.1% (-21.8%), an increase of 2.9%.
• The result for the financial period was MEUR -15.0 (MEUR -18.0), an increase of 16.7%.
• Earnings per share were EUR -0.67 (EUR -0.91), an increase of 26.0%.
• Operating cash flow fell by 73.0% to MEUR -6.0 (MEUR -3.5).
• The gearing ratio excluding the impact of IFRS 16 liabilities was 231.3%. Interest-bearing net liabilities excluding the impact of IFRS 16 amounted to MEUR 163.7. IFRS 16 liabilities totalled MEUR 157.4. The gearing ratio including the impact of IFRS 16 was 487.1%.
• Government grants for January–June 2021 were approx. MEUR 8.5: Finland approx. MEUR 3.8, Denmark approx. MEUR 2.3 and Norway approx. MEUR 2.4.

SIGNIFICANT EVENTS IN THE REVIEW PERIOD

• The closure of restaurants in Finland continued until 18 April 2021. Thereafter, restaurants were allowed to open subject to strict restrictions, with alcohol service being required to end at 5 p.m. in the regions where the pandemic was in the acceleration or community transmission phase.
• The national prohibition of alcohol service at restaurants in Norway was cancelled on a regional basis on 16 April 2021 and in Oslo on 25 May 2021.
• In Denmark, the restaurant closure ended on 21 April 2021, with restaurants being allowed to open thereafter, subject to restrictions. Starting from 1 June 2021, the opening hours of restaurants serving food and bars were extended until midnight in Denmark.
• On 11 June 2021, the Group published its updated strategy and long-term financial targets for the strategy period 2022–2024.
• Restaurant restrictions in Finland were eased on 24 June 2021, when the restrictions on alcohol service hours and opening hours were removed for areas in the baseline phase. Only Uusimaa remained in the acceleration phase, where the alcohol service hours of restaurants were extended until midnight and opening hours until 01:00.

SIGNIFICANT EVENTS AFTER THE REVIEW PERIOD

• National restaurant restrictions were removed at the end of June in Norway. Starting from the beginning of July, restaurants serving food and bars can stay open until 03:00 in Oslo, for example, which is the company’s main market in Norway.
• Starting from 15 July 2021, the opening hours of restaurants serving food and bars were extended until 02:00 in Denmark.
• Restaurant restrictions in Finland were tightened again in July, when several regions were classified as being in the acceleration phase. Uusimaa, Pirkanmaa and Southwest Finland were classified as being in the acceleration phase at the beginning of August.

SUMMARY

The sudden market changes caused by the COVID-19 pandemic and the strict closure and restriction measures concerning the restaurant industry had a significant impact on the Group’s result in January–June 2021.

The restaurant closure imposed by the Finnish government on 8 March 2021 continued until 18 April 2021, after which time restaurants could reopen subject to very tight restrictions. In Denmark, restaurants reopened in late April, subject to restrictions, after the closure that began in late 2020. The national alcohol ban that entered into force in Norway at the end of 2020 was lifted in Oslo, among other places, at the end of May. As restrictions were eased, demand was strong in each of the Group’s operating countries, which is a promising signal of the industry’s quick recovery much like in summer 2020.

The Group’s turnover in January–June 2021 was MEUR 54.7, which represents 79 per cent of the corresponding period in 2020 and 45 per cent of the corresponding period in 2019, the year preceding the COVID-19 pandemic. The Group’s turnover in April–June 2021 was MEUR 34.5, which represents 181 per cent of the corresponding period in 2020 and 51 per cent of the corresponding period in 2019. The Group estimates that it lost approximately MEUR 80 in turnover due to the pandemic in January–June 2021.

Operating cash flow was MEUR 6.0 in the negative in January–June 2021. Through the improved efficiency of operations and permanent cost savings, Group minimised the negative impact that the closures, subsequent tight restrictions and the shutdown and ramp-up of operations had on its business in the period under review. Operating cash flow turned positive by a clear margin in June, amounting to MEUR 5.2, including MEUR 2.8 in support from the Finnish state. Operating cash flow was MEUR 0.7 in April–June. The Group’s operating loss amounted to approximately MEUR 11.5 in January–June 2021 and approximately MEUR 1.8 in April–June 2021.

The Group recognised approximately MEUR 8.5 in financial support from the Finnish, Danish and Norwegian governments for the period 1 January–30 June 2021 and MEUR 4.5 for the period 1 April–30 June 2021. Reductions in rent totalled approximately MEUR 1.6 in January–June 2021.

Turnover in July 2021 was more than MEUR 25, which is an increase of roughly 25 per cent compared to the corresponding period in 2020 and represents approximately 95 per cent of the turnover in the corresponding period in 2019. Operating cash flow in July 2021 amounted to approximately MEUR 4.5.

Based on the current estimate of the development of the business environment, turnover in August 2021 is expected to be MEUR 15–18 and operating cash flow is expected to be approximately MEUR 0.5–1.5.

Turnover in September 2021 is expected to be MEUR 14–16 and operating cash flow is expected to be MEUR 0.0–1.0.

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.

REVIEW BY THE CEO AKU VIKSTRÖM

Our turnover in the second quarter amounted to MEUR 34.5, which is approximately 50 per cent of the turnover for the corresponding period before the pandemic, in 2019. We managed to bring our operating cash flow back to positive territory at MEUR 0.7 in spite of the restricted business environment in April–May. The review period was characterised by development in two different directions. Due to strict restaurant restrictions, turnover for April–May was below MEUR 16 and cash flow was MEUR 4.5 in the negative. However, the performance of our personnel and restaurant units is better described by our figures for June, with turnover of nearly MEUR 19 and positive cash flow of MEUR 5.2, which included financial support of MEUR 2.8 from the Finnish state.

The rapid recovery of the market is evidenced by the same trend continuing after the review period, in July, as restaurant restrictions were eased and the sunny weather boosted restaurant sales from outdoor terraces in particular. Our turnover for the month of July exceeded MEUR 25 and was nearly on a par with July 2019. In June–July, we also saw positive signs concerning our trimmed restaurant portfolio and our organisation’s profit performance. In July, our operating cash flow in a restricted business environment was approximately MEUR 4.5, representing nearly 18 per cent of turnover. Relative profitability was substantially higher than in the corresponding periods in 2019 and 2020. This strengthens our faith in the new strategic period, during which we seek clear improvement in profitability and an EBIT margin of approximately 10%.

After the turn of the month from June to July, we finally got to the point where our net debt has begun to decline. At the end of July, our net debt stood at less than MEUR 160. If our shareholding in Eezy – which has a market value of approximately MEUR 40 and is classified as an asset held for sale – were eliminated from this debt, the adjusted interest-bearing liabilities on our balance sheet would amount to roughly MEUR 120. With the declining debt position and our targeted operating cash flow of approximately MEUR 40 for next year, we are on a strong path towards the goal we have set for the strategy period 2022–2024, which is net debt of less than three times our operating cash flow.

After a successful summer season, we again face new challenges. In the short term, we need to navigate the last difficult conditions arising from increased COVID-19 infections and restaurant restrictions until the autumn, when the vaccination coverage in Finland will finally make it possible to return to normal. If restaurant restrictions and the consumer environment were to remain approximately at the current level, we estimate that our turnover in August and September will exceed MEUR 14, which would keep our operating cash flow positive. There is still significant uncertainty in our operating environment, particularly due to the unpredictability of the decisions made by the national authorities and their short implementation periods. In the longer term, after the COVID-19 pandemic, our biggest challenge is to find, grow and engage the commitment of a sufficient number of competent personnel to support our growth. Our personnel have been put to the test by the continued uncertainty as well as the high demand experienced during the summer. According to our vision, we want to be the leading restaurant company in Northern Europe, so we need to lead the way, especially in this area.

Aku Vikström, CEO

FUTURE OUTLOOK

The market

Demand recovered quickly in the summer as restaurant restrictions were eased. Nevertheless, the first half of the year was very difficult for the restaurant industry and the drastic adjustment of costs has continued. As long as the fourth wave of the pandemic and the related restrictions continue, the situation will not improve significantly. Demand in the summer has been strong as restrictions have been eased, but the company’s future profit performance depends significantly on the development of the COVID-19 situation, the restrictions imposed by the authorities and vaccination coverage.

Profit guidance

At this time, the company will not issue a turnover and profitability forecast for 2021 due to the uncertain market situation. The financial impact of the pandemic on the Group’s business and outlook cannot be fully determined at present.

The profit guidance for 2021 will be updated when visibility is improved and the overall impact of the COVID-19 pandemic on the operating environment and the Group’s business can be assessed more accurately. Restrictions on business activities, potential changes to the restrictions and their effect on customer demand, vaccination coverage as well as the global economic uncertainty will have a significant impact on the Group’s turnover and financial result for the remainder of 2021.

The company will also provide monthly reports on the development of its business during these exceptional circumstances.

Financial targets

The Group’s long-term financial targets for the strategy period 2022–2024 were published on 11 June 2021.

The Group aims to achieve a turnover of approximately MEUR 400 and an EBIT margin of approximately 10 per cent during 2024. At the same time, the aim of the company is for the ratio of net debt to operating cash flow, adjusted for IFRS 16 lease liability, to be under 3. The objective of the company is to pay dividends during the strategy period.

The management estimates that the turnover of NoHo Partners Group in 2022 will be approximately MEUR 280 with the current units and approximately MEUR 400 as a whole in 2024. It is estimated that approximately MEUR 50 of the expected growth of approximately MEUR 120 will come from Norway, approximately MEUR 30 from the scaling of Friends & Brgrs business operations, approximately MEUR 30 from large and profitable urban projects and approximately MEUR 10 from the Group’s other businesses.

KEY FIGURES
NoHo Partners Group, total
(EUR 1,000)	1 Apr.–30 Jun. 2021	1 Apr.–30 Jun. 2020	1 Jan.–30 Jun. 2021	1 Jan.–30 Jun. 2020	1 Jan.–31 Dec. 2020
KEY FIGURES, ENTIRE GROUP
Turnover	34,492	19,043	54,651	69,132	156,771
EBIT	-1,809	-8,441	-11,538	-15,037	-23,880
EBIT, %	-5.2%	-44.3%	-21.1%	-21.8%	-15.2%
Result of the financial period	-4,259	-9,178	-15,012	-18,030	-29,469
Earnings per share (EUR) for the review period attributable to the owners of the Company	-0.18	-0.46	-0.67	-0.91	-1.44
Operating cash flow, EUR	696	-190	-6,011	-3,474	-5,124
Interest-bearing net liabilities excluding IFRS 16 impact, EUR			163,683	149,539	163,431
Gearing ratio excluding IFRS 16 impact, %			231.3%	158.5%	192.0%
Interest-bearing net liabilities, EUR			321,120	304,171	316,621
Gearing ratio, %			487.1%	326.3%	391.0%
Equity ratio, %			14.6%	19.9%	18.1%
Return on investment, % (p.a.)			-5.6%	-7.4%	-5.9%
Adjusted net finance costs*, EUR	3,301	2,636	6,334	4,435	10,197
Material margin, %	74.0%	74.1%	72.8%	72.3%	72.0%
Personnel expenses, %	37.0%	44.0%	41.2%	40.8%	38.0%

* The changed calculation formula can be found at the Half-year Report "Calculation formulas for key figures" section.

TURNOVER IN THE BUSINESS AREAS OF THE RESTAURANT BUSINESS
	1 Apr.–30 Jun. 2021	1 Apr.–30 Jun. 2020	1 Jan.–30 Jun. 2021	1 Jan.–30 Jun. 2020	1 Jan.–31 Dec. 2020
Restaurants
Turnover (MEUR)	12.3	5.2	21.0	24.3	58.0
Percentage of the total turnover	35.7%	27.4%	38.5%	35.1%	37.0%
Change in turnover	136.3%	-	4.9%	-	-
Units, number	81	79	81	79	77
Turnover/unit (MEUR)	0.15	0.07	0.26	0.31	0.75
Entertainment venues
Turnover (MEUR)	8.6	4.5	11.7	19.1	43.9
Percentage of the total turnover	25.0%	23.5%	21.4%	27.7%	28.0%
Change in turnover	92.3%	-	-38.8%	-	-
Units, number	61	61	61	61	67
Turnover/unit (MEUR)	0.14	0.07	0.19	0.31	0.66
Fast casual restaurants
Turnover (MEUR)	8.9	5.9	17.1	12.4	31.2
Percentage of the total turnover	25.9%	31.2%	31.4%	18.0%	19.9%
Change in turnover	50.3%	-	73.3%	-	-
Units, number	48	53	48	53	53
Turnover/unit (MEUR)	0.14	0.11	0.36	0.23	0.59
International restaurants
Turnover (MEUR)	4.6	3.4	4.8	13.3	23.6
Percentage of the total turnover	13.4%	17.9%	8.7%	19.2%	15.1%
Change in turnover	35.7%	-	-32.4%	-	-
Units, number	39	40	39	40	40
Turnover/unit (MEUR)	0.25	0.08	0.12	0.33	0.59

CASH FLOW, INVESTMENTS AND FINANCING

The Group’s operating net cash flow in January–June 2021 was MEUR 12.8 (MEUR 5.7).

Growth investments made during the second quarter of 2021 included the opening of a Friends & Brgrs restaurant in Hyvinkää, the opening of Helsinki Bryggeri Brewhouse, the opening of Rooftop Miami at the Stockmann department store in Helsinki, the opening of the restaurant Shinobi in Helsinki and the opening of the restaurant The Bank in Kotka.

The Group’s gearing ratio excluding the impact of IFRS 16 liabilities was 231.3%. Interest-bearing net liabilities excluding the impact of IFRS 16 amounted to MEUR 163.7. IFRS 16 liabilities totalled MEUR 157.4. The Group’s interest-bearing net liabilities (including IFRS 16 liabilities) at the end of June 2021 were MEUR 321.1 (MEUR 304.2). Adjusted net finance costs in January–June 2021 were MEUR 6.3 (MEUR 4.4). The equity ratio was 14.6% (19.9%) and the gearing ratio was 487.1% (326.3%).

THE IMPACT OF THE COVID-19 PANDEMIC ON THE GROUP’S BUSINESS

The COVID-19 pandemic has had a significant impact on the Group’s business since March 2020. The spread of the pandemic, the restrictions imposed by the Finnish Government on the restaurant industry to mitigate it and the impacts of the pandemic on customer demand have had a highly negative effect on NoHo Partners’ business operations and financial results. As the ultimate duration and overall impacts of the pandemic are difficult to predict, its effects on NoHo Partners’ future turnover, result, cash flow and financial position may deviate from the current estimates and assumptions of the management. The Group has continued to take determined action to reduce the pandemic’s impacts, uncertainties and risks and to secure the Group’s financial position and sufficient financing.

In January–June 2021, the Group operated in a strictly restricted or closed business environment in all of its operating countries.

In Finland, restrictions on restaurants were in effect at the beginning of 2021, with stricter restrictions having been introduced in November 2020 due to the deterioration of the pandemic. Alcohol service was ordered to end at midnight nationwide and restaurants could stay open until 01:00. In the regions where the pandemic was in the acceleration phase, alcohol service was permitted until 22:00 and restaurants that primarily serve alcohol could stay open until 23:00. In nightclubs, bars and pubs, the customer capacity was restricted to half of the normal capacity. In restaurants that primarily serve food, the permitted customer capacity was 75 per cent and they could stay open until midnight. In regions where the pandemic was in the community transmission phase, restaurants that primarily serve food had to close by 23:00. With a legislative proposal approved by the Parliament on 26 February 2021, the validity of the restrictions on restaurant operations was extended until the end of June 2021.

In February 2021, the Group completed negotiations on a financing agreement with its financing providers, securing the Group’s financial position for the coming years and facilitating measures to be taken in the rebuilding phase.

In March, following the acceleration of the pandemic situation, the Finnish Government ordered the closure of restaurants on 8 March 2021 in regions where the pandemic was in the acceleration or community transmission phase. From that date onwards, only takeaway sales were allowed. The Group immediately entered into new negotiations under the Act on Co-operation within Undertakings in order to adapt its operations to the tighter restrictions. The co-operation negotiations concerned all of the Group’s employees, totalling approximately 1,250 employees in Finland. The restrictions on restaurants also indirectly affected the approximately 2,000 people working for the Group as leased staff.

The three-week closure was extended until 18 April 2021, and restaurants could subsequently be opened on 19 April 2021 subject to strict restrictions on opening hours, alcohol service and customer capacity. In regions where the pandemic was in the acceleration or community transmission phase, restaurants serving alcohol were allowed to stay open until 18:00 and restaurants that serve food were allowed to stay open until 19:00, with alcohol service ending at 17:00. Areas in the baseline phase of the pandemic returned to restricting alcohol service to 22:00. The Finnish Parliament approved the proposal issued by the Finnish Government on 30 April 2021 on the temporary amendment of the Communicable Diseases Act to extend the validity of the temporary regulations until 31 December 2021.

In May, restrictions were gradually eased regionally and, starting from 13 May 2021, almost throughout the country, whereupon alcohol service in areas in the baseline phase was extended until midnight and opening hours until 01:00, while in areas in the acceleration phase, alcohol service was extended until 22:00 and opening hours until 23:00. In areas in the community transmission phase, restaurants serving alcohol were allowed to serve alcohol until 18:00 and stay open until 19:00, while other restaurants were ordered to stop serving alcohol at 19:00 and close at 20:00. Restaurant restrictions were eased on 24 June 2021, when the restrictions on the number of customers, alcohol service hours and opening hours were removed for areas in the baseline phase. Only Uusimaa remained in the acceleration phase, where the alcohol service hours of restaurants were extended until midnight and opening hours until 01:00. Restaurant restrictions were tightened again in late July, when several regions were classified as being in the acceleration phase. Uusimaa, Pirkanmaa and Southwest Finland were classified as being in the acceleration phase at the beginning of August.

In the first half of 2021, the Group recognised business cost support from the Finnish state in the amount of MEUR 1.0 based on costs that arose during the period 1 November 2020–28 February 2021 and MEUR 2.8 in large companies’ closure compensation and compensation for uncovered fixed expenses for March–May 2021.

In Denmark, due to the acceleration of the COVID-19 pandemic, restaurants were closed across the country on 9 December 2020, with only take-away sales allowed. In response to the improved pandemic situation, Denmark allowed restaurants to reopen, subject to restrictions, starting from 21 April 2021, with alcohol service ending at 22:00 and doors closing at 23:00. Customer capacity was restricted to about half of full capacity, and a COVID-19 passport and table reservation were required for entry. Starting from 1 June 2021, the opening hours of restaurants serving food and bars were extended until midnight and, starting from 15 July 2021, until 02:00. Entry into restaurants is subject to having a COVID-19 passport, which is a certificate of having received first dose of a vaccine, having had COVID-19 during the past 12 months or a negative COVID-19 test taken within the past 72 hours. Safe distances of 1.5 metres must also be ensured. Nightclubs remain closed.

In Denmark, the state has supported companies in the restaurant industry during the crisis by covering 80 per cent of their fixed expenses, relative to the decline in turnover. In addition to fixed expenses, the Danish state also covered 80 per cent of wage expenses from March until the end of June 2021. The state also paid employees’ wages for the first seven days starting from the reopening of restaurants on 21 April 2021. Starting from the beginning of July 2021, a cost support model entered into force, whereby fixed cost support was extended for restaurants whose turnover is less than 40 per cent of their turnover in the corresponding period in 2019.

In Norway, a ban on alcohol sales in restaurants was introduced on 9 November 2020, after which restaurants have not been allowed to serve alcohol at all. The Group’s restaurants in Norway are primarily restaurants that serve alcohol, and they were closed. The restriction on serving alcohol was cancelled regionally in the third week of January 2021. However, in Oslo, for example, the ban on serving alcohol continued until 2 March 2021, when restaurants in Oslo were ordered to close entirely. The prohibition of alcohol service in Norway was reinstated nationally effective from 26 March 2021. It was subsequently cancelled on a regional basis on 16 April 2021. From that date onwards, restaurants in certain municipalities were allowed to stay open until 22:30, with alcohol service ending at 22:00. In Oslo, the prohibition of alcohol service continued until 25 May 2021, when restaurants serving food were allowed to reopen. Entertainment restaurants were allowed to reopen on 26 May 2021. In Oslo and in Trondheim, for example, alcohol service was allowed until 22:00. In most other municipalities, alcohol service was allowed until midnight. The national restrictions were lifted at the end of June. Since then, the restrictions have been city-specific and municipality-specific. In Oslo, for example, restaurants serving food and bars can stay open until 03:00, but additional customers cannot be allowed in after midnight. In indoor areas of restaurants, customers must have a seat, table service is required and safe distances of 1.5 metres must be ensured. Nightclubs remain closed.

The Norwegian state’s turnover-based compensation for fixed costs was 80 per cent in April–June 2021. The compensation policy will remain in effect until October 2021, provided that restrictions are still in place. The Norwegian state also supported employment by paying 50 per cent of the wages of re-employed personnel until the end of June 2021. Companies in Norway also receive additional support by municipalities and arts councils while the restrictions remain in place.

Government assistance during the state of emergency

In January–June 2021, the Group received support amounting to approximately MEUR 3.8 from the Finnish state, approximately MEUR 2.3 from the Danish state and approximately MEUR 2.4 from the Norwegian state. The Group’s subsidies from the Finnish, Danish and Norwegian states for the period of 1 January–30 June 2021 totalled approximately EUR 8.5 million.

A more detailed account of government assistance and the distribution thereof is presented in Note 3 Government grants in the Half-year report.

BRIEFING FOR THE MEDIA, ANALYSTS AND INVESTORS AT 10:00 A.M.

A briefing for the media, analysts and investors will be organised today, Tuesday 10 August 2021 at 10:00 a.m. at restaurant Nokka, Kanavaranta 7 F, 00160 Helsinki. In the briefing, NoHo Partners CEO Aku Vikström will review NoHo Partners Plc's Q2/2021 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/2021-q2-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 Half-year Report for January–June 2021 is attached to this release as a PDF file. The Half-year Report is also available at www.noho.fi.

Tampere, 10 August 2021

NOHO PARTNERS PLC

Board of Directors

ATTACHMENT: NoHo Partners Plc Half-year Report Q2/2021

More information available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. [phone]
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. [phone]

NoHo Partners Plc
Hatanpään valtatie 1 B
FI-33100 Tampere

www.noho.fi

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 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 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 approximately MEUR 400 by the end of 2024. The company’s vision is to be the leading restaurant company in Northern Europe.

Attachment

• NoHo_Partners_Plc_Half-year_Report_Q2_2021

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