NoHo Partners’ turnover for November was approximately MEUR 10 and operating cash flow was approximately MEUR -2

NoHo Partners Plc

STOCK EXCHANGE RELEASE 9 December 2020 at 9:30 a.m.

NoHo Partners’ turnover for November was approximately MEUR 10 and operating cash flow was approximately MEUR -2

NoHo Partners’ turnover for November 2020 was approximately MEUR 10, which is roughly 37 per cent of the turnover in the corresponding period last year. The turnover of the Finnish restaurant business was approximately 43 per cent and the turnover of the international business was approximately 18 per cent of the turnover in the corresponding period last year. The company’s operating cash flow in November was approximately MEUR -2.

Due to the rapid acceleration of the pandemic situation, the tightening of restrictions in all of the company’s market areas, such as increased restrictions in the Finnish regions and the ban on serving alcohol in restaurants in Norway, as well as the changed consumer behaviour, the company’s turnover was less than 40 per cent of the level reported in November last year.

NoHo Partners CEO Aku Vikström:

“Our personnel has worked hard for the cost flexibility and savings which have helped us significantly limit the negative impacts of the exceptional circumstances on our operating cash flow. In addition to cost control, our personnel has done a great job in maintaining customer safety in restaurants. No rise in the level of turnover is expected in December when considering the development of the epidemic in major cities in Finland and the lockdown of restaurants entering into force in Denmark today which will last until 3 January 2021. We believe that the losses in December can be reduced compared to the November figures with additional savings, lease agreement negotiations and operations management while the operating cash flow of the business, however, will remain negative. We believe that the market will start recovering after the launch of the vaccine distribution during the first half of 2021. Our liquidity is secured and our financing negotiations on the launch of the rebuilding are progressing on schedule.”

The company will report the business development in December and in the entire financial period 2020 in connection with the publication of the financial statements release for 2020 on 18 February 2021.

More information available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 011 1989
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655

Distribution:
Nasdaq Helsinki
Major media
www.noho.fi/en

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, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs and Cock’s & Cows. In 2019, NoHo Partners Plc’s turnover was MEUR 272.8 and EBIT MEUR 30.6. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.

NoHo Partners corporate website: www.noho.fi/en
NoHo Partners consumer website: www.ravintola.fi/en