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Restamax Plc Annual Report 2017 Restamax Plc Annual Report 2017 RESTAMAX PLC ANNUAL REPORT 2017 RESTAMAX PLC ANNUAL REPORT 2017 Images: Jukka Kaitala (Studio Skaala), Ahti Kaukoniemi, Jonathan Melartin (AfterSunset Photography), Pia Ropo, Nasdaq OMX, Teppo Kangas, Pyry Antero, Niki-Santeri Soukkio, Dorit Salutskij, Mikko Taivalkorpi, Erkka Lyytikkä (Who’s that? Photography), Bo Fledelius, Aapo Mattsson, Teppo Kangas Restamax Plc CONTENTS RESTAMAX PLC 4 | RESTAMAX IN BRIEF 8 | REVIEW BY THE CEO 10 | REVIEW BY THE CHAIRMAN OF THE BOARD OF DIRECTORS 12 | LABOUR HIRE OPERATIONS: REVIEW BY THE CEO 14 | HISTORY 16 | RESTAURANT PORTFOLIO 18 | SMILE HENKILÖSTÖPALVELUT 22 | THE GROUP’S BUSINESS OPERATIONS 24 | FINANCIAL FIGURES 30 | STRATEGY 33 | MISSION, VISION, VALUES 34 | MARKET SITUATION 36 | KEY EVENTS OF 2017 40 | EVENTS AND PROJECTS IN 2018 42 | PERSONNEL 46 | CORPORATE RESPONSIBILITY 48 | RAVINTOLA.FI 50 | RESTAMAX BOARD OF DIRECTORS 52 | RESTAMAX EXECUTIVE TEAM 54 | SMILE BOARD OF DIRECTORS 55 | SMILE EXECUTIVE TEAM 56 | CORPORATE GOVERNANCE STATEMENT 61 | REMUNERATION STATEMENT FINANCIAL STATEMENTS 67 | TABLE OF CONTENTS 68 | CONSOLIDATED FINANCIAL STATEMENTS (IFRS) 130 | FINANCIAL STATEMENTS OF THE PARENT COMPANY (FAS) Restamax Plc’s 2017 annual report has been published in printed format at the Annual General Meeting on 25 April 2018. The 2017 annual report is available on the Group’s website at www.restamax.fi. Restamax Plc’s official financial statements, annual report and auditor’s report for 2017 have been published on the Group’s website in Finnish and English. Annual Report 2017 4 RESTAMAX PLC RESTAMAX PLC IS A FINNISH The Group companies include more than 130 restau- rants, nightclubs and entertainment centres all over GROUP ESTABLISHED IN 1996, Finland. Well-known restaurant concepts of the Group SPECIALISING IN RESTAURANT include Stefan’s Steakhouse, Viihdemaailma Ilona, SERVICES AND LABOUR HIRE. THE Classic American Diner and Colorado Bar & Grill. COMPANY, WHICH WAS LISTED In 2017, Restamax Plc’s turnover was MEUR 185.9 and ON NASDAQ HELSINKI IN 2013 EBITDA MEUR 22.4. Depending on the season, the AND BECAME THE FIRST FINNISH Group employs approximately 2,250 people converted into full-time workers. Restamax’s subsidiary Smile LISTED RESTAURANT COMPANY, Henkilöstöpalvelut Oy employs approximately 9,000 HAS CONTINUED TO GROW people per month. STRONGLY THROUGHOUT Restamax company website: www.restamax.fi ITS HISTORY. Restamax consumer website: www.ravintola.fi Smile Henkilöstöpalvelut: www.smilepalvelut.fi Restamax Plc 5 RESTAMAX’S 2017 IN NUMBERS SMILE’S 2017 IN NUMBERS Annual Report 2017 6 1 2 3 A STRONGLY GROWING A STEADILY GROWING A LARGE-SCALE, FRAGMENTED FOOD AND ENTERTAINMENT MARKET, THE DEVELOPMENT MARKET ALSO OFFERS THE RESTAURANT AND LABOUR OF WHICH IS SUPPORTED CHANCE TO GROW OUR MARKET HIRE GROUP. BY SEVERAL LONG-TERM SHARE AND SUSTAIN GROWTH AT DRIVERS OF GROWTH A SIGNIFICANTLY STRONGER RATE FAVOURABLE TO RESTAMAX. THAN THE AVERAGES OF BOTH SECTORS IN FUTURE. RESTAMAX IN BRIEF Restamax Plc 7 4 5 6 THE COMPANY’S EFFICIENCY AND PRACTICALLY EXPERIENCED, PROFESSIONAL KEY OPERATING MODEL, IMPLEMENTED PROFIT RESPONSI- MANAGEMENT WITH A SHARED WHICH COMBINES BILITY GUARANTEE PROFITABILITY EXPERIENCE OF MORE THAN 100 ENTREPRENEURSHIP WITH THAT IS CLEARLY HIGHER THAN THE YEARS FROM THE RESTAURANT LARGE-SCALE ECONOMICS, SECTOR AVERAGES. BUSINESS. OFFERS A LOCAL COMPETITIVE EDGE. Annual Report 2017 8 Restamax Plc 9 REVIEW BY THE CEO A record year for growth ing our organisation and management. We will invest more strongly in the management of business units, The 2017 financial period will go down in our history as the boosting of acquisitions and the satisfaction of our a year of strong growth. In January−December 2017, the customers and staff. We will, for example, expand the turnover of our Group increased by almost 43 per cent, opportunities for training provided by Restamax Acad- EBITDA by 15.5 per cent and operating profit by almost 20 emy for our staff. Sales, marketing and market knowl- per cent in comparison with the previous financial period. edge will be given increasing value in our operations, and for this we will strengthen our Executive Team during The key figures for 2017 are rather positive. Once again 2018 with a Chief Commercial Officer (CCO). we reached our long-term strategic goals, and during 2017 we already exceeded the turnover target of MEUR Becoming a leading restaurant company in 180 that we set for 2018. Although the second and third Northern Europe quarters of 2017 with chilly and rainy summer weather were challenging, which affected our EBITDA and EBIT In March 2018, we took a significant step in Restamax’s margins, we were able to keep our key efficiency figures, history. We expanded our restaurant business to such as our staff expenses and material margin, at a Denmark. We bought over 90% of the popular Danish good level. Increased focus on and additional invest- Cock’s & Cows and The Bird concepts, which currently ment in sales, marketing and streamlining operating include a total of 11 restaurants in key locations in practices improved customer flow and increased average Copenhagen. The founders of the restaurants, Lasse purchases. Wiwe and Daniel Knuttel, will act as partners in our Danish subsidiary and continue in the operative In 2017, we served up to 7 million customers and our management of business operations. Their knowhow restaurant portfolio grew from 110 to more than 130 and market knowledge create a solid foundation for restaurants. The final quarter of the year was quite strong growth in Denmark. In addition to food restau- successful and culminated in the busiest-ever Christ- rants, we see great growth opportunities in the nightclub mas party season. In October–December, we opened and entertainment restaurant business in Denmark. more than 10 new restaurants and, despite their opening During summer 2018, both restaurant concepts will open costs, we succeeded in catching up with the results of the new units in prime locations at the Copenhagen interna- second and third quarters that were influenced by poor tional airport. summer weather. Our internationalisation will be further supported by In 2017, we strengthened our position in familiar cities the joining of forces with Royal Ravintolat that we and also expanded our market area to new cities. We reported in April 2018. At the end of 2017, the Royal duplicated our familiar and popular concepts and Ravintolat Group included 35 unique restaurants, 21 coloured up the restaurant field with completely new Hanko Sushi restaurants, 7 Pizzarium restaurants and business ideas. We opened Run Out escape rooms in 4 Sandro restaurants in different parts of Finland. Tampere and Seinäjoki. At the beginning of 2018, we Other well-known brands of the Group famous for its opened the Vihahuone and the completely dark escape premium restaurants include Savoy, Löyly, Elite, Palace room, Dark Room, in Tampere. To our knowledge, these and Teatteri. Upon the realisation of the deal, I will take are the first of their kind in Finland. charge of our company’s operations abroad as the CEO of Restamax International. The CEO of Royal Ravintolat, Smile Henkilöstöpalvelut grown into one of Aku Vikström, will assume the position of the CEO of the the major players in the sector Group with responsibility for the company’s domestic operations. We aim to be the leading restaurant operator Smile Henkilöstöpalvelut Oy’s rate of growth acceler- in Northern Europe by 2020. ated in 2017 both organically and as a result of corporate acquisitions, and the company became a leading player In accordance with our strategy, we expect the Group’s in the field. As a result of corporate acquisitions, Smile’s turnover to increase and profitability to remain on a good market position strengthened significantly in South- level in both segments in the 2018 financial period. In the west Finland, Satakunta, Kainuu, Helsinki and Pirkan- restaurant segment, without Royal Ravintolat, our goal maa, especially in the fields of industry, construction is to reach a turnover of approximately MEUR 140, and and restaurant business. In March 2018, we announced in labour hire a turnover of approximately MEUR 110, the that we would be evaluating the listing of Smile on the total turnover being some MEUR 240, by the end of 2018. Nasdaq Helsinki Ltd Stock Exchange. Towards new targets At the end of 2017, we published the Group’s new long- term financial goals and strategy. Our goal is to reach a total turnover of approximately MEUR 400 by the end of 2020. Active work to reach this goal has begun. In Juha Helminen January 2018, we announced that we would be revamp- CEO, Restamax Plc Annual Report 2017 10 Restamax Plc 11 REVIEW BY THE CHAIRMAN OF THE BOARD OF DIRECTORS Record-level rise in share price Henkilöstöpalvelut Oy and its subgroup on the Nasdaq Helsinki Ltd Stock Exchange during the spring of 2018. There is strong confidence in Restamax among investors and the market. In 2017, the development of our Group’s Taking Finnish restaurant competence abroad share price was stronger than ever before: at the end of 2016, the share price was about EUR 6, and by the end Our strategic objective has been to expand our restaurant of 2017, it had risen to above EUR 8. At the end of 2017, operations abroad during 2018. In spring 2018, we took the share target price was EUR 8.80, and in April 2018 it the first step to implement the strategy by expanding rose to as high as EUR 12. In 2017, Kauppalehti ranked our restaurant business to Denmark. Our goal is to reach Restamax as the 14th most profitable listed company, a key position in the Danish restaurant market. In addi- based on its gross yield of 49.1 per cent. tion to this, we intend to expand to other parts of North- ern Europe where the restaurant market is fragmented Looking at the restaurant field generally, 2017 was a and we therefore see significant potential in it.
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