Restamax Oyj - Financial Statement Release

Restamax Oyj : RESTAMAX GROUP'S INTERIM REPORT FOR 1 JANUARY-31 DECEMBER 2013

Restamax Plc

INTERIM REPORT 21 FEBRUARY 2014 10 AM

RESTAMAX GROUP'S INTERIM REPORT FOR 1 JANUARY-31 DECEMBER 2013

Restamax Group's turnover continued to increase

2013 in brief
In 2013, Restamax Group's turnover increased by 7.0 per cent. This growth was
fuelled by the growth investments made in 2012. In 2013, the company listed on
the Helsinki Stock Exchange as planned.

The Group's turnover was MEUR 65.0 (MEUR 60.8), growth 7.0 per cent. EBITDA was
MEUR 9.1 (MEUR 9.9), decrease 8.0 per cent.
Operating profit was MEUR 4.1 (MEUR 5.7), decrease 29.2 per cent.
The Board of Directors of the company proposes that dividend be paid at EUR
0.09 per share.

October-December 2013 in brief
The general economic situation has been weaker than forecast, and this affected
sales in December in particular. Due to December being weaker than forecast,
profitability decreased on the previous year.
The Group's turnover in October-December was MEUR 17.9 (MEUR 18.7), decrease
3.9 per cent.
EBITDA was MEUR 3.3 (MEUR 3.6), decrease 7.5 per cent.
Operating profit was MEUR 2.0 (MEUR 2.5), decrease 17.0 per cent.

Prospects for 2014
The company estimates that 2014 turnover will grow to MEUR 68-78. This growth is
fuelled by the business transaction completed with Hans Välimäki in 2014 and the
expansion projects on which decisions had been made previously and which will be
realised during the first half of the year. The 2013 turnover was MEUR 65.0. The
company estimates that the 2014 EBITDA will increase to MEUR 10.5-12 as a result
of operational expansion and streamlining. The 2013 EBITDA was MEUR 9.1. The
company estimates that the 2014 operating profit will be MEUR 5.1-6.5. The 2013
operating profit was MEUR 4.1. The company estimates that the earnings per share
will increase significantly.

CEO Markku Virtanen:

2013 was both historic and successful year for Restamax. Last November, Restamax
became the first Finnish listed restaurant company. Restamax is a growth
company, and the share issue and listing were integral parts of our growth
strategy. Listing and the related share issue make possible investments that
bring the company significant competitive advantage in the future. A significant
amount of these investments will be realised during 2014 and 2015.

The operating environment in 2013 was rather challenging even in the restaurant
field. Over the last years, the restaurant field in Finland has grown
approximately 3-4%, or somewhat stronger than the gross national product.
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. Our operating environment is also significantly
affected by the debate ongoing at Parliament on the alcohol legislation. The
restaurant field is a major employer in Finland and promotes the employment of
young people, especially. It is my wish that decision-makers would take this
into consideration when discussing the alcohol policy guidelines and taxation
guidelines.

Despite the challenging general economic situation, Restamax was able to
maintain excellent profitability, clearly above the average profitability of the
field. The slight decrease in EBITDA is explained by the unsuccessful theatre
restaurant concept launched in 2013. Another major reason was the weaker than
expected demand during the festive season in December. Without these factors,
our EBITDA in the period under review would have been at the level of the
previous year. In addition to these factors, profitability has been slightly
affected by the investments made in preparation for the listing. Our growth
speed in 2013 was slightly calmer than in the previous years, as the company
concentrated on the listing project. For this reason, we did not make
significant new investments in 2013.

2014 will once again be a year of growth for Restamax. The basis of operational
growth and profitability is in active product development and innovation,
competent staff, operative accountability given to each unit and, on the other
hand, real-time guidance and monitoring of operations. Centralised purchases as
well as the management of staff resources and goods logistics are significant
drivers for Restamax's profitability. Restamax can offer its customers more
extensive supply of restaurant services and also boost its operations locally in
terms of marketing, purchases and personnel management, for example. Personally,
I am also delighted by the fact that our staff actively participated in the
initial public offering. This shows that Restamax has strongly committed
restaurant management and staff.

This competent personnel will now be fully freed from the 2013 listing process
to implement the company's growth strategy. Restamax's approach aims to develop
a range of restaurant concepts to meet local demand and the provision of
premises. Restamax's extensive restaurant concept portfolio makes possible the
achieving of larger than before market shares in each city, yet retaining the
unique characteristics of each establishment. The company's extensive portfolio
offers an entire chain of experiences, including café, restaurant and
entertainment services from early morning till late night.

Restamax actively studies potential corporate transaction opportunities. We will
use the equity accumulated in the initial public offering to expand business
operations with corporate transactions supporting the growth strategy. Our aim
is the objective outlined by our Board of Directors, turnover of MEUR 100 by the
end of 2015.

Markku Virtanen
CEO

KEY FIGURES
(TEUR)

+--------------------------------------------+--------+--------+-------+-------+
|                                            |10-12/13|10-12/12|1-12/13|1-12/12|
+--------------------------------------------+--------+--------+-------+-------+
|Turnover                                    |17,947  |18,680  |65,033 |60,773 |
+--------------------------------------------+--------+--------+-------+-------+
|EBITDA                                      |3,339   |3,611   |9,146  |9,939  |
+--------------------------------------------+--------+--------+-------+-------+
|EBITDA %                                    |18.6%   |19.3%   |14.1%  |16.4%  |
+--------------------------------------------+--------+--------+-------+-------+
|Operating profit                            |2,041   |2,458   |4,051  |5,719  |
+--------------------------------------------+--------+--------+-------+-------+
|Operating profit %                          |11.4%   |13.2%   |6.2%   |9.4%   |
+--------------------------------------------+--------+--------+-------+-------+
|Review period result                        |1,727   |1,732   |2,908  |3,788  |
+--------------------------------------------+--------+--------+-------+-------+
|To shareholders of the parent company       |1,556   |1,480   |2,565  |3,076  |
+--------------------------------------------+--------+--------+-------+-------+
|To minority shareholders                    |171     |252     |344    |712    |
+--------------------------------------------+--------+--------+-------+-------+
|Earnings    per   share   (euros)   to   the|0.11    |0.15    |0.18   |0.31   |
|shareholders of the parent company          |        |        |       |       |
+--------------------------------------------+--------+--------+-------+-------+
|Interest-bearing net liabilities            |        |        |6,184  |5,982  |
+--------------------------------------------+--------+--------+-------+-------+
|Gearing ratio                               |        |        |21.9%  |43.8%  |
+--------------------------------------------+--------+--------+-------+-------+
|Equity ratio                                |        |        |60.9%  |38.1%  |
+--------------------------------------------+--------+--------+-------+-------+



Significant Figures

+-----------------------------------------+--------+--------+-------+-------+
|                                         |10-12/13|10-12/12|1-12/13|1-12/12|
+-----------------------------------------+--------+--------+-------+-------+
|Material margin %                        |75.4%   |75.6%   |73.9%  |74.3%  |
+-----------------------------------------+--------+--------+-------+-------+
|Staff expenses % (incl. rented workforce)|25.8%   |27.0%   |30.1%  |29.6%  |
+-----------------------------------------+--------+--------+-------+-------+
|Return on investment %                   |        |        |10.7%  |24.2%  |
+-----------------------------------------+--------+--------+-------+-------+



TURNOVER AND INCOME

The Group's income for the fourth quarter of 2013
Restamax's turnover for the fourth quarter was MEUR 17.9 (MEUR 18.7), slightly
down from the previous year. EBITDA was MEUR 3.3 (MEUR 3.6). The Group's
operating profit was MEUR 2.0 (MEUR 2.5).

The Group's 2013 income
Restamax's turnover for 2013 was MEUR 65.0 (MEUR 60.8), an increase of 7.0 per
cent over the previous year. The EBITDA was MEUR 9.1 (MEUR 9.9). The Group's
operating profit was MEUR 4.1 (MEUR 5.7).

The growth is mostly explained by the restaurant investments made at the end of
2012, and demand was also good over the past summer. The company's growth rate
has been somewhat slower than during the previous years, as during the review
period the company has focused on a listing project and has therefore not
completed any significant new investments.

EBITDA decreased slightly from the same period last year. One of the factors
explaining the decrease of the EBITDA is the unsuccessful theatre restaurant
concept the company launched in January 2013. Without this launch, our EBITDA ofthe period under review would have been at the level of the previous year. In
addition, profitability has been somewhat affected by the investments made in
preparation for the company's listing.

CASH FLOW, INVESTMENTS and FINANCING

The Group's operating net cash flow in 2013 was TEUR 2,907 (TEUR 12,147).

Restamax has not made any significant corporate acquisitions or growth
investments during the present financial period, due to its focus on the listing
process.
The Group's interest-bearing net liabilities at year-end were MEUR 6.2 in
comparison to the MEUR 6.0 at the end of 2012. The net financial expenses in
2013 were MEUR 0.5 (MEUR 0.5). The equity ratio was 60.9% (31 December
2012: 38.1 per cent) and gearing ratio 21.9 per cent (31 December 2012: 43.8 per
cent).

PIVOTAL EVENTS IN THE REVIEW PERIOD

Restamax sold its share of the advertising agency Mainostoimisto Fuel Oy in
August. At the same time, the company made an agreement with the advertising
agency until 2015.

The company extended its operations in Rauma and opened a nightclub called
Panama Joe there in August. A game restaurant called Space Bowling & Billiard
was opened in Tampere in September 2013.

With a bill of sale signed on 27 September 2013, the company purchased the
Beefmax Oy shares of a minority shareholder holding 24.68 per cent of the
shares. As a result of this transaction, Beefmax Oy became a fully-owned
subsidiary of the company.

The Group's subsidiary JVP-Security Oy was sold with a bill of sale dated 30
September 2013.
In October 2013, the company opened a restaurant called Pub Hopeakenkä in
Orivesi.

The premises of Gringos Locos and Celtic House, operating in Seinäjoki, were
renovated and Daddy's Diner and Galaxie Sport & Billiard were opened on these
premises.

The company renovated the business idea of the nightclub operating in the
Flamingo centre in Vantaa.

In September 2013, the company listed on the main list maintained by NASDAQ OMX
Helsinki Oy.

STAFF

In 1 January-31 December 2013, Restamax Group employed on average 159 full-time
employees and 80 part-time employees converted into full-time employees as well
as 203 rented employees converted into full-time employees (1 January-31
December 2012; 154/72/183). Depending on the season, some 700-900 persons work
at the Group at the same time.

EVENTS AFTER THE REVIEW PERIOD AND NEW PROJECTS

The company has signed a new brewery agreement which entered into force on 1
January 2014. With the current purchase volumes, the annual income effect before
income tax of the new contract is some EUR 800,000.

The company opened a new Food Park restaurant mix in Ideapark in Lempäälä. It is
one of the biggest restaurant mixes in a shopping centre in the Nordic
Countries.

In early 2014, the company updates the concept of the Flame restaurant located
on Hämeenkatu in Tampere.

The company and Hans Välimäki Oy owned by Hans Välimäki have founded the
Gastromax Oy joint venture, of which Restamax owns 70% and Hans Välimäki 30%.
Through various companies owned by Hans Välimäki in theme parks in Helsinki and
Tampere, the joint venture has bought the Midhill restaurants as well as the
operations of two other restaurants.

The company is planning to open a new nightclub in Lahti during the first
quarter of 2014.

A new restaurant entity will be opened in the new Lielahti Centre in Tampere.

A nightclub for young people will be opened in Tampere on Kirkkokatu in May.

A summer restaurant will be constructed in Ratina bay, Tampere. This restaurant
boat will feature a dining and drinking concept.

In Tampere on 21 February 2014
RESTAMAX PLC
Board of Directors

Additional information:
Markku Virtanen, CEO, tel. +358 400 836 477

Distribution:
NASDAQ OMX Helsinki
Key media
www.restamax.fi


Restamax Plc is a Finnish restaurant business group established in 1996. The
company has continued to grow steadily throughout its history. The Group
companies comprise over 60 restaurants, cafés, pubs and nightclubs all over
Finland. Well-known restaurant concepts of the Group include Ristorante Bella
Roma, Gringos Locos, Viihdemaailma Ilona, Daddy's Diner and Stefan's Steakhouse.
Wayne's Coffee is also part of the company's portfolio. Restamax Plc employs
approximately 700 people, turnover in 2013 was approximately MEUR 65 and EBITDA
about MEUR 9. www.restamax.fi.




[HUG#1763509]

Attachments:

Restamax Plc Interim Report 2013.pdf