2016-09-28 08:00:19 CEST
2016-09-28 08:00:19 CEST
REGULATED INFORMATION
Kotipizza Group Oyj - Half Year financial report
Kotipizza Group Oyj: STRONG GROWTH CONTINUED IN THE SECOND QUARTER, 18% NET SALES GROWTH AND 37% COMPARABLE EBITDA GROWTH COMPARED TO THE PREVIOUS YEAR
KOTIPIZZA GROUP OYJ HALF YEAR FINANCIAL REPORT 1 FEBRUARY - 31 JULY 2016
STRONG GROWTH CONTINUED IN THE SECOND QUARTER, 18% NET SALES GROWTH AND 37%
COMPARABLE EBITDA GROWTH COMPARED TO THE PREVIOUS YEAR
May-July 2016 (5-7/2016)
* Chain-based net sales grew 14.2% (12.2%)
* Comparable net sales were 16.9 MEUR (14.3). Growth was 18.3%
* Comparable EBITDA was 2.03 MEUR (1.48). EBITDA growth was 36.7%
* Comparable EBIT was 1.78 MEUR (1.34)
February-July 2016 (2-7/2016)
* Chain-based net sales grew 16.1% (8.1%)
* Comparable net sales were 32.3 MEUR (27.4). Growth was 18.0%
* Comparable EBITDA was 3.31 MEUR (2.33). EBITDA growth was 42.3%
* Comparable EBIT was 2.82 MEUR (2.05)
* Net gearing was 31.7 percent (38.3%)
* Equity ratio was 50.4 percent (40.4%)
Guidance for the financial year 2017 in accordance with the upgrade on 23 August
2016
The Group estimates for the full financial year that the chain-based net sales
will grow by over 10 percent as compared to the previous financial year and that
comparable EBITDA will grow significantly as compared to the previous year.
IMPACT OF NEW ESMA GUIDELINES
New ESMA (European Securities and Markets Authority) guidelines on Alternative
Performance Measures (APMs) are effective for the financial year 2016. Kotipizza
Group presents APMs to reflect the underlying business performance and to
enhance comparability between financial periods. APMs should not be considered
as a substitute for measures of performance in accordance with the IFRS. Items
affecting comparability and APMs used by Kotipizza Group are defined in note 6
of this report.
KEY FIGURES, EUR THOUSAND
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5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
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Comparable figures
Comparable net sales 16 904 14 285 32 291 27 356 56 370
Comparable EBITDA 2 027 1 482 3 313 2 328 5 026
Comparable EBITDA of
12.0% 10.4% 10.3% 8.5% 8.9%
net sales, %
Comparable EBIT 1 775 1 338 2 820 2 052 4 274
Reported figures
Chain-based net sales 22 801 19 966 43 208 37 209 77 266
Reported net sales 16 904 14 285 32 291 27 356 56 370
Reported EBITDA 1 885 1 283 3 171 1 519 4 187
Reported EBITDA of
11.1% 9.0% 9.8% 5.6% 7.4%
net sales, %
Reported EBIT 1 633 1 139 2 678 1 243 3 435
Earnings per share 0.18 -0.26 0.28 -0.70 0.05
Net cash flows from operating activities 3 117 -2 849 -671
Net cash used in investment activities -56 -336 -1 770
Net gearing, % 31.7 38.3 31.8
Equity ratio, % 50.4 40.4 51.8
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Tommi Tervanen, CEO of Kotipizza Group
"The second quarter of the financial year was marked by continuously strong
chain-based net sales in the Kotipizza chain. In the three months of the review
period, Kotipizza twice reached the highest monthly sales in its 29-year
history. The previous record in chain-based net sales, 7.14 MEUR, was set in
April, just before the review period. In June, the new record was set at 7.29
MEUR, and in July, a whole new level was reached as sales of 8.64 MEUR were
recorded.
The Kotipizza chain's net sales continued on a good level both in same-store
sales and in number of customers. The number of customers increased 10.2% and
the average purchase 6.6% in the brick-and-mortar restaurants. During the review
period, orders made through the online store amounted to roughly a tenth of the
net sales in brick-and-mortar restaurants. The chain-based net sales growth was
14.2% in May-July, being clearly above the average growth in the Finnish fast
food market.
The growth in net sales is particularly significant considering that the net
number of Kotipizza restaurants continued to decrease during the review period.
At the end of the period, the number of Kotipizza restaurants stood at 254
(266). The decrease in the number of restaurants is due to the consistent
closing of non-profitable restaurants. At the same time, the chain also invests
in the opening of new brick-and-mortar restaurants, so it can be estimated that
the number of restaurants will start growing again during 2016. We expect that
chain-based net sales will continue to develop favorably. Achieving similar
relative growth figures will however become more challenging month after month
as comparison months from the previous year are getting tougher.
One of the reasons for chain-based net sales growth is Kotipizza's brand and
concept renewal, which was started at full speed at the beginning of 2015. The
renewal will be finalized by the end of this year. The Group has consistently
developed the Kotipizza chain in the spirit of the fast casual phenomenon, that
is, emphasizing the freshness, authenticity and sustainability of the food, as
well as actively following developments in food trends and consumer tastes.
During the review period, this emphasis has been particularly evident in new
vegetarian options on the Kotipizza menus.
Part of our emphasis on fast casual is the Mexican-style Chalupa chain started
in September 2015. During the review period, Chalupa continued to expand outside
the Helsinki region on a franchising basis. At the end of the review period,
three brick-and-mortar Chalupa restaurants were operating in Helsinki, and one
in each of Kauniainen, Tampere, and Jyväskylä. In addition, Chalupa products
were available in one Kotipizza lunch restaurant.
Group net sales grew 18.3% in the second quarter of the year and were 16.9 MEUR
(14.3). Comparable EBITDA was 2.03 MEUR (1.48) in the second quarter, a growth
of 37.6%. Previous year's EBITDA was still burdened by two administrative costs
as company's previous headquarter in Vaasa was closed at the end of May 2015.
Anyway, we were on pace with our medium-term financial goals, both in terms of
the development of chain-based sales as well as that of EBITDA. The financial
standing of the Group is also on a solid ground at the end of the quarter
including the MEUR 2.2 distribution from the Fund for invested unrestricted
equity in the quarter. Net gearing was 32 percent and equity ratio 50 percent.
We don't expect any material changes to the chained fast food market this year
compared to the previous year. The economic growth in Finland is expected to be
slow and to underperform Eurozone. The development of the national economy has a
direct impact to consumer demand and to demand for chained fast food. However,
according to the statistics demand growth for fast food has been stable, surely
following the overall economic development, during the past 15 years in Finland.
The growth of our chain-based net sales exceeded the market growth for chained
fast food in year 2015 based on the ongoing brand and concept renewal in
Kotipizza, innovative R&D and sustainable procurement. Based on the positive
chain-based net sales development in the beginning of the year and management's
view on the market development for the rest of the year we expect our chain
based net sales to exceed the fast food market average growth in Finland in
2016.
Our guidance for 2017 is in accordance with the upgrade on 23 August 2016. We
estimate the group's chain-based net sales will during the present financial
year grow by over 10% as compared to the previous financial year, and the
comparable gross margin/EBITDA will grow significantly as compared to the
previous financial year."
GROUP NET SALES
May-July 2016
Chain-based net sales continued, in accordance with the first quarter, strong
and grew 14.2% (12.2%) year on year in the second quarter of the financial year
and were 22.8 MEUR (20.0). The relative growth figures deteriorated from the
first quarter as expected as comparison moths from previous year got tougher,
but were nevertheless stronger than expected. Average purchase grew 6.6% and the
number of customers 10.2% compared to the same period in the previous year.
Chain-based net sales broke records during the quarter as June's monthly sales
reached to a chain's new record of MEUR 7.29 just to exceed MEUR 8 first time in
the company's history with MEUR 8.64 net sales in July. The strong performance
is based on renewed concept, brand, successful marketing, and the emphasis
placed on our online store and digital presence.
Group comparable net sales for the second quarter of the financial year were
16.9 MEUR (14.3) and they grew 18.3% compared to same period in the previous
year. Reported net sales were 16.9 MEUR (14.3). Sales growth was mainly based on
Foodstock's increased sales volume to Kotipizza underpinned by the good chain-
based sales development. New customers of Foodstock, Fafa's, Espresso House and
Siipiveikot-chain, which were not yet Foodstock's customers in the previous
year, increased net sales. The net sales of Foodstock grew 17.0% year on year in
the second quarter of the financial year. The Kotipizza segment's net sales
increased 19.0% compared to the previous year and were 3.6 MEUR (3.0). The
Chalupa segment's net sales in the second quarter of the financial year were
0.2 MEUR (0.0).
February-July 2016
Chain-based net sales grew 16.1% (8.1%) year on year in February-July and were
43.2 MEUR (37.2). The chain-based net sales growth was based on both increase in
the average purchase and increase in number of customers. The comprehensive menu
renewal done in summer 2014, successful new products together with targeted,
influential and sustainability emphasized marketing has positively changed
consumers' brand experience of Kotipizza. This has been seen as an increase in
the number of customers.
The chain-based net sales are the total combined net sales of the company's
franchisees, based on which the company's franchising fees are invoiced monthly.
It also includes sales of the restaurants owned directly by the group.
Group comparable net sales for February-July were 32.3 MEUR (27.4) and they grew
18.0% compared to same period in the previous year. Reported net sales were
32.3 MEUR (27.4). Sales growth was mainly based on Foodstock's increased sales
volume to Kotipizza underpinned by the good chain-based sales development. New
customers of Foodstock, Fafa's, Espresso House and Siipiravintolat-chain, which
were not yet Foodstock's customers in the previous year, increased net sales.
The net sales of Foodstock grew 17.3% year on year in the second quarter of the
financial year. The Kotipizza segment's net sales increased 15.5% compared to
the previous year and were 6.6 MEUR (5.8). The Chalupa segment's net sales in
the February-July were 0.4 MEUR (0.0).
GROUP EBIT
May-July 2016
Comparable EBIT of the Group was 1.78 MEUR (1.34) in the second quarter of the
financial year. Reported EBIT was 1.63 MEUR (1.14). Reported EBIT included MEUR
0,14 of items affecting comparability (calculatory, non-cash), which were
related to incentive plan introduced on 6 May 2016 and other incentive plans in
the group. The reported EBIT of the previous year included 0.20 MEUR items
affecting comparability related to listing the company's shares to the Nasdaq
OMX Helsinki stock exchange. These items had a cash flow effect.
The EBIT improved mainly due to volume improvement, but sales margin also
improved slightly from the previous year. Clearly higher depreciations compared
to the previous year (non cash item) had a negative impact on the EBIT.
February-July 2016
Comparable EBIT of the Group was 2.82 MEUR (2.05) in February-July. Reported
EBIT was 2.68 MEUR (1.24). Reported EBIT included MEUR 0,14 of items affecting
comparability (calculatory, non-cash), which were related to incentive plan
introduced on 6 May 2016 and other incentive plans in the group. The reported
EBIT of the previous year included 0.81 MEUR of items affecting comparability.
Costs amounting to MEUR 0.20 related to initial public offering of company's
shares to the Nasdaq OMX Helsinki Oy's stock exchange and 0.50 MEUR due to
closing permanently down previous headquarters in Vaasa had a cash flow effect.
In addition, previous year's reported EBIT included 0.12 MEUR non-cash deferral
error related to Foodstock's inventory as an item affecting comparability.
The EBIT improved mainly due to volume improvement, but sales margin also
improved slightly from the previous year. Also fixed cost growth was below the
volume growth. Clearly higher depreciations compared to the previous year (non
cash item) had a negative impact on the EBIT.
SALES AND EBITDA OF THE SEGMENTS
KOTIPIZZA-SEGMENT
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EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
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Net sales 3 549 2 982 6 645 5 752 11 784
Comparable gross margin/EBITDA 1 783 1 640 3 261 2 479 5 465
Depreciation and impairments -145 -106 -292 -204 -584
Comparable EBIT 1 639 1 534 2 970 2 275 4 881
Reported gross margin/EBITDA 1 755 1 640 3 233 2 210 5 196
Reported EBIT 1 610 1 534 2 942 2 006 4 612
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Olli Väätäinen, COO of Kotipizza
"Continuously strong sales growth has marked all operations in the Kotipizza
chain during the review period. The chain has managed to effectively respond to
growth. For example, the rollout of the facelift of the restaurant design has
been largely finalized, and more than 90% of the chain's brick-mortar
restaurants have now been renovated. At the end of the review period, the number
of restaurants stood at 254 (266). During the review period, Kotipizza continued
to develop its online store. Orders made through the online store amounted to
roughly a tenth of the net sales in brick-and-mortar restaurants during the
period."
May-July 2016
Net sales of Kotipizza for the second quarter of the financial year were 3.55
MEUR (2.98) and they increased 19.0% compared to same period in the previous
year. Out of the sales increase MEUR 0.39 was related to 30 May 2016 announced
Kotipizza's Marketing Co-operative change into Franchisee Co-operative from 1
July 2016 onwards. As it was already stated in the 30 May 2016 release, the
change will grow the segment's, and thus the Group's turnover without affecting
profit, but will have an effect on relative profitability. The rest of the sales
increase was based on growth in chain-based net sales and in consequence all
franchising contract based net sales increased.
Kotipizza's comparable EBITDA was 1.78 MEUR (1.64) in the second quarter of the
financial year and it grew 8.7% compared to same period in the previous year.
Improvement in comparable EBITDA was mainly due to favourable development of
chain-based net sales in Kotipizza. Reported EBITDA was 1.77 MEUR (1.64) in the
second quarter of the financial year. Reported EBITDA included EUR 28 thousand
of items affecting comparability (calculatory, non-cash), which were related to
incentive plan introduced on 6 May 2016 and other incentive plans in the group.
February-July 2016
Net sales of Kotipizza for February-July were 6.65 MEUR (5.75) and they
increased 15.5% compared to same period in the previous year. Out of the sales
increase MEUR 0.39 was related to 30 May 2016 announced Kotipizza's Marketing
Co-operative change into Franchisee Co-operative from 1 July 2016 onwards. Rest
of the increase in net sales was based on growth in chain-based net sales and in
consequence all franchising contract based net sales increased.
Kotipizza's comparable EBITDA was 3.26 MEUR (2.48) in February-July and it grew
31.6% compared to same period in the previous year. Improvement in comparable
EBITDA was mainly due to restructuring measures implemented in the segment's
operations and favourable development of chain-based net sales in Kotipizza.
Reported EBITDA was 3.23 MEUR (2.21) in February-July. Reported EBITDA included
EUR 28 thousand of items affecting comparability (calculatory, non-cash), which
were related to incentive plan introduced on 6 May 2016 and other incentive
plans in the group. The previous year's comparable EBITDA for the second quarter
was adjusted with EUR 269 thousand of items affecting comparability related to
costs of closing down company's previous headquarters. These items had a cash
flow effect.
FOODSTOCK-SEGMENT
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EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
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Net sales 13 152 11 245 25 264 21 531 44 096
Comparable gross margin/EBITDA 535 270 869 485 964
Depreciation and impairments -36 -29 -67 -57 -113
Comparable EBIT 499 241 802 428 851
Reported gross margin/EBITDA 528 270 862 370 849
Reported EBIT 492 241 795 313 736
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Anssi Koivula, CEO of Foodstock
"The review period has been marked by the strong sales growth in the Kotipizza
chain, which has also been reflected in Foodstock's operations. Notably, despite
the growth, we have managed to take care of the reliability of our deliveries
and our customer service, thanks to which our customer satisfaction has remained
high. Within the Group, Foodstock's operations have been especially affected by
the Kotipizza chain's growing emphasis on the sustainability and local
ingredients. Foodstock has also taken a continuously larger role in planning of
the sourcing of the ingredients for the Chalupa chain and is now responsible for
the chain's sourcing."
May-July 2016
Net sales of Foodstock for the second quarter of the financial year were 13.15
MEUR (11.25) and they grew 17.0% compared to same period in the previous year.
The growth in net sales was mainly due to favourable development of Kotipizza
chain-based net sales, which had a positive boost to Foodstock's delivery
volumes for the chain. Net sales to Rolls burger chain increased notably
compared to the previous year. Positive volume effect of Foodstock's new
customers got in the previous year were also visible in the reported numbers.
Foodstock's comparable EBITDA improved 98,2% from the previous year and was
0.54 MEUR (0.27) in the second quarter of the financial year. Improvement in the
comparable EBITDA was due to operational gearing related to increase in sales
volume and to favourable sales mix. Foodstock's reported EBITDA was 0.53 MEUR
(0.27) in the second quarter of the financial year. Reported EBITDA included EUR
8 thousand of items affecting comparability (calculatory, non-cash), which were
related to incentive plan introduced on 6 May 2016 and other incentive plans in
the group.
February-July 2016
Net sales of Foodstock for the first half of the financial year were 25.26 MEUR
(21.53) and they grew 17.3% compared to same period in the previous year. The
growth in net sales was mainly due to favourable development of Kotipizza chain-
based net sales, which had a positive boost to Foodstock's delivery volumes for
the chain. Net sales to Rolls-burger chain also increased notably compared to
the previous year. The positive volume effect of Foodstock's new customers like
Fafa's, Espresso House and Siipiravintolat chain were also visible in the
reported numbers.
Foodstock's comparable EBITDA was 0.87 MEUR (0.49) in February-July and it grew
79.3% compared to the same period in the previous year. Improvement in the
comparable EBITDA was due to operational gearing related to increase in sales
volume. Foodstock's reported EBITDA was 0.86 MEUR (0.37) in the first half of
the financial year. Reported EBITDA included EUR 8 thousand of items affecting
comparability (calculatory, non-cash), which were related to incentive plan
introduced on 6 May 2016 and other incentive plans in the group. Previous year's
EBITDA included EUR 115 thousand of items (non-cash) affecting comparability,
which were related to Foodstock's accrual error.
CHALUPA-SEGMENT
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EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
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Net sales 202 47 382 47 443
Comparable gross margin/EBITDA -22 -70 -94 -70 -66
Depreciation and impairments -9 -3 -21 -3 -18
Comparable EBIT -31 -73 -115 -73 -84
Reported gross margin/EBITDA -24 -70 -96 -70 -66
Reported EBIT -33 -73 -117 -73 -84
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Iman Gharagozlu, Creative Director of Chalupa
"During the review period, the Chalupa chain continued to expand nationally on a
franchising basis as the chain's sixth restaurant was opened in Jyväskylä. At
the same time, the work of refining, testing and documenting the Chalupa concept
continued, and the responsibility for sourcing of ingredients was shifted to
Foodstock. At the end of the review period, three Chalupa restaurants were
operating in Helsinki, and one each in Kauniainen, Tampere, and Jyväskylä. Of
the six restaurants, five are operated by franchisees. In addition, Chalupa
products were available in one Kotipizza lunch restaurant."
May-July 2016
Chalupa's net sales were 0.20 MEUR (0.00) in the second quarter of the financial
year and comparable EBITDA together with reported EBITDA was -0.02 MEUR (0.00).
Restaurants in Kauniainen and in Kallio, Helsinki were sold to franchisees
during the review period and Chalupa owned only one restaurant in Punavuori,
Helsinki at the end of the review period. This will in practise mean change in
Chalupa-segments reporting from fully consolidating restaurants into segments
numbers to consolidating fees related to franchising contracts.
February-July 2016
Chalupa's net sales were 0.38 MEUR (0.00) in the second quarter of the financial
year and comparable EBITDA together with reported EBITDA was -0.10 MEUR (0.00).
Chalupa opened a new restaurant in Helsinki in Munkkiniemi and in Tampere during
the review period. Both of the new restaurants were opened with franchising
agreements. Restaurants in Kauniainen and in Kallio, Helsinki were sold to
franchisees during the review period and Chalupa owned only one restaurant in
Punavuori, Helsinki at the end of the review period. This will in practise mean
change in Chalupa segments reporting from fully consolidating restaurants into
segments numbers to consolidating fees related to franchising contracts.
OTHERS-SEGMENT
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EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
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Net sales 0 11 0 26 47
Comparable gross margin/EBITDA -270 -358 -724 -566 -1 337
Depreciation and impairments -63 -6 -114 -12 -37
Comparable EBIT -332 -364 -837 -578 -1 374
Reported gross margin/EBITDA -374 -557 -828 -991 -1 792
Reported EBIT -437 -563 -942 -1 003 -1 829
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Others segment includes mainly operations of the group headquarters.
May-July 2016
Net sales of the Others segment were 0.00 MEUR (0.01) in the second quarter of
the financial year. Comparable EBITDA was -0.27 MEUR (-0.36). Reported EBITDA
was -0.37 MEUR (-0.56). Reported EBITDA included EUR 104 thousand of items
affecting comparability (calculatory, non-cash), which were related to incentive
plan introduced on 6 May 2016 and other incentive plans in the group. The
previous year's comparable EBITDA included EUR 199 thousand of items affecting
comparability related to listing the company's shares to the Nasdaq OMX Helsinki
stock exchange. These items had a cash flow effect.
February-July 2016
Net sales of the Others segment were 0.00 MEUR (0.03) in February-July.
Comparable EBITDA was -0.72 MEUR (-0.57). Reported EBITDA was -0.83 MEUR (-
0.99). Reported EBITDA was -0.37 MEUR (-0.56). Reported EBITDA included EUR 104
thousand of items affecting comparability (calculatory, non-cash), which were
related to incentive plan introduced on 6 May 2016 and other incentive plans in
the group. In the previous year reported EBITDA included EUR 425 thousand of
items affecting comparability. Out of items affecting comparability EUR 199
thousand were related to listing of company's shares to Nasdaq OMX Helsinki
stock exchange and EUR 226 thousand related to closing down Vaasa office. These
items had a cash flow effect.
FINANCIAL ITEMS AND RESULT
Finance costs of the Group were MEUR 0.19 (1.67). The materially higher
financing costs in the previous year were based on materially more leveraged
balance sheet structure together with higher interest rates on debt. In addition
to the normal finance costs in the previous year MEUR 0.90 cost related to early
redemption of the company's MEUR 30 unsecured bond.
Group taxes were MEUR -0.32 (-0.12) in the financial year.
The result of the period was MEUR 1.13 (-0.64) in the financial year.
Earnings per share were EUR 0.18 (-0.26) in the financial year.
THE GROUP'S FINANCIAL POSITION
Kotipizza Group's balance sheet total as of 31 July 2016 was MEUR 57.1 (69.6).
The Group's non-current assets as at 31 July 2016 amounted to MEUR 40.2 (38.7),
and current assets amounted to MEUR 16.8 (30.9).
The Group's net cash flow from operating activities for the financial year was
MEUR 3.1 (-2.9). Working capital was released the amount of MEUR 0.48 (tied up
1.39).
The net cash flow from investment activities for the period was MEUR -0.06 (-
0.34). Investments in tangible and intangible assets for the period amounted to
MEUR 0.46 (0.36), and proceeds from sales of tangible assets were MEUR 0.40
(0.00).
The net cash flow from financing activities was MEUR -2.70 (-0.05). The Group
payed out MEUR 2.2 as distribution from Fund for invested unrestricted equity to
its shareholders during the review period.
The Group's equity ratio was 50.4% (40.4%).
Interest-bearing debt amounted to MEUR 17.6 (31.2), of which current debt
accounted for MEUR 0.60 (31.0). Kotipizza Group Oyj redeem in full its three-
year unsecured bond with a nominal value MEUR 30 on 11 August 2015 with the
proceeds from the 4 June 2015 announced and 6 October 2015 implemented Initial
Public Offering and the new MEUR 17.0 term loans withdrawn on 7 August 2015. New
term loans have covenants.
Further information on Kotipizza Group's financial risks is presented in the
financial statements for the 31 January 2016.
INVESTMENTS
The gross investments for the period amounted to MEUR 0.46 (0.36). The Company's
investments to fixed assets, related mainly to IT systems, amounted to 0.46 MEUR
(0.36).
PERSONNEL
On 31 July 2016, Kotipizza Group employed 36 people, all of who worked in
Finland. At the end of the previous financial year 31 January 2016, the Company
employed 38 people, all of who worked in Finland.
BUSINESS ARRANGEMENTS
There were no business arrangements during the review period.
CHANGES IN THE MANAGEMENT
There were no changes in Kotipizza Group's operative management, Board of
Directors or Management Board during the period.
MANAGEMENT BOARD
Kotipizza Group's Management Board comprises five members: Tommi Tervanen (CEO),
Timo Pirskanen (Deputy to the CEO, CFO), Olli Väätäinen (Chief Operating
Officer), Anssi Koivula (Chief Procurement Officer) and Antti Isokangas (Chief
Communications Officer and Corporate Responsibility).
SHARES AND SHARE CAPITAL
Kotipizza Group Oyj's share capital at the end of the review period was EUR
80,000.00 and it comprised 6,351,201 shares. At the beginning of the review
period 1 February 2016 the number of the shares was 6,351,201. At the end of the
period, the Company had 658 (430) shareholders. The Company does not hold any
treasury shares.
Information about the company's shareholder structure by sector and size of
holding, the largest shareholders can be viewed on the company's website at
kotipizzagroup.com.
RESOLUTIONS OF THE GENERAL MEETINGS
Kotipizza Group's Annual General Meeting held on 11 May, 2016 resolved that no
dividend is paid for the financial period ending 31 January 2016, but EUR 0,35
per share was decided to be paid from the reserves for invested unrestricted
equity.
The AMG adopted the financial statements for financial year ending 31 January
2016 and discharged the members of the Board of Directors and CEO from liability
for the financial year ending 31 January 2016.
The AGM resolved the number of Board members to be six. Johan Wentzel, Minna
Nissinen, Petri Parvinen, Kim Hanslin and Kalle Ruuskanen were re-elected as
members of Board of Directors for a term of office that lasts until the end of
the next AGM. Marjatta Rytömaa was elected as a new member. Johan Wentzel was
re-elected as Chairman of the Board of Directors.
The AGM resolved that the members of the Board will be paid as follows: Chairman
of the Board of Directors Johan Wentzel and member Marjatta Rytömaa EUR 500 per
month (EUR 6 000 p.a.) and other members of the Board of Directors EUR 2 000 per
month (EUR 24 000 p.a.) each.
The AGM resolved that the remuneration for the auditor be paid according to
invoice approved by the company. The AGM resolved to re-elect audit firm Ernst &
Young Oy as the company's auditor for a term that ends at the closing of the
next AGM.
The AGM resolved to authorize the Board of Directors to decide on a share issue
on following terms:
1 The authorization may be used in full or in part by issuing shares in
Kotipizza Group Oyj in one or more issues so that the maximum number of shares
issued is 635 000 shares.
2 The Board of Directors may also decide on a directed share issue in deviation
from the shareholders' pre-emptive rights in case there is a weighty financial
reason to do so, such as in order to finance or carry out acquisitions or other
business transactions, develop the company's capital structure, or in order to
use the shares for an incentive scheme. The Board of Directors would be
authorized to decide to whom and in which order the shares will be issued. In
the share issues shares may be issued for subscription against payment or
without charge.
3 Based on the authorization, the Board of Directors is also authorized to
decide on a share issue without payment directed to the company itself, provided
that the number of shares held by the company after the issue would be a maximum
of 10 per cent of all shares in the company. This amount includes shares held by
the company and its subsidiaries in the manner provided for in Chapter 15,
section 11 (1) of the Companies Act.
4 This authorization includes the right for the Board of Directors to decide on
the terms and conditions of the share issues and measures related to the share
issues in accordance with the Companies Act, including the right to decide
whether the subscription price will be recognized in full or in part in the
invested unrestricted equity reserve or as an increase to the share capital.
5 The authorization is valid until 31 July 2017.
6 The authorization will supersede the authorization to decide upon share issues
given to the company's Board of Directors on 28 May 2015.
RISKS AND UNCERTAINTIES
In the long term, Kotipizza Group's operative risks and uncertainties relate to
a possible failure in predicting consumer preferences and in creating attractive
new concepts, as well as to new business risks related to possible expansion to
new cities and abroad. The competitive situation is expected to remain harsh in
the fast food industry. Company's management cannot affect the general market
development and consumer behaviour with its actions.
Restaurant openings also have a material impact on company's franchising, rent,
entry, building, operating system, training and other income, income received
from selling raw materials and supplies and transport and flow of goods related
income and thus to the company's financial result.
Kotipizza Group is currently launching a new fast casual concept, which is
reported as Chalupa segment. Launching a new business concept has several risks
related e.g. anticipation of consumer needs, habits, taste and behaviour.
Launching a new concept has a risk of not reaching an established position at
the market and not having a well-established clientele. Potential failure in
launching a new concept causes costs to the company and has a material adverse
impact on company's brand, financial position and financial result.
EVENTS AFTER THE REPORT PERIOD
The Group upgraded its outlook for the financial year ending 31 January 2017
after the review period on 22 August 2016. The reasons for the upgrade was the
unexpectedly strong sales growth in the Kotipizza chain and the management's
outlook on the sales in the remaining period of the financial year. According to
the new outlook the Group estimates for the full financial year that the chain-
based net sales will grow by over ten (10) per cent as compared to the previous
financial year and that comparable EBITDA will grow significantly as compared to
the previous year. The old outlook given on 23 March 2016 and reiterated on 20
June 2016 was that the Group estimates for the full financial year that the
chain-based net sales will grow by over five (5) per cent as compared to the
previous financial year and that comparable EBITDA will grow as compared to the
previous year.
OUTLOOK FOR THE FINANCIAL YEAR 2017
Demand for chained fast food is estimated to remain stable. The economic growth
in Finland is expected to be slow and to clearly underperform Eurozone.
According to estimates the national economy in Finland is expected to remain on
the previous years' level or to even slightly decline. The development of the
national economy has a direct impact to consumer demand and to demand for
chained fast food. According to the Finnish Hospitality Association (MaRa) the
turnover of the chained based fast food restaurants in Finland grew 5.7% in
2015. Demand for fast food has according to statistics remained relatively
stable, surely following the overall development of the economy. According to
MaRa's statistics turnover of the chained based fast food restaurants in Finland
has grown 2.2 percent a year (CAGR) in years 2000-2015.
The growth of our chain-based net sales exceeded the market growth for chained
fast food in year 2015 based on the ongoing concept renewal in Kotipizza,
innovative R&D and sustainable procurement. Based on the positive sales growth
in the Kotipizza chain and the management's outlook on the sales in the
remaining period of the financial year we expect company's chain based net sales
growth to exceed the Finnish fast food market average growth also in 2016.
The Company estimates the chain-based net sales will grow by over ten (10) per
cent as compared to the previous financial year and that comparable EBITDA will
grow significantly as compared to the previous year.
ACCOUNTING POLICIES
Kotipizza Group's unaudited interim report for the six-month period ending 31
July 2016, including the audited comparison figures for the six-month period
ending 31 July 2015, have been prepared according to IAS 34 and applying the
same accounting principles that were used in the previous audited full year
financial statements.
SUMMARY OF THE FINANCIAL STATEMENT AND NOTES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
-------------------------------------------
000 € 000 € 000 € 000 € 000 €
Continuing operations
Net sales 16 904 14 285 32 291 27 356 56 370
Other income -2 7 46 46 126
Change in inventory of raw
materials and finished goods
(+/-) 46 836 -449 1 535 458
Raw materials and finished goods
(-) -13 080 -12 220 -24 711 -23 229 -45 106
Employee benefits/expenses (-) -810 -609 -1 638 -1 956 -3 605
Depreciations (-) -252 -144 -493 -276 -735
Impairments (-) 0 0 0 0 -17
Goodwill impairment (-) 0 0 0 0 0
Contingent consideration (-) 0 0 0 0 0
Other operating expenses (-) -1 172 -1 016 -2 367 -2 233 -4 056
-------------------------------------------
Operating profit 1 633 1 139 2 678 1 243 3 435
Finance income 5 13 15 14 28
Finance costs -191 -1 669 -391 -2 537 -3 011
-------------------------------------------
Loss / profit before taxes from
continuing operations 1 447 -517 2 302 -1 280 452
Income taxes -318 -121 -518 -12 -124
-------------------------------------------
Loss / profit for the period
from continuing operations 1 129 -638 1 784 -1 292 328
-------------------------------------------
Discontinued operations
Loss after tax for the period
from discontinued operations 0 -53 0 -59 -113
-------------------------------------------
Loss / profit for the period 1 129 -691 1 784 -1 351 215
-------------------------------------------
Earnings per share, EUR:
Basic, profit for the period
attributable to ordinary equity
holders of the parent (no
dilutive instruments) 0.18 -0.26 0.28 -0.70 0.05
Earnings per share for continuing operations, EUR:
Basic, profit for the period
attributable to ordinary equity
holders of the parent (no
dilutive instruments) 0.18 -0.24 0.28 -0.67 0.08
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
--------------------------------------
000 € 000 € 000 € 000 € 000 €
Profit (loss) for the period) 1 129 -691 1 784 -1 351 215
Other comprehensive income:
Other comprehensive income to be
reclassified to profit or loss in
subsequent periods:
Cash flow hedges -58 0 -48 0 -367
Net other comprehensive income to be -58 0 -48 0 -367
reclassified to profit or loss in --------------------------------------
subsequent periods
Other comprehensive income for the -46 0 -38 0 -294
period, net of tax --------------------------------------
Total comprehensive income for the
period, net of tax 1 083 -691 1 746 -1 351 -79
--------------------------------------
Attributable to:
Owners of the company 1 084 -662 1 781 -1 322 -45
Non-controlling interest -1 -29 -35 -29 -34
--------------------------------------
1 083 -691 1 746 -1 351 -79
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.7.2016 31.7.2015 31.1.2016
Assets 000 € 000 € 000 €
Non-current assets
Property, plant and equipment 1 342 829 1 002
Goodwill 35 819 35 819 35 819
Intangible assets 2 229 1 287 2 118
Non-current financial assets 2 2 2
Non-current receivables 547 451 783
Deferred tax assets 305 276 289
------------------------------
40 243 38 664 40 013
Current assets
Inventories 3 093 4 478 3 385
Trade and other receivables 5 224 5 801 4 945
Current tax receivables 58 259 58
Prepayments 0 0 0
Cash and cash equivalents 8 463 20 406 8 099
------------------------------
16 838 30 944 16 487
Assets classified as held for sale 13 34 19
Total Assets 57 095 69 642 56 519
------------------------------
31.7.2016 31.7.2015 31.1.2016
------------------------------
000 € 000 € 000 €
Equity and liabilities
Share capital 80 80 80
Translation differences 0 0 0
Fund for invested unrestricted equity 27 595 29 958 29 818
Retained earnings 1 165 -1 900 -624
Non-controlling interests -49 -9 -14
------------------------------
Total equity 28 791 28 129 29 260
Non-current liabilities
Interest bearing loans and borrowings 16 979 192 16 363
Financial liabilities at fair value through
profit or loss 415 124 367
Other non-current liabilities 2 407 2 618 2 462
Deferred tax liabilities 55 43 54
------------------------------
19 857 2 977 19 246
Non-current liabilities
Interest bearing loans and borrowings 596 30 988 1 041
Trade and other payables 7 308 7 510 6 882
Provisions 23 0 90
Current tax liabilities 520 10 0
------------------------------
8 448 38 508 8 013
Liabilities related to assets held for sale 0 28 0
Total liabilities 28 304 41 513 27 259
------------------------------
Total shareholders' equity and liabilities 57 095 69 642 56 519
------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to owners of the company
-------------------------------------------------------
Fund for Retai- Trans-
invested ned lation Non-
Share unrestricted earn- differ- controlling Total
EUR THOUSAND capital equity ings rences interest equity
1 February 2016 80 29 818 -624 0 -14 29 260
Result for the period 0 0 1 781 0 -35 1 746
Other comprehensive
income 0 0 0 0 0 0
-------------------------------------------------------
Total incomprehensive
income for the period 0 0 1 781 0 -35 1 746
Share issue 0 0 0 0 0 0
Initial public offering
costs 0 0 0 0 0 0
Other change 0 0 8 0 0 8
Dividends 0 -2 223 0 0 0 -2 223
31 July 2016 80 27 595 1 165 0 -49 28 791
-------------------------------------------------------
Equity attributable to owners of the company
-------------------------------------------------------
Fund for Retai- Trans-
invested ned lation Non-
Share unrestricted earn- differ- controlling Total
EUR THOUSAND capital equity ings rences interest equity
1 February 2015 80 5 362 -579 0 0 4 863
Result for the period 0 0 -1 322 0 -29 -1 351
Other comprehensive
income 0 0 0 0 0 0
-------------------------------------------------------
Total incomprehensive
income for the period 0 0 -1 322 0 -29 -1 351
Share issue 0 25 501 0 0 20 25 521
Dividends -904 0 0 0 -904
Other change 0 0 0 0 0 0
31 July 2015 0 24 597 -1 322 0 -9 23 266
-------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
2-7/2016 2-7/2015
Operating activities 000 € 000 €
Profit before tax 2 302 -1280
Loss for discontinued operations 0 -73
Adjustments to reconcile profit before tax to net cash flows
Depreciation of property, plant and equipment 236 113
Depreciation and impairment of intangible assets 256 163
Depreciation and write-downs of discontinued operations 0 0
Contingent considerations 0 0
Gain on disposal of property, plant and equipment -80 0
Finance income -15 -14
Finance costs 391 2 537
Change in working capital
Change in trade and other receivables (+/-) -74 -85
Change in inventories (+/-) 292 -1 530
Change in trade and other payables (+/-) 266 230
Change in provisions (+/-) -67 0
Interest paid (-) -402 -2 894
Interest received 15 14
Income tax paid (-) -4 -30
------------------
Net cash flows from operating activities 3 117 -2 849
Investing activities
Acquisition of subsidiaries 0 20
Investments for tangible assets (-) -89 -135
Investments for non-tangible assets (-) -367 -221
Repayment for loan assets 0 0
Proceeds from sale of assets-held-for-sale 0 0
Sale of property, plant and equipment 400 0
------------------
Net cash flows used in investing activities -56 -336
Financing activities
Funds received from the share issue -2 223 24 371
Loans withdrawal 0 0
Loans repayments (-) -375 -5 886
Finance lease payments (+/-) -100 -95
Net cash flow used in financing activities -2 698 18 390
Net change in cash and cash equivalents 363 15 205
Cash and cash equivalents at 1 February 8 100 5 201
------------------
Cash and cash equivalents at 30 April 8 463 20 406
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SEGMENT INFORMATION
Reported segment information of the Group has been changed due to establishing
the new Chalupa segment. Franchising and Kotipizza segments in the previous
audited financial statements have been combined to the Kotipizza segment and
Wholesale segment is now reported as the Foodstock segment. In addition to these
operational segments a new operational Chalupa segment has been established.
Business administration segment in the previous audited financial statements is
now reported as Others segment.
KOTIPIZZA-SEGMENT
---------------------------------------------------------------------
EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
---------------------------------------------------------------------
Net sales 3 549 2 982 6 645 5 752 11 784
Comparable gross margin/EBITDA 1 783 1 640 3 261 2 479 5 465
Depreciation and impairments -145 -106 -292 -204 -584
Comparable EBIT 1 639 1 534 2 970 2 275 4 881
Reported gross margin/EBITDA 1 755 1 640 3 233 2 210 5 196
Reported EBIT 1 610 1 534 2 942 2 006 4 612
---------------------------------------------------------------------
FOODSTOCK- SEGMENT
---------------------------------------------------------------------
EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
---------------------------------------------------------------------
Net sales 13 152 11 245 25 264 21 531 44 096
Comparable gross margin/EBITDA 535 270 869 485 964
Depreciation and impairments -36 -29 -67 -57 -113
Comparable EBIT 499 241 802 428 851
Reported gross margin/EBITDA 528 270 862 370 849
Reported EBIT 492 241 795 313 736
---------------------------------------------------------------------
CHALUPA- SEGMENT
---------------------------------------------------------------------
EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
---------------------------------------------------------------------
Net sales 202 47 382 47 443
Comparable gross margin/EBITDA -22 -70 -94 -70 -66
Depreciation and impairments -9 -3 -21 -3 -18
Comparable EBIT -31 -73 -115 -73 -84
Reported gross margin/EBITDA -24 -70 -96 -70 -66
Reported EBIT -33 -73 -117 -73 -84
---------------------------------------------------------------------
OTHERS-SEGMENT
---------------------------------------------------------------------
EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
---------------------------------------------------------------------
Net sales 0 11 0 26 47
Comparable gross margin/EBITDA -270 -358 -724 -566 -1 337
Depreciation and impairments -63 -6 -114 -12 -37
Comparable EBIT -332 -364 -837 -578 -1 374
Reported gross margin/EBITDA -374 -557 -828 -991 -1 792
Reported EBIT -437 -563 -942 -1 003 -1 829
---------------------------------------------------------------------
ALL SEGMENTS TOGETHER
---------------------------------------------------------------------
EUR THOUSAND 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
---------------------------------------------------------------------
Net sales 16 904 14 285 32 291 27 356 56 370
Comparable gross margin/EBITDA 2 027 1 482 3 313 2 328 5 026
Depreciation and impairments -252 -144 -493 -276 -752
Comparable EBIT 1 775 1 338 2 820 2 052 4 274
Reported gross margin/EBITDA 1 885 1 283 3 171 1 519 4 187
Reported EBIT 1 633 1 139 2 678 1 243 3 435
---------------------------------------------------------------------
NOTE 2. NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
The non-current assets held for sale and discontinued operations were related to
Kotipizza Segment's Russian and Swedish operations, Domi-pizzapalat, sale of
Franchising segment's 55 Burger, Cola, Fries concept and divestment of the
Financial management services segment. Selling price of the both divested
businesses, Financial management services and 55 Burger, Cola, Fries concept,
was 1 euro.
31/07/16 31/07/15
------------------
000 € 000 €
Net sales 0 22
Other operating income 0 0
Depreciation 0 0
Expenses 0 -67
Operating loss (EBIT) 0 -45
Finance costs 0 0
Capital loss related to discontinued operations 0 -28
------------------
Loss for the period from a discontinued operation before tax 0 -73
Tax impact 0 14
------------------
Loss for the period from the discontinued operations 0 -59
Earnings per share for discontinued operations, EUR:
Basic, profit for the period attributable to ordinary equity
holders of the parent
(no dilutive instruments) 0.00 -0.04
The major classes of assets and liabilities related to
discontinued operations:
31/07/16 31/07/15
------------------
Assets 000 € 000 €
Inventories 0 10
Trade receivable and other receivables 0 24
------------------
Assets related to discontinued operations 0 34
Liabilities
Received collaterals 0 15
Other liabilities 0 5
Accrued expenses 0 8
Liabilities related to discontinued operations 0 28
Cash flows related to discontinued operations are not
reported
separately, and due to this, the information cannot be
accurately
reported.
NOTE 3. RELATED PARTY TRANSACTIONS
Parties are considered to be related when a party has control or significant
influence over the other party relating to decision-making in connection to its
finances and business. The Group's related parties include the parent company,
subsidiaries, members of the board of directors and management board, managing
director and their family members. The key management comprises the members of
the management board. The table below sets forth the total amounts of related
party transactions carried out during the period. The terms and conditions of
the related party transactions correspond terms and conditions applied to
transactions between independent parties.
Amounts Purchases
owed to from Outstanding Sales to Outstanding
Interest related related trade related trade
paid parties parties payables parties receivables
------------------------------------------------------------
000 € 000 € 000 € 000 € 000 € 000 €
Key management of
the group
2-7/16 0 0 19 3 2 0
2-7/15 0 0 38 0 317 80
Other related
parties
2-7/16 0 0 204 33 0 0
2-7/15 0 0 443 48 0 0
Controlling
entities
2-7/16 0 0 0 0 0 0
2-7/15 156 0 0 0 0 0
Companies
controlled by the
members of the
Board
2-7/16
2-7/15 0 0 0 0 0 0
2-7/16 2-7/15
Pension Pension
Salaries expenses Salaries expenses
------------------------------------
000 € 000 € 000 € 000 €
Management and key personnel of the Group: 389 70 322 57
The salaries of the Group's management and key personnel include car and
telephone benefits, and there are no other benefits. No benefits are applied
after service, and the Group has not paid any share-based payments. Key
management personnel have not been granted a loan, and the Group has not
guaranteed loans to the management personnel.
Managing director and board members: 2-7/16 2-7/15
Pension Pension
Salaries expenses Salaries expenses
------------------------------------
000 € 000 € 000 € 000 €
Tommi Tervanen, CEO 114 21 111 20
Johan Wentzel, Chairman of the Board 3,0 0 3,0 0
Kim Hanslin, Board member 12 0 12 0
Minna Nissinen, Board member from 12 0 12 0
Petri Parvinen, Board member from 12 0 12 0
Kalle Ruuskanen, Board member from 12 0 12 0
Marjatta Rytömaa, Board member from 11 May
2016 1,5 0 0 0
Mikael Autio, Board member 1 Feb. 2015 -
11 May 2016 1,5 0 3 0
NOTE 4. EMPLOYEE BENEFITS EXPENSE
All employee benefits expenses are included in administrative (fixed) expenses.
2-7/16 2-7/15
--------------
000 € 000 €
Wages and salaries 1339 1 645
Social security costs 45 22
Pension costs (defined contribution plans) 255 289
--------------
Total employee benefits expense 1 638 1 956
NOTE 5. CONTINGENT LIABILITIES
Commitments 31/07/16 31/07/15
000 € 000 €
Leasing commitments 99 30
Secondary commitments 0 12
Rental guarantees 667 572
Bank guarantees 420 920
Rental commitments for premises 4 024 3 684
Loans from financial institutions 16 438 0
Guarantees for other than Group companies 410 445
Guarantees
Pledged deposits 146 352
Business mortgages 17 500 2 500
Guarantees 20 640
Pledged shares, book value 19 984 0
General guarantee for other Group companies unlimited
NOTE 6: ALTERNATIVE PERFORMANCE MEASURES (APMs)
New ESMA (European Securities and Markets Authority) guidelines on Alternative
Performance Measures (APMs) are effective for the financial year 2016. Kotipizza
Group presents APMs to reflect the underlying business performance and to
enhance comparability between financial periods. APMs should not be considered
as a substitute for measures of performance in accordance with the IFRS. APMs
used by Kotipizza Group are listed and defined in this note.
CHAIN-BASED NET SALES
Chain-based net sales is the total combined net sales of the company's
franchisees, based on which the company's franchising fees are invoiced monthly.
It also includes sales of the restaurants owned directly by the group.
COMPARABLE NET SALES:
Net sales- items affecting comparability
EUR thousand 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
--------------------------------------------------------------------
Net sales 16 904 14 285 32 291 27 356 56 370
Items affecting comparability 0 0 0 0 0
--------------------------------------------------------------------
Comparable net sales 16 904 14 285 32 291 27 356 56 370
--------------------------------------------------------------------
COMPARABLE EBIT:
EBIT- items affecting comparability
EUR thousand 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
--------------------------------------------------------------------
EBIT 1 633 1 139 2 678 1 243 3 435
Items affecting comparability 142 199 142 809 839
--------------------------------------------------------------------
Comparable EBIT 1 775 1 338 2 820 2 052 4 274
--------------------------------------------------------------------
Items affecting comparability are material items or transactions, which are
relevant for understanding the financial performance of Kotipizza Group when
comparing profit of the current period with previous periods. These items can
include, but are not limited to, capital gains and losses, significant write-
downs, provisions for planned restructuring and other items that are not related
to normal business operations from Kotipizza Group's management view. Such items
are always listed in Euros in Kotipizza Group's interim-, half year and full
year financial reports for the whole Group and for the operating segments.
EBITDA
EBIT+depreciation
EUR thousand 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
-------------------------------------------------------------------
EBIT 1 633 1 139 2 678 1 243 3 435
Depreciation and impairments 252 144 493 276 752
-------------------------------------------------------------------
EBITDA 1 885 1 283 3 171 1 519 4 187
-------------------------------------------------------------------
COMPARABLE EBITDA
EUR thousand 5-7/16 5-7/15 2-7/16 2-7/15 2/15-1/16
--------------------------------------------------------------------
EBIT 1 633 1 139 2 678 1 243 3 435
Depreciation and impairments 252 144 493 276 752
Items affecting comparability 142 199 142 809 839
--------------------------------------------------------------------
Comparable EBITDA 2 027 1 482 3 313 2 328 5 026
--------------------------------------------------------------------
COMPARABLE EBITDA OF NET SALES, %
Comparable EBITDA
-------------------* 100
Net sales
NET DEBT
Long term ja short term interest bearing debt - Cash and cash equivalents
EUR thousand 31.7.2016 31.7.2015 31.1.2016
---------------------------------------------------------------
Long term interest bearing debt 16 979 192 16 363
Short term interest bearing debt 596 30 988 1 041
Cash and cash equivalents -8 463 -20 406 -8 099
---------------------------------------------------------------
Net debt 9 113 10 774 9 305
---------------------------------------------------------------
NET GEARING, %
Net debt t
--------------* 100
Total equity
EQUITY RATIO, %
Total equity
--------------* 100
Total assets
In Helsinki on 28 September 2016
Kotipizza Group Oyj's Board of Directors
Further information: CEO Tommi Tervanen, tel. +358 207 716, and CFO Timo
Pirskanen, tel. +358 207 716 747
[]
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