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}
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"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
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"decimals": -5,
"dimensions": {
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"entity": "scheme:743700DYZ6R1QNLWQA56",
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"unit": "iso4217:EUR"
}
},
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}
},
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}
},
"ID_454": {
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"decimals": -5,
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"ID_455": {
"value": "12100000",
"decimals": -5,
"dimensions": {
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"unit": "iso4217:EUR"
}
},
"ID_480": {
"value": "3400000",
"decimals": -5,
"dimensions": {
"concept": "NOHO:Proceedsfromcurrentloansandborrowings",
"entity": "scheme:743700DYZ6R1QNLWQA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"ID_481": {
"value": "-4200000",
"decimals": -5,
"dimensions": {
"concept": "NOHO:Proceedsfromcurrentloansandborrowings",
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"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"ID_478": {
"value": "0",
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"unit": "iso4217:EUR"
}
},
"ID_479": {
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"decimals": -5,
"dimensions": {
"concept": "NOHO:CurrentCommercialPapersRepaid",
"entity": "scheme:743700DYZ6R1QNLWQA56",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"ID_456": {
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"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:743700DYZ6R1QNLWQA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"ID_457": {
"value": "600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:743700DYZ6R1QNLWQA56",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"ID_458": {
"value": "30000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:743700DYZ6R1QNLWQA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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}
},
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"ID_120": {
"value": "1. GENERAL ACCOUNTING PRINCIPLES
\u00a0
The notes to the consolidated financial statements have been grouped according to their
nature. The accounting principles as well as judgements and key estimation uncertainties
are presented in connection with each note. This section describes the accounting principles
that apply to the consolidated financial statements as a whole.
1.1. BASIC INFORMATION
\u00a0
ABOUT THE GROUP
\u00a0
NoHo Partners Plc Group
\u00a0
(hereinafter referred to as \u201cNoho Partners\u201d or \u201cGroup\u201d) is a Finnish
Group founded in 1996 that
specialises in restaurant services
. The Group\u2019s parent company is
NoHo Partners Plc
. The parent company\u2019s registered office is in Tampere,
\u00a0
at
Hatanp\u00e4\u00e4n
valtatie 1 B, FI-33100 Tampere
, Finland. The parent company\u2019s home country is
Finland
.
At the end of the financial year 2022, the Group comprised
approximately
restaurants in
Finland
, Denmark and Norway. The well-known restaurant concepts of the company include
Elite, Savoy, Teatteri,
\u00a0
Sea Horse, Stefan\u2019s Steakhouse, Palace, L\u00f6yly, Hanko Sushi, Friends
& Brgrs, Campingen ja Cock's & Cows.
NoHo Partners\u2019 official consolidated financial statements have been published as an xHTML
file in accordance with the European Single Electronic Format (ESEF) reporting requirements.
In line with ESEF requirements, the primary financial statements are labelled with XBRL tags
and the notes with XBRL block tags. The audit firm Ernst & Young Oy issues an independent
auditor\u2019s reasonable assurance report on NoHo Partners\u2019 ESEF Financial Statements. In
addition, a pdf version in Finnish and in English (translation of the Finnish original) on the
consolidated financial statements is available at the company\u2019s website at noho.fi/en and from
the head office of the Group\u2019s parent company at the previously mentioned address.
NoHo Partners Plc
\u2019s Board of Directors approved these financial statements for publication at
its meeting on 15 March 2023. According to the Finnish Limited Liability Companies Act, the
shareholders have the opportunity to approve or reject the financial statements at the general
meeting held after their publication. The general meeting can also adopt or reject the financial
statements.
1.2. ACCOUNTING PRINCIPLES
\u00a0
These financial statements of NoHo Partners Group have been prepared based on the
International Financial Reporting Standards (IFRS) in accordance with the IAS and IFRS
standards in force as of 31 December 2022 as well as the SIC and IFRIC interpretations
issued in relation to them. International Financial Reporting Standards refer to the standards
and their interpretations approved for application in the EU in accordance with the procedure
stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting
Act and provisions issued under it. The notes to the consolidated financial statements have
also been prepared in accordance with the requirements in Finnish accounting legislation and
Community law that complement the IFRS regulations.
The information in the consolidated financial statements is based on original acquisition costs,
except where otherwise stated in the accounting principles.
The figures in the consolidated financial statements are presented as millions of euros
(MEUR) and have been rounded to the nearest 0.1 million euros; thus, the sum of individual
figures may deviate from the total sum presented. The comparative data is presented in
brackets after the figures for the financial period. The company's functional currency is EUR.
1.3. IMPACT OF THE COVID-19 PANDEMIC
\u00a0
ON THE GROUP\u2019S BUSINESS
\u00a0
Summary of the impacts of the Covid-19 pandemic
in the Group\u2019s financial statements
\u00a0
Note
Measures to adjust business operations
Rent concessions in 2022
Grants from the Finnish, Norwegian and Danish states
On 4 November 2022 renewed financing agreement
The Covid-19 pandemic has had a significant impact on the Group\u2019s business since March
2020. The restrictions imposed on the restaurant industry by governments to mitigate the
pandemic and the impacts on customer demand have had a highly negative effect on NoHo
Partners\u2019 business operations and financial results. The Group has taken determined action to
reduce the pandemic\u2019s impacts, uncertainties and risks and to secure the Group\u2019s financial
position and sufficient financing.
\u00a0
In Finland
, strict restrictions on restaurants were in place in January and continued until 14
February 2022, after which alcohol service ended at 11 p.m. and opening hours ended at
midnight for all restaurants. At the same time, restrictions on assembly were lifted. The
restaurant restrictions in Finland were lifted completely on 1 March 2022.
\u00a0
In Denmark
, restaurants had to close at 11 p.m. in January,
\u00a0
with alcohol service ending at 10
p.m. Customer capacity was restricted to half of normal and nightclubs were closed. All
restaurant restrictions were lifted on 1 February 2022.
In Norway
, the ban on the sale of alcohol lasted one month and ended on 14 January 2022,
after which all restaurants were allowed to serve alcohol until 11 p.m. and stay open until
midnight. Customer capacity was restricted to half of normal and table service was required.
The restaurant restrictions, with the exception of the prohibition of dancing and the
requirement to maintain safe distances of one metre, were lifted on 1 February 2022, and the
remaining restrictions were lifted on 12 February 2022.
\u00a0
A report on the impacts of the pandemic and changes in restaurant restrictions for the
comparison period 2021 is presented in the Consolidated Financial Statements for 2021, Note
1.3.
NoHo Partners received a total of approximately MEUR 6.9 in government assistance related
to the Covid-19 pandemic received during the first half of 2022. A more detailed account of
government assistance and the distribution thereof is presented on page
1.4. ASSESSMENT OF RISKS AND UNCERTAINTIES RELATED
\u00a0
TO THE COMPANY\u2019S OPERATIONS
The near-term risks and uncertainties described in this section can potentially have a significant impact on NoHo Partners\u2019 business, financial results and future outlook over the next 12 months.
The table describes the risks as well as measures to prepare for them and minimise them.
\u00a0
Geopolitical situation
The uncertain geopolitical situation may have an impact on the company\u2019s market environment. For the time being, the company does not see
a significant impact on demand in its operating countries.
The rise in the general cost level caused by the prevailing global situation has an impact on the company\u2019s business. To mitigate the impact,
the company has prepared for rising raw material prices, for example, through the centralisation of purchase and sales agreements as well as
price increases.
General financial situation and changes in
customer demand
The sales and profitability of restaurant services are affected by the financial situation of households and the development of purchasing power
and corporate sales. The business outlook for the tourism and restaurant sector and consumer confidence have been weakened by the
uncertain geopolitical climate and the general rise in costs. Demand for restaurant services has, however, remained at a good level.
\u00a0
Inflation and weakening consumer purchasing power and confidence constitute a risk to the development of NoHo Partners\u2019 turnover and cash
flow. The adaptation of operating costs and the ability to mount an agile response to changes in customer demand are key ways for the Group
to influence the development of turnover and EBIT.
Liquidity risk
The Group\u2019s financing needs will be covered by optimising working capital and through external financing arrangements so that the Group has
sufficient liquidity or unwithdrawn committed credit arrangements at its disposal. The operational monitoring and management of liquidity risk
are centralised in the Group\u2019s finance department, where the sufficiency of financing is managed based on rolling forecasts.
\u00a0
Unexpected legislative amendments related to the company\u2019s business, might have a negative effect on the company\u2019s liquidity.
\u00a0
Financial risks
The Group strives to assess and track the amount of funding required by the business, for example by performing a monthly analysis of the
utilisation rate of the restaurants and the development of sales, in order to ensure that the Group has sufficient working capital and liquid
assets to fund the operations and repay loans that fall due. The aim is to ensure the availability and flexibility of Group financing through
sufficient credit limit reserves, a balanced loan maturity distribution and sufficiently long loan periods as well as using several financial
institutions and forms of financing, when necessary.
\u00a0
Changes in the macroeconomic environment or the general financing market situation may negatively affect the company\u2019s liquidity as well as
the availability, price and other terms and conditions of financing.
\u00a0
Amendments to legislation
\u00a0
Changes in regulations governing the restaurant business in the Group\u2019s various markets may have a negative impact on the Group\u2019s
operations. Regulatory changes concerning, for example, alcohol, food and labour laws and value-added taxation may affect the company\u2019s
Rent level development
Business premises expenses constitute a significant share of NoHo Partners\u2019 operating expenses. The Group\u2019s business premises are
primarily leased, so the development of the general level of rents has a significant impact on the Group\u2019s operations.
Labour market situation and labour supply
The availability of skilled part-time labour particularly during high seasons and on the weekends can be seen as an uncertainty factor, that may
affect the company\u2019s business operations.
\u00a0
Goodwill write-off risk
The Group has a significant amount of goodwill on the consolidated balance sheet, which is subject to a write-off risk in the event that the
Group\u2019s expected future cash flows decline permanently due to external or internal factors.
1.5. KEY ESTIMATES AND JUDGEMENTS
\u00a0
The preparation of consolidated financial statements in accordance with the IFRS standards
requires the use of certain estimates and assumptions that affect the reported figures. The
estimates and assumptions used in these financial statements are based on the
management\u2019s best estimate at the time of closing the books. These estimates and
assumptions influence the application of the accounting principles used in the financial
statements, the amounts of assets and liabilities on the balance sheet, the presentation of
contingent assets and liabilities in the notes to the financial statements as well as the
income and expenses for the financial period. The estimates are based on previous
experience, market data and several other assumptions that are deemed reasonable, but
the actual figures may deviate from these estimates due to different assumptions or
circumstances. The management must exercise judgement in applying the accounting
principles of the financial statements and making estimates related to income taxes,
goodwill impairment testing, provisions and contingent liabilities, for example. These
principles and estimates require the management to make subjective and complex
judgement-based estimates, such as those concerning the effects of factors that are
uncertain by nature.
The impacts of the Covid-19 pandemic on the Group\u2019s operations and management
estimates are described on earlier on page
\u00a0
Key estimates and judgements
Note
Assumptions related to acquisitions (e.g. future cash
flows of the acquired business, purchase price
allocations, value and useful life of brands, fulfilment of
conditions concerning brands with an indefinite useful
life, realisation of contingent transaction prices and
synergies achieved through acquisitions)
Assumptions related to impairment testing (e.g. revenue
growth, cost development, level of maintenance
investments and changes in the discount rate)
Management actions and estimates related to the risk
management of trade and other receivables and the
minimisation of credit losses
The management\u2019s estimate of the fulfilment of the
financial conditions set by the Board of Directors
The management\u2019s estimates are related to the use of
deferred tax assets against taxable income in future
periods
Estimates concerning leases (e.g. leases covered by the
arrangement, size of leases for underlying assets of low
value, exercising of extension options of leases,
incremental borrowing rate, size of restoration costs)
1.6. CONSOLIDATION PRINCIPLES
\u00a0
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated into these consolidated financial statements are itemised on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them, and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition, and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intragroup transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity belonging to minority shareholders is presented as a separate item on
the balance sheet, as part of equity. Changes to the parent company's holding in a
subsidiary that will not lead to a loss of control are recorded as transactions concerning
equity. If an acquisition is completed in stages, the earlier holding is measured at fair value,
and the resulting gain or loss is recognised through profit or loss. When the Group loses its
controlling interest in a subsidiary, the remaining portion is measured at fair value on the
date of the loss of control, and the difference is recorded through profit or loss.
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
1.7. NON-CURRENT ASSETS HELD FOR SALE
\u00a0
Non-current assets are classified as held for sale if the amount equivalent to their carrying
amount will primarily accumulate from the sale of the assets rather than their continued use.
The prerequisites for classification as held for sale are considered to be met when the sale
is highly probable and the asset item can be immediately sold in its present condition using
common terms, and when the management is committed to the sale and the sale is
expected to take place within one year from the classification.
Immediately before the classification, the asset items classified as held for sale are
measured according to the applicable IFRS standards. Starting from the moment of
classification, the asset items held for sale are measured at carrying amount or fair value
less the costs of selling, whichever is lower. Depreciation on these asset items is
discontinued and the share of the associated company\u2019s result is no longer recognised after
the classification. Assets held for sale are presented separately from other assets on the
balance sheet.
On 11 June 2021, the Group published its updated strategy and financial targets for the
strategy period 2022\u20132024. In connection with this, the Group decided to classify its
shareholding in Eezy Plc as an asset held for sale. The Group plans to gradually reduce its
shareholdings in Eezy to finance future growth projects and, if necessary, strengthen its
balance sheet position.
After the classification, the company\u2019s shareholding in Eezy Plc has decreased from 25.3%
to 20.5% and the company\u2019s representation on the Board of Directors of Eezy Plc
decreased from two members to one member in the second quarter of 2022. Taking into
account the classification of the shareholding as an asset held for sale, the decrease in the
shareholding and the change in the number of the company\u2019s representatives on the Board
of Directors of Eezy Plc, the company has changed the treatment of Eezy Plc from a
business-related asset to an investment asset effective from 12 April 2022. As a result of the
change in classification, items related to Eezy Plc will be recognised in financial items,
below EBIT,
\u00a0
going forward.
On 31 December 2022, NoHo Partners owned 5,139,745 shares in Eezy Plc, corresponding
to a holding of approximately 20.5%. The book value of the shares on NoHo Partners Plc\u2019s
balance sheet is MEUR 16.0, corresponding to EUR 3.12 per share (closing share price at
the end of the review period). The balance sheet value of the shareholding in Eezy Plc was
EUR 5.14 per share on NoHo Partners Plc\u2019s balance sheet on 31 March 2022. Since the
classification, due to the reduction of Eezy Plc\u00b4s market value, a reduction of fair value of
MEUR 10.4 has been recognised under other finance costs in the income statement. If the
fair value of Eezy Plc returns to its original book value, the recognised impairment will be
reversed up to the original value (EUR 5.14/share).
A 10 % decrease in the market value of the Eezy Plc share would result in MEUR 1.6
finance cost and a corresponding increase in the market value would result in MEUR 1.6
financial income.
1.8. ITEMS DENOMINATED IN FOREIGN CURRENCIES
\u00a0
The consolidated financial statements are presented in euros, which is the operating and
presentation currency of the Group\u2019s parent company.
Transactions denominated in foreign currencies are entered in the accounts at the
exchange rate in effect on the date of the transaction. The closing rates of the European
Central Bank are used in the translation of receivables and liabilities denominated in foreign
currencies. The translation differences arising from transactions denominated on foreign
currencies and the conversion of financial items are recognised through profit or loss.
Foreign exchange gains and losses are included in the corresponding items above EBIT.
Effective from 1 April 2022, the company classified intra-group loans as net investments for
which no repayment period has been defined. Starting from the date of classification,
exchange rate differences related to the loans are recognised in translation differences in
equity.
1.9. ADOPTION OF NEW AND AMENDED STANDARDS
\u00a0
New and amended standards and interpretations applied in the consolidated financial
statements as of 1 January 2022:
Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37
Provisions, Contingent Liabilities and Contingent Assets
\u00a0
(effective for financial years
beginning on or after 1 January 2022)
When an onerous contract is accounted for based on the costs of fulfilling the contract, the
amendments clarify that these costs comprise both the incremental costs and an allocation
of other direct costs.
\u00a0
Annual Improvements to IFRS Standards 2018\u20132020
(effective for financial years
beginning on or after 1 January 2022)
\u00a0
The annual improvements process provides a mechanism for minor and non-urgent
amendments to IFRSs to be grouped together and issued in one package annually. The
amendments clarify the following standards:
\u2022
IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary
as a first-time adopter: This amendment simplifies the application of IFRS 1 for a
subsidiary that becomes a first-time adopter later than its parent. A subsidiary may
elect to measure cumulative translation differences at amounts included in the
consolidated financial statements of the parent.
\u2022
IFRS 9 Financial Instruments \u2013 Fees in the \u201c10 per cent\u201d test for derecognition of
financial liabilities: This amendment clarifies that \u2013 for the purpose of performing the
\u201c10 per cent test\u201d for derecognition of financial liabilities \u2013 in determining those fees
paid net of fees received, a borrower includes only fees paid or received between the
borrower and the lender, including fees paid or received by either the borrower or
lender on the other\u2019s behalf.
\u2022
IFRS 16 Leases \u2013 Lease incentives \u2013 Example 13. The amendment removes the
illustration of payments from the lessor relating to leasehold improvements. The
example was not clear as to why such payments are not a lease incentive.
\u2022
IAS 41 Agriculture \u2013 Taxation in fair value measurements. This amendment removes
the requirement to exclude cash flows for taxation when measuring fair value, thereby
aligning the fair value measurement requirements in IAS 41 with those in IFRS 13 Fair
Value Measurement. When a present value technique is used to measure fair value,
the assumptions used for the cash flows and discount rates should be internally
consistent \u2013 i.e. using either after tax or pre-tax for both.
\u00a0
Property, Plant and Equipment \u2014 Proceeds before Intended Use \u2013 Amendments to
IAS 16
Property, Plant and Equipment
(effective for financial years beginning on or after 1
January 2022)
Under the amendments, proceeds from selling items before the related item of PPE is
available for use should be recognised in profit or loss, together with the costs of producing
Reference to the Conceptual Framework \u2014 Amendments to IFRS 3
Business
Combinations
\u00a0
(effective for financial years beginning on or after 1 January 2022)
The amendments update a reference in IFRS 3 and makes further reference related
amendments.
NoHo Partners Plc
\u2019s Board of Directors approved these financial statements for publication at
its meeting on 15 March 2023. According to the Finnish Limited Liability Companies Act, the
shareholders have the opportunity to approve or reject the financial statements at the general
meeting held after their publication. The general meeting can also adopt or reject the financial
statements.
1.2. ACCOUNTING PRINCIPLES
\u00a0
These financial statements of NoHo Partners Group have been prepared based on the
International Financial Reporting Standards (IFRS) in accordance with the IAS and IFRS
standards in force as of 31 December 2022 as well as the SIC and IFRIC interpretations
issued in relation to them. International Financial Reporting Standards refer to the standards
and their interpretations approved for application in the EU in accordance with the procedure
stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting
Act and provisions issued under it. The notes to the consolidated financial statements have
also been prepared in accordance with the requirements in Finnish accounting legislation and
Community law that complement the IFRS regulations.
The information in the consolidated financial statements is based on original acquisition costs,
except where otherwise stated in the accounting principles.
The figures in the consolidated financial statements are presented as millions of euros
(MEUR) and have been rounded to the nearest 0.1 million euros; thus, the sum of individual
figures may deviate from the total sum presented. The comparative data is presented in
brackets after the figures for the financial period. The company's functional currency is EUR.
1. GENERAL ACCOUNTING PRINCIPLES
\u00a0
The notes to the consolidated financial statements have been grouped according to their
nature. The accounting principles as well as judgements and key estimation uncertainties
are presented in connection with each note. This section describes the accounting principles
that apply to the consolidated financial statements as a whole.
1.1. BASIC INFORMATION
\u00a0
ABOUT THE GROUP
\u00a0
NoHo Partners Plc Group
\u00a0
(hereinafter referred to as \u201cNoho Partners\u201d or \u201cGroup\u201d) is a Finnish
Group founded in 1996 that
specialises in restaurant services
. The Group\u2019s parent company is
NoHo Partners Plc
. The parent company\u2019s registered office is in Tampere,
\u00a0
at
Hatanp\u00e4\u00e4n
valtatie 1 B, FI-33100 Tampere
, Finland. The parent company\u2019s home country is
Finland
.
At the end of the financial year 2022, the Group comprised
approximately
restaurants in
Finland
, Denmark and Norway. The well-known restaurant concepts of the company include
Elite, Savoy, Teatteri,
\u00a0
Sea Horse, Stefan\u2019s Steakhouse, Palace, L\u00f6yly, Hanko Sushi, Friends
& Brgrs, Campingen ja Cock's & Cows.
NoHo Partners\u2019 official consolidated financial statements have been published as an xHTML
file in accordance with the European Single Electronic Format (ESEF) reporting requirements.
In line with ESEF requirements, the primary financial statements are labelled with XBRL tags
and the notes with XBRL block tags. The audit firm Ernst & Young Oy issues an independent
auditor\u2019s reasonable assurance report on NoHo Partners\u2019 ESEF Financial Statements. In
addition, a pdf version in Finnish and in English (translation of the Finnish original) on the
consolidated financial statements is available at the company\u2019s website at noho.fi/en and from
the head office of the Group\u2019s parent company at the previously mentioned address.
NoHo Partners Plc
\u2019s Board of Directors approved these financial statements for publication at
its meeting on 15 March 2023. According to the Finnish Limited Liability Companies Act, the
shareholders have the opportunity to approve or reject the financial statements at the general
meeting held after their publication. The general meeting can also adopt or reject the financial
statements.
1.2. ACCOUNTING PRINCIPLES
\u00a0
These financial statements of NoHo Partners Group have been prepared based on the
International Financial Reporting Standards (IFRS) in accordance with the IAS and IFRS
standards in force as of 31 December 2022 as well as the SIC and IFRIC interpretations
issued in relation to them. International Financial Reporting Standards refer to the standards
and their interpretations approved for application in the EU in accordance with the procedure
stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting
Act and provisions issued under it. The notes to the consolidated financial statements have
also been prepared in accordance with the requirements in Finnish accounting legislation and
Community law that complement the IFRS regulations.
The information in the consolidated financial statements is based on original acquisition costs,
except where otherwise stated in the accounting principles.
The figures in the consolidated financial statements are presented as millions of euros
(MEUR) and have been rounded to the nearest 0.1 million euros; thus, the sum of individual
figures may deviate from the total sum presented. The comparative data is presented in
brackets after the figures for the financial period. The company's functional currency is EUR.
1.2. ACCOUNTING PRINCIPLES
\u00a0
These financial statements of NoHo Partners Group have been prepared based on the
International Financial Reporting Standards (IFRS) in accordance with the IAS and IFRS
standards in force as of 31 December 2022 as well as the SIC and IFRIC interpretations
issued in relation to them. International Financial Reporting Standards refer to the standards
and their interpretations approved for application in the EU in accordance with the procedure
stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting
Act and provisions issued under it. The notes to the consolidated financial statements have
also been prepared in accordance with the requirements in Finnish accounting legislation and
Community law that complement the IFRS regulations.
The figures in the consolidated financial statements are presented as millions of euros
(MEUR) and have been rounded to the nearest 0.1 million euros; thus, the sum of individual
figures may deviate from the total sum presented. The comparative data is presented in
brackets after the figures for the financial period. The company's functional currency is EUR.
The near-term risks and uncertainties described in this section can potentially have a significant impact on NoHo Partners\u2019 business, financial results and future outlook over the next 12 months.
The table describes the risks as well as measures to prepare for them and minimise them.
\u00a0
Geopolitical situation
The uncertain geopolitical situation may have an impact on the company\u2019s market environment. For the time being, the company does not see
a significant impact on demand in its operating countries.
The rise in the general cost level caused by the prevailing global situation has an impact on the company\u2019s business. To mitigate the impact,
the company has prepared for rising raw material prices, for example, through the centralisation of purchase and sales agreements as well as
price increases.
General financial situation and changes in
customer demand
The sales and profitability of restaurant services are affected by the financial situation of households and the development of purchasing power
and corporate sales. The business outlook for the tourism and restaurant sector and consumer confidence have been weakened by the
uncertain geopolitical climate and the general rise in costs. Demand for restaurant services has, however, remained at a good level.
\u00a0
Inflation and weakening consumer purchasing power and confidence constitute a risk to the development of NoHo Partners\u2019 turnover and cash
flow. The adaptation of operating costs and the ability to mount an agile response to changes in customer demand are key ways for the Group
to influence the development of turnover and EBIT.
Liquidity risk
The Group\u2019s financing needs will be covered by optimising working capital and through external financing arrangements so that the Group has
sufficient liquidity or unwithdrawn committed credit arrangements at its disposal. The operational monitoring and management of liquidity risk
are centralised in the Group\u2019s finance department, where the sufficiency of financing is managed based on rolling forecasts.
\u00a0
Unexpected legislative amendments related to the company\u2019s business, might have a negative effect on the company\u2019s liquidity.
\u00a0
Financial risks
The Group strives to assess and track the amount of funding required by the business, for example by performing a monthly analysis of the
utilisation rate of the restaurants and the development of sales, in order to ensure that the Group has sufficient working capital and liquid
assets to fund the operations and repay loans that fall due. The aim is to ensure the availability and flexibility of Group financing through
sufficient credit limit reserves, a balanced loan maturity distribution and sufficiently long loan periods as well as using several financial
institutions and forms of financing, when necessary.
\u00a0
Changes in the macroeconomic environment or the general financing market situation may negatively affect the company\u2019s liquidity as well as
the availability, price and other terms and conditions of financing.
\u00a0
Amendments to legislation
\u00a0
Changes in regulations governing the restaurant business in the Group\u2019s various markets may have a negative impact on the Group\u2019s
operations. Regulatory changes concerning, for example, alcohol, food and labour laws and value-added taxation may affect the company\u2019s
Rent level development
Business premises expenses constitute a significant share of NoHo Partners\u2019 operating expenses. The Group\u2019s business premises are
primarily leased, so the development of the general level of rents has a significant impact on the Group\u2019s operations.
Labour market situation and labour supply
The availability of skilled part-time labour particularly during high seasons and on the weekends can be seen as an uncertainty factor, that may
affect the company\u2019s business operations.
\u00a0
Goodwill write-off risk
The Group has a significant amount of goodwill on the consolidated balance sheet, which is subject to a write-off risk in the event that the
Group\u2019s expected future cash flows decline permanently due to external or internal factors.
1.4. ASSESSMENT OF RISKS AND UNCERTAINTIES RELATED
\u00a0
TO THE COMPANY\u2019S OPERATIONS
The near-term risks and uncertainties described in this section can potentially have a significant impact on NoHo Partners\u2019 business, financial results and future outlook over the next 12 months.
The table describes the risks as well as measures to prepare for them and minimise them.
\u00a0
Geopolitical situation
The uncertain geopolitical situation may have an impact on the company\u2019s market environment. For the time being, the company does not see
a significant impact on demand in its operating countries.
The rise in the general cost level caused by the prevailing global situation has an impact on the company\u2019s business. To mitigate the impact,
the company has prepared for rising raw material prices, for example, through the centralisation of purchase and sales agreements as well as
price increases.
General financial situation and changes in
customer demand
The sales and profitability of restaurant services are affected by the financial situation of households and the development of purchasing power
and corporate sales. The business outlook for the tourism and restaurant sector and consumer confidence have been weakened by the
uncertain geopolitical climate and the general rise in costs. Demand for restaurant services has, however, remained at a good level.
\u00a0
Inflation and weakening consumer purchasing power and confidence constitute a risk to the development of NoHo Partners\u2019 turnover and cash
flow. The adaptation of operating costs and the ability to mount an agile response to changes in customer demand are key ways for the Group
to influence the development of turnover and EBIT.
Liquidity risk
The Group\u2019s financing needs will be covered by optimising working capital and through external financing arrangements so that the Group has
sufficient liquidity or unwithdrawn committed credit arrangements at its disposal. The operational monitoring and management of liquidity risk
are centralised in the Group\u2019s finance department, where the sufficiency of financing is managed based on rolling forecasts.
\u00a0
Unexpected legislative amendments related to the company\u2019s business, might have a negative effect on the company\u2019s liquidity.
\u00a0
Financial risks
The Group strives to assess and track the amount of funding required by the business, for example by performing a monthly analysis of the
utilisation rate of the restaurants and the development of sales, in order to ensure that the Group has sufficient working capital and liquid
assets to fund the operations and repay loans that fall due. The aim is to ensure the availability and flexibility of Group financing through
sufficient credit limit reserves, a balanced loan maturity distribution and sufficiently long loan periods as well as using several financial
institutions and forms of financing, when necessary.
\u00a0
Changes in the macroeconomic environment or the general financing market situation may negatively affect the company\u2019s liquidity as well as
the availability, price and other terms and conditions of financing.
\u00a0
Amendments to legislation
\u00a0
Changes in regulations governing the restaurant business in the Group\u2019s various markets may have a negative impact on the Group\u2019s
operations. Regulatory changes concerning, for example, alcohol, food and labour laws and value-added taxation may affect the company\u2019s
Rent level development
Business premises expenses constitute a significant share of NoHo Partners\u2019 operating expenses. The Group\u2019s business premises are
primarily leased, so the development of the general level of rents has a significant impact on the Group\u2019s operations.
Labour market situation and labour supply
The availability of skilled part-time labour particularly during high seasons and on the weekends can be seen as an uncertainty factor, that may
affect the company\u2019s business operations.
\u00a0
Goodwill write-off risk
The Group has a significant amount of goodwill on the consolidated balance sheet, which is subject to a write-off risk in the event that the
Group\u2019s expected future cash flows decline permanently due to external or internal factors.
1.4. ASSESSMENT OF RISKS AND UNCERTAINTIES RELATED
\u00a0
TO THE COMPANY\u2019S OPERATIONS
1.5. KEY ESTIMATES AND JUDGEMENTS
\u00a0
The preparation of consolidated financial statements in accordance with the IFRS standards
requires the use of certain estimates and assumptions that affect the reported figures. The
estimates and assumptions used in these financial statements are based on the
management\u2019s best estimate at the time of closing the books. These estimates and
assumptions influence the application of the accounting principles used in the financial
statements, the amounts of assets and liabilities on the balance sheet, the presentation of
contingent assets and liabilities in the notes to the financial statements as well as the
income and expenses for the financial period. The estimates are based on previous
experience, market data and several other assumptions that are deemed reasonable, but
the actual figures may deviate from these estimates due to different assumptions or
circumstances. The management must exercise judgement in applying the accounting
principles of the financial statements and making estimates related to income taxes,
goodwill impairment testing, provisions and contingent liabilities, for example. These
principles and estimates require the management to make subjective and complex
judgement-based estimates, such as those concerning the effects of factors that are
uncertain by nature.
The impacts of the Covid-19 pandemic on the Group\u2019s operations and management
estimates are described on earlier on page
KEY ESTIMATES AND JUDGEMENTS
The cost impact recognised due to the Group\u2019s share-based incentive plan is based on
the management\u2019s assessment of the achievement of the financial conditions set by the
Board.
KEY ESTIMATES AND JUDGEMENTS
The tax costs in the consolidated income statement are based on the taxable income
from the financial period, adjustment of taxes from the previous financial periods and
change in deferred tax. Estimates by the management are related to, amongst other
things, to utilising deferred tax assets against taxable income in the coming years.
KEY ESTIMATES AND JUDGEMENTS
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
\u00a0
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
KEY ESTIMATES AND JUDGEMENTS
Drawing up calculations using the DCF model requires forecasts and assumptions, the
most significant of which involve turnover growth, cost development and changes in the
discount rate. It is possible that the assumptions related to the cash flow forecasts are
not realised, and the resulting impairments of goodwill or non-competition agreements
may have a materially adverse effect on the income derived from the company's
operations and on its financial position during the present review period and future review
periods.
In impairment testing, the recoverable amounts are estimated using assumptions related
to budgets, forecasts and terminal periods. The sensitivity of the calculations is analysed
with regard to changes in sales revenue growth, the development of operating costs,
EBIT and the discount rate, amongst other things. Changes in these estimates or in the
structure or number of the cash flow generating units or groups of units may lead to
impairment in the fair values of assets or goodwill.
KEY ESTIMATES AND JUDGEMENTS
The management makes estimates concerning, among others, the leases to be included
in the arrangement, size of low value contracts, utilisation of lease extension options and
the incremental borrowing rate.
The Group\u2019s leases often include the option to extend the lease term. The management
has made an estimate of the utilisation of the extension options, and some extension
options will not be utilised for business and financial reasons.
The management has estimated the amount of restoration costs in any leases that
include provisions regarding restoration requirements. The restoration costs entered in a
right-of-use asset are based on estimates, the specific amount of which cannot be known
in advance, and their scale has been estimated based on previously realised restoration
costs. Restoration costs have primarily consisted of dismantling commercial premises or
similar. Restoration costs will be recognised in a right-ofuse asset and provisions by
discounting them with risk-free interest.
KEY ESTIMATES AND JUDGEMENTS
The risks related to the trade receivables and other receivables are minimised by means
of terms of payment of the receivables, customer-specific monitoring of trade receivables,
effective collection and checking of customers' creditworthiness requirements and, in
part, also through various collateral arrangements. The management actively monitors
the development of significant customer balances. Estimates and judgement are required
in determining the value of loss allowances at each reporting date. When determining
loss allowances, the management specifically analyses trade receivables and historical
losses, customer concentrations, customer creditworthiness, past due balances, current
trends and changes in customer payment terms. In addition to past events and current
conditions, reasonable and justifiable forecasts affecting collectability are considered
when determining the amount of loss allowances.
1.6. CONSOLIDATION PRINCIPLES
\u00a0
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated into these consolidated financial statements are itemised on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them, and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition, and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intragroup transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity belonging to minority shareholders is presented as a separate item on
the balance sheet, as part of equity. Changes to the parent company's holding in a
subsidiary that will not lead to a loss of control are recorded as transactions concerning
equity. If an acquisition is completed in stages, the earlier holding is measured at fair value,
and the resulting gain or loss is recognised through profit or loss. When the Group loses its
controlling interest in a subsidiary, the remaining portion is measured at fair value on the
date of the loss of control, and the difference is recorded through profit or loss.
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
1.6. CONSOLIDATION PRINCIPLES
\u00a0
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated into these consolidated financial statements are itemised on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them, and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition, and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intragroup transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity belonging to minority shareholders is presented as a separate item on
the balance sheet, as part of equity. Changes to the parent company's holding in a
subsidiary that will not lead to a loss of control are recorded as transactions concerning
equity. If an acquisition is completed in stages, the earlier holding is measured at fair value,
and the resulting gain or loss is recognised through profit or loss. When the Group loses its
controlling interest in a subsidiary, the remaining portion is measured at fair value on the
date of the loss of control, and the difference is recorded through profit or loss.
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
1.6. CONSOLIDATION PRINCIPLES
\u00a0
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated into these consolidated financial statements are itemised on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them, and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition, and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intragroup transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity belonging to minority shareholders is presented as a separate item on
the balance sheet, as part of equity. Changes to the parent company's holding in a
subsidiary that will not lead to a loss of control are recorded as transactions concerning
equity. If an acquisition is completed in stages, the earlier holding is measured at fair value,
and the resulting gain or loss is recognised through profit or loss. When the Group loses its
controlling interest in a subsidiary, the remaining portion is measured at fair value on the
date of the loss of control, and the difference is recorded through profit or loss.
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
1.7. NON-CURRENT ASSETS HELD FOR SALE
\u00a0
Non-current assets are classified as held for sale if the amount equivalent to their carrying
amount will primarily accumulate from the sale of the assets rather than their continued use.
The prerequisites for classification as held for sale are considered to be met when the sale
is highly probable and the asset item can be immediately sold in its present condition using
common terms, and when the management is committed to the sale and the sale is
expected to take place within one year from the classification.
Immediately before the classification, the asset items classified as held for sale are
measured according to the applicable IFRS standards. Starting from the moment of
classification, the asset items held for sale are measured at carrying amount or fair value
less the costs of selling, whichever is lower. Depreciation on these asset items is
discontinued and the share of the associated company\u2019s result is no longer recognised after
the classification. Assets held for sale are presented separately from other assets on the
balance sheet.
On 11 June 2021, the Group published its updated strategy and financial targets for the
strategy period 2022\u20132024. In connection with this, the Group decided to classify its
shareholding in Eezy Plc as an asset held for sale. The Group plans to gradually reduce its
shareholdings in Eezy to finance future growth projects and, if necessary, strengthen its
balance sheet position.
After the classification, the company\u2019s shareholding in Eezy Plc has decreased from 25.3%
to 20.5% and the company\u2019s representation on the Board of Directors of Eezy Plc
decreased from two members to one member in the second quarter of 2022. Taking into
account the classification of the shareholding as an asset held for sale, the decrease in the
shareholding and the change in the number of the company\u2019s representatives on the Board
of Directors of Eezy Plc, the company has changed the treatment of Eezy Plc from a
business-related asset to an investment asset effective from 12 April 2022. As a result of the
change in classification, items related to Eezy Plc will be recognised in financial items,
below EBIT,
\u00a0
going forward.
On 31 December 2022, NoHo Partners owned 5,139,745 shares in Eezy Plc, corresponding
to a holding of approximately 20.5%. The book value of the shares on NoHo Partners Plc\u2019s
balance sheet is MEUR 16.0, corresponding to EUR 3.12 per share (closing share price at
the end of the review period). The balance sheet value of the shareholding in Eezy Plc was
EUR 5.14 per share on NoHo Partners Plc\u2019s balance sheet on 31 March 2022. Since the
classification, due to the reduction of Eezy Plc\u00b4s market value, a reduction of fair value of
MEUR 10.4 has been recognised under other finance costs in the income statement. If the
fair value of Eezy Plc returns to its original book value, the recognised impairment will be
reversed up to the original value (EUR 5.14/share).
A 10 % decrease in the market value of the Eezy Plc share would result in MEUR 1.6
finance cost and a corresponding increase in the market value would result in MEUR 1.6
financial income.
1.7. NON-CURRENT ASSETS HELD FOR SALE
\u00a0
Non-current assets are classified as held for sale if the amount equivalent to their carrying
amount will primarily accumulate from the sale of the assets rather than their continued use.
The prerequisites for classification as held for sale are considered to be met when the sale
is highly probable and the asset item can be immediately sold in its present condition using
common terms, and when the management is committed to the sale and the sale is
expected to take place within one year from the classification.
Immediately before the classification, the asset items classified as held for sale are
measured according to the applicable IFRS standards. Starting from the moment of
classification, the asset items held for sale are measured at carrying amount or fair value
less the costs of selling, whichever is lower. Depreciation on these asset items is
discontinued and the share of the associated company\u2019s result is no longer recognised after
the classification. Assets held for sale are presented separately from other assets on the
balance sheet.
On 11 June 2021, the Group published its updated strategy and financial targets for the
strategy period 2022\u20132024. In connection with this, the Group decided to classify its
shareholding in Eezy Plc as an asset held for sale. The Group plans to gradually reduce its
shareholdings in Eezy to finance future growth projects and, if necessary, strengthen its
balance sheet position.
After the classification, the company\u2019s shareholding in Eezy Plc has decreased from 25.3%
to 20.5% and the company\u2019s representation on the Board of Directors of Eezy Plc
decreased from two members to one member in the second quarter of 2022. Taking into
account the classification of the shareholding as an asset held for sale, the decrease in the
shareholding and the change in the number of the company\u2019s representatives on the Board
of Directors of Eezy Plc, the company has changed the treatment of Eezy Plc from a
business-related asset to an investment asset effective from 12 April 2022. As a result of the
change in classification, items related to Eezy Plc will be recognised in financial items,
below EBIT,
\u00a0
going forward.
On 31 December 2022, NoHo Partners owned 5,139,745 shares in Eezy Plc, corresponding
to a holding of approximately 20.5%. The book value of the shares on NoHo Partners Plc\u2019s
balance sheet is MEUR 16.0, corresponding to EUR 3.12 per share (closing share price at
the end of the review period). The balance sheet value of the shareholding in Eezy Plc was
EUR 5.14 per share on NoHo Partners Plc\u2019s balance sheet on 31 March 2022. Since the
classification, due to the reduction of Eezy Plc\u00b4s market value, a reduction of fair value of
MEUR 10.4 has been recognised under other finance costs in the income statement. If the
fair value of Eezy Plc returns to its original book value, the recognised impairment will be
reversed up to the original value (EUR 5.14/share).
A 10 % decrease in the market value of the Eezy Plc share would result in MEUR 1.6
finance cost and a corresponding increase in the market value would result in MEUR 1.6
financial income.
1.7. NON-CURRENT ASSETS HELD FOR SALE
\u00a0
Non-current assets are classified as held for sale if the amount equivalent to their carrying
amount will primarily accumulate from the sale of the assets rather than their continued use.
The prerequisites for classification as held for sale are considered to be met when the sale
is highly probable and the asset item can be immediately sold in its present condition using
common terms, and when the management is committed to the sale and the sale is
expected to take place within one year from the classification.
Immediately before the classification, the asset items classified as held for sale are
measured according to the applicable IFRS standards. Starting from the moment of
classification, the asset items held for sale are measured at carrying amount or fair value
less the costs of selling, whichever is lower. Depreciation on these asset items is
discontinued and the share of the associated company\u2019s result is no longer recognised after
the classification. Assets held for sale are presented separately from other assets on the
balance sheet.
On 11 June 2021, the Group published its updated strategy and financial targets for the
strategy period 2022\u20132024. In connection with this, the Group decided to classify its
shareholding in Eezy Plc as an asset held for sale. The Group plans to gradually reduce its
shareholdings in Eezy to finance future growth projects and, if necessary, strengthen its
balance sheet position.
After the classification, the company\u2019s shareholding in Eezy Plc has decreased from 25.3%
to 20.5% and the company\u2019s representation on the Board of Directors of Eezy Plc
decreased from two members to one member in the second quarter of 2022. Taking into
account the classification of the shareholding as an asset held for sale, the decrease in the
shareholding and the change in the number of the company\u2019s representatives on the Board
of Directors of Eezy Plc, the company has changed the treatment of Eezy Plc from a
business-related asset to an investment asset effective from 12 April 2022. As a result of the
change in classification, items related to Eezy Plc will be recognised in financial items,
below EBIT,
\u00a0
going forward.
On 31 December 2022, NoHo Partners owned 5,139,745 shares in Eezy Plc, corresponding
to a holding of approximately 20.5%. The book value of the shares on NoHo Partners Plc\u2019s
balance sheet is MEUR 16.0, corresponding to EUR 3.12 per share (closing share price at
the end of the review period). The balance sheet value of the shareholding in Eezy Plc was
EUR 5.14 per share on NoHo Partners Plc\u2019s balance sheet on 31 March 2022. Since the
classification, due to the reduction of Eezy Plc\u00b4s market value, a reduction of fair value of
MEUR 10.4 has been recognised under other finance costs in the income statement. If the
fair value of Eezy Plc returns to its original book value, the recognised impairment will be
reversed up to the original value (EUR 5.14/share).
A 10 % decrease in the market value of the Eezy Plc share would result in MEUR 1.6
finance cost and a corresponding increase in the market value would result in MEUR 1.6
financial income.
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
. On 11
June 2021, the Group published its updated strategy and financial targets for the strategy
period 2022\u20132024. In connection with this, the Group classified its shareholding in Eezy
Plc as an asset held for sale. The accounting principles for assets held for sale are
presented on page
.
1.8. ITEMS DENOMINATED IN FOREIGN CURRENCIES
\u00a0
The consolidated financial statements are presented in euros, which is the operating and
presentation currency of the Group\u2019s parent company.
Transactions denominated in foreign currencies are entered in the accounts at the
exchange rate in effect on the date of the transaction. The closing rates of the European
Central Bank are used in the translation of receivables and liabilities denominated in foreign
currencies. The translation differences arising from transactions denominated on foreign
currencies and the conversion of financial items are recognised through profit or loss.
Foreign exchange gains and losses are included in the corresponding items above EBIT.
Effective from 1 April 2022, the company classified intra-group loans as net investments for
which no repayment period has been defined. Starting from the date of classification,
exchange rate differences related to the loans are recognised in translation differences in
equity.
1.8. ITEMS DENOMINATED IN FOREIGN CURRENCIES
\u00a0
The consolidated financial statements are presented in euros, which is the operating and
presentation currency of the Group\u2019s parent company.
Transactions denominated in foreign currencies are entered in the accounts at the
exchange rate in effect on the date of the transaction. The closing rates of the European
Central Bank are used in the translation of receivables and liabilities denominated in foreign
currencies. The translation differences arising from transactions denominated on foreign
currencies and the conversion of financial items are recognised through profit or loss.
Foreign exchange gains and losses are included in the corresponding items above EBIT.
Effective from 1 April 2022, the company classified intra-group loans as net investments for
which no repayment period has been defined. Starting from the date of classification,
exchange rate differences related to the loans are recognised in translation differences in
equity.
2. FINANCIAL RESULT
\u00a0
DISTRIBUTION OF TURNOVER
MEUR
2022
2021
Sales of goods
283.7
170.7
Sales of services
29.1
15.3
Total
312.8
186.1
DISTRIBUTION OF TURNOVER INTO GOODS AND SERVICES BY BUSINESS AREA
MEUR
2022
2021
Restaurants
112.2
72.7
Entertainment venues
97.2
50.6
Fast food restaurants
41.9
34.8
Restaurants in Norway
39.7
16.8
Restaurants in Denmark
21.9
11.2
Total
312.8
186.1
ACCOUNTING PRINCIPLES
In the restaurant business, the customers are mainly private individuals and there is also
a small number of contract customers. The amount of profit recorded for the sale of
goods at the time of sale comprises the fair value of the compensation that is or will be
received for the sold item, less any VAT
\u00a0
as well as volume discounts and other
discounts. Most of the Group\u2019s income is generated from retail sales, where the payment
instruments are cash and credit cards. Contract customers\u2019 sales revenue is recognised
immediately after the restaurant services have been provided in connection with
invoicing. In the restaurant business, the revenue for sold gift cards is recognised when
the cards are used. Gift card revenue is expected to be recognised in the following 12
months. Turnover for services is recorded as the Group performs the service and the
customer receives control over it.
The sale of goods primarily comprises food and beverage sales by restaurant operations to
private and corporate customers. The services include restaurants\u2019 service sales and
marketing support payments received. The Group has sales in Finland, Denmark and
Norway.
In accordance with the reorganisation measures announced on 9 June 2022, the company
now uses the term \u201cfast food business\u201d for the business that was previously referred to as
the \u201cfast casual\u201d business. The allocation of units to the business area has been adjusted in
accordance with the new structure, and this has also been taken into account in the
comparison figures.
Asset and debt items based on contracts with customers
Of asset items based on contracts, a total of MEUR -0.1 (-0.5) was recognised as credit
losses and IFRS 9 credit loss provisions during the period 1 January\u201331 December 2022.
The Group has no asset items recognised for the costs of obtaining or fulfilling contracts
with customers. The Group\u2019s contracts with customers do not include restitution or
repayment obligations or special warranty terms.
\u00a0
Restaurants sell gift cards, which are presented in current liabilities. Gift card revenue is
recognised when the card is used. On 31 December 2022, the value of gift cards sold was
EUR 3.2 million, and they are expected to be recognised as revenue during the next 12
months.
The total impact from the company acquisitions carried out in 2022 on trade receivables and
other non-interest-bearing receivables was MEUR 0.1 (0.1), see page
Of asset items based on contracts, a total of MEUR -0.1 (-0.5) was recognised as credit
losses and IFRS 9 credit loss provisions during the period 1 January\u201331 December 2022.
Credit risk
Credit risk is the risk that one party to a financial instrument is unable to meet its obligations,
thereby creating a financial loss for the other party. The Group's operating procedures
define the creditworthiness requirements for the customers' counterparties. The primary
method of payment within the Group is cash. The credit risk management and credit control
have been centralised to be handled by the Group's financial management.
As regards receivables, the Group does not have any material credit risk concentration,
since the receivables consist of several items. Risks related to trade receivables and other
receivables are minimised using short payment terms, customer-specific monitoring of trade
receivables and effective collection.
The provision matrix is established based on the age distribution of the open trade
receivables and other receivables by using the percentages determined by the Group.
Credit loss allowance for trade and other receivables
2022
Balance
sheet
value 31
Dec
Provision
percenta
ge, %
Credit
loss
Balance
sheet
value 1
Jan
Provision
percenta
ge, %
Credit
loss
MEUR
Not due
13.3
0.2
0.0
7.1
0.2
0.0
Due, 1\u201330 days
1.7
0.8
0.0
0.7
0.8
0.0
Due, 31\u201360 days
-0.1
1.5
0.0
0.1
1.5
0.0
Due, 61\u201390 days
0.1
12.0
0.0
0.0
12.0
0.0
Due, 91\u2013180 days
0.2
20.0
0.0
0.0
20.0
0.0
Due, more than 180
days
0.8
85.0
0.7
1.0
75.0
0.7
Total
15.9
0.7
8.9
0.7
2021
Balance
sheet
value 31
Dec
Provision
percenta
ge, %
Credit
loss
Balance
sheet
value 1
Jan
Provision
percenta
ge, %
Credit
loss
MEUR
Not due
7.1
0.2
0.0
4.5
0.2
0.0
Due, 1\u201330 days
0.7
0.8
0.0
0.7
0.8
0.0
Due, 31\u201360 days
0.1
1.5
0.0
0.2
1.5
0.0
Due, 61\u201390 days
0.0
12.0
0.0
0.2
12.0
0.0
Due, 91\u2013180 days
0.0
20.0
0.0
0.4
20.0
0.1
Due, more than 180
days
1.0
75.0
0.7
0.9
45.0
0.5
Total
8.9
0.7
6.9
0.6
The maturity distribution of the receivables is presented on page
The balance sheet values of the receivables correspond to the best estimate of the
monetary amount that is the maximum credit risk if the counterparties cannot fulfil their
obligations related to the receivables.
Restaurants sell gift cards, which are presented in current liabilities. Gift card revenue is
recognised when the card is used. On 31 December 2022, the value of gift cards sold was
EUR 3.2 million, and they are expected to be recognised as revenue during the next 12
months.
ACCOUNTING PRINCIPLES
In the restaurant business, the customers are mainly private individuals and there is also
a small number of contract customers. The amount of profit recorded for the sale of
goods at the time of sale comprises the fair value of the compensation that is or will be
received for the sold item, less any VAT
\u00a0
as well as volume discounts and other
discounts. Most of the Group\u2019s income is generated from retail sales, where the payment
instruments are cash and credit cards. Contract customers\u2019 sales revenue is recognised
immediately after the restaurant services have been provided in connection with
invoicing. In the restaurant business, the revenue for sold gift cards is recognised when
the cards are used. Gift card revenue is expected to be recognised in the following 12
months. Turnover for services is recorded as the Group performs the service and the
customer receives control over it.
ACCOUNTING PRINCIPLES
In the restaurant business, the customers are mainly private individuals and there is also
a small number of contract customers. The amount of profit recorded for the sale of
goods at the time of sale comprises the fair value of the compensation that is or will be
received for the sold item, less any VAT
\u00a0
as well as volume discounts and other
discounts. Most of the Group\u2019s income is generated from retail sales, where the payment
instruments are cash and credit cards. Contract customers\u2019 sales revenue is recognised
immediately after the restaurant services have been provided in connection with
invoicing. In the restaurant business, the revenue for sold gift cards is recognised when
the cards are used. Gift card revenue is expected to be recognised in the following 12
months. Turnover for services is recorded as the Group performs the service and the
customer receives control over it.
2.2. OPERATING SEGMENTS
\u00a0
2022
Finland
International
Eliminations
Group
MEUR
Turnover
251.2
61.6
0.0
312.8
Other operating income
10.1
3.3
0.0
13.4
Depreciation, amortisation and
impairment losses
-36.5
-11.3
0.0
-47.8
EBIT
28.3
3.4
0.0
31.6
Operational EBITDA
34.8
6.8
0.0
41.6
Assets
396.9
105.9
-49.5
453.2
Liabilities
301.0
119.7
-49.5
371.2
2021
Finland
International
Eliminations
Group
MEUR
Turnover
158.1
28.0
0.0
186.1
Other operating income
9.4
8.1
0.0
17.5
Depreciation, amortisation and
impairment losses
-36.4
-10.7
0.0
-47.1
EBIT
1.0
-1.9
0.0
-0.9
Operational EBITDA
9.3
2.0
0.0
11.3
Assets
400.6
106.3
-47.6
459.3
Liabilities
319.7
117.8
-47.6
389.9
During the Covid-19 pandemic, the Group has started to separately monitor the profitability
figures of the Group\u2019s Finnish operations and its international business. With the restrictions
related to the pandemic being lifted and the business returning to normal, the Group has
made the decision to divide its operations into two operational reported segments: the
Finnish operations and the international business. At the same time, NoHo Partners has
begun to monitor the segments\u2019 business operations separately and they are managed as
separate units. The Country Managers of the international business are responsible for their
business areas and participate in the international business steering group work on their
business areas. Selections, product pricing and marketing measures are decided at the
country level.
Business management needs vary from segment to segment, as the maturity of the
business operations is very different. The company\u2019s position in the Finnish market has
stabilised, and in addition to managing daily operational activities, it focuses on seeking
growth in accordance with its strategy, both from the scaling up of the Friends & Brgrs chain
to the national level as well as from large and profitable urban projects. With regard to
international business operations, the company focuses on the implementation of the
Danish profitability programme and the acceleration of Norwegian growth through
acquisitions.
The Group\u2019s supreme operational decision-maker, NoHo Partners\u2019 Executive Team,
\u00a0
is
responsible for resource allocation and income estimates. The segment information
presented by the Group is based on the management\u2019s internal reporting that is prepared in
accordance with the IFRS standards. The pricing between segments is based on a fair
market price.
The Group\u2019s evaluation of profitability and decisions concerning the resources to be
allocated to a segment are based on the segments\u2019 EBIT. It is the understanding of the
management that this is the most suitable benchmark for comparing the profitability of the
segments to other companies in their respective fields. Financial income and expenses are
not monitored at the segment level, as the Group financing mainly manages the Group\u2019s
liquid assets and financial liabilities.
ACCOUNTING PRINCIPLES
The segment information presented by the Group is based on the management\u2019s internal
reporting that is prepared in accordance with the IFRS standards. The pricing between
segments is based on a fair market price. The Group\u2019s assets and liabilities are not
allocated or monitored segment-by-segment in internal financial reporting.
The Group\u2019s evaluation of profitability and decisions concerning the resources to be
allocated to a segment are based on the segments\u2019 EBIT. It is the understanding of the
management that this is the most suitable benchmark for comparing the profitability of
the segments to other companies in their respective fields.
ACCOUNTING PRINCIPLES
The segment information presented by the Group is based on the management\u2019s internal
reporting that is prepared in accordance with the IFRS standards. The pricing between
segments is based on a fair market price. The Group\u2019s assets and liabilities are not
allocated or monitored segment-by-segment in internal financial reporting.
The Group\u2019s evaluation of profitability and decisions concerning the resources to be
allocated to a segment are based on the segments\u2019 EBIT. It is the understanding of the
management that this is the most suitable benchmark for comparing the profitability of
the segments to other companies in their respective fields.
2.3. GOVERNMENT GRANTS
\u00a0
The impacts of the Covid-19 pandemic on the Group\u2019s business operations are described
on page
Finland
During the second quarter, the company received MEUR 4.3 in compensation for uncovered
fixed expenses from the Finnish state pursuant to the retrospectively confirmed Act on
Support for Business Costs. The aid is intended primarily for medium-sized and large
enterprises for the period from December 2021 to February 2022, during which business
activities were restricted or completely blocked by government orders. As the business
normalised during the second quarter all financial government support models have ended.
\u00a0
Norway
In January 2022, while the restrictions were in force, the Norwegian state covered up to 85
per cent of fixed expenses if turnover decreased by more than 30 per cent compared to the
corresponding period in 2019. Waste was reimbursed at a rate of 100% and the turnover of
cancelled events at a rate of 70%. The wage subsidy was 80 per cent (up to NOK 30,000
per month). In addition, in the second quarter, the municipality of Oslo paid additional
support to companies whose turnover decreased due to the restrictions in effect at the
beginning of the year.
As the business normalised during the second quarter all financial
government support models have ended.
\u00a0
Denmark
In Denmark, while the restrictions were in force in the first quarter, the state supported
companies in the restaurant industry by covering 80 per cent of their fixed expenses,
relative to the decline in turnover. In January 2022, in addition to this, the wage subsidy was
90 per cent of the wages of hourly paid workers and 75 per cent of the salaries of monthly
wage earners. As the business normalised during the second quarter all financial
government support models have ended.
Specification of government grants
MEUR
2022
2021
Finland
Compensation for restriction of operations/ closure
compensation *
0.0
1.8
Business cost support/
\u00a0
compensation for fixed expenses **
4.3
2.5
Development grant/ General grant by the Ministry of
Education and Culture
0.0
0.2
Norway
Compensation for fixed expenses
1.3
3.8
Compensation related to wage expenses
0.4
0.4
Denmark
Compensation for fixed expenses
0.6
2.5
Compensation related to wage expenses
0.2
1.1
Total
6.9
12.2
* Includes closure compensation for medium-sized and large companies in 2021
** Includes compensation for uncovered fixed expenses in accordance with the 2021 EU
state subsidy programme and business cost support
ACCOUNTING PRINCIPLES
Government grants are recognised when it is reasonably certain that the related
conditions are met and the grants will be received. The management estimates that the
aforementioned conditions are satisfied for the grants recognised during the financial
period. The Group has not received direct benefits from government support of any other
type.
Government grants related to expenses are entered on the balance sheet as deferred
income and recognised through profit or loss under other operating income for the
periods corresponding to the expenses that they cover.
ACCOUNTING PRINCIPLES
Government grants are recognised when it is reasonably certain that the related
conditions are met and the grants will be received. The management estimates that the
aforementioned conditions are satisfied for the grants recognised during the financial
period. The Group has not received direct benefits from government support of any other
type.
Government grants related to expenses are entered on the balance sheet as deferred
income and recognised through profit or loss under other operating income for the
periods corresponding to the expenses that they cover.
2.4. OTHER OPERATING INCOME
\u00a0
MEUR
2022
2021
Rent income
1.2
1.1
Government grants
6.9
12.2
Other operating income
5.3
4.2
Total
13.4
17.5
ACCOUNTING PRINCIPLES
Lease income includes lease income for premises. Lease income is recognised as
revenue on a straight-line basis over the lease term. Government grants include
government grants from the states of Finland, Norway and Denmark, which are
presented in more detail on page
. Gains from the sale of tangible assets are
recognised in other operating income. The profit from a sale is determined by the
difference between the sale price and the remaining acquisition cost.
2.4. OTHER OPERATING INCOME
\u00a0
MEUR
2022
2021
Rent income
1.2
1.1
Government grants
6.9
12.2
Other operating income
5.3
4.2
Total
13.4
17.5
ACCOUNTING PRINCIPLES
Lease income includes lease income for premises. Lease income is recognised as
revenue on a straight-line basis over the lease term. Government grants include
government grants from the states of Finland, Norway and Denmark, which are
presented in more detail on page
. Gains from the sale of tangible assets are
recognised in other operating income. The profit from a sale is determined by the
difference between the sale price and the remaining acquisition cost.
2.5. MATERIALS AND SERVICES
\u00a0
MEUR
2022
2021
Purchases
77.3
47.6
External services
28.3
16.2
Total
105.7
63.8
ACCOUNTING PRINCIPLES
Purchases include food, beverages and other supplies and services related to the
production of restaurant services. External services consist mainly of leased restaurant
employees.
ACCOUNTING PRINCIPLES
The Group has pension arrangements based on local practices in Finland, Norway and
Denmark.
Pension obligations are classified as benefit-based or defined contribution plans. The
Group's statutory pension plans have been classified as defined contribution plans. The
Group does not have any benefit-based pension plans.
In a defined contribution plan, the Group pays fixed fees for a pension plan to a pension
insurance company. The Group is not legally or constructively obligated to make
additional payments if the recipient of the payments does not have sufficient funds to pay
the pension benefits that the employees have earned for the current period or periods
preceding it. In a defined contribution plan, the payments made are recorded into the
income statement for the financial period that the charge applies to.
2.7. SHARE-BASED PAYMENTS
\u00a0
Expenses recognised on the share-based incentive plan
MEUR
2022
2021
Earning period 3
1.3
0.1
NoHo Partners announced the introduction of the share-based incentive scheme on 30
The Board will confirm the earning criteria, the related target levels and the individuals
included in the plan before the start of each earning period. Any share reward for each
earning period can be paid as shares, money or a combination thereof. Rewards can also
be paid for an earning period based on reaching the targets set by the Board and the
continuation of the employment contract. The Board may decide on including new key
persons in the system and on their right to the reward such that the validity of their
employment contract is considered when determining the maximum reward. The share
reward based on this system will be paid in the spring following the end of the earning
period.
Based on the management\u2019s estimate, MEUR 2.3 of benefits paid in shares has been
cumulatively recognised as expenses for the open earning period by 31 December 2022.
Earning period 3
On 30 November 2021, NoHo Partners Plc announced the extension of the share-based
incentive scheme aimed at the company\u2019s key employees and the third earning period of the
share-based remuneration scheme. According to the stock exchange release of 22 March
2022, the company\u2019s Board of Directors decided to extend the third earning period of the
long-term share-based incentive scheme for key personnel due to the restaurant restrictions
tightened in December 2021. The third earning period lasts 16 months and it started on 1
December 2021 and will end on 31 March 2023.
The earning criteria for the third earning period are based on NoHo Partners Plc\u2019s relative
EBIT.
\u00a0
The share-based incentive scheme covers eight persons in the third earning period.
In accordance with the previous decision, a maximum of 281,828 NoHo Partners Plc shares
may be paid to the key employees for the third earning period. According to the average
rate of 21 March 2022, the value of the maximum remuneration would be approximately
MEUR 2.3. The Board of Directors anticipates that if the reward for the third earning period
was paid fully in shares, the maximum dilutive effect on the number of the company\u2019s
registered shares would be 1.44%.
Earning period 4
On 22 December 2022, NoHo Partners Plc announced the fourth earning period of the long-
term share-based remuneration scheme for key personnel. The fourth earning period is 24
months, starting on 1 January 2023, and ending on 31 December 2024.The reward criteria
for the fourth earning period are based on NoHo Partners Plc\u2019s profitable growth. There are
ten participants in the long-term incentive plan\u2019s fourth earning period.
A maximum of 280,420 reward shares could be awarded for the fourth earning period. The
value of the maximum reward at the average share price on the trading day on 21
December would be approximately EUR 2.0 million. The Board of Directors estimates that if
the reward is fully paid in new shares, the maximum dilutive effect on the number of the
company\u2019s registered shares for the fourth earning period is 1.34%.
ACCOUNTING PRINCIPLES
The fair value of shares given without consideration to key personnel within the share
reward system is recorded as an expense for the period to which the arrangement is
related. The fair value is determined at the time of giving the shares, recorded as staff
expenses and listed as earnings under equity. The number of shares that key personnel
are expected to become entitled to is determined based on the assessed completion of
the financial conditions set by the Board. The assessments are reviewed at the end of
every reporting period and the adjustments are recognised in personnel expenses
through profit or loss and under equity.
KEY ESTIMATES AND JUDGEMENTS
The cost impact recognised due to the Group\u2019s share-based incentive plan is based on
the management\u2019s assessment of the achievement of the financial conditions set by the
Board.
2.7. SHARE-BASED PAYMENTS
\u00a0
Expenses recognised on the share-based incentive plan
MEUR
2022
2021
Earning period 3
1.3
0.1
NoHo Partners announced the introduction of the share-based incentive scheme on 30
The Board will confirm the earning criteria, the related target levels and the individuals
included in the plan before the start of each earning period. Any share reward for each
earning period can be paid as shares, money or a combination thereof. Rewards can also
be paid for an earning period based on reaching the targets set by the Board and the
continuation of the employment contract. The Board may decide on including new key
persons in the system and on their right to the reward such that the validity of their
employment contract is considered when determining the maximum reward. The share
reward based on this system will be paid in the spring following the end of the earning
period.
Based on the management\u2019s estimate, MEUR 2.3 of benefits paid in shares has been
cumulatively recognised as expenses for the open earning period by 31 December 2022.
Earning period 3
On 30 November 2021, NoHo Partners Plc announced the extension of the share-based
incentive scheme aimed at the company\u2019s key employees and the third earning period of the
share-based remuneration scheme. According to the stock exchange release of 22 March
2022, the company\u2019s Board of Directors decided to extend the third earning period of the
long-term share-based incentive scheme for key personnel due to the restaurant restrictions
tightened in December 2021. The third earning period lasts 16 months and it started on 1
December 2021 and will end on 31 March 2023.
The earning criteria for the third earning period are based on NoHo Partners Plc\u2019s relative
EBIT.
\u00a0
The share-based incentive scheme covers eight persons in the third earning period.
In accordance with the previous decision, a maximum of 281,828 NoHo Partners Plc shares
may be paid to the key employees for the third earning period. According to the average
rate of 21 March 2022, the value of the maximum remuneration would be approximately
MEUR 2.3. The Board of Directors anticipates that if the reward for the third earning period
was paid fully in shares, the maximum dilutive effect on the number of the company\u2019s
registered shares would be 1.44%.
Earning period 4
On 22 December 2022, NoHo Partners Plc announced the fourth earning period of the long-
term share-based remuneration scheme for key personnel. The fourth earning period is 24
months, starting on 1 January 2023, and ending on 31 December 2024.The reward criteria
for the fourth earning period are based on NoHo Partners Plc\u2019s profitable growth. There are
ten participants in the long-term incentive plan\u2019s fourth earning period.
A maximum of 280,420 reward shares could be awarded for the fourth earning period. The
value of the maximum reward at the average share price on the trading day on 21
December would be approximately EUR 2.0 million. The Board of Directors estimates that if
the reward is fully paid in new shares, the maximum dilutive effect on the number of the
company\u2019s registered shares for the fourth earning period is 1.34%.
ACCOUNTING PRINCIPLES
The fair value of shares given without consideration to key personnel within the share
reward system is recorded as an expense for the period to which the arrangement is
related. The fair value is determined at the time of giving the shares, recorded as staff
expenses and listed as earnings under equity. The number of shares that key personnel
are expected to become entitled to is determined based on the assessed completion of
the financial conditions set by the Board. The assessments are reviewed at the end of
every reporting period and the adjustments are recognised in personnel expenses
through profit or loss and under equity.
KEY ESTIMATES AND JUDGEMENTS
The cost impact recognised due to the Group\u2019s share-based incentive plan is based on
the management\u2019s assessment of the achievement of the financial conditions set by the
Board.
The management\u2019s employee benefits
The management\u2019s employee benefits are presented on a cash basis.
2022
CEO Aku
Vikstr\u00f6m
Other
Executive
Team members
Total
MEUR
Salaries and fringe benefits
0.3
0.8
1.2
Total
0.3
0.8
1.2
2021
CEO Aku
Vikstr\u00f6m
Other
Executive
Team members
Total
MEUR
Salaries and fringe benefits
0.3
1.1
1.4
Total
0.3
1.1
1.4
NoHo Partners announced on 9 June 2022 of having re-organised the structure of its
Executive Team.
\u00a0
The Group\u2019s Executive Team
\u00a0
consists of Aku Vikstr\u00f6m, Jarno Suominen,
Jarno Vilponen and Tuomas Piirtola. From the beginning of 2021 until June 2022 the Group\u2019s
Executive Team
\u00a0
consisted of nine persons.
\u00a0
On 30 November 2021, NoHo Partners Plc announced the extension of the share-based
incentive scheme aimed at the company\u2019s key employees and the third earning period of the
share-based remuneration scheme. According to the stock exchange release of 22 March
2022, the company\u2019s Board of Directors decided to extend the third earning period of the long-
term share-based incentive scheme for key personnel due to the restaurant restrictions
tightened in December 2021. The third earning period lasts 16 months and it started on 1
December 2021 and will end on 31 March 2023. The introduction of the share-based incentive
scheme was announced on 30 November 2018.
The earning criteria for the third earning period are based on NoHo Partners Plc\u2019s relative
EBIT.
\u00a0
The share-based incentive scheme covers eight persons in the third earning period.
In accordance with the previous decision, a maximum of 281,828 NoHo Partners Plc shares
may be paid to the key employees for the third earning period. According to the average rate
of EUR 8.12 on 21 March 2022,
\u00a0
the value of the maximum remuneration would be
approximately MEUR 2.3. The Board of Directors anticipates that if the reward for the third
earning period was paid fully in shares, the maximum dilutive effect on the number of the
company\u2019s registered shares would be 1.44%.
On 22 December 2022, NoHo Partners Plc announced the fourth earning period of the
longterm share-based remuneration scheme for key personnel. The fourth earning period is
24 months, starting on 1 January 2023, and ending on 31 December 2024.The reward criteria
for the fourth earning period are based on NoHo Partners Plc\u2019s profitable growth. There are
ten participants in the long-term incentive plan\u2019s fourth earning period.
A maximum of 280,420 reward shares could be awarded for the fourth earning period. The
value of the maximum reward at the average share price on the trading day on 21 December
would be approximately EUR 2.0 million. The Board of Directors estimates that if the reward is
fully paid in new shares, the maximum dilutive effect on the number of the company\u2019s
registered shares for the fourth earning period is 1.34%.
Costs from the share-based incentive plan are recognised as staff expenses over time and in
equity under earnings.
\u00a0
The share-based incentive scheme and its earning periods 3 and 4 are presented in more
detail on page
The CEO\u2019s pension commitments and termination compensation
The Chief Executive Officer is covered by the Employees Pensions Act that offers pension
security based on the time of service and earnings in the manner defined in the Act. According
to the CEO\u2019s contract, the CEO will retire without separate notice upon reaching the
retirement age of 63, unless otherwise agreed between both parties in advance. The Chief
Executive Officer\u2019s accrued pension costs for the financial period were EUR 60.7
The period of notice for the CEO is six (6) months for both the CEO and the company. In
addition to the pay for the term of notice, the CEO is entitled to compensation equalling six
(6) months\u2019 salary if the company dismisses the CEO for any reason other than serious
misconduct, criminal offence or similar.
During January\u2013December 2022, NoHo Partners Group employed on average 1,211 (951)
full-time employees and 680 (546) part-time employees converted into full-time employees
as well as 386 (262) rented employees converted into full-time employees.
\u00a0
Depending on the season, some 2,300 people converted into full-time employees work at
the Group at the same time under normal circumstances.
MEUR
2022
2021
Salaries
64.7
44.4
Pension costs \u2013 defined contribution plans
8.6
6.3
Social security costs
3.1
1.9
Expenses recognised on the share-based incentive plan
1.3
0.1
Total
77.7
52.7
2022
2021
Group personnel on average during the period
1,891
1,497
Matters related to Group personal are described as part of the Sustainability section on
page
The management\u2019s employment benefits are described on page
The share-based incentive plan is described on page
ACCOUNTING PRINCIPLES
The Group has pension arrangements based on local practices in Finland, Norway and
Denmark.
Pension obligations are classified as benefit-based or defined contribution plans. The
Group's statutory pension plans have been classified as defined contribution plans. The
Group does not have any benefit-based pension plans.
In a defined contribution plan, the Group pays fixed fees for a pension plan to a pension
insurance company. The Group is not legally or constructively obligated to make
additional payments if the recipient of the payments does not have sufficient funds to pay
the pension benefits that the employees have earned for the current period or periods
preceding it. In a defined contribution plan, the payments made are recorded into the
income statement for the financial period that the charge applies to.
ACCOUNTING PRINCIPLES
The fair value of shares given without consideration to key personnel within the share
reward system is recorded as an expense for the period to which the arrangement is
related. The fair value is determined at the time of giving the shares, recorded as staff
expenses and listed as earnings under equity. The number of shares that key personnel
are expected to become entitled to is determined based on the assessed completion of
the financial conditions set by the Board. The assessments are reviewed at the end of
every reporting period and the adjustments are recognised in personnel expenses
through profit or loss and under equity.
2.8. OTHER OPERATING EXPENSES
\u00a0
MEUR
2022
2021
Voluntary indirect employee costs
2.9
1.6
Business premises expenses
19.0
8.8
Machinery, equipment and IC expenses
13.0
9.5
Travel expenses
1.1
0.5
Marketing, performer and entertainment expenses
16.1
10.0
11.2
10.7
Total
63.4
41.1
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist of outsourced financial and
administrative services and other items that are not material in isolation.
2.8. OTHER OPERATING EXPENSES
\u00a0
MEUR
2022
2021
Voluntary indirect employee costs
2.9
1.6
Business premises expenses
19.0
8.8
Machinery, equipment and IC expenses
13.0
9.5
Travel expenses
1.1
0.5
Marketing, performer and entertainment expenses
16.1
10.0
11.2
10.7
Total
63.4
41.1
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist of outsourced financial and
administrative services and other items that are not material in isolation.
2.8. OTHER OPERATING EXPENSES
\u00a0
MEUR
2022
2021
Voluntary indirect employee costs
2.9
1.6
Business premises expenses
19.0
8.8
Machinery, equipment and IC expenses
13.0
9.5
Travel expenses
1.1
0.5
Marketing, performer and entertainment expenses
16.1
10.0
11.2
10.7
Total
63.4
41.1
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist of outsourced financial and
administrative services and other items that are not material in isolation.
2.8. OTHER OPERATING EXPENSES
\u00a0
MEUR
2022
2021
Voluntary indirect employee costs
2.9
1.6
Business premises expenses
19.0
8.8
Machinery, equipment and IC expenses
13.0
9.5
Travel expenses
1.1
0.5
Marketing, performer and entertainment expenses
16.1
10.0
11.2
10.7
Total
63.4
41.1
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist of outsourced financial and
administrative services and other items that are not material in isolation.
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist of outsourced financial and
administrative services and other items that are not material in isolation.
2.9. AUDITOR\u2019S FEES
\u00a0
MEUR
2022
2021
Audit
0.7
0.6
Other fees
0.5
0.2
Total
1.1
0.8
The auditing firm was Ernst & Young Oy.
2.10. DEPRECIATION, AMORTISATION
\u00a0
AND IMPAIRMENT
\u00a0
MEUR
2022
2021
Intangible assets
Non-competition agreements
0.4
0.6
Brands and name-use-rights
3.6
3.7
IC software
0.5
0.5
Total
4.6
4.8
Tangible assets
Improvement costs of rental premises
5.6
5.9
Buildings
0.1
0.1
Machinery and equipment
4.0
3.3
Total
9.7
9.3
Right-of-use assets
IFRS 16 Machinery and equipment
1.6
0.6
IFRS 16 Properties
30.8
29.3
IFRS 16 Land and water areas
0.2
0.3
Total
32.6
30.2
Impairment and additional depreciation
Intangible assets
0.4
0.2
0.1
2.5
Right-of-use assets
0.5
0.1
Total
0.9
2.7
Depreciation, amortisation and impairment total
47.8
47.1
ACCOUNTING PRINCIPLES
The accounting principles for depreciation, amortisation and impairment of intangible and
tangible assets are presented on pages
ACCOUNTING PRINCIPLES
The accounting principles for depreciation, amortisation and impairment of intangible and
tangible assets are presented on pages
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 3, 4, 5, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 3-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Beneficial lease agreements, depreciation period 2 years
\u2022
Customer contracts, depreciation period 5 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit.
The recording of depreciations is stopped when an intangible asset is classified as held
for sale (or included in a disposal group classified as held for sale) in accordance with
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
ACCOUNTING PRINCIPLES
Property, plant and equipment are measured at their original acquisition cost less
accumulated depreciation and impairment. Property, plant and equipment are recognised
on the balance sheet when they are likely to result in future economic benefit to the
Group and the acquisition cost can be reliably determined.
The original acquisition cost includes the immediate costs for the purchase. Expenditure
accumulated later is only included in the carrying amount or recorded as a separate
commodity if it is likely that the future economic benefit related to the commodity will be
to the benefit of the Group and if the acquisition cost of the commodity can be reliably
determined. Repair and maintenance costs are recorded through profit or loss for the
period during which they were realised. If a fixed asset commodity consists of several
parts with useful lives of different lengths, each part is processed as a separate
commodity. As is typical for the sector,
\u00a0
property, plant and equipment also include
periodic modification and renovation costs of the rental premises of restaurants; these
consist of the interior finishing work of rental premises, for example.
The Group\u2019s property, plant and equipment are depreciated over the estimated useful life
of the commodity in question. Depreciation of property, plant and equipment is calculated
as straight-line depreciation, where the acquisition cost is recognised as expense over
the useful life. Land and water areas are not depreciated.
\u00a0
Estimated useful lives
Years
Machinery and equipment
3-15
Modification and renovation expenses for rental premises
3-15
30
The residual values of tangible assets and their useful lives are verified at least once per
year on the closing date, and adjusted by impairment when necessary. On each closing
date, the Group evaluates whether there are signs of impairment of an asset. If the
carrying amount of an asset item is higher than its recoverable amount, the carrying
amount of the asset item will be immediately lowered to match the recoverable amount.
When property, plant and equipment are classified as held for sale in accordance with
the IFRS 5 standard, the recording of depreciation is discontinued.
The gains and losses from the sale of tangible assets are included in the income
statement as other operating income or expenses. The profit or loss from a sale is
determined by the difference between the sale price and the remaining acquisition cost.
The accounting principles pertaining to leases are presented on page
MEUR
2022
2021
Tax
\u00a0
based on the taxable income from the financial period
-3.1
-1.2
Change in deferred taxes
-1.2
3.7
Total
-4.3
2.4
MEUR
2022
2021
Profit/loss before taxes
9.1
-12.8
Profit calculated at 20% tax
\u00a0
-1.8
2.6
Impact of foreign tax rates on the tax rate
0.0
0.1
Non-deductible expenses
-2.6
-0.2
Use of previously unrecognised tax losses
0.9
0.0
Deferred tax asset recognised for unrecognised confirmed
losses in prior periods
-0.1
0.0
Unrecognised deferred financial period assets on losses for
the financial period
-0.1
-0.8
Share of profit of associated company less taxes
0.0
0.1
0.3
0.2
Impairment of goodwill
-0.1
0.0
Share-based incentive plan
-0.3
0.0
Consolidated adjustments to the income statement
0.1
-0.1
Taxes
\u00a0
for prior financial periods
-0.6
0.7
Tax expenses in the income statement
-4.3
2.4
ACCOUNTING PRINCIPLES
The tax costs in the income statement are based on the taxable income from the financial
period and deferred tax. Taxes
\u00a0
are recorded through profit or loss, except in cases where
they are directly related to items registered as equity or other items in the total
comprehensive income. In these cases, their tax effects are also recorded as equity in
these items. Tax
\u00a0
based on the taxable income from the financial period is calculated
using the taxable income and the applicable tax rate in each country. The taxes are
adjusted by any taxes related to previous financial periods. The accounting principles for
deferred taxes are presented on page
KEY ESTIMATES AND JUDGEMENTS
The tax costs in the consolidated income statement are based on the taxable income
from the financial period, adjustment of taxes from the previous financial periods and
change in deferred tax. Estimates by the management are related to, amongst other
things, to utilising deferred tax assets against taxable income in the coming years.
ACCOUNTING PRINCIPLES
The tax costs in the income statement are based on the taxable income from the financial
period and deferred tax. Taxes
\u00a0
are recorded through profit or loss, except in cases where
they are directly related to items registered as equity or other items in the total
comprehensive income. In these cases, their tax effects are also recorded as equity in
these items. Tax
\u00a0
based on the taxable income from the financial period is calculated
using the taxable income and the applicable tax rate in each country. The taxes are
adjusted by any taxes related to previous financial periods. The accounting principles for
deferred taxes are presented on page
2.12. DEFERRED TAX ASSETS AND LIABILITIES
\u00a0
2022
1 Jan
Recognised in the
income statement
Business
combinations
offsetting
Other changes and
write-offs
31 Dec
MEUR
Deferred tax assets
Temporary
\u00a0
differences
0.0
0.0
0.0
0.0
0.0
0.0
On confirmed losses
10.2
-1.7
0.0
0.0
-0.1
8.5
On Group eliminations
2.3
-0.3
0.0
0.0
0.0
2.1
On opening marketing expenses
0.0
0.0
0.0
0.0
0.0
0.0
On development costs
0.0
0.0
0.0
0.0
0.0
0.0
On intangible rights
0.5
0.0
0.0
0.0
-0.4
0.1
On financial lease liabilities
0.0
0.0
0.0
0.0
0.0
0.0
On other items
0.6
-0.1
0.0
0.0
0.0
0.4
Right-of-use assets
1.4
0.5
0.0
0.0
0.0
1.9
Offsetting of deferred tax liabilities
-4.7
0.0
0.0
4.7
0.0
0.0
Deferred tax assets total
10.3
-1.5
0.0
4.7
-0.5
13.0
Deferred tax liabilities
Temporary
\u00a0
differences
0.0
0.0
0.0
0.0
0.0
0.0
Periodisation of loan expenses using the effective interest rate method
0.0
0.0
0.0
0.0
0.0
0.0
On the reversal of the amortisation of goodwill
1.6
0.3
0.0
0.0
-0.6
1.2
On intangible rights
7.9
-0.9
0.2
0.0
0.0
7.2
On business combinations
\u00a0
0.1
0.0
0.0
0.0
0.0
0.1
On financial leases
0.0
0.0
0.0
0.0
0.0
0.0
On other items
0.5
0.2
0.0
0.0
0.0
0.7
Right-of-use assets
0.0
0.0
0.0
0.0
0.0
0.0
Offsetting of deferred tax assets
-4.7
0.0
0.0
4.7
0.0
0.0
Deferred tax liabilities total
5.3
-0.4
0.2
4.7
-0.7
9.2
2021
1 Jan
Recognised in the
income statement
Business
combinations
offsetting
Other changes and
write-offs
31 Dec
MEUR
Deferred tax assets
On confirmed losses
0.0
0.0
0.0
0.0
0.0
0.0
On Group eliminations
7.6
2.6
0.0
0.0
0.0
10.2
On opening marketing expenses
2.7
-0.3
0.0
0.0
0.0
2.3
On development costs
0.1
0.0
0.0
0.0
0.0
0.0
On intangible rights
0.0
0.0
0.0
0.0
0.0
0.0
On financial lease liabilities
0.5
0.0
0.0
0.0
0.0
0.5
On financial lease liabilities
0.0
0.0
0.0
0.0
0.0
0.0
On other items
0.2
0.4
0.0
0.0
0.0
0.6
Right-of-use assets
1.0
0.3
0.0
0.0
0.0
1.4
Offsetting of deferred tax liabilities
-3.1
0.0
0.0
-1.6
0.0
-4.7
Deferred tax assets total
8.9
3.0
0.0
-1.6
0.0
10.3
Deferred tax liabilities
Temporary
\u00a0
differences
0.0
0.0
0.0
0.0
0.0
0.0
Periodisation of loan expenses using the effective interest rate method
0.0
0.0
0.0
0.0
0.0
0.0
On the reversal of the amortisation of goodwill
1.5
0.1
0.0
0.0
0.0
1.6
On intangible rights
8.6
-0.8
0.1
0.0
0.0
7.9
On business combinations
\u00a0
0.1
0.0
0.0
0.0
0.0
0.1
On financial leases
0.0
0.0
0.0
0.0
0.0
0.0
On other items
0.5
0.1
0.0
0.0
0.0
0.5
Right-of-use assets
0.0
0.0
0.0
0.0
0.0
0.0
Offsetting of deferred tax assets
-3.1
0.0
0.0
-1.6
0.0
-4.7
Deferred tax liabilities total
7.6
-0.7
0.1
-1.6
-0.1
5.3
On 31 December 2022, the Group had EUR 9.1 (13.4) million in confirmed losses for which
a deferred tax asset has not been recognised because it is not probable that the Group will
accrue a taxable income that could be utilised against the losses before their expiration. The
losses in question will expire in 2023\u20132032.
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
2.13. EARNINGS PER SHARE
\u00a0
MEUR
2022
2021
Profit for the financial period attributable to owners
\u00a0
of the Company
1.5
-10.6
Interest on subordinated loan
\u00a0
(tax effect taken into account)
20,297,862
19,222,270
Effect of the share-based incentive plan
228,985
0
Diluted weighted average number of shares
20,447,583
19,222,270
Basic earnings per share (EUR/share)
0.07
-0.55
Diluted earnings per share (EUR/share)
0.07
-0.55
ACCOUNTING PRINCIPLES
Basic earnings per share are calculated by dividing the profit for the financial period
attributable to the owners of the parent company by the weighted average number of
outstanding shares for the financial period.
\u00a0
Diluted earnings per share are calculated by adjusting the weighted average number of
shares by the dilutive effect of potential share-based payments.
ACCOUNTING PRINCIPLES
Basic earnings per share are calculated by dividing the profit for the financial period
attributable to the owners of the parent company by the weighted average number of
outstanding shares for the financial period.
\u00a0
Diluted earnings per share are calculated by adjusting the weighted average number of
shares by the dilutive effect of potential share-based payments.
3.2. NON-CONTROLLING INTERESTS
\u00a0
ACQUISITIONS
Acquisition
date
Acquired share,
%
New ownership
interest, %
Finnish operations
Porin P\u00e4rekori Oy
1.4.2022
30
100
Friends & Brgrs Ab Oy
8.8.2022
0
71
Suomen Siipiravintolat Oy
26.9.2022
5
80
Rock Hard Catering Oy
11.10.2022
12
100
Mother of Pearl Oy
9.12.2022
30
100
International business
NoHo Norway AS
26.1.2022
6
86
T\u00f8yen Bakeri og Kaffehus
As
31.1.2022
9
100
Youngs AS
14.10.2022
5
100
NoHo International Oy
31.10.2022
3
99
\u00d8slo AS
1.12.2022
10
90
MEUR
Acquisition
price
Change in
minority share
Impact in Group
earnings
Finnish operations
2.3
-0.2
-2.2
International business
1.2
-0.3
-0.9
Total
3.5
-0.4
-3.0
ACQUISITIONS
Acquisition
date
Acquired share,
%
New ownership
interest, %
Finnish operations
Poolmax Oy
5.1.2021
4
80
Skohan Oy
7.7.2021
25
100
Suomen Siipiravintolat Oy
30.9.2021
5
75
Pihka Ravintolat Oy
30.9.2021
30
100
International business
NoHo Tr\u00f8bbelskyter AS
\u00a0
30.9.2021
20
90
MEUR
Acquisition
price
Change in
minority share
Impact in Group
earnings
Finnish operations
0.5
0.3
-0.8
International business
0.4
-0.4
0.0
Total
0.9
-0.1
-0.8
DISPOSALS 2022
Date of
sale
Shareholding
sold, %
New ownership
interest, %
Finnish operations
Fatmax Oy
28.11.2022
25
75
International business
Kulturhuset i Oslo As
14.12.2022
5
95
MEUR
Acquisition
price
Change in
minority share
Impact in Group
earnings
Finnish operations
0.0
0.0
0.0
International business
0.1
0.0
0.0
Total
0.1
0.0
0.0
DISPOSALS 2021
Date of
sale
Shareholding
sold, %
New ownership
interest, %
Finnish operations
Mother of Pearl Oy
8.7.2021
1
70
Shinobi Group Oy
31.10.2021
5
70
International business
Complete Security AS
26.8.2021
9
91
NoHo International Oy
9.12.2021
1
96
MEUR
Acquisition
price
Change in
minority share
Impact in Group
earnings
Finnish operations
0.0
0.0
0.0
International business
0.0
0.0
0.0
Total
0.0
0.0
0.0
ACCOUNTING PRINCIPLES
The shares of non-controlling interests of subsidiaries\u2019 income and equity are presented
as separate items in the Group\u2019s income statement, statement of comprehensive income,
statement of changes in equity and balance sheet.
Transactions completed with non-controlling interests that do not result in a loss of
control are treated as transactions with shareholders. A change in holding results in the
adjustment of carrying amounts between the holdings of the Group and noncontrolling
interests. The difference between the adjustment made to non-controlling interests\u2019
holding and the paid or received consideration is recognised in earnings.
The non-controlling interests in an acquired company are recognised at either fair value
or the amount corresponding to the proportion of the non-controlling interests in the net
identifiable assets of the company acquired.
Share of the most significant minority shareholders
MEUR
Ownership interest,
\u00a0
%
Share of profit for
the financial
period
capital
2022
2021
2022
2021
2022
2021
Friends & Brgrs Ab Oy,
Pietarsaari
29
29
0.1
0.1
0.0
-0.1
Financial information
MEUR
2022
2021
Friends & Brgrs Ab Oy
Turnover
21.2
16.7
Result of the financial period
0.9
1.3
Non-current assets
4.3
3.0
Current assets
2.9
1.7
Non-current liabilities
1.4
1.3
Current liabilities
4.2
2.9
Cash flows from operating activities
2.4
1.8
Cash flows from investing activities
-1.7
-0.8
Cash flows from financing activities
-0.2
-1.7
The financial information of Group\u2019s international business is presented on page
ACCOUNTING PRINCIPLES
The shares of non-controlling interests of subsidiaries\u2019 income and equity are presented
as separate items in the Group\u2019s income statement, statement of comprehensive income,
statement of changes in equity and balance sheet.
Transactions completed with non-controlling interests that do not result in a loss of
control are treated as transactions with shareholders. A change in holding results in the
adjustment of carrying amounts between the holdings of the Group and noncontrolling
interests. The difference between the adjustment made to non-controlling interests\u2019
holding and the paid or received consideration is recognised in earnings.
The non-controlling interests in an acquired company are recognised at either fair value
or the amount corresponding to the proportion of the non-controlling interests in the net
identifiable assets of the company acquired.
3.3. SOLD BUSINESS OPERATIONS
\u00a0
BUSINESS OPERATIONS SOLD 2022
\u00a0
Group\u2019s shares in subsidiaries and businesses sold during the financial period
Name
Business
sold
Shareholding
sold
Date of
control transfer
Location
Restaurant business,
Ravnsborggade 14
x
1.1.2022
Copen-
hagen
Restaurant business, Kuopio
x
1.1.2022
Kuopio
Restaurant business, Skatten
x
1.3.2022
Oslo
Restaurant business, La
Fable
x
31.12.2022
Oslo
Total value of the assets and liabilities sold at the moment of transfer of control
MEUR
Total
Goodwill
0.9
Intangible assets
0.0
Property, plant and equipment
0.6
Right-of-use assets
1.6
Other asset items
0.1
Liabilities
-0.1
Liabilities for right-of-use assets
-1.7
Net assets total
1.5
Losses on disposal totalling MEUR 0.5 were recognised in the income statement.
BUSINESS OPERATIONS SOLD 2021
\u00a0
Group\u2019s shares in subsidiaries and businesses sold during the financial period
Name
Business
sold
Shareholding
sold
Date of
control transfer
Location
Casseli Oy
58
1.5.2021
Tampere
Business operations of
restaurant London Pub
x
30.7.2021
Tampere
Ruoveden rantaravintola
x
3.11.2021
Ruovesi
Total value of the assets and liabilities sold at the moment of transfer of control
MEUR
Total
Goodwill
0.3
Intangible assets
0.0
Property, plant and equipment
0.5
Other asset items
0.4
Non-controlling interests
0.2
Liabilities
-0.7
Net assets in total
0.7
Gains on disposal totalling MEUR 0.2 were recognised in the income statement. An
expense of MEUR 0.1 has been recognised in the income statement on the discounting of a
trade receivable related to the sale of assets.
3. ACQUISITIONS AND DISPOSALS OF BUSINESS OPERATIONS
\u00a0
3.1. ACQUIRED BUSINESS OPERATIONS
\u00a0
ACQUISITIONS IN 2022
Acquired subsidiaries and businesses
Business
acquired
Shareholding
acquired
Ownership and
management
right transfer
Location
Restaurant Origo
x
3.1.2022
Hanko
Sea Horse Oy
100
1.7.2022
Helsinki
T\u00f8yen Kulturhus As
100
1.7.2022
Oslo
Restaurant Laboratoriet
x
1.9.2022
Oslo
Fat Lizard, Otaniemi
x
1.12.2022
Espoo
Total value of acquired assets and liabilities at the moment of transfer of control
MEUR
Finnish
operations
International
business
Total
Assets
Intangible assets
2.0
0.5
2.5
Property, plant and equipment
0.6
0.7
1.3
Current receivables
0.1
0.1
0.2
Inventories
0.1
0.1
0.1
Cash and cash equivalents
0.3
0.4
0.7
Assets in total
3.1
1.7
4.8
Liabilities
Deferred tax liabilities
0.1
0.1
0.2
Other payables
0.3
0.3
0.6
Liabilities in total
0.5
0.3
0.8
Net assets
2.7
1.3
4.0
Total purchase consideration at time of acquisition
Share of purchase consideration
consisting of cash and cash equivalents
3.2
2.4
5.6
Share of equity of the purchase
consideration
1.3
0.0
1.3
Debt share
0.0
0.7
0.8
Contingent purchase consideration
1.9
0.0
1.9
Total purchase consideration
6.4
3.1
9.5
Generation of goodwill through acquisitions
Total
\u00a0
purchase consideration
6.4
3.1
9.5
Net identifiable assets of the acquired
entity
2.7
1.3
4.0
Goodwill
3.7
1.8
5.5
The fair value of acquired receivables and the contractual gross amounts correspond to the
carrying amounts of the receivables at the time of the acquisition. The tax-deductible
goodwill amounts to MEUR 2.9
The 25% non-controlling interest related to the Fat Lizard acquisition does not impact the
net assets at the time of the acquisition.
The acquisition cost calculations are preliminary. The acquisitions do not involve material
costs of external expert services.
\u00a0
IFRS 16 right-of-use assets of the acquired businesses
MEUR
Total
Finnish operations
2.7
International business
1.8
Effect of acquisitions
MEUR
Total
Impact on the Group\u2019s profit for the period figures
Turnover
4.4
Net income
0.2
Estimated effect if the acquisition were made at the beginning of the
financial period
Turnover
6.8
Net income
0.3
The depreciation of intangible assets related to acquisitions and the associated change in
deferred taxes have been taken into account in the figures.
Group in total
The acquisitions generated a total of MEUR 5.5 in goodwill based on expected synergy
benefits and gains from combining the acquired restaurants with the Group\u2019s other
restaurant concepts and services. The acquisitions generated a total of MEUR 2.5 in fair
value allocation in intangible rights.
Determination of contingent transaction prices
The amount of the transaction price for Sea Horse and Fat Lizard, acquired in 2022, that
was paid at the time of acquisition was in total MEUR 4.0, of which the share of the share
issue to the sellers of Sea Horse was MEUR 1.3. The contingent transaction prices related
to the transactions are in total MEUR 1.9, of which MEUR 0.3 relates to the Sea Horse
acquisition and MEUR 1.6 to the Fat Lizard acquisition. The remaining contingent
transaction prices are based on the achievement of the financial targets in 2023.
\u00a0
The amount of the transaction price for Dubliners, DOD, MEO, R\u00e5dhuskroken, SFB and
Complete Security, acquired in 2019, that was paid at the time of acquisition was MEUR
7.2. The acquisition related put and call options for redeeming shares in non-controlling
interests\u2019 possession were extended to year 2026. The company has estimated that the
probability of exercising the options is high. The shareholding of non-controlling interests,
MEUR 1.3, is presented as a contingent additional transaction price under liabilities.
According to the contracts, the fair value of the companies will be determined in 2026.
Acquired subsidiaries and businesses
Business
acquired
Shareholding
acquired
Ownership and
management
right transfer
Location
Allas Sea Pool
x
1.2.2021
Helsinki
Oslo AS
80
1.10.2021
Oslo
Total value of acquired assets and liabilities at the moment of transfer of control
MEUR
operations
International
business
Total
Assets
Intangible assets
0.5
0.3
0.8
Property, plant and equipment
0.2
0.5
0.7
Current receivables
0.0
0.1
0.1
Inventories
0.0
0.1
0.1
Cash and cash equivalents
0.0
0.4
0.4
Assets in total
0.6
1.5
2.1
Liabilities
Deferred tax liabilities
0.0
0.1
0.1
Financial liabilities
0.0
0.2
0.2
Other payables
0.0
0.5
0.5
Liabilities in total
0.0
0.8
0.8
Net assets
0.6
0.7
1.3
Total purchase consideration at time
of acquisition
Share of purchase consideration
consisting of cash and cash equivalents
0.3
0.6
0.9
Share of debt
0.9
0.0
0.9
Total purchase consideration in total
1.2
0.6
1.8
Generation of goodwill through acquisitions
Total
\u00a0
purchase consideration
1.2
0.6
1.8
Earlier shareholding at fair value before
the transfer of control
0.0
0.5
0.5
Non-controlling interests
0.0
0.1
0.1
Net identifiable assets of the acquired
entity
0.6
0.7
1.3
Goodwill
0.5
0.6
1.1
The fair value of acquired receivables and the contractual gross amounts correspond to the
carrying amounts of the receivables at the time of the acquisition. The tax-deductible
goodwill amounts to MEUR 0.5.
The acquisition cost calculations are preliminary. The acquisitions do not involve material
costs of external expert services.
\u00a0
IFRS 16 right-of-use assets of the acquired businesses
MEUR
Total
Allas Sea Pool
2.5
Oslo AS
4.9
Effect of acquisitions
MEUR
Total
Impact on the Group\u2019s profit for the period figures
Turnover
3.9
Net income
0.3
Estimated effect if the acquisition were made at the beginning of the
financial period
Turnover
4.6
Net income
0.1
The depreciation of intangible assets related to acquisitions and the associated change in
deferred taxes have been taken into account in the figures.
Group in total
The acquisitions generated a total of MEUR 1.1 in goodwill based on expected synergy
benefits, establishment into new market areas and expected gains from combining the
acquired restaurants with the Group\u2019s other restaurant concepts and services. The
acquisitions generated a total of MEUR 0.8 in fair value allocation in intangible rights.
1.6. CONSOLIDATION PRINCIPLES
\u00a0
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated into these consolidated financial statements are itemised on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them, and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition, and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intragroup transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity belonging to minority shareholders is presented as a separate item on
the balance sheet, as part of equity. Changes to the parent company's holding in a
subsidiary that will not lead to a loss of control are recorded as transactions concerning
equity. If an acquisition is completed in stages, the earlier holding is measured at fair value,
and the resulting gain or loss is recognised through profit or loss. When the Group loses its
controlling interest in a subsidiary, the remaining portion is measured at fair value on the
date of the loss of control, and the difference is recorded through profit or loss.
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 3, 4, 5, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 3-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Beneficial lease agreements, depreciation period 2 years
\u2022
Customer contracts, depreciation period 5 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit.
The recording of depreciations is stopped when an intangible asset is classified as held
for sale (or included in a disposal group classified as held for sale) in accordance with
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 3, 4, 5, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 3-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Beneficial lease agreements, depreciation period 2 years
\u2022
Customer contracts, depreciation period 5 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit.
The recording of depreciations is stopped when an intangible asset is classified as held
for sale (or included in a disposal group classified as held for sale) in accordance with
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 3, 4, 5, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 3-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Beneficial lease agreements, depreciation period 2 years
\u2022
Customer contracts, depreciation period 5 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit.
The recording of depreciations is stopped when an intangible asset is classified as held
for sale (or included in a disposal group classified as held for sale) in accordance with
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
Impairment testing
The Group tests goodwill annually in order to identify any impairment. Furthermore, the
Group tracks internal and external indications of any impairment of goodwill.
\u00a0
The Group carried out impairment testing separately for the Finnish operations and the
international business for the first time on 31 December 2022. The Group\u2019s comparative
data is presented in NoHo Partners\u2019 consolidated financial statements for 2021.
The nature of the business operations and the amount of goodwill differ considerable by
segment, as the maturity of the business operations is very different. The position of the
company in the Finnish market has stabilised, and in addition to managing daily operational
activities, it focuses on seeking growth from its strategic focus areas. With regard to
international business operations, the company focuses on growing the operations through
acquisitions and will continue also in future accelerate the growth of the international
operations by acquisitions. In growth supported strongly by acquisitions, it is natural that the
relative size of goodwill in relation to the size of the business is higher than in a stabilised
business. Normally, the differences will even out as the business reaches certain size and
several years\u00b4 history of stabilised business.
\u00a0
Impairment testing was carried out on 31 December 2022 using the book values and
calculations of future cash amounts valid at the time. On 31 December 2022, the
recoverable cash flow based on value-in-use calculations exceeded the book value for the
Finnish operations by more than MEUR 117 and for the international business by more than
MEUR 7. The impairment tests on 31 December 2022 did not indicate a need for
impairment of goodwill or intangible rights with an indefinite useful life.
The group\u2019s goodwill, brands with an indefinite useful life, name-use-rights, non-
competition agreements and leases
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Goodwill
108.2
32.7
137.1
Brands and name-use-rights
20.6
1.1
21.8
Leases
0.0
2.7
2.7
The restrictions imposed by governments due to the Covid-19 pandemic were lifted as of
the beginning of March 2022, and demand has recovered quickly after the restriction period
in all of the countries where the Group operates.
Description of impairment testing and key assumptions
In impairment testing, the book value of cash flow generating units containing goodwill and
other intangible assets with indefinite useful life are compared with their recoverable
amounts. The recoverable amount is the fair value of the group of cash generating units less
the costs of selling, or the utility value, whichever is higher. If the recoverable amount is
lower than the book value entered on the balance sheet, the difference is recognised as an
impairment loss that decreases income. For the impairment testing, the recoverable amount
used has been the utility value calculated by means of the discounted cash flow (DCF)
method.
The forecast cash flows are based on the capacity of the group of cash flow-generating
units that the Group has had at the time of testing. Therefore, expansion investments have
not been taken into account in the cash flow estimates. The Group's cash flow-generating
units or groups thereof operate in the restaurant business. The expansion of the business
into new areas would expand the capacity, and the related investments or resulting gains
are not included in the calculations.
The impairment calculations are based on cash flow predictions and estimates for market
development, drawn up by the Group Executive Team and approved
\u00a0
by the Group Board of
Directors, added with the forecast and terminal period. The length of the forecast period
used for the impairment calculations is 4 years.
Key management-defined assumptions used in testing
Assumption
Growth of turnover
The increased turnover for the upcoming years is based on the
estimates defined for the review period on the private
consumption and the corporate and event market returning to
normal. Turnover growth in 2023 is further supported by the
restricted business environment during the first quarter of 2022.
EBIT
EBIT is based on estimates of private consumption and
corporate and event market returning to normal as well as on
estimates of the realisation of the cost savings achieved by the
company in the post-pandemic times.
\u00a0
assumption
The terminal growth assumption is 2%.
Discount rate
A peer company analysis was utilised in determining the
Sensitivity analysis in impairment testing
No impairment losses have been recognised for any presented financial period based on
completed impairment testing. On 31 December 2022, the recoverable cash flow based on
value-in-use calculations exceeded the book value for the Finnish operations by more than
MEUR 117 and for the international business by more than MEUR 7. The management has
prepared sensitivity analyses for essential factors and, based on the analyses, the
recoverable amount equals the book value if the assumptions change one at a time.
Maintaining the calculated levels of utility value requires that, in accordance with the
company strategy, turnover and EBIT are kept at an acceptable level, competitiveness is
maintained through the continuous monitoring of pricing and cost management as well as
the development of new restaurant concepts.
Segment-specific assumptions for the impairment testing and the outcome of the sensitivity
analysis is presented in the following.
Assumptions used in the calculation of utility value for each testing period
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Turnover growth, four three years,
approximately
3.5
3.2
21.1
EBIT,
\u00a0
%, first four years, approximately
10.9
7.4
10.8
Terminal
\u00a0
growth assumption
2.0
2.0
1.0
Discount rate before taxes
9.6
8.9
8.5
Outcome of the sensitivity analysis
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Annual decrease in turnover, %
15.0
3.1
3.3
EBIT,
\u00a0
%, modified level, first four
years, approximately, %
7.8
6.7
10.1
Increase in discount rate, percentage
points
4.1
0.7
0.8
Decrease of the terminal growth rate,
%
5.9
0.8
0.9
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
KEY ESTIMATES AND JUDGEMENTS
Drawing up calculations using the DCF model requires forecasts and assumptions, the
most significant of which involve turnover growth, cost development and changes in the
discount rate. It is possible that the assumptions related to the cash flow forecasts are
not realised, and the resulting impairments of goodwill or non-competition agreements
may have a materially adverse effect on the income derived from the company's
operations and on its financial position during the present review period and future review
periods.
In impairment testing, the recoverable amounts are estimated using assumptions related
to budgets, forecasts and terminal periods. The sensitivity of the calculations is analysed
with regard to changes in sales revenue growth, the development of operating costs,
EBIT and the discount rate, amongst other things. Changes in these estimates or in the
structure or number of the cash flow generating units or groups of units may lead to
impairment in the fair values of assets or goodwill.
4. CAPITAL EXPENDITURE
\u00a0
4.1. INTANGIBLE ASSETS
\u00a0
2022
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 January
137.3
76.5
213.8
Business combinations
5.5
2.5
8.0
Increase
0.0
0.1
0.1
Decrease and disposals
-0.9
0.0
-0.9
Translation differences
-0.7
-0.2
-0.9
Acquisition cost 31 December
141.1
79.0
220.2
Accumulated amortisation and impairment
losses
-0.2
-36.1
-36.3
Additional depreciation
0.0
-0.4
-0.4
Depreciation
0.0
-4.6
-4.6
31 December
-0.2
-41.1
-41.2
Carrying amount 31 December
141.0
38.0
179.0
Book value 1 January
137.1
40.4
177.5
2021
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 January
135.3
75.8
211.1
Business combinations
1.1
0.8
1.9
Increase
0.0
0.1
0.1
Decrease and disposals
-0.3
-0.3
-0.5
Translation differences
0.6
0.2
0.8
Transfers between items
0.4
0.0
0.4
Acquisition cost 31 December
137.3
76.5
213.8
Accumulated amortisation and impairment
losses
-0.2
-31.2
-31.3
Additional depreciation
0.0
-0.2
-0.2
Depreciation
0.0
-4.8
-4.8
31 December
-0.2
-36.1
-36.3
Carrying amount 31 December
137.1
40.4
177.5
Book value 1 January
135.2
44.6
179.8
Brands and name-use-rights included in intangible assets
2022
1 Jan
Increase
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.8
0.0
-0.1
0.0
21.7
Depreciation over 4 years
0.8
0.3
0.0
-0.4
0.7
Depreciation over 5 years
3.0
0.3
0.0
-2.0
1.3
Depreciation over 10 years
5.6
1.6
0.0
-0.8
6.3
Depreciation over 15 years
4.8
0.0
0.0
-0.4
4.4
Total
36.0
2.1
-0.1
-3.6
34.3
2021
1 Jan
Increase
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.8
0.0
0.0
0.0
21.8
Depreciation over 3 years
0.1
0.0
0.0
-0.1
0.0
Depreciation over 4 years
1.2
0.0
0.0
-0.4
0.8
Depreciation over 5 years
4.6
0.3
0.0
-1.9
3.0
Depreciation over 10 years
6.0
0.5
0.0
-0.9
5.6
Depreciation over 15 years
5.2
0.0
0.0
-0.4
4.8
Total
38.9
0.8
0.0
-3.7
36.0
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 3, 4, 5, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 3-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Beneficial lease agreements, depreciation period 2 years
\u2022
Customer contracts, depreciation period 5 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit.
The recording of depreciations is stopped when an intangible asset is classified as held
for sale (or included in a disposal group classified as held for sale) in accordance with
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
KEY ESTIMATES AND JUDGEMENTS
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
\u00a0
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
Impairment testing
The Group tests goodwill annually in order to identify any impairment. Furthermore, the
Group tracks internal and external indications of any impairment of goodwill.
\u00a0
The Group carried out impairment testing separately for the Finnish operations and the
international business for the first time on 31 December 2022. The Group\u2019s comparative
data is presented in NoHo Partners\u2019 consolidated financial statements for 2021.
The nature of the business operations and the amount of goodwill differ considerable by
segment, as the maturity of the business operations is very different. The position of the
company in the Finnish market has stabilised, and in addition to managing daily operational
activities, it focuses on seeking growth from its strategic focus areas. With regard to
international business operations, the company focuses on growing the operations through
acquisitions and will continue also in future accelerate the growth of the international
operations by acquisitions. In growth supported strongly by acquisitions, it is natural that the
relative size of goodwill in relation to the size of the business is higher than in a stabilised
business. Normally, the differences will even out as the business reaches certain size and
several years\u00b4 history of stabilised business.
\u00a0
Impairment testing was carried out on 31 December 2022 using the book values and
calculations of future cash amounts valid at the time. On 31 December 2022, the
recoverable cash flow based on value-in-use calculations exceeded the book value for the
Finnish operations by more than MEUR 117 and for the international business by more than
MEUR 7. The impairment tests on 31 December 2022 did not indicate a need for
impairment of goodwill or intangible rights with an indefinite useful life.
The group\u2019s goodwill, brands with an indefinite useful life, name-use-rights, non-
competition agreements and leases
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Goodwill
108.2
32.7
137.1
Brands and name-use-rights
20.6
1.1
21.8
Leases
0.0
2.7
2.7
The restrictions imposed by governments due to the Covid-19 pandemic were lifted as of
the beginning of March 2022, and demand has recovered quickly after the restriction period
in all of the countries where the Group operates.
Description of impairment testing and key assumptions
In impairment testing, the book value of cash flow generating units containing goodwill and
other intangible assets with indefinite useful life are compared with their recoverable
amounts. The recoverable amount is the fair value of the group of cash generating units less
the costs of selling, or the utility value, whichever is higher. If the recoverable amount is
lower than the book value entered on the balance sheet, the difference is recognised as an
impairment loss that decreases income. For the impairment testing, the recoverable amount
used has been the utility value calculated by means of the discounted cash flow (DCF)
method.
The forecast cash flows are based on the capacity of the group of cash flow-generating
units that the Group has had at the time of testing. Therefore, expansion investments have
not been taken into account in the cash flow estimates. The Group's cash flow-generating
units or groups thereof operate in the restaurant business. The expansion of the business
into new areas would expand the capacity, and the related investments or resulting gains
are not included in the calculations.
The impairment calculations are based on cash flow predictions and estimates for market
development, drawn up by the Group Executive Team and approved
\u00a0
by the Group Board of
Directors, added with the forecast and terminal period. The length of the forecast period
used for the impairment calculations is 4 years.
Key management-defined assumptions used in testing
Assumption
Growth of turnover
The increased turnover for the upcoming years is based on the
estimates defined for the review period on the private
consumption and the corporate and event market returning to
normal. Turnover growth in 2023 is further supported by the
restricted business environment during the first quarter of 2022.
EBIT
EBIT is based on estimates of private consumption and
corporate and event market returning to normal as well as on
estimates of the realisation of the cost savings achieved by the
company in the post-pandemic times.
\u00a0
assumption
The terminal growth assumption is 2%.
Discount rate
A peer company analysis was utilised in determining the
Sensitivity analysis in impairment testing
No impairment losses have been recognised for any presented financial period based on
completed impairment testing. On 31 December 2022, the recoverable cash flow based on
value-in-use calculations exceeded the book value for the Finnish operations by more than
MEUR 117 and for the international business by more than MEUR 7. The management has
prepared sensitivity analyses for essential factors and, based on the analyses, the
recoverable amount equals the book value if the assumptions change one at a time.
Maintaining the calculated levels of utility value requires that, in accordance with the
company strategy, turnover and EBIT are kept at an acceptable level, competitiveness is
maintained through the continuous monitoring of pricing and cost management as well as
the development of new restaurant concepts.
Segment-specific assumptions for the impairment testing and the outcome of the sensitivity
analysis is presented in the following.
Assumptions used in the calculation of utility value for each testing period
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Turnover growth, four three years,
approximately
3.5
3.2
21.1
EBIT,
\u00a0
%, first four years, approximately
10.9
7.4
10.8
Terminal
\u00a0
growth assumption
2.0
2.0
1.0
Discount rate before taxes
9.6
8.9
8.5
Outcome of the sensitivity analysis
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Annual decrease in turnover, %
15.0
3.1
3.3
EBIT,
\u00a0
%, modified level, first four
years, approximately, %
7.8
6.7
10.1
Increase in discount rate, percentage
points
4.1
0.7
0.8
Decrease of the terminal growth rate,
%
5.9
0.8
0.9
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
KEY ESTIMATES AND JUDGEMENTS
Drawing up calculations using the DCF model requires forecasts and assumptions, the
most significant of which involve turnover growth, cost development and changes in the
discount rate. It is possible that the assumptions related to the cash flow forecasts are
not realised, and the resulting impairments of goodwill or non-competition agreements
may have a materially adverse effect on the income derived from the company's
operations and on its financial position during the present review period and future review
periods.
In impairment testing, the recoverable amounts are estimated using assumptions related
to budgets, forecasts and terminal periods. The sensitivity of the calculations is analysed
with regard to changes in sales revenue growth, the development of operating costs,
EBIT and the discount rate, amongst other things. Changes in these estimates or in the
structure or number of the cash flow generating units or groups of units may lead to
impairment in the fair values of assets or goodwill.
4. CAPITAL EXPENDITURE
\u00a0
4.1. INTANGIBLE ASSETS
\u00a0
2022
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 January
137.3
76.5
213.8
Business combinations
5.5
2.5
8.0
Increase
0.0
0.1
0.1
Decrease and disposals
-0.9
0.0
-0.9
Translation differences
-0.7
-0.2
-0.9
Acquisition cost 31 December
141.1
79.0
220.2
Accumulated amortisation and impairment
losses
-0.2
-36.1
-36.3
Additional depreciation
0.0
-0.4
-0.4
Depreciation
0.0
-4.6
-4.6
31 December
-0.2
-41.1
-41.2
Carrying amount 31 December
141.0
38.0
179.0
Book value 1 January
137.1
40.4
177.5
2021
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 January
135.3
75.8
211.1
Business combinations
1.1
0.8
1.9
Increase
0.0
0.1
0.1
Decrease and disposals
-0.3
-0.3
-0.5
Translation differences
0.6
0.2
0.8
Transfers between items
0.4
0.0
0.4
Acquisition cost 31 December
137.3
76.5
213.8
Accumulated amortisation and impairment
losses
-0.2
-31.2
-31.3
Additional depreciation
0.0
-0.2
-0.2
Depreciation
0.0
-4.8
-4.8
31 December
-0.2
-36.1
-36.3
Carrying amount 31 December
137.1
40.4
177.5
Book value 1 January
135.2
44.6
179.8
Brands and name-use-rights included in intangible assets
2022
1 Jan
Increase
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.8
0.0
-0.1
0.0
21.7
Depreciation over 4 years
0.8
0.3
0.0
-0.4
0.7
Depreciation over 5 years
3.0
0.3
0.0
-2.0
1.3
Depreciation over 10 years
5.6
1.6
0.0
-0.8
6.3
Depreciation over 15 years
4.8
0.0
0.0
-0.4
4.4
Total
36.0
2.1
-0.1
-3.6
34.3
2021
1 Jan
Increase
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.8
0.0
0.0
0.0
21.8
Depreciation over 3 years
0.1
0.0
0.0
-0.1
0.0
Depreciation over 4 years
1.2
0.0
0.0
-0.4
0.8
Depreciation over 5 years
4.6
0.3
0.0
-1.9
3.0
Depreciation over 10 years
6.0
0.5
0.0
-0.9
5.6
Depreciation over 15 years
5.2
0.0
0.0
-0.4
4.8
Total
38.9
0.8
0.0
-3.7
36.0
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 3, 4, 5, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 3-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Beneficial lease agreements, depreciation period 2 years
\u2022
Customer contracts, depreciation period 5 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit.
The recording of depreciations is stopped when an intangible asset is classified as held
for sale (or included in a disposal group classified as held for sale) in accordance with
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
KEY ESTIMATES AND JUDGEMENTS
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
\u00a0
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
Impairment testing
The Group tests goodwill annually in order to identify any impairment. Furthermore, the
Group tracks internal and external indications of any impairment of goodwill.
\u00a0
The Group carried out impairment testing separately for the Finnish operations and the
international business for the first time on 31 December 2022. The Group\u2019s comparative
data is presented in NoHo Partners\u2019 consolidated financial statements for 2021.
The nature of the business operations and the amount of goodwill differ considerable by
segment, as the maturity of the business operations is very different. The position of the
company in the Finnish market has stabilised, and in addition to managing daily operational
activities, it focuses on seeking growth from its strategic focus areas. With regard to
international business operations, the company focuses on growing the operations through
acquisitions and will continue also in future accelerate the growth of the international
operations by acquisitions. In growth supported strongly by acquisitions, it is natural that the
relative size of goodwill in relation to the size of the business is higher than in a stabilised
business. Normally, the differences will even out as the business reaches certain size and
several years\u00b4 history of stabilised business.
\u00a0
Impairment testing was carried out on 31 December 2022 using the book values and
calculations of future cash amounts valid at the time. On 31 December 2022, the
recoverable cash flow based on value-in-use calculations exceeded the book value for the
Finnish operations by more than MEUR 117 and for the international business by more than
MEUR 7. The impairment tests on 31 December 2022 did not indicate a need for
impairment of goodwill or intangible rights with an indefinite useful life.
The group\u2019s goodwill, brands with an indefinite useful life, name-use-rights, non-
competition agreements and leases
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Goodwill
108.2
32.7
137.1
Brands and name-use-rights
20.6
1.1
21.8
Leases
0.0
2.7
2.7
The restrictions imposed by governments due to the Covid-19 pandemic were lifted as of
the beginning of March 2022, and demand has recovered quickly after the restriction period
in all of the countries where the Group operates.
Description of impairment testing and key assumptions
In impairment testing, the book value of cash flow generating units containing goodwill and
other intangible assets with indefinite useful life are compared with their recoverable
amounts. The recoverable amount is the fair value of the group of cash generating units less
the costs of selling, or the utility value, whichever is higher. If the recoverable amount is
lower than the book value entered on the balance sheet, the difference is recognised as an
impairment loss that decreases income. For the impairment testing, the recoverable amount
used has been the utility value calculated by means of the discounted cash flow (DCF)
method.
The forecast cash flows are based on the capacity of the group of cash flow-generating
units that the Group has had at the time of testing. Therefore, expansion investments have
not been taken into account in the cash flow estimates. The Group's cash flow-generating
units or groups thereof operate in the restaurant business. The expansion of the business
into new areas would expand the capacity, and the related investments or resulting gains
are not included in the calculations.
The impairment calculations are based on cash flow predictions and estimates for market
development, drawn up by the Group Executive Team and approved
\u00a0
by the Group Board of
Directors, added with the forecast and terminal period. The length of the forecast period
used for the impairment calculations is 4 years.
Key management-defined assumptions used in testing
Assumption
Growth of turnover
The increased turnover for the upcoming years is based on the
estimates defined for the review period on the private
consumption and the corporate and event market returning to
normal. Turnover growth in 2023 is further supported by the
restricted business environment during the first quarter of 2022.
EBIT
EBIT is based on estimates of private consumption and
corporate and event market returning to normal as well as on
estimates of the realisation of the cost savings achieved by the
company in the post-pandemic times.
\u00a0
assumption
The terminal growth assumption is 2%.
Discount rate
A peer company analysis was utilised in determining the
Sensitivity analysis in impairment testing
No impairment losses have been recognised for any presented financial period based on
completed impairment testing. On 31 December 2022, the recoverable cash flow based on
value-in-use calculations exceeded the book value for the Finnish operations by more than
MEUR 117 and for the international business by more than MEUR 7. The management has
prepared sensitivity analyses for essential factors and, based on the analyses, the
recoverable amount equals the book value if the assumptions change one at a time.
Maintaining the calculated levels of utility value requires that, in accordance with the
company strategy, turnover and EBIT are kept at an acceptable level, competitiveness is
maintained through the continuous monitoring of pricing and cost management as well as
the development of new restaurant concepts.
Segment-specific assumptions for the impairment testing and the outcome of the sensitivity
analysis is presented in the following.
Assumptions used in the calculation of utility value for each testing period
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Turnover growth, four three years,
approximately
3.5
3.2
21.1
EBIT,
\u00a0
%, first four years, approximately
10.9
7.4
10.8
Terminal
\u00a0
growth assumption
2.0
2.0
1.0
Discount rate before taxes
9.6
8.9
8.5
Outcome of the sensitivity analysis
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Annual decrease in turnover, %
15.0
3.1
3.3
EBIT,
\u00a0
%, modified level, first four
years, approximately, %
7.8
6.7
10.1
Increase in discount rate, percentage
points
4.1
0.7
0.8
Decrease of the terminal growth rate,
%
5.9
0.8
0.9
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
KEY ESTIMATES AND JUDGEMENTS
Drawing up calculations using the DCF model requires forecasts and assumptions, the
most significant of which involve turnover growth, cost development and changes in the
discount rate. It is possible that the assumptions related to the cash flow forecasts are
not realised, and the resulting impairments of goodwill or non-competition agreements
may have a materially adverse effect on the income derived from the company's
operations and on its financial position during the present review period and future review
periods.
In impairment testing, the recoverable amounts are estimated using assumptions related
to budgets, forecasts and terminal periods. The sensitivity of the calculations is analysed
with regard to changes in sales revenue growth, the development of operating costs,
EBIT and the discount rate, amongst other things. Changes in these estimates or in the
structure or number of the cash flow generating units or groups of units may lead to
impairment in the fair values of assets or goodwill.
4. CAPITAL EXPENDITURE
\u00a0
4.1. INTANGIBLE ASSETS
\u00a0
2022
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 January
137.3
76.5
213.8
Business combinations
5.5
2.5
8.0
Increase
0.0
0.1
0.1
Decrease and disposals
-0.9
0.0
-0.9
Translation differences
-0.7
-0.2
-0.9
Acquisition cost 31 December
141.1
79.0
220.2
Accumulated amortisation and impairment
losses
-0.2
-36.1
-36.3
Additional depreciation
0.0
-0.4
-0.4
Depreciation
0.0
-4.6
-4.6
31 December
-0.2
-41.1
-41.2
Carrying amount 31 December
141.0
38.0
179.0
Book value 1 January
137.1
40.4
177.5
2021
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 January
135.3
75.8
211.1
Business combinations
1.1
0.8
1.9
Increase
0.0
0.1
0.1
Decrease and disposals
-0.3
-0.3
-0.5
Translation differences
0.6
0.2
0.8
Transfers between items
0.4
0.0
0.4
Acquisition cost 31 December
137.3
76.5
213.8
Accumulated amortisation and impairment
losses
-0.2
-31.2
-31.3
Additional depreciation
0.0
-0.2
-0.2
Depreciation
0.0
-4.8
-4.8
31 December
-0.2
-36.1
-36.3
Carrying amount 31 December
137.1
40.4
177.5
Book value 1 January
135.2
44.6
179.8
Brands and name-use-rights included in intangible assets
2022
1 Jan
Increase
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.8
0.0
-0.1
0.0
21.7
Depreciation over 4 years
0.8
0.3
0.0
-0.4
0.7
Depreciation over 5 years
3.0
0.3
0.0
-2.0
1.3
Depreciation over 10 years
5.6
1.6
0.0
-0.8
6.3
Depreciation over 15 years
4.8
0.0
0.0
-0.4
4.4
Total
36.0
2.1
-0.1
-3.6
34.3
2021
1 Jan
Increase
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.8
0.0
0.0
0.0
21.8
Depreciation over 3 years
0.1
0.0
0.0
-0.1
0.0
Depreciation over 4 years
1.2
0.0
0.0
-0.4
0.8
Depreciation over 5 years
4.6
0.3
0.0
-1.9
3.0
Depreciation over 10 years
6.0
0.5
0.0
-0.9
5.6
Depreciation over 15 years
5.2
0.0
0.0
-0.4
4.8
Total
38.9
0.8
0.0
-3.7
36.0
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 3, 4, 5, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 3-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Beneficial lease agreements, depreciation period 2 years
\u2022
Customer contracts, depreciation period 5 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit.
The recording of depreciations is stopped when an intangible asset is classified as held
for sale (or included in a disposal group classified as held for sale) in accordance with
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
KEY ESTIMATES AND JUDGEMENTS
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
\u00a0
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
Impairment testing
The Group tests goodwill annually in order to identify any impairment. Furthermore, the
Group tracks internal and external indications of any impairment of goodwill.
\u00a0
The Group carried out impairment testing separately for the Finnish operations and the
international business for the first time on 31 December 2022. The Group\u2019s comparative
data is presented in NoHo Partners\u2019 consolidated financial statements for 2021.
The nature of the business operations and the amount of goodwill differ considerable by
segment, as the maturity of the business operations is very different. The position of the
company in the Finnish market has stabilised, and in addition to managing daily operational
activities, it focuses on seeking growth from its strategic focus areas. With regard to
international business operations, the company focuses on growing the operations through
acquisitions and will continue also in future accelerate the growth of the international
operations by acquisitions. In growth supported strongly by acquisitions, it is natural that the
relative size of goodwill in relation to the size of the business is higher than in a stabilised
business. Normally, the differences will even out as the business reaches certain size and
several years\u00b4 history of stabilised business.
\u00a0
Impairment testing was carried out on 31 December 2022 using the book values and
calculations of future cash amounts valid at the time. On 31 December 2022, the
recoverable cash flow based on value-in-use calculations exceeded the book value for the
Finnish operations by more than MEUR 117 and for the international business by more than
MEUR 7. The impairment tests on 31 December 2022 did not indicate a need for
impairment of goodwill or intangible rights with an indefinite useful life.
The group\u2019s goodwill, brands with an indefinite useful life, name-use-rights, non-
competition agreements and leases
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Goodwill
108.2
32.7
137.1
Brands and name-use-rights
20.6
1.1
21.8
Leases
0.0
2.7
2.7
The restrictions imposed by governments due to the Covid-19 pandemic were lifted as of
the beginning of March 2022, and demand has recovered quickly after the restriction period
in all of the countries where the Group operates.
Description of impairment testing and key assumptions
In impairment testing, the book value of cash flow generating units containing goodwill and
other intangible assets with indefinite useful life are compared with their recoverable
amounts. The recoverable amount is the fair value of the group of cash generating units less
the costs of selling, or the utility value, whichever is higher. If the recoverable amount is
lower than the book value entered on the balance sheet, the difference is recognised as an
impairment loss that decreases income. For the impairment testing, the recoverable amount
used has been the utility value calculated by means of the discounted cash flow (DCF)
method.
The forecast cash flows are based on the capacity of the group of cash flow-generating
units that the Group has had at the time of testing. Therefore, expansion investments have
not been taken into account in the cash flow estimates. The Group's cash flow-generating
units or groups thereof operate in the restaurant business. The expansion of the business
into new areas would expand the capacity, and the related investments or resulting gains
are not included in the calculations.
The impairment calculations are based on cash flow predictions and estimates for market
development, drawn up by the Group Executive Team and approved
\u00a0
by the Group Board of
Directors, added with the forecast and terminal period. The length of the forecast period
used for the impairment calculations is 4 years.
Key management-defined assumptions used in testing
Assumption
Growth of turnover
The increased turnover for the upcoming years is based on the
estimates defined for the review period on the private
consumption and the corporate and event market returning to
normal. Turnover growth in 2023 is further supported by the
restricted business environment during the first quarter of 2022.
EBIT
EBIT is based on estimates of private consumption and
corporate and event market returning to normal as well as on
estimates of the realisation of the cost savings achieved by the
company in the post-pandemic times.
\u00a0
assumption
The terminal growth assumption is 2%.
Discount rate
A peer company analysis was utilised in determining the
Sensitivity analysis in impairment testing
No impairment losses have been recognised for any presented financial period based on
completed impairment testing. On 31 December 2022, the recoverable cash flow based on
value-in-use calculations exceeded the book value for the Finnish operations by more than
MEUR 117 and for the international business by more than MEUR 7. The management has
prepared sensitivity analyses for essential factors and, based on the analyses, the
recoverable amount equals the book value if the assumptions change one at a time.
Maintaining the calculated levels of utility value requires that, in accordance with the
company strategy, turnover and EBIT are kept at an acceptable level, competitiveness is
maintained through the continuous monitoring of pricing and cost management as well as
the development of new restaurant concepts.
Segment-specific assumptions for the impairment testing and the outcome of the sensitivity
analysis is presented in the following.
Assumptions used in the calculation of utility value for each testing period
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Turnover growth, four three years,
approximately
3.5
3.2
21.1
EBIT,
\u00a0
%, first four years, approximately
10.9
7.4
10.8
Terminal
\u00a0
growth assumption
2.0
2.0
1.0
Discount rate before taxes
9.6
8.9
8.5
Outcome of the sensitivity analysis
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Annual decrease in turnover, %
15.0
3.1
3.3
EBIT,
\u00a0
%, modified level, first four
years, approximately, %
7.8
6.7
10.1
Increase in discount rate, percentage
points
4.1
0.7
0.8
Decrease of the terminal growth rate,
%
5.9
0.8
0.9
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is primarily allocated to
reduce the goodwill of the cash flow-generating unit and, secondly, it is used to impair the
unit's other asset items on a pro rata basis. The useful life of a depreciable asset item is
reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
Impairment testing
The Group tests goodwill annually in order to identify any impairment. Furthermore, the
Group tracks internal and external indications of any impairment of goodwill.
\u00a0
The Group carried out impairment testing separately for the Finnish operations and the
international business for the first time on 31 December 2022. The Group\u2019s comparative
data is presented in NoHo Partners\u2019 consolidated financial statements for 2021.
The nature of the business operations and the amount of goodwill differ considerable by
segment, as the maturity of the business operations is very different. The position of the
company in the Finnish market has stabilised, and in addition to managing daily operational
activities, it focuses on seeking growth from its strategic focus areas. With regard to
international business operations, the company focuses on growing the operations through
acquisitions and will continue also in future accelerate the growth of the international
operations by acquisitions. In growth supported strongly by acquisitions, it is natural that the
relative size of goodwill in relation to the size of the business is higher than in a stabilised
business. Normally, the differences will even out as the business reaches certain size and
several years\u00b4 history of stabilised business.
\u00a0
Impairment testing was carried out on 31 December 2022 using the book values and
calculations of future cash amounts valid at the time. On 31 December 2022, the
recoverable cash flow based on value-in-use calculations exceeded the book value for the
Finnish operations by more than MEUR 117 and for the international business by more than
MEUR 7. The impairment tests on 31 December 2022 did not indicate a need for
impairment of goodwill or intangible rights with an indefinite useful life.
The group\u2019s goodwill, brands with an indefinite useful life, name-use-rights, non-
competition agreements and leases
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Goodwill
108.2
32.7
137.1
Brands and name-use-rights
20.6
1.1
21.8
Leases
0.0
2.7
2.7
The restrictions imposed by governments due to the Covid-19 pandemic were lifted as of
the beginning of March 2022, and demand has recovered quickly after the restriction period
in all of the countries where the Group operates.
Description of impairment testing and key assumptions
In impairment testing, the book value of cash flow generating units containing goodwill and
other intangible assets with indefinite useful life are compared with their recoverable
amounts. The recoverable amount is the fair value of the group of cash generating units less
the costs of selling, or the utility value, whichever is higher. If the recoverable amount is
lower than the book value entered on the balance sheet, the difference is recognised as an
impairment loss that decreases income. For the impairment testing, the recoverable amount
used has been the utility value calculated by means of the discounted cash flow (DCF)
method.
The forecast cash flows are based on the capacity of the group of cash flow-generating
units that the Group has had at the time of testing. Therefore, expansion investments have
not been taken into account in the cash flow estimates. The Group's cash flow-generating
units or groups thereof operate in the restaurant business. The expansion of the business
into new areas would expand the capacity, and the related investments or resulting gains
are not included in the calculations.
The impairment calculations are based on cash flow predictions and estimates for market
development, drawn up by the Group Executive Team and approved
\u00a0
by the Group Board of
Directors, added with the forecast and terminal period. The length of the forecast period
used for the impairment calculations is 4 years.
Key management-defined assumptions used in testing
Assumption
Growth of turnover
The increased turnover for the upcoming years is based on the
estimates defined for the review period on the private
consumption and the corporate and event market returning to
normal. Turnover growth in 2023 is further supported by the
restricted business environment during the first quarter of 2022.
EBIT
EBIT is based on estimates of private consumption and
corporate and event market returning to normal as well as on
estimates of the realisation of the cost savings achieved by the
company in the post-pandemic times.
\u00a0
assumption
The terminal growth assumption is 2%.
Discount rate
A peer company analysis was utilised in determining the
Sensitivity analysis in impairment testing
No impairment losses have been recognised for any presented financial period based on
completed impairment testing. On 31 December 2022, the recoverable cash flow based on
value-in-use calculations exceeded the book value for the Finnish operations by more than
MEUR 117 and for the international business by more than MEUR 7. The management has
prepared sensitivity analyses for essential factors and, based on the analyses, the
recoverable amount equals the book value if the assumptions change one at a time.
Maintaining the calculated levels of utility value requires that, in accordance with the
company strategy, turnover and EBIT are kept at an acceptable level, competitiveness is
maintained through the continuous monitoring of pricing and cost management as well as
the development of new restaurant concepts.
Segment-specific assumptions for the impairment testing and the outcome of the sensitivity
analysis is presented in the following.
Assumptions used in the calculation of utility value for each testing period
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Turnover growth, four three years,
approximately
3.5
3.2
21.1
EBIT,
\u00a0
%, first four years, approximately
10.9
7.4
10.8
Terminal
\u00a0
growth assumption
2.0
2.0
1.0
Discount rate before taxes
9.6
8.9
8.5
Outcome of the sensitivity analysis
MEUR
Finnish
operations
International
business
Group
31 Dec 2022
31 Dec 2022
31 Dec 2021
Annual decrease in turnover, %
15.0
3.1
3.3
EBIT,
\u00a0
%, modified level, first four
years, approximately, %
7.8
6.7
10.1
Increase in discount rate, percentage
points
4.1
0.7
0.8
Decrease of the terminal growth rate,
%
5.9
0.8
0.9
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is primarily allocated to
reduce the goodwill of the cash flow-generating unit and, secondly, it is used to impair the
unit's other asset items on a pro rata basis. The useful life of a depreciable asset item is
reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
4.2. PROPERTY,
\u00a0
PLANT AND EQUIPMENT
\u00a0
2022
Land
Buildings and
structures
Improvement costs of
\u00a0
rental premises
Machinery and
equipment
Advance payments and
\u00a0
work in progress
Total
MEUR
Acquisition cost 1 January
0.2
3.7
83.7
53.9
0.6
142.1
Business combinations
0.0
0.0
0.0
1.3
0.0
1.3
Increase
0.0
0.0
7.4
6.4
0.0
13.8
Decrease and disposals
0.0
0.0
-1.0
-0.6
0.0
-1.6
Translation differences
0.0
0.0
-0.3
0.0
0.0
-0.3
Transfers between items
0.0
0.0
0.1
-1.8
1.4
-0.2
Acquisition cost 31 December
0.2
3.7
90.0
59.2
1.9
155.2
Accumulated depreciation and impairment
1 January
0.0
-1.1
-58.1
-35.7
0.0
-95.0
Impairment
0.0
0.0
0.0
-0.1
0.0
-0.1
Depreciation
0.0
-0.1
-5.6
-4.0
0.0
-9.7
31 December
0.0
-1.2
-63.7
-39.8
0.0
-104.7
Book value 1 January
0.2
2.5
26.3
19.4
1.9
50.3
Book value 1 January
0.2
2.6
25.6
18.2
0.6
47.2
2021
Land
Buildings and
structures
Improvement costs of
\u00a0
rental premises
Machinery and
equipment
Advance payments and
\u00a0
work in progress
Total
MEUR
Acquisition cost 1 January
0.2
3.7
77.2
49.9
0.7
131.7
Business combinations
0.0
0.0
0.5
0.2
0.0
0.7
Increase
0.0
0.0
6.0
4.2
0.0
10.2
Decrease and disposals
0.0
0.0
-0.1
-0.5
-0.1
-0.8
Translation differences
0.0
0.0
0.2
0.1
0.0
0.3
Acquisition cost 31 December
0.2
3.7
83.7
53.9
0.6
142.1
Accumulated depreciation and impairment
1 January
0.0
-1.0
-50.5
-31.6
0.0
-83.2
Impairment
0.0
0.0
-1.7
-0.8
0.0
-2.5
Depreciation
0.0
-0.1
-5.9
-3.3
0.0
-9.3
31 December
0.0
-1.1
-58.1
-35.7
0.0
-95.0
Book value 1 January
0.2
2.6
25.6
18.2
0.6
47.2
Book value 1 January
0.2
2.7
26.7
18.3
0.7
48.5
ACCOUNTING PRINCIPLES
Property, plant and equipment are measured at their original acquisition cost less
accumulated depreciation and impairment. Property, plant and equipment are recognised
on the balance sheet when they are likely to result in future economic benefit to the
Group and the acquisition cost can be reliably determined.
The original acquisition cost includes the immediate costs for the purchase. Expenditure
accumulated later is only included in the carrying amount or recorded as a separate
commodity if it is likely that the future economic benefit related to the commodity will be
to the benefit of the Group and if the acquisition cost of the commodity can be reliably
determined. Repair and maintenance costs are recorded through profit or loss for the
period during which they were realised. If a fixed asset commodity consists of several
parts with useful lives of different lengths, each part is processed as a separate
commodity. As is typical for the sector,
\u00a0
property, plant and equipment also include
periodic modification and renovation costs of the rental premises of restaurants; these
consist of the interior finishing work of rental premises, for example.
The Group\u2019s property, plant and equipment are depreciated over the estimated useful life
of the commodity in question. Depreciation of property, plant and equipment is calculated
as straight-line depreciation, where the acquisition cost is recognised as expense over
the useful life. Land and water areas are not depreciated.
\u00a0
Estimated useful lives
Years
Machinery and equipment
3-15
Modification and renovation expenses for rental premises
3-15
30
The residual values of tangible assets and their useful lives are verified at least once per
year on the closing date, and adjusted by impairment when necessary. On each closing
date, the Group evaluates whether there are signs of impairment of an asset. If the
carrying amount of an asset item is higher than its recoverable amount, the carrying
amount of the asset item will be immediately lowered to match the recoverable amount.
When property, plant and equipment are classified as held for sale in accordance with
the IFRS 5 standard, the recording of depreciation is discontinued.
The gains and losses from the sale of tangible assets are included in the income
statement as other operating income or expenses. The profit or loss from a sale is
determined by the difference between the sale price and the remaining acquisition cost.
The accounting principles pertaining to leases are presented on page
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is primarily allocated to
reduce the goodwill of the cash flow-generating unit and, secondly, it is used to impair the
unit's other asset items on a pro rata basis. The useful life of a depreciable asset item is
reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
ACCOUNTING PRINCIPLES
Property, plant and equipment are measured at their original acquisition cost less
accumulated depreciation and impairment. Property, plant and equipment are recognised
on the balance sheet when they are likely to result in future economic benefit to the
Group and the acquisition cost can be reliably determined.
The original acquisition cost includes the immediate costs for the purchase. Expenditure
accumulated later is only included in the carrying amount or recorded as a separate
commodity if it is likely that the future economic benefit related to the commodity will be
to the benefit of the Group and if the acquisition cost of the commodity can be reliably
determined. Repair and maintenance costs are recorded through profit or loss for the
period during which they were realised. If a fixed asset commodity consists of several
parts with useful lives of different lengths, each part is processed as a separate
commodity. As is typical for the sector,
\u00a0
property, plant and equipment also include
periodic modification and renovation costs of the rental premises of restaurants; these
consist of the interior finishing work of rental premises, for example.
The Group\u2019s property, plant and equipment are depreciated over the estimated useful life
of the commodity in question. Depreciation of property, plant and equipment is calculated
as straight-line depreciation, where the acquisition cost is recognised as expense over
the useful life. Land and water areas are not depreciated.
\u00a0
Estimated useful lives
Years
Machinery and equipment
3-15
Modification and renovation expenses for rental premises
3-15
30
The residual values of tangible assets and their useful lives are verified at least once per
year on the closing date, and adjusted by impairment when necessary. On each closing
date, the Group evaluates whether there are signs of impairment of an asset. If the
carrying amount of an asset item is higher than its recoverable amount, the carrying
amount of the asset item will be immediately lowered to match the recoverable amount.
When property, plant and equipment are classified as held for sale in accordance with
the IFRS 5 standard, the recording of depreciation is discontinued.
The gains and losses from the sale of tangible assets are included in the income
statement as other operating income or expenses. The profit or loss from a sale is
determined by the difference between the sale price and the remaining acquisition cost.
The accounting principles pertaining to leases are presented on page
4.3. LEASE AGREEMENTS
\u00a0
The Group has leased many of the restaurant and office premises that it uses and the
equipment used at the premises.
During the review period, the Group\u2019s rent concessions amounted to approximately MEUR
0.5. Most of the rent concessions concern international businesses. The Group has applied
the practical expedient stipulated by the amendment to not treat rent concessions granted
due to the Covid-19 pandemic as changes in leases under IFRS 16. Starting from the fourth
quarter of 2021, the Group has applied a practical relief to equipment leases, in accordance
with which the Group combines leases with similar characteristics in the portfolio. The
Group regularly assesses the size and composition of the portfolio of equipment leases. The
incremental borrowing rate applied to the changes in leases is 5.0%.
\u00a0
The Group\u2019s leases categorised by underlying assets
2022
Land
Buildings
Machinery and
equipment
Total
MEUR
Acquisition cost 1 January
2.3
244.3
6.8
253.4
Increase
0.0
4.5
0.0
4.5
Business combinations
0.0
10.7
0.0
10.7
Reassessments and modifications
0.2
17.8
3.8
21.7
0.0
-5.2
0.0
-5.2
Translation differences
0.0
-1.5
0.0
-1.5
Acquisition cost 31 December
2.5
270.6
10.5
283.5
Accumulated depreciation and impairment
1 January
-0.9
-87.8
-2.5
-91.2
Impairment
0.0
-0.5
0.0
-0.5
Depreciation
-0.2
-30.8
-1.6
-32.6
31 December
-1.1
-119.1
-4.0
-124.2
Carrying amount 31 December
1.4
151.5
6.5
159.4
Carrying amount 1 January
1.4
156.6
4.3
162.2
2021
Land
Buildings
Machinery and
equipment
Total
MEUR
Acquisition cost 1 January
2.3
202.4
4.2
208.9
Increase
0.0
7.4
0.0
7.4
Business combinations
0.0
14.1
0.0
14.1
Reassessments and modifications
0.0
19.5
2.6
22.0
0.0
-0.3
0.0
-0.3
Translation differences
0.0
1.3
0.0
1.3
Acquisition cost 31 December
2.3
244.3
6.8
253.4
Accumulated depreciation and impairment
1 January
-0.6
-58.3
-1.9
-60.9
Impairment
0.0
-0.1
0.0
-0.1
Depreciation
-0.3
-29.3
-0.6
-30.2
31 December
-0.9
-87.8
-2.5
-91.2
Carrying amount 31 December
1.4
156.6
4.3
162.2
Carrying amount 1 January
1.7
144.0
2.3
148.0
Liabilities for right-of-use assets
MEUR
2022
2021
Non-current
137.9
139.6
Current
30.8
29.4
Total
168.7
169.0
Liabilities for right-of-use assets by category
2022
Land
Buildings
Machinery and
equipment
Total
MEUR
Lease liability 1 January
1.4
163.2
4.3
169.0
Net increases
0.2
27.8
3.8
31.7
Rent payments
-0.3
-35.4
-1.7
-37.4
Rent concessions, Covid-19
0.0
-0.5
0.0
-0.5
Interest expenses
0.1
7.1
0.3
7.4
Translation differences
0.0
-1.6
0.0
-1.6
Lease liability 31 December
1.4
160.6
6.6
168.7
2021
Land
Buildings
Machinery and
equipment
Total
MEUR
Lease liability 1 January
1.7
149.1
2.4
153.2
Net increases
0.0
40.7
2.6
43.2
Rent payments
-0.3
-30.8
-0.7
-31.8
Rent concessions, Covid-19
0.0
-2.8
0.0
-2.8
Interest expenses
0.1
5.8
0.1
5.8
Translation differences
0.0
1.4
0.0
1.4
Lease liability 31 December
1.4
163.2
4.3
169.0
The maturity distribution of liabilities is presented on page
Lease items included in the income statement
MEUR
2022
2021
Depreciation of right-of-use assets
31.3
29.5
0.2
0.3
Machinery and equipment
\u00a0
1.6
0.6
Total depreciation
33.1
30.3
Other items
Interest expenses (in finance costs)
7.4
5.9
Expenses related to leases of short-term and low value (in
other operating expenses)
3.7
2.8
Expenses related to variable rents not included
in lease liabilities (in other operating expenses)
6.7
2.1
Rent concessions, Covid-19
-0.5
-2.8
Items included in the income statement in total
50.4
38.3
The Group as a lessor, lease income received by the group pursuant to other non-
cancellable leases
MEUR
2022
2021
In one year
0.7
0.7
In more than one year and up to 5 years
0.8
1.5
In more than 5 years
0.0
0.1
Total
1.5
2.3
The total outflow of cash arising from leases in 2022 amounted to MEUR 37.4 (31,8).
ACCOUNTING PRINCIPLES
The Group as a lessee
The Group has leased many of the restaurant and office premises that it uses. The terms
of the leases vary from short leases of less than one year to long leases of more than ten
years. The agreements are either fixed leases with an index condition or turnover-based.
Some of the lease agreements are valid until further notice, with notice periods ranging
from one to six months.
The lease term of the lease of an individual restaurant operating on leased premises
determines the lease term lengths of any underlying assets on said premises that are
based on a basic non-fixed-term lease or a shorter lease. For example, if the lease term
of restaurant premises is 4 years, the lease term of beverage taps based on a non-fixed-
term lease or a shorter lease is also specified to be 4 years.
Agreements can include lease components and non-lease components. The contractual
consideration is allocated to the lease component and non-lease components based on
their relative stand-alone prices. However, the Group has decided not to separate the
components for leases pertaining to properties in which the Group is the lessee. They are
treated as individual lease components in the Group\u2019s accounting.
The terms of lease agreements are negotiated on a case-by-case basis, and they include
a large number of various terms. The leases do not include covenants other than the
lessee\u2019s security deposit interest related to the leased assets. Leased assets cannot be
used as security for loans.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
\u2022
Fixed payments (including in-substance fixed payments), less any lease incentives
\u2022
Variable lease payments that are based on an index or a rate and which are initially
measured using the index or rate at the time of signing the agreement
\u2022
Amounts expected to be payable by the Group under residual value guarantees
\u2022
The exercise price of a purchase option if the Group is reasonably certain to
exercise that option
\u2022
Payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
The liability also includes leases based on extension options that are relatively certain to
be exercised.
The company will use the lessee\u2019s incremental borrowing rate of interest to define the
discount rate of future lease payments. The management has estimated the incremental
borrowing rate in accordance with what the interest rate would be if the asset were
obtained with outside financing. The incremental borrowing rate has been specified
separately for each asset, considering the risk-free interest rate, lease term, economic
environment and underlying asset. The incremental borrowing rate will be re-assessed
for each new lease and the changing situations specified in the standard.
The Group is exposed to potential future increases in variable lease payments based on
an index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset. Lease payments are allocated
between principal and finance cost. The finance cost is recognised through profit or loss
over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets at cost
\u2022
The amount of the initial measurement of lease liability
\u2022
Any lease payments made at or before the commencement date less any lease
incentives received
\u2022
Any initial direct costs
\u2022
Restoration costs
Right-of-use assets are generally depreciated over the shorter of the asset's useful life
and the lease term on a straight-line basis. If the Group is reasonably certain to exercise
a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful
life.
Payments associated with short-term leases of equipment and vehicles and all leases of
low-value assets are recognised on a straight-line basis as an expense in profit or loss.
Short-term leases are leases with a lease term of 12 months or less. Low value assets
comprise IT equipment and small items of office furniture.
Rent concessions and practical expedients for handling equipment are discussed at the
beginning of this note.
The Group as a lessor
Commodities leased out are included in property, plant and equipment on the balance
sheet. They are depreciated over their useful life, similarly to property, plant and
equipment used by the Group for similar purposes. Lease income is recorded into the
income statement as annuities over the lease term. The Group is not a lessor in any
finance leases. The Group releases certain of its premises, which constitute the majority
of the Group's rental income.
KEY ESTIMATES AND JUDGEMENTS
The management makes estimates concerning, among others, the leases to be included
in the arrangement, size of low value contracts, utilisation of lease extension options and
the incremental borrowing rate.
The Group\u2019s leases often include the option to extend the lease term. The management
has made an estimate of the utilisation of the extension options, and some extension
options will not be utilised for business and financial reasons.
The management has estimated the amount of restoration costs in any leases that
include provisions regarding restoration requirements. The restoration costs entered in a
right-of-use asset are based on estimates, the specific amount of which cannot be known
in advance, and their scale has been estimated based on previously realised restoration
costs. Restoration costs have primarily consisted of dismantling commercial premises or
similar. Restoration costs will be recognised in a right-ofuse asset and provisions by
discounting them with risk-free interest.
ACCOUNTING PRINCIPLES
The Group as a lessee
The Group has leased many of the restaurant and office premises that it uses. The terms
of the leases vary from short leases of less than one year to long leases of more than ten
years. The agreements are either fixed leases with an index condition or turnover-based.
Some of the lease agreements are valid until further notice, with notice periods ranging
from one to six months.
The lease term of the lease of an individual restaurant operating on leased premises
determines the lease term lengths of any underlying assets on said premises that are
based on a basic non-fixed-term lease or a shorter lease. For example, if the lease term
of restaurant premises is 4 years, the lease term of beverage taps based on a non-fixed-
term lease or a shorter lease is also specified to be 4 years.
Agreements can include lease components and non-lease components. The contractual
consideration is allocated to the lease component and non-lease components based on
their relative stand-alone prices. However, the Group has decided not to separate the
components for leases pertaining to properties in which the Group is the lessee. They are
treated as individual lease components in the Group\u2019s accounting.
The terms of lease agreements are negotiated on a case-by-case basis, and they include
a large number of various terms. The leases do not include covenants other than the
lessee\u2019s security deposit interest related to the leased assets. Leased assets cannot be
used as security for loans.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
\u2022
Fixed payments (including in-substance fixed payments), less any lease incentives
\u2022
Variable lease payments that are based on an index or a rate and which are initially
measured using the index or rate at the time of signing the agreement
\u2022
Amounts expected to be payable by the Group under residual value guarantees
\u2022
The exercise price of a purchase option if the Group is reasonably certain to
exercise that option
\u2022
Payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
The liability also includes leases based on extension options that are relatively certain to
be exercised.
The company will use the lessee\u2019s incremental borrowing rate of interest to define the
discount rate of future lease payments. The management has estimated the incremental
borrowing rate in accordance with what the interest rate would be if the asset were
obtained with outside financing. The incremental borrowing rate has been specified
separately for each asset, considering the risk-free interest rate, lease term, economic
environment and underlying asset. The incremental borrowing rate will be re-assessed
for each new lease and the changing situations specified in the standard.
The Group is exposed to potential future increases in variable lease payments based on
an index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset. Lease payments are allocated
between principal and finance cost. The finance cost is recognised through profit or loss
over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets at cost
\u2022
The amount of the initial measurement of lease liability
\u2022
Any lease payments made at or before the commencement date less any lease
incentives received
\u2022
Any initial direct costs
\u2022
Restoration costs
Right-of-use assets are generally depreciated over the shorter of the asset's useful life
and the lease term on a straight-line basis. If the Group is reasonably certain to exercise
a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful
life.
Payments associated with short-term leases of equipment and vehicles and all leases of
low-value assets are recognised on a straight-line basis as an expense in profit or loss.
Short-term leases are leases with a lease term of 12 months or less. Low value assets
comprise IT equipment and small items of office furniture.
Rent concessions and practical expedients for handling equipment are discussed at the
beginning of this note.
The Group as a lessor
Commodities leased out are included in property, plant and equipment on the balance
sheet. They are depreciated over their useful life, similarly to property, plant and
equipment used by the Group for similar purposes. Lease income is recorded into the
income statement as annuities over the lease term. The Group is not a lessor in any
finance leases. The Group releases certain of its premises, which constitute the majority
of the Group's rental income.
4.4. SHARES IN ASSOCIATED COMPANIES
\u00a0
AND JOINT VENTURES
MEUR
2022
2021
Book value 1 January
0.0
39.2
Transfers between account types
0.0
-0.2
Dividend received from associated company
0.0
-0.6
Decrease
0.0
-6.4
Reclassifications to non-current assets held for sale
0.0
-32.2
Share of profit for the financial period
0.0
0.5
Amortisation of intangible rights, taking the tax effect into
account
0.0
-0.2
Carrying amount 31 December
0.0
0.0
On 11 June 2021, the Group published its updated strategy and financial targets for the
strategy period 2022\u20132024. In connection with this, the Group classified its shareholding in
Eezy Plc as an asset held for sale.
Financial information on associated companies
2022
Assets
Liabilities
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Ownership interest
Drammen Torggata
\u00a0
Camping As
0.1
0.1
0.0
0.1
0.5
0.1
33
Repa Service Oy
0.0
0.0
0.0
0.0
0.3
0.0
30
RH Areenat Oy
0.3
0.2
0.0
0.7
0.3
-0.2
29
Total
0.4
0.4
0.0
0.8
1.0
-0.1
2021
Assets
Liabilities
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Ownership interest
Drammen Torggata
\u00a0
Camping As
0.1
0.2
0.0
0.0
0.3
0.1
33
Repa Service Oy
0.0
0.1
0.0
0.1
0.2
0.0
30
Total
0.1
0.2
0.0
0.1
0.5
0.1
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
. On 11
June 2021, the Group published its updated strategy and financial targets for the strategy
period 2022\u20132024. In connection with this, the Group classified its shareholding in Eezy
Plc as an asset held for sale. The accounting principles for assets held for sale are
presented on page
.
On 11 June 2021, the Group published its updated strategy and financial targets for the
strategy period 2022\u20132024. In connection with this, the Group classified its shareholding in
Eezy Plc as an asset held for sale.
MEUR
2022
2021
Book value 1 January
0.0
39.2
Transfers between account types
0.0
-0.2
Dividend received from associated company
0.0
-0.6
Decrease
0.0
-6.4
Reclassifications to non-current assets held for sale
0.0
-32.2
Share of profit for the financial period
0.0
0.5
Amortisation of intangible rights, taking the tax effect into
account
0.0
-0.2
Carrying amount 31 December
0.0
0.0
On 11 June 2021, the Group published its updated strategy and financial targets for the
strategy period 2022\u20132024. In connection with this, the Group classified its shareholding in
Eezy Plc as an asset held for sale.
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
. On 11
June 2021, the Group published its updated strategy and financial targets for the strategy
period 2022\u20132024. In connection with this, the Group classified its shareholding in Eezy
Plc as an asset held for sale. The accounting principles for assets held for sale are
presented on page
.
1.6. CONSOLIDATION PRINCIPLES
\u00a0
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated into these consolidated financial statements are itemised on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them, and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition, and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intragroup transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity belonging to minority shareholders is presented as a separate item on
the balance sheet, as part of equity. Changes to the parent company's holding in a
subsidiary that will not lead to a loss of control are recorded as transactions concerning
equity. If an acquisition is completed in stages, the earlier holding is measured at fair value,
and the resulting gain or loss is recognised through profit or loss. When the Group loses its
controlling interest in a subsidiary, the remaining portion is measured at fair value on the
date of the loss of control, and the difference is recorded through profit or loss.
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
. On 11
June 2021, the Group published its updated strategy and financial targets for the strategy
period 2022\u20132024. In connection with this, the Group classified its shareholding in Eezy
Plc as an asset held for sale. The accounting principles for assets held for sale are
presented on page
.
1.6. CONSOLIDATION PRINCIPLES
\u00a0
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated into these consolidated financial statements are itemised on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them, and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition, and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intragroup transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity belonging to minority shareholders is presented as a separate item on
the balance sheet, as part of equity. Changes to the parent company's holding in a
subsidiary that will not lead to a loss of control are recorded as transactions concerning
equity. If an acquisition is completed in stages, the earlier holding is measured at fair value,
and the resulting gain or loss is recognised through profit or loss. When the Group loses its
controlling interest in a subsidiary, the remaining portion is measured at fair value on the
date of the loss of control, and the difference is recorded through profit or loss.
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
MEUR
2022
2021
Restaurant goods inventory
5.6
5.0
In the reporting period, an expense of MEUR 77.3 (47.6) million was recognised in the
income statement for materials and supplies and for changes in inventories.
ACCOUNTING PRINCIPLES
Inventories are measured according to their acquisition cost or their net realisable value,
whichever is lower. Acquisition cost is determined using a weighted average price
method. Acquisition cost includes the immediate expenses for the purchase less value
added tax. The net realisable value is the estimated selling price that can be achieved
during ordinary course of business less the costs of selling. Inventories include
ingredients for restaurant food as well as alcohol and tobacco products.
ACCOUNTING PRINCIPLES
Inventories are measured according to their acquisition cost or their net realisable value,
whichever is lower. Acquisition cost is determined using a weighted average price
method. Acquisition cost includes the immediate expenses for the purchase less value
added tax. The net realisable value is the estimated selling price that can be achieved
during ordinary course of business less the costs of selling. Inventories include
ingredients for restaurant food as well as alcohol and tobacco products.
MEUR
2022
2021
Non-current receivables
Loan receivables
0.2
0.6
Other receivables
1.8
2.7
Pitk\u00e4aikaiset saamiset yhteens\u00e4
2.0
3.3
Current receivables
Trade receivables
12.7
7.8
Other receivables
2.7
2.1
Accrued income
6.1
5.2
Loan receivables
0.7
0.8
Income tax receivables
0.3
1.1
Current receivables total
22.4
17.0
Ageing of trade receivables
MEUR
2022
2021
Not due
10.5
6.3
Less than 3 months past due
1.5
0.8
More than 3 months past due
0.7
0.7
Total
12.7
7.8
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
\u00a0
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
\u00a0
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued income items consist of pension insurance, income tax,
discount amortisation and advance items.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
MEUR
2022
2021
Non-current receivables
Loan receivables
0.2
0.6
Other receivables
1.8
2.7
Pitk\u00e4aikaiset saamiset yhteens\u00e4
2.0
3.3
Current receivables
Trade receivables
12.7
7.8
Other receivables
2.7
2.1
Accrued income
6.1
5.2
Loan receivables
0.7
0.8
Income tax receivables
0.3
1.1
Current receivables total
22.4
17.0
Ageing of trade receivables
MEUR
2022
2021
Not due
10.5
6.3
Less than 3 months past due
1.5
0.8
More than 3 months past due
0.7
0.7
Total
12.7
7.8
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
\u00a0
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
\u00a0
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued income items consist of pension insurance, income tax,
discount amortisation and advance items.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
MEUR
2022
2021
Non-current receivables
Loan receivables
0.2
0.6
Other receivables
1.8
2.7
Pitk\u00e4aikaiset saamiset yhteens\u00e4
2.0
3.3
Current receivables
Trade receivables
12.7
7.8
Other receivables
2.7
2.1
Accrued income
6.1
5.2
Loan receivables
0.7
0.8
Income tax receivables
0.3
1.1
Current receivables total
22.4
17.0
Ageing of trade receivables
MEUR
2022
2021
Not due
10.5
6.3
Less than 3 months past due
1.5
0.8
More than 3 months past due
0.7
0.7
Total
12.7
7.8
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
\u00a0
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
\u00a0
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued income items consist of pension insurance, income tax,
discount amortisation and advance items.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
5.4. OTHER INVESTMENTS
\u00a0
Financial assets measured at fair value through profit or loss are non-current and they
comprise unquoted EUR-denominated shares and holdings measured at fair value.
Financial assets measured at fair value through profit or loss
MEUR
2022
2021
Value at the beginning of the financial period
0.3
0.1
Transfers between items
0.0
0.1
Value at the end of the financial period
0.3
0.3
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due. No impairment has
been recognised on financial assets.
MEUR
2022
2021
Non-current receivables
Loan receivables
0.2
0.6
Other receivables
1.8
2.7
Pitk\u00e4aikaiset saamiset yhteens\u00e4
2.0
3.3
Current receivables
Trade receivables
12.7
7.8
Other receivables
2.7
2.1
Accrued income
6.1
5.2
Loan receivables
0.7
0.8
Income tax receivables
0.3
1.1
Current receivables total
22.4
17.0
Ageing of trade receivables
MEUR
2022
2021
Not due
10.5
6.3
Less than 3 months past due
1.5
0.8
More than 3 months past due
0.7
0.7
Total
12.7
7.8
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
\u00a0
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
\u00a0
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued income items consist of pension insurance, income tax,
discount amortisation and advance items.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
MEUR
2022
2021
Non-current receivables
Loan receivables
0.2
0.6
Other receivables
1.8
2.7
Pitk\u00e4aikaiset saamiset yhteens\u00e4
2.0
3.3
Current receivables
Trade receivables
12.7
7.8
Other receivables
2.7
2.1
Accrued income
6.1
5.2
Loan receivables
0.7
0.8
Income tax receivables
0.3
1.1
Current receivables total
22.4
17.0
Ageing of trade receivables
MEUR
2022
2021
Not due
10.5
6.3
Less than 3 months past due
1.5
0.8
More than 3 months past due
0.7
0.7
Total
12.7
7.8
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
\u00a0
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
\u00a0
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued income items consist of pension insurance, income tax,
discount amortisation and advance items.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
\u00a0
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
\u00a0
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued income items consist of pension insurance, income tax,
discount amortisation and advance items.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
\u00a0
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
\u00a0
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued income items consist of pension insurance, income tax,
discount amortisation and advance items.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
4.7. INCOME TAX, TRADE AND OTHER PAYABLES
\u00a0
MEUR
2022
2021
Income tax liabilities
Tax
\u00a0
based on the taxable income for the financial period
2.3
2.3
Non-current
Advances received
1.1
0.1
Other non-interest-bearing debt
4.9
3.6
Non-current trade and other payables total
6.1
3.6
Current
Trade payables
21.4
21.5
Advances received
1.2
0.6
Accruals and deferred income
Wage and salary liabilities
6.8
5.4
Holiday pay liabilities
8.3
7.0
Social security costs
1.8
1.6
Other accruals and deferred income
10.3
9.3
Other payables
8.0
4.5
Current trade and other payables total
57.8
49.9
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
\u00a0
The most significant items in accrued expenses consist of the
periodic accrual of purchase invoices.
4.7. INCOME TAX, TRADE AND OTHER PAYABLES
\u00a0
MEUR
2022
2021
Income tax liabilities
Tax
\u00a0
based on the taxable income for the financial period
2.3
2.3
Non-current
Advances received
1.1
0.1
Other non-interest-bearing debt
4.9
3.6
Non-current trade and other payables total
6.1
3.6
Current
Trade payables
21.4
21.5
Advances received
1.2
0.6
Accruals and deferred income
Wage and salary liabilities
6.8
5.4
Holiday pay liabilities
8.3
7.0
Social security costs
1.8
1.6
Other accruals and deferred income
10.3
9.3
Other payables
8.0
4.5
Current trade and other payables total
57.8
49.9
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
\u00a0
The most significant items in accrued expenses consist of the
periodic accrual of purchase invoices.
4.7. INCOME TAX, TRADE AND OTHER PAYABLES
\u00a0
MEUR
2022
2021
Income tax liabilities
Tax
\u00a0
based on the taxable income for the financial period
2.3
2.3
Non-current
Advances received
1.1
0.1
Other non-interest-bearing debt
4.9
3.6
Non-current trade and other payables total
6.1
3.6
Current
Trade payables
21.4
21.5
Advances received
1.2
0.6
Accruals and deferred income
Wage and salary liabilities
6.8
5.4
Holiday pay liabilities
8.3
7.0
Social security costs
1.8
1.6
Other accruals and deferred income
10.3
9.3
Other payables
8.0
4.5
Current trade and other payables total
57.8
49.9
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
\u00a0
The most significant items in accrued expenses consist of the
periodic accrual of purchase invoices.
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
\u00a0
The most significant items in accrued expenses consist of the
periodic accrual of purchase invoices.
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
\u00a0
The most significant items in accrued expenses consist of the
periodic accrual of purchase invoices.
MEUR
2022
2021
Value at the beginning of the financial period
0.1
0.4
Increase
0.1
0.1
Provisions used
-0.1
-0.4
Value at the end of the financial period
0.1
0.1
Current portion
0.1
0.1
ACCOUNTING PRINCIPLES
A provision is recorded when the Group has a judicial and constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. The provisions mainly include termination
costs for closed sites.
ACCOUNTING PRINCIPLES
A provision is recorded when the Group has a judicial and constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. The provisions mainly include termination
costs for closed sites.
5. CAPITAL STRUCTURE AND RISK MANAGEMENT
\u00a0
5.1. CAPITAL MANAGEMENT
\u00a0
The aim of the Group's capital management (equity vs. credit capital) is to establish an
optimal capital structure that can support business operations by ensuring normal
operational prerequisites, and to increase shareholder value in the long term. The capital
structure can be mainly affected by means of dividend distribution, subordinated loans and
The Group can also decide to sell its assets in order to reduce its liabilities. The managed
capital is the equity indicated in the consolidated balance sheet. An optimal capital structure
also reduces capital costs.
The development of the Group\u2019s capital structure is monitored by using the gearing ratio
excluding IFRS 16 impact as the indicator.
Consolidated gearing ratios
MEUR
2022
2021
Liabilities
127.1
159.7
Receivables
-0.9
-1.3
Cash and cash equivalents
-5.2
-6.4
Net debt excluding the impact of IFRS 16
121.0
151.9
Liabilities for right-of-use assets
168.7
169.0
Net debt
289.7
320.9
Equity excluding the impact of IFRS 16
89.5
74.8
Equity
82.0
69.4
Gearing ratio excluding the impact of IFRS 16
135.1
203.1
Gearing ratio
353.1
462.4
5.2. NET DEBT RECONCILIATION CALCULATION
\u00a0
MEUR
2022
2021
Non-current financial liabilities
98.0
113.2
Current financial liabilities
29.1
46.4
Liabilities for right-of-use assets
168.7
169.0
Non-current other receivables
-0.9
-1.3
Cash and cash equivalents
-5.2
-6.4
Interest-bearing net financial liabilities total
289.7
320.9
2022
Assets
Liabilities
MEUR
Cash and cash
equivalents
Receivables
Current
Non-current
Right-of-use assets
Total
Net financial liabilities 1 January
-6.4
-1.3
46.4
113.2
169.0
320.9
Cash flow
1.2
0.4
3.4
-26.0
-30.0
-51.0
Reclassification of current part of non-
current liabilities
-20.9
20.9
0.0
0.0
Increase
0.0
0.0
0.0
31.7
31.7
Decrease
0.0
0.0
0.0
-0.5
-0.5
Other changes not involving payment
0.1
0.2
-10.1
-1.6
-11.5
Net debt, Group 31 December
-5.2
-0.9
29.1
98.0
168.7
289.7
2021
Assets
Liabilities
MEUR
Cash and cash
equivalents
Receivables
Current
Non-current
Right-of-use assets
Total
Net financial liabilities 1 January
-3.1
-1.1
73.6
94.1
153.2
316.6
Cash flow
-3.3
-0.2
-4.7
-5.1
-25.9
-39.2
Reclassification of current part of non-
current liabilities
0.0
0.0
-23.1
23.1
0.0
0.0
Increase
0.0
0.0
0.0
0.0
43.2
43.2
Decrease
0.0
0.0
0.0
0.0
-2.8
-2.8
Other changes not involving payment
0.0
0.0
0.7
1.1
1.4
3.1
Net debt, Group 31 December
-6.4
-1.3
46.4
113.2
169.0
320.9
5.6. FINANCIAL LIABILITIES
\u00a0
The implementation of NoHo Partners\u2019 strategy and the financing of its business growth is
partly dependent on outside financing. The company continuously strives to assess and
monitor the amount of financing required for business in order to have sufficient liquidity to
finance operations and repay maturing loans. Changes in the macroeconomic environment
or the general financing market situation may negatively affect the company\u2019s liquidity as
well as the availability, price and other terms and conditions of financing. Changes in the
availability of equity and credit capital financing and in the terms and conditions of available
financing may affect the company\u2019s ability to invest in business development and growth in
On 13 May 2022, the company announced an arrangement whereby the management and
domestic investors of NoHo Partners Plc acquired a majority of the convertible capital loan
granted to the company by Finnish Industry Investment Ltd (Tesi) and converted
\u00a0
their
purchase into new shares in the company. The company repaid the remaining portion of the
loan principal and interest, approximately one-sixth, to Tes
\u00a0
i
\u00a0
using its cash assets.
As the
result of the arrangement, the company\u2019s equity is strengthened, and its net debt decreases
by over MEUR 10. The arrangement allows the company financial flexibility, which will drive
the implementation of future growth projects as part of the company\u2019s strategy for profitable
growth. In connection to the arrangement
the company issued a total of 1,266,300 new
shares.
On 4 November 2022, the company renewed its financing agreement, through which the
company\u2019s financial position essentially stabilised to the state prior to the Covid-19 crisis.
The renewed financing agreement enables growth investments during the strategy period.
A covenant review was carried out on 31 December 2022. The company fulfilled the
covenants imposed. The next covenant review will take place on 31 March 2023.
MEUR
2022
2021
Non-current financial liabilities measured at amortised
acquisition cost
Loans from financial institutions, non-current proportion
98.0
113.2
Liabilities for right-of-use assets
137.9
139.6
Total
235.9
252.8
Current financial liabilities measured at amortised
acquisition cost
Loans from financial institutions, current proportion
29.1
46.4
Liabilities for right-of-use assets
30.8
29.4
Total
59.9
75.8
The Group\u2019s assets serve as security for loans from financial institutions, more information
on page
Maturity of interest-bearing financial liabilities, excluding liabilities for right-of-use
assets
MEUR
2022
2021
20.1
40.6
1 to less than 2 years
13.4
25.3
2 to 5 years
83.6
87.1
More than 5 years
1.0
0.9
Total
118.0
153.9
Account limits in use *
9.0
5.8
Total
127.1
159.7
* The account limits in use are in effect indefinitely and no due date has been specified for
them. The account limits are classified as current liabilities.
The Group's loans from financial institutions mainly have a variable interest rate, and the
loans are priced every 6\u201312 months.
Maturity distribution of interest on financial liabilities
2022
Less than 1
year
1-2 years
2\u20135 years
More than 5
years
MEUR
Interest on financial liabilities
6.6
5.8
6.4
0.3
2021
Less than 1
year
1-2 years
2\u20135 years
More than 5
years
MEUR
Interest on financial liabilities
4.6
3.5
7.4
0.2
Trade payables and liabilities for right-of-use assets, maturity distribution
2022
Transaction
price
liabilities
Trade
payables
Liabilities for
right-of-use
assets
Total
MEUR
1.1
21.4
37.3
59.9
1 to less than 2 years
1.6
0.0
34.2
35.7
2 to 5 years
1.3
0.0
68.6
69.9
More than 5 years
0.0
0.0
62.0
62.0
Total repayments
4.0
21.4
202.1
227.5
Discounted balance sheet value
3.9
21.4
168.7
194.0
2021
Transaction
price
liabilities
Trade
payables
Liabilities for
right-of-use
assets
Total
MEUR
0.3
21.5
35.8
57.5
1 to less than 2 years
0.7
0.0
33.6
34.3
2 to 5 years
1.4
0.0
72.8
74.2
More than 5 years
0.0
0.0
55.5
55.5
Total repayments
2.3
21.5
197.7
221.5
Discounted balance sheet value
2.1
21.5
169.0
192.5
The Group does not have material extended debt repayment periods in effect.
\u00a0
On 31 December 2022, the Group\u2019s cash and cash equivalents totalled MEUR 5.2 and the
unwithdrawn loan and account limits available to the Group amounted to MEUR 3.6. In
addition, the Group owned 5,139,745 shares in the listed company Eezy Plc, corresponding
to a holding of 20.5%. The market value of this shareholding at the closing rate of 31
December 2022 was MEUR 16.0.
\u00a0
On page
\u00a0
is a description of
financial and liquidity risks as well as measures to
prepare for them and minimise them.
Consolidated gearing ratios
MEUR
2022
2021
Liabilities
127.1
159.7
Receivables
-0.9
-1.3
Cash and cash equivalents
-5.2
-6.4
Net debt excluding the impact of IFRS 16
121.0
151.9
Liabilities for right-of-use assets
168.7
169.0
Net debt
289.7
320.9
Equity excluding the impact of IFRS 16
89.5
74.8
Equity
82.0
69.4
Gearing ratio excluding the impact of IFRS 16
135.1
203.1
Gearing ratio
353.1
462.4
5.3. CLASSIFICATION AND FAIR
\u00a0
VALUES OF FINANCIAL ASSETS AND LIABILITIES
\u00a0
Financial assets must be measured, after their initial recognition, at amortised acquisition
cost or fair value based on the company\u2019s business model in terms of managing financial
assets and on the characteristics of contractual cash flows relating to the financial assets.
Amortised acquisition cost
Financial instruments, which are held within a business model whose objective is collecting
contractual cash flows and whose contractual cash flows are solely payments of principal
and interest on the principal amount outstanding, are measured at the amortised acquisition
cost after the initial recognition.
Measured at fair value through other comprehensive income
Financial instruments, which are held within a business model whose objective is reached
through collecting contractual cash flows and selling debt instruments and whose cash flows
are solely payments of principal and interest on the principal amount outstanding, are
measured, after their initial recognition, at fair value through other comprehensive income
(FVTOCI).
Fair value through profit or loss
All other debt and equity investments are measured after their initial recognition at fair value
through profit or loss (FVTPL).
2022
Level
Fair value through
profit or loss
Amortised
acquisition
cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.3
0.3
Loan receivables
2
0.2
0.2
Other receivables
2
1.8
1.8
Non-current financial assets total
0.3
2.0
2.3
Current financial assets
Loan receivables
2
0.7
0.7
Trade and other receivables
2
21.8
21.8
Cash and cash equivalents
2
5.2
5.2
Current financial assets total
27.6
27.6
Carrying amount total
0.3
29.6
29.9
Non-current financial liabilities
Financial liabilities
2
98.0
98.0
Liabilities for right-of-use
assets
137.9
137.9
Liabilities for business
acquisitions
3
2.9
2.9
Other liabilities
2
3.1
3.1
Non-current financial liabilities total
241.9
241.9
Current financial liabilities
Financial liabilities
2
29.1
29.1
Liabilities for right-of-use
assets
30.8
30.8
Liabilities for business
acquisitions
3
1.1
1.1
Trade payables
2
21.4
21.4
Current financial liabilities total
82.4
82.4
Carrying amount total
324.3
324.3
2021
Level
Fair value through
profit or loss
Amortised
acquisition
cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.3
0.3
Loan receivables
2
0.6
0.6
Other receivables
2
2.7
2.7
Non-current financial assets total
0.3
3.3
3.5
Current financial assets
Loan receivables
2
0.8
0.8
Trade and other receivables
2
16.2
16.2
Cash and cash equivalents
2
6.4
6.4
Current financial assets total
23.4
23.4
Carrying amount total
0.3
26.6
26.9
Non-current financial liabilities
Financial liabilities
2
113.2
113.2
Liabilities for right-of-use
assets
139.6
139.6
Liabilities for business
acquisitions
3
2.1
2.1
Other liabilities
2
1.6
1.6
Non-current financial liabilities total
256.4
256.4
Current financial liabilities
Financial liabilities
2
46.4
46.4
Liabilities for right-of-use
assets
29.4
29.4
Liabilities for business
acquisitions
3
0.3
0.3
Trade payables
2
21.5
21.5
Current financial liabilities total
97.5
97.5
Carrying amount total
353.9
353.9
When determining the fair values for the financial assets and liabilities presented in the
table, the following price quotations, assumptions and measurement models were used:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss mainly comprise Finnish
holdings and Finnish unquoted shares. Unquoted share investments are measured at fair
value. Financial assets measured at fair value are either sellable on the secondary market
or their measurement uses the bid price on the counterparty's closing date or other public
information. The Group exercises judgement in choosing the measurement method to apply
and the assumptions used in measurement based on prevailing market practices and
circumstances.
Trade and other receivables and interest-bearing receivables
The amortised acquisition cost of the receivables corresponds to their fair value because the
effects of discounting are not relevant when considering the maturity of the receivables.
Financial liabilities, trade payables and other liabilities
The amortised acquisition cost of trade and other payables corresponds to their fair value
because the effects of discounting are not relevant when considering the maturity of the
receivables.
Fair value hierarchy for financial assets measured at fair value
Level 1
The fair values are based on the quoted prices of similar asset items
or liabilities on the market.
Level 2
The fair values for the instruments are based on significantly different
input information than the quoted prices at level 1, but they are,
nevertheless, based on information (i.e. prices) or indirect information
(i.e. derived from prices). In determining the fair value of these
instruments, the Group uses generally accepted measurement
models whose input information is largely based on verifiable market
data.
Level 3
The fair values of the instruments are based on input data concerning
the asset item or liability that is not based on verifiable market data;
instead, they are largely based on the management's estimates and
their use in generally accepted measurement models.
If a balance sheet item is not measured at fair value, the following fair value measurement
methods are used: the fair value of non-current interest-bearing liabilities, including their
current portion, is based primarily on quotes obtained from third-party pricing services (Level
2). The fair value of other assets and liabilities, including loan assets and liabilities, is
primarily based on discounted cash flow analysis (Level 2). The fair value of current assets
and liabilities is estimated to correspond to their carrying amount due to the low credit risk
and short maturity. There were no transfers between the fair value hierarchy levels 1, 2 and
3 during the financial period.
ACCOUNTING PRINCIPLES
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition. An item belonging to financial assets is derecognised
when the Group waives its contractual rights to the item, the rights are dissolved or the
Group loses control of the item.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
Financial liabilities
According to IFRS 9 standard, the Group's financial liabilities are included in the financial
liabilities measured at amortised acquisition cost; they consist of loans from financial
institutions, trade payables and other financial liabilities. Financial liabilities are initially
recognised at fair value. Transaction expenses are included in the original carrying
amount of the financial liabilities. Later, all financial liabilities are measured at amortised
acquisition cost using the effective interest method. Financial liabilities are included in
both the non-current and current liabilities.
Impairment of financial assets
On each closing date, the Group estimates whether objective evidence exists of the
impairment of an individual financial asset or a group thereof. If the fair value of share
investments has fallen substantially below their acquisition cost for a period defined by
the Group, this is considered evidence of impairment of the share in question. If evidence
of impairment exists, the loss accumulated in the fair value reserve is moved to the
income statement. The impairment loss of equity convertible investments classified in the
group of financial assets recognised at fair value through other comprehensive income is
not reversed by means of the income statement, whereas a later reversal of an
impairment loss that involves interest instruments is recognized through profit or loss.
The Group has applied an impairment model according to IFRS 9, where impairment is
recognised based on expected credit losses. The Group implemented the simplified
model enabled by the standard and applies the provision matrix.
Cash and cash equivalents
Cash and cash equivalents consist of cash money, money on bank accounts, bank
deposits that may be withdrawn upon request, as well as other current and highly liquid
investments that can be easily converted into a predetermined cash amount and that
carry a low risk of value changes. Items classified as cash and cash equivalent have at
most three months' maturity from the date of acquisition. Cash and cash equivalents are
recorded at amortised acquisition cost on the balance sheet.
5.3. CLASSIFICATION AND FAIR
\u00a0
VALUES OF FINANCIAL ASSETS AND LIABILITIES
\u00a0
Financial assets must be measured, after their initial recognition, at amortised acquisition
cost or fair value based on the company\u2019s business model in terms of managing financial
assets and on the characteristics of contractual cash flows relating to the financial assets.
Amortised acquisition cost
Financial instruments, which are held within a business model whose objective is collecting
contractual cash flows and whose contractual cash flows are solely payments of principal
and interest on the principal amount outstanding, are measured at the amortised acquisition
cost after the initial recognition.
Measured at fair value through other comprehensive income
Financial instruments, which are held within a business model whose objective is reached
through collecting contractual cash flows and selling debt instruments and whose cash flows
are solely payments of principal and interest on the principal amount outstanding, are
measured, after their initial recognition, at fair value through other comprehensive income
(FVTOCI).
Fair value through profit or loss
All other debt and equity investments are measured after their initial recognition at fair value
through profit or loss (FVTPL).
2022
Level
Fair value through
profit or loss
Amortised
acquisition
cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.3
0.3
Loan receivables
2
0.2
0.2
Other receivables
2
1.8
1.8
Non-current financial assets total
0.3
2.0
2.3
Current financial assets
Loan receivables
2
0.7
0.7
Trade and other receivables
2
21.8
21.8
Cash and cash equivalents
2
5.2
5.2
Current financial assets total
27.6
27.6
Carrying amount total
0.3
29.6
29.9
Non-current financial liabilities
Financial liabilities
2
98.0
98.0
Liabilities for right-of-use
assets
137.9
137.9
Liabilities for business
acquisitions
3
2.9
2.9
Other liabilities
2
3.1
3.1
Non-current financial liabilities total
241.9
241.9
Current financial liabilities
Financial liabilities
2
29.1
29.1
Liabilities for right-of-use
assets
30.8
30.8
Liabilities for business
acquisitions
3
1.1
1.1
Trade payables
2
21.4
21.4
Current financial liabilities total
82.4
82.4
Carrying amount total
324.3
324.3
2021
Level
Fair value through
profit or loss
Amortised
acquisition
cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.3
0.3
Loan receivables
2
0.6
0.6
Other receivables
2
2.7
2.7
Non-current financial assets total
0.3
3.3
3.5
Current financial assets
Loan receivables
2
0.8
0.8
Trade and other receivables
2
16.2
16.2
Cash and cash equivalents
2
6.4
6.4
Current financial assets total
23.4
23.4
Carrying amount total
0.3
26.6
26.9
Non-current financial liabilities
Financial liabilities
2
113.2
113.2
Liabilities for right-of-use
assets
139.6
139.6
Liabilities for business
acquisitions
3
2.1
2.1
Other liabilities
2
1.6
1.6
Non-current financial liabilities total
256.4
256.4
Current financial liabilities
Financial liabilities
2
46.4
46.4
Liabilities for right-of-use
assets
29.4
29.4
Liabilities for business
acquisitions
3
0.3
0.3
Trade payables
2
21.5
21.5
Current financial liabilities total
97.5
97.5
Carrying amount total
353.9
353.9
When determining the fair values for the financial assets and liabilities presented in the
table, the following price quotations, assumptions and measurement models were used:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss mainly comprise Finnish
holdings and Finnish unquoted shares. Unquoted share investments are measured at fair
value. Financial assets measured at fair value are either sellable on the secondary market
or their measurement uses the bid price on the counterparty's closing date or other public
information. The Group exercises judgement in choosing the measurement method to apply
and the assumptions used in measurement based on prevailing market practices and
circumstances.
Trade and other receivables and interest-bearing receivables
The amortised acquisition cost of the receivables corresponds to their fair value because the
effects of discounting are not relevant when considering the maturity of the receivables.
Financial liabilities, trade payables and other liabilities
The amortised acquisition cost of trade and other payables corresponds to their fair value
because the effects of discounting are not relevant when considering the maturity of the
receivables.
Fair value hierarchy for financial assets measured at fair value
Level 1
The fair values are based on the quoted prices of similar asset items
or liabilities on the market.
Level 2
The fair values for the instruments are based on significantly different
input information than the quoted prices at level 1, but they are,
nevertheless, based on information (i.e. prices) or indirect information
(i.e. derived from prices). In determining the fair value of these
instruments, the Group uses generally accepted measurement
models whose input information is largely based on verifiable market
data.
Level 3
The fair values of the instruments are based on input data concerning
the asset item or liability that is not based on verifiable market data;
instead, they are largely based on the management's estimates and
their use in generally accepted measurement models.
If a balance sheet item is not measured at fair value, the following fair value measurement
methods are used: the fair value of non-current interest-bearing liabilities, including their
current portion, is based primarily on quotes obtained from third-party pricing services (Level
2). The fair value of other assets and liabilities, including loan assets and liabilities, is
primarily based on discounted cash flow analysis (Level 2). The fair value of current assets
and liabilities is estimated to correspond to their carrying amount due to the low credit risk
and short maturity. There were no transfers between the fair value hierarchy levels 1, 2 and
3 during the financial period.
ACCOUNTING PRINCIPLES
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition. An item belonging to financial assets is derecognised
when the Group waives its contractual rights to the item, the rights are dissolved or the
Group loses control of the item.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
Financial liabilities
According to IFRS 9 standard, the Group's financial liabilities are included in the financial
liabilities measured at amortised acquisition cost; they consist of loans from financial
institutions, trade payables and other financial liabilities. Financial liabilities are initially
recognised at fair value. Transaction expenses are included in the original carrying
amount of the financial liabilities. Later, all financial liabilities are measured at amortised
acquisition cost using the effective interest method. Financial liabilities are included in
both the non-current and current liabilities.
Impairment of financial assets
On each closing date, the Group estimates whether objective evidence exists of the
impairment of an individual financial asset or a group thereof. If the fair value of share
investments has fallen substantially below their acquisition cost for a period defined by
the Group, this is considered evidence of impairment of the share in question. If evidence
of impairment exists, the loss accumulated in the fair value reserve is moved to the
income statement. The impairment loss of equity convertible investments classified in the
group of financial assets recognised at fair value through other comprehensive income is
not reversed by means of the income statement, whereas a later reversal of an
impairment loss that involves interest instruments is recognized through profit or loss.
The Group has applied an impairment model according to IFRS 9, where impairment is
recognised based on expected credit losses. The Group implemented the simplified
model enabled by the standard and applies the provision matrix.
Cash and cash equivalents
Cash and cash equivalents consist of cash money, money on bank accounts, bank
deposits that may be withdrawn upon request, as well as other current and highly liquid
investments that can be easily converted into a predetermined cash amount and that
carry a low risk of value changes. Items classified as cash and cash equivalent have at
most three months' maturity from the date of acquisition. Cash and cash equivalents are
recorded at amortised acquisition cost on the balance sheet.
5.3. CLASSIFICATION AND FAIR
\u00a0
VALUES OF FINANCIAL ASSETS AND LIABILITIES
\u00a0
Financial assets must be measured, after their initial recognition, at amortised acquisition
cost or fair value based on the company\u2019s business model in terms of managing financial
assets and on the characteristics of contractual cash flows relating to the financial assets.
Amortised acquisition cost
Financial instruments, which are held within a business model whose objective is collecting
contractual cash flows and whose contractual cash flows are solely payments of principal
and interest on the principal amount outstanding, are measured at the amortised acquisition
cost after the initial recognition.
Measured at fair value through other comprehensive income
Financial instruments, which are held within a business model whose objective is reached
through collecting contractual cash flows and selling debt instruments and whose cash flows
are solely payments of principal and interest on the principal amount outstanding, are
measured, after their initial recognition, at fair value through other comprehensive income
(FVTOCI).
Fair value through profit or loss
All other debt and equity investments are measured after their initial recognition at fair value
through profit or loss (FVTPL).
2022
Level
Fair value through
profit or loss
Amortised
acquisition
cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.3
0.3
Loan receivables
2
0.2
0.2
Other receivables
2
1.8
1.8
Non-current financial assets total
0.3
2.0
2.3
Current financial assets
Loan receivables
2
0.7
0.7
Trade and other receivables
2
21.8
21.8
Cash and cash equivalents
2
5.2
5.2
Current financial assets total
27.6
27.6
Carrying amount total
0.3
29.6
29.9
Non-current financial liabilities
Financial liabilities
2
98.0
98.0
Liabilities for right-of-use
assets
137.9
137.9
Liabilities for business
acquisitions
3
2.9
2.9
Other liabilities
2
3.1
3.1
Non-current financial liabilities total
241.9
241.9
Current financial liabilities
Financial liabilities
2
29.1
29.1
Liabilities for right-of-use
assets
30.8
30.8
Liabilities for business
acquisitions
3
1.1
1.1
Trade payables
2
21.4
21.4
Current financial liabilities total
82.4
82.4
Carrying amount total
324.3
324.3
2021
Level
Fair value through
profit or loss
Amortised
acquisition
cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.3
0.3
Loan receivables
2
0.6
0.6
Other receivables
2
2.7
2.7
Non-current financial assets total
0.3
3.3
3.5
Current financial assets
Loan receivables
2
0.8
0.8
Trade and other receivables
2
16.2
16.2
Cash and cash equivalents
2
6.4
6.4
Current financial assets total
23.4
23.4
Carrying amount total
0.3
26.6
26.9
Non-current financial liabilities
Financial liabilities
2
113.2
113.2
Liabilities for right-of-use
assets
139.6
139.6
Liabilities for business
acquisitions
3
2.1
2.1
Other liabilities
2
1.6
1.6
Non-current financial liabilities total
256.4
256.4
Current financial liabilities
Financial liabilities
2
46.4
46.4
Liabilities for right-of-use
assets
29.4
29.4
Liabilities for business
acquisitions
3
0.3
0.3
Trade payables
2
21.5
21.5
Current financial liabilities total
97.5
97.5
Carrying amount total
353.9
353.9
When determining the fair values for the financial assets and liabilities presented in the
table, the following price quotations, assumptions and measurement models were used:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss mainly comprise Finnish
holdings and Finnish unquoted shares. Unquoted share investments are measured at fair
value. Financial assets measured at fair value are either sellable on the secondary market
or their measurement uses the bid price on the counterparty's closing date or other public
information. The Group exercises judgement in choosing the measurement method to apply
and the assumptions used in measurement based on prevailing market practices and
circumstances.
Trade and other receivables and interest-bearing receivables
The amortised acquisition cost of the receivables corresponds to their fair value because the
effects of discounting are not relevant when considering the maturity of the receivables.
Financial liabilities, trade payables and other liabilities
The amortised acquisition cost of trade and other payables corresponds to their fair value
because the effects of discounting are not relevant when considering the maturity of the
receivables.
Fair value hierarchy for financial assets measured at fair value
Level 1
The fair values are based on the quoted prices of similar asset items
or liabilities on the market.
Level 2
The fair values for the instruments are based on significantly different
input information than the quoted prices at level 1, but they are,
nevertheless, based on information (i.e. prices) or indirect information
(i.e. derived from prices). In determining the fair value of these
instruments, the Group uses generally accepted measurement
models whose input information is largely based on verifiable market
data.
Level 3
The fair values of the instruments are based on input data concerning
the asset item or liability that is not based on verifiable market data;
instead, they are largely based on the management's estimates and
their use in generally accepted measurement models.
If a balance sheet item is not measured at fair value, the following fair value measurement
methods are used: the fair value of non-current interest-bearing liabilities, including their
current portion, is based primarily on quotes obtained from third-party pricing services (Level
2). The fair value of other assets and liabilities, including loan assets and liabilities, is
primarily based on discounted cash flow analysis (Level 2). The fair value of current assets
and liabilities is estimated to correspond to their carrying amount due to the low credit risk
and short maturity. There were no transfers between the fair value hierarchy levels 1, 2 and
3 during the financial period.
ACCOUNTING PRINCIPLES
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition. An item belonging to financial assets is derecognised
when the Group waives its contractual rights to the item, the rights are dissolved or the
Group loses control of the item.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
Financial liabilities
According to IFRS 9 standard, the Group's financial liabilities are included in the financial
liabilities measured at amortised acquisition cost; they consist of loans from financial
institutions, trade payables and other financial liabilities. Financial liabilities are initially
recognised at fair value. Transaction expenses are included in the original carrying
amount of the financial liabilities. Later, all financial liabilities are measured at amortised
acquisition cost using the effective interest method. Financial liabilities are included in
both the non-current and current liabilities.
Impairment of financial assets
On each closing date, the Group estimates whether objective evidence exists of the
impairment of an individual financial asset or a group thereof. If the fair value of share
investments has fallen substantially below their acquisition cost for a period defined by
the Group, this is considered evidence of impairment of the share in question. If evidence
of impairment exists, the loss accumulated in the fair value reserve is moved to the
income statement. The impairment loss of equity convertible investments classified in the
group of financial assets recognised at fair value through other comprehensive income is
not reversed by means of the income statement, whereas a later reversal of an
impairment loss that involves interest instruments is recognized through profit or loss.
The Group has applied an impairment model according to IFRS 9, where impairment is
recognised based on expected credit losses. The Group implemented the simplified
model enabled by the standard and applies the provision matrix.
Cash and cash equivalents
Cash and cash equivalents consist of cash money, money on bank accounts, bank
deposits that may be withdrawn upon request, as well as other current and highly liquid
investments that can be easily converted into a predetermined cash amount and that
carry a low risk of value changes. Items classified as cash and cash equivalent have at
most three months' maturity from the date of acquisition. Cash and cash equivalents are
recorded at amortised acquisition cost on the balance sheet.
5.3. CLASSIFICATION AND FAIR
\u00a0
VALUES OF FINANCIAL ASSETS AND LIABILITIES
\u00a0
Financial assets must be measured, after their initial recognition, at amortised acquisition
cost or fair value based on the company\u2019s business model in terms of managing financial
assets and on the characteristics of contractual cash flows relating to the financial assets.
Amortised acquisition cost
Financial instruments, which are held within a business model whose objective is collecting
contractual cash flows and whose contractual cash flows are solely payments of principal
and interest on the principal amount outstanding, are measured at the amortised acquisition
cost after the initial recognition.
Measured at fair value through other comprehensive income
Financial instruments, which are held within a business model whose objective is reached
through collecting contractual cash flows and selling debt instruments and whose cash flows
are solely payments of principal and interest on the principal amount outstanding, are
measured, after their initial recognition, at fair value through other comprehensive income
(FVTOCI).
Fair value through profit or loss
All other debt and equity investments are measured after their initial recognition at fair value
through profit or loss (FVTPL).
2022
Level
Fair value through
profit or loss
Amortised
acquisition
cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.3
0.3
Loan receivables
2
0.2
0.2
Other receivables
2
1.8
1.8
Non-current financial assets total
0.3
2.0
2.3
Current financial assets
Loan receivables
2
0.7
0.7
Trade and other receivables
2
21.8
21.8
Cash and cash equivalents
2
5.2
5.2
Current financial assets total
27.6
27.6
Carrying amount total
0.3
29.6
29.9
Non-current financial liabilities
Financial liabilities
2
98.0
98.0
Liabilities for right-of-use
assets
137.9
137.9
Liabilities for business
acquisitions
3
2.9
2.9
Other liabilities
2
3.1
3.1
Non-current financial liabilities total
241.9
241.9
Current financial liabilities
Financial liabilities
2
29.1
29.1
Liabilities for right-of-use
assets
30.8
30.8
Liabilities for business
acquisitions
3
1.1
1.1
Trade payables
2
21.4
21.4
Current financial liabilities total
82.4
82.4
Carrying amount total
324.3
324.3
2021
Level
Fair value through
profit or loss
Amortised
acquisition
cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.3
0.3
Loan receivables
2
0.6
0.6
Other receivables
2
2.7
2.7
Non-current financial assets total
0.3
3.3
3.5
Current financial assets
Loan receivables
2
0.8
0.8
Trade and other receivables
2
16.2
16.2
Cash and cash equivalents
2
6.4
6.4
Current financial assets total
23.4
23.4
Carrying amount total
0.3
26.6
26.9
Non-current financial liabilities
Financial liabilities
2
113.2
113.2
Liabilities for right-of-use
assets
139.6
139.6
Liabilities for business
acquisitions
3
2.1
2.1
Other liabilities
2
1.6
1.6
Non-current financial liabilities total
256.4
256.4
Current financial liabilities
Financial liabilities
2
46.4
46.4
Liabilities for right-of-use
assets
29.4
29.4
Liabilities for business
acquisitions
3
0.3
0.3
Trade payables
2
21.5
21.5
Current financial liabilities total
97.5
97.5
Carrying amount total
353.9
353.9
When determining the fair values for the financial assets and liabilities presented in the
table, the following price quotations, assumptions and measurement models were used:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss mainly comprise Finnish
holdings and Finnish unquoted shares. Unquoted share investments are measured at fair
value. Financial assets measured at fair value are either sellable on the secondary market
or their measurement uses the bid price on the counterparty's closing date or other public
information. The Group exercises judgement in choosing the measurement method to apply
and the assumptions used in measurement based on prevailing market practices and
circumstances.
Trade and other receivables and interest-bearing receivables
The amortised acquisition cost of the receivables corresponds to their fair value because the
effects of discounting are not relevant when considering the maturity of the receivables.
Financial liabilities, trade payables and other liabilities
The amortised acquisition cost of trade and other payables corresponds to their fair value
because the effects of discounting are not relevant when considering the maturity of the
receivables.
Fair value hierarchy for financial assets measured at fair value
Level 1
The fair values are based on the quoted prices of similar asset items
or liabilities on the market.
Level 2
The fair values for the instruments are based on significantly different
input information than the quoted prices at level 1, but they are,
nevertheless, based on information (i.e. prices) or indirect information
(i.e. derived from prices). In determining the fair value of these
instruments, the Group uses generally accepted measurement
models whose input information is largely based on verifiable market
data.
Level 3
The fair values of the instruments are based on input data concerning
the asset item or liability that is not based on verifiable market data;
instead, they are largely based on the management's estimates and
their use in generally accepted measurement models.
If a balance sheet item is not measured at fair value, the following fair value measurement
methods are used: the fair value of non-current interest-bearing liabilities, including their
current portion, is based primarily on quotes obtained from third-party pricing services (Level
2). The fair value of other assets and liabilities, including loan assets and liabilities, is
primarily based on discounted cash flow analysis (Level 2). The fair value of current assets
and liabilities is estimated to correspond to their carrying amount due to the low credit risk
and short maturity. There were no transfers between the fair value hierarchy levels 1, 2 and
3 during the financial period.
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition. An item belonging to financial assets is derecognised
when the Group waives its contractual rights to the item, the rights are dissolved or the
Group loses control of the item.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition. An item belonging to financial assets is derecognised
when the Group waives its contractual rights to the item, the rights are dissolved or the
Group loses control of the item.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
There are no significant credit risk concentrations associated with cash and cash
equivalents. The balance sheet values correspond to the best estimate of the monetary
amount that is the maximum credit risk if the counterparties cannot fulfil their obligations
related to the receivables.
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition. An item belonging to financial assets is derecognised
when the Group waives its contractual rights to the item, the rights are dissolved or the
Group loses control of the item.
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition. An item belonging to financial assets is derecognised
when the Group waives its contractual rights to the item, the rights are dissolved or the
Group loses control of the item.
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due. No impairment has
been recognised on financial assets.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
5.4. OTHER INVESTMENTS
\u00a0
Financial assets measured at fair value through profit or loss are non-current and they
comprise unquoted EUR-denominated shares and holdings measured at fair value.
Financial assets measured at fair value through profit or loss
MEUR
2022
2021
Value at the beginning of the financial period
0.3
0.1
Transfers between items
0.0
0.1
Value at the end of the financial period
0.3
0.3
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due. No impairment has
been recognised on financial assets.
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due. No impairment has
been recognised on financial assets.
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due. No impairment has
been recognised on financial assets.
5.5. CASH AND CASH EQUIVALENTS
\u00a0
MEUR
2022
2021
Cash and bank accounts
5.2
6.4
There are no significant credit risk concentrations associated with cash and cash
equivalents. The balance sheet values correspond to the best estimate of the monetary
amount that is the maximum credit risk if the counterparties cannot fulfil their obligations
related to the receivables.
Maturity distribution of interest on financial liabilities
2022
Less than 1
year
1-2 years
2\u20135 years
More than 5
years
MEUR
Interest on financial liabilities
6.6
5.8
6.4
0.3
2021
Less than 1
year
1-2 years
2\u20135 years
More than 5
years
MEUR
Interest on financial liabilities
4.6
3.5
7.4
0.2
On 31 December 2022, the Group\u2019s cash and cash equivalents totalled MEUR 5.2 and the
unwithdrawn loan and account limits available to the Group amounted to MEUR 3.6. In
addition, the Group owned 5,139,745 shares in the listed company Eezy Plc, corresponding
to a holding of 20.5%. The market value of this shareholding at the closing rate of 31
December 2022 was MEUR 16.0.
\u00a0
On page
\u00a0
is a description of
financial and liquidity risks as well as measures to
prepare for them and minimise them.
5.7. CONTINGENT LIABILITIES AND ASSETS AND COMMITMENTS
\u00a0
MEUR
2022
2021
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
96.9
101.9
Loans from financial institutions, current
22.4
29.4
Total
119.3
131.3
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
37.3
37.5
Real estate mortgage
5.1
4.3
Subsidiary shares
106.9
103.9
Other shares
16.0
35.1
Bank guarantees
9.7
9.6
Other guarantees
3.1
3.0
Total
178.1
193.3
Purchase commitments
Eezy Plc
33.4
49.7
Contingent transaction prices
3.2
2.1
The Eezy Plc shares pledged as security for liabilities have been measured at market price.
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
5.7. CONTINGENT LIABILITIES AND ASSETS AND COMMITMENTS
\u00a0
MEUR
2022
2021
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
96.9
101.9
Loans from financial institutions, current
22.4
29.4
Total
119.3
131.3
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
37.3
37.5
Real estate mortgage
5.1
4.3
Subsidiary shares
106.9
103.9
Other shares
16.0
35.1
Bank guarantees
9.7
9.6
Other guarantees
3.1
3.0
Total
178.1
193.3
Purchase commitments
Eezy Plc
33.4
49.7
Contingent transaction prices
3.2
2.1
The Eezy Plc shares pledged as security for liabilities have been measured at market price.
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
5.7. CONTINGENT LIABILITIES AND ASSETS AND COMMITMENTS
\u00a0
MEUR
2022
2021
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
96.9
101.9
Loans from financial institutions, current
22.4
29.4
Total
119.3
131.3
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
37.3
37.5
Real estate mortgage
5.1
4.3
Subsidiary shares
106.9
103.9
Other shares
16.0
35.1
Bank guarantees
9.7
9.6
Other guarantees
3.1
3.0
Total
178.1
193.3
Purchase commitments
Eezy Plc
33.4
49.7
Contingent transaction prices
3.2
2.1
The Eezy Plc shares pledged as security for liabilities have been measured at market price.
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
5.7. CONTINGENT LIABILITIES AND ASSETS AND COMMITMENTS
\u00a0
MEUR
2022
2021
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
96.9
101.9
Loans from financial institutions, current
22.4
29.4
Total
119.3
131.3
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
37.3
37.5
Real estate mortgage
5.1
4.3
Subsidiary shares
106.9
103.9
Other shares
16.0
35.1
Bank guarantees
9.7
9.6
Other guarantees
3.1
3.0
Total
178.1
193.3
Purchase commitments
Eezy Plc
33.4
49.7
Contingent transaction prices
3.2
2.1
The Eezy Plc shares pledged as security for liabilities have been measured at market price.
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
5.8. FINANCIAL INCOME AND EXPENSES
\u00a0
MEUR
2022
2021
Financial income
Interest income
0.1
0.1
Dividend income
0.8
0.3
Other financial income
0.9
0.7
Total
1.8
1.1
Impairment on shares in associated companies
-4.5
-5.5
Impairment on receivables
-0.5
-0.5
Interest expenses on financial liabilities
-7.4
-5.9
Impairment of Eezy Plc shares
-10.4
0.0
Change in value of additional purchase price
-0.8
-0.1
Other interest expenses
-0.4
-0.6
Other finance costs
-0.2
-0.5
Total
-24.3
-13.1
Finance costs - net
-22.5
-11.9
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
5.8. FINANCIAL INCOME AND EXPENSES
\u00a0
MEUR
2022
2021
Financial income
Interest income
0.1
0.1
Dividend income
0.8
0.3
Other financial income
0.9
0.7
Total
1.8
1.1
Impairment on shares in associated companies
-4.5
-5.5
Impairment on receivables
-0.5
-0.5
Interest expenses on financial liabilities
-7.4
-5.9
Impairment of Eezy Plc shares
-10.4
0.0
Change in value of additional purchase price
-0.8
-0.1
Other interest expenses
-0.4
-0.6
Other finance costs
-0.2
-0.5
Total
-24.3
-13.1
Finance costs - net
-22.5
-11.9
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
5.8. FINANCIAL INCOME AND EXPENSES
\u00a0
MEUR
2022
2021
Financial income
Interest income
0.1
0.1
Dividend income
0.8
0.3
Other financial income
0.9
0.7
Total
1.8
1.1
Impairment on shares in associated companies
-4.5
-5.5
Impairment on receivables
-0.5
-0.5
Interest expenses on financial liabilities
-7.4
-5.9
Impairment of Eezy Plc shares
-10.4
0.0
Change in value of additional purchase price
-0.8
-0.1
Other interest expenses
-0.4
-0.6
Other finance costs
-0.2
-0.5
Total
-24.3
-13.1
Finance costs - net
-22.5
-11.9
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
5.8. FINANCIAL INCOME AND EXPENSES
\u00a0
MEUR
2022
2021
Financial income
Interest income
0.1
0.1
Dividend income
0.8
0.3
Other financial income
0.9
0.7
Total
1.8
1.1
Impairment on shares in associated companies
-4.5
-5.5
Impairment on receivables
-0.5
-0.5
Interest expenses on financial liabilities
-7.4
-5.9
Impairment of Eezy Plc shares
-10.4
0.0
Change in value of additional purchase price
-0.8
-0.1
Other interest expenses
-0.4
-0.6
Other finance costs
-0.2
-0.5
Total
-24.3
-13.1
Finance costs - net
-22.5
-11.9
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
5.8. FINANCIAL INCOME AND EXPENSES
\u00a0
MEUR
2022
2021
Financial income
Interest income
0.1
0.1
Dividend income
0.8
0.3
Other financial income
0.9
0.7
Total
1.8
1.1
Impairment on shares in associated companies
-4.5
-5.5
Impairment on receivables
-0.5
-0.5
Interest expenses on financial liabilities
-7.4
-5.9
Impairment of Eezy Plc shares
-10.4
0.0
Change in value of additional purchase price
-0.8
-0.1
Other interest expenses
-0.4
-0.6
Other finance costs
-0.2
-0.5
Total
-24.3
-13.1
Finance costs - net
-22.5
-11.9
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
5.8. FINANCIAL INCOME AND EXPENSES
\u00a0
MEUR
2022
2021
Financial income
Interest income
0.1
0.1
Dividend income
0.8
0.3
Other financial income
0.9
0.7
Total
1.8
1.1
Impairment on shares in associated companies
-4.5
-5.5
Impairment on receivables
-0.5
-0.5
Interest expenses on financial liabilities
-7.4
-5.9
Impairment of Eezy Plc shares
-10.4
0.0
Change in value of additional purchase price
-0.8
-0.1
Other interest expenses
-0.4
-0.6
Other finance costs
-0.2
-0.5
Total
-24.3
-13.1
Finance costs - net
-22.5
-11.9
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
5.9. FINANCIAL RISK MANAGEMENT
\u00a0
Risk management principles and process
The Group and its operating activities are exposed to certain financial risks. A key principle
of the Group's risk management is the unpredictability of the financial markets and the aim
to minimise its adverse effects on the Group's net income. The Group's financial
management identifies, estimates and tracks risks and, whenever necessary, acquires the
instruments to hedge the Group against the risks.
The Group's financing policy guides all of its financing transactions. The main risks
associated with the financing market are explained below.
Interest rate risk
Interest rate risk means the risk of variations in the fair value of a financial instrument or in
future cash flows due to changes in market rates of interest. The Group's interest rate risk is
mainly caused by non-current loans that have been taken out with a variable interest rate.
The Group is not presently hedging against the interest rate risk. The interest rates for loans
vary according to the 6\u201312 month Euribor rates plus margins of 2.25\u20133.65%.
\u00a0
The potential one percentage point increase in interest rates in the 2023 interest review
would lead to a MEUR 0.7 increase in interest expenses in the Group.
\u00a0
The Group's income and operating cash flows are mostly independent of the variations in
the market rates of interest. The Group's main exposure to the interest rate risk is a result of
the variable interest rates, and the risk is mainly considered to relate to the loan portfolio.
On the closing date, the majority of the Group's loans had variable interest rates.
Liquidity risk
Liquidity risk is related to ensuring and maintaining sufficient funding for the Group. The
Group strives to constantly assess and track the amount of funding required by the
business, for example by performing a monthly analysis of the utilisation rate of the
restaurants, the development of sales and investment needs, in order to ensure that the
Group has sufficient liquid assets to fund the operations and repay loans that fall due. The
CFO analyses the need for possible additional financing.
The aim is to ensure the availability and flexibility of Group financing through sufficient credit
limit reserves, a balanced loan maturity distribution and sufficiently long loan periods as well
as using several financial institutions and forms of financing, when necessary. The Group's
financing activities determine the optimum cash liquidity.
At the end of December 2022, the Group\u2019s current financial liabilities amounted to MEUR
29.1 (MEUR 46.4). Current financial liabilities at the balance sheet date include an item of
MEUR 4.0 from the commercial paper programme due in the first quarter of 2023.
At the end of the year, cash and cash equivalents amounted to MEUR 5.2 (MEUR 6.4), in
addition to which the Group had access to undrawn confirmed account credit limits
amounting to approximately MEUR 3.6 (MEUR 7.1). In addition, the Group owned
5,139,745 shares in the listed company Eezy Plc, corresponding to a holding of 20.5%. At
the closing share price at the end of 2022, the market value of this shareholding was MEUR
16.0.
The average annual interest rate for the Group's gross interest-bearing liabilities in 2022
was approximately 3.46% (2.97).
The most important loan covenants are reported to the creditors each quarter. If the Group
violates the terms of the loan covenant, the creditor may require faster repayment of the
loans. The management regularly monitors the fulfilment of the loan covenant terms. The
Group met the loan terms at the date of the financial statements.
\u00a0
The Group's management has not identified any significant concentrations of liquidity risk in
financial assets or sources of financing.
Credit risk
Credit risk is the risk that one party to a financial instrument is unable to meet its obligations,
thereby creating a financial loss for the other party. The Group's operating procedures
define the creditworthiness requirements for the customers' counterparties. The primary
method of payment within the Group is cash. The credit risk management and credit control
have been centralised to be handled by the Group's financial management.
As regards receivables, the Group does not have any material credit risk concentration,
since the receivables consist of several items. Risks related to trade receivables and other
receivables are minimised using short payment terms, customer-specific monitoring of trade
receivables and effective collection.
The provision matrix is established based on the age distribution of the open trade
receivables and other receivables by using the percentages determined by the Group.
Credit loss allowance for trade and other receivables
2022
Balance
sheet
value 31
Dec
Provision
percenta
ge, %
Credit
loss
Balance
sheet
value 1
Jan
Provision
percenta
ge, %
Credit
loss
MEUR
Not due
13.3
0.2
0.0
7.1
0.2
0.0
Due, 1\u201330 days
1.7
0.8
0.0
0.7
0.8
0.0
Due, 31\u201360 days
-0.1
1.5
0.0
0.1
1.5
0.0
Due, 61\u201390 days
0.1
12.0
0.0
0.0
12.0
0.0
Due, 91\u2013180 days
0.2
20.0
0.0
0.0
20.0
0.0
Due, more than 180
days
0.8
85.0
0.7
1.0
75.0
0.7
Total
15.9
0.7
8.9
0.7
2021
Balance
sheet
value 31
Dec
Provision
percenta
ge, %
Credit
loss
Balance
sheet
value 1
Jan
Provision
percenta
ge, %
Credit
loss
MEUR
Not due
7.1
0.2
0.0
4.5
0.2
0.0
Due, 1\u201330 days
0.7
0.8
0.0
0.7
0.8
0.0
Due, 31\u201360 days
0.1
1.5
0.0
0.2
1.5
0.0
Due, 61\u201390 days
0.0
12.0
0.0
0.2
12.0
0.0
Due, 91\u2013180 days
0.0
20.0
0.0
0.4
20.0
0.1
Due, more than 180
days
1.0
75.0
0.7
0.9
45.0
0.5
Total
8.9
0.7
6.9
0.6
The maturity distribution of the receivables is presented on page
The balance sheet values of the receivables correspond to the best estimate of the
monetary amount that is the maximum credit risk if the counterparties cannot fulfil their
obligations related to the receivables.
Currency risk
Currency risk refers to profit, balance sheet and cash flow uncertainty due to changes in
currency exchange rates. The Group is subjected to a transaction risk in relation to the
Norwegian krone. The transaction risk is related to the currency flows of sales and
expenses. Unlike the Danish krone, the Norwegian krone is not fixed against the euro,
which is the Group\u2019s home currency. While the exchange rate of the Danish krone is fixed
against the euro, it may fluctuate 2.25% in either direction.
The subsidiaries\u2019 intragroup loans and deposits are denominated in the subsidiaries\u2019 home
currencies as well as in euros. The Group does not hedge intragroup loans, deposits or the
subsidiaries\u2019 equity. Expenses and purchases are largely denominated in euros. The
conversion of the subsidiaries\u2019 equity into euros resulted in a translation difference of MEUR
-1.1 (-0.2) in the financial year.
KEY ESTIMATES AND JUDGEMENTS
The risks related to the trade receivables and other receivables are minimised by means
of terms of payment of the receivables, customer-specific monitoring of trade receivables,
effective collection and checking of customers' creditworthiness requirements and, in
part, also through various collateral arrangements. The management actively monitors
the development of significant customer balances. Estimates and judgement are required
in determining the value of loss allowances at each reporting date. When determining
loss allowances, the management specifically analyses trade receivables and historical
losses, customer concentrations, customer creditworthiness, past due balances, current
trends and changes in customer payment terms. In addition to past events and current
conditions, reasonable and justifiable forecasts affecting collectability are considered
when determining the amount of loss allowances.
Interest rate risk
Interest rate risk means the risk of variations in the fair value of a financial instrument or in
future cash flows due to changes in market rates of interest. The Group's interest rate risk is
mainly caused by non-current loans that have been taken out with a variable interest rate.
The Group is not presently hedging against the interest rate risk. The interest rates for loans
vary according to the 6\u201312 month Euribor rates plus margins of 2.25\u20133.65%.
\u00a0
The potential one percentage point increase in interest rates in the 2023 interest review
would lead to a MEUR 0.7 increase in interest expenses in the Group.
\u00a0
The Group's income and operating cash flows are mostly independent of the variations in
the market rates of interest. The Group's main exposure to the interest rate risk is a result of
the variable interest rates, and the risk is mainly considered to relate to the loan portfolio.
On the closing date, the majority of the Group's loans had variable interest rates.
Currency risk
Currency risk refers to profit, balance sheet and cash flow uncertainty due to changes in
currency exchange rates. The Group is subjected to a transaction risk in relation to the
Norwegian krone. The transaction risk is related to the currency flows of sales and
expenses. Unlike the Danish krone, the Norwegian krone is not fixed against the euro,
which is the Group\u2019s home currency. While the exchange rate of the Danish krone is fixed
against the euro, it may fluctuate 2.25% in either direction.
The subsidiaries\u2019 intragroup loans and deposits are denominated in the subsidiaries\u2019 home
currencies as well as in euros. The Group does not hedge intragroup loans, deposits or the
subsidiaries\u2019 equity. Expenses and purchases are largely denominated in euros. The
conversion of the subsidiaries\u2019 equity into euros resulted in a translation difference of MEUR
-1.1 (-0.2) in the financial year.
Liquidity risk
Liquidity risk is related to ensuring and maintaining sufficient funding for the Group. The
Group strives to constantly assess and track the amount of funding required by the
business, for example by performing a monthly analysis of the utilisation rate of the
restaurants, the development of sales and investment needs, in order to ensure that the
Group has sufficient liquid assets to fund the operations and repay loans that fall due. The
CFO analyses the need for possible additional financing.
The aim is to ensure the availability and flexibility of Group financing through sufficient credit
limit reserves, a balanced loan maturity distribution and sufficiently long loan periods as well
as using several financial institutions and forms of financing, when necessary. The Group's
financing activities determine the optimum cash liquidity.
At the end of December 2022, the Group\u2019s current financial liabilities amounted to MEUR
29.1 (MEUR 46.4). Current financial liabilities at the balance sheet date include an item of
MEUR 4.0 from the commercial paper programme due in the first quarter of 2023.
At the end of the year, cash and cash equivalents amounted to MEUR 5.2 (MEUR 6.4), in
addition to which the Group had access to undrawn confirmed account credit limits
amounting to approximately MEUR 3.6 (MEUR 7.1). In addition, the Group owned
5,139,745 shares in the listed company Eezy Plc, corresponding to a holding of 20.5%. At
the closing share price at the end of 2022, the market value of this shareholding was MEUR
16.0.
The average annual interest rate for the Group's gross interest-bearing liabilities in 2022
was approximately 3.46% (2.97).
The most important loan covenants are reported to the creditors each quarter. If the Group
violates the terms of the loan covenant, the creditor may require faster repayment of the
loans. The management regularly monitors the fulfilment of the loan covenant terms. The
Group met the loan terms at the date of the financial statements.
\u00a0
The Group's management has not identified any significant concentrations of liquidity risk in
financial assets or sources of financing.
Credit risk
Credit risk is the risk that one party to a financial instrument is unable to meet its obligations,
thereby creating a financial loss for the other party. The Group's operating procedures
define the creditworthiness requirements for the customers' counterparties. The primary
method of payment within the Group is cash. The credit risk management and credit control
have been centralised to be handled by the Group's financial management.
As regards receivables, the Group does not have any material credit risk concentration,
since the receivables consist of several items. Risks related to trade receivables and other
receivables are minimised using short payment terms, customer-specific monitoring of trade
receivables and effective collection.
The provision matrix is established based on the age distribution of the open trade
receivables and other receivables by using the percentages determined by the Group.
Credit loss allowance for trade and other receivables
2022
Balance
sheet
value 31
Dec
Provision
percenta
ge, %
Credit
loss
Balance
sheet
value 1
Jan
Provision
percenta
ge, %
Credit
loss
MEUR
Not due
13.3
0.2
0.0
7.1
0.2
0.0
Due, 1\u201330 days
1.7
0.8
0.0
0.7
0.8
0.0
Due, 31\u201360 days
-0.1
1.5
0.0
0.1
1.5
0.0
Due, 61\u201390 days
0.1
12.0
0.0
0.0
12.0
0.0
Due, 91\u2013180 days
0.2
20.0
0.0
0.0
20.0
0.0
Due, more than 180
days
0.8
85.0
0.7
1.0
75.0
0.7
Total
15.9
0.7
8.9
0.7
2021
Balance
sheet
value 31
Dec
Provision
percenta
ge, %
Credit
loss
Balance
sheet
value 1
Jan
Provision
percenta
ge, %
Credit
loss
MEUR
Not due
7.1
0.2
0.0
4.5
0.2
0.0
Due, 1\u201330 days
0.7
0.8
0.0
0.7
0.8
0.0
Due, 31\u201360 days
0.1
1.5
0.0
0.2
1.5
0.0
Due, 61\u201390 days
0.0
12.0
0.0
0.2
12.0
0.0
Due, 91\u2013180 days
0.0
20.0
0.0
0.4
20.0
0.1
Due, more than 180
days
1.0
75.0
0.7
0.9
45.0
0.5
Total
8.9
0.7
6.9
0.6
The maturity distribution of the receivables is presented on page
The balance sheet values of the receivables correspond to the best estimate of the
monetary amount that is the maximum credit risk if the counterparties cannot fulfil their
obligations related to the receivables.
5.10. EQUITY
NoHo Partners Plc has one series of shares where all shares carry an equal right to
dividends. One share equals one vote at the general meeting. NoHo Partners Plc had
20,699,801 shares on the closing date. The share has no nominal value.
2022
31.12.
1.1.
MEUR
Shares, 1,000 pcs
20,699,801
19,222,270
Share capital
0.2
0.2
Invested unrestricted equity fund
70.2
58.4
Translation differences
-1.2
0.1
Retained earnings
5.6
5.7
Non-controlling interests
7.2
5.0
Total equity
82.0
69.4
2021
31.12.
1.1.
MEUR
Shares, 1,000 pcs
19,222,270
19,222,270
Share capital
0.2
0.2
Invested unrestricted equity fund
58.4
58.4
Translation differences
0.1
0.0
Retained earnings
5.7
17.5
Non-controlling interests
5.0
4.8
Total equity
69.4
81.0
All of the issued shares have been paid for.
Outstanding shares
shares
2022
2021
1 January
19,222,270
19,222,270
Share issue 27.1.2022
40,503
0
Subscription for shares based on special rights 13
May 2022
1,266,300
0
Share issue 1 July 2022
170,728
0
31 December
20,699,801
19,222,270
Invested unrestricted equity fund
The invested unrestricted equity fund includes other equity convertible investments and the
portion of the share subscription price that is not recognised in the share capital according
to a specific decision.
MEUR
2022
2021
1 January
58.4
58.4
1.7
0.0
Unrestricted equity reclassification
10.2
0.0
31 December
70.2
58.4
Special share issues
\u00a0
During the financial year the company carried out special share issues in connection to the
acquisition of the shares of Sea Horse Plc and the acquisition of the non-controlling interest
of NoHo Norway AS. Part of the convertible capital loan of Tesi was converted into shares in
the company based on the special rights on 13 May 2022.
Dividends
The Annual General Meeting held on 27 April 2022 approved the Board\u2019s proposal to
distribute no dividend for the financial year 2021.
NoHo Partners Plc\u2019s Board of Directors proposes to the Annual General Meeting convening
on 19 April 2023 that, based on the adopted balance sheet of the financial period ending on
31 December 2022, a dividend of EUR
0.40
\u00a0
(0.00) per share will be paid at the time of
dividend payment on shares owned by external shareholders.
\u00a0
The Board of Directors proposes that the dividend be paid in two (2) instalments, such that
the first instalment of EUR 0.20 per share is paid on 24 May 2023 to shareholders who have
been recorded in the company\u2019s shareholder list maintained by Euroclear Finland Oy by the
record date of 11 May 2023. The Board of Directors proposes that it be authorised to later
decide, according to its discretion, the record and payment date for the second instalment of
the dividend, however in such a way that the second instalment is paid no later than by 20
October 2023 with a record date five weekdays prior to payment date.
At the time of the financial statements on 31 December 2022, there were 20,699,801
externally owned shares.
Authorisation to purchase the company\u2019s own shares
The AGM of 27 April 2022 decided to withdraw the previous unused authorisations to
purchase the company\u2019s own shares and authorise the Board to decide upon the purchase
of a maximum of 800,000 of the company\u2019s own shares in one or several tranches using the
company\u2019s unrestricted equity under the following conditions:
The shares shall be purchased in public trading organised by Nasdaq Helsinki Oy and,
therefore, the purchase takes place by private placing and not in proportion to the shares
owned by the shareholders, and the consideration to be paid for the shares shall be the
market price of NoHo Partners Plc\u2019s share at the time of purchasing.
The shares shall be purchased for financing or carrying out possible corporate acquisitions
or other arrangements, to implement incentive schemes within the company or for other
purposes decided upon by the Board of Directors. The maximum amount of the shares to be
purchased is equivalent to approximately 4.2%of all the shares and votes of the company
calculated using the share count on the publication date of the notice of the AGM.
The Board of Directors shall decide on the other matters related to the purchase of treasury
shares. The authorisation will remain in force until the end of the next AGM, but for no more
than 18 months from the AGM\u2019s resolution on the authorisation.
Authorisation to decide on issuance of shares and/or the issuance of option rights
and other special rights entitling to shares
The AGM on 27 April 2022 decided to withdraw previous share issue authorisations and
authorise the Board of Directors to decide on the issuance of shares and/or option rights or
other special rights entitling to shares as follows:
Under the authorisation, a maximum total of 3,000,000 shares may be issued in one or
more tranches, corresponding to approximately 15.6% of all of the company\u2019s registered
shares calculated using the share count on the publication date of the notice of the Annual
General Meeting.
Share issues and/or the issue of option rights or other special rights can be carried out in
deviation from the shareholders\u2019 pre-emptive subscription right (special share issue).
The authorisation can be used, for example, to implement mergers or acquisitions or
financing arrangements, to develop the company\u2019s equity structure, to improve the liquidity
of the company\u2019s shares, to implement the company\u2019s incentive schemes or for other
purposes decided by the company\u2019s Board of Directors. Under the authorisation, a
maximum of 281,828 shares may be issued for the implementation of the company\u2019s
incentive schemes, which corresponds to approximately 1.5% of all registered shares in the
company on the date of the notice convening the AGM.
Under the authorisation, the Board of Directors may issue new shares or transfer shares
held by the company. The Board of Directors is authorised to decide on all other conditions
of the issuance of shares and/or option rights or other special rights.
The authorisation will remain in force until the end of the next AGM, but for no more than 18
months from the AGM\u2019s resolution on the authorisation.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
5.10. EQUITY
NoHo Partners Plc has one series of shares where all shares carry an equal right to
dividends. One share equals one vote at the general meeting. NoHo Partners Plc had
20,699,801 shares on the closing date. The share has no nominal value.
2022
31.12.
1.1.
MEUR
Shares, 1,000 pcs
20,699,801
19,222,270
Share capital
0.2
0.2
Invested unrestricted equity fund
70.2
58.4
Translation differences
-1.2
0.1
Retained earnings
5.6
5.7
Non-controlling interests
7.2
5.0
Total equity
82.0
69.4
2021
31.12.
1.1.
MEUR
Shares, 1,000 pcs
19,222,270
19,222,270
Share capital
0.2
0.2
Invested unrestricted equity fund
58.4
58.4
Translation differences
0.1
0.0
Retained earnings
5.7
17.5
Non-controlling interests
5.0
4.8
Total equity
69.4
81.0
All of the issued shares have been paid for.
Outstanding shares
shares
2022
2021
1 January
19,222,270
19,222,270
Share issue 27.1.2022
40,503
0
Subscription for shares based on special rights 13
May 2022
1,266,300
0
Share issue 1 July 2022
170,728
0
31 December
20,699,801
19,222,270
Invested unrestricted equity fund
The invested unrestricted equity fund includes other equity convertible investments and the
portion of the share subscription price that is not recognised in the share capital according
to a specific decision.
MEUR
2022
2021
1 January
58.4
58.4
1.7
0.0
Unrestricted equity reclassification
10.2
0.0
31 December
70.2
58.4
Special share issues
\u00a0
During the financial year the company carried out special share issues in connection to the
acquisition of the shares of Sea Horse Plc and the acquisition of the non-controlling interest
of NoHo Norway AS. Part of the convertible capital loan of Tesi was converted into shares in
the company based on the special rights on 13 May 2022.
Dividends
The Annual General Meeting held on 27 April 2022 approved the Board\u2019s proposal to
distribute no dividend for the financial year 2021.
NoHo Partners Plc\u2019s Board of Directors proposes to the Annual General Meeting convening
on 19 April 2023 that, based on the adopted balance sheet of the financial period ending on
31 December 2022, a dividend of EUR
0.40
\u00a0
(0.00) per share will be paid at the time of
dividend payment on shares owned by external shareholders.
\u00a0
The Board of Directors proposes that the dividend be paid in two (2) instalments, such that
the first instalment of EUR 0.20 per share is paid on 24 May 2023 to shareholders who have
been recorded in the company\u2019s shareholder list maintained by Euroclear Finland Oy by the
record date of 11 May 2023. The Board of Directors proposes that it be authorised to later
decide, according to its discretion, the record and payment date for the second instalment of
the dividend, however in such a way that the second instalment is paid no later than by 20
October 2023 with a record date five weekdays prior to payment date.
At the time of the financial statements on 31 December 2022, there were 20,699,801
externally owned shares.
Authorisation to purchase the company\u2019s own shares
The AGM of 27 April 2022 decided to withdraw the previous unused authorisations to
purchase the company\u2019s own shares and authorise the Board to decide upon the purchase
of a maximum of 800,000 of the company\u2019s own shares in one or several tranches using the
company\u2019s unrestricted equity under the following conditions:
The shares shall be purchased in public trading organised by Nasdaq Helsinki Oy and,
therefore, the purchase takes place by private placing and not in proportion to the shares
owned by the shareholders, and the consideration to be paid for the shares shall be the
market price of NoHo Partners Plc\u2019s share at the time of purchasing.
The shares shall be purchased for financing or carrying out possible corporate acquisitions
or other arrangements, to implement incentive schemes within the company or for other
purposes decided upon by the Board of Directors. The maximum amount of the shares to be
purchased is equivalent to approximately 4.2%of all the shares and votes of the company
calculated using the share count on the publication date of the notice of the AGM.
The Board of Directors shall decide on the other matters related to the purchase of treasury
shares. The authorisation will remain in force until the end of the next AGM, but for no more
than 18 months from the AGM\u2019s resolution on the authorisation.
Authorisation to decide on issuance of shares and/or the issuance of option rights
and other special rights entitling to shares
The AGM on 27 April 2022 decided to withdraw previous share issue authorisations and
authorise the Board of Directors to decide on the issuance of shares and/or option rights or
other special rights entitling to shares as follows:
Under the authorisation, a maximum total of 3,000,000 shares may be issued in one or
more tranches, corresponding to approximately 15.6% of all of the company\u2019s registered
shares calculated using the share count on the publication date of the notice of the Annual
General Meeting.
Share issues and/or the issue of option rights or other special rights can be carried out in
deviation from the shareholders\u2019 pre-emptive subscription right (special share issue).
The authorisation can be used, for example, to implement mergers or acquisitions or
financing arrangements, to develop the company\u2019s equity structure, to improve the liquidity
of the company\u2019s shares, to implement the company\u2019s incentive schemes or for other
purposes decided by the company\u2019s Board of Directors. Under the authorisation, a
maximum of 281,828 shares may be issued for the implementation of the company\u2019s
incentive schemes, which corresponds to approximately 1.5% of all registered shares in the
company on the date of the notice convening the AGM.
Under the authorisation, the Board of Directors may issue new shares or transfer shares
held by the company. The Board of Directors is authorised to decide on all other conditions
of the issuance of shares and/or option rights or other special rights.
The authorisation will remain in force until the end of the next AGM, but for no more than 18
months from the AGM\u2019s resolution on the authorisation.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
5.10. EQUITY
NoHo Partners Plc has one series of shares where all shares carry an equal right to
dividends. One share equals one vote at the general meeting. NoHo Partners Plc had
20,699,801 shares on the closing date. The share has no nominal value.
2022
31.12.
1.1.
MEUR
Shares, 1,000 pcs
20,699,801
19,222,270
Share capital
0.2
0.2
Invested unrestricted equity fund
70.2
58.4
Translation differences
-1.2
0.1
Retained earnings
5.6
5.7
Non-controlling interests
7.2
5.0
Total equity
82.0
69.4
2021
31.12.
1.1.
MEUR
Shares, 1,000 pcs
19,222,270
19,222,270
Share capital
0.2
0.2
Invested unrestricted equity fund
58.4
58.4
Translation differences
0.1
0.0
Retained earnings
5.7
17.5
Non-controlling interests
5.0
4.8
Total equity
69.4
81.0
All of the issued shares have been paid for.
Outstanding shares
shares
2022
2021
1 January
19,222,270
19,222,270
Share issue 27.1.2022
40,503
0
Subscription for shares based on special rights 13
May 2022
1,266,300
0
Share issue 1 July 2022
170,728
0
31 December
20,699,801
19,222,270
Invested unrestricted equity fund
The invested unrestricted equity fund includes other equity convertible investments and the
portion of the share subscription price that is not recognised in the share capital according
to a specific decision.
MEUR
2022
2021
1 January
58.4
58.4
1.7
0.0
Unrestricted equity reclassification
10.2
0.0
31 December
70.2
58.4
Special share issues
\u00a0
During the financial year the company carried out special share issues in connection to the
acquisition of the shares of Sea Horse Plc and the acquisition of the non-controlling interest
of NoHo Norway AS. Part of the convertible capital loan of Tesi was converted into shares in
the company based on the special rights on 13 May 2022.
Dividends
The Annual General Meeting held on 27 April 2022 approved the Board\u2019s proposal to
distribute no dividend for the financial year 2021.
NoHo Partners Plc\u2019s Board of Directors proposes to the Annual General Meeting convening
on 19 April 2023 that, based on the adopted balance sheet of the financial period ending on
31 December 2022, a dividend of EUR
0.40
\u00a0
(0.00) per share will be paid at the time of
dividend payment on shares owned by external shareholders.
\u00a0
The Board of Directors proposes that the dividend be paid in two (2) instalments, such that
the first instalment of EUR 0.20 per share is paid on 24 May 2023 to shareholders who have
been recorded in the company\u2019s shareholder list maintained by Euroclear Finland Oy by the
record date of 11 May 2023. The Board of Directors proposes that it be authorised to later
decide, according to its discretion, the record and payment date for the second instalment of
the dividend, however in such a way that the second instalment is paid no later than by 20
October 2023 with a record date five weekdays prior to payment date.
At the time of the financial statements on 31 December 2022, there were 20,699,801
externally owned shares.
Authorisation to purchase the company\u2019s own shares
The AGM of 27 April 2022 decided to withdraw the previous unused authorisations to
purchase the company\u2019s own shares and authorise the Board to decide upon the purchase
of a maximum of 800,000 of the company\u2019s own shares in one or several tranches using the
company\u2019s unrestricted equity under the following conditions:
The shares shall be purchased in public trading organised by Nasdaq Helsinki Oy and,
therefore, the purchase takes place by private placing and not in proportion to the shares
owned by the shareholders, and the consideration to be paid for the shares shall be the
market price of NoHo Partners Plc\u2019s share at the time of purchasing.
The shares shall be purchased for financing or carrying out possible corporate acquisitions
or other arrangements, to implement incentive schemes within the company or for other
purposes decided upon by the Board of Directors. The maximum amount of the shares to be
purchased is equivalent to approximately 4.2%of all the shares and votes of the company
calculated using the share count on the publication date of the notice of the AGM.
The Board of Directors shall decide on the other matters related to the purchase of treasury
shares. The authorisation will remain in force until the end of the next AGM, but for no more
than 18 months from the AGM\u2019s resolution on the authorisation.
Authorisation to decide on issuance of shares and/or the issuance of option rights
and other special rights entitling to shares
The AGM on 27 April 2022 decided to withdraw previous share issue authorisations and
authorise the Board of Directors to decide on the issuance of shares and/or option rights or
other special rights entitling to shares as follows:
Under the authorisation, a maximum total of 3,000,000 shares may be issued in one or
more tranches, corresponding to approximately 15.6% of all of the company\u2019s registered
shares calculated using the share count on the publication date of the notice of the Annual
General Meeting.
Share issues and/or the issue of option rights or other special rights can be carried out in
deviation from the shareholders\u2019 pre-emptive subscription right (special share issue).
The authorisation can be used, for example, to implement mergers or acquisitions or
financing arrangements, to develop the company\u2019s equity structure, to improve the liquidity
of the company\u2019s shares, to implement the company\u2019s incentive schemes or for other
purposes decided by the company\u2019s Board of Directors. Under the authorisation, a
maximum of 281,828 shares may be issued for the implementation of the company\u2019s
incentive schemes, which corresponds to approximately 1.5% of all registered shares in the
company on the date of the notice convening the AGM.
Under the authorisation, the Board of Directors may issue new shares or transfer shares
held by the company. The Board of Directors is authorised to decide on all other conditions
of the issuance of shares and/or option rights or other special rights.
The authorisation will remain in force until the end of the next AGM, but for no more than 18
months from the AGM\u2019s resolution on the authorisation.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
NoHo Partners Plc\u2019s Board of Directors proposes to the Annual General Meeting convening
on 19 April 2023 that, based on the adopted balance sheet of the financial period ending on
31 December 2022, a dividend of EUR
0.40
\u00a0
(0.00) per share will be paid at the time of
dividend payment on shares owned by external shareholders.
\u00a0
The Board of Directors proposes that the dividend be paid in two (2) instalments, such that
the first instalment of EUR 0.20 per share is paid on 24 May 2023 to shareholders who have
been recorded in the company\u2019s shareholder list maintained by Euroclear Finland Oy by the
record date of 11 May 2023. The Board of Directors proposes that it be authorised to later
decide, according to its discretion, the record and payment date for the second instalment of
the dividend, however in such a way that the second instalment is paid no later than by 20
October 2023 with a record date five weekdays prior to payment date.
At the time of the financial statements on 31 December 2022, there were 20,699,801
externally owned shares.
Dividends
The Annual General Meeting held on 27 April 2022 approved the Board\u2019s proposal to
distribute no dividend for the financial year 2021.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
6.1. SPECIFICATION OF NON-CASH TRANSACTIONS
\u00a0
Non-cash transactions
MEUR
2022
2021
Change in provisions
0.1
-0.3
Write-off of trade receivables
0.2
0.6
Sale of fixed assets
-0.7
-0.7
Share-based incentive plan
1.3
0.1
Rent concessions, Covid-19
-0.5
-2.8
Other adjustments
0.5
1.4
Total
0.9
-1.8
6.2. SHARES IN SUBSIDIARIES AND ASSOCIATED COMPANIES
\u00a0
Group companies
Domicile
Ownership
%
Beaniemax Oy
Tampere
80
Commodus Oy
Tampere
70
Dinnermax Oy
Tampere
70
El Rey Group Oy
Tampere
60
Friends & Brgrs Ab Oy
Pietarsaari
71
Friends & Brgrs Germany GmbH
Hamburg
100
Friends & Brgrs Denmark AS
Copenhagen
100
Gastromax Oy
Tampere
100
Pyynikin Brewery Restaurants Oy
Tampere
85
Hankinta Unioni Oy
Tampere
60
Harry's Ravintolat Oy
Helsinki
90
Italpal Oy
Tampere
100
Kampin Sirkus Oy
Tampere
90
Katang MGMT Oy
Helsinki
55
Koskimax Oy
Tampere
60
Levin Ravintolakatu Oy
Helsinki
100
Group companies
Domicile
Ownership
%
Local Brewery Restaurants Oy
Helsinki
70
Max Consulting Oy
Tampere
100
Nordic Gourmet Oy
Kangasala
74
Northmax Oy
Tampere
70
Nunc est Bibendum Oy
Helsinki
100
Poolmax Oy
Tampere
80
Priima-Ravintolat Oy
Tampere
100
Rock Hard Catering Oy
Tampere
100
PurMax Oy
Tampere
60
Rengasravintolat Oy
Tampere
100
Restala Oy
Helsinki
100
Unioninkadun Keidas Oy (NoHo Partners Oyj 18%)
Helsinki
82
Rivermax Oy
Tampere
72
Tillikka Oy
Tampere
80
RR Holding Oy
Helsinki
100
Royal Ravintolat Oy
Helsinki
100
Aunt Florentine's Oyster Oy
Helsinki
70
Latitude 25 Oy
Helsinki
78
Financier Group Oy
Helsinki
73
Mother of Pearl Oy
Tampere
100
Pihka Ravintolat Oy
Helsinki
100
Ravintolat F9 Oy
Helsinki
70
Royal Konseptiravintolat Oy
Helsinki
100
Pihka Ravintolat Oy
Kauniainen
100
Ravintolat F9 Oy
Helsinki
75
Royal Konseptiravintolat Oy
Tampere
70
Sea Horse Oy
Helsinki
100
Shinobi Group Oy
Tampere
70
Skohan Oy
Tampere
100
Stadin Night Oy
Helsinki
51
Group companies
Domicile
Ownership
%
Somax Oy
Tampere
100
Soolo Max Oy
Tampere
70
SRMax Oy
Tampere
85
Suomen Diner Ravintolat Oy
Tampere
80
Suomen Karaokebaarit Oy
Tampere
51
Suomen Koukkuravintolat Oy
Tampere
90
Espoon Koukkoravintolat Oy
Tampere
90
Jyv\u00e4skyl\u00e4 Koukkuravintolat Oy
Tampere
90
Lahden Koukkuravintolat Oy
Tampere
90
Suomen Ravintolatoimi Oy (Max Consulting Oy 42
\u00a0
%)
Jyv\u00e4skyl\u00e4
58
Espoon Koukkoravintolat Oy
Tampere
70
Suomen Siipiravintolat Oy
Tampere
80
Taikinapojat Oy
Helsinki
70
Tunturimax Oy
Tampere
76
Ski or Die Oy
Helsinki
80
Urban Group Oy
Helsinki
100
NoHo International Oy
Tampere
99
NoHo Norway AS
Oslo
86
Christiania Drift AS
Oslo
100
Complete Security AS
Oslo
91
Cosmopolitan AS
Drammen
100
DOD AS
Oslo
100
Dubliners AS
Oslo
100
Eilefs Landhandleri AS
Oslo
100
Emmas Drift As
Tromssa
100
GG Drift AS
Oslo
100
Lab Drift AS
Oslo
100
MEO AS
Oslo
100
Nieu Soria moria AS
Oslo
80
R\u00e5dhuskroken AS
Oslo
100
SBF AS
Oslo
100
T\u00f8yen Kulturhus AS
Oslo
100
Group companies
Domicile
Ownership
%
NoHo Tr\u00f8bbelskyter AS
Oslo
90
Christian August AS
Oslo
54
Kulturhuset i Oslo AS
Oslo
95
T\u00f8yen Bakeri og Kaffehus AS
Oslo
100
YGT3 AS
Oslo
100
Youngs AS
Oslo
100
Mexico Torshov AS
Oslo
100
M12 mor AS
Oslo
77
M12 Datter AS
Oslo
100
M12 Bergen AS
Oslo
100
M12 Kristiansand AS
Oslo
100
M12 Stavanger AS
Stavanger
100
M12 Troms\u00f8 AS
Tromssa
91
M12 Trondheim AS
Trondheim
100
\u00d8slo AS
Oslo
90
Solstikk AS
Oslo
100
Nordic Hospitality Partners Denmark A/S
Copenhagen
75
Chicks by Chicks Tivoli ApS
Copenhagen
84
Camping Denmark ApS
Copenhagen
100
Cock's & Cows ApS
Copenhagen
98
Cock's & Cows CPH Airport ApS
Copenhagen
100
Cock's & Cows Tisvilde ApS
Tisvildeleje
100
Luca Lyngby ApS
Kongens Lyngby
100
Ruby Group Holding ApS
Copenhagen
80
Bronnum ApS
Copenhagen
99
Ebony & Ivory ApS
Copenhagen
95
Lidkoeb ApS
Copenhagen
95
The Bird Mother ApS
Copenhagen
92
Luca Gl. Strand ApS
Copenhagen
100
The Bird ApS
Copenhagen
100
The Bird K\u00f8dbyen ApS
Copenhagen
100
Mergers for the period: Mikonkadun keidas Oy, Porin P\u00e4rekori Oy,
\u00a0
Roska Yhti\u00f6t Oy and
Thai Papaya Oy were merged into NoHo Partners Plc, The Bird CPH Airport ApS and The
Bird Tivoli ApS were merged into The Bird Mother ApS
\u00a0
and Tampereen Satamaravintolat
Oy was merged into Priima-Ravintolat Oy.
6.2. SHARES IN SUBSIDIARIES AND ASSOCIATED COMPANIES
\u00a0
Group companies
Domicile
Ownership
%
Beaniemax Oy
Tampere
80
Commodus Oy
Tampere
70
Dinnermax Oy
Tampere
70
El Rey Group Oy
Tampere
60
Friends & Brgrs Ab Oy
Pietarsaari
71
Friends & Brgrs Germany GmbH
Hamburg
100
Friends & Brgrs Denmark AS
Copenhagen
100
Gastromax Oy
Tampere
100
Pyynikin Brewery Restaurants Oy
Tampere
85
Hankinta Unioni Oy
Tampere
60
Harry's Ravintolat Oy
Helsinki
90
Italpal Oy
Tampere
100
Kampin Sirkus Oy
Tampere
90
Katang MGMT Oy
Helsinki
55
Koskimax Oy
Tampere
60
Levin Ravintolakatu Oy
Helsinki
100
Group companies
Domicile
Ownership
%
Local Brewery Restaurants Oy
Helsinki
70
Max Consulting Oy
Tampere
100
Nordic Gourmet Oy
Kangasala
74
Northmax Oy
Tampere
70
Nunc est Bibendum Oy
Helsinki
100
Poolmax Oy
Tampere
80
Priima-Ravintolat Oy
Tampere
100
Rock Hard Catering Oy
Tampere
100
PurMax Oy
Tampere
60
Rengasravintolat Oy
Tampere
100
Restala Oy
Helsinki
100
Unioninkadun Keidas Oy (NoHo Partners Oyj 18%)
Helsinki
82
Rivermax Oy
Tampere
72
Tillikka Oy
Tampere
80
RR Holding Oy
Helsinki
100
Royal Ravintolat Oy
Helsinki
100
Aunt Florentine's Oyster Oy
Helsinki
70
Latitude 25 Oy
Helsinki
78
Financier Group Oy
Helsinki
73
Mother of Pearl Oy
Tampere
100
Pihka Ravintolat Oy
Helsinki
100
Ravintolat F9 Oy
Helsinki
70
Royal Konseptiravintolat Oy
Helsinki
100
Pihka Ravintolat Oy
Kauniainen
100
Ravintolat F9 Oy
Helsinki
75
Royal Konseptiravintolat Oy
Tampere
70
Sea Horse Oy
Helsinki
100
Shinobi Group Oy
Tampere
70
Skohan Oy
Tampere
100
Stadin Night Oy
Helsinki
51
Group companies
Domicile
Ownership
%
Somax Oy
Tampere
100
Soolo Max Oy
Tampere
70
SRMax Oy
Tampere
85
Suomen Diner Ravintolat Oy
Tampere
80
Suomen Karaokebaarit Oy
Tampere
51
Suomen Koukkuravintolat Oy
Tampere
90
Espoon Koukkoravintolat Oy
Tampere
90
Jyv\u00e4skyl\u00e4 Koukkuravintolat Oy
Tampere
90
Lahden Koukkuravintolat Oy
Tampere
90
Suomen Ravintolatoimi Oy (Max Consulting Oy 42
\u00a0
%)
Jyv\u00e4skyl\u00e4
58
Espoon Koukkoravintolat Oy
Tampere
70
Suomen Siipiravintolat Oy
Tampere
80
Taikinapojat Oy
Helsinki
70
Tunturimax Oy
Tampere
76
Ski or Die Oy
Helsinki
80
Urban Group Oy
Helsinki
100
NoHo International Oy
Tampere
99
NoHo Norway AS
Oslo
86
Christiania Drift AS
Oslo
100
Complete Security AS
Oslo
91
Cosmopolitan AS
Drammen
100
DOD AS
Oslo
100
Dubliners AS
Oslo
100
Eilefs Landhandleri AS
Oslo
100
Emmas Drift As
Tromssa
100
GG Drift AS
Oslo
100
Lab Drift AS
Oslo
100
MEO AS
Oslo
100
Nieu Soria moria AS
Oslo
80
R\u00e5dhuskroken AS
Oslo
100
SBF AS
Oslo
100
T\u00f8yen Kulturhus AS
Oslo
100
Group companies
Domicile
Ownership
%
NoHo Tr\u00f8bbelskyter AS
Oslo
90
Christian August AS
Oslo
54
Kulturhuset i Oslo AS
Oslo
95
T\u00f8yen Bakeri og Kaffehus AS
Oslo
100
YGT3 AS
Oslo
100
Youngs AS
Oslo
100
Mexico Torshov AS
Oslo
100
M12 mor AS
Oslo
77
M12 Datter AS
Oslo
100
M12 Bergen AS
Oslo
100
M12 Kristiansand AS
Oslo
100
M12 Stavanger AS
Stavanger
100
M12 Troms\u00f8 AS
Tromssa
91
M12 Trondheim AS
Trondheim
100
\u00d8slo AS
Oslo
90
Solstikk AS
Oslo
100
Nordic Hospitality Partners Denmark A/S
Copenhagen
75
Chicks by Chicks Tivoli ApS
Copenhagen
84
Camping Denmark ApS
Copenhagen
100
Cock's & Cows ApS
Copenhagen
98
Cock's & Cows CPH Airport ApS
Copenhagen
100
Cock's & Cows Tisvilde ApS
Tisvildeleje
100
Luca Lyngby ApS
Kongens Lyngby
100
Ruby Group Holding ApS
Copenhagen
80
Bronnum ApS
Copenhagen
99
Ebony & Ivory ApS
Copenhagen
95
Lidkoeb ApS
Copenhagen
95
The Bird Mother ApS
Copenhagen
92
Luca Gl. Strand ApS
Copenhagen
100
The Bird ApS
Copenhagen
100
The Bird K\u00f8dbyen ApS
Copenhagen
100
Mergers for the period: Mikonkadun keidas Oy, Porin P\u00e4rekori Oy,
\u00a0
Roska Yhti\u00f6t Oy and
Thai Papaya Oy were merged into NoHo Partners Plc, The Bird CPH Airport ApS and The
Bird Tivoli ApS were merged into The Bird Mother ApS
\u00a0
and Tampereen Satamaravintolat
Oy was merged into Priima-Ravintolat Oy.
Associated companies
\u00a0
Domicile
Ownership
interest
Repa Service Oy
Tampere
30
RH-Areenat Oy
Tampere
29
Drammen
33
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
Associated companies
\u00a0
Domicile
Ownership
interest
Repa Service Oy
Tampere
30
RH-Areenat Oy
Tampere
29
Drammen
33
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
. On 11
June 2021, the Group published its updated strategy and financial targets for the strategy
period 2022\u20132024. In connection with this, the Group classified its shareholding in Eezy
Plc as an asset held for sale. The accounting principles for assets held for sale are
presented on page
.
Financial information on associated companies
2022
Assets
Liabilities
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Ownership interest
Drammen Torggata
\u00a0
Camping As
0.1
0.1
0.0
0.1
0.5
0.1
33
Repa Service Oy
0.0
0.0
0.0
0.0
0.3
0.0
30
RH Areenat Oy
0.3
0.2
0.0
0.7
0.3
-0.2
29
Total
0.4
0.4
0.0
0.8
1.0
-0.1
2021
Assets
Liabilities
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Ownership interest
Drammen Torggata
\u00a0
Camping As
0.1
0.2
0.0
0.0
0.3
0.1
33
Repa Service Oy
0.0
0.1
0.0
0.1
0.2
0.0
30
Total
0.1
0.2
0.0
0.1
0.5
0.1
MEUR
2022
2021
Book value 1 January
0.0
39.2
Transfers between account types
0.0
-0.2
Dividend received from associated company
0.0
-0.6
Decrease
0.0
-6.4
Reclassifications to non-current assets held for sale
0.0
-32.2
Share of profit for the financial period
0.0
0.5
Amortisation of intangible rights, taking the tax effect into
account
0.0
-0.2
Carrying amount 31 December
0.0
0.0
On 11 June 2021, the Group published its updated strategy and financial targets for the
strategy period 2022\u20132024. In connection with this, the Group classified its shareholding in
Eezy Plc as an asset held for sale.
4.4. SHARES IN ASSOCIATED COMPANIES
\u00a0
AND JOINT VENTURES
Associated companies
Associated companies are companies where the Group exercises a significant influence
over the voting rights. A significant influence is mainly generated when the Group owns over
20 per cent of the company's voting rights, or when the Group otherwise exercises a
significant influence but does not have a controlling interest. Associated companies are
consolidated into the consolidated financial statements using the equity method. If the
Group's share of the losses of an associated company exceeds the carrying amount of the
investment, the investment is recorded at zero value on the balance sheet; losses
exceeding the carrying amount are not consolidated unless the Group is committed to
fulfilling the liabilities of the associated company. Any investment in an associated company
includes the goodwill accrued from its acquisition. Unrealised gains between the Group and
an associated company have been eliminated in accordance with the Group's holding. The
portion of the associated companies' income from the financial period corresponding to the
Group's holding is presented as a separate item above EBIT. Correspondingly,
\u00a0
the Group's
share of the changes recorded in the other items of the associated company's
comprehensive income is entered in the other items of the Group's comprehensive income.
The Company has significant, over 20%, ownership in Eezy Plc, which is treated as non-
current assets held for sale.
The accounting principles for associated companies are presented on page
2021, the Group published its updated strategy and financial targets for the strategy period
2022\u20132024. In connection with this, the Group decided to classify its shareholding in Eezy
Plc as an asset held for sale. The accounting principles for assets held for sale are
presented on page
6.3. RELATED PARTY
\u00a0
TRANSACTIONS
\u00a0
Parties are considered to be related when one party can exercise control, shared control or
significant influence over the other in decision-making involving its finances and operating
activities. The Group\u2019s related parties are the parent company, subsidiaries, associated
company, the parent company\u2019s subsidiaries and the key management personnel. Key
management personnel includes the members of the Board of Directors, the Group\u2019s
Executive Team
\u00a0
and the CFO and his/her deputy, as well as their close family members.
Furthermore, related entities include any owners who can exercise control or significant
influence in NoHo Partners, the companies where the said owners have a controlling
interest, and companies where a person exercising control over NoHo Partners exercises
significant influence or works in the management of the company or its parent company.
The management\u2019s employee benefits
The management\u2019s employee benefits are presented on a cash basis.
2022
CEO Aku
Vikstr\u00f6m
Other
Executive
Team members
Total
MEUR
Salaries and fringe benefits
0.3
0.8
1.2
Total
0.3
0.8
1.2
2021
CEO Aku
Vikstr\u00f6m
Other
Executive
Team members
Total
MEUR
Salaries and fringe benefits
0.3
1.1
1.4
Total
0.3
1.1
1.4
NoHo Partners announced on 9 June 2022 of having re-organised the structure of its
Executive Team.
\u00a0
The Group\u2019s Executive Team
\u00a0
consists of Aku Vikstr\u00f6m, Jarno Suominen,
Jarno Vilponen and Tuomas Piirtola. From the beginning of 2021 until June 2022 the Group\u2019s
Executive Team
\u00a0
consisted of nine persons.
\u00a0
On 30 November 2021, NoHo Partners Plc announced the extension of the share-based
incentive scheme aimed at the company\u2019s key employees and the third earning period of the
share-based remuneration scheme. According to the stock exchange release of 22 March
2022, the company\u2019s Board of Directors decided to extend the third earning period of the long-
term share-based incentive scheme for key personnel due to the restaurant restrictions
tightened in December 2021. The third earning period lasts 16 months and it started on 1
December 2021 and will end on 31 March 2023. The introduction of the share-based incentive
scheme was announced on 30 November 2018.
The earning criteria for the third earning period are based on NoHo Partners Plc\u2019s relative
EBIT.
\u00a0
The share-based incentive scheme covers eight persons in the third earning period.
In accordance with the previous decision, a maximum of 281,828 NoHo Partners Plc shares
may be paid to the key employees for the third earning period. According to the average rate
of EUR 8.12 on 21 March 2022,
\u00a0
the value of the maximum remuneration would be
approximately MEUR 2.3. The Board of Directors anticipates that if the reward for the third
earning period was paid fully in shares, the maximum dilutive effect on the number of the
company\u2019s registered shares would be 1.44%.
On 22 December 2022, NoHo Partners Plc announced the fourth earning period of the
longterm share-based remuneration scheme for key personnel. The fourth earning period is
24 months, starting on 1 January 2023, and ending on 31 December 2024.The reward criteria
for the fourth earning period are based on NoHo Partners Plc\u2019s profitable growth. There are
ten participants in the long-term incentive plan\u2019s fourth earning period.
A maximum of 280,420 reward shares could be awarded for the fourth earning period. The
value of the maximum reward at the average share price on the trading day on 21 December
would be approximately EUR 2.0 million. The Board of Directors estimates that if the reward is
fully paid in new shares, the maximum dilutive effect on the number of the company\u2019s
registered shares for the fourth earning period is 1.34%.
Costs from the share-based incentive plan are recognised as staff expenses over time and in
equity under earnings.
\u00a0
The share-based incentive scheme and its earning periods 3 and 4 are presented in more
detail on page
The CEO\u2019s pension commitments and termination compensation
The Chief Executive Officer is covered by the Employees Pensions Act that offers pension
security based on the time of service and earnings in the manner defined in the Act. According
to the CEO\u2019s contract, the CEO will retire without separate notice upon reaching the
retirement age of 63, unless otherwise agreed between both parties in advance. The Chief
Executive Officer\u2019s accrued pension costs for the financial period were EUR 60.7
The period of notice for the CEO is six (6) months for both the CEO and the company. In
addition to the pay for the term of notice, the CEO is entitled to compensation equalling six
(6) months\u2019 salary if the company dismisses the CEO for any reason other than serious
misconduct, criminal offence or similar.
Fees for the Board of Directors
EUR thousands
2022
2021
Timo Laine, Chairman of the Board of Directors *
147.0
145.8
Yrj\u00f6 N\u00e4rhinen, Vice-Chairman of the Board of Directors
37.4
0.0
Kai Seikku, member of the Board of Directors
\u00a0
15.7
0.0
Petri Olkinuora, Vice-Chairman of the Board of Directors
24.5
30.0
Mika Niemi, member of the Board of Directors
20.0
20.0
Mia Ahlstr\u00f6m, Member of the Board of Directors
21.2
20.0
Tomi
\u00a0
Terho,
\u00a0
member of the Board of Directors
\u00a0
6.7
20.0
Saku Tuominen, member of the Board of Directors
\u00a0
6.7
20.0
Total
279.2
255.8
* Includes consultant fees of MEUR 0.1 (0.1) paid to the member of the Board of Directors.
These are treated as purchases in the related party transactions table.
Transactions with related entities
MEUR
2022
2021
Sales
0.1
0.1
Lease costs
0.4
0.3
Purchases
18.1
13.5
Rent income
0.0
0.1
Receivables
0.1
0.2
Liabilities
2.0
2.1
MEUR 0.7 of related party receivables were written down during the financial period.
\u00a0
Sales to related entities comprise restaurant sales. Purchases from related entities include,
for example, labour hire,
renovation and business premises expenses as well as costs of
equipment and equipment maintenance. The Group has also
leased premises from related
parties.
Transactions with Eezy PLC (included in the table afore)
MEUR
2022
2021
Sales
0.1
0.0
Purchases
16.3
10.4
Liabilities
1.9
2.0
6.3. RELATED PARTY
\u00a0
TRANSACTIONS
\u00a0
Parties are considered to be related when one party can exercise control, shared control or
significant influence over the other in decision-making involving its finances and operating
activities. The Group\u2019s related parties are the parent company, subsidiaries, associated
company, the parent company\u2019s subsidiaries and the key management personnel. Key
management personnel includes the members of the Board of Directors, the Group\u2019s
Executive Team
\u00a0
and the CFO and his/her deputy, as well as their close family members.
Furthermore, related entities include any owners who can exercise control or significant
influence in NoHo Partners, the companies where the said owners have a controlling
interest, and companies where a person exercising control over NoHo Partners exercises
significant influence or works in the management of the company or its parent company.
The management\u2019s employee benefits
The management\u2019s employee benefits are presented on a cash basis.
2022
CEO Aku
Vikstr\u00f6m
Other
Executive
Team members
Total
MEUR
Salaries and fringe benefits
0.3
0.8
1.2
Total
0.3
0.8
1.2
2021
CEO Aku
Vikstr\u00f6m
Other
Executive
Team members
Total
MEUR
Salaries and fringe benefits
0.3
1.1
1.4
Total
0.3
1.1
1.4
NoHo Partners announced on 9 June 2022 of having re-organised the structure of its
Executive Team.
\u00a0
The Group\u2019s Executive Team
\u00a0
consists of Aku Vikstr\u00f6m, Jarno Suominen,
Jarno Vilponen and Tuomas Piirtola. From the beginning of 2021 until June 2022 the Group\u2019s
Executive Team
\u00a0
consisted of nine persons.
\u00a0
On 30 November 2021, NoHo Partners Plc announced the extension of the share-based
incentive scheme aimed at the company\u2019s key employees and the third earning period of the
share-based remuneration scheme. According to the stock exchange release of 22 March
2022, the company\u2019s Board of Directors decided to extend the third earning period of the long-
term share-based incentive scheme for key personnel due to the restaurant restrictions
tightened in December 2021. The third earning period lasts 16 months and it started on 1
December 2021 and will end on 31 March 2023. The introduction of the share-based incentive
scheme was announced on 30 November 2018.
The earning criteria for the third earning period are based on NoHo Partners Plc\u2019s relative
EBIT.
\u00a0
The share-based incentive scheme covers eight persons in the third earning period.
In accordance with the previous decision, a maximum of 281,828 NoHo Partners Plc shares
may be paid to the key employees for the third earning period. According to the average rate
of EUR 8.12 on 21 March 2022,
\u00a0
the value of the maximum remuneration would be
approximately MEUR 2.3. The Board of Directors anticipates that if the reward for the third
earning period was paid fully in shares, the maximum dilutive effect on the number of the
company\u2019s registered shares would be 1.44%.
On 22 December 2022, NoHo Partners Plc announced the fourth earning period of the
longterm share-based remuneration scheme for key personnel. The fourth earning period is
24 months, starting on 1 January 2023, and ending on 31 December 2024.The reward criteria
for the fourth earning period are based on NoHo Partners Plc\u2019s profitable growth. There are
ten participants in the long-term incentive plan\u2019s fourth earning period.
A maximum of 280,420 reward shares could be awarded for the fourth earning period. The
value of the maximum reward at the average share price on the trading day on 21 December
would be approximately EUR 2.0 million. The Board of Directors estimates that if the reward is
fully paid in new shares, the maximum dilutive effect on the number of the company\u2019s
registered shares for the fourth earning period is 1.34%.
Costs from the share-based incentive plan are recognised as staff expenses over time and in
equity under earnings.
\u00a0
The share-based incentive scheme and its earning periods 3 and 4 are presented in more
detail on page
The CEO\u2019s pension commitments and termination compensation
The Chief Executive Officer is covered by the Employees Pensions Act that offers pension
security based on the time of service and earnings in the manner defined in the Act. According
to the CEO\u2019s contract, the CEO will retire without separate notice upon reaching the
retirement age of 63, unless otherwise agreed between both parties in advance. The Chief
Executive Officer\u2019s accrued pension costs for the financial period were EUR 60.7
The period of notice for the CEO is six (6) months for both the CEO and the company. In
addition to the pay for the term of notice, the CEO is entitled to compensation equalling six
(6) months\u2019 salary if the company dismisses the CEO for any reason other than serious
misconduct, criminal offence or similar.
Fees for the Board of Directors
EUR thousands
2022
2021
Timo Laine, Chairman of the Board of Directors *
147.0
145.8
Yrj\u00f6 N\u00e4rhinen, Vice-Chairman of the Board of Directors
37.4
0.0
Kai Seikku, member of the Board of Directors
\u00a0
15.7
0.0
Petri Olkinuora, Vice-Chairman of the Board of Directors
24.5
30.0
Mika Niemi, member of the Board of Directors
20.0
20.0
Mia Ahlstr\u00f6m, Member of the Board of Directors
21.2
20.0
Tomi
\u00a0
Terho,
\u00a0
member of the Board of Directors
\u00a0
6.7
20.0
Saku Tuominen, member of the Board of Directors
\u00a0
6.7
20.0
Total
279.2
255.8
* Includes consultant fees of MEUR 0.1 (0.1) paid to the member of the Board of Directors.
These are treated as purchases in the related party transactions table.
Transactions with related entities
MEUR
2022
2021
Sales
0.1
0.1
Lease costs
0.4
0.3
Purchases
18.1
13.5
Rent income
0.0
0.1
Receivables
0.1
0.2
Liabilities
2.0
2.1
MEUR 0.7 of related party receivables were written down during the financial period.
\u00a0
Sales to related entities comprise restaurant sales. Purchases from related entities include,
for example, labour hire,
renovation and business premises expenses as well as costs of
equipment and equipment maintenance. The Group has also
leased premises from related
parties.
Transactions with Eezy PLC (included in the table afore)
MEUR
2022
2021
Sales
0.1
0.0
Purchases
16.3
10.4
Liabilities
1.9
2.0
Parties are considered to be related when one party can exercise control, shared control or
significant influence over the other in decision-making involving its finances and operating
activities. The Group\u2019s related parties are the parent company, subsidiaries, associated
company, the parent company\u2019s subsidiaries and the key management personnel. Key
management personnel includes the members of the Board of Directors, the Group\u2019s
Executive Team
\u00a0
and the CFO and his/her deputy, as well as their close family members.
Furthermore, related entities include any owners who can exercise control or significant
influence in NoHo Partners, the companies where the said owners have a controlling
interest, and companies where a person exercising control over NoHo Partners exercises
significant influence or works in the management of the company or its parent company.
The management\u2019s employee benefits
The management\u2019s employee benefits are presented on a cash basis.
2022
CEO Aku
Vikstr\u00f6m
Other
Executive
Team members
Total
MEUR
Salaries and fringe benefits
0.3
0.8
1.2
Total
0.3
0.8
1.2
2021
CEO Aku
Vikstr\u00f6m
Other
Executive
Team members
Total
MEUR
Salaries and fringe benefits
0.3
1.1
1.4
Total
0.3
1.1
1.4
NoHo Partners announced on 9 June 2022 of having re-organised the structure of its
Executive Team.
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The Group\u2019s Executive Team
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consists of Aku Vikstr\u00f6m, Jarno Suominen,
Jarno Vilponen and Tuomas Piirtola. From the beginning of 2021 until June 2022 the Group\u2019s
Executive Team
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consisted of nine persons.
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On 30 November 2021, NoHo Partners Plc announced the extension of the share-based
incentive scheme aimed at the company\u2019s key employees and the third earning period of the
share-based remuneration scheme. According to the stock exchange release of 22 March
2022, the company\u2019s Board of Directors decided to extend the third earning period of the long-
term share-based incentive scheme for key personnel due to the restaurant restrictions
tightened in December 2021. The third earning period lasts 16 months and it started on 1
December 2021 and will end on 31 March 2023. The introduction of the share-based incentive
scheme was announced on 30 November 2018.
The earning criteria for the third earning period are based on NoHo Partners Plc\u2019s relative
EBIT.
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The share-based incentive scheme covers eight persons in the third earning period.
In accordance with the previous decision, a maximum of 281,828 NoHo Partners Plc shares
may be paid to the key employees for the third earning period. According to the average rate
of EUR 8.12 on 21 March 2022,
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the value of the maximum remuneration would be
approximately MEUR 2.3. The Board of Directors anticipates that if the reward for the third
earning period was paid fully in shares, the maximum dilutive effect on the number of the
company\u2019s registered shares would be 1.44%.
On 22 December 2022, NoHo Partners Plc announced the fourth earning period of the
longterm share-based remuneration scheme for key personnel. The fourth earning period is
24 months, starting on 1 January 2023, and ending on 31 December 2024.The reward criteria
for the fourth earning period are based on NoHo Partners Plc\u2019s profitable growth. There are
ten participants in the long-term incentive plan\u2019s fourth earning period.
A maximum of 280,420 reward shares could be awarded for the fourth earning period. The
value of the maximum reward at the average share price on the trading day on 21 December
would be approximately EUR 2.0 million. The Board of Directors estimates that if the reward is
fully paid in new shares, the maximum dilutive effect on the number of the company\u2019s
registered shares for the fourth earning period is 1.34%.
Costs from the share-based incentive plan are recognised as staff expenses over time and in
equity under earnings.
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The share-based incentive scheme and its earning periods 3 and 4 are presented in more
detail on page
The CEO\u2019s pension commitments and termination compensation
The Chief Executive Officer is covered by the Employees Pensions Act that offers pension
security based on the time of service and earnings in the manner defined in the Act. According
to the CEO\u2019s contract, the CEO will retire without separate notice upon reaching the
retirement age of 63, unless otherwise agreed between both parties in advance. The Chief
Executive Officer\u2019s accrued pension costs for the financial period were EUR 60.7
The period of notice for the CEO is six (6) months for both the CEO and the company. In
addition to the pay for the term of notice, the CEO is entitled to compensation equalling six
(6) months\u2019 salary if the company dismisses the CEO for any reason other than serious
misconduct, criminal offence or similar.
During January\u2013December 2022, NoHo Partners Group employed on average 1,211 (951)
full-time employees and 680 (546) part-time employees converted into full-time employees
as well as 386 (262) rented employees converted into full-time employees.
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Depending on the season, some 2,300 people converted into full-time employees work at
the Group at the same time under normal circumstances.
MEUR
2022
2021
Salaries
64.7
44.4
Pension costs \u2013 defined contribution plans
8.6
6.3
Social security costs
3.1
1.9
Expenses recognised on the share-based incentive plan
1.3
0.1
Total
77.7
52.7
2022
2021
Group personnel on average during the period
1,891
1,497
Matters related to Group personal are described as part of the Sustainability section on
page
The management\u2019s employment benefits are described on page
The share-based incentive plan is described on page
ACCOUNTING PRINCIPLES
The Group has pension arrangements based on local practices in Finland, Norway and
Denmark.
Pension obligations are classified as benefit-based or defined contribution plans. The
Group's statutory pension plans have been classified as defined contribution plans. The
Group does not have any benefit-based pension plans.
In a defined contribution plan, the Group pays fixed fees for a pension plan to a pension
insurance company. The Group is not legally or constructively obligated to make
additional payments if the recipient of the payments does not have sufficient funds to pay
the pension benefits that the employees have earned for the current period or periods
preceding it. In a defined contribution plan, the payments made are recorded into the
income statement for the financial period that the charge applies to.
The period of notice for the CEO is six (6) months for both the CEO and the company. In
addition to the pay for the term of notice, the CEO is entitled to compensation equalling six
(6) months\u2019 salary if the company dismisses the CEO for any reason other than serious
misconduct, criminal offence or similar.
6.4. SIGNIFICANT EVENTS AFTER THE FINANCIAL STATEMENTS
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DATE
NoHo Partners selected as the main supplier for restaurant services by Helsinki Expo
and Convention Centre
On 18 January 2023, NoHo Partners announced that company NoHo Partners has been
selected as the main supplier for restaurant services by Helsinki Expo and Convention
Centre (brand name Messukeskus) as of 1 July 2023. Helsinki Expo and Convention Centre
is the largest venue for exhibitions, meetings and congresses in Finland, hosting national
and international events for about a million visitors annually. The annual revenue from the
restaurant services at the convention centre is approximately EUR 15 million.
In January 2023, Group turnover increased to approximately MEUR 22.7
\u00a0
NoHo Partners\u2019 turnover in January 2023 was approximately MEUR 22.7 (6.8) and
increased by 236% compared to the same period in the previous year. In January 2022, the
Group operated in a strictly restricted or closed business environment in all of its operating
countries due to the Covid-19 pandemic. Turnover increased by 23% compared to the
corresponding pre-pandemic period in 2020.
As of 16 February 2023, NoHo Partners will publish in the interim reports the Group turnover
for the first month of the commencing quarter. The target is to provide better service to
investors through timely and transparent investor communications.