December 3, 2021

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2020 was Maaemo's worst year ever - E24

2020 was Maaemo’s worst year ever – E24

The Michelin-starred restaurant made record profits before the pandemic turned everything upside down. Last year was the worst in the restaurant’s history.

Maaemo chief Esben Holmboe Bang tastes the food. Here in 2017, in the old building of the restaurant.

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– The result is, after all, as expected, as we have closed to epidemics, invested in new buildings and opened two restaurants, says Maaemo President Esben Holmboe Bang, and adds:

It’s never fun to show a negative result, but there is a clear explanation.

Maaemo’s revenue also increased by NOK 7.5 million to NOK 32.5 million, compared to the previous year.

However, they finished 2020 with the worst result ever. Higher wage costs contributed significantly to lowering operating profit from a record NOK 933,500 in 2019 to minus NOK 5.6 million last year.

Five consecutive years of profit

Thus, the company was left with a loss of NOK 5.7 million before taxes. This is down from the 952,600 profit in 2019 – which was also a record.

Except for its 2010 startup year, Maaemo lost money in operations until 2014. Since then, the restaurant has had a positive operating result for five consecutive years.

In 2012, Maaemo received its first Michelin stars, as the first Nordic restaurant to go directly to the two-star guide. Four years later, jubilation is back on the surface again The restaurant got three starsand thus wrote a Norwegian Michelin history.

In 2019, all three stars were retained, but due to the move to Purvika, there were no stars in 2020.

But this fall, general manager and co-owner Esben Holmboe Bang reclaimed Maaemo’s three stars in this year’s Michelin Guide.

In the new building, the company also operates a small restaurant called The Vandelay.

Vandelay was greeted with enthusiasm by the market and a huge hit from day one, writes Espen Holmboe Bang and Chairman Bjorn Tur Forst in the annual report.

lost property rights

High costs and a weak result caused a sharp decline in equity, which at the end of last year was negative at NOK 2.4 million. At the same time, they had a short-term debt of more than ten million kronor. However, the company believes that the prerequisite for continuation of operations is present.

– We are ready to add more, if needed, says Esben Holmboe Bang.

Maemo is optimistic about the future and expects the increased revenue to give a positive result this year.

Unfortunately, the company has been affected by the Covid-19 virus. The annual report stated that due to the move to new premises, operations were halted for a period, meaning that Maaemo AS received modest support assistance.

However, in July this year, the company was awarded NOK 1.3 million to support unavoidable fixed costs, according to E24s. special crown.

Maaemo is owned by Bjørn Tore Furset and Esben Holmboe Bang’s EHB Holding company. They both control half of the company.

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