The chain has now lost NOK 106 million since entering Norway.
The juice and sandwich chain lost nearly 33 million before taxes last year, the worst year since the chain entered Norway. This is a decrease of six million kronor from the previous year. The Danish chain’s Norwegian operations have not lost as much money as they did in 2020, according to recent figures from Brønnøysund records.
In total, the company’s operations in Norway have lost NOK 109 million before tax over the past six years.
The chain has only been profitable for two years in this country, in 2013 and 2014. In total, the company has lost 106 million NOK since it established itself in Norway.
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In Norway, the company had 28 cafes last year, with a turnover of 115.5 million NOK. The operating profit ended at minus 10.2 million Norwegian kroner. Last year, the company invested nearly NOK 3 million, which mainly applies to expenses for shop fittings and machinery, as well as technical facilities. The investments were mainly financed by group loans and leasing agreements.
In 2020, the company employed 78 full-time employees, which is down from 87 the previous year.
Additional shares raised
The company wrote in the notes that 2021 will be affected by the Corona epidemic and “prone to uncertainty.” The shutdown, which began in December and ended in April, has given the company a “difficult start to the year compared to the year before.” At the same time, management has a positive outlook for 2021, and expects revenue and results in line with 2020 levels.
At the beginning of 2021, the company had 120 million NOK in equity.
In February 2021, the group raised DKK 300 million in equity to ensure “sufficient liquidity resources are available to support future growth”.
The company also wrote that it expects to re-establish equity via debt conversion in 2022.
In December last year, it was reported that cleaning company ISS had filed for bankruptcy over Joe & The Juice due to an unpaid bill of DKK 25,000.
Five days later, the company withdrew its bankruptcy petition.
– ISS Norway and the client have started a dialogue to find a solution to the issue. As part of this, the bankruptcy petition was withdrawn, Director of Communications Ronnie Petersen told E24.
Joe & The Juice indicated that they disagreed on the amount, but it did not exceed 40,000 Norwegian kroner, which is equivalent to about 28 thousand Danish kroner.
The dispute has been over whether Joe & The Juice should pay for cleaning in cafes at airports that have been closed during the coronavirus pandemic.
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