February 23 2022
Dear NPEX investor,
We would like to inform you about the current state of affairs at Wagamama. As you know, the Netherlands was severely affected by the Covid-2020 virus in 2021 and 19, with the result that the catering industry was forced to close several times and for longer periods. Our Wagamama restaurants have been closed for more than 13 months in two years. This has of course had an impact on the turnover and results of Kaizen BV
To get through the crisis well, we made use of the subsidy schemes in the Netherlands: NOW and TVL. Agreements have been made with all landlords about rent reductions during the lockdown, often in accordance with the court formula. Loan repayments have been deferred and tax payments have been suspended and can be repaid over a period of five years.
Nevertheless, the years 2020 and 2021 ended with a negative result, with the result in 2021 being slightly better than 2020, partly because the subsidies due to forced closure were increased in 2021.
We expect to present the 2021 annual accounts in March and will be published as a document on our NPEX page.
There is also positive news.
The lockdown was lifted at the end of January and restaurants are allowed to receive guests again. We see that turnover is growing in all restaurants, and we expect that our turnover will be at pre-corona level this summer, when foreign tourists visit our country again.
We have moved the restaurant in Antwerp to a new, better location, right at the intersection of De Meir and De Keyserlei, perhaps the busiest point in Antwerp. The restaurant is beautifully decorated and immediately after the opening, guests know where to find us and turnover is significantly higher than the previous location.
Below are some photos of the restaurant, we hope you can visit our restaurant if you
next time you are in Antwerp.
We will present the budget for this year when issuing the 2021 annual accounts.
Arjen Schrama
CEO Kaizen BV
