Third quarter, 2010
* RevPAR Like-for-like increased by 12.6% to EUR 66.6 (59.2).
Like-for-like Occupancy was 71.3% (65.2).
* Revenue increased by 24.1% or MEUR 39.9 to MEUR 205.3 (165.4).
On a Like-for-like basis Revenue increased by 10.4%.
* EBITDA was MEUR 18.4 (3.1), and EBITDA margin was 9.0% (1.9).
* Profit after tax amounted to MEUR 4.6 (-6.1).
* Basic and diluted Earnings Per Share amounted to EUR 0.03 (-0.04).
Nine month ending September, 2010
* RevPAR Like-for-like increased by 5.0% to EUR 63.0 (60.1).
Like-for-like Occupancy was 65.4% (61.1).
* Revenue increased by 16.9% or MEUR 82.8 to MEUR 574.0 (491.2).
On a Like-for-like basis Revenue increased by 3.6%.
* EBITDA was MEUR 24.5 (-4.8), and EBITDA margin was 4.3% (-1.0).
* Profit after tax amounted to MEUR 4.1 (-27.9).
* Basic and diluted Earnings Per Share amounted to EUR 0.03 (-0.19)
* Cash flow from operating activities was 21.9 (-10.7). Total available cash
at the end of the period, including unutilised credit facilities, amounted
to MEUR 108.5 (MEUR 97.0 in Dec 09 and MEUR 92.7 in September 09).
Other developments
* Circa 2,000 new rooms were added into operations in the third quarter and ca
6,700 during the first nine months.
* Circa 1,200 rooms were signed in the third quarter and ca 6,300 during the
first nine months. All of the new rooms signed during the year were managed
or franchised.
Third quarter Nine months Rolling 12-months
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 09- Oct 08-
MEUR 10 09 10 09 Sep 10 Sep 09
--------------------------------------------------------------------------------
Revenue 205.3 165.4 574.0 491.2 760.0 684.8
EBITDAR 75.1 54.2 190.9 148.8 252.2 212.9
EBITDA 18.4 3.1 24.5 -4.8 34.1 8.9
EBIT 9.4 -4.9 4.7 -27.0 6.6 -21.6
Profit/(loss) 4.6 -6.1 4.1 -27.9 3.8 -26.5
after Tax
EBITDAR Margin % 36.6% 32.7% 33.3% 30.3% 33.2% 31.1%
EBITDA Margin % 9.0% 1.9% 4.3% -1.0% 4.5% 1.3%
EBIT Margin % 4.6% -3.0% 0.8% -5.5% 0.9% -3.3%
Comment from the CEO
- Strong rebound with improved margins
"Although fragile and coming from a low base, the recovery is now evident across
all our geographic segments. A further strengthening of demand led to a solid
RevPAR growth in our key markets, notably Sweden, Germany, France, Belgium and
the Netherlands. For the first time in two years, room rates increased, which
contributed to the acceleration in RevPAR growth.
The quarter showed a robust increase in margins driven by a combination of
strong RevPAR development and our operational gearing. Our efforts were also
focused on maintaining the existing cost base, which has benefitted from our
cost savings programme.
The growth in Emerging Markets is paying off in terms of a significant EBITDA
contribution from those markets in the third quarter. We have maintained our
growth pace throughout the downturn, opening over 18,000 rooms since the second
quarter of 2008 as well as improving the overall quality of our contract mix."
Kurt Ritter, President & CEO
Financial calendar
Year-end Report January-December 2010: 22 February 2011
Interim Report January-March 2011: 13 April 2011
Annual General Meeting 2011: 13 April 2011
Interim Report January-June 2011: 21 July 2011
This quarterly report comprises information which Rezidor Hotel Group AB (publ)
is required to disclose under the Securities Markets Act and/or the Financial
Instruments Trading Act. It was released for publication at 08:30 Central
European Time on 29(th) October 2010.
Stockholm 29(th) October, 2010
Kurt Ritter
President & CEO
Rezidor Hotel Group AB
Webcast
29(th) October 2010 at 15:30 (Central European Time).
Kurt Ritter, President & CEO, Knut Kleiven, Deputy President & CFO and Puneet
Chhatwal, Chief Development Officer, will present the report and answer
questions.
To participate in the teleconference, please dial:
Sweden: +46 (0)8 5066 2770
Sweden toll-free: 0200 897 065
UK: +44 (0)20 7784 1036
UK toll-free: 0800 279 9640
US: +1 718 354 1358
US toll-free: 1866 850 2201
To follow the webcast, please visit www.rezidor.com
A replay of the conference call will be available one month following the call
by dialling +46 (0)8 5051 3897 (Sweden), +44 (0)20 7111 1244 (UK) and
+1 347 366 9565 (US), access code 4688341#.
For further information, please contact:
Knut Kleiven, Deputy President and Chief Financial Officer
The Rezidor Hotel Group
Avenue du Bourget 44
B-1130 Brussels, Belgium
Tel: + 32 2 702 9200
www.rezidor.com
The full report with tables can be downloaded from the following link:
[HUG#1456899]
