Rezidor Hotel Group: INTERIM REPORT January-June 2014
ET | Source:Rezidor Hotel Group AB
Second Quarter 2014
* Like-for like ("L/L") RevPAR was up by 2.7%.
* Revenue decreased marginally to MEUR 247.1 (248.9).
* On a L/L basis Revenue decreased by 0.9%.
* EBITDA amounted to MEUR 30.8 (34.9), and EBITDA margin decreased to 12.5%
* Profit after tax amounted to MEUR 14.1 (17.4).
* Basic and diluted Earnings per Share were EUR 0.09 (0.12).
* 2,194 new rooms were contracted, 795 new rooms opened and 415 rooms left the
* Through a successful rights issue, proceeds of MEUR 59.7 were received.
Half year 2014
* L/L RevPAR was up by 3.7%.
* Revenue increased marginally to MEUR 458.5 (456.0).
* On a L/L basis Revenue increased by 1.2%.
* EBITDA amounted to MEUR 30.1 (32.1), and the EBITDA margin decreased to
* Profit after tax amounted to MEUR 3.8 (6.2).
* Basic and diluted Earnings per Share were EUR 0.03 (0.04).
* Cash flow from operating activities amounted to MEUR 0.8 (6.6).
* 3,200 new rooms were contracted and 2,009 new rooms opened.
MEUR Q2 2014 Q2 2013 H1 2014 H1 2013
Revenue 247.1 248.9 458.5 456.0
EBITDAR 93.0 97.0 154.7 155.6
EBITDA 30.8 34.9 30.1 32.1
EBIT 21.4 26.2 12.9 16.2
Profit for the period 14.1 17.4 3.8 6.2
EBITDAR margin, % 37.6% 39.0% 33.7% 34.1%
EBITDA margin, % 12.5% 14.0% 6.6% 7.0%
EBIT margin, % 8.7% 10.5% 2.8% 3.6%
Comments from the CEO
Growth in underlying RevPAR supported by gain in market share; continued focus
on delivering on Route 2015 targets
"We see a rate driven, modest recovery in several EMEA markets despite overall
macroeconomic uncertainties. During the quarter, Western Europe and the Nordics
posted a good RevPAR performance, with the exception of Norway which showed a
more pronounced impact of the Easter timing. Eastern Europe, the Middle East and
Africa continued to show a positive trend. The exceptions included Russia and
Ukraine, which suffered from the regional political turmoil.
Our Route 2015 turnaround plan has continued to deliver positive results. The
quarter posted good underlying results, albeit those were somewhat diluted by
the strengthening of the Euro, the Easter timing and some specific events, like
the closure of one leased hotel for renovation and the exit of the casino
operations in Copenhagen. We continued to gain market share during this period
and we completed a successful rights issue which generated MEUR 60 in additional
cash. Those funds will be strategically deployed to execute our long-term plans
and increase shareholder value.
During the quarter, we added 2,200 rooms to the pipeline and opened 800 rooms.
All the new rooms were under fee based contracts, which support our asset-light
The visibility for the next quarter and the rest of the year is still low. We
maintain cautious optimism, and remain strongly focussed on revenue generation,
tight cost control, asset management and profitable growth."
Wolfgang M. Neumann, President & CEO
Presentation of the Q2 Results
On July 23, 2014 at 10:00 (Central European Time) a combined telephone
conference and live webcast (in English) concerning the report will be presented
by the President & CEO, Wolfgang M. Neumann and Deputy President & CFO, Knut
To follow the webcast, please visit www.investor.rezidor.com
To access the telephone conference, please dial:
Sweden: +46(0)8 5065 3937
Sweden, Free: 0200 883 440
USA, Local: +1212 444 0895
USA, Free: 1877 280 1254
UK, Local: +44(0)20 3427 1913
UK, Free: 0800 279 4992
Belgium, Local: +32(0)2 402 3092
Confirmation code: 3116852
For a replay of the conference call please visit www.investor.rezidor.com.
Q3 2014 results: October 24, 2014
Q4 2014 results: February 17, 2015
Q1 2015 results: April 24, 2015
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 07:30 Central
European Time on July 23, 2014.
For Further Information, Contact
Deputy President & CFO
Tel: +32 2 702 9244
Fax: +32 2 702 9330
The Rezidor Hotel Group Corporate Office
Avenue du Bourget 44
Tel: +32 2 702 9200
Fax: +32 2 702 9300
About the Rezidor Hotel Group
The Rezidor Hotel Group currently features a portfolio of 433 hotels with ca
96,000 rooms in operation and under development in 69 countries across Europe,
the Middle East and Africa. Rezidor operates the core brands Radisson Blu and
Park Inn by Radisson.
Rezidor is a member of the Carlson Rezidor Hotel Group.
For more information, visit www.rezidor.com
The full report with tables can be downloaded from the following link:
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