Second quarter, 2012
- Like-for like ("L/L") RevPAR was up by 5.9%.
- Revenue increased by 5.4% to MEUR 238.9 (226.7).
On a L/L basis Revenue increased by 2.8%. - EBITDA amounted to MEUR 22.7 (14.8), and the EBITDA margin to 9.5% (6.5).
- Profit after tax amounted to MEUR 6.2 (4.7).
- Basic and diluted Earnings Per Share amounted to EUR 0.04 (0.03).
- Ca 1,300 new rooms opened and ca 2,500 new rooms were contracted.
Half year, 2012
- L/L RevPAR was up by 5.7%.
- Revenue increased by 6.3% to MEUR 445.8 (419.3).
On a L/L basis Revenue increased by 4.3%. - EBITDA amounted to MEUR 17.7 (6.2), and the EBITDA margin to 4.0% (1.5).
- Loss after tax amounted to MEUR -7.9 (-12.7).
- Basic and diluted Earnings Per Share amounted to EUR -0.05 (-0.09).
- Cash flow from operating activities amounted to -10.7 (-20.1).
- Ca 2,200 new rooms opened and ca 3,900 new rooms were contracted
| MEUR | Q2 2012 | Q2 2011 | H1 2012 | H1 2011 |
| Revenue | 238.9 | 226.7 | 445.8 | 419.3 |
| EBITDAR | 82.3 | 73.6 | 140.7 | 126.2 |
| EBITDA | 22.7 | 14.8 | 17.7 | 6.2 |
| EBIT | 11.7 | 7.0 | -0.8 | -9.6 |
| Profit/loss after Tax | 6.2 | 4.7 | -7.9 | -12.7 |
| EBITDAR margin, % | 34.4% | 32.5% | 31.6% | 30.1% |
| EBITDA margin, % | 9.5% | 6.5% | 4.0% | 1.5% |
| EBIT margin, % | 4.9% | 3.1% | -0.2% | -2.3% |
Comments from the CEO Kurt Ritter
- Margin expansion, driven by a solid RevPAR growth
"I am pleased to report an improved result for the second quarter despite a continued fragile global macroeconomic climate. Our like-for-like RevPAR improved by a healthy 6% due to a strong performance in the emerging markets. We outperformed the industry in terms of RevPAR growth, fuelled by the revenue initiatives launched together with Carlson last year.
Our EBITDA margin grew by 3 percentage points supporting our Route 2015 strategy. Top line growth including additional high-margin fee revenue and lower central costs contributed to the margin expansion. Despite a negative impact from write downs of fixed assets of MEUR 4, mainly related to one leased contract in Rest of Western Europe, our EBIT margin improved by 1.8 percentage points.
During the quarter, we have successfully converted a loss making management contract with performance guarantee into a franchise contract in Rest of Western Europe and extended one profitable lease contract in the Nordics. We have continued with our asset-light growth strategy, and opened 1,300 rooms in the quarter and our pipeline remain strong and steady at 22,000 rooms.
The outlook remains very uncertain due to the current macroeconomic situation. Hence, we remain focused on improving profitability, both in absolute terms and relative to the industry."
Presentation of the Q2 results
On 13 July, 2012 at 15:30 (Central European Time) a combined telephone conference and live webcast (in English) concerning the report will be presented by the President and CEO, Kurt Ritter, and Deputy President & CFO, Knut Kleiven.
To follow the webcast, please visit www.rezidor.com
To access the telephone conference, please dial:
| Sweden: | +46 (0)8 5051 3793 |
| Sweden toll-free: | 0200 883 440 |
| UK: | +44 (0)20 3450 9987 |
| UK toll-free: | 0800 279 5004 |
| US: | +1 646 254 3365 |
| US toll-free: | +1877 280 2296 |
Confirmation code: 8113843
For a replay of the conference call (available one month) please visit www.investor.rezidor.com or dial +46 (0)8 5051 3897 (Sweden), +44 (0)20 7111 1244 (UK) and +1 347 366 9565 (USA). Access code 8113843#
Financial calendar 2012
Q3-2012 results: 26 October 2012
Year-end -report Q4-2012 results: 13 February 2013
Q1-2013 results: 24 April 2013
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 08h30 Central European Time on 13 July 2012.
For further information, contact
Knut Kleiven
Deputy President & CFO
+32 2 702 9244
+32 2 702 9330
knut.kleiven@rezidor.com
Ebba Ankarcrona
Director, Investor Relations
+32 2 702 9286
+32 2 702 9300
ebba.ankarcrona@rezidor.com
The Rezidor Hotel Group Corporate Office
Avenue du Bourget 44
B-1130 Brussels
Belgium
Tel. +32 2 702 9200
Fax: +32 2 702 93 00
Website: www.rezidor.com
About the Rezidor Hotel Group
The Rezidor Hotel Group is one of the most dynamic and fastest growing hotel companies in the world. The group currently features a portfolio of 434 hotels with 94,700 rooms in operation and under development in more than 65 countries across Europe, the Middle East and Africa. Rezidor operates the core brands Radisson Blu and Park Inn by Radisson - as well as Hotel Missoni, a lifestyle brand which is developed worldwide following a licence agreement with the iconic Italian fashion house Missoni. 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:
