Fourth quarter, 2012
* Like-for like ("L/L") RevPAR was up by 4.2%.
* Revenue increased by 6.6% to MEUR 240.6 (225.6).
On a L/L basis Revenue increased by 2.8%.
* EBITDA amounted to MEUR 15.6 (14.1), and the EBITDA margin to 6.5% (6.3).
* Loss after tax amounted to MEUR -13.3 (-13.5), negatively impacted by
termination costs due to exit of contracts of MEUR -9.4 (0.0), write-downs
of assets of MEUR -6.7 (-9.9) and a write-down of deferred tax assets of
MEUR -3.3 (-8.5).
* Basic and diluted Earnings Per Share amounted to EUR -0.09 (-0.09).
* Ca 1,100 new rooms opened and ca 1,300 new rooms were contracted.
Twelve month ended December 31, 2012
* L/L RevPAR was up by 4.6%.
* Revenue increased by 6.9% to MEUR 923.7 (864.2).
On a L/L basis Revenue increased by 4.0%.
* EBITDA amounted to MEUR 50.9 (35.1), and the EBITDA margin to 5.5% (4.1).
* Loss after tax amounted to MEUR -16.8 (-11.9), negatively impacted by
termination costs due to exit of contracts of MEUR -9.4 (0.0), write-downs
of assets of MEUR -12.3 (-11.6) and a write-down of deferred tax assets of
MEUR -3.3 (+3.2).
* Basic and diluted Earnings Per Share amounted to EUR -0.12 (-0.08).
* Cash flow from operating activities improved to MEUR 16.5 (14.1), negatively
impacted by termination costs of MEUR 9.4
* Ca 4,000 new rooms opened and ca 7,100 new rooms were contracted.
MEUR Q4 2012 Q4 2011 FY 2012 FY 2011
-----------------------------------------------------------
Revenue 240.6 225.6 923.7 864.2
-----------------------------------------------------------
EBITDAR 78.5 74.0 300.5 274.6
-----------------------------------------------------------
EBITDA 15.6 14.1 50.9 35.1
-----------------------------------------------------------
EBIT -8.7 -4.0 -0.9 -7.7
-----------------------------------------------------------
Profit/loss for the period -13.3 -13.5 -16.8 -11.9
-----------------------------------------------------------
EBITDAR margin, % 32.6% 32.8% 32.5% 31.8%
-----------------------------------------------------------
EBITDA margin, % 6.5% 6.3% 5.5% 4.1%
-----------------------------------------------------------
EBIT margin, % -3.6% -1.8% -0.1% -0.9%
-----------------------------------------------------------
Comments from the CEO
- RevPAR, cash flow from operations and EBITDA margin improved in 2012.
Structural changes were undertaken during the year to build a strong platform
for continued profitability improvement
"Despite a continued fragile global macroeconomic climate, Rezidor's Like-for-
Like RevPAR continued to show a positive development with a healthy growth of
4% in the fourth quarter of 2012. For the full year, RevPAR grew by 5%, fueled
by a strong growth in Eastern Europe and the Middle East and Africa.
The RevPAR improvement together with the continued weakening of the Euro,
resulted in a revenue increase of 7% in Q4 2012 including a strong growth of
18% in fee revenue from our managed and franchised business. Our EBIT margin and
the net result were negatively impacted primarily by termination costs for lease
agreements which we exited in the quarter and write-downs of assets resulting in
a MEUR 13 loss after tax. Cash flow from operations, adjusted for the
termination costs, improved by MEUR 12.
Our commitment to profitable asset-light growth continues. All of the 4,000 room
openings and 7,100 room signings in 2012 were either managed or franchised
contracts.
Rezidor achieved another important milestone by converting two lease agreements
to franchise agreements in Sweden. Together with the earlier announced exit from
seven leases in France, these transactions represent a positive effect of ca
0.5% on the EBITDA margin going forward.
Our continued global commercial focus in partnership with Carlson, the effective
execution of Route 2015, and the cost cutting programme combined with
significant organisational changes have strengthened our platform; paving the
way for contined profitability improvement in the years ahead."
Wolfgang M. Neumann, President & CEO
Presentation of the Q4 results
On February 14, 2013 at 10h00 (Central European Time) a combined telephone
conference and live webcast (in English) concerning the report will be presented
by the President and CEO, Wolfgang M. Neumann and Deputy President & CFO, Knut
Kleiven.
To follow the webcast, please visit www.investor.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 7136 2051
UK toll-free: 0800 279 5004
France: +33(0)1 70 80 17 65
France toll-free: 0805 631 580
US: +1 646 254 3365
US toll-free: +1877 280 2296
Confirmation code: 6882214
For a replay of the conference call please visit www.investor.rezidor.com.
Financial calendar 2013
Q1 2013 results: April 24, 2013
Annual General Meeting 2013: April 24, 2013
Q2 2013 results: July 17, 2013
Q3 2013 results: October 22, 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 February 14, 2013.
Stockholm February 14, 2013
Wolfgang M. Neumann
President & CEO
Rezidor Hotel Group AB
For further information, contact
Knut Kleiven
Deputy President & CFO
+32 2 702 9244
+32 2 702 9330
knut.kleiven@carlsonrezidor.com
Ebba Vassallo
Director, Investor Relations
+32 2 702 9286
+32 2 702 9300
ebba.vassallo@carlsonrezidor.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 438 hotels
with 96,000 rooms in operation and under development in more than 70 countries
across Europe, the Middle East and Africa. Rezidor operates the core brands
Radisson Blu and Park Inn by Radisson - as well as Regent Hotels & Resorts and
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:
[HUG#1677994]
