Rezidor Hotel Group: INTERIM REPORT January-March 2014
First Quarter 2014
* Like-for like ("L/L") RevPAR was up by 5.0%.
* Revenue increased by 2.1% and amounted to MEUR 211.4 (207.1). On a L/L basis
Revenue increased by 3.6%.
* EBITDA amounted to MEUR -0.8 (-2.8), and the EBITDA margin to -0.4% (-1.4).
* Loss after tax amounted to MEUR -10.3 (-11.2).
* Basic and diluted Earnings Per Share amounted to EUR -0.07 (-0.08).
* Cash flow from operating activities amounted to MEUR -12.4 (-8.4).
* 1,214 new rooms opened and 1,006 new rooms were contracted.
802 managed rooms were converted to leased.
Other
* The Board of Directors has proposed a rights issue of up to ca MEUR 60 to be
approved at the Annual General Meeting on April 24, 2014.
MEUR Q1 2014 Q1 2013
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Revenue 211.4 207.1
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EBITDAR 61.7 58.7
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EBITDA -0.8 -2.8
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EBIT -8.5 -10.0
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Loss for the period -10.3 -11.2
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EBITDAR margin, % 29.2% 28.3%
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EBITDA margin, % -0.4% -1.4%
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EBIT margin, % -4.0% -4.8%
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Comments from the CEO
Q1 results ahead of last year but negatively impacted by the strengthening of
the Euro
"Underlying RevPAR trends remain positive with the strongest growth noted in
Rest of Western Europe. Like-for-like RevPAR grew by 5.0% and the increase was
primarily driven by improvement in average room rates. However, the
strengthening of the Euro against Nordic and Eastern European currencies had a
negative impact on RevPAR and Revenues.
Revenue grew nevertheless by MEUR 4.3 over last year, helped by two new leases
in Copenhagen converted from management contracts, and the timing of Easter. The
first quarter is seasonally the weakest of the year and EBITDA amounted to MEUR
-0.8 (-2.8). The EBITDA margin increased by 1.0 percentage point to -0.4% and
was positively impacted by Easter.
As mentioned in our 2013 full year report, we concluded another asset management
transaction in January with annual positive effect on EBITDA of ca MEUR 1.2 as
from 2014.
Looking further into 2014, although the economic and political environment
remains uncertain in some markets, forward bookings data is encouraging and we
are confident that we will deliver on our Route 2015 targets.
In order to accelerate the execution of key strategic and profitability
initiatives, the Board of Directors has proposed to the AGM a rights issue of up
to circa MEUR 60. The capital raised from the rights issue will allow Rezidor to
capture additional opportunities within asset management, continue to invest in
the leased hotels at an accelerated rate and further drive focused growth in
emerging markets.
During the quarter, the opening of ca 1,200 rooms was ahead of last year and we
added ca 1,000 rooms to the pipeline. All new rooms signed and opened were under
fee based contracts. Ca 800 managed rooms were converted to leased as from
January 1, 2014."
Wolfgang M. Neumann, President & CEO
Presentation of the Q1 Results
On April 24, 2014 at 9:00 (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
Kleiven.
To follow the webcast, please visit www.investor.rezidor.com
To access the telephone conference, please dial:
Sweden: +46 (0)8 5065 3933
Sweden toll-free: 0200 883 443
UK: +44 (0)20 3364 5729
UK toll-free: 0800 279 4842
France: +33(0)1 70 48 01 66
France toll-free: 0805 636 389
US: +1 646 254 3371
US toll-free: 1877 280 3488
Confirmation code: 3087821
For a replay of the conference call please visit www.investor.rezidor.com.
Financial Calendar
Q2 2014 results: July 23, 2014
Q3 2014 results: October 24, 2014
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 April 24, 2014.
Stockholm April 24, 2014
Wolfgang M. Neumann
President & CEO
Rezidor Hotel Group AB
For Further Information, Contact
Knut Kleiven
Deputy President & CFO
Tel: +32 2 702 9244
Fax: +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 9300
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 427 hotels
with ca 95,000 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 as well as Hotel 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:
Rezidors Interim Report January-March 2014:
http://hugin.info/142138/R/1779369/608095.pdf
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Source: Rezidor Hotel Group via GlobeNewswire
[HUG#1779369]