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Rezidor Hotel Group: INTERIM REPORT January-September 2013


October 22, 2013 - London

Third quarter, 2013

  • Like-for like ("L/L") RevPAR was up by 5.9%.
  • Revenue decreased by 4.2% to MEUR 227.4 (237.3).
    On a L/L basis Revenue increased by 1.8%.
  • EBITDA amounted to MEUR 22.8 (17.6), and the EBITDA margin was 10.0% (7.4).
  • Profit after tax amounted to MEUR 9.7 (4.4).
  • Basic and diluted Earnings Per Share was EUR 0.07 (0.03).
  • Ca 1,400 new rooms were contracted and ca 600 new rooms opened.
  • Two hotel contracts (ca 800 rooms) in Copenhagen were extended under lease agreements (previously management agreements) effective January 1, 2014.

Nine month ended September, 2013

  • L/L RevPAR was up by 5.9%.
  • Revenue increased marginally to MEUR 683.5 (683.1).
    On a L/L basis Revenue increased by 2.9%.
  • EBITDA amounted to MEUR 54.9 (35.3), and the EBITDA margin was 8.0% (5.2).
  • Profit after tax amounted to MEUR 15.9 (-3.5).
  • Basic and diluted Earnings Per Share was EUR 0.11 (-0.02).
  • Cash flow from operating activities amounted to MEUR 26.0 (9.1).
  • Ca 4,300 new rooms were contracted and ca 2,300 new rooms opened.
MEUR Q3 2013 Q3 2012 Jan-Sep 2013 Jan-Sep 2012
Revenue 227.4 237.3 683.5 683.1
EBITDAR 81.7 81.3 237.4 222.0
EBITDA 22.8 17.6 54.9 35.3
EBIT 15.1 8.6 31.3 7.8
Profit/loss for the period 9.7 4.4 15.9 -3.5
EBITDAR margin, % 35.9% 34.3% 34.7% 32.5%
EBITDA margin, % 10.0% 7.4% 8.0% 5.2%
EBIT margin, % 6.7% 3.6% 4.6% 1.1%

Comments from the CEO

- An improved third quarter, with higher market share and profitability

"I am pleased to report an improved third quarter results, which represent a healthy development over last year. We continue gaining market share in line with our revenue objectives and the positive RevPAR trend continues with a 6% increase on a like-for-like-basis. All four geographic segments reported RevPAR growth over last year with the strongest development seen in Eastern Europe.

Revenue came in at MEUR 227, which is MEUR 10 behind last year primarily due to the strengthening of the Euro and the exit of nine leased hotels last year. On a L/L basis revenue was MEUR 4 ahead of last year. We noted an improvement in profitability as a result of our focus on driving revenue, cost reduction initiatives launched last year and the exit of loss making leases in 2012. The EBITDA margin grew by 2.6 percentage points to 10.0%, in line with our Route 2015 ambitions.

Asset Management continues to be a strategic priority and as a part of this ongoing effort we concluded a restructuring of an unprofitable lease agreement in Rest of Western Europe in October.

During the quarter, we opened ca 600 rooms and added ca 1,400 rooms to the pipeline. All new rooms signed and opened were under fee based contracts, supporting our asset-light strategy. We also secured two of our highly profitable existing hotels in Copenhagen by signing new lease agreements (previously management agreements) effective January 1, 2014."

Wolfgang M. Neumann, President & CEO

Presentation of the Q3 results

On October 22, 2013 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 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 3427 1907
UK toll-free: 0800 279 5004
France: +33(0)1 76 77 22 21
France toll-free: 0805 631 579
US: +1212 444 0896
US toll-free: 1877 280 2342

Confirmation code: 7009121

For a replay of the conference call please visit www.investor.rezidor.com.

Financial calendar

Q4 2013 results: February 7, 2014
Q1 2014 results: April 24, 2014
AGM 2014: April 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 October 22, 2013.

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 433 hotels with 95,000 rooms in operation and under development in 70 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:

Rezidors Interim Report January-September 2013



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Rezidor Hotel Group via Thomson Reuters ONE

HUG#1737068

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