Pandox' Year-End Report 2009
(Thomson Reuters ONE) - Year-End Report 2009 * Despite the troubled global climate, Pandox' cash flow from current operations increased to SEK 446.4 million, representing an improvement of SEK 1.9 million. * Property management revenues amounted to SEK 895.2 million, representing a decline of 2.3 percent. For comparable units, including an adjustment for currency effects, the decrease was 7 percent compared with last year. * Revenues from Pandox' own operations fell by SEK 10.3 million to SEK 1,095.0 million. * Profit before tax, excluding non-recurring items, amounted to SEK 252.5 million (280.4). The decline is attributable to the poorer hotel economic climate and that several major refurbishment projects were carried out during the year. * Profit before tax, including non-recurring items, amounted to SEK 332.0 million, of which SEK 79.5 million pertains to capital gains further to the sale of shares in the hotel property company HOST Hotels & Resorts Inc. * Pandox signed an agreement in May with Choice Hotels Scandinavia to take over the operations of Quality Park Hotel in S?t?e. * Pandox became new owner of the hotel property Vildmarkshotellet in Kolm?en on 1 September. The purchase price was SEK 160 million.Global demand in the hotel sector has fallen substantially since the end of2008 as a result of a troubled surrounding world with a broad financial crisisand subsequent economic downturn. In general, revenues in North America andEurope have declined by almost 18 percent, while the markets where Pandox isrepresented decreased by about 10 percent. Pandox' hotel property portfolio hasperformed better than others in this unsettled global climate. The relativedecline amounts to 7 percent for comparable units and adjusted for currencyeffects. The driving force behind the relatively good developments is acombination of Pandox' active ownership, the good quality of the portfolio, thebusiness model with a mix of leases and own operations. It is satisfying toobserve that several of the major investments carried out by Pandox in recentyears are showing positive developments. All in all, the Company's cash flow hasincreased, albeit marginally, while property management revenues have declined.For further information, please contact:Anders NissenCEO Pandox AB+46 (0)8 506 205 50+46 (0)708 46 02 02anders.nissen(at)pandox.seLiia N?CFO Pandox AB+46 (0)8 506 205 80+46 (0)70 237 44 04liia.nou(at)pandox.sePandox is one of the leading players in the hotel property market in Europe. Theportfolio consists of 46 hotels, nine own operations with 11,100 rooms atstrategic locations in Sweden, Denmark, Germany, Belgium, the UK, Switzerland,the Bahamas and Canada. Pandox' hotels operate under well-known brands such asScandic, Hilton, InterContinental, Hyatt, Radisson BLU, Crowne Plaza, HolidayInn, Elite, Clarion, Quality, First or through independent distributionchannels.Encl: Complete Year-End Report.[HUG#1382721] Complete Year-End Report 2009_Pandox: http://hugin.info/1165/R/1382721/341664.pdf
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Datum: 10.02.2010 - 03:44 Uhr
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