Rezidor's Year-end Report 2009
(Thomson Reuters ONE) - Occupancy has stabilised in Q4 while rates continued to decreaseComment from the CEO"Occupancy reached 2008 levels in Q4, but rates continued to decrease. Withlimited visibility, it is still too early to assume this is the start of arecovery. We therefore continue to be prudent in preserving cash and controllingcosts. The cost reduction programme has delivered according to plan. With annualsavings of MEUR 32 in operational costs and additional reductions ofapproximately MEUR 4 in central costs, we have established a new level of fixedcosts, ensuring that Rezidor will be well positioned when market conditionsimprove.Perhaps the most significant accomplishment in 2009, however, was the recordnumber of openings adding more than 7,000 rooms to the system. Of these newrooms, 87% were managed or franchised, thereby further reducing long-term riskto the company. Rezidor will continue to seek similar profitable growthopportunities in management contracts and in new, emerging markets."Kurt Ritter,President & CEO.Fourth quarter, 2009 * RevPAR like-for-like decreased by 10.6% to EUR 61.9 (69.2). Like-for-like occupancy was 61.4% (61.7). * Revenue decreased by 3.9% or MEUR 7.6 to MEUR 186.0 (193.6). On a like-for-like basis Revenue decreased by 7.2%. * EBITDA was MEUR 9.7 (13.6), and EBITDA margin was 5.2% (7.0). * Loss after tax amounted to MEUR -0.3 (1.2). * Basic and diluted Earnings Per Share amounted to EUR 0.00 (0.01).Twelve months ending December, 2009 * RevPAR like-for-like decreased by 16.4% to EUR 62.9 (75.3). Like-for-like occupancy was 62.1% (66.4). * Revenue decreased by 13.7% or MEUR 107.7 to MEUR 677.2 (784.9). On a like-for-like basis Revenue decreased by 13.6%. * EBITDA was MEUR 4.9 (70.9), and EBITDA margin was 0.7% (9.0). * Loss after tax amounted to MEUR -28.2 (26.1). * Basic and diluted Earnings Per Share amounted to EUR -0.19 (0.18). * Cash flow from operating activities amounted to MEUR -6.1 (61.9). Total available liquidity at the end of the period, including unutilised credit facilities, amounted to MEUR to 91.8 (123.9). Net debt/cash amounted to MEUR -7.5 (18.2).Other developments * Rezidor opened ca 2,200 rooms in the fourth quarter, of which 85% were managed or franchised. Three hotels, representing ca 370 rooms, left the system. In 2009, Rezidor opened ca 7,100 rooms, of which 87% were managed or franchised. 11 hotels, representing ca 1,100 rooms, left the system. * Rezidor signed 9 contracts for new hotels in the fourth quarter representing ca 1,900 rooms. In 2009, Rezidor signed 39 contracts for new hotels, totaling ca 7,800 rooms. 95% of the new rooms contracted during the year were managed or franchised. * The cost savings plan generated net savings in operational costs of MEUR 10 in the quarter and MEUR 32 during the year and, in addition, reductions of central costs of approximately MEUR 4 during the year. * The Board of Directors proposes no dividend (EUR 0.00). Selected financial data, MEUR Oct-Dec 09 Oct-Dec 08 Jan-Dec 09 Jan-Dec 08--------------------------------------------------------------------------- Revenue 186.0 193.6 677.2 784.9 EBITDAR 61.4 64.1 210.1 275.7 EBITDA 9.7 13.6 4.9 70.9 EBIT 2.0 5.3 (25.0) 42.9 Profit/(loss) after Tax (0.3) 1.2 (28.2) 26.1 EBITDAR Margin % 33.0% 33.1% 31.0% 35.1% EBITDA Margin % 5.2% 7.0% 0.7% 9.0% EBIT Margin % 1.1% 2.7% (3.7)% 5.5%--------------------------------------------------------------------------- Financial calendar Interim Report January-March 2010: 16 April 2010 Interim Report January-June 2010: 23 July 2010 Interim Report January-September 2010: 29 October 2010 This quartely 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 11th February 2010. Stockholm 11th February, 2010 Kurt Ritter President & CEO Rezidor Hotel Group AB Webcast 11th February 2010 at 15:30 Kurt Ritter, President & CEO, Knut Kleiven, Deputy President & CFO and Puneet Chhatwal, Chief Development Officer, will present the report and answer questions on 11th February 2010 at 15:30 (Central European Time). To participate in the teleconference, please dial: Sweden: +46 8 505 204 24 Sweden toll-free: 0200 896 377 UK: +44 203 023 4416 US: +1 646 843 4608 US toll-free: 1 866 966 5335 To follow the webcast, please visitwww.rezidor.com
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