Rezidor Hotel Group: Interim Report January-March 2017
(Thomson Reuters ONE) -
First Quarter 2017
* Like-for-like ("L/L") RevPAR for leased and managed hotels was up by 6.8%.
The growth is due to increase in occupancy as well as average room rate.
* Revenue increased by 7.5% to MEUR 222.5 (207.0). The increase is due to the
strong like-for-like RevPAR development and two leased hotels re-opened
after renovation, partly offset by the exit of four leased hotels and the
temporary closure of one leased hotel for renovation. On a L/L basis revenue
increased by 9.6%.
* EBITDA amounted to MEUR 2.5 (-9.2) and the EBITDA margin increased to 1.1%
(-4.4). In addition to the impact of higher revenue, EBITDA is positively
impacted by improved conversion in the like-for-like portfolio as well as
the exit of loss-making hotels.
The increase due to the above-mentioned factors is partly offset by
financial advisor fees of MEUR 2.2 incurred in connection with the public
offer on the shares of the company, as well as higher marketing costs of net
MEUR 1.2 due to timing of activities.
* EBIT amounted to MEUR -8.2 (-25.0) and the EBIT margin increased to -3.7% (-
12.1). The improved EBIT is mainly due to the strong EBITDA. In addition,
EBIT was last year impacted by termination costs of MEUR 8.0, partly offset
by gain on sale of shares in subsidiaries of MEUR 1.9.
* Loss for the period amounted to MEUR 7.6 (21.6).
* Basic and diluted loss per share was EUR 0.04 (0.13).
* Cash flow from operating activities amounted to MEUR 2.2 (-1.9).
* 3,178 (1,967) rooms were contracted, 925 (967) rooms opened and 885 (303)
rooms left the system.
MEUR Q1 2017 Q1 2016
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Revenue 222.5 207.0
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EBITDA 2.5 -9.2
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EBIT -8.2 -25.0
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Profit/loss for the period -7.6 -21.6
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EBITDA margin 1.1% -4.4%
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EBIT margin -3.7% -12.1%
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Comments from the CEO
The strongest first quarter since 2008
A strong start of the year with first quarter RevPAR growth of 7% for the group
and 10% for our leased hotels which was supported by particularly good
performance in March due to more favourable timing of Easter. Last year''s exits
of loss-making hotels also contributed positively to the overall results. Top
line growth combined with good conversion made this quarter the strongest first
quarter since 2008 underlining the traction in turnaround momentum and margin
improvement.
The quarter was equally successful for signings: We contracted almost 3,200
rooms (compared to 2,000 rooms in the first quarter 2016), driven by Eastern
Europe and the Middle East and including a 1,500 room Park Inn by Radisson in
Makkah, Saudi Arabia. With the signing of our first lease since 2009 we will
enter Geneva, Switzerland, one of the strongest hotel markets in Europe, with
the Radisson Blu brand.
After the quarter closing, our new majority shareholder, HNA Tourism Group,
announced the outcome of the mandatory tender offer. The offer was accepted by
shareholders holding ca 19.1% of the outstanding shares. The shares tendered,
together with those already held by HNA via Carlson Hotels, comprise to
approximately 70.4% of the outstanding shares. We look forward to accelerating
our development and growth together with HNA.
Wolfgang M. Neumann, President & CEO
Presentation of the Q1 Results
On April 28, 2017 at 09:00 (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:
Belgium, Local +32 2 404 0660
Belgium, Free 0800 58032
Sweden, Local: +46 8 5065 3937
Sweden, Free: 0200 883 440
UK, Local: +44 20 3427 0503
UK, Free: 0800 279 4977
USA, Local: +1 212 444 0412
USA, Free: 1877 280 2342
France, Local: +33 1 76 77 22 25
France, Free: 0805 631 580
Norway, Local: +47 2350 0486
Norway, Free: 800 56054
Confirmation code: 6519463. For a replay of the conference call please visit
www.investor.rezidor.com.
Financial Calendar
AGM 2017: April 28
Q2 2017 results: July 26
Q3 2017 results: October 25
For Further Information, Contact
Knut Kleiven
Deputy President & CFO
Tel: +32 2 702 9244
knut.kleiven(at)carlsonrezidor.com
Andrea Brandenberger
Vice President Strategy & Investor Relations
Tel: +32 2 702 9237
andrea.brandenberger(at)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 focused on hotel management and operates the core
brands Radisson Blu and Park Inn by Radisson. In 2014, Rezidor announced
together with Carlson Hotels the launch of two additional brands; Radisson RED,
an upscale "lifestyle select" brand inspired by the millennial lifestyle, and
Quorvus Collection, a new generation of distinctive five star hotels. Rezidor
also holds 49% in prizeotel, a young hotel chain in the economy segment.
The portfolio consists of 484 hotels with over 105,000 rooms in operation and
under development in 82 countries across Europe, the Middle East and Africa.
Rezidor''s strategy is to grow with management and franchise contracts and only
selectively with leases. The strategy is also to further expand in the emerging
markets.
Rezidor is a member of the Carlson Rezidor Hotel Group. For more information,
visit www.rezidor.com.
This interim 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 28, 2017.
Stockholm, April 28, 2017
The Board of Directors
Rezidor Hotel Group AB (publ)
The full report with tables can be downloaded from the following link:
Rezidor Interim Report January-March 2017:
http://hugin.info/142138/R/2100003/795944.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Rezidor Hotel Group via GlobeNewswire
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Datum: 28.04.2017 - 01:30 Uhr
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