Rezidor's Half Year Results 2010
(Thomson Reuters ONE) -
RevPAR recovery driven by increased Occupancy
Comment from the CEO
"Rezidor's RevPAR improved in the second quarter mainly driven by higher
Occupancy. Room rates, too, have seen a gradual recovery in recent months. All
of Rezidor's operating regions reported RevPAR growth; most significantly in
Germany, France, Benelux and an encouraging rebound in the important Norwegian
market. Although the market is improving, the absolute RevPAR is still at a
historically low level and will need continued improvement to yield a satisfying
profitability.
Overall, Rezidor performed well compared to the market. The market recovery
combined with our successful cost reduction strategies will continue to support
delivery of improved margins. Importantly, Rezidor also concluded a portfolio
agreement to manage 10 hotels in the Baltics (former Reval Hotels) and completed
the disposition of the Regent business. Such portfolio actions also add to the
focus and profitability of the business." Kurt Ritter, President & CEO
Second quarter, 2010
* RevPAR Like-for-like increased by 6.8% to EUR 67.1 (62.8). Like-for-like
Occupancy was 67.7% (62.7).
* Revenue increased by 17.2% or MEUR 29.8 to MEUR 203.0 (173.2). On a
Like-for-like basis Revenue increased by 5.3%.
* EBITDA was MEUR 17.5 (7.1), and EBITDA margin was 8.6% (4.1).
* Profit after tax amounted to MEUR 17.2
(-2.5).
* Basic and diluted Earnings Per Share amounted to EUR 0.12 (-0.02).
Six month ending June, 2010
* RevPAR Like-for-like increased by 2.4% to EUR 60.8 (59.4). Like-for-like
Occupancy was 62.1% (58.3).
* Revenue increased by 13.2% or MEUR 42.9 to MEUR 368.7 (325.8). On a
Like-for-like basis Revenue increased by 2.9%.
* EBITDA was MEUR 6.0 (-7.8), and EBITDA margin was 1.6% (-2.4).
* Loss after tax amounted to MEUR -0.6
(-21.6).
* Basic and diluted Earnings Per Share amounted to EUR -0.00 (-0.15).
* Cash flow from operating activities was zero (-19.1). Total available cash
at the end of the period, including unutilised credit facilities, amounted
to MEUR 96.1 (MEUR 97.0 in Dec 09 and MEUR 89.0 in June 09).
Other developments
* Rezidor opened ca 4,000 rooms in the second quarter, of which ca 90% were
managed or franchised. One hotel, representing ca 200 rooms, left the
system. During the first six months, Rezidor opened ca 4,700 rooms, of which
ca 90% were managed or franchised.
* Rezidor signed ca 3,500 rooms in the second quarter, of which ca 2,400
relate to the agreement to manage a portfolio of 10 hotels (former Reval
Hotels) in the Baltics, and ca 5,100 during the first six months. All of the
new rooms contracted during the year were managed or franchised.
* Rezidor completed the sale of its part of the Regent business in the second
quarter, which resulted in a positive cash inflow of MEUR 10.6 and a capital
gain of MEUR 3.9. In addition, write-downs of fixed assets from prior years
of MEUR 1.8 were reversed, leading to a combined positive effect from the
sale of MEUR 5.7.
Selected financial data,MEUR Apr-Jun 10 Apr-Jun 09 Jan-Jun 10 Jan-Jun 09
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Revenue 203.0 173.2 368.7 325.8
EBITDAR 70.6 56.9 115.7 94.6
EBITDA 17.5 7.1 6.0 (7.8)
EBIT 14.2 (0.8) (4.7) (21.9)
Profit/(loss) after Tax 17.2 (2.5) (0.6) (21.6)
EBITDAR Margin % 34.8% 32.8% 31.4% 29.0%
EBITDA Margin % 8.6% 4.1% 1.6% (2.4)%
EBIT Margin % 7.0% (0.5)% (1.3)% (6.7)%
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Financial calendar
Interim Report January-September 2010: 29 October 2010
Year-end Report January-December 2010: 11 February 2011
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 08h30 Central
European Time on 23(rd) July 2010.
Stockholm 23(rd) July, 2010
Kurt Ritter
President & CEO
Rezidor Hotel Group AB
Webcast
23(rd) July 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 23(th) June 2010 at 15:30 (Central European Time).
To participate in the teleconference, please dial:
Sweden: +46 (0)8 5352 6408
Sweden toll-free: 020 795 893
UK: +44 (0)20 7806 1953
UK toll-free: 0800 028 1243
US: +1 212 444 0412
US toll-free: 1888 935 4575
To follow the webcast, please visit www.rezidor.com
A replay of the conference call will be available one month following the call
by dialling +46 (0)8 5051 3897 (Sweden), +44 (0)20 7111 1244 (UK) and +1
347 366 9565 (US), access code 4161916#.
For further information, please contact:
Knut Kleiven, Deputy President and Chief Financial Officer
The Rezidor Hotel Group
Avenue du Bourget 44
B-1130 Brussels, Belgium
Tel: + 32 2 702 9200
www.rezidor.com
The full report with tables can be downloaded from the following link:
[HUG#1433668]
Rezidor?s Half Year Results 2010: http://hugin.info/142138/R/1433668/379483.pdf
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
Unternehmensinformation / Kurzprofil:
Datum: 23.07.2010 - 08:31 Uhr
Sprache: Deutsch
News-ID 24347
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contact information:
Town:
Brussels
Kategorie:
Business News
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