Rezidor Hotel Group: YEAR-END REPORT January-December 2016
(Thomson Reuters ONE) -
Fourth Quarter 2016
* Like-for-like ("L/L") RevPAR for leased and managed hotels was up by 2.4%.
The growth is mainly due to an increase in occupancy.
* Revenue decreased by 4.8% to MEUR 243.1 (255.4). The positive impact of the
like-for-like RevPAR development has been offset by the exit of four leases,
the temporary closure of one leased hotel for renovation and the
strengthening of the Euro. In addition, one-off fee revenue related to
terminated and renegotiated agreements was MEUR 4.0 higher last year. On a
L/L basis revenue increased by 4.3%.
* EBITDA amounted to MEUR 23.1 (32.5) and the EBITDA margin decreased to 9.5%
(12.7). In addition to the decrease in revenue, EBITDA is negatively
impacted by higher costs for sales & marketing and bad debts. Also, last
year's numbers were positively impacted by the revaluation of the investment
in Beijing of MEUR 2.8.
* EBIT amounted to MEUR -10.3 (22.3) and the EBIT margin decreased to -4.2%
(8.7). EBIT is negatively impacted by termination costs of MEUR 18.3 (1.1),
due to the strategic exit of six hotel leases in the UK, and higher costs
for depreciation and write downs of fixed assets of MEUR 4.5.
* Profit for the period amounted to MEUR 16.9 (14.3), positively impacted by
the capitalisation of tax assets of MEUR 22.3 (net).
* Basic and diluted earnings per share were EUR 0.10 (0.08).
* 1,789 (865) rooms were contracted, 907 (1,375) rooms opened and 408 (981)
rooms left the system.
Twelve months ended December 2016
* L/L RevPAR for leased and managed hotels was up by 3.2%.
* Revenue decreased by 3.6% to MEUR 961.2 (997.0). On a L/L basis revenue
increased by 3.8%.
* EBITDA amounted to MEUR 79.3 (101.1) and the EBITDA margin decreased to
8.3% (10.1).
* EBIT amounted to MEUR 3.0 (57.3) and the EBIT margin decreased to 0.3%
(5.7).
* Profit for the period amounted to MEUR 26.4 (34.2).
* Basic and diluted earnings per share were EUR 0.15 (0.20).
* Cash flow from operating activities amounted to MEUR 34.2 (85.8).
* 8,200 (7,936) rooms were contracted, 3,585 (4,152) rooms opened and 1,655
(2,133) rooms left the system.
* The Board of Directors proposes, in line with the dividend policy, a
dividend of EUR 0.05 (0.07) per share.
MEUR Q4 2016 Q4 2015 FY 2016 FY 2015
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Revenue 243.1 255.4 961.2 997.0
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EBITDA 23.1 32.5 79.3 101.1
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EBIT -10.3 22.3 3.0 57.3
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Profit for the period 16.9 14.3 26.4 34.2
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EBITDA margin, % 9.5 12.7 8.3 10.1
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EBIT margin, % -4.2 8.7 0.3 5.7
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Comments from the CEO
Further asset management transactions and sustainable tax strategy lay
foundation for profitability improvements
2016 was a turbulent year for the hospitality industry and our company, and Q4
was no different. L/L Revenue increased by 3.8% in 2016 and 4.3% in the quarter
with many markets trading at new peak levels. However, increased volatility
related to terrorist attacks and the lower oil price negatively affected some
key countries. While we continued to gain market share for the fifth consecutive
year, results have been impacted by these external factors.
During 2016, we continued to pursue our long-term asset management strategy. In
Q4, we announced the exit from six unprofitable lease agreements in the UK in
2017. The terminations brought the number of successfully closed asset
management transactions in 2016 to 15. Over the past five years, Rezidor's
portfolio optimisation initiatives have yielded ?17m EBITDA contribution and
1.8% uplift in EBITDA margin.
In response to OECD and EU initiatives, we have adopted a sustainable tax
strategy which led to capitalization of previously unrecognized tax losses. This
will lead to a more normalized tax rate in the future and lifted our net results
for 2016 to ?26.4m.
In Q4 we signed 12 hotels with 1,800 rooms - underlining the strong growth
momentum achieved in 2016 with 45 new hotels and 8,200 rooms. In the quarter we
also opened four hotels with 900 rooms. Throughout the year we opened 18 hotels
and 3,600 rooms and expanded our geographic reach in Africa with openings in
Morocco, Ivory Coast, Togo and Rwanda.
With the completion of the acquisition of Carlson Hotels in early December
2016, HNA Tourism Group became Rezidor's new majority shareholder (51.3%) - and
announced its mandatory public offer to the minority shareholders on December
22, which is currently under evaluation by Rezidor's Board of Directors. The
Rezidor team welcomes HNA Tourism Group as the new majority shareholder and
looks forward to further accelerating the growth of the company together.
Wolfgang M. Neumann, President & CEO
Presentation of the Q4 Results
On February 10, 2017 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:
Belgium, Local +32 2 404 0662
Belgium, Free 0800 58033
Sweden, Local: +46 8 5065 3936
Sweden, Free: 0200 883 440
UK, Local: +44 20 3427 1901
UK, Free: 0800 279 5736
USA, Local: +1 646 254 3360
USA, Free: 1877 280 2342
France, Local: +33 1 76 77 22 30
France, Free: 0805 631 580
Norway, Local: +47 2316 2729
Norway, Free: 800 56053
Confirmation code: 4571567.
For a replay of the conference call please visit www.investor.rezidor.com.
Financial Calendar
Annual Report 2016: March 24, 2017
Q1 2017 results: April 28, 2017
AGM 2017: April 28, 2017
Q2 2017 results: July 26, 2017
Q3 2017 results: October 25, 2017
For Further Information, Contact
Knut Kleiven
Deputy President & CFO
Tel: +32 2 702 9244
Fax: +32 2 702 9330
knut.kleiven(at)carlsonrezidor.com
Andrea Brandenberger
Senior Director
Business Development 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 483 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 year-end 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 February 10, 2017.
Stockholm, February 10, 2017
The Board of Directors
Rezidor Hotel Group AB (publ)
The full report with tables can be downloaded from the following link:
Rezidor Year-end Report January-December 2016:
http://hugin.info/142138/R/2077540/781590.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
Unternehmensinformation / Kurzprofil:
Datum: 10.02.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 523314
Anzahl Zeichen: 9585
contact information:
Town:
Brussels
Kategorie:
Business News
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"Rezidor Hotel Group: YEAR-END REPORT January-December 2016"
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