Rezidor's Interim Report January-June 2011
(Thomson Reuters ONE) -
Second quarter, 2011
* RevPAR Like-for-like increased by 3.0% to EUR 70.7 (68.7).
Like-for-like Occupancy was 66.7% (66.5).
* Revenue increased by 11.7% or MEUR 23.7 to MEUR 226.7 (203.0).
On a Like-for-like basis Revenue increased by 3.9%.
* EBITDA was MEUR 14.8 (17.5), and EBITDA margin was 6.5% (8.6).
* Profit after tax amounted to MEUR 4.7 (17.2).
* Basic and diluted Earnings Per Share amounted to EUR 0.03 (0.12).
Six month ending June, 2011
* RevPAR Like-for-like increased by 4.5% to EUR 63.3 (60.6).
Like-for-like Occupancy was 61.2% (60.3).
* Revenue increased by 13.7% or MEUR 50.6 to MEUR 419.3 (368.7).
On a Like-for-like basis Revenue increased by 3.7%.
* EBITDA was MEUR 6.2 (6.0), and EBITDA margin was 1.5% (1.6).
* Loss after tax amounted to MEUR -12.7 (-0.6).
* Basic and diluted Earnings Per Share amounted to EUR -0.09 (-0.00).
* Cash flow from operating activities was -20.1 (-0.0). Total available cash
at the end of the period, including unutilised credit facilities, amounted
to MEUR 88.4 (MEUR 129.3 in Dec 2010 and MEUR 96.1 in June 2010).
Other developments
* In April it was announced that the employment contract for the President and
CEO, Kurt Ritter, has been extended by three years until February 2015.
* Circa 1,000 new rooms were added into operations in the second quarter and
ca 2,400 during the first six months.
* Circa 2,100 rooms were signed in the second quarter and ca 4,300 during the
first six months. All of the new rooms signed during the year were managed
or franchised.
Second quarter Six months Rolling 12-months
Jul 10- Jul 09-
MEUR Apr-Jun 11 Apr-Jun 10 Jan-Jun 11 Jan-Jun 10 Jun 11 Jun 10
--------------------------------------------------------------------------------
Revenue 226.7 203.0 419.3 368.7 836.3 720.1
EBITDAR 73.6 70.6 126.2 115.7 264.6 231.3
EBITDA 14.8 17.5 6.2 6.0 31.6 18.8
EBIT 7.0 14.2 -9.6 -4.7 -1.1 -7.6
Profit/loss 4.7 17.2 -12.7 -0.6
after Tax -14.8 -7.0
EBITDAR Margin % 32.5% 34.8% 30.1% 31.4% 31.6% 32.1%
EBITDA Margin % 6.5% 8.6% 1.5% 1.6% 3.8% 2.6%
EBIT Margin % 3.1% 7.0% -2.3% -1.3% -0.1% -1.1%
Comment from the CEO
* Continued growth in Europe; margins for the quarter impacted due to non-
recurring items and the unrest in North Africa and the Middle East
"We see a continued recovery in the European hotel market although the overall
macroeconomic conditions remain uncertain. Our hotels in Eastern Europe noted a
particularly strong development with continued RevPAR improvement and growth in
fees. Western Europe also showed strong growth. In the Nordics, Denmark was the
fastest improving market followed by Sweden. The development in Norway was
however varied partly because of the timing of Easter.
The political turbulence in North Africa and the Middle East had a bigger impact
than in the previous quarter. A substantial drop in management fees from
Bahrain, Egypt, Tunisia and Libya, together with a weak development in South
Africa compared to the very strong summer during the 2010 World Cup had a
negative impact on group margins.
The same period of last year had a positive impact of certain one-offs amounting
to MEUR 14 on the net result. The noteworthy items included the sale of Regent
(MEUR 4) and the capitalization of deferred tax assets (MEUR 8).
Despite a solid growth in the topline, the quarter noted a weak flow through.
Two-thirds of the revenue growth came from newly opened leased hotels which, as
foreseen, did not generate any profit being in their early ramp-up phase. The
net result was also negatively affected due to one-time operating costs related
to the increased Park Inn marketing activities and an organizational
restructuring (totalling MEUR 4).
Excluding all non-recurring items in the two comparative quarters, this quarter
showed an improvement of MEUR 4 in net profit compared to Q2 last year.
Our expansion continues. During the first six months of the year we opened
2,400 new rooms and added more than 4,000 rooms to the pipeline. 100% of the
pipeline at this point comprises management or franchise contracts, which
supports our asset-light strategy.
With a stronger focus than ever on revenue generation and profitable growth and
with the reinforced corporate management in place, I believe the company is well
structured for improving its performance."
Kurt Ritter, President & CEO
Financial calendar
Interim Report January-September 2011: 28th October 2011
Rezidor's Investor Day scheduled for 2nd December 2011 at Park Inn London
Heathrow
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 09h00 Central
European Time on 22nd July 2011.
Stockholm 22nd July, 2011
Kurt Ritter
President & CEO
Rezidor Hotel Group AB
Webcast
22nd July 2011 at 15:30 (Central European Time).
Kurt Ritter, President & CEO, Knut Kleiven, Deputy President & CFO and Puneet
Chhatwal, EVP & CDO, will present the report and answer questions.
To participate in the teleconference, please dial:
Sweden: +46 (0)8 5051 3794
Sweden toll-free: 020 795 893
UK: +44 (0)20 7136 6283
UK toll-free: 0800 028 1243
US: +1 212 444 0412
US toll-free: 1888 935 4575
To follow the webcast, please visitwww.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 8095451#.
In Q2 2011 Rezidor opened four new hotels
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:
Rezidors Interim Report January-June 2011:
http://hugin.info/142138/R/1532804/466820.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
[HUG#1532804]
Unternehmensinformation / Kurzprofil:
Datum: 22.07.2011 - 08:31 Uhr
Sprache: Deutsch
News-ID 56631
Anzahl Zeichen: 8669
contact information:
Town:
Brussels
Kategorie:
Business News
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