Rezidor Hotel Group: INTERIM REPORT January-March 2015

First Quarter 2015 * Like-for-like ("L/L") RevPAR was up by 2.4%. * Revenue increased by 2.4% to MEUR 216.4 (211.4). On a L/L basis Revenue increased by 0.6%. * EBITDA amounted to MEUR -0.7 (-0.8), and the EBITDA margin was -0.3% (-0.4). * EBIT amounted to MEUR -12.4 (-8.5) and the EBIT margin was -5.7% (-4.0). * Loss after tax amounted to MEUR 13.4 (10.3). * Basic and diluted loss per share was EUR 0.08 (0.07)...

First Quarter 2015

• Like-for-like ("L/L") RevPAR was up by 2.4%.
• Revenue increased by 2.4% to MEUR 216.4 (211.4).
  On a L/L basis Revenue increased by 0.6%.
• EBITDA amounted to MEUR -0.7 (-0.8), and the EBITDA margin was -0.3% (-0.4).
• EBIT amounted to MEUR -12.4 (-8.5) and the EBIT margin was -5.7% (-4.0).
• Loss after tax amounted to MEUR 13.4 (10.3).
• Basic and diluted loss per share was EUR 0.08 (0.07).
• Cash flow from operating activities amounted to MEUR -7.1 (-12.4).
• 2,305 new rooms were contracted, 227 new rooms opened and 867 rooms left the system.

 

 

MEUR	Q1 2015	Q1 2014
Revenue	216.4	211.4
EBITDAR	60.9	61.7
EBITDA	-0.7	-0.8
EBIT	-12.4	-8.5
Profit/loss for the period	-13.4	-10.3
EBITDAR margin, %	28.1%	29.2%
EBITDA margin, %	-0.3%	-0.4%
EBIT margin, %	-5.7%	-4.0%

 

 

Comments from the CEO

 

RevPAR recovery continued during the first quarter of 2015

 

"Like-for-like RevPAR grew by 2.4% confirming the ongoing underlying positive trend. Our hotels in Rest of Western Europe - led by Ireland and the UK - experienced a solid development. Also in Eastern Europe the RevPAR trend was encouraging. The overall positive impact was somewhat diluted by the softening in Norway and some countries in the Middle East.

 

While the underlying operational performance showed an improvement, the results were negatively impacted by two items. The first was that due to timing differences our central marketing spend was MEUR 2.8 higher than the comparative quarter. This resulted in a relatively weak EBITDA flow through. The second impact was from expenses for renovation works of MEUR 2.9, which was related to one leased hotel.

 

Rezidor continues to deliver on our commitment to enhance the product offering and improve our competitive positioning in select markets. This was evidenced by further progress in the renovation of our leased hotels during the quarter with capex spend of MEUR 14.5.

 

During the quarter, we opened three new hotels with 227 rooms, and entered into long-term management and franchise agreements for ten hotels totalling 2,305 rooms. Although six hotels with 867 rooms left the system, half of them were unprofitable, so the exits actually had a small positive impact on the bottom-line."

 

Wolfgang M. Neumann, President & CEO

 

 

Presentation of the Q1 Results

 

On April 24, 2015 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:

 

Sweden, Local:	+46(0)8 5065 3937
Sweden, Free:	0200 883 440
UK, Local:	+44(0)20 3427 1903
UK, Free:	0800 279 5736
USA, Local:	+1 646 254 3360
USA, Free:	1877 280 2342
France, Local:	+33(0)1 76 77 22 25
France, Free:	0805 631 579

 

Confirmation code: 8339952. For a replay of the conference call please visit www.investor.rezidor.com.

 

 

Financial Calendar

 

Q2 2015 results: July 23, 2015

Q3 2015 results: October 22, 2015

 

 

For Further Information, Contact

 

Knut Kleiven
Deputy President & CFO
Tel: +32 2 702 9244
Fax: +32 2 702 9330
[email protected]

 

Andrea Brandenberger
Senior Director
Business Development Strategy & Investor Relations
Tel: +32 2 702 9237
[email protected]

 

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 currently features a portfolio of 434 hotels with over 96,000 rooms in operation and under development in 75 countries across Europe, the Middle East and Africa. Rezidor operates the core brands Radisson Blu and Park Inn by Radisson.

 

Rezidor is a member of the Carlson Rezidor Hotel Group.

 

For more information, visit www.rezidor.com.

 

 

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 07:30 Central European Time on April 24, 2015.

 

Stockholm April 24, 2015

 

Wolfgang M. Neumann
President & CEO
Rezidor Hotel Group AB

 

The full report with tables can be downloaded from the following link:

Copyright GlobeNewswire

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