First quarter, 2013
- Like-for like ("L/L") RevPAR was up by 5.7%.
- Revenue was in line with last year and amounted to MEUR 207.1 (206.9). On a L/L basis Revenue increased by 0.4%.
- EBITDA amounted to MEUR -2.8 (-5.0), and the EBITDA margin to -1.4% (-2.4).
- Loss after tax amounted to MEUR -11.2 (-14.1).
- Basic and diluted Earnings Per Share amounted to EUR -0.08 (-0.09).
- Cash flow from operating activities amounted to MEUR -8.4 (-12.4).
- Ca 1,000 new rooms opened and ca 1,100 new rooms were contracted. Ca 1,100 leased rooms were converted to managed or franchised rooms. Five managed hotels with 748 rooms have gone offline.
| MEUR | Q1 2013 | Q1 2012 |
| Revenue | 207.1 | 206.9 |
| EBITDAR | 58.7 | 58.4 |
| EBITDA | -2.8 | -5.0 |
| EBIT | -10.0 | -12.5 |
| Loss for the period | -11.2 | -14.1 |
| EBITDAR margin, % | 28.3% | 28.2% |
| EBITDA margin, % | -1.4% | -2.4% |
| EBIT margin, % | -4.8% | -6.0% |
Comments from the CEO
- Strong RevPAR development driven by emerging markets; Route 2015 initiatives support EBITDA margin growth
"I am pleased to report a robust like-for-like RevPAR growth of almost 6% despite the negative effect of the Easter timing and the non-recurrance of an extra day due to leap year in 2012. The Middle East and Eastern Europe were the best performing regions whereas the Nordics and the Rest of Western Europe noted marginal increases. The negative impact of Easter was most pronounced in the Nordics; however, it is expected to be offset during the second quarter.
The Company's main focus remains on improving profitability both in absolute terms and relative to the industry. Our Route 2015 turn-around plan (centered on revenue generation, cost savings, asset management and room growth) has produced positive results during the quarter. We gained market share and improved both the EBITDA margin by 1% point as well as the operating cash flow by MEUR 4, resulting in the best Q1 EBITDA since 2008. Our investment programme continued as planned and was in line with the level of last year.
During the first three months of the year, we opened ca 1,000 rooms and added ca 1,100 rooms to the pipeline. All the new rooms were under fee based contracts, supporting our asset-light strategy."
Wolfgang M. Neumann, President & CEO
Presentation of the Q1 results
On April 24, 2013 at 9:00 (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 (http://www.investor.rezidor.com/)
To access the telephone conference, please dial:
| Sweden: | +46 (0)8 5051 3793 |
| Sweden toll-free: | 0200 883 440 |
| UK: | +44 (0)20 7784 1036 |
| UK toll-free: | 0800 279 5004 |
| France: | +33(0)1 70 48 01 66 |
| France toll-free: | 0805 631 580 |
| US: | +1 646 254 3365 |
| US toll-free: | 1877 249 9037 |
Confirmation code: 4662914
For a replay of the conference call please visit www.investor.rezidor.com (http://www.investor.rezidor.com/).
Financial calendar 2013
Rezidor's Investor Day: June 5, 2013
Q2 2013 results: July 17, 2013
Q3 2013 results: October 22, 2013
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, 2013.
Stockholm April 24, 2013
Wolfgang M. Neumann
President & CEO
Rezidor Hotel Group AB
For further information, contact
Knut Kleiven
Deputy President & CFO
Tel: +32 2 702 9244
Fax: +32 2 702 9330
knut.kleiven@carlsonrezidor.com (mailto:knut.kleiven@carlsonrezidor.com%20)
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 (http://www.rezidor.com/)
About the Rezidor Hotel Group
The Rezidor Hotel Group is one of the most dynamic and fastest growing hotel companies in the world. The group currently features a portfolio of 438 hotels with 96,000 rooms in operation and under development in more than 70 countries across Europe, the Middle East and Africa. Rezidor operates the core brands Radisson Blu and Park Inn by Radisson, as well as Regent Hotels & Resorts, and Hotel Missoni, a lifestyle brand which is developed worldwide following a licence agreement with the iconic Italian fashion house Missoni.
Rezidor is a member of the Carlson Rezidor Hotel Group.
For more information, visit www.rezidor.com (http://www.rezidor.com/)
The full report with tables can be downloaded from the following link:
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
