Second Quarter 2017
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Like-for-like ("L/L") RevPAR for leased and managed hotels was up by 4.0%. The growth is due to increase in both occupancy and average room rate.
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Revenue decreased by 2.2% to MEUR 254.1 (259.8). The decrease is mainly due to the exit of four leased hotels last year, the temporary closure of one leased hotel for renovation and the strengthening of the Euro, partly offset by positive L/L RevPAR development and the re-opening of two leased hotels after renovation. On a L/L basis revenue increased by 2.6%.
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EBITDA amounted to MEUR 28.4 (36.4) and the EBITDA margin decreased to 11.2% (14.0). EBITDA is negatively impacted by higher central costs of MEUR 4.6 (mainly of a one-off nature) and higher bad debt costs of MEUR 1.2, as well as softer conversion in the lease L/L portfolio.
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EBIT amounted to MEUR 6.3 (22.0) and the EBIT margin decreased to 2.5% (8.5). In addition to the negative EBITDA development, EBIT is impacted by MEUR 8.6 higher costs for write-downs of fixed assets.
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Profit/loss for the period amounted to MEUR 3.6 (16.2).
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Basic and diluted earnings per share was EUR 0.02 (0.10) and EUR 0.02 (0.09) respectively.
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1,666 (2,565) rooms were contracted, 1,397 (1,419) rooms opened and 1,314 (429) rooms left the system.
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On May 4, the Board of Directors appointed Federico González-Tejera as President & CEO of the Rezidor Hotel Group, succeeding Wolfgang M. Neumann who has resigned as CEO. Neumann will remain on the Board as a non-executive director.
Half year 2017
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L/L RevPAR for leased and managed hotels was up by 5.4%.
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Revenue increased by 2.1% to MEUR 476.6 (466.8). On a L/L basis revenue increased by 5.4%.
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EBITDA amounted to MEUR 30.9 (27.2) and the EBITDA margin increased to 6.5% (5.8).
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EBIT amounted to MEUR -1.9 (-3.0) and the EBIT margin increased to -0.4% (-0.6).
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Profit/loss for the period amounted to MEUR -4.0 (-5.4).
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Basic and diluted earnings per share was EUR -0.02 (-0.03).
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Cash flow from operating activities amounted to MEUR 24.1 (16.8).
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4,844 (4,532) rooms were contracted, 2,322 (2,386) rooms opened and 2,199 (732) rooms left the system.
| MEUR | Q2 2017 | Q2 2016 | Change | % | H1 2017 | H1 2016 | Change | % |
| Revenue | 254.1 | 259.8 | -5.7 | -2.2% | 476.6 | 466.8 | 9.8 | 2.1% |
| EBITDA | 28.4 | 36.4 | -8.0 | -22.0% | 30.9 | 27.2 | 3.7 | 13.6% |
| EBIT | 6.3 | 22.0 | -15.7 | -71.4% | -1.9 | -3.0 | 1.1 | 36.7% |
| Profit/loss for the period | 3.6 | 16.2 | -12.6 | -77.8% | -4.0 | -5.4 | 1.4 | 25.9% |
| EBITDA margin | 11.2% | 14.0% | -2.8 pp | 6.5% | 5.8% | 0.7 pp | ||
| EBIT margin | 2.5% | 8.5% | -6.0 pp | -0.4% | -0.6% | 0.2 pp |
Comments from the CEO
Launch of works on 5-year strategy plan under new executive leadership