Third quarter, 2011
* RevPAR Like-for-like increased by 2.3% to EUR 69.1 (67.5). Like-for-like
Occupancy was 69.8% (69.5).
* Revenue increased by 6.9% or MEUR 14.1 to MEUR 219.4 (205.3). On a Like-for-
like basis Revenue increased by 0.1%.
* EBITDA was MEUR 14.8 (18.4), and EBITDA margin was 6.7% (9.0).
* Profit after tax amounted to MEUR 14.2 (4.6), positively impacted by a MEUR
11.7 capitalisation of deferred tax assets.
* Basic and diluted Earnings Per Share amounted to EUR 0.10 (0.03).
Nine month ending September, 2011
* RevPAR Like-for-like increased by 3.7% to EUR 65.6 (63.3). Like-for-like
Occupancy was 64.1% (63.5).
* Revenue increased by 11.3% or MEUR 64.6 to MEUR 638.6 (574.0). On a Like-
for-like basis Revenue increased by 1.8%.
* EBITDA was MEUR 21.0 (24.5), and EBITDA margin was 3.3% (4.3).
* Profit after tax amounted to MEUR 1.6 (4.1).
* Basic and diluted Earnings Per Share amounted to EUR 0.01 (0.03).
* Cash flow from operating activities was -5.6 (21.9). Total available cash at
the end of the period, including unutilised credit facilities, amounted to
MEUR 100.5 (MEUR 129.3 in Dec 2010 and MEUR 108.5 in September 2010).
Other developments
* Deferred tax assets of MEUR 11.7 were capitalised during the quarter,
following a review of the likelihood to utilise tax losses carry forward
within the group.
* Circa 1,700 new rooms were added into operations in the third quarter and ca
4,100 during the first nine months.
* Circa 2,100 rooms were signed in the third quarter and ca 6,400 during the
first nine months. All of the new rooms signed during the year were managed
or franchised.
Third quarter Nine months Rolling 12-months
Jan-Sep Oct 10- Oct 09-Sep
MEUR Jul-Sep 11 Jul-Sep 10 Jan-Sep 11 10 Sep 11 10
Revenue 219.4 205.3 638.6 574.0 850.3 760.0
EBITDAR 74.4 75.1 200.6 190.9 263.8 252.3
EBITDA 14.8 18.4 21.0 24.5 27.9 34.2
EBIT 5.9 9.4 -3.7 4.7 -4.6 6.7
Profit/loss 14.2 4.6 1.6 4.1
after Tax -5.2 3.8
EBITDAR Margin % 33.9% 36.6% 31.4% 33.3% 31.0% 33.2%
EBITDA Margin % 6.7% 9.0% 3.3% 4.3% 3.3% 4.5%
EBIT Margin % 2.7% 4.6% -0.6% 0.8% -0.5% 0.9%
Comment from the CEO
* Continued strong RevPAR development in emerging markets while macroeconomic
uncertainties are starting to impact growth in more mature European markets.
"RevPAR continues to improve. Overall macroeconomic uncertainties are however
starting to impact the growth pace. Eastern Europe still shows strong growth
while RevPAR development in Western Europe and the Nordics is slowing down. The
Middle East and Africa continues to suffer from the political unrest.
Our RevPAR has developed more positively than the market during the first eight
months of the year.
The drop in EBIT versus last year is mainly the result of a timing difference in
our marketing spending versus last year.
Our main focus is on improving profitability both in absolute terms and relative
to the industry. This will primarily be achieved through stronger emphasis on
revenue generation, partly through synergies with Carlson, and asset management
initiatives as well as the impact of the openings of the current asset-light
pipeline.
During the first nine months of the year we opened 4,100 new rooms, and added
more than 6,000 rooms to the pipeline. Supporting our development strategy,
100% of the pipeline at this point comprises management or franchise contracts.
Kurt Ritter, President & CEO
Financial calendar
Rezidor's Investor Day scheduled for 2(nd) December 2011 at Park Inn London
Heathrow
Year-end Report January-December 2011: 22 February 2012
Interim Report January-March 2012: 25 April 2012
Annual General Meeting 2012: 25 April 2012
Interim Report January-June 2012: 13 July 2012
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 28(th) October 2011.
Stockholm 28(th) October, 2011
Kurt Ritter
President & CEO
Rezidor Hotel Group AB
Webcast
28(th) October 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:
Belgium: +32 (0)2 400 3463
Belgium toll-free: 0800 58033
Sweden: +46 (0)8 5051 3793
Sweden toll-free: 0200 883 440
UK: +44 (0)20 7136 2055
UK toll-free: 0800 279 4977
US: +1 646 254 3366
US toll-free: 1877 280 2296
Confirmation code: 2074504
To follow the webcast, please visit www.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 2074504#.
In Q3 2011 Rezidor opened six 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
[HUG#1558987]
