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.