Rezidor's Quarterly Report July - September 2009
Continued focus on cash protection as market remains weak
Comment from the CEO: "The third quarter has not witnessed any major change in the trading conditions for Rezidor. A weak demand from business clients has been partly offset by lower yield leisure travelers.
As reducing risk by adding fee-based managed and franchised rooms remains an important objective, Rezidor will continue to seek profitable growth opportunities in this area. This year, the company has already added almost 4,900 rooms to its operations, of which more than 88% are managed or franchised" Kurt Ritter, President & CEO.
Third quarter, 2009
- RevPAR like-for-like decreased by -15.9% to EUR 64.3 (76.4). Like-for-like occupancy was 66.8% (69.4).
- Revenue decreased by -14.1% or MEUR -27.1 to MEUR 165.4 (192.5). On a like-for-like basis Revenue decreased by -13.4%.
- EBITDA was MEUR 3.1 (20.0), and EBITDA margin was 1.9% (10.4).
- Loss after tax amounted to MEUR -6.1 (10.1).
- Basic and diluted Earnings Per Share amounted to EUR -0.04 (0.07).
Nine month ending September, 2009
- RevPAR like-for-like decreased by -18.1% to EUR 63.2 (77.1). Like-for-like occupancy was 62.1% (67.6).
- Revenue decreased by -16.9% or MEUR -100.1 to MEUR 491.2 (591.3). On a like-for-like basis Revenue decreased by -14.5%.
- EBITDA was MEUR -4.8 (57.3), and EBITDA margin was -1.0% (9.7).
- Loss after tax amounted to MEUR -27.9 (24.9).
- Basic and diluted Earnings Per Share amounted to EUR -0.19 (0.17).
- Cash flow from operating activities amounted to MEUR -10.7 (49.1). Total available cash at the end of the period, including unutilised credit facilities, amounted to MEUR to 92.7 (146.8 in September 08). Net debt/cash amounted to MEUR -11.7 (19.3 in September 08).
- Rezidor opened ca 1,800 rooms in the third quarter, of which 90% were managed or franchised. Two hotels, representing ca 145 rooms, left the system. During the first nine months, Rezidor opened ca 4,900 rooms, of which 88% were managed or franchised.
- Rezidor signed 5 contracts for new hotels in the third quarter featuring ca 1,000 rooms. During the first nine months, Rezidor signed 30 contracts for new hotels, totaling ca 5,900 rooms. 100% of the new rooms contracted year to date were managed or franchised.
- The cost savings plan generated net savings of MEUR 9.2 during the third quarter and MEUR 21.7 during the first nine months of the year.
About Carlson Rezidor Hotel Group
The Rezidor Hotel Group is one of the most dynamic hotel companies in the world and a member of the Carlson Rezidor Hotel Group. The group features a portfolio of approximately 475 hotels in operation or under development with 104,000 rooms in more than 80 countries.
Rezidor operates the core brands Radisson Blu and Park Inn by Radisson in Europe, the Middle East and Africa (EMEA), along with the Club Carlson loyalty program for frequent hotel guests. In early 2014, and together with Carlson, Rezidor launched the Radisson RED (lifestyle select) and Quorvus Collection (luxury) brands. Since 2016, Rezidor has owned 49% of prizeotel. Rezidor has an industry-leading Responsible Business Program and was awarded one the World's Most Ethical Companies by the US think-tank Ethisphere.
In November 2006, Rezidor was listed on the Nasdaq Stockholm, Sweden. HNA Tourism Group Co., Ltd.—a division of HNA Group Co., Ltd., a Fortune Global 500 company with operations across aviation, tourism, hospitality, finance, and online services among other sectors—became the majority shareholder in December 2016.
The corporate office of The Rezidor Hotel Group is based in Brussels, Belgium.