Scandic’s Board Of Directors Proposes To Cancel Dividend For 2019 In Order To Improve The Financial Position

At an extraordinary Board meeting held on March 16, 2020, the Board of Directors of Scandic Hotels Group AB resolved to withdraw its earlier dividend proposal to the Annual General Meeting of 3.70 SEK per share due to the current uncertainty in the company's business situation. In addition, the Board resolved to postpone the Annual General Meeting 2020 as well as the publishing dates for the company's Annual Report and Interim Report for the first quarter 2020.

The decision to cancel the dividend for 2019 is part of a comprehensive action plan to adapt to the new market situation with significantly lower occupancy as a result of the spread of coronavirus (COVID-19).

Scandic is taking a number of vigorous steps to reduce costs. These include extensive reductions in staffing both in hotel operations and support functions. Scandic welcomes the government decisions in the Nordic countries that enable short-term layoffs and postponement of tax payments and fees. Scandic will temporarily close certain hotels and the company is in constructive discussions with property owners on how to best manage the current situation.

Due to the current market situation, the Board has decided to postpone publishing Scandic's Annual Report for 2019 from April 20 to April 30, 2020 and to publish the company's interim report for the first quarter 2020 from May 5 to May 29. In addition, the date for Scandic's Annual General Meeting has been moved from May 11 to June 15, 2020.

For more information, please contact:

Jan Johansson, CFO
Email: [email protected]
Phone: +46 705 758972

Henrik Vikström, Director Investor Relations
Email: [email protected]
Phone: +46 709 52 80 06

This information is information that Scandic Hotels Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 19.35 CET on March 16, 2020.

Media Contact

Elin Westin

Director of Communication, Scandic Hotels Group [email protected] +46 702 777526