Radisson Hospitality AB: Interim Report January - September 2018
Third Quarter 2018 |
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Radisson Hospitality AB: Interim Report January - September 2018
Third Quarter 2018 |
Catégorie : Monde - Économie du secteur
- Chiffres et études
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- Revenue increased by MEUR 4.2 (1.7%) to MEUR 253.3. The increase is mainly due to strong performance in the like-for-like hotel portfolio, partly offset by the exit of eight leases at the end of last year and one lease this year (MEUR -8.2) and the strengthening of the Euro (MEUR -5.2). On a like-for-like basis, including hotels under renovation ("LFL&R"), Revenue increased by MEUR 16.8 (7.1%).
- Reported RevPAR for leased and managed hotels increased by 5.6% and RevPAR LFL&R by 8.9%.
- EBITDA increased by MEUR 5.8 (16.9%) to MEUR 40.2 and the EBITDA margin increased 2.1 pp to 15.9%. The increase is mainly due to the like-for-like revenue growth and reduction in operating costs in leased hotels.
- EBIT decreased by MEUR 1.0 (-4.8%) to MEUR 19.8 and the EBIT margin decreased 0.6 pp to 7.8%.
The increase in EBITDA is offset by MEUR 5.5 higher costs for write-downs of fixed assets and MEUR 1.7 higher depreciation costs. - Profit/loss for the period decreased by MEUR 5.3 (-36.8%) to MEUR 9.1. Profit is impacted by higher financial expenses related to the bond issue in July.
- Basic and diluted earnings per share were EUR 0.05 (0.08).
- 2,385 (1,880) rooms were contracted, 1,167 (1,573) rooms opened and 131 (649) rooms left the system.
Nine months ended September 2018 ▪ Revenue decreased by MEUR 12.5 (–1.7%) to MEUR 713.2. Revenue LFL&R increased by MEUR 29.3 (4.2%).
▪ Reported RevPAR for leased and managed hotels increased by 1.4% and RevPAR LFL&R increased by 6.5%.
▪ EBITDA increased by MEUR 21.4 (32.8%) to MEUR 86.7 and the EBITDA margin increased 3.2 pp to 12.2%.
▪ EBIT increased by MEUR 23.2 to MEUR 42.1 and the EBIT margin increased 3.3 pp to 5.9%.
▪ Profit/loss for the period increased by MEUR 14.2 to MEUR 24.6.
▪ Basic and diluted earnings per share were EUR 0.14 (0.06).
▪ Cash flow from operating activities amounted to MEUR 80.2 (55.4).
▪ 5,691 (6,724) rooms were contracted, 3,133 (3,895) rooms opened and 604 (2,848) rooms left the systemComments from the CEO Q3 has been both an outstanding and reassuring quarter Outstanding because we report an all-time high Q3 EBITDA, confirming the step change at operating level. Reassuring because the work performed in the 5-year operating plan update confirms the potential of all the initiatives in the plan and because of the very good progress in Q3 delivering on all the 2018 initiatives. More in detail; in the quarter we achieved an EBITDA of MEUR 40.2 (an increase of 16.9%) and an EBITDA margin of 15.9% (an increase of 2.1 pp). RevPAR like-for-like, including hotels under renovation, increased by 8.9%, representing the highest increase we have had since Q3 2010. Revenue like-for-like, including hotels under renovation, grew by 7.1% (MEUR 16.8). We reiterate our guidance for the full year with like-for-like revenue, including hotels under renovation, expected to grow 4.0 – 4.5 % and with an EBITDA margin of ca 11%. This means that during Q4, the company will have higher operating costs (mainly restructurings) than previous quarters, which is in line with the 5-year operating plan.
Federico J. González, President & CEO
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