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Definitions

Hotel-related Key Ratios

ARR (Average Room Rate)

The average room rate is the average room revenue per sold room.

LFL (Like-for-Like)

LFL refers to the hotels that were in operation during the entire period in question as well as during the corresponding period of the previous year (no new or exit hotels are included for the year) at unchanged exchange rates.

OCC (Occupancy)

Refers to sold rooms in relation to the number of available rooms. Expressed as a percentage.

RevPAR (Revenue Per Available Room)

Refers to the average room revenue per available room.

Pre-opening costs

Refers to costs for contracted and newly opened hotels before opening day.

Full-time equivalents (FTEs)

The number of full-time employees calculated as the total number of working hours for the period divided by annual working time.

Financial Key Ratios

EBIT

Earnings before interest and taxes.

EBITDA

Earnings before interest, taxes, depreciation and amortization.

EBITDA margin

EBITDA as a percentage of net sales.

EBT

Earnings before tax.

Adjusted EBITDAR

Earnings before pre-opening costs, non-recurring items, interest, taxes, depreciation, amortization and rent.

Adjusted EBIT

Earnings before pre-opening costs, non-recurring items, interest and taxes.

Adjusted EBITDA

Earnings before pre-opening costs, non-recurring items, interest, taxes, depreciation and amortization.

Non-recurring items

Items that are not directly related to the normal operations of the company, for example costs for transactions, exits and restructuring.

Interest-bearing net liabilities

Interest-bearing assets minus interest-bearing liabilities.

Working capital, net

Current non-interest bearing receivables minus current non-interest bearing liabilities.

Equity-related key ratios

Earnings per share

The profit/loss during the period, related to the shareholders of the company, divided by the average number of shares.