Scandic

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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.

FTE (Full Time Equivalent)

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

LFL (Like-for-like)

LFL refers to the hotels that were in operation during the entire period as well as during the corresponding period of the previous year (no new or exited hotels for the year is included).

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.

EQUITY-RELATED KEY RATIOS

Earnings per share

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

Equity per share

Equity related to the shareholders of the Parent Company, divided by the number of shares outstanding at the end of the period.

Equity per share, SEK31 mar 201931 mar 201831 dec 2018
Equity attributable to owners of Parent Company6 377 000 0007 422 000 0007 768 000 000
Number of shares, end of period102 985 075102 985 075102 985 075
Equity per share, SEK61,972,175,4

FINANCIAL KEY RATIOS

EBT

Earnings before tax.

EBIT

Earnings before interest and taxes.

ALTERNATIVE PERFORMANCE MEASURES

EBITDAR

Definition: Earnings before interest, taxes, depreciation and amortization and rent.

Justification: Rental expenses is a considerable expense in Scandic’s income statement and therefore this ratio, that adjusts for rental expenses, provides an increased possibility to compare Scandic’s ongoing operations over time.

Adjusted EBITDA

Definition: Earnings before pre-opening costs, items affecting comparability, interest, taxes, depreciation and amortization as well as adjusted for the effects of the finance lease.

Justification: Adjusted EBITDA is a ratio that is used to present the underlying operating result. The ratio is used by Scandic’s investors, analysts and management to evaluate Scandic’s ongoing operations.  

Adjusted EBITDA-margin

Definition: Earnings before pre-opening costs, items affecting comparability and before depreciation and amortization, interest and taxes as well as adjusted for the effects of finance lease as percentage of net sales.

Justification: Adjusted EBITDA-margin shows the underlying margin before items affecting comparability and pre-opening costs, depreciation and amortization which increase the possibility to compare earnings in Scandic’s ongoing operations.

EBITDA

Definition: Earnings before interest, taxes, depreciation and amortization.

Justification: EBITDA is a ratio showing the value that the ongoing operations generates and is therefore of importance to Scandic’s investors, analysts and management.

EBITDA-margin

Definition: EBITDA as a percentage of net sales.

Justification: The EBITDA-margin shows the margin generated by the ongoing operations and is therefore of importance when assessing the ongoing operations.

Adjusted EBIT

Definition: Earnings before pre-opening costs, items affecting comparability, interest and taxes as well as adjusted for the effects of finance lease.

Justification: Adjusted EBIT intends to increase understanding for the ongoing operations including depreciation, and provide the possibility to evaluate EBIT over time.

Adjusted EBIT-margin

Definition: Earnings before pre-opening costs, items affecting comparability, interest and taxes, adjusted for the effects of finance lease as a percentage of net sales.

Justification: The ratio shows the underlying margin including depreciation, before pre-opening costs and items affecting comparability which provides a more comparable ratio over time compared to non-adjusted EBIT-margin.

EBIT-margin

Definition: Earnings before interest and taxes as a percentage of net sales.

Justification: The ratio shows earnings for the Group and is used by management.

EBIT och EBITDA 
Jan-mar 2019Jan-mar 2018Jan-dec 2018Apr-mar 2018/2019
Profit/loss for period37-141678856
Taxes-17-5132-120
Net financial items30136173-438
EBIT321-1109831 414
Adjusted EBIT-610-831 0871 437
Depreciation and amortization7701988701 442
EBITDA1 091881 8532 856
Items affecting comparability-16924141-52
Pre-opening costs16339275
Effect of finance lease, fixed and guaranteed rental charges-778-31-129-876
Adjusted EBITDA1601141 9572 003
Net sales4 0663 79118 00718 282
EBIT-margin7,9%-2,9%5,5%7,7%
Adjusted EBIT-margin-15,0%-2,2%6,0%7,9%
EBITDA-margin26,8%2,3%10,3%15,6%
Adjusted EBITDA-margin3,9%3,0%10,9%11,0%

Items affecting comparability

Definition: Items that are not directly related to the normal operations of the company, for example, costs for transactions, integration, restructuring and capital gain/loss from sale of operations.

Justification: In order to provide an opportunity to evaluate Scandic’s ongoing operations and profitability at a certain point in time, it is of value to present items that are assessed as non-recurring.

Interest-bearing net liabilities

Definition: Liabilities to credit institutions and commercial papers minus cash and cash equivalents.

Justification: Interest-bearing net liabilities is used to calculate the company’s indebtedness, which is one of Scandic’s financial targets. The definition chosen corresponds to the definition used for the calculation of indebtedness, according to Scandic’s loan agreements.

Interest-bearing net liabilities31 mar 201931 mar 201831 dec 2018
Liabilities to credit institutions3 2003 2732 940
Commercial papers1 0751 1991 000
Cash and cash equivalents-80-163-103
Interest-bearing net liabilities4 1954 3093 837

Working capital, net

Definition: Total current assets excluding derivative instruments and cash and cash equivalents minus total current liabilities , excluding derivative instruments, current portion of finance lease liabilities and commercial papers.

Justification: There is a need to optimize cash generation to create value for our shareholders. The management team is therefore focused on working capital and on reducing lead times between income generation and payments received.

Working capital, net31 mar 201931 mar 201831 dec 2018
Current assets, exclusive of cash equivalents1 5761 7801 321
Current liabilities-3 077-2 960-2 896
Working capital, net-1 501-1 180-1 575

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MSEKJul-Sep 2019Jul-Sep 2018Jan-Sep 2019Jan-Sep 2018Jan-Dec 2018Okt-Sep 2018/2019
Profit/loss for period387396597513678762
Taxes1047414085132187
Net financial items30843909130173952
EBIT7995131,6467289831,901
Depreciation and amortization8182202,3776308702,617
EBITDA1,6177334,0231,3581,8534,518
Items affecting comparability-13-168118141-145
Pre-opening costs212067899270
Effect of finance lease, fixed and guaranteed rental charges-813-31-2,380-96-129-2,413
Adjusted EBITDA8237361,5421,4691,9572,030
       
Net sales5,1954,87414,11413,41218,00718,709
      
EBIT-margin15.4%10.5%11.7%5.4%5.5%10.2%
EBITDA-margin31.1%15.0%28.5%10.1%10.3%24.1%
Adjusted EBITDA-margin15.8%15.1%10.9%11.0%10.9%10.9%