Financial overview
With the exception of the pandemic years 2020 and 2021, Scandic has more than doubled sales
and generated a stable adjusted EBITDA margin since 2013. During the year, Scandic reported growth, profitability and indebtedness in line with its financial targets.
Strengths
- Active on the attractive Nordic hotel market
- No. 1 brand in the Nordic region with a well-invested portfolio.
- Commercial and operational leader through a strong focus and efficiency.
- Attractive business model with variable leases and control of the entire value chain.
- Growth opportunities from the current portfolio as well as expansion of the hotel network.
- Industry leader in sustainability
FINANCIAL TARGETS
Up until 2019, Scandic had increasing sales and an adjusted EBITDA margin that was close to the target of 11%. In 2020 and the first half of 2021, however, the Covid-19 pandemic had an extremely negative effect on Scandic’s key ratios. From the second half of 2021, Scandic has been profitable again.
growth
The group shall have organic growth, i.e. sales growth excluding acquisitions and adjusted for exchange rate fluctuations of at least 5 percent per year on average over a complete business cycle.
Profitability
The adjusted EBITDA margin of the Group shall be at least 11 percent on average over a complete business cycle.
Target & outcome 2017-2022
In 2022, organic sales amounted to 90.7 percent.
Target & outcome 2017-2022
In 2022, the adjusted EBITDA margin was 13.2 percent compared with 0.1 percent in 2021. Excluding state aid and other non-recurring items, the adjusted EBITDA margin was 11.1 percent.
Capital strucutre
The Group shall have net debt in relation to adjusted EBITDA of 2 to 3x.
Dividends
The dividend policy is to distribute at least
50 percent of net profit for the year.
Target & outcome 2017-2022
At year-end 2022, net debt was 1,425 million SEK1) while adjusted EBITDA amounted to 2,536 million SEK, resulting in net debt in relation to adjusted EBITDA of 0.6x
* neg., ** nmf.
1) Excluding the convertible loan of 1,484 million SEK. Including the convertible loan, net debt in relation to adjusted EBITDA was 1.1x.
Target & outcome 2017-2022
Scandic’s Board of Directors has proposed that no dividend be paid for 2022.
FIVE-YEAR OVERVIEW
| MSEK | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Financial key ratios – income statement | |||||
| Net sales | 19,230 | 10,086 | 7,470 | 18,945 | 18,007 |
| Net sales growth, % | 90,7 | 35,6 | -60,6 | 5,2 | 23,5 |
| Net sales growth, LFL % | 74,6 | 33,8 | -57,4 | 1,5 | 1,2 |
| Adjusted EBITDA | 2,536 | 6 | -1,503 | 2,046 | 1,957 |
| Adjusted EBITDA margin, % | 13,2% | 0,1% | -20,1% | 10,8% | 10,9% |
| EBIT (operating profit/loss) | 2,457 | -440 | -4,800 | 2,144 | 983 |
| Operating margin (EBIT), % | 12,8% | -4,4% | -64,3% | 11,3% | 5,5% |
| Profit/loss for year attributable to Parent Company | 394 | -1,681 | -5,949 | 722 | 674 |
| Profit/loss excl. effect of finance leases | 866 | -1,098 | -5,739 | 942 | 700 |
| Financial key ratios – financial position | |||||
| Balance sheet total | 50,948 | 44,755 | 38,283 | 43,509 | 17,737 |
| Equity | 2,274 | 1,155 | 2,071 | 6,601 | 7,806 |
| Working capital | -3,157 | -2,624 | -1,573 | -1,972 | -1,575 |
| Interest-bearing net liabilities | 1,425 | 3,053 | 4,714 | 3,497 | 3,837 |
| nterest-bearing net liabilities/adjusted EBITDA | 0,6 | 508,8 | neg | 1,7 | 2,0 |
| Cash flows from operating activities | 6,432 | 3,701 | 1,151 | 5,067 | 1,723 |
| Free cash flow | 2,202 | 185 | -2,939 | 777 | 263 |
| Key ratios per share | |||||
| Average number of shares after dilution | 191,304,116 | 191,250,686 | 148,645,691 | 103,036,484 | 103,075,976 |
| Earnings per share, SEK | 2,21 | -8,79 | -40,02 | 7,01 | 6,54 |
| Earnings per share, SEK, excl. effect of finance leases | 4,10 | -5,75 | -38,62 | 9,15 | 6,80 |
| Equity/share, SEK | 11,9 | 6,0 | 10,8 | 64,1 | 75,4 |
| Hotel-related key ratios | |||||
| RevPAR (Revenue Per Available Room), SEK | 683 | 364 | 271 | 707 | 683 |
| ARR (Average Room Rate), SEK | 1,183 | 957 | 945 | 1,071 | 1,045 |
| OCC (Occupancy), % | 57,7 | 38,0 | 28,7 | 66,0 | 65,3 |
| Total number of rooms at year-end | 55,831 | 54,265 | 53,003 | 52,755 | 51,693 |
Latest press releases
Scandic’s interim report for the first quarter 2024 – Stable start to the year and good booking situation for the second quarter
Scandic publishes the Annual and Sustainability Report 2023
Invitation to presentation of Scandic’s interim report for the first quarter 2024
Scandic Hotels Group will present its interim report for the first quarter 2024 in a webcast at 09.00 CEST on April 24, 2024. The report will be publi...
About Scandic
Scandic is the largest Nordic hotel operator with a network of about 280 hotels with 58,000 hotel rooms in operation and under development in six countries. Scandic Friends is the biggest loyalty program in the Nordic hotel sector. Corporate responsibility has always been a part of Scandic’s DNA. Since December 2, 2015, Scandic has been listed on Nasdaq Stockholm. Read more about Scandic
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