Financial overview
Since 2013, Scandic has more than doubled its net sales while maintaining a stable adjusted EBITDA margin roughly in line with the company’s financial targets. During 2020 and the first half-year 2021, the Covid-19 pandemic impacted Scandic’s performance significantly, but during 2022, the hotel market has recovered, returning to stable levels.
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 2017-2021
In 2021, organic sales amounted to 36.5 percent after having been significantly negative in 2020.
Target & outcome 2017-2021
The margin was close to zero in 2021 due to very weak development during the first half of the year. The adjusted EBITDA margin totaled 0.1 percent in 2021.
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 2017-2021
At the end of 2021, Scandic’s net debt was 3,053 MSEK while adjusted EBITDA amounted to 6 MSEK.
* neg., ** nmf.
Target & outcome 2017-2021
As in 2020, Scandic’s Board of Directors proposed that no dividend be paid for 2021.
Five-year summary
| MSEK | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Financial key ratios – income statement | |||||
| Net sales | 10,086 | 7,470 | 18,945 | 18,007 | 14,582 |
| Net sales growth, % | 35.6 | -60.6 | 5.2 | 23.5 | 11.5 |
| Net sales growth, LFL % | 33.8 | -57.4 | 1.5 | 1.2 | 4.7 |
| Adjusted EBITDA | 6 | -1,503 | 2,046 | 1,957 | 1,573 |
| Adjusted EBITDA margin, % | 0.1 | -20.1 | 10.8 | 10.9 | 10.8 |
| EBIT (operating profit/loss) | -440 | -4,800 | 2,144 | 983 | 925 |
| Operating margin (EBIT), % | -4.4% | -0.6 | 11.3 | 5.5 | 6.3 |
| Profit/loss for year attributable to Parent Company | -1,681 | -5,949 | 722 | 674 | 707 |
| Profit/loss excl. effect of finance leases | -1,098 | -5,739 | 942 | 700 | 711 |
| Financial key ratios – financial position | |||||
| Balance sheet total | 44,755 | 38,283 | 43,509 | 17,737 | 16,964 |
| Equity | 1,155 | 2,071 | 6,601 | 7,806 | 7,356 |
| Working capital | -2,624 | -1,573 | -1,972 | -1,575 | -1,501 |
| Interest-bearing net liabilities | 3,053 | 4,714 | 3,497 | 3,837 | 3,629 |
| nterest-bearing net liabilities/adjusted EBITDA | 508.8 | neg | 1.7 | 2.0 | 2.3 |
| Cash flows from operating activities | 3,701 | 1,151 | 5,067 | 1,723 | 1,544 |
| Free cash flow | 185 | -2,939 | 777 | 263 | -629 |
| Key ratios per share | |||||
| Average number of shares after dilution | 191,250,686 | 148,645,691 | 103,036,484 | 103,075,976 | 103,003,004 |
| Earnings per share, SEK | -8.79 | -40.02 | 7.01 | 6.54 | 6.86 |
| Earnings per share, SEK, excl. effect of finance leases | -5.75 | -38.62 | 9.15 | 6.80 | 6.86 |
| Equity/share, SEK | 6.0 | 10.8 | 64.1 | 75.4 | 71.4 |
| Hotel-related key ratios | |||||
| RevPAR (Revenue Per Available Room), SEK | 364 | 271 | 707 | 683 | 680 |
| ARR (Average Room Rate), SEK | 957 | 945 | 1,071 | 1,045 | 1,012 |
| OCC (Occupancy), % | 38.0 | 28.7 | 66.0 | 65.3 | 67.1 |
| Total number of rooms at year-end | 54,265 | 53,003 | 52,755 | 51,693 | 42,659 |
Latest press releases
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March 1, 2023 08:05 CET
Scandic Frankfurt Hafenpark opens in premier location
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February 16, 2023 07:30 CET
Scandic’s year-end report 2022 - Stable quarter ends a strong year
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February 2, 2023 13:15 CET
Invitation to presentation of Scandic’s year-end report 2022
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November 17, 2022 09:15 CET
Current affairs and commercial leadership in focus as Scandic develops future leaders
Events
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
Scandichotels.com 
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Scandichotels.no 
Scandichotels.se