On October 28, the district court in Sundsvall announced its judgment regarding damages in the dispute that arose between Scandic and Folkets Hus in Sundsvall in 2012.
The parties have reached an agreement in which neither party will appeal the judgment. Folkets Hus in Sundsvall is obliged to pay damages to Scandic totaling SEK 59,504,687 plus interest on the sum from September 30 2015.
The total amount of the damages including interest amounts to SEK 64,791,887, which will impact Scandic’s results in full for the fourth quarter 2016.
In addition to the above-mentioned amount, Scandic has already received approximately MSEK 8.9 in compensation from Folkets Hus in Sundsvall. This amount had an impact on the results for the fourth quarter 2015.
For more information, please contact:
Peter Jangbratt, Head of Sweden
Scandic Hotels Group AB is required to publish this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication by the contact persons mentioned above on November 17, 2016 at 13:00 CET.
Scandic is the largest hotel company in the Nordic region with 14,400 team members and a network of close to 230 hotels with about 44,000 hotel rooms in operation and under development. Scandic Friends is the biggest loyalty program in the Nordic hotel sector with 1.8 million members. Corporate responsibility has always been a part of Scandic’s DNA and Scandic has been named Best Hotel Brand in the Nordic countries (BDRC). Since December 2, 2015, Scandic has been listed on Nasdaq Stockholm. www.scandichotelsgroup.com