Strong financial results for Scandic
Fourth quarter 2015 in summary
- RevPAR grew 3.5%. LFL, RevPAR increased 7.5% as a result of higher occupancy and average room rates.
- Net sales increased by 1.1% to 3,084.7 MSEK (3,051.2). Adjusted for exchange rate fluctuations, net sales rose 3.5%.
- Net sales LFL went up 6.3% mainly due to higher occupancy.
- Adjusted EBITDA rose to 331.6 MSEK (290.4), corresponding to a margin of 10.7% (9.5%).
The margin improvement resulted from higher revenues LFL and efficiency gains from the integration of the former Rica hotels.
- Earnings per share before and after dilution totaled 0.23 SEK (-4.14).
- The Scandic share was listed on Nasdaq Stockholm’s Nordic Mid Cap list on December 2, 2015.
- In accordance with what was communicated earlier in the company’s prospectus, no dividend is proposed for the financial year 2015.
Period January – December in summary
- RevPAR went up 4.9%. LFL, RevPAR increased 7.5% by higher occupancy and average room rates.
- Net sales increased by 12.6% to 12,192.7 MSEK (10,825.9).
- Net sales LFL grew 7.3% due to higher occupancy.
- Adjusted EBITDA increased to 1,246.4 MSEK (1,019.3) corresponding to a margin of 10.2% (9.4%). The margin improvement was a result of higher revenues LFL and efficiency gains from the integration of the former Rica hotels.
- At the end of the year, there were 40,920 rooms in operation at 221 hotels, 188 of which have lease agreements.
- Earnings per share before and after dilution totaled 1.43 SEK (-5.36).
- Net debt on the reporting date totaled 3,355.5 MSEK, corresponding to 2.7x adjusted EBITDA.
Frank Fiskers, President & CEO comments
“2015 was a year of strong financial performance for Scandic, which confirms the high momentum in the Group. RevPAR developed very positively and LFL net sales was strong. In addition the efficiency gains from the integration of the Rica hotels contributed to improved margins.”
“Today, Scandic is the Nordic region’s largest hotel operator with a popular offering, a well-invested hotel portfolio and a powerful geographical network. Our existing hotels and pipeline of new hotels under development is a solid foundation for growth going forward.”
Telephone conference February 23, 2016 at 09.00 CET
A telephone conference is held at 09.00 CET today, February 23. Scandic’s President & CEO Frank Fiskers will present the report together with CFO Gunilla Rudebjer in a webcast and telephone conference.
Details for participation by telephone: +46 8 5664 2695 or +44 20 3008 9810
Please call in 5 minutes before the start.
The presentation will be held in English.
You can view the webcast at www.scandichotelsgroup.com. The year-end report and presentation slides will also be available on the website.
Scandic Hotels Group (publ) is required to publish this information under the Swedish Securities Market Act and/or Financial Instruments Trading Act. The information was submitted for publication February 23, 2016 at 07:30 CET.
For further information, please contact:
Ann-Charlotte Johansson, VP Communications & IR
Phone: +46 (0)72 180 22 44