Fourth Quarter 2014
- Like-for-like ("L/L") RevPAR was up by 0.9%.
- Revenue increased by 0.8% to MEUR 238.0 (236.0).
On a L/L basis Revenue decreased by 1.7%.
- EBITDA amounted to MEUR 14.8 (25.8), and the EBITDA margin decreased to 6.2% (10.9).
- EBIT amounted to MEUR 0.5 (12.9) and the EBIT margin decreased to 0.2% (5.5).
- Profit after tax amounted to MEUR -0.9 (7.3).
- Basic and diluted Earnings per Share were EUR -0.01 (0.05).
- 2,011 new rooms were contracted, 941 new rooms opened and 401 rooms left the system.
Twelve months ended December 2014
- L/L RevPAR was up by 2.7%.
- Revenue increased by 1.9% to MEUR 937.3 (919.5).
On a L/L basis Revenue increased by 0.7%.
- EBITDA amounted to MEUR 71.3 (80.7) and the EBITDA margin decreased to 7.6% (8.8).
- EBIT amounted to MEUR 30.7 (44.2) and the EBIT margin decreased to 3.3% (4.8).
- Profit after tax amounted to MEUR 14.2 (23.2).
- Basic and diluted Earnings per Share were EUR 0.09 (0.16).
- Cash flow from operating activities amounted to MEUR 41.2 (54.6).
- 6,557 new rooms were contracted, 3,536 new rooms opened and 2,204 rooms left the system.
- The Board of Directors proposes a dividend of EUR 0.03 per share.
|MEUR||Q4 2014||Q4 2013||FY 2014||FY 2013|
|Profit/loss for the period||-0.9||7.3||14.2||23.2|
|EBITDAR margin, %||30.0%||33.7%||33.5%||34.5%|
|EBITDA margin, %||6.2%||10.9%||7.6%||8.8%|
|EBIT margin, %||0.2%||5.5%||3.3%||4.8%|
Comments from the CEO
One-off costs and weaker Norwegian market impact 2014 results
"One-off costs related to a hotel closed for renovation and the challenging business climate in some of our key markets, especially Norway, had a negative impact on our financial performance in the fourth quarter.
For the quarter like-for-like RevPAR grew by 0.9 percent.
Our Route 2015 target of improving the EBITDA margin by 6 to 8 percentage points over the actual results of 2011 remains unchanged, but the achievement will be delayed due to the current business environment.
We have made solid progress over the past three years - addressing legacy issues and driving profitability by reducing our cost base, pursuing revenue generation and successfully taking asset management actions in loss-making hotels.
Furthermore, we have in 2014 accelerated theupgrading of our leased hotel portfolio with total investments of ca MEUR 54. These investments will secure the competitive positioning in selected markets.
During the quarter, we have signed ten new hotel agreements representing ca 2,000 rooms and opened five hotels with ca 900 rooms."
Wolfgang M. Neumann, President & CEO
Logos, product and company names mentioned are the property of their respective owners.