“Rezidor’s market share grew for the fifth consecutive year. Like-for-like RevPAR for leased and managed hotels rose 3.2%, mainly due to an increase in average room rate.”

Knut Kleiven - Deputy President & Chief Financial Officer
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    Our results

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    While we gained market share for the fifth consecutive year, 2016 was a turbulent year for the hospitality industry and Rezidor. Like-for-like revenue increased by 3.8% with many markets trading at new peak levels. However, increased volatility related to terrorist attacks and the lower oil price negatively affected some countries.

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    Percent

    REVPAR

    Three of four regions reported like-for-like RevPAR growth. Eastern Europe reported the strongest growth (12.3%). Denmark, Sweden and Norway all showed positive developments leading to a 6% like-for-like RevPar increase in the Nordics. In Western Europe, like-for-like RevPAR was above last year (+2.4%). In the Middle East and Africa, like-for-like RevPAR fell 7.1%.

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    meur

    REVENUE

    Rezidor continued to gain market share for the fifth consecutive year. Like-for-like revenue increased by 3.8% in 2016 with many markets trading at new peak levels. Total revenue decreased by 3.6% to MEUR 961.2 (997.0), mainly due to the exit of four leased hotels, the temporary closure of one leased hotel for renovation and the strengthening of the Euro.

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    meur

    EBITDA

    EBITDA amounted to MEUR 79.3, due to a challenging trading environment in some areas, lower one-off fee revenue, and higher central costs, due mostly to redundancies.

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    meur

    EBIT

    EBIT decreased by MEUR 54.3 to MEUR 3.0., impacted by termination costs for six leases in the UK and two in Norway, as well as higher costs for depreciation and write downs of fixed assets.

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    Percent

    MARGINS

    EBITDA margin decreased to 8.3, a drop from the 2015 rate of 10.1, and EBIT Margin Percentage fell from 5.7 to 0.3.

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    meur

    PROFIT/LOSS

    The profit for the period amounted to MEUR 26.4, compared to MEUR 34.2 last year. The decrease in EBIT is offset by positive income tax, mainly due to recognition of deferred tax assets of net MEUR 22.3.

    Financial
    Report

    Five year summary

    MEUR (except stated otherwise) 2016 2015 2014 2013 2012
    Income statement
    Revenue (5) 961.2 997 937.3 919.5 923.7
    EBITDAR (6) 314.6 341 313.8 317 300.3
    EBITDA (6) 79.3 101.1 71.3 80.7 50.7
    EBIT (6) 3.0 57.3 30.7 44.2 -1.1
    Financial income & expense, net -0.3 -0.7 -1.5 -1.7 -0.9
    Profit/loss for the year 26.4 34.2 14.2 23.2 -17
     
    Balance sheet
    Balance sheet total 502.5 464.3 427.5 381.7 375.4
    Total equity attributable to equity holders of the parent 265.7 246.7 219.4 155 145.8
    Total investments (tangible and intangible investments) 71.1 74 53.8 49.1 40.2
     
    Cash flow
    Cash flow from operating activities 34.3 85.8 41.2 54.6 16.5
    Cash flow from investing activities -83.1 -74.6 -53.3 -48.8 -41.5
    Cash flow from financing activities 15.8 -5.7 40.8 -7.2 23.7
     
    Financial key figures (6)
    EBITDAR Margin, % 32.7 34.2 33.5 34.5 32.5
    EBITDA Margin, % 8.3 10.1 7.6 8.8 5.5
    EBIT Margin, % 0.3 5.7 3.3 4.8 -0.1
    Return on capital employed, % 20.1 40.1 27.2 33.4 Neg
    Return on equity, % 10.3 14.7 7.6 15.4 Neg
     
    Operational key figures (4)
    Number of hotels (1) 363 355 340 337 338
    Number of rooms (1) 80,502 78,628 76,609 75,277 74,006
    Number of employees (3) 5,142 5,561 5,518 5,360 5,452
    Occupancy % (2, 7) 65 67 66 66 64
    RevPAR EUR (2, 6) 69 72 68 69 67
     
    Share related key figures (4)
    Basic average number of shares (5) 170,725,046 170,707,719 161,019,805 146,320,902 146,320,902
    Diluted average number of shares 173,509,152 172,902,764 162,608,506 148,123,048 146,320,902
    Basic earnings per share, EUR (5) 0.15 0.2 0.09 0.16 -0.12
    Diluted earnings per share, EUR 0.15 0.2 0.09 0.16 -0.12
    Dividend per share, EUR (4) 0.05 0.07 0.03
    • 1. Includes leased, managed and franchised hotels in operation
    • 2. Including managed and leased hotels in operation
    • 3. Including consolidated entities (leased hotels and administrative units)
    • 4. Proposed dividend for 2016 is to be approved by the Annual General Meeting on April 28, 2017
    • 5. IFRS Measure, see definition Note 45
    • 6. Non-IFRS Measure – Alternative Performance Measure, see definition Note 45
    • 7. Operating Measure, see definition Note 45

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    1 %
    of GDP
    contribution
    1
    million international
    arrivals in 2016
    1 th
    Largest global
    industry