Rezidor: Financial report January – March 2007
First quarter 2007:
- Revenue increased to MEUR 173.4 (156.2).
- EBITDA amounted to MEUR 4.5 (-0.4), and EBITDA margin was 2.6% (-0.3).
- Profit after tax of MEUR -1.1 (-4.6).
- Earnings Per Share amounted to EUR -0.01 (-0.03)1)
- RevPAR Like-for-Like (for leased and managed hotels) up by 10.9% to EUR 71 (64), and occupancy was 65% (62).
- RevPAR total (for leased and managed hotels) up by 4.7% to EUR 67 (64), and occupancy was 63% (62).
- Already a European market leader in the airport hotel segment, Rezidor announced four new contracts for developing airport hotels in Germany, the UK & Ireland.
- Further building on the Park Inn brand, three additional contracts were signed in the UK.
- The selective and strategic development of the luxury brand, Regent, continues with a new property in Abu Dhabi, UAE, scheduled to open in 2010.
- In the quarter, Rezidor added over 2,300 rooms in operation, out of which 500 rooms were extensions to existing hotels. Over 80% of these rooms were under management contracts.
- In the quarter, Rezidor contracted over 2,100 rooms. Over 80% of the contracted rooms were under management contracts.
- On target towards adding 20,000 rooms to operation by end 2009.
“The positive development of 2006 has continued into 2007, and although the first quarter is seasonally the weakest, we are pleased to present a strong result. RevPAR is continuing to increase, driven primarily by rate, which should further improve our EBITDA margin. During the quarter, we opened over 2,300 rooms. Given these new openings and our contracted pipeline, we believe that we are in line with our target of adding 20,000 new rooms by the end of 2009.” Kurt Ritter, President & CEO
1) The calculation of Earnings Per Share is based on average number of ordinary shares outstanding during the period (please also refer to Consolidated Income Statement presented on page 8).
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Refer to the Financial report at www.rezidor.com for further detailed information.