Bli medlem
Bli medlem

Du är här

2020-07-23

Radisson Hospitality AB’s Q2 2020 Report

January–June 2020

Second Quarter 2020

  • Revenue decreased by MEUR 234.0 (–89.3%) to MEUR 27.9, due to the negative impact of the COVID-19 outbreak. A majority of the hotels were closed during the quarter and gradually started to reopen in June. The hotels that were kept open operated with a low occupancy in general. On a like-for-like basis, including hotels under renovation (“LFL&R”), Revenue decreased by MEUR 225.0 (–88.9%).
  • Reported RevPAR for leased and managed hotels decreased by 89.7%. RevPAR LFL&R decreased by 89.4%.
  • EBITDA decreased by MEUR 104.7 to MEUR –50.3 and the EBITDA margin was –180.3% (20.8%). The results were severely impacted by the decrease in revenue. However, the decline was slowed down due to the flexible cost base and the measures taken.
  • EBIT decreased by MEUR 107.4 to MEUR –72.0. In addition to the EBITDA decrease, results are impacted by costs for depreciation of the new IT platform and investments in the leased properties in 2019. The EBIT margin was –258.1% (13.5%).
  • Profit/loss for the period decreased by MEUR 82.2 to MEUR –63.3.
  • 1,943 (2,857) rooms were contracted, 323 (926) rooms opened and 175 (272) rooms left the system.


Half Year 2020

  • Revenue decreased by MEUR 276.8 (–58.2%) to MEUR 198.5. Revenue LFL&R decreased by MEUR 266.6 (–57.9%).
  • Reported RevPAR for leased and managed hotels decreased by 58.1%. RevPAR LFL&R decreased by 58.4%.
  • EBITDA decreased by MEUR 135.2 to MEUR –55.6 and the EBITDA margin was –28.0% (16.7%).
  • EBIT decreased by MEUR 141.9 to MEUR –99.4 and the EBIT margin was –50.1% (8.9%).
  • Profit/loss for the period decreased by MEUR 108.4 to MEUR –92.5.
  • Cash flow from operating activities amounted to MEUR –21.3 (40.9).
  • 5,514 (6,734) rooms were contracted, 775 (2,214) rooms opened and 175 (1,321) rooms left the system.
MEUR  Q2 2020Q2 2019Change%H1 2020H1 2019Change%
Revenue 27.9261.9–234.0–89.3%198.5475.3–276.8–58.2%
EBITDA –50.354.4–104.7N/A–55.679.6–135.2N/A
EBITDA margin –180.3%20.8%N/A –28.0%16.7%N/A 
EBIT –72.035.4–107.4N/A–99.442.5–141.9N/A
EBIT margin –258.1%13.5%N/A –50.1%8.9%N/A 
Profit/loss for the period –63.318.9–82.2N/A–92.515.9–108.4N/A

 

Comments from the CEO

AFTER A DIFFICULT H1 DUE TO COVID-19, WE START TO SEE A GRADUAL RECOVERY AS FROM JUNE WHICH IS EXPECTED TO CONTINUE THROUGHOUT THE YEAR. OUR SHAREHOLDERS’ HAVE SUPPORTED WITH A SOLID FINANCING PLAN

The outbreak of COVID-19 has had a significant impact on Radisson’s performance as from end of February 2020. A majority of the hotels have been closed during this period, but we have gradually started to reopen as from June. 93 hotels out of 392 were still closed per end of June, but a majority of those are expected to reopen in July and August.

Management has taken several measures to mitigate the financial impact, on both profit and cash flow, of the significant drop in revenue. These measures include, but are not limited to, furloughs, rent renegotiations and deferrals, application for governmental subsidies and loans, and postponement of non-strategic capex investments. The Group is helped by a flexible cost model, which shows an immediate capability to reduce costs. Starting in June, we have seen a gradual and consistent recovery, with a RevPAR increase that is expected to continue in the coming ...

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.