Strong end to the quarter
January-
- Revenue Property Management amounted to MSEK 634 (554). The increase for comparable units was 13 percent, adjusted for currency effects
- Net operating income Property Management amounted to MSEK 543 (462). The increase for comparable units was 13 percent, adjusted for currency effects
- Net operating income Operator Activities amounted to MSEK -49 (-80)
- EBITDA amounted to MSEK 467 (350), an increase of 33 percent
-
Cash earnings amounted to MSEK 180 (85), equivalent to
SEK 0.97 (0.49) per share - Unrealised changes in value Investment Properties and derivatives amounted to MSEK 279 and MSEK 930 respectively
-
Profit for the period amounted to MSEK 1,044 (36), equivalent to
SEK 5.67 (0.22) per share -
On 28 February the Administrative Court ruled in
Pandox's favour in a previously communicated dispute with theSwedish Tax Agency regardingPandox's transfer pricing -
On 31 March Pandox entered into an agreement to divest
Mora Hotell & Spa . The underlying property value amounts to around MSEK 114 before deferred tax and exceedsPandox's internal valuation. The transfer of ownership is around 2 May
Comment from CEO Liia Nõu
Strong recovery as restrictions are eased
The first quarter had a weak start due to restrictions and a normal season effect, but ended strong once restrictions were eased in many countries and the hotel market could regain lost ground from the winter's Omicron-related dip. As before, domestic and regional hotel markets fared the best, but the difference between those and larger cities decreased. This is yet another step towards a normalisation in the hotel market.
The general perception in the hotel market is that we have now entered a more stable phase. The foundations are therefore in place for more sustained demand from leisure and business travellers, as well as larger conferences and events.
My colleagues and I have been affected on a human level by the very tragic war in
Good recovery in earnings and revenue
For comparable units,
Strongest development in
As the quarter progressed, increased demand was noted in all hotel markets, albeit at varying rates and from different starting points. In general, demand was the highest in domestic and regional cities, with occupancy in many locations - particularly in the Nordics and the
It is particularly gratifying to see that demand in many larger cities, such as
Divestment in line with strategy
At the end of the quarter
Next phase of the recovery
We are in a phase of less uncertainty regarding Covid-19 and the conditions are good for continued recovery in the hotel market. Willingness to pay for hotel accommodation is high, which to some extent compensates for lower international travel and lower demand for large conferences. The outlook for trade fairs and conferences is positive and demand is expected to rise in the second quarter and in particular in the second half of the year. An increase in international air travel is also expected to benefit more international destinations, above all
We have noted that the price elasticity of hotel demand has been low so far due to significant pent-up travel demand after Covid-19. The possibility of compensating for increased costs through higher room prices without negatively impacting demand is considered good at this time. Higher room prices are having a positive impact on
We expect
Liia Nõu, CEO
Presentation of the interim report
To follow the webcast, go to https://tv.streamfabriken.com/pandox-q1-2022.
To participate by phone, please use one of the following phone numbers:
SE: +46 8 505 583 51
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Attachment: Interim report January-
FOR FURTHER INFORMATION, PLEASE CONTACT:
Liia Nõu, CEO, +46 (0) 702 37 44 04
This information is information that
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