Stable earnings development
January-
- Revenue from Property Management amounted to MSEK 780 (634). For comparable units, the increase was 21 percent, adjusted for currency effects
- Net operating income from Property Management amounted to MSEK 662 (543). For comparable units, the increase was 21 percent, adjusted for currency effects
- Net operating income from Operator Activities amounted to MSEK 52 (-49)
- EBITDA amounted to MSEK 675 (467), an increase of 45 percent
-
Cash earnings amounted to MSEK 259 (178), equivalent to
SEK 1.41 (0.97) per share - Changes in the value of properties amounted to -212 (279) MSEK, of which MSEK -410 unrealised and MSEK 198 realised. Unrealised changes in the value of derivatives amounted to MSEK -344 (930)
-
Profit for the period amounted to MSEK -203 (1,044), equivalent to
SEK -1.17 (5.67) per share -
During the first quarter
Pandox acquiredThe Queens Hotel in Leeds andBest Western Hotel Fridhemsplan inStockholm . The divestment ofInterContinental Montreal was completed
Comment from CEO
Stable demand and good growth
Hotel demand remained stable and positive in the first quarter, taking into account the hotel market's past seasonal patterns where the first quarter is normally the weakest one of the year.
Although the first quarter had a cautious start, demand increased gradually and the hotel market is still perceived as robust. Development was particularly strong considering the significant new capacity which, in the aftermath of the pandemic, has been added in many markets over the past few years, such as in
Strong business momentum with a focus on value-creation
During the quarter we acquired
For various reasons, transaction activity in the hotel property market is low and our acquisition pace is currently below what we would like it to be. The situation is better in terms of investment in the existing portfolio and we believe there is good potential to continue to add profitable projects in cooperation with our tenants.
Solid financial position and good bank relationships
Driven and proactive
Our variable revenue business model provides effective protection against both inflation and higher financing costs. This, combined with a company that is driven to succeed and is financially strong, allows us to both actively defend our positions and proactively utilise the business opportunities that are created.
Up to now, in April, both hotel demand and average price development have been good in most markets. There is still recovery potential in business and international travel. At the same time we are seeing stronger trade fair and exhibition calendars than in 2022 in important markets. Our cautiously optimistic view of the hotel markets in 2023 still holds.
Liia Nõu, CEO
Presentation of the interim report
To follow the webcast, go to https://ir.financialhearings.com/pandox-q1-2023
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Attachment: Interim report January-
FOR FURTHER INFORMATION, PLEASE CONTACT:
Liia Nõu, CEO, +46 (8) 506 205 50
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