A quarter of strong recovery
July-
- Revenue from Property Management amounted to MSEK 652 (630). For comparable units the increase was 11 percent, adjusted for currency effects
- Net operating income from Property Management amounted to MSEK 553 (531). For comparable units the increase was 15 percent, adjusted for currency effects
- Net operating income from Operator Activities amounted to MSEK 22 (-39)
- EBITDA amounted to MSEK 550 (456)
- Cash earnings amounted to MSEK 270 (194)
-
Cash earnings per share amounted to
SEK 1.45 (1.06) - Profit for the period amounted to MSEK 321 (-103), including unrealised changes in value for Investment Properties of MSEK -9
-
Earnings per share amounted to
SEK 1.73 (-0.56) -
Per
30 September 2021 , cash and cash equivalents and unutilised credit facilities amounted to MSEK 4,202, compared with MSEK 4,377 per30 June 2021 -
On 23 August,
Pandox board of directors appointed Liia Nõu as CEO. Liia Nõu has beenPandox's CFO since 2007 and acting CEO since21 May 2021 - Per 31 August, Maritim Hotel Nürnberg was reclassified to Operator Activities
January-
- Revenue from Property Management amounted to MSEK 1,774 (1,829). For comparable units, the increase was 2 percent, adjusted for currency effects
- Net operating income from Property Management amounted to MSEK 1,485 (1,540). For comparable units the increase was 3 percent, adjusted for currency effects
- Net operating income from Operator Activities amounted to MSEK -48 (-104)
- EBITDA amounted to MSEK 1,347 (1,321)
- Cash earnings amounted to MSEK 517 (531)
-
Cash earnings per share amounted to
SEK 2.81 (2.91) - Profit for the period amounted to MSEK 351 (-1,103), including unrealised changes in value for Investment Properties of MSEK -465
-
Earnings per share amounted to
SEK 1.91 (-5.98)
Comment from CEO Liia Nõu
Good recovery in earnings and revenue
Hotel demand increased in all of
All in all,
Occupancy for comparable units in the Property Management and Operator Activities business segments amounted to around 55 percent (37) and 39 percent (22) respectively in the third quarter.
Active ownership and strong financial position
A hotel market on steadier ground
The hotel market in domestic and regional cities developed the best in the third quarter as well. In terms of country performance, the
In October leisure demand in the hotel markets as a whole, in particular at weekends, remained at a good level, while business demand on weekdays increased further. One important explanation for this is that workplaces and offices started to reopen, another is the easing or removal of restrictions on the public/participants at sporting events, conferences and other events. This benefits larger cities in particular. All in all, the hotel market is now on steadier ground.
Phased recovery process with different levels of progress
As previously communicated,
1. Cities and countries open up and restrictions are gradually lifted
2. Hotels open
3. Domestic leisure travel with a growing high-paying segment
4. Domestic business travel
5. Conferences and international travel
6. Group travel
Each phase will help to raise occupancy and increase revenue, which in turn will create the conditions for higher average prices and increased revenue per room.
The hotel market is currently at "Level 3" with increased elements of "Level 4" in individual markets in the form of domestic business travel. As more and more businesses are now reopening up their offices more fully and internal travel restrictions are gradually being eased, the conditions exist for continued recovery in business travel. It also appears that the conservative attitude many businesses adopted at the height of the pandemic regarding future travel is now becoming more nuanced and there is increased demand for physical meetings again.
Improved conditions for growth
Demand in the hotel market is highly dependent on the degree of restrictions. The easing of restrictions that took place in the second quarter and went further in the third quarter has resulted in a clear increase in hotel demand in all
The positive development in the hotel market shows that there is a substantial pent-up desire for travel, which is quickly converted into demand once restrictions are reduced and it becomes easier to travel. Willingness to pay for hotel accommodation is high, as illustrated by the average price development in attractive leisure destinations in the third quarter, with RevPAR in some cases significantly higher than in the corresponding quarter in 2019.
The level of economic activity in
Currently, contractual minimum rents and fixed rents are expected to make up the majority of
Thanks to
Liia Nõu, CEO and acting CFO
*
Presentation of the interim report
A webcast and teleconference will be held
To participate in the conference via telephone, please register via this link to access telephone numbers: http://emea.directeventreg.com/registration/8672407.
Attachment: Interim report January-
FOR FURTHER INFORMATION, PLEASE CONTACT:
Liia Nõu, CEO and acting CFO, +46 (0) 702 37 44 04
This information is information that
About
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