Strong end to the year and raised dividend
October-
- Revenue for Leases amounted to MSEK 928 (848). For comparable units, the increase was 7 percent, adjusted for currency effects
- Net operating income for Leases amounted to MSEK 769 (698). For comparable units, the increase was 7 percent, adjusted for currency effects
- Net operating income for Own Operations amounted to MSEK 220 (184). The increase for comparable units was 5 percent, adjusted for currency effects
- EBITDA amounted to MSEK 942 (829), an increase of 14 percent
-
Cash earnings amounted to MSEK 415 (515), equivalent to
SEK 2.26 (2.80) per share - Changes in property values amounted to MSEK -339 (-67). Unrealised changes in value of derivatives amounted to MSEK -1,236 (-59)
-
Profit for the period amounted to MSEK -1,125 (101), equivalent to
SEK -6.05 (0.66) per share -
During the quarter
Pandox signed leases with Scandic forHotel Pomander in Nuremberg and with Strawberry forHotel Mayfair Copenhagen . In addition, inGermany 18 leases withLeonardo Hotels were extended for five years Pandox's science-based climate targets were validated by the Science Based Targets initiative (SBTi) and existing loans of MSEK 2,200 with two banks were sustainability-linked
January-
- Revenue for Leases amounted to MSEK 3,690 (3,307). For comparable units, the increase was 11 percent, adjusted for currency effects
- Net operating income for Leases amounted to MSEK 3,157 (2,868). For comparable units, the increase was 11 percent, adjusted for currency effects
- Net operating income for Own Operations amounted to MSEK 713 (566). For comparable units, the increase was 54 percent, adjusted for currency effects
- EBITDA amounted to MSEK 3,696 (3,304), an increase of 12 percent
-
Cash earnings amounted to MSEK 1,742 (2,056), equivalent to
SEK 9.48 (11.18) per share - The comparison period includes government assistance within Leases and Own Operations in the amounts of MSEK 117 and MSEK 143 respectively. Adjusted for these amounts, EBITDA increased by 21 percent, while cash earnings decreased by 3 percent
- Changes in property values amounted to MSEK -1,107 (1,180), of which MSEK -1,306 is unrealised and MSEK 199 is realised. Unrealised changes in value of derivatives amounted to MSEK -1,205 (2,318)
-
Profit for the period amounted to MSEK -580 (4,204), equivalent to
SEK -3.18 (22.94) per share - The loan-to-value ratio was 46.6 percent and the interest coverage ratio on a rolling 12-month basis was 2.7 times
-
The Board of Directors is proposing a dividend of
SEK 4.00 (2.50) per share, a total of MSEK 734 (460)
Comment from CEO
"The year concluded with a stable and positive fourth quarter in which there was good demand in regional hotel markets in all countries and strong recovery in larger cities. Total revenue and net operating income increased by 13 and 12 percent respectively during the quarter."
"For 2024 we anticipate some RevPAR growth in the hotel market, supported among other things by a strong event calendar in
"Based on a normalised hotel market and on
Presentation of the year-end report
If you wish to participate via webcast, please use the following link:
https://ir.financialhearings.com/pandox-q4-report-2023
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https://conference.financialhearings.com/teleconference/?id=5003692
Attachment: Year-end report January-
FOR FURTHER INFORMATION, PLEASE CONTACT:
Liia Nõu, CEO, +46 (8) 506 205 50
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