GlobeNewswire

Radisson Hospitality AB’s Q2 2020 Report

Share

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%
Revenue27.9261.9–234.0–89.3%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 months.

Management has taken advantage of the low activity period to push forward strategic repositioning and development projects.

Radisson’s shareholders have reacted by supporting with a MEUR 100 cash injection in the form of a subordinated loan. A global financing plan has been finalised to cover medium- and long-term cash needs until the expected end of the crisis. With this cash injection and the ability to raise further funding, to the extent needed, Radisson can cover its liquidity needs.

Federico J. González, President & CEO


Presentation of the Q2 Results

On July 24, 2020 at 10:00 CET, a combined telephone conference and live webcast (in English) concerning the report will be presented by the President & CEO, Federico J. González and CFO, Sergio Amodeo. To follow the webcast, please visit https://www.radissonhospitalityab.com/investors.

To access the telephone conference, please dial:

Belgium, Local:                   +32 (0)2 93 38 47
Belgium, Free:                     0800 48741
Canada, Free:                      1 866 925 0818
France, Local:                      +33 (0)1 70 70 07 81
France, Free:                       0805 101 465
Norway, Local:                     +47 2156 3015
Norway, Free:                      800 568 65
Spain, Local:                        +34 914 143 675
Spain, Free:                          900 828 480
Sweden, Local:                    +46 (0)8 566 184 67
Sweden, Free:                     0200 125 160
UK, Local:                             +44 (0)844 481 9752
UK, Free:                              0800 279 6619
USA, Local:                          +1 646 741 3167
USA, Free:                            1 646 741 3167
Standard international       +44 (0)207 192 8338

Confirmation code: 4874225. For a replay of the conference call please visit https://www.radissonhospitalityab.com/investors.


Financial Calendar

Q3 2020 results: November 27, 2020

For Further Information, Contact

Sergio Amodeo, CFO
E-mail: sergio.amodeo@radissonhotels.com
Website: www.radissonhospitalityab.com
Tel: +32 2 702 9200


About Radisson Hospitality AB

Radisson Hospitality AB is focused on hotel management and operates the core brands Radisson Blu and Park Inn by Radisson, as well as Radisson RED, Radisson and Radisson Collection.

The portfolio consists of 392 hotels, with 85,390 rooms, in operation and 141 hotels, with 28,453 rooms, under development in 80 countries across Europe, the Middle East and Africa.

Radisson’s strategy is to grow with an asset-right approach, balancing management and franchise contracts with selected lease contracts. Management and franchise contracts offer a higher profit margin and more stable income streams and lease contracts allow Radisson to complete their presence in Mature markets.

Radisson is a member of Radisson Hotel Group. For more information, visit www.radissonhospitalityab.com.

Attachment

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Saniona announces outcome of warrant exercise23.9.2020 19:00:00 CESTPress release

PRESS RELEASE September 23, 2020 Saniona (OMX: SANION), a clinical stage biopharmaceutical company focused on rare diseases, announced today the outcome in the exercise of warrants of series TO 2, that was issued in connection with Saniona’s rights issue and directed issue in the first quarter of 2020. During the period September 7 – 21, 2020, holders of warrants of series TO 2 had the right to subscribe for new shares, by exercise of warrants. In total, 1,329,141 warrants of series TO 2 were exercised, corresponding to a subscription rate of approx. 90 percent. Saniona will thereby receive proceeds of approx. SEK 33.2 million (USD 3.6 million), before issue costs, which amount to approx. SEK 0.4 million. Number of shares and share capital Saniona will receive proceeds of approx. SEK 33.2 million, before issue costs. Issue costs amount to approx. SEK 0.4 million. When the new shares have been registered with the Swedish Companies Registration Office (“Bolagsverket”), the total number o

Saniona meddelar utfall i optionsinlösen23.9.2020 19:00:00 CESTPressemelding

PRESSMEDDELANDE 23 september 2020 Saniona (OMX: SANION), ett biofarmaceutiskt företag med klinisk utveckling fokuserad på sällsynta sjukdomar, meddelade idag utfallet i inlösen av teckningsoptioner av serie TO 2, vilka emitterades i samband med Sanionas företrädesemission och riktade emission under det första kvartalet 2020. Under perioden 7 – 21 september 2020 har innehavare av teckningsoptioner av serie TO 2 kunnat teckna aktier med stöd av teckningsoptioner. Totalt nyttjades 1 329 141 teckningsoptioner av serie TO 2, vilket motsvarar en nyttjandegrad om cirka 90 procent. Saniona tillförs därmed cirka 33,2 MSEK (3,6 MUSD) före emissionskostnader, vilka beräknas uppgå till cirka 0,4 MSEK. Antal aktier och aktiekapital Saniona tillförs cirka 33,2 MSEK före emissionskostnader. Emissionskostnaderna beräknas uppgå till cirka 0,4 MSEK. När de nya aktierna har registrerats hos Bolagsverket kommer antalet aktier i Saniona uppgå till 62 372 831 stycken och aktiekapitalet uppgå till 3 118 641,

SEK TENDER OPERATION ANNOUNCEMENT FOR ONWARD LENDING23.9.2020 16:20:00 CESTPress release

SEK TENDER OPERATION ANNOUNCEMENT FOR ONWARD LENDING 2020-09-25 Transaction type:SEK CreditTender date:2020-09-25Time for submission of bids:10.30-11.00 (CEST)Payment date:2020-09-29Final repayment date2024-09-30Offered volume:50 billion SEKMinimum bid amount:10 million SEKMaximum bid amount:12.5 billion SEKMaximum number of bids from each participant: 1Interest rate:0.00 %Additional interest rate:0.10 per cent ALL APPROVED COUNTERPARTIES ARE INVITED TO SUBMIT VOLUME BIDS TO THE RIKSBANK (46-8-6966970) BY 11.00 ON SEPTEMBER 25 2020, AT THE LATEST. CONFIRMATION ON E-MAIL: eol@riksbank.se Result of the auction will be published at 11.30 (CEST) on Tender date. Complete terms and conditions can be retrieved at http://www.riksbank.se

Cypress Development to Collaborate on Lithium Research Projects23.9.2020 14:00:10 CESTPress release

VANCOUVER, British Columbia, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCQB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or “the Company”), developer of a world class lithium claystone deposit in Nevada, announced today, the Company, as an industrial partner with several high tech research entities, has been encouraged along with its partners in full project proposal submissions to the Department of Energy (DOE), Office of Energy Efficiency and Renewable Energy (EERE). This has culminated in the recent formal submittal of two lithium project proposals for research to be conducted over the next three years. The first project is in collaboration with the University of Utah, Colorado School of Mines, and Cornell University, and is titled "Highly Selective Resource Independent Lithium Extraction Processes." This technology will demonstrate the use of Next Generation Lithium Ion Sieve Technology (NGLIST) as an innovative and low-impact processing method for recovering

Nordic American Tankers Ltd (NYSE: NAT) – NAT orders two -2- Suezmax newbuildings in South Korea23.9.2020 11:54:47 CESTPress release

September 23, 2020 Dear Shareholders and Investors, We wish to announce that NAT has entered into two -2- suezmax newbuilding contracts in South Korea, increasing our fleet of suezmaxes to 25 units. The combination of specifications, quality of yard, price, payment terms and deliveries make this an attractive investment for NAT and is consistent with our strategy to expand and renew our fleet. The scheduled deliveries of the ships are in the first half of 2022. Through the years we have enjoyed an excellent relationship with the shipbuilding sector in South Korea, and we are happy to conclude further suezmax newbuilding contracts with Samsung Heavy Industries Ltd. NAT will consider various financing alternatives prior to deliveries. The payment terms of the newbuildings are 10/10/10/10 with 60% of the building price on deliveries. The two first instalments of the vessels have already been funded. The main focus of NAT is always to pay quarterly dividends, which we have done every singl