Q Results Stockholm, 24 April Wolfgang M. Neumann, President & CEO Knut Kleiven, Deputy President & CFO
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1 Q Results Stockholm, 24 April 2014 Wolfgang M. Neumann, President & CEO Knut Kleiven, Deputy President & CFO /
2 Stockholm - a market with solid growth Expected investment volume until 2020 in STK Region has grown from 60 to 90 B since last year 11 Million guest nights in Stockholm during one of Europe's top ten destinations Stockholm airport increased passenger traffic by 10% for Q vs Q Sweden outlook for 2014 : +2.4% GDP growth (Source, Nordea) 12% increase in Stockholm room supply since 2011 absorbed by 13% increase in sold rooms Carlson Rezidor well positioned in Stockholm 8 Hotels and 2208 rooms 6 Radissons and 2 Park Inn by Radissons (72% of rooms under lease contracts) Radisson Blu Waterfront Congress Centre profitable from year one and held pole position in Trip Advisor. 17 M Investment plan for Stockholm properties in 2014/15 with 50/50 split between Rezidor and Landlords Thomas Engelhart new AVP Nordics based in Stockholm 2 / Q Results
3 Q1 Results ahead of last year but negatively impacted by FX RevPAR +5.0% (L/L) -0.8m EBITDA + 2m -0.4% EBITDA Margin +1.0pp L/L RevPAR growth of 5.0%, driven mainly by room rates FX, due to the strengthening of the Euro, had negative impact on RevPAR, revenue and results Revenue up 2.1% due to two new leases in Copenhagen and timing of Easter The first quarter is seasonally the weakest of the year EBITDA margin up 1.0pp to -0.4%, positively impacted by Easter EBIT margin up 0.8pp to -4.0% -8.5m EBIT + 1.5m Concluded another asset management transaction in January 3 / Q Results
4 Underlying RevPAR trends remain positive primarily driven by room rates 10% L/L Occupancy L/L Average Room Rate L/L RevPAR 8% 6% 6.5% 5.6% 5.9% 4.6% 4.2% 5.7% 6.0% 5.9% 5.4% 5.0% 4% 3.0% 2.3% 3.2% 2% 0% -2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Occupancy levels now at same level as during the last peak March strongest month linked to reverse of the Easter impact and the related school holidays mainly in the Nordics 4 / Q Results
5 All four regions reported L/L RevPAR growth over last year. Strongest development in the Middle East & Africa. NORDICS REST OF WESTERN EUROPE 25% L/L Occupancy L/L Average Room Rate L/L RevPAR 25% L/L Occupancy L/L Average Room Rate L/L RevPAR 15% 5% 1.8% 0.8% 3.4% 0.7% 8.8% 3.8% 2.3% 4.4% 15% 5% 2.0% 3.6% 2.2% 1.2% 4.2% 4.8% 5.5% 4.5% -5% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q EASTERN EUROPE MIDDLE EAST & AFRICA L/L Occupancy L/L Average Room Rate L/L RevPAR L/L Occupancy L/L Average Room Rate L/L RevPAR 25% 15% 5% 11.9% 6.1% 5.7% 4.0% 1.2% 8.9% 6.2% 4.6% 25% 15% 5% 17.1% 13.0% 7.9% 20.5% 13.5% 7.8% 8.9% 6.4% -5% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q % Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q / Q Results
6 The crises in Ukraine/Russia has limited impact on profitability due to asset light business model Rezidor s operating portfolio In Ukraine 5 hotels (Kiev (2), Donetsk, Alushta, Bukovel) with ca 900 rooms All managed hotels Portfolio represents 1% of Rezidor room stock Occupancy drop of 10% from already low base In Russia 27 hotels and 7,700 rooms 22 managed and 5 franchised hotels 10% of Rezidor room stock Domestic business confidence somewhat weekend Outbound business effected by Rubel depreciation Ukraine situation remains fragile Asset light business model hedges financial impact 6 / Q Results
7 Our brand architecture has been strengthened and pruned in close collaboration with Carlson Quorvus Collection collection of luxury hotels 5* hotels with unique identity, personality and story Development mainly by conversions LUXURY Radisson Blu upper upscale full service brand Iconic, stylish and sophisticated New-built and conversions in major cities and high end markets Radisson Red lifestyle select brand The Millennial Lifestyle Mainly new constructions in main cities and/or secondary markets Park Inn by Radisson mid-scale brand Mastering the essentials, uncomplicated, vibrant, friendly and fresh Focused on conversions UPPER UPSCALE LIFESTYLE SELECT MIDSCALE Note: Regent and Missoni collaborations have both been terminated in / Q Results
8 Q Q1 Signings in line with last year SIGNINGS Q Q Radisson Blu Resort & Spa, Sousse, Tunisia Hotels 6 5 Rooms 1,006 1,091 49% Emerging Markets 100% Fee-based 91% Radisson Blu Radisson Blu Hotel Chisinau, Moldova 4 conversions of existing hotels Extension of Radisson Blu Maputo with residences Double signing in Sousse, Tunisia Geographic expansion: Moldova 8 / Q Results
9 Q Q1 Openings ahead of last year Radisson Blu Palace Hotel, Noordwijk aan Zee OPENINGS Q Q Hotels 6 5 Rooms 1, % Emerging Markets 100% Fee based 72% Radisson Blu Openings Park Inn Lund, Sweden Park Inn Sochi City Centre, Russia 4 openings in key focus countries (2x Turkey, 2x Russia) Conversion in the Netherlands with Radisson Blu Noordwijk aan Zee 1 Park Inn addition in Sweden (Lund) 2 new hotels in Turkey: Radisson Blu Hotel, Istanbul Sisli and Radisson Blu Hotel, Istanbul Tuzla Radisson Blu Palace Hotel, Noordwijk aan Zee, Netherlands Radisson Hotel Chelyabinsk, Russia 9 / Q Results
10 Carlson Rezidor tops latest Africa Development Report, leading the field both in terms of number of hotels and rooms under development The 2014 report published in April showed us moving up into #1 slot Rank by Hotels Brand Hotels 1 Carlson Rezidor 30 2 Marriott 26 3 Hilton Woldwide 25 4 Starwood 16 5 Mangalis 15 Rank by Rooms Brand Rooms Change on Carlson Rezidor 6,250 5% 2 Hilton Woldwide 6,200-1% 3 Marriott 5,200 34% 4 Starwood 3,500 39% 5 Mangalis 2,200 Radisson Blu Brand is leading with 17 hotels and Park Inn by Radisson is 3 rd with 13 hotels Rank by Hotels Brand Hotels 1 Radisson Blu 17 2 Hilton 16 3 Park Inn by Radisson 13 4 Marriott 10 5 Noom 8 Rank by Rooms Brand Rooms Change on Hilton 4, % 2 Radisson Blu 4, % 3 Marriott 2, % 4 Park Inn by Radisson 1, % 5 Kempisnki 1, % Source: W HOSPITALITY GROUP April 2014: 10 / Q Results
11 Today's AGM will vote on a rights issue of approx. 60 M to accelerate strategy and profitability initiatives The capital raised will allow Rezidor to: Pursue additional opportunities within Asset Management Continue to invest in leased hotel portfolio at an accelerated pace Further drive growth with particular emphasis on the Emerging Markets Terms and Conditions The subscription price is SEK per share Shareholders have preferential rights to subscribe for 1 new share for 6 existing shares Total rights issue proceeds of a maximum of approx. EUR 60 million The share capital shall be increased with not more than euro Subscription period runs from and including 5 May to 21 May 2014 Carlson has committed to subscribe for its pro-rata share of the rights issue The rights issue is subject to approval by the AGM 11 / Q Results
12 Rezidor s 2014 Annual Business Conference moved to the Middle East underlining our commitment to the emerging markets 2-4 April in Abu Dhabi 450 Delegates 2 host hotels, 1 race track 4-D Strategy Acceleration and Leading through Adversity 12 / Q Results
13 Financial Update Knut Kleiven, Deputy President & CFO / Radisson Blu Hotel, Istanbul Sisli
14 Revenue and margins ahead of last year; positively impacted by Easter M Q Q Revenue EBITDAR EBITDAR Margin 29.2% 28.3% EBITDA EBITDA Margin -0.4% -1.4% EBIT EBIT Margin -4.0% -4.8% Tax NET RESULTS Revenue: + 4 M Positively impacted by: Two new leases in Copenhagen Easter timing Negatively impacted by: The strengthening of the Euro Fee revenue unchanged to last year due to weak RevPAR development EBITDAR margin: +0.9pp Positively impacted by: Easter timing A released provision of 1.4 M EBITDA margin: +1.0pp Higher absolute rent due to two new leases, increased revenue and annual indexation EBIT margin: +0.8pp 14 / Q Results
15 Good flow-through Q vs Q M Reported Change FX Hotel Exits New Hotels One-offs 2014 L/L Revenue EBITDAR EBITDA EBIT FX due to the strengthening of the Euro against mainly the NOK and SEK had a negative impact on Revenue and the results Hotel exits include the temporarily closure of one leased hotel for renovation New hotels include two leases in Copenhagen converted from management contracts One-offs in 2014 relate to releases of accruals for the 2011 long-term incentive program and write-downs of fixed assets in Rest of Western Europe 15 / Q Results
16 Leased Business negatively impacted by strong EUR and temporary closure of one leased hotel for renovation Leased Revenue, M 200 Nordics: Revenue increase due to two new leases in Copenhagen EBIT helped by the above and the timing Easter NO RoWE Total Q Q Rest of Western Europe: Revenue unchanged to last year. Positive RevPAR impact offset by closure of Radisson Lyon EBIT decreased mainly due to the closure of the above-mentioned hotel EBIT, M NO RoWE Total Q Q / Q Results
17 Our Fee Business continues to improve with EBIT of 12 M in Q1 Nordic: Fee revenue and EBIT is reduced due to conversion of 2 large managed hotels to leases 30 Fee Revenue, M 25 Rest of Western Europe: Fee revenue was positively impacted by the RevPAR growth Q Q EBIT increase due to the above and less guarantee payments 5 0 NO RoWE EE MEAO Total Eastern Europe: Fee revenue almost unchanged to last year. Revenue from new hotels offset by negative FX impact EBIT, M The EBIT-margin was in line with last year Middle East, Africa & Others: Fee revenue increase mainly due to positive RevPAR development NO RoWE EE MEAO Total Q Q EBIT and EBIT margin reflecting such growth 17 / Q Results
18 Q1 is seasonally the weakest quarter of the year Good improvements in operating margins EBITDAR, MEUR Rolling EBITDAR-margin, % Q2 Q3 Q4 Q Q2 Q3 Q4 Q % 34% 33% 32% 31% 30% EBITDA, MEUR Rolling EBITDA-margin, % Q2 Q3 Q4 Q Q2 Q3 Q4 Q % 8% 6% 4% 2% 0% EBIT, MEUR Rolling EBIT-margin, % Q2 Q3 Q4 Q Q2 Q3 Q4 Q % 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% 18 / Q Results
19 Cash Flow and Balance Sheet 2013 vs 2012 Q Q Cash flow before changes in Working Capital Change in Working Capital Cash flow from operations Investments Free Cash Flow M Mar 31, 2014 Mar 31, 2013 Balance sheet total Net working capital Net debt Equity Cash flow before changes in Working Capital improved in line with the increase in EBITDA Negative change in Working Capital due to increased receivables Investments in the quarter was slightly lower than last year 19 / Q Results
20 On target with Route 2015 turnaround goals FOCUS AREAS EBITDA MARGIN UPLIFT FINANCIAL TARGETS Revenue initiatives Fee based room growth Cost savings Rezidor s Initiatives 6-8%* Profitability Target Balance Sheet EBITDA margin of 12% over a business cycle Small positive average net cash position Asset Management Accelerated CapEx spend Dividend Policy Approximately one third of annual after-tax income to be distributed to shareholders + Market Recovery over and above inflation *Assumes RevPAR growth covers inflation 20 / Q Results
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