
"I am pleased to report an improved result for the second quarter despite a continued fragile global macroeconomic climate", comments CEO Kurt Ritter.
- Like-for like ("L/L") RevPAR was up by 5.9%.
- Revenue increased by 5.4% to 238.9 (226.7) O a L/L basis Revenue increased by 2.8%.
- EBITDA amounted to 22.7 (14.8), and the EBITDA margin to 9.5% (6.5).
- Profit after tax amounted to 6.2 (4.7).
- 1,300 new rooms opened and 2,500 new rooms were contracted.Half year, 2012 - (Figures in millions €) - L/L RevPAR was up by 5.7%.
- Revenue increased by 6.3% to 445.8 (419.3). On a L/L basis Revenue increased by 4.3%.
- EBITDA amounted to 17.7 (6.2), and the EBITDA margin to 4.0% (1.5).
- Loss after tax amounted to -7.9 (-12.7).
- Ca 2,200 new rooms opened and ca 3,900 new rooms were contractedComments from the CEO Kurt Ritter : {"I am pleased to report an improved result for the second quarter despite a continued fragile global macroeconomic climate. Our like-for-like RevPAR improved by a healthy 6% due to a strong performance in the emerging markets. We outperformed the industry in terms of RevPAR growth, fuelled by the revenue initiatives launched together with Carlson last year.Our EBITDA margin grew by 3 percentage points supporting our Route 2015 strategy. Top line growth including additional high-margin fee revenue and lower central costs contributed to the margin expansion. Despite a negative impact from write downs of fixed assets of € 4 millions, mainly related to one leased contract in Rest of Western Europe, our EBIT margin improved by 1.8 percentage points.During the quarter, we have successfully converted a loss making management contract with performance guarantee into a franchise contract in Rest of Western Europe and extended one profitable lease contract in the Nordics. We have continued with our asset-light growth strategy, and opened 1,300 rooms in the quarter and our pipeline remain strong and steady at 22,000 rooms.The outlook remains very uncertain due to the current macroeconomic situation. Hence, we remain focused on improving profitability, both in absolute terms and relative to the industry."