Scandic's First Quarter 2024: A Balanced Performance and Forward Outlook

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Published on 24/04/24 - Updated on 24/04/24

scandic financial report 1er trimestre

Scandic Hotels Group, has recently published its interim report for the first quarter of 2024 (January 1 – March 31, 2024), showcasing a steady performance amid certain challenges.

Financial Overview:

- Net sales experienced a slight decrease of 2.4%, to 379,828 euros (4,419 million SEK from 4,526 million SEK) primarily due to calendar effects related to the Easter holiday. The early Easter is estimated to have had a negative impact on net sales, attributed to calendar effects of approximately 4 to 5%.
- The average occupancy rate stood at 51.9% (53.5%), with an average revenue per available room (RevPAR) of 53,26 euros (619 SEK from 626 SEK).
- Operating profit amounted to 10,832,790.65 euros (126 million SEK from 199) , while adjusted EBITDA reached 2,836,973.63 euros (33 million SEK from 170).
- Without considering IFRS 16, earnings per share amounted to - 0.094555704 euros (-1.10 SEK from -0.88 SEK ), while the free cash flow stood at - 63,015,830.29 Euros (-733 million SEK from -356 million SEK.
- Despite facing challenges, Scandic maintains a solid financial position, with interest-bearing net debt/adjusted EBITDA at 0.9x (0.5x excluding the convertible loan). 

Key Events:

- Signing of a contract, on March 12 for a 144-room Scandic Go in Oulu, Finland, slated to open in 2025.
- Opening of the 311-room Scandic Nürnberg Central in Germany, on March 1.
- Appointment of Pär Christiansen as the new Chief Financial Officer and member of the Executive Committee, on January 17.

Jens Mathiesen, President & CEO of Scandic, expressed cautious optimism regarding the market outlook and the company's growth potential. He noted the promising start of operations in Nürnberg, Germany, and the expansion of Scandic Go with a new hotel in Oulu, Finland. Mathiesen emphasized the ongoing investments in maintenance and renovations to optimize the hotel portfolio.

“Scandic’s financial position is strong and we have a powerful commercial agenda. The second quarter got off to a good start and bookings for May and June are in line with last year.”- Jens Mathiesen, President & CEO of Scandic Hotels Group

Scandic Hotels Group

Scandic Hotels Group

Hotel Group

  • Scandic Hotels Group Sweden
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