In 2014, Scandic increased its net sales by 37.4% to 1.18 billion euros, as a result of the acquisition of the Nordic hotel chain.
The group's net sales increased by 37.4% to 10,825.9 MSEK, about 1.18 billion euro. Excluding the acquisition of Rica Hotels, its net sales rose by 4.7%. RevPAR went up by 7.4% (3.1% LFL), driven mainly by higher occupancy. Adjusted EBITDA amounted to 110 billion euro, corresponding to a margin of 9.4%.
"In addition to the fact that we are clearly now the largest and leading hotel operator in the Nordic countries with a unbeatable geographic network, the acquisition of Rica Hotels has also given us significant potential to benefit from sales and cost synergies going forward. Results from the last quarter of the year, however, were impacted negatively by reduced levels of activity in the oil and gas sector in Norway. We are following the unstable economic situation there closely, but we believe that Norway - in the long term - will be a stable and strong hotel market", said Frank Fiskers, president & CEO at Scandic.
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