Profitable growth and strong cash flow
April-
- Revenues for Leases amounted to MSEK 1,009 (942). For comparable units in fixed currency, the increase was 3 percent
- Revenues for Own Operations amounted to MSEK 857 (832) MSEK. For comparable units in fixed currency, the increase was 10 percent
- Net operating income for Leases amounted to MSEK 869 (806). For comparable units in fixed currency, the increase was 4 percent
- Net operating income for Own Operations amounted to MSEK 256 (219). For comparable units in fixed currency, the increase was 20 percent
- EBITDA amounted to MSEK 1,082 (977), an increase of 11 percent
-
Cash earnings amounted to MSEK 560 (510), equivalent to
SEK 3.05 (2.77) per share - Changes in property values amounted to MSEK 413 (-466). Unrealised changes in value of derivatives amounted to MSEK -8 (332)
-
Profit for the period amounted to MSEK 710 (288), equivalent to
SEK 3.83 (1.56) per share DoubleTree byHilton Montreal inCanada was transferred 15 April
January-
- Revenue for Leases amounted to MSEK 1,854 (1,722)
- Revenue from Own Operations amounted to MSEK 1,513 (1,405)
- Net operating income for Leases amounted to MSEK 1,563 (1,468)
- Net operating income Own Operations amounted to MSEK 347 (271)
- EBITDA amounted to MSEK 1,822 (1,652), an increase of 10 percent
-
Cash earnings amounted to MSEK 832 (769), corresponding to
SEK 4.53 (4.18) per share - Changes in property values amounted to MSEK 447 (-678) and unrealised changes in the value of derivatives amounted to MSEK 290 (-12)
-
Profit for the period amounted to MSEK 1,164 (85), corresponding to
SEK 6.26 (0.39) per share - The loan-to-value ratio was 46.2 percent and the interest coverage ratio, rolling twelve months, was 2.6x
Comment from CEO Liia Nõu
"Demand in the hotel market was solid in the second quarter, with good business outcomes in both of our segments. Total revenue and total net operating income both increased by 6 percent for comparable portfolios with fixed exchange rates."
"There were positive, unrealised net changes in value for the property portfolio as a whole, explained by increased cash flow. The hotel property portfolio's average valuation yield increased marginally to 6.26 percent. Our average interest on debt decreased to 4.1 percent, further reinforcing our positive yield spread which is greater than 200 basis points."
"With a loan-to-value ratio of 46.2 percent, interest-bearing net debt/EBITDA of 8.5 times, and cash and equivalents and unutilised credit facilities of MSEK 4,137, we are able to act swiftly when attractive acquisition opportunities come along."
Presentation of the interim report
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Attachment: Interim report January-
FOR FURTHER INFORMATION, PLEASE CONTACT:
Liia Nõu, CEO, +46 (8) 506 205 50
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