Profitable growth and raised dividend
October-December 2024
- Revenues for Leases amounted to MSEK 942 (928). For comparable units in fixed currency, the increase was 1 percent
- Revenues for Own Operations amounted to MSEK 954 (910). For comparable units in fixed currency, the increase was 3 percent
- Net operating income for Leases amounted to MSEK 801 (769). For comparable units in fixed currency, the net operating income was unchanged
- Net operating income for Own Operations amounted to MSEK 269 (220). For comparable units in fixed currency, the increase was 1 percent
- EBITDA amounted to MSEK 1,016 (942), an increase of 8 percent
- Cash earnings amounted to MSEK 541 (415), equivalent to SEK 2.78 (2.26) per share
- Unrealised changes in value Investment Properties amounted to MSEK 60 (-336). Unrealised changes in value Operating Properties, reported for disclosure purposes only, amounted to MSEK -10. Unrealised changes in value of derivatives amounted to MSEK 99 (-1,236)
- Profit for the period amounted to MSEK 581 (-1,125), equivalent to SEK 2.98 (-6.05) per share
- On 1 October, the acquisition of DoubleTree by Hilton Edinburgh City Centre was completed
- On 19 November, Pandox entered into an agreement to acquire Radisson Blu Hotel Tromsø for MNOK 750. The acquisition was completed 1 January 2025
January-December 2024
- Revenue for Leases amounted to MSEK 3,865 (3,690)
- Revenue from Own Operations amounted to MSEK 3,271 (3,159)
- Net operating income for Leases amounted to MSEK 3,297 (3,157)
- Net operating income Own Operations amounted to MSEK 842 (713)
- EBITDA amounted to MSEK 3,961 (3,696)
- Cash earnings amounted to MSEK 1,955 (1,742), corresponding to SEK 10.46 (9.48) per share
- Changes in property values amounted to MSEK 475 (-1,107) and unrealised changes in the value of derivatives amounted to MSEK -100 (-1,205)
- Profit for the period amounted to MSEK 1,706 (-580), corresponding to SEK 9.04 (-3.18) per share
- The loan-to-value ratio was 45.2 percent and the interest coverage ratio, rolling twelve months, was 2.7x
- The Board of Directors is proposing a dividend of SEK 4.25 (4.00) per share, a total of MSEK 827 (735)
Comment from CEO Liia Nõu
"Both of our business segments had positive development during the quarter. Total revenue and net operating income increased by 3 and 8 percent respectively, of which a significant part is explained by growth from larger completed investments, for example Scandic Nürnberg Central and Scandic Go Sankt Eriksgatan 20."
"Cash earnings per share increased by 23 percent during the quarter, explained in part by lower current tax compared with the corresponding quarter in 2023. For full year 2024, cash earnings per share increased by 10 percent."
"We are expecting RevPAR growth in the hotel market in 2025. Completed acquisitions and investments in the existing portfolio will make a positive contribution. As is usually the case, in the first quarter we expect seasonally weaker demand in the hotel market. Easter is in the second quarter this year, which is expected to have a certain positive effect compared with the first quarter of 2024."
"Based on a stable hotel market and on Pandox's strong cash flows and stable financial position, the Board of Directors is proposing a dividend of SEK 4.25 (4.00) per share, equivalent to a total of around MSEK 827 (735)."
Presentation of the year-end report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 6 February 2025 at 08:30 CET. As a service to Pandox's stakeholders there will also be an external update on the hotel market.
If you wish to participate via webcast, please use the following link:
https://pandox.events.inderes.com/q4-report-2024
If you wish to participate via teleconference, please register via the following link:
https://conference.inderes.com/teleconference/?id=5007570
Attachment: Year-end report January-December 2024
FOR MORE INFORMATION
Liia Nõu, CEO, +46 (0)8 506 205 50
Anneli Lindblom, CFO, +46 (0) 765 93 84 00
Anders Berg, SVP Head of Communications and IR, +46 (0) 760 95 19 40
This information is information that Pandox is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-06 07:00 CET.
About Pandox
Pandox owns, develops, and leases hotel properties to skilled hotel operators under long-term, turnover-based leases with minimum guaranteed levels. Since our inception in 1995, we have grown into one of the largest hotel property owners in Europe. Our portfolio consists of 162 hotel properties with approximately 36,000 rooms across 11 countries in Northern Europe. The portfolio's market value is approximately SEK 75bn. The head quarter is in Stockholm, and we are listed on Nasdaq Stockholm.www.pandox.se
