Total property revenue for 1999 reached SEK 272.0 M (234,6).The operating net increased by SEK 31.0 M to SEK 217.8 M (186.8).The increase is mainly attributable to
acquired hotel properties and the robust hotel market,which generated increased revenue from turnover and income-based lease agreements.
Direct yield,adjusted for acquired and divested properties,for the period was 9.6%(9.3). Net financial items amounted to SEK –77.5 M (-71.3).
Consolidated income after tax improved by SEK 21.9 M to SEK 83.4 M (61.5). Pandox acquired four hotel properties during the year – Provobis Star Lund,,Scandic Hallandia in Halmstad,First Grand Hotel Borås and Quality Hotel Nacka – for a combined acquisition cost of SEK 331 M.A hotel property,the 52-room Hotel Bohème in Gothenburg,and equipment in a hotel operating company was sold for a total capital gain of SEK 5.3 M.
Pandox has reached an agreement with the shareholders of Hotellus International AB to acquire the company.For information regarding the acquisition,please refer to todays
separate press release.
Pandox Board of Directors has decided to expand the current strategy of the company,to include an extension of the geographic strategy to encompass northern Europe.A more
detailed account can be found in the year end report.
“1999 was another successful year for Pandox.For the fourth consecutive year,our disposable cash flow increased by more than 20%.Income growth has been achieved in a good hotel market through profitable acquisitions and feasible developments in our hotel property portfolio.The prospects for further growth in earnings in 2000 are favourable ”,
says Anders Nissen,Managing Director of Pandox Hotellfastigheter AB.
The full Report including tables can be downloaded from the enclosed link.