A strong quarter for Pandox
Interim report January - March 2015
- Revenue from Property management amounted to MSEK 331.9 (358.6), a decrease of 7.4 per cent, which is explained by the divestment of 15 hotel properties in April 2014. Adjusted for currency effects and comparable units, revenue increased by 3.6 per cent.
- Net operating income from Property management amounted to MSEK 260.0 (278.0), a decrease of 6.5 per cent. Adjusted for currency effects and comparable units, net operating income increased by 3.9 per cent.
- Net operating income from Operator activities amounted to MSEK 50.5 (33.2), an increase of 52.1 per cent. Adjusted for currency effects and comparable units, net operating income increased by 34.5 per cent.
- EBITDA amounted to MSEK 289.4 (296.3), reflecting the divestment of 15 hotel properties in April 2014, but was supported by an underlying increase in net operating income from both Property management and Operator activities.
- Profit for the period was MSEK 374.0 (351.4), corresponding to SEK 2.49 (2.34) per share.
- Property market value amounted to MSEK 26,995.9 (26,503.7), and changes in value in the period amounted to MSEK 363.1 (479.9).
- Net asset value (EPRA NAV) per share was SEK 96.25 (87.69).
- Cash earnings amounted to MSEK 170.8 (148.7) and SEK 1.14 (0.99) per share respectively, an increase by 14.9 per cent.
- Pandox expects continued growth in cash earnings in 2015.
For definitions and full outlook please see the attached files.