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Interim Report six months ending June 30, 2000

30 Aug, 2000, 16:34
Regulatory information

Total property revenue, from Pandox six months and Hotellus three months, amounted to MSEK 216,3 (129,8). The operating net rose by MSEK 71,8 to MSEK 174,7 (102,9). This increase is an effect of the acquisition of Hotellus as well as a high level of value adding activities in the hotel property portfolio.

The adjusted direct yield for the period was 9.4% (9.4).
Net financial expense for the period amounted to MSEK –62,6 (-37,9).

Corporate group income, after tax, exclusive of nonrecurring revenue, for the period improved by MSEK 44.8 and amounted to MSEK 80.4.

Pandox has, in connection with the consolidation of Hotellus, decided to change the rate of depreciation on building to 1 (1,5) percent. The main reason is the quality of the hotel property portfolio regarding physical quality, size and brand name. The new rate of depreciation will more accurately reflect the profits of the company. The change in the rate of depreciation has increased the income for the period by MSEK 8,2.

The acquisition of Hotellus has been realized during the period and integration is in process. Hotellus is consolidated as of the second quarter of 2000.

- “Pandox income and cash flow continues to grow and, for the sixth consecutive year, cash flow per share is expected to increase by more than 20 percent. The acquisition of Hotellus also increases our growth potential as most of the hotel markets of Europe are behind Sweden in the hotel market business cycle”, says Anders Nissen, Managing Director, Pandox AB.

Income after tax for the year 2000, including Hotellus during nine months, is expected to reach MSEK 175. This corresponds to earnings per share of SEK 7,80 (5,21) and cash flow per share of SEK 10,23 (7.94) calculated on the average number of shares.

The full report including tables can be downloaded from the enclosed link.