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Pandox' Year-End Report 2006

19 Feb, 2007, 16:21
  • Pandox' property management revenues amounted to SEK 634.9m (574.0), representing for comparable units an increase of SEK 51.2m or 9.7 percent. The Group's total revenues amounted to SEK 967.5m (778.6).
  • Pre-tax income, excluding non-recurring items, amounted to SEK 226.1m (222.9), and cash flow from ongoing operations was SEK 317.6m (301.4). Last year's results include 12 hotel properties that were sold at the end of June 2005.
  • Pandox sold the operations of Mora Hotell in January 2006, generating a capital gain of SEK 8.0m.
  • In June 2006, Pandox acquired the hotel property and operations of Hotel Berlin with 701 rooms at an acquisition cost of approximately EUR 100m.
  • The hotel property Scandic Plaza in Borås with 135 rooms was acquired in July at a purchase cost of SEK 138m.
  • The Radisson SAS property in Malmö with 229 rooms was acquired in September at a cost of SEK 260m.

Demand within the hotel market continued to develop positively in 2006, resulting in a solid rise in revenues in Pandox portfolio. Adjusted for the 12 hotel properties that were sold in the summer of 2005 and the four transactions carried out over the last twelve months, Pandox has achieved underlying value growth of 9.7 percent. The trend continues to be strong and value growth for the fourth quarter was more than 12 percent. Income after net financial items and before non-recurring revenue amounted to SEK 226.1m (222.9), while cash flow was SEK 317.6m (301.4). Last year's results include six months' income from the twelve sold hotel properties.   "A new successful year for Pandox with good growth in income, result, cash flow and quality", says Anders Nissen, CEO for Pandox.   __________   For further information, please contact:   Anders Nissen, CEO Pandox AB, +46 (0)8-506 205 60, +46 (0)708 46 02 02, Nils Lindberg, CFO, Pandox AB, +46 (0)8-506 205 53, +46 (0)708 76 14 40,   Encl: Complete Year-End Report.   Pandox is one of the leading players in the hotel property market in Europe. The portfolio consists of 41 hotels of which nine operations, and with a total of around 9,200 rooms located in Sweden, Denmark, Germany, Belgium, the Bahamas, the UK and Switzerland. Pandox' hotels operate under well-known brands such as Scandic, Hilton, Radisson SAS, Crowne Plaza, Choice or through independent distribution channels.