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Pandox' Year-End Report 2008

13 Feb, 2009, 09:00
  • Pandox' property management revenues amounted to SEK 915.5 million (782.2), representing an increase of SEK 89m and growth of 11 percent for comparable units.
  • Operating revenues from own operations, including management agreements, rose to SEK 1,105.3m (788.8). The Group's total revenues were SEK 1,804.1m (1,410.7).
  • Profit before tax and non-recurring items improved to SEK 280.4m (259.4).
  • Cash flow from current operations, excluding non-recurring items, increased to SEK 444.5m (389.0).
  • The hotel property in Östersund has been leased as of 1 January to Choice Hotels under the Clarion brand name. Operations have been run directly by Pandox since 2004 under the Radisson SAS brand name.
  • Pandox signed an agreement with Scandic in May regarding the operations of Hotell Skogshöjd in Södertälje. Pandox remains an active property owner and will carry out an investment program of approximately SEK 20m.
  • The Hyatt Regency in Montreal with 605 rooms was acquired in June at a purchase price of 58.5 million Canadian dollars, equivalent to approximately SEK 371m. In conjunction with the acquisition, a management agreement was taken over with Hyatt, who will run and develop the hotel in close cooperation with Pandox.

  2008 was a new successful year for Pandox with an increase in revenues, profits and cash flows. Property management revenues improved by SEK 133m to SEK 915m and profits amounted to SEK 280.4m (259.4). Cash flow was strengthened and amounted to SEK 444.5m (389.0), representing an improvement of 14 percent. For comparable units, Pandox' property portfolio showed underlying growth of 11 percent.     For further information, please contact:   Anders Nissen CEO Pandox AB +46 (0)8 506 205 60, +46 (0)708 46 02 02   Liia Nõu Vice President & CFO Pandox AB +46 (0)8 506 205 80, +46 (0)70 237 44 04      Pandox is one of the leading players in the hotel property market in Europe. The portfolio consists of 45 hotels, nine operations, more than 10,800 rooms with strategic locations in Sweden, Denmark, Germany, Belgium, the UK, Switzerland, the Bahamas and Canada. Pandox' hotels operate under well-known brands such as Scandic, Hilton, InterContinental, Hyatt, Radisson SAS, Crowne Plaza, Holiday Inn, Elite, Clarion, Quality, First or through independent distribution channels.   Encl: Complete Year-End Report 2008.