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Scandic
Scandic releases year end report 2023
Fourth quarter in summary, October 1 – December 31, 2023.
- Net sales rose by 3.5 percent to 5,410 million SEK (5,228).
- Average occupancy rate was 57.9 percent (57.0).
- Average revenue per available room (RevPAR) went up to 734 SEK (695).
- Operating profit totaled 502 million SEK (488).
- Adjusted EBITDA was 451 million SEK (476).
- Excluding IFRS 16, earnings per share equaled 0.78 SEK (0.49).
- Free cash flow was 549 million SEK (945).
- Interest-bearing net debt/adjusted EBITDA amounted to 0.6x (0.2x excluding the convertible loan).
January 1 – December 31, 2023 in summary.
- Net sales rose by 14.1 percent to 21,935 million SEK (19,230).
- Average occupancy rate increased to 61.4 percent (57.7).
- Average revenue per available room (RevPAR) went up to 782 SEK (683).
- Operating profit totaled 2,785 million SEK (2,457).
- Adjusted EBITDA was 2,566 million SEK (2,536).
- Excluding IFRS 16, earnings per share equaled 5.09 SEK (4.10).
- Free cash flow was 1,754 million SEK (2,202).
- Interest-bearing net debt/adjusted EBITDA amounted to 0.6x (0.2x excluding the convertible loan).
Events during the period
- On December 14, Scandic signed an agreement with Pandox to take over a 311-room hotel in Nuremberg. Scandic will start operating the hotel on March 1, 2024.
- Scandic also signed an agreement on November 24 to extend and rebrand the Holiday Inn City Centre hotel in downtown Helsinki. From 2025, the hotel will be operated under the Scandic brand.
- On November 15, Scandic repurchased convertible bonds for a nominal amount of 590.2 million SEK.
- On October 24, Scandic announced that it would implement Oracle Hospitality OPERA Cloud.
Events after the reporting date
- On January 14, Pär Christiansen was appointed new Chief Financial Officer and member of the Executive Committee. Per will start on March 1, 2024.
CEO’S COMMENTS
“Bookings are in line with last year and we have a positive outlook for 2024. With a strong financial position and high ambitions for Scandic, we’re now stepping up the pace to grow the hotel portfolio and create even better guest experiences.”
A good fourth quarter has concluded yet another record year where we maintained a high pace and achieved new milestones. Scandic has delivered good growth and profitability, and I am proud that guest satisfaction has increased across all markets while at the same time we improved efficiency.
The meeting sea