Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — FY2015 Earnings Presentation
19 slides from Pandox Ab Class B's earnings presentation, Feb 18, 2016
Slide 1: Good growth and profitability
Good growth and profitability Year-end 2015 report Stockholm, 18 February 2016 Anders Nissen, CEO Liia Nõu, CFO
Slide 2: Agenda
Agenda Market and Introduction Financial review Q&A business Anders Nissen Liia Nõu Anders Nissen All participants PANDOX – EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS 2
Slide 3: A leading northern European hotel property company
A leading northern European hotel property company Focused strategy on large hotel properties in the upper- medium to high-end segments in strategic locations Active ownership model combining a large, attractive portfolio with excellent operational skills 8% 10% 43% 8% Pandox Group Property Operator
Slide 4: Business highlights October – December 2015
Business highlights October – December 2015 An good fourth quarter and a strong year for Pandox Positive fourth quarter earnings despite MSEK 18 shortfall in Operator Activities’ NOI in Brussels: (1) strong hotel market (2) organic growth from hotels coming back from renovation (3) high productivity
Slide 5: Financial summary for the fourth quarter
Financial summary for the fourth quarter Continued positive earnings development Key highlights Financial summary table (MSEK) Q4 Q4 Chng FY FY Chng A good quarter affected by a negative Brussels 2015 2014 % 2015 2014 % effect. Revenue 365 359 2 1,543 1,478 4 Property Management (Note 1,2) Like-for-
Slide 6: Key metrics
Key metrics Stable growth in EBITDA and cash earnings EBITDA (MSEK) Cash earnings (MSEK) +29% +21% +12% +12% 1 1301 1,6031 1,425 873 234 193 341 381 2014 2015 Q4 2014 Q4 2105 2014 2015 Q4 2014 Q4 2015 1 Including one-time revenue of MSEK 60 related to mediation in Q3 2015. 1 Including one-time reven
Slide 7: Summary of announced portfolio changes
Summary of announced portfolio changes Property Management Operator Activities Divestment of Acquisition of Divestment of Scandic 18 hotels in 8 hotels in Antwerp Germany Sweden June 2015 October 2015 December 2015 January 2016 March 2016 May 2016 Sept 2016 Lillehammer Hotel Hotel Prince Thon Hotel
Slide 8: Income statement
Income statement Substantial increase in both revenues and profit Q4 Q4 FY FY (MSEK) 2015 2014 2015 2014 Comments on the fourth quarter 2015 Revenues Property Management Rental income 351 343 1,431 1,418 Overall, good market conditions with renovated hotels Other property income 14 16 112 60 gaining
Slide 9: Solid rental income and NOI growth
Solid rental income and NOI growth Property Management Q4 Q4 FY FY Property Management (MSEK) 2015 2014 2015 2014 Rental income Jan-Dec 2015 in % Net operating income – Property Management 4% Rental income 351 343 1,431 1,418 10% Other property income 14 16 112* 60 13% Costs -59 -70 -263 -292 59% Ne
Slide 10: Strong progress despite negative Brussels’ effect
Strong progress despite negative Brussels’ effect Operator Activities Q4 Q4 FY FY Operator Activities (MSEK) Revenues Jan-Dec 2015 in % 2015 2014 2015 2014 Net operating income - Operator Activities 2% 6% Revenue 536 445 2,046 1,598 12% Costs -471 -400 -1,767 -1,387 38% Gross profit 65 45 279 211 20
Slide 11: Property portfolio
Property portfolio Some yield compression and strong cash flows Comments Total property portfolio market value per 31 December, 2015, amounted to MSEK 31,437. Includes 18 hotels in Germany acquired for MSEK 3,665. +6.7% YTD Per 31 December, 2015, average valuation yield Investment properties 5.9 (Ye
Slide 12: Financing and capital structure
Financing and capital structure Solid growth in EPRA NAV and maintained financial flexibility Liquid funds and long-term EPRA Net Asset Value (MSEK) Loan to Value (gross) (%) committed credit facilities (MSEK) 2,333* EPRA/NAV per share, SEK 16,156 13,816 1,901 12,388 107.7 59.4 1,647 11,174 55.5 1,5
Slide 13: Financing and capital structure
Financing and capital structure Interest-bearing liabilities as of 31 December 2015 Key debt metrics Maturity profile fixed and hedged debt Gross interest-bearing debt (MSEK) 15,546 Net interest-bearing debt (MSEK) 15,376 Loan-to-Value1 (gross) 49.5% Average interest swap Loan-to-Value1 (net) 48.9%
Slide 14: A good fourth quarter and a strong year
A good fourth quarter and a strong year Summary and wrap-up of financial section 12 and 15 percent growth, LFL, in net operating income for Property Management and Operator Activities respectively in the fourth quarter 2015. Cash earnings of MSEK 1,130 an increase of 29 percent for the full year 201
Slide 15: The good trend continued in the fourth quarter
The good trend continued in the fourth quarter PANDOX – EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS 15
Slide 16: Continuous investment into portfolio to enhance performance
Continuous investment into portfolio to enhance performance Capex of c. MSEK 780 committed for future investments as of 31 December, 2015 Hilton Helsinki Strand Leonardo Wolfsburg (190 rooms) (212 rooms) • Helsinki, Finland • Wolfsburg, Germany • Refurbishment part of • Hotel extension Project Shark
Slide 17: Key growth drivers for cash earnings
Key growth drivers for cash earnings Opportunistic Acquisitions Interest Rates Operations Project Pipeline Quality portfolio Market Growth Organic Growth PANDOX – EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS 17
Slide 18: Thank you! Time for questions!
Thank you! Time for questions! PANDOX – EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS 18
Slide 19: Financial calendar
Pandox AB (publ) Financial calendar: Postal address: Box 15 May 3, 2016 – Annual general meeting 2016 SE-101 20 Stockholm Sweden May 4, 2016 – Interim report, Q1, January-March 2016 Visiting address: Vasagatan 11, 9th floor Stockholm May 24, 2016 - Capital market day in Brussels Sweden www.pandox.se