Pandox AB: Interim Report - three months ending March 31, 2002
Operating net amounted to SEK 110.2 (113.5) M.
The adjusted direct yield for the period was 9.6% (9.7).
Net financial expense for the period amounted to SEK -42.5 (-44.5) M.
Corporate group income, after tax, exclusive of nonrecurring revenue, amounted to SEK 42.2 (45.7) M corresponding to a decrease of SEK 3.5 M.
Cash flow decreased marginally and amounted to SEK 58.0 (59.2) M.
- "Pandox strategy has had the intended effect. The selected market segment has limited the fall in revenue. Active ownership with strategic alliances and variable lease agreements have created high quality hotel products which limits the risk ", says Anders Nissen, Chief Executive Officer, Pandox AB.
Outlook
Economic developments in Pandox' market area remain difficult to predict due to prevailing global uncertainties. Following the steep decline in the hotel market in the autumn, the market has now entered a more normal recessionary pattern where there are as yet no stable trends.
However, Pandox' focused strategy, selected market segment and high quality hotel property portfolio create continued excellent conditions for further development of the company. With the current hotel property portfolio, income before tax in 2002 is forecast to reach SEK 200 M.
The full Interim Report including tables is available to download from the enclosed link.
For further information: <br> Anders Nissen, Chief Executive Officer, Pandox, +46-8-506 205 50, +46 70 846 02 02 <br> Nils Lindberg, Chief Financial Officer, Pandox, +46-8-506 205 53 <br> <br> Encl: Complete interim report. <br>