Rica Hotels. Rica Eiendom. Financial Statement for the 1 st quarter 2002

Transcription

1 Rica Hotels Rica Eiendom

2 NUMBER OF SOLD ROOM-NIGHTS OCCUPANCY RATE IN PERCENT % llllll Rica hotels in Norway REVENUE PER SOLD ROOM-NIGHT kr llllll Rica hotels in Norway llllll Rica hotels in Sweden (NOK) llllll Rica hotels in Sweden General The company "New" Rica Hotels ASA was established on 15 April 2002, subsequent to the demerger of Rica Hotels ASA approved by the General Meeting on the same day. This company changed its name from Rica Hotels ASA to Rica Eiendom ASA. "New" Rica Hotels ASA will continue operation of hotel activity, while Rica Eiendom will own and administrate the property. The demerger was passed as effective with regard to accounts as of 01 January 2002, and for this reason the statement for the 1 st quarter of 2002 is prepared as if the demerger were already in effect. Financial Statement for 1 st Quarter 2002 The Financial Statement for the 1 st quarter of 2002 is divided into three parts: 1. Group statement for Rica Hotels (as if the demerger were not fully in effect with regard to accounts). 2. Group statement for Rica Hotels (as if the demerger were fully in effect). 3. Group statement for Rica Eiendom (as if the demerger were fully in effect). Rica Hotels (as if the demerger were not fully in effect with regard to accounts) Rica had a deficit before taxes for the first quarter 2002 of NOK 7 million against profits before taxes of NOK 12 million for the 1 st quarter of As the Easter holiday to a large extent was in the month of March this year (in 2001 Easter was in April) the figures are not comparable to the 1 st quarter of last year, in that there is always a significantly lower level of activity within all of Rica s market segments during Easter month. During recent years, the effect on earnings due to low activity during Easter week have been to the amount of NOK 15 million, and the results correspond with the expectations of the board. The statement is prepared as if the demerger were not fully in effect with regard to accounts. However, expenses accrued in connection with the demerger of Rica Hotels ASA in the amount of NOK 5 million are booked in accordance with standard accounting principles for demergers and the provisions of the Joint Stock Public Companies Act. Of the total expenses, NOK 1 million are charged to income, while the remaining expenses are charged directly to equity capital. Market Development The market development of the 1 st quarter of 2002 indicates that the occupancy rate in Norwegian hotels, excluding the Easter period, is at the same level as for 2001 within the market segments business travellers, course/conferences and holiday/leisure. The number of sold roomnights for the 1 st quarter of 2002 was against sold room-nights for the 1 st quarter of There was a reduction in the average price per sold room-night of 4 % from NOK 724 to NOK 698, and hotel occupancy was 52 % for the 1 st quarter of 2002 against 56 % for the 1 st quarter of Business Activity The Rica Group s business activity as of 31 March 2002 included the operation of 52 hotels. In addition to this, Rica is responsible for operating Rica Sjølyst Bankett- og Konferansesenter, Nusfjord Rorbuanlegg and Nordkapphallen. Rica also has a collaborative agreement with 33 independent hotels under the concept of "Rica Partner Hotel", which includes sales, marketing and purchasing. Operating revenue and income The operating revenue for the 1 st quarter of 2002 was NOK 359 million against NOK 399 million in the 1 st quarter of 2001, and the operating income for the 1 st quarter of 2002 was minus NOK 5 million against NOK 12 million in the 1 st quarter of Investments No significant investments were made in the 1 st quarter of Financing and liquidity The Group s long-term debt was at NOK 435 million as of 31 March Liquid assets were as of 31 March 2002 NOK 179 million against NOK 133 million as of 31 March Equity Capital The Group s booked equity capital was NOK 488 million as of 31 March 2002, and the booked equity/capital ratio was at 38 %. New and future projects An enterprise agreement was formed, as well as a tenancy agreement for the construction and lease of Rica Nidelven Hotel in Trondheim and construction was commenced in April The anticipated opening date for the hotel is the autumn of Demerger of Rica Hotels ASA The General Meeting of Rica Hotels ASA passed by a unanimous vote the demerger of Rica Hotels ASA into a holding company and an operating company on 15 April For accounting purposes, the demerger date is 01 January 2002, and the legally in place in the course of Profits for the 1 st quarter and prospects for the 2n d quarter for Rica Hotels The board is satisfied with the profit development for the 1 st quarter of 2002, which was in

3 accordance with company expectations. For the 2 nd quarter of 2002, profits before taxes are anticipated in the amount of NOK million, provided the ongoing strike does not become long-term or expand in scope. Rica Hotels (as if the demerger were fully in effect) "New" Rica Hotel s deficit before taxes for the 1 st quarter of 2002 was NOK 12 million against profits before taxes of NOK 11 million for the 1 st quarter of The result is thus in accordance with the expectations of the board. Operating revenue and income The operating revenue for the 1 st quarter of 2002 was NOK 359 million against NOK 399 million in the 1 st quarter of 2001, and the operating income in the 1 st quarter of 2002 was minus NOK 12 million against NOK 12 million in the 1 st quarter of New Rica Hotel s share of costs for the demerger of Rica Hotels ASA was NOK 4 million and the cost is charged to the company s equity capital. Financing and liquidity The Group s long-term debt was NOK 54 million as of 31 March Liquid assets as of 31 March 2002 were at NOK 79 million. The Group has also drawing rights for NOK 100 million. Equity Capital The Group s booked equity capital was NOK 233 million as of 31 March 2002, and the equity/capital ratio was at 45 %. Demerger of Rica Hotels ASA The General Meeting of Rica Hotels ASA passed by a unanimous vote the demerger of Rica Hotels ASA into a holding company and an operating company on 15 April With regard to accounts, the demerger is in effect as of 01 January 2002, and the legally in place in the course of Accounting Principles The Financial Statement for the 1 st quarter is prepared in accordance with accounting principles as stipulated in the Company s Annual Report for 2001 and is otherwise in compliance with the Norwegian Accounting Standard Discussion Document on Interim Financial Statements, as well as standard accounting principles for demergers. The financial statement has not been audited. Since the demerger of Rica Hotels ASA is not yet completed in terms of company law, no cash flow analysis for the Group has been carried out. The case flow analysis has however been carried out for Rica Hotels as if the demerger had not been implemented. Rica Eiendom (as if the demerger were fully in effect) Rica Eiendom s profits before taxes in the 1 st quarter of 2002 were NOK 5 million, which corresponds with the company s expectations for the period. The company Rica Eiendom ASA is the former company Rica Hotels ASA, which subsequent to the General Meeting of 15 April 2002 changed its name due to the demerger of the company. In terms of accounting, the demerger is in effect as of 01 January 2002, and for this reason the financial statement for the 1 st quarter of 2002 is prepared here as if the demerger were already in effect. Legally speaking and in terms of company law, the fully in effect in the course of Business Activity The Group s business activity as of 31 March 2002 included the leasing of 15 hotels, Nordkapphallen and an administration building in the municipality of Asker. Longterm tenancy agreements will be formed which will formalise market-related conditions with the new Rica Hotels ASA once the demerger is fully in effect legally speaking and in terms of company law. Financial Statement The financial statement for the 1 st quarter of 2002 is prepared for the Rica Eiendom Group as if the demerger had been in effect as of 01 January Pro forma figures are prepared for the 1 st quarter of Operating revenue and income Operating revenue for the 1 st quarter of 2002 was NOK 13 million against NOK 13 million for the 1 st quarter of 2001 (pro forma), and the operating income for the 1 st quarter of 2002 was NOK 7 million against NOK 8 million for the 1 st quarter of 2001 (pro forma). Expenses due to the demerger of Rica Hotels ASA are booked as expenses for the 1 st quarter of 2002 in the amount of NOK 1 million. Financing and liquidity The Group s long-term debt was at NOK 379 million as of 31 March 2002 against NOK 310 million for 31 March Average interest was at 7.4 % annually. NOK 97 million of the company s loans have a fixed interest rate of 5.95 % annually until 2008, while the remainder of the Group loans have a floating interest rate. Liquid assets as of 31 March 2002 were at NOK 99 million. Equity Capital The Group s booked equity capital was at NOK 256 million as of 31 March 2002, and the equity/capital ratio at 32 %. Demerger of Rica Hotels ASA The General Meeting of Rica Hotels ASA passed by unanimous vote the demerger of Rica Hotels ASA into a holding company and an operating company on 15 April With regard to accounts, the demerger is in effect as of 01 January 2002, and the legally in place in the course of Accounting Principles The Financial Statement for the 1 st quarter is prepared in accordance with accounting principles as stipulated in the Company s Annual Report for 2001 and is otherwise in compliance with the Norwegian Accounting Standard Discussion Document on Interim Financial Statements as well as standard accounting principles for demergers. The financial statement has not been audited. Since the demerger of Rica Hotels ASA is not fully in effect in terms of company law, no cash flow analysis for the group has been carried out. The case flow analysis has however been carried out for Rica Hotels as if the demerger were not in effect. Billingstad, 29. april 2002 Styret i Rica Hotels ASA

4 (AS IF THE DEMERGER WERE NOT FULLY IN EFFECT WITH REGARD TO ACCOUNTS) NOK mill Income Statement The year Operating revenues and operating expenses Lodging revenues Sale of goods Other operating revenues Gain on sales 11 Total operating revenues Cost of goods Depreciation allowance Other operating costs Operating income I Refurbishing costs Amortisation Total operating expenses Operating income II Financial income Financial expenses Income before taxes Calculated tax Net income Of which minority interest Of which demerger expenses 1 Balance Sheet The year 2001 Per Per Per Per Assets Fixed assets Current assets Total assets Equity and liabilities Equity : Share Capital Share premium fund Equity Capital Gains Minority interest Total equity Provision for liabilities Long term debt Short term debt Total equity and liability Cash Flow The year Cash flow, operational activities Cash flow, investment activities Cash flow, financing activities Net cash flow for the period Cash on hand at beginning of period Cash on hand at end of period Key Figures The year Capital strength Net operating margin 1 % -1,4 3,0 3,0 8,1 Gross operating margin 2 % 1,9 5,8 6,0 11,5 Equity/Capital ratio 3 % 37,5 37,6 39,3 36,8 Key Figures per share Number of shares mill 24,0 24,0 24,0 24,0 Nominal value per share NOK 1,0 1,0 1,0 1,0 Cash flow per share 4 NOK 0,3 0,8 0,8 5,8 Earnings per share 5 NOK -0,2 0,3 0,3 3,5 Equity per share 6 NOK 19,3 18,6 19,5 19,8 Industry Figures Used Goods (percent) 7 % 31,3 30,2 31,3 31,8 Personnel costs (percent) 8 % 42,6 41,1 40,3 38,5 Occupancy rate (percent) % RevPAR 9 NOK Room-nights sold Revenue per room sold NOK Definitions: 1. Net operating margin: Operating income II / operating revenues 2. Gross operating margin: Operating income II + depreciation/ operating revenues 3. Equity/Capital ratio: Booked equity + minority interest / total assets 4. Cash flow per share: Profit + depreciation minority /number of shares 5. Earnings per share: Earnings / number of shares 6. Equity per share: Booked equity / number of shares 7. Used goods, percent: Used goods / sale of goods 8. Personnel expenses, percent: Total personnel expenses / operating revenues 9. RevPAR Lodging revenue / available rooms

5 (AS IF THE DEMERGER WERE FULLY IN EFFECT) NOK mill The year 2001 Income Statement (Reclassified)* ) (Pro forma)** ) (Reclassified)* ) Operating revenues and operating expenses Lodging revenues Sale of goods Other operating revenues Gain on sales Total operating revenues Of which floated off as a separate company 0 15 Cost of goods Depreciation allowance Other operating costs Operating income before refurbishing costs and amortisation of goodwill Refurbishing costs Amortisation Total operating expenses Of which floated off as a separate company 4 23 Operating income Financial income Financial expenses Net financial items Of which floated off as a separate company 2-23 Income before taxes Calculated tax Net income Of which minority interest The year 2001 Balance Sheet Per Per Per Per (Reclassified)* ) (Pro forma)** ) (Reclassified)* ) Assets Fixed assets Current assets Total assets Of which floated off as a separate company Equity and liabilities Equity : Share Capital Share premiu m fu nd Equity Capital Gains Minority interest Total equity Of which floated off as a separate company Provision for liabilities Long term debt Short term debt Total liability Of which floated off as a separate company Total equity and liability The year 2001 Key Figures for the 1 st Quarter (Reclassified)* ) (Pro forma)** ) (Reclassified)* ) Capital strength Net operating margin 1 % -3,3 3,0 1,0 8,1 Gross operating margin 2 % -0,8 5,8 3,0 11,5 Industry Figures Used Goods (percent) 3 % 31,3 30,2 30,2 31,8 Personnel costs (percent) 4 % 42,6 41,1 41,1 38,5 Occupancy rate (percent) % RevPAR 5 NOK Room-nights sold Revenue per room sold NOK *) The corresponding figures for Rica Hotels during the same period of last year are not directly comparable with this year s results as the company underwent a demerger on 01 January In the interests of clarity in making such a comparison, the items in connection with the demerger are stipulated on a separate line. **) The pro forma figures for 2001 are prepared as if the demerger had been implemented at an earlier point in time. These are also developed as a means of simplifying comprehension of the financial statement itself and a comparison of the statements. For a more detailed discussion of both the demerger and conditions, see the prospectus for the demerger. Definitions: 1. Net operating margin: Operating income II / operating revenues 2. Gross operating margin: Operating income II + depreciation/ operating revenues 3. Used goods, percent: Used goods / sale of goods 4. Personnel expenses, percent: Total personnel expenses / operating revenues 5. RevPAR Lodging revenue / available rooms FULL SERVICE HOTELS ECONOMY COURSE/CONFERENCE Business Segments Reclassified* ) 2001 Pro forma** ) Reclassified* ) 2001 Pro forma** ) Reclassified* ) 2001 Pro forma** ) Operating revenues NOK mill Herav utfisjonert selskap NOK mill. Operating income II NOK mill Herav utfisjonert selskap NOK mill. 2 1 Income before taxes NOK mill Herav utfisjonert selskap NOK mill. 1 1 Business Segments SEASONAL OTHER GROUP Reclassified* ) 2001 Pro forma** ) Reclassified* ) 2001 Pro forma** ) Reclassified* ) 2001 Pro forma** ) Operating revenues NOK mill Herav utfisjonert selskap NOK mill. Operating income II NOK mill Herav utfisjonert selskap NOK mill. 1 4 Income before taxes NOK mill Herav utfisjonert selskap NOK mill. 2

6 RICA EIENDOM (AS IF THE DEMERGER WERE FULLY IN EFFECT) Income Statement NOK mill (Pro forma) * ) Operating revenues and operating expenses Leasing revenues Other operating revenues Total operating revenues Operating expenses property 0 0 Administrative expenses 2 1 Depreciation on fixed assets 3 3 Total operating expenses 5 4 Operating income 8 9 Financial income 2 1 Financial expenses 4 3 Income before taxes 5 6 Calculated tax 1 2 Net income 4 4 Of which minority interest 0 0 Of which demerger expenses 1 Balance Sheet Per Per (Pro forma) * ) Assets Fixed assets Current assets Total assets Equity and liabilities Equity : Share Capital 6 6 Share premium fund 1 1 Equity Capital Gains Minority interest 5 15 Total equity Provision for liabilities Long term debt Short term debt Total equity and liability *) The Pro forma figures are prepared to illustrate projected comparable amounts for the corresponding period in 2001 had the demerger been implemented at an earlier point in time. For a more detailed discussion of both the demerger and conditions for calculation of the pro forma figures, see the separate prospectus prepared in connection with the demerger.

7 (AS IF THE DEMERGER WERE NOT FULLY IN EFFECT WITH REGARD TO ACCOUNTS) The 20 largest shareholders as of March 31, 2001: Name Number of shares Share % 1. Jan E. Rivelsrud ,58 % 2. Orkla ASA ,98 % 3. Hodne Holding AS ,03 % 4. Heliport Invest AS ,03 % 5. Skagenkaien Eiendom AS ,03 % 6. Hodne Kapital AS ,03 % 7. Verdipapirfondet Avanse Spar ,80 % 8. Verdipapirfondet Skagen Vekst ,67 % 9. Vesta Liv AS aksjer ,56 % 10. Eiendomsspar AS ,02 % 11. Vital forsikring ASA ,67 % 12. Hamang Papirfabrikk AS ,04 % 13. Prins Carl Bernadotte ,00 % 14. Tine Pensjonskasse ,77 % 15. Ole Jacob Wold ,50 % 16. Retiro AS ,41 % 17. Citibank Swittzerland Securities Dept ,30 % 18. Mustad Industrier AS ,28 % 19. Sykehjelps- og pensj.ordn. for leger v/vital Forsikring ,28 % 20. Strømmen Innredninger AS ,26 % Total ,19 % Rica Hotels ASA Slependveien 108 P.O. Box 3 N-1375 Billingstad Telephone: Telefax: rica@rica.no Company reg. no.: NO MVA Information about Rica is available at the following Internet links: