Rica Hotels Rica Eiendom
NUMBER OF SOLD ROOM-NIGHTS 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 272 117 290 964 293 252 281 000 1999 2000 2001 2002 OCCUPANCY RATE IN PERCENT % 70 65 60 55 50 45 40 58 57 llllll Rica hotels in Norway REVENUE PER SOLD ROOM-NIGHT kr 850 800 750 700 650 600 550 500 450 400 1999 2000 2001 2002 llllll Rica hotels in Norway llllll Rica hotels in Sweden (NOK) 698 699 58 55 720 804 56 706 60 805 52 53 1999 2000 2001 2002 llllll Rica hotels in Sweden 686 758 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 2001. 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 281 000 against 293 252 sold room-nights for the 1 st quarter of 2001. 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 2001. 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 2001. Investments No significant investments were made in the 1 st quarter of 2002. Financing and liquidity The Group s long-term debt was at NOK 435 million as of 31 March 2002. Liquid assets were as of 31 March 2002 NOK 179 million against NOK 133 million as of 31 March 2001. 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 2002. The anticipated opening date for the hotel is the autumn of 2003. 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 2002. 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
accordance with company expectations. For the 2 nd quarter of 2002, profits before taxes are anticipated in the amount of NOK 25-30 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 2001. 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 2001. 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 2002. 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 2002. 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 2002. Pro forma figures are prepared for the 1 st quarter of 2001. 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 2001. 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 2002. 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
(AS IF THE DEMERGER WERE NOT FULLY IN EFFECT WITH REGARD TO ACCOUNTS) NOK mill Income Statement 2002 2001 2000 The year 2001 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.12 Operating revenues and operating expenses Lodging revenues 196 212 209 928 Sale of goods 138 162 167 710 Other operating revenues 25 25 25 126 Gain on sales 11 Total operating revenues 359 399 401 1 775 Cost of goods 43 49 52 226 Depreciation allowance 11 10 11 52 Other operating costs 307 325 319 1 331 Operating income I -2 15 19 166 Refurbishing costs 2 2 6 13 Amortisation 1 1 1 9 Total operating expenses 364387 389 1 631 Operating income II -5 12 12 144 Financial income 3 2 2 9 Financial expenses 5 3 4 32 Income before taxes -7 11 10 121 Calculated tax -3 3 3 36 Net income -48 7 85 Of which minority interest 1 1 1 8 Of which demerger expenses 1 Balance Sheet 2002 2001 2000 The year 2001 Per 31.03 Per 31.03 Per 31.03 Per 31.12 Assets Fixed assets 965 966 952 964 Current assets 336 305 308 392 Total assets 1 301 1 271 1 260 1 356 Equity and liabilities Equity : Share Capital 24 24 24 24 Share premium fund 1 3 3 3 Equity Capital Gains 438 419 440 447 Minority interest 25 32 28 25 Total equity 488 478 495 499 Provision for liabilities 83 68 82 83 Long term debt 435 362 378 440 Short term debt 295 363 305 334 Total equity and liability 1 301 1 271 1 260 1 356 Cash Flow 2002 2001 2000 The year 2001 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.12 Cash flow, operational activities -56-79 -41 125 Cash flow, investment activities -14-25 -3-94 Cash flow, financing activities -5 26 0 12 Net cash flow for the period -75-78 -44 43 Cash on hand at beginning of period 254 211 204 211 Cash on hand at end of period 179 133 160 254 Key Figures The year 2001 2002 2001 2000 01.01-31.12 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) % 52 56 57 60 RevPAR 9 NOK 366 408 410 417 Room-nights sold 281 000 293 252 290 964 1 323 738 Revenue per room sold NOK 698 724 720 701 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
(AS IF THE DEMERGER WERE FULLY IN EFFECT) NOK mill 2002 2001 2001 01.01-31.03 01.01-31.03 01.01-31.03 The year 2001 Income Statement (Reclassified)* ) (Pro forma)** ) (Reclassified)* ) Operating revenues and operating expenses Lodging revenues 196 212 212 928 Sale of goods 138 162 162 710 Other operating revenues 25 25 25 126 Gain on sales 0 0 11 Total operating revenues 359 399 399 1 775 Of which floated off as a separate company 0 15 Cost of goods 43 49 49 226 Depreciation allowance 8 10 7 52 Other operating costs 317 325 336 1 331 Operating income before refurbishing costs and amortisation of goodwill -9 15 7 166 Refurbishing costs 2 2 2 13 Amortisation 1 1 1 9 Total operating expenses 371 387 395 1 631 Of which floated off as a separate company 4 23 Operating income -12 12 41 4 Financial income 1 2 1 9 Financial expenses 1 3 0 32 Net financial items 0-1 1-23 Of which floated off as a separate company 2-23 Income before taxes -12 11 5 121 Calculated tax -4 3 2 36 Net income -8 8 3 85 Of which minority interest 1 1 8 2002 2001 2001 The year 2001 Balance Sheet Per 31.03 Per 31.03 Per 31.03 Per 31.12 (Reclassified)* ) (Pro forma)** ) (Reclassified)* ) Assets Fixed assets 280 966 269 964 Current assets 237 305 238 392 Total assets 517 1 271 507 1 356 Of which floated off as a separate company 764 781 Equity and liabilities Equity : Share Capital 18 24 18 24 Share premiu m fu nd 0 3 0 3 Equity Capital Gains 196 419 167 448 Minority interest 19 32 16 25 Total equity 233 478 201 500 Of which floated off as a separate company 264 293 Provision for liabilities 15 79 13 83 Long term debt 54 351 41 440 Short term debt 215 363 252 333 Total liability 284793 306 856 Of which floated off as a separate company 495 528 Total equity and liability 517 1 271 507 1 356 2002 2001 2001 01.01-31.03 01.01-31.03 01.01-31.03 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) % 52 56 56 60 RevPAR 5 NOK 366 408 408 417 Room-nights sold 281 000 293 252 293 252 1 323 738 Revenue per room sold NOK 698 724 724 701 *) 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 2002. 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 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 2002 2001 Reclassified* ) 2001 Pro forma** ) 2002 2001 Reclassified* ) 2001 Pro forma** ) 2002 2001 Reclassified* ) 2001 Pro forma** ) Operating revenues NOK mill. 171 189 189 64 76 76 110 118 118 Herav utfisjonert selskap NOK mill. Operating income II NOK mill. -12 0-6 3 7 7 0 7 3 Herav utfisjonert selskap NOK mill. 2 1 Income before taxes NOK mill. -11 0-6 3 7 7 0 6 4 Herav utfisjonert selskap NOK mill. 1 1 Business Segments SEASONAL OTHER GROUP 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 01.01-31.03 2002 2001 Reclassified* ) 2001 Pro forma** ) 2002 2001 Reclassified* ) 2001 Pro forma** ) 2002 2001 Reclassified* ) 2001 Pro forma** ) Operating revenues NOK mill. 1 1 1 13 15 15 359 399 399 Herav utfisjonert selskap NOK mill. Operating income II NOK mill. -1-1 -1-2 -1 0-12 12 3 Herav utfisjonert selskap NOK mill. 1 4 Income before taxes NOK mill. -1-1 -1-3 -1 0-12 11 4 Herav utfisjonert selskap NOK mill. 2
RICA EIENDOM (AS IF THE DEMERGER WERE FULLY IN EFFECT) Income Statement NOK mill 2002 2001 01.01-31.03 01.01-31.03 (Pro forma) * ) Operating revenues and operating expenses Leasing revenues 13 13 Other operating revenues Total operating revenues 13 13 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 2002 2001 Per 31.03 Per 31.03 (Pro forma) * ) Assets Fixed assets 678 697 Current assets 114 80 Total assets 792 777 Equity and liabilities Equity : Share Capital 6 6 Share premium fund 1 1 Equity Capital Gains 243 255 Minority interest 5 15 Total equity 255 277 Provision for liabilities 68 66 Long term debt 379 310 Short term debt 90 124 Total equity and liability 792 777 *) 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.
(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 12 379 200 51,58 % 2. Orkla ASA 2 394 600 9,98 % 3. Hodne Holding AS 1 206 075 5,03 % 4. Heliport Invest AS 1 206 075 5,03 % 5. Skagenkaien Eiendom AS 1 206 075 5,03 % 6. Hodne Kapital AS 1 206 075 5,03 % 7. Verdipapirfondet Avanse Spar 670 800 2,80 % 8. Verdipapirfondet Skagen Vekst 639 700 2,67 % 9. Vesta Liv AS aksjer 613 800 2,56 % 10. Eiendomsspar AS 485 400 2,02 % 11. Vital forsikring ASA 400 000 1,67 % 12. Hamang Papirfabrikk AS 250 000 1,04 % 13. Prins Carl Bernadotte 240 000 1,00 % 14. Tine Pensjonskasse 184 760 0,77 % 15. Ole Jacob Wold 120 000 0,50 % 16. Retiro AS 97 800 0,41 % 17. Citibank Swittzerland Securities Dept. 70 800 0,30 % 18. Mustad Industrier AS 66 800 0,28 % 19. Sykehjelps- og pensj.ordn. for leger v/vital Forsikring 66 550 0,28 % 20. Strømmen Innredninger AS 61 300 0,26 % Total 23 565 810 98,19 % Rica Hotels ASA Slependveien 108 P.O. Box 3 N-1375 Billingstad Telephone: 66 85 45 00 Telefax: 66 85 45 01 e-mail: rica@rica.no Company reg. no.: NO 928 274 624 MVA Information about Rica is available at the following Internet links: http://www.rica.no http://www.huginonline.no