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Rezidor Hotel Group Annual Report, 2013

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Rezidor Hotel Group Annual Report, 2013 Please, do not disturb. Come inside and join our world of hospitality! Annual Report 2013 Rezidor at a glance ..................................................................................Flap CEO Editorial ...................................................................................................2 4D Strategy ......................................................................................................6 Our Brands .....................................................................................................10 Market Development ..................................................................................16 Our Presence .....................................................................................Foldout Business Development ............................................................................ 18 Route 2015 ....................................................................................................22 Revenue Generation .................................................................................26 People Development ................................................................................30 Content Responsible Business ............................................................................... 34 Financial Reports, contents ....................................................................36 Board of Directors’ Report .......................................................................37 Financial Reports ........................................................................................ 44 Notes to the Group Accounts .................................................................50 Parent Company Accounts ..................................................................... 78 Notes to the Parent Company ................................................................80 Signatures of the Board............................................................................82 Auditor’s Report .......................................................................................... 83 Chairman’s Statement ............................................................................... 84 Corporate Governance Report ..............................................................85 Auditor’s Report on the Corporate Governance Statement........ 93 Board of Directors ......................................................................................94 Executive Committee ................................................................................96 The Share ......................................................................................................98 Annual General Meeting and Financial Information .................... 100 Definitions .................................................................................................... 101 The Rezidor Hotel Group Annual Report App provides you with an easy to navigate library of all the latest Annual Report and accounts and Responsible Business reports. Please find the Rezidor Report App for iPad on the App Store on iTunes. Rezidor at a glance We are one of the most dynamic hotel companies and an integral part of the Carlson Rezidor Hotel Group, one of the largest hotel groups worldwide • The Rezidor Hotel Group currently features a port­ folio of 429 hotels with 94,800 rooms in operation and under development in 69 countries across Europe, the Middle East and Africa. Rezidor’s team of more than 35,000 people represents 143 different nationalities • Since November 2006, Rezidor has been listed on Nasdaq OMX Stockholm, Sweden • Rezidor’s core brands are Radisson Blu (upper upscale) and Park Inn by Radisson (midscale). In early 2014, we also launched our new offer in the luxury segment, Quorvus Collection, and the ”life­ style select” brand Radisson Red • Our unique service philosophy Yes I Can! and our strong company values Being Host, Living Trust and Fighting Z­spirit set us apart within the international hospitality industry • Rezidor features an industry­leading Responsible Business Programme, and has been recognised as one of the World’s Most Ethical Companies every year since 2010 by Ethisphere Institute 429hotels 94,800 rooms 69countries 35,000 people 2013 in Summary L/LL/L RevPAR RevPAR growth,growth, % • L/L RevPAR grew by 5.8% (4.6) 20 • Revenue was almost unchanged from last year 10 and amounted to MEUR 919.5 (923.7) 0 • EBITDA improved to MEUR 80.7 (50.7) −10 −20 • The EBITDA margin grew by 3.3 pp to 8.8% (5.5) 09 10 11 12 13 • Profit after tax wasMEUR 23.2 (–17.0) EBITDA, MEUR • Ca 6,400 new rooms (32 hotels) were signed EBITA, MEUR 100 • Ca 3,300 new rooms (14 hotels) were opened 75 50 25 0 09 10 11 12 13 Delivering Route 2015 EBITDAEBITDA margin, margin, % % EBITDA improved by an estima­ ted 2.6 percentage points as a 10.0 result of the combined efforts 7.5 of the Route 2015 initiatives. 5.0 2.5 4.1% 8.8% 10-12% 0 09 10 11 12 13 2011 2013 2015 Profit/Loss, MEUR Profit/Loss, MEUR 30 15 0 −15 −30 09 10 11 12 13 6-8%targeted uplift in EBITDA margin by 2015 (over 2011) assuming RevPAR growth covers inflation. Annual Report 2013 Rezidor Hotel Group CEO Editorial Taking Rezidor to the next level We look back on a successful 2013. For 2014 and beyond, we have a multidimensional strategy to further increase our profitability. ithin the international through the Route 2015 initiatives. Our hospitality industry, efforts in revenue generation resulted in a Rezidor is recognised strong increase in market share (Revenue for its unique business Generating Index) for our core brands, W approach inspired by the Radisson Blu and Park Inn by Radisson. service philosophy Yes I Can! and based Rezidor also achieved RevPAR growth on a set of strong company values: Being across all geographic regions. Our hotel Host, Living Trust, Fighting Z-pirit. We are expansion remained focused on the equally known for our rapid growth across emerging markets such as Russia/CIS Europe, the Middle East and Africa. Building and Africa, and we define Russia, Nigeria, on these foundations, we have now entered Saudi Arabia, Turkey and Algeria as key the next phase of Rezidor’s history – focus­ focus countries. More than 85% of our ing on improved profitability. With soft 2014 signings in 2013 represented projects in GDP projections for most countries in emerging markets, and 60% of all projects Europe, and economic uncertainties still are located in key focus countries. Our Develop. Delight. Drive. Deliver being present, we cannot solely rely on total signings were in line with 2012, and Rezidor’s 4D Strategy has four pillars: market growth to lift our performance – with our target. The number of hotels Develop Talent, Delight Guests, Drive the we have to focus on what we can control opened lags slightly behind due to the Business, Deliver Results. The strategy out­ lines the Group’s priorities, and defines spe­ ourselves. Through asset­light growth, focus on emerging markets where pipeline cific focus areas. 4D is designed as an engag­ combined with commercial and operational wash­outs and delays occur more often ing and empowering business approach: excellence, we aim to increase the EBITDA than in mature markets. An accelerated Every team member at hotel, area or corpo­ margin by 6–8% by 2015 (over 2011 num­ conversion strategy and a re­defined rate level plays a role in bringing 4D to life. bers). This is an ambitious goal, but our management process from hotel signing turnaround programme Route 2015 is on to opening helps us to minimise such risks. track, and we see additional opportunities Our organisation optimisation process, to further build on our momentum. which was launched as ”Project FIT” in Watch Wolfgang M. 2012, after an in­depth review of our Neumann, President & CEO, Delivering on our targets entire group, is delivering clear results. introducing Rezidor’s new In 2013, the EBITDA margin increased by We are in line with delivering the targeted 4D Strategy launched in 2013. 3.3 percentage points to 8.8%, with an cost reductions of MEUR 13–15 through a estimated 2.6 percentage points delivered streamlined and decentralised business 2 Annual Report 2013 Rezidor Hotel Group CEO Editorial We are well on track to deliver on our turnaround objective; and we have a clear vision for the future Annual Report 2013 Rezidor Hotel Group Annual Report 2013 Rezidor Hotel Group 3 CEO Editorial model. Asset management became a Collaborating with Carlson crucial contributor to our turnaround. The Our strong partnership with Carlson, a newly created department is optimising leading international hospitality and travel our lease portfolio in the Nordics and Rest enterprise, has been built over the past 20 of Western Europe, and reported an EBITDA years. Carlson is the owner of our core margin impact of 1 .1 percentage points brands and also our majority shareholder. through the exits and restructuring of We extended our cooperation in 2012 unprofitable leases over the past two years. with the launch of the Carlson Rezidor To accelerate the execution of our key Hotel Group, one of the largest and most strategic initiatives, Rezidor’s Board of dynamic hotel groups worldwide – com­ Directors intends to propose a rights issue prising nearly 1,300 hotels in 100 countries. of approximately MEUR 60 in 2014. Together, we focus on global revenue generation and consistent brand delivery Launching our 4D Strategy across the world. The past year saw joint Building on the principles of our turnaround commercial activities such
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