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Pandox Annual Report 2019 10.6 MB PANDOX ANNUAL REPORT 2019 Pandox in practice 20 Megatrends 24 Pandox Fair Play 2.0 35 Contents 2 INTRODUCTION 62 PROPERTY PORTFOLIO This is Pandox 2 Geographical overview 62 The year in brief 4 Property portfolio 74 From the CEO 6 Change in property value 75 Hotel property list 76 8 STRATEGY & OPERATIONS Vision, business concept, goals and 84 RISK strategy 8 Risk and risk management 84 The Pandox Method 9 Business model 10 FINANCIAL INFORMATION Partnerships 12 90 From the CFO and how to read the Operations 14 financial information 90 Property Management 16 Administration Report 92 Operator Activities 18 Financial statements Group 98 Value creation in practice 20 Financial statements Parent Company 104 Alternative performance 22 MARKET AND TRENDS measures 108 Pandox in the world 22 Notes 110 Trends and drivers 24 Board signatures 142 Market and agreement structure 26 Auditor’s report 143 Market overview 28 RevPAR 29 147 CORPORATE GOVERNANCE Share data 30 From the Chairman 147 Corporate Governance Report 148 35 SUSTAINABILITY Board of Directors and auditor 154 Fair Play 2.0 35 Senior executives 156 Sustainability model 36 Pandox and Agenda 2030 38 158 OTHER Sustainable business 40 Multiyear summary 158 Sustainable operations 42 Quarterly data 159 HMD 2019 46 Financial definitions 160 Sustainable responsibility 48 Other definitions and terms 161 About the Sustainability Report 51 Materiality analysis and stakeholder dialogue 52 The 2019 Annual Report contains Pandox’s Sustainability Report, which Sustainability management 54 is presented on pages 35–60. The Sustainability Report has been prepared Sustainability disclosures 56 in accordance with the GRI Standards and meets the Core level. It also GRI Index 58 constitutes Pandox’s Communication on Progress towards the UN Global Compact and Pandox’s statutory Sustainability Report. Auditor’s review report 60 INTRODUCTION STRATEGY & OPERATIONS MARKET SUSTAINABILITY THE PROPERTIES RISK FINANCIAL GOVERNANCE OTHER Hotelism is the philosophy of how to create value in hotel properties through profitable and sustainable hotel operation. Hotelism is based on pure focus on hotel properties, knowledge advantage through analysis and insights, active ownership together with strong hotel operators, free movement over the value chain, risk management through diversifica- tion, an industrial and long-term perspective on value creation, as well as a business culture characterised by curiosity and fun. Pandox Annual Report 2019 1 INTRODUCTION / THIS IS PANDOX Pandox owns and leases out hotel properties to leading hotel operators. Pandox owns a total of 155 hotels with a combined 34,685 rooms in 15 countries. Pandox has an integrated business model and is active throughout the value chain with the goal of offering the most attractive platform for hotel operations. A leading hotel property company Pan-European position High-quality portfolio Pandox owns properties that hotel operators lease to Pandox’s portfolio mainly contains large hotel prop- operate hotels in. Pandox is fully specialised in hotel erties with full-service hotels of high quality with properties and has a strong pan-European position strong locations in their submarkets. The majority of with 155 hotel properties in 90 cities in 15 countries, the hotels are in the mid-range, upper-mid range and including some in the world’s largest hotel markets premium segments with demand from many differ- such as Germany and the UK. ent types of guests. World class network Expertise and active ownership Pandox’s property portfolio has a good mix of geo- Pandox is an active owner with in-depth hotel knowl- graphical markets, hotel operators, hotel brands and edge and experience of all operating models that exist types of demand, which creates stability over the in the hotel market. The core model is revenue-based hotel business cycle. Pandox also has a world-class leases where a certain percentage of a hotel’s revenue network and strong relationships with leading hotel becomes rental income for Pandox. Pandox may also operators and brands, which opens up many new operate hotels itself in properties owned by the Com- business opportunities. pany. This provides more freedom and reduces risk. 2 Pandox Annual Report 2019 INTRODUCTION STRATEGY & OPERATIONS MARKET SUSTAINABILITY THE PROPERTIES RISK FINANCIAL GOVERNANCE OTHER MSEK 63,469 market value of portfolio MSEK 3,389 In the past five years Pandox has acquired hotel properties for around MSEK 25,000 in large hotel net operating markets in Europe. The international share of the portfolio’s market value has more than doubled over the same period and now amounts to around 60 percent. Germany, which is the biggest hotel income market in Europe, accounts for around 24 percent of the portfolio’s market value. 155 hotels 34,685 rooms Finland 15 countries Norway Sweden Denmark United Kingdom Ireland Netherlands Germany Belgium Switzerland Austria Canada Pandox Annual Report 2019 3 INTRODUCTION / THE YEAR IN BRIEF Strong business platform ... A strong year with growth in total net operating income and net asset value of 11 and 17 percent respectively The drivers behind this strong development are high-performing acquisitions, profitable growth in Property Management and Operator Activities, and a stable hotel market. Acquisition of 13 hotels in Germany and the Netherlands Pandox signs agreements to acquire a total of 13 hotels, 12 of which are in Germany and one in the Netherlands, for a total of MEUR 537. The hotels are full-service hotels in the upper-mid price segment with an average size of 218 rooms and good loca- tions in growing cities. Pandox divests Hotell Hasselbacken in Stockholm during the year. A cash-based directed share issue raises around MSEK 3,000 Pandox completed a cash-based directed share issue raising around MSEK 3,000. There was significant interest in the issue and around 130 selected Swedish and international institutional investors subscribed for shares. Pandox owns 155 hotel properties Pandox owns 155 hotel properties with a total of 34,685 rooms in 15 countries, with a total market value of MSEK 63,469. 137 of the hotel properties are assigned to Property Management and 18 to Operator Activities. Summary (MSEK) 2019 2018 Change, % Revenue, Property Management 3,129 2,971 5 Net operating income, Property Management 2,764 2,517 10 Net operating income, Operator Activities 625 540 16 EBITDA 3,215 2,909 11 Profit for the year 2,700 2,823 –4 Earnings per share, SEK 1) 15.91 16.83 –5 Cash earnings 2,161 1,893 14 Cash earnings per share, SEK 1) 12.74 11.28 13 Net interest-bearing debt 29,191 27,421 6 Loan-to-value ratio, properties, % 46.0 49.7 n.a. Interest coverage ratio, times 4.0 3.8 n.a. Market value, properties 63,469 55,197 15 EPRA NAV per share, SEK 2) 186.40 164.04 17 1) For information on the number of shares see page 33. 2) Measured as growth in EPRA NAV at an annual rate, with dividend added back and issue proceeds deducted. See key ratios on page 108. 4 Pandox Annual Report 2019 INTRODUCTION STRATEGY & OPERATIONS MARKET SUSTAINABILITY THE PROPERTIES RISK FINANCIAL GOVERNANCE OTHER ... creates results Total revenue, MSEK 6,000 5,553 5,124 5,000 4,269 3,945 4,000 3,589 3,000 2,000 1,000 0 2015 2016 2017 2018 2019 Total net operating income, MSEK 3,389 3,500 3,057 3,000 2,500 2,376 1,934 2,000 1,696 1,500 1,000 500 0 2015 2016 2017 2018 2019 Total cash earnings, MSEK 2,500 2,161 2,000 1,893 1,660 1,500 1,289 1,130 1,000 500 0 2015 2016 2017 2018 2019 Pandox Annual Report 2019 5 INTRODUCTION / FROM THE CEO 2019 was a year with strong business momentum in all areas, involving several profitable acquisitions, a cash-based directed share issue, extensive value-creating investments in the existing portfolio and a strong earnings trend. Total net operating income and total cash earnings increased by 11 and 14 percent respectively. The growth in net asset value was 17 percent with the dividend added back and adjustment for the directed share issue. Strengthened pan-European position SOLID BUSINESS PLATFORM erties in growing regional hubs in Germany THE HOTEL MARKET IS GROWING Pandox is one Europe’s leading hotel and the Netherlands with a total acquisition Global economic development and the property companies, both financial and value equivalent to around MSEK 5,500. level of activity in Pandox’s markets are commercially, with 156 hotel properties Through these acquisitions Pandox has particularly important drivers of growth. and 35,001 rooms in 90 cities in 15 coun- added an additional seven new cities, five The conditions in the hotel market are tries, including the acquisition of Maritim new brands and three new business part- fundamentally good. Forward-looking Hotel Nürnberg completed in January ners to its business portfolio. Since Pandox financial indicators for the global economy 2020. Ever since it was founded in 1995, only invests in hotel properties, diversifica- have gradually improved and the positive Pandox has been building a strong pan- tion through exposure to different types of long-term drivers in the hotel market still European business platform through tar- cities, brands and business partners is an exist. The underlying hotel demand geted efforts based on industry knowledge. important tool to balance the risks in the remains positive, but an increased supply The market value of the property portfolio hotel market. Pandox aims to maintain of hotel rooms is limiting RevPAR growth. now amounts to around MSEK 64,000, a good balance between international, Based on a well-diversified portfolio with which is more than a hundred times higher regional and domestic demand.
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