Host Property AB (publ) - YTD RESULTS, 4Q2020
YTD RESULTS, 4Q2020
Host Property had revenues of 46,5 MSEK and EBITDA of 12,0 MSEK in 2020. EBITDA was 75,2 MSEK during the same period in 2019. The general market downturn due to the negative effects of COVID-19 has been the main reason for the weaker results.
Revenues (REVPAR) for the hotel sector in Sweden were down about 50% during 2020, and this was also the case for the Host Property hotels during the period.
Host Property made reservations for potential losses during the financial year, in the 3Q2020. Due to the increased governmental restrictions during the last months of 2020, the reservations for losses and write downs were increased during the 4Q 2020.
Host Property has during the 2020 financial year reserved for losses and write downs with an aggregate amount of 26.8 MSEK regarding unpaid rent in the financial report. These financial items will be evaluated again in connection with the 2020 audited financial report to be published on or before April 30, 2021.
Host Property received cash revenues and cash payments from outside the group companies (Host Property AB and Host AB) of 14.9 MSEK during the 4Q 2020.
The properties were valued at 786 MSEK at the end of December 2020 according to the external valuation. In connection with the year-end external valuation of the properties, the valuation of Karlskrona property was SEK 23 million below the reported book value. The board of directors will evaluate whether this lower valuation is the most accurate long-term valuation. Details will follow as part of the audited 2020 report.
Intercompany receivables at 52 MSEK at the end of the 4Q 2020, down from 61 MSEK in the 3Q 2020. The vast majority of the intercompany receivables is an intercompany loan from Host Property AB (creditor) to Host AB.
Host Hoteleiendom and Host Property have since the outbreak of COVID-19 taken an active stance towards cutting costs, preserve cash, put investments on hold, taking control over the hotel operating companies and working actively together with the operating reconstruction. The actions and plans going forward has put Host Property in a best possible position to handle the current and future challenges in the hotel market.
The notice to Written Procedure, which the Company intended to send to the Bondholders during the second half of January 2021 according to a press release published on 15 January 2021, is instead expected to be sent to the Bondholders during February 2021.
This is information that Host Property AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 18:45 on January 29, 2021.
Christian Fuhr, Investor Relations, Host Property AB, mob: +47 98 22 85 16, email: [email protected]
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