Scandic Hotels Group AB (OSTO:SHOT)
kr 68.15 0 (0%) Market Cap: 14.87 Bil Enterprise Value: 58.60 Bil PE Ratio: 26.94 PB Ratio: 4.12 GF Score: 52/100
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Q2 2020 Scandic Hotels Group AB Earnings Call Transcript

Jul 17, 2020 / 07:00AM GMT
Release Date Price: kr32 (-6.43%)
Jens Mathiesen;publ;President;CEO
Scandic Hotels Group AB

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Thank you very much, speaker, and good morning, everyone. Thank you for joining this presentation of Scandic Hotels' second quarter results. I'm here together, as the speaker said, together with our CFO, Jan Johansson; as well as our Investor Relations, Henrik Vikström.

If you please start to turn to Page 3 for a brief summary of the quarter. As we expected, this was a historically weak quarter for Scandic. Our revenues fell dramatically and were down by as much as 86% year-on-year. We started to implement a number of quick and comprehensive cost-saving measures already in the first quarter to mitigate this negative effect from the drop in sales caused by the corona.

Our total operating cost base was reduced by around 60% in the quarter compared to the same period last year. Despite the substantial cost reductions, we reported an adjusted EBITDA loss of just above SEK 1.1 billion.

Our occupancy reached a record low level of around 6% in April, but we have seen a

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