Financial overview
With the exception of the pandemic years 2020 and 2021, Scandic has more than doubled sales
and generated a stable adjusted EBITDA margin since 2013. During the year, Scandic reported growth, profitability and indebtedness in line with its financial targets.
Strengths
- Active on the attractive Nordic hotel market
- No. 1 brand in the Nordic region with a well-invested portfolio.
- Commercial and operational leader through a strong focus and efficiency.
- Attractive business model with variable leases and control of the entire value chain.
- Growth opportunities from the current portfolio as well as expansion of the hotel network.
- Industry leader in sustainability
FINANCIAL TARGETS
Up until 2019, Scandic had increasing sales and an adjusted EBITDA margin that was close to the target of 11%. In 2020 and the first half of 2021, however, the Covid-19 pandemic had an extremely negative effect on Scandic’s key ratios. From the second half of 2021, Scandic has been profitable again.
growth
The group shall have organic growth, i.e. sales growth excluding acquisitions and adjusted for exchange rate fluctuations of at least 5 percent per year on average over a complete business cycle.
Profitability
The adjusted EBITDA margin of the Group shall be at least 11 percent on average over a complete business cycle.
Target & outcome 2017-2023
In 2023, organic growt amounted to 12.1 percent.
Target & outcome 2017-2023
In 2023, the adjusted EBITDA margin was 11.7 percent compared with 13.2 percent in 2022. Excluding non-recurring items, the adjusted EBITDA margin was 11.4 percent.
Capital strucutre
The Group shall have net debt in relation to adjusted EBITDA of 2 to 3x.
Dividends
The dividend policy is to distribute at least
50 percent of net profit for the year.
Target & outcome 2017-2023
At year-end 2023, net debt was 1,503 million SEK1) while adjusted EBITDA amounted to 2,566 million SEK, resulting in net debt in relation to adjusted EBITDA of 0.6x
* neg., ** nmf.
1) Including the convertible loan of 1,109 million SEK. Excluding the convertible loan, net debt in relation to adjusted EBITDA was 0.2x.
Target & outcome 2017-2023
Scandic’s Board of Directors has proposed that no dividend be paid for 2023.
FIVE-YEAR OVERVIEW
| MSEK | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Financial key ratios, reported | |||||
| Net sales growth | 21,935 | 19 | 10 | 7 | 19 |
| Net sales growth, % | 14.1 | 90.7 | 35.6 | -60.6 | 5.2 |
| Net sales growth, LFL, % | 9,7 | 74,6 | 33,8 | -57,4 | 1,5 |
| Operating profit/loss | 2,785 | 2,457 | -440 | -4,800 | 2,144 |
| Operating margin, % | 1.7% | 12.8% | -4.4% | -64.3% | 11.3% |
| Profit/loss for year attributable to Parent Company | 532 | 394 | -2 | -6 | 722 |
| Balance sheet total | 53,956 | 50,948 | 44,755 | 38,283 | 43,509 |
| Equity | 2,166 | 2,274 | 1,155 | 2,071 | 6,601 |
| Working capital | -2,758 | -3,157 | -2,624 | -1,573 | -1,972 |
| Cash flows from operating activities | 6,394 | 6,432 | 3,701 | 1,151 | 5,067 |
| Alternative performance measures | |||||
| Adjusted EBITDA | 2,566 | 2,536 | 6,000 | -1,503 | 2,046 |
| Adjusted EBITDA margin, % | 11.7% | 13.2% | 0.1% | -20.1% | 10.8% |
| Profit/loss, excluding effect of IFRS 16 | 1,083 | 866 | -1,098 | -5,739 | 942 |
| Interest-bearing net liabilities | 1,503 | 2,909 | 4,386 | 4,714 | 3,497 |
| Interest-bearing net liabilities/adjusted EBITDA LTM | 0.6 | 1.1 | 731,0 | neg | 1.7 |
| Free cash flow | 1,754 | 2,202 | 185 | -2,939 | 782 |
| Key ratios per share | |||||
| Average number of shares after dilution | 191,304,116 | 191,304,116 | 191,250,686 | 148,645,691 | 103,036,484 |
| Earnings per share, SEK | 2.86 | 2.21 | -8.79 | -40.02 | 7.01 |
| Earnings per share, SEK, excl. IFRS 16 | 5.09 | 4.1 | -5.75 | -38.62 | 9.15 |
| Equity/share, SEK | 10.8 | 11.9 | 6.0 | 10.8 | 64.1 |
| Hotel-related key ratios | |||||
| RevPAR (Revenue Per Available Room), SEK | 782 | 683 | 364 | 271 | 707 |
| ARR (Average Room Rate), SEK | 1,272 | 1,183 | 957 | 945 | 1,071 |
| OCC (Occupancy), % | 61.4 | 57.7 | 38,0 | 28.7 | 66,0 |
| Total number of rooms at year-end | 55.642 | 55.831 | 54.265 | 53.003 | 52.755 |
Latest press releases
Scandic Go expanding in Sweden with two new hotels
Scandic has signed two long-term lease agreements with property owner JV Nordväst Fastighet AB to take over two hotels in Helsingborg and Jönköping th...
Invitation to Scandic Hotels Group’s Capital Markets Day 2025 in Stockholm
Scandic Hotels Group is pleased to invite investors, analysts and media to its Capital Markets Day on February 19, 2025, at Scandic Continental in Sto...
Notice to extraordinary general meeting in Scandic Hotels Group AB (publ)
About Scandic
Scandic is the largest Nordic hotel operator with a network of about 280 hotels with 58,000 hotel rooms in operation and under development in six countries. Scandic Friends is the biggest loyalty program in the Nordic hotel sector. Corporate responsibility has always been a part of Scandic’s DNA. Since December 2, 2015, Scandic has been listed on Nasdaq Stockholm. Read more about Scandic
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