Rica Hotels
Financial Statement for the 1st Quarter 2001
Comments on the Financial Statement for the 1st quarter 2001
NUMBER OF SOLD ROOM-NIGHTS
320 000
240 000
293 252
260 000
272 117
280 000
290 964
300 000
2000
2001
220 000
200 000
180 000
160 000
1999
OCCUPANCY RATE IN PERCENT
%
70
65
60
60
58
57
58
55
55
1999
2000
The hotel market in Norway has shown
clear signs of increased competition for
hotel occupants in all market segments.
This is due to a decrease in demand and
the establishment of new hotels. In spite of
this, Rica has maintained its own position
in the market and formed new agreements
with new, large customer groups. In
Sweden the hotel market continued to
show signs of minor growth in the
1st quarter of 2001, compared with the
1st quarter of 2000.
The number of sold room-nights in the
1st quarter of 2001 was 293,252 compared to
290,964 sold room-nights in the 1st quarter
of 2000. The average price per sold roomnight increased by 1% from NOK 720 to
NOK 724 and hotel occupancy in the
1st quarter of 2001 was 56%, against 57% in
the 1st quarter of 2000.
Business Activity
45
■ Rica hotels in Norway
Market Development
56
50
40
Rica’s profits before taxes in the 1st quarter
of 2001 were NOK 11 million, against
NOK 10 million in the 1st quarter of 2000.
The profit development for the 1st quarter
has been good within all market segments,
both in Norway and in Sweden, compared
to the same period in 2000.
2001
■ Rica hotels in Sweden
The Rica Group’s business activities as of
03.31.2001 involved the operation of
50 hotels. Additionally, Rica is responsible
for the operation of Rica Sjølyst Bankett og
Konferansesenter, Nusfjord Rorbuanlegg
and Nordkapphallen. Beyond this, Rica
collaborates with 31 independent hotels
under the concept "Rica Partner Hotel"
which includes sales, marketing and
purchasing.
Operating revenues and income
REVENUE PER SOLD ROOM-NIGHT
NOK
700
706
720
750
698
699
800
804
850
805
900
650
600
550
500
1999
2000
2001
■ Rica hotels in Norway ■ Rica hotels in Sweden (NOK)
The operating revenues in the 1st quarter of
2001 were NOK 399 million against
NOK 401 million for the 1st quarter of 2000
and the decrease is due to a corresponding
decrease in sales of goods. Operating
income II for the 1st quarter of 2001 was
NOK 12 million, which is equivalent to the
income for the same period of last year. In
the 1st quarter of 2001, Rica has concluded a
number of reorganization processes and
cost cuts implemented in the 4th quarter of
2000 and the subsequent savings have thus
far compensated to a certain extent for
increases in other cost groups.
Investments
2001, compared to NOK 2 million in the
1st quarter of 2000; the bulk of investments
for 2001, NOK 20 million, are in connection
with Rica Dyreparken Hotel.
Financing and liquidity
The Group’s long term debt was at
NOK 362 million as of 03.31.01 against
NOK 378 million for 03.31.00. Average
annual interest on long term debt was
7.3%. NOK 112 million of the company
loans have an annual fixed interest rate of
5.95% until 2008, while the remainder of
the company loans have floating interest
rates.
Liquid assets as of 03.31.01 were at
NOK 133 million against NOK 160 million
as of 03.31.00. The Group also has drawing
rights for NOK 100 million.
Equity Capital
The Group’s equity capital was
NOK 446 million as of 03.31.01 against
NOK 467 million as of 03.31.00. The
booked equity/capital ratio as of 03.31.01
was at 38% compared to 39% as of 03.31.00.
New and future projects
Rica has not entered into any new contracts
for new projects or acquired any new
hotels in the 1st quarter of 2001.
Rica Dyreparken Hotel, "Noah’s Ark", in
Kristiansand opened on April 18th, in
accordance with the project schedule and
investment budget. Rica Forum Hotel in
Stavanger which is still under construction
will open in September 2001.
In addition to this, the establishment of a
new hotel in Copenhagen is in the
planning stages, with a final decision on
this project to be made in the 2nd quarter.
Projected construction start is for the fall of
2001. Rica Hotel Copenhagen A/S, which
shall both own and operate the hotel, is
owned 50% by Eiendomsspar AS and 50%
by Rica Hotels ASA.
The total investment in the hotel project is
estimated to be NOK 285 million.
Profits in the 1st Quarter and
Prospects for the 2nd Quarter
The board is satisfied with the profit
development for the 1st quarter and
anticipates a profit result for the 2nd quarter
which is better than that of the same period
of last year.
Investments have been made for approximately NOK 25 million in the 1st quarter of
Billingstad, May 7, 2001
The Board of Rica Hotels ASA
Financial Statement for 1st Quarter 2001
F i n a n c i a l S t a t e m e n t f o r t h e 1 st Q u a r t e r 2 0 0 1
2001
Income Statement
01.01. - 31.03.
Operating revenues and operating expenses
Lodging revenues
Sale of goods
Other operating revenues
Total operating revenues
Cost of goods
Depreciation allowance
Other operating costs
Operating income I
Gain on sales
Refurbishing costs
Operating income II
Financial income
Financial expenses
Income before taxes
Taxes
Net income for the period
Of which minority interest
Balance Sheet
190
149
22
361
49
11
287
14
2
12
2
3
11
3
8
1
6
12
2
4
10
3
7
1
6
8
2
4
6
2
4
0
2001
2000
Definitions:
1. Net operating margin:
2. Gross operating margin:
3. Equity/Capital ratio:
4. Cash flow per share:
Pr 31.03.
01.01 - 31.12
927
751
129
1 807
243
61
1 342
161
1
22
140
7
27
120
36
84
8
2000
Pr 31.12
952
308
1 260
903
258
1 161
953
342
1 295
446
32
68
362
363
1 271
467
28
82
378
305
1 260
408
22
78
399
254
1 161
441
32
79
343
400
1 295
Cash flow, operational activities
Cash flow, investment activities
Cash flow, financing activities
Net cash flow for the period
Cash on hand at beginning of period
Cash on hand at end of period
Capital strength
Net operating margin
Gross operating margin
Equity/Capital ratio
Key Figures per share
Number of shares
Nominal value
Cash flow per share
Earnings per share
Equity per share
Industry Figures
Used Goods (percent)
Personnel costs (percent)
Occupancy rate (percent)
RevPAR
Room-nights sold
Revenue per room sold
1999
Pr 31.03.
NOK mill.
2000
966
305
1 271
01.01. - 31.03.
Key Figures for the 1st Quarter
01.01. - 31.03.
209
167
25
401
52
12
319
18
2001
Cash Flow
01.01. - 31.03.
1999
212
162
25
399
49
11
325
14
Pr 31.03.
Assets
Fixed assets
Current assets
Total assets
Equity and liabilities
Equity
Minority interest
Provision for liabilities
Long term debt
Short term debt
Total equity and liability
2000
2000
01.01. - 31.03.
1999
01.01. - 31.03.
2000
01.01 - 31.12
-79
-25
26
-78
211
133
-41
-3
0
-44
204
160
-63
-17
-2
-82
223
141
141
-62
-72
7
204
211
2001
2000
1999
01.01 - 31.12
2000
1
2
3
%
%
%
3,0
5,8
37,6
3,0
6,0
39,3
2,2
5,3
37,0
7,7
11,1
36,5
4
5
6
mill
NOK
NOK
NOK
NOK
24,0
1,0
0,8
0,3
18,6
24,0
1,0
0,8
0,3
19,5
24,0
1,0
0,6
0,2
17,0
24,0
1,0
5,8
3,5
18,4
%
%
%
30,2
41,1
56
408
293 252
724
31,3
40,3
57
410
290 964
720
33,1
39,9
58
406
272 117
698
32,4
38,6
61
428
1 310 324
707
7
8
9
NOK
Operating income II / operating revenues
Operating income II + depreciation/
operating revenues
Booked equity + minority interest / total assets
Profit + depreciation – minority /
number of shares
5.
6.
7.
8.
9.
Earnings per share:
Equity per share:
Used goods, percent:
Personnel expenses, percent:
RevPAR
Earnings / number of shares
Booked equity / number of shares
Used goods / sale of goods
Total personnel expenses / operating revenues
Lodging revenue / available rooms
Financial Statement for 1st Quarter 2001
F i n a n c i a l S t a t e m e n t f o r t h e 1 st Q u a r t e r 2 0 0 1
Business Segments for the 1 st Quarter 2001
FULL SERVICE HOTELS
Operating revenues
Operating income II
Income before taxes
2001
2000
2001
2000
01.0131.03
01.0131.03
01.0131.03
01.0131.03
01.0131.03
01.0131.03
189
0
0
188
-2
-2
76
7
7
74
8
7
118
7
6
120
9
8
24
2 703
162 248
56
23
2 572
157 327
57
14
1 693
107 639
58
14
1 693
104 042
57
7
1 350
79 677
56
7
1 297
83 818
60
727
725
730
723
708
710
409
414
425
411
393
422
NOK
Revenue per sold room
Revenue per available room
(RevPAR)
NOK
SEASONAL
Operating revenues
Operating income II
Income before taxes
OTHER
2000
2001
2000
2001
2000
01.0131.03
01.0131.03
01.0131.03
01.0131.03
01.0131.03
01.0131.03
1
-1
-1
1
-2
-3
15
-1
-1
18
-1
0
399
12
11
401
12
10
5
717
1 690
16
5
717
1 747
17
3
3
53
6 463
351 254
56
52
6 279
346 934
57
640
577
724
720
102
100
408
410
NOK
Revenue per sold room
Revenue per available room
(RevPAR)
NOK
Operating revenues 2nd quarter 2001
broken down by business segment
Income/loss before taxes 2nd quarter 2001
broken down by business segment
-9 %
0%
4%
30 %
55 %
19 %
GROUP
2001
NOK mill.
NOK mill.
NOK mill.
Number of hotels /companies
Number of rooms
Occupant-nights
Occupancy rate in percent %
COURSE/CONFERENCE
2000
NOK mill.
NOK mill.
NOK mill.
Number of hotels /companies
Number of rooms
Occupant-nights
Occupancy rate in percent %
ECONOMY
2001
47 %
-9 %
0%
64 %
■ Full service
■ Economy
■ Course/conference
■ Seasonal
■ Other
The 20 largest shareholders as of March 31, 2001
Name
1
2
3
4
5
6
7
8
9
10
Number of shares Share %
Jan E. Rivelsrud
Orkla ASA
Hodne Holding AS
Heliport Invest AS
Skagenkaien Eiendom AS
Pemanthel Holding AS
Verdipapirfondet Avanse Spar
Verdipapirfondet Skagen Vekst
Norske Liv AS
Eiendomsspar AS
Rica Hotels ASA
Slependveien 108
P.O. Box 3
N-1375 Billingstad
12 379 200
2 394 600
1 206 075
1 206 075
1 206 075
1 206 075
670 800
639 700
613 800
485 400
51,58 %
9,98 %
5,03 %
5,03 %
5,03 %
5,03 %
2,80 %
2,67 %
2,56 %
2,02 %
Telephone:
Telefax:
e-mail:
Company reg. no. :
Name
Number of shares Share %
Vital forsikring ASA
400 000
1,67 %
Hamang Papirfabrikk AS
250 000
1,04 %
Prins Carl Bernadotte
240 000
1,00 %
Tine Pensjonskasse
184 760
0,77 %
Ole Jacob Wold
120 000
0,50 %
Retiro AS
97 800
0,41 %
Sykehjelps- og pensj.ordn.
for leger v/Vital Forsikring
82 300
0,34 %
18 Citibank Switzerland Securities Dept.
70 000
0,29 %
19 Mustad Industrier AS
63 000
0,26 %
20 Strømmen Innredninger AS
56 300
0,23 %
TOTAL
23 571 960 98,22 %
11
12
13
14
15
16
17
66 85 45 00
66 85 45 01
rica@rica.no
NO 928 274 624 MVA
Information about Rica is available at the
following Internet links:
http://www.RICA.no
http://www.huginonline.no