Mandarin Oriental International Ltd Interim Management Statement (6260X)
05 May 2021 - 7:24PM
UK Regulatory
TIDMMDO TIDMJAR
RNS Number : 6260X
Mandarin Oriental International Ltd
05 May 2021
Announcement
The following announcement was issued today to a Regulatory
Information Service approved by the Financial Conduct Authority in
the United Kingdom.
MANDARIN ORIENTAL INTERNATIONAL LIMITED
Interim Management Statement
5th May 2021 - Mandarin Oriental International Limited today
issues its Interim Management Statement for the first quarter of
2021.
Trading conditions in the first quarter were extremely
challenging due to the continuing impact of COVID-19 and ongoing
actions by governments to control it.
In Asia, border restrictions greatly limited demand, except in
the Chinese mainland where occupancy was supported by strong local
consumption in a large domestic market. In Europe, conditions
worsened as the quarter progressed. The operating environment in
America has improved slowly. By the middle of April, all of the
Group's hotels were operational.
On the 15th April 2021, the Group reopened the restored Mandarin
Oriental Ritz, Madrid, which will be a flagship property in the
portfolio.
Unaudited underlying losses were US$41 million in the first
quarter and a further loss is expected in the second quarter. As
noted when the Group's 2020 results were announced in March, the
outlook for the second half of the year is uncertain. A successful
roll-out of COVID-19 vaccination programmes across the Group's
markets, together with the relaxation of current travel
restrictions, will be crucial for the restoration of viable
operating conditions.
The Group's financial position remains robust. Net debt at 31st
March 2021 was US$536 million and the Group held US$150 million of
cash reserves and US$403 million in available, committed debt
facilities. Gearing was 10% of adjusted shareholders' funds.
Mandarin Oriental International Limited is incorporated in
Bermuda and has a standard listing on the London Stock Exchange,
with secondary listings in Bermuda and Singapore. It is a member of
the Jardine Matheson Group.
- end -
For further information, please contact:
Mandarin Oriental Hotel Group International Limited
James Riley (852) 2895 9288
Craig Beattie (852) 2895 9288
Brunswick Group Limited
Sunitha Chalam (852) 3512 5050
This and other Group announcements can be accessed through the
Internet at 'www.mandarinoriental.com'.
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