Mandarin Oriental International Ltd Interim Management Statement (8917Z)
18 May 2023 - 7:23PM
UK Regulatory
TIDMMDO TIDMJAR
RNS Number : 8917Z
Mandarin Oriental International Ltd
18 May 2023
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
18th May 2023 - Mandarin Oriental International Limited today
issues its Interim Management Statement for the first quarter of
2023.
The Group recorded an underlying profit in the first quarter of
2023, driven by improved performance from both the Group's owned
hotels and its management business. RevPAR grew substantially in
Asia compared to last year, as the region benefitted from the
removal of travel restrictions. As a result, the Group's owned
hotels saw a significantly improved performance, particularly in
Hong Kong, Tokyo, and Bangkok. In the rest of the world, our hotels
were also able to achieve a higher RevPAR compared to both last
year and 2019, driven by strong rates.
The first quarter saw progress on a number of hotel
developments. In January, the Group announced a new management
contract for a luxury beach resort in Mallorca, Spain, scheduled to
open by the end of 2024. In February, after three years' work, the
Emirates Palace hotel in Abu Dhabi was rebranded as Emirates Palace
Mandarin Oriental, Abu Dhabi. In March, Mandarin Oriental,
Singapore, closed for a substantial renovation; it is expected to
reopen in September 2023.
As a result of improved trading conditions, the Group generated
underlying earnings before interest, tax, depreciation, and
amortisation ('EBITDA') of US$30 million, a substantial increase
from the EBITDA loss of US$1 million in the first quarter of 2022.
Owned hotels reported an EBITDA of US$19 million, with almost all
hotels delivering increased financial performance. The management
business saw significant growth and generated higher fees, with
hotels, particularly in Hong Kong and Mainland China, contributing
to an EBITDA of US$7 million. Unaudited underlying profit in the
first quarter was US$3 million, much improved from an underlying
loss of US$26 million in 2022.
The Group's redevelopment project in Causeway Bay, Hong Kong,
formerly the site of The Excelsior hotel, is ongoing, in line with
our budget, and is expected to complete in early 2025.
Consolidated net debt as at 31st March 2023 reduced to US$311
million (US$376 million at 31st December 2022). The Group's
liquidity position remains robust, with US$453 million in available
committed debt facilities and US$306 million of cash reserves.
Gearing was 6% of adjusted shareholders' funds.
On 2nd May 2023, the Company announced that Laurent Kleitman
would replace James Riley as Group Chief Executive of Mandarin
Oriental International Limited with effect from 1st September
2023.
Mandarin Oriental International Limited is incorporated in
Bermuda and has a primary listing in the standard segment of the
London Stock Exchange, with secondary listings in Bermuda and
Singapore. Mandarin Oriental 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
Matthew Bishop (852) 2895 9288
Brunswick Group Limited
William Brocklehurst (852) 5685 9881
This and other Group announcements can be accessed online at
'www.mandarinoriental.com'.
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