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REG - Mandarin Oriental Jardine Matheson Hdg - Interim Management Statement

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RNS Number : 1108M  Mandarin Oriental International Ltd  19 May 2022

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

 

19th May 2022 - Mandarin Oriental International Limited today issues its
Interim Management Statement for the first quarter of 2022.

 

Trading conditions in the period improved in most parts of the world compared
to the first quarter of 2021. Government restrictions on international and
domestic travel, however, hampered the operating performance in Asia, with
properties in China being particularly affected, and these challenges have
continued into the second quarter.

 

In Europe, Middle East and Africa ('EMEA') and America, occupancy levels were
lower than pre-pandemic levels for most properties, but room rates have held
up well and are generally higher than in 2019.  In Asia, both occupancy and
room rates have remained substantially below pre-pandemic levels.

 

During the first quarter, the Group announced three new properties, in the
Maldives, Costa Navarino and Cairo, increasing the Group's pipeline of new
hotels and residences under development to 25.

 

The Group recorded an EBITDA loss of US$1 million in the first quarter.  The
impact of continued travel restrictions in much of Asia was offset by a more
robust performance in EMEA and America and tightly-controlled corporate
costs.  Owned hotels and the management business recorded an underlying
EBITDA loss of US$6 million and an underlying EBITDA profit of US$5 million,
respectively.

 

Underlying losses (unaudited) for the Group were much improved compared to
2021, with the management business recording a marginal underlying profit
(unaudited) in the period.  As noted in the Group's 2021 full year results in
March 2022, the outlook continues to improve in most markets, but there
remains uncertainty in relation to China.

 

The Group's financial position is robust.  Net debt at 31st March 2022 was
US$542 million, and the Group held US$159 million of cash reserves and US$317
million in available, committed debt facilities. Gearing was 11% of adjusted
shareholders' funds.

 

Mandarin Oriental International Limited is incorporated in Bermuda and has a
primary listing on 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
 Sunitha Chalam                                       (65) 6426 8188

 

This and other Group announcements can be accessed through the Internet at
'www.mandarinoriental.com'.

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