REG - Mandarin Oriental Jardine Matheson Hdg - Interim Management Statement

Mandarin Oriental InternationalAnnouncement

10/11/2022 09:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221110:nRSJ9939Fa&default-theme=true

RNS Number : 9939F  Mandarin Oriental International Ltd  10 November 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

 

10th November 2022 - Mandarin Oriental International Limited today issues its
Interim Management Statement for the third quarter of 2022.

 

The return of normal travel conditions in most of the world in early 2022 saw
the Group record net underlying profits (unaudited) in the second quarter, and
this progress continued in the third quarter.

 

In the Group's owned hotels, improvements in occupancy and high rates resulted
in a stronger performance in the third quarter.  This drove increased
profitability compared to the second quarter, particularly in Paris and
Munich.  Two of the Group's key profit-generating hotels, in Hong Kong and
Tokyo, however, remained subject to stringent travel restrictions throughout
the third quarter, which significantly impacted operating performance.  The
hotels in Bangkok and Singapore continued their recovery following the removal
of travel barriers.

 

The performance of the management business was strong in the third quarter and
it recorded a significant improvement in profitability compared to the second
quarter.  Of particular note were the contributions made by a number of the
Group's Mediterranean and Middle Eastern properties.

 

As a result of the improved trading conditions and Mandarin Oriental's
expanded portfolio of hotels and residences, the Group recorded its highest
quarterly EBITDA since 2019.  Both the owned hotels and the management
business delivered higher EBITDA than in the second quarter of 2022.

 

In September 2022, the Group opened Mandarin Oriental Palace, Luzern, its
second hotel in Switzerland, and its standalone residences project in
Barcelona.  Recently, the Group announced a new hotel in Tianfu, the new
business district of Chengdu, further expanding its presence in China.  On
8th September 2022, the Group completed the sale of Mandarin Oriental,
Washington D.C., for US$139 million.  As a result, the Group has recognised a
post-tax, non-trading gain in the third quarter of US$47 million.

 

Following the disposal, net debt at 30th September 2022 reduced to US$385
million (US$519 million at 30th June 2022), and the Group held US$267 million
of cash reserves and US$472 million in available, committed debt facilities.
 Gearing was 8% of adjusted shareholders' funds.

 

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 through the Internet at
'www.mandarinoriental.com'.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCKBLBFLFLXFBK