Full Year 2020 Scandic Hotels Group AB Earnings Call Transcript
Ladies and gentlemen, welcome to Scandic Hotels Group Q4 Report 2020. Today, I'm pleased to present Jens Mathiesen, President and CEO. (Operator Instructions) Please note, this call is being recorded. Speakers, please begin.
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Thank you very much, operator, and good morning, everyone, and thank you for joining this presentation of Scandic's fourth quarter results. I'm here, as usual, together with our CFO, Jan Johansson, and our Head of Investor Relations; Henrik Vikström.
If you start, please turn to Page 2 for a brief summary of the quarter. As we have previously communicated, we had a weak fourth quarter with increased government restrictions in all our markets.
Our average occupancy rate was 23%, and our adjusted EBITDA turned negative. We are, though, convinced that we have seen the worst of this exceptional crisis and that the hotel markets will gradually recover during 2021.
There is obviously still some
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