Andermatt Swiss Alps is in the black for the first time
Despite a pandemic-related decline in sales, Andermatt Swiss Alps achieved a positive Ebitda for the first time in its existence in the 2020 financial year. It amounts to CHF 5.4 million.
The Andermatt Swiss Alps Group (ASA) reported sales of CHF154.2 million in fiscal 2020, down 8% from the previous year, according to a statement. According to the company, the decline in sales is mainly due to the Corona impact at SkiArena Andermatt-Sedrun. Nevertheless, earnings before interest, taxes, depreciation and amortization (Ebitda) were positive for the first time at 5.4 million. The reasons were higher occupancy rates at the hotels, efficiency improvements and better yield management in all business areas, ASA said. Since the start of the project in 2007 until the end of 2020, a total of more than 1.2 billion has been invested.
Property sales totaled 76.9 million in 2020, up about 25% from 61.6 million in 2019 and a new record, according to the release. As of the end of fiscal 2020, about 95% of all apartments in completed and occupied apartment buildings had been sold, according to ASA.
The five-star deluxe hotel The Chedi Andermatt, which was open for just under eleven months in 2020 due to the Corona pandemic, achieved an occupancy rate of 69% (prev. yr. 54%). Revenue reportedly increased by around 16% year-on-year from 29.8 million to 34.5 million, and the number of guests increased by just over 17% to 55,242 (prev. yr. 47,029).
The Radisson Blu Reussen hotel increased its revenue by almost 8% to 10.9 million, despite the fact that group and event business was largely absent last year. With 52,500 guests, the hotel achieved an occupancy rate of around 37%.
The overall positive development is clouded by the performance of the SkiArena Andermatt-Sedrun. Due to the abrupt end of the 2019/2020 winter season on March 13, 2020, which was caused by a pandemic, sales were 8% lower than in the same period last year at 24.5 million (fiscal year from October 1, 2019 to September 30, 2020). Without the imposed closure, a plus of about 6% could have been recorded, they are convinced at ASA. (ah)
