12
MAIN FIGURES
2012
RESULTS:
MARKED BY PRUDENT
IMPAIRMENT CHARGES
Due to the sharp deterioration in the economic climate in
southern Europe, NH Hoteles posted a recurring net loss of
€66.9M in 2012, compared to a loss of €9.1M in 2011. As a result
of adverse economic trends, particularly in Spain and Italy, the
Group tested the recoverable value of its assets on the basis
of its business plan, deciding to increase asset impairment
provisions to €268M. As a result, the Group registered a
consolidated net loss of €292M. Note that these impairment
provisions do not imply any cash outlay whatsoever.
Hotel activity and real state
Turning to the Group’s hotel business performance, NH Hoteles
managed to keep its occupancy rate steady at 2011 levels;
however, revenue narrowed by 3.4% due to hotels sold in 2011,
which make up close to the half of the decrease in sales, as
well as the slowdown in the meetings, conventions and events
segment, a drop in restaurant takings and a decline in the
average daily rate (ADR).
The business climate deteriorated in Spain and Italy in the
last quarter of the year relative to the first nine months and
the business travel segment was affected by the adverse
economic climate engulfing these countries, prompting
significant underperformance by secondary cities relative
to the main urban destinations. The Benelux Business Unit
gained momentum in the last quarter of the year: despite
downward pressure on prices, the Company managed to
increase its market share. The occupancy rate in this Business
Unit improved by 1.1% across comparable hotels in 2012,
although the ADR narrowed by 3.4%.
The Central Europe and Americas Business Units were the
Group’s top-performers in 2012. The occupancy rate in
Central Europe rose sharply, as did pricing in all German
cities, with Munich and Berlin standing out. Trends in Latin
America were mixed. Whereas Argentina was affected by
the decline in demand from two of its core issuer markets
(
Spain and Brazil), Mexico posted a stellar performance,
registering growth in RevPar (revenue per available room)
of over 10%.
Revenue in the real estate business rose 30% to €22.1M, up
from €16.9M in 2011. Deeds were exchanged on a total of 25
homes for an amount of €10.7M, compared to €1.5M in 2011.
TOTAL
LEASED
OWNED
MANAGED
Franchise
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
TOTAL NH HOTELES
391
58,853
220
31,868
83
13,820
81
12,643
7
522
EUROPE
Spain
171
20,677
93
10,712
16
2,428
56
7,108
6
429
Germany
59
10,438
54
9,438
5
1,000
-
-
-
-
Italy
52
8,239
32
5,300
15
2,280
5
659
-
-
The Netherlands
35
6,509
16
2,441
18
3,988
1
80
-
-
Belgium
10
1,550
2
434
8
1,116
-
-
-
-
Austria
6
1,183
6
1,183
-
-
-
-
-
-
Switzerland
4
521
3
399
1
122
-
-
-
-
France
3
556
2
397
-
-
1
159
-
-
Czech Republic
2
579
-
-
-
-
2
579
-
-
United Kingdom
2
321
1
121
-
-
1
200
-
-
Portugal
2
165
2
165
-
-
-
-
-
-
Romania
2
161
1
83
-
-
1
78
-
-
Hungary
1
160
1
160
-
-
-
-
-
-
Luxembourg
1
148
1
148
-
-
-
-
-
-
Slovakia
1
117
-
-
-
-
1
117
-
-
Poland
1
93
-
-
-
-
-
-
1
93
Andorra
1
60
-
-
-
-
1
60
-
-
TOTAL EUROPE
353 51,477 214 30,981 63 10,934 69
9,040
7
522
AMERICA
Argentina
13
2,049
-
-
11
1,524
2
525
-
-
Mexico
13
2,040
5
689
4
681
4
670
-
-
Dominican Republic
3
1,261
-
-
-
-
3
1,261
-
-
Venezuela
3
1,147
-
-
-
-
3
1,147
-
-
United States
1
242
-
-
1
242
-
-
-
-
Colombia
1
137
-
-
1
137
-
-
-
-
Uruguay
1
136
-
-
1
136
-
-
-
-
Chile
1
122
-
-
1
122
-
-
-
-
TOTAL AMERICA
36
7,134
5
689
19
2,842
12
3,603
0
0
AFRICA
South Africa
2
242
1
198
1
44
0
0
-
-
TOTAL AFRICA
2
242
1
198
1
44
0
0
NH HOTELES PORTFOLIO BREAKDOWN (dECEMBER 31
ST
2012)
