CONSOLIDATEDMANAGEMENT STATEMENT (millions of euros)
2013
2012*
2013/2012
€Million
%
€Million
%
VAR. %
Income from the hotel business
1,266.0
95.5% 1,288.0
98.2%
(1.7%)
Income from the property business
14.9
1.1%
22.1
1.7%
(32.7%)
Non-recurring income
45.1
3.4%
1.6
0.1%
N/A
TOTAL INCOME
1,326.0
100.0% 1,311.7
100.0%
1.1%
Cost of property sales
(0.3)
(0.0%)
(10.0)
(0.8%)
(97.3%)
Staff costs
(460.7)
(34.7%)
(465.8)
(35.5%)
(1.1%)
Direct management costs
(421.8)
(31.8%)
(423.3)
(32.3%)
(0.4%)
Non-recurring costs
(22.2)
(1.7%)
(36.6)
(2.8%)
(39.4%)
OPERATING PROFIT
421.0
31.8%
376.0
28.7%
12.0%
Reversal of provision for onerous contracts and other
12.4
0.9%
0.4
0.0%
N/A
Leases and property tax
(288.9)
(21.8%)
(293.4)
(22.4%)
(1.5%)
Non-recurring leases and property tax
(1.6)
(0.1%)
(5.1)
(0.4%)
-
EBITDA
142.8
10.8%
78.0
5.9%
83.2%
Provision for impaired assets
(0.5)
(0.0%)
(268.3)
(20.5%)
(99.8%)
Depreciation
(93.9)
(7.1%)
(112.7)
(8.6%)
(16.6%)
Non-recurring depreciation
(11.7)
(0.9%)
(2.8)
(0.2%)
-
EBIT
36.7
2.8%
(305.8)
(23.3%)
(112.0%)
Financial expenses
(59.0)
(4.4%)
(54.8)
(4.2%)
7.5%
Non-recurring finance costs
(11.1)
(0.8%)
-
N/A
N/A
Non-recurring exchange differences
0.0
0.0%
(29.2)
(2.2%)
(100.0%)
Change in fair value of financial instruments
7.6
0.6%
2.5
0.2%
206.5%
Results of entities accounted for using the equity method
(4.7)
(0.4%)
(4.2)
(0.3%)
10.4%
Non-recurring results of entities accounted for using the equity method
(1.8)
(0.1%)
-
N/A
N/A
EBT
(32.4)
(2.4%)
(391.6)
(29.9%)
(91.7%)
Corporation Tax
(6.0)
(0.4%)
55.5
4.2%
(110.7%)
PROFIT before minority interests
(38.3)
(2.9%)
(336.1)
(25.6%)
(88.6%)
Minority interests
(1.5)
(0.1%)
44.0
3.4%
(103.5%)
NET PROFIT
(39.8)
(3.0%)
(292.1)
(22.3%)
(86.4%)
Note: This consolidated income statement, on which the accounting aggregates of this Director’s Report are based, was prepared using hotel management grouping criteria that do not necessarily
coincide with the accounting principles and rules applied in the preparation of the consolidated financial statements of the NHHoteles Group. Further, the balances relating to 2012 are shown without
the retrospective application of the changes in legislation.
In 2013, NHHoteles obtained annual earnings amounting to EUR 1,326million, up 1.1% on 2012, representing an increase of EUR 14.3million. Hotel sales, EUR 1,266
million, which continue accounting for most of the earnings (96%), fell 1.7% due to:
•
Exclusion from the scope of consolidation
of some hotels closed in 2012 (most significant closures: NHCóndor, NHMercader and NHTrier) and exclusion of
some hotels from the scope of consolidation in 2013 (most significant disposals: NHAbashiri, NHGirona, NHLa Perdiz, NHVeracruz and NHVicenza, whereas
the following hotels were excluded from the scope of consolidation to be operated on a franchise basis: NH Villa de Coslada, NH Califa, NH Puerto de Sagunto
and NHCampo Cartagena, which were operated under lease, and the NHKrasnapolsky hotel, which became a hotel operated under a management contract as of
26
June 2013).
•
F&B
decreased by EUR 10million (-3.12%). The decrease in F&B sales had a lesser impact onGOP than room sales. Central Europe, Spain and Benelux suffered
a stronger decline in these businesses, with drops of between -3%and -6%, while Italy recorded a slight rise in sales (
+
1.2%).
LatinAmerica recorded positive sales,
with an increase in catering of
+
12.8%.
•
Fall in average rates (2.3%)
As regards operating costs, the Company’s efforts to improve its efficiency led to a reduction of 1.8% in those costs during the year, despite the increase in occupancy
(
+
3.47%,
which grew from 63.86% in 2012 to 66.08% in 2013).
As a consequence of the containment plans launched in 2012 and 2013, staff costs were reduced by 1.1% compared with the previous year, despite activity levels were
higher than those of the previous year, having reinforced the sales teams and inflation effect.
CONSOLIDATEDMANAGEMENT REPORT
11
