NH HOTEL GROUP
Key figures
10
RESULTS AND EVOLUTION
EBITDA increased and positive net profit for the first time
since 2011
After two years of investments in assets repositioning and reinforcing its
organisational, management and communication capabilities, NH Hotel
Group has delivered its guidance for 2015 and expects to top guidance
going forward, with a larger revenue base, a better-positioned and
optimized portfolio, as well as a significant improvement in quality.
In 2015 total revenue rises 10.3% to €1,395M, while EBITDA before
onerous provision reversal rose 35.8% to €149.5M; consolidated net
profit comes in at €0.9M, compared to the €9.6M loss reported in the
same period the previous year.
Momentum in the hotel business gathered traction throughout the
year, fuelled by the pricing strategy rolled out, resulting in a growth
in revenue per available room (RevPAR) of 11%, topping the upper end
of its guidance range for the year. Price growth (+10.4%, from €78.9 to
€87.1) represents 95% of RevPAR growth in the year. Two years into
the implementation of the Strategic Plan, the price strategy is validated
by greater Group growth in top cities (+12.4%) vs direct competitors
(+7.0%), the finalization of repositioning investments in Spain and Italy,
and the start of repositioning investments in Benelux and Germany in
the second half of the year. EBITDA before onerous provision reversal
rose 11% vs 9% in 2014, with conversion ratios of 41%.
The healthy performances posted by Business Unit Spain and Business
Unit Italy in this period are worth noting, whose asset repositioning
strategy was executed in the initial years of the Strategic Plan. Meanwhile,
BU Benelux and BU Central Europe are expected to perform better in
2016 and 2017, as the repositioning works began in these markets during
the second half of 2015.
Implementation of the Group’s five-year Strategic Plan is tracking ahead
of schedule and the scope for outperformance of the initial guidance
has increased. At year-end 2015, hotels representing 64% of the Group’s
EBITDA are in perfect shape and once the €237M repositioning plan has
been fully implemented, this figure will rise to 81%.
KEY FIGURES
12M 2014
12M 2015
2014/2015
TOTAL REVENUES
1,265.1
1,395.5
10.3%
EBITDA BEFORE ONEROUS
110.1
149.5
35.8%
NET RECURRING INCOME
(18.0)
(2.7)
85.0%
NET INCOME including non-recurrent
(9.6)
0.9
109.9%
NH HOTEL GROUP PROFIT AND LOSS STATEMENT IN 2015
(€ million)
*Includes Hoteles Royal since 4 March 2015
occupancy
Higher activitity
levels
2013
2014
2015
68.1%
67.7%
66.1%
revenue (€M)
€130M revenue
growth (+10.3%)
2013
1.281
2014
1.265
2015
1.395
1,345
51
H. Royal
NH
adr (€)
10.4% increase
in 2015
2013
2014
2015
87.1
78.9
77.5
ebitda before onerous
reversal (€M)
€40M EBITDA increase
(+36%)
2013
111
2014
110
2015
150
11%
142
9%
9%
7
H. Royal
NH
EBITDA Margin
revpar (€)
95% growth
through ADR
2013
2014
2015
59.3
53.4
51.2
net income
(€M)
First positive
Net income since 2011
2013
2014
2015
1.345
-39.8
-9.6
0.9
