NH Hotel Group outperforms its guidance and posts recurring net profit of over €100 million for the first time ever (Spain)
2019 results: revenue growth of €98 million; EBITDA growth of €31 million
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NH Hotel Group outperforms its guidance and posts recurring net profit of over €100 million for the first time ever (Spain)
2019 results: revenue growth of €98 million; EBITDA growth of €31 million
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Category: Europe - Spain - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2020-02-28
- The positive trend across the main European markets, particularly in Spain, drove topline growth 6.1% to €1.72 billion
- Revenue per available room (RevPAR) registered growth of 4,9%, driven entirely by growth in the average daily rate (ADR), to €102.30, without affecting occupancy, which was flat compared to 2018
- EBITDA1 was €30.9 million higher at €294.1 million (reported EBITDA, including the impact of IFRS 16, was €551 million) thanks to business momentum and cost control, surpassing thus the €285 million objective
- The Group's recurring net profit was €44 million higher at €113.2 million, fuelled by lower finance expenses in addition to the favourable business dynamics, so that it topped the guidance given at the start of the year for €100 million of net profit (reported net profit, factoring in the impact of IFRS 16, was €103.2 million)
- Layering in non-recurring items, the Group reported a net profit of €90 million; the year-on-year comparison (-€11.6 million) is affected mainly by higher gains on asset sales in 2018 (+€45 million of non-recurring activity in 2018 vs. 2019)
- The Board of Directors plans to ask the Company's shareholders to approve a gross dividend of €0.15 per share, which would imply an outlay of an estimated €59 million
- The Company ended 2019 with a low level of net debt (€179 million) and solid cash position of €289 million, despite capex of €170 million and the dividend from the previous exercise paid during the year
(1) Recurring EBITDA before the reversal of provisions for onerous contracts and gains from asset sales. Excludes impact of IFRS 16.
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