BEST HOTEL PROPERTIES A.S. Best Hotel Properties EBITDA For Nine Months Up By 91%
Bratislava, November 19th, 2015 - Consolidated Group EBITDA for nine months ended 30. September 2015 increased year-over-year by 91 percent to EUR 11.2 million, with margin of 25 percent, as a result of higher sales and cost savings connected with managing Crowne Plaza Bratislava under a franchise. Consolidated net profit amounted to EUR 6 million, which represents year-over-year growth of 345 percent.
'Group results were impacted by a positive development on the Prague market and in all the Slovak hotels, where we recorded significant growth in both, sales and operating profits. Consolidated sales, which grew by over 2% to EUR 45.4 million were also impacted by a negative development of Russian ruble vs. Euro rate, and by the fact that Kadashevsakya hotel Moscow, which was a part of the portfolio last year, has not been included in the portfolio in 2015 anymore,' comented Branislav Babík, chairman of the Board of Best Hotel Properties a.s. (BHP).
Group level RevPAR for the period of the first nine months up by 8 percent year-over-year to EUR 82. Occupancy increased year-over-year by 12 percent to 67 percent due to strong results in all the hotels. Average daily room rate (ADR) was down by 4% to EUR 123 primarily as a result of a significant drop in ADR in Baltschug Kempinski denominated in euros due to a record low Russian ruble exchange rate.
'In spite of the prevailing negative sentiment on the Moscow market we are pleased with the developments in Baltschug Kempinski, which recorded over a 31% increase in occupancy,' said Branislav Babík. InterContinental Prague, which has the biggest share on the Group's sales, recorded a double-digit growth in RevPAR. This resulted in higher revenues and the overall profitability of the hotel. 'We are glad this hotel is the market leader in in RevPAR, which is the most significant key performance indicator in the hotel industry,' Branislav Babík added.
Grand Hotel Kempinski High Tatras reported record results mainly due to a successful winter skiing season, and also exceptional summer weather. Occupancy and ADR both reached a double-digit growth, which lead to a RevPAR increase of almost 27%. 'We are proud the hotel is an absolute leader of the hotel market in Tatras', commented the Chairman of the Board.
Bratislava reported strong results in terms of the key performance indicators. The market leader in occupancy hotel Crowne Plaza Bratislava reported growth in revenues and EBITDA mainly as a result
of further occupancy increase. Grand Hotel River Park, which leads the market in ADR, also reported further growth in occupancy, while also increasing its ADR, thus achieving a double digit growth in RevPAR and significant growth both in sales and operating profit.
'In relation to Bratislava hotels, we want to further focus on the direct management of the hotels. Based on our experience with Crowne Plaza, since we are the experts on the local market, from the position of the operator we can utilize synergies and save costs. In the future we want to further develop these competencies,' concluded Branislav Babík.
GROUP OPERATIONAL AND FINANCIAL HIGHLIGHTS (unaudited)
30.9.2014 9 months | 30.9.2015 9 months | YOY change % | |
In EUR | |||
Total rooms | 1 152 | 1 152 | 0.0% |
Occupancy (OCC) % | 60% | 67% | 11.9% |
Average daily room rate (ADR) | 127 | 123 | -3.8% |
Revenues per available room (RevPAR) In EUR thousands | 77 | 82 | 7.7% |
Sales | 44 283 | 45 387 | 2.5% |
GOP | 12 458 | 15 927 | 27.8% |
EBITDA | 5 844 | 11 165 | 91.0% |
EBITDA % | 13% | 25% | 86.4% |
EBITDA Adjusted | 7 012 | 9 781 | 39.5% |
EBITDA Adjusted % | 16% | 22% | 36.1% |
Net loss | -2 441 | 5 990 | 345.3% |
The portfolio of the Best Hotel Properties a.s. Group includes Grand Hotel River Park, Grand Hotel Kempinski High Tatras, hotel Crowne Plaza in Bratislava, the Moscow hotel Baltschug Kempinski, as well as the restaurant Buddha - Bar in Prague. Hotel InterContinental in Prague was added to the Group in 2013. Since August 2015 BHP has also been managing Sheraton Hotel Bratislava The shares of Best Hotel Properties a.s. are listed on the Bratislava Stock Exchange.
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