H.n.H. Ltd (Parent company of H.n.H. Hotels & Resorts) held its annual shareholders’ meeting on May 18th, 2015 to approve the 2014 financial statements and to appoint the new Board of Directors.
The shareholders’ meeting approved the 2014 financial statements, which reported net profit of € 106,191, a 72% decrease compared to 2013, when total revenue stood at Euro 384,315.
The Group’s economic performance recorded in 2014 substantially confirmed the results of 2013. However, the financial performance of the parent company was affected by the opening of Almar Jesolo Resort & Spa in May 2014, the Group’s first five-star Hotel, on account of the startup burden and the resulting increase in overhead costs.
Expense report entries relating to the parent company alone show a significant increase in personnel costs, which rose from € 1,634,670 to € 1,964,568, whereas revenues confirm that growth trend remains solid, standing at €4,521,815 compared to €4,362,886 in 2013. In particular, these two amounts were affected by the startup burden of Almar Jesolo Resort & Spa, which required H.n.H. Ltd to adjust headquarters personnel costs to meet the new requirements.
However, income net from operations generated by the component internal services did not grow as expected as a result of the delayed opening of Almar Jesolo Resort & Spa. These two variables will resume their natural course in 2015, and consequently H.n.H. operating margins will start growing again.
As a result of this, the EBITDA recorded by the parent company in 2014 was down 35%, from 924K Euro in 2013 to 600K Euro.
After experiencing a substantial increase in 2013, investment incomes recorded a slight drop of 5.7% in 2014, decreasing from 262K to 247K Euros. Financial charges, contingent upon the trends of the cost of money and the loans granted to the subsidiary, needed for the project Almar, increased by 19%, rising from € 191K in 2013 to € 235K at the end of 2014.
Luca Boccato, CEO of the Group, comments on the results for the fiscal year just ended: “Overall we are satisfied with the result. 2014 was an important year in which some properties registered marginal variations in turnover, in line with the trend of the economic cycle. On the final result of the parent company, however, weighs the burden of overhead costs resulting from the opening for Almar Jesolo Resort & Spa, which was only partially operational in 2014. Let’s not forget, however, that in 2014 our group turnover reached 24.1 million Euros, which in comparison with the 17.2 million of 2013, means a 40% increase. This year, when Almar Jesolo Resort & Spa is fully operational, we will draw significant benefits from the structural changes that have weighed on the financial year just ended, also considering the fact that the trend for 2015 is turning out considerably better than projected. Therefore, for this year we expect to meet or exceed the targets set for all the properties with a total turnover of over 28 million Euros. In this stage of positive growth and change, we cannot rule out the possibility of expanding our Hotel portfolio even before the end of the fiscal year by adding new destinations to the business segment ”
The Shareholders’ meeting also confirmed the Board of Directors, whose mandate expired with the approval of the financial statements; they will remain in office for the next three years, until the approval of the financial statements in 2017. The Council is composed as follows: Loris Boccato as President and Marina Drighetto as Vice President of the Board of Directors. Luca Boccato as Director and CEO, to whom all proxies have been renewed as in the previous term. The following members of the Board were also confirmed: Cristiana Boccato, Domenico Marin, Stefano Berton and Cristiano Lorenzon. Lastly, Dr. Marco Buzzavo was appointed statutory auditor again.
