The Annual General Meeting of H.n.H. LTD (Parent Company of HNH Hotels & Resorts) approved yesterday the budget for 2013 with a net profit of Euro 384,315, a 36% increase compared to 2012, which recorded total revenue of Euro 328,117.
Multiple factors have contributed to this result.
Despite the slight increase in personnel costs, which rose from 1,404,935 to 1,634,670 Euros in 2013, revenue growth went from 4,029,321 in 2012 to 4,362,886 Euros in 2013 and confirmed the good margins achieved. In this context, the parent company’s EBITDA went from 993K in 2012 to 924K in 2013, marking a 6.9% decline.
Income from investments also recorded a significant increase, a 60% margin that pushed up the profit from 162,501 to 262,500 Euros, reinforcing even more strongly the role of H.n.H. LTD as holding company within the Group. Lastly, financial costs experienced a substantial decrease, falling 17% from 231,851 Euros in 2012 to 191,483 Euros in 2013.
Luca Boccato, CEO of the group, draws conclusions: “The overall result is excellent. Every hotel met the objectives we had set for ourselves. It has been a challenging year, filled with great satisfaction; the entrance of the Best Western CTC Hotel Verona in July last year brought an increase in the accommodation capacity and its positive impact showed after just a few months. In 2013 we also laid the foundation for the opening of the first five-star Resort in the Group: Almar Jesolo Resort & Spa, which opened last May. ”
” 2014″ continues Luca Boccato “will be an important year since, for the first time, we will exceed 20 million Euros in total turnover. The opening of Almar, inevitably, will weigh in terms of efficiency in the Group’s EBITDA. H.n.h. Ltd., however, will be able to maintain a high profitability, confirming its role of holding company of the group, thanks to an increase in proceeds derived from equity investments “
