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20-04-2022

HNH Hospitality S.p.A. approves the 2021 Financial Statement. Overall operating revenue at about €35 million, up 62%, EBITDA at €3.5 million

The Board of Directors of HNH Hospitality S.p.A. has approved the results of the financial year that closed on 31 October 2021.

Specifically, HNH recorded a volume of overall operating revenue of €34.8 million, which, if compared to the previous year shows a growth of 62.3%. The EBITDA recorded by the Group on 31 October 2021 was €3.5 million – with a statutory EBITDA, net of €1.8 million in government aid, while profit reached €1.4 million.

“2021 has shown significant recovery after being hit hard in 2020. We bounced back strongly, with performance from the month of June higher than in 2019,” commented CEO Luca Boccato. “However, not all our structures have recorded the same degree of growth. The ones that depend more on long-haul international guests, such as Venice, have only partially recovered. We had forecast recovery but we did not think it would have been so strong. Thanks to the effort made by all our collaborators and to reaching greater efficiency, in 2021 we also returned to having a positive EBITDA, an exceptional result compared to what we forecast just a few months ago. Instead, the return to a profit, after the heavy loss in 2020, was in part due to clarifications the government made with regard to the limits of their support. This circumstance allowed us to record government aid gained the previous year on the 2021 balance sheet”.

In contrast to the physiological drop recorded in 2020 – mainly due to the closing of many hotels in the Group in various periods of the year because of the Covid-19 pandemic – HNH’s significant recovery in 2021 is even more evident.

The most consistent revenue – €25 million – refers to the hotels in the Veneto region, where HNH also manages the greatest number of structures. The volume of business from hotels they manage located in other regions ranges from €3.9 million for Friuli-Venezia Giulia, €2.9 million for Lazio and €2.5 million for Emilia-Romagna. Instead, Lombardy recorded revenue at over €350,000.

During 2021, the Group’s portfolio grew further with the opening of the DoubleTree by Hilton Rome Monti in April and the opening of Milan-Fiere in September.

“For the 2022 year that has just started,” continues Luca Boccato, “we trust in a further increase in demand. The first signs are very positive. However, the trend will not be the same and will continue to vary among the different destinations. Our forecasts on revenue, on a like-for-like basis, have a target of €60 million, with an occupancy rate still conditioned by the Covid pandemic, at 58%”.

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