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New openings, initiatives and results

22-05-2019

H.n.h. Hotels & Resorts S.p.A. approves the Financial Statement and examines the consolidated balance sheet as at 31 December 2018

H.n.h. Hotels & Resorts S.p.A. approves the Financial Statement and examines the consolidated balance sheet as at 31 December 2018

Consolidated net profit of 0.62 million euros
Consolidated EBITDA of 4.08 million euros
Consolidated EBIT of 1.49 million euros

The Shareholders’ Meeting of H.n.h. Hotels & Resorts S.p.A. convened on Friday 3 May and approved the Financial Statement as at 31 December 2018 and examined the consolidated balance sheet as at 31 December 2018.

The consolidated net profit is 619,514 euros.
On a consolidated level, the production value has grown by 1.5%, from 34.07 to 34.59 million euros, only considering directly managed hotel and excluding management contracts. The EBITDA is 4.082 million euros and the EBIT is 1.485 million euros. Earnings before taxes is 1.352 million euros.

2018 is the second financial year after the parent company’s reorganization and transformation with the arrival of the private equity fund Siparex, which invested 8.5 million euros in the Group, acquiring a minority share of 36.65%. In 2018, the operational confines of the Group remained substantially the same as 2017. Instead, at least two new openings are foreseen in 2019, apart from the recent acquisition to manage the Grand Hotel Des Arts in Verona.

In terms of assets, with reference to the 2018 Consolidated Balance Sheet, the current assets is 4.62 million euros, while bank financing amount to 4.90 million euros. Overall payables amount to 10.9 million euros, which is down from the end of 2017, when it amounted to 12.44 million euros. The net equity, always in relation to the 2018 Consolidated Balance Sheet, is 11.56 million euros. The net financial position went from 7.55 million euros in 2017 to 9.23 million euros in the financial year that has just ended.

The parent company closed the year with a net profit of 216,239 euros.

The CEO of the Group, Luca Boccato, comments on the financial year that has just closed: “2018 was a year marked by transition and preparation. After the shareholder entered the Group in 2017, we strengthened the organizational structure in 2018 for the expansion set forth in our development plan. In this context, the consequent increase in costs along with a minimum growth in earnings reduced margins, which penalized the balance sheet approved today. In any case, we are confident that the Group’s growth, already forecast with the openings in Trieste and Rome, will allow us to return to margins even higher than those during 2017. We have solid assets and little debt, which is also falling, and we are efficient. We only need to grow in terms of size, expanding our operations and taking advantage of opportunities in the market”.