Design Hotels AG
Design Hotels AG publishes Annual Results 2013
Design Hotels AG / Key word(s): Final Results Design Hotels AG publishes Annual Results 2013 – Revenue increases by 9% to Euro 13.752 MM – EBITDA increases by 366% to Euro 1.434 MM Berlin, March 14, 2014 – Design Hotels AG (m:access, Munich: LBA; ISIN: DE0005141006) publishes results for the financial year 2013. Revenue increased by about 9 % and is slightly below the expectations presented in the beginning of the year. The operational result exceeded expectations by far and could be increased by 366% compared to the previous year. Key Financials: Total Revenue increased by 9% to Euro 13,752 MM (12,629) in the financial year 2013. Revenue from License Fees for membership with Design Hotels increased by 4% compared to the previous year to Euro 3.245 MM (3.118). This contributes 24% to total revenue compared to 25% in 2012. On December 31, 2013 Design Hotels had 268 (249) member hotels in its portfolio with 20,372 (18,949) rooms in 170 destinations and 54 countries. Booking commissions came in at Euro 6.465 MM (5.675) in 2013, which means a 14% increase compared to the previous year. Commissions accounted for 47% (45) of the total revenue. Revenue from Marketing and Consulting Services increased by 14% this year and reached Euro 4.042 MM (3.836). It accounts for 29% (30) of total revenue. The Gross Margin is above last year’s level and came in at 69% (65%). Gross Revenue was Euro 9.486 MM (8.161), which is an increase of 16% compared to the previous year. The increase is disproportionally higher compared to the increase of total revenue. This is due to the higher share of the high-margin booking commissions in total revenue. The average number of employees increased from 78 to 83. Therefore, Staff Expenses grew from Euro 4.948 MM to Euro 5.426 MM. At the same time, Revenue per Employee went up from Euro 0.161 MM to Euro 0.166 MM. The increase of staff was necessary to manage the growing business from the increasing number of member hotels as well as the intensified customer service. Selling Expenses came in at Euro 1.369 MM (1.088). They are directly related to the revenue development and amounted for 10% (9). Other Operating Expenses increased slightly to Euro 1.220 MM (1.170). EBITDA increased by about 366% to Euro 1.434 MM (308.000) in 2013. After the company had to note down losses in 2012 due to unforeseen bad debt losses, the operational results increased substantially again this year. The EBITDA margin was 10% (2%). EBIT reached Euro 1.182 MM (10,000) in 2013. Net Profit came in at Euro 1.198 MM (49,000), which is a significant increase of 2,345%. In 2012, the Company had to write off the deferred tax assets on losses carried forward. Subsequently, the company had recorded a consolidated net loss of Euro 1.252 MM. This year, Design Hotels was able to achieve a consolidated net profit of Euro 834.000. On December 31, 2013, the Company had cash and cash equivalents in the amount of Euro 4.407 MM, as compared to Euro 4.002 MM on December 31, 2012. Shareholders’ equity increased from Euro 4.293 MM to Euro 5.118 MM. The equity ratio amounts to 66% (59%). Further comments: The worldwide tourism sector developed positively in 2013. Therefore, also the international hotel industry looks back on an overall successful year. Occupancy as well as average daily rates increased compared to the previous year. Design Hotels was once more able to profit from these developments. CEO Claus Sendlinger comments: ‘We are content with the development of the company and the year-end results. We were able to increase revenue in the three main business areas, even though the growth rate was slightly below our expectations. However, we managed to increase operational results significantly due to the above-average development of high margin revenue streams as well as efficient cost savings. For 2014, we also anticipate an increase in total revenue as well as operational results.’ Financial Calendar: July 22, 2014 – Investor Presentation at m:access Conference in Munich TBC, 2014 – 16th Annual Shareholder Meeting in Berlin August 1, 2014 – Publication of Half Year Results 2014 Group Overview
Consolidated Statement of Cash Flow
Change in Shareholder’s Equity
Contact: About Design Hotels(TM) www.designhotels.com, ISIN : DE0005141006, m:access Munich Stock Exchange (Regulated Unofficial Market) End of Corporate News 14.03.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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