DGAP-News: Design Hotels AG publishes Annual Results 2012
(firmenpresse) - DGAP-News: Design Hotels AG / Key word(s): Final Results
Design Hotels AG publishes Annual Results 2012
11.03.2013 / 11:55
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Design Hotels AG publishes Annual Results 2012
- Revenue increases by 22% to Euro 12.629MM
- EBITDA goes down to Euro 0.308MM due to extraordinary expense
Berlin, March 11, 2013 - Design Hotels AG (m:access, Munich: LBA; ISIN:
DE0005141006) publishes results for the financial year 2012. Revenue
increases by more than 20 % and exceeds the expectations presented in the
beginning of the year. The operational result is behind last year's result
due to an unavoidable write-off of receivables.
Key Financials:
Revenue increased by 22% to Euro 12.629MM (10.363) in the financial year
2012.
The international tourism industry was able to continue its growth path in
2012 and achieved record numbers despite the unstable economic situation
worldwide. International arrivals as well as travel spending increased
compared to the previous year. In the hotel sector this development had a
particularly positive impact on average occupancy and average rates. Design
Hotels was able to benefit from this trend and achieved a disproportional
increase compared to the overall market development.
Revenue from License Fees for membership with Design Hotels increased by 8%
compared to the previous year to Euro 3.118MM (2.889). This contributes 25%
to total revenue compared to 28% in 2011. On December 31, 2012 Design
Hotels had 249 (211) member hotels in its portfolio with 18,949 (17,164)
rooms in 153 destinations and 47 countries.
Revenue from Marketing and Consulting Services grew strongest with an
increase of 36% and reached Euro 3.836MM (2,816). It accounts for 30% (27%)
of total revenue.
Booking commissions came in at Euro 5.675MM (4.658) in 2012, which means a
22% increase compared to the previous year. Commissions accounted for 45%
of the total revenue. This number has not changed from 2011. The value of
the total number of bookings through Design Hotels' channels grew by 35%
this year. This growth rate is, thus, significantly higher than the growth
rate for booking commissions.
The Gross Margin came it at 65% (69%) and is slightly below last year's
level. Gross Revenue was Euro 8.161MM (7.160), which is an increase of 14%
compared to the previous year. The increase is disproportionally lower
compared to the increase of total revenue. This is due to the higher share
of the low-margin marketing and consulting services in total revenue.
The average number of employees increased from 75 to 78. This increase was
necessary due to the higher volume of business, especially from the
expansion of the product and service portfolio for the member hotels in
order to enhance customer service, and therefore, to increase revenue from
the individual hotels. Staff Expenses increased from Euro 4.516MM to Euro
4.948MM. Revenue per Employee went up from Euro 0.139MM to Euro 0.161MM.
Selling Expenses came in at Euro 1.088MM (1.037). They are directly related
to the revenue development and amounted to 9% (10%).
Other Operating Expenses increased to Euro 0.817MM (0.145). This is due to
value adjustments on receivables and bad debt losses in the amount of Euro
0.79MM (0.09).
EBITDA decreased by about 30% to Euro 0.308MM (0.442). The main reason for
the decrease is the unpredicted bad debt losses. The EBITDA margin was 2%
(4%).
EBIT reached Euro 0.01MM (0.14) in 2012, a decrease of 93% compared to the
previous year.
Preliminary Net Profit came in at Euro 0.049MM (0.174).
The change in shareholder and the increase of stocks to over 50% in 2012
resulted in the non-deductibility of the unused tax losses. The deferred
tax assets on loss carried forward had to be expensed. Subsequently, the
company recorded a consolidated net loss of Euro 1.252MM (consolidated net
profit 0.653).
On December 31, 2012, the Company had cash and cash equivalents in the
amount of Euro 4.002MM, as compared to Euro 3.540MM on December 31, 2011.
Shareholders' equity decreased from Euro 5.552MM to Euro 4.293MM. The
equity ratio amounts to 59% (67%).
Further comments:
CEO Claus Sendlinger comments: 'Overall, we are satisfied with the
development of the company and the year-end results. We were able to
increase revenue in the three main business areas. This confirms the
company's strategic alignment and our set goals. Our decision to expand the
product and service offering to the member hotels, and along with it the
increase in staff, paid off. Only the value adjustments on receivables was
very unfortunate after such a successful year as we were not able to
achieve our planned operational results.
We are very optimistic about the future and expect a revenue increase in
the two-digit range in 2013. We also anticipate a significant improvement
of the operational results this year.'
An overview of key figures for FY 2012 is available for download at
http://corporate.designhotels.com/investor_relations
Financial Calendar:
April 25, 2013 - Investor Presentation at m:access Conference in Munich
June 5, 2013 - 14th Annual Shareholder Meeting in Berlin
August 1, 2013 - Publication of Half Year Results 2013
Contact:
Design Hotels AG
Claus Sendlinger (CEO)
Stralauer Allee 2c
10245 Berlin
Tel. +49 (0)30 88 494 00 14
Fax +49 (0)30 25 933 01 7
ir(at)designhotels.com
About Design Hotels
Design Hotels represents and markets a curated selection of more than 240
independent hotels in over 40 countries across the globe. More than a
collection of hotels, the company is a collection of stories. Each property
reflects the ideas of a visionary hotelier, an 'Original,' someone with a
passion for genuine hospitality, cultural authenticity, thought-provoking
design and architecture. Each 'Original' stands for the individual,
aesthetic and service-driven experience that his or her hotel
provides.??Founded by Claus Sendlinger in 1993, Design Hotels(TM) offers
its members insightful travel industry knowledge, from market trend
consultancy to international sales representation. The company has its
headquarters in Berlin and branches in London, Barcelona, New York,
Singapore and Perth.
www.designhotels.com, ISIN : DE0005141006, m:access Munich Stock Exchange
(Regulated Unofficial Market)
End of Corporate News
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