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Improving fundamentals but still heavily leveraged

  • 20 Nov 15

NH Hoteles posted 9m 15 results slightly below our expectations, with a disappointing LatAm. In Q3, revenues rose by 8.3% on the back of robust RevPAR (+12.3% yoy, 87% explained by prices), stronger than in Q1 (+9.7%) and Q2 (+12%) and above the group’s FY15 target of 10%. Despite strong figures, Spain slowed down in Q3 (+14.2% lfl vs +17.9% in Q2) but was helped by price increases (+6.1%). Italy (RevPAR +29.2% lfl, +19.5% in 9m 15) benefited from a strong Milan, fuelled by the Expo (+19% in prices), where NH Hoteles operates 12 hotels (2.2k rooms). The Benelux (+14.1% in RevPAR lfl) enjoyed strong price increases (+9.5%) but also benefited from measures taken by the group including a new management team and a new segmentation since early 2015 towards more profitable rates. Central Europe stood out with a 6.8% drop in occupancy (RevPAR -1.5% lfl) marked by a quarter of low activity (Germany was impacted by renovations), also impacted by a postponed product positioning. LatAm (+7.8% in RevPAR vs +20.4% in Q2, -7.5% in occupancy) was hit by the depreciation of the Brazilian real, impacting Mercosur countries (the main feeder market). The operating leverage continued to improve (+24.9% in EBITDA, EBITDA margin of 11% vs 9.5% in Q3 14) despite cost increases caused by the implementation of the strategic plan (IT - and marketing-related investments notably). The group net loss was reduced by 67.2% from €42.4m to €13.8m in 9m 15. The FY15 EBITDA guidance was significantly revised up for FY15 from €200m to €250m.

Upbeat H1 15 figures confirm NH Hoteles' recovery profile

  • 30 Jul 15

NH Hoteles reported upbeat Q2 15 figures. While this was highly expected on the operating front, NH Hoteles’ strategic moves are paying off with margin recovery and positive RevPAR momentum in European cities. Q2 was marked by a continuing acceleration in RevPAR (+12% vs +5.8% in Q1, +4.1% in Q4 and +6.4% in Q3) which was mainly explained by price increases for the fifth quarter in a row (+11.2% vs +7.4% in Q1) while occupancy lagged but turned positive (+0.7% vs -1.5% in Q1) excluding in Spain (+6.1%). Central Europe experienced a 3.5% drop in occupancy (but +2.4% in RevPAR LFL) due to lower number of trade fairs while Latin America (-2.5% in volumes LFL but +20.4% in RevPAR) was impacted by the devaluation in Brazil, the main feeder market in Argentina. Consolidated Q2 15 group revenues rose by 6.8% LFL (+11.3% reported) while EBITDA improved by 25% (+27.8% reported) and the net recurring result by 86.7% (reported), largely shaped by the strong momentum in the Italian (RevPAR grew by 18.6% from +7% in Q1) and Spanish (+17.9% in RevPAR vs +6.5% in Q1) business units. The latter was strongly fuelled by a buoyant Madrid (+30.4% in RevPAR) and Barcelona (+16%). Lower numbers of rooms available due to refurbishments as well as lower management fees (several hotels left the portfolio in 2014 and 2015) have slightly weighed on the sales increase while impacts from portfolio changes were offset by FX movements. The Colombian Hoteles Royal generated €15.7m of sales in Q2 and €1.5m of EBITDA.