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Http://www.jollyhotels.com Milan, 11/10/2005
London, 14/10/2005
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Values
The Group
Statistics
Financial Highlights
Quotas
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Mission - Jolly Hotels aims for customer satisfaction, and focuses particularly on individual customers in the medium-upper segments of every sector of the hotel and convention markets in Italy and abroad.
-It offers a constant, distinct and recognisable service both at chain and individual hotel level, through brand diversification too, giving a perception of excellent quality in its chosen market.
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Values- Customer orientation- Profit and profitability- Staff competencies and motivation- Ethical relations with society
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BrandsJolly Hotels Classic: The Jolly Hotels Classic are the heart of the Jolly Hotels offer. Located in 29 Italian cities, they are the ideal destination for all those in search of comfort and professional service; in short, the reliability that Jolly Hotels have always guaranteed in all the cities of Italy. The Jolly Hotels Classic also includes several hotels affiliated under franchising agreements, which have fully adopted the Jolly Hotels standards of service and product. This has allowed the leading hotel Company in Italy to further expand its national coverage.
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BrandsJolly Hotels Master: The Jolly Hotels Master are the top hotels offered by the leading Italian hotel chain. Located in the centre of the main Italian cities and some of the most prestigious European destinations, the Jolly Hotels Master are distinguished by their refinement and luxury. The Master Line hotels are aimed at demanding guests on business or vacation who are accustomed to the highest standards of 4 star international hospitality.
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Values
The Group
Statistics
Financial Highlights
Quotas
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The Group
Jolly Hotels Spa
100% 100% 100%
J. H. USA Management Inc. J. H. UK Ltd. J. H. St Ermin's B.V.
100%
Jolly Hotels Holland N.V.
J. H. France S.A. 99.99% 69.57% J. H. USA Inc. 30.43%
J. H. Belgio S.A. 99.99% 3.57% J. H. Deutchland Gmbh 96.43%
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The major shareholders(at 11.05.2005 - ordinary shares)
Shreholders No. Of Shares %1.0 La Bricola S.p.a. *2.0 N.H. Italia S.r.l. 3.0 Zanuso Ugo Maria * *4.0 Schroders Inv.Management Ltd5.0 Zanuso Francesca
TOTAL
* Zanuso Ugo and Zanuso Francesca are shareholders of La Bricola S.p.a. in equal parts
** 530,101 shares held by Zanuso Francesca with beneficial interest of Zanuso Ugo Maria
78.67%
5.84%
5,973,430 4,133,954 2,450,986 1,951,933
29.98%
1,164,060
15,674,363
20.75%12.30%
9.80%
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HOTELSTotal Italy Abroad
Owned Hotels 19 15 4
Operated Hotels 20 17 3
Franchising 6 6 0
Total 45 38 7
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FRANCHISEES
PARMA
MESSINA
CATANIA
SIRACUSA
AGRIGENTO
CAGLIARI
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Values
The Group
Statistics
Financial Highlights
Quotas
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Revenue breakdown(in euro/000)
2000 2001 2002
Rooms 138,702 68.9% 151,166 67.9% 155,092 68.7% 152,407 69.3% 160,687 69.3%
F & B 45,456 22.6% 53,977 24.3% 54,744 24.3% 53,318 24.2% 56,953 24.6%
Other services 17,018 8.5% 17,384 7.8% 15,805 7.0% 14,240 6.5% 14,305 6.2%
Total 201,176 100.0% 222,527 100.0% 225,641 100.0% 219,965 100.0% 231,945 100.0%
2003 2004
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Bednights and meals(in thousands of units)
2000 2001 2002 2003 2004
BednightsIndividuals 1,647 1,719 1,765 1,814 1,917 Groups 403 375 376 364 410 Total 2,050 2,094 2,141 2,178 2,327
MealsIndividuals 800 928 885 849 893 Groups 253 202 212 207 217 Total 1,053 1,130 1,097 1,056 1,110
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No. of rooms directly operated
Rooms
Occupancy rate in %
20042001 2003
6574
66.4
6822
63.7
2002
64.3
6812
66.5
6916
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Average room rate(in euro)
101 102 99 99 102
10
20
30
40
50
60
70
80
90
100
110
2001 2002 2003 2004 I H 2005
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REVPAR(revenue per available room in euro)
67.33 65.37 63.27 65.86 68.30
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10.00
20.00
30.00
40.00
50.00
60.00
70.00
2001 2002 2003 2004 I H 2005
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REVPAR analysis(in euro)
Brussels
Amsterdam
Paris
New York (Usd)
London (Gbp)
Cologne
Berlin
Italy
Group
60.41
63.80
103.85
122.29
100.68
66.39
I H 2005
124.65
102.61
57.45
2002
65.62
92.64
134.29
65.60
2001
58.85
44.60
-
62.17
67.33
45.31
31.43
61.04
65.37
46.59
2003
60.17
91.50
118.58
50.32
128.57
57.81
39.61
107.23
35.67
2004
61.35
98.13
122.61
68.30
93.81
57.20
61.59
65.86
131.21
60.56
45.24
60.89
63.27
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Room aging
19.00%
32.00%10.00%
39.00% < 3 years3 to 6 years6 to 9 years+ 9 years
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Payroll cost on revenues
39.16%40.23%
39.10%39.78%
40.09%40.73%
39.84%
41.28%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
2001 2002 2003 2004
GroupItaly
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Headcount(average number of employees)
2,445
1,937
2,535
1,953
2,513
1,934
2,498
1,877
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500
1,000
1,500
2,000
2,500
3,000
2001 2002 2003 2004
GroupItaly
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Values
The Group
Statistics
Financial Highlights
Quotas
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Group Profit and loss – Summary(in euro/000) Italian G.A.A.P.
REVENUES
EBITDA
EBIT
EBT
Net Profit-4.4%
2000
201,176 100.0%
45,435 22.6%
18,622 9.3%
13,877 6.9%
7,7733.9%
2001
222,527 100.0%
45,626 20.5%
15,434 6.9%
5,199 2.3%
(1,101)-0.5%
2002
225,641 100.0%
45,078 20.0%
12,591 5.6%
12,253
3,956
5.4%
1.8%
2003
219,965 100.0%
36,053 16.4%
3,887 1.8%
1,585 0.7%
(2,887)-1.3%
2004
231,945 100.0%
37,892
-2.0%
(10,137)
16.3%
4,2801.8%
(4,744)
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Group Profit and loss - Detail(in euro/000) Italian G.A.A.P.
2000 % 2001 % 2002 % 2003 % 2,004 %
Revenues from hotel services 201,176 100% 222,527 100% 225,641 100% 219,965 100% 231,945 100%Other revenues 3,034 2,541 2,862 3,512 1,900
204,210 102% 225,068 101% 228,503 101% 223,477 102% 233,845 101%
Operating costs 79,684 92,835 95,982 99,573 104,350Value added 124,526 62% 132,233 59% 132,521 59% 123,904 56% 129,495 56%
Payroll 79,091 86,607 87,443 87,851 91,603Gross operating profit (EBITDA) 45,435 23% 45,626 21% 45,078 20% 36,053 16% 37,892 16%
Depreciation and amortisation 26,813 30,192 32,487 32,166 33,612Operating income (EBIT) 18,622 9% 15,434 7% 12,591 6% 3,887 2% 4,280 2%
Financial charges (income), net (5,431) (12,808) (12,659) (11,631) (11,407)Income from property investments 1,282 1,956 1,973 1,880 1,806Extraordinary items, net (596) 617 10,348 7,449 577Income (loss) before taxes (EBT) 13,877 7% 5,199 2% 12,253 5% 1,585 1% (4,744) -2%
Income taxes 6,104 6,300 8,297 4,472 5,393Net income (loss) for the period 7,773 4% (1,101) 3,956 2% (2,887) -1% (10,137) -4%
Cash flow 34,586 17% 29,091 13% 36,443 16% 29,279 13% 23,475 10%
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Group Capital expenditure(in euro/000)
56,394
69,532
37,27332,830
29,378
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2000 2001 2002 2003 2004
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Group Net borrowing(in thousands of euro)
37,527
90,632119,249
130,339
117,662
134,063
104,752
150,631
109,615
148,776
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50,000
100,000
150,000
200,000
250,000
300,000
2000 2001 2002 2003 2004
ItalyAbroad
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FIRST HALFGroup Profit and loss - net borrowing
(in euro/000) (IAS/IFRS COMPLIANT)
I HALF 2005 I HALF 2004Revenues from hotel services 100.0% 100.0%Other revenues
117.4% 101.3%
Operating costsValue added 71.8% 57.7%
PayrollGross operating profit (EBITDA) 31.1% 18.2%
Depreciation and amortisationOperating income (EBIT) 17.6% 5.7%
Financial charges (income), netIncome (loss) before taxes (EBT) 11.5% 2.0%
Income taxesNet income (loss) for the period 4.3% -1.8%
Group net borrowing
4,941 (2,098)8,403 4,422
117,627
246,570 264,903
14,503 6,627
4,303 2,324
50,642 66,985
45,855 21,130
15,714 20,426
7,082 13,344
47,323 36,140
136,442
52,979 83,463
116,076 116,222 20,220 1,551
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FIRST HALF - SECOND QUARTEREBITDA - ANALYSIS
(in euro/000) (IAS/IFRS COMPLIANT)
II Q 2005 % II Q 2004 % I H 2005 % I H 2004 %
Revenues from hotel services 67,722 100% 65,931 100% 116,222 100% 116,076 100%Other revenues 19,491 835 20,220 1,551
87,213 129% 66,766 101% 136,442 117% 117,627 101%
Operating costs 28,195 26,813 52,979 50,642 Value added 59,018 87% 39,953 61% 83,463 72% 66,985 58%
Payroll 25,258 23,245 47,323 45,855 Gross operating profit (EBITDA) 33,760 50% 16,708 25% 36,140 31% 21,130 18%
Capital gain on the sale of F.A.(included on other revenues) (18,717) (15) (18,717) (15)Actuarial gain/loss on TFR (included on payroll) 1,162 (881) 1,177 (191)Adjusted EBITDA 16,205 24% 15,812 24% 18,600 16% 20,924 18%
MAIN INDICATORSOCCUPANCY RATE 73.7% 71.5% 66.9% 66.6%REVPAR 78.2 74.5 68.3 66.8
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Values
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