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Flash Report Q3 2015 ENG 2015 THIRD QUARTER PRELIMINARY RESULTS OF DANUBIUS HOTELS GROUP PAGE 1/16 Danubius Hotels Nyrt today announced its 2015 third quarter preliminary, unaudited results and its consolidated management flash report. This report also contains Condensed Consolidated Interim Financial Statements for the period ended 30 September 2015 as prepared by the management in accordance with International Accounting Standard 34 on Interim Financial Reporting (IAS 34) as adopted by the European Union. Ownership changes On 15 June 2015, CP Holdings Ltd. submitted a joint voluntary public purchase offer for the Danubius shares to the National Bank of Hungary (NBH) for approval. On 9 July 2015, the NBH approved this offer and the offer period lasted from 13 July 2015 to 11 August 2015. The offer price was HUF 8,000 for all Danubius Ordinary Shares. The offer was widely accepted and resulted in the increase of the combined influence from 84.14% to 98.20%. CP Holdings exercised its squeeze-out right (which eliminated the remaining minority shareholders) and delisted Danubius Hotels Nyrt from the Budapest Stock Exchange. An extraordinary general meeting of the shareholders has been convened for 19 November 2015 to complete the company’s transformation to private company (Zrt). Q1-Q3 2015 EBITDA improved against Q1-Q3 2014. HIGHLIGHTS 1 1 HUF million EUR million HUF million EUR million Danubius Hotels Q3 Q3 Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 Ch% Ch% Ch% Ch% Group 2015 2014 2015 2014 2015 2014 2015 2014 Net sales revenues 18,097 16,630 9 58.2 53.4 9 42,152 40,340 4 136.5 130.7 4 EBIDTA 6,211 5,311 17 20.1 17.1 17 9,332 8,257 13 30.2 26.8 13 Operating profit / (loss) 4,921 4,037 22 15.9 13.1 22 5,498 4,584 20 17.8 14.9 20 Financial results (108) (312) 65 (0.3) (1.0) 65 (446) (1,396) 68 (1.4) (4.5) 68 Profit /(loss) before tax 4,813 3,727 29 15.6 12.1 29 5,054 3,194 58 16.4 10.3 58 Operating cash flow 3,993 3,265 22 12.9 10.5 22 6,691 6,077 10 21.7 19.7 10 CAPEX 733 544 35 2.3 1.7 38 3,340 4,360 (23) 10.8 14.1 (23) HUF/EUR average rate 311.9 312.3 (0) 308.9 308.7 0 1 The presentation currency of the Group is HUF. The EUR amounts are provided as a convenience translation using average f/x rates of the respective periods. 2 The numbers in this schedule are extracted from the financial statements in appendices 1 to 5. ° In the nine months of 2015 total net sales revenues were HUF 42.2 billion, up by 4% compared to Q1-Q3 2014, as the decrease suffered in the Czech Republic was more than compensated by the other segments, mainly Hungary, and Romania. In EUR terms the Group’s revenue also increased by 4% compared to the same period of the previous year. Group occupancy in Q1-Q3 2015 was 71.8% compared to 67.4% in Q1-Q3 2014. ° In Q1-Q3 2015 operating profit of the group increased to HUF 5.50 billion from HUF 4.58 billion in Q1-Q3 2014. ° Segmental (geographical) performance in Q1-Q3 2015 was as follows: ° Hungarian segment’s revenue is HUF 24.2 billion compared to HUF 22.2 billion in Q1-Q3 2014. The room revenues increase was due to the occupancy of hotels improving to 71.4% from 65.2% strengthened by the slightly increasing EUR average room rate. The operating profit of HUF 1.51 billion increased to HUF 2.83 billion Q1-Q3 2015. ° Czech hotels’ revenue fell by 11% mainly in connection with the 10% decrease of the average room rates as the loss of Russian guests was only partly replaced by domestic and German guests. Operating profit decreased to HUF 1.09 billion from HUF 1.81 billion in Q1-Q3 2014. ° Slovakian segment’s operating revenue increased by 4% in connection with the ongoing reconstruction of balneotherapy in the comparative period last year. Operating profit of HUF 946 million in Q1-Q3 2014 increased to HUF 998 million in Q1-Q3 2015. ° The total revenue of the Romanian segment grew by 22% to HUF 2.08 billion as Hotel Bradet was under reconstruction in the first five months of the last year. ° The Financial result in Q1-Q3 2015 was a loss of HUF 446 million compared to a loss of HUF 1.4 billion in Q1-Q3 2014 mainly due to the unrealised FX differences. In Q1-Q3 2015 HUF 41 million (mostly unrealised) FX gain was 2015 THIRD QUARTER PRELIMINARY RESULTS OF DANUBIUS HOTELS GROUP PAGE 2/16 recognised on monetary assets and liabilities, compared to an FX loss of HUF 807 million in Q1-Q3 2014. Interest expenses decreased to HUF 493 million in Q1-Q3 2015 from HUF 641 million in Q1-Q3 2014. ° Due to the pickup in revenue and some operational efficiency gains, EBITDA improved by HUF 1.08 billion or 13% comparing Q1-Q3 2015 to Q1-Q3 2014. ° Operating cash flow in Q1-Q3 2015 was HUF 6,691 million compared to HUF 6,077 million in Q1-Q3 2014. ° During Q1-Q3 2015 capital expenditure amounted to HUF 3,340 million which is a decrease of 23% compared with the same period of the previous year. ° Average Group headcount during Q1-Q3 2015 decreased to 4,293 from 4,398 in Q1-Q3 2014. 2015 THIRD QUARTER PRELIMINARY RESULTS OF DANUBIUS HOTELS GROUP PAGE 3/16 FINANCIAL OVERVIEW Hungarian Segment HUF million EUR million 1 HUF million EUR million 1 Q3 Q3 Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 HUNGARY Ch% Ch% Ch% Ch% 2015 2014 2015 2014 2015 2014 2015 2014 Net sales revenues 10,376 8,985 15 33.3 28.8 16 24,241 22,243 9 78.5 72.1 9 EBITDA 3,082 2,271 36 9.9 7.3 36 4,299 2,922 47 13.9 9.5 47 Operating profit /(loss) 2,579 1,793 44 8.3 5.7 44 2,832 1,511 87 9.2 4.9 87 Financial results (82) (262) 69 (0.3) (0.8) 69 (349) (1,260) 72 (1.1) (4.1) 72 Profit /(Loss) before tax 2,497 1,533 63 8.0 4.9 63 2,485 257 867 8.0 0.8 866 CAPEX 346 345 0 1.1 1.1 1 2,555 1,056 142 8.3 3.4 142 1 The presentation currency of the Group is HUF. The EUR amounts are provided as a convenience translation using average f/x rates of the respective periods. Total net revenues of Q1-Q3 2015 increased by 9% compared to Q1-Q3 2014. Room revenues and F&B revenues increased while spa revenues suffered a decrease. Room revenue of Hungarian hotels was HUF 13.4 billion compared to HUF 12.2 billion in Q1-Q3 2014, due to the effect of increasing occupancy (to 71.4% from 65.2%) slightly offset by a decrease in the number of rooms available as a result of renting out Hotel Lövér from 1 August 2014. Average room rates in HUF terms increased by 3.6% as a combined result of a 0.1% weakening in the average HUF/EUR rates and 3.5% increase in the EUR average room rates. The number of rooms sold increased by 6.1% in Q1-Q3 2015. In Q1-Q3 2015 both Russian and Ukrainian guest nights decreased significantly (-27% and -21% compared to the same period of the previous year) due to the negative effects of the continuing crisis and the extraordinary weakening of the Ruble. Meanwhile the turnover from other countries increased, therefore the total sum of guest nights increased by 9% compared to Q1-Q3 2014. Room department profit for Q1-Q3 2015 increased by HUF 922 million or 9.7%. Food and beverage revenue of hotels was HUF 6.6 billion in Q1-Q3 2015, which is a 8% growth driven by both the improving occupancy and increase in average prices. F&B departmental profit improved by HUF 316 million compared to Q1-Q3 2014. Gundel’s F&B revenue increased by 11% in Q1-Q3 2015 compared to Q1-Q3 2014 due to improving revenues of Gundel Restaurant, and banqueting business compared to the same period of the previous year. Total revenue of Gundel also increased in spite of the other revenue recorded in connection with selling the Mád vinery in the comparative period. Spa revenue was HUF 1.1 billion in Q1-Q3 2015 down by 9% compared to a very strong Q1-Q3 2014 therefore Spa department profit also decreased by HUF 65 million, mainly due to the significant decrease of Russian spa guests Material expenses increased by 3% driven by the increase in rooms sold. The value of services used in Q1-Q3 2015 increased by 6% to HUF 4.8 billion because of inflation increases of various expenses and the increase in rooms sold. Personnel expenses of hotel operation in Q1-Q3 2015 were HUF 7.9 billion, practically the same as in Q1-Q3 2014. The HUF 22 million operation loss of Gundel for Q1-Q3 2014 (which included the HUF 37 million one off gain of the Mád vinery sale recorded in that period) was turned into a profit of HUF 61 million in Q1-Q3 2015.
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