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Investing in Our Portfolio Delivered a Steady Performance

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Investing in Our Portfolio Delivered a Steady Performance PPHE Hotel Group Annual Report 2013 INVESTING IN QUALITY Annual Report 2013 2013 HIGHLIGHTS – Achieved year-on-year revenue growth – Completed €350.0 million refinancing of key hotels in London and The Netherlands, which includes a significant capital expenditure allocation – Secured a new €30.0 million facility for corporate purposes, including existing and prospective developments – Acquired an office building to develop a new hotel near Waterloo Station in London, United Kingdom – Acquired freehold interests in two hotels in Berlin, Germany – Opened flagship five-star art’otel amsterdam, incorporating 5&33, a destination bar, restaurant and gallery, in The Netherlands – Completed 127-room extension of Park Plaza Histria Pula in Croatia – Completed renovations at art’otel budapest in Hungary and Park Plaza Medulin in Croatia – Successfully opened TOZI, an Italian restaurant at Park Plaza Victoria London, United Kingdom – Obtained planning permission for an extension at Park Plaza Riverbank London, United Kingdom – Sold development site in Pattaya Bay, Thailand for a profit – consideration of which is deferred for three years – Paid a final dividend of 6.0 pence per share for 2012 and a 2013 interim dividend of 6.0 pence per share 2014 HIGHLIGHTS TO DATE – Entered into a 50:50 joint venture for two hotels in Berlin, Germany, while continuing to manage these hotels under long-term operating agreements – Obtained planning permission to develop 438-room hotel near Waterloo Station in London, United Kingdom – For the last two years the Board has recommended the payment of an interim and final dividend of 6.0 pence per share making a total of 12.0 pence per share for each year. The Board is proposing the payment of an increased final dividend of 8.0 pence per share, which when combined with the interim dividend of 6.0 pence per share paid on 11 October 2013, amounts to a total dividend for the year ended 31 December 2013 of 14.0 pence per share, an increase of 16.7%. The increased dividend reflects the Board’s confidence in the strength of the business and in respect of future years the Board expects to follow a progressive dividend policy WELCOME TO OUR 2013 ANNUAL REPORT WE ARE AN INTERNATIONAL HOSPITALITY MANAGEMENT COMPANY, WITH A STRONG ASSET BASE AND OWNERSHIP OF, AND ACCESS TO, WORLD-CLASS BRANDS. OUR VISION IS TO REALISE GROWTH POTENTIAL AND OUR PRIMARY OBJECTIVE IS TO CREATE AND REALISE SHAREHOLDER VALUE BY BECOMING ONE OF THE LEADING HOTEL OPERATORS IN THE UPSCALE AND LIFESTYLE HOTEL SEGMENTS. OUR PORTFOLIO OF OWNED, MANAGED, LEASED AND FRANCHISED HOTELS COMPRISES 38 HOTELS, OFFERING A TOTAL OF OVER 8,300 GUEST ROOMS, WITH AN ADDITIONAL FOUR NEW HOTEL PROJECTS UNDER DEVELOPMENT, ONE HOTEL EXTENSION AND RECONFIGURATION AND TWO REBRANDING PROJECTS. OUR KEY MARKETS ARE THE UNITED KINGDOM, GERMANY, THE NETHERLANDS AND CROATIA. €245.0M €25.8M 80.7% +1.2% TOTAL REVENUE -61.8% PROFIT BEFORE TAX +330bps OCCUPANCY €93.4M €21.9M €125.5 -3.5% EBITDAR -8.9% NORMALISED PROFIT2 -4.1% AVERAGE ROOM RATE €82.9M €0.63 €101.4 -3.1% EBITDA -61.6% EARNINGS PER SHARE +0.1% REVPAR3 33.8% €0.54 1 EBITDA divided by total revenue. 2 See page 46. 1 -160bps EBITDA MARGIN -9.3% NORMALISED EARNINGS 3 Revenue per available room. PER SHARE2 –1– CONTENTS 12 Chairman’s statement 2013 was another year of progress for us, with revenue increasing year on year Our business at a glance With a history dating back to 1989, we are an international, dynamic hospitality company with a strong asset base and ownership of, and access to, 4world-class brands Feature article Repositioning14 the art’otel brand We have a clear vision of where we want to take the art’otel brand and are proud to introduce the first of 10 a new generation of art’otels 22 2013 highlights Chief Executive Officer’s statement Highlights by month I am particularly proud of what our teams have achieved in 2013, with continued growth in revenue and exciting corporate developments which will lead to further growth –2– Strategic report 4 Our business at a glance 10 Highlights of the year 12 Chairman’s statement 14 Special feature 22 Chief Executive Officer’s 42 statement 28 Strategy 30 Strategic objectives 42 Key performance indicators 44 Chief Financial Officer’s statement 50 Review of the year 60 Corporate Social Key performance indicators Responsibility Financial KPIs and operating KPIs Governance 66 64 Board of Directors 66 Directors’ report 70 Corporate governance 75 Report of the Audit Committee 77 Report of the Remuneration Committee and Directors’ Remuneration Report Financial statements 80 Consolidated statement Directors’ report and governance of financial position Principal risks, largest shareholders and governance 81 Consolidated income statement 82 Consolidated statement 44 of comprehensive income 83 Consolidated statement of changes in equity 84 Consolidated statement of cash flows 86 Notes to Consolidated financial statements Chief Financial Officer’s statement 125 Appendices to Consolidated We continued to improve our overall trading, financial statements completed several acquisitions and had several 60 128 Independent auditor’s report other corporate developments 129 Glossary 131 Current and committed projects 132 Contacts Corporate Social Responsibility We have succeeded in making our efforts much more measurable 28 79 Strategy Financial statements Significant progress was made across several of our Consolidated statements, appendices strategic objectives and auditor’s report –3– OUR BUSINESS AT A GLANCE A DYNAMIC HOSPITALITY COMPANY With a history dating back to 1989, PPHE Hotel Group is an international, dynamic hospitality company, with a strong asset base and ownership of, and access to, world-class brands including an exclusive brand licence from Carlson, one of the world’s largest hospitality companies. Our portfolio of owned, managed, leased and franchised hotels comprises 38 hotels, offering a total of over 8,300 guest rooms, more than 200 meeting rooms, several destination restaurants, bars, health clubs and spas. Our key markets are the United Kingdom, Germany, The Netherlands and Croatia. The United Kingdom is our primary market, with nine hotels and nearly 2,800 rooms in operation, including six hotels in central London all near major transport hubs and landmarks. Additional hotels are to be found in Leeds, Nottingham and Cardiff. In The Netherlands, our main market is Amsterdam, where we have four hotels of which three are in the city centre and one is near Schiphol Airport. Our portfolio in this country extends to include hotels in Utrecht and Eindhoven. In Germany, Berlin is our core destination, with five hotels, and we have additional hotels in Cologne, Dresden and Trier. In Croatia, our 12 hotels are located in and around Pula and Medulin on the Adriatic coast in Istria. In addition, we offer hotels in Hungary and Israel. Our development pipeline includes four new hotel projects, three of which are located in London and one in Nuremberg in Germany. In addition, we have one extension and reconfiguration and two rebranding projects. These developments are expected to add another 1,200 rooms to our portfolio by 2017. PPHE Hotel Group’s corporate office is located in Amsterdam in The Netherlands, with additional support offices in Amsterdam, Berlin and London. –4– The PPHE Hotel Group portfolio includes 38 properties offering a total of more than 8,300 guest rooms in Europe, the Middle East and Africa across owned, managed and franchised operations. Our primary activities are owning, leasing, developing, operating and franchising full-service upscale and lifestyle hotels. pphe.com PPHE HOTEL GROUP CONTRACT MIX Operated without, or with minority, ownership interest Wholly owned Operating leases Franchise agreements 42 New hotel projects (all ownership of 50% or more) –5– OUR BUSINESS AT A GLANCE A WELL-INVESTED HOTEL PORTFOLIO We own or co-own the majority of our hotels and many were developed, converted or extensively renovated and repositioned by us. This means our properties have been developed to provide accommodation to our own high standards and specific requirements. We have a strong eye for identifying, optimising and realising real estate values, while delivering excellent returns through our management expertise. Our hotels are usually located in city centres, near major transport hubs and local landmarks. In addition, we focus on maximising revenue from each hotel through generating income from other areas such as meetings, events, restaurants, bars and spas. In 2008, we entered the resort segment of the market through our partnership with Arenaturist in Croatia. We proudly introduce a selection of our landmark hotels which are owned or co-owned. –6– PARK PLAZA WESTMINSTER BRIDGE LONDON PARK PLAZA RIVERBANK LONDON/ PLAZA ON THE This spectacular 1,019-room hotel was one of the largest RIVER LONDON to open in London in 40 years and exemplifies our creative We opened our first purpose-built property on London’s South vision to regenerate a key London site and to deliver a Bank in 2005 in what is today an enviable riverside location. This self-financing, environmentally friendly development. development includes a four-star hotel and five-star all-suite This hotel offers some of London’s largest and most concept and was one of the first dual-branded hotels in Europe. versatile meeting space, including a ballroom for 1,400 Both hotels have created their unique niche in the market and delegates, several concept restaurants and bars, an have received multiple awards and recognition. The property exclusive spa and health club with swimming pool. This offers 460 rooms, extensive meeting and event space and landmark project was completed a year ahead of schedule; a Chino Latino restaurant. The immediate surroundings of the hotel’s unique attributes were quickly acknowledged this development have undergone a major transformation in and we achieved 80% occupancy within its first year of recent years, from which we expect to benefit.
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