26.03.2015 Design Hotels AG  DE0005141006

DGAP-News: Design Hotels AG publishes Annual Results 2014


 
DGAP-News: Design Hotels AG / Key word(s): Final Results Design Hotels AG publishes Annual Results 2014 26.03.2015 / 08:31 --------------------------------------------------------------------- Design Hotels AG publishes Annual Results 2014 - Revenue increases by almost 11 percent to Euro 15.2m - EBITDA increases by 20 percent to Euro 1.7m Berlin, March 26, 2015 - Design Hotel AG (m:access, Munich: LBA; ISIN: DE0005141006) publishes results for the financial year 2014. Revenue increased by about 11% and meets the expectations set forth in the beginning of the year. The operational result increased by 20% and, therefore, also complies with the expected result. Key Events: In January 2014, Starwood Hotels & Resorts Worldwide Inc., Stamford, Connecticut, USA informed Design Hotels AG that Starwood owns more than one quarter of the Design Hotels shares and, at the same time, a majority stake in Design Hotels AG directly. Consequently, the parties entered negotiations about the conclusion of a domination agreement. The domination agreement was concluded on June 11, 2014. The annual general meeting of Design Hotels AG resolved to approve of the domination agreement on July 21, 2014. On September 5, 2014, the agreement has been registered with the commercial register of the local court Berlin-Charlottenburg. The domination agreement will provide for a cash compensation pursuant to Section 305 of the German Stock Corporation Act ("AktG") in the amount of EUR 2.25 per share and a guaranteed dividend pursuant to Section 304 AktG in the amount of EUR 0.10 per share (EUR 0.08 net per share) for each full financial year. Key Financials: Total Revenue increased by almost 11% Euro 15.207m (13.752). Revenue from License Fees for membership with Design Hotels increased by 7% to Euro 3.462m (3.245). This contributes 23% to total revenue compared to 24% in 2013. On December 31, 2014, Design Hotels had 288 (268) member hotels in its portfolio with 22,262 (20,372) rooms in 185 destinations and 55 countries. Booking commissions came in at Euro 7.082m (6.465) in 2014, which means a 10% increase compared to the previous year. Commissions accounted for 46% (47) of the total revenue. Revenue from Marketing and Consulting Services showed the highest increase with 15% this year and reached Euro 4.663m (4.042). It accounts for 31% (29) of total revenue. The Gross Margin is slightly below last year's level and came in at 68% (69). Gross Revenue was Euro 10.373m (9.486), which is an increase of 9% 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 83 to 85. Therefore, Staff Expenses grew from Euro 5,426m to Euro 5,758m. At the same time, Revenue per Employee went up from Euro 0.166m to Euro 0.179m. The increase of staff was necessary to manage the growing business from the increasing number of member hotels as well as the intensified and more individualized customer service. Selling Expenses came in at Euro 1.433m (1.369). They are directly related to the revenue development and amounted for 10% (10). Other Operating Expenses increased slightly to Euro 1.578m (1.220). The increase is mainly due to the costs for the domination agreement (Euro 259,000). EBITDA increased by about 20% to Euro 1.727m (1.434) in 2014. The EBITDA margin was 11% (10). EBIT reached Euro 1.402m (1.182) in 2014. Net Profit came in at Euro 1.418m (1.198). On December 31, 2014, the Company had cash and cash equivalents in the amount of Euro 5.713m, as compared to Euro 4.407m on December 31, 2013. Shareholders' equity increased from Euro 5.118m to Euro 6.132m. The equity ratio amounts to 66% (66%). Further Comments: 2014 was another record year for the global tourism industry, with more than 1.1 billion travelers worldwide. The hospitality industry was able to continue its growth path despite many regional crises; both occupancy and average rates have increased over the previous year. Design Hotels could benefit from these developments and even grow disproportionately compared with the average market development. CEO Claus Sendlinger commented: "We are very pleased with the company's development and the corresponding figures for 2014. We increased sales in all business areas and meet the expectations expressed at the beginning of the financial year in full. The costs that incurred as part of the 2014 concluded domination agreement with Starwood Hotels & Resorts have had an impact on earnings; nevertheless, we managed to improve the operating earnings. Also for the year 2015, we expect an increase in revenue and operating profit." As to the domination agreement with Starwood Hotels & Resorts, Inc. Sendlinger further commented: "We want to expand our business internationally and believe that the collaboration with Starwood Hotels & Resorts will leverage the strategic development of the company in the future. Currently, we are in the process of elaborating the framework conditions and necessary requirements of a comprehensive partnership." Financial Calendar: 12. June 2015 - Investor Presentation at m:access Conference in Munich 17. June 2015 - 17th Annual Shareholder Meeting in Berlin 3. August 2015 - Publication of Half Year Results 2015 Group Overview According to HGB Consolidated Profit & Loss Statement (all figures in Thousand Euro)
Total as per 31. December
                                              2014                   2013
Revenue
Annual License Fee                            3.465                  3.245
Commissions                                   7.082                  6.465
Marketing Products/Consulting                 4.663                  4.042
Total Revenue                                 15.207                 13.752
Cost of Sales                                 4.834                  4.266
Gross Profit                                  10.373                 9.486
Staff Expenses                                5.758                  5.426
Selling Expenses                              1.433                  1.369
Administration Expenses                       1.578                  1.220
Total Operating Expenses                      8.769                  8.016
Other Operating Income                        307                    328
Other Operating Expenses                      184                    365
EBITDA                                        1.727                  1.434
EBIT                                          1.402                  1.182
EBT                                           1.418                  1.198
After-Tax Profit                              998                    834
Average Number of Employees                   85                     83
Revenue per Employee                          179                    166


Consolidated Statement of Cash Flow (all figures in Thousand Euro)
As per December 31
                                                        2014          2013
EBITDA from Profit and Loss Statement                   1.727         1.434
Cashflow from investment activities                     -281          -503
Balance of cash changes in operating activities         -140          -526
Change in securities portfolio                          0             0
Change in cash and cash equivalents                     1.306         405
Cash and cash equivalents at start of period            4.407         4.002
Cash and cash equivalents at end of period              5.713         4.407
Guarantees                                              76            52
Cash and cash equivalents                               5.637         4.355


Consolidated Balance Sheet
                                31.12.2014           31.12.2013
Assets                          EUR        EUR       EUR        EUR

Long-term Assets
Fixed assets                                 797.976              866.025

Short-term Assets
Inventory                          380.904              216.937
Accounts Receivable              1.962.359            1.821.570
Other Assets                       429.481              424.445
Liquid Funds and Securities      5.713.385 8.486.129  4.407.254 6.870.206

Total Assets                               9.283.504            7.736.232

Liabilities

Shareholder's Equity
Share Capital                    8.972.072            8.972.072
Cumulative other equity capital -1.727.238           -1.743.103
Accumulated losses              -1.113.252 6.131.581 -2.110.868 5.118.102

Short-Term Liabilities
Accruals                         1.334.136            1.215.297
Down-payments                      692.737              448.777
Accounts payable                   231.302              199.314
Other liabilities                  893.746 3.151.922    756.743 2.618.130

Total Liabilities                          9.283.504            7.736.232


Change in Shareholder's Equity (all figures in Thousand Euro)
                              Loss      Directly in shareholder's
                 Share     carried       equity included charges,
               Capital     forward               profit, and loss     Total
As of            8.972      -2.945                         -1.734     4.293
1.1.2013
Group annual                   834                                      834
profit
Other                                                          -9        -9
consolidated
results
Total result                   834                             -9       825

As of            8.972      -2.111                         -1.743     5.118
31.12.2013


As of            8.972      -2.111                         -1.743     5.118
1.1.2014
Group annual                   998                                      998
profit
Other                                                          16        16
consolidated
results
Total result                   998                             16     1.014

As per           8.972      -1.113                         -1.727     6.132
31.12.2014


Contact: Design Hotels AG Sascha Wolff (Chief Financial Officer) Stralauer Allee 2c 10245 Berlin Tel. +49 (0)30 88 494 00 14 Fax +49 (0)30 25 933 01 7 [email protected] About Design Hotels(TM) Design Hotels(TM) represents and markets a curated selection of more than 280 privately owned hotels in over 50 countries across the globe. Design Hotels offers them an international platform as well as comprehensive services: Conception, positioning, marketing, sales and other services and measures to optimize their revenues. As part of a worldwide creative network Design Hotels provides for innovation and exchange of ideas among its members, guests and visionary people from other branches. None of the Design Hotels members equals another. Each one has its own character, history and kind and manner how it blends in with the environment. All houses are connected through their uniqueness. They are formed by their creators, hoteliers, architects, designers and other creative minds whose passion form unrivalled events based on good ideas. www.designhotels.com, ISIN: DE0005141006, m:access Munich Stock Exchange (Regulated Unofficial Market) --------------------------------------------------------------------- 26.03.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 337191 26.03.2015


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBITDA1,2 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBITDA-Marge3 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBIT1,4 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBIT-Marge5 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Jahresüberschuss1 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Netto-Marge6 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Cashflow1,7 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Ergebnis je Aktie8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer:

INVESTOR-INFORMATIONEN
©boersengefluester.de
WKN Kurs in € Einschätzung Börsenwert in Mio. €
0,000 0,00
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 0,00 0,00 0,00
KBV KCV KUV EV/EBITDA
0,00 0,00 0,00 0,00
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
Hauptversammlung
0,00 0,00 0,00
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
0,00% 0,00% 0,00% 0,00%
    
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Touristik , 514100 , LBA , -