23.03.2016 Design Hotels AG  DE0005141006

DGAP-News: Design Hotels AG publishes Annual Results 2015


 
DGAP-News: Design Hotels AG / Key word(s): Final Results Design Hotels AG publishes Annual Results 2015 23.03.2016 / 08:31 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - CONVENIENCE TRANSLATION - Design Hotels AG publishes Annual Results 2015 - Revenue increases by about 11 percent to Euro 16.878m - EBITDA increases by 12 percent to Euro 1.939m Berlin, March 23, 2016 - Design Hotel AG (m:access, Munich: LBA; ISIN: DE0005141006) publishes results for the financial year 2015. Revenue increased by about 11% and meets the expectations set forth in the beginning of the year. The operational result increased by 12% and, therefore, also complies with the expected result. Key Events: On November 12, 2015, Design Hotels AG announced the conclusion of a Services Agreement with Starwood Hotels & Resorts Worldwide, Inc. ("Starwood") and its subsidiary company Preferred Guest, Inc. The agreement allows Design Hotels AG to connect a selection of its member hotels to the Starwood Preferred Guest ("SPG") customer loyalty program and Starwood's distribution channels. Key Financials: Total Revenue increased by about 11% Euro 16.878m (15.207). Revenue from License Fees for membership with Design Hotels increased by 12% to Euro 3.883m (3.462). This contributes 23% (23) to total revenue. On December 31, 2015, Design Hotels had 306 (288) member hotels in its portfolio with 23,202 (22,262) rooms in 190 destinations and 59 countries. Booking commissions came in at Euro 7.773m (7.082) in 2015, which means a 10% increase compared to the previous year. Commissions accounted for 46% (46) of the total revenue. Revenue from Marketing and Consulting Services increased with 12% in 2015 and reached Euro 5.222m (4.663). It accounts for 31% (31) of total revenue. The Gross Margin is slightly below last year's level and came in at 65% (68). Gross Revenue was Euro 10.934m (10.373), which is an increase of 5% compared to the previous year. The increase is disproportionally lower compared to the increase of total revenue. This is due to an unfavorable value of the Euro against the US-Dollar with the reservation services provider as well as the higher share of the low-margin marketing and consulting services in total revenue. The average number of employees increased from 75 to 78. Therefore, Staff Expenses grew from Euro 5,758m to Euro 5,940m. At the same time, Revenue per Employee went up from Euro 0.203m to Euro 0.216m. 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 1.689m (1.433). They are directly related to the revenue development and increased slightly to 10% (9) compared to the previous year. The increase of the selling expenses is mainly due to increasing advertising expenses in relation to seasonal marketing products. Other Operating Expenses decreased slightly to Euro 1.452m (1.578). EBITDA increased by about 12% to Euro 1.939m (1.727) in 2015. The EBITDA margin was 11% (11). EBIT reached Euro 1.567m (1.402) in 2014. Net Profit came in at Euro 1.592m (1.418). On December 31, 2015, the Company had cash and cash equivalents in the amount of Euro 1.304m, as compared to Euro 5.713m on December 31, 2014. The decrease in cash and cash equivalents and other current assets resulted from an intercompany loan in the amount of EUR 5.25m Starwood (M) France Holdings SAS, a subsidiary of the main shareholder Starwood Hotels & Resorts Worldwide, Inc. The Management Board assumes that in 2016, all payment obligations arising from the current operations can be covered by the cash inflows from operating activities. Shareholders' equity increased from Euro 6.132m to Euro 7.262m. The equity ratio amounts to 66% (66%). Further Comments: The international travel industry experienced an upswing in 2015 with already more than 1 billion travelers worldwide in October. Economic factors, geopolitical challenges, riots and terrorist attacks have rather regional effects on the travel sector; the industry in general proved to be stable against crises. Key figures from the tourism industry - revenue per available room, average rates and occupancy - increased worldwide compared to the previous year. Design Hotels was able to benefit from these developments and has even grown 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 2015. We were able to increase revenues in all business areas and meet the expectations expressed in the beginning of the financial year. The assumption, that Earnings before Interest and Taxes would decrease compared to the previous year, which we expressed in mid-2015, did not prove true. The reason for this are lower costs in 2015 from the collaboration with Starwood Hotels & Resorts. Also for the year 2016, we expect an increase in revenue and operating profit." As to the services agreement with Starwood Hotels & Resorts, Inc. Sendlinger further commented: "The conclusion of the services agreement enables us to expand the product and service offering to our member hotels now. Participating hotels get access to Starwood's customer loyalty program Starwood Preferred Guest SPG and connectivity to Starwood's distribution channels, namely the Starwood websites, the SPG mobile application, and the customer contact center." Financial Calendar: 16. June 2016 - 18th Annual Shareholder Meeting in Berlin 1. August 2016 - Publication of Half Year Results 2016 13. October 2016 - Investor Presentation at m:access Conference in Munich Group Overview According to HGB Consolidated Profit & Loss Statement (all figures in Thousand Euro)
Total as per 31. December
                                              2015                   2014
Revenue
Annual License Fee                            3.883                  3.462
Commissions                                   7.773                  7.082
Marketing Products/Consulting                 5.222                  4.663
Total Revenue                                 16.878                 15.207
Cost of Sales                                 5.944                  4.834
Gross Profit                                  10.934                 10.373
Staff Expenses                                5.940                  5.758
Selling Expenses                              1.689                  1.433
Administration Expenses                       1.452                  1.578
Total Operating Expenses                      9.081                  8.769
Other Operating Income                        358                    307
Other Operating Expenses                      272                    184
EBITDA                                        1.939                  1.727
EBIT                                          1.567                  1.402
EBT                                           1.592                  1.418
After-Tax Profit                              1.120                  998
Average Number of Employees                   78                     75
Revenue per Employee                          216                    203


Consolidated Statement of Cash Flow (all figures in Thousand Euro)
As per December 31
                                                       2015          2014
EBITDA from Profit and Loss Statement                  1.939         1.727
Cashflow from investment activities                    -5.573        -265
Balance of cash changes in operating activities        -775          -140
Change in cash and cash equivalents                    -4.409        1.306
Cash and cash equivalents at start of period           5.713         4.407
Cash and cash equivalents at end of period             1.304         5.713
Guarantees                                             99            76
Cash and cash equivalents                              1.208         5.637


Consolidated Balance Sheet
                                      31.12.2015        31.12.2014
Assets                                EUR        EUR    EUR        EUR

Long-term Assets
Fixed assets                                        772              798

Short-term Assets
Inventory                                    379               381
Accounts Receivable                        2.293             1.963
Receivables from affiliated companies      5.667                 0
Other Assets                                 521               429
Liquid Funds and Securities                1.304 10.164      5.713 8.486

Total Assets                                     10.936            9.284

Liabilities

Shareholder's Equity
Share Capital                              8.972             8.972
Cumulative other equity capital           -1.727            -1.727
Net Profit / Accumulated losses                7  7.262     -1.113 6.132

Short-Term Liabilities
Accruals                                   1.530             1.334
Down-payments                                738               693
Accounts payable                             401               231
Other liabilities                          1.005  3.491        894 3.152

Total Liabilities                                10.936            9.284


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

As of            8.972      -1.113                         -1.727     6.132
31.12.2014


As of            8.972      -1.113                         -1.727     6.132
1.1.2015
Group annual                 1.120                                    1.120
profit
Other                                                          10        10
consolidated
results
Total result                 1.120                             10     1.130

As per           8.972           7                         -1.717     7.262
31.12.2015


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 300 privately owned hotels in over 55 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) --------------------------------------------------------------------------- 23.03.2016 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 --------------------------------------------------------------------------- 447627 23.03.2016


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 , -