NH Cuts in Loss by 84% to €40 million in 2013

28/02/2014 – Expansion

The NH Hotel Group sees the light at the end of the tunnel. In 2013, the chained obtained liquidity thanks to the Chinese HNA´s stake purchase, a bond issue of €500 million, general shareholding re-organization and debt refinancing. The improvement is reflected by the company´s performance sheets.

Last year, the NH lost €39.81 million that indicates 86.4% less than a year before. The cut-off could be made real through a sale of the Hotel Krasnapolsky in Amsterdam, provisions linked to asset impairment and restructuring of business in Spain and Italy.

The group´s Ebidta increased by 2.9% to €121.6 million and the revenues decreased by 1.4% to €1.260,4 million, due to the leave of hotels from its portfolio, minor sales of restaurants and the price drop-off. Spain added about 24.4% to sales.

In 2014, the NH foresees an increase of  between 3% and 5% in the RevPar (Revenue Per Available Room) and between 5% and 10% in the recurrent Ebitda. Moreover, the chain pledged selling assets for €125 million. On 31st of December, its debt exceeded €745 million.

Yesterday, the NH announced leave of Daoqi Liu from HNA who will be substitited by Haibo Bai and step down of the two advisors of Bankia. On the stock market, the NH depreciated by 2% to €4.52.

 

 

Original article: Expansión (Y. Blanco)

Translation: AURA REE

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