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EVOLUTION NH HOTELES – IBEX
DECEMBER 2008 - DECEMBER 2012
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NH HOTELES
IBEX
Sept-12 Dec-12
At the NH Hoteles, S.A. Board Meeting held on 23 November 2012, the Chairman, Mr Mariano Pérez Claver stated his decision to depart from his role as
company Chairman and CEO and Board Member. Following the report of the Appointments and Remuneration Committee, the board agreed to appoint
Mr Rodrigo Echenique Gordillo as the new non-executive Chairman, and Mr Federico González Tejera as CEO. Both Mr Rodrigo Echenique Gordillo and Mr
Federico González Tejera are professionals with extensive business experience.
FUTURE OUTLOOK
The hotel industry is especially sensitive to the economic climate and corporate activity. However, it has shown better growth and occupancy levels than other
productive activities each year over the past few years. The forecasts made by World Travel & Tourism Council (WTTC) for the next ten years point towards
global year on year growth rates of between 3% and 4% and an increased weight of tourism and hospitality in global GDP. Nevertheless, in the case of Europe,
where NH Group still has most of its markets, growth forecasts for these activities vary between 1% and 3% depending on the countries in question.
Over the last five years, large hotel companies like NH Hoteles, with a significant turnover and a large number of hotels, operating in many countries, with
access to international distribution channels, etc. have been achieving economic results that have substantially exceeded the results recorded by smaller
companies with fewer hotels, which are far more sensitive to price and occupancy level fluctuations.
The absence of any changes in the macroeconomic trend leads us to estimate that NH Group will see a recovery in hotel income in the second half of the
year, with income growing at between 2% and 4%, leading to a slight increase in sales for the whole of the year against the previous year. The company will
continue to adjust the cost base and this will enable it to offset the current weak climate.
Lastly, the geographical diversification of NH Hoteles activity allows countries such as Germany, England, Austria, Switzerland and Mexico, which have a better
economic outlook for 2013, to amply compensate for the more stagnant economic trends in Spain and Italy.
On the other hand, however, there is in general little foresight with regard to customer bookings in the urban hotel sector. Except for some specific events,
bookings are being increasingly made less in advance, making it difficult to establish any kind of forecast for the year.
Since the start of the year, the company has been working on a strategic operating plan that will substantially change its business model. The redesign of the
NH brand, the segmentation of the portfolio and reinventing the “NH experience” will allow the Group to create unique solutions for everybody. In addition,
the sales, marketing and communication plans will undergo significant changes, online direct sales channels will be strengthened, and a new focus will be
placed on communicating with customers, all accompanied by a new organisational model within the company.
SUBSEQUENT DISCLOSURES
a) Agreement with HNA
On 17 April 2013, the Parent Company implemented and concluded a capital increase approved by the Board of Directors in its meeting of 27 February
2013, incorporating Tangla Spain, S.L., a company belonging to the Chinese business group HNA, into the shareholder structure of the Parent Company,
with a post-increase stake of 20% of share capital.
The aforementioned capital increase was fully subscribed and paid up at its nominal value of €123,308,716, through the issue and distribution of a total
of 61,654,358 ordinary shares, with a par value of €2 per share, along with a premium of €1.80 per share (which represents a total issue premium of
€110,977,844.40), with a total outlay of €234,286,560.40.
From this moment, HNA is represented by three members on the Board of Directors of NH Hoteles, S.A.
CONSOLIDATED MANAGEMENT REPORT 15