Danubius Hotel and Spa

Profit Statement 2012 2013 2014
Sales HUF mil 46,417 50,078 52,332
Gross Profit HUF mil 25,957 29,757 31,659
EBITDA HUF mil 6,382 8,004 8,916
EBIT HUF mil 1,806 3,220 3,952
Financing Cost HUF mil -165 1,249 1,772
Pre-Tax Profit HUF mil 1,971 1,971 2,180
Net Profit HUF mil 1,381 1,430 1,566
Dividends HUF mil 0 0 ...
Balance Sheet 2012 2013 2014
Total Assets HUF mil 85,950 86,629 90,524
Non-Current Assets HUF mil 79,683 79,684 82,351
Current Assets HUF mil 6,267 6,945 8,173
Working Capital HUF mil -1,181 -889 -778
Shareholders' Equity HUF mil 53,325 51,428 54,606
Liabilities HUF mil 32,625 35,201 35,918
Total Debt HUF mil 21,980 20,977 20,863
Net Debt HUF mil 19,095 17,421 16,252
Ratios 2012 2013 2014
ROE % 2.58 2.73 2.95
ROCE % 1.71 1.82 1.95
Gross Margin % 55.9 59.4 60.5
EBITDA Margin % 13.7 16.0 17.0
EBIT Margin % 3.89 6.43 7.55
Net Margin % 2.98 2.86 2.99
Net Debt/EBITDA 2.99 2.18 1.82
Net Debt/Equity 0.358 0.339 0.298
Cost of Financing % -0.668 5.82 8.47
Cash Flow 2012 2013 2014
Total Cash From Operations HUF mil 6,183 7,179 7,826
Total Cash From Investing HUF mil -2,791 -5,009 -5,427
Total Cash From Financing HUF mil -4,341 -491 -2,102
Net Change In Cash HUF mil -949 1,679 297
Cash Conversion Cycle days -36.0 -29.2 -29.9
Cash Earnings HUF mil 5,957 6,214 6,530
Free Cash Flow HUF mil 3,392 2,170 2,399

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales HUF mil                   46,014 42,843 42,396 43,952 46,417    
Gross Profit HUF mil                   25,258 23,874 23,372 24,221 25,957    
EBIT HUF mil                   1,367 1,122 356 490 1,806    
Net Profit HUF mil                   -411 -801 -933 -2,387 1,381    
ROE %                   -0.790 -1.52 -1.77 -4.47 2.58    
EBIT Margin %                   2.97 2.62 0.840 1.11 3.89    
Net Margin %                   -0.893 -1.87 -2.20 -5.43 2.98    
Employees ... ... ... ...           5,338 4,876 4,646 4,488 4,361    
balance sheet                                
Total Assets HUF mil                   90,262 87,071 87,325 90,501 85,950    
Non-Current Assets HUF mil                   81,682 80,276 80,027 83,620 79,683    
Current Assets HUF mil                   8,580 6,795 7,298 6,881 6,267    
Shareholders' Equity HUF mil                   52,930 52,493 53,096 53,692 53,325    
Liabilities HUF mil                   37,332 34,578 34,229 36,809 32,625    
Non-Current Liabilities HUF mil                   24,398 23,370 21,576 23,228 18,077    
Current Liabilities HUF mil                   12,934 11,208 12,653 13,581 14,548    
Net Debt/EBITDA                   3.95 3.96 4.44 4.89 2.99    
Net Debt/Equity                   0.448 0.434 0.406 0.447 0.358    
Cost of Financing % ...                 5.89 5.68 5.03 10.6 -0.668    
cash flow                                
Total Cash From Operations HUF mil ...                 1,940 4,008 4,351 4,608 6,183    
Total Cash From Investing HUF mil ...                 -3,013 -3,291 -2,514 -4,255 -2,791    
Total Cash From Financing HUF mil ...                 2,323 -1,907 147 -2,207 -4,341    
Net Change In Cash HUF mil ...                 1,250 -1,190 1,984 -1,854 -949    
valuation                                
Number Of Shares mil                   7.91 7.91 7.91 7.91 7.91    
Share Price HUF                   4,440 3,540 4,500 3,360 3,010    
Earnings Per Share (EPS) HUF                   -52.0 -101 -118 -302 175    
Book Value Per Share HUF                   6,691 6,636 6,712 6,787 6,741    
Dividend Per Share HUF                   0 0 0 0 0   ...
Price/Earnings (P/E)                   -85.5 -35.0 -38.2 -11.1 17.2    
Price/Book Value (P/BV)                   0.664 0.533 0.670 0.495 0.447    
Dividend Yield %                   0 0 0 0 0   ...
Earnings Per Share Growth % ...                 -130 94.9 16.5 156 -158    
Book Value Per Share Growth % ...                 3.58 -0.826 1.15 1.12 -0.684    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales HUF mil                   46,014 42,843 42,396 43,952 46,417    
Cost of Goods & Services HUF mil                   20,756 18,969 19,024 19,731 20,460    
Gross Profit HUF mil                   25,258 23,874 23,372 24,221 25,957    
Staff Cost HUF mil ... ...               18,144 16,571 16,496 16,708 16,788    
Other Cost HUF mil ... ...               1,117 1,562 2,023 2,611 2,787    
EBITDA HUF mil                   5,997 5,741 4,853 4,902 6,382    
Depreciation HUF mil                   4,630 4,619 4,497 4,412 4,576    
EBIT HUF mil                   1,367 1,122 356 490 1,806    
Financing Cost HUF mil                   1,566 1,529 1,309 2,829 -165    
Extraordinary Cost HUF mil                   0 0 0 0 0    
Pre-Tax Profit HUF mil                   -199 -407 -953 -2,339 1,971    
Tax HUF mil                   153 349 -71.0 17.0 519    
Minorities HUF mil                   59.0 45.0 51.0 31.0 71.0    
Net Profit HUF mil                   -411 -801 -933 -2,387 1,381    
Dividends HUF mil                   0 0 0 0 0   ...
growth rates                                
Total Revenue Growth % ...                 -0.853 -6.89 -1.04 3.67 5.61    
Operating Cost Growth % ... ... ...             2.01 -5.86 2.13 4.32 1.33    
EBITDA Growth % ...                 -21.2 -4.27 -15.5 1.01 30.2    
EBIT Growth % ...                 -53.0 -17.9 -68.3 37.6 269    
Pre-Tax Profit Growth % ...                 -111 105 134 145 -184    
Net Profit Growth % ...                 -130 94.9 16.5 156 -158    
ratios                                
ROE %                   -0.790 -1.52 -1.77 -4.47 2.58    
ROCE % ...                 -0.515 -0.988 -1.16 -2.92 1.71    
Gross Margin %                   54.9 55.7 55.1 55.1 55.9    
EBITDA Margin %                   13.0 13.4 11.4 11.2 13.7    
EBIT Margin %                   2.97 2.62 0.840 1.11 3.89    
Net Margin %                   -0.893 -1.87 -2.20 -5.43 2.98    
Payout Ratio %                   0 0 0 0 0   ...
Cost of Financing % ...                 5.89 5.68 5.03 10.6 -0.668    
Net Debt/EBITDA                   3.95 3.96 4.44 4.89 2.99    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                                
Non-Current Assets HUF mil                   81,682 80,276 80,027 83,620 79,683    
Property, Plant & Equipment HUF mil                   76,347 76,795 76,448 79,952 76,077    
Intangible Assets HUF mil ...                 2,703 3,208 3,238 3,190 979    
Goodwill HUF mil ... ... ... ... ... ...       1,626 2,175 2,175 2,175 2,175    
Current Assets HUF mil                   8,580 6,795 7,298 6,881 6,267    
Inventories HUF mil                   867 824 620 534 491    
Receivables HUF mil                   1,913 1,372 1,441 1,618 1,493    
Cash & Cash Equivalents HUF mil                   3,797 3,537 4,186 3,469 2,885    
Total Assets HUF mil                   90,262 87,071 87,325 90,501 85,950    
Shareholders' Equity HUF mil                   52,930 52,493 53,096 53,692 53,325    
Of Which Minority Interest HUF mil                   2,317 2,429 2,518 2,847 2,796    
Liabilities HUF mil                   37,332 34,578 34,229 36,809 32,625    
Non-Current Liabilities HUF mil                   24,398 23,370 21,576 23,228 18,077    
Long-Term Debt HUF mil                   21,812 21,005 19,602 20,865 15,415    
Deferred Tax Liabilities HUF mil                   1,351 1,332 1,077 1,167 1,309    
Current Liabilities HUF mil                   12,934 11,208 12,653 13,581 14,548    
Short-Term Debt HUF mil                   5,699 5,290 6,130 6,586 6,565    
Trade Payables HUF mil                   2,866 1,995 2,205 2,375 3,165    
Provisions HUF mil                   1,680 1,377 1,214 1,359 1,432    
Equity And Liabilities HUF mil                   90,262 87,071 87,325 90,501 85,950    
growth rates                                
Total Asset Growth % ...                 4.55 -3.54 0.292 3.64 -5.03    
Shareholders' Equity Growth % ...                 3.58 -0.826 1.15 1.12 -0.684    
Net Debt Growth % ...                 9.30 -4.03 -5.33 11.3 -20.4    
Total Debt Growth % ...                 7.35 -4.42 -2.14 6.68 -19.9    
ratios                                
Total Debt HUF mil                   27,511 26,295 25,732 27,451 21,980    
Net Debt HUF mil                   23,714 22,758 21,546 23,982 19,095    
Working Capital HUF mil                   -86.0 201 -144 -223 -1,181    
Capital Employed HUF mil                   81,596 80,477 79,883 83,397 78,502    
Net Debt/Equity                   0.448 0.434 0.406 0.447 0.358    
Cost of Financing % ...                 5.89 5.68 5.03 10.6 -0.668    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                                
Net Profit HUF mil                   -411 -801 -933 -2,387 1,381    
Depreciation HUF mil                   4,630 4,619 4,497 4,412 4,576    
Non-Cash Items HUF mil ...                 -2,680 477 442 2,504 -732    
Change in Working Capital HUF mil ...                 401 -287 345 79.0 958    
Total Cash From Operations HUF mil ...                 1,940 4,008 4,351 4,608 6,183    
Capital Expenditures HUF mil ...                 -5,244 -2,148 -2,514 -4,255 -2,791    
Other Investments HUF mil ...                 2,231 -1,143 0 0 0    
Total Cash From Investing HUF mil ...                 -3,013 -3,291 -2,514 -4,255 -2,791    
Dividends Paid HUF mil ...                 0 0 0 0 0   ...
Issuance Of Debt HUF mil ...                 1,884 -1,216 -563 1,719 -5,471    
Total Cash From Financing HUF mil ...                 2,323 -1,907 147 -2,207 -4,341    
Net Change In Cash HUF mil ...                 1,250 -1,190 1,984 -1,854 -949    
ratios                                
Days Sales Outstanding days                   15.2 11.7 12.4 13.4 11.7    
Days Sales Of Inventory days                   15.2 15.9 11.9 9.88 8.76    
Days Payable Outstanding days                   50.4 38.4 42.3 43.9 56.5    
Cash Conversion Cycle days                   -20.0 -10.8 -18.0 -20.6 -36.0    
Cash Earnings HUF mil                   4,219 3,818 3,564 2,025 5,957    
Cash Earnings Per Share HUF                   533 483 451 256 753    
Price/Cash Earnings (P/CE)                   8.33 7.33 9.99 13.1 4.00    
Free Cash Flow HUF mil ...                 -1,073 717 1,837 353 3,392    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                                
ROA %                   -0.465 -0.903 -1.07 -2.68 1.57    
Gross Margin %                   54.9 55.7 55.1 55.1 55.9    
Employees ... ... ... ...           5,338 4,876 4,646 4,488 4,361    
Cost Per Employee USD per month ... ... ... ...           1,644 1,402 1,422 1,543 1,426    
Cost Per Employee (Local Currency) HUF per month ... ... ... ...           283,252 283,207 295,882 310,235 320,798    
Staff Cost (As % Of Total Cost) % ... ...               40.6 39.7 39.2 38.4 37.6    
Effective Tax Rate %                   -76.9 -85.7 7.45 -0.727 26.3    
Capital Expenditures (As % of Sales) % ...                 11.4 5.01 5.93 9.68 6.01    
Sales from Rooms Department HUF mil ... ... ... ... ... ...       21,811 21,215 20,914 21,368 23,004    
Sales from Food & Beverage HUF mil ... ... ... ... ... ...       14,996 13,020 12,719 13,160 13,621    
Sales from Spa Department HUF mil ... ... ... ... ... ...       6,197 5,841 5,801 5,926 6,477    
Sales from Other Minor Departments HUF mil ... ... ... ... ... ...       2,138 1,777 2,056 2,084 2,111    
Sales from Wineries HUF mil ... ... ... ... ... ...       155 155 132 161 54.0    
Sales from Security Services HUF mil ... ... ... ... ... ... ...     717 835 774 806 667    
Sales from Other HUF mil ... ... ... ... ... ...       1,159 642 525 447 483    
Number of Rooms rooms ... ... ... ...           8,109 8,164 7,843 7,850 ...    
Number Of Rooms (Hungary) rooms ... ... ...             5,544 5,597 5,327 5,345 ...    
Number Of Rooms (Czech Rep.) rooms ... ... ...             825 834 810 807 ...    
Number Of Rooms (Slovakia) rooms ... ... ...             1,340 1,333 1,306 1,298 ...    
Number Of Rooms (Romania) rooms ... ... ... ...           400 400 400 400 ...    
Occupancy Rate % ... ... ...             67.4 62.5 63.3 63.8 65.0    
Occupancy Rate (Hungary) % ... ... ...             63.1 55.2 57.2 58.3 60.4    
Occupancy Rate (Czech Rep.) % ... ... ...             79.0 75.8 77.0 78.8 77.0    
Occupancy Rate (Slovakia) % ... ... ...             72.1 62.2 62.2 60.5 64.3    
Occupancy Rate (Romania) % ... ... ... ...           55.3 56.6 56.7 57.7 58.4    
Price per Room (Local Currency) HUF ... ... ...             11,246 12,392 12,561 13,091 14,375    
Price per Room - Hungary (Local Currency) HUF ... ... ...             12,288 13,076 12,628 12,301 12,872    
Price per Room - Czech Rep. (Local Currency) HUF ... ... ...             15,624 18,094 19,231 19,909 22,302    
Price per Room - Slovakia (Local Currency) HUF ... ... ...             9,064 11,292 11,496 12,183 13,003    
Price per Room - Romania (Local Currency) HUF ... ... ... ...           8,008 7,106 6,888 7,969 9,321    
Price per Room (USD) USD ... ... ...             65.3 61.4 60.4 65.1 63.9    
Price per Room - Hungary (USD) USD ... ... ...             71.3 64.8 60.7 61.2 57.2    
Price per Room - Czech Rep. (USD) USD ... ... ...             90.7 89.6 92.4 99.0 99.1    
Price per Room - Slovakia (USD) USD ... ... ...             52.6 55.9 55.2 60.6 57.8    
Price per Room - Romania (USD) USD ... ... ... ...           46.5 35.2 33.1 39.6 41.4    
Number Of Staff (Hungary) persons ... ... ...             2,725 2,492 2,364 2,364 ...    
Number Of Staff (Czech Rep.) persons ... ... ...             658 619 602 604 ...    
Number Of Staff (Slovakia) persons ... ... ...             1,296 1,240 1,187 1,187 ...    
Number Of Staff (Romania) persons ... ... ... ...           251 245 243 244 ...    

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Danubius Szalloda es Gyogyudulo Nyrt is a Hungary-based operator of a thermal spa hotel chain. The Company's is mainly engaged in leisure, wellness and spas sector. Danubius offers accommodation as well as a range of medical, relaxation and well-being treatments and activities. Danubius is the largest hotel group in Hungary, but is has expanded abroad in the past. With 56 hotels, the Company is located in Hungary, Great Britain, Czech Republic, Slovakia, and Romania. In the middle of 2013, UK-based CP Holdings Limited held over 80% of the Company's share.