NH Hoteles holds its annual general meeting in the Netherlands
(01/06/04 16:21 CET)

The company has once again given its shareholders a dividend of Eur0.25 per share
NH Hoteles shows clear signs of improvement in Holland during the first quarter, with an increase of EBITDA of 20% compared to the same period the year before
Sales at NH Hoteles are up by 6.1% and EBITDA by 61%. Worthy of mention is the upswing in Germany, where sales grew by 9.6%; occupancy by 2.2% and REVPAR by 3.8%.


Madrid, 1 June 2004.- Today NH Hoteles held its Annual General Meeting in the Netherlands, where it has been listed on the Amsterdam (Euronext) stock exchange since 2000, when it bought the Dutch chain Krasnapolsky. The company is showing clear signs of improvement in Holland during the first quarter, with an increase of EBITDA of 20% compared to the same period the year before. The efforts aimed at improving management efficiency in the Netherlands and Belgium in 2003 has led to the 5.9% saving in operating costs during the first quarter of 2004. Sales also show clear symptoms of recovery giving up only 2% compared with a total reduction of 13% in 2003.

This year's meeting has approved, among other matters, the company's accounts for 2003 and the inclusion of two new members of the Board: Ignacio Ezquiaga Domínguez, representing the Company Hoteles Participados, and Miguel Rodríguez Domínguez as well as the renewal of Aurelio Izquierdo Gómez, who represents Bancaja. The company has also decided to distribute a dividend of Eur0.25 per share once again. The effective date of this dividend payment is as from today.

NH Hoteles Results

During the Meeting, Gabriele Burgio, the chain's Managing Director, analysed NH Hoteles' global results for the first three months of 2004. In the first quarter the company recorded net earnings totalling Eur1.52 million, compared to the Eur3.62 million loss recorded in the same period in 2003. Revenues were up 6.1% to Eur219.5 million. EBITDA recovered strongly and was up by 61% to Eur38 million.

Worthy of mention is the upswing in Germany, were sales have increased by 9.6%; occupancy by 2.2% and REVPAR by 3.8%. The cost per room available fell by 6% compared to the first quarter of 2003 and net debt fell by 33.35% in one year, down to Eur454 million.

Latin America has continued to perform most satisfactorily. Sales in Argentina are up by 65.6%; occupancy by 22% and ADR by 34%. Sotogrande posted record revenues of Eur27.4 million compared to Eur4.6 million a year ago. It also has sales commitments totalling Eur82 million, compared to Eur38.5 million in March 2003.

ABOUT NH HOTELES

The NH Hoteles Group (www.nh-hoteles.com), after the acquisition of the Dutch Krasnapolsky hotel chain in July 2000, the Mexican hotel chain Krystal in June 2001 and the German Astron hotels in February 2002, ranks third in the European ranking for business hotels. NH Hoteles has 240 hotels and 34,000 rooms in 16 countries in Europe, Latin America and Africa.

The acquisition of the German hotel chain Astron has meant NH Hoteles’ consolidation in Europe, as Astron was the third most important operator in urban hotels in Germany. NH Hotels currently has 27 projects for new hotels under construction, which shall entail 4,000 new rooms. NH Hoteles stands out in quality both as regards services and facilities, with very carefully thought out decoration, intended to please all tastes, uniform, and making the customer feel comfortable.

NH Hoteles’ establishments offer the most advanced technologies designed to facilitate the customer’s communication as well as his work and leisure. The restaurants form another priority for hotels in the chain, offering customers first-rate cuisine. Furthermore, the prestigious restaurateur Ferran Adriá, creator of El Bulli restaurant, has entered into an association with NH Hoteles, launching new concepts such as "nhube", pioneering spaces in the hotel sector combining food, leisure and rest for the chain’s customers, and "Fast Good".

The NH Hoteles Group is listed on the Stock Exchanges of Madrid (in the selective Ibex 35 Index) and Amsterdam, in Euronext. Furthermore, NH Hoteles is a member of Stoxx Europe 600, including the best European companies. Also, NH Hoteles is included in the prestigious Morgan Stanley Capital International (MSCI) securities index.


Wij van de redactie zullen ook nog ons verslag van de bijeenkomst geven.