2018 Full Year Results Building for the Future - People and Property - Dalata Hotel Group
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2018 Full Year Results Building for the Future - People and Property
Contents
KPIs & Market Backdrop slide 3
2018 Financial Performance slide 9
Driving Portfolio Growth slide 17
Strategic Priorities slide 21
Outlook for 2019 slide 23
Appendices slide 24
DISCLAIMER
The presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the
information available to them up to the time of their approval of this presentation.
Due to inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual
results may differ materially from those expressed or implied by these forward-looking statements. The Directors undertake no
obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future
events or otherwise.
2018 Full Year Results
Building for the Future - People and Property
Slide | 2
Clayton Hotel Ballsbridge, Dublin KPIs & MARKET BACKDROP Slide | 3
Continuing Our Strong Performance
Revenue of €393.7 million 11.8%
2018 Revenue
€393.7 million
Adjusted EBITDA1 of €119.6 million 14.0%
Profit before tax of €87.3 million 13.0%
Adjusted basic EPS2 of 42.8 cent 11.7%
2018 Profit before tax
Free cash
€74.7 flow of €86.6 million
million 20.7%
8,7464 rooms at 31 December 2018; 9,0464 rooms today
FY 2018 Dublin Regional Ireland United Kingdom
RevPAR growth3 8.8% 5.2% 3.1%
EBITDAR margin 48.5% 28.5% 39.0%
Dalata rooms 4,460 1,797 2,233
1. EBITDA is adjusted to show the underlying performance of the Group and excludes items which are not reflective of normal
trading activities or distort comparability ‘year on year’ or with other similar businesses
2. Excludes the tax adjusted effects of items referred to in point 1 above
3. RevPAR growth reflects a full twelve-month performance of acquisitions regardless of when acquired and exclude the new
hotels which opened during 2018 and the Tara Towers Hotel which closed in September 2018. Clayton Hotel Dublin Airport
is excluded from Dublin due to the significant extension completed during 2018 which would distort comparability
4. Includes 256 rooms under management contracts
2018 Full Year Results
Building for the Future - People and Property
Slide | 4
Financial Metrics – FY 2018
Profitability Metrics Balance Sheet Metrics Cash flow Metrics
Group RevPAR increased by Normalised return on capital employed1 of 12.6% Strong free cash flow1
4.7% (2017: 12.5%) of €86.6 million
Group EBITDAR margin of 42.8% Net property revaluation gain of €99.8 million representing a 70.8%
Split of rooms is 74% owned and Net Debt to Adjusted EBITDA of 2.3x (2017: 2.4x) conversion1 of cash
26% leased Debt and lease service cover1 of 2.2x EBITDA
Split of EBITDA is 78% owned Proposed final dividend of 7.0 cent per share
hotels and 22% leased hotels Dividend cover1 of 4.1x
1 Refer to glossary on slide 32
Owned and leased hotels Share of revenue Share of EBITDA
20% 19%
10
16
20% 16%
60% 65%
13
Dublin Regional Ireland UK
2018 Full Year Results
Building for the Future - People and Property
Slide | 5
Strong Economic Outlook
GDP & Total Employment growth Tourist numbers1 in Ireland vs. Dublin Airport passengers
Source: Central Bank of Ireland & CSO Source: Failte Ireland & CSO
million
7.5% 11.0 31.5
7.2% 31.0
10.0 29.0
5.0% 9.0 9.0 27.0
4.4% 25.0
3.3% 3.6% 8.0
3.1% 23.0
2.3% 2.2% 7.0 21.0
1.7% 18.4
19.0
6.0
5.9 17.0
5.0 15.0
2016 2017 2018 2019F 2020F
GDP (% change) Total Employment (% change YoY)
Tourists (m, LHS) - 2018 not yet released
Dublin Airport passengers (m, RHS)
Strong fundamentals continue to support Irish hotel market
FDI jobs growth of circa 5-6% per annum
Visitors numbers1 up 6.9% to 10.6 million in 2018 (CSO)
Additional routes and capacity at Dublin Airport
1 Refer to glossary on slide 32
2018 Full Year Results
Building for the Future - People and Property
Slide | 6Increasing diversity of visitor sources
Tourist numbers1 visiting Ireland % of bed nights sold to Average spend in Ireland per
by area of residence international visitors visitor Q1-Q3 2018
Total
6.6 6.3 8.0 9.0 11.2 14.2 17.4 19.2 15.8
(million)
5% €1,000
6% 6% 7% 7% 8% 8% 8% 8% €911
14% €900
15% 16% 19%
28% 28% 29% €800 €732
33% 35%
€700
35%
36% 36% €600
36% €505
34% €500
39% 38%
37% 37% €400
€300 €267
46% 43% 42% 38% €200
31%
24% 25% 21% 19% €100
€0
2009 2012 2015 2017 2009 2012 2015 2017 Q1-Q3
2018
Source: Failte Ireland Source: CSO Source: CSO
UK Europe North America Other
1 Refer to glossary on slide 32
2018 Full Year Results
Building for the Future - People and Property
Slide | 7Market Review | Dublin
Savills Ireland forecast net additional
5,500 rooms by 2020 STR Global forecast for Dublin
2,919 2017 2018 2019 2020 2021
3,000 Dublin
Actual Actual Forecast Forecast Forecast
2,500
Occupancy 83.1% 83.8% 79.3% 76.9% 75.7%
2,000 1,613
1,500 ARR 136.3 145.2 147.2 147.6 150.3
992
1,000 RevPAR 113.5 121.7 116.6 113.6 113.7
500 RevPAR %
7.4% 7.2% (3.2%) (2.6%) 0.1%
- Variance
2018 2019 2020 Source: STR Global November 2018
Source: Savills
Total market size of circa 20,500 rooms
Increase in supply expected to be matched by increase in demand from continued economic growth, continued increase
in FDI job numbers and increased visitor numbers
Actual supply of new rooms has consistently been materially lower than forecasted
Recent STR projections have underestimated RevPAR growth. At the start of 2017 STR predicted:
RevPAR growth of 5.5% for 2017, actual was 7.4%
RevPAR growth of 2.8% for 2018, actual was 7.2%
2018 Full Year Results
Building for the Future - People and Property
Slide | 8Maldron Hotel Newlands Cross, Dublin 2018 FINANCIAL PERFORMANCE Slide | 9
Financial Highlights
Key Financials €million 2018 2017 Strong revenue growth of 11.8% with Group RevPAR up
4.7%
Revenue 393.7 352.2
Segments EBITDAR margin increased from 42.4% to 42.8%
Segments EBITDAR 168.3 149.5
Rent (32.9) (30.8) Central costs increased by 7.5% due to increases in
headcount across all functions
Segments EBITDA 135.4 118.7
Adjusting items to EBITDA includes proceeds from
Central costs (13.3) (12.4) insurance claim of €2.6m (2017: nil), pre-opening
Share-based payments expense (2.8) (1.7) expenses of €2.5m (2017: nil) and net loss on revaluation
of certain property assets €3.1m (2017: €1.4m)
Rental income 0.3 0.3
Depreciation increased by €4.0 million due to the opening
Adjusted EBITDA 119.6 104.9 of four new owned hotels, the completion of four
(3.0) (2.2) extensions and the on-going refurbishment programme
Adjusting items to EBITDA
Group EBITDA 116.6 102.7 Adjusted basic EPS excludes the tax adjusted impact of
adjusting items to EBITDA and the write off of
Depreciation & amortisation (19.8) (15.8) unamortised arrangement fees on original loans of €0.9
million following the refinance
Net finance costs (9.5) (9.6)
Profit before tax 87.3 77.3 Group KPIs 2018 2017
Profit after tax 75.2 68.3 Occupancy 83.7% 83.1%
Basic EPS (cent) 40.9 37.2 Average room rate (€) 112.51 108.19
Adjusted basic EPS (cent) 42.8 38.3 RevPAR (€) 94.13 89.92
2018 Full Year Results
Building for the Future - People and Property
Slide | 10Dublin | Full Year Performance
31 December 2018 2017
RevPAR Growth
Number of hotels 162 15
Market
Column1 7.2% Number of rooms 4,460 3,992
Dalata
Column2
1
8.8% All figures €million 2018 2017
Total revenue 234.9 203.4
Source: STR and Dalata
EBITDAR 114.0 99.0
Rent (27.6) (26.4)
EBITDA 86.4 72.6
Strong RevPAR growth of 8.8%1
EBITDAR margin 48.5% 48.7%
EBITDAR margin decreased from 48.7%
to 48.5% principally due to the full KPIs1 2018 2017
year impact of Clayton Hotel Liffey
Valley which was acquired at the end Occupancy 88.1% 85.6%
of August 2017 Average room rate (€) 129.49 122.59
RevPAR (€) 114.07 104.89
1 KPIs reflect a full twelve-month performance of Dublin acquisitions
regardless of when acquired and exclude the new hotels which opened
during 2018 (Maldron Hotel Kevin Street and Clayton Hotel Charlemont) and
the Tara Towers Hotel which closed in September 2018. Clayton Hotel
Dublin Airport is also excluded due to the significant extension completed
during 2018 which distorts comparability
2 10 owned hotels and 6 leased hotels
2018 Full Year Results
Building for the Future - People and Property
Slide | 11Regional Ireland| Full Year Performance
31 December 2018 2017
RevPAR Growth
Number of hotels 132 12
10.0%
9.7%
7.0% Number of rooms 1,797 1,643
3.8%
1.6% 2.5%
All figures €million 2018 2017
Cork Galway Limerick Total revenue 79.6 76.4
Dalata Market EBITDAR 22.7 21.5
Source: Dalata and Trending.ie
Rent (1.1) (1.2)
EBITDA 21.6 20.3
Cork, Galway and Limerick markets continue to
benefit from strong demand from domestic EBITDAR margin 28.5% 28.1%
consumers and FDI companies
Our Regional Ireland hotels increased RevPAR by KPIs1 2018 2017
5.2% Occupancy 75.2% 75.5%
EBITDAR margin increased to 28.5% due to good Average room rate (€) 97.98 92.79
conversion of additional room sales
RevPAR (€) 73.64 69.99
No increases in supply and very little supply in 1 KPIs reflect a full twelve-month performance of Regional Ireland
the immediate pipeline acquisitions regardless of when acquired and exclude the new Maldron
Hotel South Mall which opened in December 2018
2 12 owned hotels and 1 leased hotel
2018 Full Year Results
Building for the Future - People and Property
Slide | 12UK | Full Year Performance
31 December 2018 2017
RevPAR Growth
Number of hotels 102 8
London Manchester Birmingham Cardiff Leeds Belfast
Number of rooms 2,233 1,731
4.5% 5.0%
3.6% 3.9%
3.1%
2.3% All figures £million 2018 2017
0.9%
0.2% 0.6% Total revenue 69.1 61.7
-0.3% -0.2% EBITDAR 27.0 23.7
Rent (3.7) (2.9)
EBITDA 23.3 20.8
Dalata Market
-6.3%
Source: Dalata and STR EBITDAR margin 39.0% 38.4%
Our UK hotels increased RevPAR by 3.1% KPIs1 2018 2017
Most Dalata hotels outperformed the market with
Occupancy 84.7% 82.9%
specific reasons for those that did not
Average room rate (£) 82.33 81.54
Clayton Hotel Chiswick significantly outperformed its
RevPAR (£) 69.70 67.58
local comp set with RevPAR growth of 3.7%
1 KPIs reflect a full twelve-month performance of UK acquisitions
Large increase in supply in Belfast is impacting RevPAR regardless of when acquired and exclude the new Maldron Hotel
Belfast City and Maldron Hotel Newcastle which opened in March
EBITDAR margin increased from 38.4% to 39.0% and December 2018 respectively
2 7 owned hotels and 3 leased hotels
2018 Full Year Results
Building for the Future - People and Property
Slide | 13Balance Sheet | The Engine For Growth
31 Dec 31 Dec
All figures €million Strong balance sheet with an attractive
2018 2017 covenant to secure future leases
Non-current assets
Exceptionally well located hotel assets
Property, plant and with market value of c. €1.2 billion
1,176.3 998.8
equipment Net updated property revaluation gain of
Other non-current assets1 82.4 64.1 €99.8 million in 2018
Low level of gearing with Net Debt to
Current assets Adjusted EBITDA of 2.3x
Trade receivables, inventory Debt and lease service cover3 of 2.2x
24.5 22.5 €525 million new debt facility
and other
Cash 35.9 15.7 Post year end, the acquisition of Clayton Hotel
Total assets 1,319.1 1,101.1 City of London increased pro-forma Net Debt
to Adjusted EBITDA to circa 3.0x. This still
Equity 902.6 737.4 remains well below our guided upper level of
Bank loans 301.9 260.1 3.5x and is projected to fall back during 2019
as we realise the earnings from that hotel and
Trade and other payables 65.2 64.9 the other newly opened hotels.
Other liabilities2 49.4 38.7
Total equity and liabilities 1,319.1 1,101.1
1. Other assets includes intangible assets, goodwill, deferred tax assets,
investment property, contract fulfilment costs and other receivables
2. Other liabilities includes deferred tax liabilities, derivatives, provision
for liabilities and current tax liabilities
3. Refer to glossary on slide 32
2018 Full Year Results
Building for the Future - People and Property
Slide | 14IFRS 16
IFRS 16 became effective on 1 January 2019 and will result in almost all leases being reflected in the
statement of financial position. As a result, an asset (the right-of-use of the leased item) and a financial
liability to pay rental expenses will be recognised. Fixed rental expenses will be removed from profit or
loss and replaced with finance costs on the lease liability and depreciation of the right-of-use asset
Companies are adopting a variety of transition approaches (fully retrospective and modified retrospective)
which, coupled with normal commercial and timing differences, will make comparison difficult. As
previously indicated, Dalata will operate the modified retrospective approach
Business impact Dalata’s leases
No impact on strategy Relatively new leases on high quality assets
No impact on commercial negotiations for leases Backed by Group guarantee
No impact on bank covenants as calculated on Lengthy remaining average term (30.3 years)
frozen GAAP
Discount Rate Calculation
Discount rate will be based upon the incremental borrowing rate and this should be closely aligned with recently
refinanced bank borrowing rates as adjusted for tenor and asset specific considerations
Based on work completed to date, expect to be close to the notional 5% rate used in November 2017 Capital
Markets Day Presentation
Using a rate of 5% the impact of IFRS 16 on Dalata would be:
Lease liability of circa €350 million and a corresponding right-of-use asset of €350 million at 1 January
2019
Reduction in 2019 profit after tax of circa €7 million
2018 Full Year Results
Building for the Future - People and Property
Slide | 15Strong Cash Flow to Fund Pipeline and
Further Growth
All figures €million 2018 2017
Adjusted EBITDA 119.6 104.9
Add back: non-cash accounting item (share-based payments expense) 2.8 1.7
Adjusted Cash EBITDA 122.4 106.6
Net cash from operating activities 115.8 95.2
Interest and finance costs paid (13.2) (10.1)
Refurbishment capital expenditure (15.9) (14.6)
Adjusting items which have a cash impact1 (0.1) 1.3
Free cash flow 86.6 71.8
Free cash flow conversion 70.8% 67.3%
In 2018 the Group generated c. €87 million which was used to fund acquisitions and development
activity and pay dividends to our shareholders
Refurbishment capital expenditure equates to approximately 4% of revenue for the year
1 Adjusting items which have a cash impact include pre-opening costs of €2.5 million and proceeds from insurance claim
of €2.6 million in 2018. Acquisition-related costs of €1.3 million were incurred in 2017.
2018 Full Year Results
Building for the Future - People and Property
Slide | 16Clayton Hotel Manchester Airport DRIVING PORTFOLIO GROWTH Slide | 17
Growth Momentum
Opening over 2,300 new rooms from 2019 to 2021
1,600
Number of new rooms
1,400 1,371
1,240* 2018: 3 hotels in Ireland (2 in Dublin, 1 in Cork). 1 hotel
1,200
in Belfast and 1 hotel in Newcastle. 4 hotel extensions
1,000
800 752 in Ireland (3 in Dublin, 1 in Galway)
600 2019: 1 hotel in London
400
212 2020: 2 UK hotels in Glasgow and Bristol. 1 Dublin hotel
200
0 2021: 4 UK hotels in Glasgow, Birmingham and
2018 2019 2020 2021 Manchester (x2). 1 Dublin hotel
Dublin Regional Ireland UK * Includes 88 rooms fully completed in early 2019
Impact of new pipeline on geographical mix of rooms
2018 2021
Irish hotels represent 74% of rooms numbers at 31
December 2018, decreasing to 62% once the current
26%
38% 45% pipeline is opened
52%
22%
17%
2018 Full Year Results
Building for the Future - People and Property
Slide | 18New hotels announced in 2018/early 2019
Dalata’s most recent deals demonstrates a strong commitment to finding its ideal
"type” of hotel
Maldron
All new, 4 star hotels Hotel
Manchester
All situated in superb city
278 rooms
centre locations that achieve
strong RevPARs and attract an Maldron
Hotel Clayton
ideal mix of corporate and Merrion Hotel Bristol
leisure guests Road, Dublin 252 rooms
Predominately leased but will 140 rooms
look to own hotels where is
1,412 new
makes strategic sense rooms
Partnering with strong fixed announced
income investors such as Deka
Immobilien, M&G Real Estate Clayton
Spencer
and Aberdeen Standard Hotel City of
Place, Dublin
London
Will all be managed by teams 200 rooms
212 rooms
promoted from within Dalata
Maldron
Hotel
Birmingham
330 rooms New owned hotel
New leased hotel
2018 Full Year Results
Building for the Future - People and Property
Slide | 19Young, well maintained portfolio
Under 10-20 20-30 Over 30
Age of hotels Total
10 years years years years Average age of our hotels is 15 years*
4 8 4 - 16 3,100 rooms refurbished since 2015
52% of owned and leased rooms were
5 15 - 2 22 either refurbished or built within the last
four years
Total 9 23 4 2 38* Additional refurbishment work carried
out on the ground floor and meeting
* Ballsbridge Hotel and Maldron Hotel Dublin Airport are excluded as both
leases have less than 5 years remaining rooms of many hotels
Rooms refurbished 2015 2016 2017 2018 Total
373 138 168 238 917
260 610 721 592 2,183
Total 633 748 889 830 3,100
2018 Full Year Results
Building for the Future - People and Property
Slide | 20Maldron Hotel Sandy Road, Galway STRATEGIC PRIORITIES Slide | 21
Strategic Priorities | Difference with Dalata
Achieved 84% in the 6 newly opened hotels had
proprietary customer general managers appointed
satisfaction survey in 2018 from within
(2017: 83%) 305 internal promotions
134,000 customer reviews during 2018
Highly commended for our 259 team members on
service, hotel locations, structured Development
reception and cleanliness
OUR CUSTOMERS OUR PEOPLE Programmes
Listening to Grow and trust 2,600 employees participated
830 rooms refurbished in
their feedback your own in training courses/webinars
2018
in 2018
DRIVING
SHAREHOLDER
RETURNS
OUR BRANDS
Independent &
fresh OUR GROWTH
Clayton and Maldron are Owned & Leased Continue to build a strong
Ireland’s two largest hotel model pipeline
brands with a growing Opened 1,150 new rooms
presence in the larger in 2018
cities in the UK Added over 1,400 new
rooms to the pipeline in
2018/early 2019
2018 Full Year Results
Building for the Future - People and Property
Slide | 22Outlook for 2019
Trading across all regions is in line with expectations for the first quarter of 2019
No impact from Brexit on trading performance
Very satisfied with trading of hotels opened in second half of 2018 – expect they will
contribute positively to earnings in 2019
We continue to explore exciting opportunities in the UK and Irish hotel markets
We are very confident of reaching target of announcing 1,200 new rooms in 2019 by
looking at new build hotels, extensions to existing hotels and opportunistic acquisitions
which fit our strategic and operational criteria
2018 Full Year Results
Building for the Future - People and Property
Slide | 23New Maldron Hotel Newcastle APPENDICES Slide | 24
New debt facilities
Successfully agreed a new €525 million debt facility, completing the refinance of existing debt
facilities
Existing banking partners (AIB Bank, Bank of Ireland, Barclays Bank and Ulster Bank) have been joined
by HSBC Bank and Banco de Sabadell
The new facilities:
Demonstrates a growing attraction of Dalata to international lending institutions
New terms reflect the increased strength of the balance sheet since 2015
Will help support the continued growth of our business, reduce financing costs as well as extend
the maturity of our debt
Group’s weighted average interest rate is expected to be in the range of 2.3% - 2.5% for 2019
(2018: 2.94%)
Previous Facilities New Facilities
• Multi-currency term loan facilities of • Multi-currency term loan facility of
approximately €300 million €200 million
• Multi-currency aggregate revolving • Multi-currency revolving credit
credit facilities of €190 million facility of €325 million
• Maturing February 2020 • Maturing October 2023 with two year
extension option
• Provided by AIB Bank, Bank of
Ireland, Barclays Bank and Ulster • Existing banking partners have been
Bank joined by HSBC Bank and Sabadell
2018 Full Year Results
Building for the Future - People and Property
Slide | 25Current Pipeline – 2,193 new rooms
Dublin UK
1 new owned hotel 6 new leased hotels
1 new leased hotel 1,783 rooms
1 extension to existing hotel
410 rooms
Owned Planning Construction Estimated
Property New Extension Rooms
or leased Granted started Completion
Spencer Place Dublin* x Leased 200 x x Q4 2020
Dublin Maldron Hotel Merrion Road x Owned 140 x x Q2 2021
Clayton Hotel Cardiff Lane x Owned 70 TBC
Clayton Hotel, Bristol* x Leased 252 Q4 2020
Maldron Hotel, Glasgow* x Leased 300 x Q4 2020
Maldron Hotel, Birmingham* x Leased 330 x Q1 2021
UK
Clayton Hotel, Manchester* x Leased 329 x x Q2 2021
Clayton Hotel, Glasgow* x Leased 294 x Q2 2021
Maldron Hotel, Manchester* x Leased 278 Q2 2021
*35 year operating lease
2018 Full Year Results
Building for the Future - People and Property
Slide | 26Occupancy & ARR – European cities
2018 Occupancy – Dublin has the highest occupancy compared to other European cities
100% Source: STR
90% 84%
81% 80%
80% 76%
70%
60%
50% In 2018 Dalata’s
40% occupancy was
30% 88.1% in Dublin
20%
10%
0%
2018 ARR – Dublin is moving up the scale in terms of ARR
€250 Source: STR
€200
€151 €145 €145 €138
€150
In 2018 Dalata’s
€100
ARR was €129.5
€50 in Dublin
€0
2018 Full Year Results
Building for the Future - People and Property
Slide | 27Market Review | Regional Ireland
Cork 2017 2018
Occupancy 79.8% 81.0%
ARR €97.0 €106.6
RevPAR €77.4 €86.3
RevPAR variance 13.6% 10.0%
Galway 2017 2018
Occupancy 76.8% 77.1%
ARR €104.4 €114.4
RevPAR €80.2 €88.2
RevPAR variance 7.6% 7.0%
Limerick 2017 2018
Occupancy 72.1% 71.2%
ARR €76.0 €80.0
RevPAR €54.8 €56.9
RevPAR variance 13.2% 3.8%
Source: trending.ie
Strong RevPAR growth in all three cities
No increases in supply and very little supply in the
immediate pipeline
2018 Full Year Results
Building for the Future - People and Property
Slide | 28Market Review | United Kingdom
RevPAR Growth 2017 2018
London 4.4% 3.1%
Manchester 0.9% (0.3%)
Birmingham 2.3% 5.0%
Cardiff 8.0% 0.9%
Leeds (0.7%) 0.6%
Belfast 16.8% (6.3%)
Source: STR.ie
London market benefitted from strong quarter four in 2018
Mixed performance at four regional cities
Large increase in supply in Belfast is impacting RevPAR
growth
PwC predicting moderate growth in 2019 with RevPAR in
London up 0.3% and regional UK up 1.2%
Existing location for Dalata
New hotel location in pipeline
2018 Full Year Results
Building for the Future - People and Property
Slide | 29Adjusted EBITDA bridge
Dublin Regional Ireland UK
performance
performance
performance
Acquisitions1
Tara Towers
Like for like
Like for like
Like for like
Acquisition3
Acquisition5
New builds2
New builds6
New build4
leaseback8
FX impact
Disposal7
closure
Other9
Sale &
FY FY
€million
2017 2018
Revenue 352.2 9.0 3.9 (0.9) 19.5 - 0.1 3.1 4.2 5.6 (3.7) - (0.6) 2.2 (0.9) 393.7
Segments
149.5 3.2 1.6 (0.4) 10.6 - (0.1) 1.3 1.1 1.8 (1.0) - (0.2) 1.8 (0.9) 168.3
EBITDAR
Rent (30.8) 0.8 - - (2.0) 0.2 - (0.1) (1.1) (0.1) 1.0 (0.6) - (0.2) - (32.9)
Segments
118.7 4.0 1.6 (0.4) 8.6 0.2 (0.1) 1.2 - 1.7 - (0.6) (0.2) 1.6 (0.9) 135.4
EBITDA
Rental income 0.3 - - - - - - - - - - - - - - 0.3
Central costs (12.4) - - - - - - - - - - - - - (0.9) (13.3)
Share-based
payments (1.7) - - - - - - - - - - - - - (1.1) (2.8)
expense
Adjusted
104.9 4.0 1.6 (0.4) 8.6 0.2 (0.1) 1.2 - 1.7 - (0.6) (0.2) 1.6 (2.9) 119.6
EBITDA
Segments
EBITDAR 42.4% 54.4% 41.9% 81.8% 42.8%
margin
1. Includes (i) the step acquisition of Clayton Hotel Liffey Valley beginning in August 2017 and continuing through 2018 and (ii) the rent saving due to the
acquisition of the freehold interest of certain elements of Clayton Hotel Cardiff Lane in various transactions
2. Includes Maldron Hotel Kevin Street which opened in July 2018 and Clayton Hotel Charlemont which opened in November 2018
3. Includes the acquisition of the Maldron Hotel Portlaoise freehold (May 2017)
4. Includes Maldron Hotel South Mall which opened in December 2018
5. Includes the acquisition and subsequent sale and leaseback of Clayton Hotel Birmingham (formerly Hotel La Tour, Birmingham) in August 2017
6. Includes Maldron Hotel Belfast City which opened in March 2018 and Maldron Hotel Newcastle which opened in December 2018
7. Includes the disposal of a non-core asset at Croydon Park Hotel in June 2017
8. Includes the increased rent from the sale and leaseback of Clayton Hotel Cardiff in June 2017
9. Other includes revenue from management contracts, rental income, central costs and the share-based payments expense
2018 Full Year Results
Building for the Future - People and Property
Slide | 30Hotel Portfolio at February 2019
30 owned 10 leased 8 new hotels 3 management
hotels with hotels with in pipeline agreements
6,406 rooms 2,384 rooms 2,193 rooms with 256 rooms
Clayton Hotel Portfolio in Ireland Maldron Hotel Portfolio in Ireland UK Hotel Portfolio
Owned Hotels / Freehold Equivalent Owned Hotels / Freehold Equivalent Owned Hotels / Freehold Equivalent
Hotel Rooms Hotel Rooms Hotel Rooms
Clayton Hotel Dublin Airport 608 Maldron Hotel
Newlands Cross, Dublin 297 Clayton Hotel Manchester Airport 365
Clayton Hotel Leopardstown, Dublin 357 Maldron Hotel
Parnell Square, Dublin 182 Clayton Hotel Leeds 334
Clayton Hotel Ballsbridge, Dublin 335 Maldron Hotel
Sandy Road, Galway 165 Maldron Hotel Belfast City 237
Clayton Hotel Liffey Valley, Dublin (1) 334 Clayton Hotel Chiswick, London 227
Maldron Hotel
South Mall, Cork City 163
Clayton Hotel Cardiff Lane, Dublin (2) 304 Clayton Hotel City of London 212
Maldron Hotel
Limerick 142
Clayton Hotel Cork City (3) 201 Clayton Hotel Belfast 170
Maldron Hotel
Kevin Street, Dublin 137
Clayton Hotel Galway 195 Clayton Crown Hotel, London 152
Maldron Hotel
Pearse Street, Dublin 119 Maldron Hotel Derry 93
Clayton Hotel Charlemont, Dublin 189
Clayton Hotel Sligo 162 Maldron Hotel
Wexford 108 Leased hotels
Clayton Whites Hotel, Wexford 160 Maldron Hotel
Shandon, Cork City 101 Maldron Hotel Newcastle 265
Clayton Hotel Limerick 158 Maldron Hotel
Portlaoise 90 Clayton Hotel Cardiff, Wales 216
Clayton Hotel Silver Springs, Cork 109 Leased hotels Clayton Hotel Birmingham 174
Leased hotels Maldron Hotel Dublin Airport 251 Total UK rooms 2,445
Clayton Hotel Burlington Road, Dublin 502 Maldron Hotel Tallaght, Dublin 119 Pipeline
Ballsbridge Hotel, Dublin 400 Maldron Hotel Oranmore Galway 113 Owned
The Gibson Hotel, Dublin 252 Maldron Hotel Smithfield, Dublin 92 Maldron Hotel Merrion Road, Dublin 140
Total Clayton rooms in Ireland 4,266 Total Maldron rooms in Ireland 2,079 Extension at Clayton Hotel Cardiff Lane, Dublin 70
Leased
(1) Remaining 27 rooms owned by third parties. 8 rooms available for conversion from offices Maldron Hotel, Birmingham 330
(2) Dalata own 264 rooms and lease 40 rooms Clayton Hotel, Manchester 329
(3) Dalata own 194 rooms and lease 7 apartments Maldron Hotel, Glasgow 300
Clayton Hotel, Glasgow 294
Maldron Hotel, Manchester 278
Clayton Hotel, Bristol 252
Spencer Place, Dublin 200
Total pipeline rooms 2,193
2018 Full Year Results
Building for the Future - People and Property
Slide | 31Glossary
EBITDA adjusted to show the underlying operating performance of the Group and excludes items
which are not reflective of normal trading activities or distort comparability either ‘year on year’
Adjusted EBITDA
or with other similar businesses. In 2018 the adjusting items include revaluation movements,
insurance proceeds and hotel pre-opening expenses.
Adjusted basic earnings per EPS excluding the tax adjusted effects of the adjusting items to EBITDA referred to above and the
share (EPS) write off of unamortised arrangement fees on original loans.
Free cash flow Net cash from operating activities less amounts paid for interest, finance costs and refurbishment
capital expenditure and after adding back cash paid in respect of adjusting items to EBITDA.
Free cash flow conversion Free cash flow divided by Adjusted EBITDA excluding non-cash items.
Refurbishment capital The Group typically allocates 4% of annual revenue to refurbishment capital expenditure to
expenditure ensure the portfolio remains fresh for its customers and adheres to brand standards.
Net Debt to Adjusted
Loans and borrowings (gross of unamortised debt costs) less cash divided by Adjusted EBITDA.
EBITDA
Debt and lease service Free cash flow before rent, interest and finance costs divided by the total amount paid for
cover interest and finance costs, rent and committed loan repayments.
Dividend cover Basic EPS divided by the dividend declared per share.
Return on capital employed Adjusted EBIT divided by the average net assets, after deducting the accumulated revaluation
gains included in property, plant and equipment and adding back net debt, derivative financial
instruments and taxation related balances.
Normalised return on Adjusted EBIT excluding the results from recently completed hotels divided by the average
capital employed capital employed excluding the cost of assets under construction at year end and the cost of new
hotels, construction of which were completed during the year.
Visitor numbers The Central Statistics Office (CSO) reports visitor numbers which includes same-day travellers
who do not stay overnight in Ireland and transfer passengers or 'connecting passengers’.
Tourist numbers Failte Ireland publishes tourist numbers which are defined as a visitor whose trip includes an
overnight stay.
2018 Full Year Results
Building for the Future - People and Property
Slide | 32You can also read
