1、PPHE Hotel Group Annual Report 2012 creatingfuturevalueAnnual Report 2012Welcome to our 2012 Annual Report.A year in which we excelled and broke many records,a year in which we took yet another leap forward.We invite you to read about our achievements and how we created and are creating future value
2、 for our stakeholders.Key strengths Integrated and entrepreneurial approach hotel development,design,construction,ownership and operation Profitableniche expanding affordable luxury with upscale hotels in major gateway cities and regional centres Globalpartnership powerful distribution network throu
3、gh the Carlson partnership Pipeline significant portfolio and brand growth potential through organic and external expansion Financial track record driving top line growth and delivering industry leading profit margins Management team highly experienced,streamlined and closely involved senior managem
4、ent team Flexiblepartnershipsolutions aligned with stakeholders to tailor the right arrangement for each hotel or hotel projectContentsOverview 4 A summer like no other 6 Three new resorts in Croatia 8 Guest satisfaction at an all time high 10 Chairmans statement 11 Group at a glance 12 Key performa
5、nce indicatorsStrategic review 16 Chief Executive Officers statement 18 Our business model 19 Our strategy and performance 20 Strategic objectivesBusiness review 34 Chief Financial Officers statement 36 United Kingdom 38 The Netherlands 40 Germany and Hungary 42 Management and Holdings Operations 44
6、 Croatia 46 Corporate Social ResponsibilityGovernance 50 Board of Directors 52 Directors report 56 Corporate governance 60 Report of the Remuneration Committee and Directors Remuneration ReportFinancial statements 63 Consolidated statement of financial position 64 Consolidated income statement 65 Co
7、nsolidated statement of comprehensive income 66 Consolidated statement of changes in equity 67 Consolidated statement of cash flows 69 Notes to Consolidated financial statements 105 Appendices to Consolidated financial statements 108 Independent auditors report 109 Glossary 111 Current and committed
8、 projects 112 ContactsForward-looking statementsThis annual report and financial statements may contain certain“forward-looking statements”which reflect the Companys and/or the Directors current views with respect to financial performance,business strategy and future plans,both with respect to the G
9、roup and the sectors and industries in which the Group operates.Statements which include the words expects,intends,plans,believes,projects,anticipates,will,targets,aims,may,would,could,continue and similar statements are of a future or forward-looking nature.All forward-looking statements address ma
10、tters that involve risks and uncertainties.Accordingly,there are or will be important factors that could cause the Groups actual results to differ materially from those indicated in these statements.Any forward-looking statements in this annual report and financial statements reflect the Groups curr
11、ent views with respect to future events and are subject to risks,uncertainties and assumptions relating to the Groups operations,results of operations and growth strategy.These forward-looking statements speak only as of the date of this annual report and financial statements.Subject to any legal or
12、 regulatory obligations,the Company undertakes no obligation publicly to update or review any forward-looking statement,whether as a result of new information,future developments or otherwise.All subsequent written and oral forward-looking statements attributable to the Group or individuals acting o
13、n behalf of the Group are expressly qualified in their entirety by this paragraph.Nothing in this publication should be considered as a profit forecast.Strategic reviewBusiness reviewGovernanceFinancial statementsOverviewPPHE Hotel Group Annual Report 2012 12012 highlights2012 highlights:Total Group
14、 revenue increased by 19.6%to 242.1 million(2011:202.4 million)EBITDAR increased by 29.0%to 96.8 million(2011:75.0 million)EBITDA increased by 31.6%to 85.6 million(2011:65.0 million)Impressive performance of the London hotels,which strongly benefited from the Olympic Games Acquired joint venture int
15、erests in three hotels and one development in the Netherlands Acquisition and simultaneous sale and leaseback of a development site in West London Three Arenaturist hotels in Croatia fully refurbished and reopened as Park Plaza resorts Completed extensive refurbishments at artotel berlin city center
16、 west,Park Plaza Amsterdam Airport,Park Plaza Victoria Amsterdam,Park Plaza Leeds and artotel budapest Paid a final dividend of 6.0 pence per share for 2011 and a 2012 interim dividend of 6.0 pence per share2013 highlights to date:Conditional sale of a development site in Pattaya Bay,Thailand Condit
17、ional agreement to acquire a prime site near Waterloo Station in London,UK Recommendation from the Board to the Annual General Meeting to declare the payment of a final dividend of 6.0 pence per share for the year ended 31 December 2012EBITDA margin*35.4%+322bps*EBITDA divided by total revenue.Profi
18、t before tax67.6m24.0m11 Normalised profit.Earnings per share1.640.5922 Normalised EPS.Total revenue242.1m+19.6%EBITDAR96.8m+29.0%EBITDA85.6m+31.6%Occupancy77.4%-0.3%Average room rate130.9+9.8%RevPAR*101.3+9.4%*Room revenue per available room.2 PPHE Hotel Group Annual Report 2012Let us inspire you w
19、ith some of the accomplishments we celebrated in 2012A summer like no other 4Three new resorts in Croatia 6Guest satisfaction at an all time high 8Chairmans statement 10Group at a glance 11Key performance indicators 12overviewartotel berlin city center westStrategic reviewBusiness reviewGovernanceFi
20、nancial statementsOverviewPPHE Hotel Group Annual Report 2012 34 PPHE Hotel Group Annual Report 2012A summer like no other2012 was a special year for London,with a summer like no other,as the city played host to the Queens Diamond Jubilee celebrations and the highly anticipated Olympic Games and Par
21、alympic Games.Throughout the summer months,London truly boosted its already strong profile of being one of the most attractive,diverse and culturally rich destinations and an excellent choice for tourism and business.PPHE Hotel Group worked closely with The London Organising Committee of the Olympic
22、 Games and Paralympic Games to ensure visitors,sponsors and officials of these events could enjoy affordable hospitality.Strategic reviewBusiness reviewGovernanceFinancial statementsOverviewPPHE Hotel Group Annual Report 2012 5Park Plaza County Hall LondonPark Plaza Westminster Bridge London6 PPHE H
23、otel Group Annual Report 2012Three new Park Plaza branded resorts in CroatiaFollowing extensive renovations,three of Arenaturists hotels re-opened as the first Park Plaza branded resorts in May and June,in time for the summer season.Located in Pula and Medulin,in the Istria region,these contemporary
24、 hotels cater primarily for families and holidaymakers.Occupying a stunning seaside location,Park Plaza Histria Pula is a true flagship resort providing all the amenities expected of a full-service,upscale resort including a large spa and wellness centre.The adjacent Park Plaza Verudela Pula is espe
25、cially suited for families due to its range of apartment-style accommodation and Park Plaza Medulin has created its own niche and caters to couples only.The resorts performed above expectations,generated very positive guest reviews and are market leaders in these destinations.Park Plaza Verudela Pul
26、aStrategic reviewBusiness reviewGovernanceFinancial statementsOverviewPPHE Hotel Group Annual Report 2012 78 PPHE Hotel Group Annual Report 2012Guest satisfaction at an all time highIt is paramount in our industry to consistently deliver high levels of service,maintain the quality of hotel products
27、and provide reasons for customers to return.To ensure we consistently deliver in all of these areas,we invest heavily in our hotels,employee training,loyalty programmes and much more.One of the key measurements for us to see if we are constantly delivering excellent customer service is guest satisfa
28、ction.In 2012,guest satisfaction across our hotels was at an all time high of 8.30*,with the overall service rated highest at 8.48*,a direct result of our extensive training platform and service culture,which was further strengthened in the year with the introduction of the Inspirational Service tra
29、ining programme.*Measured through our online guest satisfaction system;scale 1-10.Park Plaza Victoria AmsterdamStrategic reviewBusiness reviewGovernanceFinancial statementsOverviewPPHE Hotel Group Annual Report 2012 910 PPHE Hotel Group Annual Report 20121995198920002005To date111348518638Number of
30、countriesNumber of hotelsAdditional key future developments include the 158 room hotel development in West London which,when complete,will be an important strategic addition to our London portfolio.Progress continued on our first artotel in London and our new hotel development in Nuremberg,Germany.W
31、e announced in November 2012 that we were considering a number of options of how best to fund future expansion through investment in our existing hotel portfolio and to capitalise on new development opportunities as they arise.One option that the Company is considering is the release of part of the
32、value of its hotel assets whilst retaining operational control.We remain committed to our growth strategy and the Board will communicate further updates as appropriate.The team has worked extremely hard again this year and the Board would like to sincerely thank everyone for their continued dedicati
33、on to the Group.Customer service is at the heart of everything we do and I am delighted that once again our people have enabled us to achieve excellent levels of guest satisfaction.Similarly,employee satisfaction remained at a high level.We thank everyone for their commitment to the continued develo
34、pment and growth of the business.The Board is pleased to recommend to the Annual General Meeting the payment of a final dividend of 6.0 pence per share for the year ended 31 December 2012.Together with the interim dividend of 6.0 pence per share paid on 3 October 2012,the total dividend for the year
35、 will be 12.0 pence(2011:6.0 pence).2012 was a great year for the Group and as we enter 2013,I am convinced that we have the right strategy and team in place to continue our excellent progress.Our focus remains on offering our customers affordable luxury with a strong emphasis on service.We have a n
36、umber of exciting projects in the pipeline and are well placed to achieve another year of growth.Eli Papouchado ChairmanChairmans statementOnce again a strong performance,reporting record EBITDA Dear shareholders,I am delighted to report that 2012 has been another year of significant progress for th
37、e Company.Once again we reported strong financial results,generating record revenue and EBITDA.Our focus over the year has been on the efficient operation of our existing hotels which has been reflected in EBITDA margin growth.In addition,we have continued to advance future developments which,couple
38、d with our leading position in key gateway cities,means that we are well positioned to build on our excellent progress to date.The macroeconomic environment in the period remained very challenging,with business and consumer sentiment continuing to be impacted by the Eurozone crisis.Against this back
39、drop,I am very proud that we were able to achieve record results driven by the strong performance of our London hotels,improved margins and our increased ownership of three hotels and the artotel amsterdam project in the Netherlands.We continued to leverage our relationship with the Carlson Rezidor
40、Hotel Group(Carlson),which provides us with significant scale in our distribution,sales and marketing activities.Once again our performance has been recognised by our industry and I am very pleased that we won a number of impressive awards.These awards reflect the hard work and dedication of our sta
41、ff,and the investment which the Company makes in their training and development.We have also focused more on sustainability,and most notably have revised our Corporate Social Responsibility policy and set clear targets to further reduce our business impact on the environment.We have remained focused
42、 on driving revenue through expansion of our hotel portfolio and during the year we have continued to make good progress.We are particularly excited about the planned opening of our first artotel in The Netherlands,artotel amsterdam.Construction is almost complete and we are on track to open in the
43、second half of 2013.Once open,we will have significantly improved our footprint,adding a further 107 rooms in this key destination.“I am convinced that we have the right strategy and team in place”HistoryofgrowthStrategic reviewBusiness reviewGovernanceFinancial statementsPPHE Hotel Group Annual Rep
44、ort 2012 11Overview25118141 11643811212122062164381121212206216438112121220629PPHE Hotel Group at a glanceUnderstanding our business Individual design,city centre locations and excellent meeting facilities are key features of the upscale Park Plaza Hotels&Resorts brand,making it ideal for both corpo
45、rate and leisure guests.The hotels modern function spaces are flexible for conferences,exhibitions and private event use.Park Plaza Hotels&Resorts event facilities are perfectly complemented by stylish guest rooms,award-winning restaurants and bars and a reliable service that is flawlessly delivered
46、.artotel is a contemporary collection of hotels located in cosmopolitan centres across Europe that fuse exceptional architectural style with art-inspired interiors.At the brands heart lies the art itself.Every hotel displays a collection of original works designed or acquired specifically for that p
47、articular property,rendering each a unique art gallery in its own right.With a powerful combination of world-class art and best-in-class service,artotels offer a hotel experience like no other.Arenaturist is one of Croatias best known hospitality groups consisting of eight hotels,six holiday apartme
48、nt complexes,eight campsites and 52 food and beverage outlets,all of which are located in Istria.Arenaturist caters primarily for tourists and all properties are located in prime locations by the sea and are only a short distance from either the 3,000 year old city of Pula or the touristic MLicence
49、Wholly owned Significant minority interestOur portfolioOur portfolio of owned,leased,managed and franchised hotels comprises 38 hotels,offering a total of over 8,200 guest rooms,with an additional four projects under development.Our key markets are the United Kingdom,Germany,The Netherlands and Croa
50、tia.Hotels in operation Hotels in developmentPPHE Hotel Group contract mixartotel portfolioPark Plaza Hotels&Resorts global brand portfolio Operated without,or with minority,ownership interest Wholly owned Operating leases Franchise agreements Projects (all ownership of 50%or more)Park Plaza hotels
51、open in EMEA Park Plaza hotels open in rest of world1 Park Plaza hotels under development in EMEA Park Plaza hotels under development in rest of world1 artotels open artotels under development425581 These hotels are managed or franchised directly by the Carlson Rezidor Hotel Group.12 PPHE Hotel Grou
52、p Annual Report 20122012 Actual2012 Like for like12011 Actual2010200935.435.432.126.920.22012 Actual2012 Like for like12011 Actual2010200985.681.065.037.616.22012 Actual2012 Like for like12011 Actual2010200996.892.275.046.526.12012 Actual 2012 Like for like1201120102009242.1228.8202.4139.880.3201220
53、112010200967.610.660.5(7.2)20122011201020091.640.371.52(0.18)2012 performanceThe improvement in EBITDA,and our continued focus on closely managing our cost base and driving operational efficiencies,resulted in a 322bps increase in EBITDA margin to 35.4%.On a like for like basis1,our EBITDA margin in
54、creased to 35.4%.2012 performanceReported EBITDA increased by 31.6%to 85.6 million,reflecting a strong performance of our London hotels,improved margins,full ownership in three hotels in The Netherlands and a positive foreign exchange translation impact.On a like for like basis1,EBITDA increased by
55、24.5%to 81.0 million.2012 performanceOur reported EBITDAR for the year increased by 29.0%to 96.8 million.2012 performanceOur total revenue increased by 19.6%to a record 242.1 million,as we benefited from a strong performance of our hotels in London,improved margins and increased hotel ownership in T
56、he Netherlands.On a like for like basis1,total revenue increased by 13.0%to 228.8 million,showing a strong underlying performance.Key performance indicators2009-2012Financial KPIs2012 performanceReported basic/diluted earnings per share for the period increased by 349.2%to 1.64(2011:0.37).Normalised
57、 earnings per share was 0.59(2011:0.33),representing a 81.5%increase.2012 performanceProfit before tax increased to 67.6m(2011:10.6m).This increase relates mainly to an improved performance of our London hotels in particular,our Management and Holdings operations and increased ownership in three hot
58、els in The Netherlands.Normalised profit2 before tax increased by 76.7%to 24.0m(2011:13.6m).Total revenue (in million)EBITDA margin (in%)EBITDA (in million)EBITDAR (in million)Profitbeforetax(in million)Earningspershare(in)1 In the like for like comparison figures,the financial contribution of Park
59、Plaza Amsterdam Airport,Park Plaza Victoria Amsterdam and Park Plaza Utrecht in 2012 has been calculated on the basis of the ownership interest of PPHE Hotel Group in those hotels during the same period in 2011.2 The adjustments to normalise reported profit are disclosed on page 35.Strategic reviewB
60、usiness reviewGovernanceFinancial statementsPPHE Hotel Group Annual Report 2012 13Overview2012201120102009130.9119.2110.797.8201220112010200977.477.777.479.12012201120102009101.392.685.777.420122011201020098.308.238.278.12201220112010200982.183.381.078.920122011201020098.488.388.398.29Operating KPIs
61、2012 performanceIn line with our strategy to grow average room rate and increase market share,we are pleased to report significant growth in average room rate to 130.9,an increase of 9.8%.2012 performanceDuring the period occupancy across the Group was broadly maintained at 77.4%,which was achieved
62、alongside our continued focus on growing average room rates.2012 performanceImproved revenue generation has been achieved with RevPAR increasing 9.4%to 101.3,driven by a combination of maintained occupancy and growth in average room rate during the period.2012 performanceGuest satisfaction was at an
63、 all time high of 8.30,which was primarily driven by the strong ratings received for guest service,a result of our Inspirational Service training programme launched in the year.2012 performanceNotwithstanding the challenging market conditions in which some of our teams operated,employee satisfaction
64、 has remained at a solid 82.1%.We see the high participation ratio of 92%as a testimony of how engaged our employees are and we take their feedback very seriously.Occupancy(in%)Average room rate (in)RevPAR (in)Guestsatisfaction(scale1-10)Employeesatisfaction(scale1-100%)2012 performanceOur service p
65、erformance rating provided by our guests was at an all time high too,at 8.48.This performance was impacted by our increased training activities.Serviceperformance(scale1-10)Percentage change figures in this report are calculated from actual figures as opposed to the rounded figures.All financial inf
66、ormation in this section for Total revenue,EBITDAR and EBITDA,reflects PPHE Hotel Groups interest.14 PPHE Hotel Group Annual Report 2012Read more about how our strategic efforts have contributed to the overall resultChief Executive Officers statement 16Our business model 18Our strategy and performan
67、ce 19 Strategic objectives 20strategicreviewPark Plaza Westminster Bridge LondonOverviewBusiness reviewGovernanceFinancial statementsStrategic reviewPPHE Hotel Group Annual Report 2012 1516 PPHE Hotel Group Annual Report 2012Welcome2012 was a busy year for our Company.Our hotels continued to make go
68、od progress during the year and we progressed with our development pipeline projects.Like all businesses we are not immune to the effects of the Eurozone crisis;however our leading position in key gateway cities,our strong commercial focus and our rigorous approach to cost management mean that we re
69、mained well positioned.The markets in which we operate had differing performances during the year.The United Kingdom achieved year-on-year RevPAR growth,with London in particular performing well,benefiting from the Olympic Games.The Dutch hotel market was impacted by the macroeconomic environment;ho
70、wever,with the exception of one of our hotels which was undergoing refurbishment,we achieved RevPAR ahead of our competitive sets.The German market delivered a solid performance with Berlin in particular reporting good growth in RevPAR.Croatia is continuing to grow in popularity as a holiday destina
71、tion and with our position in the Istria tourist market we are very well positioned to benefit from this trend.Last year,I outlined the Companys focus of continuing to improve our overall performance,growing our average room rates,managing our expenses,progressing our development projects and adding
72、 new projects to the pipeline.I am very pleased to report that we have made good progress on all of these objectives which has resulted in us achieving record results.I am particularly proud that as a result of our emphasis on service excellence,we have once again achieved high levels of guest and e
73、mployee satisfaction.Overall performanceOur strong financial results were primarily driven by three factors:a strong performance of our hotels in London,which were aided by the London Olympic Games,improved margins,and our increased hotel ownership in The Netherlands.A large proportion of our revenu
74、e is generated by our London hotels which performed very well throughout the year.This result was further aided by key events in London,particularly the Olympic Games in August,during which our hotels experienced a significant uplift in RevPAR.Our flagship hotel,Park Plaza Westminster Bridge London
75、continued to be our stand-out hotel throughout the year delivering a significant increase in RevPAR year-on-year.In March 2012,we acquired full ownership of our three established hotels in The Netherlands Park Plaza Amsterdam Airport,Park Plaza Victoria Amsterdam,Park Plaza Utrecht and the artotel a
76、msterdam project from our former joint venture partner.This transaction doubled the revenue and profit contributions from the three established hotels during the period.On a like for like basis,our Dutch hotels delivered a solid performance against a challenging trading environment.The German and Hu
77、ngarian region,which has historically been the most challenging region in which we operate,delivered an improved performance.This,along with tight cost control,resulted in a significant reduction of the EBITDA loss for this region,which positively contributed to the Groups cash flow.In line with our
78、 strategy,our teams key focus was on growing our average room rate,whilst tightly managing our cost base.In addition,we made progress towards delivering our hotel development pipeline which will add further value to the Group in the near future.Our development approach We are committed to sustain gr
79、owth.A key priority for the Group is to drive revenues by enhancing our established hotels through investment in renovation and extension projects,expanding our presence in existing markets and maintaining an active development pipeline.In addition we look to capitalise on new hotel opportunities in
80、 new markets.Our future development plans will continue to capitalise on our expertise in construction,development,design and operations.We own or part-own the majority of our hotels but we also work with well-chosen partners for capital investment projects,joint ventures,management contracts,operat
81、ing leases and franchise agreements.This approach allows us to review and assess individual development opportunities as they arise.Renovation projects and new development pipelineDuring the period we completed extensive renovations at Park Plaza Leeds in the United Kingdom,Park Plaza Amsterdam Airp
82、ort and Park Plaza Victoria Amsterdam in The Netherlands,artotel berlin city center west in Germany and artotel budapest in Hungary.We believe our investment in these hotels will improve the long-term operational performance by enhancing our customers experience and our reputation for providing high
83、 quality affordable luxury.Following extensive renovations at three Arenaturist hotels in Croatia,these hotels were rebranded as Park Plaza and opened in early summer 2012.This project has added over 800 rooms to the Park Plaza Hotels&Resorts brand.Looking to the future we are excited about the immi
84、nent opening of our new artotel amsterdam,which will offer guests a unique lifestyle and art experience.This 107 room“We are always looking at ways to enhance our service quality and improve our operational performance”Chief Executive Officers statementWe have made good progress on all of our object
85、ivesOverviewBusiness reviewGovernanceFinancial statementsStrategic reviewPPHE Hotel Group Annual Report 2012 17hotel is located in an iconic landmark building in the centre of Amsterdam,opposite Central Station.We continue to make progress on two new development projects in London;artotel london hox
86、ton and a two-acre site in West London.In addition,our fourth Park Plaza hotel in Germany is on track to open in Nuremberg in 2014.These development projects will significantly expand our presence in key gateway cities and will add a further 800 rooms to our portfolio by the end of 2015.On 8 January
87、 2013,we announced the conditional sale of our site at Pattaya Bay in Thailand and completion is expected in the first half of 2013.Having had the opportunity,however,to review the Thai market since acquiring the site in August 2011,the Board decided to sell its interest in the project and re-invest
88、 in other locations.The Board believes that Thailand offers exciting opportunities and under the terms of the disposal has the option to manage the completed development and/or acquire the serviced apartment element of the project.Industry recognitionWe are delighted that the industry has continued
89、to recognise our hard work and dedication through industry accolades.During 2012 a number of our hotels were awarded the Tripadvisor Certificate of Excellence and two of our team members were recognised in the Golden Key MVP Awards,winning Concierge of the Year Award and the Service through Friendsh
90、ip Award.This recognition has continued into the new year with PPHE Hotel Group being awarded by the Sunday Times Best Companies to Work for“Ones to Watch”standard for 2013 and our flagship hotel,Park Plaza Westminster Bridge London,was voted third out of over 900 hotels in the Best City Centre Hote
91、ls by Ls Simply the Guest Awards.Our strategic relationshipWe have a unique relationship with Carlson,one of the industrys leading hotel operators.We have continued to leverage this strategic relationship,which gives us the benefits of scale through access to a state-of-the-art reservation system en
92、abling us to market our products globally,sophisticated sales tools,loyalty marketing programmes,promotional activity and global sales initiatives.These platforms and programmes provide us with incremental revenue for our hotels and generate significant exposure for the brands we operate.Carlson ope
93、ned several new Park Plaza hotels during the year including new hotels in Bangkok and Delhi.The continued expansion of Park Plaza will benefit the Group through greater customer recognition and improved cross-marketing and sales opportunities.We participate in Carlsons guest,corporate client and mee
94、ting planners loyalty reward programme,Club CarlsonSM.This scheme provides substantial benefits for its members with guest members earning gold points for each stay which can then be redeemed for rewards and hotels benefit from more frequent and longer visits by member guests.The loyalty scheme has
95、grown significantly in the last year boasting nearly 10 million members worldwide(2011:circa 8 million members).Marketing activityWe actively look for opportunities to improve our overall performance through innovative revenue generation and marketing initiatives.Increasing online booking activity a
96、cross multi-platforms and growth in social media has continued apace and,in partnership with Carlson,we have further invested in expanding our online footprint.On the back of the growth of smartphones and tablet devices we have seen a strong increase in booking via these devices and in the summer we
97、 launched an artotel mobile website.We have benefited from the growth in social media with Park Plazas social media fan base now well over 100,000 members,which is larger than most of our competitors.Our marketing activities included distributing nearly ten million targeted marketing emails to guest
98、s and subscribers.We achieved a record performance from marketing campaigns in the summer and winter periods,which drove a record level of visitors to our websites and increased room nights booked,generating direct revenue to the Group.Following the Company name change to PPHE Hotel Group Limited in
99、 early 2012,we launched a new corporate website ,strengthening our standing as an international,multi-brand hotel operator and owner.Revenue management We have introduced a new,centralised revenue management structure to further drive our corporate revenue strategy and ensure revenue opportunities a
100、t all hotels are capitalised on.We have restructured the sales team with a clearer split between account management and new business development managers,with a view to improving efficiency and further implementing a target based approach.In addition we have introduced a highly sophisticated revenue
101、 management system,IDEAS which will enable us to identify revenue generation opportunities based on historic performances,market trends and anticipated demand levels.Guest experienceOur guests experience is at the heart of everything we do and we are always looking at ways to enhance our service qua
102、lity and improve our operational performance.As a result,we closely monitor guest and employee satisfaction as this is a key indicator for continued success.We invite all our guests to complete a guest satisfaction survey online following their stay at our hotels.Guests rate the overall satisfaction
103、 of their stay and areas such as service levels provided and product quality.The hotels collectively generated nearly 70,000 completed surveys and recorded record levels with guest satisfaction at 8.30(on a scale of 1-10)and service satisfaction of 8.48.We were able to achieve this impressive result
104、 thanks to the hard work and dedication of all our team members.In the year we have launched an Inspirational Service training programme which has also contributed to this improved service delivery.Despite the pressure in some of the markets in which we operate,we have been able to continue to motiv
105、ate our teams and maintained our high levels of employee satisfaction at 82.1%,with a continued high participation rate of 92%.This strong result is underpinned by our investment in employee career development.During the year,we developed our Feeling Welcome induction programme to welcome all new te
106、am members and ensure they understand,live and breathe the PPHE Hotel Group culture and provide consistency of service to our guests.We also fully launched you:niverse,our bespoke and highly intuitive intranet and e-leaning portal across the Group.You:niverse has improved internal communications acr
107、oss the Group and provides a collaborative environment for all our team members.Current tradingOur performance in January and February of 2013 has not changed significantly compared to previous years.The first quarter of the year is generally our weakest and with the continued uncertainty in the mac
108、roeconomic environment,we remain on our guard and continue to focus on revenue generation whilst tightly managing our costs.Boris Ivesha President and Chief Executive Officer18 PPHE Hotel Group Annual Report 2012Our business modelWe intend to use our established portfolio,paired with our entrepreneu
109、rial spirit,to grow the number of hotelsOurbusinesstypesWe know what to look for when identifying assets with development potential,from plots of land to tired hotels in need of investment.We aim to own hotels in key gateway cities in Europe where capital value is likely to appreciate.Our joint vent
110、ures take many forms,but they share the same strategy we focus on developing a mutually beneficial working relationship to return maximum profits for all parties involved,combining our management skills with co-investment.A management contract allows owners to retain ownership of their property whil
111、e we undertake the day-to-day management.They have the confidence of working with a leading hotel brand while we run their hotel with efficiency and passion.Institutional investors may favour operating leases,whereby we lease their property and pay them rent.We manage all aspects of the operation of
112、 the hotel,from sales and marketing to reservations and food&beverage to human resources,thereby reducing their exposure to economic and business downturns.The franchise option is ideal for partners who enjoy running their own hotel but seek the reassurance of industry-leading support services such
113、as distribution,marketing and central reservations.OurpeopleandservicesIrrespectiveofthebusinesstype,allhotelsinourportfoliobenefitfrombeingpartofadynamic,full-serviceinternationalhotelcompanyledbyahighlyexperienced,loyalandinvolvedseniormanagementteam.PPHE Hotel Group has clearly defined values and
114、 operates to very high standards.The Company provides a wide range of services to hotels including hotel operations,global distribution,sales,revenue management,marketing,customer retention management,public relations,finance,human resources,learning and development,project design,development servic
115、es,asset management,restaurants and bars operations,legal support,IT and Corporate Social Responsibility.OurcustomersOurcustomersappreciateourfriendly,yetbusinessmindedattitude.Theyappreciatethehighlevelofservices weoffer,theexcellentlocationsandcontemporarydesignofourhotels andthereasonablepriceswe
116、charge.The Companys mission statement is inspiring our guests through individuality and passion,and customers can experience our service-led philosophy first hand in five countries,in key leisure and business cities such as Amsterdam,Berlin and London or in resort destinations such as Croatia.Custom
117、ers can book our hotels 24/7,be it direct with us,through any of our sophisticated platforms such as the websites,apps,or mobile sites,through the extensive loyalty programmes,or via intermediaries or any of our strategic partners.OurshareholdersOurshareholdersbelieveinourbusinessmodel,operatingskil
118、lsanddevelopments.Shareholder value is created through continued improvement of operations,revenue growth,active asset management,financial restructuring,expansion and developments.FullownershipJointventuresManagement contractsOperatingleasesFranchiseagreementsPPHE Hotel Groups primary objective is
119、to create and realise shareholder value by becoming one of the leading hotel operators in the upscale and lifestyle hotel segments.We aim to grow prudently,passionately and confidently through acquiring,developing and managing hotels in city centre,airport and resort locations.We intend to use our e
120、stablished portfolio and network,paired with our entrepreneurial spirit,to grow the number of hotels and brands in our portfolio,increase profitability through revenue growth and cost management and utilise the Carlson partnership as the contributor to further grow revenues.OverviewBusiness reviewGo
121、vernanceFinancial statementsPPHE Hotel Group Annual Report 2012 19Strategic reviewOur strategy and performanceMeasuring our successStrategicobjectivesPerformanceIndicatorLookingforwardImproving our EBITDA margin Improved margin as a result of strong revenue generation,paired with cost-effective mana
122、gement.Efficiency in payroll,sales and marketing expenditure,commissions and administration.35.4%1 EBITDA margin increased by 322bps year-on-year to 35.4%1EBITDA divided by total revenue.Growing our EBITDA margin by further improving our operational performance,retaining our cost-effective managemen
123、t approach,further developing our financial structure and asset management initiatives.Enhancing our service quality through improving our operational performanceRecord levels of guest satisfaction,driven by a strong service performance.Launched Inspirational Service training programme.Full launch o
124、f you:niverse intranet improving communications and fostering best practice.Active management of balanced scorecard system.8.302 Overall guest satisfaction score,a record8.482Service performance score,another record2 Based on Online Satisfaction Surveys;scale 1-10.Further grow guest and employee sat
125、isfaction and loyalty through managing and acting on guest and employee feedback,delivering a tailored service culture and training programme and launching the you:niversity business school.Driving revenue growth and expanding our hotel portfolio through a variety of business modelsExtensive renovat
126、ions completed in all operating regions.Progression of development projects.Gearing up for opening of artotel amsterdam,a new direction for the artotel brand.8 Major renovation projects completed,including the opening of three new resortsSuccessfully delivering renovation and construction projects,a
127、dvancing projects in our development pipeline and capitalising on new hotel opportunities.Outperforming our competitors and improving our overall performance through innovative revenue generation and marketing initiatives Sales and revenue re-organisation and a new commercial approach.Cross-channel
128、marketing campaigns.Introduction of IDEAS revenue management system.Wide variety of e-commerce activities.9.4%RevPAR3 growth year-on-year to 101.33 Revenue per available room.Generating more business through our own channels,expanding our online footprint,engaging with our customers online,increasin
129、g conversion rates and developing new strategic alliances.Leveraging our partnership with Carlson to further grow revenuesLoyalty programme member activation and engagement focus.Launch of Club CarlsonSM programme extension for small,medium enterprises.Rich marketing campaigns.10 millionClub Carlson
130、 membersActively embracing all marketing,sales and distribution programmes and opportunities available to us through the Carlson partnership,driving more business direct and increasing customer loyalty and engagement.Managing and mitigating our impact on the environment and positively contributing t
131、o the local communities in which we operateExecutive Management ownership.Cross-departmental,international Corporate Social Responsibility(CSR)team.Development of second CSR policy.Awards won.Baselines defined and targets set.-20%CO2 reduction target Introducing the next generation of our CSR policy
132、,measuring our performance with key indicators,introducing a new energy saving scheme,further educating our stakeholders and embedding CSR in our brands.Various awards won20 PPHE Hotel Group Annual Report 2012Our EBITDA margin,key to measuring profitability,increased 322bps to a record 35.4%.Strateg
133、ic objectiveImproving our EBITDA margin Strategy Growing our EBITDA margin by further improving our operational performance,retaining our cost-effective management approach,further developing our financial structure and asset management initiatives.2012 performance Our 2012 reported EBITDA margin,an
134、 important instrument to measure profitability,was 35.4%,representing an increase on 2011 of 322bps.This improvement was driven by a combination of factors.Not only were we able to significantly grow our revenues,we also focused on operating our business as efficiently as possible,without losing foc
135、us on delivering great customer experiences and maintaining the high quality of our products.Our margins were further improved due to efficient management of areas such as payroll,marketing expenditure,third party commissions and administration expenses.We also incurred fewer expenses in our sales o
136、rganisation due to a restructuring of our teams.Collectively,the increase in revenues and active cost management has helped us to improve our EBITDA margin.Our strategy for 2013 will be two-pronged.We will continue to focus on revenue generation,whilst looking for ways to operate more efficiently,en
137、abling us to further grow the profitability of our operations.artotel berlin mitteOverviewBusiness reviewGovernanceFinancial statementsStrategic reviewPPHE Hotel Group Annual Report 2012 2135.4%EBITDA margin 322bps increase from 2011Effective cost management22 PPHE Hotel Group Annual Report 2012The
138、introduction of the Group-wide Inspirational Service training programme has contributed to record guest satisfaction.Strategic objectiveEnhancing our service quality through improving our operational performance Strategy Further grow guest and employee satisfaction and loyalty through managing and a
139、cting on guest and employee feedback,delivering a tailored service culture and training programme and launching the you:niversity business school.2012 performance The cornerstone of any hospitality company is to consistently deliver a high level of service to all guests.Satisfied guests are more lik
140、ely to return,are usually less price sensitive and they will share their experience with friends and family direct and on their social media pages.In 2008,when we first introduced the Connect!training programme,we ensured that the guest experience is at the heart of everything we do.We created a con
141、text model for the Group,whereby the desired guest experience was the starting point leading to desired employee behaviours,the required working climate and culture for our team members to deliver and finally,the role of senior management.This model was created to ensure our guests always feel welco
142、me when they stay with us,sense our passion for delivering exceptional hospitality and are pleasantly surprised by their overall experience.Despite the global economic crisis and continued uncertainty in certain markets,we have continued to invest in learning and development initiatives.2012 was no
143、exception:as a follow up of the Connect!training programme,we introduced the Group-wide Inspirational Service training programme.This programme aims to further improve our service delivery.Our collective training activities have helped us to significantly increase our service performance score to a
144、record 8.48*,contributing to an improved overall guest satisfaction score of 8.30*,another record.Our guests have rated our hotel products,and in particularly our service,higher than ever before.This is a great result and we are very proud of our teams achievement.Highly motivated and engaged teams
145、are instrumental in continuing to deliver such good performances.Employee satisfaction has been high too this year,at 82.1%.With a participation ratio of 92.0%,we have a clearly committed workforce.Their views are taken seriously,and we have further improved communications and created a culture of s
146、haring best practice,supported by the full launch of our you:niverse intranet which has been fully embraced by the organisation.artotel dresden*Based on Online Satisfaction Surveys;scale 1-10.OverviewBusiness reviewGovernanceFinancial statementsStrategic reviewPPHE Hotel Group Annual Report 2012 232
147、,500team members82.1%employee satisfaction score8.30overall guest satisfaction score (scale 1-10)24 PPHE Hotel Group Annual Report 2012In 2012 we delivered a great number of renovation projects across all the regions in which we operate,we acquired various hotel interests and significantly advanced
148、the exciting projects in our development pipeline.Strategic objectiveDriving revenue growth and expanding our hotel portfolio through a variety of business modelsStrategy Successfully delivering renovation and construction projects,advancing projects in our development pipeline and capitalising on n
149、ew hotel opportunities.2012 performance Our hotel operating track record is strong and we generally outperform our competitors.To ensure we stay ahead of the competition it is important to continuously deliver excellent service,but we must also continue to invest in our hotels.2012 was no exception
150、and we delivered a great number of renovation projects,across all the regions in which we operate.We completed the extension of artotel berlin city center west,the hotel with Andy Warhol as its signature artist,and in addition to the introduction of 61 new contemporary rooms,we added two meeting roo
151、ms,a leisure facility and we opened a brand new bar and lounge.At artotel budapest we renovated 75 rooms and created a new restaurant,further strengthening the hotels already strong position.At Park Plaza Leeds we completed the renovation of all rooms and the hotels performance improved immediately
152、as a result.The hotel with the greatest makeover during the year was Park Plaza Amsterdam Airport.Following extensive planning,the hotels entire ground floor was remodelled and several new facilities were introduced including a new restaurant,bar,board room,executive lounge and spa and wellness faci
153、lity.At its sister hotel,Park Plaza Victoria Amsterdam,we renovated the meeting rooms.In partnership with Arenaturist,the Croatian hospitality company which we operate and part own,three resorts were renovated and rebranded to Park Plaza in time for the 2012 summer season.In the first half of 2012,w
154、e acquired the joint venture interests from a long term partner in three hotels and one hotel development in The Netherlands,giving us full control over these hotels.Future development projects were advanced in the year,with construction on schedule for artotel amsterdam opening in 2013.The acquisit
155、ion of the two-acre site adjacent to the A40 motorway in West London was completed in the year and simultaneously sold and leased back.Planning to construct a 158-room hotel was granted in the year and preparations for this project are now well under way.We also advanced the construction and design
156、preparations for Park Plaza Nuremberg in Germany and artotel london hoxton in the United Kingdom.In January 2013,we entered into a conditional agreement to sell our shares in the Pattaya Bay development in Thailand,whilst retaining the option to manage the completed development.artotel cologneOvervi
157、ewBusiness reviewGovernanceFinancial statementsStrategic reviewPPHE Hotel Group Annual Report 2012 258 major renovation projects completed in 2012,including the opening of the first three Park Plaza branded resorts4 exciting new developments2013opening of artotel amsterdam26 PPHE Hotel Group Annual
158、Report 2012Our new commercial approach,with a clear and distinct strategy for sales,revenue and marketing,has led to a significantly improved revenue performance.Strategic objectiveOutperforming our competitors and improving our overall performance through innovative revenue generation and marketing
159、 initiatives Strategy Generating more business through our own channels,expanding our online footprint,engaging with our customers online,increasing conversion rates and developing new strategic alliances.2012 performance During the year we introduced a new sales structure,whereby we created a more
160、defined split between the areas of key account management and new business development,each with its own dedicated teams.The revenue organisation was restructured too,whereby corporate level revenue management functions were introduced and new regional structures implemented.These changes enable us
161、to have a consistent approach to revenue management across all regions,based on a corporate strategy,whilst being attuned to the local markets.As a result,the commercial function is now stronger than ever before,with a strong collaboration between sales,revenue and marketing,ensuring we capitalise o
162、n all revenue opportunities.Following extensive research and trialling several systems,we have selected IDEAS as our preferred revenue management system and we are in the process of implementing this sophisticated tool across a large number of hotels.Our hotels benefited significantly in the year fr
163、om a number of rich,cross-channel marketing campaigns,delivering incremental revenue in periods where the hotels needed an additional push and generating significant exposure for the brands.Our e-commerce activities have been taken to the next level and,following last years launch of a mobile websit
164、e for Park Plaza,a new mobile website for artotel was introduced in the summer.Visits to our websites increased significantly year-on-year to approximately five million.Our social media strategy has led to a significant increase of our social media fanbase and,at the end of 2012,our 100,000+fanbase
165、was substantially bigger than that of other hotel brands our size.Across several metrics,we have seen impressive growth and we have truly been able to expand our online footprint by increasing our online advertising activities,building our affiliate networks and most significantly,further optimising
166、 email marketing.Park Plaza Westminster Bridge LondonOverviewBusiness reviewGovernanceFinancial statementsStrategic reviewPPHE Hotel Group Annual Report 2012 27100,000+Park Plaza social media fanbase,much larger than brands of our size5mwebsite visits10memail newsletters sent28 PPHE Hotel Group Annu
167、al Report 2012Strategic objectiveLeveraging our partnership with Carlson to further grow revenuesOur global relationship with Carlson has gone from strength to strength and we have benefited from this intensified relationship and new initiatives.Strategy Actively embracing all marketing,sales and di
168、stribution programmes and opportunities available to us through the Carlson partnership,driving more business direct and increasing customer loyalty and engagement.2012 performance In 2012,Carlson and the Rezidor Hotel Group,joined forces to leverage their significant synergies.Carlson is the larges
169、t shareholder in the Rezidor Hotel Group and we have enjoyed good working relationships with both companies for several years.The formation of this new entity has helped us to better align our activities and together we have a truly global approach when it comes to commercial areas such as sales,e-c
170、ommerce,distribution and loyalty marketing.Through this strategic relationship,we are able to sell our hotel rooms in all relevant distribution channels around the world,we enjoy procurement and strategic partner benefits and participate in loyalty programmes for guests,travel agents,meeting planner
171、s and corporate companies.The global sales team assists us in generating sales leads for our hotels and the e-commerce team helps us to further develop our online position and marketing.In 2012,the Club CarlsonSM loyalty programme continued to grow in importance for us.Total membership at year end w
172、as nearly 10 million,providing us with excellent database marketing opportunities.As a result of a larger database,we have welcomed back more programme members than in previous years and they have been spending more of their loyalty points with us on hotel stays,food and beverage and other services.
173、Activity levels,and the Park Plaza brands profile,were further boosted by the largest and richest brand campaign,The Ultimate Night Giveaway,which generated several thousand room nights for our hotels.Our collaboration with the global sales team has improved significantly which has led to increased
174、sales leads presented to our hotels.Significant steps were also made in e-commerce,leading to increased traffic to the websites and reservations made online.Park Plaza Victoria AmsterdamOverviewBusiness reviewGovernanceFinancial statementsStrategic reviewPPHE Hotel Group Annual Report 2012 29 Larges
175、t Park Plaza Brand campaign to dateRecord level of Club CarlsonSM member award stays10m Club CarlsonSM members worldwideartotel amsterdamPark Plaza Victoria Amsterdam30 PPHE Hotel Group Annual Report 2012Strategic objectiveManaging and mitigating our impact on the environment and positively contribu
176、ting to the local communities in which we operateIn 2012,we have been able to reduce our waste and reduce our water and energy consumption,contributing to a reduction in CO2 emissions for our Group.Strategy Introducing the next generation of our Corporate Social Responsibility policy,measuring our p
177、erformance with key indicators,introducing a new energy saving scheme,further educating our stakeholders and embedding CSR in our brands.2012 performance In 2012,we have made significant progress in our strategic approach to CSR.On an Executive Management level,progress has been carefully monitored
178、and to ensure we continue to drive change across the entire organisation,cross-departmental and cross-regional teams have been established,each with clearly defined tasks and responsibilities.Locally,our teams have been actively involved in their communities and have initiated and/or embraced many c
179、haritable events throughout the year.Most significantly,as a collective we have been able to significantly reduce our waste and our consumption of natural resources.Based on these activities and achievements,several of our hotels have seen their accreditation status improve,with other hotels having
180、been rated for the first time this year.Our CSR policy has now been fully updated with a view to creating a more pragmatic and measurable framework ready to be implemented across all hotels.As we have been collecting more data in recent years,we have now defined a clear baseline and have set ambitio
181、us targets,with a goal set of further reducing our 2011 carbon dioxide emissions by 20%before the end of 2017.Park Plaza Histria PulaOverviewBusiness reviewGovernanceFinancial statementsStrategic reviewPPHE Hotel Group Annual Report 2012 3120%our aim is to reduce our 2011 carbon dioxide emissions by
182、 20%before the end of 201732 PPHE Hotel Group Annual Report 2012businessOur financial performance in 2012 Chief Financial Officers statement 34United Kingdom 36The Netherlands 38Germany and Hungary 40Management and Holdings Operations 42Croatia 44Corporate Social Responsibility 46review artotel berl
183、in city center westOverviewStrategic reviewGovernanceFinancial statementsBusiness reviewPPHE Hotel Group Annual Report 2012 3334 PPHE Hotel Group Annual Report 20122012 has been another record year,with the Group delivering significant revenue and EBITDA growth.These results were primarily achieved
184、through a strong operational performance of our London hotels,which benefited from the London Olympic Games,and our increased ownership within our Dutch hotel portfolio whilst continuing to focus on cost management and operational efficiencies.OccupancyDuring the period occupancy across the Group wa
185、s broadly maintained at 77.4%(2011:77.7%),which was achieved alongside our continued focus on growing average room rates.Average room rateIn line with our strategy to grow average room rate and increase market share,we are pleased to report significant growth in average room rate to 130.9(2011:119.2
186、),an increase of 9.8%.RevPARImproved revenue generation has been achieved with RevPAR increasing 9.4%to 101.3(2011:92.6),driven by a combination of maintained occupancy and growth in average room rate during the period.Room revenueReported room revenue increased by 19.6%to 166.2 million(2011:139.0 m
187、illion)during the period.On a like-for-like basis*,room revenue grew by 12.9%to 156.9 million.Total revenueDuring the period,reported total revenue for the Group grew by 19.6%to 242.1 million(2011:202.4 million).This growth was primarily driven by our increased hotel ownership in The Netherlands and
188、 a strong operational performance of our London hotels and for the UK region the strengths of the Sterling against the Euro.On a like-for-like basis*,total revenue increased by 13.0%to 228.8 million,showing a strong underlying performance.Before inter-company elimination,total revenue for the Manage
189、ment and Holdings Operations increased by 17.6%to 33.6 million(2011:28.5 million).This growth is mainly a result of improved trading at our hotels in London and Arenaturist in Croatia,and a performance related incentive fee for one of our managed hotels.EBITDAReported EBITDA increased by 31.6%to 85.
190、6 million(2011:65.0 million),reflecting a strong performance of our London hotels,improved margins,full ownership in three hotels in The Netherlands and a foreign exchange translation impact.The improvement in EBITDA,and our continued focus on closely managing our cost base and driving operational e
191、fficiencies,resulted in a 322bps increase in EBITDA margin to 35.4%(2011:32.1%).On a like for like basis*,EBITDA increased by 24.5%to 81.0 million and our EBITDA margin increased to 35.4%.EBITDA for Management and Holdings Operations increased by 31.9%to 14.2 million(2011:10.8 million).Profit before
192、 taxNormalised profit before tax increased by 76.7%to 24.0 million(2011:13.6 million).This profit relates mainly to the improved operating performance of our London hotels,our Management and Holdings Operations and the increased ownership in three hotels in the Netherlands.Reported profit before tax
193、 was 67.6 million(2011:10.6 million).The increase in reported profit relates mainly to gains arising from the application of IFRS accounting following the Group obtaining 100%control of previously jointly owned entities(refer to Note 3a to the Consolidated financial statements)amounting to 45.7 mill
194、ion in capital gains and negative goodwill arising from the newly acquired interests in hotels amounting to 4.3 million and such other adjustments as outlined in the table on the adjacent page(see Notes 23,24 and 25 to the Consolidated financial statements).The Group also had impairment charges of 6
195、.2 million for the provincial hotels in the United Kingdom.In addition,the EBITDA contribution from the increased ownership in three hotels in the Netherlands amounted to 4.6 million.The adjustments are detailed in the table on the adjacent page.Earnings per shareReported basic/diluted earnings per
196、share for the period increased by 349.2%to 1.64(2011:0.37).Normalised earnings per share was 0.59(2011:0.33),representing an 81.5%increase.DividendThe Directors are proposing a final dividend of 6.0 pence per share(2011:6.0 pence).Together with the interim dividend of 6.0 pence per share(2011:Nil),p
197、aid on 3 October 2012,the total dividend for the year is 12.0 pence(2011:6.0 pence).Subject to shareholder approval at the Annual General Meeting,to be held on 13 May 2013,the dividend will be paid on 14 May 2013 to shareholders on the register at 2 April 2013.The shares will go ex-dividend on 27 Ma
198、rch 2013.“Reported EBITDA increased by 31.6%to 85.6 million”Chief Financial Officers statementAnother record year,with good growth and improved margins*In the like for like comparison figures,the financial contribution of Park Plaza Amsterdam Airport,Park Plaza Victoria Amsterdam and Park Plaza Utre
199、cht has been calculated on the basis of the ownership interest of PPHE Hotel Group in those hotels during the same period in 2011.OverviewStrategic reviewGovernanceFinancial statementsPPHE Hotel Group Annual Report 2012 35Business reviewFinancial positionNet bank debt as at 31 December 2012 was 460.
200、6 million,an increase of 73.5 million (as at 31 December 2011:387.1 million).This includes 46.2 million of liquid assets (as at 31 December 2011:31.0 million),of which cash and cash equivalents were 44.9 million(as at 31 December 2011:29.5 million)and other liquid financial assets of 1.3 million(as
201、at 31 December 2011:1.5 million).During the period,the movement in net bank debt included a 57.2 million increase due to the assumed debt of the acquired joint venture interests in three hotels and one development project in the Netherlands,24.0 million increase to finance the acquisition of the joi
202、nt venture interests in these three hotels and one development project,6.7 million increase in loans for construction and renovation purposes,an increase due to foreign exchange of 7.6 million and a decrease of 8.7 million due to redemption of loans.The Groups gearing ratio(net bank debt as a percen
203、tage of total capital(equity adjusted for the hedging reserve plus net bank debt)improved by 1.9%to 62.0%(as at 31 December 2011:63.9%).Financial structure and investmentsAcquisition of remaining interest in three hotels and one hotel project in The NetherlandsOn 16 May 2012,the Group completed the
204、acquisition of the remaining 50%interest in,and related loan to,Park Plaza Amsterdam Airport,Park Plaza Victoria Amsterdam,Park Plaza Utrecht and the artotel amsterdam project from its joint venture partner.The consideration for the acquisition comprised 23.0 million in cash,of which 12.0 million wa
205、s funded by a new term loan with Bank Hapoalim B.M.and the remainder of the cash consideration was financed from existing facilities,the issue of 700,000 shares in the capital of the Company and deferred consideration payable on the fourth anniversary of the transfer of the shares under the terms of
206、 the agreement.Further details are set out in Note 3a to the Consolidated financial statements.Acquisition and simultaneous sale and leaseback of a development site in West London On 18 June 2012,the Group acquired the freehold property at 628 Western Avenue in West London for 6.0 million(7.3 millio
207、n)and simultaneously announced that it had completed the sale of the site at a price of 7.0 million(8.6 million)and the leaseback of the site at an initial rent of 306,500(373,000)per year.Further details are set out in Note 17c2c to the Consolidated financial statements.Construction financing for m
208、ixed-use development Pattaya Bay,Thailand On 12 September 2012,the Group entered into a Thai Baht 1,100 million(27.5 million)facility agreement.The facility was made available to finance the construction of a mixed-used development project located in Pattaya Bay(Thailand)with United Overseas Bank.Th
209、e final maturity of the loan is September 2016.In January 2013,the Group entered into a conditional agreement to sell its shares in this project.Further details are set out in Note 32 to the Consolidated financial statements.Construction financing for development Nuremberg,GermanyOn 22 October 2012,
210、we entered into a 11.7 million facility agreement with Deutsche Hypothekenbank to finance the conversion of a building in Nuremberg,Germany,into a hotel.The final maturity of the loan is 31 December 2016 and further details are set out in Note 17a8 to the Consolidated financial statements.Purchase o
211、f sharesOn 29 August 2012,we announced the purchase of 200,000 of our own Ordinary shares,increasing the number of shares held in treasury to 1,862,000(constituting 4.49%of the Companys issued share capital,excluding treasury shares).Further details are set out in Note 15b to the Consolidated financ
212、ial statements.Looking aheadThe Company is considering how best to fund its future expansion and take advantage of a number of opportunities to pursue organic expansion or acquisitions.One option that the Company is considering is the release of part of the value of its hotel assets whilst retaining
213、 operational control.This process is underway and will take a number of months.In the year ahead,we look forward to building on the successes of 2012.We will remain focused on delivering a further EBITDA margin improvement through strong operational performance,our cost-effective management approach
214、 and further development of our financial structure and asset management initiatives.Chen Moravsky Chief Financial OfficerTotal revenue242.1m+19.6%EBITDA 85.6m+31.6%Normalised profit before tax24.0m+76.7%Year ended 31Dec2012 millionYear ended 31 Dec 2011 millionReported profit before tax67.610.6Fair
215、 value movements on derivatives recognised in the profit and loss(0.5)4.7Negative goodwill and capital gains after the acquisition of the remaining interests in three hotels and one development in the Netherlands(50.0)Fair value adjustment of the deferred purchase price of the acquisition of the rem
216、aining interests in three hotels and one development in the Netherlands(2012)and three hotels in the United Kingdom(2010)(0.6)Impairment of assets6.2Sales and marketing expenses in the Thai development project0.4Waiver of liabilities to related parties(2.5)Forfeited deposits from rescinded contracts
217、 of unit sales of Park Plaza Westminster Bridge London(0.7)Strategic advice expenses0.91.5Normalisedprofitbeforetax24.013.636 PPHE Hotel Group Annual Report 2012Review of 2012United KingdomHoteloperationsEuro()GBP()Year ended 31December2012Year ended 31 December 2011Year ended 31December2012Year end
218、ed 31 December 2011Total revenue161.1million140.0 million130.5million121.8 millionEBITDAR60.7million48.9 million49.2million42.5 millionEBITDA59.5million47.5 million48.2million41.3 millionOccupancy81.7%82.1%81.7%82.1%Average room rate169.2145.6137.1126.7RevPAR138.2119.6112.0104.0Room revenue114.3mill
219、ion98.6 million92.6million85.8 millionPark Plaza Westminster Bridge LondonPark Plaza Westminster Bridge LondonOverviewStrategic reviewGovernanceFinancial statementsPPHE Hotel Group Annual Report 2012 37Business reviewStrong performance and benefiting from the London Olympic Games United Kingdom hote
220、l portfolio performance Our hotels in London performed well during the year,due to continued strong corporate and leisure demand.In addition,in August our hotels benefited strongly from the Olympic Games,with increased demand for hotel rooms and meeting and event spaces.All of the Groups London hote
221、ls,except one,outperformed their competitive set in RevPAR during the year(source:STR Global,December 2012).Our flagship hotel,Park Plaza Westminster Bridge London reported another strong performance in 2012,significantly outperforming its competitive set in terms of occupancy by 2.8%,average room r
222、ate by 25.0%and RevPAR by 28.5%.Despite continued challenging trading conditions in the provincial destinations,in our first year of ownership,Park Plaza Leeds and Park Plaza Nottingham both delivered a slightly improved EBITDA contribution.Park Plaza Nottingham outperformed its competitive set in t
223、erms of occupancy,average room rate and RevPAR(source:STR Global,December 2012).In line with strategy,management remained focused on increasing average room rate across the portfolio which resulted in overall RevPAR growth in Sterling of 7.7%to 112.0(2011:104.0).Occupancy remained flat at 81.7%(2011
224、:82.1%).Total revenue grew by 7.2%to 130.5 million(2011:121.8 million)and EBITDA grew by 16.8%in Sterling to 48.2 million(2011:41.3 million).The reported results for the region were positively impacted by the strength of Sterling against the Euro.Renovation projects and development pipelineSince acq
225、uiring Park Plaza Leeds and Park Plaza Nottingham in 2010 we have invested in extensive renovation works at both hotels to refurbish rooms and public areas.Most of the renovation works at Park Plaza Leeds were completed in the first half of 2012.This investment and the repositioning of these hotels
226、is expected to deliver an improved performance over the long term,although the recovery of the provincial markets in general is expected to take longer.On 18 June 2012,the Company completed the acquisition and simultaneous sale-and-leaseback of a two-acre development site at 628 Western Avenue in We
227、st London.Planning permission for a hotel was granted in 2012.The hotel that will be developed will offer 158 bedrooms,a lounge and bar,several meeting rooms and a health and fitness facility.We continued to progress our plans for the development of artotel london hoxton,our first artotel in the Uni
228、ted Kingdom.The hotel will have state-of-the-art guest rooms and facilities will include a modern top-floor restaurant and bar,spa facilities,a publicly accessible arts centre,an art gallery and space for video artists and photographic studios.During the year we developed a new restaurant concept ca
229、lled TOZI,which is due to open at Park Plaza Victoria London in March 2013.The name TOZI is derived from the Venetian dialect for“a group of close friends”and will reflect the restaurants concept of sharing food,whilst in the company of friends.The United Kingdom hotel market In 2012 the United King
230、dom hotel market delivered year-on-year growth.RevPAR grew by 1.4%to 58.33,driven by a 1.5%decrease in occupancy to 72.5%and a 2.9%increase in average room rate to 80.50(source:STR Global,December 2012).The London hotel market enjoyed its third successive year of profit growth,with the city particul
231、arly benefiting from the London Olympic Games in August.RevPAR increased by 3.4%to 112.37 reflecting a 3.7%increase in average room rates to 138.50.Occupancy was flat(source:TRI Hospitality HotStats,December 2012).The hotel market outside of London continued to be more impacted by the economic reces
232、sion,with increasing cost pressures outpacing revenue rises.Nevertheless,RevPAR increased by 1.4%to 49.05,driven by a 0.9%increase in occupancy and a 0.5%increase in average room rate(source:TRI Hospitality HotStats,December 2012).Wholly owned hotelsPark Plaza Leeds Park Plaza Nottingham Park Plaza
233、Riverbank London Park Plaza Sherlock Holmes London Park Plaza Victoria London Plaza on the River LondonPart owned hotelPark Plaza Westminster Bridge LondonManaged hotel*Park Plaza County Hall LondonFranchised hotel*Park Plaza Cardiff*Franchised and/or Managed hotels do not count towards any of the f
234、igures presented in the table on this page(Occupancy,Average Room Rate,RevPAR,Total Revenue,Room Revenue,EBITDAR,EBITDA).Rooms in operation2,789Rooms in pipeline51038 PPHE Hotel Group Annual Report 2012Review of 2012The NetherlandsHoteloperationsEuro()Year ended 31December2012Year ended 31 December
235、2011Total revenue37.8million24.8 millionEBITDAR12.4million7.8 millionEBITDA12.3million7.8 millionOccupancy72.6%74.9%Average room rate108.5109.4RevPAR78.882.0Room revenue27.0million17.8 million Park Plaza Eindhoven Park Plaza Victoria AmsterdamOverviewStrategic reviewGovernanceFinancial statementsPPH
236、E Hotel Group Annual Report 2012 39Business reviewStrong increase in revenue and EBITDA due to increased ownership Our Dutch hotel portfolio performanceOverall our hotels in the Netherlands reported a 52.5%increase in total revenue to 37.8 million(2011:24.8 million)and a 58.6%increase in EBITDA to 1
237、2.3 million(2011:7.8 million).These results were driven by the Groups increased ownership to 100%(previously 50%)of three hotels Park Plaza Amsterdam Airport,Park Plaza Victoria Amsterdam and Park Plaza Utrecht from its former joint venture partner.On a like-for-like basis*total revenue declined by
238、1.3%to 24.5 million and EBITDA declined by 0.4%to 7.7 million,reflecting the continued challenging market conditions in The Netherlands.Occupancy fell by 2.3%to 72.6%(2011:74.9%)reflecting the reduction in demand.Average room rate was broadly flat at 108.5(2011:109.4)resulting in an overall RevPAR r
239、eduction of 3.9%to 78.8(2011:82.0).Despite the continued market challenges,each of the Groups hotels in the region,except Park Plaza Amsterdam Airport which was undergoing significant refurbishment in the year,delivered RevPAR ahead of its competitive set.In particular,the Groups provincial hotels,P
240、ark Plaza Eindhoven and Park Plaza Utrecht,outperformed their competitive sets,reporting RevPAR 12.6%and 41.3%ahead of their competitors respectively(source:STR Global,December 2012).Renovation projects and development pipelineThe Group has invested in extensive renovation works at Park Plaza Amster
241、dam Airport to remodel all the public areas and introduce new facilities,including an Executive Lounge,upscale boardroom,spa and fitness centre and a new bar and restaurant.The hotel is one of Amsterdams largest conference hotels and this investment will improve the longer term revenue generation at
242、 the hotel.Renovations of the meeting rooms at Park Plaza Victoria Amsterdam were also completed in 2012.Construction of artotel amsterdam is progressing well and is on track to open in the second half of 2013.In line with the artotel brand,the hotel will be contemporary in interior design and will
243、house a 10,000sqft art gallery which will be complemented by an extensive lounge,restaurant and entertainment facilities.The Amsterdam hotel marketThe Amsterdam hotel market has continued to be impacted by the macroeconomic environment.The city experienced a marginal increase in demand with occupanc
244、y up 1.2%to 78.9%.However,average room rates remained under pressure and declined by 0.8%.RevPAR improved slightly by 0.5%(source:TRI Hospitality HotStats,December 2012).Wholly owned hotelsPark Plaza Eindhoven Park Plaza Vondelpark,Amsterdam Park Plaza Utrecht Park Plaza Victoria Amsterdam Park Plaz
245、a Amsterdam AirportRooms in operation1,010Rooms in pipeline107*In the like for like comparison figures,the financial contribution of Park Plaza Amsterdam Airport,Park Plaza Victoria Amsterdam and Park Plaza Utrecht has been calculated on the basis of the ownership interest of PPHE Hotel Group in tho
246、se hotels during the financial year ended 31 December 2011.40 PPHE Hotel Group Annual Report 2012Review of 2012Germany and HungaryHoteloperationsEuro()Year ended 31December2012Year ended 31 December 2011Total revenue32.6million30.2millionEBITDAR8.8million7.5 millionEBITDA(0.5)million(1.0)millionOccu
247、pancy73.5%71.7%Average room rate72.770.9RevPAR53.450.9Room revenue24.9million22.6 millionartotel berlin mitteartotel berlin mitteOverviewStrategic reviewGovernanceFinancial statementsPPHE Hotel Group Annual Report 2012 41Business reviewAll of our hotels grew their average room rate during the yearGe
248、rman and Hungarian hotel portfolio performance Our hotels in Germany and Hungary delivered a 7.9%increase in total revenue to 32.6 million(2011:30.2 million).The EBITDA loss was reduced by 53.0%to(0.5)million(2011:(1.0)million loss).This improvement was the result of an improved revenue generation a
249、nd effective cost management.Across our portfolio,occupancy increased to 73.5%(2011:71.7%)and average room rate grew by 2.5%to 72.7(2011:70.9)respectively,resulting in a 5.1%increase in RevPAR to 53.4(2011:50.9),a much improved performance compared to previous years.All our German hotels average roo
250、m rate increased during the year with three of our hotels in Berlin and our artotel in Budapest delivering RevPAR ahead of their competitive sets(source:STR Global,December 2012).Renovation projects and development pipelineDuring 2012,extensive renovation works at artotel berlin city center west and
251、 artotel budapest were completed.The investment in these hotels will strengthen their market positions and increase the revenue potential of these hotels.Following the introduction of a 61-room extension at artotel berlin city center west in 2011,we further improved this hotel in 2012 by introducing
252、 a new bar and lounge,two meeting rooms and fitness facilities.At artotel budapest a significant number of rooms were renovated and a new bar and lounge facilities were introduced.The fourth Park Plaza in Germany,located in the historic city centre of Nuremberg,is due to open in 2014.The German and
253、Hungarian hotel market Overall the German hotel market reported an improved performance.Occupancy increased by 2.2%to 66.3%and average room rate increased by 3.4%to 94.0.This resulted in a 5.7%increase in RevPAR to 62.4(source:STR Global,December 2012).The Berlin market reported a RevPAR increase of
254、 8.5%to 63.8,driven by a combination of 4.6%occupancy growth to 72.5%and 3.7%increase in average room rate to 88.0.The Cologne hotel market reported a near flat performance,with RevPAR down 0.2%to 67.6,due to a 1.4%decrease in average room rate to 100.0,which was offset by a 1.2%increase in occupanc
255、y to 67.6%(source:STR Global,December 2012).Leased hotelsartotel budapest artotel berlin city center west artotel berlin kudamm artotel berlin mitte artotel cologne artotel dresden Park Plaza Prenzlauer Berg Berlin Park Plaza Wallstreet BerlinFranchised hotel*Park Plaza Trier*Franchised hotels do no
256、t count towards any of the figures presented in the table on this page(Occupancy,Average Room Rate,RevPAR,Total Revenue,Room Revenue,EBITDAR,EBITDA).Rooms in operation1,423Rooms in pipeline17742 PPHE Hotel Group Annual Report 2012Review of 2012 Management and Holdings OperationsManagement and Holdin
257、gsOperations Euro()Year ended 31December2012Year ended 31 December 2011Total revenue before elimination33.6 million28.5millionRevenue within the consolidated Group23.0million21.1 millionExternal and reported revenue10.6million7.4 millionEBITDA14.2million10.8 millionOverviewStrategic reviewGovernance
258、Financial statementsPPHE Hotel Group Annual Report 2012 43Business reviewOur Management and Holdings Operations reported strong growthOur performanceAs an owner/operator,a significant part of our hotel portfolio is owned and managed by us,and all hotel management related revenues are eliminated upon
259、 consolidation as an intra-group revenue.Prior to consolidation and elimination of intra-group revenue,total Management and Holdings revenue increased by 17.6%to 33.6 million(2011:28.5 million).This growth is primarily a result of improved trading of our hotels in London and Arenaturist in Croatia,a
260、nd a performance related incentive fee.After consolidation and the elimination of intra-group revenue,reported revenues increased by 47.7%to 10.6 million(2011:7.4 million).Reported EBITDA increased by 34.0%to 14.2 million (2011:10.8 million).Owned and leasedManagedFranchisedBrand provided under lice
261、nce by PPHE Hotel GroupPPHE Hotel GroupPPHE Hotel GroupEmployeesPPHE Hotel GroupPPHE Hotel Group employs General Manager and Financial Controller Third party Sales,Marketing,Distribution and Revenue SupportPPHE Hotel GroupPPHE Hotel GroupPPHE Hotel GroupDay-to-day Sales,Marketing,Distribution and Re
262、venue ManagementPPHE Hotel GroupPPHE Hotel GroupThird partyOwnershipPPHE Hotel GroupThird partyThird partyCapital for PPHE Hotel Group HighLow/noneNoneRevenue for PPHE Hotel GroupAll operating revenues and profitsBase management fee as percentage of revenueIncentive fee as percentage of gross operat
263、ing profit Central Services fee as percentage of revenueMarketing fee as percentage of revenueFranchise fee as percentage of revenueMarketing fee as percentage of revenue44 PPHE Hotel Group Annual Report 2012Review of 2012CroatiaPark Plaza MedulinPark Plaza Histria PulaPark Plaza Histria PulaOvervie
264、wStrategic reviewGovernanceFinancial statementsBusiness reviewPPHE Hotel Group Annual Report 2012 452011201020129,816,00054,284,00010,607,00058,000,00010,951,00060,249,0002011201020122,737,77919,041,6443,012,20420,646,7283,134,60921,919,3792012 was a truly special year as we opened the first three P
265、ark Plaza resorts Our relationshipArenaturist group is one of Croatias best known hospitality groups and consists of eight hotels,six holiday apartment complexes,eight campsites and 52 food and beverage outlets,all of which are located in Istria.Arenaturist group caters primarily for European touris
266、ts and the majority of accommodation is only operational during the summer months.All properties are located in prime locations by the sea and are a short distance from either the 3,000 year old city of Pula or the touristic Medulin.In 2008,we acquired a 20%stake in WH/DMREF Bora B.V.,the holding co
267、mpany of the Arenaturist group,and we were awarded the management agreement for Arenaturist.Arenaturist d.d.is listed on the Zagreb Stock Exchange.The Arenaturist group is accounted for as an associate in the Consolidated financial statements.Our progress 2012 was a truly special year as we opened t
268、he first three Park Plaza branded resorts in partnership with Arenaturist.Following extensive renovations,we opened the flagship Park Plaza Histria Pula,which occupies a stunning seaside location and provides all the amenities expected of a full-service,upscale hotel including a large spa and wellne
269、ss and conference centre,the adjacent Park Plaza Verudela Pula which is especially suited for families due to its range of apartment-style accommodation and Park Plaza Medulin which has created its own niche and caters to couples only.Our affiliation with Carlson gives us a distinct advantage in mar
270、keting these properties as the region continues to attract a growing number of tourists.In preparation for their opening,our human resources teams trained all Arenaturist team members about the Park Plaza brand and Company values and the role every individual has in ensuring we consistently exceed g
271、uest expectations and deliver exceptional memories.Croatia in general has yet again reported growth in visitor numbers,although not as strong as reported in 2011.Despite this slowdown in growth,Arenaturist has had a good summer season,and in particular the newly opened resorts delivered an excellent
272、 performance.Not only did these three Park Plaza resorts perform above expectations,they also generated very positive guest reviews,they won awards,improved their business mix and are now true market leaders in these destinations.Looking forward,we will continue with the further redevelopment of the
273、 Arenaturist group and we are pleased to report that Hotel Palma,which was located adjacent to Park Plaza Histria Pula,has now officially closed down for extensive renovations.Upon completion,the 127 guest rooms of this former hotel will become part of Park Plaza Histria Pula,further solidifying its
274、 flagship status.The extension of Park Plaza Histria Pula is expected to be completed in May,before the summer season commences.The remaining guest rooms at Park Plaza Medulin,which were not included in the 2012 renovation project,are being renovated and will be ready for the 2013 summer season.Furt
275、her renovation projects across other Arenaturist properties are currently being reviewed.For more information about Arenaturist,please visit and for the Park Plaza branded resorts visit: or hotelsPark Plaza Histria Pula Park Plaza Medulin Guest House Riviera Hotel Belvedere Hotel Brioni Hotel Holida
276、y (Hotel Palma)1 Hotel Park Co-owned resortsPark Plaza Verudela Pula Ai Pini Medulin Resort Horizont Resort Splendid Resort Verudela Beach and Villas Resort Kamp Kazela 1 Hotel Palma is now permanently closed.Following extensive renovations,127 guest rooms of this former hotel will be added to the i
277、nventory of Park Plaza Histria Pula in summer 2013.Rooms in operation2,830Croatia tourism statisticsArrivals&overnightsIstria tourism statisticsArrivals&overnightsGermany5,921,53429%Slovenia2,931,06814%Austria2,279,63411%Italy2,180,03211%Netherlands1,460,5387%Croatia996,3465%Russia752,6474%Czech Rep
278、ublic704,6633%Total20,646,728Istria tourism statisticsOvernights by countryArrivalsArrivalsOvernightsOvernights46 PPHE Hotel Group Annual Report 2012Regional Managers and General Managers Vision Mission Values Context StrategyCorporate Social ResponsibilityIn 2012 the Company made a significant leap
279、 forward in terms of its strategic approach to Corporate Social Responsibility(CSR).We have re-introduced our TREE policy which represents the strategic environmental ethos of the Group,appointed Green Teams across our three primary operating regions and co-ordinated our CSR activities through cross
280、-regional conference calls and senior management meetings.Most importantly,we have taken a strategic decision to measure our consumption of electricity,gas and water and to measure our waste management.This enables us to benchmark our business practices and to determine,for example,how much electric
281、ity we consume per guest stay,per room occupied or per square metre at each hotel.It also allows us to set targets for reducing our CO2 emissions.In our ambition to further improve our performance,we have set a goal to reduce our CO2 emission by 20%before the end of 2017.It has also been a tremendou
282、sly successful year in terms of awards and accolades and we are happy to report that in the United Kingdom Park Plaza Leeds was awarded a Silver Award from the Green Tourism Business Scheme UK;Park Plaza Nottingham was upgraded from Bronze to Silver,Park Plaza Sherlock Holmes London was awarded a Si
283、lver Award and Park Plaza Victoria London was upgraded in a recent survey conducted by the scheme from Bronze to Silver.In the Netherlands,Park Plaza Utrecht was upgraded to Gold award status by the Green Key and Park Plaza Eindhovens activities were recognised by the local municipality with a Silve
284、r award in their Sustainable Entrepreneur scheme.We have also included CSR parameters in our electronic guest satisfaction surveys and are pleased to report that our CSR policy has continued to grow in importance amongst our team members too,with our 2012 Climate Analysis Survey showing that 82%of o
285、ur team members are familiar with our CSR policy against 80%in 2011.In addition,82.2%agreed or strongly agreed with the statement that“At my hotel/company,we take care of the environment”compared to 81.6%in 2011.As one of the very few truly integrated hotel developers and owner-operator companies in
286、 the world,we have dedicated our years of achievements to inspire our guests through individuality and passion.We care not only about our guests but also about the physical environment and the social environment in which we operate.That is why the Company with approximately 2,500 team members dedica
287、tes significant time and resources to address corporate social responsibilities seriously.In our industry people will always need to travel the world,in fact the travel industry has shown consistent and resilient growth year on year and we share the anticipation that more and more travellers will vi
288、sit new and old destinations every year.This is particularly true with the emerging economies of Brazil,Russia,India,China and other nations backing the trend and exporting tourism.Managing CSR at PPHE Hotel GroupOur Corporate Social Responsibility policy forms an integral part of our values and con
289、text and is pro-actively lived by the hotels and their teams.Corporate Social ResponsibilityOur CSR policy is a genuine,active and responsible commitment to our environment and society OurvisionRealise growth potential OurmissionstatementInspiring our guests through individuality and passion Our gue
290、sts,team members,suppliers and the communities within which we operate demonstrate strong feelings and care for the environment and more personal and business choices are made today with such considerations in mind than in previous years.Because this is a collaborative effort we have re-launched our
291、 policy:TREE Total Responsibility for Everyones Environment TREE is the backbone of PPHE Hotel Groups CSR policy and is the core principle of the environmental and sustainable business practice across the Company.It ensures that all hotels within the Group adopt it and include it in their day-to-day
292、 operation.TREE continuously engages team members,hotels green teams and corporate offices across the Group to reduce resource consumption,minimise waste,support local communities and ensure that all our team members are working in an ethically fair environment with access to training and personal d
293、evelopment.OverviewStrategic reviewGovernanceFinancial statementsPPHE Hotel Group Annual Report 2012 47Business reviewTotal Impact on our environment and resource consumptionPPHE Hotel Group recognises the environment as an integral and fundamental part of our business.We are aware of the impact our
294、 actions and work have on the environment,its resources and communities around us today and for the future.Our CSR policy TREE ensures that all hotels within the Group adopt this policy and make it part of their day-to-day operation.The policy engages all our team members to work towards a low-carbo
295、n environment and a sustainable workplace.It is also communicated to our clients,guests,investors and business partners and is included in our guest satisfaction surveys to encourage continued improvements.The total impact on our environment is a combination of the consumption of resources,sustainab
296、le business practices and initiatives,the contributions towards our communities and the engagement of our people.To make a difference we need to measure our impact on the environment and our usage of natural resources and reduce those against set targets.Measuring our key energy and water consumptio
297、n and CO2 emissions per guest stay gives us the opportunity to improve measurements,work on implementation of new technologies and initiatives.It also allows us to focus on reducing natural resources consumption,reuse,recycle and to work towards a business with reduced carbon dioxide emissions.Respo
298、nsibilitySustainable business practices Reduce,reuse,recycleWe have committed and implemented on-site bottling plants,waste to water recycling schemes,in-room towel and bed-linen schemes,passive infrared motion sensors,water flow technologies,LED-lights and combined heat&power units as well as colle
299、cting rain water to name only a few key examples of on-going improvements within our business.These initiatives reflect the importance of resource management which PPHE Hotel Group operates across all regions.OurvaluesAt PPHE Hotel Group we feel that it is important to have positive working relation
300、ships and to foster an environment based on trust,respect,teamwork,enthusiasm,commitment and care.These criteria have therefore been adopted as our values.Trust Believing in the organisation and its employees,where achievable and realistic promises are made and kept.Respect Understanding differences
301、 in people and organisations,whilst behaving with integrity and valuing their role.Teamwork Active participation in the realisation and achievement of common goals.EnthusiasmChoosing to be positive,energetic and happy.Commitment Believing in these values,instilling them in yourself,the team and orga
302、nisation.Care Showing compassion and adapting to the needs of colleagues and guests alike,regardless of the situation.CO2 reduction target-20%48 PPHE Hotel Group Annual Report 2012CertificationIt is important for us to know if we are on the right track with our activities and we therefore highly val
303、ue external accreditation.Several of our hotels have worked with the respective authorities in this area and have received the relevant accreditation.We will be reviewing similar initiatives for our other hotels.Park Plaza County Hall LondonGold awardThe Green Tourism Business Scheme,UKPark Plaza We
304、stminster Bridge London Gold awardThe Green Tourism Business Scheme,UKPark Plaza Sherlock Holmes LondonSilver award(new)The Green Tourism Business Scheme,UKPark Plaza Victoria LondonSilver award(upgraded from Bronze)The Green Tourism Business Scheme,UKPark Plaza LeedsSilver award(new)The Green Touri
305、sm Business Scheme,UKPark Plaza NottinghamGold award(upgraded from Silver)The Green Tourism Business Scheme,UKPark Plaza Victoria AmsterdamSilver award The Green KeyPark Plaza UtrechtGold award(upgraded from Silver)The Green KeyPark Plaza EindhovenGold awardThe Green KeyPark Plaza EindhovenSustainab
306、le Entrepreneur Silver award(new)Local municipality Corporate Social Responsibility continuedOverviewStrategic reviewGovernanceFinancial statementsPPHE Hotel Group Annual Report 2012 49Business reviewEncouragement and engagementA sustainable business is a business which includes its people,team memb
307、ers,guests and suppliers.Green teams across all hotels work on projects to keep TREE alive,to get involved with local communities and to improve the“green”guest experience.They work towards environmental audit schemes such as the Green Tourism award to have their work assessed to reflect successes a
308、nd work on further developments.“Green-Questions”on our guest satisfaction email surveys highlight new ideas and concerns guests may have towards our practices and gives us the opportunity to constantly develop our CSR policy.EveryonesenvironmentCommunitiesPPHE Hotel Groups TREE reaches out to its t
309、eam members,guests,business partners and local communities to connect and make a positive impact.With hotels in operation across a number of countries we are fully aware of the important role we play in our local communities.With the commitment to making a difference in peoples lives and the local c
310、ommunity,PPHE Hotel Group is actively involved with a number of fundraising partners and activities throughout the year.We support too many charities to name them all here.2012 charitable efforts included Springboard,Fight For Sight,Movember,Kinderhilfe,StreetSmart SleepSmart,Parkinsons UK,Thames 21
311、,hospitality Action,Breast Cancer Care Cymru and the Willow Foundation Ethical work placeBeing a truly multi-national organisation with over 71 languages spoken and over 30 different nationalities working in our business,PPHE Hotel Group believes that a strong set of core principles is essential to
312、help ensure that our team members,agents and business partners all operate to the highest ethical and legal standards.We operate honestly and in good faith,free from bribery,fraud and deception across all parts of our business and believe in this as our fundamental elements of our business principle
313、s.PPHE Hotel Group has a zero-tolerance of bribery,fraud,discrimination and all team members fully comply to our Code of Ethics,which is also accessible for everyone through the companys intranet.All our team members are committed to comply fully with the 2011 UK Bribery Act.Where relevant this comm
314、itment has been adapted to the requirement of local legislation.Our performance in this area is measured through the annual employee satisfaction survey.DevelopmentLearning and development is part of PPHE Hotel Groups work ethos.It ensures that all team members have the required knowledge,skills and
315、 are fully engaged to deliver excellent service and are part of a positive working environment.CSR is ingrained in our day-to-day operations and this starts with the companys induction programme,“Feeling Welcome”,which every employee must attend.During this programme,our CSR activities are extensive
316、ly covered including every team members role in driving change.In 2012 the company reviewed learning and development programmes and laid key focus on delivering PPHE Hotel Groups mission statement(Inspiring our guests through individuality and passion)through a Group-wide newly tailor-made Inspirati
317、onal Service training programme,which every team member at every level attended and is now part of the companys induction.Furthermore,we conduct group and individual trainings with in-house and out-sourced support.We want to ensure that everyone benefits from participating in the Learning&Developmen
318、t programme,and that PPHE Hotel Group plays a significant part of every team members working career for now and in the future.Peoples engagementGreen teams across all business units work on different projects to continuously deliver our TREE policy and to encourage everyone to uphold our tactical po
319、licy to Save Energy and Switch Off Now(SEASON)which will be re-launched during 2013.To ensure our teams are fully familiar with our CSR policy and procedures,and embrace the supporting initiatives,these have now been fully included in our mandatory staff induction programmes.The policy and best prac
320、tice examples are also made available on our newly launched you:niverse intranet and e-learning portal and the policy document is available on our company website .Our annual employee satisfaction survey,which is conducted each November by an independent third party continued to demonstrate a high p
321、articipation rate(92%),high job satisfaction in general and our Ethical Standards rating continued to be high with 84.3%against 84.8%in 2011.50 PPHE Hotel Group Annual Report 2012Board of DirectorsEli Papouchado(75)Non-Executive ChairmanChen Moravsky(42)Chief Financial Officer Boris Ivesha(67)Presid
322、ent and Chief Executive OfficerMr.Papouchado is the founder of the Red Sea Group and has previously acted as the Chairman of its board for ten years.He has been involved in the construction,design,development,financing,acquisition and management of leading hotels,including Park Plaza Westminster Bri
323、dge London,Park Plaza Riverbank London,Park Plaza Victoria London,Park Plaza Leeds,Park Plaza Nottingham,Park Plaza Victoria Amsterdam,the milestone Taba Hotel and many others.Mr.Papouchado was involved in the development of hundreds of thousands of square metres of retail space in shopping malls an
324、d large residential projects in the United States,Eastern Europe and the Middle East.He also served as Chairman of the Israel Hotel Association.Mr.Ivesha has been the President of PPHE Hotel Group since 1991.In 1972,he was appointed General Manager of the Royal Horseguards Hotel in London,a position
325、 he held until 1979,when he became a Managing Director for the Carlton Hotel in Israel.Mr.Ivesha established the Yamit Hotel in 1984,served as the hotels President and brought the Park Plaza Hotels&Resorts brand to the Group in 1994 in collaboration with the Red Sea Group.He has been one of the majo
326、r drivers behind the expansion of the Groupsportfolio.Mr.Moravsky has been the Chief Financial Officer of PPHE Hotel Group since 2005.He was previously the Financial Director of the Red Sea Group which he joined in 2001.It was at the Red Sea Group where he gained his expertise in the hotel/leisure b
327、usiness and real estate investment market.Mr.Moravsky was previously employed as an Audit Manager at Deloitte.Mr.Moravsky is a Certified Public Accountant(ISR)and holds an MBA from the University of Manchester as well as a Bachelor of Business from the Tel Aviv College ofManagement.OverviewStrategic
328、 reviewBusiness reviewGovernanceFinancial statementsPPHE Hotel Group Annual Report 2012 51Kevin McAuliffe(55)Non-Executive Director Senior Independent DirectorElisha Flax(51)Non-Executive DirectorNigel Jones(51)Non-Executive DirectorMr.McAuliffe is currently the Executive Chairman of Carey Group,hav
329、ing joined that business as Chief Executive in 1999.Prior to this,he was Head of Advisory Services for Paribas International Private Banking and the Managing Director of Paribas Suisse in Guernsey.Previously the Finance Director of the Ansbacher offshore banking group,he was appointed Chief Executiv
330、e of Ansbachers Guernsey bank and trust company business in 1994.From 1973 to 1980,he held posts in three different departments in the States of Guernsey.He is a Member of the Society of Trust and Estate Practitioners and a director of various regulated investment companies.Mr.Flax is a real estate
331、entrepreneur engaged in various real estate activities in Eastern Europe.He served as a non-executive director of Delek Global Real Estate plc,an AIM-listed real estate company until 2010.Mr.Flax was previously employed as a solicitor at the London offices of US law firms Chadbourne&Parke and Akin,G
332、ump,Strauss,Hauer&Feld and general counsel at PlaneStation Limited.He holds an LLB degree from Keio University in Tokyo,Japan and is a qualified solicitor in England and Wales.Mr.Jones has been a member of the Royal Institution of Charted Surveyors since 1989.He was the Chief Executive of ComProp Li
333、mited,an AIM-listed property company based in Guernsey,between 2001 and 2007.During that period he was responsible for major office developments including headquarter offices for Fortis,Kleinwort Benson and Generali,as well as retail stores for B&Q which are now occupied by Waitrose.Mr.Jones initially worked in Southampton for Humberts dealing with the management of coastal land that formed part o
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