The document provides an overview of Orbis Group's results for 2015. Key highlights include a significant increase in business scale and integration of the organizational structure, resulting in synergies across the business. Operational and financial results were strong, with net sales increasing 8.3% to PLN 1,263 million and EBITDAR growing 11.2% to PLN 431 million compared to 2014. Investments in 2015 brought profitable developments including hotel renovations and new development projects. Looking ahead, 2016 will see a focus on expanding the hotel network and achieving operational excellence across markets with strong growth potential.
Foreign Investment in Catalonia and Catalan Investments Abroad 2015Barcelona Activa
Foreign investment in production assets1 in Catalonia was 1,959.2 M € in the first half of 20152, which represents an inter-annual increase of 280.3%, the highest value3 in this period of the data series since it began in 1993. This sharp increase in FDI into Catalonia is also seen in a more moderate fashion across the whole of Spain, where this indicator recorded an increase of 73.4% over the same period in 2014.
Foreign Investment in Catalonia and Catalan Investments Abroad 2015Barcelona Activa
Foreign investment in production assets1 in Catalonia was 1,959.2 M € in the first half of 20152, which represents an inter-annual increase of 280.3%, the highest value3 in this period of the data series since it began in 1993. This sharp increase in FDI into Catalonia is also seen in a more moderate fashion across the whole of Spain, where this indicator recorded an increase of 73.4% over the same period in 2014.
The Movers & Shakers report is an in-depth analysis of central London office relocation trends. Now in its fifth year, it looks at the factors driving office location decisions across different business sectors.
In the first quarter of 2014 EPRA-based (European Public Real Estate Association) the direct result rose by 56.0% from 8.0 million euros to 12.8 million euros compared to 2013. The direct result per share rose from 0.10 euros to 0.12 euros. Net sales rose 33.5% from 29.7 million euros to 39.7 million euros and EBITDA by 47% from 14.0 million euros to 20.6 million euros.
The Movers & Shakers report is an in-depth analysis of central London office relocation trends. Now in its fifth year, it looks at the factors driving office location decisions across different business sectors.
In the first quarter of 2014 EPRA-based (European Public Real Estate Association) the direct result rose by 56.0% from 8.0 million euros to 12.8 million euros compared to 2013. The direct result per share rose from 0.10 euros to 0.12 euros. Net sales rose 33.5% from 29.7 million euros to 39.7 million euros and EBITDA by 47% from 14.0 million euros to 20.6 million euros.
ASSA ABLOY Q4 2014 investors presentation 5 February 2015ASSA ABLOY
The ASSA ABLOY Group released its 2014 Year-end and interim report for the forth quarter on Thursday 5 February 2015 at 08.00 am (CET). This presentation was held at the combined investors’ and analyst meeting. Welcome to visit our Investor pages on http://www.assaabloy.com/investors/.
2016 Annual General Meeting of Shareholders Aegon N.V.Aegon
Shareholders are invited to attend the 2016 Annual General Meeting of Shareholders (AGM) of Aegon N.V. on Friday May 20, 2016 at 10.00 a.m. at Aegon's head office in The Hague, the Netherlands.
We've delivered a strong financial performance in 2021, making significant progress on our new strategic plan.
#SGS #SGSGroup #WeAreSGS #FinancialResults
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
2. ORBIS 2015 Results 2
2015 Key Highlights
Operating results
Financial results
Capex and new developments
Future & plans
Appendix
3. ORBIS Hotel Group 3Przejdź do szablonu aby edytować stopkę
In 2015 Orbis Entered into a New Era!
Operational
Excellence
CSR trendsetter
Get the most
of the capital
Sustainable growth
+PLN 550 m
net sales
+PLN 220 m
EBITDAR
+39hotels
+6 900
new hotel rooms
up to 108 hotels
up to 18 800 rooms
up to PLN 1 260 m
up to PLN 430 m
2015 vs 2014 as reported
+15new contracts signed
up to 22 contracts
4. ORBIS 2015 Results 4
It Was a Year of Acceleration...
People Portfolio Performance
Tranformation into an international
Group further oriented us towards growth
in new markets
+10.6% RevPAR*
+8.3% NET SALES*
+11.2% EBITDAR*
”
Operating EBITDA
PLN 329.3 m
+ PLN 9.3 m
ABOVE THE FORECAST
* 2015 vs 2014 pro forma results
5. ORBIS 2015 Results 5
...and Transformation of the Group
Significant increase of business scale
The completely integrated organizational
structure
Synergies in many areas of business within
the whole Group
Constant enhancement of operational
excellence
Business supported by positive market
conditions
6. ORBIS 2015 Results 6
2015 Key Highlights
Operating results
Financial results
Capex and new developments
Future & plans
Appendix
7. ORBIS 2015 Results 7
Positive Effects of the Volume Strategy...
Occupancy change
by hotel segment y/y
Up & MidscaleEconomy
+7.0 pp +5.2 pp
+5.7 p.p.
2015
Hungary
Other
Countries
Poland
Czech
Republic
+6.5 pp +3.5 pp +4.5 pp+6.0 pp
Occupancy change
by geographical market y/y
in Orbis Hotel Group
Occupancy – rooms occupied
by hotel guests, expressed
as a percentage of rooms that
are available. 69.7%
Occupancy growth driven by
MICE segment as well as
individual guests visits during
the weekends
* all y/y changes on the slide are calculated 2015 / 2014 pro forma
CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
8. ORBIS 2015 Results 8
+3.3%
...Together with ARR Increase...
ARR change
by hotel segment y/y
+1.5 %
2015
Hungary
Other
Countries
Poland
Czech
Republic
-0.1% +4.4% +5.1%+4.0%
ARR change
by geographical market y/y
in Orbis Hotel Group
ARR (average room rate) –
room revenue divided by the
number of roomnights sold
PLN 216.3
-2,5%
Up & MidscaleEconomy
ARR increase driven by Up & Midscale
hotels
* all y/y changes on the slide are calculated 2015 / 2014 pro forma
CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
9. ORBIS 2015 Results 9
Resulted in Strong RevPAR Growth
RevPAR change
by hotel segment y/y
+7.9% +11.7%
+10.6 %
2015
Hungary
Other
Countries
Poland
Czech
Republic
+10.4% +9.9% +11.4%+12.8%
RevPAR change
by geographical market y/y
in Orbis Hotel Group
RevPAR– (revenue per available
room) – rooms revenue divided by
the number of roomnights that
were available PLN 150.8
RevPAR growth visible in all countries
of the region, both in Economy and
Up & Midscale hotels
Up & MidscaleEconomy
* all y/y changes on the slide are calculated 2015 / 2014 pro forma
CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
10. ORBIS 2015 Results 10
63%
22%
8%
7%
80%
20%
67%
27%
6%
More-balanced Business Diversification...
by hotel segment
HungaryPoland
by geographical market
Food &
Beverage
Room
revenue
Other
by major products and services
Net sales
2015
PLN 1 263 m
PLN 431 m
EBITDAR
2015 75%
25%
60%
22%
11%
7%
Diversified business
structure: by hotel segments,
by products and services and
by geographical markets
Up & MidscaleEconomy
CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
Other
Countries
Czech
Republic
11. 11ORBIS 2015 Results
...and Stable Mix of Clients Contributed to Solid
Performance
41%
60% 65%
41%
59%
40% 35%
59%
Poland Hungary Czech Rep. Other
countries
Business Leisure
Roomnights sold (by business mix)
47%
53%
Orbis Group
CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
12. ORBIS 2015 Results 12CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
Food & Beverage Business Demonstrated Strong
Dynamism
F&B revenues increased
by 6.4%* to nearly
PLN 340 m,
contributing 27% to
Orbis Group revenues
* 2015 / 2014 pro forma
19
restaurants
20
restaurants
Primary
locations
Bucharest
Gdańsk
Gdynia
Poznań
Warsaw
Wrocław
13
restaurants
13. ORBIS 2015 Results 13
Business Development was Visible in Many Areas
More than 800 000
members of
Le Club AccorHotels
loyalty program
Digital plan
roll out
well on track
MOBILE
FIRST
CUSTOMER
CENTRIC
SEAMLESS
JOURNEY
MICE & B2B
EMPLOYEE
FRIENDLY
OWNER &
FRANCHISE
CENTRIC
BI &
ANALYTICS
1
2
3
4
56
7
8
30%
Contribution of
Le Club AccorHotels members
to room revenues
in 2015
INFRASTRUCTURE
TRANSFORMATION
Dream Select Book Prepare Stay Share Return
Customer Journey:
CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
14. ORBIS 2015 Results 14
2015 Key Highlights
Operating results
Financial results
Capex and new developments
Future & plans
Appendix
15. ORBIS 2015 Results 15
Strong Financial Performance...
Exchange impact not material 2015 2014 y/y 2014
[PLN m, %]
Pro forma Pro forma reported
Net sales 1 262.7 1 165.5 +8.3% 707.8
EBITDAR 431.4 387.8 +11.2% 212.5
Rent costs 102.1 99.6 +2.5% 4.6
Operating EBITDA 329.3 288.2 +14.3% 207.8
Depreciation and amortisation 139.3 136.9 +1.8% 111.4
EBIT 221.7 139.3 +59.2% 101.1
Profit (loss) before tax 212.2 149.3 +42.1% 112.8
EBITDAR margin 34.2% 33.3% +0.9 p.p. 30.0%
CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
16. ORBIS 2015 Results 16
...and Significant Increase of Net Sales Were Visible
in All the Segments
[PLN m, %]
Other: Up
& Midscale:
+8.1%
(+ PLN 19.0 m)+8.2%
(+ PLN 60.3 m)
+7.5%
(+ PLN 19.5 m)
+11.3%
(+ PLN 10.7 m)
+9.0%
(+ PLN 6.6 m)
Czech R.:
Hungary:
Poland:
Economy:
+8.7%
(+ PLN 79.2 m)
* all y/y changes on the slide are calculated 2015 / 2014 pro forma
9M 2015:
2015
+8.3 %
PLN 1 263 m
net sales
Net sales increase by geographical markets and hotel segments
CSR TRENDSETTER
GET THE
MOST
OF THE
CAPITAL
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
17. 17ORBIS 2015 Results
Adapted Business Model Confirmed Orbis’ Ability
to Create Value
ADD FURTHER
LEVERAGE
[mPLN, %]
31.12.2015
Total debt
(borrowings
+bonds)
459.9
Total cash 271.7
Net debt 187.2
Net debt
/equity
10.5%
Net debt
/fixed assets
9.7%
Key cash position
indicators
Disposal of 2 Mercure hotels in Lublin & Zamość
(with franchise-back)
Buy backs of 2 hotels in Hungary: ibis Budapest
Heroes Square & Mercure Budapest City Center
(final sale agreement signed on 17th February 2016)
First bonds issue PLN 300 m successfully
completed
INCREASE OF
OPERATING
CASH FLOW
GET THE MOST
OF CAPITAL
EMPLOYED
CSR TRENDSETTER
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
GET THE MOST
OF THE CAPITAL
18. ORBIS 2015 Results 18
2015 Key Highlights
Operating results
Financial results
Capex and new
developments
Future & plans
Appendix
19. 19ORBIS 2015 Results
NEW DEVELOPMENT
subsidiary projects:
- Mercure in Kraków
- ibis in Gdańsk
- 3 new projects
validation
48%
52%
2015 Brought Profitable Investments ...
Investments
Regular
CAPEX
CAPEX structure
PLN 122.4 m
Total CAPEX in 2015
HOTEL RENOVATIONS
- Gdynia (rebranded into Mercure)
- Gdańsk (rebranded into Mercure)
- Bielsko-Biała (rebranded into ibis Styles)
- Wrocław (to be rebranded into ibis & Novotel)
- Budapest (Mercure Duna, Mercure Metropol, ibis Aero)
- Prague (MGallery)
MODERNIZATION of Novotel Warszawa Centrum
CSR TRENDSETTER
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
GET THE MOST
OF THE CAPITAL
20. ORBIS 2015 Results 20
... and Further Potential to Develop
22
Franchise/Management
agreements already signed
31+
hotels
within next 30 months
including
CSR TRENDSETTER
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
GET THE MOST
OF THE CAPITAL
21. ORBIS 2015 Results 21
2015 Key Highlights
Operating results
Financial results
Capex and new developments
Future & plans
Appendix
22. ORBIS 2015 Results 22
2016 Will Be the Year of Expansion
GDP forecast* 2016 2017
[%]
BULGARIA 1.9 2.0
CZECH REPUBLIC 2.6 2.6
HUNGARY 2.5 2.3
LATVIA 3.3 3.7
LITHUANIA 2.6 3.0
POLAND 3.5 3.6
ROMANIA 3.9 3.4
SLOVAKIA 3.6 3.6
*source: IMF, World Economic Outlook, October 2015
Towards people centric
organization (guest &
staff)
Hotel network expansion
Effective asset
management
Financing optimization
Operational excellence
initiatives
Markets
with strong
potential:
CSR TRENDSETTER
SUSTAINABLE
GROWTH
OPERATIONAL
EXCELLENCE
GET THE MOST
OF THE CAPITAL
23. ORBIS 2015 Results 23
We Are Moving Forward!
Operational
Excellence
CSR trendsetter
Get the most
of the capital
Sustainable growth
Looking for
sustainable growth
as a key driver
to be the
best performing
and valued
hospitality
Group in the region
”
25. ORBIS 2015 Results 25
Contact
Dorota Nowotny
Investor Relations Officer
ORBIS S.A.
Bracka 16
00-028 Warsaw, Poland
+48 22 829 39 24
www.orbis.pl
e-mail: dorota.nowotny@accor.com
Edyta Pyzara
Project Manager in IR
ORBIS S.A.
Bracka 16
00-028 Warsaw, Poland
+48 22 829 39 25
www.orbis.pl
e-mail: edyta.pyzara@accor.com
26. ORBIS 2015 Results 26
2015 Key Highlights
Operating results
Financial results
Capex and new developments
Future & plans
Appendix
27. ORBIS 2015 Results 27
7
COUNTRIES TO BE DEVELOPED
Sofitel
Pullman
MGallery
Novotel
Mercure
ibis
ibis Styles
ibis budget
Orbis Hotels
The Orbis Group Today
* *average employment in the Group in 2015
* to be rebranded into Novotel & ibis combo in 1h 2016
108
OPERATING HOTELS
18 800
ROOMS
9
COUNTRIES
9
BRANDS
3 800
EMPLOYEES
30 33
21
7
9
4 1
2
No. 1
hotel operator
in Eastern Europe
1
28. ORBIS 2015 Results 28
Shareholders Breakdown*
Accor Group
52,69%
Aviva
9,94%
Metlife OFE
5,12%
Nationale
Nederlanden OFE
5,19%
Others
27,06%
Name % of shares
ACCOR SA 52.69
AVIVA OFE / AVIVA BZ WBK 9.94
NATIONALE NEDERLANDEN OFE 5.19
AMPLICO OFE / METLIFE OFE 5.12
OTHERS 27.06
TOTAL 100.00
Orbis has been listed on the Warsaw Stock
Exchange since 1997 and its stocks make up the
WSE’s mid-cap mWIG40 index
1997
*As of February 17, 2015. Based on the official corporate communication
29. ORBIS 2015 Results 29
Consolidated Statement of Financial Position
– Selected Data
[mPLN, %] 31.12.2015 31.12.2014 y/y
ASSETS
Non-current assets 2 088.4 1 795.8 +16.3%
Property, plant and equipment 1 923.9 1 662.3 +15.7%
Current assets 372.4 290.7 +28.1%
Trade receivables 50.6 25.3 +99.5%
Other short-term receivables 34.5 16.2 +112.8%
Cash and cash equivalents 271.7 239.5 +13.4%
Assets classified as held for sale 23.1 11.0 +108.7%
Total assets 2 483.9 2 097.6 +18.4%
EQUITY & LIABILITIES
Equity 1 783.3 1 952.3 -8.7%
Equity attributable to owners of the parent 1 783.2 1 952.3 -8.7%
Non-current liabilities 454.8 28.4 +1 503.0%
Borrowings 122.5 0 -
Bonds 299.3 0 -
Current liabilities 245.8 116.9 +110.3%
Borrowings 36.6 0 -
Trade payables 77.9 40.5 +92.2%
Liablilities associated with assets classified as held for sale 0.0 0.0 -
Total equity & liabilities 2 483.9 2 097.6 +18.4%
30. ORBIS 2015 Results 30
Consolidated Income Statement – Selected Data
Exchange impact not material 4Q 2015 4Q 2014 y/y 4Q 2014
[mPLN, %]
Pro forma Pro forma reported
Net sales 308.2 293.9 +4.9% 176.8
EBITDAR 92.1 89.8 +2.5% 48.8
Rent costs 26.1 25.1 +4.0% 1.2
Operating EBITDA 66.0 64.7 +1.9% 47.6
Depreciation and amortisation 35.4 33.7 +5.0% 28.2
EBIT 55.0 14.5 +279.8% 22.1
Profit (loss) before tax 51.5 22.5 +129.4% 29.9
31. ORBIS 2015 Results 31
Consolidated Cash Flow – Selected Data
[mPLN, %] 2015 2014
OPERATING ACTIVITIES
Loss before tax 212.2 112.8
Adjustments (selected): 127.4 103.9
Depreciation and amortization 139.3 111.4
Change in receivables 9.2 (2.0)
Change in current liabilities, excluding borrowings (3.0) 16.8
Change in deferred income 4.0 0.6
Net cash generated by/(used in) operating activities 339.5 216.8
INVESTING ACTIVITIES
Payments for property, plant and equipment, investment property and intangible assets (113.4) (103.9)
Payments to acquire interest in related parties (563.6) 0
Net cash generated by/(used in) investing activities (630.7) (76.5)
FINANCING ACTIVITIES
Proceeds from borrowings 477.8 0
Interest paid and other financing cash outflows resulting from received borrowings (16.1) (1.1)
Net cash generated by financing activities 374.6 (70.2)
Change in cash and cash equivalents 35.1 45.6
Effects of exchange rate changes on the balance of cash held in foreign currencies (2.9) 3.1
Cash and cash equivalents at the beginning of the period 239.5 190.8
Cash and cash equivalents at the end of the period 271.7 239.5
32. ORBIS 2015 Results 32
Orbis Group Hotels by Country and by Brand
as at the end of 2015
Sofitel Pullman MGallery Novotel Mercure ibis
ibis
Styles
ibis
budget
Orbis
Hotels
Total
Poland 3 12 23 12 4 9 1 64
Hungary 1 1 5 5 5 17
Czech Republic 1 1 1 5 8
Slovakia 1 1 2
Romania 1 1 1 4 7
Bulgaria 1 1 2
Macedonia 1 1
Lithuania 1 1 1 2 5
Latvia 1 1 2
Total 4 1 2 21 33 30 7 9 1 108
* Rebranding in progress
33. ORBIS 2015 Results 33
List of Hotels with Their Ownership Structure and No. of Rooms (1/2)
O: owned, L: leased, M: managed, F: franchised
POLAND O 294 Mercure Gdynia Centrum O 114 ibis Kielce Centrum
O 127 Sofitel Grand Sopot O 188 Mercure Jelenia Góra O 175 ibis Kraków Centrum
O 343 Sofitel Warsaw Victoria F 288 Mercure Kasprowy Zakopane O 208 ibis Łódź Centrum
L 205 Sofitel Wrocław Old Town F 100 Mercure Krynica Zdrój Resort & Spa O 146 ibis Poznań Centrum
O 158 Novotel Gdańsk Centrum F 110 Mercure Lublin Centrum O 135 ibis Stare Miasto Kraków
O 176 Novotel Gdańsk Marina O 214 Mercure Mrongovia Resort & Spa O 103 ibis Szczecin Centrum
O 300 Novotel Katowice Centrum O 103 Mercure Opole O 189 ibis Warszawa Centrum
O 305 Novotel Kraków City West F 62 Mercure Piotrków Trybunalski Vestil O 137 ibis Warszawa Ostrobramska
O 198 Novotel Kraków Centrum O 151 Mercure Posejdon Gdańsk O 170 ibis Warszawa Reduta
O 161 Novotel Łódź Centrum O 228 Mercure Poznań Centrum O 333 ibis Warszawa Stare Miasto
O 480 Novotel Poznań Centrum F 67 Mercure Racławice Dosłońce Conference & SPA O 133 Ibis Styles Bielsko-Biała
O 149 Novotel Poznań Malta O 148 Mercure Skalny Karpacz F 86 ibis Styles Gdynia Reda
O 117 Novotel Szczecin O 110 Mercure Toruń F 130 ibis Styles Wałbrzych
O 281 Novotel Warszawa Airport F 117 Mercure Warszawa Airport F 133 ibis Styles Wrocław Centrum
O 742 Novotel Warszawa Centrum O 338 Mercure Warszawa Centrum O 124 ibis budget Katowice Centrum
O 145 Novotel Wrocław O 299 Mercure Warszawa Grand O 120 ibis budget Kraków Bronowice
F 90 Mercure Bydgoszcz Sepia F 42 Mercure Wisła Patria O 167 ibis budget Kraków Stare Miasto
O 78 Mercure Cieszyn O 151 Mercure Wrocław Stare Miasto O 120 ibis budget Szczecin
O 102 Mercure Częstochowa Centrum F 54 Mercure Zamość Stare Miasto O 83 ibis budget Toruń
O 281 Mercure Gdańsk Stare Miasto O 125 ibis Częstochowa O 176 ibis budget Warszawa Centrum
O 114 ibis Katowice-Zabrze O 163 ibis budget Warszawa Reduta
34. ORBIS 2015 Results 34
List of Hotels with Their Ownership Structure and No. of Rooms (2/2)
O 108 ibis budget Wrocław Południe L 227 Mercure Budapest City Center SLOVAKIA
O 122 ibis budget Wrocław Stadion O 130 Mercure Budapest Duna L 175 Mercure Bratislava Centrum
O 294 Hotel Orbis Wrocław L 421 Mercure Budapest Korona L 120 ibis Bratislava Centrum
LITHUANIA L 130 Mercure Budapest Metropol ROMANIA
L 157 Novotel Vilnius O 139 ibis Budapest Aero M 203 Pullman Bucharest World Trade Centre
F 47 Mercure Marijampole L 126 ibis Budapest Centrum L 257 Novotel Bucharest City Centre
M 125 ibis Kaunas Centre L 84 ibis Budapest City M 114 Mercure Bucharest City Center
F 92 ibis Styles Wilno L 139 ibis Budapest Heroes' Square M 250 ibis Bucuresti Gara de Nord
F 144 Ibis Styles Klaipeda O 96 ibis Gyor M 161 ibis Bucaresti Palatul Parlamentului
LATVIA CZECH REPUBLIC M 154 ibis Constanta
F 143 Mercure Riga Centre L 174 Mgallery Praha Old Town M 195 ibis Sibiu
F 76 ibis Styles Riga O 146 Novotel Praha Wenceslas Square BULGARIA
HUNGARY O 139 Mercure Ostrava Center M 178 Novotel Sofia
L 357 Sofitel Budapest Chain Bridge F 90 ibis Olomouc Centre F 84 ibis Sofia Airport
M 80 Nemzeti Budapest – MGallery Collection O 130 ibis Plzen MACEDONIA
L 227 Novotel Budapest Centrum O 225 ibis Praha Mala Strana M 110 ibis Skopje City Center
O 319 Novotel Budapest City L 271 ibis Praha Old Town
L 175 Novotel Budapest Danube O 181 ibis Praha Wenceslas Square
O 136 Novotel Szeged
L 95 Novotel Szekesfehervar
L 390 Mercure Budapest Buda
O: owned, L: leased, M: managed, F: franchised