2021 HALF YEAR RESULTS - EMERGING STRONG AS RECOVERY COMMENCES - Dalata Hotel Group
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2021 HALF YEAR RESULTS EMERGING STRONG AS RECOVERY COMMENCES
CONTENTS
Positioned to perform 3
Emerging strong as recovery commences 4-11
Growth pipeline 12-17
HY 2021 financial review 18-24
Looking forward 25-26
Appendices 27-32
DISCLAIMER
The presentation contains forward-looking statements. These statements have been made by the Directors in
good faith based on the information available to them up to the time of their approval of this presentation. Due
to inherent uncertainties, including both economic and business risk factors underlying such forward looking
information, actual results may differ materially from those expressed or implied by these forward looking
statements. The Directors undertake no obligation to update any forward-looking statements contained in this
presentation, whether as a result of new information, future events or otherwise.
2 | Dalata HY 2021 Results
POSITIONED TO PERFORM
Building blocks in place as recovery begins
Adjusted EBITDA of Asset backed balance Vaccine rollout in Retention of core
€1.4m for HY 2021 sheet and strong Ireland and UK teams critical to
Strong operational liquidity amongst best in business re-opening,
management and • €1.2bn of hotel assets the world recovery and
• 27% Net Debt to Value pipeline growth
government support
• Cash and undrawn
helped limit losses facilities of €270m
Very strong Cash outflow of Acceleration of Ambitious for growth
domestic recovery €24m for HY • Opened first hotel in
ESG initiatives Glasgow
in June, July and 2021 (including in 2021 • Strong pipeline of
August rent, interest over 2,600 rooms
and capex) • Enhanced reputation
3 | Dalata HY 2021 Results
Clayton Hotel Charlemont, Dublin EMERGING STRONG AS RECOVERY COMMENCES Slide: Slide I 4
POSITIVE OUTLOOK FOR IRISH AND UK
RECOVERY
Strong uptake of Covid-19 vaccines in Ireland Positive economic forecasts for UK and
and UK - exceeding USA and EU average Ireland
Source: Our World in Data as of 29 August 2021 Source: Central Bank of Ireland, British Chambers of Commerce
8.3%
Ireland 67% 7% 74% 6.8%
5.4% 5.1% 4.8%
3.4%
2.1%
United Kingdom 63% 7% 70%
European Union 57% 7% 64% 2020 2021f 2022f 2023f
United States 52% 9% 61%
GDP growth - Ireland
% total population fully vaccinated against Covid-19 -9.8% GDP growth - UK
% total population partly vaccinated against Covid-19
Strong FDI¹ presence in Ireland - continued FDI job growth during pandemic
Source: IDA Ireland
‘000
270 257.4 Irish economy and Dublin market is
240 215.5
210 176.7 underpinned by strong FDI from industries
180
150 Up 46%1 less impacted or positively affected by
120 since
90 2014
Covid-19 including pharma, medical devices,
60
30 TMT sector and financial services
0
2014 2015 2016 2017 2018 2019 2020
1 46%increase to number employed in FDI (Foreign Direct Investment companies) who are IDA (Industrial Development
Authority) assisted. IDA Ireland’s main objective is to encourage investment into Ireland by foreign-owned companies
5 | Dalata HY 2021 Results
DUBLIN SUPPLY IMPACTED BY COVID-19
Current Dublin market segmentation Savills Ireland forecast net additional New supply weighted towards
has a low number of budget hotels 4,500 rooms from 2021 to 2023 budget section
Source: AM:PM Source: AM:PM and Savills Source: Savills
Current market size of 23,500 rooms at Aug 21
Estimated 60% New supply – Sept 2021 to 2023
of these current 55%
rooms are over 2,500
40 years old +7%*
2,000 4 star
+6% 10%
Limited 1,500
number of 25% 3 star
budget hotels 1,000 +3% Budget 14%
8% 47%
6% 500
5%
1%
0 Apts
2018 2019 2020 2021 2022 2023 30%
Estimated opening
Under Pre-
Open
construction construction
Airbnb impacted by new regulations in Ireland Supply likely to slow due to Covid-19
New regulation introduced in July 2019, requires owners of Government restrictions necessitated the closure of
residential properties in rent pressure zones to obtain most construction sites during the Covid-19 lockdowns
planning permission for use of property for short-term lets Funding issues for pre-construction projects
for greater than 90 days a year Evidence of hotels closures/conversions to alternative
No evidence of permissions granted by Dublin City Council use beginning to emerge
yet
Further restrictions and regulations expected in the coming
months
*Remaining rooms under construction in 2021 are forecast to increase market size by 7%
6 | Dalata HY 2021 Results
SHARP RECOVERY IN OCCUPANCY
All regions outperforming summer 2020
Vaccine impact leads to traveller confidence
Dublin 2021 Regional Ireland 2021 UK 2021 2020 comparatives
90%
80%
70%
Occupancy*
2019 comparative
60%
Jul Aug
50%
Dublin 91% 94%
40%
Reg Ire 89% 93%
30%
UK 90% 86%
20%
10%
0%
Q1 Apr May Jun Jul Aug
Lockdown re-introduced in Hotels permitted to fully re- Steady increase in demand driven by
ROI and UK resulting in open on 17 May in England & domestic leisure. In July and August
closure of hotels to the Wales, 24 May in Northern occupancy for all regions exceeded the
general public. Dalata hotels Ireland and 2 June in Ireland. same month in 2020. ARR surpassing
remained open for essential Demand driven by staycations expectations. Non-essential international
services travel permitted from 19 July in Ireland
Projected positive Adjusted
€3.6m Adjusted €5.0m positive Adjusted
EBITDA of approx. €24m
EBITDA loss in Q1 EBITDA in Q2
for July and August
* Includes a half year performance of all hotels regardless of when acquired and
7 | Dalata HY 2021 Results excludes the Ballsbridge Hotel in Dublin as it is not currently trading and the new
Maldron Hotel Glasgow City in the UK which opened in August 2021.
SNAPSHOT OF RECOVERY - AUGUST¹
Significant rebound in occupancy levels Strong recovery in F&B revenue
versus August 2020 Gap in Dublin due to lack of C&B
94% 93% 89% 85%
72% 81% 76% €3.9m
59% 65%
46% €3.0m
€2.6m €2.6m
34%
26% €2.0m
£1.5m £1.3m
€1.2m
£1.0m
Dublin* Regional London Regional UK &
Ireland NI**
Dublin* Regional Ireland UK**
Hotel’s yield strategy performing well –
Strong recovery in August 2021 as restrictions eased
ARR in Regional Ireland and Regional
UK surpass August 2019 across the UK and Ireland
€138 Very low international travel; trade largely driven by
€131
€114 domestic business in Ireland and UK
€99 €103 £103 £96
€81 £87 £82 £73
£76 Available indoor dining capacity expected to increase
in Ireland as vaccination rates continue to rise
1 Note August 2021 is projected based on the latest available internal
operations reports
Dublin* Regional London Regional UK & * Excludes Ballsbridge Hotel which is not currently trading
Ireland NI** ** Excludes Maldron Hotel Glasgow City which opened in August 2021
8 | Dalata HY 2021 Results
2019 2020 2021
OPENED FIRST GLASGOW HOTEL IN AUGUST Modern, purpose built hotel • Ideal location on Renfrew street in Glasgow • 300 air-conditioned bedrooms, a bar and restaurant • High tech-enabled - Chromecast in bedrooms, digital check-in and virtual guest services platform • Developed by MRP and constructed by McAleer & Rushe Focus on sustainability • Built to a BREEAM sustainability assessment of 'Very Good' standard • Includes new technologies such as Air Source Heat Pumps and Heat Exchangers to reduce carbon emissions Long term lease commitment Experienced management team • £40m development cost funded by Aberdeen • 53% of management team are internally developed Standard Investments • Establishing Dalata culture and operating model • 35 year lease commitment • Occupancy of 36% in first month of opening • Targeting to be above 1.85x rental cover in • Created 80 new jobs in the city year 3 of operation • Leveraging our employer brand to build a team in a new city 9 | Dalata HY 2021 Results
ACCELERATION OF ESG INITIATIVES
Embedding sustainability across all our activities will
help us to …. “Build Back Better”
Dalata has adopted the
Engaged ESG Advisory firm
ESG Board committee principles and provisions
to support development of
established in January of the UK corporate
our ESG Strategy plan - to
2020 governance code since
be launched by Q1 2022
listing in 2014
Aiming for reporting Plan to set Climate
Active engagement with
alignment with global best Targets and align with
our stakeholders on ESG
practice frameworks TCFD
10 | Dalata HY 2021 ResultsENVIRONMENTAL AND SOCIAL INITIATIVES
Environmental
• Achieved 36 gold and 8 silver awards with
Green Tourism in 2021, representing significant
progress on 2019 scores On-going commitment to employees through training,
• Hotels use 100% renewable electricity health and wellbeing
• “Very good” BREEAM standard targeted for all • Launched Dalata Academy
new builds (Maldron Hotel Glasgow City • Over 44,000 Dalata Online courses taken during H1
achieved ‘Very Good’ standard) • Significant expansion of graduate programme in 2021
• The Dalata Keep Safe Programme ensures the safety of
• Zero waste to landfill in Republic of Ireland
our people, customers and suppliers
• Continued improvement in CDP scores year on • Partnering with a world leading expert, Bureau Veritas, to
year - 2021 submission completed independently verify key H&S protocols
Diversity, Inclusion and Career Development
• Over 90 different nationalities in Dalata
• 49% of the senior team (below Board) who participate in
the Group’s LTIP1 are female
2019 2021 • Introduction of formal Human Rights Policy and new
7 Silver 36 Gold Diversity and Inclusion Policy in 2021
37 Bronze 8 Silver LTIP – Long-term incentive plan
Social
1
2018 2019 2020
C B- B
11 | Dalata HY 2021 ResultsNew Maldron Hotel Shoreditch, London GROWTH PIPELINE Slide:I 12 Slide
GROWTH STRATEGY REMAINS COMPELLING
Dalata’s opportunity for growth in London, regional UK and Dublin remains strong
- also working on unlocking potential opportunities in Europe
Dalata has a competitive advantage when looking at growth opportunities
Dalata has a competitive advantage when looking at growth opportunities
Experienced and skilled
Strong balance sheet with a Operational expertise
Acquisitions and
reliable covenant through decentralised model
Development Team
Established excellent reputation
amongst institutional property Maldron and Clayton
owners, property developers are leading brands
and agents
Post-recovery balance sheet and cash provide significant room to grow
13 | Dalata HY 2021 ResultsPIPELINE OF OVER 2,600 ROOMS
Strong pipeline in prime, city centre locations
Funding secured for all projects except Maldron
hotels in Liverpool and Victoria, Manchester 6 hotels under construction scheduled to
open between December 2021 and May
New rooms 2022
1,200 Development of Maldron Hotel
Shoreditch, London under way – targeting
1,000 to open in Q3 2023
Further 4 leased hotels with planning
800
permission at pre-construction phase
600 All new hotels will be managed by
internally promoted GMs – de-risks the
400 business
200 Enhanced reputation and strong reliable
covenant – very attractive to institutional
0 landlords as shown by the quality secured
2021 2022 2023 2024/2025 to date
Opening date
Under construction Planning granted
14 | Dalata HY 2021 ResultsCURRENT PIPELINE IS TRANSFORMATIVE
UK footprint to exceed Dublin portfolio
1 Further diversifying business geography 2 Significant impact on ownership mix
Geographical mix of rooms Ownership mix of rooms
Today Including pipeline Today Including pipeline
Total rooms: 8,8991 Total rooms: 11,5391 Total rooms: 8,8991 Total rooms: 11,5391
Reg Reg
Ireland Ireland
Leased
21% 16%
Dublin Dublin 30% Leased
46% 41% 43% Owned
Reg UK Reg UK Owned 57%
26% 36% 70%
London London
7% 7%
3 Average age of hotels will fall 4 Expecting significant earnings contribution
Average age of hotels will fall New hotels opening from 2021 are projected to
Group: decrease from 17 to 16 years contribute approximately €55m in stabilised
UK: decrease from 11 to 9 years EBITDAR2
More sustainable, young pool of assets require less UK EBITDAR margins projected to increase once
maintenance capex and increases the cash the new hotels are operating at stabilised levels –
available to re-invest in value added areas for targeting average of 43% in year three of normal
customers operation for regional UK hotels and over 50% for
London hotels
1 Excludes the Ballsbridge Hotel as the lease agreement ceases at the end of 2021 and
15 | Dalata HY 2021 Results management contracts
2 Equates to approximately €30m in stabilised EBITDA after Fixed Lease Costs when
fully operational – see glossary on slide 31SIX NEW HOTELS OPENING BY Q2 2022
Clayton Hotel Manchester City Maldron Hotel Manchester City Clayton Hotel Bristol
Opening Dec 2021 Opening Q1 2022 Opening Q1 2022
329 rooms 278 rooms 253 rooms
GM: Filiz Smith GM: Carl Davies GM: Alison Mansfield
(previously Deputy GM (previously Deputy GM (previously GM of
of Clayton Hotel of Clayton Crown Hotel) Clayton Hotel Cardiff)
Manchester Airport) 35 year lease 35 year lease
35 year lease commitment commitment commitment
Funded by Aviva Investors Funded by Aviva Funded by Aberdeen
Investors Standard Investments
16 | Dalata HY 2021 ResultsSIX NEW HOTELS OPENING BY Q2 2022
The Samuel Hotel, Maldron Hotel Merrion Road,
Clayton Hotel Glasgow
Dublin Dublin
Opening Q1 2022 Opening Q2 2022 Opening Q2 2022
204 rooms 140 rooms 303 rooms
GM: Tom Doyle GM: Bruno Gorisch GM: Not yet announced
(previously GM of Clayton (Dalata GM since 2012) Funded by Union Investment
Hotel Chiswick, London) Developed by Dalata on 35 year lease commitment
Developed by the Ronan the site of the former
Group & Colony Capital Tara Towers Hotel
35 year lease Owned hotel
commitment
17 | Dalata HY 2021 ResultsMaldron Hotel Parnell Square, Dublin HY 2021 FINANCIAL REVIEW Slide: Slide I 18
STRONG LIQUIDITY WITH €270M IN CASH
AND UNDRAWN FACILITIES
Net cash outflow of €24m in H1
Includes cash inflow
from working capital of
€3.5m driven partially
by deferral of payroll
tax liabilities in H1
Cash flow management Maintained focus on growth
Gearing remains
remains a top priority - - protecting stakeholders
conservative
continued measures to relationships and
Net Debt to Value of 27%
protect cash progressing pipeline
¹Includes the purchase of property, plant and equipment (€3.6m); contract fulfilment cost payments (€3.0m); and costs
paid on entering new leases and agreements for lease (€0.6m)
19 | Dalata HY 2021 ResultsPOSITIVE EBITDA DESPITE RESTRICTIONS
Group Income Statement
Key Financials €million H1 2021 H1 2020
51% drop in revenue to €39.6m
Revenue 39.6 80.8
Segments EBITDAR 6.7 15.6 Loss after tax of €30.4m
Hotel variable lease costs - (0.3)
Government support schemes
Other income 0.2 0.2 (€29.1m) and proactive cost
Central costs (4.4) (4.3) reductions reduced the impact of lost
Share-based payments expense (1.1) (1.1) revenue on the bottom line
Adjusted EBITDA 1.4 10.1
Main adjusting item for H1 2021 is the
Net property revaluation movements 2.5 (27.3)
net property revaluation gain of
Impairments (0.3) (11.7) €2.5m following the valuation of
Other adjusting items (0.1) (1.6) property assets
Group EBITDA 3.5 (30.5)
Other interest and finance costs
Depreciation of PPE and amortisation (13.7) (13.8)
increased mainly due to a higher
Depreciation of RoU assets (9.8) (10.6)
weighted average interest rate
Interest on lease liabilities (11.8) (10.9)
Other interest and finance costs (6.0) (5.1)
Loss before tax (37.8) (70.9) Group KPIs H1 2021 H1 2020
Loss for the period (30.4) (63.1) Occupancy 19.9% 34.3%
Basic loss per share (cents) (13.6) (34.0) Average room rate (€) 81.99 95.28
Adjusted basic loss per share (cents) (14.5) (13.1) RevPAR (€) 16.28 32.69
20 | Dalata HY 2021 ResultsDUBLIN
Occupancy2 %
All figures €million H1 2021 H1 2020
86% 91% 94%
Total revenue 16.1 44.8
59%
EBITDAR 2.1 13.4 50%
38% 34%
19% 24%
EBITDAR margin 13.3% 29.9%
H1 July August
30 June H1 2021 H1 2020 2019 2020 2021
Number of hotels1 16 16
Number of rooms 4,488 4,488 Covid-19 restrictions impacted trade in H1 2021 with
trade limited to essential services only until 2 June
H1 H1 H1
Like for Like KPIs2 Government support schemes of €13.3m (H1 2020
2021 2020 2019
Occupancy 19.1% 38.0% 86.3% €2.5m) and continued proactive cost control reduced
the impact of lost revenue on EBITDAR
Average room rate (€) 74.92 99.48 122.10
Approximately 50% of rooms sold to international
RevPAR (€) 14.31 37.82 105.43
market in a typical trading year
19 owned hotels and 7 leased hotels at 30 June 2021
2 KPIs exclude the Ballsbridge Hotel as the hotel effectively has not Portfolio is strongly placed to benefit from recovery in
traded since March 2020
international business and leisure travel
21 | Dalata HY 2021 ResultsREGIONAL IRELAND
Occupancy %
All figures €million H1 2021 H1 2020 89% 93%
79% 81%
70% 72%
Total revenue 11.6 15.6
51%
EBITDAR 3.2 (0.3) 30% 24%
EBITDAR margin 27.2% (2.0%)
H1 July August
30 June H1 2021 H1 2020
2019 2020 2021
Number of hotels1 13 13
Number of rooms 1,867 1,867 Covid-19 restrictions impacted trade in H1 2021 with
trade limited to essential services only until 2 June
H1 H1 H1 Government support schemes of €9.2m (H1 2020
KPIs2
2021 2020 2019
€1.4m) and proactive cost control reduced the impact
Occupancy 23.9% 30.1% 70.0%
of lost revenue on EBITDAR
Average room rate (€) 90.55 86.27 93.59 Approximately 70% of rooms sold to domestic market
RevPAR (€) 21.65 25.93 65.52 in a typical trading year
1 12 owned hotels and 1 leased hotel at 30 June 2021 Strong demand for staycations resulted in occupancies
2 KPIs include half year performance of all hotels
of circa 80% for July and August 2021 and
opportunities to yield on rate
22 | Dalata HY 2021 ResultsUK
Occupancy2 %
All figures £million H1 2021 H1 2020
Total revenue 10.2 17.5 90% 86%
77% 74%
EBITDAR 1.2 2.1 57%
42%
EBITDAR margin 11.8% 12.0% 33% 26%
21%
30 June H1 2021 H1 2020
H1 July August
Number of hotels1 12 12
2019 2020 2021
Number of rooms 2,644 2,600
Covid-19 restrictions impacted trade in H1 2021
H1 H1 H1 Hotels permitted to fully re-open from second half of May
Like for Like KPIs2
2021 2020 2019 Government support schemes (rates waivers and grants)
Occupancy 21.2% 33.0% 77.1% amounted to £4.1m and proactive cost reductions reduced
the impact of lost revenue on EBITDAR
Average room rate (£) 73.45 78.07 86.38
Furlough scheme allowed us retain employees not working in
RevPAR (£) 15.54 25.79 66.59 the business
In a typical trading year, approximately 85% of rooms sold at
1 7 owned hotels, 4 leased hotels and 1 hotel is effectively our regional UK hotels are to the domestic market. Equivalent
owned through a 99 year lease at 30 June 2021
2 KPIs include all hotels regardless of when acquired. August
is 50% in London
2021 occupancies exclude Maldron Hotel Glasgow City which London hotels achieved 65% occupancy and Regional UK and
only opened that month Northern Ireland achieved 76%2 in August 2021
23 | Dalata HY 2021 ResultsBALANCE SHEET REMAINS STRONG
30 June 31 Dec
All figures €million 2021 2020
Non-current assets €1.2bn of hotel assets in prime locations (weighted
Property, plant and equipment 1,212.3 1,202.7 average capitalisation rate in Dublin of 6.72%)
IFRS 16 right-of-use assets 406.1 411.0
Conservative gearing - Net Debt to Value3 of 27%
Intangible assets & goodwill 32.0 31.7
Contract fulfilment costs relate to the spend on
Contract fulfilment costs - 22.4
the pre-sold residential element of the Merrion
Other non-current assets1 32.9 23.5
Road development project. It is now classified as
Current assets
current as the amount is due to be received in
Trade and other receivables and
14.1 10.5
inventories March 2022 (sale value expected to be up to
Contract fulfilment costs 27.2 - €42.4m)
Cash 40.9 50.2 Strong liquidity position - cash/undrawn facilities
Total assets 1,765.5 1,752.0 of €270m4 at the end of June 2021 (€298m at 31
Equity 910.8 932.8 December 2020)
Loans and borrowings 342.0 314.1
IFRS 16 Lease liabilities 400.8 399.6
Balance sheet provides
Trade and other payables 57.5 48.7
the engine for future
Other liabilities2 54.4 56.8
growth
Total equity and liabilities 1,765.5 1,752.0
1. Other non-current assets includes investment property, deferred tax assets and other receivables
2. Other liabilities includes deferred tax liabilities, derivatives, provision for liabilities and current tax liabilities
3. Refer to glossary on slide 31
4. Subject to minimum liquidity covenant of €50m until 30 March 2022
24 | Dalata HY 2021 ResultsClayton Hotel Cardiff Lane, Dublin LOOKING FORWARD Slide: Slide I 25
OUTLOOK
July and August performance
• Domestic travel continues to increase
• Occupancies1 underpinned by staycations – 58% in July and 68% for August
• Projecting Adjusted EBITDA for the two month period to be approximately €24m
• Cash/undrawn facilities of €293m at end of August 2021
Start of recovery
• Low visibility in the near term as lead time on bookings remains short but pick-up in the month is strong
• International travel resumed on 19 July in ROI
• Roll-out of vaccines gains momentum with 67% of the population fully vaccinated in Ireland and 63% in
the UK - restrictions continue to reduce
• Domestic recovery in August demonstrates strength of pent up leisure demand
• Continue to protect our people, cash and business
Recovery takes hold
• Positive economic forecasts
• As flight capacity increases, expected strong return of international leisure travel
• As people return to offices, recovery of international corporate travel
• Pent up demand for events and conferences
• Increased focus on growth opportunities – supported by strong balance sheet and liquidity
• Dividend resumption will be reviewed further into the recovery
Large recovery opportunity within existing Dalata portfolio
1 Excludes
the Ballsbridge Hotel, Dublin as it is not currently trading and the
26 | Dalata HY 2021 Results new Maldron Hotel Glasgow City which opened in August 2021Clayton Whites Hotel, Wexford APPENDICES Slide: Slide I 27
PIPELINE OF OVER 2,600 ROOMS
Dublin UK
3 new hotels (2 leased, 1 owned) 8 new hotels (7 leased, 1 owned)
2 extensions to existing hotels 2 extensions to existing hotels
640 rooms 2,000 rooms
Owned Planning Construction Estimated
Property New Extension Rooms
or leased Granted Started Completion
Clayton Hotel Charlemont1 x Leased 3 x x Q4 2021
The Samuel Hotel1 x Leased 204 x x Q1 2022
Dublin Maldron Hotel Merrion Road x Owned 140 x x Q2 2022
Maldron Hotel Croke Park1 x Leased 200 x Q1 2024
Clayton Hotel Cardiff Lane x Owned 93 x TBC3
Maldron Hotel Shoreditch London x Owned 149 x x Q3 2023
London
Clayton Hotel City of London x Owned 14 x TBC3
Clayton Hotel Cambridge2 x Leased 5 x x Sept 2021
Clayton Hotel Manchester1 x Leased 329 x x Dec 2021
Clayton Hotel Bristol1 x Leased 253 x x Q1 2022
Regional Maldron Hotel Manchester1 x Leased 278 x x Q1 2022
UK Clayton Hotel Glasgow1 x Leased 303 x x Q2 2022
Maldron Hotel Brighton1 x Leased 221 x H1 2024
Maldron Hotel Liverpool1 x Leased 260 x TBC3
Maldron Hotel Victoria, Manchester1 x Leased 188 x TBC3
Total 2,640
1 35 year operating lease
2 30 year operating lease
3 Opening dates to be confirmed
28 | Dalata HY 2021 ResultsPROVEN TRACK RECORD OF GROWTH
5 year Adjusted EBITDA1 5 year Adjusted Basic EPS1 5 year Hotel EBITDAR margin
Excluding the impact of IFRS 16 135 Excluding the impact of IFRS 16
120
105 46
43 42.4% 42.6% 42.6%
38 39.6% 41.4%
(€million)
85
(cents)
63 27
20
5 year growth in portfolio value 5 year rooms by region 5 year Free Cash Flow1
8.9 100.6
1,471 8.5
Room Numbers2 (‘000)
7.1 7.4 86.6
1,176
999 71.7
(€million)
5.5
(€million)
822 59.3
48.5
609
Dublin Regional Ireland UK
1 Refer to glossary on slide 31
29 | Dalata HY 2021 Results 2 Includes owned & leased roomsTOURISM INDUSTRY RESILIENT IN PAST CRISES
International Tourism – History of Surviving Crises Source: UNWTO
$bn 1.6
1,400 9 11 Global
Financial 1.4
1,200 Terrorist
Attacks Crisis 1.2
1,000
1.0
800 European
0.8
Sovereign
600 Debt Crisis 0.6
400 0.4
200 0.2
0 0.0
International tourism receipts (billion - USD) - LHS International tourist arrivals (billion) - RHS
Upward trend in Irish Tourism over 40 years Source: CSO
€bn
5.5 12.0
5.0
4.5 10.0
4.0
3.5 8.0
3.0
6.0
2.5
Global
2.0 4.0
Financial
1.5
Crisis
1.0 2.0
0.5
0.0 0.0
Visitors to Ireland expenditure - excluding international fares (billion - EUR) - LHS Visitors to Ireland (million) - RHS
30 | Dalata HY 2021 ResultsGLOSSARY
EBITDA adjusted to show the underlying operating performance of the Group and excludes items which
Adjusted EBITDA are not reflective of normal trading activities or distort comparability either ‘period on period’ or with
other similar businesses.
Adjusted basic
Loss per share excluding the tax adjusted effects of the adjusting items referred to above.
loss per share
The numbers excluding IFRS 16 and KPIs calculated thereon are prepared using the previous accounting
Numbers
treatment for leases (IAS 17) and are disclosed to provide more clarity to the reader on how the Group
excluding IFRS 16
has performed in comparison with previous periods before the application of IFRS 16.
Stablised EBITDA EBITDA after deducting fixed lease costs. The Group typically estimate achieving stabilised EBITDA in
after fixed lease year three of normal operation post opening of a newly built hotel.
costs
Net Debt Loans and borrowings drawn less cash and cash equivalents.
Net Debt to Value Net Debt divided by the valuation of property assets as provided by external valuers.
Free Cash Flow Net cash from operating activities less amounts paid for interest, finance costs, refurbishment capital
expenditure, fixed lease payments and after adding back cash paid in respect of adjusting items.
Following the adoption of IFRS 16, fixed lease payments comprises the repayment of lease liabilities
and interest paid on lease liabilities as disclosed in the statement of cash flows. Since the onset of
Covid-19 pandemic, the Group has deferred VAT and payroll taxes under government support schemes,
most of which are expected to be payable during 2022. This non-recurring initiative was introduced by
government Covid-19 support schemes and allows the temporary retention of an element of taxes
collected during 2020 and 2021 on behalf of tax authorities. To remove the effect of this distortion on
cash flows from trading and accurately reflect the period in which these amounts relate to, the impact
of these deferrals have been excluded in the calculation of Free Cash Flow.
‘Like for Like’ ‘Like for Like’ hotels include the half year performance of all hotels regardless of when acquired. In
hotels Dublin, the Ballsbridge Hotel is excluded as the hotel effectively has not traded since March 2020. In
the UK, the new Maldron Hotel Glasgow City is excluded from August 2021.
31 | Dalata HY 2021 ResultsHOTEL PORTFOLIO AT SEPTEMBER 2021
29 owned hotels 13 leased hotels 11 new hotels 3 management
with 6,229 with 3,070 in pipeline 2,640 agreements with
rooms rooms rooms 262 rooms
Clayton Hotel Portfolio in Ireland Maldron Hotel Portfolio in Ireland Pipeline
Owned Hotels / Freehold Equivalent Owned Hotels / Freehold Equivalent Owned
Hotel Rooms Hotel Rooms Hotels Rooms
Clayton Hotel Dublin Airport 608 Maldron Hotel Newlands Cross, Dublin 297 Maldron Hotel Shoreditch, London 149
Clayton Hotel Leopardstown, Dublin 357 Maldron Hotel Parnell Square, Dublin 182 Maldron Hotel Merrion Road, Dublin 140
Clayton Hotel Liffey Valley, Dublin (1) 346 Maldron Hotel Sandy Road, Galway 165 Extension at Clayton Hotel Cardiff Lane, Dublin 93
Clayton Hotel Ballsbridge, Dublin 335 Maldron Hotel South Mall, Cork City 163 Extension at Clayton Hotel City of London 14
Clayton Hotel Cardiff Lane, Dublin (2) 304 Leased
Maldron Hotel Limerick (4) 142
Clayton Hotel Cork City (3) 201 Clayton Hotel Manchester City 329
Maldron Hotel Kevin Street, Dublin 137
Clayton Hotel Galway 195 Clayton Hotel Glasgow 303
Maldron Hotel Pearse Street, Dublin 119
Clayton Hotel Sligo 162 Maldron Hotel Manchester 278
Clayton Whites Hotel, Wexford 160 Maldron Hotel Wexford 108 Maldron Hotel Liverpool 260
Clayton Hotel Limerick 158 Maldron Hotel Shandon, Cork City 101 Clayton Hotel Bristol 253
Clayton Hotel Silver Springs, Cork 109 Maldron Hotel Portlaoise 90 Maldron Hotel Brighton 221
Leased hotels Leased hotels The Samuel Hotel, Dublin 204
Clayton Hotel Burlington Road, Dublin 502 Maldron Hotel Dublin Airport 251 Maldron Hotel Croke Park, Dublin 200
Ballsbridge Hotel, Dublin 400 Maldron Hotel Tallaght, Dublin 119 Maldron Hotel Victoria, Manchester 188
The Gibson Hotel, Dublin 252 Maldron Hotel Oranmore Galway 113 Extension at Clayton Hotel Cambridge 5
Clayton Hotel Charlemont, Dublin 187 Maldron Hotel Smithfield, Dublin 92 Extension at Clayton Hotel Charlemont 3
Total Clayton rooms in Ireland 4,276 Total Maldron rooms in Ireland 2,079 Total pipeline rooms 2.640
UK Hotel Portfolio
Owned Hotels / Freehold Equivalent
(1) Remaining 15 rooms owned by third parties Hotel Rooms
(2) Dalata own 257 rooms and lease 47 rooms Clayton Hotel Manchester Airport (5) 365
(3) Dalata own 194 rooms and lease 7 apartments Clayton Hotel Leeds 334
(4) Effective ownership of hotel as the Group holds a Maldron Hotel Belfast City 237
secured loan over the property which is not expected Clayton Hotel Chiswick, London 227
to be repaid Clayton Hotel City of London 212
(5) Effective ownership of hotel on 99 year lease Clayton Hotel Belfast 170
Clayton Crown Hotel, London 152
Maldron Hotel Derry 93
Leased hotels
Maldron Hotel Glasgow City 300
Maldron Hotel Newcastle 265
Clayton Hotel Birmingham 218
Clayton Hotel Cardiff, Wales 216
Clayton Hotel Cambridge 155
32 | Dalata HY 2021 Results Total UK rooms 2,944You can also read
