Buenas perspectivas para NH

NH Hotel Group lo está haciendo muy bien, en un sector, como hemos comentado varias veces desde este blog, francamente difícil con fuertes inversiones de capital y con mucho gasto en mano de obra, absolutamente necesario por otra parte. De enero a septiembre de 2017, los ingresos del grupo han llegado a los 1.169 millones de euros, lo que supone un incremento respecto al mismo periodo de 2016 del 6,7%. Son unas cifras francamente buenas. Insisto, es cierto que la economía a nivel mundial, sobre todo en mercados considerados tradicionalmente como industrializados, donde tiene mucha presencia NH, está mejorando, pero casi 1.200 millones de euros de facturación es una cifra excelente, sobre todo porque supone crecer casi un 7%.

El beneficio neto en estos primeros nueve meses de 2017 ha sido de 24,5 millones de euros, es decir, un 13,7% más que en el mismo periodo de 2016. La verdad es que hay que tener mucho cuidado con las cifras de beneficio, y sobre todo con todo lo que ha sido tocado por la contabilidad en general, personalmente me gusta analizar la cifras de negocios, es decir, la facturación y el flujo de caja, pero, sin duda, que mejore el beneficio es otra excelente noticia, sobre todo para los accionistas. Comenta la empresa que la mejora en la facturación se debe, sobre todo al muy buen comportamiento de cuatro mercados muy relevantes para la hotelera, España, Bélgica, Holanda y Luxemburgo. Otra cifra muy importante, que ha mejorado, y mucho entre 2016 y 2017, al menos en los primeros 9 meses del año es el EBITDA, es decir, el resultado bruto de explotación, básicamente, los ingresos menos los gastos reales del negocio (es decir, se saca intereses, depreciaciones y amortizaciones de este cálculo), ha sido de 170 millones de euros, nada más y nada menos que un 37% más que en 2016. Este crecimiento es una verdadera pasada. ¿Cómo se ha logrado mejorar el resultado de explotación de esta manera? Todo un clásico que nunca falla, una magnífica combinación de reducción de gastos y aumento de la facturación.

Cargo_NH_hoteles_dentro

Fuente: www.altodirectivo.com

Lo cierto es que las cifras son muy buenas, y las perspectivas de crecimiento de la empresa muy alentadoras. De todo lo que hemos comentado, me quedo con el incremento de la facturación, muy buena señal, pero, sobre todo, con la mejora del EBITDA, porque quiere decir que se están haciendo las cosas con cabeza. Que una empresa sea capaz de vender más con menos gasto quiere decir que había unas cuentas líneas de gasto que no aportaban ningún valor al negocio, ni al cliente, ni al accionistas. Insisto, muy buena señal esta reducción de gastos, que, a la vista está, parece que no estaban aportando nada, al menos, a tenor del crecimiento del EBITDA, y sobre todo de la facturación. Muy buenas cifras para NH y muy buenas perspectivas de futuro.

Juan Aitor Lago Moneo

Director de Investigación de Constanza Business & Protocol School

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