Revenue at 103 million euros (+6%), Adjusted EBITDA at 32 million euros
• Positive impact of the first stage of investments provided for in the five-year plan (120 million euros by 2023) for the expansion and modernising of tourist services on the Costa Smeralda
• The second stage of the plan has begun with solid economic and managerial prerogatives
The partner’s meeting for Smeralda Holding – the Italian company owned by the Qatar Investment Authority sovereign fund and owner since 2012 of real estate assets and land on the sea along the Costa Smeralda – has approved the 2018 financial statements.
The Group has registered significant growth in revenue which has reached 103 million euros, with constant improvement over recent years, from 82 million euros in 2015 to 87 million euros in 2016, and 100 million euros in 2017.
(The solid economic performance of the Group is also confirmed by the growth of Adjusted EBITDA, which as of 31 December was at 32 million euros and has remained steady at over 30%.)
2018 saw an increase in presences (+3.3% compared to 2017, with a peak of +7.7% for the Hotel Pitrizza), a result of the strategic choices made to prolong the tourist season for the hotels (by five weeks) and the positive benefits resulting from the first stage of investments – 30 million euros earmarked by the end of 2019 – which successfully concluded on schedule and with success. These are investments through which Smeralda Holding and its shareholder Qatar Investment Authority are rendering its tourist services even more exclusive and competitive through significant refurbishment of the assets, with an increase in catering and entertainment services, a clear improvement in standards and with the creation of new infrastructures in the area.
“Our results are above all due to the commitment and the involvement of our entire working team – stated the CEO of Smeralda Holding Mario Ferraro – which has shared and understood the importance of fully adopting the changes provided for by the group’s Business Plan, in order to continue to be the most important destination for elite tourism and to attract new market segments and new generations of consumers. Our strategy is also revolutionising the group’s digital channels and continuing with the aims of lengthening the season, with the progressive widening of the range of restaurants and entertainment offered to tourists, bringing into play a studied diversification of proposals, from lifestyle to wellness, with the meticulous search for excellence. Improve, change, surprise, this is the way to keep our promise for unrivalled hospitality”
Our growth, supported by prudent management, – added Davide Cerea, CFO of the Group – is solid and constant across all the business lines; the Group’s turnover has in fact been growing year after year – by 24% between 2014 and 2018 – as is the case with all the main financial indicators, and this is a positive factor that allows us to continue with our programme of investments with increased tranquillity and awareness
The refurbishment and modernising of the hotels, provided for in the group’s business plan, has involved some of the most famous architects in the world, such as Bruno Moinard, Rodolfo Dordoni, Piero Lissoni, Matteo Thun, the Stoerr – Kids Club Concepts firm and the BlackSheep firm, professional figures which have introduced new and evolutionary concepts for the transformation of the Costa Smeralda.
The big changes for the 2019 season include the Hotel Cala di Volpe which is re-opening after significant refurbishing works (ten suites, corridors and the hall designed by Bruno Moinard, the creation of a Wellness Spa Shiseido by the architect Rodolfo Dordoni, and the opening of the Matshuisa restaurant in the wake of the success of the pop-up venue of last year. The second stage of the refurbishment of the remaining rooms is set for the autumn. The main entrance to the Hotel Romazzino and its Spa has already been totally re-designed to welcome guests with a conception of the spaces that is more suited to new trends in luxury accommodation, and the first Kids’ Club has been created in the hotel.
The famous venues looking out over the Piazzetta in Porto Cervo – the “Bar Portico” and the restaurant “La Pergola” – have been presented with a totally renovated look. On the old port, the luxury temporary store “Waterfront” will once again be hosting world-famous brands, brand-new events and luxury boutiques.
“The Costa Smeralda – added Ferraro – is now aiming to underline and consolidate its leadership as a top destination for international elite tourism. We are the country of hospitality, of the good life, of art, history, culture, nature – and tourism, if well-articulated and managed, can truly represent an extraordinary source of work and development.”
On the services front, Smeralda Holding – which owns and manages the Porto Cervo shipyards and Marina, one of the most well-equipped and welcoming ports in the Mediterranean, capable of playing host to 700 boats up to 160 metres – with the support of IGY Marinas, an international leader in the management and development of marinas for yachts and super-yachts.
Over the next three years the group will complete the 120-million five-year investment plan with the refurbishment of the Hotels Cervo, Pitrizza, Romazzino, the Tennis Club and the Pevero Golf Club.
The investments set out in the plan are aimed at generating important results for the local economy, as well as the creation of new job opportunities. Every year, Smeralda Holding makes a significant contribution to the growth of the Gallura economy, with more than 23 million euros in salaries (26 when also considering the Costa Smeralda Consortium) and with more than 26 million euros in purchases from suppliers.
Milano/Porto Cervo, 14 maggio 2019
