2019 BSC SOP

1.2 Hotel EBITDA* (10%) 1. Our Business (40%)

Rationale

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) is the main indicator of our bottom line performance and a measure of the overall operational effectiveness. It takes into account the respective cost of operation and also provides a financial measurement of cash flow from operations. A significant amount of how we execute on our business strategies drives our EBITDA.

Definitions

Scoring Mechanism

1. Hotel Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) • EBITDA is net of departmental contribution, undistributed operating expenses, management fee, and non-operating income & expenses 2. Actual Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) • December flash actual 2019 EBITDA in local currency (before bonus) submitted on TM1 on or before 5 January 2020 • For monthly tracking and reporting, actual + remaining months’ EBITDA in local currency (before bonus) submitted on TM1 on or before 5th day of the following month 3. Budgeted Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) • Budgeted EBITDA in local currency (before bonus) as submitted on TM1

EBITDA Performance

For a hotel to score points in this metric: • Must have a positive EBITDA (i.e. not loss making) • Must attain a minimum EBITDA performance of 80% • Performance above 80% will incrementally receive additional score • Maximum score will be capped at EBITDA performance of 110% Budgeted negative EBITDA, to score points in this metric: • Must at minimum attain budget • Performance above budget will incrementally receive additional score • Rationale for a slight difference in scoring mechanism is to encourage loss making hotels to attain budget and target towards a break even situation

Score

≥ 110% 12.0 100% - 109% 10.0 – 10.9 90% - 99% 9.0 – 9.9 80% - 89% 5.0 < 80% 0

EBITDA Performance

Score

≥ 110% 12.0 105% - 109% 10.5 – 10.9 100% - 105% 10.0 – 10.5 < 100% 0

Measurement

• EBITDA performance = Actual EBITDA ÷ Budgeted EBITDA

• In special situations where a hotel budgeted for negative EBITDA: EBITDA performance = 2 – (Actual EBITDA ÷ Budgeted EBITDA)

*Pre-bonus

9

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