Assessing Goodwill in Hotel Business Case Study: Milcofil SA. Vrancea

Abstract

This study focuses on the assessment of goodwill in the hotel business, an entity which brings
together both tangible and intangible elements. Even though tangible elements are relatively easy to measure
by typical accounting methods, the intangible part (which defines the most important feature of services) is
rather difficult, if not impossible to measure. That is mainly the reason why the immaterial side, which
defines famous businesses, brings the recognition of the image, advertisement, logo, emblem, fame or, in
other words, all the elements that attract clients.

Full text

European Integration - Realities and Perspectives. Proceedings 2015
398
Assessing Goodwill in Hotel Business Case Study: Milcofil SA. Vrancea
Dan Păuna1, Luminita Maria Filip2
Abstract: This study focuses on the assessment of goodwill in the hotel business, an entity which brings
together both tangible and intangible elements. Even though tangible elements are relatively easy to measure
by typical accounting methods, the intangible part (which defines the most important feature of services) is
rather difficult, if not impossible to measure. That is mainly the reason why the immaterial side, which
defines famous businesses, brings the recognition of the image, advertisement, logo, emblem, fame or, in
other words, all the elements that attract clients.
Keywords: goodwill; professional practices method; value in earning power method; updated financial flows
method
JEL Classification: D12; L25; L83; M41
1. Introduction
We shall begin this paper with a defining quote from professor Lupu Nicolae3 “Defining (designing)
the hotel product must be done for an exactly determined segment of clients, that is the dissatisfied
ones...The sharp reduction of accommodation prices, even at a modest hotel, would rather raise
suspicion from clients. If a big and famous hotel would reduce its prices to half, it would be in danger
of remaining empty...while potential clients would still be inhibited by the hotel luxury and fame and
they will not even step inside...” (Lupu, 2010)
Generally, speaking about the hospitality industry, we consider a certain standard with implications on
the quality of the services offered, and the clients of the hotel “hope that hotel will be clean,
comfortable, safe and secure. They expect to be furnished with hygienic conditions, good and sanitary
food and beverage at a reasonable price.” (Gonenc Guler & Yukselen, 2010)
Therefore, the defining element of this industry is the intangible part because, since it is difficult to
measure, having standardized elements for offering the service, elements which are limited in time, if
1 Senior Lecturer, PhD, Danubius University of Galati, Faculty of Economic Sciences, Romania, Address: 3 Galati Blvd,
Galati, Romania, tel: +40372 361 102, fax: +40372 361 290, Corresponding author: paunadan@univ-danubius.ro
/pauna_dan@yahoo.com
2 Senior Lecturer, PhD, Danubius University of Galati, Faculty of Economic Sciences, Romania, Address: 3 Galati Blvd,
Galati, Romania, Tel: +40372 361 102, fax: +40372 361 290, E-mail: mariacraciun@univ-danubius.ro.
3 Professor PhD. Nicolae Lupu, University of Economic Studies of Bucharest, Department of Tourism and Geography, skills
and contributions regarding the management and technology in the field of hotels and restaurants.

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an optimal marketing process is applied, it will bring fame, recognition, reputation which are essential
elements in the clients choosing the hotel.
Services provided by hotels nowadays are designed for efficiency which, combined with the design
elements, change clients’ perception. This new element, a fusion between the two dimensions, offers
more than the quality provided by standards and goes up to a significant commitment of the
employees, so the offered product, mixing luxury with experience, is exceptional, “a kind of unique art
work”. (Michelli, 2008)
Implicitly, the hotel does not sell the basic product, accommodation, but much more than this, it will
sell a commercial name, with emphasis on an identity, a success factor which will answer the question
“How can we offer what people wish for?” (Diller, Shedroff, & Rhea, 2006)
2. Theoretical Concept
Hotels are enterprises whose financial assessment is relatively difficult to appreciate, this aspect being
affected by a number of intangible factors, establishing the exact value being a process of making it
tangible by means of common financial indicators such as turnover from accommodation and eating
out, the rate of capitalization and updated financial flows.
The ability to produce profit depends on the ability to use tangible or intangible assets, but optimal
performance management is put under the sign of the intangible assets, i.e., brand, the element that
makes the difference, which ultimately translates into the total market value of the hotel.
Intangible assets can bring up to 70% of “the total value of the business “(Stanfield, 2005), however,
despite their important role in financial performance they are not frequently used in common
evaluation techniques.
In order to define intangible assets we can quote the International Accounting Standards Committee1
which defines intangible assets to be “assets that manifest themselves by their economic properties,
they do not have physical substance, they grant rights and privileges to their owner; and usually
generate income for their owner. Intangible Assets can be categorized as arising from Rights,
Relationships, Grouped Intangibles, or Intellectual Property” (Mard et al., 2002).
As an element of accounting, goodwill is defined as a set of movable and immovable, tangible and
intangible assets which a businessman provides for a business in order to attract customers and thereby
to gain profit.
According to some authors, the intangible assets can be grouped according to the possibilities of
identifying them (Isfanescu, Serban & Stanoiu, 2008), as follows:
1. Unrecognizable intangible assets of business - with indefinite life span (cannot be written off), as
real estate property, machines and equipment, existing clients, location, local reputation;
2. Unrecognizable intangible assets of the person – with uncommercial untransferable value, staff
reputation, skill, relations with clients, managerial spirit;
3. Unrecognizable intangible assets of the business-can be individually assessed with definite life
span, such as: brand, product name, contracts, licenses, patents.
1 The International Accounting Standards Committee (IASC) was founded in June 1973 in London and was replaced by
the International Accounting Standards Board on 1 April 2001. It was responsible for developing the International
Accounting Standards and promoting the use and application of these standards.

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In the field of goodwill assessment, it should be understood as follows:” beyond the market value of
tangible assets and liabilities in the balance sheet, there may be an additional incorporeal value,
(goodwill); its existence will be linked to the more or less effective use of the assets of the enterprise.
If the assets are well managed and operated, so they bring out a higher expected return of the market,
then you can get goodwill...” (Toma, 2011). Elements which generate this return refer to the reputation
of the company, product quality, location, customers, and commercial competence of employees in
relation to clients.
3. The Case Study: Assessing Goodwill within Fashion Center Hotel****, Focsani,
Vrancea
3.1. Hotel’s General Presentation
The hotel belongs to Milcofil S.A company, registered at the Chamber of Commerce and Industry of
Vrancea district, respectively at the Trade Register Office under registration number J19/228/1991.
 The legal form of the company is joint-stock.
 Company headquarters is in România, Focşani town , no.12 Bucureşti Blvd; the phone
number is 0237-613200 and fax number is 0237-613200
 Identification data is as follows: fiscal code R1450313;
 Its branch is to provide travel services, retail trade, catering services, exchange
operations, promoting and contracting foreign tourist programs and their
implementation. code CAEN 5510; CAEN 5610.
 Social capital in amount of 1516985,99 lei divided among the shareholders with a total
of 686419 shares with a value of $ 2.21 per share. Shareholder structure is as follows:
1. Sorste S.A. – main shareholder 91.32 %
2. Other shareholders – 8.68%
The services are structured as follows:
 basic service - which is the core business of the company providing the service-
accommodation and catering;
 complementary services are provided so that the core service can meet certain quality
standards - telephone, telex, telegram, fax, room-service, guarded parking;
 additional services are activities that support the provision of basic service - check-in,
information, luggage loading and unloading, storing valuable items, internet
connection, air conditioning, theater tickets booking, shows, organized meals for
groups, ironing, washing, in normal or emergency system, reception hall, gym.
3.2. Accommodation and prices
Fashion Hotel accommodation capacity expressed in rooms and number of existing places to stay is
emphasized in the following chart:

Performance and Risks in the European Economy
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Chart 1. Accommodation capacity of Fashion Hotel
No.
Rooms
Total no of rooms
Number of places
1.
Single
6
6
2.
Double
11
22
3.
Apartment
8
16
Total no of rooms and places
25
44
Source: Hotel Fashion, operational department.
Accommodation prices displayed represent the price of renting a room for 24 hours and one can
differentiate among them according to: type of room, way of occupying a double room (by one or two
people), type of clients (on their own or clients of travel agencies, among which some travel in groups
or individually), time span (during tourist season or off-season) which generate a system of charges.
The prices charged at Fashion Hotel for the 25 rooms with 44 available accommodation places are
presented in Chart 2.
Chart 2. Prices charged at Fashion Hotel from 01.09.2013 to 30.04.2015
Source: Fashion Hotel, accommodation department
Prices for the accommodation of newly-arrived tourists are visibly displayed at the check-in desk and
they are expressed in lei/day/place/room type; prices include breakfast. In order to encourage longer
stays, they use long stay accommodation prices. Prices set by contracts for organized groups are not
displayed.
3.3. Assessing Goodwill within Fashion Center Hotel****
In the category of S.C Milcofil S.A. tangible elements there are: materials, equipment, tools, buildings,
that is the tangible goods that serve the merchant in order to operate the fund. These specialized
tangible assets are in very good condition to attract clients.
Among the intangible assets of the company we can mention: company, logo, customer, top
commercial location, industrial property law. The case law includes in the goodwill even the right of
using the space in which one exploits goodwill.
The firm is the name used by the operator when carrying out the operations that are the subject of
trade and under which they sign; this is S.C Milcofil S.A, the Fashion Center Hotel****. The logo is
the sign which distinguishes a merchant from another (“shop-sign” in the English terminology). The
emblems are representational (geometric shapes, plants, animals etc.), verbal (denominations, words,
letters, numbers, etc.), or complex (combinations of the first two).
The number of clients is represented by all natural and legal persons who hold relations with S.C
Milcofil S.A and from an accounting point of view they are expressed as a figure. The factors
influencing the number of clients are either internal factors (objective – headquarters, the quality of
productive fixed assets, the quality of products, or subjective – connected to the staff: loyalty, quality
No.
Existing rooms
Price expressed in lei
(day/place)
Price expresses in EURO
(day/room)
1.
Single room
271
The price is according to the
exchange rate. It uses the
service Raiffeisen on line with
the possibility of paying by card
in currencies
2.
Double room
534
3.
Apartment
534

European Integration - Realities and Perspectives. Proceedings 2015
402
of service, advertising) or external factors which influence the number of clients and the company’s
overvalue: elements connected to competition and the held market.
The commercial location represents the power or capacity of the company to attract clients. The
clients of Fashion Center Hotel **** are represented mostly by business people, but not only them,
who are attracted by the quality of products or services and by the quality of the employed staff.
The most commonly used assessing methods of goodwill are grouped into two main categories, as
follows:
 traditional assessing methods (goodwill value is determined by the market price);
 financial methods (hotel industry productiveness value is sought out).
However, the assessing methods can be grouped according to the size of the hotel, that is hotels
belonging to a hotel chain or individual hotels (Stanciulescu, et.alli., 2003). In the case of the latter, we
can distinguish a series of characteristic methods which assess the hotel according to its size.
According to this criterion, we can distinguish:
a) professional practice method – mainly used in the case of evaluating individual hotels, but it can
also be used in the case of medium-sized hotels which belong to a chain of hotels. The method is
based on determining goodwill on the base of a multiplication factor. “k˝ (defined by the evaluator
according to the financial analysis and diagnosis, which can have values between 1,5 and 5) , applied
to the company’s beneficiary capacity. In the case of Fashion Center Hotel****, which also owns a
restaurant, the multiplication factor can have the following values (Lupu, 2010)
 1 – 2.5 times the turnover from accommodation services;
 0.5 – 1 times the turnover from food services.
b) the method of profitability value– or the method of capitalization of the result, is based on a future
evaluation of the hotel in generating net flows of liquid assets (net profit, net cash-flow, gross
overpayment from operations (EBE – from Romanian – excedentul brut din exploatare) in a sure
environment.
Evaluating goodwill using this method starts from a multiplication factor applied to the net result of
operations.
The multiplication factor (k) depends on the risk of the business (sure or unsure environment), on the
yearly rate of inflation and on the rate of interest on bonds issued by the State.
This is calculated as proportion
where t is the capitalization rate (t) previously established, which is calculated according to the
formula:
where:
r = rate of interest for bonds (the state bonds (state titles) issued in Romania are financial tools which
confirm the public debt of the issuing entity (Ministry of Economy Finance) on short, average (1 - 5
years) and long term (over 5 years);
  
Rfrt  1
t
k1


Performance and Risks in the European Economy
403
f = Inflation rate %
c) the method of updated financial flows– or the updated liquid assets flow (DCF), is based on the
estimated cash-flow on long term.
where:
Vf = goodwill value
Cfi = cash - flow anticipated for the year i (i = 1,2,3.......10). It is made for a limited period of time, 10-
20 years, usually 10 years.
t = capitalization rate
Vr = updated residual value of goodwill
n = number of years
The main point of the method is the assessment of he hotel “...which is done according to the
development prospects. The method uses the financial principle according to which the value of an
asset is equal to the present value of the net liquid asset flow (cash-flow) possible of being generated
in the future by that asset”. (Toma, 2011)
3.3.1. Evaluating by Professional Practice Method
Fashion Center Hotel**** is a hotel with a restaurant so we will apply the multiplication factors on the
two categories of the turnover, obtained from accommodation and food:
- 1 – 2.5 times the turnover generated by the accommodation
- 0.5 – 1 times the turnover generated by food services.
The turnover considered is an average of the turnovers from the last 2-3 years.
Chart 3. Turnover structure on categories
Years
2009
2010
2011
Arithmetic
average
Accommodation turnover
3.433.359
3.224.676,7
3.096.623,4
3.251.553
Food turnover
2.288.906
1.382.004,3
1.667.412,6
1.779.441
Total turnover
5.722.265
4.606.681
4.764.036
5.030.994
Source: processed by author according to data about S.C. Milcofil S.A
Applying the maximal values of the two factors we get the value of goodwill:
Chart 4. Calculating goodwill for S.C Milcofil S.A
Structure of goodwill
Applied factor
Average turnover
Goodwill
Accommodation
2,5
3.251.553
8.128.882,5
Food
1
1.779.441
1.779.441
Total
9.908.323,5
Source: processed by author according to data about S.C. Milcofil S.A.
 
ni t
Vr
n
it
Cfi
Vf 











1
11

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404
Turnover – independent variable in the financial analysis is the determinant characteristic of S.C
Milcofil S.A. value. Its level at the time of analyzing the company covers the expenses, the point when
the company starts making a profit, except the year 2008, when the company management made the
decision to modernize the accommodation places. As a matter of fact, one can notice that once work
finished, the turnover of the company started to grow, which generated the growth of the profit and the
market value of the company as well.
3.3.2. Method of Profitability Value
It allows the assessing of goodwill in a sure environment for an indefinite time, on the one hand, and
for a definite period of time for which there is the certainty of getting the wished result, on the other
hand. Determining the value of goodwill in a sure environment for an indefinite period of time is
carried out by applying a multiplication factor calculated according to the capitalization rate:
An important issue in estimating the profitability value is taking into account the inflation and the
interest rate for loans.
Chart 5. Average rate of yearly interest for loans from 2007 to 2012
Year
2007
2008
2009
2010
2011
2012
Interest rate %
6.10
10.25
8.50
7.47
6.25
5.50
Source: http://www.bnr.ro/Raport-statistic-606.aspx
Establishing the average rate of loan interest (r) during the analyzed period of time using the
arithmetical average of the figures above we get the value of 7.4%, yearly average rate of interest.
In order to determine the yearly rate of inflation, we are going to calculate the arithmetic average of
inflation rate values during the last 10 years.
Chart 6. Consumer price index and inflation rate from 2003 to 2012
Year
Consumer price index %
Inflation rate % (f)
2003
103.7
3.7
2004
102.9
2.9
2005
102.2
2.2
2006
101.3
1.3
2007
104.8
4.8
2008
107.8
7.8
2009
105.5
5.5
2010
106
6
2011
105.7
5.7
2012
103.3
3.3
Average
104.32
4.32
Source: INS, Romania statistical directory, 2013
Consumer price index measures the overall evolution of prices for a cart of products and for the
specialized services used by population. Yearly rate of inflation is calculated by subtracting 100 from
the yearly index of consumer prices.
For S.C Milcofil S.A the value of the capitalization rate is:
  
Rfrt  1
t
k1


Performance and Risks in the European Economy
405
t = 9.02%
R = risk; in the case of hotels it is seen as low or medium and its values are 25 – 50%
k = multiplication factor; k =
t
1
=

09,01
11,1
Applying this factor to the value of net profit of the company, we get the net profit capitalization for a
definite time, which represents the assessing of goodwill for S.C Milcofil S.A.
Chart 7. Assessing goodwill in a sure environment
Years
Net profit
Multiplication rate
Yearly goodwill
2006
309.220
11,1%
3.432.342
2007
3.278.657
36.393.092
2008
-267.471
- 2.968.928,1
2009
373.624
4.147.226,4
2010
334.889
3.717.267,9
Total goodwill for the 5 years
44.721.000
Goodwill average
8.944.200
Source: Data processed by author using the accounting balance of S.C Milcofil S.A
Assessing goodwill can also be done by capitalizing the result for a limited period of time for which it
is certain to obtain that result. The period of time taken into account is of 10 – 20 years, usually 10
years.
In this case, capitalization is done by applying a multiplication factor (the factor of the present value of
an annuity) calculated according to the formula:
 
ttn
 11
Taking into account the capitalization rate determined previously, which is 9%, the multiplication
factor gets the value:
 
41,6
09,0 09,011 10

 
The value of goodwill obtained by the capitalization of yearly net profit is:
Chart 8. Evaluating goodwill by the capitalization of net profit
Years
Net profit
Multiplication factor
Yearly goodwill
2006
309.220
6.41
1.982.100,2
2007
3.278.657
21.016.191
2008
-267.471
-1.714.489,1
2009
373.624
2.394.929,8
2010
334.889
2.146.638,4
Total goodwill for the 5 years
25.825.370
Goodwill average
5.165.074
Source: Data processed by author using the accounting balance of S.C Milcofil S.A
The higher the number of years, the more the value of goodwill tends to the one associated to the
indefinite time (infinite). For a period of 20 years, the multiplication factor is 9.13, and goodwill is
estimated at 7.356.805,8 lei.

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Loan interest rate represents the minimum limit of the profitability of the indebted company.
Comparing loan interest rate to the economic profitability of the company during the analyzed time,
one can notice that the latter has considerably decreased. An economic profitability rate lower than the
average loan interest rate emphasizes the fact that the company is going through a hard time, and its
market value is getting lower.
We can notice from analyzing goodwill by profit capitalization that at a high rate of interest during the
observed time, inflation gets lower after the year 2010, which generates a higher rate of
unemployment on labor market and to a reduction of staff within companies. Analyzing the evolution
of positions within S.C Milcofil S.A, we observe a reduction of jobs in 2009, even if in 2008, when the
modernization of the hotel finished, workforce considerably rose from 36 to 55 positions. Thus, in
2010 there were 29 workers (in 2014 the company has the same number of workers, respecting the
manning rate for mandatory services for a four-star category).
3.3.3. The Method of Updated Financial Flows (Updating Future Cash Flows)
This method is based on the net cash flow estimated for a period of time of 8 to 15 years. Usually, a
period of 10 years is adopted since it is considered that estimations are random for longer periods of
time.
The updating rate (t) applied is similar to the capitalization rate, this model using present prices and
calculating a yearly rate of future inflation.
Goodwill value (Vf) is given by the 10 – year addition of updated cash-flow to which the updated out-
of-balance value of goodwill (VR) is added:
   
VR
tt
C
Vn
n
ii
n
f



1
1
1
1
 
n
ffVVR  1
Cash-flows are calculated starting from yearly net profit and rectifying it with all the operations that
affect in one way or another the cash flow. Since we are interested in future cash flows, that means the
availability of prognoses for balance which are practically absent. Moreover, theoretically we need
very detailed data on the company’s activity and its accounting procedures in order to carry out the
necessary changes.
The analysis makes a difference between the two periods in the future activity of the company: the
near future, 5 to 10 years, considered a growth period, and the time after the growth, when the
company reaches a certain stage of maturity.
Concerning S.C Milcofil S.A, we started off from a statement made by the company in 2010 when it
was setting as target to reach a turnover of 10.000.000 lei in a 10 year span. Thus, we considered the
period from 2011 to 2020 as being the growth period and we estimated a yearly growing turnover to
reach 10.000.000 lei. For each year during this period we estimated the necessary balance sheet
elements and we calculated the cash flows to be obtained by the company. The formula is as follows:
Cash Flow = Net Profit+ Amortization – Fixed assets expenses – Growth of working capital
Fixed assets expenses represent the asset acquisition during that year; the growth of working capital is
the extension of the difference between current assets and liabilities during that year. This calculation
gets us to a sum of cash flows generated by S.C Milcofil S.A from 2011 to 2020 as follows:

Performance and Risks in the European Economy
407
Chart 9. Anticipating future cash flows for S.C Milcofil S.A
Years
Anticipated cash-flow
Updating factor
 
i
t1/1
Cash-flow updated in
2008
2011
401.800
0.91
365.638
2012
423.000
0.84
355.320
2013
445.000
0.74
342.205
2014
465.000
0.71
329.685
2015
480.000
0.65
311.520
2016
515.000
0.60
306.425
2017
533.000
0.55
291.018
2018
561.000
0.50
281.622
2019
585.000
0.46
269.100
2020
615.000
0.42
259.530
Total
5.023.800
3.112.063
Source: Data processed by author
   
10
10 014,01
09,01
1
063.112.3 

 ff VV
063.112.3517,0 
f
V
leiVf2,464.019.6
Cash flow analysis is used when evaluating some complex tourist structures with diversified and
numerous activities that need some yearly investments of high values in order to maintain or grow
service potential and keep the clients. Falling into the category of commercial risks, the risk of losing
clients is higher and higher within the company, once its spaces are getting more and more worn out.
That is the reason why the management of S.C Milcofil S.A has carried out refurbishing and restyling
works from 2006 to 2008.
4. Conclusions
The research has been implemented in order to verify the originality of the theoretical methods under
debate in the already published papers. Even if the accounting data is not up-to-date (there is no
accounting data available covering the time after 2010 since the company is under control carried out
by state authorities), we can estimate the average of goodwill with the help of the used methods.
If using the first two methods leads to similar results, the third one shows a low value of goodwill. The
causes of this considerable change based on future estimations show that location is not exactly an
advantage, even if we talk about business tourism (far from downtown, on the outskirts of Focsani), it
does not offer an attractive overall image (the building is redone in an industrial area with no pleasant
view), and the proportion quality/price is very high compared to the offer of the other market
competitors (Fashion Center Hotel**** does not post its prices on different booking sites unlike its
competitors). Even in a positioning research (Accommodation Facilities Positioning, E u r o E c o n o
m i c a, Issue 2(33)/2014 ISSN: 1582-8859,), the hotel offers only comfort and the complexity of
services (ordinary for the category it belongs to) in contradiction to its reputation and positioning on
the market in Focsani.

European Integration - Realities and Perspectives. Proceedings 2015
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