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's activity report 2022

Introduction

The main activity of HMP Hotels OÜ is the provision of various hotel services, including accommodation, catering and conference organization. The company operates two hotels in Tallinn according to the business principles of Radisson Hospitality Belgium SRL, including the "Yes I can!" service concept and the Radisson Rewards loyalty program.

"Radisson Collection Hotel, Tallinn" was opened in April of this year after a thorough 15-month renovation and offers the highest and most luxurious level of Radisson service under a franchise agreement.

"Palace Hotel Tallinn, a member of Radisson Individuals" offers service in accordance with the Radisson Individuals concept under a brand affiliation agreement.

Revenues, expenses and profit

The sales revenue of HMP Hotels OÜ in 2022 was 10.45 million euros (1.67 million euros in 2021), increasing by 525.7% over the year. Such growth is explained by the opening of the second hotel in the reporting year in April. The share of accommodation services in sales revenue was 67.4% (65.4% in 2021).

Catering services account for 28.3% (30.3% in 2021) and conference and other services 4.3% (4.2% in 2021).

The company's economic activity is cyclical in nature, depending on the season. Sales revenue fluctuates between 4%-39% on a quarterly basis – 4.4% and 21.4% (Q1 and Q2) and 39.0% and 35.2% (Q3 and Q4). Cyclical comparative data for the previous period are not available, as the reporting period for 2021 from 11.08.2020 to 31.12.2021 was not divisible into quarters.

The operating profit of HMP Hotels OÜ was 358.0 thousand euros, which is 459.3 thousand euros more than in 2021.

The cost of goods and services increased by 520% and other operating expenses by 132% compared to the previous year. Labor costs have increased by 417% compared to the previous year. The net profit of the company for 2022 was 352.8 thousand euros, which is 462.1 thousand euros more than the final result of 2021 (loss of 109.4 thousand euros). Such a large increase in costs is due to the increase in turnover associated with the opening of the new hotel.

The company does not have risks associated with changes in exchange rates in the reporting year, as settlements with business and cooperation partners are made in euros. The company also has no loans, so there is no risk arising from EURIBOR.

Main financial ratios 2022 2021

Sales revenue (thousand euros) 10 452 1 670

Revenue growth / (-) decrease (%) 525.7% No comparison base

Net profit (thousand euros) 353 -109

Profit growth / (-) decrease (%) 422.6% No comparison base

Net profitability (%) 3.4% -6.5%

Short-term obligations coverage ratio 1.1 0.8

ROA 16.8% -31.7%

ROE 143.4% 102.3%

Formulas used in calculating ratios - Net profitability (%) = net profit / sales revenue - Short-term obligations coverage ratio (times) = current assets / short-term obligations - ROA (%) = net profit / total assets - ROE (%) = net profit / total equity

Investments

During the reporting period, the owners of the Radisson Collection hotel building completed extensive renovation works and handed over the hotel with furnishings, so HPM Hotel OÜ had no need for investments. The hotels operated by the company use modern information technology systems and programs developed by the corporation, so there is no need for development activities.