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's activity report 2022

Business Activity

The main activity of Meriton Hotels AS is hospitality - accommodation, catering, conference services.

Meriton Hotels AS owns the following hotels: Park Inn by Radisson Meriton Tallinn Hotel and Meriton Old Town Garden Hotel.

On April 3, 2015, Meriton Hotels AS joined the Carlson Rezidor hotel group. The management contract for operating the Meriton Grand Conference & Spa hotel came into effect on June 1, 2015, and the hotel is now called Park Inn by Radisson Meriton Tallinn Hotel.

Financial Ratios Calculation Methodology 2022 2021

Revenue growth (sales revenue 2022–sales revenue 2021)/sales revenue 2021 1.61 0.02

Profit growth (net profit 2022–net profit 2021)/net profit 2021 0.95 0.48

Liquidity ratio (current assets–inventories)/short-term liabilities 0.85 0.85

Debt ratio liabilities/asset cost 0.44 0.44

Operating profitability operating profit/sales revenue 0.10 -0.14

Net profitability net profit/sales revenue -0.01 -0.37

Investments

In the reporting year, Meriton Hotels AS invested 28 thousand euros in fixed assets (2021: 66 thousand euros).

The main goal of the company is to maintain its market position in existing markets.

The activity of the accounting entity (hereinafter Meriton), hospitality, is a seasonal business. The low season is from October to March and the high season is from April to September. Meriton's own activities do not have environmental and social impacts. However, Meriton's activities are significantly influenced by social factors. For example, employment, wage level, and standard of living are important social factors affecting Meriton. Since the hotel sector is known to be one of the sectors with a lower wage level, employment and wage level are very important factors for Meriton. For example, the entry of a new retail chain in Estonia significantly affected the wage level of service workers at Meriton.

Meriton's activities take place in the territory of the Republic of Estonia (hereinafter in Estonia). This means that everything that happens in Estonia affects Meriton's activities to a greater or lesser extent. But not only what happens in Estonia affects Meriton's activities. Due to the small size of the Estonian economy and its connection with other countries' economies, the economies of other countries also have a significant impact on Meriton's development and financial results.

The most significant investments during the reporting year were in kitchen equipment and IT. The most significant investments in the near future will be made in the renewal of kitchen heritage, the renewal of ventilation equipment units, and in the IT field.

In 2022, Meriton's sales revenue increased about 2.5 times compared to 2021. The growth was mainly due to the easing of coronavirus pandemic restrictions and the activation of foreign tourism. Inflation-related price increases and thus growing sales numbers also played a role.