Annual result 2022

Annual result: Comwell Hotels emerged stronger from 2022

Comwell publishes annual results and the hotel chain's first ESG report

The Danish-owned hotel chain Comwell Hotels has today published its annual results for 2022, which show a strong increase in Comwell's revenue with a 48.9% increase from 2021 to 2022. At the same time, Comwell Hotels has published the group's first ESG report, which highlights the chain's sustainability efforts and future goals - for example, Comwell wants to be carbon neutral in its own operations by 2030.

With an annual profit before tax of DKK 72.5 million compared to DKK -8.7 million in 2021, Comwell Hotels demonstrates a renewed strength in the market. This is shown in the hotel chain's annual report, which was published today. Comwell also achieved a turnover of DKK 1,057.9 million compared to DKK 710.5 million in 2021 and thus an increase in turnover of 48.9% compared to the previous year.

"I am very pleased with the position that Comwell has re-established in the market in 2022, which was an excellent year for us - especially thanks to our talented employees, who have been willing to adapt and have taken Comwell to a new level. The pandemic and its aftermath meant some difficult years. However, after reopening in March, we felt - and still do - great demand for overnight stays, meetings, and conferences," says Peter Schelde, CEO of Comwell Hotels.

2022 - an eventful year
As part of the Group's overall strategy, Comwell has launched several initiatives to strengthen the chain's position in the Danish hotel and conference market.

As a result, with effect from 1 January 2023, Comwell was able to increase its total hotel portfolio with another hotel, Comwell Bygholm Park. The hotel has 142 rooms, and meeting and conference facilities for 600 people and is centrally located in Horsens in the middle of the city's green breathing space.

In early 2023, Comwell announced that the chain is expanding its popular city hotel Comwell Aarhus Dolce by Wyndham with a 15-storey hotel tower. The hotel tower, which will be completed in 2026, will pamper guests and city residents with a sky bar, rooftop, and spectacular views of Aarhus. This means that by 2026, Comwell Aarhus will have a total of 401 rooms and additional meeting and conference facilities.

Ambitious sustainability efforts
Furthermore, in 2022, Comwell's long-standing focus on sustainability was truly concretized. As a result, the hotel chain - as part of Comwell's overall financial reporting - has published its first annual ESG report, which visualizes the chain's sustainability efforts and several ambitious goals. One of the hotel chain's goals is to be carbon neutral in its own operations by 2030 and in the entire value chain by 2040.

"For many years, we have worked hard to become the best version of ourselves, which is why we are proud to release our first ESG report. We see a great need for the bar to be raised significantly throughout our industry, and we want to help create and push this development. Transparency and measurable data are key to this development. In addition, we will cultivate and develop collaborations with external stakeholders to an even greater extent so that we can create the necessary synergies together," says Peter Schelde.

Positive outlook for the future
Comwell Hotels expects a positive result after tax for 2023 but recognizes that the year will continue to be characterized by uncertainty due to rising interest rates, fluctuating energy prices, high inflation, and geopolitical tensions in Europe.

"We are, of course, very aware that there are several factors that continue to create uncertainty for our industry and that can cause fluctuations in our earnings and activity levels. But we are off to a good start here in 2023 and have a positive outlook for the future," concludes Peter Schelde.

In 2022, Comwell Hotels achieved an occupancy rate of 65% in Denmark and 66% in Sweden, compared to 42% in Denmark and 57% in Sweden in 2021. The hotel chain has also been able to increase the number of full-time employees by 18% in 2022 to 960 employees compared to 811 in 2021.

In 2022, Comwell a-s operated 17 conference and spa hotels in Denmark and Sweden. Under the brands "Centralværkstedet" and "Smedien", conference, restaurant, and banqueting operations are run in Aarhus with Comwell Aarhus as a neighbor.

Comwell H.C. Andersen Odense, the culture and congress center ODEON, Odense Concert Hall, and Comwell Køge Strand are included in the income statement with income from management fees and are thus not consolidated in Comwell's consolidated financial statements.

Revenue: 1,057.9 vs. DKK 710.5 million in 2021

Profit before tax: DKK 72.5 million compared to DKK -8.7 million in 2021

Group equity: DKK 249 million with an equity ratio of 38%.

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