Comwell Hotels presents financial statements for 2021

26 April 2022

With revenue of DKK 710.5 million, as opposed to DKK 526.8 million in 2020, the Group has increased its revenue by 34.9%. Operating profit continues to be impacted by the effects of COVID-19 and the restrictions and bans introduced, while the Group's Swedish activities continue to negatively impact the company's result; DKK -12.8 million in 2021.

Activity in the first half of the year was sharply reduced as a result of COVID-19 and the consequent restrictions and bans. This meant the company realised revenue in the first half of the year corresponding to index 40 compared to 2019. During the 2021 period when it was possible to maintain normal operations, Comwell's market position showed its strength, resulting in an appreciable increase in custom for Comwell's hotels.

“As in 2020, we were affected by long periods of closure of our hotels, but despite that we have emerged with a result that is DKK 38 million better than the year before. I am pretty satisfied with that. We have been adaptable throughout the COVID-19 period and that, together with a strong brand, skilled employees and a good nationwide product, has given us an occupancy rate of 42% in Denmark and no less than 57% in Sweden, which is above the market average. At the same time, the second half of 2021 showed us that our business customers have a significant need to get together physically for meetings, conferences and courses,” says CEO Peter Schelde.

Comwell has applied for and recognised compensation totalling DKK 150.4 million. This includes compensation received for Denmark and Sweden. Despite the sharp decline in activity from the beginning of 2021, Comwell chose not to make changes to its workforce and terms of employment during the first half of the year. The gradual normalisation of activities during the second half of the year meant that the average number of full-time employees for 2021 was 811, a 7% increase compared to 2020.

“Access to compensation schemes has been crucial for our ability to retain so many employees and competencies during the lockdowns. Throughout the pandemic, there has been an extremely large fluctuation in activity and a low level of visibility. So, I am delighted that we have been able to maintain so many jobs over the year as a whole,” concludes Peter Schelde. 

First hotel in Copenhagen
As part of Comwell's overall strategy, initiatives have been launched to expand the hotel chain's position in the Danish hotel and conference market, and to strengthen international marketing and access to foreign customer segments. As part of this plan, Comwell opened the chain's first hotel in Copenhagen in early January 2021, Comwell Copenhagen Portside. With 484 rooms and conference facilities for up to 750 people, the hotel is Comwell's largest and, with a central location in Copenhagen, a strategically decisive step in Comwell's development.

Profit for the year in key figures
In 2021, Comwell A/S operated 18 conference and spa hotels in Denmark and Sweden. Under the brands "Centralværkstedet" and "Smedien", conference, restaurant and banquet facilities are operated in Aarhus in tandem with nearby Comwell Aarhus. The Comwell Group has 2,610 rooms.

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

Following expiry of ordinary lease periods, during 2021 Comwell ceased operating at Aspenäs Herrgaard in Sweden and Comwell Korsør.

Revenue: DKK 710.5 million versus DKK 526.8 million in 2020
Profit after tax: DKK -9.9 million as opposed to DKK -48 million in 2020
The Group's equity is: DKK 196 million, with a solvency ratio of 33%

Expected development
For 2022, there is still uncertainty relating to developments in activities and profit. At the beginning of 2022, Denmark was still affected by restrictions due to COVID-19, which led to a continued decline in meeting and travel activities and created major uncertainty for the experience industry. In addition, Europe is being affected by geopolitical tensions that may potentially affect the experience and travel industry.

Comwell has a strong brand and market position. Given the high level of customer satisfaction in the business and private market, the company is expected to be able to win market share after COVID-19, thus strengthening the activity level and earnings.

The Annual General Meeting will be held at Comwell Kolding on Monday 9 May 2022 at 13:30.