Radisson Blu Resort, Fiji Denarau Island

2023
Contents

Board of Directors’ Report 2

Group/Financial Reports
Five Year Summary 8
Consolidated Statement of Operations 9
Consolidated Statement of Comprehensive Income 9
Consolidated Balance Sheet Statement 10
Consolidated Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes 14

Parent Company
Statement of Operations 43
Balance Sheet Statement 43
Statement of Changes in Equity 44
Statement of Cash Flows 44
Notes 45
Signatures 47
Auditor’s Report 48

R A D I S SO N H OS PITA LIT Y A B A N N UA L R EP O RT 202 3 1

BOARD OF DIRECTORS’
REPORT
The Board of Directors of Radisson Hospitality AB, corporate registration number
556674-0964, hereby submits the Annual Report and Consolidated Financial State-
ments for the financial year 2023.

Operations Covid 19 levels. amounted to MEUR –72.3. The 2022

Radisson Hospitality AB (“Radisson”) is The EBITDA margin was 14.9% figures were positively impacted by the
a hospitality company managing hotels compared to 7.1% previous year. sale of brand assets and repayments of
and assets owned by third parties. EBIT increased by MEUR 12.6 to MEUR interest bearing loan receivables on
Radisson operates the brands Radisson 47.8. In 2022 EBIT was impacted by the related parties.
Collection, Radisson Blu, Radisson, gain of MEUR 99.5 related to the sale of Cash flow used in financing activities
Radisson RED, Radisson Individuals, brands for the Americas region. amounted to MEUR –100.0 compared to
Park Plaza, Park Inn by Radisson, Country The EBIT margin was 3.9% compared MEUR –242.0 last year. The 2022 figures
Inn & Suites by Radisson and prizeotel. to 3.4% previous year. were impacted by higher repayments of
Profit/(loss) for the year improved by borrowings, following the above
Strategies MEUR 26.5 to MEUR –12.0. mentioned sale of brand assets, partly
The hotels in Radisson’s portfolio offset by capital contribution.
are either operated by Radisson itself Balance Sheet end of 2023
under a lease contract, by providing Liquidity
management services for a hotel owner 31 Dec 31 Dec At the end of the period, the company
under a management contract, or by MEUR 2023 2022 had MEUR 120.2 (150.7) in cash and cash
a separate operator using one of the Total assets 1,927.9 1,939.5 equivalents. The total credit facilities
brands under a franchise contract. Net working capital –184.4 –222.6 amounted to MEUR 0.5 (0.5), of which
Radisson’s strategy is to grow with Net cash (net debt) –590.5 –562.4 MEUR 0.2 (0.1) was unutilised per the
an asset-right approach, balancing Equity 159.2 173.5 end of the year.
management and franchise contracts The non-current assets increased by
with selected lease contracts. MEUR 33.1 and amounted to MEUR Other Matters
Management and franchise ­contracts 1,618.8. The increase is mainly due to During the year, the Company has been
offer a higher profit margin and more investments in the leased portfolio and subject to a tax audit from the local
stable income streams and lease capitalised deferred tax on losses. authorities in Belgium for the financial
contracts allows Radisson to complete Net working capital, excluding cash years 2020 and 2021. This audit resulted
the presence in mature markets. and cash equivalents, but including in issuance of additional tax assessments
current tax assets and liabilities, was for both financial years for which the
Income Statement MEUR –590.2 at the end of the year, company has filed respective appeals in
compared to MEUR –562.4 in the February 2024.
MEUR 2023 2022 beginning of the year. The contested items, for a total amount
Revenue 1,212.9 1,035.0 Compared to the beginning of the of MEUR 58, are related to intercompany
Other income 6.8 6.6 year, equity decreased by MEUR 14.3 to party transactions for which the tax
EBITDAR 375.7 250.1 MEUR 159.2, which is mainly due to the authorities challenged the arm’s length
EBITDA 181.1 73.1 the loss for the year of MEUR –11.9. character of remuneration methodolo-
EBIT 47.8 35.2 gies used.
Profit/(loss) for the year –12.0 –38.5 Cash Flow Based on management review,
EBITDAR margin 31.0% 24.2% Cash flow from operations, before supported by third party advisors’
EBITDA margin 14.9% 7.1% change in working capital, amounted opinion, the Board of Directors is of the
EBIT margin 3.9% 3.4%
to MEUR 162.5, an improvement of MEUR opinion that, based on international tax
Revenue increased by MEUR 177.9 (17.2%) 95.5, which is due to the increase in and transfer pricing principles, the
to MEUR 1,212.9, mainly due to organic EBITDA, partly offset by tax paid. Cash company will be able to successfully
growth. flow from change in working capital challenge the majority of additional
EBITDA increased by MEUR 108.0 to amounted to MEUR –14.1, compared income taxes assessed (MEUR 56). The
MEUR 181.1, as a consequence of the to MEUR 17.7 last year. elements which the company deemed
increase in revenue and cost efficiency Cash flow from investing activities was acceptable, MEUR 2, have been properly
measures. EBITDA is now well above pre- MEUR 293.2 lower than last year and accrued.

BOA R D O F D I R EC TO RS ’ R EP O RT 2
 In line with applicable IFRS rules In 2023, a project was initiated to Radisson acknowledges that terrorism
(IFRIC23, §9, 10) in relation with tax improve the corporate risk management as well as other issues such as increased
uncertainties, the company has assessed framework with focus on: tensions between countries, social unrest,
that it is probable that the tax authorities • Governance: implement a unified risk labour disruption, outbreak of diseases,
will accept its position during the appeal management framwork including roles crime and weakness of local
process. Accordingly, no tax provision and responsibilities; infrastructure (including legal systems)
has been recognised in the company’s • Structure: provide a unified approach can be threats to safe and secure hotel
financial statements as of 31 December on how to reflect on risks, how to operations at certain times in certain
2023 for the amount challenged of record risks, how to report on risks and locations. Radisson’s ability to perform
MEUR 56. how to follow-up mitigating acctions or discharge its obligations may also be
However, if the tax authorities would and report on them; impacted due to acts of governments
not accept the company’s position, it • Reporting and tools: implementation of or other international bodies, such as
could result in a material financial impact top risks reporting at organizational imposition of sanctions. With the aid of
on the company’s future financial level. external expertise, threat assessments
statements. are continuously carried out and hotels
Operational Risks notified if a possible material change to
Subsequent Events Market Risks their threat situation is detected.
There are no significant post balance The general market, economic, financial
sheet events. conditions and the development of Litigation Risks
RevPAR in the markets where Radisson Radisson is exposed to the risk of
Risk Management operates are the most important factors litigation from guests, customers,
Radisson is exposed to operational and influencing the company’s earnings. As potential partners, suppliers, employees,
financial risks in the day-to-day running the hotel business is, by its nature, regulatory authorities, franchisees and/or
of the business. Operational risks occur cyclical, a recession puts industry the owners of hotels leased or managed
mainly in running the hotels locally but RevPAR under pressure. In order to by Radisson.
also include implementation risks related balance the market related risks,
to margin enhancing initiatives launched Radisson uses three different contract Strategy Execution Risks
­centrally. Such initiatives include, inter alia, types for its hotels: Radisson’s future growth and ability to
gaining market share, cost cutting • the company leases hotel properties achieve the efficiency benefits anticipated
programmes, room growth and asset and operates the hotels as its own by Radisson will depend on the successful
management activities related to the ­operations; execution of the company’s business
existing portfolio. Financial risks arise • the company manages a hotel on strategy, including the implementation of
because Radisson has external financing behalf of a hotel owner and receives a asset management initiatives aimed at
needs and operates in a n ­ umber of management fee; and optimising the hotel portfolio and other
foreign currencies. To allow local hotels • the company franchises one of the measures to improve operational
to fully focus on their operations, financial brands to an independent owner and efficiency and profitability. Radisson’s
risk management is centralised as far as receives a franchise fee. ability to implement its business strategy
possible to group management, governed The management and franchise and expand its business is subject to a
by Radisson’s Finance ­Policy. The models are the most resilient while variety of factors, many of which are
objectives of Radisson’s Risk Management the leased model is more volatile and beyond Radisson’s control, including,
can be summarised as f­ollows: sensitive to market fluctuations. but not limited to, Radisson’s ability to:
•e  nsure that the risks and benefits of Radisson’s client base is well • terminate lease contracts or otherwise
new investments and financial distributed with ca 50% business clients. renegotiate more favorable terms, as
commitments are in line with Radisson’s Radisson is not dependent on a small well as extend profitable contracts;
Finance Policy; number of customers or any particular • grow its fee-based business by
• r educe business cycle risks through industry. gradually increasing the number of
brand diversity, geographic Radisson operates a well defined multi- managed and franchised hotels in
diversification and by increasing the brand portfolio of hotels covering proportion to leased hotels;
proportion of managed and franchised different segments of the market and • maintain and strengthen its position as
contracts in the portfolio; operates world wide. a provider of high-quality service and
•c  arefully evaluate investments in high hospitality products;
risk regions and seek returns that Political and Country Risks • realise estimated cost savings in the
exceed higher cost of capital in such Radisson’s growth focus includes ­manner anticipated; and
regions; emerging markets. Some of the countries • enhance operational efficiencies and
•p  rotect brand values through strategic in these markets have a higher political improve overall profitability.
control and operational policies; risk than those in the more mature
• r eview and assess Radisson’s insurance markets. In order to mitigate the political
programmes on an on-going basis; risks, Radisson only operates under
• r eview and assess Safety & Security management and franchise contracts with
procedures. limited or minimal financial exposure in
these markets.

3
Grand Hotel Brioni Pula, A Radisson Collection Hotel

BOA R D O F D I R EC TO RS ’ R EP O RT 4
 Other potential risks identified related It is becoming increasingly difficult to Proposed appropriation of Earnings
to the execution of Radisson’s strategy source key talent due to the competitive Non-restricted reserves in the Parent
are; nature of the business, the high mobility Company available for dividend are
• New brands, products or services that requirements of the business and the (TEUR):
are launched in the future may not be potential safety concerns in emerging
as successful as anticipated, which markets. Share premium reserve 254,119
could have a material adverse effect on Profit brought forward 487,713

Radisson’s business, financial condition Financial Risks Profit/(loss) for the year 113
Total 741,945
or results of operations. Radisson’s financial risk management is
• Radisson’s strategy to grow in ­governed by a finance policy approved
emerging markets may strain its by the Board of Directors. According to
managerial, ope­rational and control the finance policy, the corporate treasury The Board of Directors proposes to the
systems. function of the company systematically Annual General Meeting 2024 that no
• Risks arising out of Radisson’s plan to monitors and evaluates the financial risks, dividend is to be paid for the financial
maintain and upgrade its portfolio of such as foreign exchange, interest rate, year 2023 and that the distributable
leased hotels. credit, liquidity and market risks. funds of TEUR 741,945 are brought
• Hotel openings in Radisson’s existing Measures aimed at managing and forward.
development pipeline may be delayed handling these financial risks at the local
or not result in new hotels, which could hotel level are contained in a finance Responsible Business
adversely affect Radisson’s growth manual with the parameters and Radisson’s Responsible Business
prospects. guidelines set forth in Radisson’s finance programme started in 1989. The
• Failures in, material damage to, or policy. Operating routines and d ­ elegation programme’s three core areas ensure
disruptions in the information authorisation with regard to financial risk that we care for people, the community
technology systems used by Radisson, management are documented in this and our planet and act in an ethical way:
as well as failure to keep pace with finance manual. For further information Think People – Caring about people in
developments in technology, could about these identified risks please our hotels and value chain; Think
have a material adverse effect on see Note 4. Community – Meaningful contributions
Radisson’s business, financial condition to communities around the world;
and results of operations. Share Capital Think Planet – A better planet for all.
The share capital amounts to TEUR Reducing our carbon footprint, energy,
Partner Risks 11,626, corresponding to 174,388,857 water and waste.
Radisson does not own the real estate registered shares. There is only one class More details and performance
in which the company operates hotels. of shares issued. All shares are owned by indicators of our Responsible Business
The company cooperates with a large Hawksbill S.A.R.L. programme are published in the yearly
number of hotel owners and real estate Responsible Business Report. The
owners and is not dependent on any Articles of Association Responsible Business Report 2023 offers
­particular partner. With a business model The articles of association of the a detailed description of Radisson’s
focusing on managing its partners’ company do not include any additional Responsible Business programme and
assets, Radisson is dependent on these conditions compared to those of the can be found on radissonhotels.com.
partners’ operational and financial Swedish Companies Act regarding
capabilities. Radisson is responsible for changes of the articles of association.
maintaining assets used in good order
and any defaults may have financial Change of Control Clauses
consequences for the company. Certain lease and management contracts
entered into by members of the company
Employee Related Risks contain change of control clauses in
The employee turnover in the hospitality relation to such members or their parents
industry is relatively high. It should be leading to possible changes in
noted though that independent commercial terms and/or early
assesments show that the job satis­ termination. None of these clauses refer
faction among employees in Radisson to a change of control of the parent
is high compared to the industry. Also, in company, Radisson Hospitality AB.
2023, for the third consecutive year, the The agreements for Radisson’s long-
Group was recognized by Forbes term committed credit lines carry
Magazine as one of the World’s Best customary clauses related to change
Employers in the Travel and Leisure of control.
industry.

5
Radisson Collection Hotel, Gran Via Bilbao

BOA R D O F D I R EC TO RS ’ R EP O RT 6
Radisson Blu Resort, Maldives
FINANCIAL REPORTS

FIVE YEAR SUMMARY

MEUR (except stated otherwise) 2023 2022 2021 2020 2019

Income statement
Revenue1) 1,212.9 1,035.0 480.2 332.1 999.3
Other income 6.8 6.6 25.2 10.1 —
EBITDAR2) 375.7 250.1 8.3 –23.1 340.6
EBITDA2) 181.1 73.1 –59.0 –66.9 165.2
EBIT2) 47.8 35.2 –174.0 –217.8 73.2
Financial income & expense, net –69.7 -79.4 –82.5 –61.4 –39.4
Profit for the year –12.0 –38.5 –192.7 –228.0 22.0

Balance sheet
Balance sheet total 1,927.9 1,939.5 1,941.7 1,634.3 1,194.3
Total equity attributable to equity holders of the parent 159.2 173.6 –91.6 1.5 148.8
Total investments (tangible and intangible investments) 97.6 89.3 105.3 566.4 141.9

Cash flow
Cash flow from operating activities 148.5 84.7 –40.0 –23.4 153.8
Cash flow from investing activities –72.3 220.9 –187.8 –673.8 –88.5
Cash flow from financing activities –100.0 –242.0 260.8 422.4 –75.7

Financial key figures2)

EBITDAR Margin, % 31.0 24.2 1.7 –6.9 34.0
EBITDA Margin, % 14.9 7.1 –12.3 –20.1 16.5
EBIT Margin, % 3.9 3.4 –36.2 –65.6 7.3

Operational key figures

Number of hotels3) 788 718 660 403 387
Number of rooms3) 148,233 139,299 130,619 86,545 84,842
Number of employees4) 4,096 3,838 2,576 2,270 4,248

1) IFRS Measure, see definition Note 38.

2) Non-IFRS Measure – Alternative Performance Measure, see definition Note 38.
3) Includes leased, managed and franchised hotels in operation.
4) Including consolidated entities (leased hotels and administrative units).

FI N A N C IA L R EP O RTS 8
 CONSOLIDATED STATEMENT OF OPERATIONS
For the Year Ended December 31

TEUR (except for share related data) Notes 2023 2022

Revenue 7 1,212,915 1,034,982
Other income 8 6,790 6,570
Costs of goods sold for Food & Beverage and other related expenses 9 –55,268 –44,867
Personnel cost and contract labour 8, 10 –375,722 –352,809
Other operating expenses 11 –399,142 –379,612
Insurance of properties and property tax 12 –13,834 –14,160
Operating profit/(loss) before rental expense, share of income in associates and joint ventures,
depreciation and amortisation, costs due to termination of contracts, gain/loss on sale of
fixed assets, net financial items and income tax (EBITDAR) 375,739 250,104

Rental expense 8, 13, 33 –194,618 –176,970

Share of income in associated companies 19 –58 –23
Operating profit/(loss) before depreciation and amortisation, costs due to termination
of contracts, gain/loss on sale of fixed assets, net financial items and income tax (EBITDA) 181,063 73,111

Depreciation and amortisation 13, 17, 18 –134,628 –130,469

Write-downs and reversal of write-downs 6, 13, 17, 18 –2,872 –2,590
Gain/loss due to lease modifications and terminations 4,218 —
Gain/loss on sale of shares, intangible and tangible assets 31 95,182
Operating profit/(loss) (EBIT) 47,812 35,234

Financial income 14 1,343 4,679

Financial expense 14 –71,005 –84,095
Profit/(loss) before year-end appropriations –21,850 –44,182

Year-end appropriations:

Group contribution 31 — –5,383

Profit/(loss) before tax –21,850 -49,565

Income tax 15 9,900 11,107

Profit/(loss) for the year –11,950 –38,458

Attributable to:
Owners of the Parent Company –11,904 –38,483
Non-controlling interests –46 25
–11,950 –38,458

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the Year Ended December 31

TEUR Notes 2023 2022

Profit/(loss) for the year –11,950 –38,458
Other comprehensive income:
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains and losses 21 591 –15
Tax on actuarial gains and losses –148 —
Items that may be reclassified subsequently to profit or loss:
Currency differences on translation of foreign operations –2,702 –3,423
Tax on currency differences on translation of foreign operations –144 –2,879
Other comprehensive income for the year, net of tax –2,403 –6,317
Total comprehensive income for the year –14,353 –44,775

Total comprehensive income attributable to:

Owners of the Parent Company –14,307 –44,800
Non-controlling interests –46 25

9
CONSOLIDATED BALANCE SHEET STATEMENT
As of December 31

TEUR Notes 2023 2022

ASSETS
Non-current assets
Intangible assets
Goodwill 17 117,184 117,184
Licenses and related rights 17 293,672 311,501
Other intangible assets 17 182,487 182,777
593,343 611,462
Tangible assets
Fixed installations in leased properties 18 51,497 62,757
Machinery and equipment 18 94,746 91,019
Investments in progress 18 68,564 43,679
214,807 197,455
Right-of-use assets
Land and buildings 13 524,337 515,937
Machinery and equipment 13 3,303 3,587
527,640 519,524
Financial assets
Investments in associated companies 19 3,830 4,167
Other shares and participations 20 1,065 1,037
Other non-current interest-bearing receivables 22 1,972 1,341
Other non-current non-interest-bearing receivables 22 10,432 5,694
17,299 12,239
Deferred tax assets 15 265,740 245,023
1,618,829 1,585,703
Current assets
Inventories 4,397 4,416
Accounts receivables 23 107,850 97,826
Current tax assets 15 7,545 9,294
Other current interest-bearing receivables 31 — 25,000
Other current non-interest-bearing receivables 24 66,902 64,559
Other short-term investments 25 2,115 1,964
188,809 203,059

Cash and cash equivalents 26 120,224 150,746

Total current assets 309,033 353,805

Total assets 1,927,862 1,939,508

FI N A N C IA L R EP O RTS 10
 As of December 31

TEUR Notes 2023 2022

EQUITY AND LIABILITIES
Capital and reserves
Share capital 27 11,626 11,626
Other paid in capital 27 665,895 665,895
Reserves –16,890 –14,044
Retained earnings including profit for the year –501,356 –489,895
Equity attributable to owners of the Company 159,275 173,582
Non-controlling interests –93 –47
Total equity 159,182 173,535

Non-current liabilities
Non-current lease liabilities 578,162 559,012
Deferred tax liabilities 15 2,126 2,725
Retirement benefit obligations 21 3,119 3,974
Provisions 28 24,191 22,980
Liabilities customer loyalty programme 40,826 30,130
Other non-current interest-bearing liabilities 29 712,245 715,467
Other non-current non-interest-bearing liabilities 293 393
1,360,964 1,334,681
Current liabilities
Accounts payables 93,307 94,377
Current tax liabilities 15 9,074 27,401
Current lease liabilities 32,239 28,673
Provisions 28 6,370 15,125
Liabilities customer loyalty programme 24,701 21,390
Other current interest-bearing liabilities 29 2,300 2,033
Other current non-interest-bearing liabilities 30 239,725 242,293
407,716 431,292

Total liabilities 1,768,680 1,765,973

Total equity and liabilities 1,927,862 1,939,508

11
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign Fair value Retained Attributable to
currency reserve earnings incl. equity Non-
Share Other paid ­translation financial net profit/loss holders of controlling Total
TEUR capital in capital reserve assets for the period the parent interests equity
Opening balance as of January 1, 2022 11,626 335,895 –3,830 –3,912 –451,397 –91,618 –72 –91,690
Profit for the period — — — — –38,483 –38,483 25 –38,458

OTHER COMPREHENSIVE INCOME:

Actuarial gains and losses
on defined benefit plans — — — — –15 –15 — –15
Currency differences on translation
of foreign operations — — –3,423 — — –3,423 — –3,423
Tax on exchange differences recognised
in other comprehensive income — — –2,879 — — –2,879 — –2,879
Total comprehensive income for the period — — –6,302 — –38,498 –44,800 25 –44,775

TRANSACTIONS WITH OWNERS:

Capital contribution — 310,000 — — — 310,000 — 310,000
Opening balance as of January 1, 2023 11,626 665,895 –10,132 –3,912 –489,895 173,582 –47 173,535
Profit for the period — — — — –11,904 –11,904 –46 –11,950

OTHER COMPREHENSIVE INCOME:

Actuarial gains and losses
on defined benefit plans — — — — 591 591 — 591
Tax on actuarial gains and losses
on defined benefit plans — — — — –148 –148 — –148
Currency differences on translation
of foreign operations — — –2,702 — — –2,702 — –2,702
Tax on exchange differences recognised
in other comprehensive income — — –144 — — –144 — –144
Total comprehensive income for the period — — –2,846 — –11,461 –14,307 –46 –14,353

Ending balance as of December 31, 2023 11,626 665,895 –12,978 –3,912 –501,356 159,275 –93 159,182

FI N A N C IA L R EP O RTS 12
 CONSOLIDATED STATEMENT OF CASH FLOWS
For the Year Ended December 31

TEUR Notes 2023 2022

OPERATIONS
Operating profit (EBIT) 47,812 35,234

Adjustments for non-cash items:

Depreciations, amortisations and write-downs 13, 17, 18 137,500 133,059
Gain/loss on disposals of fixed assets –31 –95,182
Change in pension assets/liabilities –855 –57
Share of income in associated companies 16, 19 –58 –23
Gain from modification of lease agreements 13 –4,217 —
Other financial items –1,258 –1,107
Tax paid/received –16,361 –4,944
Cash flows from operations before change in working capital 162,532 66,980

Change in:
Inventories 19 –769
Current receivables –17,091 –37,324
Current liabilities 3,019 55,779
Change in working capital –14,053 17,686
Cash flow from operating activities 148,479 84,666

INVESTMENTS
Purchase of intangible assets 17 –32,507 –37,833
Purchase related to investments in progress 18 –61,587 –44,059
Purchase of machinery and equipment 18 –2,546 –3,837
Purchase fixed installations 18 –991 –3,595
Proceeds from sale of Americas brands — 265,342
Payments for acquired operations, net of cash acquired 16 — –3,000
Other investment and divestments of financial fixed assets 25,296 46,238
Interest received 75 1,684
Cash flow from investing activities –72,260 220,940

FINANCING
Proceeds from borrowings 4 2,040 40,586
Repayments of borrowings 4 –5,221 –497,327
Payments of lease liabilities 13 –26,249 –34,595
Interest paid on lease liabilities 13 –25,298 –21,647
Other interest paid 4 –45,225 –39,056
Total external financing –99,953 –552,039

Capital contribution — 310,000

Total cash from transactions with shareholders — 310,000

Cash flow from financing activities –99,953 –242,039

Cash flow for the year 4 –23,734 63,567

Translation difference in cash and cash equivalents –6,788 2,258

Cash and cash equivalents, January 1 150,746 84,921

Cash and cash equivalents, December 31 4,26 120,224 150,746

13
NOTES TO THE GROUP ACCOUNTS

Note 1 General information.................................................................................................14

Note 2 Adoption of new and revised international financial
Note 1 | General Information
reporting standards.................................................................................................14 Radisson Hospitality AB, hereafter referred to as Radisson, the Company
Note 3 Accounting principles............................................................................................14 or the Group, is a limited liability company incorporated in Sweden. Its
registered office and principal place of business is in Stockholm, Sweden,
Note 4 Financial risk management................................................................................ 19
address: Box 248, 101 24 Stockholm, Sweden. The corporate head office
Note 5 Critical judgements and estimates................................................................21 is located in Brussels, Belgium.
Note 6 Key sources of estimation uncertainty.....................................................22 The Annual Report as of December 31, 2023 was approved by the
Note 7 Revenue...........................................................................................................................23 Board of Directors on June 26, 2024. The Annual Report is subject to
Note 8 Government grants.................................................................................................23 approval by the Annual General Meeting on June 26, 2024.
Note 9 Cost of goods sold food & beverage and other
related expenses.......................................................................................................23 Note 2 | A doption of new and revised international
Note 10 Payroll cost, number of employees, etc...................................................23 financial reporting standards
Note 11 Other operating expenses.................................................................................24
In current year, the Group has adopted all new and amended Standards
Note 12 Insurance of properties and property tax..............................................24 and Interpretations issued by the International Accounting Standards
Note 13 Leases...............................................................................................................................25 Board (IASB) and IFRS Interpretations Committee that are relevant to its
Note 14 Financial Items............................................................................................................26 operations and effective for accounting periods beginning on January 1,
Note 15 Income taxes................................................................................................................26 2023 and endorsed by the European Commission prior to the release of
these financial statements.
Note 16 Sold and acquired operations.........................................................................28
None of the new and amended standards have had any significant
Note 17 Intangible assets........................................................................................................29 impact on the financial statements.
Note 18 Tangible assets...........................................................................................................29
Note 19 Investments in associated companies.......................................................30
Note 20 Other shares and participations..................................................................... 31
Note 3 | Accounting principles
Note 21 Pension funds, net..................................................................................................... 31 The annual report has been prepared in accordance with International
Note 22 Other long-term receivables............................................................................33 Financial Reporting Standards (IFRS)/International Accounting
Standards (IAS) as endorsed by EU and the Swedish Annual Accounts
Note 23 Accounts receivables............................................................................................33
Act. In addition, RFR 1 Supplementary Rules for Groups has been
Note 24 Other current non-interest-bearing receivables................................34 applied, issued by the Swedish Financial Accounting Standards Council.
Note 25 Other short term investments.........................................................................34 The same accounting principles have been applied for all periods
Note 26 Cash and cash equivalents................................................................................34 in this annual report, unless otherwise stated in the accounting principles
Note 27 Share capital.................................................................................................................35 below.
Radisson applies the historical cost method when preparing
Note 28 Provisions.......................................................................................................................35
the financial statements, except for valuation of certain financial
Note 29 Borrowings....................................................................................................................36 instruments or as described below.
Note 30 Other current non-interest-bearing liabilities......................................36
Note 31 Related parties...........................................................................................................37 Reporting currency
Note 32 Contingent liabilities and committed investments..........................38 EUR is the functional currency of the primary economic environment
in which the P
­ arent Company and the majority of the entities within
Note 33 Management contract commitments.......................................................38
the Group operates and ­consequently the financial statements are
Note 34 Auditors’ fees...............................................................................................................38 presented with EUR as the reporting c ­ urrency. Any difference between
Note 35 Post balance sheet events.................................................................................38 the functional currency and the currencies in which the Group
Note 36 Group companies and legal structure.......................................................39 companies reports is recognized in other comprehensive income
Note 37 Proposed appropriation of Earnings..........................................................42 and accumulated in equity.
Note 38 Definitions......................................................................................................................42 General provision on recognition and measurement
Assets are recognised in the balance sheet when it is likely that future
economic benefits will flow to the Group as a result of past events and
the value of the assets can be measured reliably.
Liabilities are recognised in the balance sheet when the Group has a
legal or constructive obligation as a result of a past event, and it is likely
that future economic benefits will flow out of the Group, and the value
of the liabilities can be measured reliably.
At initial recognition, assets and liabilities are measured at cost.
Measurement after the initial recognition is effected as described
below for each item.
Events or transactions occurring after the balance sheet date but
before the financial statements are issued, that provides evidence of
conditions which existed at the balance sheet, are used to adjust the
amounts recognised in the financial statements.
Revenue is recognised in the income statement as and when
earned, whereas costs are recognised at the amounts attributable
to the financial period under review.

Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities (including special purpose
entities) controlled by the Company (directly or indirectly owned
subsidiaries). Control is achieved where the Company has the power to
govern the financial and operating policies of an entity so as to obtain
benefits from its activities.

N OTE S TO TH E G RO U P ACCO U NTS 14

 Cont. Note 3

The financial statements used for consolidation have been prepared acquisition changes in the Group’s share of the net assets of the
applying the Group’s accounting policies. associate, less any impairment in the value of individual investments.
The results from subsidiaries acquired or disposed of during the year Losses of an associate in excess of the Group’s interest in that associate
are included in the consolidated income statement from the effective (which includes any long-term interests that, in substance, form part of
date of acquisition or up to the effective date of disposal, as appropriate. the Group’s net investment in the associate) are not recognised.
That date is the date when the group effectively obtains or loses control Any goodwill arising from the acquisition of the Group’s interest in a
over the subsidiary. jointly controlled entity or an associated company is accounted for in
Where necessary, adjustments are made to the financial statements accordance with the Group’s accounting policy for goodwill arising on
of subsidiaries to bring their accounting policies in line with those used the acquisition of a subsidiary (see above).
by other members of the Group.
All intra-group transactions, balances, income and expenses are Gains and losses from divestment of shares
eliminated in full on consolidation. Gains or losses from divestment of subsidiaries and associates are
For intra-group restructurings such as the formation of the new calculated as the difference between the selling price and the carrying
Parent Company, any difference between the acquisition costs and the amount of the net assets at the time of divestment, including a
equity of the acquired companies are adjusted against equity as such proportionate share of related goodwill and estimated divestment
transactions are considered common control transactions and should expenses. Gains and losses are recognised in the income statement
not have any impact on the consolidated balance sheet. under “Gain/loss on sale of shares, intangible and tangible assets”.
Non-controlling interests in the net assets of consolidated subsidiaries
are identified separately from the Group’s equity therein. Non-controlling Foreign currency
interests consist of the amount of those interests at the date of the Assets and liabilities in foreign currency
original business combination and the non-controlling’s share of changes Foreign currency transactions are translated into the reporting currency
in equity since the date of the combination. Losses applicable to the using average monthly rates, which essentially reflect the rate of exchange
non-controlling in excess of the non-controlling’s interest in the at the date of transaction. Receivables, liabilities and other monetary items
subsidiary’s equity are allocated against the interest of the Group except denominated in foreign currencies that have not been settled at the
to the extent that the non-controlling has a binding obligation and is able balance sheet date are translated using the rate of exchange at the
to make an additional investment to cover the losses. balance sheet date. Exchange differences that arise between the rate
at the date of transaction and the one in effect at the date of payment, or
Business combinations the rate at the balance sheet date, are recognised in the income statement
The acquisition of companies or businesses is accounted for using the as income or expense. Exchange differences on operating items are
acquisition method. The cost acquisition is measured at the aggregate of recognised in operating profit. Exchange differences on financial items
the fair values, at the date of exchange, of assets given, liabilities incurred are recognised in the income statement as financial income or expense.
or assumed and equity instruments issued by the Group in exchange
for control of the acquiree. Costs directly attributable to the business Translation of financial statements of foreign subsidiaries
combination are expensed as incurred. The acquiree’s identifiable assets, The functional currency of the majority of the reporting entities
liabilities and contingent liabilities that meet the conditions for is considered to be their local currency. When consolidating, the
recognition under IFRS 3 are recognised at their fair values at the reporting entities’ income statements are translated using the monthly
acquisition date, except for non-current assets (or disposal groups) average rates and the balance sheets are translated using the rates at
that are classified as held for sale in accordance with IFRS 5 Non-current the balance sheet date. Any difference between the local currency and
Assets Held for Sale and Discontinued Operations, which are recognised the functional currency for the Group is recognised in the statement of
and measured at fair value less costs to sell. comprehensive income.
Goodwill arising from an acquisition is recognised as an asset being
the excess of the cost of the business combination over the net fair value The main exchange rates affecting the financial statements are:
of the identifiable assets, liabilities and contingent liabilities recognised.
If, after reassessment, the Group’s interest in the net fair value of the Year-end rate Average rate
acquiree’s identifiable assets, liabilities and contingent liabilities exceeds Dec. 31 Jan. 1–Dec. 31
the cost of the business combination, the excess is recognised Country Currency 2023 2022 2023 2022
immediately in profit or loss. The interest of non-controlling shareholders
Denmark DKK 7.46 7.44 7.45 7.44
in the acquiree is initially measured at the non-controlling’s proportion of
the net fair value of the assets, liabilities and contingent liabilities Sweden SEK 11.14 11.18 11.48 10.64
recognised. The non-controlling shareholders interest in goodwill Norway NOK 11.24 10.58 11.43 10.11
is included or excluded on a case by case basis. United Kingdom GBP 0.87 0.89 0.87 0.85
United States USD 1.10 1.07 1.08 1.05
Investments in associates and interest in joint ventures
An associate is an entity over which the Group has significant influence
and that is neither a subsidiary nor an interest in a joint venture. Income statement
Significant influence is the power to participate in the financial and Revenue recognition
operating policy decisions of the investee but is not control or joint Revenue consists of the value of goods and services sold in the leased
control over those policies. Significant influence is normally present in properties, management fees, franchise fees and other revenues which
situations where the company has more than 20% of the voting interests are generated from the Group’s operations.
but less than 50%. Revenue is measured at the fair value of the consideration received or
A joint venture is a contractual arrangement whereby the Group and receivable and represents amounts receivable for goods and services
other parties undertake an economic activity that is subject to joint provided in the normal course of business, net of discounts and sales
control. That is when the strategic financial and operating policy related taxes. The following is a description of the composition of
decisions relating to the activities require the unanimous consent of the revenues of the Group.
parties sharing control. Currently, where the shareholding and votes are Leased properties – primarily received from hotel operations,
less than or equal to 50% of total (shareholding and votes) and joint including all revenue received from guests for accommodation,
control exists, the Company accounts for these related investments as conferences, food and drinks or other services. Revenue is recognised
investments in joint ventures. when the sale has been rendered.
The results, assets and liabilities of associates and joint ventures are Management fees – received from hotels managed by the Group
incorporated in the Group’s financial statements using the equity under long-term contracts with the hotel owner. Management fee is
method of accounting, except when the investment is classified as held normally a percentage of hotel revenue and/or profit and recognised in
for sale, in which case it is accounted for under IFRS 5 Non-Current the income statement when earned and realised or realisable under the
Assets Held for Sale and discontinued operations. terms of the contract.
The share of income represents the Company’s share in the net Franchise fees – received in connection with the license of the Group’s
income (after tax) from these associates and is directly accounted for in brand names, usually under long-term contracts with the hotel owner.
the income statement. No further income tax expense is charged to the Franchise fee is normally a percentage of hotel revenue and/or profit
share of income as this kind of income is untaxed in the countries of the and recognised in the income statement based on the underlying
related shareholding entities. contract agreements.
Under the equity method, investments in associates and joint ventures Interest income is accrued on a time basis, by reference to the
are carried in the consolidated balance sheet at cost, adjusted for post- principal outstanding and at the effective interest rate applicable.

15
Cont. Note 3

Dividend from investments is recognised when the shareholders rights net present value of the CAP amount as the lease liability on the balance
to receive payment have been established. sheet. The subsequent accounting for the lease liability depends
whether or not management believes that the CAP will be utilised
Customer loyalty programme over the term of a lease.
Radisson Rewards is the name of the Company’s frequent guest loyalty For hotels where management believes that the CAP will be utilised
programme. The programme was operated by Radisson’s sister during the lease term: Radisson measures the lease liability in line with
company Radisson Hospitality, Inc. until June 2021. In June 2021, management’s expected usage of the CAP for each hotel based on the
Radisson set up a separate new programme and members who resided business plan and reduces the lease liability in line with the expected
in, or transacted primarily outside of the Americas, had their point utilisation of the lease term.
balances transferred to the new programme. The remaining members For hotels where management believes that the CAP will not be
stayed in the programme operated by Radisson Hospitality, Inc. which utilised during the lease term: Radisson measures the lease liability
was renamed to Radisson Rewards Americas. assuming usage at the end of the lease term and reduces the lease
The Company’s customers are awarded loyalty points under various liability at the end of the lease term.
third party loyalty programs. The customers are entitled to utlilise the IFRS 16 is a relatively new standard which is still being adopted and
awards as soon as they are granted. Revenues for Radisson’s portion of interpreted in practice. Due to the lack of any applicable accounting
the award credits are recognised when the customer chooses to claim standards or interpretations in relation to our specific CAP arrangements,
awards from the third party. alternative accounting policies may have been developed or applied by
Participating members earn points based on spending at the other parties for similar contracts. However, Radisson management
Company’s leased, managed and franchised properties and through believes that the applied accounting policies are both relevant and reliable
participation in affiliated partners’ programmes. Points are tracked on and therefore provide useful information to the readers of these financial
members’ behalf and can be redeemed for stays at participating statements. Management of Radisson, however, is constantly assessing
properties, as well as through other redemption opportunities with third and benchmarking these accounting policies. As a result, changes to these
parties, such as conversion to airline miles. Properties are charged a accounting policies may be required if more guidance or industry specific
programme fee based on hotel guest expenditures. interpretations become available in the future.
The company determines the value of the customer loyalty
programme obligation using statistical formulas that project the timing Personnel cost
of future redemptions and include an estimate for points that will never Personnel costs comprise salaries and wages as well as social security
be redeemed. costs, pension contributions, etc. for employees employed by the legal
The customer loyalty programme revenues and costs of redemption entities of the Company.
are presented net in revenue on the consolidated statement of
operations at the time of redemption. Consideration received from Other operating expenses
hotels when members earn points will be deferred until the customer Other operating expenses include sales and marketing expenses as well
redeems the points. An estimate of revenue related to points not as expenses related to operating the hotels such as energy costs,
expected to be redeemed (“breakage”) is recognised at the time of supplies, other external fees, laundry and dry cleaning, contract services,
redemption when the performance obligation has been fulfilled. administration costs, communication, travel, transport, operating
equipment, licences, maintenance contracts and exchange differences
Government grants on operating items.
Government grants received are recognised in the consolidated
statement of operations in accordance with IAS 20. Government grants Financial income and expenses
received for general fixed cost compensation is recognised as other Financial income and expenses items include interest income and
income. Government grants received directly related to payroll is expenses, realised and unrealised foreign exchange gains on financial
recognised as personnel costs. Government grants received directly items, bank charges, write-downs of financial loans and receivables and
related to rent is recognised as rental expense. capital gains and losses on loans and receivables and on liabilities as well
as capital gains and losses on financial assets.
Cost of goods sold
Cost of goods sold relates mainly to cost of goods in restaurants (Food Taxation
& Drinks) incurred to generate revenue. Income tax expense represents the sum of the tax currently payable
and deferred tax. The current tax is based on taxable profit for the year.
Leasing Taxable profit differs from profit as reported in the income statement
Radissons leases hotels in operation. Lease contracts are recognized as because it excludes items of income or expense that are taxable or
right-of-use (RoU) assets as well as interest-bearing lease liabilities in the deductible in other years and it further excludes items that are never
balance sheet. Lease liabilities are measured by the present value of future taxable or deductible. The Group’s liability for current tax is calculated
lease payments. The lease liability is calculated using discount rates using tax rates that have been enacted or substantively enacted in the
depending on country and lease terms RoU assets are presented as respective tax jurisdictions on the balance sheet date.
tangible assets and are valued at cost less accumulated depreciation and Deferred tax is recognised as the difference between the carrying
impairment, if needed. The cost of a RoU asset contains the initial amount amount of assets and liabilities in the financial statements and the
of the lease liability adjusted for any lease payments made before the corresponding tax base used in the computation of taxable profit, and is
commencement date, less any lease incentives received. Moreover, any accounted for using the balance sheet liability method. Deferred tax is
initial direct costs are included as well as an estimate of costs to be generally recognised for all taxable temporary differences. Deferred tax
incurred in dismantling, removing or restoring the underlying asset. The assets are recognised to the extent that is probable that taxable profits
leased asset is depreciated on a straight-line basis over the lease term, or will be available against which deductible temporary differences can be
over the useful life. The lease expense is recognized as depreciation of the utilised. Such assets and liabilities are not recognised if the temporary
asset within operating profit and interest expense within the financial difference arises from goodwill or from the initial recognition (other than
expense. Payments made are distributed between interest paid and in a business combination) of other assets and liabilities in a transaction
amortization of the lease liability. If a lease contract includes variable lease that affects neither the taxable profit nor the accounting profit.
payments not dependent on an index or rate, or include a low value asset Deferred tax liabilities are recognised for taxable temporary
or has a lease term that is twelve months or less, the lease payments are differences arising on investments in subsidiaries and associates
recognized as operating expenses as they occur. and interest in joint ventures, except where the Group is able to control
Most of the lease contracts for the hotel properties include a so-called the reversal of the temporary difference and it is probable that the
CAP mechanism. In these contracts Radisson pays the higher of (1) a temporary difference will not reverse in the foreseeable future.
stipulated minimum rent amount and (2) a variable amount calculated as The carrying amount of deferred tax assets is reviewed at each
a percentage of revenue and/ or profit of the hotel. If the calculated balance sheet date and reduced to the extent that it is no longer
variable amount is lower than the minimum rent (i.e. shortfall), the probable that sufficient taxable profits will be available to allow all or
minimum rent is paid. Such shortfall reduces the CAP amount (i.e. CAP part of the assets to be recovered.
is utilised) and is aggregated over time and as from the moment the Deferred tax is calculated at the tax rates that are expected to apply in
aggregated shortfall reduces the CAP amount stipulated in the lease the period when the liability is settled or the asset realised. Deferred tax
contract to nil, only variable lease is paid. is charged or credited to profit or loss, except when it relates to items
Radisson considers the amount of the CAP as being the minimum charged or credited directly to equity, in which case the deferred tax is
unavoidable lease payment under IFRS 16 and therefore recognises the also recognised in equity.

N OTE S TO TH E G RO U P ACCO U NTS 16

 Cont. Note 3

Deferred tax assets and liabilities are offset when there is a legally transaction rather than through continuing use. This condition is
enforceable right to set off current tax assets against current liabilities regarded as met only when the sale is highly probable and the non-
and when they relate to income taxes levied by the same taxation current asset (or disposal group) is available for immediate sale in its
authority and the Groups intends to settle its current tax assets and present condition. Management must be committed to the sale, which
liabilities on a net basis. should be expected to qualify for recognition as a completed sale within
Current and deferred tax for the period are recognised as an expense one year from the date of classification.
or income in profit or loss, except when they relate to items credited or When the Group is committed to a sale plan involving loss of control
debited directly to equity, in which case the tax is also recognised of a subsidiary, all of the assets and liabilities of that subsidiary are
directly in equity, or where they arise from the initial accounting for a classified as held for sale when the criteria described above are met,
business combination. In the case of a business combination, the tax regardless of whether the Group will retain a non-controlling interest in
effect is taken into account in calculating goodwill or determining the its former subsidiary after the sale.
excess of the acquirer’s interest in the net fair value of the acquirer’s Non-current assets (and disposal groups) classified as held for sale are
identifiable assets, liabilities and contingent liabilities over cost. measured at the lower of their previous carrying amount and fair value
less costs to sell.
Balance sheet
Licences and other rights and Other intangible assets Inventories
Acquired intangible assets are measured at cost less accumulated Inventories are measured at the lower of cost (using the FIFO principle)
amortisation. These intangible assets are amortised on a straight line and net realisable value. Cost of goods for resale, raw materials and
basis. Licences and other rights primarily relate to the Radisson brands consumables consist of purchase price plus handling cost.
which is being amortised over 20 years. Other intangible assets are
normally investments in IT systems or the result of intangible assets Financial assets
acquired as part of new management or franchise agreements and are (i) Classification
amortised over the estimated useful life or the contract period, The group classifies its financial assets in the following measurement
respectively. categories: (1) those to be measured subsequently at fair value (either
If impaired, intangible assets are written down to the lower of through other comprehensive income or through profit or loss), and (2)
recoverable amount and carrying amount. those to be measured at amortised cost. The classification depends on
the entity’s business model for managing the financial assets and the
Property, plant and equipment contractual terms of the cash flows. For investments in equity
Fixed installations in leased properties as well as machinery and instruments that are not held for trading, classification will depend on
equipment (mainly related to investments in leased hotels) are measured whether the group has made an irrevocable election at the time of initial
at cost less accumulated depreciation and write-downs. recognition to account for the equity investment at fair value through
Cost includes the acquisition price, costs directly related to the other comprehensive income (“FVOCI”). The group reclassifies debt
acquisition and expenses incurred to make the asset ready to be put investments when and only when its business model for managing those
into operation. assets changes.
Interest and other finance costs relating to tangible assets during the
manufacturing period are recognised in the income statement. (ii) Recognition and derecognition
The basis of depreciation is cost less the estimated residual value at Regular way purchases and sales of financial assets are recognised on
the end of the assets useful life. Depreciation is calculated on a straight- trade-date, the date on which the group commits to purchase or sell the
line basis based on an assessment of the asset’s estimated useful lives: asset. Financial assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been transferred
Fixed installations and technical improvements 7 to 10 years and the group has transferred substantially all the risks and rewards of
Guest room Furniture, Fixture and Equipment (FF&E) 5 to 7 years ownership.
Other Furniture, Fixtures & Equipment and Machinery 3 to 7 years
(iii) Measurement
In case the remaining term of a lease agreement for a hotel is shorter At initial recognition, the group measures a financial asset at its fair
than the estimated useful life of the asset, the depreciation period is value plus, in the case of a financial asset not at fair value through profit
limited to the remainder of the lease term. or loss (“FVPL”), transaction costs that are directly attributable to the
Tangible assets are written down to the recoverable amount if this acquisition of the financial asset. Transaction costs of financial assets
amount is lower than the carrying amount. The recoverable amount is carried at FVPL are expensed in profit or loss.
the higher of the net sale value and the value in use. Profits and losses (a) Debt instruments. Subsequent measurement of debt instruments
from the sale of tangible assets are calculated as the difference between depends on the group’s business model for managing the asset and the
the selling price less selling expenses and the carrying amount at the cash flow characteristics of the asset. There are three measurement
time of sale. categories into which the group classifies its debt instruments:
Amortised cost: Assets that are held for collection of contractual cash
Impairment of tangible and intangible assets excluding goodwill flows where those cash flows represent solely payments of principal and
At each balance sheet date, the Group reviews the carrying amounts of its interest are measured at amortised cost. Interest income from these
tangible and intangible assets to determine whether there is any indication financial assets is included in finance income using the effective interest
of impairment. If any such indication exists, the recoverable amount of the rate method. Any gain or loss arising on derecognition is recognised
asset is estimated in order to determine the extent of the impairment loss directly in profit or loss and presented in other gains/(losses) together
(if any). Where it is not possible to estimate the recoverable amount of an with foreign exchange gains and losses. Impairment losses are presented
individual asset, the Group estimates the recoverable amount of the cash- as separate line item in the statement of profit or loss.
generating unit to which the asset belongs. FVOCI: Assets that are held for collection of contractual cash flows
Recoverable amount is the higher of fair value less costs to sell and and for selling the financial assets, where the assets’ cash flows represent
value in use. In assessing value in use, the estimated future cash flows solely payments of principal and interest, are measured at FVOCI.
are discounted to their present value using a pre-tax discount rate that Movements in the carrying amount are taken through OCI, except for the
reflects current market assessments of time value of money. If the recognition of impairment gains or losses, interest income and foreign
recoverable amount of an asset (or cash-generating unit) is estimated to exchange gains and losses which are recognised in profit or loss. When
be less than its carrying amount, the carrying amount of the asset (cash- the financial asset is derecognised, the cumulative gain or loss previously
generating unit) is reduced to its recoverable amount. An impairment loss recognised in OCI is reclassified from equity to profit or loss and
is recognised immediately in profit or loss. When an impairment loss recognised in other gains/(losses). Interest income from these financial
subsequently reverses, the carrying amount of the asset (cash-generating assets is included in finance income using the effective interest rate
unit) is increased to the revised estimate of its recoverable amount, but so method. Foreign exchange gains and losses are presented in other
that the increased carrying amount does not exceed the carrying amount gains/(losses) and impairment expenses are presented as separate
that would have been determined had no impairment loss been line item in the statement of profit or loss.
recognised for the asset (cash-generating unit) in prior years. A reversal of FVPL: Assets that do not meet the criteria for amortised cost or
an impairment loss is immediately recognised in profit or loss. FVOCI are measured at FVPL. A gain or loss on a debt investment that is
subsequently measured at FVPL is recognised in profit or loss and
Assets classified as held for sale presented net within other gains/(losses) in the period in which it arises.
Non-current assets and disposals groups are classified as held for sale if (b) Equity instruments. The group subsequently measures all equity
their carrying amount will be recovered principally through a sale investments at fair value. Where the group’s management has elected to

17
Cont. Note 3

present fair value gains and losses on equity investments in OCI, there is Other short-term investments
no subsequent reclassification of fair value gains and losses to profit or Other short term investments are comprised of cash on restricted
loss following the derecognition of the investment. Dividends from such accounts and are measured at nominal value.
investments continue to be recognised in profit or loss as other income
when the group’s right to receive payments is established. Contract liabilities
Changes in the fair value of financial assets at FVPL are recognised in Contract liabilities are comprised of prepayments from customers, liabilities
other gains/(losses) in the statement of profit or loss as applicable. customer loyalty programme and prepaid income. All due within 12
Impairment losses (and reversal of impairment losses) on equity months, except for part of liabilities customer loyalty programme.
investments measured at FVOCI are not reported separately from other
changes in fair value. Accounts payable
Accounts payable are classified as other financial liabilities and
(iv) Impairment recognised at amortised cost, usually equalling nominal value.
The group assesses on a forward looking basis the expected credit
losses associated with its debt instruments carried at amortised cost and Other interest- and non-interest-bearing liabilities
FVOCI. The impairment methodology applied depends on whether Other interest- and non-interest-bearing liabilities are classified as other
there has been a significant increase in credit risk. financial liabilities and recognised at amortised cost.
For accounts receivables, the group applies the simplified approach
permitted by IFRS 9, which requires expected lifetime losses to be Provisions
recognised from initial recognition of the receivable. Provisions for obligations related to lease contracts and management
contracts are made if a contract is considered to be onerous. Other
Disclosures regarding derivatives and hedging activities provisions are recognised and measured as the best estimate of the
(i) Classification of derivatives expenses required for settling the liabilities at the balance sheet date.
Derivatives are only used for economic hedging purposes and not as Provisions that are estimated to mature in more than one year after the
speculative investments. However, where derivatives do not meet the balance sheet date are measured at their present value.
hedge accounting criteria, they are classified as ‘held for trading’ for
accounting purposes and are accounted for at fair value through profit Retirement benefit obligations
or loss. They are presented as current assets or liabilities to the extent Several companies within the Group have established pension plans for
they are expected to be settled within 12 months after the end of the its employees. These pension commitments are mainly secured through
reporting period. various pension plans. These vary considerably due to different
legislation and agreements on occupational pension systems in the
(ii) Hedge ineffectiveness individual countries.
Hedge effectiveness is determined at the inception of the hedge For pension plans where the employer has accepted responsibility
relationship, and through periodic prospective effectiveness for defined contribution solutions, the obligations to employees ceases
assessments to ensure that an economic relationship exists between the when contractual premiums have been paid. For other pension plans
hedged item and hedging instrument. where defined benefit pensions have been agreed, the commitments do
For hedges of foreign currency purchases, the group enters into hedge not cease until the contractual pensions have been paid to the employee
relationships where the critical terms of the hedging instrument match on retirement.
exactly with the terms of the hedged item. The group therefore performs The liability recognised in the balance sheet in respect of defined
a qualitative assessment of effectiveness. If changes in circumstances benefit pension plans is the present value of the defined benefit
affect the terms of the hedged item such that the critical terms no longer obligation at the end of the reporting period less the fair value of
match exactly with the critical terms of the hedging instrument, the group plan assets. The defined benefit obligation is calculated annually
uses the hypothetical derivative method to assess effectiveness. by independent actuaries using the projected unit credit method.
In hedges of foreign currency purchases, ineffectiveness may arise if The present value of the defined benefit obligation is determined by
the timing of the forecast transaction changes from what was originally discounting the estimated future cash outflows using interest rates
estimated, or if there are changes in the credit risk. of high-quality corporate bonds that are denominated in the currency
in which the benefits will be paid, and that have terms to maturity
Contract assets approximating to the terms of the related pension obligation. In
Contract assets are comprised of accrued fee income and other accrued countries where there is no deep market in such bonds, the market
income. All due within 12 months. rates on government bonds are used.
Actuarial gains and losses arising from experience adjustments and
changes in actuarial assumptions are charged or credited to equity in
Receivables
other comprehensive income in the period in which they arise.
Receivables are classified as loans and receivables and measured at
Past-service costs are recognised immediately in income.
amortised cost, usually equalling nominal value, less allowance for
doubtful accounts.
Cash Flow Statement
The group applies the IFRS 9 simplified approach to measuring
The cash flow statement is presented using the indirect method. It shows
expected credit losses which uses a lifetime expected loss allowance
cash flows from operating activities, investing activities and financing
for all accounts receivables. To measure the expected credit losses,
activities as well as the cash and cash equivalents at the beginning and
accounts receivables have been grouped based on shared credit risk
at the end of the financial period. Cash flows from the acquisition and
characteristics and the days past due.
divestment of enterprises are shown separately under “Cash flow from
The expected loss rates are based on the payment profiles of sales
investing activities”. Cash flows from acquired enterprises are recognised
over a period of 24 month before the end of the reporting period and the
in the cash flow statement from the time of their acquisition, and cash
corresponding historical credit losses experienced within this period. The
flows from divested enterprises are recognised up to the time of sale.
historical loss rates are adjusted to reflect current and forward-looking
“Cash flow from operating activities” is calculated as operating
information on macroeconomic factors affecting the ability of the
income before tax adjusted for non-cash operating items, increase or
customers to settle the receivables.
decrease in working capital and change in tax position.
Accounts receivables are written off when there is no reasonable
“Cash flow from investing activities” includes payments in connection
expectation of recovery. Indicators that there is no reasonable
with the acquisition and divestment of enterprises and activities as well
expectation of recovery include, amongst others, the failure of a debtor
as the purchase and sale of intangible and tangible assets.
to engage in a repayment plan with the group, and a failure to make
“Cash flow from financing activities” includes changes in the size or
contractual payments. Impairment losses on accounts receivables are the composition of the Group’s issued capital and related costs as well as
presented as net impairment losses within operating profit. Subsequent the raising of loans, instalments on interest-bearing debt, and payment
recoveries of amounts previously written off are credited against the of dividends. Cash flows denominated in foreign currencies, including
same line item. cash flows in foreign subsidiaries, are translated to the Group reporting
currency using average monthly rates, which essentially reflect the rates
at the date of payment. Cash at year end is translated to the functional
currency using the rates at the balance sheet date.

N OTE S TO TH E G RO U P ACCO U NTS 18

 Cont. Note 3

Note 4 | Financial risk management

Transaction exposure
When entities within the Group generate revenues and incur costs in
Radisson’s financial risk management is governed by a finance policy different currencies, they are subject to transaction exposure. For the
approved by the Board of Directors. According to the finance policy, the leased operations, the nature of the business is normally local, and
corporate treasury function of the Company systematically monitors and consequently the exposure is limited. Unlike the leased operation, the fee
evaluates the financial risks, such as foreign exchange, interest rate, credit business is generally subject to a relatively higher transaction exposure.
and liquidity risks. Radisson’s corporate and regional operational teams This transaction exposure arises when fees are collected by entities
systematically monitor market risks related to its business. Measures located in another country than that of the hotel from which the fee
aimed at managing and handling financial risks are documented in originates. Hotels in certain markets with high currency volatility and a
Radisson’s finance policy as well as a finance manual. The finance policy is large international customer base, however, generally adjust their room
reviewed by the corporate treasury function on an ongoing basis and rates charged in the local currency to take into account volatile
presented to the Board on an annual basis for approval. fluctuations in the EUR, Radisson’s reporting currency, or the USD.
According to the finance policy, the treasury function may use
financial instruments, such as FX forwards, FX swaps, FX options and Translation exposure
interest rate swaps to hedge against currency and interest rate risks. The Company presents its financial statements in EUR. Since certain of
Radisson’s foreign operations have a functional currency other than
Interest rate risks EUR, the consolidated financial statements and shareholders’ equity are
Cash flow risks exposed to exchange rate fluctuations when the income statements and
Current financing includes fixed interest rates. It is the policy of the balance sheets in foreign currencies are translated into EUR. The
Company that other borrowings and investments should have short term exposure on the consolidated equity is however lowered through the
floating interest rates. The effect on financial net in the income statement decision to not own any real estate as this reduces the total assets
of a change in market interest rates with 100 basis points would be denominated in foreign currencies.
immaterial, based on the net financial assets, on December 31, 2023. A sensitivity analysis shows that if the EUR would fluctuate by 5%
against other currencies in the Group, excluding DKK which is pegged to
Fair value risks the EUR, the effect on the consolidated equity would be approximately
Since almost all interest-bearing receivables are on a floating interest MEUR 11.0, based on the equity at year-end 2023, and MEUR 29.4 on
arrangement and carried at amortised cost, there is no material impact total revenue, MEUR 4.4 on EBITDA and MEUR 1.5 on net income, based
from changes in market interest rates on the carrying values of these on the income statement for 2023. This sensitivity assumes that all
receivables and consequently no material impact on the income currencies would fluctuate 5% against the EUR and does not take into
statement or equity. account the correlation between and the resulting risk diversification
from those currencies.
Off-balance sheet commitments
The main financing risk is related to the company’s ability to control and Credit risks
meet the company’s off-balance sheet commitments under leases with Credit risks are related to the financial receivables in the balance sheet,
fixed rent payments and management agreements with guarantees. i.e. ‘Other long-term interest-bearing receivables’, ‘Other long-term non-
Such fixed lease and guaranteed amounts have historically been agreed interest bearing receivables’, ‘Other current interest-bearing receivables’
on a fixed rate basis with indexation as a percent of change in the and ‘Accounts receivables’. Above that, the Group is also exposed to
relevant consumer price index, and are, therefore, not exposed to credit risks related to ‘Other short-term investments’ and ‘Cash and cash
variations in the market interest rates. In addition, lease commitments equivalents’.
are normally limited to an agreed maximum financial exposure, which At the local hotel level, the credit exposure is normally limited, as the
is usually capped at 2–3 times the annual guaranteed result under a accounts regularly are settled in cash or by accepted credit cards. Credits
contract or an annual minimum lease. The off-balance sheet are only offered to customers under a contract and only to companies or
commitments are consequently normally reduced over the registered organisations with a legal structure. Credit terms must be
contract term as the caps are consumed. described in the contract and comply with the guidelines as described in
the finance manual. As for managed and franchised hotels, a background
Currency risks check of the hotel owner is made before entering into a new contract,
The Company has operations in a vast number of countries with many including, where possible, an investigation of the creditworthiness. The
different currencies and is therefore exposed to currency exchange rate credit term is normally 30 days for both local hotel customers and for fees.
fluctuations. The most important foreign currencies are the Swedish The financial guidelines set strict rules for the follow-up of overdue
Krona (SEK), the Norwegian Krone (NOK), the Danish Krone (DKK), the receivables and for credit meetings. As sales in both the local hotels and
U.S. Dollar (USD), the Swiss Franc (CHF) and the Pound Sterling (GBP). the fee invoicing to managed and franchised hotels, are dispersed among
The exposure from the DKK is, however, limited as the currency is many different customers, the Group has little credit risk exposure to any
pegged to the EUR. single counterparty or any group of counterparties having similar
characteristics. Information about accounts receivables overdue and
impaired at year end is presented in Note 23.
In some cases, Radisson grants loans to owners of Radisson’s hotels,
or to joint venture partners and associated companies in early stages of
new projects. The terms for such loans vary, but in principle there is an
agreement on interest on the loans and the repayment schedule is based
on the project opening and project progress. Based on market
conditions, interest rates, repayment schedules and security
arrangements have been agreed upon. Terms and conditions for such
loans are decided upon centrally by Group financial management.
Information about these loans is presented in Note 22.
Cash not necessary for the normal course of business is deposited
in a bank. Central treasury is responsible to coordinate the handling of
surplus liquidity and liquidity reserves, and only central treasury or
persons authorised by central treasury may engage in external
investment transactions. Individual hotels and administration units with
excess liquidity which cannot be held on accounts within the cash pool
structure can invest externally only with the prior consent of central
treasury and in accordance with the finance policy. According to the
finance policy, the investments of surplus liquidity can only be made in
creditworthy interest-bearing securities, in securities with high liquidity
and, as regards deposits, normally with financial institutions with a rating
of A–1/P1/F1 or higher. The carrying amount of these financial assets, as
disclosed in the table below, represents the maximum credit exposure
for the Group.

19
 As of Dec.31
Non cash
2023 2022 changes
Effect of
Other long-term interest-bearing receivables 1,972 1,341 foreign
currency
Other long-term non-interest-bearing receivables 10,432 5,694 Accrued exchange
Accounts receivable 107,805 97,826 01/01/2023 Cash flows interest differences 31/12/2023

Other current non-interest-bearing receivables 24,326 38,920 Other non-current

borrowings 737,100 –48,656 37,957 211 726,613
Other current interest-bearing receivables — 25,000
Other current
Other short term investments 2,115 1,964
borrowings 2,033 250 — 17 2,300
Cash and cash equivalents 120,224 150,746
739,133 –48,406 37,957 228 728,913
Maximum credit exposure 266,874 321,491

Liquidity risks Cash and cash

Liquidity risk is that the Company is unable to meet its payment equivalents 150,746 –23,734 — –6,788 120,224
obligations because of insufficient liquidity or difficulty in raising external 150,746 –23,734 — –6,788 120,224
financing. Raising of capital and placement of excess liquidity is
managed centrally by the central treasury function. The Group has Non cash
changes
objectives for liquidity reserves, such as excess cash and irrevocable
credit facilities, that the Group should have available at any time. The Effect of
central treasury function monitors daily the cash position of the different foreign
currency
entities within the Group to ensure an efficient and adequate use of cash Accrued exchange
and overdraft facilities. 01/01/2022 Cash flows interest differences 31/12/2022
Radisson’s borrowings at year-end 2023 is presented in Note 29. In Other non-current
addition, the Company has credit facilities of TEUR 500 (500) with borrowings 1,172,506 –495,797 60,182 209 737,100
financial institutions. At year-end 2023, TEUR 257 (428) was used for
Other current
bank guarantees. Cash and cash equivalents amounted to TEUR 120,224
borrowings 2,055 –9 — –13 2,033
(150,746), of which TEUR 120,062 (150,061) were in banks and TEUR 162
(685) in petty cash at several hotels and administration units. 1,174,561 –495,806 60,182 196 739,133
The payment obligations of the Group at year-end, defined as the
remaining maturity for financial liabilities, is presented below: Cash and cash
equivalents 84,921 63,567 — 2,258 150,746

Between Between Total

84,921 63,567 — 2,258 150,746
As of Within 1 1 and 2 and Over contractual Carrying
December 31, 2023 year 2 years 5 years 5 years cash flows amount
Market risks
Other non-current Apart from interest rate risks and currency risks, which are described
interest bearing above, the Company is also subject to price risk related to changes in fair
liabilities 42,761 75,905 347,054 619,420 1,085,140 712,245 value of the investments in other shares and participations. These
Other current investments, normally the result of equity financing in early stages of
interest bearing certain hotel projects, are classified as available-for-sale investments
liabilities 2,473 — — — 2,473 2,300 with changes in fair value recognised in other comprehensive income.
Lease liabilities 54,450 52,830 158,770 637,014 903,064 610,401
Fair value
99,684 128,735 505,824 1,256,434 1,990,677 1,324,946 FX swaps are classified as held for trading with changes in fair value
recognised in profit or loss. Fair value changes on derivatives used for
hedging (cash flow hedges) are recognised in other comprehensive
Between Between Total
income. The fair value is obtained from banks which have derived the
As of Within 1 1 and 2 and Over contractual Carrying fair value through calculations based on market interest rates and
January 1, 2023 year 2 years 5 years 5 years cash flows amount market FX rates. Other shares and participations, classified as available-
Other non-current for-sale investments with changes in fair value recognised in other
interest bearing comprehensive income, are measured at fair value, based on discounted
liabilities 55,793 55,796 455,554 823,058 1,390,200 715,467 cash flow analyses.
The following table provides an analysis of financial instruments that
Other current
are measured subsequent to initial recognition at fair value, grouped into
interest bearing
Levels 1 to 3 based on the degree to which the fair value is observable.
liabilities 2,033 — — — 2,033 2,033
Level 1 fair value measurements are those derived from quoted prices
Lease liabilities 58,045 44,731 135,184 608,640 846,600 587,685 (unadjusted) in active markets for identical assets or liabilities. Level 2
115,781 100,527 590,738 1,431,698 2,238,833 1,305,185 fair value measurements are those derived from inputs other than
quoted prices included within level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices). Level 3 fair value measurements are those derived from valuation
techniques that include inputs for the asset or liability that are not based
on observable market data (unobservable inputs). The main approach
used by the company for this purpose is discounted cash flow. The key
assumptions for the calculations are similar to these described in Note 6,
“Impairment testing”.

N OTE S TO TH E G RO U P ACCO U NTS 20

 Cont. Note 4

Capital structure
As of Dec. 31 2023 Level 1 Level 2 Level 3 Total Radisson defines its capital as equity and net debt, where net debt is
Financial assets at fair value through external borrowing, including the use of overdraft facilities, minus cash
other comprehensive income — — 1,065 1,065 and cash equivalents. The objective is to have an efficient capital
Total — — 1,065 1,065 structure, considering both the financing needs of the Group and the
shareholders’ return. To achieve this, the long-term policy is to distribute
approximately one third of the annual net income as dividend and to
As of Dec. 31 2022 Level 1 Level 2 Level 3 Total maintain a small net cash position and sufficient credit facilities.
Financial assets at fair value through Depending on the financing needs of the Company, dividends may be
other comprehensive income — — 1,037 1,037 adjusted or new shares issued. At year-end 2023 the equity amounted to
TEUR 159,182 (TEUR 173,535) and the net debt to TEUR 590,400
Total — — 1,037 1,037
(562,400), excluding lease liabilities.

Financial risk management – Parent Company

Joint risk management is applied to all units in the Group. The Parent
Financial assets at
fair value through
Company forms a relatively small part of the Group. There are no
Assets measured at fair value other comprehen- material differences between the risk management applied for the
based on Level 3 sive income Total Parent Company and that applied for the Group. Full application under
Opening balance as of Jan. 1, 2023 1,037 1,037 IFRS 7 regarding qualitative and quantitative risk information is therefore
not presented separately for the Parent Company.
Additions 31 31
In other comprehensive income –3 –3
Closing balance as of Dec. 31, 2023 1,065 1,065
Note 5 | Critical judgements and estimates
For other financial assets and financial liabilities, measured at amortised The preparation of financial statements and application of accounting
cost in the balance sheet, the carrying amounts in the financial policies are often based on the management’s assessments or on
statements approximate their fair values, as they mature within one year, estimates and assumptions deemed reasonable and prudent at the time
bear a floating interest or have other terms and conditions considered to they are made. Below is an overall description of the accounting policies
be equal or close to equal to market conditions. affected by such estimates or assumptions that are expected to have the
most significant impact on Radisson’s reported earnings and financial
Categories of financial assets and liabilities position.
The carrying amounts of different categories, of financial assets and Reporting of costs for defined benefit pensions are based on actuarial
liabilities, at year-end 2023 were as follows: estimates derived from assumptions about discount rate, expected
As of Dec.31
return on managed assets, future pay increases and inflation.
TEUR 2023 2022

Financial assets measured at amortised cost

Other long-term interest-bearing receivables 1,972 1,341
Other long-term non-interest-bearing receivables 10,432 5,694
Accounts receivables 107,805 97,826
Other current non-interest-bearing receivables 24,326 38,920
Other current interest-bearing receivables — 25,000
Other short-term investments 2,115 1,964
Cash and cash equivalents 120,224 150,746
266,874 321,491

Financial assets at fair value through other

comprehensive income
Other shares and participations 1,065 1,037
1,065 1,037

Financial liabilities measured at amortised cost

Other long-term interest-bearing liabilities 712,245 715,467
Other long-term non-interest-bearing liabilities 293 393
Accounts payables 93,307 94,377
Other current interest-bearing liabilities 2,300 2,033
Other current non-interest-bearing liabilities 37,963 43,700
846,108 855,970

21
Note 6 | Key sources of estimation uncertainty Leases
In determining the lease term, management considers all facts and
The key assumptions concerning the future, and other key sources of circumstances that create an economic incentive to exercise an
estimation uncertainty at the end of the reporting period, that could extension option, or not exercise a termination option. Extension options
have a significant risk of causing a material adjustment to the carrying (or periods after termination options) are only included in the lease term
amounts of assets and liabilities within the next financial year, are if the lease is reasonably certain to be extended (or not terminated).
discussed here below. For hotel leases, the following factors are normally the most
relevant:
Impairment testing • If there are significant penalties to terminate (or not extend), the group
At each balance sheet date (closing date), a review is conducted is typically reasonably certain to extend (or not terminate).
assessing any indication that the company’s tangible, intangible assets • If any leasehold improvements are expected to have a significant
and contracts are impaired and if this is the case, the recoverable remaining value, the group is typically reasonably certain to extend
amount of the individual assets and contracts (or the cash-generating (or not terminate).
unit to which they belong) is calculated in order to determine whether • Otherwise, the group considers other factors including historical lease
impairment exists. Each hotel contract is considered as a separate cash durations and the costs and business disruption required to replace the
generating contract. leased asset.
The method used for testing assets in use is the discounted cash flow As at December 31, 2023, all extension options for hotel leases have
technique (DCF) using the internal discount rate (Weighted Average been included in the lease liability since it is reasonably certain that the
Cost of Capital) which is recalculated regularly. At year-end 2023 a leases will be extended.
discount rate of between 6.1% and 11.6% was used when discounting To determine the incremental borrowing rate, the group uses a
future cash flows, depending on region. If the net present value shows build-up approach that starts with a risk-free interest rate adjusted for
a net present value (NPV) that is below the carrying value, then credit risk for leases held by the Group and makes adjustments specific
impairment is considered on the related tangible and intangible to the lease, e.g. term, country, currency and security.
group of assets. The Group is exposed to potential future increases in lease payments
The key assumptions for the value in use calculations are discount based on an index, which are not included in the lease liability until they
rates, growth rates and expected changes in occupancy and room rates take effect. When adjustments to lease payments based on an index
and direct costs during the period. Changes in selling prices and take effect, the lease liability is reassessed and adjusted against the
occupancy and direct costs are based on past practices and right-of-use asset.
expectations of future changes in the market. Derived from the most
recent financial budgets approved by management, the group prepares Deferred tax assets
cash flows over the related length of each respective contract normally Deferred tax is recognised on temporary differences between stated
ranging from 15 to 20 years. Each individual hotel contract has been and taxable income and on unutilised tax losses carried forward. The
valued separately, taking into account the remaining contract term and valuation of tax losses carried forward, and ability to utilise tax losses
the applicable commercial terms. carried forward, is based on estimates of future taxable income. The
The expected cash flows for each unit take into account the budgeted assumptions used in estimating the future taxable income are based on
figures for 2024 and projected figures for 2025-2027. The long term those used in the impairment tests. No deferred tax assets were written
growth in revenues, costs and profit margins follow similar development down in 2023 or in 2022 following reviews of the likelihood to utilise tax
pattern as the change in local consumer price index in line with the losses carried forward. Portfolio management, a revision of plans and
historical growth rates experienced in those regions except when projections for loss-making hotels or a setback in the economic recovery,
justified otherwise by other factors. Such factors include ongoing higher with major implications on the performance of the company’s hotels,
than inflation improvement in market RevPAR, building up of revenues could trigger a need for further assessment of the recoverability of
due to renovation works carried out to maintain the hotels at a certain accumulated tax losses carry forward and therefore also on the carrying
standard, revenue turnaround and cost restructuring programmes and value of deferred tax assets. Furthermore, changes in tax rules and
impact of rebranding. regulations, for example a reduction of the income considered taxable,
When required, write-downs have been accounted for. During the year, the right to deduct expenses, or restrictions on loss utilisation can also
write-downs of TEUR 2,872 (1,480) of fixed assets related to leased hotels trigger a need for further assessment of the recoverability of the tax
were recognised as a result of impairment tests. The impairments were losses carry forward and the related deferred tax assets.
primarily the result of lowered market growth expectations. The assets
have been written-down to the calculated value in use. Assessment of the off-balance sheet commitments
In addition, in 2023 intangible assets of TEUR 0 (1,110) were written For management contract commitments, the Company discloses
down, please see further Note 17. its maximum capped financial exposure related to all management
Portfolio management, a revision of plans and projections for loss- agreements that carry a financial commitment. However of the
making hotels or a setback in the economic recovery, with major maximum exposure presently disclosed (see Note 33), the annual
implications on the performance of the company’s hotels, may lead costs are just a small part of the maximum commitment.
to a renewed assessment of the carrying value of both tangible and
intangible assets. Provisions
Provisions are made when any probable and quantifiable risk of loss
Assessment of onerous contracts in management agreements attributable to disputes is judged to exist. Provisions for claims due to
A similar method as for impairment is applied to test if management known disputes are recorded whenever there is a situation where it is
agreements are onerous and, if applicable, a provision is recorded. No more likely than not that the company will have an obligation to settle
provision has been recognised in 2023 or in 2022. Portfolio the dispute and where a reliable estimate can be made regarding the
management, a revision of plans and projections for loss-making hotels outcome of such dispute.
or a setback in the economic recovery, with major implications on the
performance of the company’s hotels, may lead to a renewed Liability customer loyalty programme
assessment. The company determines the value of the customer loyalty programme
obligation using statistical formulas that project the timing of future
redemptions and include an estimate for points that will never be
redeemed.

N OTE S TO TH E G RO U P ACCO U NTS 22

 Note 7 | Revenue Note 10 | Payroll cost, number of employees, etc
Operating Revenue per area of operation Payroll cost For the Year Ended Dec. 31
For the Year Ended Dec. 31
TEUR 2023 2022
TEUR 2023 2022
Salaries 241,713 226,976
Rooms revenue 672,678 571,882
Social security 45,285 38,977
Food & beverage revenue 213,124 189,785
Pension costs 6,509 6,116
Other hotel revenue 34,930 34,995
Sub-total 293,507 272,069
Hotel revenue 920,732 796,662
Other personnel costs (other benefits in kind),
including contract labour costs 82,215 80,740
Fee revenue 223,984 204,352 Total 375,722 352,809
Other revenue 68,199 33,968 These costs are included in the line personnel cost and contract labour in
Total revenue 1,212,915 1,034,982 the income statement.

No remuneration has been paid to the Board of Directors in 2023 or in

Specification of Fee revenue
2022. Radisson has identified the Executive Committee as key
Management fees 50,302 52,607 management personnel.
Incentive fees 44,480 28,026
Franchise fees 36,695 45,648
Marketing fees 45,083 40,091 Remuneration of the Executive Committee
Reservation fees 40,934 33,326 For the Year Ended Dec. 31
Termination fees 1,038 159 TEUR 2023 2022
Other fees 5,452 4,495
Base remuneration 4,426 3,923
Total 223,984 204,352
Variable remuneration 4,625 4,026
Pension cost, defined contribution plan 253 238
• T he line item ‘Other hotel revenue’ consists of complementary hotel
­revenue such as revenue from parking, pool, laundry and gym. Housing, schooling and company car 395 410
• The line item ‘Other revenue’ consists of complementary group
revenue such as administration revenue, revenue from shared service The variable remuneration of the members of the Executive Committee
centres and revenue from the customer loyalty programme. is subject to accruals each year.
The basis for the annual variable compensation scheme for the
members of the Executive Committee is financial and personal
performance objectives. The first objective, which represents 40% of the
Note 8 | Government grants total variable, is a financial objective and is defined as the level of
earnings before interest, tax, depreciation and amortisation (EBITDA)
For the Year Ended Dec. 31 achieved in the year. The second objective, which represents 20% of the
TEUR 2023 2022 total variable, is a financial objective and is defined as the level of
revenue achieved in the year. The third objective, which represents 40%
Government grants recognised as other income 6,790 6,570 of the total variable, is non-financial and determined by the individual
Government grants offsetting personnel cost 556 4,462 personal objectives.
Government grants offsetting rental expense — 6,243 The related variable remuneration costs recorded in the profit & loss
statement as of the end of the year represent the best estimate made at
Total 7,346 17,275
the balance sheet dates. The final variable remuneration payment is
dependent on the above mentioned factors that will finally be known at
a date subsequent to the release of the financial statements. Therefore,
variable remuneration accrued in a specific year may be adjusted in
Note 9 | C ost of goods sold for food & drinks subsequent periods as a result of the final parameters deviating from the
and other related expenses assumptions made at the balance sheet dates.
The Executive Committee participated in long-term cash settled
variable compensation programmes for 2021, 2022 and 2023, covering a
For the Year Ended Dec. 31
three-year performance period. The long-term variable compensation of
TEUR 2023 2022 the participants is subject to accruals each year. The long-term variable
Cost of food 37,937 31,821 compensation programmes for the participants represent a potential to
Cost of beverage 10,348 7,978
earn a percentage of the fixed annual base remuneration, subject to
meeting ambitious, but achievable predefined financial and operational
Cost of other income 6,030 4,694
performance objectives. Depending on the level of performance
Cost of other goods sold 638 102 achieved, the long-term variable compensation can vary from no
Cost of telephone, fax, internet 315 272 payment up to between 100% and 150% of the fixed annual base salary
Total 55,268 44,867 for the majority of the Executive Committee members, 200% for the
COO President and up to 260% for the Executive Vice Chairman. The
• T
 he line item ‘Cost of other income’ consists of various costs directly 2020 programme was settled in 2023 and the amounts paid out have
related to ‘Other hotel revenue’ and ‘Other revenue’. been included in the table above.

23
 In the event of a change in scope following a change in control, the
Executive Vice Chairman can exercise his right to terminate his contract
Note 11 | Other operating expenses
within the first six months after such change in scope event. In that case, For the Year Ended Dec. 31
the Executive Vice Chairman will have a right to a notice period of six TEUR 2023 2022
months with continued payment of base remuneration and contractual
Fees for royalty, marketing, reservations, rentals and
benefits as well as full entitlement to the annual and long term incentive
licences to Radisson Hospitality, Inc. (see Note 31) — 9,853
payment and, in addition, a severance payment equal to eighteen
months’ base remuneration and contractual benefits as well as the Sales and marketing expenses 147,812 115,321
annual and long term incentive payment for eighteen months, both at External fees 55,277 50,765
target level. Contract services and maintenance 33,282 26,416
For other members of the Executive Committee the contracted notice Energy costs 37,048 38,019
period for termination of their agreements is between zero and six Supplies 14,497 14,459
months. Additional contracted severance payments are calculated
Laundry and dry cleaning 22,361 16,743
based on between six and eighteen months’ remuneration.
Administration costs 15,143 10,452
Communication, travel and transport 14,734 15,677
Operating equipment 3,931 5,668
The average number of employees in Radisson’s companies was
4,096 (3,838) and is split as follows: Rentals and licences 16,667 28,050
Property operating expenses 8,540 8,111
For the Year Ended Dec. 31 Other expenses 29,850 40,348
2023 2022 Total 399,142 379,612

Men Women Men Women

Denmark 108 115 93 142

Norway 350 334 362 276 Note 12 | Insurance of properties and property tax
Sweden 206 185 183 180
For the Year Ended Dec. 31
United Kingdom 333 349 282 290
TEUR 2023 2022
Germany 278 304 257 292
Property and miscellaneous taxes 11,494 12,014
France 117 104 149 96
Building insurance 2,340 2,146
Spain 223 236 191 199
Total 13,834 14,160
Belgium 115 101 113 97
Other 317 321 328 308
Total 2,047 2,049 1,958 1,880
Total men and women 4,096 3,838

For the Year Ended Dec. 31

2023 2022

Men Women Men Women

Members of the Board of

Directors1) 8 1 8 1
Executive Committee 6 1 6 1
1) Including two male employee representatives elected by the Swedish labour
organisation.

N OTE S TO TH E G RO U P ACCO U NTS 24

 Note 13 | Leases
Amounts recognised in the statement of profit or loss
TEUR 2023 2022
This section provides information for leases where Radisson is a lessee.
For accounting principles applied, please see Note 2 and Note 3. Variable lease payments (included in rental
expense) 200,634 174,584
Right-of-use Assets Low-value assets lease payments (included in
Machinery rental expense) 3,491 2,814
Land and and equip-
Short-term lease payments (included in rental
TEUR buildings ment Total
expense) 910 718
Cost Depreciation charge of right-of-use assets
(included in depreciation and amortisation
Balance as of Jan. 1, 2022 875,659 6,909 882,568 expense) 41,452 36,694
Gain from modification of lease agreements
(included in costs due to termination of contracts) –4,217 —
Additions 132,216 1,085 133,301
Interest expense (included in financial expense) 25,298 21,647
Remeasurements 19,804 — 19,804
Disposals –2,279 –624 –2,903
Effect of foreign currency exchange
The statement of cash flow shows the following amounts relating
differences –26,470 –8 –26,478
to leases
Balance as of Jan. 1, 2023 998,930 7,362 1,006,292
TEUR 2023 2022

Additions 15,102 1,338 16,440 Variable lease payments, low-value assets lease
payments, short-term lease payments 205,036 178,116
Remeasurements 35,870 — 35,870
Repayments of lease liabilities 26,249 34,595
Disposals –2,858 –919 –3,777
Interest paid on lease liabilities 25,298 21,647
Effect of foreign currency exchange
differences –5,135 10 –5,125
Balance as of Dec. 31, 2023 1,041,909 7,791 1,049,700
Per December 31, 2023, Radisson had 79 leased hotels in operation. The
following provides an overview of the expiry of the main property lease
contracts for these 79 hotels:
Accumulated depreciation and impairment
2023 2022
Number of Number of
Balance as of Jan. 1, 2022 –466,371 –2,847 –469,218 lease agreements lease agreements
Year expiring Year expiring

2024 1 2023 —
Depreciation –35,200 –1,495 –36,695
Disposals 1,978 561 2,539 2025-2029 13 2024-2028 10

Effect of foreign currency exchange 2030-2034 24 2029-2033 15

differences 16,602 4 16,606 2035-2039 20 2034-2038 20
Balance as of Jan. 1, 2023 –482,993 –3,775 –486,768 2040-2044 12 2039-2043 16
2045-2049 8 2044-2048 13
Depreciation –39,823 –1,629 –41,452 2050-2054 1 2049-2053 2
Disposals 2,906 919 3,825
Write-downs and reversals of write- This section provides information for leases where Radisson is a lessor.
downs –470 — –470
Effect of foreign currency exchange Future minimum sub lease income
differences 2,807 –2 2,805 Revenue from sub leases recognised in 2023 amounted to TEUR 1,881
(2,408). The expected future sub lease payments to be received from all
Balance as of Dec. 31, 2023 –517,573 –4,487 –522,060
fixed rent agreements are shown in the table below:
TEUR 2023 2022

Carrying amount Within 1 year 1,765 2,276

1–5 years 6,516 7,395
As of Jan. 1, 2023 515,937 3,587 519,524 After 5 years 14,308 16,605
As of Dec. 31, 2023 524,336 3,304 527,640 Total 22,589 26,276

25
Note 14 | Financial items Note 15 | Income taxes
For the Year Ended Dec. 31
Income tax recognised in profit or loss
TEUR 2023 2022

Interest income from external financial institutions 716 29 For the Year Ended Dec. 31
Interest income from other loans and receivables 271 1,806
TEUR 2023 2022
Other financial income 355 210
Tax expense(–)/income(+) comprises:
Foreign currency exchange gains — 2,634
Current tax expense(–)/income(+) –11,324 –18,934
Financial income 1,343 4,679
 djustments recognised in the current year
A
in relation to the current tax of prior years 168 –159
Interest expense to external financial institutions –513 –112
 efered tax expense(–)/income(+) relating to the
D
Interest expense on lease liabilities –25,339 –21,647 origination and reversal of temporary differences 21,056 30,200
Interest expense other loans and payables –36,825 –60,832 Total tax expense(–)/income(+) 9,900 11,107
Write-down of other loans and receivables 72 –187
Other financial expense –1,614 –1,317
Foreign currency exchange losses –6,788 —
The total charge for the year can be reconciled to
Financial expense –71,006 –84,095 the accounting profit as follows:
For the Year Ended Dec. 31
Financial income and expenses, net –69,663 –79,416 TEUR 2023 2022

Profit/(loss) before tax from continuing operations –21,850 –49,565

Other financial expenses are related to bank charges and similar items.
Income tax expense(–)/income(+) calculated at the
local tax rate 3,383 12,455

Net gain/loss per category of financIal assets and liabilities. Effect of revenue that is exempt from taxation 1,008 785
Effect of expenses that are not deductible in
For the Year Ended Dec. 31 determining taxable profit –1,738 –2,227
TEUR 2023 2022 Effect of tax losses and tax offsets not recognised
as deferred tax assets –220 –995
Financial assets at fair value through profit and loss — — Effect of previously unrecognised deferred tax
attributable to tax losses, tax credits or temporary
Loans and receivables and financial liabilities
differences of prior years 12,354 –2,035
­measured at amortised cost –69,663 –79,416
Effect on deferred tax balances due to the change
Total –69,663 -79,416
in income tax rate — 146
Effect of utilisation of tax losses carry forward pre-
All interest income and expenses in 2023 and 2022 are related to financial viously unrecognised 2,423 547
assets and liabilities measured at amortised cost. No interest income was
Effect of BAPA agreement Belgium/Denmark — 6,365
recognised on impaired financial assets during 2023 and 2022.
Effect of withholding taxes –7,679 –4,103
Tax credit 201 248
Other — 80
Sub total 9,732 11,266
Adjustments recognised in the current year
related to the current tax of prior years 168 –159
Income tax expense(–)/income(+) recognised in
profit or loss 9,900 11,107

For the Year Ended Dec. 31

TEUR 2023 2022

Income tax recognised in

Other comprehensive income:
Current tax
Arising on exchange differences –272 –2,881
Total –272 –2,881

Deferred tax
Arising on income and expenses recognised
in Other comprehensive income:
Remeasurement of defined obligation –148 —
Arising on exchange differences 128 –110
Total –20 –110

The average effective tax rate was 45% (22%).

N OTE S TO TH E G RO U P ACCO U NTS 26

 Cont. Note 15

DEFERRED TAX ASSETS(+)/LIABILITIES(–) ARISE FROM THE FOLLOWING:

Recognised
in Other
Opening Recognised in comprehensive Exchange Closing
2023 balance profit or loss income Reclassifications differences balance

Temporary differences
Net lease obligations 19,676 2,742 — — –37 22,381
Tangible assets 5,273 –192 — — 269 5,350
Intangible assets –11,438 615 — — 1 –10,822
Doubtful receivables 3,524 260 — — –43 3,741
Pensions 862 –51 –148 — 64 727
Lease incentives –842 –2,509 — — — –3,351
Other current non-interest-bearing liabilities 7,750 –3,228 –1,137 — –12 3,373
24,805 –2,363 –1,285 — 242 21,399
Unused tax losses and credits
Tax losses 217,493 22,500 1,265 — 10 241,268
Inerest deduction carried forward — 919 — — 28 947
217,493 23,419 1,265 38 242,215

Total 242,298 21,056 –20 — 280 263,614

Recognised
in Other
Opening Recognised in comprehensive Exchange Closing
2022 balance profit or loss income Reclassifications differences balance

Temporary differences
Net lease obligations 19,025 1,254 — — –603 19,676
Tangible assets 6,263 –760 — — –230 5,273
Intangible assets –11,071 –371 — — 4 –11,438
Doubtful receivables 3,378 –672 — 825 –7 3,524
Pensions 925 –56 — — –7 862
Lease incentives –784 –58 — — — –842
Other current non-interest-bearing liabilities 6,921 2,070 — –1,044 –197 7,750
24,657 1,407 — –219 –1,040 24,805
Unused tax losses and credits
Tax losses 188,797 28,793 –110 — 13 217,493
188,797 28,793 –110 — 13 217,493

Total 213,454 30,200 –110 –219 –1,027 242,298

Deferred tax balances are presented in Deferred tax assets attributable to tax losses carry forward are
the balance sheet as follows: recognised to the extent it is probable, based on convincing evidence,
that future taxable profits will be available against which the unused tax
As of Dec. 31
losses can be utilised such as for example that a previously loss making
TEUR 2023 2022 entity has turned into profitability or that a change in structure will
Deferred tax assets 265,740 245,023 generate taxable income to offset historic losses. When assessing the
probability of utilisation, the amount of taxable temporary differences
Deferred tax liabilities –2,126 –2,725
relating to the same taxation authority as the tax losses carry forward
Total 263,614 242,298 are taken into account as well as the projected future taxable profits.
The projected future taxable profits are estimated based on budgets
UNRECOGNISED DEFERRED TAX ASSETS and long range plans, taking into account the expiry of contracts. The
deferred tax assets attributable to tax losses carry forward are mainly
The following deferred tax assets have not found in Belgium (TEUR 216,809), Spain (TEUR 1,012), Germany (TEUR
been recognised at the balance sheet date: 894), France (TEUR 12,007), UK (TEUR 8,466), Norway (TEUR 567) and
As of Dec. 31 Italy (TEUR 1,025). Portfolio management, a revision of plans and
TEUR 2023 2022 projections for loss-making hotels or a setback in the economic recovery
with major implications on the performance of the company’s hotels,
Tax losses 19,001 26,566 could trigger a need for further assessment of the recoverability of tax
Total 19,001 26,566 losses carry forward and therefore also on the carrying value of deferred
tax assets. In addition to changes to future cash-flow projections,
The unrecognised tax losses have no expiry date. deferred tax assets are also sensitive to changes in tax rules and
Capital gains and losses on sale of shares in subsidiaries, associates regulations.
and joint ventures are normally not subject to any taxation and there are
consequently no temporary differences associated with these assets.

27
 Grand Hotel Brioni Pula, A Radisson Collection Hotel

PILLAR 2

Pillar 2 legislation has been enacted or substantively enacted in certain

jurisdictions where the Group is active. The legislation will be effective
for the Group’s financial year beginning 1 January 2024.
IAS 12 has been amended and now includes a temporary exception to
recognizing and disclosing information about deferred tax assets and
liabilities that are related to tax law that is enacted or substantively
enacted to implement the Pillar 2 legislation. The Group applies this
temporary exception.
The Group made an assessment of the Group’s potential exposure to
Pillar 2 income taxes using the most recent tax filings, Country-by-
Country Reporting and financial statements for the constituent entities
in the Group. The Group’s assessment, based on December 2023 figures,
indicates that:
(i) The Group is in scope of the enacted or substantively enacted
legislation, given its consolidated revenues.
(ii) in no jurisdictions, the Simplified Pillar 2 effective tax rate is not
above 15% and/or at least one of the other Transitional CbCR Safe
Harbour tests is not met (Routine Profits test and/or the Simplified
De-Minimis test).
(iii) There are a limited number of jurisdictions where the Transitional
CbCR Safe Harbour relief applies. The Group does not expect a material
Pillar 2 top-up tax exposure in those jurisdictions.
Further, the Group has the required procedures and controls in place
to be compliant with local Pillar 2 requirements for financial years
beginning on or after 1 January 2024.

Note 16 | Sold and acquired operations

There are no sold or acquired operations in 2023 or 2022.

N OTE S TO TH E G RO U P ACCO U NTS 28

 Note 17 | Intangible assets Note 18 | Tangible assets
Other Licenses Machinery
­intangible and trade- Fixed and Investments
TEUR Goodwill assets marks Total TEUR ­installations equipment in progress Total

Cost Cost
Balance as of Jan. 1, 2022 141,714 235,557 532,652 909,923 Balance as of Jan. 1, 2022 237,735 384,660 32,432 654,827

Investments — 37,824 9 37,833 Investments 3,595 3,837 44,059 51,491

Disposals — –5,867 –182,057 –187,924 Disposals –8,728 –24,116 –5 –32,849
Transfer from investments Transfer from investments
in progress — 43 13 56 in progress 5,558 24,019 –29,633 –56
Effect of foreign currency Effect of foreign currency
exchange differences — –711 6 –705 exchange differences –7,685 –9,535 –1,428 –18,648
Other movements — –1,724 –35 –1,759 Other movements 11,287 –9,708 248 1,827
Balance as of Jan. 1, 2023 141,714 265,122 350,588 757,424 Balance as of Jan. 1, 2023 241,762 369,157 45,673 656,592

Investments — 32,419 1 32,420 Investments 993 2,566 61,652 65,211

Disposals — –8,603 –153 –8,756 Disposals –24,763 –18,624 –46 –43,433
Transfer from investments Transfer from investments
in progress — 1,720 3 1,723 in progress 3,634 32,404 –37,761 –1,723
Effect of foreign currency Effect of foreign currency
exchange differences — –327 –44 –371 exchange differences –1,815 –570 –558 –2,943
Other movements — –23 23 — Other movements — 912 — 912
Balance as of Dec. 31, 2023 141,714 290,308 350,418 782,440 Balance as of Dec. 31, 2023 219,811 385,845 68,960 674,616

Accumulated amortisation and impairment Accumulated depreciations and impairment

Balance as of Jan. 1, 2022 –24,530 –63,718 –31,957 –120,205 Balance as of Jan. 1, 2022 –174,378 –277,449 –1,581 –453,408

Amortisation — –25,267 –23,325 –48,592 Depreciation –15,878 –29,304 — –45,182

Write-downs and reversals Write-downs and reversals
of write-downs — –1,105 –5 –1,110 of write-downs –85 –657 –738 –1,480
Disposals — 5,867 16,200 22,067 Disposals 8,673 19,758 — 28,431
Effect of foreign currency Effect of foreign currency
exchange differences — 903 — 903 exchange differences 5,663 7,836 57 13,556
Other movements — 975 — 975 Other movements –3,000 1,678 268 –1,054
Balance as of Jan. 1, 2023 –24,530 –82,345 –39,087 –145,962 Balance as of Jan. 1, 2023 –179,005 –278,138 –1,994 –459,137

Amortisation — –33,540 –17,804 –51,344 Depreciation –14,322 –27,510 — –41,832

Write-downs and reversals Write-downs and reversals
of write-downs — –85 — –85 of write-downs –75 –1,319 –923 –2,317
Disposals — 8,603 149 8,752 Disposals 24,838 18,582 — 43,420
Effect of foreign currency Effect of foreign currency
exchange differences — –936 –4 –940 exchange differences 1,462 –162 157 1,457
Other movements — 482 — 482 Other movements –1,212 –2,552 2,369 –1,395
Balance as of Dec. 31, 2023 –24,530 –107,821 –56,746 –189,097 Balance as of Dec. 31, 2023 –168,314 –291,099 –391 –459,804

Carrying amount Carrying amount

As of Jan. 1, 2023 117,184 182,777 311,501 611,462 As of Jan. 1, 2023 62,757 91,019 43,679 197,455
As of Dec. 31, 2023 117,184 182,487 293,672 593,343 As of Dec. 31, 2023 51,497 94,746 68,564 214,807

In 2022, Radisson sold the contractual rights to the Radisson brands in

the Americas region to Choice Hotels International, Inc.

29
Note 19 | Investments in associated companies

Ownership (%) Ownership (%) Carrying value

as of Dec. 31, as of Dec. 31, Carrying value Share of Exchange as of Dec. 31,
TEUR 2022 2023 as of Dec. 31, 2022 Dividends income difference Other 2023

Al Quesir Hotel Company S.A.E 20.00% 20.00% 1,307 — — –4 –230 1,073

Fast Lane Hospitality GmbH 20.00% 20.00% 19 — — — –19 —
Afrinord Hotel Investment A/S 20.00% 20.00% 74 — — — –1 73
Bestech Hotels Private Ltd. 26.00% 26.00% 1,600 — — 33 — 1,633
Bestech Hotels & Resorts Private Ltd. 26.00% 26.00% 1,167 — –58 -58 — 1,051
Total 4,167 — –58 –29 –250 3,830

Ownership (%) Ownership (%) Carrying value

as of Dec. 31, as of Dec. 31, Carrying value Share of Exchange as of Dec. 31,
TEUR 2021 2022 as of Dec. 31, 2021 Dividends income ­difference Other 2022

Al Quesir Hotel Company S.A.E 20.00% 20.00% 1,322 — — –15 — 1,307

Fast Lane Hospitality GmbH 20.00% 20.00% 41 — –22 — — 19

Afrinord Hotel Investment A/S 20.00% 20.00% 75 — –1 — — 74

Bestech Hotels Private Ltd 26.00% 26.00% 1,589 — — 95 — 1,600

Bestech Hotels & Resorts Private Ltd 26.00% 26.00% 1,015 — — 68 — 1,167
Total 4,042 — –23 148 — 4,167

As of and for
Summarised financial information for associated companies the Year Ended Dec. 31

TEUR 2023 2022

Total assets 22,228 24,577

Total liabilities 20,369 20,741
Net assets 1,859 3,837
Group’s share in net assets 372 648

Revenue 3,291 3,007

Profit/(loss) from continuing operations –1,666 –1,545
Profit/(loss) after tax –1,666 –1,545
Other comprehensive income — —
Total comprehensive income –1,666 –1,545

Group’s share in net profit –403 –392

N OTE S TO TH E G RO U P ACCO U NTS 30

 Note 20 | Other shares and participations
Carrying Carrying
Ownership (%) as of value as of Change in Exchange value as of
TEUR Dec. 31, 2023 Dec. 31, 2022 Additions fair value difference Dec. 31, 2023

Doriscus Enterprise Ltd 13.41% — — — — —

First Hotels Co K.S.C.C 1.82% 1,022 — — –3 1,019
Other — 15 31 — — 46
Total 1,037 31 — –3 1,065

Carrying Carrying
Ownership (%) as of value as of Change in Exchange value as of
TEUR Dec. 31, 2022 Dec. 31, 2021 fair value difference Dec. 31, 2022

Doriscus Enterprise Ltd 13.41% — — — —

First Hotels Co K.S.C.C 1.82% 982 — 40 1,022
Other — 17 — –2 15
Total 999 — 38 1,037

Note 21 | Pension funds, net

Defined Benefit Pension Plans certain number of years in order to receive full retirement pension. For
These plans mainly cover retirement pensions and widow pensions each year at work the employee earns an increasing right to pension,
where the employer has an obligation to pay a lifelong pension which is recorded as pension earned during the period as well as an
corresponding to a certain guaranteed percentage of wages or a certain increase in pension obligations. Some of Radisson's pension plans for
annual sum. Retirement pensions are based on the number of years a salaried employees in Sweden and Belgium are funded through defined
person is employed. The employee must be registered in the plan for a benefit pensions plans with insurance companies.

The amounts recognised in the balance sheet for the defined benefit The movement in plan assets over the year is as follows:
plans are determined as follows:
As of Dec. 31 For the year ended Dec. 31
TEUR 2023 2022 TEUR 2023 2022

Present value of funded obligations 11,414 11,524 Opening plan assets 7,760 11,273
Fair value on plan assets –8,505 –7,760
Deficit/(surplus) of funded plans 2,909 3,764 Interest income 358 100
Present value of unfunded obligations 210 210 Components recognised
Total deficit of defined benefit pension plans 3,119 3,974 in profit or loss 358 100
Impact of minimum funding requirement/asset
ceiling — — Remeasurement on the plan assets:
Liability in the balance sheet 3,119 3,974 Actuarial gains/(losses) arising from
experience adjustments –224 –3,855
The movement in the defined benefit obligation over the year is as Components recognised
follows: in other comprehensive income –224 –3,855
For the year ended Dec. 31

TEUR 2023 2022 Contributions from employer 900 688

Opening defined benefit obligation 11,734 15,304 Contributions from plan participants 71 71

Current service cost 634 828 Benefits paid –364 –419

Interest cost 421 113 Exchange gains/(losses) on foreign plans 4 –98

Components recognised Closing fair value of plan assets 8,505 7,760

in profit or loss 1,055 941
The significant actuarial assumptions were as follows:
As of Dec. 31
Remeasurement on the defined benefit obligation:
TEUR 2023 2022
Actuarial (gains)/losses from change in financial
assumptions 32 –4,127 Discount rate
Actuarial (gains)/losses arising from experience Belgium 3.8% 3.8%
adjustments –847 286 Sweden 4.2% 4.0%
Components recognised Expected rate of salary increase
in other comprehensive income –815 –3,841
Belgium 2.3% 2.4%

Benefits paid –364 –419

Exchange (gains)/losses on foreign plans 14 –251
Closing defined benefit obligation 11,624 11,734

31
The sensitivity of the defined benefit obligation to changes in the Expected maturity analysis of undiscounted pension benefits:
weighted principal assumptions is:
Increase in Decrease in TEUR
assumption assumption
Year 2024 275
Discount rate 0.50% 680 –757 Year 2025 306
Expected rate of salary increase 0.50% –301 278 Year 2026–Year 2028 1,493
Life expectancy (men and women) 1 year –65 69 Year 2029–Year 2033 3,375

The sensitivity analyses are based on a change in an assumption while Defined Contribution Pension Plans
holding all other assumptions constant. In practice, this is unlikely to These plans mainly cover retirement, sick and family pensions. The
occur, and changes in some of the assumptions may be correlated. premiums are paid regularly during the year by group companies to
different insurance companies. The size of the premium is based on
Plan assets are comprised as follows: wages. Pension costs for the period are included in the income
As of Dec. 31 statement and amount to TEUR 5,813 (5,268).
2023 2022
For clerical employees in Sweden, the defined benefit obligations in
the ITP 2 plan for retirement and family pension (or family pension),
TEUR Quoted Unquoted % Quoted Unquoted %
are safeguarded through insurance in Alecta. According to a
Equity investments 737 — 8.7% 579 — 7.5% statement from the Swedish Accounting Standards Council, UFR 10,
Bond investments: this is a defined benefit multi-employer plan. For the financial year
2023, the Company has not had access to the information necessary
Government 4,847 — 57.0% 4,159 — 53.6%
to account for its shared part of the plan’s obligations, plan assets and
Corporate 2,080 — 24.4% 1,712 — 22.1% costs, and a consequence it has not been possible to report the plan
Mortgage 68 — 0.8% 92 — 1.2% as a defined benefit plan. The pension plan ITP 2, which is
Properties — 773 9.1% — 1,218 15.6% safeguarded through insurance in Alecta, is therefore reported as a
defined contribution plan. The premium for the defined benefit
Total 7,732 773 6,542 1,218
retirement and family pension is individually calculated and is inter
alia taking into account salary, previously earned pension and
The plan assets are part of common funds used by insurance companies anticipated remaining seniority. Expected fees next reporting period
for investing. Therefore, information of specific Radisson’s assets for ITP 2 insurances, covered by Alecta, amounts to TEUR 441 (386).
allocation is not available and it is the insurance companies’ allocation of The Group’s share of the total contributions to the plan and the
its total assets that is applied to Radisson’s assets in the table above. Group’s share of the total number of active members in the plan is
Through its defined benefit pension plans the group is exposed to a 0.024% and 0.021% (0.023 and 0.020).
number of risks, the most significant of which are: The collective consolidation level is the market value of Alecta’s
assets as a percentage of insurance obligations measured in
Asset volatility: accordance with Alecta’s actuarial assumptions, which do not comply
The present value of defined benefit liability is calculated using a with IAS 19. The collective consolidation level is normally allowed to
discount rate determined by reference to high quality corporate bond vary between 125% and 155%. If Alecta’s collective consolidation level
yields in Belgium and government bonds in Sweden. If the return on plan is less than 125% or greater than 155%, measures should be taken in
asset is below this rate, it will create a plan deficit. order to create the conditions to return the consolidation level within
the normal range. At low consolidation, an action can be to raise the
Changes in bond yields: agreed price for subscription and expansion of existing benefits. At
A decrease in the bond interest rate will increase the plan liability; high consolidation, an action can be to introduce premium
however, this will be partially offset by an increase in the return on reductions. At the end of 2023, Alecta’s surplus in the form of the
the plan’s debt investments. collective consolidation level was 158% (172).

Life expectancy:
The present value of the defined benefit plan liability is calculated by
reference to the best estimate of the mortality of plan participants both
during and after their employment. An increase in the life expectancy of
the plan participants will increase the plan’s liability.

Salary risk:
The present value of the defined benefit liability is calculated by
reference to the future salaries of plan participants. As such, an increase
in the salary of plan participants will increase the plan’s liability.
Expected contributions to post-employment benefit plans for the
year ending December 31, 2023 are TEUR 649.
The weighted average duration of the defined benefit obligation is
11.9 years.

N OTE S TO TH E G RO U P ACCO U NTS 32

 Note 22 | Other long-term receivables

In some cases Radisson grants loans to owners of the company’s progress. These related parties and terms concerning these loans
hotels, or to the company’s joint venture and associated companies are presented below. No collateral was held as security for these
in early stages of new projects. The terms for such loans vary, but in receivables and no receivables were past due at the end of the
principle there is an agreement on interest on the loans and the reporting periods.
repayment schedule is based on the project opening and project

As of Dec. 31, 2023 Nominal Impairment & Amortised

loan Nominal value in exchange Loan Short term cost in
Currency amount­ TEUR losses in TEUR Repayment portion TEUR

Loans to external parties EUR 4,831 4,831 –4,814 -12 — 5

Loans to related parties EUR 500 500 –401 –99 — —
USD 1,495 1,223 –1,058 –165 — —
INR 118,815 1,620 347 — — 1,967
Total interest-bearing 8,174 –5,926 –276 — 1,972
Loans to external parties EUR 800 800 — — –800 —
ZAR 600 35 –5 — — 30
Deposits and guarantees paid EUR 10,402 10,402 — — — 10,402
Total non-interest-bearing 11,237 –5 — –800 10,432
Total long-term receivables 19,411 –5,931 –276 –800 12,404

As of Dec. 31, 2022 Nominal Impairment & Amortised

loan Nominal value in exchange Loan Short term cost in
Currency amount­ TEUR losses in TEUR Repayment portion TEUR

Loans to external parties EUR 4,831 4,831 –4,831 — — —

Loans to related parties EUR 40,235 40,235 –2,385 –37,850 — —
USD 1,495 1,223 –1,223 — — —
INR 118,815 1,380 –39 — — 1,341
Total interest-bearing 47,669 –8,478 –37,850 — 1,341
Loans to external parties EUR 800 800 — — — 800
ZAR 600 35 –2 33
Deposits and guarantees paid EUR 4,861 4,861 — — — 4,861
Total non-interest-bearing 5,696 -2 — — 5,694
Total long-term receivables 53,365 –8,480 –37,850 — 7,035

Note 23 | Accounts receivables

As of Dec. 31 Accounts Accounts

­receivables ­receivables
TEUR 2023 2022
before net of
­allowance for Provision allowance for
Accounts receivables before allowance doubtful for doubtful doubtful
for doubtful accounts 157,112 141,439 As of Dec. 31, 2023 accounts accounts accounts
Allowance for doubtful accounts –49,262 –43,613 Accounts receivables not overdue 47,913 –6,980 40,933
Accounts receivables net of allowance for
doubtful accounts 107,850 97,826
Accounts receivables overdue
1–30 days 28,611 –2,412 26,199
31–60 days 10,038 –3,156 6,882
61–90 days 9,093 –2,135 6,958
More than 90 days 61,457 –34,579 26,878
Total overdue 109,199 –42,282 66,917
Total ledger 157,112 –49,262 107,850

33
 Accounts
­receivables
Accounts
­receivables
Note 24 | Other current non-interest-bearing receivables
before net of
­allowance for Provision allowance for As of Dec. 31
doubtful for doubtful doubtful
TEUR 2023 2022
As of Dec. 31, 2022 accounts accounts accounts

Accounts receivables not overdue 39,411 –2,621 36,790 Prepaid expenses

Prepaid rent 8,956 4,158

Accounts receivables overdue Prepaid property tax 1,067 1,444

1–30 days 23,917 –1,383 22,534

Other prepaid expenses 17,738 15,490
27,761 21,092
31–60 days 13,867 –941 12,926
61–90 days 10,369 –1,802 8,567
Accrued Income

More than 90 days 53,875 –36,866 17,009

Accrued fee income 3,944 1,853

Total overdue 102,028 –40,992 61,036

Other accrued income 10,871 2,694
14,815 4,547
Total ledger 141,439 –43,613 97,826

VAT receivables 19,716 15,780

Movement in the allowance for Receivables related to governmental support 889 714
doubtful accounts As of Dec. 31 Other current non-interest-bearing receivables 3,721 22,426
TEUR 2023 2022 Total 66,902 64,559
Balance at the beginning of the year –43,613 –34,965
Amounts written off during the year 627 274
Amounts recovered during the year
Increase/decrease in allowance recognised
452 254
Note 25 | Other short term investments
in profit or loss –6,739 –9,252 Other short-term investments predominantly consist of cash in restricted
Translation difference 11 76 accounts and collaterals.

Balance at the end of the year –49,262 –43,613

No collaterals are held as security for accounts receivables outstanding.
Note 26 | Cash and cash equivalents
Cash and cash equivalents at the end of the financial year as shown in
the cash flow statement can be reconciled to the related items in the
balance sheet as follows:

As of Dec.31

TEUR 2023 2022

Bank accounts 120,062 150,061

Cash on hand 162 685
Total 120,224 150,746

N OTE S TO TH E G RO U P ACCO U NTS 34

 Note 27 | Share capital

Issue capital
Share capital Other paid in Share capital Other paid
TEUR 2023 capital 2023 2022 in capital 2022

Opening balance as of Jan. 1 11,626 665,895 11,626 355,895

Capital contribution — — — 310,000

Closing balance as of Dec. 31 11,626 665,895 11,626 665,895

Change in Change in
Fully paid ordinary shares Date of resolution number of shares share capital

The company is registered Mar. 8, 2005 1,000 11,000

Share split of ordinary shares Mar. 22, 2005 10,000 —
Share issue of ordinary shares Mar. 22, 2005 89,000 89,000
Share issue of ordinary shares Oct. 10, 2006 26,584 26,584
Share split of ordinary shares Oct. 10, 2006 149,875,456 —
Bonus issue, without new share issue May. 4, 2007 — 9,873,416
New share issue June 5, 2014 24,386,817 1,625,766

The total share capital at year end was EUR 11,625,766, corresponding to
174,388,857 shares, giving a quota value per share of EUR 0.067. All Dividend per share
issued shares are fully paid. There are no differences in classes of shares. In accordance with the recommendation from the Board of Directors to
Each owner of shares in the company is entitled to vote for the full the Annual General Meeting 2023, the Annual General Meeting decided
amount of such shares at a general meeting, without any voting to not pay any dividend for the financial year 2022. The Board of
limitations. Directors proposes to the Annual General Meeting 2024 that no dividend
is to be paid for the financial year 2023.

Note 28 | Provisions

Restructuring and Onerous Legal

TEUR termination contracts claims Other Total

Balance as of Jan. 1, 2022 3,141 2,041 18,950 27 24,159

Additional provisions recognised 1,831 8,263 7,539 — 17,633
Reductions resulting from remeasurement –1,023 –1,041 –150 — –2,214
Reductions arising from payments –473 –1,000 — — –1,473
Balance as of Dec. 31, 2022 3,476 8,263 26,339 27 38,105
Additional provisions recognised 206 5,260 853 — 6,319
Reductions resulting from remeasurement –1,794 — — –27 –1,821
Reductions arising from payments –779 –8,263 –3,000 — –12,042
Balance as of Dec. 31, 2023 1,109 5,260 24,192 — 30,561

Restructuring and termination Onerous contracts

The provision for restructuring and termination of TEUR 1,109 relates The outstanding provision for onerous contracts of TEUR 5,260 at the
to initiatives taken on hotel level and on corporate level. These cost end of 2023 relates to a lease hotel which is closed for renovation. The
advantage initiatives are taken to enable higher competitiveness, provision is to cover the estimated costs for non-cancellable contracts
performance and cost efficiency through the development of new during the renovation period. The hotel is expected to reopen in the
organisational and operating models that are optimised and second half of 2024.
consistent across the organisation.
Legal claims
The provision for legal claims relates to cases ongoing per the balance
sheet date and are based on management’s best estimate of likely cash
outflow.

35
Note 29 | Borrowings
Current Non-current Split of bank overdraft
As of Dec. 31 As of Dec. 31 As of Dec. 31
TEUR 2023 2022 2023 2022 TEUR 2023 2022
Borrowings from related Bank overdraft facilities granted 500 500
parties 2,300 2,033 697,000 697,000
Utilisation of bank overdraft: in guarantees –257 –428
Governmental loans — — 11,322 14,101
Utilisation of bank overdraft: in cash — —
Other borrowings — — 3,923 4,366
Bank overdraft facilities unutilised 243 72
Total 2,300 2,033 712,245 733,467

The company has secured borrowings of TEUR 699,300 (699,033)

from related parties in 2023. In addition, the company has secured
governmental loans of TEUR 11,322 (14,101).
Other borrowings of TEUR 3,923 (4,366) are related to the
financing of renovation investments in a German hotel under a
management contract.
No borrowing costs have been c ­ apitalised.

Note 30 | Other current non-interest-bearing liabilities

Specification of accrued expenses and prepaid income

As of Dec. 31

TEUR 2023 2022 TEUR 2023 2022

Prepayments from customers 15,643 15,329 Accrual for vacation pay including social costs 12,779 11,456
Accrued expenses & prepaid income 186,119 183,264 Accrual for bonus including social costs 34,666 25,113
Liabilities to related parties - Note 31 5,328 5,328 Other payroll accruals 9,624 22,618
Other current non-interest-bearing liabilities 32,635 38,372 Accrual for energy expenses 7,745 4,503
Total 239,725 242,293 Accrued fees 4,823 4,297
Accrued rent 25,482 16,964
Accrued sales & marketing expenses 12,795 6,585
Accrued interest expense 14,367 22,732
Accruals for loyalty programs 529 576
Accrued repair, maintenance and renovation costs 6,951 10,080
Other accrued expenses 52,312 56,488
Prepaid income 4,046 1,853
Total 186,119 183,264

N OTE S TO TH E G RO U P ACCO U NTS 36

 Note 31 | Related parties

Transactions with Radisson Hospitality, Inc. and its subsidiaries

For year ended Dec. 31

Revenue Expenses

TEUR 2023 2022 2023 2022

Royalty fees, marketing fee, reservation fee and rentals & licenses — 9,513 — 9,853
Interest income on loan receivables — 1,710 — —

Transactions with the parent company Hawksbill S.A.R.L

For year ended Dec. 31

Revenue Expenses

TEUR 2023 2022 2023 2022

Group contribution — — — 5,383

Interest expense — — 2,149 500

Receivables Payables

TEUR 2023 2022 2023 2022

Receivables/payables — — 5,328 5,328

Loan (incl. accrued interest) — — 35,510 35,500

Transactions with subsidiaries of Jin Jiang International Holdings Co.

For year ended Dec. 31

Revenue Expenses

TEUR 2023 2022 2023 2022

Interest expense on loan due to Silking Investments Co. SARL — — 16,110 24,426

Interest expense on loan due to Radisson Finance Co, Ltd. — — 18,314 35,405
Interest income on the loan due from Rubyrock Co, Ltd. 75 — — —
Fee revenue from master franchise agreement with Shenzhen Vienna Hotel Management Co, Ltd. 1,479 449 — —
Fee revenue from master franchise agreement with Metropolo Hotel Management Co, Ltd. 383 181 — —
Other revenue on SAS Groupe du Louvre 85 — — —

Receivables Payables

TEUR 2023 2022 2023 2022

Loan due to Silking Investments Co. SARL (incl. accrued interest) — — 265,819 265,512
Loan due to Radisson Finance Co, Ltd. (incl. accrued interest) — — 411,526 419,881
Loan due from Rubyrock Co, Ltd. — 25,000 — —
Accounts receivables due from Shenzhen Vienna Hotel Management Co, Ltd. 1,847 625 — —
Accounts receivables due from Metropolo Hotel Management Co, Ltd. 525 373 — —
Accounts receivables due from SAS Groupe du Louvre 125 — — —

Associated companies
As of Dec. 31

TEUR 2023 2022

Loans due from joint ventures and associated

companies 3,285 3,889
Revenue (management fees) from associated
companies 117 202

Loans due from Afrinord Hotel Investment A/S and Al Quseir Hotel
Company S.A.E, listed in table above and amounting to TEUR 819 and
TEUR 499 respectively, were fully impaired in prior years. Radisson has a
loan due from Bestech Hotels Private Limited of TEUR 1,967 including
accrued interest.
More information about shares in associated companies and the loans
to the entities is disclosed in Note 19 and Note 22.

Key management personnel

The Executive Committee is defined as key management personnel. The
remuneration to this group is presented in Note 10.

37
Note 32 | Contingent liabilities and committed investments
In certain circumstances, Radisson guarantees the hotel proprietor a
minimum result measured by adjusted gross operating profit or some
other financial measure (a “guarantee”). Under such contracts, in the
Contingent liabilities event that the actual result of a hotel is less than the guaranteed amount,
As of Dec. 31
Radisson compensates the hotel proprietor for the shortfall. However, in
most agreements with such clauses, Radisson’s obligation to
TEUR 2023 2022
compensate for such shortfall amount is typically limited to two to three
Guarantees provided for management contracts1) — — times the annual guarantee (the “guarantee cap”).
Miscellaneous guarantees provided 257 428 As at the end of the year, Radisson granted a certain level of financial
Total 257 428 commitment in 8 management contracts, as compared to 9 at the end
of 2022. The management contracts containing such financial risk for
1) R
 efer to Note 33 where these amounts are included in the total maximum the group will expire as presented in the table below:
future capped g ­ uarantee payment.
2023 2022
Under the lease agreements, Radisson is responsible for maintaining the Number of Number of
management management
hotel building in good repair and condition over the term of the lease Year agreements expiring Year agreements expiring
agreement. Under certain lease agreements, Radisson is required to
invest an agreed percentage of the hotel revenue in maintenance of the 2024 — 2023 —
particular property. If renovation works for a period have been lower 2025-2029 — 2024-2028 1
than what is required in the lease agreements, the renovation works will 2030-2034 1 2029-2033 1
have to be carried out at a later stage or settled in alternative ways. The
2035-2039 5 2034-2038 3
total investments carried out by Radisson may therefore vary from year
to year, but normally amount to ca 5% of leased hotel revenue. 2040-2044 1 2039-2043 3
2045-2049 — 2044-2048 —
Litigations 2050-2054 1 2049-2053 1
Radisson operates in a number of countries around the world and is
always involved in several complex projects and business relationships
where professional disputes on various issues can arise. Most times these The following table presents the Company’s capped contractual
situations are resolved through negotiations and discussions. In some obligations under all management contracts with financial guarantees
rare situations, these disputes can lead to major disagreements or claims and shows the maximum capped financial exposure.
of violation of law. Provisions for claims due to known disputes are
recorded whenever there is a situation where it is more likely than not, Total maximum future capped guarantee payments
that Radisson will have an obligation to settle the dispute and where a
TEUR 2023 2022
reliable estimate can be made regarding the outcome of such dispute.
Radisson is not engaged in any judicial or arbitral proceedings, including Total 17,741 18,734
those which are pending and described below or known to be
contemplated, which, in Radisson’s judgement, may have or have a The capped guarantee payment includes the contingent liabilities as
material effect on Radisson’s financial position of profitability during disclosed in Note 32 (i.e. Guarantees provided for management
2023. The members of the Board of Directors have no knowledge of any contracts). For 2023, Radisson’s costs for shortfalls under its
proceeding pending or threatened against Radisson or any of the management agreements with guarantees amounted to TEUR -10,417
subsidiaries or any facts likely to give rise to any litigation, claim or (-1,146), which are included in the line Rental expense.
proceeding which might materially affect the financial position or
business of Radisson of December 31, 2023.

Note 34 | Auditors’ fees

Note 33 | Management contract commitments TEUR 2023 2022

PwC
Under Radisson’s management agreements, Radisson provides
Audit assignments 2,301 1,881
management services to third-party hotel proprietors. Radisson derives
revenue primarily from base fees determined as a percentage of total where of PwC Sweden 575 578
hotel revenue and incentive management fees defined as percentage of Other audit related assignments — —
the gross operating profit or adjusted gross operating profit of the hotel where of PwC Sweden — —
operations.
Tax assignments 41 19
where of PwC Sweden — —
Other assignments 124 126
where of PwC Sweden — —
Total fees PwC 2,466 2,026
where of PwC Sweden 575 578
Audit assignments - other auditors 203 136
Total fees 2,669 2,162
where of Swedish auditors 575 578

Note 35 | Post balance sheet events

There are no significant post balance sheet events.

N OTE S TO TH E G RO U P ACCO U NTS 38

 Note 36 | Group companies and legal structure
Radisson Hospitality AB has the following subsidiaries, associated companies and other investments:

As of Dec. 31, 2023 As of Dec. 31, 2022

Registered in Ownership % Share capital Ownership % Share capital

Australia
Radisson Hotels Asia Pacific Holdings Pty Ltd. Sydney 100 MAUD 56.9 100 MAUD 56.9
Radisson Hotels Asia Pacific Pty Ltd. Sydney 100 MAUD 1.8 100 MAUD 1.8
Radisson Asia Pacific Hotel Management Pty Ltd Sydney 100 MAUD 0.0 100 MAUD 0.0
Light Year (Australia) Pty Ltd. Sydney 100 MAUD 0.0 100 MAUD 0.0
D C Partnership Pty Ltd. Sydney 100 MAUD 0.0 100 MAUD 0.0
DCP Head Unit Trust Sydney 100 MAUD 0.8 100 MAUD 0.8
Facilities Planning Trust Sydney 100 MAUD 0.0 100 MAUD 0.0
Vortraint No 188 Pty Ltd. Sydney 100 MAUD 0.2 100 MAUD 0.2
PACT Productions Pty Ltd Sydney 100 MAUD 0.0 100 MAUD 0.0
Hotel Resources (International) Pty Ltd. Sydney 100 MAUD 0.0 100 MAUD 0.0
Austria
Radisson Red Vienna GmbH Vienna 100 MEUR 0.0 100 MEUR 0.0
Prize Austria GmbH Vienna 100 MEUR 0.0 100 MEUR 0.0
Belgium
Radisson Hospitality Belgium SRL Brussels 100 MEUR 136.6 100 MEUR 719.9
Radisson Loyalty Management BV Brussels 100 MEUR 0.0 100 MEUR 0.0
Radisson Hospitality Services BV Brussels 100 MEUR 0.0 100 MEUR 0.0
Prize Belgium BV Antwerp 100 MEUR 0.0 100 MEUR 0.0
China
Radisson Hotel Management (Shanghai) Co., Ltd. Shanghai 100 MCNY 2.8 100 MCNY 2.8
Cyprus
Doriscus Enterprises Limited Limassol 13.4 MEUR 19.8 13.4 MEUR 19.8
Czech Republic
Radisson Hotel Prague s.r.o. Prague 100 MCZK 4.5 100 MCZK 4.5
Denmark
Radisson Hotels ApS Danmark Copenhagen 100 MDKK 212.0 100 MDKK 212.0
Radisson Scandinavia Hotel Aarhus A/S Aarhus 100 MDKK 0.5 100 MDKK 0.5
Hotel Development S. Africa A/S Copenhagen 100 MDKK 1.0 100 MDKK 1.0
Radisson Hotel Kiev A/S Copenhagen 100 MDKK 1.0 100 MDKK 1.0
Radisson Hotel investment Egypt A/S Copenhagen 100 MDKK 1.0 100 MDKK 1.0
Radisson Services A/S Copenhagen 100 MEUR 0.7 100 MEUR 0.7
Radisson Loyalty Management A/S Copenhagen 100 MEUR 0.1 100 MEUR 0.1
Radisson Hotel Management & Development A/S Copenhagen 100 MDKK 2.5 100 MDKK 2.5
Radisson Hospitality Denmark ApS Copenhagen 100 MEUR 83.0 100 MEUR 83.0
Afrinord Hotel Investments A/S Copenhagen 20 MEUR 0.3 20 MEUR 0.3
Radisson Royal Hotel Copenhagen ApS Copenhagen 100 MDKK 0.5 100 MDKK 0.5
Radisson Scandinavia Hotel Copenhagen ApS Copenhagen 100 MDKK 0.5 100 MDKK 0.5
Egypt
Al Quseir Hotel Company S.A.E Nasr City, Cairo 20 MEGP 68.0 20 MEGP 68.0
France
Radisson Hospitality France S.A.S. Puteaux 100 MEUR 110.4 100 MEUR 110.4
Royal Scandinavia Hotel Nice S.A.S. Nice 100 MEUR 10.1 100 MEUR 10.1
Royal Scandinavia Hotel Marseille S.A.S. Marseille 100 MEUR 0.0 100 MEUR 0.0
Radisson Lyon S.A.S. Lyon 100 MEUR 0.0 100 MEUR 0.0
SARL Régence Plage Nice 100 MEUR 0.0 100 MEUR 0.0
Radisson Collection Lyon S.A.S. Lyon 100 MEUR 2.5 100 MEUR 2.5

39
 As of Dec. 31, 2023 As of Dec. 31, 2022

Registered in Ownership % Share capital Ownership % Share capital

Germany
Radisson Hotels Deutschland GmbH Duisburg 100 MEUR 0.2 100 MEUR 0.2
Radisson Red Cologne GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotel Stuttgart GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotel Hannover GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotel Hamburg Airport GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotel Köln GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotel Wiesbaden GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotel Berlin GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotel Karlsruhe GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotel Frankfurt am Main GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Park Inn by Radisson Frankfurt Airport GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Park Inn by Radisson Stuttgart GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Shared Services Centre Deutschland GmbH Duisburg 100 MEUR 0.8 100 MEUR 0.8
Radisson Düsseldorf Media Harbour Hotel GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Park Inn by Radisson Nürnberg GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Radisson Sales & Marketing Central Europe GmbH Duisburg 100 MEUR 0.0 100 MEUR 0.0
Prize Holding GmbH Hamburg 100 MEUR 0.2 100 MEUR 0.2
Prize Deutschland GmbH Bremen 100 MEUR 0.1 100 MEUR 0.1
Fast Lane Hospitality GmbH Berlin 20 MEUR 0.2 20 MEUR 0.2
India
Radisson Hospitality Marketing (India) Private Ltd. New Delhi 100 MINR 4.5 100 MINR 4.5
Radisson Hotels (South Asia) Pvt Limited New Delhi 100 MINR 4.9 100 MINR 4.9
Country Development & Management Services Pvt. Ltd. New Delhi 100 MINR 34.3 100 MINR 34.3
Radisson Bestech Management Services Pvt. Ltd. New Delhi 100 MINR 5.0 100 MINR 5.0
Bestech Hotels and Resorts Pvt. Ltd. New Delhi 26 MINR 95.8 26 MINR 95.8
Bestech Hotels Pvt. Ltd. New Delhi 26 MINR 68.5 26 MINR 68.5
RHW Bestech Hospitalities Pvt. Ltd.. New Delhi 33 MINR 0.1 33 MINR 0.1
Indonesia
PT Radisson Hotels Indonesia Jakarta 100 MIDR 6.818 100 MIDR 6.818
Italy
Radisson Hotel Milan S.R.L. Milan — — 100 MEUR 0.0
Radisson Hotels Italy S.R.L. Milan 100 MEUR 0.0 100 MEUR 0.0
Kuwait
First Hotels Company KSCC Safat 1.82 MKWD 40.0 1.82 MKWD 40.0
Latvia
Radisson Hospitality Baltics SIA Riga 100 MLVL 0.0 100 MLVL 0.0
Netherlands
Radisson Hotel Amsterdam B.V. Amsterdam 100 MEUR 0.0 100 MEUR 0.0
Norway
Radisson Hospitality Norway AS Oslo 100 MNOK 249.0 100 MNOK 249.0
Radisson Hotels Norway AS Oslo 100 MNOK 11.0 100 MNOK 11.0
Saudi Arabia
Radisson Hospitality International for Commercial Services Company Riyadh 100 MSAR 0.1 — —
Singapore
Radisson Hotels Asia Pacific Investments Singapore 100 MUSD 52.9 100 MUSD 41.6
South Africa
Radisson Hospitality South Africa (Pty) Ltd Johannesbourg 74 MZAR 0.0 74 MZAR 0.0
Spain
Radisson Hospitality Services Spain S.L. Madrid 100 MEUR 0.0 100 MEUR 0.0
Radisson Hotels Spain S.L. Madrid 100 MEUR 3.5 100 MEUR 3.5

N OTE S TO TH E G RO U P ACCO U NTS 40

 Cont. Note 36

As of Dec. 31, 2023 As of Dec. 31, 2022

Registered in Ownership % Share capital Ownership % Share capital

Radisson Collection Madrid S.L Madrid 100 MEUR 0.0 — —
Sweden
Radisson Hotel Holdings AB Stockholm 100 MSEK 1.1 100 MSEK 1.1
Radisson Hospitality Sweden AB Stockholm 100 MSEK 18.0 100 MSEK 18.0
Radisson Hotel & Congress AB Stockholm 100 MSEK 0.1 100 MSEK 0.1
AB Strand Hotel Stockholm 100 MSEK 0.3 100 MSEK 0.3
Royal Viking Hotel AB Stockholm 100 MSEK 8.0 100 MSEK 8.0
Radisson Arlandia Hotel AB Stockholm 100 MSEK 1.0 100 MSEK 1.0
Radisson SkyCity Hotel AB Stockholm 100 MSEK 1.0 100 MSEK 1.0
Radisson Royal Hotel AB Malmö 100 MSEK 1.0 100 MSEK 1.0
Switzerland
Park Inn by Radisson Switzerland AG Rümlang 100 MCHF 0.1 100 MCHF 0.1
Radisson Hotels Switzerland AG Basel 100 MCHF 0.1 100 MCHF 0.1
Prize Schweiz GmbH Bern 100 MCHF 0.0 100 MCHF 0.0
Thailand
Radisson Hotels (Thailand) Co., Ltd. Bangkok 100 MTHB 2.0 100 MTHB 2.0
Turkey
Radisson Otelcilik Anonim Şirketi Istanbul 100 MTRY 0.0 100 MTRY 0.0
United Kingdom
Radisson Hotels UK Ltd Manchester 100 MGBP 32.2 100 MGBP 32.2
Radisson Hotel Manchester Ltd Manchester 100 MGBP 0.0 100 MGBP 0.0
Radisson Hotel Leeds Ltd Manchester 100 MGBP 0.0 100 MGBP 0.0
Radisson Hotel Edinburgh Ltd Manchester 100 MGBP 0.0 100 MGBP 0.0
Radisson Hotel Stansted Airport Ltd Manchester 100 MGBP 0.0 100 MGBP 0.0
Park Inn by Radisson UK Ltd Manchester 100 MGBP 0.0 100 MGBP 0.0
Radisson Hotel Heathrow Ltd Manchester 100 MGBP 0.0 100 MGBP 0.0
Radisson Hotels Management Ltd Manchester 100 MGBP 0.0 100 MGBP 0.0
Radisson Collection Hotel Edinburgh Ltd Manchester 100 MGBP 0.0 100 MGBP 0.0
United Stated of America
Rezidor Hospitality Minnesota, Inc. Minnesota 100 MUSD 0.0 100 MUSD 0.0
Park Global Holdings SAS LLC Delaware 100 MUSD 0.0 100 MUSD 0.0
Park Global Holdings LLC Delaware 100 MUSD 0.0 100 MUSD 0.0
Park Hospitality Worldwide LLC Delaware 100 MUSD 0.0 100 MUSD 0.0
Quorvus Collection LLC Delaware 100 MUSD 0.0 100 MUSD 0.0
PPK Holding LLC Delaware 100 MUSD 0.0 100 MUSD 0.0
Radisson Hotels International, Inc Delaware 100 MUSD 0.0 100 MUSD 0.0
Country Inn & Suites by Radisson, Inc. Minnesota 100 MUSD 0.0 100 MUSD 0.0
Park Hospitality LLC Delaware 100 MUSD 0.0 100 MUSD 0.0

41
Note 37 | Proposed appropriation of Earnings
Net Cash (Debt)
Cash & cash equivalents plus short-term interest-bearing assets (with
Non-restricted reserves in the Parent Company available for dividend maturity within three months) minus interest-bearing liabilities (short-
are (TEUR): term & long-term), excluding lease liabilities, retirement benefit
obligations as well as liabilities related to investments in hotels under
TEUR management contracts, for which repayments are linked to fees
collected.
Share premium reserve 254,119 31 Dec. 31 Dec.
Profit brought forward 487,713 MEUR 2023 2022

Profit/(loss) for the year 113 Cash & cash equivalents [A] 120.2 150.7
Total 741,945 Interest-bearing liabilities [B] 1,328.1 1,309.2
Lease liabilities [C] 610.4 587.7
The Board of Directors proposes to the Annual General Meeting 2024 Retirement benefit obligations [D] 3.1 4.0
that no dividend is to be paid for financial year 2023 and that the
Liabilities related to investments in hotels under
distributable funds of TEUR 741,945 are brought forward. 3.9 4.4
management contracts [E]
Net cash (debt) [A–B+C+D+E] –590.5 –562.4

Note 38 | Definitions Net Interest-bearing Assets/Liabilities

Interest-bearing assets minus interest-bearing liabilities.
The company presents certain financial measures in this interim report
that are not defined under IFRS. The company believes that these 31 Dec. 31 Dec.
measures provide useful supplemental information to investors and the MEUR 2023 2022
company's management as they allow evaluation of the company’s
Interest-bearing assets [A] 124.3 179.1
performance. Because not all companies calculate these financial
measures similarly, these are not always comparable to measures used Interest-bearing liabilities [B] 1,328.1 1,309.2
by other companies. These financial measures should not be considered Net interest-bearing assets/liabilities [A–B] –1,203.8 –1,130.1
a substitute for measures defined under IFRS.
Free Cash Flow
IFRS MEASURES Total cash flow from operating activities and investing activities.

Revenue MEUR 2023 2022

All related business revenue (including rooms revenue, food & drinks Cash flow from operating activities [A] 148.5 84.7
revenue, other hotel revenue, fee revenue and other non-hotel revenue Cash flow from investing activities [B] –72.3 220.9
from administration units).
Free cash flow [A+B] 76.2 305.6

NON-IFRS MEASURES – ALTERNATIVE Net Working Capital

PERFORMANCE MEASURES Inventory plus current non-interest-bearing receivables minus current
non-interest-bearing liabilities.
EBIT
Operating profit before net financial items and tax. 31 Dec. 31 Dec.
MEUR 2023 2022

EBIT Margin Inventory [A] 4.4 4.4

EBIT as a percentage of Revenue. Current non-interest-bearing receivables [B] 184.4 173,6
Current non-interest-bearing liabilities [C] 373.2 400.6
EBITDA
Net working capital [A+B–C] –184.4 –222.6
Operating profit before depreciation and amortisation, costs due to
termination/restructuring of contracts, net financial items and tax.

EBITDA Margin
OPERATING MEASURES
EBITDA as a percentage of Revenue.
F&B
Food and Beverage.
EBITDAR
Operating profit before rental expense and share of income in
FF&E
associates, depreciation and amortisation, costs due to termination/
Furniture, Fittings and Equipment.
restructuring of contracts, net financial items and tax.
RevPAR
EBITDAR Margin
Revenue per available room.
EBITDAR as a percentage of Revenue.

N OTE S TO TH E G RO U P ACCO U NTS 42

 PARENT COMPANY, STATEMENT OF OPERATIONS
For the Year Ended December 31

TEUR Notes 2023 2022

Revenue 2 8,779 7,523

Personnel cost 3, 4 –4,912 –4,324
Other operating expenses 5, 6 –4,354 –2,986
Operating profit/(loss) before depreciation and amortisation –487 213

Depreciation and amortisation expense 9, 10 –3 –2

Operating profit/(loss) –490 211

Financial income 7 21,268 25,815

Financial expenses 7 –20,665 –25,189
Profit/(loss) before year-end appropriations 113 837

Year-end appropriations:
Group contribution — 837
Profit/(loss) before tax 113 1,674

Income tax 8 — -370

Profit/(loss) for the year 113 1,304

STATEMENT OF COMPREHENSIVE INCOME

Profit/(loss) for the year 113 1,304
Other comprehensive income — —
Total comprehensive income for the year 113 1,304

PARENT COMPANY, BALANCE SHEET STATEMENT

For the Year Ended December 31

TEUR Notes 2023 2022

ASSETS
Non-current assets
Intangible assets 9 — —
Tangible assets 10 32 2
Receivables on group companies 12 297,000 290,000
Shares in subsidiaries 11 867,017 757,017
1,164,049 1,047,019
Current assets
Receivables on group companies 12 9,473 11,271
Accounts receivable 145 211
Current tax assets 156 168
Other receivables 21 75
Prepaid expenses and accrued income 77 107
Cash and cash equivalents 248 977
10,120 12,809
Total assets 1,174,169 1,059,828

EQUITY AND LIABILITIES

Equity
Restricted equity
Share capital 11,626 11,626
11,626 11,626
Non-restricted equity
Share premium reserve 254,119 254,119
Retained earnings 487,713 486,409
Profit/(loss) for the year 113 1,304
741,945 741,832
Total equity 753,571 753,458

Non-current liabilities
Liabilities to group companies 13 110,000 —
Other non-current interest-bearing liabilities 14 297,000 297,000
407,000 297,000

Current liabilities
Accounts payables 160 499
Liabilities to group companies 13 6,444 2,382
Accrued expenses and prepaid income 15 6,376 5,657
Other current interest-bearing liabilities 14 375 500
Other current liabilities 243 332
13,598 9,370
Total liabilities 420,598 306,370
Total equity and liabilities 1,174,169 1,059,828

43
PARENT COMPANY, STATEMENT OF CHANGES IN EQUITY
Share
Share premium Retained Net profit/loss Total
TEUR capital reserve earnings forthe year Equity

Opening balance as of Jan 1, 2022 11,626 254,119 177,836 –1,427 442,154

Allocation of last year’s result — — –1,427 1,427 —
Capital contribution — — 310,000 — 310,000
Profit/(loss) for the year — — — 1,304 1,304
Ending balance as of Dec 31, 2022 11,626 254,119 486,409 1,304 753,458
Allocation of last year’s result — — 1,304 –1,304 —
Profit/(loss) for the year — — — 113 113
Ending balance as of Dec 31, 2023 11,626 254,119 487,713 113 753,571

For information on share capital, please see Note 27 of the consolidated financial statements.

PARENT COMPANY, STATEMENT OF CASH FLOWS

For the Year Ended December 31

TEUR Notes 2023 2022

OPERATIONS
Operating profit/(loss) –490 211

Adjustments for non-cash items:

Depreciation and amortisation 9,10 3 2

Interest paid/received 7 468 690

Other financial items 7 –5 —
Taxes 12 167
Cash flows from operations before change in working capital –12 1,070

Change in:
Current receivables 8,374 2,995
Current liabilities 920 –898
Change in working capital 9,294 2,097
Cash flow from operating activities 9,282 3,167

INVESTMENTS
Investments in tangible assets 9 –32 —
Borrowings to subsidiaries 12 –7,000 —
Reimbursement of borrowings to subsidiaries — 458,000
Investments in shares in subsidiaries 11 –110,000 –310,000
Cash flow from investing activities –117,032 148,000

FINANCING
Proceeds from borrowings 14 110,300 35,965
Reimbursement of borrowing 14 –425 –493,965
Change in cash pool accounts –2,850 –2,173
Cash flow from external financing activities 107,025 –460,173

Capital contribution — 310,000

Cash flow from transactions with shareholders — 310,000

Cash flow for the year –725 994

Cash and cash equivalents, January 1 977 170

Exchange differences in cash and cash equivalents –4 –187
Cash and cash equivalents, December 31 248 977

FI NA N CIA L R EP O RTS , PAR ENT CO M PA N Y 44

 NOTES TO THE PARENT COMPANY

Note 1 General information.................................................................................45 These costs are included in the line personnel cost in the income statement.
Note 2 Revenue distribution................................................................................45 No remuneration has been paid to the Board of Directors in 2023 or in
2022. Radisson has defined the Executive Committee and the CEO as
Note 3 Government grants..................................................................................45
key management personnel.
Note 4 Personnel........................................................................................................45
Note 5 Other operating expenses...................................................................45
Average number of employees
Note 6 Auditors’ fees...............................................................................................45
As of Dec. 31
Note 7 Financial income and expenses........................................................45
2023 2022
Note 8 Tax.......................................................................................................................45
Men Women Men Women
Note 9 Intangible assets....................................................................................... 46
Note 10 Tangible assets........................................................................................... 46 Sweden 8 29 8 26
Note 11 Shares in subsidiaries............................................................................. 46 Information related to Board members is disclosed in Note 10 of the
Note 12 Receivables on group companies.................................................. 46 Group accounts.
Note 13 Liabilities to group companies......................................................... 46
Note 14 Credit facilities............................................................................................ 46
Note 15 Accrued expenses and prepaid income..................................... 46
Note 5 | Other operating expenses
Note 16 Pledged assets and contingent liabilities................................... 46
For the Year Ended Dec. 31

Note 1 | General information

TEUR 2023 2022

External service fees 735 667

The Parent Company has prepared its Annual Report in accordance with
Other external expenses 1,326 134
the Swedish Annual Accounts Act, RFR 2 (Accounting for legal entities)
of the Swedish Financial Accounting Standards Council and applicable Expenses from group companies 2,224 2,099
statements from its emerging issues Committee. Pursuant to RFR 2, in Rent 70 86
preparing the Annual Accounts for the legal entity, the Parent Company Total 4,354 2,986
shall apply all international Financial Reporting Standards (IFRS) and
statements, as approved by the European union, as far as this is possible
within the framework of the Swedish Annual Accounts Act and the Act
on Safeguarding of pension obligations (Tryggandelagen) taking into
Note 6 | Auditor’s fees
account the relationship between reporting and taxation. The Parent For the Year Ended Dec. 31
Company has Euro as presentation currency. TEUR 2023 2022
The Parent Company mainly applies the principles explained in the
present Note 3 to the Group accounts as in the consolidated accounts with PwC
the exception of shares in subsidiaries that are recognised at cost and the Audit assignments 442 432
accounting of leases. The Parent Company does not apply IFRS 16 Leases. Total 442 432
None of the changes in RFR 2 (Accounting for legal entities) effective
for accounting periods beginning on January 1, 2023 have had any
significant impact on the financial statements 2023.
The Parent Company applies the alternative rule in RFR 2: IAS 27
Note 7 | Financial income and expenses
related to Group contributions. For the Year Ended Dec. 31

TEUR 2023 2022

Note 2 | Revenue distribution Interest income from group companies 21,267 25,815
Other financial income 1 —
For the Year Ended Dec. 31
Financial income 21,268 25,815
TEUR 2023 2022

External revenue 401 282 Interest expense related parties 20,568 24,926
Revenue from group companies 8,378 7,241 Interest expense group companies 88 66
Total 8,779 7,523 Foreign currency exchange losses 4 187
Other financial expenses 5 10
Financial expenses
Note 3 | Government grants
20,665 25,189

TEUR
For the Year Ended Dec. 31

2023 2022
Note 8 | Tax

Government grants offsetting personnel cost — 39

TEUR 2023 % 2022 %
Total — 39
Profit/(loss) before tax 113 1,674
Tax at the domestic income tax rate 23 20.6 345 20.6
Note 4 | Personnel Tax effect of revenue that is exempt from
­taxation –30 —
Payroll cost For the Year Ended Dec. 31 Tax effect of expenses that are not deducti-
TEUR 2023 2022 ble in determining taxable income 7 8
Effect of previously unrecognized deferred
Salaries 3,582 2,830
tax attributable to tax losses, tax credits or
Social security 1,134 1,038 temporary differences of prior years — 17
Pension costs 441 471 Recorded tax — 370
Other personnel costs (including government
grants offsetting personnel cost) –246 –15
Total 4,912 4,324

45
Note 9 | Intangible assets Note 12 | Receivables on group companies
As of Dec. 31
As of Dec. 31 TEUR 2023 2022

TEUR 2023 2022 Non-current receivables on group companies

Cost Interest-bearing receivables 297,000 290,000

Balance as of January 1 176 176

Current receivables on group companies
Investments — —
Cash pool — 6,297
Balance as of December 31 176 176
Accrued interest income 6,235 3,626
Group contribution 837 837
Accumulated depreciations Other 2,401 511
Balance as of January 1 –176 –176
Total 306,473 301,271
Depreciation — —
Balance as of December 31 –176 –176
Note 13 | Liabilities to group companies
Carrying amount — —
As of Dec. 31

TEUR 2023 2022

Note 10 | Tangible assets Non-current liabilities on group companies

Interest-bearing liabilities 110,000 —
As of Dec. 31

TEUR 2023 2022 Current liabilities on group companies

Cost Cash pool 3,447 —
Balance as of January 1 197 197 Accrued interest expense 2,139 —
Investments 32 — Accounts payables 818 2,382
Balance as of December 31 229 197 Other 40 —
Total 116,444 2,382
Accumulated depreciations
Balance as of January 1
Depreciation
–195
–3
–193
–2
Note 14 | Borrowings
Current As of Dec. 31 Non-current As of Dec. 31
Balance as of December 31 –198 –195
2023 2022 2023 2022

Carrying amount 32 2 Borrowings from

related parties 375 500 297,000 297,000
Total 375 500 297,000 297,000
Note 11 | Shares in subsidiaries In addition to the above listed borrowings, the banking structure for
Radisson provides a cross-border cash pool, which the Parent Company
As of Dec. 31
is part of.
TEUR 2023 2022

Balance as of January 1 757,017 447,017

Investment in Radisson Hospitality Belgium SPRL 110,000 310,000
Note 15 | Accrued expenses and prepaid income
Balance as of December 31 867,017 757,017 As of Dec. 31

TEUR 2023 2022

Radisson Hospitality AB has the following subsidiaries: Salaries and remuneration 1,599 1,334
Accrued interest expense 4,340 4,012
Owned Book
Registered in Identity no. No . of shares share in % value Other accrued expenses 437 311
Total 6,376 5,657
Radisson Hotel
­Holdings AB Stockholm 556674–0972 106,667 100 234,625
Radisson
Hospitality
Note 16 | Pledged assets and contingent liabilities
Belgium SPRL Brussels 442832318 21,240,373,169 100 632,392 As of Dec. 31

TEUR 2023 2022

Pledged assets — —
Contingent liabilities See below See below

The company issued a parent company guarantee pursuant to Article

403, Book 2 of the Dutch Civil Code in respect of Radisson Hotel
Amsterdam B.V. This means that Radisson Hospitality AB declares and
accepts, under reservation of legal repeal of the declaration, joint and
several liability for the debts resulting from legal acts of Radisson Hotel
Amsterdam B.V. As the probability of a settlement is remote, an estimate
of its financial effect is not practical to be calculated.

The parent company has issued support letters to its subsidiaries to

secure liquidity in the subsidiaries for the next twelve months.

N OTE S TO TH E PA R ENT CO M PAN Y 46

 SIGNATURES

The consolidated financial statements have been prepared in The Board of Directors’ report of the Group and the Parent ­Company
accordance with IFRS as adopted by the EU and give a true and fair view provides a fair review of the development of the Group’s and the Parent
of the Group’s financial position and results of operations. The financial Company’s operations, financial position and results of operations and
statements of the Parent Company have been prepared in accordance describes material risks and uncertainties f­ acing the Parent Company
with generally accepted accounting principles in Sweden and give a true and companies included in the Group.
and fair view of the Parent Company’s financial position and results of
operations.

Stockholm June 26, 2024

Wei Zhou Qian Zhu

Chairman of the Board Board Member

Xiaoying Yuan Yichi He

Board Member Board Member

Jing Qin Lei Xie

Board Member Board Member

Federico J. González Göran Larsson

Board Member Employee Representative

Ulf Peterson
Employee Representative

Our audit report was submitted on

June 26, 2024
PricewaterhouseCoopers AB

Eric Salander Karin Wannfors

Authorised Public Accountant Authorised Public Accountant
Auditor in Charge

47 S I G NAT U R E S
AUDITOR’S REPORT
To the general meeting of the shareholders of Radisson Hospitality AB,
corporate identity number 556674-0964
Report on the annual accounts and consolidated accounts concern basis of accounting. The going concern basis of accounting is
however not applied if the Board of Directors intend to liquidate the
Opinions company, to cease operations, or has no realistic alternative but to do so.

We have audited the annual accounts and consolidated accounts of Auditor’s responsibility
Radisson Hospitality AB for the year 2023.
In our opinion, the annual accounts have been prepared in accordance Our objectives are to obtain reasonable assurance about whether the
with the Annual Accounts Act and present fairly, in all material respects, annual accounts and consolidated accounts as a whole are free from
the financial position of parent company as of 31 December 2023 and its material misstatement, whether due to fraud or error, and to issue an
financial performance and cash flow for the year then ended in auditor’s report that includes our opinions. Reasonable assurance is a
accordance with the Annual Accounts Act. The consolidated accounts high level of assurance, but is not a guarantee that an audit conducted in
have been prepared in accordance with the Annual Accounts Act and accordance with ISAs and generally accepted auditing standards in
present fairly, in all material respects, the financial position of the group Sweden will always detect a material misstatement when it exists.
as of 31 December 2023 and their financial performance and cash flow Misstatements can arise from fraud or error and are considered material
for the year then ended in accordance with International Financial if, individually or in the aggregate, they could reasonably be expected to
Reporting Standards (IFRS), as adopted by the EU, and the Annual influence the economic decisions of users taken on the basis of these
Accounts Act. The statutory administration report is consistent with the annual accounts and consolidated accounts.
other parts of the annual accounts and consolidated accounts. A further description of our responsibility for the audit of the annual
We therefore recommend that the general meeting of shareholders accounts and consolidated accounts is available on Revisorsinspek-
adopts the income statement and balance sheet for the parent company tionen’s website: www.revisorsinspektionen.se/revisornsansvar. This
and the group. description is part of the auditor´s report.

Basis for opinions

Report on other legal and regulatory requirements
We conducted our audit in accordance with International Standards on
Auditing (ISA) and generally accepted auditing standards in Sweden. Opinions
Our responsibilities under those standards are further described in the
Auditor’s Responsibilities section. We are independent of the parent In addition to our audit of the annual accounts and consolidated accounts,
company and the group in accordance with professional ethics for we have also audited the administration of the Board of Directors and the
accountants in Sweden and have otherwise fulfilled our ethical Managing Director of Radisson Hospitality AB for the year 2023 and the
responsibilities in accordance with these requirements. proposed appropriations of the company’s profit or loss.
We believe that the audit evidence we have obtained is sufficient and We recommend to the general meeting of shareholders that the profit
appropriate to provide a basis for our opinions. be appropriated in accordance with the proposal in the statutory
administration report and that the members of the Board of Directors and
Emphasis of matter the Managing Director be discharged from liability for the financial year.

As stated in the Board of Directors report under the section “Other Basis for opinions
Matters” there are uncertainties regarding the outcome of a tax audit in
Belgium for the years 2020 and 2021. The company has appealed the We conducted the audit in accordance with generally accepted auditing
decision of the Belgian tax authorities in February 2024, and the standards in Sweden. Our responsibilities under those standards are
company’s exposure is described on page 3 of the annual report. Our further described in the Auditor’s Responsibilities section. We are inde-
opinion has not been modified as a result of this matter. pendent of the parent company and the group in accordance with
professional ethics for accountants in Sweden and have otherwise fulfil-
Responsibilities of the Board of Directors led our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and
The Board of Directors are responsible for the preparation of the annual appropriate to provide a basis for our opinions.
accounts and consolidated accounts and that they give a fair presen-
tation in accordance with the Annual Accounts Act and, concerning the Responsibilities of the Board of Directors and the Managing Director
consolidated accounts, in accordance with IFRS as adopted by the EU.
The Board of Directors are also responsible for such internal control as The Board of Directors is responsible for the proposal for appropriations
they determine is necessary to enable the preparation of annual of the company’s profit or loss. At the proposal of a dividend, this
accounts and consolidated accounts that are free from material includes an assessment of whether the dividend is justifiable considering
misstatement, whether due to fraud or error. the requirements which the company’s and the group’s type of opera-
In preparing the annual accounts and consolidated accounts, The tions, size and risks pace on the size of the parent company’s and the
Board of Directors are responsible for the assessment of the company’s group’s equity, consolidation requirements, liquidity and position in
and the group’s ability to continue as a going concern. They disclose, as general.
applicable, matters related to going concern and using the going The Board of Directors is responsible for the company’s organization
and the administration of the company’s affairs. This includes among
other things continuous assessment of the company’s and the group’s
financial situation and ensuring that the company’s organization is
designed so that the accounting, management of assets and the
company’s financial affairs otherwise are controlled in a reassuring

N OTE S TO TH EAU D ITO

G RO U PRACCO
' S R EP
UO RT
NTS 48
 Radisson Safari Hotel Hoedspruit

manner. The Managing Director shall manage the ongoing administration

according to the Board of Directors’ guidelines and instructions and
among other matters take measures that are necessary to fulfill the
company’s accounting in accordance with law and handle the
management of assets in a reassuring manner.

Auditor’s responsibility

Our objective concerning the audit of the administration, and thereby

our opinion about discharge from liability, is to obtain audit evidence to
assess with a reasonable degree of assurance whether any member of
the Board of Directors or the Managing Director in any material respect:

• has undertaken any action or been guilty of any omission which can
give rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act, the
Annual Accounts Act or the Articles of Association.

Our objective concerning the audit of the proposed appropriations of

the company’s profit or loss, and thereby our opinion about this, is to
assess with reasonable degree of assurance whether the proposal is in
accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with generally
accepted auditing standards in Sweden will always detect actions or
omissions that can give rise to liability to the company, or that the
proposed appropriations of the company’s profit or loss are not in
accordance with the Companies Act.
A further description of our responsibility for the audit of the
administration is available on Revisorsinspektionen’s website: www.
revisorsinspektionen.se/revisornsansvar. This description is part of the
auditor’s report.

Malmö June 26, 2024

PricewaterhouseCoopers AB

Eric Salander
Authorised Public Accountant
Auditor in Charge

Karin Wannfors
Authorised Public Accountant

49