xbrli:pureiso4217:EUR254418932022-01-012022-12-31254418932022-01-012022-12-311254418932022-01-012022-12-311254418932022-01-012022-12-311254418932022-01-012022-12-312254418932022-01-012022-12-313254418932022-01-012022-12-314254418932022-01-012022-12-31254418932021-01-012021-12-31254418932022-01-012022-12-31fsa:RetainedEarningsMember254418932021-01-012021-12-31fsa:RetainedEarningsMember254418932022-01-012022-12-31fsa:RetainedEarningsMember254418932022-12-31254418932021-12-31254418932022-01-01fsa:ContributedCapitalMember254418932022-01-01fsa:RetainedEarningsMember254418932022-01-01254418932022-12-31fsa:ContributedCapitalMember254418932022-12-31fsa:RetainedEarningsMember254418932022-01-012022-12-31fsa:ContributedCapitalMember2023-07-072023-07-07true2021-01-012021-12-31CopenhagenCopenhagen S2300Regnskabsklasse BtrueManglende konklusionGrundlag for manglende konklusionRevisionspåtegning2022-12-312022-01-013<br />64<br />60Amager StrandvejRadisson Services A/S25441893339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 442900 Hellerup 33771231The Board of Directors and the Executive Board have today considered and approved the annual report of Radisson Services A/S for the financial year 01.01.2022 - 31.12.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.CopenhagenLars Gordon NielsenChief Executive OfficerRafael Sueiro PomboSven Gösta Andreas FondellInigo Capell ArrietaEva-Maria Margaretha ErauwChairmanTo the shareholder of Radisson Services A/SWe do not express an opinion on the financial statements of Radisson Services A/S. Because of the significance of the matter described in the Basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. We were engaged to audit the Financial Statements of Radisson Services A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). The Financial Statements is prepared in accordance with the Danish Financial Statements Act. We have not been able to obtain sufficient appropriate audit evidence on the accounting records of the company’s Branch in Russia, which includes the following financial statement line items: Trade receivables, Prepayments, Other payables, Retained earnings, Revenue, Operating expenses, Staff costs, and Tax on profit/loss for the year. The needed evidence for certain transactions and balance sheet items related to the branch in Russia have not been possible to get confirmed due to reasons mentioned in the management review and consequently hindered us from receiving sufficient appropriate audit evidence. Therefore, we were unable to confirm or verify be alternative means these financial statement line items included in the financial statements as of 31 December 2022. As a result, we were unable to determine whether any adjustments would be required in respect of these financial statement line items, and the related elements making up the financial statements. Statement on Management’s Review As appears from the section "Basis for disclaimer of opinion", we have not been able to obtain sufficient and appropriate audit evidence that can form the basis for a conclusion on the financial statements. We therefore do not issue a statement on Management's Review. Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Danish Financial Statements Act, and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our responsibility is to conduct an audit of the Company’s financial statements in accordance with International Standards on Auditing and to issue an auditor’s report. However, because of the matter described in the Basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our ethical responsibilities in accordance with these requirements and the IESBA Code. Non-compliance with the Danish Bookkeeping Act In our opinion, the Company has not complied with the requirements of the Danish Bookkeeping Act in respect of the bookkeeping being planned and conducted in accordance with generally accepted accounting practice with due consideration of the nature and size of its business. Company Management may incur liability on the basis of the non-compliance with the Danish Bookkeeping Act. HellerupNikolaj Erik Johnsenmne35806State-Authorised Public AccountantPrimary activitiesThe Company's activities consist of hotel management and development as well as hotel business.Description of material changes in activities and financesProfit for the year amounts to EUR 1,110 thousand, which is considered satisfactory. It is the opinion of the management that all assets in the branch exist at the balance sheet date and have been recognized and measured under the criteria laid down in the accounting policy. However, it has not been possible to obtain external documentation for some of the assets in the branch due to the situation in Russia. Furthermore, some assets are not under management control. Cash in bank can currently not be transferred outside of Russia. Should the situation continue, or if the cash should get further restricted, this may impact negatively on the valuation of assets and thereby impact company equity accordingly.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.31210002947000171300023170005200043000135600058700035850005750000-500037110004050001230000752000120000560001110000696000111000069600011100008000080000160001180001600011800011400001140000138000118000153000250000510001280002000200041800038000062400076000012260005240001850000128400019880001402000670000670000637000-1540001307000516000670000-15400051600067000063700033000115000424000177000224000594000681000886000681000886000198800014020000-319000-3190001 Going concernThe Company has received a letter of support from Radisson Hospitality AB stating that they will provide necessary support to ensure that the Company will be able to meet its obligations. The support letter is valid for at least the next 12 months from the date of the approval of the 2022 financial statements.2 Events after the balance sheet dateNo events materially affecting the Company's financial position at December 31, 2022 have occured after the balance sheet date.3 Staff costs2022 EUR'0002021 EUR'000Wages and salaries1,1951,668Other social security costs234262Other staff costs2843871,7132,317Average number of full-time employees264626464 Contingent liabilitiesThe Company is jointly taxed with all Danish subsidiaries of the Radisson Group and other Danish companies controlled by Jin Jiang International Holdings Co., Ltd. The Company has unlimited joint and several liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties under the joint taxation scheme. The Company is jointly and severally liable with the jointly registered group enterprises for the total VAT liability.5 Related parties with controlling interestRelated parties with a controlling interest in Radisson Services A/S: ​​ 6 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Jin Jiang International Holdings Co., Ltd., Shanghai, China The consolidated financial statements are not published.Name and registered office of the Parent preparing consolidated financial statements for the smallest group: Radisson Hospitality AB, Stockholm, Sweden Group accounts are available at www.radissonhotelgroup.comThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Company has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.Gross profit or lossReferring to section 32 of the Danish Financial Statement Act. the income statement starts at gross profit or loss. Gross profit or loss comprises revenue and external expenses.RevenueRevenue comprises fees for the year.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Other external expensesOther external expenses include expenses for administration.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesAmortisation, depreciation and impairment losses relating to property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of property, plant and equipment.Other financial incomeOther financial income comprises payables and transactions in foreign currencies as well as tax relief under the Danish Tax Prepayment Scheme etc.Impairment losses on financial assetsImpairment losses on financial assets comprise impairment losses on financial assets which are not measured at fair value on a current basis.Other financial expensesOther financial expenses comprise interest expenses, payables and transactions in foreign currencies as well as tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. The Entity is jointly taxed with all Danish subsidiaries in the Radisson Group and other Danish companies controlled by Jin Jiang International Holdings Co., Ltd. The current Danish income tax is allocated among the jointly taxed companies proportionally to their taxable income (full allocation with a refund concerning tax losses).Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment5 yearsEstimated useful lives and residual values are reassessed annually. Property, plant and equipment are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2023-07-07Tina Øster Larsen