xbrli:pureiso4217:EUR254418932021-01-012021-12-31254418932021-01-012021-12-311254418932021-01-012021-12-311254418932021-01-012021-12-311254418932021-01-012021-12-312254418932021-01-012021-12-313254418932021-01-012021-12-314254418932021-01-012021-12-31254418932020-01-012020-12-31254418932021-01-012021-12-31fsa:RetainedEarningsMember254418932020-01-012020-12-31fsa:RetainedEarningsMember254418932021-01-012021-12-31fsa:RetainedEarningsMember254418932021-12-31254418932020-12-31254418932021-01-01fsa:ContributedCapitalMember254418932021-01-01fsa:RetainedEarningsMember254418932021-01-01254418932021-12-31fsa:ContributedCapitalMember254418932021-12-31fsa:RetainedEarningsMember254418932021-01-012021-12-31fsa:ContributedCapitalMemberGrundlag for konklusionKonklusion2022-07-072022-07-07true2020-01-012020-12-31CopenhagenCopenhagen S2300Regnskabsklasse BtrueRevisionspåtegning2021-12-312021-01-013<br />64<br />60Amager StrandvejRadisson Russia 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 Russia A/S for the financial year 01.01.2021 - 31.12.2021.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 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.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 OfficerSergio AmodeoSven Gösta Andreas FondellInigo Capell ArrietaEva-Maria Margaretha ErauwChairmanTo the shareholder of Radisson Russia A/SIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021, and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Radisson Russia A/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of 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 in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: <br />Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. <br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.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. 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 696 thousand, which is considered satisfactory. 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.29470001399000231700018500004300068000587000-519000575000198000-5000040500086000752000-4070005600018000696000-425000696000-4250006960001180001240001180001240001180001240002500009600012800060000070002000100038000011200076000027600052400050200012840007780001402000902000670000670000-154000-62800051600042000670000-62800042000670000-15400011500023800017700014500059400047700088600086000088600086000014020009020000-222000-2220001 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 2021 financial statements.2 Events after the balance sheet dateNo events materially affecting the Company's financial position at December 31, 2021 have occured after the balance sheet date.3 Staff costs2021 EUR'0002020 EUR'000Wages and salaries1,6681,252Other social security costs262174Other staff costs3874242,3171,850Average number of full-time employees462146214 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 Russia 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 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).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: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 cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2022-07-07Tina Øster Larsen