Creadore A/S

Last year it was decided to change the financial year for Créadore to follow the financial year of the affiliate Beirholms Væverier A/S, so this year is the first 12 month report covering the period October 1st 2022 to September 30th 2023. This means that the comparison numbers only covers the five months going from May 1st to April 30th 2022
The income statement shows a profit before tax of EUR 1,223 thousand against a five month profit before tax of EUR 776 thousand previous year. The balance sheet on 30 September 2023 shows equity of EUR 3,155 thousand.
General activity has been good at a level close to pre-Covid-19 level, and in line with expectations. The supply chain challenges from oversea transport have diminished during the year and we consider sailing times and freight rates to be restored to near-normal level.
During the year we engaged additional resources to comply with the increased activity, adding a bit to the costs – however keeping the costs within expected level.
We still consider the financial situation and cash level of the company to be strong.
For the fiscal year 2023/24, we anticipate a full recovery of the markets to the pre-Covid-19 activity levels. However, we do acknowledge potential challenges, and our main concern is how the rising interest rates seen in 2022/23 might affect things. Potentially it could cause a slowdown in the overall macro economy, impacting the demand for hotel accommodations – which is crucial for our business. Additionally, continued high-interest rates could possibly discourage the development of new hotels.
We still consider the hotel industry, especially Marriott and Hilton Brands, but also recent agreements with Radisson Hotel Group, to be within our prime target group. We expect continued increasing activity.