During 2022, Equinox recorded revenue of EUR 7,344k, normalized EBITDA of EUR 5,421k, and a net income of EUR 712k.
During 2022, revenue amounted to EUR 7,344k, while normalized EBITDA amounted to EUR 5,421k. normalized EBITDA does not take into account one-off business events related to commissions for renting hotel properties for long-term leases and realized losses from the sale of financial investments. The Group achieved an EBITDA margin of 73.4%, which represents improved margins compared to 2021. Finally, Equinox achieved a net income of EUR 712k.
The Company noted that during 2022 favourable economic activity was maintained by the post-pandemic economic opening, boosted by accumulated savings and favourable financing conditions. Further, Equinox emphasized that urban tourism recovers the fastest, especially in Ljubljana. The number of tourists in Ljubljana in 2022 jumped strongly. Last year, almost 5.9m tourists visited Slovenia. According to the number of overnights, 2022 was the third most successful tourist year for Slovenia after the record 2018 and 2019. Also, Equinox emphasized the prices of all types of property have increased in 2022. The prices of the Group’s property increased most significantly in Ljubljana.
However, introduced sanctions against Russia, supply chain problems, inflation, etc., make even short-term predictions in such circumstances very difficult. Consequently, the economic growth in the second half of 2022 started to calm down, with the most noticeable deceleration in the YoY growth in private consumption.
Since listing on LJSE, Equinox noted an attractive share price increase of more than 32% compared to the price on the first trading day on the back of solid results achieved.
Equinox share price development since listing
Source: Bloomberg, InterCapital Research