From the CFO:
A year filled with work and
valuable insights

2022 was a year in which Pandox went from working in a hotel market para-lysed by restrictions at the start of the year to ending the year operating in a market on par with the peak year of 2019. To outward appearances we have been sailing with the wind behind us, but inwardly we have been working methodically and purposefully with both headwinds and tailwinds.

10 March 2023

To be CFO at a time of change is demanding – whether the changes are taking place in the market and transition is necessary, or whether the changes are taking place on the inside and are more of a choice. Whatever the reason, you face choices as to which route to take, what to invest in and what not to invest in.

Efficiency makes room for more value creation
To me it is clear that a modern finance department must have a strategic focus in order to know where the company is headed and to prepare for the new and sometimes unknown. This focus must also include working on a daily basis to streamline everything, whether large or small. Introducing processes and spending less time on traditional accounting services or manual processing frees up capacity for real value creation. It gives employees and colleagues room to create valuable insights together; insights that lead to action and drive the com-pany forward. Efficiency makes room for the freedom to think and develop, rather than just getting done what has to be done.

A challenging year filled with valuable insights
For us at Pandox, 2022 has been full of activity with several acquisitions and selective divestments in various geographies. We have worked with our existing banks to refinance parts of the loan portfolio and have also brought in two new lenders, so that overall we now have relationships with 13 banks. During the year we invested MSEK 862 in our property portfolio: investing in cash flow-driving expansion, green initiatives for climate-smart properties and regular maintenance to retain value. Everything has to be accounted for and financed correctly, with the right documentation provided at the right time. It must all be reflected in our accounts; we are very particular about ensuing that our balance sheet is always valued correctly and that our cash flow is optimal.

Having the energy to stop, reflect and make improvements for tomorrow at the same time has been both challenging and difficult over the past year – but it is also what has made the days so dynamic and enjoyable for me and my colleagues. I am looking forward to continuing on our voyage – whether sailing into the wind or with the wind behind us!

Stockholm, March 2023
Anneli Lindblom