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's activity report 2022

The activities of AS Sanatorium Health include sanatorium rehabilitation and resort treatment, offering spa relaxation packages, providing rehabilitation services, accommodating visitors, catering and travel organization, leisure and cultural services, retail trade and organizing seminars and conferences. In 2022, AS Sanatorium Health operated as a group, the company owns 100% of OÜ Health Paradise.

In the first weeks of 2022, it was hoped that the severe crisis caused by the coronavirus, which had shaken the Estonian and world economy for two years, could begin to ease in the year in question and (tourism) entrepreneurs, including AS Sanatorium Health, looked to the near future with hope. However, on February 24, a war broke out not far from Estonia when the aggressor neighbor Russia attacked the state of Ukraine.

It is precisely the war, the outbreak of which very few could imagine, and the various effects of this war that have undoubtedly most shaped and changed the surrounding economic environment for the company during 2022.

Firstly, during the first months of the war, there was an extremely unclear situation in the tourism market, where both companies and customers were seeking understanding, perception and courage to act. It was clearly felt that this particularly affected tourism consumption decisions on the north coast of the Gulf of Finland. The desire to travel again, just emerging from the coronavirus depression, fell back into a slump.

A few months after recovering from the first shock, tourism consumption did start to grow again, but the next very big impact was the new act of rising energy prices. Russia's various relatively cheap energy carriers, which European countries had hitherto imported without deeper analysis and which had been allowed to achieve a significant market share in countries' energy portfolios, received import bans from the European Union more quickly or a little more slowly.

In the summer months, there was almost panic when looking at the upcoming winter. It was unclear whether the economies of our region would be able to find alternatives to Russia's fallen energy carriers for the upcoming cold period. European countries, including Estonia, began to build new energy infrastructure objects at a very high speed to ensure energy supply in the new situation. The conclusion of new energy carrier supply contracts squeezed into one narrow time frame drove prices to unprecedented heights at certain moments. In August 2022, there was a period when the price of electricity per MWh on the electricity exchange was 4000 euros.

The next act of the energy crisis for AS Sanatorium Health arrived in March, when the company's previous electricity supplier announced a unilateral change to the fixed price contract (which should have been valid until the end of the year). This unilateral contract change meant a multiple increase in the price of electricity for the company in the following calendar months.

Since it was a unilateral contract change by the seller, for which AS Sanatorium Health believes there is no contractual basis or right, the company filed a lawsuit in court to protect its interests. However, a preliminary court decision can only be expected during 2023.

The next major negative energy impact came in November-December when the heat energy supplier in the Pärnu region coordinated

a new limit price with the Competition Authority and as a result, the price of heat energy for customers, including AS Sanatorium Health, essentially doubled compared to the previous one.

However, the main impact of the increase in the price of heat and electricity will reach the company's financial results in 2023.

The impact of different energy prices did not reach the company only through the direct increase in the price of energy carriers. Since the energy price affects all participants in economic life, the prices of purchased goods and services also started to rise at a rapid pace. The biggest impact was the very rapid rise in the price of purchased foodstuffs, but essentially all services and goods purchased by the company became more expensive.

It is difficult and hard to articulate, but the war also had a positive impact on AS Sanatorium Health in 2022. Namely, the company already participated in the (rapid) public procurement announced by the Social Insurance Board at the end of February for the accommodation of Ukrainian war refugees.

The Social Insurance Board did conclude a contract with, among others, the joint-stock company Sanatorium Health and in reality it turned out that the company was the largest accommodator of war refugees in Pärnu County during the year. A total of 1020 war refugees stayed at the company for 28,850 bed nights and

the turnover earned on the basis of the contract concluded with the Social Insurance Board was 1,481,871 euros.

However, it is very important to note that the extraordinary effort made during the coronavirus crisis to reduce operating costs continued to bear fruit and a lower cost base is one of the most important factors thanks to which it was possible to end the economic activity of 2022 with good characteristic figures.

In 2022, the Sanatorium Health Group earned operating income of 13,019,776 euros and a net profit of 2,132,902 euros. The average number of employees in the group was 259 and their wage cost together with social tax was 4,752,888 euros.