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's activity report 2022

The main activity of AS Toila Sanatorium is rehabilitation, accommodation, spa treatments, beauty services, catering. Also, the organization of trainings and seminars. From May to September (seasonally), we also offer accommodation in summer cottages located near the hotel, which can accommodate a total of 55 people. There is also a caravan parking lot on the same territory, where motorhomes stopped during the reporting period from May to September.

The hotel has 280 accommodation places, a shop, a lobby bar, a beauty salon, a gym, a treatment floor, two water and sauna centers: Toila Termid and Wellness Center

Orchid and two restaurants: Mio Mare and Mare Margarita. There are no branches abroad.

The peak season for business is summer and during holidays and school breaks.

The company is an important employer in Toila municipality. The sanatorium's activities also have a positive impact on the health of the residents of Toila municipality and the general living environment (opportunities for healthy leisure time).

In 2013, a mini golf course was built on the hotel grounds. New sports fields were also built on the old base.

In 2015, building extensions were completed, which housed a gym and a gymnastics hall.

In 2016, a clay room and a Wellness Center extension were built.

In 2017, the renovation of hotel rooms began, which continues to this day.

There were no significant research and development projects and related expenditures in the reporting year and they are not planned for the next year. In 2022/2023, 534 thousand euros were invested in fixed assets.

An expansion of the solar panel park on the building's roof is planned for next year. The first solar panels were installed on the pool roof in 2014 and on the facade in 2015.

The sales revenue of AS Toila Sanatorium for the 2022/2023 financial year was 6,836.8 thousand euros, with a net profit of 467.5 thousand euros. The average number of employees, adjusted for full-time work per year, was 139 people, labor costs were 2,956.5 thousand euros.

As of 31.03.2023, AS Toila Sanatorium has loan obligations for investments from AS Swedbank in the amount of 1,310.2 thousand euros.

Key financial figures 2022/2023 2021/2022

Net profitability (net profit/sales revenue*100) 6.8% 2.0%

Short-term obligation coverage ratio (current assets/short-term 1.11 0.79 obligations)

ROA (profit before taxes/assets*100) 6.8% 1.3%

ROE (profit before taxes/equity*100) 9.3% 1.8%

The Russia-Ukraine war crisis has greatly affected the share of Russian tourists, as European Union sanctions have imposed strict restrictions

on the movement of Russian tourists. From March 2022, we accommodated Ukrainian war refugees according to a contract concluded with the Social Insurance Board. From February 2023, Ukrainian war refugees left the hotel, as the state found cheaper solutions for their accommodation.

Due to the war crisis, the price of gas rose significantly, so we found an alternative way to use shale oil to ensure heat supply.

We continuously monitor economic development and regularly analyze risks. As of 01.01.2024, the government's decision will increase the 20% VAT rate to 22%, which will increase the prices of all services and goods in the Republic of Estonia, and as of 01.01.2025, the 9% VAT rate for accommodation will increase to 13%.

Most likely, the future increase in tax rates will affect the choices of Estonian people.

The interest rate on the company's long-term loans is linked to EURIBOR, so an increase or decrease in interest rates may affect the company's interest expenses.

As a result of considering the current situation, we assess that our economic activity will continue and we can ensure sustainability in the long term.