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CWT ESTONIA AS's activity report 2022

Travel agency CWT Estonia was established in 1991 and is one of the leading travel agencies in Estonia. The company is part of the international group CWT. CWT is a world leader in organizing business trips, conferences, and events. CWT serves companies, government agencies, non-governmental organizations, and individuals in more than 145 countries around the world, including Estonia.

CWT Estonia AS has the accreditation of the International Air Transport Association IATA and is focused on providing quality travel services to both corporate and private clients, both individuals and groups. Travel services are sold to Estonian clients as well as to local and global companies outside Estonia.

In 2022, the largest part of the total travel sales was made up of international flight tickets (71%), followed by international and domestic accommodation services (20%). The largest share of the customer base was the business client segment (89%). Contractual clients make up 81% of the total business client volume.

Corporate clients are offered separate and specially configured booking environments. CWT

Estonia clients have access to the mobile travel app MyCWT. The app provides real-time information about flight times and changes, helps to find a hotel with a map application, includes transfer information and weather forecasts, etc.

The traveler can book hotels through the application. The transfer of travel services booked through CWT to the application and the update of information is automatic. The traveler can also add their own private travel information.

Private clients are offered individual travel services (flight, accommodation, car rental, etc.), intermediating trips from various tour operators and cruise companies. Cruise information is shared on Estonia's first cruise-specialized website www.kruiisikeskus.ee.

CWT Estonia considers the continuous training of its employees important, employees actively participate in various professional training to ensure a high level of quality.

The travel agencies of CWT Estonia AS in both Tallinn and Tartu have also been awarded the European Green Office (EGO

European Green Office) certificate. CWT Estonia is the first travel agency in Estonia to receive the certificate.

The certificate confirms that CWT Estonia is an environmentally friendly company, whose offices consciously follow environmentally friendly principles.

In 2022, CWT Estonia belonged to the following organizations: International Air Transport

Association (IATA), Estonian Association of Tourism Companies, Finnish-Estonian Chamber of Commerce, Estonian

Chamber of Commerce and Industry and Estonian Taxpayers Association.

MAIN FINANCIAL RATIOS 01.01.2022-31.12.2022 01.01.2021-31.12.2021

Gross profit 1 541 037 880 050

Net profitability (Net profit / sales revenue x 100) 0.41% -2.2%

Net return on assets (net profit / total assets * 100) 4.60% -18.60%

Return on equity (%) (net profit / equity x 100) 52.29% -1980%