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's activity report 2022

Hurtigruten Estonia OÜ's main activity in 2022 was providing customer service to Hurtigruten Group AS subsidiaries. This included activities related to travel bookings for Hurtigruten Group and its subsidiaries' customers, coordination, communication with customers, preparation and dispatch of travel documents, technical support of the booking system, and other group internal support services.

In 2022, the tourism sector continued to recover from the downturn following the Covid-19 pandemic. The recovery of international travel and the expansion of the product portfolio led to an increase in the number of new sales to pre-Covid-19 levels.

The war initiated by Russia against Ukraine in February 2022 did not directly affect the company's operations. Rather, the company was affected by general inflation and the rise in energy prices, which is reflected in the expectations of the employee motivation package and the company's financial results.

The company provides services only to Hurtigruten Group AS companies, through which both liquidity and credit risk hedging are ensured.

The company was not affected by changes in exchange rates, interest rates, and stock prices in 2022.

The total salary of employees was 8,614,189 euros (6,611,097 euros in 2021) and the average number of employees was 257 (203 in 2021).

The business cycle is monthly. The company's operations do not have environmental and social impacts. The company follows the parent company's strategy and takes consistent steps towards environmentally friendly consumption.

In the following 2023 fiscal year, it is planned to continue in the same areas of activity. With society's adaptation to the coronavirus (Covid-19), business activity in the tourism sector has revived. In addition, the group will continue in 2023 to transition the fleet from fossil fuels to hybrid drives, which ensures the smallest possible footprint from the company's business activities on the environment.

Financial ratios:

Net profitability (%) 1.8% (2022) 1.6% (2021)

Short-term obligations coverage ratio (times) 2.72 (2022) 2.78 (2021)

ROA (%) 5.9% (2022) 3.7% (2021)

ROE (%) 9.3% (2022) 5.7% (2021)

Formulas used for calculating ratios:

Net profitability (%) = net profit / sales revenue x 100

Short-term obligations coverage ratio (times) = current assets / short-term obligations

ROA (%) = net profit / total assets x 100

ROE (%) = net profit / total equity x 100