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's activity report 2022

The activities of OÜ Tervise Paradiis include offering spa and relaxation packages, providing rehabilitation and rehabilitation services, organizing water attractions, accommodating and catering for visitors, retail trade, and organizing conference services.

In the first weeks of 2022, there was hope 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 OÜ Tervise Paradiis, 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 was precisely this 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, which was just beginning to emerge from the depression of the coronavirus, fell back into a slump.

A few months after recovering from the first shock, tourism consumption began to grow again, but the next very big impact was the arrival of a 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 the countries' energy portfolios, received import bans from the European Union at a faster or slightly slower pace.

In the summer months, there was almost panic when looking at the upcoming winter. It was not clear 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 high speed to ensure energy supply in the new situation. The conclusion of new energy carrier supply contracts squeezed into a narrow time frame drove prices to unprecedented heights at certain moments. In August 2022, there was a period when the price of a MWh of electricity on the electricity exchange was 4000 euros.

For OÜ Tervise Paradiis, the next act of the energy crisis arrived in March, when the company's current electricity supplier announced a unilateral change to the fixed price contract (which was supposed to be 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 this was a unilateral contract change by the seller, for which OÜ Tervise Paradiis 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 arrived 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 OÜ Tervise Paradiis, essentially doubled compared to the previous one.

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

The impact of various energy prices did not reach the company only through the direct increase in energy carrier prices. Since energy prices affect all participants in economic life, the prices of purchased goods and services also began 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.

Since sometimes there is no bad without good, the company achieved a truly extraordinary positive result by trying to push the 2023 electricity price into some predictable frames. It was clear that from January 1, 2023, the electricity consumed by the company will be priced on the basis of the exchange price, and the average exchange price in the second half of 2022 had been at levels that would most likely not have allowed profitable economic activity to be carried out in any way during 2023.

To achieve some kind of price framework, the company bought an extraordinary transaction from Fortum OY in early November, the system price of the Nordpool electricity exchange 2023 futures base load at 0.8 mWh at a price level of 128.5 euros/mWh. By the will of fate, the purchase was followed by a rise in futures

on the NASDAQ exchange within one month to price levels over 200 euros mWh. The company decided not to leave the (partial) price guarantee resulting from the futures purchase in effect for 2023, but sold the entire transaction back to Fortum OY at a price level of 215 euros/mWh.

Through the aforementioned futures purchase-sale, a one-time and extraordinary financial income was generated. However, this income will be received by the company in cash during 2023 (in monthly installments).

Despite the war and energy issues that have taken over society, it was still possible to deal with the main activity during 2022 and, in the big picture, quite successfully, despite the completely extraordinary background.

By the summer months, the first major wave of shock had partially subsided in the minds of clients, and the important summer months for the company went almost as usual. Customers came to consume the company's services mainly from home, Latvia, and Finland. It is worth noting that the number of domestic customers decreased somewhat (after the records of the coronavirus crisis), the number of Latvian customers grew nicely, and finally, the Finnish market, which had collapsed as a result of the coronavirus crisis, began to recover somewhat.