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's activity report 2022

LaSpa Group OÜ (hereinafter referred to as the „company“) was established on 13.11.2020. The main activity of the company is the operation of LaSpa Laulasmaa hotel, including the provision of accommodation, restaurant, conference and beauty services to various customer groups from both Estonia and abroad.

In the 2022 financial year, the company's sales revenue was 5.71 million euros (2021: 3.28 million euros). Goods, raw materials, and services accounted for 2.28 million euros (2021: 1.4 million euros) of the expenses for the reporting year, and labor costs 2.15 million euros (2021; 1.53 million euros).

The financial year ended with a loss of 506 787 euros (2021: loss 198 316 euros).

The second year of operation has continued to be difficult for the company, as the Russian-Ukrainian war directly affects the company's main activity and the international diversity of hotel visitors.

The company's main customers by nationality in 2022 were Estonians (share 83.5% of all visitors), Finns (6%) and Latvians (2.8%). In cooperation with EAS, the company hopes to find new visitors in the coming years, especially from Sweden and Germany.

The company's financial results have been significantly affected by the increase in utility costs, the price of electricity has more than doubled compared to 2021. Also, the prices of purchased services have increased and the pressure for wage increases has intensified.

Renovations. The renovation of the LaSpa hotel Rannamaja rooms planned for the spring of 2022 (38 modern hotel rooms furnished with Nordic design products) was only completed in the autumn due to the delay in construction work, and no income was received from these rooms during the summer holiday peak season.

In the main building of the LaSpa hotel, the furnishings of 40 rooms have been updated and the beds have been replaced, which should increase customer satisfaction and the number of repeat visits in the coming years.

The main goal of the company's activities in the 2023 financial year is to increase the awareness of the LaSpa brand among both private and corporate clients.

Main attention is directed to the conference client, whose presence helps to fill hotel rooms during the week. We hope that the share of foreign tourists will also increase in the summer of 2023, currently the main foreign clients are visitors from Finland and Latvia.

The product range of the restaurant Wicca recommended by Michelin Guide Estonia 2022 will be updated with the chef's room, where larger taste experiences will be offered to customers.

As of 31.12.2022, the company's net assets were -702 603 euros (2021: -195 816 euros). Equity is planned to be brought into compliance with the requirements of the Commercial Code from the additional contributions made by the owners in 2021. As of the balance sheet date, these contributions are reflected in the line of other long-term liabilities.

As of 31.12.2022, the company's short-term liabilities exceeded current assets by 298 438 euros (2021: current assets exceeded short-term liabilities by 165 770 euros). In the first two months of 2023, the company has paid all tax debts and liabilities to suppliers that were on the balance sheet as of 31.12.2022. If the company achieves the planned sales volumes for 2023, the company's management does not expect problems with the payment of short-term liabilities. The company's owner is also ready to support the company in paying short-term liabilities if necessary.

The company's board is composed of three members. No remuneration or board member fees were paid to the board members in 2022.

Main financial ratios of LaSpa Group OÜ:

Indicators 2022 2021

Net profitability -9% -6%

Coverage ratio of short-term liabilities 0.70 1.25

Debt ratio 1.74 1.17

ROA -53% -17%

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

Coverage ratio of short-term liabilities (times) = current assets / short-term liabilities

Debt ratio = total liabilities / total assets

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