ESTRAVEL ANNUAL REPORT 2016

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1 ESTRAVEL ANNUAL REPORT 2016

2 CONTENT ADDRESS BY MEMBERS OF THE MANAGEMENT BOARD 3 MANAGEMENT REPORT FINANCIAL HIGHLIGHTS OF ESTRAVEL AS 5 SUMMARISED SALES OF ESTRAVEL GROUP 6 SALES BREAKDOWN BY PRODUCT 7 PACKAGE TOUR SALES BY OPERATOR 7 FERRY TICKET SALES BY CARRIER 7 SALES BY GEOGRAPHICAL AREAS 8 SALES BREAKDOWN BY CUSTOMER GROUP 9 FINANCIAL STATEMENT BALANCE SHEET 10 INCOME STATEMENT 12 STATEMENT OF CASH FLOWS 13 RECEIVABLES AND PREPAYMENTS 15 PREPAID TAXES AND TAXES PAYABLE 16 OTHER RECEIVABLES 16 INVESTMENTS IN SUBSIDIARIES 17 PAYABLES AND ADVANCES RECEIVED 18 2

DEAR READER, The Estonian economy, like the European economy generally, grew at a modest pace in 2016, and this measured growth was reflected in the sales figures of Estonia s travel agencies.

3 DEAR READER, The Estonian economy, like the European economy generally, grew at a modest pace in 2016, and this measured growth was reflected in the sales figures of Estonia s travel agencies. More than 170,000 people went on trips last year with the help of Estravel. Every day, on average, we waved off 487 people, who in total visited 169 countries throughout the year brought with it a number of changes for Estravel, the biggest of which was entering new markets via our subsidiaries. A share transaction in March saw us expand onto the Australian market, gaining a 100% holding in the Sydney-based international flight and travel agency Aero Travel Pty Ltd. In August the Estravel Group bought the Estonian company Estintour OÜ, which specialises in trips to Russia, Belarus and Ukraine. Guaranteeing a high-quality travel service for our existing clients and our new target groups was our main goal for 2016, and we can consider it achieved Estravel clients gave our services an NPS score of 78.14%, which means that eight in every ten travellers would recommend our services to their friends. The biggest trend in the tourism sector in 2016 was the growth in popularity of cruise travel. In line with this trend, the number of Estonian cruise passengers doubled during the year, and because of greater interest among clients, Estravel launched the CruiseCentre cruise agency, which covers more than 100 international cruise companies. During the year, Estravel was the only Estonian tourism company to be issued by the Financial Supervision Authority with a permit to operate as a creditor. This will enable us to continue offering our clients the option of paying in instalments with a low interest rate. We have also become the first Estonian tourism company to launch a Best Hotel Price Guarantee, which constitutes a promise to Estravel clients that they will get the best hotel prices available or their money back. Surveys conducted in Estonia and internationally in 2016 show that the services of trustworthy travel agencies are highly valued by both private and business clients and that travel consultants offering personalised service and professional recommendations are favoured over online options in the case of more involved travel plans. 3

revenue of Aero Travel Pty Ltd and Estintour OÜ). AS Estravel s sales revenue was 63 million euros. Pre-tax profit grew by 30% during the year, reaching 1,565,827 euros.

4 2016 can also be considered a successful year on the basis of our economic indicators. The Estravel Group remains the biggest flight, hotel and travel agency in Estonia and the Baltic States, with total sales revenue for the year of more than 74 million euros (does not include sales revenue of Aero Travel Pty Ltd and Estintour OÜ). AS Estravel s sales revenue was 63 million euros. Pre-tax profit grew by 30% during the year, reaching 1,565,827 euros. Estravel s biggest product group is airline tickets, which account for 55% of all sales. This is followed by hotel accommodation, with sales of package trips and cruises in third place. The most popular destinations among Estravel s clients in 2016 were European countries, with neighbouring Finland receiving the most visitors. Sales of domestic tourism products and services were in second place, followed by trips to Asia and North America. Anne Samlik By client group, the most marked growth in sales was among businesses (41% of all sales). Sales to private clients were only slightly lower (39%), with remaining sales to the state and public sector (16%) and resellers (4%). The Estravel Group companies in Estonia, Latvia, Lithuania and Australia employed 190 people in Estravel is 100% Estonian-owned. Regards, Estravel AS management Aivo Takis 4

5 FINANCIAL HIGHLIGHTS OF ESTRAVEL AS (in millions of euros) 2016 revenue pretax profit profit margin (from net revenues) share capital shareholders` equity return on assets return on equity solvency % % % 2015 revenue pretax profit profit margin (from net revenues) share capital shareholders` equity return on assets return on equity solvency % % 42.1%

SUMMARISED SALES OF ESTRAVEL GROUP AS Estravel group companies Sales (euro) Internal sales (euro) Companies total sales (euro) Estravel AS (Estonia) 57 772 394 139 841 57 632 553 Estravel AS

6 SUMMARISED SALES OF ESTRAVEL GROUP AS Estravel group companies Sales (euro) Internal sales (euro) Companies total sales (euro) Estravel AS (Estonia) Estravel AS (Estravel Latvia, branch office) Estravel Vilnius Estintour OÜ Aero Travel Pty Ltd Total

7 Lennuk SALES BREAKDOWN BY PRODUCT Airline tickets Hotel accomodation Package tours & cruises Ferry tickets Other services Insurance Bus & and car rental Rail tickets Visas 6.5% 5.6% 1.1% 1.4% 0.5% 0.3% 16.2% 12.9% 55.5% PACKAGE TOUR SALES BY OPERATOR Novatours Tez Tour Aurinko Aurinkomatkat Finnmatkat TUI Reisecenter Germalo Reisid Others 5.1% 3.3% 1.0% 2.5% 11.5% 18.0% 24.2% 34.4% FERRY TICKET SALES BY CARRIER Tallink Eckerö Line Lindaliini Viking Line Others 4.4% 12.1% 9.1% 37.9% 36.5% 7

SALES BY GEOGRAPHICAL AREAS Destination country in sales order Share % Europe (excl Estonia, Latvia, Finland, Russia, Lithuania) 47.5 Estonia 15.0 Asia 10.

8 SALES BY GEOGRAPHICAL AREAS Destination country in sales order Share % Europe (excl Estonia, Latvia, Finland, Russia, Lithuania) 47.5 Estonia 15.0 Asia 10.8 North-America 8.5 South-America and Caribbean 2.9 Finland 6.0 Latvia 2.4 Russia 2.0 Africa 1.9 Lithuania 1.7 Australia, New-Zealand, Pacific islands 1.3 8

SALES BREAKDOWN BY CUSTOMER GROUP 16% 2016 41% 39% 19% 36% 2015 41% Business

9 SALES BREAKDOWN BY CUSTOMER GROUP 16% % 39% 19% 36% % Business Private persons Government & non-profit Resellers abroad Resellers in Estonia 9

10 BALANCE SHEET (in euros) Assets Current assets Cash Financial assets Receivables and prepayments Inventories Total current assets Non-current assets Investments in daughter companies Financial assets Receivables and prepayments 0 93 Property, plant and equipment Intangible assets Total non-current assets Total assets

11 Liabilities and equity Liabilities Short-term liabilities Loans Payables and customer prepayments Total current liabilities Long-term liabilities Loans Total long-term liabilities Total liabilities Equity Share capital at par value Share premium Statutory capital reserve Retained earnings (prior periods) Profit for the period Total equity Total liabilities and equity

INCOME STATEMENT (in euros) 2016 2015 Revenue 62 987 785 64 343 466 Other income 28 845 27 759 Raw materials and services used -55 989 484-57 880 102 Other operating expenses -1 480 063-1 535 383

12 INCOME STATEMENT (in euros) Revenue Other income Raw materials and services used Other operating expenses Personnel expenses Depreciation, amortisation and impairment losses Other expenses Operating profit Financial income and expenses Profit before tax Income tax expense Profit for the year

13 STATEMENT OF CASH FLOWS (in euros) Cash flows from operating activities Operating profit Adjustments for Depreciation, amortisation and impairment losses Gain/ loss on sale of property, plant and equipment Other adjustments Total adjustments Change in receivables and prepayments Change in inventories Change in payables and advances received Interest paid Corporate income tax paid Net cash used in operating activities Cash flows from investing activities Acquisition of property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Acquisition of daughter companies Acquisition of other financial assets Loans granted Repayment of loans granted Interest received Other cash outflows from investing activities Other proceeds from investing activities Net cash from investing activities

Cash flows from financing activities 2016 2015 Loans received 35 000 0 Repayments of loans received -387 147 0 Dividends paid -8 010-630 000 Net cash used in financing activities -360 157-630 000 Net

14 Cash flows from financing activities Loans received Repayments of loans received Dividends paid Net cash used in financing activities Net cash flow Cash and cash equivalents at beginning of period Change in cash and cash equivalents Effect of exchange rate fluctuations on cash held Cash and cash equivalents at end of period

15 RECEIVABLES AND PREPAYMENTS (in euros) Trade receivables Prepaid and refundable taxes Other receivables Prepayments Total receivables and prepayments

16 PREPAID TAXES AND TAXES PAYABLE (in euros) Payable Prepayment Payable Prepayment Value added tax Personal income tax Corporate income tax Social tax Mandatory funded pension contributions Unemployment insurance contributions Total OTHER RECEIVABLES (in euros) Loan receivables Interest receivable Accrued items Other receivables Total other receivables

INVESTMENTS IN SUBSIDIARIES GENERAL INFORMATION (in euros) Name of subsidiary Domicile Core activity Shareholding (%) 31.12.

17 INVESTMENTS IN SUBSIDIARIES GENERAL INFORMATION (in euros) Name of subsidiary Domicile Core activity Shareholding (%) Shareholding (%) Estravel Vilnius UAB Lithuania travel services Aero Travel Pty Ltd Australia travel services Estintour OÜ Estonia travel services INVESTMENTS IN SUBSIDIARIES DETAILED INFORMATION (in euros) Name of subsidiary Purchase price of the acquired shares Profit/ loss under the equity method Estravel Vilnius UAB Aero Travel Pty Ltd Estintour OÜ

18 PAYABLES AND ADVANCES RECEIVED (in euros) Trade payables Payables to employees Taxes payable Other payables Advances received Total payables and advances received

ANNUAL REPORT 2008 ESTRAVEL I ANNUAL REPORT

ANNUAL REPORT 2008 ESTRAVEL I ANNUAL REPORT 2008 1 Contents ADDRESS BY THE MANAGING DIREKTOR 3 Financial highlights of estravel as 6 Summarised sales of estravel group Top destination countries of estravel