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's activity report 2022

Diamond Sky OÜ was engaged in organizing charter and private flights in 2022, and in operating and servicing public line transport on the Kuressaare-Ruhnu-Pärnu air route.

General Situation, Development and Impact of the Field of Activity

The private aviation sector has seen robust growth in recent years, mainly due to the increasing demand of wealthier clients for more personalized and luxurious travel options. The impact of the COVID-19 pandemic has given private aviation an even greater boost, as people are looking for alternatives to crowded commercial flights.

Diamond Sky OÜ has positioned itself as a premium-class private flight service provider, offering ultimate comfort, flexibility, and privacy.

We have increased our market share by developing a unique customer service model and focusing on flight safety. Over the past fiscal year, Diamond Sky OÜ's turnover has grown by approximately 12%, which confirms the correctness of our strategy and highlights the positive development of the sector.

Seasonality or Cyclical Nature of Business Activity

Our business is seasonally cyclical, with higher demand for private flight services usually occurring in the summer and during winter holidays. The number of clients is higher in the summer due to more vacations and summer events. During the winter holidays, demand is high as many clients want to relax with their family or go on vacation. For the rest of the fiscal year, demand is stable but moderate.

Significant Environmental and Social Impacts Related to the Activity

Diamond Sky OÜ is aware of the impact of its activities on the environment. By modernizing our aircraft fleet, we have been able to reduce carbon emissions per flight. In addition, we have invested in sustainable aircraft fuel alternatives and our goal is to achieve carbon neutrality in the next decade.

Our operations have created several high-qualification jobs and we are committed to training and developing our employees.

We continue activities that support our growth, improve the quality of services, and reduce the impact of our operations on the environment. We thank our clients, employees, and partners who have supported the vision and mission of Diamond Sky OÜ.

Main financial ratios:

Year 2022 2021

Debt ratio 0.78 0.68

Capitalization level 0.41 0.43

Working capital (euros) -273 860 112 718

Short-term debt coverage ratio 0.79 1.19

Liquidity ratio 0.38 0.35

Formulas used in calculating ratios:

Debt ratio= liabilities/total assets

Capitalization ratio= long-term liabilities/(long-term liabilities+equity)

Working capital= current assets-short-term liabilities

Short-term debt coverage ratio= current assets/short-term liabilities

Liquidity ratio = cash+securities/short-term liabilities

Diamond Sky OÜ's operations are largely independent of market interest rates, as the company does not own significant interest-earning assets. Therefore, the company's revenues and cash flows from operations are largely isolated from market interest rate fluctuations.

However, Diamond Sky OÜ cannot completely avoid interest rate risk.

The company's risk arises from short-term and long-term debt obligations taken at a variable interest rate. This interest rate is closely related to changes in Euribor (Euro Interbank Offered Rate). Due to such variable rate financial obligations, the company is exposed to cash flow interest rate risk, which means that possible changes in Euribor may affect the company's cash flow.

In the opinion of Diamond Sky OÜ's management, the fair value of long-term loans and debt obligations is not significantly different from their book value. The reason is that the interest rates of these debt obligations are in line with market rates. This