Page 111 - Economic report 2020

2022 was the year of recovery for the spa, Caldea. All business indicators rose above the pre-
pandemic figures and Caldea regained an important cash flow and positive net result. The main
factor contributing to Caldea’s turnover is
frequentation, which recovered its usual level Caldea again saw a positive net result,
with about 400,000 customers over the year. after two very difficult years.
As for the average ticket price, this increased
nearly 3% since the previous period to reach
€34.36. Total revenue exceeded €19 million, 63% higher than in 2021. For the next few years,
the company is focussing on speeding up digitalisation projects, offering unique experiences, staff
retention, redefining the brand strategy, and building a hotel in the tower, which will be designed
to offer long-term retreats.

The Ice Palace also showed a recovery in volumes of turnover in 2022, with much better figures
than in the previous two years. Operating income increased 53% against 2021, to reach turnover
of €1,148,935. The ice rink is the activity that generated most income (€370,066, 43% more
than in 2021). However, operating expenditure increased 20% to reach €1,772,204, due to the
increase in costs from inflation, rising energy costs and the assumption of management by Ensisa.
As a result, 2022 ended with a deficit of €623,850, 14% lower than that of 2021. On the positive
side, note that self-financing rose to 65% (of every €100 spent by the Ice Palace, 65 could be paid
from the generated revenue), when this percentage was only 44% in 2019. To attract new visitors
and make the installation viable, the Ice Palace is working on a proposal to convert the swimming
pool into an aquatic park, and also to build padel tennis courts, an indoor climbing wall and an
outdoor climbable tree. €820,000 will be destined for this investment.

Naturland sees record revenue in Naturland, the ecological theme park at Camp 109
the summer and winter seasons. de la Rabassa, obtained record income in both
the summer and winter seasons. In relation to
the summer season, turnover was 10% higher
than in the previous summer, which had been the best at Camprabassa until now. The number
of visitors was stable, despite the Catalan school calendar starting early and adverse weather
conditions in the afternoons of August. Remember that the summer season (July, August and the
first half of September) represents more than half of the turnover for the whole year. In the winter
season, Naturland consolidated the good post-pandemic results with a new record and saw nearly
10% more ski days sold compared with the previous season. These figures were achieved despite
opening for fewer days, due to the lack of snowfall and high temperatures recorded in the last
weeks of March.

Overall, Naturland ended 2022 with turnover of €4,837,000, 37% more than in 2021, an
improvement therefore on what had been the best year for the company. Its EBITDA (earnings
before interest, taxes, depreciation and amortisation) was positive, with a figure of €303,000,
almost four times the €77,000 in 2021. These results reaffirm the change in strategy carried out
in the last three years – which it will continue to bolster in the future – which prioritises improving
the visitor experience and reducing the seasonality of its activities. In 2022, four new activities
were opened: the Forestline, the Circuit Esquirol, the Sklide and the new Tubbing (donut slide)
area, all located in the sector at 1,600 m. Moreover, the new and renovated accommodation at Andorran economy: developments in the main sectors | XII. Services
Borda de Conagle was opened.

As for events that were held in Andorra in 2022 to attract tourism, apart from the above-mentioned
international ski competitions, we would highlight the Andorra Mountain Music Winter Edition in
February; the Hibernation electronic music festival; Cirque de Soleil, which returned in July, after
a two-year hiatus during the pandemic, with the show MŪV; the Andorra Multisport Festival in
July, with its star competition Ironman 70.3, and the Mountainbike World Cup, among others.