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's activity report 2022

Maru THM OÜ, established in 1998 on Estonian capital, is a business entity engaged in construction installation work, which has been a subsidiary of AS Maru Ehitus since January 1, 2006. The company continues to have two main places of operation,

Estonia and the Republic of Finland. Episodic business activities in the Kingdom of Sweden, which took place in previous periods, ceased to exist in this form by 2022, but despite this, they are open to cooperation opportunities with local companies. Due to the volatile general economic environment in Estonia, the strategic goal continues to be to offer services outside Estonia. In 2022, approximately 70% of the company's sales revenue was earned from foreign markets, namely the Republic of Finland.

The company's 2022 financial results turned out to be better than expected, despite the war in Ukraine that began at the beginning of the year, the outbreak of which and the associated risks in economic activity were not foreseen. Although the sales targets were not achieved, the profit target was significantly exceeded and the business profitability was twice as high as the target set in the budget.

Maru THM OÜ continues in its main areas, which are: (cid:127) design, production and installation of steel structures (cid:127) installation of prefabricated steel structures and frames for industrial buildings, commercial spaces and warehouses (cid:127) installation of prefabricated sandwich-type light panels (cid:127) installation of profile sheets (cid:127) installation of reinforced concrete elements (cid:127) erection of smaller building shells As of the end of 2022, the company employs 41 (2021: 44) people full-time, of which 12 (2021: 13) are senior management, engineering personnel and surveyors. Of the company's 29 (2021: 31) workers, 14 (2021: 15) are registered to work at the main place of operation in Finland.

In 2022, no major investments were made in fixed assets or IT solutions.

The sales turnover for the 2022 reporting year was 4.60 (2021: 4.56) million euros, which is at the same level as the 2021 sales turnover, but falls one million euros short of the budgeted 5.60 million euros.

The smaller sales turnover planned in the budget was due to various small-scale projects that took place at the beginning of the year, the current deficit of which could not be made up by the increase in sales turnover that began in the summer by the end of the year. The modest sales turnover at the beginning of the year was partly due to the war in Ukraine, which ruled out participation in certain types of construction tenders for at least some time due to unpredictable material prices. The net profit after deducting income tax from the main place of operation in Finland was 298 017 (2021: 107 888) euros, exceeding the budgeted profit by 119 000 euros. The sharp increase in the prices of materials and especially steel products caused by the Russian invasion of Ukraine did not have a negative impact on gross and business profitability, as the material supplies for projects carried out in the first half of the year were confirmed just before the war began and contracts for projects carried out in the second half of the year did not include material supplies. Despite the sales turnover remaining essentially unchanged, profitability significantly exceeded the target set for the 2022 financial year, which was primarily achieved by focusing on adapting to changing market conditions and maintaining efficiency, which is a higher priority than increasing sales turnover.

As of the end of 2022, the company's cash flows continue to be very good, which allows, if necessary, to lend to the parent company.

The major projects carried out in Finland were the supply and installation of steel structures for the Telia Data Center in Helsinki, along with various general construction works. In Hanko, various additional building works on the DuPont production unit territory and in Naantali, design and construction works for CHP boiler house buildings in cooperation

with Maru Rakennus Oy. For the first time in years, a large-scale project was also started in Estonia from mid-summer,

the installation of steel structures and coverings for the Enefit 280-2 oil plant Retort building in Ida-Virumaa,

Auvere.

In 2023, the effects of the global Covid crisis and the subsequent economic crisis caused by the war in Ukraine will continue to affect the construction sector in Estonia and Finland, where the main factors affecting economic results are mainly inputs