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's activity report 2022

AS Elero's main activity is the construction of low and medium voltage electrical installations.

The sales revenue for 2022 was 5,013,776 EUR and the largest customers in 2022 were:

Enefit Connect OÜ 62%

Narva City Development and Economy Office 19%

Tallinn Environment and Utilities Department 8%

Messiehituse OÜ 2%

Elero Elekter OÜ 1%

Other customers 8%

The number of employees as of 31.12.2022 was 28 people. The total labor cost for 2022 was 1,201,976 euros. The company had a stable volume of work in 2022 and we focused on larger projects. The largest project, which we started in 2021 and completed in 2022, is the construction of lighting in Narva city. We are replacing old sodium lights with LED lights, along with masts and power lines. The total cost of the project is 2.8 million and it accounted for 19% of the sales revenue in 2022. The largest customer was Enefit Connect AS, for whom we did the largest projects in Tallinn. The main ones were investments in network reliability in the Kristiine and Ülemiste areas.

The sales revenue growth target for 2022 was lower than expected.

No major investments are planned in the company, as the construction market situation is volatile and we are in a wait-and-see position. Eesti Energia's investments are growing, but the state has significantly reduced the road construction budget and the drying up of the real estate market may bring smaller electricity companies to our market.

2023 seems to be a good year according to existing contracts, but we look to the future with great caution. The construction of Rail Baltic Estonia will be decisive in our market and our goal is to be part of this project. We are currently building a tram line in Tallinn between the Old Harbor and the Ülemiste Rail Baltic passenger terminal. Our part is electricity, communication, lighting and traffic lights.

The stabilization of material prices is positive and there has been a decrease of 20 - 30% compared to the peak prices in 2022. From the beginning of 2022 to the peak, the prices increased by 100% and there were many disruptions in supply chains. We do not forecast large price fluctuations for the coming years, as sanctions against Belarus and Russia have created new supply chains and opportunities for material manufacturers. We entered the communication market forcefully, as Enefit Connect will continue the "last mile project" for another 3 years. We have realized our capacity and the optimal communication volume for us is about 1.5 million. We continue to use rented labor in the form of 2-3 auxiliary workers on an ongoing basis.

The first tenders for Rail Baltic routes are in process and we have made participation in them a top priority. We are currently working with Merko Infra and KMG Civil Engineering. Rail Baltic projects will provide

Work for Estonian builders for the next 10 years, of which the volume of electrical construction is significantly large for our field.

This is not just about railway lines but also about existing infrastructure that the railway cuts through and therefore needs to be rebuilt.

In conclusion, the world is anxious and unstable, which will most affect the Estonian business environment in the coming years. Since AS Elero made a large real estate transaction in 2022, selling the Pärnu mnt 139d property along with the detailed plan, we are increasing cooperation with Elero Elekter to hedge risks.