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's activity report 2022

OÜ Top Connect started its economic activity on 12.12.2000.

Top Connect OÜ belonged to an international group until 30.06.2022, the parent company of which is Space Holding OÜ based in Estonia. On 30.06.2022, a company sale transaction took place, during which Velos IoT Jersey Limited acquired 95% of Top Connect OÜ shares, 5% are its own shares. The main activity of Top Connect OÜ is the provision of telecommunications services. The range of services on the Estonian market includes telephone services for both private and business customers, comprehensive solutions for equipping offices with telephones, along with the installation and connection of modern telephone exchanges to the national telephone network and the group's international network.

The sales revenue in 2022 was 6 823 TEUR, in 2021 it was 5 994 TEUR, increasing by 13.8% over the year. The larger loss of turnover in 2020 came from Covid -19 caused travel restrictions and the associated decrease in the sale and use of Travel-SIM cards. In 2022, it was possible to restore turnover, but still not to the pre-Covid - 19 level. The invasion of Ukraine by the Russian Federation, which began on February 24, 2022, certainly also slowed down the growth of turnover.

Soon after the invasion, the EU and the rest of the world, including international organizations, imposed extensive sanctions against Russia, which are constantly being updated and supplemented. As a result, there have been some changes in the customer base in 2022.

The balance sheet total at the end of the financial year was 3 894 TEUR, in 2021 the corresponding figure was 9 460 TEUR. A significant decrease occurred because, according to the decision of the owners, it was decided to divide Top Connect OÜ in December 2021 and the newly formed company Global Telecom Invest OÜ is a holding company and therefore took over a large part of Top Connect's assets. Therefore, equity was reduced in 2022 to bring capital into compliance with the Commercial Code.

The profit for 2022 was 144 TEUR, in 2021 it was 1 512 TEUR.

In 2022, the average number of employees in OÜ Top Connect was 33 and the total amount of wages calculated for them, together with social taxes, was 1 623 TEUR, in 2021 the average was 32 people and the total labor cost was 1 523 TEUR.

In 2023, new innovative solutions and opportunities will continue to be sought to better use the synergy of the Velos Group to increase turnover and profit and to be competitive. Plans are to start new technical developments and projects with the support of EAS, increase the number of employees and start new technical projects.

Main financial ratios 2022.a. 2021.a.

Business profitability 3.46 % 10.67 % (Operating profit /sales revenue * 100 )

Net profitability 2.11 % 25.23 % (Net profit /sales revenue * 100)

Short-term liabilities coverage ratio, times. 1.04 1.00 (Current assets / short-term liabilities )

ROE 9.05 % 88.58 % ( Net profit /total equity*100 )

ROA 3.84 % 15.99 % ( Net profit /total assets*100 )