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SRC GROUP AS's activity report 2022

SRC Group AS operates in the industry of ship and other large floating vessel repair and conversion, focusing on design and main project management in the fields of metal, pipe, electrical and interior work. The company is widely recognized in the industry as an authorized representative of innovative SPS technology and is actively developing new innovative products and services.

The companies of the group, which includes SRC Group AS, are located in Estonia, Italy, Norway, the Netherlands,

Poland, and Finland, and sales agents in the USA and the UK.

In 2022, business volumes decreased compared to 2021, due to the ongoing impact of COVID-19.

The company's sales revenue decreased by 11% compared to 2021 (from 13.67 million euros to 12.1 million euros).

In the reporting year, the company incurred a net loss of (-)2.06 million euros. The loss was mainly due to two factors. Firstly, the volume of new orders fell below expectations due to the COVID-19 pandemic, and as a result, the volume of completed projects was not sufficient to achieve a turnover exceeding the profit threshold. Secondly, due to one large failed project, we carried the entire expected loss of the said project into the 2022 expense (the project ended in 2023).

The company continues with its growth strategy and continued vigorously with investments, which in the medium-long perspective continues to support the company's sales growth.

The long-term growth of the company's sales volume is primarily related to the development of the company's capabilities and customer satisfaction with the services provided by the company. We operate in international markets where our market share is very small and therefore there are still great opportunities for growth. In 2023, the volume of orders has significantly increased, which shows the reliability of the company in target markets and the recovery of markets from the effects of the COVID-19 pandemic. Sales revenue exceeded the total turnover of 2022 by the end of July 2023. As of July 2023, the company has earned a net profit in the reporting year and the year should also end with a net profit.

The company's business is not seasonal, projects are carried out all year round.

Economic cycles somewhat affect the company's work. For example, the economic crisis that began in 2007 had a significant impact on the decrease in orders. The fields of shipbuilding and repair are currently still in a long-term upward trend and SRC's position in the market has significantly improved thanks to investments.

The company follows the ISO 14001 Environmental Management standard in its activities, complying with the requirements arising from legislation and official regulations. The company has prepared an environmental plan for managing and coordinating its environmental activities and set goals, the fulfillment of which is constantly monitored.

We have also carried out an assessment of compliance with the environmental, occupational health and safety policy in the company and found it to be in accordance with international good practice, which is also confirmed by the ISO 45001 compliance certificate issued to the company.

The company's activities do not have a significant social impact.

The company uses appropriate financial risk hedging policies and instruments. For example, to hedge liquidity risk, an overdraft agreement has been agreed with the credit institution, to hedge credit risk, the background of new clients is checked and agreements are made with clients so that they would pay for the projects in such a way that the cumulative cash flow of the projects over the life of the projects would be positive, to hedge currency risk, contracts are made with clients in euros if possible or derivative instruments are used to fix rates.

During the financial year and the period of preparation of the report, no risks related to changes in exchange rates, interest rates and stock prices have emerged. The company's business is sustainable.

Main ratios: 2022 2021

Sales revenue 12,103,494 13,665,850 From the profit statement (2022 sales revenue-2021 sales revenue)/2021

Sales growth (%) -11.43% -36.53% sales revenue*100