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's activity report 2022

AS Finestmedia is a company founded in 2001, based on 100% Estonian capital, with its headquarters located

in Tallinn and its subsidiary Finestmedia sp. z.o.o operates as a branch in Poland, Gdansk, and the subsidiary Finestmedia Infra OÜ in Estonia. Finestmedia has extensive experience in developing e-government systems, registries and databases, and comprehensive e-commerce solutions.

Finestmedia is dedicated to elevating organizations to top-notch technology to improve organizational efficiency and user satisfaction. The company has been operating in the field for over 20 years, mainly working with key clients from commerce, government sector, banking, logistics, and security structures. Long-term partners of Finestmedia include, for example, Maksekeskus, Alexela,

Omniva, Transport Administration, Chancellery of the Riigikogu, Ministry of Education and Research, Information Technology and Development Center of the Ministry of the Interior, Agricultural Registers and Information Board, Liviko, Floorin, Viru

Electricity Trade and others.

The main sources of income for the company in 2022 were software development projects, project management, and the provision of various related consulting services. The company's EBITDA for 2022 was 142,874 (2021: 373,873) euros and the turnover of economic activity in 2022 was 4.54 million (2021: 4.08 million) euros. The company ended the financial year with a net loss of -692,116 (2021: net profit 28,845) euros, which was mainly due to the decision made in 2022 to write off intangible assets not included in the focus of the company's updated business strategy (one-time extraordinary depreciation expense 616,577 euros).

The company's goal for the financial year was to achieve sales growth (5%-10%), which was achieved, but the company did not reach the planned EBITDA level (300,000 euros). The main reason was the company's weak financial results in the first half of the year, when the company was forced to continue fulfilling some long-term contracts under the pressure of high inflation and wage costs, the pricing of which was fixed with clients at the bottom of the COVID-19 pandemic crisis in the spring and summer of 2020. In addition, the company's portfolio included one problematic project, the high cost of which also negatively affected the company's financial results and which was completed in the spring of 2022. On the other hand, the second half of 2022 was much more successful for the company and the company's profitability recovered (the company's EBITDA for the first half of the year was -96,340 euros, the EBITDA for the second half of the year was already +239,214 euros).

The improvement in financial results was certainly also facilitated by the implementation of the company's updated business strategy and the accompanying management structure in the first half of 2022.

In 2022, the company mainly invested in the enhancement of the e-commerce platform FinestCommerce. In total, the company invested 316,981 euros (2021: 701,741 euros) in intangible fixed assets in 2022, the main source of financing for which were intra-group loans.

Considering the company's strong results in the second half of 2022, the goals for the 2023 financial year are to achieve at least 25% sales growth and reach an EBITDA of at least 500,000 euros. The changes made in the company's business strategy and management structure in 2022 and the company's strong contract portfolio with key partners have created a good basis for achieving these goals. The biggest risk factors for this growth ambition are a possible sharp cooling of the economic environment, which could lead to a general decrease in investments in IT system development as a whole, and as a counter-risk, a sharp shortage of top specialists in the ICT sector, which would not allow the company to fulfill its growth ambitions.

In 2022, services were mainly sold to e-commerce, energy and telecommunications companies and the public sector both in Estonia and in foreign markets. AS Finestmedia has two 100% subsidiaries,

Finestmedia Infra OÜ in Estonia and Finestmedia Sp. z o.o. in Poland. 2022 was a very successful year for the subsidiary

Finestmedia Sp. z.o.o, which managed to increase its turnover by more than 2.5 times compared to 2021, reaching a profitability of about 12% (previously loss).

The company belongs to the Olsson & Nielsen Nordic OÜ consolidation group.

The total labor costs in 2022 were 2.947 million (2021: 2.915 million) euros and the average number of employees was 59 (2021: 65).