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's activity report 2022

In 2022, we restructured the production infrastructure to meet the requirements of the armory and continued to build the team throughout the year. Large-scale design work and the manufacture of prototype machines continued in the military sector.

By the end of the year, we coordinated the projects and also started serial production of machines.

Due to the large-scale renovation of buildings, the volume of truck superstructures was smaller than in 2021. Due to the war in Ukraine, we were forced to terminate the wagon production contract with Finland, as a significant part of the subcontracting services were provided by Ukrainian companies. If the wagon construction is excluded, the effects of the war in Ukraine have been general on the company's operations, as we have used the services and materials of European Union companies in our operations.

Due to the rapid increase in input prices, the company's costs increased last year. The main factors here have been the rise in wages, but also the increase in construction materials and services. Temporary supply difficulties of materials have put pressure on the timely fulfillment of obligations to clients.

The company is aware and measures the environmental impact of its operations. We sort the waste generated during work and arrange for its proper disposal. Other impacts on the environment are of minor importance.

The situation in the labor market has been challenging. Retaining employees and finding new ones has been difficult. As an employer, we offer health insurance to our employees. Due to the decrease in workload, we laid off up to 10 employees in our railway unit.

To hedge currency risk, most transactions are made in euros. For loans, a fixed principal and floating Euribor are used. Since the company has few leasing contracts and therefore the financial risk arising from the increase in Euribor is limited, it is not planned to fix Euribor.

The payment discipline of major clients has been exemplary. For new clients, we conduct a preliminary analysis, assessing credit risks, etc. In addition, we evaluate suppliers annually. For major suppliers, we have set a goal to set a payment deadline of at least 30 days. To ensure liquidity, we ask clients for a 30% prepayment.

In 2023, we will continue operations in our main established areas.

In 2022, sales revenue was 10,474 thousand euros (2021: 8,976 thousand euros) and net loss was -437 thousand euros (2021: -550 thousand euros).

In the reporting year, 228,142 euros (2020: 290,664 euros) were invested in tangible fixed assets.

In the reporting year, the company significantly reduced its rolling stock by disposing of and selling old unusable wagons.

The total amount of employee wages in 2022 was 2,422 thousand euros (2021: 1,654 thousand euros).

As of 31.12.2022, the company employed 65 employees (31.12.2021 54 employees).

Financial ratios: 2022 2021

Net profit margin -3.67% -4.16%

Short-term obligations coverage ratio 1.15 1.13

Equity ratio 21.37% 21.06%

Calculation formulas for ratios:

Net profit margin: Net profit / Sales revenue (cid:127)

Short-term obligations coverage ratio: Current assets / Short-term obligations (cid:127)