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's activity report 2022

Edelaraudtee AS was established in 2001. The main activity of the company is the management of railway infrastructure.

Edelaraudtee AS maintains and manages the Tallinn-Viljandi and Lelle-Pärnu railway sections along with communication and energy systems, and station buildings and stopping points on these railway sections. The company has all the necessary expertise and operating licenses for this activity. At the end of the reporting year, the total length of the company's railways was 262 km, of which 224 km were main lines and 38 km were station lines.

On August 8, 2022, Edelaraudtee AS (merging entity) and EdelaVara AS (merged entity) signed a merger agreement. According to the agreement, the balance sheet date of the merger was July 1, 2022. As a result of the merger, Edelaraudtee AS acquired 100% stakes in subsidiaries Realway OÜ,

Estonian Passenger Trains OÜ and Railway Restaurant OÜ. According to §29 of the Accounting Act of the Republic of Estonia, Edelaraudtee joint-stock company is exempt from preparing consolidated annual reports, as 100% of its shares belong to the consolidating entity Moonrider OÜ registered in Estonia, which is obliged to prepare and publish consolidated annual reports.

The seasonality of the company's operations does not significantly affect its sales revenues, as the main user of infrastructure services - the public passenger transport service provider Estonian Line Trains AS operates stably on the infrastructure on a monthly basis. However, infrastructure repair and maintenance work is clearly seasonal, as it is not possible to carry out major railway repair work due to weather conditions in winter. This fact results in an increased need for outsourced repair services and material resources during the summer period.

Changes in legislation did not have a significant impact on the company's financial results during the reporting period.

Due to the Russian-Ukrainian war, the cost of railway repair materials and equipment increased during the reporting year, and their availability on the market somewhat deteriorated, which increases the cost of investments to be made and in some cases also their duration.

The company aims to develop its business in an environmentally and resource-saving manner, comply with environmental protection requirements established in the legislative acts of the Republic of Estonia, reduce the release of emissions and pollutants into the environment, and prevent environmental pollution in case of accidents.

The company has a waste management permit, which allows it to process old railway sleepers into suitable fuel for burning in wood-fired boiler houses. The EMAS environmental management and auditing system has been implemented for the planned organization of environmental activities.

The company's sales revenues in the reporting year were 9,413 thousand euros (2021: 9,097 thousand euros), of which 9,135 thousand euros (2021: 7,969 thousand euros) were infrastructure usage fees for passenger and freight operators, scrap metal sales 137 thousand euros (2021: 979 euros) and other sales revenues 141 thousand euros (2021: 149 thousand euros). Targeted financing revenue was 6 thousand euros (2021: 5,607 euros).

A total of 9,835 thousand euros (2021: 5,082 thousand euros) was invested in railway infrastructure during the reporting year. Repairs of various railway sections were carried out for 6,935 thousand euros (2021: 4,260 thousand euros), various railway communication and automation equipment was invested in for 1,960 thousand euros (2021: 761 thousand euros), and the Taikse stopping point passenger waiting platform was renovated for 481 thousand euros.

Other investments in railway infrastructure and the acquisition of other equipment amounted to 459 thousand euros (2021:61 thousand euros).

Of the investment amount, 5,613 thousand euros was the aid from the European Cohesion Fund for the maintenance repair of the Lelle-Pärnu railway section.

It is planned to invest approximately 3 million euros in the development of railway infrastructure in the next reporting year, mainly for the development of railway traffic management automation equipment and software and for the completion of ongoing projects. If the

European Cohesion Fund aid of 18.25 million euros for the renovation of the Rapla-Lelle railway section is realized, the volume of investments will amount to up to 22 million euros.

As of 31.12.2022, the company's short-term liabilities exceed current assets by 4.24 million euros. Edelaraudtee AS's working capital is negative due to liabilities to related parties. According to loan agreements, owner loans are subordinated to bank loans. The management is negotiating with creditors to agree on a new long-term financing structure.

Year 2022 2021

Net profit margin¹ -29% 21%

Equity ratio² 69% 77%

EBITDA ratio³ 47% 109%

Short-term liability coverage ratio4 2.88 1.58

Methodology for calculating financial ratios: ¹ Net profit margin - net profit / (sales revenue + other operating income) *100% ²Equity ratio - equity/total assets *100% ³EBITDA ratio - (operating profit minus depreciation) / sales revenue * 100% 4Short-term liability coverage ratio - short-term liabilities/current assets