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's activity report 2022

Introduction

The main activity of AS Valga Depoo is the repair and maintenance of railway rolling stock.

The company's sales revenue for the 2022 financial year was 4,680 thousand euros (2021: 3,963 thousand euros), which was mainly obtained from the provision of railway rolling stock repair services and which is 18% higher than last year. 75% (2021: 81%) of services were provided to Estonia, 19% to Lithuania (2021: 16%), 5% to Latvia (2021: 1%) and 1% to Finnish customers (2021: 0).

The 2022 financial year ended with a loss of 44 thousand euros. In 2021, the loss was 260 thousand euros. The negative financial result for 2022 is due to exceptionally rapidly rising energy prices.

There is no noticeable seasonality or cyclical nature in the company's business activities. The company's activities do not have significant environmental and social impacts.

Investments In 2022, 284 thousand euros were invested in fixed assets, of which 31 thousand euros were invested in the improvement of railways and buildings and 253 thousand euros in the acquisition and improvement of new equipment. Unfinished projects remained in 2022.

As of the end of the year, there were 5 thousand euros worth of projects.

Personnel In 2022, the average number of employees of AS Valga Depoo was 71 and as of 31.12.2022, 71 full-time workers were employed in the company. In 2021, the average number of employees was 71. The labor costs for the reporting period amounted to 1,335 thousand euros (2021: 1,268 thousand euros), including the remuneration of the board member together with social taxes amounted to 56 thousand euros (2021: 72 thousand euros).

Risk of changes in exchange rates and interest rates

Most transactions were carried out in euros in 2022, so the company is not exposed to significant currency risk. The company does not have such financial instruments that would be exposed to risks related to changes in exchange rates, interest rates or stock prices.

Goals for the next financial year In 2023, we plan to increase sales revenue through the increase of repairable wagons and services.

To improve the company's sales revenue for the 2023 financial year, it is planned to increase the provision of additional services. The list of services includes the preparation of wagons for repair, depot and major repairs, painting of wagons, preparation of wagons for freight transport.

Main directions in the development of the company: - development of services in accordance with the changing economic environment; - ensuring supply security; - ensuring occupational health and safety; - improving the management system and ensuring compliance; - finding and developing personnel that meet qualification and competence requirements; - ensuring quality customer service and high customer satisfaction.

Main financial ratios 2022 2021

Sales revenue ('000) 4,680 3,963

Sales revenue growth (decline) % 18% -16%

Short-term obligations coverage ratio 0.36 0.75