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's activity report 2022

The software company Scoro Software OÜ has been strengthening its position in the international market year by year. Scoro offers versatile business software that allows clients to better organize their work through project management, customer management, time planning, and reporting capabilities. The Scoro group is well positioned to take advantage of future SaaS market growth opportunities, as the adoption of work management solutions has become more focused in recent years.

The main activity of the group is software publishing (EMTAK 58291) and the main activities are renting the Scoro software platform and investing in its development and renewal.

The main keywords for the entire Scoro group in 2022 were continuous product development, supporting growth in a changing global economic environment, and additional capital raising in the form of a loan. Due to the business model and a strong customer portfolio, Scoro Software OÜ is not affected by seasonality.

In February 2022, the war in Ukraine began. The war has not created additional risks for Scoro Group's business activities, as Scoro Group does not have any service providers in Ukraine, Russia or Belarus, and none of the Scoro Group's employees are located in the aforementioned countries. The Scoro software platform is hosted on servers located in Germany, Canada, and Australia.

Also, the war does not have a direct impact on sales revenue as Scoro Group does not have any clients in Russia and Belarus and only two clients in Ukraine.

In the financial year, the parent company of the group (Scoro Software Holding LTD) made a financial contribution of 4.2 million euros to Scoro

Software OÜ voluntary reserve (2021: 5 million).

In the fall of 2022, the Scoro Group raised an additional 4 million euros in capital in the form of a loan. The parties involved in the loan raising were both the parent company of the group (Scoro Software Holding LTD) and Scoro Software OÜ.

As of 31.12.2022, Scoro Software OÜ has two 100% owned subsidiaries: Scoro Software LTD (registered

in the UK) and Scoro Software INC (registered in the United States). Both subsidiaries provide Scoro

Software OÜ customers with sales, implementation and other services. As of 31.12.2022, the UK subsidiary had 22 employees (31.12.2021: 12) and the US subsidiary had 11 employees (31.12.2021: 9). The number of employees in the parent company increased to 117 by the end of the year (31.12.2021: 104). The average number of employees for the financial year of the group was 147 (2021: 115).

In 2022, Scoro Software OÜ's consolidated sales revenue was 10.4 million euros, which increased 1.4 times compared to 2021 (7.5 million euros). In addition, the proportion of export-oriented activities and turnover increased significantly. Scoro's focus is on English-speaking markets and this is reflected in the results of the reporting year. The largest part of the sales revenue growth (26%) came

from the United States (growth 0.8 million euros), but a considerable part of the sales revenue growth (22%) was also made up by

the UK (growth 0.6 million euros) and Australia (growth 11%, 0.3 million euros).

In 2022, 6 new countries were added to Scoro's customer base and by the end of the year, Scoro's services were used by clients in more than 70 countries.

Scoro Software has suffered losses in both 2022 and 2021. Due to the focus on growth and the peculiarities of the business model, the loss is planned, as growth requires active marketing, rapid recruitment of employees, and product development. This in turn involves more extensive operating costs and sales and marketing costs.

Investments in the group's intangible fixed assets, mainly Scoro software, were 2,027 thousand euros in 2022 (2021: 1,644 thousand euros), of which 2,002 thousand euros (2021: 1,580 thousand euros) were capitalized expenditures related to own employees in the development of intangible fixed assets.

Financial ratios 2022 2021 Calculation methodology

Turnover growth 39% 37% change in sales revenue / previous year's sales revenue

Solvency ratio 0.8 0.6 current assets / short-term liabilities

Debt ratio 0.9 0.6 liabilities / assets In 2023, the focus is on increasing sales volumes and activities supporting this, such as increasing the awareness of the Scoro brand and developing the software platform, in addition, we pay more attention to improving cost efficiency.