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's activity report 2022

The most important events in 2022 were: (cid:127) Suspension and termination of the Finnish main activity contract due to the Russian – Ukrainian war; (cid:127) Signing of the contract for the suspension of the LNG loading pier construction work.

Expected development directions in 2023 are: (cid:127) Maintaining or slightly increasing turnover; (cid:127) Maintaining profitability; (cid:127) Searching for new projects in the Finnish market.

In 2022, the company's labor cost was 1,157,623 EUR.

The average number of employees in 2022 was 24.

In 2022, it was possible to conclude 11 contracts for the construction of engineering structures, the largest of which was the contract for the construction work of the Pakrineeme LNG loading pier. The biggest difficulties were the disruption of supply chains as a result of the Russian – Ukrainian war and the resulting general deficit of construction materials and price increase in the market.

Research and development work has contributed to the development of underwater filling or soil compaction methodology and mechanism. The cost of development activities is approximately 50,000 €.

No major investments are planned for 2023. Tenders are expected in the market mostly in the areas of activity of Engineering Construction AS: port construction, environmental protection objects and hydro-technical structures. The main goal of the company remains to successfully participate in private and public tenders in its field.

The business activity of Engineering Construction AS is seasonal and the business cycle is cyclical. Seasonality is characterized by fluctuating turnover, with higher turnover in the summer and autumn periods and lower turnover in the winter and spring periods due to water permit deadlines and weather conditions. The economic activity of Engineering Construction AS does not involve significant environmental and social impacts.

During the financial year, nor during the report preparation period, no risks related to changes in exchange rates, interest rates and stock prices have emerged.

Financial indicators:

Ratio 2022 2021

Change in turnover (%) (sales revenue 2022-sales revenue 2021)/ 65.8% 14.3% sales revenue 2021*100

Debt ratio (%) 33% 53.3% liabilities/total assets *100

ROA (%) 17.3% 23.8% net profit/total assets *100

ROE (%) 26.8% 51.0% net profit/total equity *100