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's activity report 2022

Titanium Systems is a software company with over 20 years of experience, focusing on providing e-commerce solutions in the car rental sector. The company's goal is to make vehicle use truly accessible, flexible, and efficient. Titanium Systems has the technical competence and readiness to connect car rental intermediaries and rental companies to offer various car rental services to the end consumer, i.e., both planned rent; demand-based rent and long-term rent based on a monthly fee.

Titanium Systems is one of the leading car rental technology providers in the world. The Car Rental Gateway platform developed by the company connects more than 160 rental company fleets with the world's leading car rental intermediaries' booking systems. The platform consolidates comprehensive, unified, and customized content into the intermediaries' system, thus making car rental booking smooth and stress-free for the end consumer.

The year 2022 was characterized by recovery from the COVID-19 pandemic. The global tourism industry has almost restored its pre-pandemic volume, which is also reflected in the increased number of bookings made through the Car Rental Gateway platform. We expect the volume of bookings to continue to rise throughout 2023.

year. This, in turn, creates a need to expand the workforce of Titanium Systems and its subsidiaries by up to 30%.

The car rental sector is slowly but surely moving towards the adoption of digital solutions. Titanium Systems directs a large part of the company's profits as an investment to improve a comprehensive and fully digital rental journey - smart rental. As a smart rental model, the company offers a combination of three products it develops - the Car Rental Gateway platform, the Titanium Systems mobile application, and the Car Cloud component. The successful business results of Titanium Systems' client Liigu and very good feedback from their service users give confidence in investing in smart rental as a future trend.

The mobility sector as a whole is undergoing a significant change: vehicle ownership is becoming an alternative to their use as a service. This is a step towards a sustainable future, as the usage rate of a vehicle fleet used as a service is significantly higher and potentially 2-3 times fewer vehicles could be needed for the same journeys in the future. From a consumer's perspective, preferring the vehicle-as-a-service model requires a very good user experience. The products offered by Titanium Systems, which make the use of mobility services smooth and flexible, clearly guide the consumer towards sustainable mobility models.

Titanium Systems OÜ's 2022 fiscal year sales revenue was 3,551 thousand euros. The average number of employees in the company was 8 employees, with a salary cost of 249 thousand euros for the fiscal year. 63 thousand euros were invested in tangible fixed assets in 2022. The consolidation group invested 2 million 682 thousand euros in intangible fixed assets, which also includes the costs incurred for the development of Car Rental Gateway components.

Main financial ratios 2022 2021

Net profit margin 36% 44%

Operating profit margin 34% 41%

Sales revenue growth 27% 161%

Return on equity 11% 12%

Return on assets per year 11% 12%

Equity ratio 99% 99%

Short-term liabilities coverage ratio 15 27

Ratio formulas

Net profit margin: Net profit / Sales revenue

Operating profit margin: Operating profit / Sales revenue

Sales revenue growth: Change in sales revenue / Previous period sales revenue

Return on equity: Net profit / Average equity for the period

Return on assets per year: Net profit / Average assets for the period

Equity ratio: Equity / Total assets

Short-term liabilities coverage ratio: Current assets / Short-term liabilities