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's activity report 2022

Chester Universal OÜ is engaged in real estate investments and started its business activities in 2004. As of 31.12.2022, Chester

Universal OÜ owned one development project, which is a 319.3 thousand hectare land area in Saue municipality in Harju County.

Overview of Chester Universal OÜ's economic activities:

The sales revenue for the reporting year was 5,586 thousand euros (2021: 4,423 thousand euros) and the net profit for the reporting year was 746 thousand euros (2021: 23 thousand euros). No remuneration was paid to the board members in 2022 and 2021. Advisory, management, accounting and administrative services are provided to

Chester Universal OÜ by Trigon Capital AS.

The land owned by the company is located in Saue municipality, at the intersection of Via Baltica and the planned Western Tallinn ring road. According to the detailed plan, there is over 200,000 square meters of building rights in the area. In 2009, the company started cooperation with the Road Administration to build an access road to the development area as part of the first stage of the Western Tallinn ring road (Topi junction). In September 2013, the Road Administration signed a construction contract for the Topi traffic junction, during which a 1.3-kilometer road section was completed from the connecting road between Juuliku and Tabasalu (Phase I), which also includes access to Chester Universal's land area. On October 14, 2014, the Road Administration accepted the Topi traffic junction from the builder and it was fully opened to traffic. The existence of access has always been a prerequisite for starting development activities and as a result, the company is actively working on the concepts of the first phase. In 2015, a correction of the detailed plan was carried out, which allows more flexibility in meeting customer wishes in terms of building volume and location. At the end of 2020, a cooperation agreement was signed with the Road Administration for co-financing the construction of a connecting road between Saue city and Topi traffic junction. The connecting road was completed by the end of 2021. In addition, Chester Universal OÜ signed a construction contract for the construction of infrastructure for the entire area it owns. The infrastructure was also completed by the end of 2021. The company started the public sale of properties in the summer of 2021. There has been great interest in acquiring the properties and almost half of the properties have been sold. Buyers have been both real estate developers and end users.

Economic environment: 2022 was a difficult year, marked by the Russia-Ukraine war, high inflation and rising interest rates. According to Statistics Estonia, Estonia's real GDP fell by 1.3% in 2022. Estonia's price increase was 19.4% in 2022. The increase in the consumer price index was mainly contributed by the increase in energy carriers: housing-related price increases accounted for two-fifths of the total increase. Thus, the electricity that reached households increased by 94.4% year-on-year, gas by 123.8%, solid fuel by 73.5% and heat energy by 49.1%. Food and non-alcoholic beverages accounted for nearly a quarter of the total increase.

The construction market in 2022 was characterized by rapid growth in construction costs. Construction volume decreased by 1% in 2022. Rising interest rates and uncertainty about the future led to several construction projects being postponed. According to the Land Board, the number and total value of real estate transactions fell in 2022. There were 61,109 transfer transactions in the Estonian real estate market in 2022, of which 49,799 were purchase and sale transactions. Compared to 2021, the number of purchase and sale transactions decreased by 18%. Despite the decrease in the number of transactions, price levels did not decrease significantly. The total value of transactions decreased by 3% compared to 2021, amounting to 5.8 billion euros. For comparison, the total value of real estate transactions in 2021 was a record nearly 6 billion euros, and an even earlier record dates back to 2006, when the turnover of the real estate market was 4.7 billion euros.

According to Colliers, the average rental price in the quality industrial real estate sector in the Tallinn region ranged from 5.0 to 6.6 euros per square meter per month, depending on the location and condition of the building. According to Colliers, the average vacancy was 7.2%. Due to rising interest rates, 2023.

will present further challenges to the real estate sector, but according to forecasts, the economic environment should show signs of improvement in the second half of 2023. Therefore, we expect an increase in activity towards the land plots owned by Chester Universal OÜ.

Financial ratios: € 2022 2021

Total assets 13,865,433 18,757,569

Net return on total assets 5.38% 0.12%

Equity 12,696,891 17,490,902

Net return on equity 5.88% 0.13%

Net profit 745,988 22,890

Net return on total assets (ROA) = net profit / total assets

Net return on equity (ROE) = net profit / equity