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's activity report 2022

Civitta Eesti AS is the largest management consulting company in Estonia. Operating since 2000, the company is part of

the Civitta international consulting group, which as of the reporting date has offices in 18 countries and over 380 employees. It is the largest management consulting firm in Central and Eastern

Europe owned by local capital. The company's total revenues in 2022 were over 30 million euros. Information about the entire Civitta group's activities can be found in our annual report, which is located at https://www.calameo.com/read/005151365fe5b88d4583b.

The company's main activity according to EMTAK is: business and other management consulting (EMTAK 70221).

2022 was a successful year for Civitta Eesti AS. We were able to plan our activities taking into account both the war in Ukraine and rapid inflation. The company's revenues increased to 9 million euros (7.3 million euros in 2021) and the result was 0.7 million euros (1.3 million euros in 2021).

There were no significant changes in the company's customer profiles. Consultation services were provided to local governments, state institutions, the European Commission, universities in Estonia and Europe, rapidly growing small and medium-sized enterprises, and large corporations. The largest contribution to the increase in business volumes was made by the framework contract

with the European Union IT Agency and the European Labor Agency. At the same time, the majority of public sector development project service lines showed strong growth, with IT business analysis projects making up the largest part. The new sustainability service line, which advises both public and private sector organizations on accounting for and reducing their ecological footprint and other related issues, also performed well.

In 2022, Civitta Eesti AS employed a total of 92 people in its offices in Tallinn and Tartu and on a project basis (67 people in 2021). The Covid-19 pandemic significantly changed our team's work habits.

Team members continue to work a lot from home and no longer go to the office every day. We have several employees who only work remotely. Both employees and clients are used to holding meetings via video calls, as this gives all parties greater flexibility. The company's wage cost was 4.18 million euros (3.03 million euros in 2021). The company supports people's development and career, which is why we promoted several key employees to higher positions in 2022.

The company gained two new partners and several project managers were promoted to team leaders. There were no changes in the company's management.

As of 31.12.2022, a lawsuit has been filed against the company for a debt of 2,074,226 euros and interest claims.

The company has disputed the claim for amounts exceeding 252,204 euros and has filed a counterclaim for 326,364 euros and interest claims. The disputes are in the early stages and it is not possible to assess the final outcome at this time.

The company has recognized disputed liabilities to the extent it considers justified.

Main ratios 2022 2021

Short-term liabilities coverage ratio 1.91 1.61

Net profitability 7.41% 17.24%

ROA 11.15% 19.48%

ROE 22.38 49.21%

Formulas used in calculating ratios:

Short-term liabilities coverage ratio (times) = current assets / short-term liabilities

Net profitability (%) = net profit / sales revenue *100

ROA (%) = net profit/total assets*100