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's activity report 2022

OÜ GoTrack began operations in February 2005 and is 100% owned by AS Go Group. The company's main area of activity is infrastructure construction.

2022 was a year full of challenges, where external factors had a significant impact on our company's operations and the sector as a whole. Due to the market situation, several jobs were cancelled this year, which affected the company's turnover and results. Despite these challenges, we were able to successfully complete several important jobs, including the first stage of the Aegviidu-Tapa section,

Enefit's infrastructure overhaul and Estonian Railway's maintenance shutdown projects. These jobs made a significant contribution to our company's turnover. In the construction of communication and security systems, we continued

with the centralization of traffic management on the Lelle-Viljandi railway section and the reconstruction projects of Liiva station.

The effects of the war in Ukraine on the company's operations have been general and not overly large, as we have used the services, materials of European Union companies in our operations. Due to the rapid increase in input prices, the company's costs increased last year. The main factors here have been the rise in fuel prices, but also the increase in construction materials and services. Temporary supply difficulties of materials have put pressure on the timely fulfillment of obligations to customers. However, we have generally coped with this situation. The company is aware and measures the environmental impact of its operations. This mainly consists of emissions from railway and road vehicles.

We reduce emissions through investments in newer technology. We sort the waste generated during work and arrange for its proper disposal. Other environmental impacts are of minor importance. The situation in the labor market has been challenging. Retaining employees and finding new ones has been difficult, as there is demand in the infrastructure construction sector.

As an employer, we provide health insurance for our employees. We also tried a week-long collective vacation in July last year. Based on positive feedback, we decided to continue with both insurance and collective vacation.

To hedge currency risk, all transactions are made in euros. For loans, a fixed principal and floating Euribor are used. Euribor fixing for the next year is not planned. The majority of the company's sales revenue is made up of up to 5 clients, whose payment discipline has been exemplary. For new clients, we conduct a preliminary analysis, assessing credit risks, etc. In addition, we evaluate suppliers annually. The company has not had liquidity problems. We have agreed on a minimum of 30-day payment terms with our main suppliers.

In 2023, we will continue our operations in the railway construction market in both Estonia and Finland and plan to make larger investments in railway rolling stock, excavation equipment and vehicle fleet renewal to improve our company's efficiency and productivity.

The main financial risk could be a possible increase in Euribor, which will affect our company's interest expenses. Considering the current economic situation, a further increase in interest rates is likely.

In summary, although 2022 was challenging, we were able to maintain our operations and intend to continue investing in the company's development.

The turnover for the reporting year amounted to 12,453,996 euros (2021: 16,986,738 euros), of which 86.27% (2021: 92.38%) was earned in Estonia. The net profit for 2022 was -67,471 euros (2021 net profit: 1,293,574 euros).

The company's net profit margin was -0.54% in 2022 and 7.61% in 2021, the current liabilities coverage ratio was 3.29 as of 31.12.2022 and 2.70 as of 31.12.2021, and the amount of equity was 61.75% as of 31.12.2022 and 57.68% as of 31.12.2021.

Ratio calculation formulas: * Net profit margin: Net profit / Sales revenue *100% * Current liabilities coverage ratio: Current assets / Current liabilities