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's activity report 2022

Tolira Ehitus is a construction company that is primarily oriented towards the Estonian market, providing construction services directly to the client using the main contracting method. With its team of dedicated professionals, Tolira Ehitus has been a significant player in the construction industry since 2005. The company prides itself on being open, result-oriented, and a reliable partner for its clients.

In 2021, Tolira Ehitus experienced a noticeable increase in sales revenue, just as we had predicted. This growth was primarily due to successful participation in various tenders and the expansion of our team. As we moved into 2022, our aim was to maintain the level of sales revenue. However, at the beginning of the year, it became apparent that the initiation of various projects would take longer than previously anticipated. Predicting the profitability situation at that time was challenging due to the fluctuating prices and availability of construction materials. These changes significantly impacted the duration and profitability of projects. However, it was not possible to accurately assess the impact over the year, as the situation could reverse in the second half of the year.

Despite these challenges, we saw a 10% increase in sales revenue in 2022. This growth can be primarily attributed to inflation. The volume of construction did not change compared to 2021. Inflation significantly affected profitability. Most contracts were signed based on price offers made before the war in Ukraine, and we had to bear the risk of this price increase. Looking ahead to 2023, we anticipate a slight decrease in sales revenue due to the general cooling of the construction market and delays in tenders for the renovation of new apartment buildings. Predicting the profitability situation is currently challenging. We are hoping that despite the decrease in work, there will be no panic in the market, and competitors will not start massively underbidding. The management believes that there is currently no need to revise the 2022 annual report, and operations will continue over the next 12 months.

Here are the main financial ratios for 2021-2022 and their calculation methodology:1. Net sales profitability (%) for the reporting year: profit/sales*100 was 3.21, a decrease of 0.02.2. Return on Equity (ROE) (%) for the reporting year: profit/average equity*100 was 57.28, a decrease of 0.27.3. Short-term obligations coverage ratio: average current assets/average short-term obligations was 1.52, a decrease to 1.40.4. Debt ratio (%): obligations/assets*100 increased from 63.62 to 72.80.

These figures provide a snapshot of the financial health of Tolira Ehitus and its ability to meet its obligations. Despite the challenges, the company remains committed to delivering quality construction services and maintaining its position in the market.