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's activity report 2022

Overview of Corle OÜ activities

Corle is a company established in Estonia in 2006, mainly based on the capital of European institutional investment funds. Corle OÜ offers construction and maintenance of electrical and telecommunications networks, reconstruction of street lighting, and project management services for energy projects. The company's main customers are owners of infrastructure networks, operators, local governments, and other private companies. Corle OÜ's business is relatively seasonal.

Our values

Members of the professional team of Corle OÜ contribute to the continuous connectivity and energy supply of society, aiming to create a modern, sustainable and comfortable living environment.

Innovation - With smart tools and methods, we are open to modern solutions and services. Our comfort zone is a dynamic environment.

Efficiency - The thoroughness of the expert team ensures a correct final result. We consider economical resource use important.

Cooperation - We value and maintain customer-centric, intra-company and partner cooperation. Our team consists of the best experts in their field.

Macroeconomic environment

The keyword for the past financial year was the exit from the direct corona crisis, which, however, meant its aftermath. Along with the effects of the war in Ukraine, many inputs necessary for the company's operation became more expensive. By the end of the financial year, price growth had begun to stabilize, but the company still sees input price growth for the near future, which the company must thoroughly consider in its service pricing. The board believes, however, that despite volatile world events, the demand for various services offered by Corle OÜ is generally rather growing.

The goal of Corle OÜ is to carry out its activities with as little impact on the environment as possible. Corle OÜ has tried to be socially responsible in its activities.

Related companies

Corle OÜ's subsidiaries are Corle GmbH (100% stake) and Corle Infra OÜ (100% stake). Due to the fact that there is no consolidation requirement, a consolidated annual report has not been prepared.

Significant events in 2022, the company has deliberately devoted to Enefit Connect's recruitments. The same approach will be applied to the next financial year.

In addition, Corle OÜ plans to start building networks financed by the state's high-capacity electronic access network measure in 2023, which will later allow these networks to be capitalized as Corle OÜ assets.

It can also be pointed out that Corle has reduced its staff compared to the past financial year to adapt to the economic activity ended in Germany in 2021 and its effects.

From the point of view of daily work, it can be pointed out that during the reporting year, the company acquired a significant amount of fixed assets (acquisition cost 471 thousand euros). The main part of this was expenditures for modernizing the company's car fleet. This, in turn, was mainly made up of purchases of vans (Mercedes-Benz Sprinter, Toyota Proace and Citroën Berlingo) (a total of 11 vans). Such investments are not planned for the next financial year.

As interest rates in the euro area increased significantly during the reporting year, the company focused on the financial risks realized in the economy. The rise in interest rates directly affects the company through leasing obligations. The company's largest loan obligation is not directly affected by interest rates, as they are not linked to changes in Euribor.

Financial position The sales revenue for the 2022 financial year was 6,190 thousand (2021: 7,617 thousand) euros. The decrease in sales revenue was mainly due to the cessation of activity in the German market. The EBITDA for the 2022 financial year was 563 thousand euros (2021: 2,041 thousand euros). The higher EBITDA of the comparison year was caused by other business income.

As of 31.12.2022, tangible and intangible fixed assets were 7,516 thousand euros (2021: 8,275 thousand euros). As of 31.12.2022, Corle OÜ had interest-bearing liabilities of 4,979 thousand euros (2021: 4,873 thousand euros). As of 31.12.2022, the company's net assets were 2,151 thousand euros (2021: 2,841 thousand euros), which compared to the balance sheet volume corresponds to the optimal capital structure.