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's activity report 2022

OÜ Kawe Invest (hereinafter also referred to as the „Company“) is a subsidiary of AS Kawe group, whose main activities are the implementation of real estate projects, real estate management and transactions with real estate.

In the fiscal year of 2022, the Company acted as a classic landlord. A major investment was made in the premises of the building on Veerenni Street to rebuild 4000 square meters of vacant space for a new tenant.

In 2023, the Company will continue its operations in the same field and is actively seeking new tenants for vacant spaces. New investments are planned according to new lease agreements. The Company manages office buildings in Tallinn, on Veerenni Street and Vana-Lõuna Street.

The Company's main business transactions are in euros and therefore the exchange rate risk is minimal. However, the European Central Bank has raised interest rates, which has increased the company's interest expense on debt. Energy prices have also risen. However, at the moment, the board does not see a major threat to the continuity of the company's operations due to this sharp rise in Euribor and prices. However, it should be noted that 2023 is rather a quiet year in terms of tenants and rather a waiting position is taken.

The main activity of OÜ Kawe Invest is not cyclical or affected by seasonality. The Company has set environmental goals and continuously monitors their fulfillment.

Main financial ratios 2022 2021

Revenue growth (%) 18.81 -12.56

Current liabilities coverage ratio (times) 2.73 1.02

Net working capital (EUR) 4 033 730 24 946

Debt ratio (times) 0.54 0.47

Long-term loan ratio (times) 0.52 0.46

Return on equity or ROE (%) 2.94 6.03

Return on invested capital or ROCE (%) 2.37 4.30

Formulas used in calculating ratios

Sales revenue growth = (sales revenue 2022 – sales revenue 2021) / sales revenue 2021 x 100

Current liabilities coverage ratio = current assets / current liabilities

Net working capital = current assets – current liabilities

Debt ratio = liabilities / (liabilities + equity)

Long-term loan ratio = long-term liabilities / (long-term liabilities + equity)

Return on equity = net profit / average total equity x 100