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's activity report 2022

Norstat Eesti AS is a professional research company that is part of the Norstat AS group, a leading European survey data collection company.

The company has been operating in Estonia since the end of 2007 and manages infrastructure and services developed for the provision of various survey services and integrated data. The Norstat group offers research services in a total of 18 countries and the company's offices are located in 15 countries.

In addition to the unit serving clients operating in Estonia, the Norstat Eesti AS team also includes the sales and coordination function for Norstat group's international projects and the group's programming department, which provides services to Norstat offices in other European countries.

In 2022, clients were mainly offered telephone and web surveys, and as an additional service, face-to-face interviews and recruitment services for qualitative studies. The situation in the Estonian market was better compared to the previous year and the demand for the service somewhat increased. During the financial year, the offering of both international and local projects by Norstat Eesti increased, and the provision of programming services within the group also somewhat increased compared to 2021.

The Norstat group, including Norstat Eesti, places great emphasis on the development of data collection services and the respondent panel.

Survey technical solutions and additional services for telephone surveys and web studies are being developed equally. The long-term development of integrated data services is of great importance.

The company's positive business results were also influenced by the generally favorable economic environment and rather high consumer confidence in 2022.

There is no definite seasonality or cyclicality in the company's operations, the volatility varies over the years.

Changes in exchange rates and interest rates do not pose a risk to the company's financial results, as most settlements are made in euros and the company has no loans.

The war between Ukraine and Russia that began on February 24, 2022, and the military operations in Ukraine did not significantly affect the company's business results, as the share of these markets in the company's business and network of partners was marginal. To date, the company has also made a group-wide decision not to serve companies of Russian origin.

The main financial ratios are as follows: 2022 2021

ROA % 41% 38%

ROE % 50% 57%

The following formulas have been used to calculate the ratios:

ROA % = annual profit / total assets * 100

ROE % = annual profit / total equity * 100 /Signed digitally/

Evelin Pae