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's activity report 2022

Concise Systems is a full-service provider of information and communication technology and strategic business solutions, dedicated to supporting the achievement of its clients' business success. Operations began in 2008.

The company creates software solutions for growth companies, supporting business growth. We offer comprehensive information technology solutions, the construction of product development processes, and the creation or improvement of a development organization and team.

Our solutions are well thought out and sustainable. We do this with dedicated specialists in our field who are motivated and innovative thinkers. We value and implement teamwork, dedication, passion, innovation, and creativity.

We call our way of working #superagile - it is a comprehensive approach to building product development teams. The methodology includes 13 different elements, the quality of which is assessed in the team on a scale of 0 to 3. We have written a book about it and also developed a #superagile mobile application that helps teams use the tool independently and assess the current situation of the team.

The main competencies of Concise Systems are: 1) software development, 2) building agile teams, 3) mentoring growth companies, 4) infrastructure and cloud services, 5) technical consulting.

The ICT sector is rapidly and continuously evolving, high value-added, innovative, and very important for maintaining and increasing the competitiveness of the country and the economy.

For Estonia, the ICT sector has been the main driver of economic growth over the past decade.

2022 was a successful year for our company, significantly increasing our sales revenue and exceeding the 12 million euro mark for the first time. We continued to work with our long-term clients and supported them with our product development and technical expertise, there was some restructuring of the client portfolio, which ended cooperation with loss-making startups. We mainly offer our services in the Scandinavian and Estonian market. Despite some economic downturn, the demand for software development services is still high globally, so we see growth continuing in the coming years. As we provide a service and our largest cost group is labor costs, this affects the seasonality and cyclical nature of our business - profitability is always higher at the beginning of the year because new price lists from clients apply, but it falls during the year because wages and the prices of services and products we consume increase, we also have to take into account the vacation periods of employees in the summer and at the end of the year, which significantly affects turnover and profitability. 2022 was characterized by wage pressure from high inflation from employees, but to mitigate this, we participated in the Fontes wage survey for the first time, developed a transparent company-wide wage policy, which was successfully communicated and implemented.

There were changes in the management of the company - in February, the former long-term CEO left and in mid-April, a new leader joined from outside the company. In August, the company's new strategy was put together with the participation of 13 key employees, which was finally approved in December. A new 7-member management team was formed, which began active cooperation in January 2023. One of the goals of the new strategy is to increase the client portfolio, thereby mitigating the company's risks and increasing sustainability, as currently a very large part of the turnover comes from one client.

Our work environment is modern and inspiring, we offer flexible and comfortable solutions for working and sports. In addition, we invest in the development of our employees every year. As a result of active recruitment, we reached 125 employees by the end of 2022 and plan to continue operations in the new year. We also supported charities related to the war in Ukraine with recurring donations in 2022.

In 2022, the majority shareholder bought out the shares sold by one small shareholder in the previous year with a nominal value of 60 euros and now owns 87%. The share was obtained for 93,000 euros. The company bought a plot of land in Võru city in 2022 for 60,000 euros (incl. VAT).

The main ratios of Concise Systems and their calculation methodology are: •Sales revenue growth (%) = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 * 100 •Net profit amount (%) = annual profit / sales revenue * 100 •Short-term liability coverage ratio (times) = current assets / short-term liabilities 2022 2021

Sales revenue growth (%) 50% 47.8%

Net profit amount (%) 16.4% 14.7%