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's activity report 2022

In 2022, the companies of the Scener group continued to provide energy portfolio management and balance management services in Estonia, Latvia, Lithuania and Finland to open market customers and preparations are underway to enter the Polish market. For this purpose, a 67% stake in a Polish company was acquired during the reporting year

Polscen Spa AK.

The results are still affected by the relative smallness of the market and low margins. Rising energy prices do not affect our volume of activity, but increase turnover numbers.

Scener OÜ has a 100% subsidiary in Lithuania: UAB Scener, 100% stake in the Latvian company SIA Scener, 100% stake in the Finnish company

Scener OY and a 67% stake in the Estonian company Polscen OÜ, which has a 100% stake in the Polish company Polscen Spa AK.

In 2022, the consolidation group had 8 employees (7 in 2021). Total labor costs were 415.9 thousand euros (369 thousand euros in 2021), of which board member fees were 47.6 thousand euros (36 thousand euros in 2021).

The goal of the consolidation group is to be the leading independent portfolio manager in the Baltic open electricity market.

On February 24, 2022, Russia launched a full-scale aggression in Ukraine. This in turn triggered an energy crisis throughout Europe, which had so far largely depended on cheap Russian imported gas. The perfect storm was fueled by the end of Russian electricity exports to Finland and

Baltic countries. As a result, more than 2000 megawatts of production capacity disappeared from the market, or more than the electricity production capacity of the Olkiluoto 3 nuclear power plant.

Estonia is a participant in the Nord Pool electricity exchange, where electricity producers who sell their produced electricity to the exchange, and electricity sellers who buy electricity from the exchange to sell it to end consumers, trade.

In 2022, the electricity prices and thus production volumes in Estonia and neighboring countries were affected by the market price of natural gas and weather-related factors. The high price of natural gas has created a situation in Europe where the cost of producing electricity from gas-fired power plants has risen higher than the cost of producing electricity from oil shale and coal. Electricity prices rose significantly in the summer of 2022, which was due to historically high gas and

CO2 quota prices. In 2022, the price of CO2 emission allowances was over 70.0 €/t, reaching nearly 98.0 €/t at times.

The average electricity price in the Estonian price area in 2022 was 193 €/MWh (+107 €/MWh compared to the average electricity price in 2021).

The price of electricity in the open wholesale market is determined by the ratio of purchase and sale offers. The transparency of the electricity market price is ensured by the electricity exchange, where the electricity exchange price is formed daily based on supply and demand. The electricity markets of Estonia and neighboring countries are closely connected by transmission cables.

Therefore, factors such as the water level in Norwegian hydroelectric power plants, the operation of Scandinavian nuclear power plants, the condition of transmission cables, and Danish wind conditions, etc., affect Estonian electricity production and prices.

With the national electricity support measure, households, small business customers and local governments were given the opportunity to buy electricity

At a price temporarily set by the Competition Authority from the fourth quarter of 2022. According to the amendments to the law adopted by the Parliament, the universal service is set to last until April 2026. However, the sustainability of the provision of the universal service is determined by market prices and if these should fall, consumers are likely to abandon the universal service themselves.

The overall difficult economic situation in 2022 has not significantly affected the activities of our companies. The economic activity of the Scener group is based on EUR, therefore we consider the risks arising from exchange rate changes to be small. There are no significant risks arising from changes in interest rates. There is also no fixed price risk as we do not have fixed price electricity sales contracts. The peculiarity of seasonal activity is the high production capacity of solar power plants from March to October. During this period, our turnover numbers are significantly higher than in the autumn-winter period.

In 2023, we plan to continue in existing markets and expand to the Polish market. The company does not have an established dividend policy. Dividends are paid according to the result, opportunity and decision of the shareholders.

Main consolidated financial ratios of the group:

Indicator 2022 2021

Net profitability -0.05% 0.27%

Coverage ratio of short-term liabilities 1.05 1.1

ROA -0.5% 2.1%