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's activity report 2022

Perforce Software AS (formerly known as Zeroturnaround AS) was established in Tallinn and 2022 was the company's 14th independent year of operation.

The main activity of the company is programming (EMTAK 62011) for the purpose of product development.

Perforce Software AS has one subsidiary (hereinafter together - "Group"), which is located in the Czech Republic. In 2022, the Czech subsidiary was mainly involved in the marketing and sale of the Group's flagship products JRebel and XRebel.

In 2018, the product portfolio expanded with additional products Akana and Visualisation. In 2019, Zend was added.

The products developed by the Group are mainly necessary for the software sector, which continues to grow rapidly. The Group's market is also global.

As a result, there is no significant cyclicality or seasonality in the Group's business operations and the impact of the macroeconomic environment is minimal. The operations were also not significantly affected by COVID-19 and the war in Ukraine that began in 2022.

The Group's sales are predominantly in US dollars, which exposes it to exchange rate risk in relation to unpaid invoices and USD-denominated related party claims. The Group has not adopted measures to hedge exchange rate risk, considering that the USD as a reserve currency tends to strengthen during crises and that the owner company's economic environment currency is USD. After the balance sheet date, the USD exchange rate has strengthened. The Group's operations do not have a significant environmental and social impact.

In the reporting year, cooperation with Zeroturnaround USA, Inc. (hereinafter – “Partner”) continued to enable further efficient growth of the company. As part of this transaction, the Partner provides the company with global sales representation, marketing and management services.

In the reporting year, the average number of employees in the Group was 94 (2021: 56) and the total wage costs were 9,887,752 euros (2021: 4,172,260 euros). The Group did not provide guarantees to the company's management in 2022 or 2021. No remuneration was paid to the management for 2022.

Plans for the 2023 financial year

The development of the next versions of the products JRebel and XRebel and the marketing and sale of the products will continue. The main challenges are the continued growth of sales revenue and the efficiency of sales and marketing processes to reduce the cost base.

Main financial ratios 2022 2021

Sales revenue 20,953,772 15,372,560

Growth in turnover (-decline) % 36.3 0.7

Net profit (-loss) 7,780,811 8,688,220

Net profitability % 37.1 56.5

Short-term liabilities coverage ratio (times) 1.14 1.67

Formulas used in the calculation of ratios:

Growth in turnover (%) = (sales revenue 2022 – sales revenue 2021)/ sales revenue 2021 * 100

Net profitability (%) = net profit/ sales revenue * 100

Short-term liabilities coverage ratio (times) = current assets/short-term liabilities