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's activity report 2022

The main activity of Rotermann City OÜ is the leasing of real estate in buildings developed by them from 2006 to 2022, in a multifunctional quarter, in the heart of Tallinn. Rotermanni quarter is an urban space with unique architecture and active lifestyle, the heart of which is the city square. We lease A-class commercial, service and office spaces on approximately 34 thousand m². In addition, we offer parking on 2 underground floors and on the street.

During the reporting period, the vacancy of rental spaces was minimal.

The company's economic activity is managed by a two-member board. There were no permanent employees in the company in 2022, the necessary real estate management activities are purchased by the company as a service from other companies.

General developments and risks in the operating environment. Inflation accelerated at the macroeconomic level faster than expected and reached historically record levels during 2022. This in turn prompted the central bank to end the so-called zero interest rate policy that had lasted for almost a decade. The six-month Euribor, which is linked to most of the loans issued by commercial banks operating in Estonia, was still negative at the beginning of June last year, but by the end of the year the interest rate had already risen to 2.693% and continued to rise in 2023. This significantly increases the obligations of many companies. The Estonian economy fell by 1.3% in total last year

Risk of interest rate changes. The majority of Rotermann City OÜ's financial obligations are linked to a floating interest rate and are unhedged interest risk, therefore an increase in base interest rates due to fluctuations in the economic environment may result in some increase in interest expenses. The company plans and regularly monitors its cash flows to ensure sufficient buffer for servicing loan obligations even in conditions of interest rate increase.

Environmental and social responsibility. In real estate development, we have created a comprehensive living and working environment, considering the architectural solution of the projects being completed, the value of historical buildings and the quality of construction as equally important as the business result. The environment we create will also affect the appearance of the entire region and people's work and living environment in the future, so it is in our interest to provide a long-term aesthetically enjoyable use value for future generations. We have also thought about children's play opportunities and pedestrian safety, so the quarter is car-free - all parking is directed to the underground car park.

The economic activity of Rotermann City is not significantly cyclical or seasonal.

Main financial ratios: 2022 2021

Coverage ratio of short-term liabilities 0.71 0.53

ROA 14.5% 3.4%

ROE 35.0% 11.2%

Formulas used in calculating ratios:  Coverage ratio of short-term liabilities (times) = current assets / short-term liabilities  ROA = net profit/total assets*100  ROE = net profit/equity*100

The company's short-term liabilities exceed current assets. This may indicate that the company is unable to meet its obligations in the course of normal business. Payments of the short-term part of the long-term bank loan taken for financing real estate investments are paid from the monthly rental income, therefore there is no