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's activity report 2022

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of financial position ........................................................................................... 1

Consolidated statement of profit and other comprehensive income ..................................................................... 2

Consolidated statement of changes in equity ................................................................................. 3

Consolidated cash flow statement .............................................................................................. 4

Notes to the consolidated financial statements 1 ELEKS Holding and its business activities ........................................................................................... 5 2 Group's business environment .............................................................................................................. 5 3 Summary of significant accounting policies ..................................................................................... 6 4 Significant accounting estimates and judgments ............................................................... 12 5 Implementation of new or amended standards and interpretations ................................................... 14 6 New financial reporting standards and interpretations ................................................................ 14 7 Balances and transactions with related parties .................................................................................. 15 8 Intangible assets .......................................................................................................... 15 9 Leased assets and lease liabilities ..................................................................................... 15 10 Receivables from customers and other receivables .................................................................................... 16 11 Investments in bonds and other financial assets ................................................ 17 12 Cash and cash equivalents....................................................................................................... 17 13 Share capital .............................................................................................................................. 18 14 Payables to suppliers and other liabilities ............................................................................................... 19 15 Option program ................................................................................................................ 19 16 Sales revenue ................................................................................................................................ 21 17 Costs of independent contractors and employees ................................................................................ 21 18 Other operating expenses, net ........................................................................................................ 21 19 Income tax ................................................................................................................................ 21 20 Contingent liabilities and provisions.................................................................................... 23 21 Main subsidiaries, associates and joint ventures .................................................... 24 22 Financial risk management .......................................................................................................... 24 23 Capital management .................................................................................................................. 27 24 Fair value measurement ................................................................................................. 27 25 Comparison of financial instrument classes with measurement categories ............................................... 28 26 Events after the reporting date .................................................................................... 28 1 Main business area, product and service groups

The Group offers a wide range of software development and consulting services to its clients. The Group primarily offers 3 different services: a fixed-price end product (IT code), working with a dedicated team to meet the client's specific needs, and consulting service.

2 Major investments in the financial year and in the near future

The Group continues its efforts to expand its delivery model globally and for this purpose new subsidiaries were established in 2022. On January 27, 2022, the Group registered a new 100% owned subsidiary Eleks Software d.o.o,

in Croatia.

On September 6, 2022, the Group registered a new 100% owned subsidiary Eleks Software Ltd in Ukraine.

3 Group structure, Group capital

The Group's structure is disclosed in Note 21 to the financial statements.

Distribution of dividends to the Group's shareholders is recognized as a liability in the consolidated financial statements for the period in which the dividends are approved by the shareholders. During 2022, the Group confirmed dividends amounting to 470 thousand euros (2021 – 304 thousand euros) – more information on this is provided in Note 13 to the consolidated financial statements. The Group does not have a dividend policy. The Group's strategy is rather focused on maximizing existing resources for business development (expanding presence in new jurisdictions and markets, developing in-house software, timely replacement of computer equipment, etc.).

In 2022, the Group acquired shares from its shareholder – for more details see Note 13 to the consolidated financial statements.

4 Major research and development projects

The Group is about to implement a project related to the autonomous control station of complex industrial objects, using drone technology. More information is provided in Note 8 to the consolidated financial statements.

5 Significant events On February 24, 2022, the Russian Federation launched a full-scale unprovoked military invasion of Ukraine, which affected the Group's business activities. More information on this is provided in Note 4 to the consolidated financial statements.

There were no other significant events that occurred during the period of preparation of the annual report and are not reflected in the annual report, but which have or may have a significant impact on the financial results in the following financial years.

6 Development of the Group's operating environment (macroeconomic) and its impact on financial results

Information on the business environment in Estonia and Ukraine is provided in Note 2 to the consolidated financial statements.

The IT sector is a rapidly growing business area. The Group uses high-level technologies in its business activities both in software development and innovation.

The IT market has shown steady growth for the last 5 years and this trend is expected to continue. There is expected to continue to be high demand for so-called niche IT talents. Enabling the finding and retention of such niche talents and IT resources to secure companies' competitive advantage has become possible thanks to the growing IT specialist market

in Ukraine, the European Union, and other developing countries.

The Group does not have specific regulatory requirements related to the IT sector in the countries where the Group operates and which would have a significant impact on the Group's operations. In each country where the Group operates, it is