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's activity report 2022

Ränilinna Construction Ltd was established in 2016 with the aim of engaging in the construction of residential buildings/apartment buildings.

In 2022, the completion of the started projects was continued.

We consider 2022 extremely difficult due to the effects of the pandemic and the start of the war. 2022 began with

Russia's invasion of Ukraine. The above led to a very large increase in input prices, making it difficult to fulfill previously concluded contracts with the Client on time and within budget. It was also necessary to look for more expensive alternatives for some materials that originated from Russia and Belarus. Most of the price increase was successfully left

to be borne by the Client.

The increase in wages, fuels and other inputs resulted in a loss for Ränilinna Construction Ltd despite record turnover. By the spring of 2023, the situation has improved, but high interest rates have a strong impact on the number and volume of orders.

We believe that the market will stabilize by 2024. The orders for 2023 are covered by Ränilinna Construction Ltd, negotiations are underway to secure construction volumes for 2024.

No investments are planned for 2023.

The result for 2022 is negative. We plan to reach profit by 2023.

Indicator/calculation method 01.01.2022-31.12.2022 01.01.2021-31.12.2021

Coverage ratio of short-term debt (current assets/short-term liabilities) 1.02 1.21

Solvency ratio ((current assets-inventory)/short-term liabilities) 1.02 1.21

Net profitability (net profit/sales revenue*100) -0.88 -1.25