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's activity report 2022

Studioworks OÜ was established in 2018. The company's main activity is providing services to online casinos. The company's mission is to provide high-quality and secure content to the market leaders in the gambling industry. The company mainly focuses on Live Dealer Studio online games.

The activities in 2022 mainly focused on the following four areas: 1. Improving the quality of the studio and the organization's operation.

2. Focusing on staff recruitment, onboarding of new employees, and training.

3. Expanding the studio area for opening new tables, in addition to creating a new Playboy-themed studio area.

4. Increasing office space.

The biggest investment in 2022 was the expansion of the studio and office space. As a result, it will be possible to increase the number of gaming tables from the beginning of 2023, thereby serving more customers, which in turn increases economic performance in the following years.

After the completion of the studio expansion project, Studioworks is in a stronger position than before, as we can now offer our customers seasonal studio interiors and additional tables.

The general demand for Live Dealer Studio online games is still high, but several competitors have entered the market. The general increase in prices and labor costs due to inflation negatively affects the results.

Studioworks generally operates based on service contracts concluded over a longer period. This means that we have a steady income during the contract period. However, the Live Dealer Studio online games sector is cyclical and the demand for new contracts changes with the general economy.

Despite this, we are optimistic for 2023 and assume that we will continue to grow in a challenging environment.

The direct impact of the Ukrainian-Russian military conflict on the activities of Studioworks OÜ is not present, as the company does not have partners/suppliers in Ukraine or

Russia.

The company's activities do not have significant environmental and social impacts.

No development and research expenditures were made in 2022.

Main ratios: 2022 2021

Sales revenue (euros): 7 935 473 7 908 856

Net profit/loss (euros): 246 827 360 343

Short-term obligations coverage ratio (times): 1.96 2.17

ROA: 12.40 17.74

ROE: 42.77 56.28

Formulas used in calculating ratios: (cid:127) Short-term obligations coverage ratio (times) = current assets / short-term obligations (cid:127) ROA (%) = net profit / total assets * 100 (cid:127) ROE (%) = net profit / total equity * 100