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's activity report 2022

Breakwater Technology OÜ was established in 2018 with the aim of providing IT development services.

Areas of activity

Since the establishment of the company and also in the fiscal year 2022/2023, the main activity of Breakwater Technology OÜ was software development and IT services related to the technology industry (software development, integration of third parties, IT support and operation). At the end of the fiscal year, IT security services were also added.

In the next fiscal year, Breakwater Technology OÜ plans to continue with software development (project and ad-hoc), software support and IT support services.

Staff

At the beginning of the fiscal year, the company employed 72 people, at the end of the year there were a total of 99 employees in the company. In the next fiscal year, the company plans to hire 10 new employees.

Investments

In the current fiscal year, the company has moved to a new office, which involved investments amounting to approximately 395 thousand euros. No significant investments are planned for the next fiscal year.

Macroeconomic development and its impact

According to the analysis of the Bank of Estonia, the Estonian economy has suffered due to a decrease in purchasing power and competitiveness. According to Statistics Estonia, the Estonian economy shrank by 1.3% last year. Compared to other European Union countries, last year was weaker for the Estonian economy in terms of growth. (Source: https://www.eestipank.ee/publikatsioonid/rahapoliitika-ja-majandus/2023/rahapoliitika-ja-majandus-20231)

Inflation reached 17.6% in February 2023. According to the Bank of Estonia's forecast, inflation will slow down to 10% by mid-year and to around 4% by the end of the year. (Source: https://haldus.eestipank.ee/sites/default/files/2023-03/rpm_2023_1_est.pdf)

The inflation outlook is too high for too long across the EU. According to Eurostat's flash estimate, inflation was 7.0% in April.

Although most long-term inflation expectations indicators are currently around 2%, some indicators have risen and require ongoing monitoring.

(Source: https://www.ecb.europa.eu/pub/economic-bulletin/html/eb202303.en.html)

The outlook for global economic growth has improved, but remains weak. According to the International Monetary Fund's forecast, the global economy will grow by 2.9% in 2023, significantly below the average growth rate of recent decades.

(Source: https://haldus.eestipank.ee/sites/default/files/2023-03/rpm_2023_1_est.pdf)

The war between Russia and Ukraine has not affected the company's operations. The company's operations are not directly related to the Estonian economy, as most suppliers and customers are located outside Estonia, but are more related to EU trends. In the coming year, operating costs may increase due to ongoing inflation and wage costs may also increase due to indexing. In the fiscal year 2022/2023, wages were increased by about 10%.

Risks

The company's operations are not seasonal, customer payment behavior has so far been very good. The company has no loans or leases. Most transactions with customers and suppliers are in euros, which mitigates possible currency risk.

The main problem, according to the management, is the lack of IT specialists in the Estonian market. To solve this problem, the company involves various recruitment agencies that search for specialists around the world. According to the company's policy, all foreign specialists are brought to Estonia on site, the company does not have non-resident employees.

The operation does not have a significant social or environmental impact.