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's activity report 2022

ACTIVITY REPORT: Solar Wheel 2022

Solar Wheel OÜ was established as a joint venture between Diotech OÜ and Päikeseratas OÜ with the aim of providing our clients with services related to the design, construction, financing, operation and maintenance of solar power plants. The internal goal of establishing the joint venture was to enhance the quality and quantity of service provision through the combination and further development of the capabilities of the parent companies.

The fourth year of operation of Solar Wheel OÜ was successful: we restructured the economic activity of the Diotech Group in such a way that the vast majority of new contracts for the design and construction of solar power plants were concluded by Solar Wheel OÜ in 2022. At the same time, we completed the division of Solar Wheel's sales and service stations business line into a subsidiary established by Solar Wheel, Solar Rent OÜ.

In Latvia, SIA Solar Wheel LV was established in the 2022 financial year with the aim of starting preparations for entering the Latvian solar power market. In addition to the company's establishment activities and the preliminary study required for market entry, no further steps were taken towards the Latvian market.

We will reassess the market situation in 2023, after which we will specify the timeline for starting business activities in the Latvian market.

The sales revenue of Solar Wheel OÜ in 2022 was 7.78 mEUR and the operating profit was approximately 969 tEUR. Compared to 2021, this was a significant increase in sales volumes, as a result of which Solar Wheel OÜ achieved the best financial results in its history of operation. We forecast a slight increase in sales volumes for 2023.

No significant investments were made during the reporting year. New team members were recruited to grow the company, which is planned to continue in the next financial year.

Economic indicators

Indicator 2022 2021

Sales revenue 7.78MEUR 0.73MEUR

Turnover growth (%) 964 % -86 %

Operating profit 969TEUR 154TEUR

Profit growth (%) 10462 % -99 %

Net profitability (%) 11.4 % 1.2 %

Short-term obligations coverage ratio 2.25 0.90

ROA (%) 51.8 % 0.3 %

ROE (%) 84.7 % 1.2 %

At the time of preparing the report, supply chain problems due to the war in Ukraine and the COVID-19 coronavirus are improving, but the delivery of some details is still delayed.