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's activity report 2022

CPS Solutions OÜ was established on 29.09.2020. The company's main activity is the provision of cryptocurrency services, which includes the provision of online wallet and cryptocurrency exchange services, enabling retail and corporate clients to hold, deposit, withdraw and exchange fiat and cryptocurrencies. The main goal of the company is to provide a secure and reliable online crypto solution to its clients.

In 2022, Cryptopay Limited, a company registered in the United Kingdom, decided to transfer its clients' crypto services and assets to CPS Solutions OÜ. Since then, CPS Solutions OÜ has been providing cryptocurrency services to these clients.

The company always monitors changes in the law to adapt existing anti-money laundering and "know your customer" processes and ensure maximum security and the highest quality of services offered. 2022.

In 2022, EU and international governments imposed sanctions, and changes were made to crypto regulation. The company adapted to the new circumstances and fully complies with all requirements at both local and international levels.

The sales revenue for 2022 was 13957 thousand euros (2021: 0 euros). The company made a profit of 6647 thousand euros in the financial year (2021: net profit 0 thousand euros). The company is not affected by seasonal fluctuations, i.e., the income earned is consistent.

The main financial ratios used by the company to assess performance are: 2022 2021

Sales revenue 13 956 609 -

Net profit 6 643 085 (70 731)

Net profit margin 47.6% -

Return on assets (ROA) 14.9% -

Return on equity (ROE) 96.0% -

The company manages its currency risk by monitoring foreign currency assets and liabilities. The company guarantees that all significant foreign currency risks are balanced by holding assets in the currency that matches the liability.

In some cases, such as with fiat currency, the company may have a liability to a client, which is reflected in euro-denominated assets. The company's management carefully monitors this currency risk and keeps it within predetermined limits.

The balance of clients' fiat assets (the company reflects as a liability to clients) as of December 31, 2022, is not in EUR/USD/GBP but in Fiat Euro amounting to 3 439 thousand euros. This represents 20% of all clients' fiat asset (liabilities) balances as of year-end.

The balances of clients' fiat assets (liabilities) as of 31.12. 2022 were 3% in Canadian dollars, 2% in JPY, 2% in Chinese yen, and 2% in KRW. The maximum average exchange rate fluctuation of these fiat currencies against the euro over the last 5 years was 11%, so the maximum possible currency risk size is estimated to be 392 thousand euros.

In some cases, such as with stable coins, the company may also be liable to a client, which corresponds to the fiat base currency with which the stable coin is associated. Management believes that this approach does not entail additional currency risk.

The balances of clients' crypto assets (liabilities) in stable coins (BUSD, DAI, USDT, USDC) as of December 31, 2022, were 7 779 thousand euros. The balance of clients' stable coin assets (liabilities) in US dollars as of 31.12 2022 was 214 thousand euros.

In 2022, the company faced new challenges, both sector-specific and macroeconomic.

The value of virtual currencies has significantly decreased during 2022, but the company has managed to stay profitable and hopes to remain profitable in 2023 as well. The company has a valid license to provide virtual asset services. The process of renewing this license is ongoing, and management has reasonable expectations that it will be approved soon.