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's activity report 2022

Eippa WSOperations OÜ was established on December 28, 2020.

Generally

Eippa WSOperations OÜ is a technology company whose business is based on the circular economy. The company buys, improves, recycles, and sells used electronics, offering a sustainable alternative to buying a new device for private and business customers.

The company's customers can reduce their carbon footprint by choosing a refurbished smartphone. Eippa WSOperations OÜ's refurbished smartphone has up to 78% smaller carbon footprint than an equivalent new phone. The company is part of the Finnish Swappie group, whose parent company makes significant development and marketing investments necessary for the entire group.

In the second half of the 2022 fiscal year, the company no longer sold used electronics directly to customers and all phones recycled by the company were sold to other Swappie group companies as intra-group sales, and the respective group company itself sold to end consumers. Eippa

WSOperations OÜ started focusing on providing repair services to other Swappie group companies in 2022.

The company is a 100% subsidiary of the Finnish company Swappie Oy. The board consists of three Finnish citizens with equal rights. Eippa WSOperations OÜ is part of the Swappie OY group along with Swappie AB and Swappie B.V.

Company's financial situation

The company's second fiscal year turnover was 132.2 million euros (2021 turnover was 74.3 million euros) and operating profit 2.1 million euros (2021 operating profit was 2.6 million euros). The company has entered into a financing agreement with the Finnish parent company, according to which the company's financial debt to the parent company as of 31.12.22 was 44.0 million euros (as of 31.12.21 it was 7.2 million euros). The interest rate is at a similar level to the interest rate that would be available for similar external financing. The interest rate remained at the same level during the fiscal year.

The company's equity ratio as of 31.12.22 was 4.1% (as of 31.12.21 it was 7.6%).

The company's sales regions during the fiscal year were Italy, Sweden, Germany, Finland, Denmark, Ireland, the Netherlands, Portugal, Belgium, Slovakia,

Spain, France, Poland, and the Czech Republic.

The company's peak business season is at the end of the year and in the summer, the beginning of the fiscal year and late autumn are somewhat quieter sales periods.

The company's purchases are mainly made in euros and foreign currency purchases do not pose a significant exchange rate risk. The currency risk of other currencies is somewhat limited also due to the relatively fast turnover of stocks.

High inflation and the war in Ukraine in 2022 affected consumer behavior and exchange rates, and in addition, the pandemic caused by the coronavirus continued to affect supply chains and the availability of phones in certain market areas throughout the fiscal year. The Covid pandemic also affected certain direct and indirect costs, such as freight rates, especially at the beginning of 2022.

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The company's main risks are the competitive situation, product availability, and operational risks. The company's management manages operational risks through the preparation and monitoring of quarterly and annual planning.

Staff

The average number of employees during the fiscal year was 529 (220 in 2021) and total labor costs were 10.2 million euros (3.5 million euros in 2021).

Events after the reporting date

Today, the company mainly serves group companies and does not sell refurbished electronics directly to consumers. The majority of Swappie Group's refurbishment work was concentrated at the company's location in Estonia.

The geopolitical situation and accelerated inflation cause uncertainty also in 2023. In addition, the prolongation of the prevailing market situation may have an impact