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's activity report 2022

The main areas of activity of Maleva Betoon OÜ: (cid:127) Construction subcontracting (cid:127) Construction subcontracting in concrete works (reinforcement, formwork, concreting) (cid:127) Construction subcontracting in assembly works (cid:127) Other smaller-scale construction works

The home market of Maleva Betoon OÜ is the Republic of Estonia, but in connection with our partners' foreign market projects, we have also carried out short-term projects in the Republic of Latvia, the Republic of Lithuania and the Kingdom of Sweden. Working in neighboring markets is project-based and the plan is to continue to carry out work in neighboring markets in the future. The volume of services provided in foreign markets was 55%. We plan to maintain the volume of foreign markets at the same level next year.

2022 was of significant importance and very changing - double turnover growth, the start of the war in Ukraine, which resulted in a shortage of raw materials, a decrease in investments, an increase in uncertainty, etc. The general situation in the construction market is changing very quickly, critical and tense - construction volumes are decreasing, material prices are rising and labor costs are increasing. Our main service customers have been able to maintain their volumes thanks to

Increased investments by the State Defense Investment Center and as a result, we have also been able to maintain our volumes, in addition, we increased our turnover growth thanks to the emergence of a new customer.

Business and operational risks have increased in tight competition and rising input prices. In minimizing these risks, we place great emphasis on strict cost control and the principle of balance. In connection with this, we do not plan to increase the customer base, so we hope to continue cooperation with existing customers, which should mitigate major external risks. At the same time, we try to agree on shorter payment terms, and ongoing revenue/cost control takes place.

Financial risks are only non-timely payment of invoices by customers, which may result in a lack of working capital (liquidity risk). We do not have credit, currency and interest risk, because settlement is only in Euros and bank loans are not in use.

Finding a stable and quality workforce is a challenge throughout the construction sector, but this is one of the main factors affecting business results.

As we operate in the subcontracting market, there are no direct short or long-term financial investments.

Our main investment is finding qualified new workers and maintaining and improving the work quality of existing workers. The improvement of work quality takes place with better planning and increasing experience.

We do not have ongoing and do not plan to start research or development activities either at home or in foreign markets.

During the period of preparation of the annual report, the general global economic and geopolitical situation has not improved - no one can predict the end of the war, it is hoped that there would be no escalation of the war; the rise in input prices has continued and there is no clarity about energy prices and raw material prices for the near future.

In this uncertainty, we hope to maintain our turnover and profit margin and hope to strengthen our management in the form of new project or project managers.

Major projects completed in 2022: (cid:127) Arteri quarter parking house reinforcement, concreting works (cid:127) Ahtri tn office building reinforcement, concreting works (cid:127) Veerenni tn office building reinforcement, concreting works (cid:127) Lootsi 8 new office building frame concreting works (cid:127) Defense Investment Center, Lintsi (cid:127) Viadukti tee warehouse reconstruction works reinforcement, concreting works (cid:127) Saarde windmills reinforcement, concreting works (cid:127) Vanessa windmills reinforcement, concreting works (cid:127) Telsia windmills reinforcement, concreting works (cid:127) Munkedali 30 KW cogeneration plant construction works (cid:127) Örebro office building extension construction works