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's activity report 2022

The main activity of AS GoBus in 2022 and 2021 was and continues to be the provision of passenger transport services by buses on domestic bus routes in Estonia and the provision of charter services.

The most important events during the reporting year were the start of public service contracts for new bus routes from 01.02.2022 in Narva and from 01.07.2022 in the large line group in Ida-Virumaa. During the reporting year, line transport contracts ended in the small line group in Ida-Virumaa and

in Lääne-Virumaa. The first half of 2022 continued to be affected by the slow recovery of turnover due to the coronavirus.

Turnover in commercial transport recovered to pre-coronavirus levels in the second half of the reporting year.

Due to the very large increase in fuel prices in the third and fourth quarters of 2021, the indexing of public service contracts in their current form was no longer sustainable. Through the Association of Car Companies, it was possible to apply for compensation for the increase in fuel prices in the first and second quarters of 2022 and to switch to quarterly indexing in public service contracts from the third quarter (except Ida-Virumaa). The biggest economic impact on the company has been the rise in energy prices, which is also due to the war in Ukraine. In addition, the rise in interest rates has affected and will continue to affect the company's financial indicators.

The total cost of labor in 2022 was 14,400,798 euros (2021: 12,569,974 euros). As of 31.12.2022, the company employed 735 employees (31.12.2021: 703 employees).

The aim of AS GoBus is to increase the company's market share and volume mainly through domestic transport contracts. Winning new tenders requires significant investments in the acquisition of buses. According to the tenders already won, AS GoBus will start transport with 26 buses in Raplamaa from 01.07.2023 and with 12 buses in Kohtla-Järve city from 01.09.2023. In the Raplamaa tender, we offer transport service with environmentally friendly HVO fuel vehicles. Risks continue to be fluctuations in engine fuel prices (including natural gas) and their impact on current economic activity through cost indices set in transport contracts. The consistent growth trend in bus driver wages and the continuing deficit in bus driver staff are also important. These factors directly affect the cost price of all types of transport and thus the formation of the company's cash flows and final financial indicators by the end of the reporting period.

In climate policy, we have moved in a positive direction in reducing CO2, using more and more gas and HVO-powered buses and participating in a hydrogen bus project. We use the most modern technologies for bus maintenance and washing to minimize our footprint in nature. In renewing the bus fleet, we aim to provide passengers with a comfortable and accessible service to create conditions for giving up personal vehicles. We pay great attention to the recycling of used metal, chemicals, lubricants, etc.

and we only use licensed waste management services.

The need for labor in the Estonian transport sector (including AS GoBus) continues to be a problem. At the level of sub-associations and independently, we try to popularize the work of a bus driver. We strive to provide social guarantees, wage growth guarantees and other additional wage components that could make the bus driver's job a sought-after job.

AS GoBus is an active user of financial instruments. The main use is in financing buses through various leasing products.

The main financial risk is the rise in Euribor, which brings us a significant increase in interest costs. Typically, companies also face a major risk in customer payment behavior. AS GoBus organizes its activities in such a way that the proportion of unpaid invoices is minimal.

Main financial ratios for 2021 and 2022 financial years:

Sr. Ratio content 2021 2022 1. Net sales profitability 0.01% 2.02% net profit / (realized net sales + sales revenue) 2. Asset profitability 0.01% 2.43% net profit / average total assets for the year 3. Capital profitability 7.81% 17.94% (net profit + income tax + interest expenses) / (average equity + average loan obligations) 4. Short-term obligation coverage ratio 0.54 0.65 total current assets / short-term obligations 5. Payment ability ratio 0.52 0.64 (total current assets - inventories) / short-term obligations 6. Interest coverage ratio 1.005 1.98 (net profit + income tax + total interest expense) / total interest expense