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's activity report 2022

Introduction

Viljandi Õhumeister OÜ is a company established in 1998 that deals with the construction of ventilation and air conditioning equipment and also offers related ancillary services (design, maintenance, cleaning, etc.) in both the Estonian and Finnish markets.

2022 was the first year of war. Contrary to expectations, certain supply chains and prices stabilized, which allowed for better planning of project budgets and activities. The war efforts and ongoing rapid inflation also made pricing our services easier.

We considered many risks that did not materialize. A turnover growth of over 50% and a profitability of nearly 10% is certainly the best in the company's history. The market favored subcontractors and we were also able to successfully complete complex main contracting projects.

As a main contractor, we carried out renovations of the technical systems of Viljandi police station, Lasnamäe music school and Olustvere dormitory.

We built air conditioning systems for several production buildings in Viljandi and Harju County, and we were also active in Tartu, Pärnu and Virumaa.

The market for services (maintenance, cleaning) was volatile and mostly these tenders were not won, but work continued at the previous level. Our activities in Finnish shipyards also gained momentum. I would highlight the State Real Estate AS and the city of Tallinn as the most important customers.

The investments in 2022 were mainly related to the renewal of the company's car and computer fleet. Salaries were also raised.

The company's financial health is good. Customers have mostly proven to be solvent, but there were exceptions. Two customers went bankrupt, but the damage was not great. There are no risks associated with changes in exchange rates, interest rates and stock prices, as transactions are made in euros and we finance our activities ourselves.

The company's activities are not seasonal or cyclical.

No additional events that could significantly affect the results of the next financial years were identified during the preparation of the annual financial statements.

The company's activities result in a significant improvement in the energy efficiency of buildings and a reduction in environmental pollution.

The construction of ventilation systems is an important measure in combating the coronavirus.

Group structure

OÜ Viljandi Õhumeister owns a 100% subsidiary in Finland - 3 Air Oy. There are no plans to change the group structure in 2023.

In 2022, there was no economic activity in 3 Air Oy.

Revenues, expenses and profit 2022 2021

Viljandi Õhumeister OÜ's sales revenue was 7 041 4 583 thousand euros

Ventilation equipment installation accounted for 88 86 % of sales revenue and heating and air conditioning equipment installation 2 3 %

Viljandi Õhumeister OÜ's sales revenue consisted of sales to Estonia 97 98 % and sales to other EU countries 3 2 %

The main target country outside Estonia was Finland

Republic.

Net profit / -loss 690 135 thousand euros

Main financial ratios 2022 2021

Net profitability % 9.8 2.9 %

Short-term liabilities coverage ratio 2.8 2.1 times

Return on assets ROA % 24.6 6.4 %

Return on equity ROE % 35.2 10.1 %