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's activity report 2022

Introduction

Nets Estonia AS started its operations in 1993 under the name of Pankade Kaardikeskuse AS. On September 8, 2010, the company's name was changed and it started operating as Nets Estonia AS.

The purpose of Nets Estonia AS is to provide support services in the field of electronic banking, including acting as a reliable, secure and impartial clearing center.

Due to the purpose of Nets Estonia AS, the main tasks of the company are: (cid:127) to ensure the uniform development, standardization, quality and security of electronic banking, especially the quality and security of the issuance and acceptance of payment cards; (cid:127) to manage the coordination processes of various card payment systems and institutions to ensure broader usage possibilities for end users of the systems.

Since 2014, Nets Estonia AS has a branch in the Republic of Latvia.

The share capital of Nets Estonia AS is 504,902 euros (2021: 504,902 euros) and the sole owner is the Danish company Nets Denmark A/S.

Main activities in 2022

The economic development of the sector in the country was affected in 2022 by the COVID 19 pandemic and the outbreak of war in Ukraine. For Nets Estonia AS, the impact of the Covid 19 pandemic was rather insignificant, but the war in Ukraine led to the fact that all continuity plans have been updated with previously unimaginable scenarios that need to be prepared for.

High inflation rates have naturally caused concern about increased cost levels, but at the same time, we see that competitors' vigorous responses to increase their revenues may offer us new business opportunities in the market.

High interest rates have a positive effect on our financial results, as we are a cash-rich company, but we see that some companies in our segment have had harder times finding financing for their business. However, these harder times also come with an opportunity that we have been able to capture well.

Nets Estonia continued to introduce and launch new services, which we offered to our card issuing and card accepting customers, and as a result of this activity, we have won new customers from several European countries. The most important source of income in 2022 continues to be the processing of payment transactions made with payment cards both in Estonia and abroad. Nets Estonia AS has been dealing with the sale, rental, installation and maintenance of electronic payment terminals since 1994. Nets Estonia AS continued to cooperate with companies offering customer cards and prepaid cards in processing transactions and other support services.

Goals for 2022

The main goal of Nets Estonia AS for the next financial year is to grow the customer base in the Baltics and Europe and to introduce new services in the financial sector. The company will continue to modernize the software in use and develop new services. The company plans development costs for both new types of payment terminals and the development of services necessary for key customers.

Staff

The average number of employees of Nets Estonia AS in 2022 was 47 employees (2021: 47 employees).

Key financial ratios 31.12.2022 31.12.2021

Business profitability (Operating profit / sales revenue) % 9.46% 10.05%

Return on equity ROE 1.54% 1.25% (Net profit / equity) %

Short-term liabilities coverage ratio (Current assets / Short-term liabilities) 50.64 70.68 times