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's activity report 2022

AS Connecto Eesti's business is aimed at the design, construction and maintenance of vital network connections of a modern society - electricity, telecommunications and gas networks. We help our clients ensure that the network services they offer are always available everywhere.

Despite pessimistic expectations for the economic environment and ongoing turbulence, 2022 turned out to be a successful year for the company.

Possible risks to major projects due to military action in Ukraine did not materialize. The team was able to quickly and successfully replace equipment and material suppliers and solve complex logistics issues. The company's sales revenue increased by 82% compared to the previous financial year, reaching a record high of 89.67 million euros, divided between sectors as follows: electricity networks - 67%, telecommunications networks - 10% and gas networks - 23%. The company's operating profit in 2022 was 5.17 million euros.

In 2022, we continued with the construction of the Tartu-Valmiera 330/110 kV high-voltage line, which is an important link in the synchronization mega-project. The overhead line, with a construction cost of 29.5 million, strengthens the Estonian-Latvian electricity connection and allows for disconnection from the Russia-led electricity system. We will hand over the work to the client in April 2023. Connecto also participated in the construction of the Paldiski LNG floating terminal, which attracted a lot of public attention. Our task was both land and sea pipeline construction, connecting the quay with electricity and communication networks, and installing gas and electrical equipment on the quay. The project was made extraordinary by the short construction deadline and complex supply chains for material procurement. In the development of renewable electricity production, we are partners to solar park developers and electricity network companies, offering design and construction services. During the year, we reconstructed several 110 kV overhead lines and substations to increase the main network transmission capacity, enabling new renewable electricity producers to connect to the network. In 2022, we built the Purtse wind farm connection to the electricity network for Enefit Green, started the construction of the Saarde wind farm electricity system for Utilitas AS, and started the construction of the wind farm connection to the main network. In the past financial year, we renewed cooperation agreements with our long-term and important partners: Telia Eesti AS, Enefit Connect OÜ, Elering AS, ELA SA and Imatra for the continuation of network maintenance and construction services. We designed and built ELA SA and Enefit Connect OÜ's fast internet network "Last Mile" connection and access networks in Harju, Järva, Rapla, Viljandi, Pärnu, Saaremaa, Virumaa and Southern Estonia.

The company uses both operating and capital leases to renew its equipment fleet. During the reporting period, investments were made and tangible fixed assets were acquired for a total of 1.5 million euros. We plan to continue investments at a similar level in 2023. Currency exchange rate and interest rate risks did not affect the company's results.

The average number of employees in the financial year was 353. The total labor cost, including social taxes, was 14.7 million euros.

The financial ratios characterizing the organization's activities were as follows: 31.12.2022 31.12.2021

Short-term liability payment ability (current assets / short-term liabilities) 1.76 1.51

Liquidity ratio (current assets-inventories / short-term liabilities) 1.62 1.42

Debt ratio (liabilities / total assets) 0.53 0.60

Solidity ratio (equity / liabilities and equity in total) 0.47 0.40

ROE (net profit/equity) 0.38 0.31

The increase in investments resulting from the implementation of the green turn and infrastructure development offers good opportunities for the company's development and economic success in the coming years. We are entering 2023 with the largest contract portfolio in history, with a total volume of over 120 million euros. The biggest challenge for the company is to retain and motivate existing employees and to involve new people who share our values.

We thank the clients, partners and colleagues for a great 2022.

On behalf of the company's board

Janek Sulev