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's activity report 2022

OÜ Terasman is a company engaged in the design and manufacture of various project-based structures and equipment.

The main manufactured equipment and structures are: - various types of bulk material handling equipment - industrial facilities (silos, tanks, platforms) - construction steel structures and structures

The main economic sectors are energy, agriculture and industrial construction.

Production is located at the company's Aravete factory.

The export of structures and equipment mainly took place to the European Union. The share of equipment and services exported in the reporting year accounted for 56% of sales revenue.

2022 was a difficult year for the company, as - due to the Russian invasion of Ukraine that began on February 24, the availability of raw materials unexpectedly deteriorated, while the prices of raw materials and energy carriers increased. The very high inflation, which has led to an increase in purchasing costs and a significant increase in labor costs, which has not always been possible to pass on in sales prices, did not leave an impact on production inputs.

- despite negotiations and promises, the construction of the Newport waste incineration plant (Newport EFW) also did not progress, which stopped at the end of 2021 due to a dispute between the client and the main contractor about the justification and extent of additional costs incurred due to covid and Brexit.

However, we must be satisfied with the year, as we have been able to improve our financial results and maintain sustainability.

The main financial indicators were as follows: 2022 2021 2020 2019

Sales revenue (EUR) 6 270 525 4 453 200 2 836 620 4 740 232

EBITA (EUR) 447 457 353 202 119 234 379 249

Operating profit/loss ( 203 185 125 067 -340 563 135 474

EUR)

Net profit/loss 179 412 92 898 -366 713 94 940 (EUR)

Short-term obligations coverage ratio 1.12 1.02 0.63 0.95

Overall debt ratio 58.08% 57.54% 40.68% 33.22%

ROA 3.73% 2.15% 3.00 %

ROE 8.89% 5.05% 4.48%

Formulas used in the calculation of ratios:

Short-term obligations coverage ratio (times) = current assets/short-term obligations

Overall debt ratio(%) = liabilities/total assets*100%

ROA(%) = net profit/total assets*100%

ROE(%) = net profit/equity*100%