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's activity report 2022

Kaamos Construction OÜ continues its main activity in the construction sector and since we build regardless of the season, our business does not have seasonality or economic cyclicality.

Geopolitical events that occurred during the preparation period of the annual financial report may affect the results of the following financial years, mainly due to the availability and price increase of construction materials and services. Kaamos Construction's business is not seasonal and does not significantly depend on economic cyclicality. The company's development strategy includes activities to continuously reduce the environmental impacts associated with construction and to exert a positive social impact with its business - creating comprehensive, modern and environmentally friendly business and living environments.

Kaamos Construction OÜ implements the ISO 14001 environmental management system standard in its operations. The company's activities do not have negative social impacts.

Kaamos Construction OÜ focuses on providing a customer-centric, timely and quality full-service solution for the design and construction of residential and non-residential buildings in Estonia. We also continue to share construction expertise and experience through Kaamos

Real Estate AS consolidated group companies in Latvia. Kaamos Construction OÜ's sales revenue increased in 2022 and compared to the previous year, the growth was 5% 2022 was a difficult year for the entire construction sector due to the impacts of the war in Ukraine, which caused a rapid increase in the prices of materials and other input prices, which was difficult to predict. This was compounded by problems with material supplies and labor shortages.

Due to these circumstances, the company ended the 2022 financial year with a loss.

In 2022, we completed the first and second phase homes in the Vikimõisa residential quarter. We also handed over new homes in the Hõbemetsa residential area and

on Mõtuse Street, the Bulvari row house boxes. In total, we handed over more than 170 new homes for use in 2022. In 2022, we continued work in the Avala business quarter, where the construction works of the Electra and Polarise office buildings are proceeding as planned.

In 2022, we started the construction of two solar parks with a capacity of about 10 MW, which will be completed in the first quarter of 2023.

In 2023, we will continue actively with the design work of new apartment buildings. According to the plans, we will start the construction of 150 new homes.

No significant investments have been made during the reporting year and none are planned for the near future. At present, we do not have any research and development projects and related expenditures for the reporting year and the following years.

As of 31.12.2022, Kaamos Construction OÜ employed 36 people. The wage cost for 2022 was 1,758,935 euros and social security contributions 591,318 euros. As of 31.12.2022, the company's board consisted of three members and in 2022, fees were calculated for the board in the amount of 262,160 euros.

Financial ratios 2022 2021

Net profitability -6.9% 4.2%

Return on assets (ROA) -9.9% 6.3%

Return on equity (ROE) -13.9% 7.9%

Methodology for calculating ratios:

Net profitability - profit / sales revenue (%)

Return on assets (ROA) - profit / average assets (%)

Return on equity (ROE) - net profit / average equity (%)