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Activity report 2022

Introduction

The main activity of Industry62 OÜ is software development. The company mainly deals with the creation of information systems supporting business processes on a contract basis.

As a result of the company's work, mobile and web applications, data warehouse solutions and geoinformation systems are created. 2022 was a difficult year for the company. The risks of several projects were realized, which negatively affected profitability. The corona virus pandemic and the war in Ukraine did not have a significant impact on the company. This mainly resulted in working from home and related changes in work organization. The corona virus also brought about several interesting job opportunities.

In 2022, Industry62 OÜ's sales revenue amounted to 6.96 million euros, an increase of 10.6% compared to the previous year.

Of the sales revenue, 47% (2021: 46%) was sales to Estonia and 53% (2021: 54%) was export.

The main part of the turnover is still made up of operating system development.

We are focused on providing software development services. The sale of software licenses accounted for 2% of sales revenue in 2022 (2021: 1%).

The company's net profit for 2022 was 514 thousand euros (2021: 298 thousand euros).

Main financial ratios 2022 2021

Net profitability 7.39% 4.73%

Short-term liabilities coverage ratio (times) 1.9 1.6

Return on assets (ROA) 19.78% 14.51%

Formulas used in the calculation of ratios: (cid:127) Net profitability (%) = net profit/sales revenue*100 (cid:127) Short-term liabilities coverage ratio (times) = current assets/short-term liabilities (cid:127) Return on assets (ROA)(%) = net profit/total assets*100 The coronavirus (COVID-19) that began to spread widely at the beginning of 2020 did not have a significant impact on the company. We have changed the work organization and allow employees to work from home. At the time of preparing this annual financial report, there is no direct negative impact on the company's financial results from the coronavirus. The company's management continues to analyze the impact of corona restrictions and is ready to take corrective actions.

As of December 31, 2022, the company employed 90 employees, including a board member (at the end of 2021, there were 91 employees).

In 2022, the salaries of employees and the board member (including holiday pay) totaled 3.7 million euros, an increase of 7% over the year. The salaries of Industry62 OÜ's operating and senior management amounted to 222 thousand euros in the reporting year (184 thousand euros in 2021).

Fiscal year 2023 So far, 2023 has been largely as expected. Several customers have reduced orders, citing turbulence in the economy. We have been able to largely retain our customers and employees. No major growth is expected in 2023. We continue to invest in the E-Health sector. We have won some framework contracts and are looking forward to the upcoming work. High interest rates and the war in Ukraine do not directly affect us. However, this may affect our customers or their desire to invest in software solutions. The company's board closely monitors the economic situation and is ready to make necessary changes in work organization and strategy.

Andrus Altrov

Board member