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's activity report 2022

In the past fiscal year, EVIKO Ehitus OÜ mainly carried out construction work

in Harju and Pärnu counties. The major works included an apartment building at Mai 71 in Pärnu,

the hangar for airplanes at Pärnu airport, Kose Gymnasium, and the Estonian

Academy of Arts educational building construction works. Project management services continued to play a significant role.

The sales revenue of construction work increased by 15% in the fiscal year 2022 compared to the previous fiscal year, amounting to 14.6 million euros. The company's financial results were significantly affected by the ongoing war in Ukraine. Since most of the construction contracts of the past fiscal year were concluded before the start of the war in Ukraine and at fixed prices, the company had to bear significant economic damage resulting from these. The company's equity is negative and needs to be brought into compliance with the requirements of the Commercial Code. The company is financially capable of operating sustainably, as loan obligations have been significantly reduced and larger loan obligations are ahead of the parties who also finance the company's operations. The management plans to cover the negative equity from the profits of the following reporting periods.

The main challenge for the beginning of the 2023 fiscal year will be the procurement of new construction contracts, as the volume of construction orders has decreased by approximately a third compared to the past fiscal year.

Both public and private sector order volumes have decreased as a whole, and the company does not forecast overall volume growth in the near future.

As of the end of 2022, the company employed 28 people. The management has set a goal to achieve a sales revenue of 12 million euros this year and a return on core business of at least 4%. To increase management efficiency, construction work will continue to be preferably carried out in Tallinn and its vicinity.

In the opinion of the management, the business entity continues to operate.

The main economic indicators for the years 2020-2022 were as follows:

Title 2020 2021 2022