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's activity report 2022

The subsidiary Corallane Holdings has been operating in the climate technology market for ten years (founded in November 2010). The company's main activity is the sale of climate and ventilation equipment in the Baltic States and CIS countries (Russia, Ukraine, Belarus, Azerbaijan, Kazakhstan, Georgia,

Armenia, etc.). Equipment is purchased from Europe and Southeast Asia.

In 2022, sales volume was 26.6% lower than in 2021 (14,107 thousand euros in 2021, 10,352 thousand euros in 2022).

The decrease in sales volume is due to the impact of sanctions imposed by the European Union against Russia.

The sales volume achieved in 2022 mainly comes from sales to customers in Russia, Serbia, and the United Arab Emirates. Since August 2022, equipment is not supplied to Russian customers due to sanctions imposed on exports to this country and the settlement of debts incurred in the previous reporting period in the bank is complicated. The company is making efforts to expand sales channels outside of Russia. Thus, it has been possible to supply equipment to customers in Serbia and the United Arab Emirates. The volume of equipment sold to these territories cannot currently fully replace the demand provided by the Russian sales channel.

Sales volume comparison table by country 2022 2021

Estonia 677 5,895

Azerbaijan 0 12,292

Kazakhstan 2,669 11,119

Russia 8,283,744 14,073,524

Uzbekistan 0 2,214

Belarus 0 2,087

Serbia 1,583,174 0

United Arab Emirates 481,872 0

The goal of this and subsequent years' activities is to expand presence in the CIS countries (except Russia) and to seek a new market for the sale of home and industrial climate equipment to compensate for the decline in sales so far.

It is also a goal to expand the product range of the company in 2023. The company is interested in equipment that is easy to enter a new market with.

The following objectives were set for 2022: (cid:127) to develop project sales (Hitachi industrial and multi-indoor systems); (cid:127) to increase market share, strengthen market position in the CIS, supplementing the product range and updating the household equipment product range; (cid:127) to improve the company's financial indicators; (cid:127) to ensure the company's sustainable development in today's macroeconomic conditions.

The results of 2022 were significantly affected by the decrease in equipment sales to Russian customers. Therefore, the recovery of demand in the project segment in this territory has no effect. During the reporting period, the revenue figure was significantly lower than in 2021.

In addition, due to the sanctions imposed on the Russian Federation, the company does not have the technical ability to receive money for goods sent to Russian buyers in early 2021-2022. The board decided to recognize the uncollected amount as unlikely to be collected as of the date of signing the report.

As a result, the financial result at the end of the year was negative. The company's net loss in 2022 was 7,924 thousand euros, a year earlier the profit was 579 thousand euros.

The company continues to work to find new product lines and supplement the model range to attract new customers.

Considering the experience gained in finding new customers in 2022, it is necessary to expand the product portfolio to further enhance this process.

No other significant events occurred during the 2022 reporting period.