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Activity report 2022

Boftel Estonia OÜ started operations in November 2012 by taking over the telecommunications services department and related contracts from Nokia Siemens Networks. The new company continued to service existing contracts and also subcontracted to Nokia Siemens Networks.

The main activity of Boftel Estonia OÜ is the maintenance, construction and owner supervision of communication networks.

Our biggest clients today are network operators and the largest network equipment manufacturers.

We have divided our company strategy into three main directions: - Providing maintenance and construction services to communication networks - Managed Telecom Lifecycle Services.

- Performing owner supervision for cable networks and describing cable networks.

- Planning and measuring mobile networks.

During the past fiscal year, Boftel Estonia OÜ has further expanded its customer base and areas of activity, additions include upgrades to Elering's communication network equipment, we extended existing contracts with operators.

We continue to be a tax resident of the Republic of Finland and continue cross-border activities.

The company's plans for 2023 include growth and profitability recovery.

In 2022, the war in Ukraine began and the accompanying economic changes that have spread across the world. According to Boftel Estonia OÜ, the accompanying inflation has had a significant impact on the company's economic activity due to long-term contracts and the nature of the service provided. Mainly, wage, utility and transportation costs have increased.

The key financial ratios of Boftel Estonia OÜ in 2021-2022 were (%): 2022 2021

Business profitability (business profit / sales revenue) 1.61 10.1

Return on Equity ROE (net profit / equity) 3.24 20.7

Return on Total Assets ROA (net profit / total assets) 2.61 17.3