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's activity report 2022

AS Gaasivõrk started its economic activity on 01.08.2013.

AS Gaasivõrk is the largest natural gas distribution network company in Estonia, managing 1,537 km of distribution pipelines and ensuring the operation and maintenance of the distribution network in its network area according to the Natural Gas Act, ensuring quality network connection and safe gas supply for consumers connected to the AS Gaasivõrk distribution network, and providing natural gas distribution service at more than 44 thousand consumption points. AS

The result of Gaasivõrk's business activity is seasonally dependent on the weather, as the market demand for network service is higher in the winter heating period in the first and last quarters of the year and lower in the second and third quarters, when it is a warmer period.

The activities of AS Gaasivõrk are guided by EU political decisions, where with the European Commission's „Fit for 55“ package, greenhouse gas emissions are reduced by 55% by 2030 to achieve climate neutrality by 2050, and with the methane emissions regulation, methane emissions are reduced by 30% by 2030 compared to 2020 levels. The aim is to transition to renewable energy sources, decarbonize gas markets and reduce methane emissions, which provide clear guidelines and a framework for planning and implementing AS Gaasivõrk's business activities. Gas consumption in Estonia is on a downward trend, including accelerated reduction in consumption due to the war in Ukraine, and a significant emphasis on investments is on ensuring the performance of aging network equipment, detecting, eliminating and preventing methane leaks, including eliminating emergency situations.

In 2022, most economic sectors and companies were affected by the war in Ukraine and the subsequent sanctions against the Russian

Federation by the European Union and other countries, and the cessation of natural gas supplies by pipeline from the Russian Federation. Despite new supply sources on the market in the form of LNG, there has been a significant reduction in natural gas consumption as a result, in addition to a 78% reduction in the construction of new connections. Gas consumption in the reporting year decreased by 23% in the AS Gaasivõrk network area. AS Gaasivõrk has taken measures to be prepared for a possible supply security disruption situation in accordance with MGS § 26 and is working closely with the system operator and the Republic of

Estonia. In addition, as a provider of vital services, AS Gaasivõrk fulfills obligations arising from the Natural Gas Act, the Emergency Act and the Cybersecurity Act in terms of resilience risk analysis and plans.

In 2022, AS Gaasivõrk made a significant change related to its economic activity and purchased a project management facility from HG ProSolution OÜ.

The change has modernized the company's operations, improved the quality of distribution service, and ensured efficiency and sustainability.

The change ensures the fulfillment of all the conditions of the distribution network operator's operating license stipulated in MGS § 29.

The rise in energy prices has put many people and other companies in a difficult situation. To alleviate the sharp rise in gas prices for end consumers, AS Gaasivõrk, acting as a national aid measure intermediary, compensated the network service fee including VAT for end consumers in the first quarter of the reporting year. No further national compensation measures will be applied to the gas network service fee.

According to MGS §23 (2), network service prices must be justified, based on the costs necessary for the operation and development of the network, work and supply security, the measurement of gas distributed through the network and the transmission and accounting of measurement data, and justified profitability, so that the consumer is ensured uninterrupted gas supply. According to MGS § 37 (3) point 4, the

Competition Authority approved in November 2022 the gas network service price of AS Gaasivõrk 0.07597 €/m3, which came into effect for AS Gaasivõrk customers on 03.01.2023.

In 2022, AS Gaasivõrk supplied consumers with 352 million m3 (in 2021, 454 million m3) of natural gas and biomethane through its distribution network.

The total sales revenue of AS Gaasivõrk was 24.942 million euros (in 2021, 31.318 million euros), including revenue from gas distribution service sales of 24.547 million euros (in 2021, 31.004 million euros). The company's total costs for the reporting year were 25.430 million euros (in 2021, 27.865 million euros) and the loss was 0.457 million euros (in 2021, the profit was 3.528 million euros). The economic activity of AS Gaasivõrk has been significantly affected by the decrease in gas consumption. Since the process of coordinating the network service price is time-consuming, AS Gaasivõrk was not guaranteed the permitted return in the reporting year and the company's result for the reporting year is a loss. The economic result has also been negatively affected by the increase in interest rates in the fourth quarter.

In 2022, AS Gaasivõrk invested 2.15 million euros in the reconstruction and renovation of the distribution network (in 2021, 2.51 million euros were invested). 0.81 million euros were invested for connecting additional consumers to the natural gas pipeline (in 2021, 2.61 million euros). In 2023, planned investments in the reconstruction and renovation of the distribution network will increase, while investments in connecting new consumers to the gas network will decrease due to the significant decrease in gas consumption and the downward trend.

In 2023, the company plans to continue its current economic activity. The main objectives are to provide a reliable and trustworthy network service and to modernize business processes accordingly. Due to significant changes in AS Gaasivõrk's variable and operating costs, capital costs of fixed assets and justified profitability, the discussion of network service price change with the regulator is topical.

Financial ratios 2018-2022:

Capital structure ratios 2022 2021 2020 2019 2018: