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's activity report 2022

EKT Roads OÜ is a company providing maintenance services for national highways and city streets, offering its services in major centers/municipalities in Estonia. The company started operations in April 2022

Based on the street maintenance sector separated as a result of the division from Estonian Environmental Services AS. As a result of the division, the company was handed over the road and street maintenance contracts concluded as a result of public procurements and the assets necessary for servicing these contracts.

2022 was very difficult in the field of street maintenance, firstly, the year was characterized by very difficult weather conditions and in addition to this, a rapid increase in the prices of significant inputs in the spring of 2022.

As a result of the fact that a large part of the company's sales revenue is generated on the basis of public procurement contracts, passing on price increases to customers is a time-consuming process. Due to these factors, the company did not manage to make a profit during the financial year. However, the company is optimistic about the future, the company has a strong portfolio of long-term contracts and long-awaited price increases for the company's customers will be implemented from the beginning of 2023.

Despite the difficult situation, the company continued to invest in a modern technology park. Investments totaling 1.5 million euros are planned for the current financial year. Most of the investments will go to service the recently renewed Tallinn main road procurement contract, the company intends to use capital lease contracts to finance the investments.

EKT Roads OÜ operates only in Estonia, the company does not have any foreign branches or subsidiaries. Due to the relatively low loan burden, the increase in EURIBOR does not have a significant impact on the company's financial results.

The average number of employees during the reporting period was 200 people, the company has a four-member board.

Main financial ratios: 2022

Sales revenue (MEUR) 12.6

Net profit (MEUR) -0.6

Net profitability (%) -4.5

Short-term obligations coverage ratio 0.65

Equity amount (%) 29.5

ROE (%) -13.5