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's activity report 2022

AS CGI Estonia started operations in 1996 and is part of the CGI Inc. group, founded in 1976 in Canada. The CGI Inc. group is one of the largest

IT and business consulting providers in the world. The CGI Inc. group employs nearly 90,000 specialists in more than 400 locations worldwide, including 2 offices in Estonia - in Tallinn and Tartu.

CGI's goal is not just to be a service provider, but a strategic partner, helping its clients achieve business flexibility, innovation, and financial benefits. Solutions are developed according to the individual needs and desires of the client, bringing AS CGI Estonia's long-term international experience to its business. In addition to creating and testing software systems and products, AS CGI Estonia also offers consulting services and finished products and solutions in various fields.

In Estonia, CGI mainly operates in the following areas: (cid:127) public sector, (cid:127) agriculture, (cid:127) space industry, (cid:127) energy, (cid:127) banking, (cid:127) transport.

In 2022, the company continued to develop systems for various public and private sector clients. The continuation of the European

Space Agency's development work, winning new public sector tenders, and an increase in export sales volume played a significant role. The strategic goal is to expand the space industry and move into the defense industry.

Through the CGI Inc. group, CGI Estonia AS sold software and knowledge worth 8.8 million euros from Estonia last year. By participating in foreign projects, employees gain experience that they may not get in Estonian projects - the uniqueness can be both the volume of the project and technological complexity.

In 2022, AS CGI Estonia's turnover was 14.6 million euros. Compared to the turnover of 11.8 million euros in 2021, the increase was 2.8 million euros. One factor of the increase was the growth in the number of employees. In 2022, the average number of employees adjusted for full-time employment was 196, in 2021 the corresponding figure was 174. Despite

the labor shortage in the IT sector, AS CGI Estonia's recruitment has been successful so far. In 2023, the company predicts a cooling of the labor market and

a slowdown in the IT sector's wage race. This, in turn, could alleviate the prevailing labor shortage and simplify the recruitment of new employees.

In 2022, profit also grew along with turnover. The annual profit was 1.6 million euros, the profit in 2021 was 590 thousand euros.

In 2022, AS CGI Estonia, similarly to the previous year, contributed to social projects and charity. Throughout the year, Ukraine was also supported through various projects and initiatives. In 2023, the company is looking forward to moving to a new office in Tallinn, which supports the company's energy saving and green transition goals.

COVID-19 pandemic and military conflict in Ukraine

The company's board assessed the impact of the global coronavirus COVID-19 pandemic in the financial year report ending on 30.09.22, including the values reflected in the balance sheet. As a result of the assessments, it was concluded that there was no significant impact. The company continues to monitor the situation and the development of the pandemic in the following reporting periods.

The company's board also assessed the possible impact of the military conflict between Russia and Ukraine that began in February 2022 on the company's business activities.

In making the assessments, the CGI group and parties related to the CGI group, employees, the impact of global sanctions on the company's accounting, financial reporting, internal control, etc. were taken into account. Based on the results of the assessment, the company can confirm that no significant impact on AS CGI Estonia's business activities was detected. Therefore, no changes have been made in the company's financial statements due to possible impacts of the conflict.