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's activity report 2022

AS Hiieko (formerly known as AS HIIE & Co) was established in 1994 as a private capital-based company that designs, builds and maintains construction systems and automation. Starting with the installation of central vacuum and ventilation systems, the company has become one of the leading professional and reliable special work contractors in civil and industrial construction. In 2021, AS

Hiieko entered a new field of activity, which is renewable energy production facilities (solar parks).

Subsidiaries: In 1999, OÜ Hiieko Cooling was established on the basis of the AS Hiieko cooling group, the sole owner of which is AS

Hiieko. In 2011, the name was changed to Hiieko Maintenance OÜ. The activities of Hiieko Maintenance OÜ include the installation, sale and maintenance of small-scale ventilation, refrigeration and cooling equipment. In 2022,

Hiieko Maintenance OÜ had no sales revenue. The board of Hiieko Maintenance OÜ includes Rain Kalamees.

In 2021, a second subsidiary was acquired in Romania. The activities of Haldus Inc SRL include the design, construction and maintenance of various environmental technology equipment for buildings, as well as renewable energy production projects. In 2021, we started to operate more actively in the field of designing, installing and maintaining solar parks. The sales revenue of Haldus Inc SRL in 2022 was 1.5 million euros.

Sales revenue:

In 2022, AS Hiieko had sales revenue of 9.3 million euros (7.8 million euros in 2021). Sales revenue grew by approximately 16% compared to 2020. In this regard, AS Hiieko had a very volatile and unpredictable year in its main activity, which started cautiously due to the war in Ukraine, then a rapid recovery took place and construction volumes in the market began to decline again in the fourth quarter. 2022 was anything but ordinary, rather extraordinary. Consolidated sales revenue with the subsidiary was a total of 10.9M€.

Goods, raw materials, materials and services: During 2022, the financial results were affected by price increases for materials and various services on sites, which began in the second half of 2020. In general, the company was able to maintain its average gross margin level of 22%, falling by 1% compared to 2021. As the company's construction contracts are relatively long-term, we had to cover the price increase for 3 projects from our margin.

Operating expenses:

The company's operating expenses increased by approximately 14% compared to 2021, accounting for 8.2% of sales revenue (this was 8.5% in 2021). The biggest influencers were also price increases caused by inflation. In the second half of 2022, the company began to reduce operating expenses, which will continue in 2023, with the aim of reaching up to 8% of sales revenue.

Employees:

Hiieko AS employed an average of 38 employees and the salary paid to employees, including employment taxes, was 1.6 million euros (this was 1.3 million euros in 2021, an increase of approximately 19%). In 2022, wage growth pressure continued, which was due to inflation and the company had to go along with a higher than usual wage increase to maintain its professional staff.

AS Hiieko has one board member, Hendrik Pass. The former board member Rain Kalamees is the chairman of the AS

Hiieko board. The board members and the chairman of the board were paid a total salary of 90685 euros.

The work of other board members was not remunerated.

Financial income and expenses: At the end of 2022, we recorded financial income related to the shares of subsidiaries using the equity method, totaling 578th euros. The interest expense paid was 33.6th euros and other financial expenses were 35.8th euros.

Financial income and expenses in 2022 totaled 494.5th euros.

The company's operating profit and net profit for the financial year:

The company's operating loss is 392.8th euros (the operating loss in 2021 was 213.6th euros). However, the financial year ended with a profit of 115.7th euros (the loss in 2021 was 297.5th euros). In summary, it can be confirmed,