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's activity report 2022

AS YIT Eesti's activities include real estate development and the management of construction activities for buildings and structures, including infrastructure projects related to road construction.

AS YIT Eesti is a subsidiary of YIT Suomi Oy, which is registered in Finland and is part of the YIT Oyj group, whose shares are listed on the main list of the Helsinki Stock Exchange. As a result of the business strategy established within the group, the main area of activity for AS YIT Eesti is the Republic of Estonia.

The company's headquarters are located in Tallinn, and it also has offices in Tartu, Pärnu, and Virumaa, which allows the company to offer its services in every county.

The year 2022 was very turbulent - the increase in input prices that began last year continued in the first half of the year and the local real estate market was very active. The war that began in Ukraine in February caused dramatic changes in existing supply chains, causing a very large price increase in both metal and concrete products and energy prices. The inflation caused by the war led to an unprecedentedly rapid increase in money market interest rates, which in turn, in conjunction with other factors, led to a decrease in consumer confidence and a complete cooling of the real estate market.

Despite a very difficult year, the past financial year turned out to be quite successful for AS YIT Eesti. The company's turnover increased by more than a third compared to the previous year - exceeding the 85 million euro mark. The turnover of self-development projects accounted for almost a third of the company's total turnover, the turnover of building and infrastructure construction projects was slightly over 65%, and the turnover of the geotechnical unit, including pile work, closed during the past financial year was close to 2%. Thanks to structural and strategic changes carried out within the company, the company managed to achieve a noticeable improvement in profitability (gross profit margin 12%) despite a strong deterioration in the economic environment due to external factors.

As of the end of the financial year, AS YIT Eesti had very strong liquidity, the volume of free cash resources (including overdraft and short-term deposit) exceeded the 50 million euro mark, and thanks to positive interest rates, the company also earned a significant amount of interest income. In the opinion of the company's management, the company is in a very good financial position to enter turbulent times and due to the very small stock of unsold apartments, the company does not need to carry out large-scale sales campaigns, including possible price reductions. Strong capitalization gives the company a very good position for quickly implementing new investment opportunities and the company's management believes that there will certainly be several very good investment opportunities in the next year to a year and a half.

RATIOS Calculation formula 2022 2021

Sales revenue (thousand euros) 85 349 61 667

Gross profit margin % gross profit/sales revenue*100% 12.0% 7.3%

Net profit/ (-) loss (thousand euros) 5 409 -1 426

Net profitability % net profit/sales revenue*100% 6.3% -2.3%

ROA % net profit/total assets*100% 7.0% -1.9% net profit/equity

ROE % 8.4% -2.4% total*100%

During the past financial year, shopping centers were completed in Jõhvi and Tallinn, infrastructure construction projects in Tartu, Haapsalu and Harju County, and we completed the area development of the Küti-Kalaranna apartment buildings located in the Kalamaja district in Tallinn. In addition, apartment buildings were completed in the Haabersti district of Tallinn on Päevalille Street and in Keila on Põhja Street. We started apartment development in the Annelinn district of Tartu and continued with the construction of the next apartment building on Päevalille Street in the Haabersti district of Tallinn. We also started construction activities for companies belonging to the Eesti Energia group, building structures useful for increasing the defense readiness of the Estonian Defense Forces, reconstructing the transit road passing through Narva, and the largest project is the warehouse and office building to be built in the Gate Tallinn area in Saue municipality.

YIT Eesti and the YIT Group consider it important to seek and implement more environmentally friendly construction solutions and to improve occupational safety quality in our construction activities and projects. As a result of close and open communication and targeted teamwork, we can operate for the best possible outcome of our projects and increase customer satisfaction even during turbulent periods. The company's representatives are involved in the so-called ESG work processes initiated and administered by the group and all parties are working on the development of more sustainable work processes and the implementation of an environmentally friendly mindset is also applied to procurement activities, where in addition to the usual metrics, the green footprint (low CO2 emission) value indicator is added.

According to the best knowledge at the time of preparing the report, all projects started last year are planned to be completed this year.

Taking into account the significantly changed economic environment and the cyclical nature of real estate development project turnover, and based on the developments that took place during the past financial year, the company's management predicts a decline in turnover and profit for this year, partly due to the decrease in the volumes of ongoing projects and the downturn in the real estate market, and partly due to the company's own reduced readiness for quick progress with new development projects. However, we continue to work on development projects under preparation and are ready for quick changes, including new investments, if necessary or possible. The management of the company is of the opinion,