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's activity report 2022

JTK Power Finmec Estonia AS was established in 1994. The joint-stock company is 100% foreign capital-based and was created for the production of machine parts as a subcontractor to the parent company.

Since October 2017, the company has been part of the JTK Power OY (Finland) group.

In 2022, JTK Power Finmec Estonia AS, KVAB Estonia OÜ and Laine-Tuotanto Estonia OÜ merged. The acquiring merger was JTK Power

Finmec Estonia AS. Since all companies belonged to the same Koncentra Group AB group, the merger was reflected according to the principles of the adjusted purchase method, i.e., the impact of the merger was reflected in equity. In the course of the merger, JTK Power Finmec Estonia AS acquired assets with a balance sheet value of 199,898 euros (including cash 46,953 euros), liabilities of 262,175 euros, and the corresponding impact was reflected in equity under the item "Undistributed profit (loss)" in the amount of -62,277 euros.

The main product groups of JTK Power Finmec Estonia AS are: •

Parts and details of terminal container lifters and tractors; •

Mining machine parts; •

Internal combustion engine exhaust systems; •

Electric machine nodes and details; •

Forklift frames and parts; •

Other welded structures and semi-finished products.

Significant events during the reporting year in 2022, the budgeted sales volumes were exceeded by 48% and compared to 2021, sales volumes increased by 44.5%. The sharp rise in steel prices after the start of the war in Ukraine had a significant impact on the growth of sales revenue. In the second quarter of 2022, economic activity picked up faster than expected and its growth continued in the second half of the year. In connection with the increase in sales prices and the increase in demand, the sales revenue in 2022 increased significantly compared to 2021.

year and amounted to 21.9 million euros (2021: 15.2 million euros). Also, in 2022, the company's net profit increased significantly and amounted to 2 million euros (2021: 634 thousand euros).

The largest sales markets for JTK Power Finmec Estonia AS outside Estonia in 2022 were Poland (42%), Finland (38%) and Sweden (6%).

In 2022, domestic sales in Estonia amounted to 1.5 million euros (7% of total turnover).

During the reporting year, nearly 148 thousand euros were invested in new machines and equipment.

The biggest challenges in 2022 were the effects of the war in Ukraine on the Estonian economy: a sharp rise in steel prices, a decrease in the availability of rental labor, a sharp rise in energy carrier prices and the resulting inflation. Covid-19 did not affect the company's economic situation in 2022.

The biggest risks are associated with aspects over which the company has no control. For example, the general economic environment, changes in demand and inflation.

In order to be ready to react quickly, great attention is paid to analyzing the surrounding, mitigating risks and digitizing processes.

Transactions with customers and suppliers are mostly in euros, so the risk of exchange rates is not high. The company's capital lease transactions include a Euribor component. During the reporting year and after the reporting date, the rise in Euribor has not had a significant impact on the group's business.

Number of employees, labor costs and board fees and benefits

The average number of employees of JTK Power Finmec Estonia AS during the reporting period was 77 employees (2021: 81 employees).

At the end of December 2022, the company employed 74 employees (2021: 78 employees).

During the reporting year, a total of 2,212,834 euros (2021: 2,141,035 euros) were accounted for salaries. The company's board was accounted for gross salaries in 2022 in the total amount of 144,765 euros.

FINANCIAL RATIOS 2022 2021

Sales growth 44.50% 56.14%

Short-term liabilities coverage ratio 1.53 1.27

Solvency ratio 1.09 0.91

Formulas used in calculating ratios: •

Sales growth (%) = (sales revenue 2022-sales revenue 2021)/sales revenue 2021*100 •

Short-term liabilities coverage ratio (times) = current assets/short-term liabilities •

Solvency ratio = (current assets-inventories)/short-term liabilities

Goals for the next fiscal year In 2023, it is planned to start implementing a new ERP system and to renew the company's equipment.

Expected sales revenue in 2023 is 18.5 million euros.

Rainer Jakobson