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's activity report 2022

Mitt & Perlebach OÜ is a construction company established in 2010. As a main contractor, we manage the construction process, ensure the quality of construction, organize subcontracting, and take responsibility for the completion of projects.

Economic environment in 2022 According to Statistics Estonia, the Estonian economy declined. Compared to the same period a year ago, the decline was -1.1% (2021: +8%). This was triggered by the multiple crisis unleashed as a result of the war in Ukraine, which caused a temporary sharp rise in energy prices and disrupted the supply chains of several important raw materials. This in turn led to a rapid price increase until new supply chains were developed. All this increased consumer uncertainty.

Prices increased by a total of 19.4% over the year, with a significant part of the price increase occurring in the first half of the year until August (+17.8%), the price increase stabilized in the second half of the year. According to the Bank of Estonia, the registered unemployment rate in 2022 was 5.6% (2021: 6.2%) and according to Statistics Estonia, the construction price index increased by 17.8% in 2022 (2021: 8.3%).

In 2022, the volume of the Estonian construction market decreased by 1% compared to 2021. In 2021, Estonian construction volumes reached pre-Covid crisis levels. The construction price index rose by 17.8% over the year (2021: 8.1%), supported by an increase in labor costs, which is due to a shortage of labor, as well as a sharp increase in energy prices and construction materials in the first half of the year.

The Bank of Estonia forecasts a small -0.6% economic downturn for 2023. For 2023, the Bank of Estonia expects consumer prices to increase by 9.0% and an unemployment rate of 7.2%.

Significant events in 2022 In 2022, construction began on 6 (2021: 6) new

Gross construction volume of objects with a construction volume of nearly 38 thousand square meters (2021: 32 thousand square meters). by field of activity

A total of 295 apartments are being built on the started objects with a construction volume of 33 thousand square meters and the construction volume of new commercial spaces is 5 thousand square meters. As a commercial space, 12% was started in the reporting year

In Tallinn, Laki Street 24/2, the construction of a commercial building, where 151 studio apartments will be completed in 2023.

The larger construction objects started during the reporting year were apartment buildings at Paldiski mnt 227C - Ojakalda Kodud development project and

On Astangu Street - Luuslangi development project.

88%

As of the end of the reporting year, there are 515 apartments under construction (2021: 423 apartments) in 8 projects (2021: 6 projects) and 20.9 thousand square meters of commercial space (2021: 27.7 thousand square meters).