Equnico SE — Audit Report / Information 2021

May 2, 2022

Condensed Consolidated Annual Financial Statements of RESBUD SE for the 2021

Tallinn, May 2, 2022

Resbud SE Condensed Consolidated Annual Financial Statements for the 2021

Contents

Condensed Consolidated Statement of Financial Position	3
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income	4
Condensed Consolidated Statement of Changes in Equity	5
Condensed Consolidated Statement of Cash Flows	6

th EUR	Note	31 December	31 December
		2021	2020
Assets
Property, plant and equipment		4 043
Intangible assets
Right-on-use assets		5
Equity-accounted investees			1 860
Goodwill		37 938
Long-term loans		35
Other investments
Long-term receivables		137
Deferred tax assets		0
Non-current assets		42 158	1 860
Inventories		3 079
Contract assets
Other investments
Current tax assets		0
Trade and other receivables		30 074	26
Prepayments		0	36
Short-term loans		812
Cash and cash equivalents		3 532	4
Other receivables		659
Short-term financial assets		5 530	28
Short-term accruals		9
Current assets		43 695	94
Total assets		85 853	1 954
			Equity
Share capital		26 028	1 991
Additional paid-in capital		14 236	2 258
Reserve capital		(69)	(69)
Revaluation reserve		(333)	( 498)
Differences from conversion to
EURO		(898)	(67)
Capital from business combinations		(4)	( 4)
Retained earnings		2 252	(2 271)
Total equity		41 212	1 340
			Liabilities
Loans and borrowings		28
Employee benefits		0
Provisions

Condensed Consolidated Statement of Financial Position

Resbud SE

Condensed Consolidated Annual Financial Statements for the 2021

Deferred tax liabilities	839
Non-current liabilities	867
Loans and borrowings	6 743	365
Trade and other payables	33 969	93
Employee benefits	42	24
Provisions
Tax liabiliets	0
Other current liabilities	2 952	132
Short-term accruals provisions	68
Current liabilities	43 774	614
Total liabilities	44 641	614
Total equity and liabilities	85 853	1 954

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

		31 December
th EUR	Note	2021	2020
Continuing operations
Revenue		61 129	0
Cost of sales		(54 366)
Gross profit		6 763
Distribution and Administrative expenses		(4 311)	(240)
Other income		362	1
Other expenses		(2 125)	(25)
Results from operating activities		689	(264)
Finance income		1 183	4
Finance costs		(2 623)	(21)
Net finance costs		(1 440)	(17)
Profit/(loss) before income tax		(751)	(281)
Income tax expense		(334)
Profit/(loss) for the period		(1085)	( 281)

	Share capital	Reserve capital	Additional paid-in capital	Fair value reserve	Translation reserve	Capital from business combinations	Retained earnings	Total equity
Balance at 31 December 2019	1 991	(69)	2 244	279	(64)	(4)	( 1 910)	2 467
Increase of capital (issuance of shares)
Net profit (loss) for period	-	-		-	-	-	(347)	(347)
Other comprehensive income	-	-	0	(777)	(3)			(780)
Reclassification	-	-	14		-	-	(14)	0
Differences from recalculation	-	-		-
Balance at 30 December 2020	1 991	(69)	2 258	(498)	(67)	(4)	(2 271)	1 340

Condensed Consolidated Statement of Changes in Equity

	Share capital	Reserve capital	Additional paid-in capital	Fair value reserve	Translation reserve	Capital from business combinations	Retained earnings	Total equity
Balance at 31 December 2020	1,991	(69)	2 258	(498)	(67)	(4)	(2 271)	1 340
- correction of fundamental errors	-	-	-	-	-	-	(19)	(19)
Balance on 01- 01-2021 after changes	1 991	(69)	2 258	(498)	(67)	(4)	(2 290)	1 321
Increase of capital (issuance of shares)	24 037	-	8 020	-	-	-	-	32 057
Net profit (loss) for period	-	-		-	-	-	4542	4 542
Consolidation			3958					3 958
Total income for period	24 037	-	11 978	-			4542	40 557
Decrease revaluation of financial assets	-	-	-		-	-	-	-
Differences from recalculation	-	-		165	(831)	-		(666)
Balance at 31 December 2021	26 028	(69)	14 236	(333)	(898)	(4)	2 252	41 212

	31 December 2021	31 December 2020
th EUR	2021	2020
Cash flows from operating activities
Profit/(loss) for the period	(751)	(347)
Adjustments for:
Depreciation and
amortisation	407
Net finance costs	1 440	(23)
Income tax expense	334	-
	1 430	(370)
Changes in:
Inventories	(3 079)	-
Trade and other receivables	(30 048)	39
Trade and other payables	33 876	110
Cash flows from/(used in) operations before income taxes and interest paid	2 179	(221)
Income tax paid	(185)	-
Interest paid	(105)	-
Net cash from/(used in) operating activities	1 889	(221)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	1 732	-
Acquisition of property, plant and equipment	(1 000)
Loans repaid		55
Loans granted	(23)	(10)
Acquisition of subsidiaries, net of cash acquired	333
Net cash from/(used in) investing activities	1 042	45
Cash flows from financing activities
Loans received	4 838	147

Condensed Consolidated Statement of Cash Flows (indirect method)

Resbud SE

Condensed Consolidated Annual Financial Statements for the 2021

Acquisition of non
controlling interests
Repayment of borrowings	(4 234)
Payment of lease liabilities	(7)
Dividends paid
Net cash from/(used in) financing activities	597	147
Net increase/(decrease) in cash and cash equivalents	3 528	(29)
Cash and cash equivalents at 01.01.2021	4	33
Effect of exchange rate
fluctuations on cash and cash
equivalents
Cash and cash equivalents at 30 September	3 532	4

These condensed consolidated annual financial statements for the 2021 were approved by the Management Board on May 2, 2022 and signed on its behalf by:

……………………………….. ………………………………………. DLUGOSZ,KRZ YSZTOF WLODZIMIERZ, 36207270138 Elektronicznie podpisany przez DLUGOSZ,KRZYSZTOF WLODZIMIERZ,3620727013 8 Data: 2022.05.02 22:14:38 +02'00'

President of the Management Board Member of the Management Board

Krzysztof Długosz Joanna Dyja

	Elektronicznie
DYJA,JOANNA podpisany przez
	DYJA,JOANNA
MARIA,46308	MARIA,46308250085
250085	Data: 2022.05.02
	22:10:48 +02'00'