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ELKE MUSTAMÄE AS's activity report 2022

Introduction

Elke Mustamäe AS was established in November 1990 as a car maintenance and repair company. Elke Mustamäe AS became a Toyota dealer in September 1993.

The main activities are the sale of Toyota passenger cars, after-sales service, sale of used cars, sale of spare parts and accessories. Elke Mustamäe AS is a company belonging to the ELKE Group.

The companies belonging to the group manage a total of ten Toyota or Lexus dealerships in Estonia and Lithuania.

In 2022, car sales in Estonia decreased by 8% compared to 2021. Elke Mustamäe

AS new car sales increased by 6 cars in 2022.

Revenues, expenses, profit

The total sales revenue of Elke Mustamäe AS in 2022 was 49.5 million euros. Compared to 2021, sales revenue increased by 12%. In line with the growth in sales revenue, the cost of goods and services purchased also increased by 12%.

The net profit for 2022 was 1.23 million euros, which is 10% less than the previous year.

Main financial ratios

The following ratios characterize the economic activity of Elke Mustamäe AS: 2022 2021

Sales revenue change 11.99% 18.33%

Profit change -9.83% 46.64%

Net profitability 2.49% 3.10%

Return on assets (ROA) 23.04% 22.90%

Return on equity (ROE) 24.94% 26.08%

Short-term obligations coverage ratio 2.76 3.56

The following formulas have been used to calculate the ratios:

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

Profit growth (%) = (net profit 2022 - net profit 2021) / net profit 2021 * 100

Net profitability (%) = net profit / sales revenue * 100

Return on assets (ROA, %) = (net profit + taxes + interest expenses) / total assets (12 month average) * 100

Return on equity (ROE, %) = net profit / average equity (12 month average) * 100

Short-term obligations coverage ratio (times) = current assets (12 month average) / short-term liabilities (12 month average)