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's activity report 2022

Swecon AS, a leading provider of Volvo Construction Equipment (CE) heavy machinery sales, rental, and after-sales service in the Republic of Estonia, has recently released its 2022 annual business report. The company, which also sells additional equipment from various construction machinery manufacturers, celebrated its 30th year of operation in Estonia at the beginning of 2023. In 2022, Swecon AS operated in five different locations: Tallinn, Haapsalu, Rakvere, Tartu, and Pärnu, providing high-quality customer service to its clients. The overall business environment in our field of operation was stable, which allowed us to increase sales volumes in both machinery sales and after-sales service. We also managed to grow our market share in machinery sales. However, we faced challenges due to various supply difficulties from manufacturers.

Swecon AS's total turnover in 2022 was 12.4 million euros, of which machinery and spare parts sales accounted for 10.1 million euros, and after-sales service contributed 2.0 million euros. The company's net profit was 222 thousand euros.

In 2022, significant investments were made in the development of IT infrastructure. We also purchased new maintenance buses and various tools. Following the Covid-19 pandemic, we invested significantly in employee training. By the end of 2022, Swecon AS's staff had grown to 45 employees.

Looking ahead to 2023, our business activities will be influenced by general economic instability, government investments in infrastructure construction, and rising interest rates. All of these factors will impact our clients' investment decisions.

Swecon AS's main goal for 2023 is to grow in all product groups, continue to be a reliable partner to our clients in heavy machinery sales, quick delivery of spare parts, and after-sales service. We plan to introduce various products and solutions in the field of digitalization, and we are also preparing for the introduction of electric machines to the market.

As a new area, we started representing the Italian industrial group Merlo's telescopic loaders in the construction and industrial sectors. In 2023, Swecon AS plans several large investments. We will start building a new sales and service center in Tartu.

By the end of the year, we will implement a new financial software, which will be Microsoft Dynamics 365 Business Central. We will invest in the sustainable development of Swecon AS and continue to actively train our employees and develop our team.

Key financial ratios:2022 vs 2021Sales revenue (thousand €): 12,438 vs 11,584Revenue growth: 7% vs 21%Operating profit margin: 1.3% vs 1.7%Net profit (thousand €): 222 vs 232Profit growth: -4% vs 814%Net profitability: 1.8% vs 2.0%Short-term obligations coverage ratio: 4.18 vs 3.96ROA: 2.0% vs 2.1%