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's activity report 2022

General information and business overview:

The main activity of Keila Consumers' Cooperative is the retail sale of food, consumer goods, and mixed industrial goods. To better and more flexibly meet customer demand, we also produce confectionery and small pastries in small quantities.

The past couple of fiscal years have been very active in terms of investments, and 2022 was no exception.

We started and completed the reconstruction at Saue Shopping Center, where the main focus was on replacing the technology with newer and more modern ones. Changes were also made in the utility block and the design of the sales hall.

The reconstruction of the building at Keila Central Square 14 was completed, during which the entire building and its communications were renovated and approximately 500.

square meters of additional rental space were created. The addition of additional rental spaces gives us more flexibility and the associated rental income is certainly a measure to maintain profitability in a volatile and competitive environment.

The Keila Consumers' Cooperative solar park project was also completed, where as of today, the roofs of most of our owned buildings are covered with solar panels. The latter is one measure to alleviate the rapidly increasing cost base.

An important change in terms of content and investments was the transition to a new IT solution in terms of sales and warehouse software.

The total volume of investments in 2022 was over 2.5 million euros.

Sales in 2022 showed a slight growth. Compared to the previous 2021, the turnover growth was 0.81%.

One factor influencing the company's turnover growth was the comparison base of the previous quarter of 2021, where Saue Shopping Center did not generate turnover.

Comparatively, the turnover growth would have been similar to the previous year's 3%.

However, consumer confidence in 2021 can be considered better than in 2022, mainly due to rising energy prices. In addition, rapid price increases in almost all sectors.

The biggest factor in terms of costs was energy costs, which grew by over 75%.

Covid-19, which influenced 2021, did not play a big role in 2022.

The average markup level and the amount of goods lost were at the same level compared to the previous fiscal year.

We earned a net profit of 500,832 euros, which was more than half less than in 2021.

EBITDA in 2022 was 1,662,980 euros and was 23.35% less compared to 2021. The growing amortization through investments plays a role in this comparison.

Looking at 2023, we need to be cautious and wait-and-see in the first half of the year. What will the already started price increase turn out to be considering the whole spectrum? How quickly and how will interest rate increases affect the economy and what will be the purchasing power in the second half of the year?

The pace of investment will certainly slow down, but this does not rule out the launch of a project in the second half of the year.

For 2023, Keila Consumers' Cooperative has already planned a minimum wage increase of 7%.

Whether the results of 2023 will be the same or better than those of 2022 depends on the customer's ability to tolerate price increases and reduce consumption as little as possible.

In 2022, long-term loans were increased and new leasing contracts were concluded to finance the replacement of technology at Saue Shopping Center.

Macroeconomic environment:

The general economic situation in 2022 can rather be characterized by the term "unpredictable", which is not a good sign for economic prospects. Major global political changes, rapid inflation, and uncertainty about the future affected the economy less in our opinion than feared. However, this may carry over to 2023 and be a more negative scenario than one might hope.

The Board sees less ability to consume in 2023 compared to 2022. Turnover growth is theoretical and only due to high inflation.

Financial position overview:

Keila Consumers' Cooperative's interest-bearing liabilities are floating, based on 3 and 6 month EURIBOR.

According to the summary of the company's organized analyses, the interest rate risk arising from floating interest is not significant enough to require the acquisition of risk hedging instruments.