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's activity report 2022

AS Baltem, hereafter referred to as 'The Company' or 'Baltem', is a leading enterprise specializing in the sale and after-sales service of construction and quarry machinery in Estonia, Latvia, and Lithuania. The company's product portfolio is diverse and includes construction and quarry machinery from Komatsu (Japan), mobile crushers and screens from McCloskey (Northern Ireland, UK), articulated loader excavators from Lännen (Finland), waste management and washing equipment for mineral construction materials from CDE (Northern Ireland, UK), mobile conveyors from Telestack (Northern Ireland, UK), excavator attachments (rippers) from Xcentric Ripper International (Spain), and 2D/3D control systems from Topcon (Japan). The report comprises Baltem AS's Estonian company and its branches in Latvia and Lithuania. The financial year for Baltem AS begins on April 1 and ends on March 31. The company successfully achieved its objectives for the 2022/2023 year. However, the revenue from machinery sales decreased by 8.2%. The revenue from machinery sales for 2022/2023 was 26.72 million EUR, down from 29.09 million EUR in 2021/2022. In 2022/2023, there was a slight increase in rental income compared to the previous year. The turnover from rental activities in 2022/2023 was 3.4 million EUR (2021/2022: 3.3 million EUR). The after-sales service revenue for 2022/2023 was 11.3 million EUR (2021/2022 9.5 million EUR), an increase of 18.6%. The company's profit for 2022/2023 was 309 thousand EUR (2021/2022 705 thousand EUR). AS Baltem's primary business is directly linked to economic cycles. Government spending on infrastructure, which is linked to EU support, is one of the main driving forces of the company's business. Private investments, including residential, commercial, and industrial buildings, are also very important. The outlook for 2023 does not look good in this regard. Governments are refraining from increasing infrastructure spending, and due to inflation and financial costs, a slowdown in private investments is also visible. However, an improvement in the situation is expected by the end of the calendar year 2023. This macroeconomic forecast has also been taken into account in the preparation of the business plan for the 2023 financial year. The sale of construction equipment is cyclical and linked to economic cycles. It is also seasonal, with peak seasons in spring and early autumn and low seasons during the summer break and winter. Inflation and a slowdown in GDP growth have a negative impact on the sale of construction equipment. To increase the company's resilience against a bumpy macro environment, Baltem decided to develop its Agro business. The market for tractors and combines is much more stable and usually more profitable. The company sets goals for environmentally friendly activities and monitors their achievement. The main goal is to reduce the environmental footprint, including reducing CO2 emissions and energy use, recycling materials, collecting and disposing of waste by type (including compliance with the packaging recycling law), and reducing the use of hazardous substances in business activities. The company's business activities are settled in EUR with customers and suppliers, so fluctuations in exchange rates do not affect the company's business activities. The interest rate on loans is fixed. In 2022/2023, the volume of investments was 451 thousand EUR, and Baltem AS does not plan major investments for 2023/2024. The main goal is to increase market share in Estonia, Latvia, and Lithuania. In terms of rental activities, there are plans to expand the rental park. The goal of after-sales service is to increase both turnover and profitability. The main goal of after-sales service is to offer customers long-term contracts, ensuring the operation of machines and the quality of machine maintenance. The main financial ratios are as follows: From 01.04.2022 to 31.03.2023, the sales revenue (in thousand euros) was 41,420, a decrease of 1.2% from the previous year (41,912). The net profit/loss (in thousand euros) was 309, a decrease of 56.2% from the previous year (705).