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's activity report 2022

Introduction In 2022, the traditional business activities of AS Balteco (hereinafter AS Balteco) continued as a manufacturing company. The main product range continued to consist of massage and simple bathtubs; steam saunas, shower cabins, shower panels, Wellspa mini pools and health capsules “Dermalife” and “SpaJet”.

The past year's results were influenced primarily by the following factors: changes in the housing and construction sectors in the Baltic States and the European Union; increase in the price of raw materials and materials; revenues from subsidiaries.

Revenues, expenses and profit In 2022, AS Balteco's consolidated sales revenue amounted to 11.4 (11.5 in 2021) million euros.

90% of sales revenue was made up of own production and 10% of other products and services. Sales revenue decreased by 1% compared to the previous year.

60% of AS Balteco's sales revenue was made up of exports and 40% of sales in Estonia. Sales to foreign markets increased by 5% compared to the previous year. The main export destination was Finland

Republic.

AS Balteco's consolidated profit amounted to 0.1 (0.5 in 2021) million euros. General administrative expenses were 1152 (1031 in 2021) thousand euros and marketing expenses 962 (835 in 2021) thousand euros. The company's 2022.

year's depreciation of fixed assets amounted to 483 (440 in 2021) thousand euros.

Main financial ratios (consolidated) 2022 2021

Sales revenue (thousand EUR) 11 387 11 464

Turnover growth -0.7% 22.7%

Gross profit margin % 1.9% 22.7%

Net profit (thousand EUR) 101 579

Profit growth -83% 579%

Net profitability 1% 5.0%

Short-term obligations coverage ratio 2.4 2.5

ROA 1.2% 7.3%

ROE 1.8% 10.3%

Formulas used in calculating ratios:  Turnover growth (%) = (sales revenue 2022 - sales revenue 2021)/ sales revenue 2021 * 100  Gross profit margin (%) = gross profit/sales revenue * 100  Profit growth (%) = (net profit 2022 - net profit 2021)/ net profit 2021 * 100  Net profitability (%) = net profit/ sales revenue * 100  Short-term obligations coverage ratio (times) = current assets/short-term obligations  ROA (%) = net profit/ total assets * 100  ROE (%) = net profit/ total equity * 100