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's activity report 2022

Wendre AS is part of one of the largest textile and sleep product groups in the Nordic countries, Trading House

Scandinavia AB. Wendre AS specializes mainly in the production and marketing of quilts and pillows, the production and sales volume in 2022 was 2.5 million quilts (2.2 million quilts in 2021) and 5.4 million pillows (5.9 million pillows in 2021). Wendre AS's turnover in 2022 was 62.6 MEUR, EBITDA -0.4 MEUR and net profit -1.73 MEUR. Exports accounted for 96% of sales.

The largest share of deliveries were made to Scandinavia, followed by Germany, the United States,

Poland and the United Kingdom.

As is known, on 01.06.2021 Wendre AS was divided into two companies, AS Wendre specializing in the production of quilts and pillows and AS Wendre Bedding focusing on furniture production. 2022.

AS Wendre's turnover of 62.6 MEUR in the year was more or less as expected. The most significant growth was in sales to Germany and a decrease in sales to the USA and Scandinavian countries as the 2021 comparison includes some of Wendre Bedding's turnover (when the company was still undivided). If this effect is removed, it can be said that the sales volume in Scandinavian countries did not change significantly. Sanctions imposed against Russia and

Belarus did not significantly affect AS Wendre's sales, as their market share was marginal even before. The turnover of textile products increased by approximately 2 MEUR over the year, which is about 4% (turnover in 2022 was 55.3 MEUR vs turnover in 2021 was 53.2 MEUR).

In 2022, raw material prices rose significantly. The share of raw materials, materials and purchased goods in turnover increased significantly compared to the previous year, which significantly reduced the sales margin. The reason was the high global demand for raw materials and energy, including the war initiated by Russia

in Ukraine. Price changes occurred very quickly and unfortunately it was not possible to react so flexibly with sales prices. As inflation caused a significant increase in costs in terms of transport, energy and labor costs, a negative business result was inevitable. The situation was made worse by the euro exchange rate, which began to weaken sharply at the beginning of the year against the US dollar, as our purchased raw materials are predominantly in US dollars and sales transactions are mainly in the EU economic area and in euros.

At the end of 2022, we lost our sales to a customer oriented towards the US market. The reason was changes in US national regulation, which imposed significant restrictions on the marketing of our products in that region. Unfortunately, a positive solution has not yet been received and sales to the US market are still very modest. In addition, the customer's debt obligation remained on the balance sheet, which we are processing through credit insurance and we were forced to make a corresponding provision in the balance sheet, which in turn negatively affected the business result.

In 2022, the average number of employees at Wendre AS was 320. The total amount of employee salaries and additional payments, including social taxes, was 7 million euros. The board of Wendre AS consisted of 3 members and no salary was paid to the board member. At the beginning of 2023, the chairman of the board, Meelis Milder, left the company and the board continued with two members until the third board member's position was filled with a new leader in May.

There were no significant research and development projects during 2022, so no corresponding costs were incurred. This is also not planned for 2023.

At the beginning of 2023, raw material prices have started to fall, the euro exchange rate has recovered and inflation has slowed down, which has allowed to restore the previous sales margins. Wendre AS uses partial fixing of the USD/EUR exchange rate to hedge financial risks. There are no interest rate risks as the company does not use external loans. However, there is strong pressure from our customers to reduce sales prices