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's activity report 2022

Samelin's main activities are shoe manufacturing and wholesale. The majority of our production consists of military footwear and various work and safety shoes. The Samelin brand work and safety shoe collection has a CE certificate. To a lesser extent, we produce hiking boots, expedition boots, street and leisure footwear.

With the aim of expanding our store's range, we sell footwear produced or mediated by our partners (mainly street footwear).

In 2022, Samelin's sales revenue was 4.5 million euros and the loss for the financial year was 203 thousand euros.

In Estonia, we sold various products and services worth a total of 1.65 million euros in 2022. 2.85 million euros or 63% of sales revenue was made up of exports.

The largest export markets were Norway (1.45 million euros) and Latvia (1.0 million euros).

The loss in 2022 is due to the rapid increase in production inputs (labour, energy, materials, transport) during the year. At the beginning of the year, we increased the salaries of all employees by an average of 10%. The price of electricity for us increased threefold in some months compared to the previous period. Due to the rise in energy prices throughout Europe, the prices of materials increased by 5-30% during the year. However, we were not able to immediately increase our selling prices at the same pace. A large part of Samelin's sales are made up of tenders from various countries and contracts are often fixed for 2 - 4 years.

We also forecast sales revenue of 4.5 million euros for 2023. Already in 2022, we started cooperation with a new partner from Canada, to whom we sell military footwear. Their first order for 2023 is 755 thousand euros, of which we have fulfilled 520 thousand euros by the end of May.

In 2022, we invested mainly in production equipment and building renovation, a total of 136 thousand euros.

In 2022, the average number of employees was 80. The board consisted of 3 members and the management board also consisted of 3 members. Labour costs including taxes were 1.55 million euros, including:

the remuneration of board members was 9,180 euros. No remuneration was paid to the members of the management board for their work in 2022.

We paid a service fee of 2,880 euros for the audit of the 2021 financial year report.

Samelin's share capital is 120,960 euros.

The main financial ratios of AS Samelin in 2022 and 2021 are 1. Net profitability (%) -0.05 0.06 0.06 2. Asset profitability ROA (%) -0.06 3. Equity profitability ROE (%) -0.28 0.23 4. General level of solvency (times) 0.65 0.68 5. Equity per share (in euros) 36.87 47.45

The formulas used to calculate the ratios: 1.Net profitability (%) = net profit / sales revenue * 100 2. Asset profitability ROA (%) = net profit / total assets * 100 3. Equity profitability ROE (%) = net profit / total equity * 100 4. General level of solvency (times) = current assets / short-term liabilities 5. Equity per share (in euros) = equity / number of shares