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's activity report 2022

Pakpoord OÜ is the largest manufacturer of life jackets and other marine safety equipment in Europe.

The company's sales revenue in 2022 was 11,404,232 (2021: 9,907,475) euros and profit 2,305,295 (2021: 3,815,590) euros.

In 2022, we invested 90,798 (2021: 49,313) euros in machinery and equipment, 50,949 (2021: 141,858) euros in transport vehicles, and 2,865 euros in other fixed assets.

As a real estate investment, we contributed 158,547 (2021: 126,622) euros to the restoration of a building on a property acquired in Hiiumaa.

The reporting year was chaotic and unstable in the financial markets. The result of financial investments was a loss of 653,913 (2021: profit 789,769) euros. Our short-term investments as of 31.12.2022 were 7,916,053 (2021: 5,489,825) euros.

The reporting year was successful for us in terms of production and the volume of orders and sales revenue exceeded the numbers of the previous financial year. A cooling is expected in the next financial year due to a moderate economic downturn in foreign markets. We are facing another price increase for sellable products due to general inflation. Greater pressure is expected on labor costs in the next financial year. For several years now, we have been producing most of our products in Ukraine as part of foreign processing. So far, we have been able to keep production smooth despite the outbreak of war, with the help of good cooperation partners, and there have been no problems with back-and-forth transport. We are doing preliminary work to select cooperation partners for bringing in from neighboring countries of Ukraine. We have been successful and secure because we have a decent stock of various product components and materials and no external debt obligation.

In recent years, our product packaging has become more environmentally friendly. We use more cardboard, reduce the proportion of PVC. We have increased the volume of goods made from recycled fabrics.

The use of rescue equipment is seasonal and its peak comes in the summer. Therefore, our sales volumes are highest from March to July. Despite this, all months are covered by orders throughout the year. The seasonality does not affect the economic activity of Pakpoord OÜ as the flow of orders is evenly distributed throughout the year. Pakpoord OÜ's activities are not open to environmental and social impacts.

Financial ratios: 31.12.22 31.12.21

Return on assets 6.9 12.3

Return on equity (ROE) 18.00 36.3

General level of solvency 8.72 8.91

Methodology for calculating ratios:

Return on assets=net profit/assetsx100

Return on equity (ROE)=net profit/equityx100