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's activity report 2022

After the difficulties of the COVID-19 years, an even greater unexpected disaster occurred in 2022, a full-scale war in the center of Europe, on Ukrainian territory. This geopolitical tragedy had an even greater impact on the world economy as a whole. Thanks to close trade relations, our Baltic region countries were among the first to experience the economic consequences. In addition to the thousands of war refugees who flowed into the country from the first days of the conflict, humanitarian, military and financial aid was sent there. However, the far greatest threat of 2022 has been extremely high inflation, which reached over 20% in the summer months and reached 17.6% in December. Combined with the sharpest rise in EURIBOR in history from 0% to almost 3% by the end of the year, this had a drastic effect on consumer confidence and purchasing power.

In this challenging environment, our sales volumes decreased by 2.4% compared to last year's result. Nevertheless, thanks to higher selling prices, we managed to grow sales revenue for the 5th year in a row, exceeding 8 million euros for the first time in the company's history! This milestone was achieved thanks to the strong performance of our main sparkling wine brands Törley, Freixenet and Mionetto, which were also supported by rising brands

Henkell, Gratien & Meyer and Chapel Hill. The latter has shown remarkable success, growing by 36% compared to 2021, after the introduction of a new redesigned packaging design, which was very well received by consumers.

In terms of marketing, we focused mostly on the Freixenet brand in 2022. With the introduction of the new Freixenet 0.0% sparkling wine, numerous opportunities for sales promotion opened up, which we could not previously use due to Estonian alcohol advertising regulations. Some examples include a nationwide outdoor campaign organized in the summer, which attracted widespread attention and thousands of consumer contacts. It also helped to quickly expand distribution in retail. In addition, in late autumn, just a few weeks before the most important December sales season, there was a very successful product placement in the most popular TV show "Dancing with the Stars". Overall, the Freixenet brand's sales grew by over 18% in 2022, which is a direct result of our marketing activities and investments. We plan to continue focusing on promoting Freixenet 0.0% in the coming years to increase brand value and further increase sales.

On the operational side, we further improved our logistical structure in 2022, replacing the old medium-sized freight truck with a new and much larger heavy truck. This became an important addition to our fleet of trucks, allowing us to serve many more orders on one route and deliver larger quantities while reducing logistics dependency and costs. Thanks to this improvement, we can now fulfill most shipments with our company's resources, using logistics partners only for deliveries to Southern Estonia and the islands.

In conclusion, it can be said that 2022 was once again full of challenges that needed to be overcome and we had to quickly adapt to economic turbulence and a changing environment. Not everything went well and as planned, so we were not able to achieve the expected profit targets. The management has made a clear commitment to keep costs under strict control and increase the sales margin in 2023 to return to the planned profit level

Main financial ratios (in euros) 2022 2021

Sales revenue (in euros) 8 028 770 7 681 099

Sales revenue growth (%) +4.53 +3.93

Net profit (in euros) 413 466 552 478

Net profit growth (%) -25.16 +3.34

Net profitability (%) 5.15 7.19

Short-term obligations coverage ratio (times) 6.93 7.66

ROA (%) 7.83 11.69

ROE (%) 9.15 13.45

Sales revenue growth (%) = (sales revenue 2022-sales revenue 2021) /sales revenue 2021 x 100

Net profit growth (%)= (net profit 2022 -net profit 2021) / net profit 2021 x100

Net profitability (%) = (net profit / sales revenue ) x 100

Short-term obligations coverage ratio (times) = current assets /short-term obligations

ROA (%) = ( net profit / assets ) x100

ROE (%) = (net profit / equity ) x 100