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's activity report 2022

Introduction

OÜ VIRMA M.T. was established in 1997. The activities of OÜ VIRMA M.T. include catering, retail and wholesale trade, and the rental of warehouse, office and production spaces.

Revenues, expenses and profit

In the reporting year, the company's sales revenue amounted to 4377.9 thousand euros, which was 23.48% higher than the previous year. The increase in sales revenue was due to high inflation. Retail sales accounted for 73.55% of sales revenue, catering 25.88%, and real estate rent 0.57%. All turnover took place in the Republic of Estonia.

The net profit from OÜ Virma M.T.'s business activities in 2022 was 53.9 thousand euros. The company's assets increased by 14.2% during the reporting year. The costs of goods, raw materials, materials and services were 3535.6 thousand euros. Various operating expenses were 135.1 thousand euros. The depreciation of fixed assets in 2022 amounted to 16.1 thousand euros.

Main financial ratios 2022 2021

Revenue growth 23.48% 3.33%

Net profitability 1.23% -1.93%

General level of solvency 1.14 1.01

Return on assets (ROA) 6.77% -9.85%

Return on equity (ROE) 18.49% -28.86%

Liquidity ratio 0.65 0.49

Asset yield 5.49 5.08

Formulas used for calculating ratios:

Revenue growth (%) = (sales revenue 2022-sales revenue 2021)/sales revenue 2021*100

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

General level of solvency (times) = current assets/short-term liabilities

Return on assets (ROA) % = net profit/assets*100

Return on equity (ROE) % = net profit/equity*100

Liquidity ratio = cash/short-term liabilities

Asset yield = sales revenue/total assets

Investments

In the reporting year, 27.6 thousand euros were invested in tangible fixed assets.

Personnel

The board consists of two members, whose salaries in 2022 were 47.2 thousand euros (without social taxes). The board member is also the CEO. The average number of employees was 43 people. In 2022, the company's labor costs amounted to 677.0 thousand euros.

Significant environmental and social impacts

The company's business activities were influenced in 2022 by the economic environment, changes in food prices in the market, legislation and local market development. Food and industrial goods have become more expensive over the last ten years. Due to strong competition in the domestic market, prices must be kept relatively low.

The recent rise in energy prices and global supply disruptions are raising costs affecting prices. A shortage of skilled labor may cause wage pressure. The company strives to increase young people's interest in the company's field of activity, which should alleviate the shortage of good workers in the labor market in the future.

Catering turnover in the reporting year increased by 65.6% compared to the previous year. In 2022, there were no longer any corona restrictions. Rental income increased by 6.95%. However, the retail sale of food and other goods in the store increased by 13.47%. To date, we have maintained all areas of activity.

The profit for the reporting year was due to high inflation. No subsidies or compensations were applied for from the state during the reporting year.

The annual financial report has been prepared on the basis of the going concern principle.

In the opinion of the management, the company is sustainable.

Objectives for the next financial year

The main goal of Virma M.T. OÜ for the next financial year is to maintain and secure its market position in existing markets.

If possible, supplementing equipment and inventory and making more efficient use of existing labor resources and supplementing them with qualified labor. Finding a niche suitable for our services and securing it.

No development and research expenditures were made in 2022.

In 2023, it is planned to continue in the same field of activity.