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's activity report 2022

Keil M.A. Ltd is the official importer of MAN Truck & Bus AG in Estonia, representing the MAN and Neoplan brands.

The economic results for 2022 can be considered good for Keil M.A. Ltd, despite production restrictions and supply difficulties of our main partner MAN, which were mainly due to the war in Ukraine that started in February and the halt in production for three months. Delivery times for some truck models were extended to 2 years.

In 2022, the majority of our company's turnover came from the sale of new MAN trucks, vans, buses, maintenance and repair services, and spare parts. The heavy truck market did rise by 23% compared to 2021, but it is still 100 trucks lower than the volume of 2019. A total of 922 new heavy trucks were sold in Estonia in 2022 (data from the Road Administration). The year before, 750 new trucks were sold.

In 2022, we sold 69 new MAN heavy trucks (gross weight 6 tons and more, data from the Road Administration), which is twice as much as in 2021. The sale of MAN TGE light trucks was successful with 29 vans sold, but the demand and sales opportunities were significantly higher. We sold a total of 53 used trucks, which was a decent result. In the sale of new buses, we delivered 33 new M3 category county line buses, making us the 3rd largest bus seller in Estonia with a 20% market share. The buses started serving

Narva, Ida-Virumaa, Järvamaa, Harjumaa and Valga county lines. Considering the significantly corrected economic situation, the sales results can certainly be considered very good.

The volume of maintenance and repair services related to MAN trucks and buses in Tallinn service in 2022 is stable and increased by 10% compared to 2021. The turnover of repair services and spare parts in Valga workshop is also stable and increased by 3%, a significant share is from Latvian customers. By the end of 2020, due to the expansion of the Tallinn maintenance center, we have been able to accelerate and improve the quality of both repair and maintenance work with the help of 50% larger repair area.

In 2022, we continued cooperation with our maintenance partners: Hoffmann Servis in Tartumaa, Silmand Auto in Põlva and Veokikeskus

in Tartu.

With the help of Tartu multifunctional service point, we can provide better and faster maintenance and repair service in Southern Estonia.

The services offered at the service center also include technical inspection of cars, trucks and buses. We were able to increase the turnover of the service center by 20% and the turnover of spare parts by 25% in 2022. The turnover of performing maintenance, repair and warranty work for MAN trucks and buses was 50% of the total turnover, and the share of other brands increased mainly from Scania; Mercedes and Volvo repair volumes.

There were no changes in the company's board in 2022. There was a change in the structure of the owners when one long-term owner of Keil M.A. decided to withdraw from active operations and sold his stake. There are no changes in the company's long-term business strategy.

The company's priority continues to be the successful representation of the MAN and Neoplan brands in the Estonian market and ensuring the best quality of maintenance and repair services. The company has 42 employees

The quality of the services we provide meets the ISO 9001 standard and we have the relevant certificate.

Main financial ratios: 2022 2021

Sales revenue (thousand EUR) 19 752 15 937

Revenue growth 23.9 % 19.4 %

Gross profit margin 21.2 % 24.6 %

Net profit (thousand EUR) 1 255 550

Profit growth 128.2 % -32.5 %

Net profitability 6.4 % 3.5 %

ROA 5.7 % 2.3 %

ROE 6.7 % 3.1 %

Formulas used in calculating ratios: - Revenue growth (%) = (sales revenue 2021 - sales revenue 2020)/sales revenue 2020 * 100 - Gross profit margin (%) = sales revenue - goods, raw materials, services/sales revenue * 100 - Profit growth (%) =(net profit 2021 - net profit 2020)/net profit 2020* 100 - Net profitability (%) = net profit/ sales revenue * 100