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's activity report 2022

AS SG Balticum started operations on October 29, 1997.

The company's main activity is providing sewing services (EMTAK 14131) to foreign companies.

In the fall of 2014, the owners S. P. Eskonaho and U. Kuusk sold their stake to the Finnish company Ursuit OY, which became the parent company of SG Balticum AS.

On 07.12.2016, the parent company Ursuit OY sold the entire company to the Belgian company SIOEN INDUSTRIES.

On 12.11.2018, a change of business name was registered in the Commercial Register. Instead of SG Balticum AS, Ursuit Baltics AS was adopted.

At the end of 2022, the number of employees was 97 (the average number of employees for the full year was 89 people), of which 3 young mothers were on maternity leave.

In 2022, the total wage cost was calculated at 999,649 euros. In 2021, the total wage cost was calculated at 893,655 euros.

We manufacture leisure clothing according to orders. We work for companies Amundsen Sports AS (Norway), Houdini SportsWear AB (Sweden) and

Galvin Green AB, Völkl (Switzerland), Outfit International A/S (Denmark). For our parent company Ursuk OY, we manufacture special marine rescue clothing as a subcontractor.

As we have more orders than we could fulfill ourselves, we offer subcontracting work to various companies in Estonia, Latvia and Lithuania.

Subcontracting work is done for us in Estonia by OÜ Laureetsia, JunEst OÜ, Varr OÜ, Nevi OÜ, Samme Üles OÜ, Nidle OÜ, Irja Tuvikene FIE. In Latvia SIA SG

Valka, SIA Agentura OPEN and in Lithuania AB Šatrija.

Our production is made as a result of cooperation based on designs created by the customer, where the customer develops new models, according to which we sew sales samples.

The constructor adjusts the model according to the sewing technology and the measurement tables and drawings submitted by the customer. The jackets and trousers we manufacture are sewn from high-quality materials such as Gore-Tex, Windstopper, etc.

60% of the materials we import from China, Hong Kong, Taiwan, Japan. The customer selects the material and our company's task is to deal with the purchase of goods and the assembly of models.

In 2023, we strive to ensure that we can offer stable work to our employees and be competitive. To offer better working conditions, in 2022 we moved our material warehouse to the city of Valga. The management believes that all necessary measures have been taken to ensure the sustainability and growth of the company in the novel situation and changing market situation caused by the impact of Covid-19 restrictions.

No major investments are planned for 2023.

Financial ratios and calculation methodology: 2022 a 2021 a

Debt ratio liabilities/assets 0.28 0.43

Liquidity general level current assets/short-term liabilities 3.5 2.2

ROE net profit/equity*100 19.0 19.9

ROA net profit/assets*100 13.8 11.3

Solidity coefficient equity/total capital 0.72 0.57

According to the applicable environmental legislation, Ursuit Baltics AS has concluded a contract with Producer Responsibility Organization OÜ, to whom all obligations related to the collection, recycling and related reporting of packaging waste have been given.

The currency risk to the company's cash flows is minimal, as most transactions are in euros. The company has no valid loan agreements and therefore changes in interest rates do not affect the company's financial results. The impact of seasonal business on the company is minimal.

At the time of preparing the report, the Russian invasion of Ukraine continues. As a result, several sanctions have been imposed on Russia.

The impact of sanctions is reflected in rising transport prices. Working-age people arriving from Ukraine are entering the Estonian labor market. The longer-term impact on the economy is unclear. The management assumes that there is no need to correct the 2022 annual report and operations will continue over the next 12 months.