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's activity report 2022

Herentes Public Limited Company was established in 1998 and is a company based on 100% Estonian capital. The main activity of the financial year was the provision of international road transport services. The main directions of road transport are the Baltic States, Scandinavia and Russia. AS

The goal of Herentes is to provide fast and flexible service, favorable price, personal approach and to always be available for the customer. AS Herentes is a member of the Estonian International Road Carriers Association ERAA and all shipments made by the company are covered by CMR insurance.

The sales revenue for the reporting year was 12,177,938 euros and the net loss was 314,908 euros.

The clients of the public limited company are companies registered in Estonia, member states of the European Union and countries outside the Union. During the financial year, investments were made in fixed assets for 123,280 euros, of which 115,700 euros were financed by capital lease. In the following years, we definitely see the need to continue with investments, as the fleet needs constant renewal to stay competitive.

The average number of employees was 101, gross wages amounted to 1,103,612 euros. The remuneration of the board member was 22,317 euros from this.

AS Herentes moved to a new address Kurna tee 29, Kiili in the autumn of 2022, where there is a new modern car base including a garage repair shop, laundry and storage rooms. A major change took place in daily business due to Russia's invasion of Ukraine. Sanctions imposed on Russia forced AS Herentes to make major changes in daily operations, as Russia's share previously accounted for approximately 50% of business. As the change took place virtually overnight, we were forced to quickly find work for our trucks and their drivers. Alternative jobs have not been found in the same volume and with similar profitability, so the search for new profitable transport circles is ongoing. In 2022, more than 20 truck drivers left the company due to a decrease in volumes. 2023 will be a year of similar challenges for AS Herentes, with the main goal being to find profitable transport circles again and save costs, which would increase the short-term debt coverage ratio above 1.0. Business will continue as usual in 2023.

Ratios 2022 2021 Formulas used to calculate ratios: 12,177 13,484

Sales revenue 938 244

Net profit -314 908 813 041

Net profitability -2.586 6.030 net profit / sales revenue * 100

Return on assets (ROA) -4.501 9.431 net profit / total assets * 100

Return on equity (ROE) -6.961 16.802 net profit / total equity * 100

Liquidity ratio or short-term debt coverage ratio 0.972 1.173 current assets / short-term liabilities

Payment ability ratio or acid test 0.303 0.460 cash / short-term liabilities

Debt ratio 0.353 0.439 total liabilities / balance sheet total