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's activity report 2022

Shishi AS is a Norwegian-Estonian joint venture, whose main activity is the design and marketing of artificial flowers, interior decorations and Christmas goods.

The Shishi collection consists of products designed by Linda Johnsen, Taivo Piller and Mart Haber. Most of the ideas are implemented as subcontracting

In Asia, mainly in China, but also in India, Thailand, the Philippines and Indonesia.

The Shishi collection changes twice a year: autumn-winter collection and spring-summer. Thanks to the Christmas collection, the autumn-winter collection makes up 65% of the turnover and therefore the spring-summer accordingly 35%.

2022 was successful for Shishi despite the corona and the war in Ukraine. Turnover exceeded 10 mEUR again as before the pandemic. Products were sold to 70 countries, including sales made by Shishi US LLC.

After the start of the war, we cancelled orders from Russian customers and returned prepayments.

In January 2022, there were no fairs in Europe.

In September 2022, the only fair of the year took place in Paris.

The biggest challenge was still the transport of goods from Asia to Europe and the USA -- prices were sometimes tenfold.

In 2021, most of the stock was sold because the delivery of goods was delayed and less new goods were ordered.

However, in 2022, they were too optimistic when ordering goods and the stock at the end of the year was large, compared to previous years.

Shishi products can be purchased from the best department stores: Galerie LaFayette, Printemps, Jelmoli, Isetan, la Rinascente, Illums, Brown Thomas, Lane

Crawford, Harrods and Fortnum & Mason and design and flower shops.

In 2022, cooperation continued in Estonia with the garden center chain Hortes, Selver, Tallinn Department Store and Stockmann.

In 2022, cooperation was started with Tallink.

In the autumn, an e-shop for retail customers was also opened, with a turnover of about 30% of retail sales per month.

In 2022, the biggest customers: (cid:127) Shishi US LLC (cid:127) Shishi Norge AS (cid:127) Shishi Kazakhstan representative (cid:127) La Rinascente (cid:127) Lane Crawford (cid:127) Vincenzo Dascanio Srl (cid:127) MAGAZIJN DE BIJENKORF B.V.

(cid:127) FLOWER SECRET (cid:127) Illums (cid:127) Markus Lederleitner Gmbh (cid:127) VAKKO TEKSTIL VE HAZ.GIY

Main financial ratios 2022 2021

Sales revenue (mil. eur) 10.11 8.94

Sales revenue growth, decrease % 12.98 11.91

Net profit (mil. eur) 0.96 0.85

Gross profit margin % 11.8 11.17

Profit growth, decrease % 13.03 218.78