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's activity report 2022

Introduction

The main activity of OÜ Avesco is the sale of construction machinery, generators, material handling machines and equipment in Estonia, provision of maintenance and repair services, and supply of spare parts. OÜ Avesco mainly represents CATERPILLAR products.

Operating Environment

The business activity of Avesco OÜ is generally influenced by the development of business and industries and the investment decisions of the public sector infrastructure.

The demand for our products and services is cyclical and its impact depends a lot on the income of local companies, bank interest rates, labor shortages, and production capacities of industries.

Today, the construction market is quite uncertain, national investments in infrastructure have been postponed and decisions on various projects are being considered more thoroughly than before.

Export support is declining, which also affects the behavior of our customers. At the same time, the energy sector is making additional investments.

The war in Ukraine and energy security more broadly have increased the demand for electric generators in our region.

The supply chain challenges caused by Covid-19 and the war in Ukraine are showing signs of improvement.

Revenues, expenses and profit In 2022, OÜ Avesco's sales revenue amounted to 23.5 million euros. In 2022, sales increased by 26.7% compared to 2021,

77% of OÜ Avesco's sales revenue was sales to Estonia (2021: 75%). Sales of goods and services to foreign markets decreased (23%) compared to 2021.

year. (2021: 25%). Seasonality does not affect OÜ Avesco's sales.

OÜ Avesco's profit amounted to 474 thousand euros (2021: profit 166.1 thousand euros). The company's depreciation of fixed assets in 2022 amounted to 109 thousand euros (2021: 105 thousand euros).

Staff

The average number of employees of OÜ Avesco in the financial year was 44 employees (2021: 40). In 2022, the company's labor costs amounted to 1.86 million euros (2021: 1.59 million).

No board fees have been calculated for the members of the company's board during the financial year.

Investments

OÜ Avesco invested 80.6 thousand euros in machines and equipment in 2022 (2021: 34.8 thousand euros), no significant investments are planned for 2023.

Company's market research and development

The company has continued industrial machinery market research, which helps to understand the needs of existing and potential users of CATERPILLAR machines and equipment and to improve cooperation with customers and partners.

Company's social responsibility

OÜ Avesco offers products and services that improve people's quality of life and the environment. OÜ Avesco continues to support its customers by offering new products, technologies and services, providing customers with advanced technology and innovation to increase their efficiency and productivity.