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's activity report 2022

The main activity of Fliis Trade OÜ is the retail and wholesale of children's goods, the result of which is significantly influenced by demographic development in the markets where it operates. Currently, the birth rate in this region is still declining due to the general unstable situation in the economy due to Corona and the ongoing war in Ukraine.

The company's activity is not cyclical or seasonal but is evenly distributed throughout the year. However, the frequency of campaigns and discount periods in recent years does affect the result and there is no sign of this trend changing.

In Estonia, the company owns 2 children's stores in Tallinn and 1 in Tartu, and in addition, Fliis Trade OÜ owns 80% of the Lithuanian company Fliis Trade UAB, which has 1 children's store in Vilnius, Lithuania. There are no plans to expand operations or open new stores in Lithuania in the subsidiary.

The consolidated financial year 2022 was positive for Fliis Trade. Consolidated sales revenue was 13.93 million euros and the profit for the reporting year was 1.02 million euros.

In 2022, the average number of employees in the Fliis Trade Group was 38 and the labor cost was 1.34 million euros. The remuneration calculated for the management and higher management was 177 thousand euros.

There were no significant changes in the prices of goods on the world market in 2022, but the high transport prices in 2022 will affect the prices of goods in the first months of 2023 and since the pressure is on price increases but there is an oversupply in the market, this will affect the company's profitability in the first half of 2023. Interest rates rose during the reporting year and this rise is also expected in 2023.

The rise in interest rates does not significantly affect the company's result in 2022 or 2023. However, it does curb customer purchasing power in 2023, which in turn may slow down the company's growth trends in the future.

In 2022, the consolidation group will continue with a conservative financial policy. Also, changes in exchange rates did not significantly affect the company's results in 2022 or 2023.

Major investments in 2022 included supplementing warehouse inventory and mapping IT development needs, and plans are to start updating the online store and business software in 2023. The construction of its logistics center was abandoned in 2023 due to the rapid pace of construction prices in 2022 and 2023, which is due to high inflation.

In 2022, one shareholder gave up his shares and they were bought back from the shareholder at a nominal value of 5751 euros, which constitutes 30% of the company's shares, paying 320,000 euros (net) for them.

The company's dividend policy remains the same, paying dividends only from the parent company.

In 2023, the plan is to continue in the same field of activity with existing sales points and to increase retail sales in the online store and wholesale throughout

the Baltics, Finland and Scandinavia.

Main financial ratios based on unconsolidated data 2022 2021

Revenue growth 13.84% 45.35%

Profit growth -22.37% 27.49%

Net profitability 7.16% 10.49%

Short-term obligations coverage ratio 2.74 2.50

ROA 14.58% 18.87%

ROE 20.73% 29.45%

Formulas used in calculating ratios:

Revenue growth(%)=(sales revenue2022-sales revenue2021)/sales revenue2021*100

Profit growth(%)=(net profit2022-net profit2021)/net profit2021*100

Net profitability(%)=net profit/sales revenue*100

Short-term obligations coverage ratio (times)=current assets/short-term obligations

ROA(%)=net profit/total assets*100

ROE(%)=net profit/total equity*100