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's activity report 2022

Mantinga Estonia OÜ deals with the resale of deep-frozen bakery and confectionery products and ready meals produced by Mantinga UAB in Lithuania

in the Republic of Estonia.

The company supplies its products to most retail chains and stores operating in the territory of the Republic of Estonia. Mantinga's products are also used as raw materials in the food industry. The HORECA sector also uses Mantinga's products. In 2022, no significant investments were made and none are planned for the near future. The company's operations are not seasonal.

The challenge for 2022 was to pass on the price increase of the parent company's production to customers after the sharp rise in raw material prices after 24.02.2022, which was successful. Sales growth was brought about by the launch of new products in retail chains, vigorous expansion in the HORECA sector, and also the expansion of the range in export markets.

The company's operations do not have significant environmental and social impacts. Settlements with suppliers and customers are made in euros. There is no currency risk. Factoring interest rates are linked to Euribor, only the impact of Euribor growth is insignificant. Mantinga Estonia's goals for 2023 are to continue growth in the HORECA sector and to expand the range both locally and in the export market.

No significant events occurred during the preparation of the annual financial statements that are not reflected in the annual financial statements.

No changes occurred in the share capital.

Mantinga Estonia OÜ financial ratios: 2022 2021

Sales growth (%) 39.39 2.79 (reporting year sales-previous reporting year sales)/previous reporting year sales*100%)

Short-term debt coverage ratio 1.73 1.38 (current assets/short-term liabilities)

Liquidity ratio 1.06 1.09 ((current assets-inventory)/ short-term liabilities))

Debt ratio 0.57 0.71 (total liabilities/total assets)