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's activity report 2022

The economic activities and results of the Tamrex Safety OÜ group in Estonia, Latvia,

Lithuania and Finland in 2022 were significantly influenced by the following circumstances: - as in the rest of the world, our economy in 2022 revolved significantly around rapid price increases. The price increase in the Baltic States was one of the fastest in the euro area. The consumer price index in Estonia rose by 19.4% compared to 2021.

The main reason was the increase in energy prices throughout the euro area, which was strongly boosted by the Russian invasion of Ukraine. As the labor market was strong, we only saw a decrease in demand in the second half of the year, even with double-digit inflation numbers in the Baltic States; - to curb strong inflation, central banks began to aggressively raise base interest rates, which in turn affect the confidence and investment decisions of both companies and private clients. In 2022.

The European Central Bank raised interest rates by 2.5 percentage points. In the second half of the year, we clearly saw a decrease in demand from private clients, which was reflected in our entire region's sales; - the growth of the euro area economy decreased to 3.4% in 2022; - The effects of sanctions against Russia, the increase in raw material prices and the decrease in purchasing power in both Estonia and foreign markets, and the decrease in investments led to a decrease in economic activity in 2022; - In annual terms, the Estonian economy grew by -1.3%, the Latvian economy by 2.8%, the Lithuanian economy by 1.9% and

the Finnish economy by 2.1%; - The subsidiary Tamrex SIA located in Latvia continued its operations in Latvia. Turnover increased compared to the previous year; - The subsidiary Tamrex UAB located in Lithuania continued its operations in Lithuania. Turnover increased compared to the previous year; - The subsidiary Tamrex OY located in Finland continued its daily operations. Compared to the previous year, turnover and operating profit were slightly down. Currently, there are 9 stores in Finland; - We continued to develop our e-environment tamrex.eu.

Consolidation Group

The main areas of activity of the company are the sale of fire and occupational safety products.

The consolidation group includes the parent company Tamrex Safety OÜ, subsidiaries Tamrex SIA (100% stake), Tamrex UAB (100% stake), Tamrex OY (100% stake) and OdavOhutus.ee OÜ (100% stake).

The turnover in 2022 was 24,996,463 euros for the group. The group's turnover decreased compared to the previous year.

The profit for 2022 was 938,630 euros. In general, we consider the annual result to be good. The group increased its market share over the year.

Employees

In 2022, the group employed an average of 130 full-time employees, with a total wage bill of 4,746,805 euros.

The company's board consists of 3 members, one of whom also acts as the company's CEO. No remuneration was paid to the board members in 2022.

Dividend Policy

The decision on the distribution and payment of dividends is made based on the result of the operation.

Goals for the next fiscal year The exceptionally high price increase in 2022, high interest rates and the war in Ukraine are the reasons why consumer confidence has fallen a lot and we have entered a recession phase. It is expected that the whole of 2023 will be a correction to a long decade where the economy rather steadily grew. In this regard, we do not make far-reaching forecasts, but continue our