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's activity report 2022

Trendsetter Europe OÜ's main activity continues to be the production of pillows, duvets and mattress covers filled with polyester. The production is sold exclusively to the parent company Trendsetter Home Furnishings Ltd.

Last year's results were influenced by several global events, from the aftermath of COVID in China to the war in Ukraine, which led to increased inflation and freight costs, which somewhat normalized at the end of the year. We increased our workforce, but the expected sales did not materialize and this area will be reviewed in 2023.

The war in Ukraine raised raw material prices, which particularly affected oil, which is our main input for most of our products, and together with global inflation, it caused the company's main market, which is mainly the UK, to contract.

The factory's heating cost, which is directly related to electricity, increased by 107.6% in monetary terms compared to the same period of the previous period, but decreased by 17% in quantity.

Trendsetter Europe OÜ has invested a lot of time and energy in the sustainability of the company and how we as a company could reduce our carbon footprint, implementing various initiatives, installing a heating and cooling system that uses less energy compared to previous air heat pumps, electric heating elements, etc. We replaced the last diesel forklift with a new modern and more environmentally friendly electric forklift. We invested in a fabric printing machine, which should reduce water consumption in our suppliers' production processes, as well as reduce our own stocks in the warehouse, as we print according to actual need regardless of quantity. We continue to work towards moving our fabrics and fibers to more sustainable options such as GRS and are exploring options to move to Primaloft products, which biodegrade in compost storage in 646 days, in seawater in 973 days, and in domestic wastewater sludge in 241 days.

No applicable risks related to changes in exchange rates, interest rates and stock prices have been identified.

The company continues to search for sales markets outside the UK and last year we received a significant order from South Korea, which we successfully fulfilled and hope to continue cooperation in the coming years. We have taken the first steps to enter the US market, which have not been easy, but we are making efforts to increase our market share there. The factory's production capacity has not yet reached its maximum and we continue

to search for new clients in European markets.

2022.a.

Short-term debt coverage ratio = current assets/short-term debt = 2.70

Debt ratio = liabilities/total assets = 0.33

Return on Assets (ROA) = profit/total assets = 3.55%

Return on Equity (ROE) = profit/total equity = 5.27% 2021.a.

Short-term debt coverage ratio = current assets/short-term debt = 2.44

Debt ratio = liabilities/total assets = 0.37

Return on Assets (ROA) = profit/total assets = 2.89%

Return on Equity (ROE) = profit/total equity = 4.59%