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's activity report 2022

In the second half of 2022, economic activity in Estonia decreased. The reasons are high inflation and high energy prices, along with tightened financing conditions due to the Russian-Ukrainian war. These circumstances did not have a significant impact on the company's economic activity and financial results for 2022. The prices of energy carriers led to a slight increase in the company's energy costs. Demand for Bohnenkamp's products is relatively stable. However, there is still a risk that in such an economic environment, consumer confidence may suffer, which in turn inhibits consumption and investment courage, and total demand may decrease.

Bohnenkamp (formerly Starco -E OÜ) was established in 2001. It is a subsidiary of the Latvian company SIA Bohnenkamp. The main activity of Bohnenkamp is the sale of industrial wheels and tires in selected market segments in Estonia and abroad.

2022 was a successful year for the company. Turnover increased by 5.27% compared to 2021.

Of this, 2.84% of turnover was sold abroad. The company's largest markets outside Estonia in 2022 were Latvia.

Bohnenkamp ended the reporting period with a profit.

Investments

During the reporting period, 17,010 euros were invested in tangible fixed assets.

Seasonality of business

Traditionally low tire sales in December and January have been exacerbated by the introduction of long New Year holidays. Both Estonian and foreign manufacturers are usually collectively on vacation in July and during the Christmas and New Year period. During these periods, Bohnenkamp's turnover as a supplier is correspondingly lower. The highest turnover is in spring and autumn, when agricultural work begins and the demand for agricultural machinery and thus Bohnenkamp's products increases.

Description of main risks

The general credit risk to the entire receivables portfolio is kept low by assessing the solvency of potential customers and continuously monitoring the payment behavior of contractual customers. The risk is also hedged with sales insurance.

Currency risk - all company transactions are made in euros, which reduces currency risk.

Bohnenkamp's leasing obligations have floating interest rates. The base for the floating interest rate in most contracts is the 3-month EURIBOR. Therefore, the company is exposed to international capital markets. The short-term interbank interest rate of European banks, the 3-month EURIBOR, continues to rise rapidly during the forecast period. In 2022, due to the rise in interest rates, loan servicing costs increased slightly.

Staff

As of the end of 2022, 4 employees worked at Bohnenkamp. In 2022, the company's labor costs, including holiday pay, amounted to 250,467 euros.

Main financial ratios 2022 2021

Sales revenue 9,377,149 8,907,488

Turnover growth 5.27% 30.19%

Gross profit margin 10.56% 10.43%

Net profit 450,292 376,152

Net profitability 4.80% 4.22%

Short-term liabilities coverage ratio 11.29 7.37

ROA 24.22% 21.04%

ROE 26.52% 24.31%

The methodology for finding ratios is as follows: (cid:127) Turnover growth (%) = (sales revenue 2022 - sales revenue 2021)/ sales revenue 2021* 100 (cid:127) Gross profit margin (%) = gross profit/sales revenue * 100 (cid:127) Gross profit= sales revenue - goods, raw materials, and services (cid:127) Net profitability (%) = net profit/ sales revenue * 100 (cid:127) Short-term liabilities coverage ratio (times) = current assets/short-term liabilities