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's activity report 2022

IAC Tartu AS has been operating in the field of foundry technology in Tartu since 2001 - casting of light metals and mechanical processing of castings. In 2003, a new production building was built at Vaksali 61 and since then the company has been operating in the production premises there and has 4400 m² of modern production space. The company's production processes are certified according to the automotive industry standard IATF 16949:2016. This certificate allows the company to cooperate with large automotive companies such as Scania, Volvo, Renault and others. The main products of IAC Tartu AS are parts and assemblies for large truck manufacturers.

The financial year 2022 ended with a 24.7% increase in turnover compared to 2021. The sales revenue for 2022 was 9.2 million euros. A pre-tax loss of 1.048 million euros resulted from the completion of the company's division process that began last year by way of separation. According to the separation plan, IAC Tartu AS transferred to the new subsidiary of the group, Vaksali 61 OÜ, a plot of land and a production building with a balance sheet value of 1.315 million euros.

During the financial year, we continued to see stable price increases for production consumables and components, and in the second half of the year, there were also price increases resulting from exceptionally high inflation. For 2023, we forecast continued price increases and wage pressure, which is due to record high inflation in 2022.

During the year. In addition to the above, the company was also affected by exceptionally high energy prices, which reduced the previously planned profit.

IAC Tartu AS forecasts strong demand for castings and assemblies in 2023 and annual turnover growth is forecasted to be at least 10%. To ensure good delivery accuracy for its customers in case of increased demand, investments were made in new hardening equipment, which is semi-automated and speeds up the production process.

The company's main purchase and sales currencies are the euro and the Swedish krona. The company's incoming and outgoing cash flows in Swedish kronor are generally balanced.

The company's financial contracts are concluded with a floating interest rate, which consists of Euribor and a margin. The interest on the contracts depends on the six-month Euribor and the margin, and the rise in Euribor increased the cost of loans in the second half of the year.

IAC Tartu AS's 100% stake continues to belong to IAC Sweden AB, where no changes occurred.

At the beginning of 2022, the company's division was completed and as a result, a new business entity Vaksali 61 OÜ was created, which will start building an extension to the existing production building in 2023 with a closed net area of 4700m2.

A construction project has already been prepared for the construction, on the basis of which a building permit has been issued for the construction of the building.

Financial figures

Turnover growth (%) = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 x 100

Solvency = current assets / short-term liabilities

Liquidity ratio = (current assets - inventories) / short-term debt

Debt ratio = total debt / total assets

Asset turnover ratio = sales revenue/average assets

Solidity ratio = equity /total assets 2022 2021

Turnover growth 24.7% 18.3%

Solvency 1.5 3.1

Liquidity ratio 0.7 1.6

Debt ratio 0.52 0.24