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's activity report 2022

Introduction In 2022, problems with obtaining new vehicles and spare parts continued, which was due to the slower than expected recovery of supply chains and the war in Ukraine. At the same time, demand remained on the domestic market, which occasionally exceeded supply, and such a combination led to an increase in margins compared to previous periods. A significant focus for City Motors during the reporting year was the realization of synergy resulting from the merger of Fakto Auto and City Motors in 2021. This was largely successful.

City Motors AS operates in three locations - in Tallinn Laagri Pärnu mnt 541 and Lasnamäe Osmussaare tee 10 and in Tartu Jõe 9a.

In 2022, the sales revenue of City Motors AS was 45,969 thousand (2021: 38,181 thousand) euros. The operating profit was 1,011 thousand (2021: 344 thousand) euros and the net profit was 919 thousand (2021: 244 thousand) euros.

City Motors AS is part of the Estonian Talleks AS group.

The company's management assesses 2022 as very difficult, but overall the team was able to quickly and well adapt to the situation and use 100% of the opportunities offered by the environment.

Development of car trade

In Estonia, a total of 20,426 new passenger cars were sold in 2022, which is 8.6% less than last year. The decline in the commercial vehicle market was 4.4%, which meant the registration of 4,953 commercial vehicles compared to 5,183 commercial vehicles last year. In total, 2,140 fewer vehicles were registered in the car market compared to last year.

It is worth noting that a total of 687 electric cars were sold in 2022, which exceeded the 2021 result by 42%.

Renault and Dacia vehicles were still sold by two dealers. In comparison of two dealers, the estimated market share of City Motors AS in Estonia had grown and was 55% (2021: 54%). The estimated market share of Nissan compared to other dealers is 39% (2021: 35%), which is still on the rise.

Revenues, expenses and profit

The sales revenue of City Motors AS in 2022 was 45,969 thousand (2021: 38,181 thousand) euros, which is 20.4% more compared to 2021. The sale of spare parts and accessories grew by 20.03%, with a turnover of 6,274 thousand (2021: 5,227 thousand) euros.

The sale of cars increased by 20.74% over the year, with a turnover of 36,487 thousand (2021: 30,220 thousand) euros. The sale of services grew by 15.52%, with a turnover of 2,850 thousand (2021: 2,467 thousand) euros.

Operating profit was earned in 2022 in the total amount of 1,011 thousand (2021: 344 thousand) euros, which is three times more compared to 2021.

Financial expenses decreased by 10.59%, amounting to 76 thousand (2021: 85 thousand) euros.

Various operating expenses increased by 18.07% over the year, amounting to expenses of 2,777 thousand (2021: 2,352 thousand)