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's activity report 2022

OÜ McKenzie Invest was established in 2003.

The main field of activity is public catering.

The company has a chain of Asian food restaurants, which includes traditional Indian cuisine restaurants, Asian mixed cuisine restaurants, and Chinese fast food restaurants. The company does not have branches registered abroad. In Estonia, there are a total of 25 restaurants with 3 different directions:

CHI - are restaurants with mixed Asian flavors. All CHI restaurants are located in large shopping centers. The main visitors to the restaurant are visitors to shopping centers, including tourists.

Chopsticks - are small fast food restaurants with Asian flavors. Mostly it's takeaway. Rarely eaten on site.

Little India - Restaurants specialized only in Indian Food and Indian flavors.

The company has its own restaurant websites, through which it is possible to order takeaway food. In 2020 and 2021, we were forced to reduce on-site service and expand the takeaway part. For this, contracts were concluded with courier companies - Wolt, Bolt, Order Food and in 2022 it was planned to expand our sales together with My Sushi and Fudy. As on-site service was temporarily banned or reduced in 2020-2021, sales through courier companies doubled. On the one hand, this increased sales, but the company did not get a big positive impact on the financial result, as cooperation with courier companies brought additional financial costs (agency fees, packaging costs).

In 2022, the world's Covid pandemic had decreased and tourists and our Estonian people started eating more on site again. In 2022, the number of on-site visitors to restaurants has increased, thanks to which we were able to increase on-site service. The financial result of some of McKenzie Invest OÜ's restaurants is also affected by the season. For example, in Pärnu - a city of tourists in the summer - revenue grows in the summer. Many tourists visit the city of Pärnu during the summer period. Also in winter, in December and at the turn of the year, on-site service grows in almost all CHI restaurants.

The management conducts financial risk assessments and prepares their hedging plans. Each restaurant's results are reviewed separately every month and at the end of the year, and decisions are made to close and open new places. If a certain restaurant makes a loss every month, initially attempts are made to review and reduce the restaurant's costs and increase sales through additional advertising or additional discounts. If this does not help, a decision is made to close the restaurant. Thus, after the financial assessments of the 2021 restaurant results, decisions were made and planned to close the Viru CHI/Chopsticks and Solaris CHI restaurants in 2022. This gave the company the opportunity to avoid additional losses of about 90 thousand.

eur per year. In the case of Viru Center, plans were made in 2021 in cooperation with My Sushi - in June 2022 in Viru Center - Food Court area - together with Das

Group OÜ (My Sushi trademark) we opened a joint restaurant. Restaurant visitors can order food from different menus with one order.

In 2022, the place was still new and developing, in 2023 we already got a positive result and profit. In the opinion of the board, this system of two different cuisine restaurants still needs to develop and give a good profit.

As tourists started to arrive in Estonia, a decision was made to open 2 more small Chopsticks restaurants - in Harku and Maardu. Harku - this is an area where a lot of people move, especially in summer, Maardu - a new city, where such a food place did not exist before and there is hope that the residents of Maardu will like Asian food and by the end of 2023 the restaurant will start making a profit.

Purchases and sales of services and goods are made only in local currencies: euros (EUR).

In 2022, a new company "Fudy" came to the takeaway market. The founders and representatives of Fudy made good offers to our company about the possibilities of advertising our restaurant food, agency fee discounts, the convenience of using their website. Based on the information received

From Fudy's work, the board decided to stop with other courier companies and continue only with Fudy, as their offers and budgets were profitable for our company. But unfortunately, Fudy's representatives did not take into account that the human factor played a very big role here and, unfortunately, people did not want to download the Fudy app on their phone and we lost a lot of customers. Especially in the Tartu region - other Asian Food restaurants/companies, who continued to work with Bold and Wold, got our customers for themselves. Although the on-site visit to our restaurants increased, we suffered a loss from June 2022 until December due to this. Based on the results of Fudy's 2022 work and our financial indicators, the board decided to start selling again through other courier companies. In February 2023, we signed a cooperation agreement with BOLD again, and today our turnovers and financial indicators have improved.

In 2022, the restaurants in Pärnu and Haabersti were renovated - with the aim that the restaurant's visitation must grow during the season.

In Lasnamäe Center, Chopsticks always had good visitation and good turnover - the board decided to expand and renew this restaurant. Now

Visitors to Lasnamäe Centrum can enjoy Chopsticks and also CHI food selection. To date, the turnover of the restaurant in Lasnamäe Centrum has increased by about 35%.

No purchase and sale transactions took place from foreign countries. Therefore, during the financial year and the period of preparation of the report, no risks related to changes in exchange rates and stock exchange rates have emerged. Mckenzie Invest OÜ has taken bank loans and concluded loan agreements, therefore the company has a risk related to changes in interest rates. The board believes that this risk is of little importance, as the loan amount compared to the company's annual income is very small and there was no difficulty in paying off the loan schedules.

In 2022, a significant error correction was made in relation to the shareholder's loan.