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's activity report 2022

Husqvarna Estonia OÜ is engaged in the wholesale of garden, forest, and construction equipment. Sales are mainly made through three distribution channels - specialized reseller stores, large construction stores, and garden centers and direct sales of construction equipment to the end consumer. The company's operations are divided between three divisions - Husqvarna forest and garden equipment division, Gardena division, and Husqvarna construction equipment division. Husqvarna forest and garden equipment sales take place only through specialized reseller stores, Gardena brand products are mostly sold through garden centers and construction stores. The clients for construction products and equipment are rental companies and construction companies.

The company's business is largely seasonal and most of our company's goods are sold to end customers in the spring-summer period, i.e. are related to lawn care. In recent years, the macroeconomic impact on the company has been positive and this has also led to increased interest in both garden and forestry equipment and in the field of construction equipment. We are increasingly offering more environmentally friendly battery products instead of internal combustion engine products, which significantly reduce both noise and exhaust emissions into the environment.

Husqvarna Estonia OÜ orders certain services from other group companies. Accounting and logistics management take place in the Husqvarna Group company Husqvarna Lietuva UAB, which is located

in Lithuania. At the same time, the company's manager, sales staff, customer service, and after-sales service are located in Estonia. Since the manager of Husqvarna Estonia OÜ is also the CEO of Husqvarna's Finnish subsidiary, Husqvarna Estonia OÜ invoices for management services monthly to OY

Husqvarna Ab.

2022 turned out to be successful for Husqvarna Estonia OÜ. High demand for all our offered products and services led to an increase in sales revenue, which increased by 12.8% compared to 2021, or to 20.7 million euros, which is once again the best result in history. The profit for the financial year was 687 thousand euros, or 42.4% higher than in 2021. However, it must be admitted that the company's deliveries were seriously disrupted during the spring-summer season due to a global shortage of electronic components.

We were able to deliver these goods to our customers only in the second half of the third quarter and in the fourth quarter.

We thank our resellers and end consumers for their patience!

The outlook for 2023 is generally positive, but of course we closely monitor the economy, as the high inflation, price increases, and interest rate increases in the first half of this year may directly affect the demand for our goods.

In the event of negative scenarios, we will take appropriate measures to minimize our financial risks. In addition to this, we must certainly also monitor the spring-summer weather, as this largely determines the success of the company.

Jaanus Vahesalu

Board Member