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's activity report 2022

AS Muuga Betoonelement, based on Estonian private capital, was established in 2006. The main activity of the company is the production and supply of reinforced concrete elements.

Production started at the beginning of 2008 when a new factory building was completed, which was equipped with the most modern production technology in Estonia and at the same time one of the most modern in Europe.

At the end of 2022, Muuga Betoonelement AS employed 107 workers and the wage cost with taxes was 3,488,184 euros (2021: 3,345,452 euros).

The sales revenue for 2022 was 20,030,977 euros (2021: 14,920,293 euros), of which export revenue was 9,445,619 euros (2021: 7,962,941 euros).

The sales revenue was divided by countries as follows: 2022 2021 country thou. EUR thou. EUR

Estonia 10,585 6,957

Finland 9,446 7,596

Lithuania 0 317

Sweden 0 50

Operating Environment

The production volumes of reinforced concrete companies remained the same compared to 2021. The large turnover increases of manufacturers are caused by a large increase in raw material prices, which were reflected in sales prices.

The beginning of 2022 was difficult for the company. The start of the war caused a large shortage of materials and a price increase. However, contracts were concluded at fixed prices. The availability of materials in the second half of 2022 improved significantly and the price increase was also reflected in the selling price of products. Housing construction

In Finland and Estonia was very strong and the demand for reinforced concrete products was very good. The increase in construction prices, inflation and high interest rates have significantly cooled the construction market and therefore we forecast a large decline in construction volumes for 2023. This in turn will also cause a decline in the production volumes of reinforced concrete companies.

Larger investments.

No major investments were made in 2022. Also, no major investments are planned for 2023.

Economic indicators

Muuga Betoonelement AS ended the 2022 financial year with an operating profit of 1,438,043 euros (2021: 282,448 euros) and a net profit of 1,100,079 euros (2021: -50,504 euros).