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's activity report 2022

Ingmar Chemicals AS's activity is the handling of industrial chemicals. The company's goal is to carry out large-scale industrial chemical supplies in the Baltics. We started active operations in 2014.

in February.

Ingmar Chemicals AS's activity does not significantly depend on seasonality - the goods we supply and sell are needed all year round. We focus on retaining our existing customers and aim to find new customers both in Estonia and abroad.

The general business environment of the company in 2022 compared to 2021 has changed: the prices of goods (both purchase and sale) have increased, cooperation with many Russian and Belarusian suppliers has been terminated.

Due to its activities, the company has direct contacts with the Ukrainian, Russian and Belarusian market, and the war that started on 24.02.2022 has directly affected our activities: several goods imported in 2022 are currently under EU-imposed sanctions.

The company's management constantly analyzes the situation and is looking for, and has already found, new alternatives

instead of goods from Russia. However, the management is confident in the sustainability of the company's operations.

Revenues, expenses and profit in 2022 amounted to Ingmar Chemicals AS's sales turnover of 70,505,561 euros. Sales revenue increased almost 2 times - by 38,701,612 euros. The profit for the financial year of Ingmar Chemicals AS was 4,692,103 euros, which is almost 3.6 times higher compared to the profit in 2021.

About 76.52% (in 2021 75.34%) of Ingmar Chemicals AS's sales revenue was sold outside Estonia and

23.48% (in 2021 24.66%) in Estonia.

We consider 2022 successful: • we managed to increase sales volume and sales revenue • we managed to keep the company's net profitability at a good level • we managed to sell to reliable partners who fulfilled their payment obligations correctly • we were reliable cooperation partners for our suppliers, which is also confirmed by the ongoing cooperation agreements for 2023.

The management predicts that the expected economic results will remain at the level of 2020-2021.

No major investments or development activities are planned; we focus on more efficient servicing of major customers and keeping operating costs under control.

The company's interest-bearing obligations (overdraft) are linked to Euribor. The increase in Euribor in 2023.

will increase interest expense, but in the management's opinion, this will not become significant for the company's 2023 financial results as a whole.

Ratios 2022.a 2021.a

Gross profit margin 7.55% 5.15%

Net profitability 6.65% 4.04%

Short-term obligations coverage ratio 9.88 5.14

Return on assets (ROA) 47.72% 21.20%