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's activity report 2022

SKO Motors OÜ, established in 2013, is a business entity whose main activity is the sale and service of Škoda vehicles to customers. The company uses the brand name Škoda Laagri on a daily basis. The company is part of the Adole Invest AS group, the majority owner of which is the Danish company Semler Gruppen.

The company considers its 2022 financial results to be successful. The year continued to be challenging, as the limitation of details continued to affect vehicle production and was reflected in sales numbers. However, it can be said that the situation has been adapted to and customers are able to take into account longer delivery times when wishing to purchase vehicles. The processing of new orders was in a growth trend throughout the year and by the end of the year, the company's order bank was historically the highest. The company continues to focus on the business customer direction and as a result of years of work, SKO Motors OÜ managed to finish 2022 as the Škoda dealership in Estonia that sold the most new vehicles. SKO Motors OÜ sold a total of 977 new Škoda cars in 2022.

New business directions (car rental and import of used cars from Europe), which the company launched in 2021, had a positive impact on the company's financial results in 2022. The rental service is primarily aimed at customers who order a new car, ensuring their mobility during the waiting period. In importing used cars, the company has continued to focus on buying and reselling premium brands.

Restrictions due to the Covid-19 virus decreased in 2022 and this had a positive effect on tourism. The trend that emerged in the first year of the virus, to travel by car to neighboring countries during the holiday period, continued in 2022. SKO

Motors OÜ was also positively affected by this, as customers' vehicles required more frequent maintenance visits due to higher mileage. Certainly, the quantity of vehicles sold over the years has also had a positive effect on maintenance and the company has built up a considerable customer base.

In summary, the 2022 financial year was successfully completed with positive numbers and also exceeded budgetary objectives. The first half of 2023 will certainly be affected by the factory's ability to produce vehicles and availability will affect sales numbers. Towards the end of 2022, there were also some signs of changes in consumer behavior, where the decision to purchase started to take more time. It is still difficult to assess the impact of interest rate increases on future sales results. Presumably, however, this impact will be there.

In the new year, the company sees the need to invest in energy savings and therefore plans to replace the dealership's lighting. The future vision of the Škoda factory is to expand the range of electric car models, which means that dealers also need to invest in workers and equipment necessary for maintaining electric cars.

In summary, the company looks forward to 2023 with moderate optimism and hopes to meet budgetary objectives.

We have assessed financial risks (credit risk, interest rate risk, currency risk, liquidity risk) in the company and they do not have a significant impact on the company's business activities. To hedge credit risk, cash and equivalents are kept only in banks with a strong credit rating. To hedge liquidity risk, the concentration of receivables and liabilities by due dates is monitored daily. In 2022, no significant risks related to changes in exchange rates, interest rates and stock prices emerged.

We have taken into account the war between Ukraine and Russia that began after the balance sheet date. In the opinion of the management, this situation should not significantly affect the company's activities. We monitor developments on an ongoing basis and respond to new events as they occur.

Main financial ratios: 2022 2021

Sales revenue 34 335 104 28 889 561

Net profit/loss 707 599 463 008

Net profitability 2.1% 1.6%

Short-term liabilities coverage ratio 1.31 0.78

ROA 6.1% 5.2%