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's activity report 2022

Introduction

The main activity of Tanfort OÜ is electrical installation work indoors. Similar to the previous year, the largest projects in 2022 were electrical works in modular buildings. In addition, several new developments, both terraced houses and single-family houses. A very large project was also the replacement of the entire school building's lighting.

Revenues, expenses The sales revenue for 2022 was 513 526 (2021: 283 935) euros. Sales revenue increased by 80.86% compared to 2021. The largest part of the sales revenue was made up of services offered to the modular building factory, which was 51% of the total revenue.

Staff As of the end of 2022, Tanfort OÜ employed 8 workers. The total amount of work and holiday pay calculated by the company, together with the cost of social and unemployment insurance tax, was 188 960 (2021: 141 041) euros in 2022, of which the work and holiday pay paid to the company's key employee (board member) together with the cost of social and unemployment insurance tax was 29 447 (2021: 20 678) euros. The board of the company consists of one member.

Goals for the next financial year In 2023, Tanfort OÜ will continue to offer electrical installation work, focusing on the quality of the service and maintaining good cooperation.

Seeing a steady growth in work volumes, it is necessary to find good workers in return, which is becoming an increasingly difficult challenge.

Summary 2022 was a difficult year, marked by the Russia-Ukraine war, high inflation, and rising interest rates.

Despite a very difficult year, facing the rise in material prices and also the difficulty in obtaining materials, sales were almost doubled. One of the cooperation partners, however, could not withstand the increase in material prices caused by the war and had to cease its business activities, cooperation with other partners will continue in 2023.

Economic Environment

According to Statistics Estonia, Estonia's real GDP fell by 1.3% in 2022. The price increase in Estonia was 19.4% in 2022. The increase in the consumer price index was mainly contributed by the rise in energy carriers: price increases related to housing accounted for two-fifths of the total increase. Thus, the electricity that reached households increased by 94.4% in annual comparison, gas by 123.8%, solid fuel by 73.5% and heat energy by 49.1%. Food and non-alcoholic beverages accounted for nearly a quarter of the total increase.

The construction market in 2022 was characterized by a rapid increase in construction costs. Construction volume decreased by 1% in 2022. Rising interest rates and uncertainty about the future postponed several construction projects. According to the Land Board, the number and total value of real estate transactions fell in 2022. There were 61 109 transfer transactions in the Estonian real estate market in 2022, of which 49 799 were purchase and sale transactions. Compared to 2021, the number of purchase and sale transactions decreased by 18%. Despite the decrease in the number of transactions, price levels did not decrease significantly. The total value of transactions decreased by 3% compared to 2021, being 5.8 billion euros. For comparison, the total value of real estate transactions in 2021 was a record nearly 6 billion euros, and an even earlier record dates back to 2006, when the turnover of the real estate market was 4.7 billion euros.

Financial ratios € 2022 2021

Total assets 83 906 55 398

Net return on total assets 26.60% 25.24%

Equity 41 292 27 090

Net return on equity 54.05% 51.62%

Net profit 22 320 13 983

Net return on total assets (ROA) = net profit / total assets

Net return on equity (ROE) = net profit / equity