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's activity report 2022

Navix OU is a subsidiary of the Finnish company Navix Oy, which was established on 19.05.2015. The main activity of the company is the assembly of plastic products and wiring harnesses for small watercraft (boats, yachts) and commercial vehicles. Navix OU produces an average of 15,000 different products per month, the work is carried out in two shifts. The sales activity of the production is managed 100% from the parent company. The purchase of materials and the product design process are divided, other processes such as product technology and calculation, the entire production process and direct deliveries to the customer are handled by the Estonian factory.

As of 31.12.2022, the production and storage area is approximately 3800 m2, which is due to the strong growth in production volume (approximately +30%) and in addition, 950 m2 of storage space has been rented in a separate warehouse (6 km away from the main production). From 2023, an additional 1400 m2 of production space will be added to the main production area in the existing building. The need is due to improvements and standardization of production processes.

The production flow is divided between 5 departments: cutting of wires and cables, manufacturing of wire harnesses, cutting and finishing of panels, final assembly of plastic panels, production of other plastic products (laminate flooring, windows, etc).

The planned production volumes for 2022 were somewhat smaller than the +20% increase, approximately 16%. The main reason was due to the increase in instability in the economy due to the war in Ukraine.

In 2023, the company will continue with its main activity, the planned increase in production volume is + 15 %.

After the balance sheet date, the company continued its operations as usual.

As of December 31, 2022, the balance sheet total was 1941 306 (31.12.2021: 1698084), the turnover for the financial year was 4854307 (2021: 4201 763) and the profit was 351 684 (31.12.2021 290 927) euros. The number of employees at the end of 2022 was 146 (31.1.2021: 126).

Main financial ratios:

Short-term debt coverage ratio - current assets / short-term liabilities

Debt ratio = total liabilities / total assets

Net sales profitability = net profit / sales revenue 2022 2021

Short-term debt

Coverage ratio 1 2.5

Debt ratio 0.27 0.37

Net sales profitability 6.92%