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's activity report 2022

NCG Import Baltics OÜ began operations in April 2017. The company's main activity is the import, representation, and wholesale of new Honda cars, motorcycles, boat engines, garden equipment, industrial equipment, and Honda spare parts in Estonia, Latvia, and Lithuania (Baltics).

In 2022, the sale of new vehicles throughout Europe continues to be unstable and has fallen since the last peak in 2019. The number of car registrations also showed a declining trend. The main reasons can be attributed to the shortage of semiconductors and the Russia-Ukraine conflict. High demand and poor availability of cars have provided an opportunity to raise prices in the automotive sector.

In 2022, 62,550 new cars were sold in the Baltics (68,563 in 2021), of which 749 were new Hondas (742 in 2021). Sales remained almost at the same level as the previous year. This made Honda's market share among all brands 1.2% (1.08% in 2021).

In 2022, 4072 new motorcycles in the L3e category were registered in the Baltics (3112 in 2021), of which 709 were Honda motorcycles, making up 17.4%. The total market for new two-wheelers was estimated at 6274 units (5041 in 2021), of which Honda's share was 13.6% (10.8% in 2021).

Other Honda products sold in the Baltics in 2022 totaled 1,483 units (1,469 units in 2021).

Spare parts sales in 2022 amounted to 4.7 million euros (4.3 million euros in 2021), an increase of 10%.

The company's balance sheet total at the end of 2022 was 9.6 million euros (7.4 million in 2021). The increase in the balance sheet total is due to an increase in stocks and orders towards the end of the year and a reduction in loan obligations.

As of the reporting date, the company's solidity ratio (equity to average total assets) was 41.6% (31.7% in 2021), the net return on assets (net profit to average total assets) was 11.3% (7.4% in 2021), the net return on sales (net profit to sales revenue) was 2.3% (1.9% in 2021), the liquidity ratio (liquid assets to short-term liabilities, quick ratio) was 0.38 (0.27 in 2021), the short-term debt coverage ratio (current ratio) was 1.5 (1.45 in 2021).

The company's operating profit for 2022 was 1088 thousand euros (768 thousand euros in 2021). The increase in operating profit was due to the adjustment of product sales prices according to market conditions, optimization of own costs and stocks.

No dividends were paid to shareholders during the reporting year.

The company's goal for 2023 is to optimize costs, strengthen the market share of all product groups, launch new car models, and increase sales through the expansion of the sales network.