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's activity report 2022

The main activity of Tibnor Estonia AS is the sale of steel products, metals and processing services.

The company is part of the SSAB steel group.

Tibnor Estonia AS was registered in the Commercial Register on 26.10.2017.

Tibnor Estonia AS mainly operates in the Estonian market. The company has a metal products warehouse at Männiku tee 140, Saku parish,

Harju County. The product range includes various material groups such as steel sheets and plates, beams, steel profiles, steel pipes, special steels, stainless steel and aluminum. Over 94% of the product nomenclature is supplied from SSAB group warehouses and factories.

The main customer groups of Tibnor Estonia AS are various metal industry, machinery, electronics and furniture industry companies. During the reporting year, the product nomenclature was expanded and various warehouse services were added to the industrial sector.

The most sold product groups were hot rolled sheets and galvanized products.

The company's sales revenue for the reporting year was 42,918 thousand euros (in 2021 39,771 thousand euros). Turnover increased by 8% compared to 2021. Sales revenue increased due to the combined effect of demand growth and price increase.

2022 was very volatile in the metal market. The war in Ukraine that began in February 2022 and the energy crisis increased uncertainty in the markets. The growth in demand for steel products and market prices that began in 2021 continued in the first half of 2022. By the second half of 2022, demand for metal products had significantly decreased and market prices had fallen.

The volatile situation in the metal products market affected the results of the reporting year of Tibnor Estonia AS. In the first half of 2022, sales revenue increased by 40% compared to the same period in 2021, but in the second half, sales revenue decreased by 20% compared to the same period in 2021.

The operating profit for the reporting period was 2,647 thousand euros (in 2021 6,469 thousand euros). The operating profit margin of Tibnor Estonia AS decreased from 16.3% in 2021 to 6.2%. The volume of investments in 2022 was 189 thousand euros (in 2021 57 thousand euros) and mainly consisted of warehouse reconstruction expenditures.

Main financial ratios of Tibnor Estonia AS:

Indicator Calculation methodology 2022 2021 unit

Net profit margin Net profit / sales revenue 6.33 7.09 %

EBITDA Operating profit + depreciation 2,816 6,636 thousand euros

EBITDA margin (Operating profit + depreciation) / sales revenue 6.56 16.69 %

Return on fixed assets Net profit / fixed assets 239.68 253.14 %

Return on equity Net profit / equity 18.67 23.83 %

Equity ratio (Total equity / Liabilities and equity 86.36 77.55 % total) 2023 is challenging in the metal sector - both the construction market and the subcontracting market volumes have decreased, and the sharp drop in steel product prices also affects the result. Tibnor Estonia AS forecasts a volume growth in tons of 5% compared to 2022, while sales revenue will decrease by 15 - 20%.

The Supervisory Board of Tibnor Estonia AS has three members and the Management Board has one member.

Personnel costs for the reporting period were 1,393 thousand euros (in 2021 1,177 thousand euros).

The average number of employees of Tibnor Estonia AS during the reporting period was 27 (in 2021 27), at the end of the year the number of employees was 27 (in 2021 27).

Richard Dobrus