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's activity report 2022

The main activity of Nordic Pharmacy OÜ is the retail sale of medicines, drug-like substances, dietary supplements and medical equipment.

As of 24.03.2023, the company's business name is Cirkulus OÜ.

In 2022, the turnover was 5,090,048 euros (in 2021, 4,410,981 euros). As of the end of the fiscal year, the company had 4 pharmacies and 5 branch pharmacies: Kummeli pharmacy in Tartu, Ringi pharmacy in Türi and its branch pharmacy in Ülenurme, Elva Health Center pharmacy, Ülemiste Health House pharmacy in Tallinn and its branch pharmacies in Suure-Jaani, Kolga-Jaani, Põltsamaa and Laagri (in 2021, 4 pharmacies and 5 branch pharmacies: Kummeli pharmacy in Tartu, Ringi pharmacy in Türi,

Elva Health Center pharmacy and its branch pharmacy in Ülenurme, Ülemiste Health House pharmacy in Tallinn and its branch pharmacies in Suure-Jaani,

Kolga-Jaani, Põltsamaa and Laagri).

The average number of employees converted to full-time in 2022 was 18 and the wage cost with social taxes was 698,805 euros (in 2021, 20 and 679,665 euros).

The demand for non-drugs was affected by high interest rates and the general high inflation situation, which puts consumption under pressure (including pharmacy goods). The major sales of Covid tests in pharmacies ended with the beginning of 2022, there are currently no visible effects of Covid on the results for 2023.

The effects of the war in Ukraine also took place in February and March 2022, when people stocked up on goods from pharmacies. The war in Ukraine primarily affected the supply chain of goods, which also indirectly affected sales turnover and results.

On 01.04.2023, 4 pharmacies were transferred to Kaugekaja OÜ. The company was left with 3 pharmacies and 2 branch pharmacies: Elva Health Center pharmacy, Kummeli pharmacy,

Ringi pharmacy and its branch pharmacies in Ülenurme and Suure-Jaani. The reduction in the number of pharmacies and branch pharmacies helps the owner to better monitor that the company operates with reasonable costs in the future and increases revenue through various offers.

As of 31.12.2022, the company's equity is 134 euros (31.12.2021 559 euros) and does not meet the requirements of the Commercial Code and short-term liabilities exceed current assets by 51 euros (31.12.2021 7 euros). The management is of the opinion that this is a temporary phenomenon caused by the circumstances described above. The company is still an operating business entity. To provide pharmacy services at a high level to customers and to gain expertise in operating a pharmacy, the company's pharmacies operate under the BENU brand and using the BENU pharmacy franchise concept. In the management's opinion, by using the BENU franchise concept even more, expertise can be gained to improve the performance of pharmacies and the deficient equity can be covered from the profits of future periods.

The company's most important financial indicators and ratios: 2022 2021

Gross profit 785,103€ 720,648€

Gross profit margin 15.42% 16.34%

Net profitability -0.01% 0.74%

The formulas used to calculate ratios: a. Gross profit = sales revenue – goods, raw materials and services b. Gross profit margin (%) = gross profit / sales revenue * 100 c. Net profitability (%) = net profit / sales revenue * 100