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's activity report 2022

Iglucraft OÜ started operations on 08.08.2018. The fiscal year ending on December 31, 2022, was 12 months long.

Iglucraft OÜ is a subsidiary of Creative Woodworks OÜ, whose main activity is the sale and marketing of Creative Woodworks OÜ's production (wooden saunas and wooden houses under the IGLUSAUN and IGLUHUT brands). Based on a resale agreement concluded under market conditions between the companies, Iglucraft OÜ carries out sales activities independently and at its own risk.

The company's turnover in 2022 was 6,304 thousand euros, 3% less than in 2021. (Turnover in 2021 was 6,519 thousand euros). The company's target markets were several European countries, with the largest markets being Germany, Estonia, England, Austria, and France. The reason for the decline in the company's sales revenues is the war that started in Ukraine in 2022, which increased customer uncertainty in target markets.

The cost of the company's sold production was 5,010 thousand euros and the gross profit was 1,294 thousand euros.

The company's focus was on sales and marketing activities with the aim of increasing brand awareness in target markets, and ensuring a sustainable base to support growth in future periods. Total marketing costs amounted to 507 thousand euros.

General administrative expenses amounted to 825 thousand euros, of which labor costs were 449 thousand euros. The average number of employees during the period was 11.

The loss for the reporting year was 50 thousand euros.

2022 2021

Sales revenue 6 304 828 6 519 413

Gross profit 1 294 541 1 026 300

Gross profitability (%) 20.53 15.74

Net profit/loss -50 207 84 103

Net profitability (%) -0.8 1.29

Short-term obligations coverage ratio 0.88 0.81

Formulas used in the calculation of ratios: (cid:127) Gross profitability (%) = gross profit / sales revenue *100 (cid:127) Net profitability (%) = net profit / sales revenue * 100 (cid:127) Short-term obligations coverage ratio (times) = current assets / short-term obligations