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's activity report 2022

Longo Estonia OÜ was established on 31.08.2018 and is part of the international company Longo Group, which operates in the field of used car trade. The company sets high standards, offering a completely transparent and reliable purchase, sale, and financing of used cars.

The company values transparency, honesty, and a professional approach in daily processes. The entire process, starting from buying a car

from the Netherlands, until its export to Estonia, a technical inspection and registration are carried out in the company, and this is taken care of by a team of professionals. Our vision is to become the most well-known and reliable car dealership in the used car trade.

The economic environment The military conflict between Russia and Ukraine that began on February 24, 2022, generally negatively affects the economic environment. Growing uncertainty about the future, along with interest rate hikes by the European Central Bank, in addition to rising inflation, may reduce the company's growth plans. The company did not see a significant decline in monthly turnover during 2022, except for general seasonal peculiarities in trade.

Company development during 2022 By the end of 2022, the Tallinn sales area is ready and operating at full capacity. The sales and technical structure is in place. The purchase and quality of cars have been significantly improved. In 2022, the opening of a dealership in Narva was started, which is planned to be opened during 2023.

Despite difficult times in the market, the company has increased its turnover every year. In 2022, turnover increased by 80%, in 2021 by 128%.

Company's economic activity in 2022

The company's fiscal year sales revenue was 16,042,794 (2021: 8,906,037) euros and consisted of both car sales revenue and the associated brokerage fee from the sale of financial products to third parties. The company's market share has improved and continues to rise. The fiscal year ended with a loss, which should be viewed in the light of the early stages of the company's development and the situation in the world in general.

The company is expected to be profitable in the next fiscal year. This is due to the recovery of the global situation and the significant increase in turnover and margin associated with significantly reduced inventory financing from outside the company.

Personnel In 2022, the company's personnel costs totaled 238,387 (2021: 143,370) euros.

Forecast for 2023

The main goals of Longo Estonia OÜ for the next fiscal year are: 1. Increase and secure the company's market position.

2. Increase sales numbers and company profitability 3. Be the preferred car sales company for its customers and financial partners 4. Develop a car sales structure across Estonia using different car sales partners.

Risk management

The company faces several significant risks, including the introduction of new taxes and regulations, a general deterioration of the country's economy which may affect purchasing power and fluctuating interest rates. In addition, tightening of EU regulations related to sustainability (EU Green Deal). The company also has to deal with risks related to fraud, debtor management, various disruptions in the car market, competition, rising operating costs, and external factors such as pandemics, wars, and other unforeseen events. The company does not use financial instruments or settle in any currency other than the euro.

In the opinion of the company's management, no additional event has occurred at the time of preparing the report that could significantly affect the results of the next fiscal year.

The military conflict between Russia and Ukraine that began on February 24, 2022, does not significantly affect the company's business operations. Due to the uncertain situation and its rapid change, the management initially cannot provide a reliable quantitative assessment of the impact of the conflict on the company.

As of 31.12.2022, the company's net assets are less than half of the share capital. The company has been in the startup phase during its years of operation and has consistently increased sales revenue. The owners plan to increase sales revenue and profit growth in the coming years, as a result of which the net assets will grow to the level required by law.