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's activity report 2022

Introduction

Ramirent Modular Factory AS started operations in 2019 as a subsidiary of Ramirent Baltic AS.

The main activity of the company is the production of modular buildings and construction cabins from wooden structures.

2022 was a year of volatile economic activity, ending with strong growth and the company achieving its set goals. The company's results were affected by increased inflation and the availability of materials, supply.

Significant investments were directed towards the development of the company, strengthening the organization and improving factory production processes with the aim of increasing production volume by a fifth.

In 2023, we expect further growth in the company's main markets in Scandinavia, Finland, Estonia, Latvia and Lithuania. High inflation and the availability of materials in all product categories will affect the company's operations, therefore each category is covered by 2-3 suppliers to ensure supply, active search for alternative suppliers takes place throughout the year, supply critical are wood products and metal products. The company has increased stock levels to prevent possible material supply disruptions.

The possible increase in the prices of materials, products and labor costs associated with the war in Ukraine is covered by the company's pricing policy indexing and accepted by customers, therefore the impact on financial results is minimal.

Main economic indicators (in euros): 2022 2021

Sales revenue 29 761 580 18 843 747

Operating profit 2 753 760 1 971 873

Net profit 2 498 266 1 655 149

Balance sheet total 16 824 902 14 846 681

Equity 8 666 712 6 168 446

Main ratios 2022 2021

Revenue growth 57,94 45,77

Operating profit margin 9,25 10,46

Net profit margin 8,39 8,78

Short-term liabilities coverage ratio 2,62 1,97

ROA 14,85 11,15

ROE 28,83 26,83

Formulas used in calculating ratios

Revenue growth (%) = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 * 100

Operating profit margin (%) = operating profit / sales revenue * 100

Net profit margin (%) = net profit / sales revenue * 100

Short-term liabilities coverage ratio (times) = current assets / short-term liabilities

ROA (%) = net profit / total assets * 100

ROE (%) = net profit / equity * 100

The average number of employees at Ramirent Modular Factory AS was 106 employees in 2022.

The company's labor costs amounted to 3.749 million euros.

No remuneration was calculated for the company's board or council.