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's activity report 2022

Lutsukivi LLC was established on 12.02.2020, operations started on 01.04.2020.

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

During the period 01.01.2022 - 31.12.2022, the turnover was 4,775,248 euros (01.01.2021 - 31.12.2021 4,511,079 euros). As of the end of the 2022 financial year, the company had 4 pharmacies (as of 31.12.2021 there were 4 pharmacies), one of them is located in Pärnu and 3 in Tartu.

The average number of employees converted to full-time during the period 01.01.2022 - 31.12.2022 was 19 (01.01.2021 - 31.12.2021 21) and the wage cost together with social taxes was 647,672 euros (01.01.2021 - 31.12.2021 629,218 euros).

The company is a continuously 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, using even more BENU franchise concept expertise can improve the performance of pharmacies.

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 2023 results.

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.

In the following months, the goal is to improve the margin through larger purchases of campaign products compared to 2022. There is also a recovery in the number of customers after the first quarter, as the comparison base last year is lower from April and customers have less pressure on purchasing power through clearly fallen energy prices.

The company is also considering reviewing non-drug prices in the second half of 2023, taking into account the entire market price level and opportunities. Shopping centers where Lutsukivi LLC pharmacies operate are a convenient and quick choice for customers to make their purchases (compared to very large shopping centers) and this gives confidence that the expected results will be achieved in the following months.

The company's key financial indicators and ratios: 01.01.2022 - 31.12.2022 01.01.2021 - 31.12.2021

Gross profit 834,249€ 719,963€

Gross profit margin 17% 16%

Net profitability 0.0% 0.8%

Formulas used in calculating 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