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's activity report 2022

OÜ Tarfurgo was established in 1996. Economic activity began in April 1997. The main activity is the superstructure of trucks: the manufacture and installation of vans and truck bodies. We also sell and install refrigeration units, tail lifts and other additional equipment for cars.

In 2022, OÜ Tarfurgo's sales revenue was 6,848,729 (2021: 6,802,086) euros. 74% (2021: 83%) of sales revenue was made up of sales to European Union member states. The company's most important foreign markets continue to be Latvia, Finland, Sweden and Norway.

The aim of OÜ Tarfurgo is to ensure the high quality of the vans being manufactured. For this purpose, several original solutions have been implemented that improve the assembly quality and durability of the vans and meet the needs of the operating area (climate, road network, local legislation, etc.). The materials used are chosen primarily based on quality. A quality product has enabled the company to continuously expand its customer base and increase sales revenue.

Tarfurgo OÜ is developing the sale and production of special-purpose vans.

In 2014, the quality management system was certified and found to comply with the ISO 9001:2008 standard. Since 2017, the new standard ISO 9001:2015 has been in effect.

In 2017, land was purchased in Tartu, where a production and office building was built in 2018. The cost of the building, including the land, amounted to 2.8 million euros.

A loan of 2.2 million euros was taken from SEB Bank during the reporting period for construction.

At the end of 2022, 34 people (34 in 2021) were employed by OÜ Tarfurgo. The cost of employee salaries, including social security and unemployment insurance contributions, was 1,019,264 (2021: 1,017,132) euros in the reporting year.

Since 2021, the board of OÜ Tarfurgo consists of one member, and the council has three members.

In 2022, the board was paid a fee of 15,776 (2021: 88,265) euros, including social tax.

No benefits are provided for board and council members. No provisions have been made for the departure and recall fees of board members.

When paying dividends, it is taken into account that the aim is to develop entrepreneurship, not to withdraw money.

The company has not had and hopefully will not have risks related to changes in exchange rates and interest rates.

The main financial ratios for the financial year would be: 2022 2021

Solvency ratio: 0.40 0.47

Equity ratio: 48% 46%

Return on equity: 16% 14%

Formulas for the obtained data:

Solvency ratio = (current assets - inventories) / short-term liabilities

Equity ratio = equity / (liabilities + equity) * 100

Return on equity = net profit / equity

The solvency ratio shows how much liquid assets exceed short-term liabilities, i.e., the company's ability to pay short-term liabilities.

The equity ratio shows the proportion of equity in total assets. It gives an estimate of how much is financed by debt. Return on equity shows the effectiveness of company management. The higher the indicator, the more effective the management.