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's activity report 2022

The Estonian company Image Wear AS was born in 2005 when Image Wear AS bought A&G Textile. Three years later, production was moved to Narva, and a store-warehouse remained in Tallinn. Production in Estonia was further expanded in 2019 when Image Wear AS bought the Estonian company Topper Balti OÜ. As a result of the transaction, the

Viljandi factory owned by Topper Balti OÜ was transferred to Image Wear AS. Topper Balti OÜ was merged with Image Wear AS in 2021. Currently,

Image Wear AS has over 150 employees in Estonia.

As of the end of 2022, the Image Wear AS store and sales office are located in the Maurus House on A.H. Tammsaare Road in Tallinn. The new and impressive store is named Image Wear Workwear Center.

The company produces work and uniform clothes on a subcontracting basis in its two Estonian factories for Image Wear OY.

Image Wear is Finland's leading manufacturer of workwear for various industries from uniform clothing to healthcare, from the construction industry to the kitchen and restaurant business, the produced work and uniform clothes reach our Estonian business customers and Estonian authorities through the Image Wear AS wholesale warehouse and store in Tallinn.

In 2022, Image Wear AS's sales revenue was 7,037 thousand euros (2021: 3,062 thousand euros).

32% of sales revenue came from providing sewing services and 68% from selling finished products. Sales growth compared to the previous reporting period was mainly due to successful negotiations and reliable customer relationships.

The net profit of Image Wear AS for the reporting period is 1,160 thousand euros (2021: net loss 31 thousand euros).

Main financial ratios 2022 2021

Sales revenue (euros) 7,036,623 3,062,355

Turnover growth 129.78% -3.22%

Net profit/loss (euros) 1,160,493 -31,487

Net profitability 16.49% -1.03%

Short-term obligations coverage ratio 2.03 2.51

ROA 24.47% 3.42%

ROE 69.70% -6.24%

Formulas used in calculating ratios: (cid:127) Turnover growth (%) = (sales revenue 2022 - sales revenue 2021)/ sales revenue 2021 * 100 (cid:127) Profit growth (%) = (net profit 2022 - net profit 2021)/ net profit 2021 * 100 (cid:127) Net profitability (%) = net profit/ sales revenue * 100 (cid:127) Short-term obligations coverage ratio (times) = current assets/short-term obligations (cid:127) ROA (%) = net profit/ total assets * 100 (cid:127) ROE (%) = net profit/ total equity * 100

Investments

During the reporting period, investments were made in machinery and equipment over 120 thousand euros.

Personnel

The average number of employees of Image Wear AS during the reporting year was 153 employees (2021: 149 employees).

No remuneration was calculated or paid to the board member during the reporting period.