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's activity report 2022

Introduction

AS Viljandi Aken ja Uks is one of the largest Scandinavian door and window manufacturers, which is the main activity of the group. In addition, the group is also involved in the wholesale of packaging materials through its subsidiary AS KEK Trading International.

In the 2022 financial year, the production volumes of AS Viljandi Aken ja Uks (hereinafter the Company) did not grow.

Revenues, expenses and profit In the 2022 financial year, the group's consolidated sales revenue was 137,203 thousand euros. The sales revenue of the main activity in the reporting year was 120,231 thousand euros. Exports to the Nordic countries grew by approximately 13% in the 2022 financial year. In the second half of 2022, there was a decrease in demand in the Nordic market and the company predicts

a continuation of the decrease in demand in the Nordic market in the 2023 financial year. The Baltic market was in a stable situation in the 2022 financial year. The company's exports accounted for 89% of total sales. The company's pre-tax loss on a consolidated basis was 1,660 thousand euros.

Main financial ratios consolidated 2021 2022

Sales revenue (thousand euros) 118,665 137,203

Revenue growth 12% 16%

Gross profit margin % 14.7% 11.8%

Net profit (thousand euros) 2,053 -1,660

Profit growth -12% -188%

Net profitability 1.7% -1.2%

Short-term obligation coverage ratio 0.95 0.85

ROA 2.7% -2%

ROE 10.1% -9.8%

Formulas used in calculating ratios:

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

Gross profit margin (%) = gross profit / sales revenue * 100

Profit growth (%) = (net profit 2022 - net profit 2021) / net profit 2021 * 100

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

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

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

ROE (%) = net profit / total equity * 100

Significant environmental and social impacts

In the reporting year, the implementation of the environmental investment plan continued in the Company. We continue to invest in better and more environmentally friendly waste management.

Being one of the largest employers in its operating area, one of the Company's regional activity goals is to promote local life through the activities of its employees. The Company supported activities related to improving the health of the Company's employees: participation in the Great Run around Viljandi Lake, use of swimming pools, use of sports club facilities.

In the reporting year, input costs increased significantly. The prices and availability of materials affected our daily activities. The increase in material prices took place throughout the 2022 financial year.

In addition, the outbreak of war in Ukraine added tension to the material market, which resulted in the redirection of material supply channels to manufacturers / suppliers operating in the European Union. 2021