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's activity report 2022

MANAGEMENT REPORT

Group

The Smarten Logistics group includes the parent company AS Smarten Logistics (hereinafter also the "parent company") and the subsidiary OÜ S-Marten Ladu (hereinafter also the "subsidiary" and together the "group").

The consolidated net turnover of AS Smarten Logistics in 2022 was 19,561 thousand euros (2021: 20,005 thousand euros). The audited loss of the group amounted to 1,739 thousand euros (2021 profit: 30 thousand euros). The balance sheet total of the group as of December 31, 2022, was 25,210 thousand euros (2021: 24,136 thousand euros) and the size of equity was 303 thousand euros (2021: 2,042 thousand euros).

The average number of employees of the group, adjusted to standard hours in 2022, was 293 people (2021: 305 people) and the amount of remuneration calculated for employees (without social tax and unemployment insurance contributions) was 4,945 thousand euros (2021: 5,457 thousand euros).

AS Smarten Logistics in 2022 offered great challenges and opportunities, two new clients joined. The year started with a large-scale project - moving warehouses.

The successful implementation of the move was of strategic importance, allowing us to improve logistics services and increase efficiency after the move.

The biggest influencing factors were the continuing rise in energy and unexpected fuel prices, which contributed to a larger than planned cost base growth, which in turn necessitated special attention to energy efficiency. In addition, the ongoing labor crisis, which brought challenges in recruiting quality personnel with the increase in volumes. To find the best solutions, we invested in human resource management to ensure a highly qualified workforce.

In the second half of the year, we updated the company's strategy and structure. We increased resources for integrating lean principles into our daily activities, which helped reduce waste, improve efficiency, and optimize processes.

In addition, we focused on better understanding customer needs to get the necessary feedback to improve our services.

In summary, 2022 was a challenging year. We were able to adapt to unexpected events, implementing innovative approaches and focusing on strategic thinking and lean activities. These measures have enabled us to maintain our competitive advantage in the logistics sector and to provide customers with quality and reliable services in the future.

The preparation for the adoption of Dynamics AX version update and Dynamics AX WMS continued with planned LIVEs.

Main financial ratios 2022 2021

Sales revenue (th EUR) 19,561 20,005

Turnover growth -2.22% -0.34%

Net profit/loss (th EUR) -1,739 30

Operating profitability -8.6% 0.5%

Net profitability -8.9% 0.15%

Coverage ratio of short-term liabilities 0.96 1.03

ROA -6.9% 0.12%

ROE -574.9% 1.5%

Formulas used in calculating ratios:

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

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

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

Coverage ratio of short-term liabilities (times) = current assets/short-term liabilities

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

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