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's activity report 2022

Introduction

AS Jalax was established in 1993. Initially, it was just a small metal workshop, which has evolved over the years

into one of the leading manufacturers of metal furniture and components in Estonia. At the end of 2022, AS Jalax employed 126 people.

The production unit of AS Jalax is located in Central Estonia, near Paide in Mündi village. AS Jalax is a leading subcontractor of metal components in the Nordic countries. The aim of AS Jalax is to be among those manufacturers characterized by innovation, flexibility, top-level technology. Environmentally friendly production is important for AS Jalax.

In 2022, AS Jalax continued its traditional business in the field of metal component production.

The year started very positively and optimistically, but unfortunately, the war started by Russia against Ukraine in February made both raw material and purchasing markets uncertain. The short stabilization period after the corona crisis essentially ended in February. The general uncertainty left its mark on the whole year. In the second half of the year, increased energy costs and inflation had a paralyzing effect on the entire European economy, and this was slightly reflected in our customers' orders. Fortunately, at the end of the year, both energy costs and inflation seemed to have peaked, and we dare to forecast slight growth for 2023.

Economic activity and results

AS Jalax's business revenues in 2022 were 17,843 thousand euros, of which sales revenue accounted for 17,835 thousand euros, which is 6.5% more than last year. 67% of AS Jalax's sales revenue in 2022 was export and 33% was sales

in Estonia (in 2021, these indicators were 59% and 41% respectively). The largest part of exports was sales to Finland 49% and to the UK 40%.

Goods, raw materials, material and service costs decreased by 3% in 2022 compared to 2021. Labor costs increased by 12.6% in 2022 compared to 2021. Various operating costs increased by 57% in 2022 compared to 2021.

The company's business result for 2022 was a profit of 1,800 thousand euros.

Main financial ratios 2022 2021

Sales revenue 17,834,566 16,745,267

Sales revenue growth 6.51% 69.84%

Net profit (-loss) 1,800,066 1,977,591

Net profitability 10.09% 11.81%

Short-term obligation coverage ratio 1.96 2.34

ROA 23.72% 23.16%

ROE 33.49% 34.01%

Formulas used in calculating ratios:

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

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

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

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

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

Significant environmental and social impacts.

During the reporting year, cooperation with county vocational schools continued. The aim of the company is to increase young people's interest in the company's field of activity, which should alleviate the shortage of good specialists in the labor market in the future.

Being one of the largest employers in its operating area, one of the company's goals is to promote local life.

For this, cooperation is carried out with the local government. Local sports clubs are also supported.

Risk of changes in exchange rates and interest rates

Transactions with foreign suppliers and clients are largely in euros, so the exchange rate risk is low.