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's activity report 2022

Summary of the 2021/2022 fiscal year:

ADDINOL Lube Oil OÜ is a 100% subsidiary of ADDINOL Lube oil GmbH. Our company is engaged in the wholesale of lubricants in Estonia, Belarus and Moldova. Through its subsidiaries, it also operates in Latvia and Ukraine, and through an affiliated company in Russia. ADDINOL Lube Oil OÜ has branches in Lithuania and Bulgaria. Last fiscal year, we celebrated our 30th year of operation in Estonia. ADDINOL is the only premium brand and

ADDINOL Lube Oil OÜ is the only company dealing with the sale of lubricants that has been successfully operating in the Estonian market for so long. Many competitors have come and gone, many companies have added cheaper and lower quality brands to their product portfolio. Our longevity has certainly been helped by products with the best price and quality ratio and advising customers on making lubrication management more efficient and thus helping to save customers' costs. Our substantive knowledge-based cooperation with customers distinguishes us more and more from competitors. Certainly, a big role is also played by 100% belonging to ADDINOL Lube Oil GmbH, which ensures us quality products, fast deliveries and is very supportive in solving customers' technical questions.

Our parent company in Germany has set a goal over the past couple of decades to develop new innovative lubricants that would allow the customer to feel and see the added value created by our products to the customer's economic activity, whether through fuel savings, through extended oil change intervals, through spare parts savings, avoiding emergency situations or thanks to longer machine life. This is complemented by long-term work experience and highly qualified teams in local countries, as well as fast and correct logistics. All these indicators together have made ADDINOL a reliable partner all over the world. The past fiscal year was successful for our parent company, turnover increased by 38%.

In the 2021/2022 fiscal year, the long-time leader Tiina Suija left the company, who went on a well-deserved vacation. Tiina Suija's tasks were taken over by

Kristel Elmi (the new CEO of the company) and Toomas Soodla (Baltic States Market Manager).

The 2021/2022 fiscal year was the best year ever for ADDINOL Lube Oil OÜ, despite the fact that there are several crises in the world at the same time (corona crisis, energy crisis, security crisis, etc.). The war in Ukraine started by Russia on February 24 has led to a deficit in base oil, which in turn has affected raw material prices. In addition to the aforementioned rise in raw material prices, there has been a significant increase in energy prices, which in turn affects the price of the final product.

The share of focus products in the fiscal year's turnover was 35.4% (last year it was 31%). The long-term goal is to reach 50% of total turnover with the sale of focus products. This is a bold challenge, but knowing today what great new products will be added to our product portfolio in the near future, it is very likely to achieve long-term goals.

The same trends and directions are clearly distinguished in the countries managed by ADDINOL Lube Oil OÜ. The sale of focus products that provide added value to customers increased by 83% in the last fiscal year. This is a clear message that ADDINOL's long-term strategy is correct. Customers appreciate the quality of the products, the savings measures that can be achieved through oil, as well as competent advice, service and fast logistics.

The environmental impacts associated with the company's activities are mainly related to reducing waste and emissions from activities, as well as better management of energy resources. The company has not directly set environmental targets, but in our daily activities we monitor how to make our waste management more efficient and how to make our energy resources more efficient. The plan for the 2022/2023 fiscal year is to replace traditional lights in warehouses with LED lighting. We are looking for opportunities to install solar panels on the roof of the Tartu building. The parent company in Germany has already largely switched to using solar energy in the new production building.

Due to high inflation and the vulnerability of supply chains, which is undoubtedly also affected by the ongoing military activity in Ukraine and geopolitical tensions, the economic environment remains volatile and challenging in the opinion of the management. The aforementioned war in Ukraine itself has a direct impact on our business (Addinol Lube Oil OÜ has subsidiaries in both Ukraine and Russia). The indirect impact is difficult to estimate, but it is expected to be noticeable mainly through a significant increase in energy carrier prices and the resulting high inflation rate and a decrease in consumer confidence in our main markets. High inflation and possible rapid changes in consumer confidence indicators due to the outlook for the economic environment require the company's various business units to be ready to respond quickly and effectively to changes in the economic environment and customer expectations and needs. The focus continues to be on increasing efficiency and controlling costs.

The main financial indicators of Addinol Lube Oil OÜ are as follows:

Financial indicator Calculation 2021/2020 2021/2020

Short-term debt coverage ratio current assets/short-term liabilities 7.62 11.57 liquid assets/short-term

Liquidity ratio 6.24 10.59 liabilities

Net working capital in thousands of EUR current assets-short-term liabilities 5,053.7 8,511.0