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's activity report 2022

Company's brief introduction, core values and objectives

AB Medical Group Eesti OÜ is a medical technology company based on Estonian capital, established in 1997, whose main field of activity is the sale of medical devices, consumables and spare parts for medical equipment. In addition, the company also deals with the sale of optical goods.

Years of experience, conscientious staff, product managers trained in manufacturers' factories, and flexibility and high quality in customer service have helped the company secure its position in the Estonian medical technology market. Careful and systematic cooperation with hospitals has made AB Medical Group Eesti OÜ one of the leading medical technology suppliers in Estonia. The achievement of good financial results is supported by AB Medical Service OÜ, created for the maintenance and repair of medical devices, which allows us to offer customers a comprehensive service from the purchase of the device to its post-warranty maintenance.

The company's daily activities are supported by an existing quality management system, which is certified according to ISO 9001:2015 standard.

The company has valid representation agreements with foreign suppliers, according to which AB Medical Group Eesti OÜ must adopt the FCPA (Foreign Corrupt Practices Act) anti-corruption rules in its economic activities, act accordingly and regularly conduct relevant training for its employees. The company's economic activities have been repeatedly audited by auditors hired by foreign suppliers to check compliance with the given code of conduct and anti-corruption rules. The company has successfully passed the audits.

The last audit was successfully completed in 2020.

Overview of significant events during the financial year

The most important achievement of the reporting year is the maintenance of the company's position in the Estonian medical technology sales market, which is becoming increasingly competitive. Due to the tight budget in the healthcare sector, we are feeling increasing pressure on procurement, price and quality requirements, and operations are becoming increasingly human and technically resource-intensive.

The company's customer structure has remained largely the same, with the largest customers still being regional hospitals followed by central hospitals. The company also cooperates with pharmacies across Estonia, which supply individuals mainly with medical aids for diabetes treatment.

Compared to previous years, the impact of Covid-19 on the company's turnover has been smaller. Hospital stocks and purchases in this area have been more stable and without major fluctuations. However, the effects of Covid-19 are still felt in the company's supply and delivery chains, the availability of goods has become more difficult and unpredictable. At the same time, large projects that started in previous years have reached the home stretch in this financial year, which are hopefully successfully completed in the current financial year. The majority of large projects are our participation as a subcontractor in the supply and installation of console systems in the construction of the 3rd phase of the Maarjamõisa medical campus of the University of Tartu Hospital.

Also, a project for the sale and installation of operating lights and additional equipment for the University of Tartu Hospital is coming to an end.

In this financial year, the company continued to focus on IT solutions. Great attention is paid to data protection and the creation of cyber security both in hardware and in employee training. We continue to coordinate our activities with the principles set out in the IT audit. The company must certainly keep up with the technological development of IT to maintain the quality of service.

In connection with the increasing attention to the use of limited resources in the world, the company carefully controls its costs and efficiency in energy use and also monitors the use of resources in packaging goods and sending additional packaging for recycling.

AB Medical Group Eesti OÜ did not carry out any significant research and development projects and related expenditures in the previous financial year and does not plan to do so in the coming years.

The business activities of AB Medical Group Eesti OÜ are not significantly affected by cyclicality and seasonality. There are no significant environmental impacts associated with the activity. Covid-19 did not negatively affect the company's activities.

In connection with the war in Ukraine, we have analyzed its impact on the company's economic activities and found that it currently does not have a significant impact on our financial indicators, as we do not have direct business relations with companies or their economic activities in Ukraine, both from the perspective of suppliers and customers. We have taken this impact into account in the preparation of the annual financial statements and the management report.

Overview of financial results In 2022, the company's sales revenue amounted to 11.5 million euros, an increase of 15.9% compared to the previous year.