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's activity report 2022

Group structure and general description

Parent company general description

Paragon Sleep Joint Stock Company was established in 1995. The company's main activity has been the production of sleeping needs since its establishment, and in 2001, the production of non-woven materials was added. In 2013, the company started recycling and reusing textile waste. The company's production process is environmentally friendly and does not cause significant negative environmental impact. The company's activities also do not have significant social impacts. In 2022, the parent company's sales revenue was 21,229,838 euros (in 2021, 18,997,244 euros). 79.73% of the turnover was obtained from sales to other European Union countries, 2.56% from exports outside the European Union, and 17.71% from sales in Estonia.

Subsidiaries

Paragon Sleep AS owns 60% of OY Lifestyle Interior, a company established in the Republic of Finland in 2006.

The company is engaged in wholesale in Finland. In 2022, the sales revenue was 1,572,444 euros (in 2021, 1,835,747 euros). Sales revenue decreased by 14.3% compared to 2021.

Significant events during the reporting year and future plans.

In the 2022 financial year, sales revenue continued to grow in all main areas of activity. The first half of the year was complicated by the sharp increase in energy costs and very high inflation associated with Russia's invasion of Ukraine. In the autumn, the company's situation improved significantly due to the measures taken and positive financial results were achieved monthly. However, in the autumn, due to uncertainty, demand on certain markets began to decrease rapidly, which significantly affected the sales volumes and results of the Finnish subsidiary OY Lifestyle Interior.

In November 2022, Paragon Sleep AS sold its bed and mattress production and related sales area to Rethink Beds LLC. The transaction moved out of the company the equipment, stocks, purchase and sales contracts related to bed and mattress production, as well as employees. Paragon Sleep AS will focus on the development, production and sale of home textiles and non-woven materials in the future.

This has already had a very strong positive impact on the company's performance, the results for the first half of 2023 and the prospects for the future are good. Another significant change in 2022 was the relocation of textile waste recycling equipment to the main production, which made the whole process much more operational and cost-effective. The company invested 106,530 euros in tangible fixed assets during the reporting period. In 2023, moderate investments are planned in both development activities and modernization of equipment.

The main goal of AS Paragon Sleep for 2023 is to continue the positive developments that began in the autumn of 2022 and to achieve decent profitability. The biggest challenge is the uncertainty about what customer demand will be like in the weak economic environment in Europe.

No events occurred during the preparation period of the annual report that significantly affect the financial results of AS Paragon Sleep for 2022.

Personnel policy

The average number of employees of AS Paragon Sleep in 2022 was 218 and the labor cost including taxes was 3,599,744 euros (in 2021, 256 employees and 4,120,947 euros). Both the company's board and management are