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's activity report 2022

AS Hilding Anders Baltic, formerly AS UTS Mööbel, was established and its articles of association were confirmed on August 5, 1997, and the company was registered in the commercial register on September 3, 1997.

Since February 18, 2004, the company operates under the name AS Hilding Baltic. Since June 2008, the company's name is Hilding Anders Baltic AS. The company is part of

the largest spring mattress manufacturing group in Europe, Hilding Anders International Group.

The member of the board is Janek Haud.

In 2022, the company's main product was quilted mattress covers, which were sold to other companies in the group, while also being on the Baltic market with their ready-made mattresses under the Sleepwell brand.

The goal for 2023 is to remain at the same level as in 2022 in the Scandinavian direction and to achieve moderate sales growth in the Baltics.

In 2022, investments in fixed assets amounted to 249 TEUR (539 TEUR in 2021). The investment was used to purchase new equipment.

There are no plans for major investments in fixed assets in 2023.

We are located in Rae Technopark and the size of the production and warehouse complex is about 22,000 m2. The production capacity is about 1,500 thousand mattress covers and 50 thousand mattresses per year.

In 2022, AS Hilding Anders Baltic's sales revenue was 33,232 TEUR (33,635 TEUR in 2021) and the decline in sales revenue was -1.21% (growth of 6.85% in 2021). The majority of the company's sales revenue came from sales to the European Union.

Net profitability in 2022 was 1.7% and 3.27% in 2021 respectively.

Return on assets in 2022 was 2.06% and 3.92% in 2021 respectively.

The short-term obligations coverage ratio in 2022 was 3.97 and 3.34 in 2021 respectively.

Formulas used in the calculation of ratios:

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

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

Return on assets (%) = net profit / assets * 100

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

As a Hilding Anders group, the group's loans have been refinanced with the aim of strengthening the group's liquidity and improving the capital structure, which gives us better sustainability for future operations.

There are no significant environmental and social impacts associated with the operation.

Risks associated with changes in exchange rates, interest rates and stock market prices that emerged during the financial year and the period of preparation of the report: - There are no risks associated with changes in stock market prices.

- Interest payments on fixed assets related to capital lease are linked to Euribor (changes every 6 months).

- There is a currency risk as we sell to the group in different currencies and later trade through Nordea e-market. Changes are reflected in the income statement under other operating income or expense.

General macroeconomic environment.

The economy and labor market of different countries have so far shown good resilience to previous years' economic shocks. Inflation has peaked and is clearly on a downward trend almost everywhere. Central banks are reaching the peak with interest rate hikes, but lowering them will have to wait. However, the rise in the cost of living and the tightening of monetary policy affect the world economy even more. The outlook for the industrial sector continues to deteriorate and the services sector is also weakening.

World economic growth will slow down in the fall, which will carry over into the next year. Both household consumption and investments, including investments in the construction sector, have been modest for some time. We probably haven't seen the full impact of high interest rates on the economy yet. Several indicators clearly point to a global weakening of the industrial sector.

Inflation has slowed down significantly and continues to decline in both the US and the euro area. The Governing Council of the European Central Bank indicated at its last meeting that future monetary policy decisions will be data-driven. This was motivated on the one hand by the decline in inflation, on the other hand by the weakening of economic confidence indicators. The tightening of monetary policy has reduced loan demand in the euro area, but its impact reaches the real economy with a lag. The European Central Bank is likely to raise the deposit facility interest rate by another 0.25 percentage points to 4.0 percent in September. However, interest rates will not remain high for a very long time. The first reduction should take place next spring due to slowed inflation and a weak economy.

Euro area economic growth is slowing down in annual comparison. However, the labor market remains strong and thanks to the slowdown in inflation, household purchasing power has started to improve. Despite this, export demand and the performance of the manufacturing industry have deteriorated, threatening to spill over into