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's activity report 2022

PARTIAL REPORT AVEX 2022 fiscal year report

The main activities of AVEX Ltd. are the manufacture of machine and apparatus construction details, assembly of equipment and nodes.

There is no seasonality or cyclicality in the production process. Nor does it significantly affect the surrounding environment with its activities.

As a result of the audit conducted in 2005, AVEX Ltd's quality management system

was recognized as compliant with the EN ISO 9001:2000 standard. For which the certification center

TÜV NORD CERT GmbH & Co.KG issued a corresponding certificate in 2006.

and the certificate was extended in 2007-2011. In 2011, a new ISO surveillance audit was conducted for the management system standard EN ISO 9001:2008 and a corresponding certificate was issued for the years 2010-2014, which was extended for 2015-2017. In 2016, a new certificate EN ISO 9001:2015 was issued for the years 2017-2020, which was extended until 2023.

In 2009, sales revenue was 1.97 million euros. Sales revenue for 2021 was 7.2 million euros. Sales revenue for 2022 was 7.4 million euros.

Two overhead cranes and a pillar jib crane were purchased for the new factory at a total cost of 40,416 euros.

Due to COVID-19, no major investments are planned for 2022.

Planned for 2023: 1. Maintain production volume compared to 2022 2. Significantly reduce costs 3. Find new assembly partners 4. Company relocation and completion of 100% relocation by the fall of 2023.

The average number of employees during the reporting year was 55 (57 in 2021). Reduced to full-time, the number of employees was 46 people. and the wage cost was 950,377 euros, including the gross salary of the CEO 45,660 euros. (33,780 euros in 2020).

No fees were paid to board members and no other benefits were made. No fees are provided for board members upon their recall or departure from office.

During the accounting report preparation period following the balance sheet date, no significant events occurred that would need to be reflected in the annual financial statements.

Main financial ratios: 2022 2021

Turnover growth (%) 2.9% = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 *100 32%

Gross profit margin (%) 25% = (sales revenue - goods, raw materials, and services) / sales revenue * 100 36%

Operating profitability (%) 1% = operating profit / sales revenue * 100 11%

Profit growth (%) -93% = (net profit 2021 - net profit 2020) / net profit 2020 *100 115%

Net profitability (%) 1% = net profit / sales revenue *100 11%

Short-term liabilities coverage ratio 7.857995 = current assets / short-term liabilities 6.848525 (times)

ROA (%) 1.5% = net profit / total assets * 100 22%

ROE (%) 2% = net profit / total equity * 100 26%

In the opinion of the Board, as of the balance sheet date, the collection of receivables and the realization of prepaid expenses are likely.

In the opinion of the Board, as of the balance sheet date, the assets are liquid.

In the opinion of the Board, there are no indications that the recoverable amount of tangible fixed assets has fallen below their book value.

Chairman of the Board

T.Themas