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's activity report 2022

Activity Report 2022

In 2022, OÜ Velma Furniture had a sales revenue of 4.17 million euros, which is 14% less than in 2021. There were supply difficulties due to the coronavirus in 2020 - 2021. However, in 2022, the main reason for the decrease in sales revenue was a very high number of illnesses - this was not the case in 2020 or 2021. There were periods when saws or edge banding machines did not work because all employees were sick. In total, employees were absent due to illness or being on care leave for over 1000 days.

The main activity of OÜ Velma Furniture during the reporting period was the manufacture of custom furniture. In 2022, 23% of the production was sold through the salon (as in 2021). Orders from non-residents decreased and furniture was manufactured for 19% of total production (22% in 2021). In 2022, the average number of employees decreased by 7 compared to 2021 (64).

All board members are persons working under the Employment Contracts Act and no additional fees are paid for being a board member.

OÜ Velma Furniture plans to maintain sales revenue at least at the 2021 level in the 2023 financial year. Activities are affected by the constant increase in the prices of materials and other production inputs, the lack of experienced labor, pressure to increase wages, changes in supply chains, and disruptions in material supplies. The increase in product prices affects customers' purchasing decisions. In order for sales revenue to be at the same level as the previous one, we are working to start cooperation with new customers.

Main financial ratios of OÜ Velma Furniture: 2022 2021

Sales revenue (in thousands of euros) 4 172 4 874

Sales revenue growth (%) -14% 57%

Net profit (in thousands of euros) 6 335

Net profitability (%) 0.14 6.88

Short-term obligations coverage ratio(times) 0.93 1.18

ROA (%) 0.18 9.85

ROE (%) 0.38 20.88

Formulas used in calculating financial ratios:

Sales revenue growth (%) = n(sales revenue 2022-sales revenue2021)/sales revenue2021nx 100

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

Short-term obligations coverage ratio (times) = current assets/short-term obligations

ROA (%) = n(net profit/assets) x 100n

ROE (%) = n(net profit/equity) x 100n