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's activity report 2022

Baltic Connexions OÜ was established in 1993. The main activity of the company is the production of wooden garden houses. Exports account for 98% of Baltic Connexions OÜ's sales revenue. Most of the production is sold to the European market. Due to the instability in the raw material chain caused by pandemic restrictions and high material intensity, the company decided to stop the production of furniture components and focus on the production of higher value-added garden houses. In the second half of 2022, consumer uncertainty due to the war in Ukraine and rapidly rising inflation began to negatively affect the entire garden house sector. Despite the increasingly difficult market situation, we managed to maintain sales at a level close to the previous year at 14 million euros.

To maintain sales and use free production capacities, we started negotiations with several new major clients, two of whom we also signed a contract with, which should ensure stable turnover for 2023.

Baltic Connexions sells 99% of goods in euros, thereby avoiding currency risks. Most clients have been provided with credit insurance and in its absence, goods are issued with prepayment invoices.

As a sustainable company and due to the volatility of the energy market caused by the war, it was decided to invest in increasing the energy efficiency of production buildings and significantly reduce the use of natural gas for heating. At the end of 2022, a pellet boiler house was erected for one of the two production workshops owned by the company. A CNC processing center was ordered for better processing of innovative materials. In 2022, we continued to invest in employee training.

OÜ Baltic Connexions key financial ratios 01.01.2022–31.12.2022 01.01.2021–31.12.2021

Business profitability (operating profit / sales revenue * 100)% 14 16

General level of solvency (current assets / short-term 14.2 5.14 obligations)

Debt and equity ratio (total liabilities 0.09 0.15 / total equity)