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's activity report 2022

Introduction

Balti Autoosad AS mainly deals with the wholesale of car parts, which does not involve cyclical economic activity nor is it significantly affected by seasons. As side branches, garage equipment and tools as well as bicycles, their spare parts and accessories are sold. The seasonality of bicycle sales does not have a noticeable impact on the company's economic activity due to its small share.

As of July 1, 2022, Balti Autoosad AS belongs to a listed group, the parent company of which is the Swedish company MEKO AB. 2022 was a year of continued competition in the car parts market and Balti Autoosad AS was securing its market position. The Russian-Ukrainian conflict that broke out on February 24, 2022, has not had a direct impact on the company's business operations and the company will continue its business operations in 2023 at the same volumes.

Due to the field of activity of Balti Autoosad AS, there are no significant environmental and social impacts from our activities.

Revenues and profit In 2022, Balti Autoosad AS's sales revenue amounted to 36.7 million euros, growing by 11.5% compared to the previous financial year. Local sales accounted for 96.9% of Balti Autoosad AS's sales revenue and sales outside Estonia 3.1%, which is comparable to the previous year.

The net profit of Balti Autoosad AS was 2.9 million euros, which is 31% more than in the previous financial year.

Main financial ratios 2022 2021

Sales revenue (thousand euros) 36 697 32 904

Net profit (thousand euros) 2 925 2 222

Net profitability 8.0% 6.8%

ROA 7.3% 5.7%

ROE 7.9% 6.1%

Formulas used in calculating ratios: (cid:127) Net profitability (%) = net profit / sales revenue * 100 (cid:127) ROA (%) = net profit / average assets * 100 (cid:127) ROE (%) = net profit / average equity * 100

Exchange rate and interest rate risk

Transactions with suppliers are mainly in euros, so the exchange rate risk is low.

The company has not taken out loans. Therefore, there are no risks arising from changes in interest rates.

Investments

During the reporting period, investments were made in fixed assets totaling 234 thousand euros. The majority of expenses were for vehicles and warehouse technology.

Investments in solar energy use are planned for the next financial year.

No expenses were made for research and development in the 2022 financial year, nor are they planned for the next year.

Subsidiaries and associated companies