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's activity report 2022

The main activity of OÜ Harviker is the production and sale of furniture. The 2022 financial year report is prepared in euros, based on the principles of preparing financial statements under the Accounting Act. Profit and loss account scheme no. 1 is used. The board of the company consists of two members, who were not paid a management fee according to the Commercial Code § 180.

On November 27, 2017, OÜ Harviker acquired 100% of the shares of the sawmill production company AS Roni REM.

The consolidation group consists of the parent company and a 100% subsidiary Roni Rem.

Main financial ratios of the group 2022 2021

Sales revenue 9 424 209 9 024 658

Revenue growth 4.42% 64.07 %

Gross profit 4 346 558 4 759 199

Gross profit margin 46.12% 52.7%

Net profit 797 580 1 180 575

Profit growth -32.44% 82 170%

Net profitability 8.46% 13.1%

Short-term liabilities coverage ratio 1.99 1.67

Tax readiness ratio 0.04 0.08

Equity indebtedness 0.45 0.54

Formulas used in calculating ratios:

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

Gross profit = sales revenue-goods and material costs

Gross profit margin % = gross profit/sales revenue*100

Profit growth % = (net profit 2022-net profit 2021) /net profit 2021*100

Net profitability % = net profit/sales revenue*100

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

Tax readiness ratio = cash/ short-term liabilities

Equity indebtedness = liabilities/equity The first half of 2022 was extremely challenging - war broke out and EU sanctions completely changed supply chains. The year was also characterized by a rapid increase in the prices of all input materials - on average, materials and goods became 20% more expensive. Prices changed in many cases even with a day's notice. It was not possible to pass this on to the selling prices of the products so quickly. As a result, the profit for 2022 decreased. The increase in costs also played a role in the purchase of electricity from the exchange in the last quarter of 2022. From 2023, the company has a 10-year fixed-price electricity contract, the prices of which are significantly cheaper than the exchange prices in the autumn and winter period.

In 2022, we continued to develop new products in cooperation with customers. New product series will reach production in the second half of 2023. We are also constantly developing our production software to digitize the entire process.

The situation in the markets is still unpredictable and we try to respond quickly to all changes and challenges.

The economic activity of OÜ Harviker is not cyclical. The risks associated with changes in exchange rates and interest rates that emerged during the financial year and the period of preparation of the report are insignificant.

The management assesses the group's ability to continue as a going concern. We confirm that, to the best of our knowledge and estimates, the group continues to operate.