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's activity report 2022

The main activity of OÜ Furnico is furniture production and wholesale.

2022 was a difficult year for the furniture industry, prices increased, the number of orders decreased and profitability declined.

The company's sales revenue in 2022 was 14,617,318 euros and profit 589,619 euros. Sales revenue decreased by 104,001 euros compared to the previous period.

The board of OÜ Furnico operates with two members.

In 2022, investments in fixed assets amounted to 248,435 euros. Major investments were sewing machine, forklift, cars, renovation of buildings.

No major investments are planned for 2023.

In 2023, we will invest in mattress and cushion packaging equipment to increase productivity, reduce material costs and improve the appearance of packaged products. The planned investment volume is 150,000 euros.

There were no significant research and development projects and related expenditures in the reporting year and none are planned for the coming years.

There is no seasonality or cyclical nature in the business activities of Furnico OÜ. The company's activities do not have significant environmental and social impacts.

The main settlement currency of Furnico OÜ is the euro. In 2023, the loan interest rate may increase due to the rise in EURIBOR.

Main financial ratios of OÜ Furnico

Ratios and their calculation methodology 2022 2021

Sales revenue growth % =(reporting year sales revenue - previous year sales revenue)/ -0.71 1.06 previous year sales revenue *100

Net profitability % =net profit/sales revenue*100 4.03 6.79

Short-term debt coverage ratio = current assets/short-term liabilities 3.46 2.09 The main goals for 2023 are to increase market share in existing markets, develop new higher value-added products, and increase the recognition of the Hypnos and Furnico brands.

The biggest impact of the war that started in Ukraine in February 2022 on the activities of OÜ Furnico is the increase in material prices. The situation also affects the availability and prices of energy resources. The availability of materials has not decreased. To mitigate the effects, we increased the selling prices of finished products in 2022.

As the situation is uncertain and rapidly changing, the board does not consider it possible to give a quantitative assessment of the possible impact of the global crisis on the company's financial indicators for the next period when preparing the annual report. The board of OÜ Furnico estimates that the company is capable of continuing at least for the next 12 months.