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's activity report 2022

General economic situation in Estonia

The impact of rapid price increases on economic growth became more pronounced in 2022. Decreased purchasing power and dwindling savings led to a decline in consumption volume and also affected the profitability of companies. In 2022, the economy shrank by 0.5%, but according to the forecasts of the Bank of Estonia, the economy will grow by 0.4% next year, mainly due to increasing government sector expenditures. In 2024-2025, economic growth may accelerate to 3-4%, but due to the war, both price and economic growth prospects are more uncertain than usual.

Inflation is stubbornly receding. Persistently high energy prices and the rising cost of goods and services needed for production have not yet fully passed on to end consumers, so price increases are slowing down, but gradually. Despite the decline in food commodity prices on the world market, the share of food products in overall price increases will increase in the near future, as food production, which is more affected by the energy crisis, is still reaching its price peak in Europe.

Annual price increase 17.6%, will recede below 10% next year and is expected to remain between 2-3% in 2024-2025.

According to Statistics Estonia, the total sales revenue of retail trade enterprises in 2022 was 10.5 billion euros and increased by 2% in constant prices compared to 2021. The largest increase of 12% was in the sales revenue of companies engaged in the retail sale of motor fuels, the growth in industrial goods stores was 3%, sales revenue in food stores decreased.

The consumer price index rose by 19.4% in 2022 compared to the average of 2021. The main influencers of the consumer price index were housing-related price increases, which accounted for two-fifths of the total increase. Electricity prices increased by 94.4% year-on-year, gas by 123.8%, solid fuel by 73.5% and heat energy by 49.1%. Food and non-alcoholic beverages accounted for nearly a quarter of the total increase. The most expensive food products were flour and cereals (53.6%), sugar (50.9%), oils (49.5%) and eggs (45%). Gasoline was 30% and diesel fuel 45.9% more expensive.

In 2022, the average wage change was 8.7%. The cooling of the economy increases unemployment. The decreased recruitment desire of companies will be reflected in labor market indicators with a delay, and employment will decrease in 2023. Unemployment peaks at about 9% in 2024, and part of the increase in unemployment is related to the fact that Ukrainian war refugees seeking implementation in Estonia will be reflected in labor market statistics. Wage growth will remain close to 8-9% in the next two years, and this will be boosted by the minimum wage increase, public sector wage agreements, and price increases. The purchasing power, which fell by 9% in 2022, will recover by the end of 2025.

The main activities of Harju Consumers' Cooperative do not have significant environmental and social impacts.

The cooperative does not have long-term bank loans, transactions with customers and suppliers are made in euros. Therefore, there are no risks associated with changes in exchange rates and interest rates during the financial year or the reporting period.

Economic results The sales revenue in 2022 was 142,298,758 euros and the growth compared to 2021 was 7.9%. Sales revenue consisted of 98.0% retail sales of goods, 0.5% rental of real estate and 1.5% sales of trade-related services. At the same time, the sale of goods increased by 7.9% compared to the previous year, the rental of real estate increased by 6.8% and the sale of trade-related services increased by 9.2%.

In 2022, 10.1 million purchases were made in the stores of Harju Consumers' Cooperative (9.9 million purchases in 2021).

Main financial indicators of Harju Consumers' Cooperative 2022-2021

Financial indicators (in euros)

For the period 2022 2021

Sales revenue 142,298,758 131,859,664

Operating profit (EBIT) 4,110,559 6,565,701

Net profit 2,753,332 12,758,238

As of the end of the period 31.12.2022 31.12.2021

Current assets 16,959,727 18,267,172

Fixed assets 37,454,546 36,585,611

Total assets 54,414,273 54,852,783