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's activity report 2022

Fiscal Year 2022

Introduction

Compared to other EU countries, the Estonian economy performed relatively modestly last year. GDP is recovering from the Covid-related decline, but according to the Bank of Estonia, the economic downturn in 2022 was still an average of 1.3%, which is one of the larger ones among EU countries.

This was mainly due to the energy crisis and rapid inflation. In the second half of the year, rising interest rates also began to reduce the purchasing power of households with loan obligations.

The general slowdown in the economy also affected the car trade.

At the end of the year, sales companies experienced some activity, but despite this, they fell short of the 2021 results by about 8.6%.

Despite the modest sales figures, car sales companies are investing more and more in the service, maintenance and repair department.

We can conclude that the turnover in these areas has rather increased for our clients. Such growth and stability also positively affected Benefit's results.

The main influencing factors and indicators in the vehicle accident repair sector in 2022 were as follows: • The number of insurance cases is gradually decreasing, which shows that despite the increase in the total number of vehicles, their new technical solutions have made traffic safer and the improvement of traffic management and road conditions has also contributed to the decrease in cases.

• Due to COVID, traffic density decreased, but many vehicles appeared on the roads that were not often used in previous periods. In some cases, the latter also caused more frequent traffic accidents.

• The average vehicle damage per accident case is in a constant upward trend and this is due to the cost of newer car body parts and onboard systems damaged in accidents and their repair complexity. The increase in labor and energy costs also has an impact.

• As a result, the total amount of repair compensation payments is also increasing.

From the above, it can be concluded once again that the volume of the accident repair market is increasing, but not in all repair companies.

The volume of accident repair work is still shifting towards larger repair companies and Bodywork

Union members. In particular, positive changes can be seen in well-organized workshops with exemplary technical levels, whose market position and turnover and profitability have improved. These companies also have greater crisis management capabilities and ingenuity, and they are also preferred partners for insurance companies.

Economic indicators in these workshops are often associated with the general development of the organization and