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's activity report 2022

Introduction

United Motors AS consolidation group includes a subsidiary Auto Forte Tallinn OÜ. Auto Forte Tallinn OÜ is an official representative of Peugeot and the company was acquired in December 2018. United Motors AS is an official representative of Jeep and Alfa Romeo and an authorized service partner of BMW, MINI and Rolls Royce.

The sale of new passenger cars and commercial vehicles in 2022 fell by 8.6%. In total, 20,426 new passenger cars were handed over to customers in 2022, which was 8.6% less than in 2021. The sale of Peugeot passenger cars fell by -41% compared to 2021, mainly due to supply problems, a total of 814 passenger cars were sold in Estonia. The sale of Peugeot commercial vehicles fell by -15% compared to 2021, a total of 554 commercial vehicles were sold. The largest segments last year were medium and smaller SUVs, accounting for 33.3% and 19.5% of total sales. The third most preferred were smaller middle-class cars (17.2%). In terms of fuel types, the sale of hybrid cars increased by 9.3% in 2022. A total of 687 electric cars were sold last year, which exceeded the 2021 result by 42%. However, the share of electric cars was 3.4% of the total. The largest share is still gasoline cars (43.9%), but hybrid cars are not far behind (35.1%). The share of diesel cars fell last year and was only 16.2%. In terms of car brands, Toyota was by far the most popular, with 4451 sold last year. They were followed by Škoda (2766) and KIA (1626). Toyota models also took the top two spots in the model rankings - the most popular were RAV4 (1524 cars) and Corolla (966). They were followed by two Škoda models,

Octavia and Kodiaq (respectively 888 and 689). A total of 4953 commercial vehicles were sold in 2022, which was 4.4% less than the previous year.

The top three car brands were Toyota (882), Renault (758) and Peugeot (554).

Achievements

In 2022, Auto Forte Tallinn OÜ was the leader among the official Peugeot representatives in Estonia in terms of both passenger car and van sales, and also the largest Peugeot spare parts seller. Auto Forte Tallinn was rated as the best Peugeot sales representative and the best Peugeot repair shop in Estonia by the Peugeot importer in 2022.

Revenues, expenses and profit

The consolidated sales revenue for the reporting year was 44,916 thousand EUR (51,815 thousand EUR in 2021) and the consolidated profit of the company was 447 thousand EUR (763 thousand EUR in 2021). Auto Forte Tallinn OÜ sold a total of 710 passenger cars and commercial vehicles during the reporting year. United Motors AS sold a total of 442 passenger cars during the reporting year.

There have been no significant environmental and social impacts associated with the Group's operations.

Main financial ratios 2022 2021

Sales revenue (thousand EUR) 44916 51815

Turnover growth % -13.3 42.0

Operating profit margin % 1.3 1.8

Profit/loss (thousand EUR) 447 763

Net profitability % 0.99 1.48

Short-term obligations coverage ratio 1.86 2.04

ROA 5.32 10.2

Formulas used in the calculation of ratios: