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's activity report 2022

The main area of activity of BVT Partners OÜ is the wholesale of water supply and heating equipment and their components, in which the company has achieved a solid market share. The company's product range includes air conditioning, ventilation and refrigeration equipment, and so-called sandwich-type panels. The product range did not change in 2022 compared to 2021.

The imported goods were mainly sold in the Republic of Estonia, to a lesser extent also in other European Union countries. In 2022 compared to 2021, sales volumes increased, with strong sales of ventilation equipment continuing.

In the reporting year, BVT Partners OÜ's sales revenue amounted to 25,105,177 euros (19,807,361 euros in 2021), growing by 26.7% over the year. 79.4% of BVT Partners OÜ's sales revenue came from sales in Estonia and 20.5% from the European Union countries.

The target countries in the European Union are Latvia, Lithuania and the Republic of Finland, where Lithuanian and Latvian companies belong to the same group as BVT Partners OÜ.

The profit for the reporting period was 2,962,108 euros (2,301,590 euros in 2021).

Currency Risks

Currency risk arises when future business transactions or recognized assets or liabilities are denominated in a currency other than the entity's functional currency. The company's currency risk is associated with purchases made in foreign currency and with owned financial resources. Most of the company's purchases are made in euros, which reduces the risk of currency fluctuations. However, part of the payment for products arriving from China is made in advance in US dollars. From this moment until the receipt of the goods, several months pass, and during this time significant fluctuations in the dollar exchange rate against the euro may occur, which can significantly affect the results of each such transaction.

In 2022, the profit from changes in the exchange rate in settlements with suppliers amounted to 174,002 euros, which significantly affected the size of the company's profit in 2022.

The unstable situation in the world, the ongoing pandemic and military activity in Ukraine affect both directly and indirectly companies operating in Estonia. This in turn led to an increase in the cost of products and energy and the disruption of supply chains. Therefore, uncertainty remains very high and the company must find ways to adapt to the changing conditions. The management has analyzed the possible impact on the company's turnover and future cash flows and is dealing with the negative economic impacts and risks associated with current events. The management has assessed the impact of current conditions on the company's financial situation and sustainability.

The main financial ratios of BVT Partners OÜ were:

Financial ratios Calculation methodology 2022 2021 (sales revenue 2022 – sales revenue 2021) /

Turnover growth % 26.7 24.4 sales revenue 2021 (net profit 2022 – net profit 2021) /

Profit growth % 28.7 64.1 net profit 2021

Net profitability % net profit / sales revenue 11.8 11.6

Short-term debt current assets / short-term liabilities 6.7 5.9 coverage ratio

Solvency ratio (current assets – inventories) / short-term liabilities 4.0 3.8

Total asset profitability ROA % net profit / total assets 19.8 18.6

Equity profitability ROE % net profit / total equity 22.8 22.1