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's activity report 2022

OÜ Soleest started operations in 2002, the business register entry was made on October 8, 2002. The company's main field of activity is the production of footwear and footwear components. The company's production facilities are located in Tartu at Kastani 48. In 2007, the Norwegian company Nye Nesna and their brand Nesna Lobben were bought out, OÜ Soleest continues to produce natural felts for former partners in Alaska, Florida and Norway.

OÜ Soleest's sales revenue for 2022 was 8,394,418 euros and the financial year ended with a profit of 1,518,577 euros.

The company's sales revenues increased by 4,389,614 euros compared to the previous financial year and net profit increased by 931,099 euros.

In 2022, the company acquired new tangible fixed assets for a total of 159,985 euros. Intangible fixed assets were not acquired during the reporting year.

In 2022, the company had an average of ten employees and their wage costs totaled 200,193 euros.

In 2022, the OÜ Soleest board consisted of three members, two of whom were paid a total of 46,189 euros in wages during the reporting year.

Below are some financial ratios characterizing OÜ Soleest:

Ratios 2022 2021

Return on assets 0.37 0.14

Return on equity 0.45 0.26

General level of solvency 7.08 2.07

Debt to equity ratio 0.20 0.86

Methodology for calculating ratios:

Return on assets = net profit / total assets

Return on equity = net profit / equity

General level of solvency = current assets / short-term liabilities

Debt to equity ratio = debt / equity

OÜ Soleest plans to continue production under existing contracts with existing partners. We plan to participate in the Saudi Arabia WSD 2024 fair in February and the NATO fair in Prague, October 2023. We continue to develop new models for new partners. We participate in several public procurements, with the aim of finding new markets and partners.

In connection with the order of a new casting machine, we want to expand production and build a new production building. A plot of land has been acquired for the construction of the production building

in Vahi Industrial Park.

In 2023, we plan to produce and sell 130,000 pairs of shoes. We intend to continue mediating shoes and services.

We forecast sales revenue of 8.0 million euros and a net profit of 1.4 million euros for 2023.

Leida Kikka

Board member

Tartu, May 19, 2023 .a