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's activity report 2022

OÜ Contractor offers a service for the production of mechanical engineering metal structures. The service includes the manufacture of metal structures, mainly from carbon steel, with welding and mechanical processing and wet painting of the manufactured products as the technological manufacturing method.

The target group of the service is mainly Scandinavian industrial companies in the field and their subsidiaries operating in Estonia, whose field of activity is mechanical engineering. 2022 can be considered successful for the company, as it managed to increase the company's turnover by a full 30.2%. However, a large part of the turnover growth can be attributed to the increased raw material prices.

The company continued its economic activity during the final phase of the coronavirus pandemic during the reporting year, which affected global supply chains and raw materials, including the steel market, and caused price fluctuations in raw material prices. The war of aggression initiated by the Russian Federation also had a significant impact

towards Ukraine. Both countries involved in the military conflict are significant steel producers in the region, which further increased steel prices and created volatility in the steel market in terms of material availability.

Due to the situation, the company's management continued to hold the view that no major investments or research and development activities will be undertaken in 2022 either. Rather, they monitor how the situation develops and act accordingly. The same strategy has continued into 2023. No new bank loans have been taken or leasing contracts concluded for the purchase of production equipment. The economic environment in 2023 has been influenced by the stabilization of the raw material market and a slight decrease in steel prices. The changing interest rate environment and rising interest rates have a negative impact. However, the impact on the company's balance sheet and financial position is not significant, as there are relatively few interest-bearing obligations, but rather on the overall economic environment, which may affect the activity of customers and the demand for the products they offer in the future.

Other investments have been reasonable and unavoidable expenses made in the course of normal economic activity. No events affecting the next period have occurred at the company level during the preparation of the annual financial statements. The company's financial position is stable, current assets exceed short-term liabilities 1.29 times. No changes are planned in the 2023 business strategy and the same main activity will continue.

In the opinion of the company's shareholders, the company is still capable of operating profitably and fulfilling all its obligations.

The ratios characterizing the economic activity in the reporting year 2022 are as follows: 2022 2021

Turnover growth 43.34% 4.93%

Operating profit margin 5.57% 2.52%

Coverage ratio of short-term liabilities 1.29 1.37

Net profitability 4.02% 1.75%

Return on equity 16.44% 5.45%

Total asset profitability 8.47% 2.68%

Formulas used in the calculation of ratios:

Turnover growth % = (sales revenue2022-sales revenue2021)/sales revenue 2021*100

Operating profit margin % = Operating profit/sales revenue*100

Coverage ratio of short-term liabilities = current assets/short-term liabilities

Net profitability % = net profit/sales revenue*100

Return on equity % = net profit/total equity*100

Total asset profitability % = net profit/total assets*100

Hjalmar Liivik, Director