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's activity report 2022

Iron Baltic OÜ started its operations in 2006. The main activity of the company is the production and wholesale of accessories for off-road vehicles.

Our vision is to offer products that help to maximize the capabilities of an off-road vehicle, giving the machine added value and a wide range of uses.

The main products are ATV skid plates, snow plows, forestry and agricultural towing equipment.

Own production accounts for 96% of sales revenue.

Iron Baltic OÜ's turnover in 2022 was 10,165.75 thousand euros, of which approximately 81% was sales to European Union countries and 19% outside the European Union. Compared to the previous financial year, turnover increased by approximately 14%, sales volumes of production to Central European resellers increased, and online store sales in North America increased.

Main financial ratios 2022 2021 2020 2019

Operating profitability (operating profit / sales revenue x 100) 14.2% 9.9% 7.6% 9.5%

Return on equity ROE (net profit / 32.6% 29.8% 17.6% 25.8% equity x 100)

Return on assets ROA (net profit / assets x 28.3% 22.8% 14.1% 20.1% 100)

Short-term liability coverage ratio (current assets / 6.9 3.86 4.84 4.45 short-term liabilities)

Debt ratio (liabilities / total liabilities) 0.13 0.23 0.20 0.22

Iron Baltic OÜ's production is sold worldwide, thereby minimizing market fluctuations caused by economic and consumer behavior in different target countries. The biggest risks are associated with the economies of Finland (share of turnover 24%) and Sweden (share of turnover 24%).

We see risks in consumer uncertainty about the future due to high inflation, which also affects demand.

Also, the further course of the war and the resulting large fluctuations in energy prices, which primarily affect input prices. We see the growing demand for off-road vehicle accessories in Southern Europe and North America as a plus.

The company's product range is diversified in such a way that all seasonal cycles are covered and there is no direct seasonality. However, climate change situations (warm winter, drought) do affect seasonal sales.

To hedge financial risks, we use credit insurance factoring for key clients. For the remaining regular clients, we monitor defined credit limits. Observing the abnormal rapid growth of the economy in recent years, the company has not knowingly taken excessive obligations in the form of loans and therefore there are no obligations that could change the company's financial situation in the event of an interest rate increase. As some products and components come from Asia, we are price sensitive to the US dollar exchange rate.