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's activity report 2022

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Tireman LLC Activity Report 2022

Tireman LLC is the importer and official distributor of Nokian Tyres passenger car tires in Estonia and a franchise partner of Vianor in the retail market for tires and tire services. Tireman LLC has over 25 years of experience in the maintenance and repair of passenger cars. The main services are the sale, installation, repair and storage of passenger car, truck and heavy equipment tires. As additional services, Tireman LLC offers chassis maintenance and repair services, axle adjustment, air conditioning refilling and passenger car maintenance and inspection.

In addition to Nokian Tyres, Tireman LLC also imports Radar brand tires, which are suitable for price-sensitive retail customers.

Tireman LLC's 8 Vianor Auto Centers are located in major cities, in the best locations for customers, and have gained popularity among both private and business customers.

In addition to the ongoing global supply crisis in the automotive sector caused by the COVID-19 pandemic in 2022, the tire sector was significantly affected by the Russian invasion of Ukraine. The EU embargo on goods produced in Russia caused a deficit-induced buying panic, which affected the 2022 sales. The rise in the price of production inputs and labor intensified even more due to the large increase in the price of natural gas and electricity, as a result of which the prices of tires and tire services also increased by an average of 15%. The high cost of sea transport continued to affect the delivery of goods from Asian manufacturers. The challenges were instability in deliveries, a large increase in energy costs and strong pressure on wage increases and a continuing deficit of qualified seasonal labor. Despite the challenges, Tireman LLC increased both the sale of goods and services and ended the financial year with a profit.

In 2022, the importance of the e-commerce channel in tire sales continued to grow for both private and business customers. Tireman

LLC continued to develop and market e-commerce in digital channels.

Continuously, the challenge is the very tight competition and this both in terms of customers and labor, and instability in neighboring countries and in the world in general, which affects the business sector.

Tires are a problem product in the Republic of Estonia and according to the Waste Act, which obliges importers to organize the collection and recycling of old tires, LLC Tireman has joined the producer responsibility system and cooperates with the NGO Tire Recycling. In 2022, 245 (2021 284) tons of old tires were recycled.

The majority of Tireman LLC's economic transactions are in EUR, to a lesser extent in USD, therefore the risk arising from changes in exchange rates is minimal, also the contracts have fixed interest rates.

Main financial ratios 2022 2021

Sales revenue 7 140 268 6 637 630

Turnover growth 8% 15%

Gross profit margin % 39% 37%

Net profit (-loss) 335 110 280 245

Net profitability 5% 4%

Short-term liabilities coverage ratio 1.73 1.45

Liquidity level 0.16 0.34

ROA 13% 12%

ROE 38% 32%

Formulas used in calculating ratios

Turnover growth (%)= (sales revenue 2022-sales revenue 2021)/sales revenue 2021*100

Gross profit margin (%) = gross profit/sales revenue * 100