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's activity report 2022

June 29, 2023

General information

Primero Finance OÜ (hereinafter: Primero) is part of the Eleving Group S.A., which is a leading provider of vehicle-based credit solutions in the region.

Our main services are vehicle purchase financing and loans secured by a vehicle.

Both individuals and legal entities can take a loan of up to 25,000 euros with a term of up to six years. We provide the service through the websites mogo.ee and primero.ee, as well as in customer service centers located in Tallinn and Tartu. Primero also cooperates with more than 100 independent partners who sell new and used vehicles in dealerships across the country.

2022 2021

The average number of employees during the reporting year 20 20

In addition to employees, the company also has 2 board members.

Mission, vision and values

Primero's goal is to be a reliable partner for customers in the field of car financing and to be one of the strongest non-bank lenders in this field.

By ensuring excellent customer service and favorable conditions, the Company offers its customers flexible service.

Primero believes that the public should have a wider choice of affordable financing options to enable the purchase of necessary vehicles on fair terms.

Our mission and vision are based on our core values. At Primero, we are helpful, knowledgeable, flexible and thorough.

Operating and financial results 2022 was a volatile year, characterized by uncertainty in the capital markets, high inflation, pension pillar payouts and a deterioration in economic outlook. We are still in a situation where one crisis follows another.

High inflation and the European Central Bank's interest rate hikes to curb it have led to the postponement of car purchase decisions or consumers deciding in favor of cheaper vehicles. Considering that we are focused on financing cheaper vehicles, the market situation has not become more complicated for us compared to the pandemic period.

There were no changes in our product portfolio compared to the end of 2021. Primero continues to focus on offering various vehicle financing products: - The car loan option is for customers who want to buy a new car.

- Unsecured car loan is available to customers who want to buy a vehicle, but do not yet have a specific vehicle selected.

- The company also offers a loan option secured by the customer's own vehicle.

However, a learning process took place with the unsecured car loan product that came to the market at the end of 2021, and the ideal balance point between the products was found in 2022. As a result, the discount increased during the reporting year and the company's profit fell short of expectations.

Compared to 2021, the gross portfolio (without discounts) was kept at the same level of 11.8 million euros and net interest income also at the same level, i.e. 4.2 million euros.

The net profit for 2022 decreased by 51%, to 1.12 million euros.

During the reporting year, investments were made in intra-group loans, the share of intra-group loans increased by 17.3 million euros. The investment was part of the intra-group loan restructuring. More detailed information is provided in Annex 16.