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's activity report 2022

In 2022, Volvax Baltic OÜ, the Volvo importer in Estonia, Latvia and Lithuania, operated in its main areas of activity, which were the sale of Volvo cars and spare parts and the administration of the Baltic dealer network.

No significant investments are planned for the reporting year or the near future. Nor are there any significant research and development projects and related expenditures known for the reporting year and the following years.

As the situation is uncertain and rapidly changing, the management does not consider it possible to give a quantitative assessment of the possible impact of the outbreak on the company's financial indicators for the next period when preparing the annual financial statements.

Main financial ratios for the financial year and the previous financial year: 2022 2021

Sales revenue 67 731 586 55 244 656

Sales revenue growth % 22.6% 24.4%

Solvency ratio (times) 1.0 1.0

Debt ratio (times) 1.0 1.0

Asset turnover (times) 24.4 16.8

Formulas used in calculating ratios:

Sales revenue growth (%) = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021

Solvency ratio (short-term obligations coverage ratio) = current assets / short-term liabilities

Debt ratio = total liabilities / balance sheet total

Asset turnover = sales revenue / total assets