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's activity report 2022

Universal Industries AS was established in 1993 through the reorganization of the joint venture Universal Industries. The company was registered in the business register on November 27, 1996. In July 1999, based on the business register entry, Universal Industries AS was renamed Universal Industries AS.

On August 2, 2002, Universal Industries AS was reorganized into Universal Industries Limited Liability Company.

The main activity of Universal Industries LLC is the production of auto parts. The main product groups are mufflers and muffler components.

In 2022, the sales revenue of Universal Industries LLC was 10,003,858 EUR (in 2021, 10,132,384 EUR), of which the foreign market accounted for 97.1% (in 2021, 97.1%).

In the 2021 activity report, an increase in sales revenue for 2022 was not planned in terms of volume, but depending on price changes in the materials and energy market. In reality, total sales revenue decreased by 1.3% compared to 2021 sales revenue. However, this ratio is distorted because in June 2022, due to sanctions imposed on Russia, our cooperation with our partner OOO Vellerand Automativ Rus, to whom we supplied muffler components and from whom we bought back mufflers assembled from our supplied components, ended.

Therefore, the sales of our main product - mufflers - actually decreased by 3.5% compared to 2021 sales: (in 2022, 323,680 units vs 2021, 335,347 units), but in terms of amount, it increased by 10.2% (in 2022, 9,369,001 EUR vs 8,502,993 EUR).

The main foreign markets have remained the same as last year (the ratio of sales outside Estonia, which is 9,709,352 EUR; in 2021, it was 9,841,974 EUR): Czech Republic (84.0%; in 2021, 71.4%), Germany (9.4%; in 2021, 11.3%), Russia (2.4%; in 2021, 12.1%), Sweden (1.2%; in 2021, 1.2%);

Finland (1.1%; in 2021, 2.2%), United Kingdom (0.5%; in 2021, 0.3%), Belgium (0.4%; in 2021, 0%), Latvia (0.4%, in 2021, 0.3%), Poland (0.4%; in 2021, 0.3%), Denmark (0.2%; in 2021, 0.3%). Sales in foreign markets decreased in 2022 compared to 2021 by 132,622 EUR, i.e. 1.3% and this is due to the aforementioned reason that the sale of components to Russia ended (-963,504 EUR compared to 2021). In 2022, sales increased to the Czech Republic,

United Kingdom, Belgium, Latvia, Poland. At the same time, it decreased to Russia, Germany, Sweden, Finland, Denmark. Compared to 2021, there were no sales to Slovenia, France.

In 2023, there are plans to increase sales to Bosal Group (Czech Republic), maintain sales at the same level in Germany and among clients with smaller sales volumes, and find new clients in Eastern and Central Europe. The project started in 2009 with Germany's largest aftermarket manufacturer-supplier continues.

Own products accounted for 97.7% of the sales revenue of Universal Industries LLC, i.e. 9,777,204 EUR (in 2021, 95.7%, i.e. 9,691,630 EUR), material sales (metal waste) 1.5%, i.e. 153,150 EUR (in 2021, 1.5%, i.e. 155,312 EUR), purchased products 0.6%, i.e. 57,749 EUR (in 2021, 2.4%, i.e. 249,059 EUR) and service sales 15,755 EUR, i.e. 0.2% (in 2021, 36,383 EUR, i.e. 0.4%).

Rental income in 2022 was 22,905 EUR (in 2021, 37,803 EUR).

In 2022, investments were made for 887,615 EUR - an optical measuring device Aicon was purchased together with a previous prepayment. A CNC tube bending machine Crippa, end grinders, spot welding machine, riveting machine and other equipment, gas forklift, computer network equipment and other inventory were purchased. A new Scania truck and a van for our own goods were also purchased.

In 2022, a new heating system was installed in the factory in Tapa and an extension to the factory was started, the amounts paid for which are reflected as prepayment, the object will be completed in 2023.

In 2021, investments were made for 454,663 EUR.

Repair-construction costs, which were made in 2022 in production buildings for the installation of new equipment, as well as for improving working conditions, were accounted for in periodic costs.

Main financial ratios 2022 2021

Sales revenue 10,003,858 10,132,384

Revenue growth (+)/decrease (-) -1.3% 22.7%

Net profit/loss (-) 56,090 727,358

Profit increase (+)/ -92.3% -8.7% profit decrease (-)

Net profitability 0.6% 7.2%

Short-term liabilities coverage ratio 1.46 1.50

ROA 0.6% 7.5%

ROE 1.6% 20.6%