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's activity report 2022

Introduction

The main activity of Abakhan Fabrics Estonia Public Limited Company is the retail and wholesale of fabrics, sewing and handicraft supplies. The company is also involved in real estate development in Tartu. The company has a branch registered in the Republic of Latvia - AS Abakhan Fabrics Eesti Latvijas filiale - which operates in the same main field of activity as the head office.

By the end of January 2023, the public limited company owned twelve stores in the Baltic States: seven in Estonia and five in Latvia. The company also has an online store.

Revenues, expenses and profit The results of 2022 can be considered in line with expectations, considering the ongoing effects of COVID-19 at the beginning of the 2022 financial year.

Sales revenue increased during the reporting period, mainly due to the restrictions of the previous 2021 financial year (store closures). The company maintained its market position in both Estonia and Latvia. Retail sales accounted for 96.4% of 2022 sales revenue, wholesale 1.8% and other sales revenue 1.8%.

The seasonality and cyclicality of business operations do not significantly affect the company's financial results.

The company's net loss for 2022 was 186 thousand euros, while sales revenue increased by 16.7% to 5.8 million euros.

Main financial ratios* 2022 2021

Sales revenue (thousand €) 5 763 4 939

Sales revenue growth 16.7% -43.2%

Net profit (thousand €) -186 11

Profit growth -1720.8% -97.3%

Net profitability -3.2% 0.2%

Short-term obligations coverage ratio 2.7 3.1

ROA -2.3% 0.1%

ROE -2.9% 0.2%

Formulas used in calculating ratios: • Sales revenue growth (%) = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 * 100 • Profit growth (%) = (reporting year profit 2022 - reporting year profit 2021) / reporting year profit 2021 * 100 • Net profitability (%) = reporting year profit / sales revenue * 100 • Short-term obligations coverage ratio = current assets / short-term obligations • ROA (%) = reporting year profit / total assets * 100 • ROE (%) = reporting year profit / total equity * 100

Financial risks of financial instruments (currency, interest rate, credit and liquidity risk)

Transactions with suppliers and branches are mainly in British pounds and euros. The exchange rate risk of transactions in British pounds is generally hedged with derivatives (forward transactions).

The interest rate of the company's long-term loans is linked to EURIBOR or is fixed.

The company's credit sales share is very small. The company's cash resources are in reliable banks with a good rating.

Investments

No significant investments were made in tangible fixed assets during the reporting period. Additional investments are planned for the next financial year to develop the company's main activity.

Objectives for the next financial year, environmental and social impacts

The main objectives of AS Abakhan Fabrics Estonia for the next financial year are to maintain and secure the company's market position in the operating countries, to develop e-commerce and to continue the real estate project in Tartu.