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's activity report 2022

Sveba-Dahlen Baltic OÜ was established in 1999. The past fiscal year was the company's twenty-second full year of operation. The company is part of

the Swedish group Sveba-Dahlen Group AB, which in turn is owned by the US listed company The Middleby Corporation.

The company has two main lines of business - the production of food industry equipment for Sveba-Dahlen Group AB group companies and the sale and maintenance of equipment in the Baltic countries. The main technological operations of the production department are bending, welding, grinding, electrical installation and assembly.

In the first half of 2022, the workload was at the 2021 level. In the second half of the year, the workload decreased by 20%. The main reason was customer uncertainty, caused by a general increase in interest rates and high energy prices. Due to the sharp increase in energy prices, we adjusted our sales prices. We optimized energy consumption by changing lights and improving the control of heating equipment. No major investments were made. The usual improvement of production conditions and products continued. We did a lot of work to maintain the supply chain and ensure the timely availability of materials needed for production.

The sales department mediates the products of the group's brands Sveba-Dahlen, Glimek and Varimixer to customers in Estonia, Latvia and Lithuania, as well as the products of dozens of other brands. Sales remained at the level of the previous year, as we mostly sold standard equipment, in addition to a couple of larger industrial projects. We continued to install bakery ovens produced in our production in the baking points of various supermarket chains. Sales decreased in the 4th quarter due to rising energy prices and some potential customers postponed their larger investment plans.

The members of the board of Sveba-Dahlen Baltic OÜ do not use the assets belonging to the company under preferential conditions.

The company's main activity is not seasonal and the company's economic activity is cyclical. The company's economic activity does not have significant environmental and social impacts.

The main goal for the next fiscal year is to increase production volume and continue to develop IT support services. No research and development expenditures were made in the past fiscal year and none are planned for 2023.

The general macroeconomic development of the operating environment has affected the company's financial results due to the war in Europe. Russian aggression

in Ukraine, mainly due to the sharp increase in energy prices, has significantly increased the uncertainty of both clients and partners.

In 2022, Sveba-Dahlen Baltic OÜ's sales revenue amounted to 9.35 million euros, an increase of 12.8% compared to the previous year.

83.2% of the production was sold to foreign markets. The company's operating profit for 2022 was 534 thousand euros.

Main financial ratios 2022 2021

Sales revenue (thousand euros) 9347 8287

Change in sales revenue 12.8% 23.1%

Operating profit margin 5.7% 4.2%

Short-term liabilities coverage ratio 5.9 3.6

Formulas used in the calculation of ratios:

Revenue growth (%) =(sales revenue2022-sales revenue2021)/sales revenue 2021*100

Operating profit margin(%)= operating profit/sales revenue*100

Short-term liabilities coverage ratio (times)=current assets/short-term liabilities

During the reporting period, in the opinion of the management, no additional events occurred that could significantly affect the results of the next fiscal years.